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'16fe159f9c1df750317cee4f5406fc5589ec8d73'|'All eyes on July for U.S. oil demand to drain glut'|'Business News - Sun Jul 2, 2017 - 6:24am BST All eyes on July for U.S. oil demand to drain glut FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File Photo By Devika Krishna Kumar - NEW YORK NEW YORK U.S. oil traders are hoping the sweltering days of July are also hot ones for demand, believing the new month is the last best opportunity this year to see the overhang of inventories finally subside. Export opportunities to Asia and big U.S. summer driving demand - expected to hit a record this weekend - are seen as the primary drivers for a drawdown in stocks that have remained stubbornly above seasonal averages. July is usually a big month for drawdowns: Over the last five years, inventories of crude oil have dropped by an average of 2.9 million barrels per week in July, according to the U.S. Energy Information Administration. But analysts warn that if inventories do not draw down in earnest, it may dash the hopes of many in the industry of seeing higher prices by the end of this year. "Typically June/July represents the seasonal peak in refinery demand for crude," said David Thompson, executive vice-president at Powerhouse, an energy-specialized commodities broker in Washington. "It gets tougher to use up all that crude as refinery utilization starts to ease off as we move past the peak of summer driving season." A record number of motorists are expected to hit the road for the Fourth of July holiday. U.S. gasoline demand was up 0.4 percent in April from the year-ago period, the first year-over-year increase since December, according to the latest U.S. government data. In addition, a window has opened for U.S. crude exports to Asia, after prices made it uneconomical to send U.S. supplies offshore in recent months. Robust appetite from Japanese and South Korean buyers could help soak up excess supplies. Investors came into this year optimistic, and indeed, U.S. crude prices CLc1 topped out near $55 a barrel in February in the wake of the deal struck by the Organization of the Petroleum Exporting Countries with other key producers to reduce supply by 1.8 million barrels per day (bpd) that began in January. But OECD total oil inventories are still above 3 billion barrels due to an unexpected recovery in Libyan and Nigerian supplies and a rebound in U.S. shale production. Several banks in the last week cut their oil price projections for the rest of the year, with analysts from Bank of America-Merrill Lynch on Friday saying the "the much trumpeted OPEC output deal has been a complete flop." U.S. crude futures have slumped about 15 percent so far this year to about $46 per barrel, and as of Friday, ended its worst half-year performance in 19 years. [O/R] "We expect to get real clues in the next 4-5 weeks about second half 2017 oil market sentiment," Credit Suisse said in a note on Thursday. "If stocks do not fall much next month, at the very least we would worry that bearish sentiment again would come to the fore." (Reporting by Devika Krishna Kumar, additional reporting by Catherine Ngai in New York; Editing by Marguerita Choy) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-oil-demand-idUKKBN19N04B'|'2017-07-02T08:24:00.000+03:00'
'9b7a921788a7ee84e422e436561ec8abe4af8418'|'Japan, EU on cusp of free trade agreement after U.S. TPP rebuff'|'Business News - Sat Jul 1, 2017 - 5:41pm BST Japan, EU on cusp of free trade agreement after U.S. TPP rebuff left right European Commissioner for Trade Cecilia Malmstrom (L) shakes hands with Japanese Foreign Minister Fumio Kishida before the start of their meeting as a part of the Japan-EU Economic Partnership Agreement negotiations at Iikura guest house in Tokyo, Japan, 30 June 2017. REUTERS/Franck Robichon/Pool 1/3 left right European Commissioner for Trade Cecilia Malmstrom (L) and Japanese Foreign Minister Fumio Kishida (2nd R) attend their meeting as a part of the Japan-EU Economic Partnership Agreement negotiations at Iikura guest house in Tokyo, Japan 30 June 2017. REUTERS/Franck Robichon/Pool 2/3 left right European Commissioner for Agriculture and Rural Development Phil Hogan (L) and European Commissioner for Trade Cecilia Malmstrom (2-L) pose with Japanese Foreign Minister Fumio Kishida (2-R) and Japanese Agriculture, Forestry and Fisheries Minister Yuji Yamamoto (R) before their working dinner as a part of the Japan-EU Economic Partnership Agreement negotiations at Iikura guest house in Tokyo, Japan 30 June 2017. REUTERS/Franck Robichon/Pool 3/3 TOKYO Japan and the European Union are on the cusp of a wide-ranging free trade agreement that could help blunt the forces of protectionism sparked by U.S. President Donald Trump''s trade policies. EU Trade Commissioner Cecilia Malmstrom said she was "quite confident" that a broad agreement can be announced at a summit on July 6 with Japanese Prime Minister Shinzo Abe as both sides finalize the reduction of tariffs on autos and agricultural goods. Clinching a deal would offer Japan and Europe an important political victory and could raise questions about the U.S. government''s influence on the agenda for the global economy. "You can do good, fair, transparent and sustainable trade agreements where you win and I win, and not the American view, which seems to be, ''You lose and I win,''" Malmstrom told reporters. Malmstrom spoke after two days of meetings with Japanese Foreign Minister Fumio Kishida in Tokyo about a deal that would eliminate a broad range of trade barriers. European officials have been pushing for a reduction in Japanese tariffs on cheese and agriculture imports that are as high as 30 percent in return for phasing out tariffs on Japanese autos and auto parts. This tradeoff initially met strong resistance, because some politicians want to protect Japan''s dwindling dairy industry. However, Malmstrom expressed confidence that both sides have overcome this problem and can reach a deal. "We''ve made meaningful progress, but there are still important points remaining," Kishida told reporters. "Since we are trying to reach a broad agreement in time for the summit, I am planning to travel to Brussels to make this happen." Kishida added that his visit would occur before Abe''s participation in a Group of 20 summit in Hamburg on July 7-8. Japan and the EU have been negotiating a trade deal since 2013. The talks have taken on a greater sense of urgency since Trump walked away the Trans-Pacific Partnership (TPP), leaving the other 11 members of the Pacific Rim trading bloc, including Japan, in limbo. (Reporting by Stanley White and Kaori Kaneko; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-eu-trade-idUKKBN19M3MU'|'2017-07-01T19:21:00.000+03:00'
'fdf22a72aac6892a0da059373b91487441056cf7'|'Iraqi oil minister silent on output, awaiting outcome of OPEC committee meeting'|'July 3, 2017 / 1:43 PM / 23 minutes ago Iraqi oil minister silent on output, awaiting outcome of OPEC committee meeting 2 Min Read Iraq''s Oil Minister Jabar Ali al-Luaibi arrives at a hotel ahead of a meeting of OPEC oil ministers in Vienna, Austria, November 28, 2016. Heinz-Peter Bader/Files LONDON (Reuters) - Iraqi oil minister Jabar al-Luaibi said on Monday he would wait for the outcome of OPEC''s upcoming committee meeting before pronouncing on whether or not the group of producers needs to cut crude output more deeply or not. Al-Luaibi, who was asked if the Organization of the Petroleum Exporting Countries needed to deliver a more aggressive cut than the 1.8 million barrels per day it has agreed with 11 of its partners, was speaking at an event in London. "There is no action at the moment. It seems to be ok, in the right direction. I think prices will go up again, but let''s see the outcome of the meeting," he told journalists. OPEC and allied non-OPEC producers agreed on May 25 to extend an existing supply cut into 2018, but oil has fallen sharply since then on rising production from the United States and from Nigeria and Libya, two OPEC members exempt from cutting output. Oil ministers from five countries monitoring the deal plus Saudi Arabia as OPEC president are scheduled to meet in Russia on July 24. They could make a recommendation to the wider group, which holds its next meeting in November, on adjusting the pact. Iraq is the second-largest member of OPEC after Saudi Arabia. Reporting by Ahmad Ghaddar; Writing by Amanda Cooper; Editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/oil-iraq-cuts-idINKBN19O1IQ'|'2017-07-03T16:39:00.000+03:00'
'f71a50eeaf3af28bb4ee5a0f333d2d069ba7e21e'|'Microsoft to reorganize sales and marketing teams'|'Technology News - Mon Jul 3, 2017 - 2:35pm EDT Microsoft to reorganize sales and marketing teams The Microsoft logo is shown on the Microsoft Theatre at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake By Salvador Rodriguez - SAN FRANCISCO SAN FRANCISCO Microsoft will undergo a reorganization that will impact its sales and marketing teams, company executives told employees on Monday. The re-shuffling will impact those under Microsoft Chief Marketing Officer Chris Capossela, Executive Vice Presidents Judson Althoff and Jean-Philippe Courtois, all of whom sent messages to their teams describing how the structure redesign will work. The memos did not mention layoffs. “Microsoft is implementing changes to better serve our customers and partners,” a Microsoft spokeswoman told Reuters. Media reports have said layoffs are in order with as many as “thousands” of Microsoft employees set to be affected. News of a reorganization was first reported by the Puget Sound Business Journal. The reorganization come about a year after Courtois and Althoff were promoted to lead the company''s global sales and marketing operations and its worldwide commercial business following the departure of former Chief Operating Officer Kevin Turner. Since then, Althoff has said it is his plan to make Microsoft''s Azure cloud-computing service a focal point of the company''s sales strategy. (Reporting by Salvador Rodriguez; Editing by Andrew Hay)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-microsoft-layoffs-idUSKBN19O290'|'2017-07-03T22:35:00.000+03:00'
'cd5b0994db2fdd7d8ec83abd643d1183c090d6d0'|'FSB''s Carney warns G20 growth at risk from reform fatigue'|'Top News - Mon Jul 3, 2017 - 5:32pm BST FSB''s Carney warns G20 growth at risk from reform fatigue Mark Carney, the chairman of the Financial Stability Board (FSB), leaves a news conference after FSB plenary session in Tokyo, Japan, March 31, 2016. REUTERS/Yuya Shino By Huw Jones - LONDON LONDON Global growth would suffer if regulators give into "reform fatigue" and fail to complete the overhaul of the world''s banking system triggered by the financial crisis, Financial Stability Board Chairman Mark Carney said on Monday. The FSB coordinates financial regulations for the Group of 20 countries (G20) whose leaders meet in Germany this week. The FSB was formed during the crisis that began in 2007 but after an intensive decade of making rules some policymakers now want to prioritise growth over banking regulation. U.S. President Donald Trump has said regulation is holding back lending and the U.S. Treasury has recommended delaying two measures that strengthen bank funding and require lenders to hold more capital for the securities on their trading books. Carney, who is also the governor of the Bank of England, said in a letter to G20 leaders that there had been "immense progress" since the crisis in making banks safer. "G20 reforms have now addressed the fault lines that caused the global financial crisis," Carney told reporters. Nascent risks remained that needed to be monitored, such as in asset management. "In particular, giving into reform fatigue could erode the willingness of G20 members to rely on each other''s systems and institutions and, in the process, fragment pools of funding and liquidity," Carney said. He said that would mean "less and more expensive" financing for households and businesses, and lower economic growth would be "very likely". Working together through reinforced, voluntary international regulatory cooperation based on agreed global rules would help to avoid this, said Carney. IMPACT REVIEW The FSB has sought to keep members on board by reviewing new regulations and their impact. Carney said the review showed that higher resilience in the financial system has been achieved, "without impeding the supply of credit to the economy". The FSB will consider whether the leverage ratio, a broad measure of capital to assets, needs a rethink after banks say it stops them from offering derivatives clearing to customers. Besides Washington''s misgivings about some reforms, regulators on the Basel Committee are also facing difficulties completing Basel III, a set of tougher capital rules for lenders worldwide. France has said Basel III rules, still to be implemented, would force European lenders to find large amounts of extra capital but Carney called on G20 leaders to urgently help the Committee finish the job. "I think a deal is possible," Carney said. Carney also said that toxic forms of so-called shadow banking - a sector that provides credit outside the banking system - have now been transformed into "resilient market-based finance". The central banker said once the rules already agreed for shadow banking had been fully implemented there would no need for any more to address existing risks - a conclusion the sector is likely to welcome. The FSB will also convene a high-level roundtable to review whether there were unwarranted barriers that prevent remittance providers from accessing banking services. There has been a decline in correspondent banking as global banks withdraw payments services from rivals in countries deemed at risk from money laundering or terrorism financing, making it harder for diaspora to send money back to their families. A UK scheme to make managers at banks directly accountable for decisions could also be applied globally in some form to tackle misconduct, Carney said. The so-called senior managers regime was introduced in March last year, though some lenders have been skirting the new rules. (Editing by David Clarke and Toby Chopra) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g20-germany-carney-idUKKBN19O1B8'|'2017-07-03T15:10:00.000+03:00'
'd4e6d2ff0268ac623fb5e7036e016d4e72bf3f3d'|'Sterling dips after weak UK manufacturing data'|'Business News - Mon Jul 3, 2017 - 9:48am BST Sterling dips after weak UK manufacturing data FILE PHOTO: An employee is seen walking over a mosaic of pound sterling symbols set in the floor of the front hall of the Bank of England in London, March 25, 2008. REUTERS/Luke MacGregor/File Photo LONDON Sterling dipped against the dollar and euro on Monday, after data showed British factory activity grew more slowly than expected in June as export orders rose at the weakest pace in five months. In a purchasing managers'' index (PMI) for the manufacturing sector that could make Bank of England officials think twice about raising interest rates, activity fell to 54.3 from a downwardly revised 56.3 in May. That was a three-month low and below all forecasts in a Reuters poll. [nL9N1BR00R] Sterling dipped to the day''s low of $1.2970, down from $1.2987 just before the data release and having traded above $1.30 half an hour earlier. Against the euro, it dipped to 87.74 pence, having earlier hit a 10-day high of 87.565 pence. Britain''s main shares index shrugged off the data, trading broadly unchanged, up 0.5 percent, while mid-caps held on to their 0.2 percent gains. Gilts were little changed.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-markets-pmi-idUKKBN19O0TX'|'2017-07-03T11:48:00.000+03:00'
'6ca693122749c6feb99c5d4284606a0e40740909'|'Major automakers post mixed U.S. June sales figures'|'Detroit, July 3 General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV posted declines in U.S. new vehicle sales for June on Monday, while major Japanese automakers reported stronger figures as demand for pickup trucks and crossovers offset a decline in sedan sales.Automakers'' shares rose as overall industry sales still came in above Wall Street expectations.The U.S. auto industry is bracing for a downturn after hitting a record 17.55 million new vehicles sold in 2016. Analysts had predicted that overall, U.S. vehicle sales would fall in June for the fourth consecutive month.As the market has shown signs of cooling, automakers have hiked discounts and loosened lending terms.Car shopping website Edmunds said on Monday the average length of a car loan reached an all-time high of 69.3 months in June."It''s financially risky, leaving borrowers exposed to being upside down on their vehicles for a large chunk of their loans," said Jessica Caldwell, Edmunds'' executive director of industry analysis.GM said its sales fell about 5 percent versus June 2016, but that the industry would see stronger sales in the second half of 2017 versus the first half.GM shares were up 2.4 percent in morning trading, while Ford rose 3.3 percent and FCA shares jumped 6 percent."U.S. total sales are moderating due to an industry-wide pullback in daily rental sales, but key U.S. economic fundamentals clearly remain positive," said GM chief economist Mustafa Mohatarem. "Under the current economic conditions, we anticipate U.S. retail vehicle sales will remain strong for the foreseeable future."Ford said its sales for June were hit by lower fleet sales to rental agencies, businesses and government entities, which fell 13.9 percent, while sales to consumers were flat.On a media call, Ford executives said an initial read of automakers'' sales figures indicated a seasonally adjusted annualized rate of around 17 million new vehicles for the month, which would be better than 16.6 million units analysts had predicted.FCA said June sales decreased 7 percent versus the same month a year earlier.Toyota Motor Corp said sales rose 2.1 percent versus June 2016 and said it saw strong gains in the RAV4, a light SUV, sales of which increased 24.7 percent. Sales of another SUV, the 4Runner, rose 16.6 percent.But sales at Toyota''s Lexus luxury car brand fell 5.4 percent on the year.Nissan Motor Co Ltd said its U.S. sales increased 2 percent. But while truck, SUV and crossover sales jumped 19.5 percent, sedan sales dropped 12.1 percent.In the past few years, Americans have increasingly shunned smaller passenger cars in favor of larger vehicles.Honda Motor Co Ltd said sales for June were up 0.8 percent. (Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/autos-sales-usa-idUSL1N1JU0I9'|'2017-07-03T18:33:00.000+03:00'
'71efc0a3b55fe4bfda9a251beed956e9e62edf22'|'Corvex urges Clariant shareholders to reject Huntsman merger'|'Business News - Tue Jul 4, 2017 - 8:37am BST Corvex, NYC property group seek to scuttle Clariant-Huntsman deal FILE PHOTO: CEO Hariolf Kottmann of Swiss chemical company Clariant addresses a news conference in Zurich, Switzerland May 22, 2017. REUTERS/Arnd Wiegmann By John Miller - ZURICH ZURICH Activist investor Keith Meister''s Corvex hedge fund and New York''s 40 North said on Tuesday they had taken a 7.2 percent stake in Clariant ( CLN.S ) and oppose the Swiss chemical maker''s planned merge with Huntsman Corp ( HUN.N ). "There are excellent opportunities to unlock value from the many high quality businesses that currently comprise Clariant," a spokesman for White Tale, the vehicle they created to take the stake, said. "Unfortunately, we do not believe that the proposed merger with the Huntsman Corporation is one of those options." Meister, a Carl Icahn protege, with Corvex manages assets worth $6 billion (4.64 billion pounds) and took a 5.5 percent stake in communications company Century Inc ( CTL.N ) earlier this year. 40 North, run by New York real estate investor David Winter and former Bear, Stearns & Company financial analyst David Millstone, previously held a stake in Clariant before linking with Corvex in their bid to overturn the Huntsman deal. Clariant, which on Tuesday noted the increased investment by Corvex without addressing Corvex''s opposition to the merger, said it has been in contact with the hedge fund since last year when it initially took a stake. "As with all our shareholders we maintain an open dialogue with them," a Clariant spokesman said. Huntsman did not return a phone call seeking immediate comment. Clariant and Huntsman in May announced a merger valued at around $20 billion including debt in which Clariant shareholders would hold 52 percent of the combination. At the time, they talked up the friendship between chief executives Hariolf Kottmann and Peter Huntsman as well as prospects for faster growth for the combined company as rationale for "a merger of equals". The deal, creating a company with about $13 billion in annual sales, had the support of German families that own almost 14 percent of the Swiss group. CONGLOMERATE DISCOUNT Some analysts said the transaction makes sense, in particular after Huntsman spins off its Venator materials segment in an IPO. "Huntsman’s portfolio, after the pending Venator spin-off, offers a highly complementary growth portfolio, in our view - complementary in a way that it puts both companies on a sounder, broader footing," Kepler Cheuvreux''s Christian Faitz said. Still, Corvex and 40 North contend the transaction lacks strategic rationale and runs against Clariant''s strategy of becoming a pure-play specialty chemicals company. "By merging with Huntsman, Clariant will be exchanging almost half its shares for what is primarily a commodity and intermediates business which will further dilute its multiple and create a larger conglomerate discount," the White Tale spokesman said. "Shareholders ought to reject this value destructive merger," they said. No date has yet been set for shareholders to vote on the merger, a spokesman for Clariant said. Clariant shares were up 3 percent and Huntsman was up 1.6 percent on Tuesday following news of the stake purchase. Clariant shares have risen nearly 6 percent since the merger was announced. Huntsman stock have fallen 1.25 percent. (Reporting by John Miller; editing by John Revill and Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-clariant-m-a-huntsman-idUKKBN19P0I1'|'2017-07-04T08:39:00.000+03:00'
'c80ca99cf86e47018def6c088ff2568148be5bb9'|'HSH Nordbank owners say latest offers are good basis for sale'|'Business News - Sun Jul 2, 2017 - 2:12pm BST HSH Nordbank owners say latest offers are good basis for sale The HSH Nordbank is pictured in downtown Hamburg, October 25, 2014. REUTERS/Fabian Bimmer FRANKFURT The owners of HSH Nordbank [HSH.UL] said on Sunday they had received indicative offers for the German shipping finance provider by an end-June deadline that could pave the way for an eventual sale of the bank. "A first review of the offers shows they are a good basis on which to successfully continue to the sales process," the German states of Schleswig-Holstein and Hamburg, which jointly hold 85 percent of HSH, said in a statement, without providing details of the offers. Binding offers are due by the autumn, they said. The states have to privatise the bank under European state-aid rules by the end of February 2018. HSH, which had total assets of 84 billion euros (73.68 billion pounds) as of the end of 2016 and saw its pretax profit plummet 73 percent to 121 million euros last year, sought backing from its owners after risky assets turned sour in 2008. It got hit further by the slump in global trade after the financial crisis and the core bank currently has 7 billion euros in ship loans on its books. The European Commission, HSH and its owners negotiated for years over a plan to restore HSH to health and avoid future state aid. Sources had told Reuters in April that Chinese conglomerate HNA Group and Apollo Global Management ( APO.N ) were looking to bid for HSH. (Reporting by Maria Sheahan; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hsh-nordbank-privatisation-idUKKBN19N0JI'|'2017-07-02T16:12:00.000+03:00'
'33de3e14c51e2416c80a692367cf1194163ceff6'|'Kuwait banks don''t plan to withdraw Qatar deposits - official source'|'July 2, 2017 / 3:57 PM / 13 minutes ago Kuwait banks don''t plan to withdraw Qatar deposits - official source By Ahmed Hagagy 2 Min Read DUBAI (Reuters) - Kuwaiti banks have no intention of withdrawing their deposits and investments from Qatar, a Kuwaiti official source told Reuters on Sunday. The source, speaking on condition of unanimity because of political sensitivities, noted that Kuwaiti banks had not announced plans to withdraw deposits or take other exceptional measures when detailing their exposure to Qatar in bourse statements over the last few days. "This reflects the confidence of Kuwaiti banks and Kuwaiti companies in the financial solvency of the state of Qatar, the Qatari banks and financial institutions and their ability to meet their obligations," the source said. "This confidence is confirmed by the international rating institutions. These investments are generating good returns for Kuwaiti banks. There is no reason to worry about them at the moment.” Among the statements by Kuwaiti banks, Burgan Bank, for example, said its total exposure to Qatar was 66.7 million dinars ($220 million), or 0.9 percent of the bank''s total assets. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and trade ties with Qatar on June 5, accusing it of supporting terrorism. A deadline for Doha to comply with their demands was expected to expire late on Sunday with no sign of the crisis ending. The four Arab states have warned they may impose further sanctions against Qatar. They did not give details but bankers believe, for example, that governments may ask their banks to pull deposits from Qatar. Kuwait has not sided with the coalition against Qatar and has instead tried to mediate between the two sides. Editing by Andrew Torchia'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/gulf-qatar-kuwait-banks-idINKBN19N0QD'|'2017-07-02T18:53:00.000+03:00'
'f26fb88e553a47908b77bf3c12394815f5bec1f7'|'Financial Conduct Authority offers a plaster instead of an antidote - Gina Miller'|'Nothing in the FCA report into asset management gives investors assurance that the daily theft and duping will stop View more sharing options Close Saturday 1 July 2017 07.00 BST T he Financial Conduct Authority is finally pursuing a pro-consumer agenda – but it is disappointing that it still appears to be dragging its feet on some key aspects. The UK investment industry has been ripping off the consumer for decades, and it is time for the UK regulator to act rather than have further consultations with the industry and its deeply conflicted trade bodies. Millions of people in the UK depend on the services of the fund management industry for their long-term financial needs. With an ageing population, and the fact that no government will be able to fund a demographic shift which will see the proportion of 65-year-olds rise from 14% in 1975 to a predicted 20% by 2025, investing takes on a vital role, as does the stewardship of the industry. Yet the eagerly awaited FCA report into asset management published this week, that we had hoped would be an antidote to the industry’s ills, is yet another plaster. There was nothing final about it, nothing that will give investors assurance that their hard-earned money will achieve better outcomes, or that they can be assured that fund managers will be “clear, fair and not misleading” – the FCA’s own overarching principle. Regulation is still being replaced with more empty promises, more consultations, more working groups, more fudging It is particularly striking that the problems of cost opacity and cost control, which are both widespread and long-standing, will continue to be kicked down the road. How many more consultations and working groups do you need to add up costs and produce it as a single number, and in pounds and pence? Especially when you consider that a report in 2000 by the regulator’s earlier incarnation, the Financial Services Authority, found that as much as 50% of costs were being hidden from investors. And in 2002 the Sandler report on the UK retail investment market found “the reporting of product charges is typically neither clear nor consistent”. In terms of price competition there simply cannot be any genuine competition if the consumer does not know the price. This is why, as the most recent FCA report reveals, the asset management industry makes 36% profit margins that are more than double the operating margins of the FTSE pharmaceutical and biotechnology sector (14%), which is based on intellectual capital and saving and extending lives. In terms of the numerous consultations and working groups, some appear unnecessary and rules should be brought in straight away to protect savers. More consultations open the FCA to more self-interested lobbying from the industry and its anti-consumer trade bodies. However, we welcome the announcement of an investigation into the UK platform market, as many retail investors and advisers have substantial sums invested where in some cases the fees appear excessive. [These so-called “platforms” are companies such as Hargreaves Lansdown, where investors hold their shares and funds.] We also welcome the decision to ignore the attempts by pension consultants to avoid a formal investigation. I believed the regulator would finally do its job and ensure hugely improved stewardship of the industry, and that the daily theft and duping of the public would finally end. But courage and conviction appear to be lacking in the face of shameful lobbying by the deep-pocketed industry and its trade body. Instead, the better outcomes and improved investor protection [promised by the regulators] are being replaced with more empty promises, more consultations, more working groups and more fudging. Lack of competition, cartel-like behaviour, fee opacity and poor performance reporting are still set to plague the industry and diminish the honesty and respect with which UK investors are treated. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jul/01/financial-conduct-authority-report-assest-management'|'2017-07-01T03:00:00.000+03:00'
'b578aac2e2afbeb80f6def1a612bde1c7a2653c1'|'BMW to make Mini electric car plant decision by end-September'|'July 1, 2017 / 3:22 PM / 3 hours ago BMW to make Mini electric car plant decision by end-September By Costas Pitas 3 Min Read A Mini car is fixed onto a wall at a BMW and Mini dealership in Barcelona, Spain June 2, 2017. Albert Gea CHICHESTER, England (Reuters) - BMW will decide whether to build its new electric Mini car in Britain or elsewhere by the end of September, its board member for sales told Reuters, in a test of the country''s ability to continue to attract investment as it leaves the EU. Mini makes around 70 percent of its approximately 360,000 compact cars at its Oxford plant in southern England but the car industry is concerned about the effect any loss of unfettered access to the EU, its largest export market, could have on plants after Brexit. BMW is deciding between its English site, a plant in the Netherlands where it has built more of its conventional line-up in recent years, and its Germany plants at Leipzig and Regensburg for the new low-emissions variant. The firm''s board member for sales told Reuters that the electric Mini investment, likely to be worth tens of millions of pounds, would come in the next three months and the board was currently considering a number of factors including Brexit. "One of the elements is what is the likelihood of a tax regime and if there''s a tax regime, how would it apply," Ian Robertson said during an interview at the Goodwood Festival of Speed in southern England. "If you made the motor in a German plant and you then assembled the car in a British plant, and you took the cars back to the German market, then the duty that you would pay would be reclaimed," he said, in an example of the options companies are examining to plan for any duties or tariffs. The automaker is also looking into where the uptake of greener models is strongest and where the best supply chains are, he said. Britain could approve its first major electric battery hub in the next few weeks after officials in central England submitted proposals to ministers in May. But last month, the car industry issued its strongest warning yet on the need for politicians to strike a transitional Brexit deal after two-year talks to ensure unfettered trade is maintained. Uncertainty has also been heightened after a snap June 8 election which left Prime Minister Theresa May without a majority and has led to ministers in her administration hinting at different versions of Britain''s likely post-Brexit future. Last year, May''s administration helped secure two new models at Japanese carmaker Nissan''s plant in the north of England after what a source said was a government promise of extra support to counter any loss of competitiveness caused by Brexit. Robertson told Reuters there was an "open channel" with officials and that he had several meetings with the Brexit ministry and with business minister Greg Clark, who has visited BMW in Munich, with their teams in regular contact. But, asked whether the government could make promises now regarding future tax or tariff arrangements as BMW neared its decision, he said he did not believe that ministers were in a position to do so. "Any of these discussions about a guarantee, it''s not possible," he said. Reporting by Costas Pitas'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-britain-eu-bmw-mini-idINKBN19M3KN'|'2017-07-01T18:08:00.000+03:00'
'e0cee87ad93772be122b913c43573e97f04ab365'|'Wall Street set to rise ahead of data'|'July 3, 2017 / 11:33 AM / 19 minutes ago Wall Street set to rise ahead of data By Tanya Agrawal 3 Min Read FILE PHOTO - A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., June 27, 2017. Lucas Jackson (Reuters) - U.S. stocks were on track to begin the third quarter on a positive note in a truncated session on Monday, while investors awaited data for more clues on the health of the economy. Trading volume is expected to be light, with the U.S. market closing early at 1 p.m. ET (1700 GMT). It will be shut on Tuesday for Independence Day. On Friday, the S&P 500 scored its biggest gain for the first half of the year since 2013, while the Nasdaq Composite''s first-half gain was its best in eight years. "The start to the third quarter is getting off on a promising note as the futures point to a higher opening in pre-holiday volume," said Peter Cardillo, chief market economist at First Standard Financial. "On the domestic front, we look for mixed-to-positive manufacturing data and a slight uptick in construction spending. In this abbreviated trading session, we look for positive market action as investors focus turns to the economy." The Institute for Supply Management''s U.S. factory activity for June is expected to have increased to a reading of 55.1 from 54.9 in May. The data is expected at 10 a.m. ET. U.S. construction spending is likely to have rebounded 0.2 percent in May from a 1.4 percent dip recorded in April. Dow e-minis 1YMc1 were up 67 points, or 0.31 percent, with 18,214 contracts changing hands at 8:31 a.m. ET (1231 GMT). S&P 500 e-minis ESc1 were up 7.75 points, or 0.32 percent, with 109,733 contracts traded. Nasdaq 100 e-minis NQc1 were up 19.75 points, or 0.35 percent, on volume of 22,362 contracts. U.S. companies will start reporting second-quarter results in the coming weeks and investors will be keen on knowing as to how their earnings stack up against lofty market valuations. The S&P 500 companies are expected to post an 8 percent rise in earnings, according to Thomson Reuters I/B/E/S. The S&P 500 index has been trading at about 18 times forward earnings, compared with the long-term average of 15 times. Shares of Tesla ( TSLA.O ) were up 2 percent in premarket trading after the luxury electric-car maker said it would deliver its mass-market Model 3 sedan to first 30 customers on July 28. Bank of America ( BAC.N ) edged up 0.8 percent after Berkshire Hathaway ( BRKa.N ) invoked its right to acquire 700 million shares of the bank, making it the lender''s top shareholder. Bankrate ( RATE.N ) jumped 9 percent after the company said it would be bought by digital marketing company Red Ventures for $1.24 billion. Reporting by Tanya Agrawal; Editing by Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-stocks-idINKBN19O17G'|'2017-07-03T16:03:00.000+03:00'
'3d01fec1d420edb7b816fd82d826927fec5b775f'|'UK factories lose pace as exports slow despite weaker pound'|'Top News - Mon Jul 3, 2017 - 1:14pm BST UK factories lose pace as exports slow despite weaker pound Workers assemble cars at the plant for the Mini range of cars in Cowley, near Oxford, Britain June 20, 2016. REUTERS/Leon Neal/Pool By Andy Bruce - LONDON LONDON British factories grew more slowly than expected in June as export orders rose at the weakest pace in five months, according to a survey on Monday that might disappoint Bank of England officials who favour raising interest rates. Sterling, which jumped last week on expectations of a BoE shift towards higher borrowing costs, fell after the Markit/CIPS UK Manufacturing Purchasing Managers'' Index(PMI) slipped to 54.3 from a downwardly revised 56.3 in May, a three-month low. The reading was below all forecasts in a Reuters poll of economists that had pointed to a reading of 56.5. It also contrasted with a sharp pick-up in growth for factories in the euro zone. Britain''s economy barely grew in the first three months of the year, with consumers facing the double hit of accelerating inflation, caused in large part by the fall in the pound since the Brexit vote, and slowing wage growth. Some BoE officials say the consumer drag on the economy is likely to be offset by higher exports and investment and two of the sitting eight monetary policymakers voted last month for a rate hike. A third supporter of a hike has since left the BoE. However, Monday''s survey suggested the supposed silver lining of a weak currency - more competitive exports - is proving elusive, even as the global economy picks up. The PMI showed export orders rose last month at the weakest pace since January. "While the survey data add to signs that the economy is likely to have shown stronger growth in the second quarter, further doubts are raised as to whether this performance can be sustained into the second half of the year," said Rob Dobson, senior economist at IHS Markit. "Export orders remained disappointingly lacklustre despite the ongoing competitiveness boost of the weak sterling exchange rate." The EEF, a lobby group representing manufacturers, said the sector would probably provide a counterweight to a slowing in Britain''s far bigger services sector, but employers were wary about the political outlook after Prime Minister Theresa May was left weakened by last month''s inconclusive election outcome. "The build-up in political uncertainty looks to be dampening sentiment in the sector somewhat," George Nikolaidis, an EEF economist, said. An Institute of Directors survey published in June showed business confidence fell sharply after May lost her parliamentary majority the election. Monday''s PMI showed price pressures for manufacturing firms eased in June, which could help ease the squeeze on profit margins. However, optimism sank to an seven-month low.Among investment goods manufacturers, who are critical to the recovery in investment expected by the BoE, optimism fell to its lowest level since last July. (Additional reporting by William Schomberg; Editing by Janet Lawrence) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-pmi-idUKKBN19O0ST'|'2017-07-03T15:14:00.000+03:00'
'6849c8fd09a9ef132a9dce3e469db39d2b183fd7'|'Brisk trade marks start of China, Hong Kong Bond Connect scheme'|'July 3, 2017 / 5:02 AM / 19 minutes ago Brisk trade marks start of China, Hong Kong Bond Connect scheme By Umesh Desai and Andrew Galbraith 5 Min Read The title of Bond Connect is seen during a launching ceremony at Hong Kong Exchanges in Hong Kong, China July 3, 2017. Bobby Yip HONG KONG/SHANGHAI (Reuters) - China and Hong Kong launched a long-awaited Bond Connect scheme on Monday that links China''s $9 trillion bond market with overseas investors, the latest step in Beijing''s efforts to liberalise and strengthen the country''s capital markets. Global investors were active, purchasing 4.9 billion yuan ($721.4 million) of bonds through the programme on Monday. But traders and foreign investors warned against reading too much into first-day trading numbers. "Chinese institutions will have to meet their ''supportive obligations''," to ensure the successful launch of the programme, said a Shanghai-based trader. "Let''s wait to see one-week or one-month volume." Monday''s aggregate trading volume was 7.05 billion yuan, the China Foreign Exchange Trade System said on its website. HSBC Holdings and an asset management unit of Bank of China were the among the first to complete trades using the scheme. The launch of the connection was timed to coincide with the 20th anniversary of Hong Kong''s handover to Chinese rule and initial trading will only be "northbound", meaning foreign investors will be able to buy and sell Chinese bonds. No launch date has been set for the southbound channel. Demand for such a channel was limited, Hong Kong Exchanges and Clearing Ltd (HKEx) chief executive Charles Li said. Credit Suisse Private Banking reiterated on Monday that it is negative on onshore bonds and expects yields to rise further this year. In line with broader foreign access rules, overseas investors including pension funds, central banks and sovereign wealth funds will be eligible to trade sovereign and local government bonds, policy bank bonds and corporate debt on the Bond Connect. The connection will increase the supply of yuan-denominated assets that can be held by global investors as Beijing steps up the internationalisation of its currency. In a note on Monday, Goldman Sachs said it holds the view that more than $1 trillion of global fixed income investments could be allocated to domestic Chinese bonds in the next decade. Such inflows could help to support the yuan''s value in the long run. Internationalisation Concerns However, some market watchers said a strong launch could hamper the currency''s internationalisation. "A successful Bond Connect operation will actually be counterproductive to renminbi internationalisation in the short-term. This is because it will lead to more renminbi flowing back to China and, thus, further erode the CNH pool," said Chi Lo, senior economist at BNP Paribas Asset Management. Chinese regulators formally approved the Bond Connect scheme in May. International investors have been allowed direct access to China''s interbank bond market since last year and some market participants have questioned the need for an additional trading scheme. Reluctance by overseas investors to enter the market amid fears over the stability of the Chinese yuan, and over potential delays to Beijing''s reforms of the capital markets has kept overseas holdings to less than 2 percent. This is below the international norm of about 10 percent, BNP Paribas said. Media reports said 20 market makers for the Bond Connect scheme had been approved, including 14 Chinese and six overseas institutions. BNP Paribas said it had received approval as a market maker and had also executed its first trade under the scheme. Citigroup and Standard Chartered also confirmed to Reuters that they had been approved as official dealers. The scheme will also see deals coming through the primary market. China Development Bank said it planned to issue up to 20 billion yuan ($2.95 billion) of one-year, three-year and 10-year fixed-rate bonds for tender on Monday. HSBC said it is one of the underwriters. Hong Kong''s new leader, Carrie Lam, attended the debut ceremony and said the connect scheme marked "another new chapter in the development of mutual capital markets access between the mainland and Hong Kong." The bond programme follows the launch of the Hong Kong and Shanghai Stock Connect scheme in November 2014 and the Hong Kong and Shenzhen stock programme in December 2016. Those two schemes allow both northbound and southbound trade. ($1 = 6.7925 Chinese yuan) Reporting by Umesh Desai, Donny Kwok and Andrew Galbraith; Editing by Anne Marie Roantree and Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hongkong-china-bondconnect-idINKBN19O0CN'|'2017-07-03T16:50:00.000+03:00'
'f45b0798ead2f303dc835dd7eeeef4b9e521e247'|'UPDATE 3-UK Stocks-Factors to watch on July 3'|'(Adds news item)July 3 Britain''s FTSE 100 index is seen opening up 16 points at 7,328 on Monday, according to financial bookmakers, with futures up 0.3 percent ahead of the cash market open.* BGEO: BGEO Group Plc, the holding company of JSC Bank of Georgia, said it intended to demerge into two London-listed firms - a banking business and an investment business.* SEVERN TRENT: British water utility Severn Trent Plc on Monday said it would sell its North American unit for $62 million to focus on its core UK business.* UK ENERGY REGULATOR: Britain''s energy regulator Ofgem could cap bills for some of the most vulnerable customers and make switching supplier easier, it said on Monday in response to a government request for it to set out plans to help customers on the poorest-value tariffs.* IAG: Some British Airways cabin crew began a two-week strike on Saturday in a prolonged pay dispute, risking further brand damage and travel disruption, although the airline said most passengers would be able to fly.* IAG: British authorities have given British Airways the go ahead to use Qatar Airways planes and staff during a planned two-week strike by members of its cabin crew, a spokesman for the Department for Transport said on Friday. BA, owned by IAG has committed to fly all its customers to their destinations during the strike.* GSK: The world''s leading drug companies are turning to artificial intelligence to improve the hit-and-miss business of finding new medicines, with GlaxoSmithKline unveiling a new $43 million deal in the field on Sunday.* BAE SYSTEMS: BAE Systems, the world''s third-largest defence contractor and the Ministry of Defence have signed a multi-billion pound deal to build the first three of eight new frigates for the Royal Navy, the Telegraph reported. bit.ly/2tAG11Q* TATA STEEL: The British government is said to be considering changes to its pension law law to help Tata Steel Ltd save jobs at its Port Talbot plant in south Wales, a media report claims, Mint reported citing PTI. bit.ly/2ufDlUC* UK TOBACCO: Cigarette maker Philip Morris International thinks its iQOS heated tobacco product can make Britain smoke-free in the coming years, an executive said on Friday. British American Tobacco and Japan Tobacco are also selling tobacco-based "vaping" devices.* BREXIT: Britain''s minister-in-charge of exiting the European Union will host a conference for business leaders on Friday as part of a government drive to give them a bigger say in the process.* BREXIT: British business leaders have been told to brace for the possibility that Prime Minister Theresa May''s government may walk out of Brexit talks this year, according to the Sunday Telegraph.* UK ECONOMY: Prime Minister Theresa May is under pressure from her ministers to end the government''s policy of economic austerity as a new poll shows her popularity has slumped, according to the Observer.* LONDON FIRE: The head of the local council in the London borough where at least 80 people died in a fire in a social housing tower block resigned on Friday after he was criticised for the organisation''s handling of the disaster.* UK HIGH-RISE BUILDINGS: Some 181 high-rise buildings have failed safety tests carried out after a fire that killed at least 80 people in London last month, the British government said on Sunday.* UK PUBLIC-SECTOR PAY: Britain could abandon an across-the-board cap on pay for public-sector workers such as teachers and nurses if review bodies said higher rises were needed to recruit and retain workers, Environment Secretary Michael Gove said on Sunday.* BOND SCHEME: China and Hong Kong launched a long-awaited "Bond Connect" programme on Monday that links China''s $9 trillion bond market with overseas investors, the latest step in Beijing''s efforts to liberalise and strengthen the country''s capital markets.* OIL: Oil prices rose on Monday, lifted by the first fall in U.S. drilling activity in months, although gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply.* COPPER: London copper was supported just below the $6,000 level on Monday, the first trading day of the second half, as brighter factory demand from China underpinned prices.* GOLD: Gold edged lower on Monday as investors shunned safe-haven assets for equities, with Asian stocks remaining near two-year highs, and as the dollar rose from a nine-month low, reducing the demand for bullion.* The UK blue chip index closed down 0.5 percent at 7,312.72 points on Friday, as a drop among oil stocks, miners and by United Utilities kept the UK''s top share index in negative territory after a choppy day. The heavy losses sent the index to its widest monthly loss since September 2015, sealing its first negative quarter in more than a year as a tumultuous first half drew to a close.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JU2KV'|'2017-07-03T09:53:00.000+03:00'
'ee64ad512b0d3074cf33f3eddddd8bd7bd385741'|'EU lawmakers pass new rules to tackle multinationals'' tax avoidance'|'Business News - Tue Jul 4, 2017 - 2:27pm BST EU lawmakers pass new rules to tackle multinationals'' tax avoidance FILE PHOTO: An Apple logo is seen in a store in Los Angeles, California, U.S., March 24, 2017. REUTERS/Lucy Nicholson By Francesco Guarascio - BRUSSELS BRUSSELS The European Parliament on Tuesday passed a directive requiring big multinationals to report tax and financial data separately in all countries where they operate, a measure aimed at tackling tax avoidance and profit shifting to countries with lower taxes. The new rules are part of a wider overhaul of tax regulation spurred by the so-called Panama Papers and other revelations of widespread tax avoidance by companies and wealthy individuals. They do, however, still need approval from the EU member states in coming months, and would then have to be enacted into national law in each country within a year. EU countries lose between 50 and 70 billion euros in revenues every year because of tax avoidance, the vice president of the European Commission, Valdis Dombrovskis, told lawmakers. The new measure would require firms with activities in the EU and an annual turnover of at least 750 million euros (£658 million) to disclose data such as profits, revenues, taxes paid and number of employees for each country where they operate. Currently, multinationals disclose their operations in one consolidated report. Tax-dodging schemes often hinge on the transfer of taxable profits from the higher-tax states where they are made to countries with lower taxation or none at all. Tax-saving schemes used by Apple, Amazon, Google, Starbucks and other companies have raised public pressure for EU-wide rules to close these loopholes. The original legislative proposal made by the European Commission required country-by-country disclosures only for operations in EU states and in tax havens, although there is no common EU list of such jurisdictions. The European Parliament changed the proposed rules to extend the reporting requirement to all countries where firms operate. To protect Europe''s competitiveness, the conservative and liberal groups in the EU legislature successfully pushed for companies to be allowed to apply for limited-period exemptions from disclosing information that is commercially sensitive. But the bill does not specify what would be considered sensitive. The anti-corruption group Transparency International called the exemption a "massive loophole" that could undermine the new legislation, and another campaign group, Oxfam, said lawmakers were "bowing to big business". German conservative legislator Markus Ferber said the clause was necessary to prevent companies "handing away business secrets to the competition on a silver platter". (Reporting by Francesco Guarascio @fraguarascio; Editing by Kevin Liffey)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-taxavoidance-idUKKBN19P1OC'|'2017-07-04T16:27:00.000+03:00'
'93c90b7f8efa025b6264c77248fedb70d9d99863'|'Stada executives quit as Bain, Cinven consider fresh bid'|'Deals - Tue Jul 4, 2017 - 12:40pm BST Stada executives quit as Bain, Cinven consider fresh bid File Photo: The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt, Germany, March 14, 2012. REUTERS/Alex Domanski/File Photo FRANKFURT Stada''s ( STAGn.DE ) chief executive and its head of finance resigned on Tuesday ahead of a possible fresh takeover bid for the German generic drugmaker by buyout groups Bain Capital and Cinven. Chief Executive Matthias Wiedenfels, who was appointed just over a year ago, will be replaced by Engelbert Tjeenk Willink, a former board member of privately held German drugmaker Boehringer Ingelheim, Stada said in a statement. Bernhard Duettmann, previously finance chief at Nivea owner Beiersdorf ( BEIG.DE ) and then chemicals group Lanxess ( LXSG.DE ), will succeed Stada''s Chief Financial Officer Helmut Kraft. Stada said that the two men had told its supervisory board that they were stepping down for "personal reasons". Willink and Duettmann have been appointed until the end of 2017, Stada said. The move comes only hours after Stada said that private equity firms Bain and Cinven were considering seeking regulatory clearance to make a new takeover offer for the group after their 5.3 billion euro (£4.6 billion) bid fell through, driving Stada''s shares higher. Investors representing 65.52 percent of Stada''s equity had signed up for their last bid, missing a 67.5 percent threshold, despite the 49 percent premium offered by the buyout groups to trump a rival offer from private equity duo Advent and Permira. A renewed approach would need to be approved by both German financial watchdog Bafin and Stada itself because a suitor is normally not allowed to make another offer for at least a year. "Should further takeover offers be made, we will examine and evaluate them impartially," Stada supervisory board Chairman Ferdinand Oetker said. Sources told Reuters last week that a new bid could be launched as early as this week and would be likely to come before the summer if one was made. The private equity firms are expected to bid at the same price but lower the acceptance threshold to 65 percent, the sources said at the time. Several people close to the matter had said Bain and Cinven were talking to investors to drum up support for a potential new offer. Kepler Cheuvreux analyst Oliver Reinberg raised his recommendation on Stada shares to "hold" from "reduce" on Tuesday, saying he assumed a new bid by Bain and Cinven would reach its mark. "Given the low margin of failure in the first bidding process - note they only fell 2 percent short of the outstanding shares tendered - we assume that the deal will ultimately succeed," he said in a note. Shares in Stada rose 2.2 percent to 63.90 euros by 1030 GMT on Tuesday, making them the biggest gainers on Germany''s MDAX index of mid-sized companies .MDAXI. (Reporting by Maria Sheahan; Editing by Louise Heavens and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-stada-arzneimitt-m-a-idUKKBN19P1EF'|'2017-07-04T13:55:00.000+03:00'
'0fe76efa81708e6df473b89dba9b6a4ad58672e4'|'Acacia seeks arbitration after Tanzania tears up mining contracts'|'Business   5:18pm BST Acacia seeks arbitration after Tanzania tears up mining contracts LONDON Acacia Mining said on Tuesday it was seeking an adjudicator to resolve its dispute with the Tanzanian government over mining contracts as President John Magufuli ordered the suspension of any new licences. Acacia''s move comes a day after the country passed two laws to force companies to re-negotiate their contracts. Magufuli has sent shock-waves through the mining community with a series of actions since his election in 2015 that he says are to distribute revenue to the Tanzanian people. "President Magufuli has ordered the Ministry of Energy and Minerals to suspend the issuance of new special mining licences and renewal of expired licences," a statement from Magufuli''s office said. It was unclear how many companies would be affected. Speaking at a public rally in northwest Tanzania on Tuesday, Magufuli said he had decided to rush through bills on Monday because Tanzania was fighting an economic war. "We couldn''t wait to pass the laws because of the large scale theft taking place in the mining sector," Magufuli said. Tanzania''s largest miner Acacia, majority owned by Barrick Gold, said in a statement that notices of arbitration were served on behalf of companies that own its Bulyanhulu and Buzwagi mines, hit by an export ban. "The serving of the notices at this time is necessary to protect the Company," Acacia said. "But, this notwithstanding, Acacia remains of the view that a negotiated resolution is the preferable outcome to the current disputes and the company will continue to work to achieve this." Tanzania accused Acacia of tax evasion in 2016 in a case that is ongoing and was this year accused of operating illegally. The miner denies the allegations. And in March, Magufuli imposed an export ban on unprocessed ore to encourage the construction of local smelters, rather than allow profits from processing to be accrued abroad. International mining companies have said mining must help to enhance the economic development of Tanzania, but the relationship has to be a fair partnership. Shares in Acacia, which have nearly halved since the export ban in March, were down nearly 1 percent by 1345 GMT. (Reporting by Zandi Shabalala in London and Fumbuka Ng''wanakilala in Dar es Salaam; Editing by Barbara Lewis and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-acacia-mining-tanzania-idUKKBN19P230'|'2017-07-04T19:18:00.000+03:00'
'05c5aa3694c1439f47dbde74911ac683aaf131ff'|'CANADA STOCKS-TSX hits near 7-month low as gold and tech shares retreat'|' 13pm EDT CANADA STOCKS-TSX hits near 7-month low as gold and tech shares retreat TORONTO, July 4 Canada''s main stock index fell on Tuesday to its lowest close in nearly seven months, as precious metal miners and technology shares led a retreat in lighter than usual trading volumes with U.S. markets closed for Independence Day. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed down 51.58 points, or 0.34 percent, at 15,130.61. Seven of the index''s 10 main groups ended lower. (Reporting by Fergal Smith; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1JV0U3'|'2017-07-04T23:13:00.000+03:00'
'3a8f90208c85dc903c93fc77724e868abfbd196e'|'Trump to promote U.S. natgas exports in Russia''s backyard'|'Business News - Tue Jul 4, 2017 - 1:53am BST Trump to promote U.S. natgas exports in Russia''s backyard left right U.S. President Donald Trump delivers remarks during an ''Unleashing American Energy'' event at the Department of Energy in Washington, U.S., June 29, 2017. REUTERS/Carlos Barria 1/2 left right FILE PHOTO: A general view shows the construction site of Poland''s first liquefied natural gas (LNG) terminal, in the Baltic port of Swinoujscie July 23, 2014. Picture taken July 23, 2014. REUTERS/Filip Klimaszewski/File Photo 2/2 By Roberta Rampton and Timothy Gardner - WASHINGTON WASHINGTON President Donald Trump will use fast-growing supplies of U.S. natural gas as a political tool when he meets in Warsaw on Thursday with leaders of a dozen countries that are captive to Russia for their energy needs. In recent years, Moscow has cut off gas shipments during pricing disputes with neighbouring countries in winter months. Exports from the United States would help reduce their dependence on Russia. Trump will tell the group that Washington wants to help allies by making it as easy as possible for U.S. companies to ship more liquefied natural gas (LNG) to central and eastern Europe, the White House said. Trump will attend the "Three Seas" summit - so named because several of its members surround the Adriatic, Baltic and Black Seas - before the Group of 20 leading economies meet in Germany, where he is slated to meet Russian President Vladimir Putin for the first time. Among the aims of the Three Seas project is to expand regional energy infrastructure, including LNG import terminals and gas pipelines. Members of the initiative include Poland, Austria, Hungary and Russia''s neighbours Latvia and Estonia. Trump''s presence will give the project a lift, said James Jones, a former NATO Supreme Allied Commander. Increased U.S. gas exports to the region would help weaken the impact of Russia using energy as a weapon or bargaining chip, said Jones. "I think the United States can show itself as a benevolent country by exporting energy and by helping countries that don’t have adequate supplies become more self-sufficient and less dependent and less threatened," he said. Trump''s Russia policy is still taking shape, a process made awkward by investigations into intelligence findings that Russia tried to meddle in the 2016 U.S. presidential race. Russia denies the allegations and Trump says his team did not collude with Moscow. Lawmakers in Trump''s Republican Party, many of whom want to see him take a hard line on Russia because of its interference in the election and in crises in Ukraine and Syria, support using gas exports for political leverage. "It undermines the strategies of Putin and other strong men who are trying to use the light switch as an element of strategic offense," said Senator Cory Gardner, a Republican from Colorado who is on the Senate Foreign Relations Committee. The Kremlin relies on oil and gas revenue to finance the state budget, so taking market share would hurt Moscow. "In many ways, the LNG exports by the U.S. is the most threatening U.S. policy to Russia," said Michal Baranowski, director of the Warsaw office of think-tank the German Marshall Fund. COMPETITIVE ARENA The U.S. is expected to become the world''s third-largest exporter of LNG in 2020, just four years after starting up its first export terminal. U.S. exporters have sold most of that gas in long-term contracts, but there are still some volumes on offer, and more export projects on the drawing board. Cheniere Energy Inc ( LNG.A ), which opened the first U.S. LNG export terminal in 2016, delivered its first cargo to Poland in June. Five more terminals are expected to be online by 2020. Tellurian Inc ( TELL.O ) has proposed a project with a price tag of as much as $16 billion that it hopes to complete by 2022, in time to compete for long-term contracts to supply Poland that expire the same year and are held by Russian gas giant Gazprom ( GAZP.MM ). "We would like to be a supplier that competes for that market," Tellurian Chief Executive Meg Gentle told Reuters. A global glut in supply may, however, limit U.S. LNG export growth, regardless of Trump''s support. The glut has depressed prices and made it difficult for LNG exporters to turn a profit, said Adam Sieminski, an energy analyst with the Center for Strategic and International Studies. Russia has the advantage in Europe due to its proximity and pipeline connections. "Europe is going to be the great competitive arena between Russian gas and LNG," said Daniel Yergin, the Pulitzer Prize-winning oil historian and vice-chairman with IHS Markit analysis firm. NORD STREAM Europeans will be watching to see whether Trump clarifies his administration''s position on a new pipeline to pump Russian gas to Germany, known as Nord Stream 2. The U.S. Senate in June passed a package of sanctions on Russia, including provisions to penalise Western firms involved in the pipeline. The new sanctions have stalled in the House of Representatives. The U.S. State Department has lobbied against the pipeline as a potential supply chokepoint that would make Europe more vulnerable to disruptions. The threat of sanctions adds to tensions between Washington and Berlin. Germany''s government supports the pipeline, and Trump''s position on it is a concern for European diplomats. (Additional reporting by Jan Pytalski in Washington, Alissa de Carbonnel and Robert-Jan Bartunek in Brussels, Agnieszka Barteczko in Warsaw; Writing by Roberta Rampton; Editing by Simon Webb and Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-lng-idUKKBN19P01U'|'2017-07-04T03:53:00.000+03:00'
'c29e218456be38994cc4c39e0565a1d77fd68c3d'|'Exclusive - Saba Capital, famed for ''London Whale'' bet, to shut London office: sources'|'Tue Jul 4, 2017 - 7:03pm BST Exclusive: Saba Capital, famed for ''London Whale'' bet, to shut London office - sources Boaz Weinstein, founder and chief investment officer at Saba Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian By Maiya Keidan - LONDON LONDON New York-based Saba Capital Management, famed for its winning bet against the JPMorgan Chase trader known as the ''London Whale'', is closing its office in London''s Mayfair district, two sources close to the situation told Reuters. The $1.8 billion hedge fund firm will move European trading operations to New York, said one of the sources with direct knowledge of the matter, becoming the second U.S. fund firm to do so this year after Goldman Sachs Investment Partners. The reason for Saba Capital''s move was not clear although it comes at a time of uncertainty for fund firms based in Britain as talks begin on the country''s exit from the European Union. It is also not clear whether the three individuals at the London office currently registered with the British regulator will relocate to the U.S. office or find new jobs. Saba founder Boaz Weinstein made his name from the bet against JPMorgan, linked to corporate default rates. That helped assets at the firm - housed in New York''s art deco Chrysler Building - peak in 2012 at $6 billion. A subsequent period of underperformance saw a number of investors pull their money, only for Saba to bounce back and attract fresh capital with a market-beating 3 percent gain in 2015 and returns of 22 percent in 2016, one of the sources said. The source also said the firm''s performance was flat in the in the first four months of this year. It has had an office in London since early 2012, according to the filings from Britain''s Financial Conduct Authority. Weinstein, a former Deutsche Bank trader, started Saba in 2009. (Additional reporting by Lawrence White. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hedgefunds-saba-exclusive-idUKKBN19P29M'|'2017-07-04T20:50:00.000+03:00'
'427837bce95fdaba1fefe6cfcdf9e66240788572'|'Total nears deal to invest up to $2 billion in Iran''s petrochemical industry'|'July 4, 2017 / 11:24 AM / 12 minutes ago Total nears deal to invest up to $2 billion in Iran''s petrochemical industry 3 Min Read The logo of French oil company Total is seen on a fuel pump at a Total gas station in Paris, France, April 19, 2016. Jacky Naegelen/Files LONDON (Reuters) - Total and Iran have reached a preliminary agreement to build three petrochemical plants in a deal that if finalised could see the French oil major investing up to $2 billion in Iran, an Iranian oil industry official said on Tuesday. "In the latest talks, the two sides have reached agreement for construction of petrochemical plants with the total capacity of 2.2 million tonnes of petrochemical and polymer products per year," the managing director of Iran''s National Petrochemical Company (NPC) was quoted as saying by the oil ministy''s news agency SHANA. "We predict that Total would invest $1.5 to $2 billion in Iran''s petrochemical industry if we reach final agreement," Marzieh Shahdaei added. A spokesman for Total said: "Total and Iran''s National Petrochemical Company are currently working on an in-depth study of an ethane-based petrochemical project whose figures (Capex especially) have to be fine-tuned." The preliminary deal on the petrochemical plants follows Monday''s agreement by Total to go ahead with the phase 11 development project for Iran''s South Pars offshore gas field, the first major Western energy investment in the Islamic Republic since the lifting of sanctions against it. A customer holds a gas pump as he fills-up his car in a Total station in Nice, France, February 9, 2017. Eric Gaillard/Files Total''s Chief Executive Patrick Pouyanne said after the signing of the South Pars deal that it would open the door for more business with Tehran. South Pars is part of the world''s largest gas field which is shared with neighbouring Qatar where development of the deposit known as the North Field has made the tiny Gulf state the world''s biggest producer of liquefied natural gas. Total is active in both Iran and Qatar as well as the UAE, which together with its bigger neighbour Saudi Arabia is in dispute with Qatar over its close ties with Iran. Total''s CEO told Reuters last month the petrochemical plants project in Iran was less advanced than South Pars 11 because Total would need to fund that project with loans from banks while South Pars could be developed with its own funds. Iranian deputy oil minister, Amir Hossein Zamaninia said on Monday that Iran and Total have held "positive talks" to cooperate in petrochemicals but added that the deal was not final. An oil industry official said in January that Iran plans to build 25 petrochemical plants and is currently seeking $32 billion in foreign investment to fund projects. Reporting by Bozorgmehr Sharafedin; Additional reporting by Bate Felix in Paris; Editing by Louise Heavens, Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/iran-total-petrochemicals-idINKBN19P1CJ'|'2017-07-04T14:23:00.000+03:00'
'544a7ddc7e80f27ed84c58c80e3e0e2746bf9606'|'Schaeuble hoping growth will end stimulus and ''crazy'' negative rates'|'Central Banks - Mon Jul 3, 2017 - 9:24pm BST Schaeuble hoping growth will end stimulus and ''crazy'' negative rates German Finance Minister Wolfgang Schaeuble attends a news conference in Berlin, Germany June 28, 2017. REUTERS/Hannibal Hanschke By Michael Nienaber - SASBACHWALDEN, Germany SASBACHWALDEN, Germany Euro zone growth is stronger than expected and this will enable the European Central Bank to slowly normalize its monetary policy and end a "crazy situation" of negative interest rates, German Finance Minister Wolfgang Schaeuble said on Monday. Senior German government officials have stepped up the pressure on the ECB to scale back its monetary stimulus of bond purchases and sub-zero rates as Germany heads towards federal elections and voters complain about meagre savings returns. Critics of the ECB''s decision to buy sovereign bonds on the secondary market also argue that the programme has reduced pressure on euro zone governments to implement reforms. Speaking to voters in his constituency in the southern state of Baden-Wuerttemberg less than three months before the Sept. 24 election, Schaeuble said that the euro zone was recovering surprisingly well and that the threat of deflation had vanished. "If we have more growth and if there is no threat of a deflation, then the ECB will -- it cannot do this fast because the problems in some countries in Europe are too big -- then it can slowly start to normalize monetary policy so that we can hopefully soon end this crazy situation of zero interest rates and negative interest rates," he said. Schaeuble said that inflation in the euro zone was slowly picking up and that it was moving towards the ECB''s price stability target of just under 2 percent. This development would help ECB policymakers find a case for normalisation of their ultra-loose monetary policy, he added. "We must quickly come back to a situation in which interest rates are what they used to be," Schaeuble said. He also pointed out that euro zone governments still had some work to do when it comes to reforms and that France and Germany next week would press ahead with proposals to strengthen bilateral cooperation and European integration. The veteran finance minister, 74, is the longest serving lawmaker in the Bundestag lower house of parliament and he will run for another four years as parliamentarian in September. "I''m ready to continue," Schaeuble told the crowd of some 400 voters in the tiny Black Forest town of Sasbachwalden near Offenburg. "But for this, we first need a clear majority." (Reporting by Michael Nienaber; Editing by Thomas Escritt and Catherine Evans) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-schaeuble-idUKKBN19O2FK'|'2017-07-03T23:24:00.000+03:00'
'235d159cf45ac9cc0c149e31cad46454888b3f2e'|'Qatar shows mettle, offers compromise as Gulf states prepare meeting'|'July 4, 2017 / 2:34 PM / 4 minutes ago Qatar shows mettle, offers compromise as Gulf states prepare meeting 8 Min Read FILE PHOTO: People sit on the corniche in Doha, Qatar, June 15, 2017. Naseem Zeitoon/File Photo DOHA (Reuters) - Qatar announced plans for a steep rise in Liquified Natural Gas (LNG) production capacity on Tuesday that suggested it was ready for a protracted dispute with Gulf neighbors, but Doha said it was doing all it could to reach agreement. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain were due to meet on Wednesday to decide whether to continue sanctions they imposed on Qatar on accusations it was aiding terrorism and courting regional rival Iran. Doha denies the charges and has submitted to mediator Kuwait replies to 13 demands that the gathering will consider. "What Qatar has given in goodwill and good initiative for a constructive solution, based on dialogue, we believe should be sufficient (to show) we have carried out our duties from our side," Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani told a news conference in Doha. "There is a lot of progress that has been made on that front (countering terrorism financing)... but of course there is always room for improvement," he said, describing the sanctions as illegal steps under the pretext of fighting terrorism. The three Gulf states and Egypt have severed diplomatic and transport ties with Doha in a dispute that has raised concern across the Middle East and beyond. Western states fear a lengthy dispute, besides threatening political instability, could upset supply chains in a region vital for energy supplies. German Foreign Minister Sigmar Gabriel told the same Doha news conference he felt Qatar had shown restraint in the row which began on June 5 when the Gulf states severed diplomatic and transport ties. "We hope others will respond in a similar spirit. Qatar says it is ready to meet any "reasonable" demands. But the Gulf state, with a population of just over two million to Saudi Arabia''s 31 million, may be reluctant to carry out conditions such as the closure of the al-Jazeera television station and removal of a Turkish military base - matters it considers impinge on Qatari sovereignty. Qatar mounted what appeared to be a show of strength on Tuesday, when the state-owned Qatar Petroleum [QATPE.UL] announced plans to raise liquefied natural gas capacity by 30 percent. Its immediate effect will be to worsen a glut on the LNG market where Australia, the United States and Russia vie. Qatar Petroleum chief executive Saad al-Kaabi said the firm would increase gas production from its giant North Field, which it shares with Iran, by 20 percent after new gas development. Related Coverage Qatar''s response to Arab demands in line with state sovereignty - foreign minister In April, Qatar lifted a self-imposed ban on development of the North Field, the world''s biggest natural gas field, and announced a new project to develop its southern section, increasing output in five to seven years. That new project will raise Qatar''s total LNG production capacity by 30 percent to 100 million tonnes from 77 million tonnes per year, Kaabi said. The decision will have international ramifications. With such low production costs and LNG facilities closer to buyers in Europe and Asia, the Qatari move means U.S. producers could struggle to sell their LNG competitively and projects still needing finance could struggle to find investors. So far only Cheniere ( LNG.A ) exports U.S. LNG, but there are project proposals with a total capacity of some 150 million tonnes/year. Energy sales have driven Qatar''s rapid rise as a regional player, with vast infrastructure projects and widening diplomatic influence as well as a role in the Syrian conflict that is viewed with suspicion by Gulf neighbors. The Saudi Ambassador to Sudan Ali Hassan Jaafar, speaking at a news conference, said he hoped the Gulf crisis would end "in the coming hours" with the Qatari response to demands. FILE PHOTO: An aerial view of Doha''s diplomatic area March 21, 2013. Fadi Al-Assaad/File Photo "We wish well for the people of Qatar and we hope that the rulers of Qatar return to their senses," he said. "We want stability in the Gulf region and in the Arab region. … If these demands are not fulfilled we will defend our security and stability and there will be other measures." Iranian Question The LNG glut has already driven down prices. Asian spot LNG prices LNG-AS have fallen more than 40 percent this year to $5.50 per mmBtu and by 70 percent from peaks in 2014. So far, the majority of LNG is supplied via long-term contracts between producers and users which allow little flexibility and in many cases also prevent importers from reselling cargoes. With supplies far outpacing demand, analysts expect more and more LNG to be freely traded. Many producers have already started to offer contracts without resale or destination restrictions. Saad al-Kaabi, chief executive of Qatar Petroleum, gestures as he speaks to reporters in Doha, Qatar, July 4, 2017. Naseem Zeitoon Kaabi, alluding to suggestions that the Gulf states may ask trading partners to choose between them and Doha, said the company''s operations would not be affected by the crisis. "Qatar Petroleum will continue working...If some companies decide they don''t want to work with QP that''s their choice. We will find other foreign companies to work with," he said. Analysts said the move to boost production was partly to do with added competition in the LNG market, mainly from Australia, the United States and Russia. "It is also to do with Iran now set to increase production on the South Pars field, which means they can up production from their side of the field (North Field) without destabilizing the geology of the field," said Oliver Sanderson, gas analyst at Thomson Reuters. Some experts say that, while the Gulf States accuse Qatar of cooperating too closely with Iran, their sanctions could push it to closer cooperation with Tehran on gas production and exports from the shared field. "Qatar needs the support of Iran now more than any time before. I don''t believe it would be possible for Qatar to increase production without the cooperation with Iran, if in the long term the (political) situation stayed same as now," said Reza Mostafavi Tabatabaei, president of London-based ENEXD, a firm involved in oil and gas equipment in the Middle East. "Also, major (oil) companies may be asked to choose between working in Qatar or Saudi/UAE and Egypt, otherwise there be sanctions against them. That’s why I don’t think that developing this project by Qatar now will be as easy as before, politically not financially," he added. Qatar Petroleum''s Kaabi said there is no cooperation with Iran on any project in the North Field, but the countries have a joint committee that meets yearly to discuss development of the field. While QP owns a majority stake, energy firms including Total, Mitsui & Co ( 8031.T ) and ConocoPhillips ( COP.N ) also possess small stakeholdings. RasGas is a 70/30 percent joint venture between QP and Exxon Mobil ( XOM.N ). "Qatar has one of the lowest LNG production costs in the world. It has followed an astute policy of maximizing value from market prices around the world," said Ajay Singh, special advisor at Japan Petroleum Exploration Co and former gas executive at Shell. "For Qatar, LNG is everything." Reporting by Tom Finn, Issam Abdallah and Rania El Gamal; additional reporting by Henning Gloystein in Singapore, Aaaron Sheldrick in Tokyo, Jane Chung in Seoul and Nina Chestney in London; Writing by Ralph Boulton; Editing by William Maclean 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-qatar-energy-idINKBN19P161'|'2017-07-04T20:21:00.000+03:00'
'9703c0a3f43ff1d109a1ef37f4baa0f9678d819f'|'Samsung Electronics to launch refurbished Note 7 phones in South Korea from July 7'|'Business News - Sun Jul 2, 2017 - 3:57am BST Samsung Electronics to launch refurbished Note 7 phones in South Korea from July 7 FILE PHOTO: A customer uses his Samsung Electronics'' Galaxy Note 7 as he waits for an exchange at company''s headquarters in Seoul, South Korea, October 13, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL Samsung Electronics Co Ltd ( 005930.KS ) said on Sunday it will start selling a refurbished version of the recalled Galaxy Note 7 smartphone in South Korea on July 7, using batteries different from those that caused some handsets to catch fire last year. Samsung said in a statement it will offer 400,000 phones, dubbed the Galaxy Note 7 Fan Edition, in its home country priced 699,600 won ($611) - about 30 percent lower than the Note 7''s original launch price. The devices will be made from recalled, unsealed Note 7 handsets and unused Note 7 components. Batteries for the refurbished devices will have a lower capacity than those of the original Note 7s, but have passed new safety measures implemented following the recall, Samsung said. The world''s biggest smartphone maker by volume was forced to halt sales of the Note 7 in October, roughly 2 months after its launch, due to fire-prone batteries from two different suppliers. The incident cost Samsung over $5 billion in operating profit and damaged its reputation, though the firm has since recovered with the successful launch of the Galaxy S8. The firm said earlier this year it planned to sell refurbished Note 7s after investigations by Samsung and independent firms concluded the batteries were solely responsible for the fires. Samsung also plans to hold a launch event for the Note 8 in the second half of August, a source told Reuters last month. [L3N1JH2YO] The firm said it will decide whether to sell the refurbished Note 7s in other markets at a later date. It has said it does not plan to offer the device in the United States or India. ($1 = 1,144.4300 won) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-samsung-elec-smartphone-idUKKBN19N02K'|'2017-07-02T05:57:00.000+03:00'
'7456d6fe2bc01bbbb5a00f41f6bc7c0919862bf7'|'Washington tells India Westinghouse could be sold by year end - sources'|'Business News - Mon Jul 3, 2017 - 12:06am BST Washington tells India Westinghouse could be sold by year end - sources India''s Prime Minister Narendra Modi hugs U.S. President Donald Trump as they give joint statements in the Rose Garden of the White House in Washington, U.S., June 26, 2017. REUTERS/Kevin Lamarque By Douglas Busvine - NEW DELHI NEW DELHI The U.S. administration has told India that Westinghouse Electric Co will emerge from bankruptcy and be sold by the year end, industry and diplomatic sources have said, raising the prospect of a Washington-supported sale or bailout for the nuclear firm. India, like other nuclear nations, has been closely watching the fate of Japanese-owned Westinghouse, which filed for Chapter 11 in March after an estimated $13 billion (£10 billion) of cost overruns at two U.S. projects, casting a shadow over the nuclear industry. There has been debate over potential U.S. support for the reactor maker since owner Toshiba ( 6502.T ), the laptop-to-chips conglomerate, announced the blow-out at Westinghouse last year. Some form of U.S. backing or involvement, industry experts say, could avoid a Chinese or Russian buyer unpalatable to Washington, which would prefer to keep Westinghouse''s advanced nuclear technology out of the hands of its foreign rivals. The White House declined comment. "We were told that, by the end of the year, Westinghouse would really rework its situation and really be back in business," India''s foreign secretary, Subrahmanyam Jaishankar, told a briefing, referring to an exit from bankruptcy. Civil nuclear cooperation has been a cornerstone of U.S.-India relations, and the proposed construction of six Westinghouse AP1000 reactors in India''s Andhra Pradesh, announced in 2016, crowned more than a decade of diplomatic efforts. The achievement was left in limbo by Westinghouse''s troubles. The project, however, found specific mention in the Indian government''s joint communique from Prime Minister Narendra Modi''s first meeting with President Donald Trump in Washington a week ago. ( bit.ly/2tsyEdb ) The two leaders "looked forward to conclusion of contractual agreements between Westinghouse Electric Company and the Nuclear Power Corporation of India for six nuclear reactors in India and also related project financing," the communique said. Sources familiar with the matter said the statement was backed by U.S. guidance that Westinghouse would be sold to a U.S. investor after emerging from Chapter 11 proceedings, in turn paving the way to close the reactor deal in 2018. Elaborating, one industry source with direct knowledge of Westinghouse''s talks with India said: "Both sides are engaged and once Westinghouse comes out of bankruptcy we would look to conclude the contract." The source, who was not authorised to speak to media, requested anonymity. A diplomat involved in preparations for the Modi-Trump meeting corroborated this timeline, saying: "The bankruptcy is on track and should wrap up by year end." "MASSIVELY IMPORTANT" Westinghouse and India''s Department of Atomic Energy did not respond to emailed requests for comment. The state-owned Nuclear Power Corporation of India could not be reached for comment. Toshiba said it wasn''t in a position to predict when Westinghouse would emerge from Chapter 11. Because the bankruptcy court has not yet approved a restructuring plan, no decision has been taken on searching for a buyer, it said. U.S. Energy Secretary Rick Perry, whom diplomats say plans to lead a business delegation to India in October, last week left the door open to a potential deal. "This is a lot bigger issue than just allowing the United States a couple of plants in the southern part of the United States," he told reporters. "This is a massively important issue for the security of America and the security for America''s allies." Perry declined to elaborate on potential acquirers. But former Westinghouse executives have told Reuters that they have been approached by private equity funds to help them assess a possible deal to buy the company. Paving the way for a deal, Toshiba has agreed on a liability cap on one of the U.S. projects, the unfinished Vogtle power plant in Georgia that is being led by Southern Co ( SO.N ). If a similar agreement can be reached for the VC Summer plant in South Carolina, which is co-owned by SCANA Corp ( SCG.N ), that would clear the path to an exit from Chapter 11, say people familiar with the matter. "The administration is hoping that the reconfigured company will be back in operation later this year - with a U.S. buyer - and the deal with India can be closed next year," said Washington-based analyst Ashley Tellis, an authority on nuclear policy and former Republican official. Tellis, a senior fellow at the Carnegie Endowment for International Peace, was instrumental in negotiating a civil nuclear accord with India during the George W. Bush administration although, more than a decade on, it has yet to yield actual nuclear deals. Trump''s pick for U.S. ambassador to India, Kenneth Juster, helped lay the ground for the talks on the civil nuclear accord. He would play a "critical role" in bringing the project to completion, added Tellis. Ahead of Modi''s visit, a U.S. official had said the United States was "looking forward to U.S.-built nuclear reactors contributing to India''s energy security". "We very much support continued negotiations between Westinghouse and its Indian partners, recognising that deals on this scale can take time," the official said. Westinghouse has said it will concentrate on reactors only - and not construction - meaning it would require partners for its Indian and other projects. In India, its favoured partner would be Larsen & Toubro ( LART.NS ), industry sources say. "We are capable of doing this, but of course the technology transfer has to happen," said S.N. Roy, head of L&T''s nuclear business, who confirmed L&T had been approached by Westinghouse about being the general contractor. Nuclear power plants in India - tmsnrt.rs/1PeVudR (Additional reporting by Roberta Rampton in WASHINGTON, Tom Hals in WILMINGTON, Del., Makiko Yamazaki in TOKYO and Tommy Wilkes in NEW DELHI; Editing by Clara Ferreira Marques and Raju Gopalakrishnan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-india-westinghouse-idUKKBN19N0Y3'|'2017-07-03T02:06:00.000+03:00'
'70664e5c1d147cf82a92aaebd9d5089ad6685e06'|'Airbus unveils leaner structure and sales shake-up'|'July 3, 2017 / 1:33 PM / 31 minutes ago Airbus unveils leaner structure and sales shake-up By Tim Hepher and Sudip Kar-Gupta 5 Min Read A logo of Airbus is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 22, 2017. Denis Balibouse PARIS (Reuters) - Airbus rolled out a leaner new structure on Monday, completing a recent merger between its parent company and its dominant planemaking arm, and including a shift in the reporting line for its key commercial sales team to group CEO Tom Enders. That move, which confirmed a Reuters report, raised concerns among some insiders and customers about a possible power struggle with long-standing airplanes boss Fabrice Bregier, though Airbus denied any tensions. Cementing changes first outlined last year, the "one Airbus" reorganisation involves a single headquarters in Toulouse, France, with Bregier confirmed as group-wide chief operating officer and president of commercial aircraft. "We need to become more integrated, more collaborative and less bureaucratic for speedier decision-making and execution," Enders said in a letter to employees. The revamp, which saves hundreds of millions of euros in overheads, is designed to complete a decade-long drive to turn the former European consortium - with a history of strong French and German government influence - into a more normal company, and prepare for digital innovations sweeping through industry. But in an unexpected adjustment reported by Reuters on Friday, Airbus said its commercial sales team, best known for contesting leadership of the jet market with Boeing, would now report directly to Enders and by-pass Bregier. That decision is seen as sensitive because it revisits a power-sharing deal between the German Enders and Frenchman Bregier that initially gave the latter responsibility over all planemaking activities. Enders said in his commercial aircraft role, Bregier would lead programmes, support and services, engineering, manufacturing, procurement and quality. "However, due to the heavy operational challenges in our largest revenue-driving business, and to slightly rebalance our internal burden-sharing, I will lead sales and marketing," he said in his letter. The decision sent tremors though the commercial arm and raised questions over the future of Bregier, an industrial and marketing heavyweight whose ties to Enders are seen as key to Airbus''s ability to smooth output and face a resurgent Boeing. "People are very surprised. There is no doubt that this is an important step," a person close to the company said. A jet financier expressed "surprise" at the move, given well-established relations between many airlines and Bregier. Other critics said the sudden move reflected a heavy-handed new management style or risked being perceived as a weakening of French interests. "It is creating a culture in which people will go back to ''Germans versus French'' and people having to choose which camp they are in. It is not good for morale or the culture of the company," said a person with detailed knowledge of the group. An Airbus spokesman called it a routine internal matter of reporting lines, as with any normal company. Political Test The new structure comes almost 10 years to the day after leaders of France and Germany agreed in Toulouse to abolish a system of dual control over the company, with the CEO role shared between two people, one French and one German. Enders had to wait another five years to become sole CEO of the group and another year beyond that to reduce the political influence of French and German government shareholders. Both now own 11 percent but their power is limited under a 2013 overhaul. Analysts say Paris and Berlin have generally had their attention elsewhere during the euro zone crisis but that their hands-off approach remains to be tested against a recently softening market for jets, with thousands of jobs at stake. Airbus also faces a raft of politically charged decisions, such as how long to keep building its slow-selling A380 or its response to corruption probes in Britain, France and Austria. Despite resisting interference, Enders appeared to recognise the significance of French politics to Airbus by writing a letter of support in the familiar ''tu'' form to then-presidential candidate Emmanuel Macron, which many in Paris saw as a gaffe. Enders is, however, convinced Airbus has to find a new agility to cope with the way ''Big Data'' and simultaneous breakthroughs in other technologies are creating opportunities for newcomers such as U.S. rocket maker SpaceX. He acknowledged the new reorganisation, which unions say could affect over 1,000 jobs, would be "uncomfortable" for some. But he told staff Airbus was "waving goodbye to an era in which a return to ''stability'' was a realistic aspiration". Reporting by Sudip Kar-Gupta and Tim Hepher; Writing by Tim Hepher; Editing by Richard Lough and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airbus-reorganisation-idINKBN19O1IA'|'2017-07-03T16:31:00.000+03:00'
'e2fdffd5974b1a0613899db1b7ebca95733330ca'|'CANADA STOCKS-TSX slips as gold miners weigh, energy stocks gain'|' 48am EDT CANADA STOCKS-TSX slips as gold miners weigh, energy stocks gain (Adds details on specific stocks, updates prices) * TSX down 57.5 points, or 0.38 percent, at 15,124.69 * Nine of the TSX''s 10 main groups move lower TORONTO, July 4 Canada''s main stock index fell on Tuesday as precious metal miners led a retreat that was limited by gains for shares of some energy names. The most influential movers on the index included major gold miners Barrick Gold Corp, which fell 1.8 percent to C$20.25, and Goldcorp, which lost 2.2 percent to C$16.36. The slips among bullion producers came despite the precious metal getting a bump from safe-haven buying after a North Korean missile launch. The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.1 percent, with First Majestic Silver Corp down 5.2 percent to C$10.20. Two major fertilizer producers gained, with Potash Corp of Saskatchewan up 1.3 percent at C$21.42 and Agrium Inc adding 1.3 percent to C$119. At 10:25 a.m. ET (1425 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 57.5 points, or 0.38 percent, at 15,124.69. Nine of the index''s 10 main groups were in negative territory, with declining issues outnumbering advancers at a 2.20-to-1 ratio. The Canadian market was closed for a public holiday on Monday, while U.S. indices are closed Tuesday. The energy group climbed 0.4 percent, as crude prices inched higher to add to eight days of gains. Pipeline operator Enbridge Inc rose 0.7 percent to C$52.04 and Cenovus Energy Inc added 1.2 percent to C$9.67. The financials group slipped 0.1 percent, as Brookfield Asset Management lost 1.2 percent to C$50.27. The company on Monday placed a formal bid for control of a Brazilian renewable energy company, two people with knowledge of the situation said. Some of the country''s biggest banks notched small gains, with Canadian Imperial Bank of Commerce up 0.4 percent to C$105.78 and Bank of Montreal adding 0.2 percent to C$95.41. They have risen recently as the Bank of Canada has taken a more hawkish stance and investors have bet on rate hikes coming sooner than previously anticipated. In an interview with a German newspaper published on Tuesday, the central bank''s governor, Stephen Poloz, said inflation in Canada should be well into an uptrend by the first half of 2018 and policy normalization must begin before price growth hits its target. Canadian National Railway Co fell 0.4 percent to C$104.81 after one of its trains derailed and spilled about 20,000 gallons of crude oil in Illinois. (Reporting by Alastair Sharp; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JV0HH'|'2017-07-04T17:48:00.000+03:00'
'b64d8f9eb4a6273ed50e8abac7ef0abd7acbda89'|'Bank of England''s Vlieghe leans against UK rate hike talk'|'Central Banks - Tue Jul 4, 2017 - 12:33am BST Bank of England''s Vlieghe leans against UK rate hike talk FILE PHOTO: A man stands outside the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay/File Photo By Alistair Smout - LONDON LONDON One of the Bank of England''s interest rate-setters said on Monday he favoured keeping borrowing costs at their historic low, despite a shift among some of his peers at the central bank in favour of a first hike in a decade. Gertjan Vlieghe, one of the eight sitting members of the Monetary Policy Committee, told the Independent newspaper: "This is an environment where a premature hike would be a bigger mistake than one that turns out to be slightly late." Vlieghe is widely considered to be the MPC member who is most supportive of keeping rates low. He voted for a rate cut in July last year, shortly after the Brexit vote, a month before his colleagues followed suit. Britain''s economy has slowed as the rise in inflation since the Brexit vote and a slowdown in pay growth have hurt consumer spending. "I think the consumption slowdown is here, it’s not over," Vlieghe said. "I don’t think there’s going to be a sufficient offset from investment and net exports to compensate for that." Some BoE officials do believe that the consumer slowdown will be offset by higher exports and investment. Two of the sitting eight monetary policymakers voted last month for a rate hike. A third supporter of a hike has since left the BoE. Shortly after last month''s 5-3 split, the Bank''s chief economist, Andy Haldane, said he was also likely to vote for a rate hike later this year, adding to speculation that Britain might be heading for higher borrowing costs far sooner than investors had been expecting. BoE Governor Mark Carney has said he will watch to see how the economy copes with Brexit and for any signs of improvement in weak wage growth as he considers whether to raise rates over the coming months. Vlieghe said that, while inflation was "uncomfortably high", upward pressure on prices would also prove temporary. "What I want to emphasise is that I don’t think there is no risk from keeping rates on hold. I just think that we are still in an environment where one of those risks is bigger than the other one," he told the Independent. The MPC''s next policy decision is due on Aug. 3. (Reporting by Alistair Smout; Editing by William Schomberg and Kevin Liffey)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-vlieghe-idUKKBN19O24E'|'2017-07-04T00:52:00.000+03:00'
'6a1fc2006ec33150faa44c7be25fcfce4dba0ec4'|'FTSE wilts though Worldpay surges, Sainsbury gains'|'Top   5:21pm BST FTSE wilts though Worldpay surges People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Kit Rees - LONDON LONDON A rally in Worldpay shares to a record high was not enough to offset a broad-based decline among British shares on Wednesday, after a strong start to the second half for the UK''s top share index. Britain''s blue-chip FTSE 100 index ended down 0.3 percent at 7,357.23 points, having broken a four-day losing streak in the previous session. Mid caps declined 0.1 percent. Payment processor Worldpay rocketed 27.7 percent after news it received competing bids from U.S. credit card technology firm Vantiv and JPMorgan Chase Bank. Analysts said other companies might now be interested in bidding. "We believe Worldpay is a unique asset, and the current interest from two U.S. peers could also trigger the intention of parties like Google, Amazon, Apple," a note from Mediobanca Securities said. This comes after Danish peer Nets rose in the previous session when it confirmed that it had received an offer from potential buyers. Tuesday saw banking stocks ease 0.8 percent, following strong gains in the previous session. Oil stocks ended flat as oil prices stabilised near $50 a barrel on signs that U.S. crude production may be slowing. Shares in BP fell 0.3 percent. HSBC and Standard Chartered were 1.1 percent and 0.6 percent lower. Results helped shares in grocer Sainsbury edge around 0.3 percent higher. Britain''s second-largest supermarket said sales growth accelerated in its latest quarter, helped by inflation and warm weather. Shares in peer Morrison nudged 0.4 percent higher. Tesco was down 0.1 percent. The impact of inflation, both on wages and on the cost of food imports, has been a cause for concern for British supermarkets since sterling''s drop after Britain voted to leave the European Union last June. "You''ve got the dual impact of higher prices which is pushing revenue up. What we don''t see today is the effect that has on (Sainsbury''s) cost, so it''s a bit of a double-edged sword," George Salmon, equity analyst at Hargreaves Lansdown, said. "My overall impression is that while things are moving forwards, the headwinds are looking strong as well, so it''s just a tough time for the sector." Outside the blue chips, small-cap Imagination Technologies jumped around 9 percent after reporting full year results, saying it had returned to profitability. Its shares remain down nearly 40 percent this year after Apple, its biggest customer, said in April it would stop using Imagination''s graphics technology in its new products. (Reporting by Kit Rees; Additional reporting by Danilo Masoni; Editing by Janet Lawrence)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19P0ZK'|'2017-07-04T12:09:00.000+03:00'
'9c3b315ebc7134c83e8b37f3994bbd546c2d2d75'|'Companies have to open up about climate risks: Shell CEO'|'July 4, 2017 / 4:34 PM / 17 minutes ago Companies have to open up about climate risks: Shell CEO 2 Min Read Ben van Beurden, CEO of Royal Dutch Shell company, speaks during a meeting with Russian President Vladimir Putin in Moscow, Russia June 21, 2017. Sergei Karpukhin LONDON (Reuters) - Climate change poses one of the biggest long-term risks to the global economy and companies, including big oil and gas firms such as Shell, have to be open about how the risks will affect them, its chief executive said on Tuesday. Shell, one of the biggest oil and gas producing firms in the world, is under growing pressure from some shareholders to improve its carbon footprint and sustainability credentials. Shell said it assesses climate change risks internally but it has so far not disclosed in detail what financial impact climate-related risks could have. A think-tank estimated last month that energy companies could be wasting more than $2 trillion by 2025 on projects that will not be needed if governments'' carbon-reduction targets are met. "It is right that it should be transparent which companies are truly on firm foundations over the long-term," Shell CEO Ben van Beurden wrote in a post on social media platform LinkedIn. Shell''s press office confirmed its veracity. Last week, Shell signed up to a G20 task-force working on a framework to improve the ability to assess and price climate-related risks. Van Beurden said Shell will help the task-force determine a way to disclose commercially sensitive data. Reporting by Karolin Schaps, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/shell-climatechange-idINKBN19P232'|'2017-07-04T19:33:00.000+03:00'
'c7e0e48d11743220102f1c09012eb213d2a88d89'|'Exclusive: Saba Capital, famed for ''London Whale'' bet, to shut London office - sources'|'July 4, 2017 / 5:55 PM / 20 minutes ago Exclusive: Saba Capital, famed for ''London Whale'' bet, to shut London office - sources By Maiya Keidan 2 Min Read LONDON (Reuters) - New York-based Saba Capital Management, famed for its winning bet against the JPMorgan Chase trader known as the ''London Whale'', is closing its office in London''s Mayfair district, two sources close to the situation told Reuters. The $1.8 billion hedge fund firm will move European trading operations to New York, said one of the sources with direct knowledge of the matter, becoming the second U.S. fund firm to do so this year after Goldman Sachs Investment Partners. The reason for Saba Capital''s move was not clear although it comes at a time of uncertainty for fund firms based in Britain as talks begin on the country''s exit from the European Union. It is also not clear whether the three individuals at the London office currently registered with the British regulator will relocate to the U.S. office or find new jobs. Saba founder Boaz Weinstein made his name from the bet against JPMorgan, linked to corporate default rates. That helped assets at the firm - housed in New York''s art deco Chrysler Building - peak in 2012 at $6 billion. A subsequent period of underperformance saw a number of investors pull their money, only for Saba to bounce back and attract fresh capital with a market-beating 3 percent gain in 2015 and returns of 22 percent in 2016, one of the sources said. The source also said the firm''s performance was flat in the in the first four months of this year. It has had an office in London since early 2012, according to the filings from Britain''s Financial Conduct Authority. Weinstein, a former Deutsche Bank trader, started Saba in 2009. Additional reporting by Lawrence White. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hedgefunds-saba-idINKBN19P28V'|'2017-07-04T20:50:00.000+03:00'
'a8ac1b2368731b251fd104fd843b79b3f59593fb'|'Euro zone factories round off first half of 2017 on six-year high - PMI'|'Business News - Mon Jul 3, 2017 - 11:48am BST Euro zone factories round off first half of 2017 on six-year high: PMI FILE PHOTO: Finished cars are stored at the SEAT factory in Martorell, near Barcelona, Spain March 24, 2017. REUTERS/Albert Gea/File Photo By Jonathan Cable - LONDON, July 3 LONDON, July 3 Factories across the euro zone rounded off the first half of 2017 by ramping up activity at the fastest rate for over six years as rising prices failed to put a dent in orders, a survey showed on Monday. IHS Markit''s Manufacturing Purchasing Managers'' Index for the euro zone rose to 57.4 in June, up from May''s 57.0 and pipping the preliminary reading of 57.3. June''s reading was the highest since April 2011 and was comfortably above the 50 level that separates growth from contraction. An index measuring output, which feeds into a composite PMI due on Wednesday, jumped to 58.7 from 58.3 - a level not seen in over six years. "Euro zone manufacturing growth gained further momentum in June, rounding off the best quarter for just over six years," said Chris Williamson, chief business economist at IHS Markit. Suggesting the momentum will continue into the second half, new orders rose at the fastest rate since early 2011, backlogs of work increased at the fastest pace in over 13 years, raw materials were depleted and factories increased headcount at a near record pace. That meant manufacturers were at their most optimistic for at least five years. The future output index, which gauges expectations, soared to 67.4 from 66.0 - the highest level in the sub-index''s history. "There''s no sign of the impressive performance ending any time soon. The manufacturing sector is clearly in expansion mode and looks poised for continued robust growth in coming months," Williamson said. The upturn came alongside factories increasing prices, as they have done for nine months, welcome news to policymakers at the European Central Bank who have been battling for years to get inflation to their 2 percent target ceiling. Inflation was a stronger-than-expected 1.3 percent in June, official flash data showed on Friday, and while still below target the strong economic data of late meant ECB chief Mario Draghi last week raised the prospect of policy-tightening. (Reporting by Jonathan Cable; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-economy-pmi-idUKKBN19O0QF'|'2017-07-03T11:07:00.000+03:00'
'c93edbf9d458b61da8ae07fe245184f37860be4d'|'Indian manufacturing growth cools in June on weak demand'|'July 3, 2017 / 5:17 AM / 9 hours ago Indian manufacturing growth cools in June on weak demand 3 Min Read A worker operates a hydraulic press machine at a workshop manufacturing flanges for automobiles in Mumbai, India, May 29, 2017. Shailesh Andrade REUTERS - Activity in India''s manufacturing sector eased to a four-month low in June amid a slowdown in output and new orders as softer domestic consumption partly offset strong foreign demand, a private business survey showed on Monday. The Nikkei India Manufacturing Purchasing Managers'' Index, compiled by IHS Markit, fell to 50.9 in June from 51.6 in May, but still held above the 50 level that separates growth from contraction for a sixth straight month. Factory activity has recovered since December, when it contracted for the first time in a year after Prime Minister Narendra Modi''s Nov. 8 move to ban high-value currency notes crunched demand. Manufacturing growth slowed last month largely as domestic consumption cooled even as external demand remained solid. The new orders sub-index - which takes into account both domestic as well as foreign demand - declined to 51.3, the lowest level since February, from 52.6 in May. "For the third month in a row, production growth in India eased during June. The slowdown occurred due to weak client demand, with order books up at a slight and softer pace," said Pollyanna de Lima, economist at IHS Markit. Optimism about future output also slipped for the first time in four months as manufacturers expressed concerns about the initial impact of a goods and services tax that came into effect on Saturday. On the brighter side, recovery in foreign demand for Indian manufactured goods helped drive export orders to an eight-month high in June, after a contraction in May. Although manufacturers experienced reduced input cost pressures last month they did not pass on the benefits to customers. As expectations of a normal monsoon is seen keeping food prices in check, inflation is unlikely to breach the Reserve Bank of India''s medium-term target of 4 percent in the near future. That, alongside India''s economic growth slumping to a more than two-year low of 6.1 percent in January-March, has increased the chances of a central bank rate cut by year-end. However, a successful implementation of the GST is expected to boost economic growth. "With the impact of demonetisation largely over and the GST unlikely to substantially derail consumer spending, IHS Markit forecast real GDP growth to hit 7.3 percent for FY 17/18," de Lima said. Reporting by Indradip Ghosh'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-economy-pmi-idINKBN19O0DL'|'2017-07-03T08:14:00.000+03:00'
'48b697674ee0ee6e9a878ad21bc1cd0c329a5d7e'|'RPT-COLUMN-U.S. shale producers are drilling themselves into a hole: Kemp'|'Market News - Sun Jul 2, 2017 - 9:00pm EDT RPT-COLUMN-U.S. shale producers are drilling themselves into a hole: Kemp (Repeats with no changes. John Kemp is a Reuters market analyst. The views expressed are his own) By John Kemp LONDON, June 30 U.S. shale firms are drilling themselves into a deep hole despite warnings from industry leaders about the risk of flooding the market with too much crude. Drilling and production are rising. Prices are declining. Companies are barely breaking even or losing money. Costs are starting to rise. And share prices are sliding. Current oil prices are not sustainable according to Harold Hamm, the chief executive of Continental Resources, said in an interview on June 28. Prices need to be above $50 per barrel to be sustainable and below $40 would force producers to idle rigs, Hamm said ("Harold Hamm warns oil prices below $40 will idle U.S. drilling", CNBC, June 28). "While this period of adjustment is going on, drillers don''t want to drill themselves into oblivion. Back up, and be prudent and use some discipline," he urged rival chief executives. Many of Continental''s leases are in North Dakota''s Bakken and Oklahoma, where wells are typically more expensive to drill and yield less oil than some other shale plays. The resurgence in shale drilling over the last year has been concentrated in the Permian Basin of Texas and New Mexico, where costs are much lower and yields higher. There are now almost 370 rigs drilling for oil in the Permian compared with 50 in the Bakken, according to oilfield services company Baker Hughes. The number of rigs drilling in the Permian has almost tripled since the end of April 2016, and the Permian now accounts for almost half of the rigs drilling for oil in the United States. But even in the Permian, shale firms have struggled to make money with oil prices stuck below $50, raising questions about the sustainability of the drilling boom. Many shale drillers claim they can drill wells profitability even with benchmark WTI prices below $50 as a result of significant cost reductions and improvements in efficiency. But most shale firms were still losing money or at best breaking even in the first quarter of 2017, even before the renewed slump in prices. Pioneer Resources says it has the largest acreage in the prolific Spraberry/Wolfcamp section of the Permian and low average royalty and acreage costs. Pioneer has been praised by equity analysts for its active hedging programme that aims to protect cash flow from short-term volatility in oil prices. But the company reported losses (negative net income) of $273 million in 2015 and $556 million in 2016. Pioneer reported a further loss of $42 million in the first quarter of 2017, despite the substantial rise in oil prices compared the same period a year earlier. Continental lost $354 million in 2015 and $400 million in 2016 before just about breaking even with net income of less than $0.5 million in the first quarter of 2017. EOG Resources, another prominent producer, reported a loss of $4.5 billion in 2015 and $1.1 billion in 2016 before turning a small profit of $29 million in first quarter 2017. Since the first quarter, WTI prices have fallen by more than $3.50 per barrel, or 7 percent, from an average of $51.78 in January-March to just $48.14 in April-June, intensifying pressure on shale producers even further. Many shale firms have hedging programmes that should protect them from the decline in prices in the short term, but most have hedged only a small proportion of next year''s production. The current calendar strip allows producers to lock in WTI prices at just $50 for 2018, so most are waiting for a renewed rise in forward prices. But every week they wait, their hedging cover declines by around 2 percent, assuming they have an average hedge maturity of 12 months. In the meantime, producers are braced for cost inflation, with the major oilfield services firms pressing for price increases by the end of the year and into 2018. Since WTI prices peaked in late February, shale producers have added more than 150 extra rigs drilling for oil. The rig count is up by 430 over the last 12 months even though WTI prices are now $3 per barrel lower. But share prices for all the major producers are sliding. Pioneer''s share price is down almost 15 percent since the start of the year. Continental is down 39 percent. EOG has fallen 13 percent. Many shale producers seem to be relying on OPEC to bail them out by cutting its own output further to drive WTI prices back above $50 per barrel. But it not be rational for OPEC to cut output if the only consequence was to encourage continued growth in U.S. shale. Key OPEC producers appear unenthusiastic about further cuts. If something cannot go on forever, it will stop. The slide in oil prices over the last four months is sending a signal to shale firms about the need to moderate drilling and production programmes. Either the drilling boom moderates very soon, or WTI prices are likely to fall below $40 per barrel to make it stop. Related columns: "Oil traders hunt for shale''s pain threshold", Reuters, June 21 "OPEC and U.S. shale drillers are on collision course", Reuters, June 14 "U.S. oil rig count to peak soon unless WTI prices rise", Reuters, May 31 (Editing by David Evans) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-shale-kemp-idUSL8N1JR40U'|'2017-07-03T04:00:00.000+03:00'
'9e75bfe6f79b2d2b72a059c618f0173c35d32953'|'China, Hong Kong confirm Bond Connect Northbound trading begins Monday'|'July 2, 2017 / 6:51 AM / 7 hours ago China, Hong Kong confirm Bond Connect Northbound trading begins Monday 3 Min Read HONG KONG (Reuters) - The central banks of China and Hong Kong on Sunday said non-mainland investors can start trading Chinese corporate bonds in a trial beginning on Monday, confirming a calendar entry that appeared on the "Bond Connect" programme website late on Friday. Trading will initially be "Northbound", so mainland investors will be not yet be able to buy and sell Hong Kong-listed debt. The announcement coincides with the 20th anniversary of the resumption of Chinese rule in Hong Kong, and marks China''s latest measure to open up its capital markets. The Bond Connect follows similar stock-trading programmes between the Shanghai and Shenzhen stock exchanges and their Hong Kong counterpart. Standard Chartered''s John Tan, head of financial markets for Greater China and north Asia, said China''s $9 trillion bond market is the world''s third-largest yet is relatively undersold to foreign investors. "The launch of the Bond Connect marks the strong commitment of the Chinese government to further open up its markets," Tan said in emailed comments. "We are positive that the scheme will be well-received by the market and report good momentum when it is launched." The Bond Connect means more global debt indices will include Chinese bonds in the foreseeable future, Tan said. To mark the launch of Bond Connect, the China Development Bank said it planned to issue up to 20 billion yuan ($2.95 billion) worth of one-year, three-year and 10-year fixed-rate bonds for tender beginning on Monday. High Growth Potential In a joint statement on Sunday, the People''s Bank of China and Hong Kong Monetary Authority said they have agreed the principles of cross-boundary supervisory cooperation. "For Northbound trading, the relevant regulations, policies and operational and supervisory arrangements have been finalised, technical systems are ready, and market promotion as well as on-boarding are both under way," they said. Xie Xiaoli, head of international business at Ping An Asset Management, said the Bond Connect increases the convenience of investing in China''s bond market, and it will be a gradual process for foreign capital to flow into China''s bond market. "At the moment, the size of foreign investors'' investment in domestic bond market is about 830 billion yuan, accounting for less than 2 percent of market share," Xie said. The low proportion indicates high growth potential, she said. "Our initial estimation of the capital increase is about $250 billion once the China bond market is incorporated into global bond indices," Xie said. Access to China''s bond market through the programme will be restricted to overseas institutional investors such as banks, insurers, brokerages and investment funds. Trades will not be subject to quotas. The central banks have not indicated when Chinese investors will be able to trade Hong Kong-listed bonds, known as "Southbound" trading. ($1 = 6.7793 Chinese yuan renminbi) Reporting by Donny Kwok; Editing by Nick Macfie and Christopher Cushing 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hongkong-china-bondconnect-idINKBN19N05R'|'2017-07-02T09:46:00.000+03:00'
'b5fd6b7edb973ba7d7695305c7d9ad639ef760ee'|'Awards'|'Adrian Wooldridge, who wrote the Schumpeter column from its inception until the end of last year, won the commentary category at the 2017 Gerald Loeb awards in New York. Anton La Guardia, Edward McBride, Zanny Minton Beddoes, Chris Lockwood, Nick Pelham and Henry Tricks won the breaking-news category for their exclusive on Saudi Arabia’s plans to float Aramco. 30 38 '|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21724467-awards?fsrc=rss'|'2017-07-01T08:00:00.000+03:00'
'163ca12df0dc8071e3cdc2b8d1ea77e8a7fc11a1'|'UPDATE 1-Etisalat Nigeria chairman resigns after debt talks collapse -sources'|'(Adds details)By Chijioke OhuochaLAGOS, July 3 Etisalat Nigeria Chairman Hakeem Belo-Osagie has resigned after talks to renegotiate a $1.2 billion loan collapsed and prompted a major foreign shareholder to exit the telecoms company, two company sources told Reuters.Etisalat Nigeria is the biggest foreign-owned victim of dollar shortages plaguing the country due to lower oil prices and economic recession, leaving the company struggling to make repayments to lenders and suppliers.Abu Dhabi state investment fund Mubadala, which had a 40 percent stake in Etisalat Nigeria, pulled out of the country''s fourth-largest mobile operator by market share after it failed to restructure the loan with Nigerian banks, the central bank said in June.The sources said the lenders had retained Etisalat Nigeria Chief Executive Matthew Wilshire but that talks continued on the use of the brand.Wilshire told Reuters by phone that he was in the office on Monday and that his contract was with the Nigerian firm.Talks of Mubadala leaving Nigeria started last year, one of the sources said, adding that the fund and parent company United Arab Emirates'' Etisalat had been unhappy with the performance of the Nigerian business."Hakeem had been negotiating hard ... but ... it wasn''t the optimal solution so he had to resign," the source said.The lenders initiated changes in Etisalat Nigeria''s shareholding structure last month. Etisalat said it was carrying its 45 percent stake at nil value."The biggest mistake the company made was taking a loan in dollars," one of the company sources told Reuters. "It sounded like a good idea at first."Rival MTN, Nigeria''s biggest telecoms firm, had been sourcing loans in dollars but decided to switch to naira, one of the sources, who had worked for the South African firm, said.In 2015 Etisalat started to cut down dollar payments but it was late, the sources said. It restructured its business, slashed jobs and sold off its towers to IHS Towers, the mobile phone tower managers, and leased them back but also linked payments to dollars.The original loan was a seven-year facility to refinance a $650 million loan and fund expansion of Etisalat Nigeria''s network. The company missed payments in February after sharp falls in the Nigerian naira bloated the loan''s value, making repayments difficult.A former Etisalat employee said the telecoms firm had contracted global accountancy firm PwC to manage staff salary payments for the past three months.Nigerian regulators have said they want to protect Etisalat''s 4,000 workers and would hold talks with lenders and IHS Towers as well as other suppliers. They tried to prevent lenders placing the telecoms firm in receivership in March to avoid a wider debt crisis.Etisalat Nigeria has a 14-percent market share in the country''s mobile market, behind MTN with 47 percent, Globacom with 20 percent and Airtel - a subsidiary of India''s Bharti Airtel - 19 percent. (Reporting by Chijioke Ohuocha,; Editing by Louise Heavens and Susan Thomas)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/etisalat-group-nigeria-idUSL8N1JU3Q1'|'2017-07-03T19:18:00.000+03:00'
'b915b1c8c0f90728d6104cb049a0d48936eb3406'|'Knorr-Bremse''s Haldex takeover has slim chance of EU approval: Haldex chairman'|'STOCKHOLM A takeover of Swedish brake systems maker Haldex ( HLDX.ST ) by Germany''s Knorr-Bremse stands only a slim chance of getting anti-trust approval from the European Union given detailed feedback from regulators, Haldex chairman told Reuters on Monday.The Swedish company''s management withdrew its support for a takeover by car parts maker Knorr-Bremse last week because of expected regulatory opposition."We have had extensive cooperation with Knorr-Bremse and helped them present a very detailed proposal for the European Competition Authority, much more detailed than usual," Haldex Chairman Jorgen Durban told Reuters in an e-mailed response to questions."That makes the feedback we received from the EU detailed and reliable and it has given the board solid ground for making its decision."(Reporting by Johan Sennero. Editing by Andreas Cremer and Jane Merriman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-haldex-ab-m-a-knorr-bremse-idUSKBN19O1XT'|'2017-07-03T20:26:00.000+03:00'
'88377915b674f8f915ca45ceacdc4b1d26b2279c'|'Samsung plans $18.6 billion South Korea investment amid chip boom'|'July 4, 2017 / 2:24 AM / 39 minutes ago Samsung plans $18.6 billion South Korea investment to widen chip lead By Se Young Lee and Joyce Lee 4 Min Read SEOUL (Reuters) - Samsung Electronics Co Ltd ( 005930.KS ) said on Tuesday it will invest at least $18.6 billion in South Korea to extend its lead in memory chips and next-generation smartphone displays, in a plan that promises to create almost half a million jobs. The investment underscores Samsung''s determination to widen its lead in memory chips, which are expected to propel Asia''s third most-valuable company to record profit this year. It routinely invests more than $10 billion in chips annually, helping it stay ahead of competitors such as cross-town rival SK Hynix Inc ( 000660.KS ) and Japan''s Toshiba Corp ( 6502.T ). The announcement follows repeated calls from new South Korean President Moon Jae-in for big businesses to invest more domestically as part of a wider job-creation agenda. Samsung said its plan could open up to 440,000 roles by 2021. The huge investment is also likely to alleviate shareholder fears of major decisions being delayed in the absence of Vice Chairman Jay Y. Lee. The leader of Samsung Group [SAGR.UL] is on trial charged with bribing former president Park Geun-hye for political favors. "Samsung is being more aggressive in domestic investments because of the current (political) climate," said Park Ju-gun, head of corporate analysis firm CEO Score. The firm also needs to show initiative domestically after announcing a $380 million plant in the United States, Park said. Supply Shortage Memory makers are widely expected to post record profits in 2017 as prices rise in response to demand for more features in smartphones and servers, as well as a persistent supply shortage which analysts and industry sources said is more acute for NAND chips due to increasing adoption of high-end storage products. Samsung, SK Hynix and Toshiba have committed billions of dollars to boost NAND output in recent years, yet shortages are expected to persist at least through 2017 as new facilities will not make meaningful supply contributions until next year. Under its latest spending plan, Samsung will put 14.4 trillion won into its new NAND factory in Pyeongtaek by 2021. It will invest 6 trillion won in a new semiconductor production line in Hwaseong, but did not elaborate on timing or product. The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. Kim Hong-Ji Some analysts said additional capacity across the industry could cause slight oversupply in early 2018, but that prices are unlikely to drop because demand is so strong. "There''s no chance of major oversupply issues, and I think Samsung is investing so much because it''s convinced that won''t happen," said Shinhan Investment analyst Choi Do-yeon. Chips in China The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. Kim Hong-Ji Samsung also said it will add a production line to its NAND plant in Xi''an, China, though it has not yet set an investment amount or time frame. Some South Korean companies in China have seen sales decline or have had to reduce operations since Beijing objected to Seoul''s deployment of a U.S. anti-missile defense system in March. But components makers have not reported any problems, with Samsung still among China''s biggest suppliers of chips and displays. The firm accounted for 40.4 percent of global memory chip revenue in January-March, showed latest data from researcher TrendForce. China is trying to develop its own memory chip producers but it is likely to take several years before they can compete with existing makers, analysts said. Samsung on Tuesday also said Samsung Display plans to invest around 1 trillion won on a new organic light-emitting diode (OLED) display complex in South Korea. The unit controls over 90 percent of the market for OLED smartphone screens, and is widely expected to add production lines to cope with demand from phone makers such as Apple Inc ( AAPL.O ). Reporting by Se Young Lee and Joyce Lee; Additional reporting by Cynthia Kim; Editing by Christopher Cushing 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-samsung-elec-chips-idINKBN19P06T'|'2017-07-04T05:57:00.000+03:00'
'716805a5d86f64e230ef8b6b40af1186ec84b988'|'French PM says most tax cut measures will take effect in 2019'|' 05pm BST French PM says most tax cut measures will take effect in 2019 French Prime Minister Edouard Philippe delivers a speech on the government general policies plans at the National Assembly in Paris, France, July 4, 2017. REUTERS/Philippe Wojazer PARIS French Prime Minister Edouard Philippe said on Tuesday that the government''s plan to convert the previous administration''s flagship "CICE" tax credit for companies into a permanent reduction in payroll charges, will only take effect in 2019. President Emmanuel Macron initially planned to do the switch - which would cost public finances about 20 billion euros (£17 billion)- in 2018, but a public audit ordered by the government revealed France risked overshooting its budget deficit target this year and next year as well. Philippe confirmed in an address to lawmakers that the government would exempt any non-property related wealth from the country''s wealth tax, a measure which will take effect in 2019. It will gradually cut the corporate tax level to 25 percent by 2022 from 33.33 percent today. France will also introduce a flat tax of about 30 percent on income drawn from savings, from the current level of up to 50 percent, Philippe said. (Reporting by Michel Rose and Ingrid Melander; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-economy-taxes-idUKKBN19P1S4'|'2017-07-04T17:05:00.000+03:00'
'0fcd31c34be132deee86a738b8fd28ad0ef348f2'|'Brookfield places formal bid for Brazil''s Renova, sources say'|'SAO PAULO Brookfield Asset Management Inc ( BAMa.TO ) placed on Monday a formal bid for control of Renova Energia SA ( RNEW11.SA ), which would include 800 million reais ($242 million) in fresh capital for the Brazilian renewable energy company, two people with knowledge of the situation said.Under terms of the bid, a Brookfield-led group would buy the 16 percent stake that Light SA ( LIGT3.SA ) has in Renova at an equivalent of 9 reais per unit of Renova, the people said. A unit is a blend of Renova''s common and preferred shares.The buyout would allow Light to exit Renova''s controlling bloc, which is also formed by Cia Energética de Minas Gerais SA ( CMIG4.SA ) and RR Participações SA. The Brookfield-led group would then pour 800 million reais into Renova, effectively diluting RR and the utility known as Cemig, the people said.Brookfield, with massive infrastructure and real estate investments in Brazil, is also demanding full management rights over Renova, said the people, who requested anonymity to discuss terms of the proposal, which remains private.The Canadian investment firm''s interest in Renova signals how foreign investors have grown convinced about the resilience of Brazil''s renewable electricity industry even as the consumption falls due to the country''s harshest recession ever.Renova, Light, Brookfield''s media representatives in São Paulo and the other companies all declined to comment. Reuters reported on May 12 that talks between Renova and Brookfield were at an advanced stage.Units of São Paulo-based Renova have gained 18 percent this year, on optimism a buyer will pull the company from a severe two-year cash crunch.Financing conditions for Renova, which was founded in 2001, worsened significantly when a partnership with SunEdison Inc ( SUNEQ.PK ) collapsed weeks before the latter filed for Chapter 11 bankruptcy protection in the United States.($1 = 3.3015 reais)(Reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-renova-energia-m-a-brookfield-asset-idUSKBN19P01D'|'2017-07-04T03:31:00.000+03:00'
'9802f1f512c3081d6c28d01454dfd0ad483d8dd6'|'ECB''s Nowotny says inflation target must be viewed flexibly'|'Business News - Tue Jul 4, 2017 - 6:41pm BST ECB''s Nowotny says inflation target must be viewed flexibly FILE PHOTO: European Central Bank (ECB) Governing Council member Ewald Nowotny adjusts his glasses during a news conference in Vienna, Austria, March 30, 2017. REUTERS/Heinz-Peter Bader/File Photo VIENNA The European Central Bank''s target of inflation under but close to 2 percent should not be applied too narrowly, Governing Council member Ewald Nowotny said on Tuesday, arguing for it to be seen as a flexible and medium-term target. In a speech on monetary policy, Nowotny said the target "should also include a certain flexibility". (Reporting by Francois Murphy; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-nowotny-inflation-idUKKBN19P27G'|'2017-07-04T20:28:00.000+03:00'
'cf29baffbe2159441afee781525926c723380ab3'|'Toshiba Could Net Billions Selling Lesser-Known Assets'|'Toshiba Could Net Billions Selling Lesser-Known Assets Company has a hodgepodge of 37 other holdings By @sbanjo More stories by Shelly Banjo Toshiba Corp. is in the process of selling its prized chips business for $20 billion in badly needed funds, having already hived off a medical device unit and nuclear power. The Japanese company also owns shares in a hodgepodge of 37 companies, involved in everything from vacuum cleaners to airport souvenir shops. Bloomberg Gadfly columnist Shelly Banjo says Toshiba should sell those too. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-04/toshiba-could-net-billions-selling-lesser-known-assets'|'2017-07-04T08:40:00.000+03:00'
'580b3621acd6189ae8bbcdc0df76c088a830967f'|'PRESS DIGEST- British Business - July 4'|'July 4 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* American International Group Inc has ousted British company Aviva Plc to become the sole seller of life insurance for Royal Bank of Scotland. ( bit.ly/2skceGQ )* The chief executive officer of AstraZeneca Plc sought to threaten and punish a key lieutenant by enforcing a 12-month notice period when his protege tried to defect to its rival GlaxoSmithKline Plc, according to court documents. ( bit.ly/2tJPMv0 )The Guardian* Carlsberg said it would buy Hackney-based London Fields Brewery, which has been up for sale since its founder was charged with tax fraud. ( bit.ly/2tFqMEm )* Bank of England''s Threadneedle Street headquarters faces the first strike in its history after members of the Unite union voted for four days of industrial action in a dispute over pay. ( bit.ly/2sjFn4N )The Telegraph* Four former Barclays Plc directors, including ex-Chief Executive Officer John Varley, have been released on bail after they made their first court appearance over the criminal charges for the actions they took during the financial crisis. ( bit.ly/2uDADI0 )* French state-owned utility EDF has reignited fears over its troubled new nuclear project at Hinkley Point C after admitting it will cost the company over 20 billion pounds ($25.88 billion) and could be delayed by almost two years to 2027. ( bit.ly/2sDZp9K )Sky News* Greg Clark, the business secretary, will hold talks with the new boss of Vauxhall''s parent company this week as it prepares to finalise a takeover by France''s PSA Group that will create Europe''s second-largest car maker. ( bit.ly/2tKlyId )* More than half of UK firms do not think the government is prioritising their needs ahead of Brexit negotiations. ( bit.ly/2tKoKDJ )*Concerns have been raised about confidence among UK firms as a report highlighted the biggest slowdown in new manufacturing orders for almost a year. The closely watched Markit/CIPS UK Manufacturing purchasing managers'' index (PMI) for June showed output at a three-month low as the country went to the polls for the snap general election. ( bit.ly/2ujnIM2 )The Independent* British energy regulator Ofgem is considering extending a price cap on bills to more households across the United Kingdom in a bid to crack down on the most vulnerable customers being overcharged for gas and electricity. ( ind.pn/2ugtLko )* Post Holdings Inc on Monday completed its takeover of British breakfast cereal brand Weetabix, giving it full control of one of the world''s most popular breakfast foods. The company paid $1.7 billion to buy the brand from China-based Bright Food and private equity firm Baring Private Equity Asia. ( ind.pn/2uhVgKk )($1 = 0.7727 pounds) (Compiled by Bengaluru newsroom; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1JU57E'|'2017-07-04T02:32:00.000+03:00'
'2c724b2204eea5f68b869226740de0fc46de7949'|'G20 watchdog says no let up in correspondent banking decline'|'Tue Jul 4, 2017 - 2:03pm BST G20 watchdog says no let up in correspondent banking decline By Huw Jones - LONDON LONDON The decline in correspondent banking, a crucial channel for moving cash from one country to another, shows no sign of slowing despite measures agreed in 2015 to stem the slide, global regulators said on Tuesday. Banks have been pulling out of the business for a variety of reasons from not making enough money to industry consolidation to the fear of falling foul of tougher new rules designed to prevent money laundering and terrorist financing. The Financial Stability Board (FSB), which coordinates financial regulations for the Group of 20 countries (G20), said the places most affected tended to be small economies or those finding it difficult to apply the new rules. The decline has raised concerns that some payments will pass through unregulated cash couriers instead, harming international trade and driving some people out of the world''s financial system, the FSB said in a report. The FSB unveiled a four-point action plan in November 2015 to curb the decline and has since made clear that correspondent banks don''t have to know their local customer''s customer but the fall has shown no signs of abating. "The decline in the number of correspondent banking relationships is continuing," the FSB report said. It said all regions had been hit to a varying degree, with the Caribbean and small states in the Pacific suffering the worst and Eastern Europe hit hard as well. The FSB said transactions in U.S. dollars and euros were the most affected. In correspondent banking, a global bank typically channels payments in country to a local bank with no international network in another country. PAYMENT VOLUMES STABLE The FSB said its latest update for G20 leaders meeting this week in Hamburg, Germany, draws on better data after sampling 300 banks in 50 countries, and payment messages from SWIFT, a global network that links lenders. "It is too early to tell what the effects of measures taken so far will be, and to what extent they will stem the decline," the FSB said. The volume of payments remains roughly unchanged, but the involvement of fewer banks means longer payment chains and countries relying on fewer international lenders, the FSB said. The FSB will convene a meeting of private and public sector bodies on the sidelines of the International Monetary Fund-World Bank annual meetings in October to discuss its findings so. Another progress report is due in December. The watchdog will also obtain deeper and more frequent data on the sector from SWIFT over the coming year to monitor progress, while the World Bank is studying the impact of the decline on remittances to see if costs are being driven up. Alexander Karrer, chair of the FSB''s Correspondent Banking Coordination Group, and Deputy State Secretary at the Swiss Federal Department of Finance, said the banking industry and regulators would continue to work together to make improvements to simplify due diligence in correspondent banking. (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-g20-germany-banks-idUKKBN19P1MO'|'2017-07-04T16:01:00.000+03:00'
'0495db329cb29fe689f2482b89b8def5a8c4a961'|'Oil market to rebalance in second half of 2017 - IEA chief Birol'|'Tue Jul 4, 2017 - 8:08pm BST IEA chief Birol: Oil market to rebalance in second half of 2017 Fatih Birol, Executive Director of the International Energy Agency attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich LONDON The global oil market is expected to rebalance in the second half of 2017, but further output increases among key producers such as Nigeria and Libya could hamper this process, International Energy Agency chief Fatih Birol said on Tuesday. He said some key producers including Libya and Nigeria had significantly increased output in recent months. "In the current context we see the market rebalancing in the second half of the year. But if production increases in some of the key producers this may change the picture," Birol told Reuters on the sidelines of an Energy Institute event. "Whatever OPEC do, if the prices go up, there will be a response from shale oil producers," he said. (Reporting by Ron Bousso; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-oil-iea-birol-idUKKBN19P2DK'|'2017-07-04T21:50:00.000+03:00'
'd601718188aea5d26983bf8f765ee7fa8d4a3b0d'|'Rosneft says out of court settlement with Sistema possible on its terms'|'MOSCOW, July 4 Russia''s largest oil producer Rosneft signalled on Tuesday it was ready for an out of court settlement of its legal row with business conglomerate Sistema but stressed the dispute must be solved on Rosneft''s terms."If they (Sistema) want to achieve an out of court settlement, they need to offer something definite and not to drag their feet over it," Roseneft CEO Igor Sechin told reporters.State-controlled Rosneft is suing Sistema for 170.6 billion roubles ($2.88 billion) in damages following its purchase of oil producer Bashneft last year, alleging some assets were removed from Bashneft. Sistema has rejected the claims.Sechin said Sistema was currently taking "tactical steps in order to delay court proceedings".($1 = 59.2738 roubles) (Reporting by Denis Dyomkin; Writing by Dmitry Solovyov; Editingb by Vladimir Soldatkin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sistema-rosneft-idUSR4N1JQ012'|'2017-07-04T15:42:00.000+03:00'
'b40216b14b1c1699977e28ebe2856de34c01bbc9'|'Oil prices fall ahead of U.S. holiday after eight days of gains'|'July 4, 2017 / 4:19 AM / 21 minutes ago CORRECTED - Oil prices fall on U.S. holiday after eight days of gains By Ahmad Ghaddar 3 Min Read An offshore oil platform is seen at the Bouri Oil Field off the coast of Libya August 3, 2015. Darrin Zammit Lupi/Files (Corrects day, paragraph 1) LONDON (Reuters) - Oil prices fell on Tuesday, halting a run of eight straight days of gains on signs that a persistent rise in U.S. crude production is running out of steam. Brent crude futures fell by 22 cents to $49.46 per barrel by 0927 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading down 20 cents at $46.87 a barrel. The falls came after both benchmarks recovered around 12 percent from their recent lows on June 21. Many traders closed positions ahead of the U.S. Independence Day holiday on July 4, while Brent also faced technical resistance as it approached $50 per barrel, traders said. Despite this, the market''s outlook has shifted somewhat. Late May and most of June were overwhelmingly bearish as U.S. output rose and doubts grew over the ability of the Organization of the Petroleum Exporting Countries (OPEC) to hold back enough production to tighten the market. But sentiment began to shift towards the end of June, when U.S. data showed a dip in American oil output and a slight fall in drilling for new production. "The fact that prices have not come under any noticeable pressure of late points to a shift in sentiment," Commerzbank said on Tuesday. "This may be related to the fact that most of the ''shaky hands'' have withdrawn from the market by now," the bank added. Prices rose in recent days despite OPEC production hitting a 2017 high of 32.72 million barrels a day in June, according to a Reuters survey. The group''s efforts to rebalance the market have been undermined by rising production from Libya and Nigeria, who are exempt from the cuts. Libya is currently pumping around 1 million bpd of crude, a four-year high. "We see a recovery for oil prices in H2 2017 from current levels, with OPEC production cuts, a slowdown in global supply growth and seasonally firming demand driving up prices," BMI Research said, although it added that "large-volume supply additions will keep price growth flat year on year in 2018". BMI said it expected Brent to average $54 per barrel in the second half of this year, and to average $55 a barrel in 2018. It expects WTI to average $51 in the second half of 2017 and $52 next year. Additional reporting by Henning Gloystein in Singapore; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN19P0E2'|'2017-07-04T07:18:00.000+03:00'
'731b36da438d98b2f842f9dbfe7a8e1809433208'|'Airbus unveils leaner structure, confirms sales shake-up'|'Davos - Mon Jul 3, 2017 - 1:50pm BST Airbus unveils leaner structure and sales shake-up FILE PHOTO: Fabrice Bregier (L), Airbus President and Chief Executive Officer and Tom Enders (R), Chief Executive Officer of Airbus Group, at the Airbus headquarters in Toulouse April 11, 2015. REUTERS/Adrien Helou/File Photo By Tim Hepher and Sudip Kar-Gupta - PARIS PARIS Airbus ( AIR.PA ) rolled out a leaner new structure on Monday, completing a recent merger between its parent company and its dominant planemaking arm, and including a shift in the reporting line for its key commercial sales team to group CEO Tom Enders. That move, which confirmed a Reuters report, raised concerns among some insiders and customers about a possible power struggle with long-standing airplanes boss Fabrice Bregier, though Airbus denied any tensions. Cementing changes first outlined last year, the "one Airbus" reorganization involves a single headquarters in Toulouse, France, with Bregier confirmed as group-wide chief operating officer and president of commercial aircraft. "We need to become more integrated, more collaborative and less bureaucratic for speedier decision-making and execution," Enders said in a letter to employees. The revamp, which saves hundreds of millions of euros in overheads, is designed to complete a decade-long drive to turn the former European consortium - with a history of strong French and German government influence - into a more normal company, and prepare for digital innovations sweeping through industry. But in an unexpected adjustment reported by Reuters on Friday, Airbus said its commercial sales team, best known for contesting leadership of the jet market with Boeing ( BA.N ), would now report directly to Enders and by-pass Bregier. That decision is seen as sensitive because it revisits a power-sharing deal between the German Enders and Frenchman Bregier that initially gave the latter responsibility over all planemaking activities. Enders said in his commercial aircraft role, Bregier would lead programs, support and services, engineering, manufacturing, procurement and quality. "However, due to the heavy operational challenges in our largest revenue-driving business, and to slightly rebalance our internal burden-sharing, I will lead sales and marketing," he said in his letter. The decision sent tremors though the commercial arm and raised questions over the future of Bregier, an industrial and marketing heavyweight whose ties to Enders are seen as key to Airbus''s ability to smooth output and face a resurgent Boeing. "People are very surprised. There is no doubt that this is an important step," a person close to the company said. A jet financier expressed "surprise" at the move, given well-established relations between many airlines and Bregier. Other critics said the sudden move reflected a heavy-handed new management style or risked being perceived as a weakening of French interests. "It is creating a culture in which people will go back to ''Germans versus French'' and people having to choose which camp they are in. It is not good for morale or the culture of the company," said a person with detailed knowledge of the group. An Airbus spokesman called it a routine internal matter of reporting lines, as with any normal company. POLITICAL TEST The new structure comes almost 10 years to the day after leaders of France and Germany agreed in Toulouse to abolish a system of dual control over the company, with the CEO role shared between two people, one French and one German. Enders had to wait another five years to become sole CEO of the group and another year beyond that to reduce the political influence of French and German government shareholders. Both now own 11 percent but their power is limited under a 2013 overhaul. Analysts say Paris and Berlin have generally had their attention elsewhere during the euro zone crisis but that their hands-off approach remains to be tested against a recently softening market for jets, with thousands of jobs at stake. Airbus also faces a raft of politically charged decisions, such as how long to keep building its slow-selling A380 or its response to corruption probes in Britain, France and Austria. Despite resisting interference, Enders appeared to recognize the significance of French politics to Airbus by writing a letter of support in the familiar ''tu'' form to then-presidential candidate Emmanuel Macron, which many in Paris saw as a gaffe. Enders is, however, convinced Airbus has to find a new agility to cope with the way ''Big Data'' and simultaneous breakthroughs in other technologies are creating opportunities for newcomers such as U.S. rocket maker SpaceX. He acknowledged the new reorganization, which unions say could affect over 1,000 jobs, would be "uncomfortable" for some. But he told staff Airbus was "waving goodbye to an era in which a return to ''stability'' was a realistic aspiration". (Reporting by Sudip Kar-Gupta and Tim Hepher; Writing by Tim Hepher; Editing by Richard Lough and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airbus-reorganisation-idUKKBN19O0HW'|'2017-07-03T11:10:00.000+03:00'
'bcc0aa976f8ee56fc7d59a1692844f1c5a6600cd'|'Russia''s Gazprom Neft to create joint venture with Spain''s Repsol'|'MOSCOW Russia''s oil producer Gazprom Neft ( SIBN.MM ) said on Monday it would create a joint venture with Spanish energy company Repsol ( REP.MC ) in Russia.Gazprom Neft acquired a 25.02 percent stake with the right to increase it to 50 percent in Evrotek-Yugra, which is owned by Spain''s Repsol and holds exploration and production rights to seven license blocks in West Siberia, Gazprom Neft said.(Reporting by Katya Golubkova; writing by Maria Tsvetkova; editing by Vladimir Soldatkin)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-russia-spain-oil-gazprom-neft-repsol-idUSKBN19O1JC'|'2017-07-03T17:42:00.000+03:00'
'b2b56550e36310998f02fcf3296e4f605cb70137'|'MOVES-Two top ''quant'' researchers exit BlackRock as it revamps stock unit'|'NEW YORK, July 3 Two high-level quantitative researchers have left BlackRock Inc as the world''s largest asset manager embarks on an ambitious effort to engineer a high-tech revolution within its stockpicking business.Michael Lemmon, a former University of Utah finance professor and a senior researcher within BlackRock''s quantitative Scientific Active Equity unit, left for Citadel LLC, a spokeswoman for Ken Griffin''s hedge fund confirmed.Paddy McCrudden, a former Australia-based portfolio manager and mathematician who was most recently a senior strategist for BlackRock''s quant unit in New York, also left the company, BlackRock confirmed.Both former employees hold PhDs and were managing directors at BlackRock. Both declined to comment.A BlackRock spokeswoman confirmed the departures but declined to comment further.In March, BlackRock announced a major overhaul of its actively managed equities business, cutting jobs, dropping fees and relying more on computers to help pick stocks.The move handed over more assets and prominence to BlackRock''s high-performing Scientific Active Equity group, based primarily in San Francisco, that uses rigorous quantitative analysis of data to generate investment ideas. The project also dramatically increases the budget for a team focused on data analysis.The strategy, internally code-named "Monarch," is designed to jumpstart BlackRock''s stock funds business, which has delivered mixed performance overall.Over five years, 90 percent of assets run by the Scientific team were beating their benchmark, according to data BlackRock reported to shareholders at the end of March. That compares to 49 percent of assets run by BlackRock''s traditionalist "Fundamental" team. BlackRock will update those figures on July 17 when it reports second-quarter earnings.The asset management business is being reordered by a move from funds in which managers pick promising individual stocks to lower-cost index funds that own the entire market.Lemmon co-authored a "Financial Analysts Journal" article last year that argued that asset managers that charge high fees and struggle to justify their value face "extinction" as they compete both with fairly simple quant portfolios and highly sophisticated investors.BlackRock is a major provider of index funds through its iShares business and has seen its stock market value swell to record levels even as many of its competitors languish.BlackRock managed $5.4 trillion on March 31, with $286 billion in active equities. In all, actively managed funds represent nearly a third of BlackRock''s assets but an outsized near-50 percent of its fees. (Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Frances Kerry)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/blackrock-moves-quants-idUSL1N1JP26J'|'2017-07-03T19:14:00.000+03:00'
'd957f192079d9bdde25ea5f2dfe4983e4da3895d'|'BMW to make Mini electric car plant decision by end-September'|'Autos - Sat Jul 1, 2017 - 4:13pm BST BMW to make Mini electric car plant decision by end-September left right A view shows the logo on a Mini car at a BMW dealership in Minsk, Belarus, March 2, 2017. REUTERS/Vasily Fedosenko 1/2 left right A Mini car is fixed onto a wall at a BMW and Mini dealership in Barcelona, Spain June 2, 2017. REUTERS/Albert Gea 2/2 By Costas Pitas - CHICHESTER, England CHICHESTER, England BMW ( BMWG.DE ) will decide whether to build its new electric Mini car in Britain or elsewhere by the end of September, its board member for sales told Reuters, in a test of the country''s ability to continue to attract investment as it leaves the EU. Mini makes around 70 percent of its approximately 360,000 compact cars at its Oxford plant in southern England but the car industry is concerned about the effect any loss of unfettered access to the EU, its largest export market, could have on plants after Brexit. BMW is deciding between its English site, a plant in the Netherlands where it has built more of its conventional line-up in recent years, and its Germany plants at Leipzig and Regensburg for the new low-emissions variant. The firm''s board member for sales told Reuters that the electric Mini investment, likely to be worth tens of millions of pounds, would come in the next three months and the board was currently considering a number of factors including Brexit. "One of the elements is what is the likelihood of a tax regime and if there''s a tax regime, how would it apply," Ian Robertson said during an interview at the Goodwood Festival of Speed in southern England. "If you made the motor in a German plant and you then assembled the car in a British plant, and you took the cars back to the German market, then the duty that you would pay would be reclaimed," he said, in an example of the options companies are examining to plan for any duties or tariffs. The automaker is also looking into where the uptake of greener models is strongest and where the best supply chains are, he said. Britain could approve its first major electric battery hub in the next few weeks after officials in central England submitted proposals to ministers in May. But last month, the car industry issued its strongest warning yet on the need for politicians to strike a transitional Brexit deal after two-year talks to ensure unfettered trade is maintained. Uncertainty has also been heightened after a snap June 8 election which left Prime Minister Theresa May without a majority and has led to ministers in her administration hinting at different versions of Britain''s likely post-Brexit future. Last year, May''s administration helped secure two new models at Japanese carmaker Nissan''s plant in the north of England after what a source said was a government promise of extra support to counter any loss of competitiveness caused by Brexit. Robertson told Reuters there was an "open channel" with officials and that he had several meetings with the Brexit ministry and with business minister Greg Clark, who has visited BMW in Munich, with their teams in regular contact. But, asked whether the government could make promises now regarding future tax or tariff arrangements as BMW neared its decision, he said he did not believe that ministers were in a position to do so. "Any of these discussions about a guarantee, it''s not possible," he said. (Reporting by Costas Pitas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-bmw-mini-idUKKBN19M3KL'|'2017-07-01T18:13:00.000+03:00'
'4b7bcde82b3940dd09e5720f9e330be637e875a5'|'Asia manufacturing picks up in June but momentum seen slowing into second half'|'July 3, 2017 / 5:22 AM / in 2 minutes Asia manufacturing picks up in June but momentum seen slowing into second half By Nichola Saminather 4 Min Read A labourer works on screw processing at a machinery manufacture company in Zhoushan, Zhejiang province, China May 30, 2017. Stringer/Files SINGAPORE (Reuters) - Manufacturing activity in Asia''s tech producing economies expanded in June, helped by growing global demand for electronics products, but headwinds in external markets could mean a moderation in growth in the second half of the year. Private sector surveys of manufacturers in Asia showed the factory sectors of China, South Korea, Japan and Taiwan picked up in June, driven largely by a recovery in exports. However, continued declines in energy prices, which weighed on manufacturing activity in Indonesia and Malaysia, could hurt these two economies going forward, analysts say. Meanwhile, in India, sluggish domestic demand offset strong foreign demand and led to a manufacturing slowdown in June. Factory Purchasing Managers'' Indexes for South Korea, Japan, Taiwan Vietnam and India all remained above the 50-mark that separates contraction from expansion on a monthly basis. And all of these indexes, except for Japan and India, rose from the previous month, indicating an acceleration in expansion. "Overall, the cross above the 50 waterline is not in doubt," said Vishnu Varathan, Asia head of economics and strategy at Mizuho Bank''s Treasury division. "But the ability for manufacturers to continue to accelerate, or to maintain sharp surges in production, is in question given underlying demand, apart from some bright spots, doesn’t seem to have permeated more widely across the different sectors," he said. While manufacturing in June expanded at the fastest pace in three months in China, the world''s second-largest economy, business confidence slumped to its lowest level this year amid a government crackdown on debt risks and tightening financial conditions. "We believe cyclical momentum (in China) has likely peaked and will ease further due to tighter financial conditions," Yin Zhang and Helen Qiao, economists at Merrill Lynch in Hong Kong, wrote in a note. "Looking ahead, since overall growth is still higher than the policy target level at around 6.5 percent for real GDP, we expect policy makers to maintain the tightening bias in (the second half), which is likely to impose downward pressure on growth until early 2018." In Japan, confidence among big manufacturers hit its highest level in over three years in June, according to a survey from the central bank published on Monday. But despite the recovery in some parts of Asia, stubbornly low inflation globally and other economic factors could weigh on the export-dependent region in the second half. The Citi Economic Surprise Index, which moves in tandem with data beating or underclubbing expectations, has plunged for major industrial nations this year and is at negative levels not seen since 2011. And with global debt now standing at a record $217 trillion, "roll over" risks will increase as central banks start raising interest rates, weighing especially on emerging markets that have borrowed in euros and dollars. In southeast Asia, manufacturing in Vietnam was boosted by ramped up production by South Korea''s Samsung Electronics. Vietnam''s electronics output fell 1 percent in the first quarter from a year earlier on problems with Samsung''s Galaxy Note 7, which the company scrapped last year, but recovered in the second quarter. Samsung is Vietnam''s biggest foreign investor. Despite the encouraging electronics-driven headline numbers for Japan, Taiwan and South Korea, signs of weakness are showing in other parts of these economies. Household consumption remains sluggish in Japan, job creation in Taiwan was the weakest in 20 months and South Korea''s factory output shrank for a 11th straight month and factory employment fell for a 10th. "The larger story seems to be that a moderate recovery continues to be in place," Mizuho''s Varathan said. "But for a virtuous cycle of wider household consumption that leads to a pickup in industries, we still have to wait for few more quarters before that to play out. And that’s the optimistic view." Reporting By Nichola Saminather; Editing by Sam Holmes 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-economy-idINKBN19O0DY'|'2017-07-03T08:18:00.000+03:00'
'054a6d3ca70c5837a54bd742eac65210314381b6'|'US STOCKS SNAPSHOT-Dow, S&P climb on energy, financials lift'|'Market   1:06pm EDT US STOCKS SNAPSHOT-Dow, S&P climb on energy, financials lift NEW YORK, July 3 The S&P 500 and Dow Industrials moved higher on Monday, with the Dow hitting an intraday record as energy and bank stocks gained, but continued weakness in the technology sector pulled the Nasdaq lower. The Dow Jones Industrial Average rose 129.77 points, or 0.61 percent, to 21,479.4, the S&P 500 gained 5.61 points, or 0.23 percent, to 2,429.02 and the Nasdaq Composite dropped 30.36 points, or 0.49 percent, to 6,110.06. (Reporting by Chuck Mikolajczak; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL1N1JU0YC'|'2017-07-03T20:06:00.000+03:00'
'91cd5954fd8ce5bc3ffda8c1e2ea947d2af05374'|'Portugal''s bond with China: pioneering debt sale founded on close ties'|'LONDON Portugal is looking to build on its economic and cultural ties with China by becoming the first euro zone country to borrow in the $9.5 trillion Chinese bond market, potentially opening the way for other European governments.Beijing is tentatively removing barriers to foreign issuers as it seeks to internationalize its renminbi or yuan currency and open up sources of finance for its planned "One Belt, One Road" trade route that stretches as far as Europe.Portugal, whose location on Europe''s Atlantic coast is some 10,000 km (6,250 miles) from Beijing, further away than any of its euro zone peers, plans to sell "Panda" bonds -- debt sold by foreign entities to investors in mainland China."In practical terms, the issue aims to diversify the sources of financing of Portugal, opening a new market for its debt, and support the internationalization of the (renminbi)," a spokesman for the office of Prime Minister Antonio Costa told Reuters.He said strengthening trade links between the two countries would benefit both populations.Just a handful of foreign entities -- including sovereigns Poland and South Korea -- have sold Panda bonds in recent years, although Hong Kong''s smaller, offshore, yuan-denominated "dim sum" market is well established. [nL3N1B63BS]Panda bond issuance increased ninefold last year to 130 billion yuan ($19 billion), and is expected to grow by another 50 percent in 2017, according to JPMorgan. [nL8N1FZ2C7]STRONGER TIESPortugal''s ties with China date back some 500 years to the settlement of Macau, the trading post-turned-gambling hub that was Europe''s last colony in Asia until it was handed back to China in 1999, just as Portugal joined the euro.After a crippling recession that pushed the indebted country into a bailout in 2011, Chinese cash helped aid its recovery.Portugal is currently the top destination for Chinese investment in Europe as a share of its economy, according to figures from Spain''s ESADE Business & Law School, and a number of Chinese firms have taken stakes in Portuguese companies.China Three Gorges owns 21 percent of Energias de Portugal while private conglomerate Fosun ( 0656.HK ) upped its stake in bank Millennium bcp ( BCP.LS ) to 24 percent in February. [nL5N1FS6T5]Last year, Costa told Chinese state television that Portugal wanted to "actively participate" in Beijing''s plans to develop a maritime sea route as part of the trade route initiative, dubbed the new Silk Road. He highlighted port capacity at Sines in Portugal''s south.Hong Kong-based Richard Mazzochi of law firm KWM, who has been involved in a number of Panda bond deals, said linking to a specific project could help get Portugal''s planned debt sale off the ground."Applications are easier to make where there is already an established connection and if an issuer would use the proceeds in connection with One Belt, One Road initiatives, that would be helpful," he said.A deal could raise eyebrows among European authorities suspicious of China''s plans to spread its global influence and concerned about transparency and access for foreign firms to the scheme. Major European countries have even mooted the idea of blocking Chinese investment on the continent. [nL8N1IZ1O9]The EU is assessing whether a Beijing-funded rail project in Hungary, which has issued debt in China’s offshore market and is eyeing the onshore market, complies with EU law. [nL8N1G53KX]FINANCIAL REASONSFinance Minister Mario Centeno told Reuters in May that selling a bond in the Chinese currency would allow Portugal to take advantage of growing demand for its debt, especially as a strengthening economy raises hopes for a credit rating upgrade. [nL8N1IQ5JZ] [nL8N1I55TL]The planned end in December of the European Central Bank''s bond-buying scheme means diversifying into China -- the world''s third-biggest debt market, behind the United States and Japan -- might appeal to other euro zone states.Contacted by Reuters, the debt offices of Ireland, Italy and Belgium said they were open to issuing in yuan, while France, Spain and the Netherlands said they had no such plans.A German government source said such a transaction "had been on the table one or two years ago" but for "cost reasons" Berlin decided against it.Bankers at Standard Chartered and HSBC told Reuters they were working with European sovereigns on deals, but gave no details.Although China is nervous about capital outflows, a foreign government issuing there would serve as an endorsement of plans to internationalize the currency and its standing as a global economic power.Mushtaq Kapasi, chief representative, Asia-Pacific at the International Capital Market Association, said Portugal''s sovereign would also "give Chinese investors a level of trust".In October, the yuan was added to the International Monetary Fund''s small basket of reserve currencies, while the ECB added the Chinese currency to its foreign reserves this year. [nL2N1C7006][nF9N1G902G]BARRIERS TO ENTRYSpencer Maclean, a banker at Standard Chartered, said a sovereign bond sale would be a "precursor" for private firms from the country to tap Chinese markets.But barriers to entry remain.Bankers told Reuters that some countries may be nervous about the legal framework under which the bonds would be sold. As Greece and Argentina experienced during their debt crises, it is hard to restructure bonds issued under foreign law.The most common concern expressed by issuers is whether they will be able to get the cash they have borrowed out of China."The Chinese allow capital to flow in but it is still quite a challenging situation to convince the Chinese to use the proceeds abroad," said Alexander Liebethal, head of new issues at German development bank KfW, which has issued in the Chinese offshore market."If you look at the Panda market you will see a lot of issuers active there that have operations in China, like some German car manufacturers."New guidelines on Panda bonds expected from Chinese regulators should add some clarity, bankers and lawyers said.And for all that Portugal''s deal is innovative, it may not be imminent."These sort of projects take time," said Portugal''s debt agency chief Cristina Casalinho. "It would be a novelty for us."(Additional reporting by Sergio Goncalves in Lisbon; Graphics by Gustavo Cabrera; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-portugal-bonds-china-idUSKBN19O1S0'|'2017-07-03T19:09:00.000+03:00'
'456ba278e1112a24889f9d20c053c6fe3cbdcc3a'|'Japan firms most upbeat in three years but labour shortages weigh - BOJ tankan'|'July 3, 2017 / 5:02 AM / 29 minutes ago Japan firms most upbeat in three years but labour shortages weigh - BOJ tankan By Leika Kihara and Tetsushi Kajimoto 4 Min Read A man rides a hoverboard on a street in a shopping district in Tokyo, Japan, September 29, 2016. Toru Hanai/Files TOKYO (Reuters) - Confidence among Japan''s big manufacturers hit its highest level in more than three years in the June quarter, a closely-watched central bank survey showed, adding to signs the recovery in the world''s third largest economy is gaining pace. Big firms also saw the job market at its tightest in 25 years, offering policymakers some hope that companies may finally raise wages, helping broaden an economic recovery. The survey underscores the Bank of Japan''s view that the economy is heading for a moderate expansion, though sources say weak price and wage pressures are likely to force it to slash its inflation forecasts later this month. The headline diffusion index (DI) measuring big manufacturers'' sentiment stood at plus 17 in June, the BOJ''s quarterly "tankan" survey showed on Monday, its third straight quarter of improvement and up from plus 12 in the previous survey in March. This exceeded a median market forecast of plus 15 and was the highest since March 2014, as automakers and machinery firms benefitted from robust demand in Asia. "Taken together, the survey backs up the BOJ''s optimism on the economy," said Yuichiro Nagai, an economist at Barclays Securities. "But a gap remains between a strong economy and tepid inflation. If the BOJ revises down its price forecasts at the upcoming meeting, investors will recognise that an exit from ultra-loose monetary policy will be some time away." Big non-manufacturers'' sentiment index stood at plus 23, up from plus 20 in March and matching a median market, the tankan showed. It was the second straight quarter of improvement and the highest level since December 2015. Both big manufacturers and non-manufacturers expect business conditions to worsen slightly three months ahead, the survey showed, underscoring their concern on overseas economic uncertainties. The tankan will be among factors the BOJ''s nine-member board will scrutinise when it meets July 19-20 to review monetary policy and its quarterly growth and inflation estimates. A separate survey showed Japanese manufacturing activity expanded at a slightly slower pace in June, though an upward revision to export orders suggests the factory sector remains on a firm footing. Shortage of Employees, Capacity Japan''s economy expanded at an annualised rate of 1.0 percent in the first quarter on robust exports and a boost from private consumption, prompting the BOJ to upgrade its economic assessment in April. But consumer inflation remains subdued as companies remain wary of raising prices for fear of scaring away cost-sensitive households, underscoring the scale of the challenge the BOJ faces in achieving its ambitious 2 percent target. While companies remain wary of boosting wages or capital expenditure, there are signs of change as they face capacity shortages. An index measuring big manufacturers'' production capacity showed more of them now feel they face a shortage, rather than an excess, of facilities to produce goods. Big firms plan to raise their capital spending by 8.0 percent in the current fiscal year to March 2018, exceeding market forecasts for a 7.4 percent rise, the survey showed. An index measuring job conditions showed big firms saw the labour market at the tightest since 1992, the tankan showed, reinforcing views a shortage of employees was among the key concerns for many companies. Japanese companies plan to increase hiring of new graduates by 8.1 percent in the next fiscal year beginning in April 2018, which would be the eighth straight year of gains, the tankan showed. The tankan''s sentiment diffusion indexes are derived by subtracting the number of respondents who say conditions are poor from those who say they are good. A positive reading means optimists outnumber pessimists. Reporting by Leika Kihara; Editing by Sam Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-tankan-idINKBN19O0C3'|'2017-07-03T07:59:00.000+03:00'
'3d8411241113c2dfea60f16639b9d2fd3a214dcd'|'Bosch''s Mobility Solutions to grow 7 percent this year'|' 09am BST Bosch''s Mobility Solutions to grow 7 percent this year FILE PHOTO: People read newspaper while sitting in a complete automatically driving development car by German auto parts supplier Robert Bosch in Abstatt near Stuttgart April 15, 2013. REUTERS/Michaela Rehle FRANKFURT German auto supplier Robert Bosch [ROBG.UL] said its Mobility Solutions division, which makes sophisticated safety systems and autonomous car components, will grow around 7 percent this year, benefiting from a push to make cars more intelligent. Bosch is expanding beyond its traditional business of providing components such as spark plugs for combustion engines and into areas such as software, services, Internet-connected devices and electric cars. Its Mobility Solutions business, which employs 227,000 staff, generated 2016 sales of 43.9 billion euros (38.48 billion pounds) and is growing as customers demand cars with better safety systems and internet connectivity. "We are growing faster than the market," Bosch management board member Rolf Bulander said in a statement on Tuesday. By the end of 2017, Mobility Solutions will have 48,000 research and development staff, increasing its overall headcount by roughly 4,000, Bosch said. Bosch delivers advanced safety systems to all of the world''s largest automotive companies and start-up carmakers. It developed the electric powertrain and steering for Google''s prototype autonomous vehicle and is a supplier of driver assistance systems to Tesla. (Reporting by Edward Taylor; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bosch-autos-mobility-idUKKBN19P0UG'|'2017-07-04T11:09:00.000+03:00'
'3ece6cf491f65010c23d1371892c690f64932e87'|'China sets new framework for ''sharing economy'' policy'|'Business News - Tue Jul 4, 2017 - 5:00am BST China sets new framework for ''sharing economy'' policy Released balloons are pictured near a Chinese flag during a military parade marking the 70th anniversary of the end of World War Two, at Tiananmen Square in Beijing, China, September 3, 2015. REUTERS/Rolex Dela Pena/Pool BEIJING China''s economic planner has set new guidelines for authorities on how to set policy for the country''s booming "sharing economy," in an effort to remove barriers and better regulate an industry deemed an important new driver of economic growth. China''s "sharing economy" is expected to grow about 40 percent this year to 4.83 trillion yuan (544.46 billion pounds). By 2020, it could account for around one tenth of China''s gross domestic product. The explosive growth of the sector has been seen in the large spurts of funding Chinese bike-sharing firms such as Mobike and ofo have received. But the relatively new industry faces growing challenges, such as regulatory frameworks that fail to keep apace of advances in technology and insufficient social security provided for contractors and freelancers, China''s economic planner said in a statement posted on its website late on Monday. Existing restrictions on market entry should be further relaxed or eliminated, while new policies should be launched with caution, the department said. "We should avoid using the old method to regulate a new format of business and we should break down industry and geographic barriers for it," it said, adding that governments should step up regulatory control and increase policy transparency. The guidelines also urged local policymakers to crack down on intellectual property right violations, better protect consumer rights, and enhance contract workers'' social security. The statement was co-issued by eight central government entities, including the National Development and Reform Commission, Cyberspace Administration of China, Ministry of Industry and Information Technology, and Ministry of Human Resources and Social Security. (Reporting by Yawen Chen and Ryan Woo; Editing by Sam Holmes) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-sharing-idUKKBN19P0DO'|'2017-07-04T07:00:00.000+03:00'
'640563cad672bc46459f750f3a2049d21d2edacd'|'Tencent''s online publisher files for Hong Kong IPO seen worth $800 million'|'July 4, 2017 / 4:24 AM / 3 hours ago Tencent''s online publisher files for Hong Kong IPO seen worth $800 million By Elzio Barreto 3 Min Read People walk past a logo of Tencent Literature at a Tencent Interactive Entertainment stand during a book fair in Guangzhou, Guangdong province, China August 17, 2014. Picture taken August 17, 2014. Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA. HONG KONG (Reuters) - China Literature Ltd, a Tencent Holdings Ltd unit and the country''s largest online publishing and e-book company, has filed for a Hong Kong initial public offering that is expected to raise as much as $800 million. The deal is also boost for the Hong Kong bourse, which has failed to attract a significant volume of technology deals despite being the world''s top destination for new listings in 2016. The company, which is looking to raise funds for potential acquisitions and expand its mobile reading business, has hired Bank of America Merrill Lynch, Credit Suisse and Morgan Stanley as sponsors of the offering, it said in a filing late on Monday. Although the structure of the deal was not disclosed, Tencent has said it plans to hold at least 50 percent of China Literature after the spin off and that the offering will consist of 15 percent of the firm''s enlarged share capital. Thomson Reuters publication IFR has previously reported that the deal could raise between $600 million and $800 million. China Literature has a business akin to Amazon.com Inc''s Kindle Store, operating a platform with 8.4 million literary works from 5.3 million writers. The firm saw revenues jump 59 percent last year to 2.6 billion yuan ($377 million), while it posted a net profit of 30.4 million yuan, compared with a loss of 354.2 million yuan a year earlier. It is its first net profit since it began disclosing financial data in 2014. Tencent started its online reading business in 2004 and it grew substantially after the acquisition of Cloudary Corp in 2014 for $729.6 million. Cloudary had filed to go public on the New York Stock Exchange in 2011 and 2012, before withdrawing the listing application in 2013 "due to market conditions", the filing showed. Tencent controls China Literature with a 62 percent stake. Private equity firm Carlyle Group LP owns 12.2 percent while Trustbridge Partners, a private equity firm founded by Shujun Li, the former CFO of Shanda Interactive, holds 6 percent. Fundraising by tech firms in Hong Kong accounted for an average 2.5 percent of all IPOs since the global financial crisis in 2008, Thomson Reuters data shows. That compares with 13.6 percent for the New York Stock Exchange. Reporting by Elzio Barreto; Editing by Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-tencent-holdings-china-literature-ipo-idINKBN19P0ER'|'2017-07-04T07:12:00.000+03:00'
'f7fb2ab910a74a9489fbfe26acfeb6a02160c0f1'|'UPDATE 1-Britain''s ''bad bank'' expects to sell Bradford & Bingley loans by March'|'Market News - Tue Jul 4, 2017 - 12:44pm EDT CORRECTED-UPDATE 1-Britain''s ''bad bank'' expects to repay Bradford & Bingley''s FSCS loans by March (Corrects headline, paragraph 1 to show that UKAR plans to settle B&B''s FSCS loans by March, not that it plans to sell entire portfolio by March. Adds paragraphs 2, 6, 7 to clarify.) By Noor Zainab Hussain July 4 Britain''s ''bad bank'', which is charged with winding down the assets of two failed lenders, said it expects to repay a significant part of the loans Bradford & Bingley received when it was bailed out by March next year. UK Asset Resolution Authority (UKAR) says that it expects to sell another tranche of Bradford & Bingley''s mortgage portfolio, enabling it to pay the outstanding 4.8 billion pounds ($6.20 billion) it owes to Britain''s Financial Services Compensation Scheme (FSCS), by March next year. UKAR sold the first tranche of Bradford and Bingley''s 15.65 billion pound mortgage portfolio in March 2017 to insurer Prudential and buyout firm Blackstone for 11.8 billion pounds. "We are working on the next phase of the programme which we look to launch in the next months with a full repayment (of FSCS loan) expected by March 2018," said Ian Hares, chief executive of UKAR. Hares did not specify how much of Bradford & Bingley''s assets UKAR planned to sell to repay the FSCS loan, which covers compensation given to bank customers. Including the FSCS loan and settlement of the Prudential and Blackstone sale, the UK government is still owed 13.6 billion pounds for the Bradford & Bingley bailout. Sky News reported last week that Blackstone was now looking to buy as much as 6 billion pounds of Bradford & Bingley mortgage loans. Hares said that a sale is in the works, but a formal process had not been launched yet. "I am not in a position to confirm any names because the process has not been formally launched yet. But, there are a number of interested parties," he said. "Blackstone bought the last one so it wouldn''t be a surprise if they are in there again." Sky also named OneSavings Bank, Och-Ziff, and hedge fund TPG as interested parties. UKAR, a state-run loan firm that does not take on new business, said on Tuesday it repaid 3.3 billion pounds ($4.27 billion) to the government last year. UKAR has now returned 23.7 billion pounds to the government, almost half the total value it owed when it was created in October 2010. UKAR is winding down the loans of Northern Rock and Bradford & Bingley, which were nationalized in the run-up to the 2008 financial crisis. UKAR''s underlying profit before tax fell by almost 33 percent to 706 million pounds in the year ended March, reflecting in part a 9 billion pound reduction in its loan book. ($1 = 0.7740 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Keith Weir/Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ukar-results-idUSL8N1JV1SN'|'2017-07-04T13:18:00.000+03:00'
'3ab41adcaaff2ee930361cb415fbf7e774195355'|'Asian shares track U.S., European gains, dollar hovers near seven-week high'|'July 4, 2017 / 12:50 AM / 4 minutes ago Shares, oil stumble after flying start to second half By Marc Jones 5 Min Read A man looks at a stock quotation board outside a brokerage in Tokyo, Japan, April 18, 2016. Toru Hanai LONDON (Reuters) - World shares and oil pulled back and bonds and gold were back in favor on Tuesday, as a long-range ballistic missile test by North Korea and July 4 holidays for U.S. markets restricted risk appetite. Asian shares were pushed lower and South Korea''s won slid to a 16-week low after the North''s missile landed in Japanese waters amid claims from Pyongyang that it could now strike "anywhere in the world". Europe dropped too as the first fall in oil prices in nine days pushed down commodity stocks and traders also cashed in some of gains made by the STOXX 600 on Monday which had been the biggest in over two months. [.EU] Traditional safety plays fared well amid the caution. The Japanese yen and gold were both higher, as were European bonds and Treasuries, which have been clobbered by recent signs that the era of emergency stimulus and ultra low interest rates might be coming to an end. Sweden''s central bank sounded reassuringly cautious on Tuesday even as it hinted at tighter policy going forward. That took the wind out of the Swedish crown that had been the best performing global currency over the last week. The Australian dollar also took a tumble as its central bank steered clear of rate hike talk at its latest meeting. Credit Agricole FX strategist Manuel Oliveri said the Swedish Riksbank''s move showed how wary central banks remained about their currencies, while the day''s other main focus was North Korea''s posturing. "North Korea is continuing to provoke," he said. Although markets were now used to these kind of events he added: "It is a bit more important as it came ahead of the G20 meeting this week." Leaders from the Group of 20 nations are due to discuss steps to rein in Pyongyang''s weapons programs when they meet in Germany. U.S. President Donald Trump wrote on Twitter: "North Korea has just launched another missile. Does this guy have anything better to do with his life?" in an apparent reference to North Korean leader Kim Jong Un. The dollar lost 0.2 percent on the yen to leave it buying 113.19 yen. It made almost as much back against the high flying euro however, leaving the six currency dollar index steady at 96.259. It had seen its biggest jump since the start of March overnight, as a stronger-than-expected rise in the June Institute of Supply Management (ISM) national factory activity index also propelled the 10-year Treasury yield to its highest since mid May. [US/] FILE PHOTO - People are reflected in a stock quotation board outside a brokerage in Tokyo, Japan January 14, 2016. Toru Hanai Emerging Strains There were increasing signs that alongside the geopolitical jitters, higher global borrowing rates and the dollar were starting to pressure emerging markets after their stellar start to the year. MSCI''s widely-tracked emerging equity index saw its sharpest one-day drop in nearly three weeks and most Asian currencies were weaker. The won is now down 3 percent over the last two weeks, the Indonesian rupiah has erased weeks of gains in the last two days and the Philippine peso is stuck near multi-year lows. [EMRG/FRX] "The bigger-picture driver for these movements you are seeing in emerging market currencies at least over the past two weeks, are signs of a more hawkish turn from central banks – including the ECB, Fed and the Bank of England," UniCredit EM FX analyst Kiran Kowshik said. The next major data point is likely to be Friday''s monthly U.S. jobs report. China''s central bank meanwhile warned on Tuesday that its economy still faces "relatively big" downward pressure and that parts of its financial system lacked sufficient regulation. MSCI''s broadest index of Asia-Pacific shares outside Japan ended down 0.6 percent. Japan''s Nikkei surrendered gains to end 0.1 percent down, South Korea''s KOSPI closed 0.6 percent lower, though Hong Kong was hardest hit by the regional jitters as it slumped as much as 2 percent at one point. Tokyo, reacting to the North''s missile test, strongly protested what it called Pyongyang''s clear violation of UN resolutions, and Japanese Prime Minister Shinzo Abe said he would ask the presidents of China and Russia to play more constructive roles in efforts to stop Pyongyang''s arms program. Commodity markets also saw a shift. Gold was shining at $1,224 an ounce while oil posted its first session of losses in nine, ending their longest run of gains since February 2012, as traders closed positions ahead of the July 4 U.S. holiday. U.S. crude slipped 0.5 percent to $46.90 a barrel while global benchmark Brent dropped to $49.50 as traders cashed in some of gains from a 3.7 percent leap -- its biggest one-day gain since December 2016 -- on Monday. [O/R] "We see a recovery for oil prices in H2 2017 from current levels, with OPEC production cuts, a slowdown in global supply growth and seasonally firming demand driving up prices," BMI Research said, although it added that "large-volume supply additions will keep price growth flat year-on-year in 2018". Additional reporting by Nichola Saminather; Editing by Keith Weir and Richard Balmforth 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN19P01N'|'2017-07-04T03:44:00.000+03:00'
'bd9b61116d57b037a38b554a10efefd83caab01a'|'Idemitsu stock plunges 14 percent on plan to issue new shares'|'July 4, 2017 / 2:58 AM / 2 hours ago Idemitsu stock plunges 14 percent on plan to issue new shares 2 Min Read FILE PHOTO : A signboard of Idemitsu Kosan Co is seen in Tokyo, Japan, August 15, 2016. Kim Kyung-Hoon/File Photo TOKYO (Reuters) - Shares in Japan''s Idemitsu Kosan Co Ltd plunged 14 percent early on Tuesday, their biggest decline in more than six years, after the refiner said it would issue new stock to raise $1.2 billion. Idemitsu said after the market closed on Monday that it would sell 48 million new shares, equivalent to 30 percent of its outstanding shares, in a move opposed by the founding family, which is trying to block management''s plan to merge with smaller rival Showa Shell Sekiyu KK. If the family did not take part in the raising, its stake in Idemitsu would be reduced to about 26 percent, from over a third, according to calculations by Thomson Reuters, eliminating its ability to veto the merger. "Obviously the family could participate in the global offering, but the time frame is narrow to come up with such a large amount of cash, in our view," said Thanh Ha Pham, an analyst at Jefferies in Tokyo. Idemitsu Kosan said the share issue will raise up to 138.5 billion yen ($1.23 billion), indicating an issue price of up to 2,885 yen per share, well below its close on Monday. Idemitsu shares were trading about 12 percent lower at 0159 GMT at 2,859 yen a share. They fell more than 14 percent earlier, the biggest intraday decline since 2011 when an earthquake and tsunami devastated large swathes of northern Japan. Showa Shell shares surged as investors bet the move by Idemitsu would lead to an eventual merger. "This is a positive for Showa Shell (as) Idemitsu will eventually decide to fully take over Showa Shell''s minorities and merge the two companies," said Pham. Reporting by Aaron Sheldrick and Osamu Tsukimori; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/idemitsu-kosan-share-sale-idINKBN19P0AB'|'2017-07-04T05:54:00.000+03:00'
'bfd017d4718f63819428ee7eee89bff8a23d5842'|'Facebook fights U.S. gag order that it says chills free speech'|'SAN FRANCISCO/WASHINGTON Facebook Inc ( FB.O ) is challenging a gag order from a U.S. court that is preventing the company from talking about three government search warrants that it said pose a threat to freedom of speech, according to court documents.Facebook said it wants to notify three users about the search warrants seeking their communications and information and also give those users an opportunity to object to the warrants, according to a filing in a Washington, D.C., appeals court seen by Reuters."We believe there are important First Amendment concerns with this case, including the government''s refusal to let us notify three people of broad requests for their account information in connection with public events," Facebook said in a statement on Monday.The First Amendment to the U.S. Constitution guarantees certain rights including freedom of speech.William Miller, a spokesman for U.S. prosecutors, declined to comment.Facebook decided to challenge the gag order around the three warrants because free speech was at stake and because the events underlying the government''s investigation were generally known to the public already, Facebook said in the undated court document.The precise nature of the government''s investigation is not known. One document in the case said the timing of proceedings coincides with charges against people who protested President Donald Trump''s inauguration in January.More than 200 people were arrested in Washington the day Trump was sworn in. Masked activists threw rocks at police, and multiple vehicles were set on fire.Tech firms comply with thousands of requests for user data annually made by governments around the world, but in extraordinary circumstances, companies such as Microsoft Corp ( MSFT.O ) and Twitter Inc ( TWTR.N ) have challenged government secrecy orders.Facebook recently fought a secrecy order related to a disability fraud investigation, losing in April in New York state''s highest court.Companies and privacy advocates argue that gag orders rely on outdated laws and are applied too often, sometimes indefinitely, to bar them from notifying customers about government requests for their private online data. Facebook says about half of U.S. requests are accompanied by a non-disclosure order prohibiting it from notifying affected users.In April, a local judge in Washington denied Facebook''s request to remove the gag order there, according to the document. Facebook is appealing and has preserved the relevant records pending the outcome, the document said."The government can only insulate its actions from public scrutiny in this way in the rarest circumstances, which likely do not apply here," said Andrew Crocker, a staff attorney at the Electronic Frontier Foundation, a nonprofit group that advocates for digital rights.Facebook is getting support in court papers from several organizations including the Electronic Frontier Foundation and the American Civil Liberties Union, as well as eight tech companies such as Microsoft and Apple Inc ( AAPL.O ).The District of Columbia Court of Appeals, which is the highest court in Washington for local matters, is scheduled to hear the case in September, according to an order obtained by BuzzFeed News, which first reported Facebook''s challenge to the gag order on Monday.(Reporting by David Ingram in San Francisco and Dustin Volz in Washington; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-facebook-court-idUSKBN19O2IB'|'2017-07-04T00:12:00.000+03:00'
'5d4c81d70df558e8ce8dca72751fa5833bc72a4e'|'Asian stocks start new month on firm footing, bonds under pressure'|'July 3, 2017 / 1:23 AM / 2 hours ago Asian stocks start new month on firm footing, bonds under pressure By Hideyuki Sano 4 Min Read FILE PHOTO: Employees of the Tokyo Stock Exchange (TSE) work at the bourse in Tokyo, Japan, February 9, 2016. Issei Kato TOKYO (Reuters) - Asian stocks held two-years highs on Monday, starting the new month on a solid footing after two quarters of gains while expectations of credit tightening by the world''s major central banks kept global bond markets under pressure. MSCI''s broadest index of Asia-Pacific shares outside Japan was flat, staying within a stone''s throw of its two-year peak hit last week. Japan''s Nikkei ticked up 0.2 percent while U.S. stock futures gained 0.2 percent. "Global share markets have so far withstood rises in long-term bond yields," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Signs of stabilizing in China''s economy and a recovery in the European economy helped to boost global share prices in the first half of this year. A private sector survey on China''s manufacturing showed a surprise recovery in activity, adding to the evidence of steadying growth in the world''s second largest economy. The Bank of Japan''s tankan corporate survey showed Japanese business sentiment improved slightly more than expected. On Wall Street, the S&P 500 scored its biggest gain for the first half of the year since 2013 while the Nasdaq Composite''s first-half gain was its best in eight years. European shares had less luck after the European Central Bank and the Bank of England last week signaled their readiness to tighten their monetary policies, with pan-European Euro first 300 stock index hitting 10-week lows on Friday. Global bond yields have risen sharply following hawkish comments from European Central Bank President Mario Draghi last Tuesday, with German bond yields posting their biggest weekly jump since December 2015 last week. That helped to lift U.S. bond yields from lows, with the 10-year U.S. Treasuries yield hitting a 1-1/2-month high of 2.320 percent on Monday. The rise came even as data showed U.S. inflation cooled in May. The annual rise in core consumer prices excluding food and energy slowed to 1.4 percent, its lowest since December 2015. "In coming weeks, whether we can see a recovery in the U.S. momentum will be a key issue," said Hirokazu Kabeya, chief global strategist at Daiwa Securities. In the currency market, the euro traded at $1.1417, not far from last week''s high of $1.1445, which was its highest level in more than a year as the common currency drew support from expectations that the ECB will likely scale back its stimulus. Jens Weidmann, head of Germany''s Bundesbank and a member of the ECB''s rate-setting body, said on Saturday that the ECB is working on moving away from its ultra-easy monetary policy. The dollar traded at 112.35 yen, off Thursday''s six-week high of 112.93. The yen briefly gained on worries Japanese Prime Minister Shinzo Abe''s reflationary policies may be at risk after his Liberal Democratic Party suffered an historic defeat in a local election in Tokyo on Sunday, though the impact did not last long. Oil prices held firm after having gained for seven consecutive sessions by Friday, after data on that day showed U.S. oil rig count fell last week for the first time since early January. Brent crude futures rose 0.3 percent to $48.90 per barrel while U.S. crude futures gained 0.5 percent to $46.26 per barrel. In the Middle East, Qatari shares slumped to 1 1/2-year lows on Sunday as a deadline for Doha to accept a series of political demands by four Arab states were expected to expire late in the day with no sign of the crisis ending. Saudi Arabia and three allies accusing Qatar of supporting terrorism have later agreed to a request by Kuwait to extend by 48 hours Sunday''s deadline for Doha to comply, according to a joint statement on Saudi state news agency SPA. Editing by Sam Holmes & Shri Navaratnam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN19O037'|'2017-07-03T05:52:00.000+03:00'
'502968e2f0a2a035ac2ca06771f2480209d8f15a'|'HSBC completes first trade on Hong Kong-China bond connect scheme'|'Business News - Mon Jul 3, 2017 - 2:29am BST HSBC completes first trade on Hong Kong-China bond connect scheme FILE PHOTO: People walk past a major branch of HSBC at the financial Central district in Hong Kong, China February 21, 2017. REUTERS/Bobby Yip/File Photo HONG KONG HSBC Holdings ( HSBA.L ) said it had completed its first trade on the long-awaited Hong Kong-China bond connect scheme, which went live on Monday. The scheme links China''s $9 trillion bond market with overseas investors, the latest step in the opening of the country''s capital markets. (Reporting by Umesh Desai; Editing by Anne Marie Roantree and Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-bondconnect-hsbc-idUKKBN19O030'|'2017-07-03T04:15:00.000+03:00'
'869d5ec8f58658c200cca9f2d1c7c69de1dfc1cd'|'British Airways cabin crew begin two-week strike in pay dispute'|'Business News - Fri Jun 30, 2017 - 7:07pm EDT British Airways cabin crew begin two-week strike in pay dispute British Airways planes are parked at Heathrow Terminal 5 in London, Britain May 27, 2017. REUTERS/Neil Hall LONDON Some British Airways cabin crew began a two week strike on Saturday in a prolonged pay dispute, risking further brand damage and travel disruption, although the airline said most passengers would be able to fly. Members of BA''s "mixed fleet" cabin crew - those who work on both long and short-haul flights - have been in conflict with BA since last year over wage offers which the Unite trade union has described as "poverty pay". Although the pay dispute has largely been resolved, Unite said the walkout, the longest industrial action in the row, is a response to sanctions on union members involved in previous industrial action. While the impact on flights is set to be limited, the stand-off is another potential threat to the airline''s image a little over a month after thousands of passengers were stranded by a computer systems outage caused by a power surge. "Customers will take a dim view and a great British brand risks being further tarnished. We call on British Airways to drop the threats and drop the sanctions and resolve this long-running dispute," Unite national officer Oliver Richardson said in a statement. British Airways warned of further consequences for those who went on strike, but said all customers would reach their destinations. A full schedule will run from Gatwick and London City, while a small number of Heathrow services will be merged, BA said. Solicitors Bott & Co said around 400,000 passengers could be affected over the 16-day strike period. Willie Walsh, CEO of BA''s parent company IAG, said on Thursday that he expected all passengers to fly, as BA had applied to use 9 Qatar Airways planes, with staff. That application was approved on Friday The mixed fleet crew first threatened to strike over Christmas of 2016. Although that was called off, there have been 26 days of strike action so far this year. The mixed fleet staff make up about a third of the BA''s total cabin crew of around 16,000, although not all members of the crew will take action. Unite said that 1,400 mixed fleet members who had been on strike previously had seen bonus payments and travel concessions removed. "We have set out the consequences for crew if they take strike action," British Airways said in a statement. "The purposes of these consequences are to encourage crew to come to work." (Reporting by Alistair Smout; Editing by Robin Pomeroy) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-iag-britishairways-strike-idUSKBN19L2ZS'|'2017-07-01T02:07:00.000+03:00'
'8c11c29f13e66566241dae006cdaa8c5e55bb994'|'Summer sunshine spurs sales surge for Sainsbury''s - Business'|'Demand for fresh fruit and veg and a dash for paddling pools, summer clothes and fans helped Sainsbury’s deliver its strongest sales growth in more than four years. Sales at stores open more than a year, excluding fuel, rose by 2.3% in the 16 weeks to 1 July, up from 0.3% in the previous three months partly thanks to the warm start to the summer. It was the strongest pace of growth since March 2013.Mike Coupe, the Sainsbury’s group chief executive, said: “We have delivered a strong performance, driven by our differentiated strategy, offering customers quality, value and choice across food, general merchandise, clothing and financial services.”The group, which also owns Argos, was partly helped by the timing of Easter and Mother’s Day, which it said had contributed about 0.3 percentage points of the growth. Excluding that factor, the pace was still slightly ahead of City expectations of 1.9% growth.Coupe said shoppers were snapping up Sainsbury’s own-label products after it had implemented hundreds of quality improvements and held prices on basics including milk, chicken breast and eggs.He said inflation, which is now running at more than 2.5% according to the CPI index, had started to hit towards the end of the period but Sainsbury’s had “managed to keep a control over prices and the impact on customers”. Fresh produce performed particularly well, outperforming the market with volume growth of 1% as Sainsbury’s cut the price of summer favourites including Jersey Royal potatoes and British strawberries. That helped boost total grocery sales by 3% compared to 0.3% growth in the previous three months. Coupe played down the impact of the weather. He said that the number of warm days over the whole period was “not far off the same” as last year. He pointed to Sainsbury’s improvement in price position relative to its competitors for the group’s step up in performance. Coupe also said there were signs that shoppers were choosing to eat at home rather than go out for meals as disposable income came under pressure from rising inflation.But he said: “We are not seeing a massive change in consumer behaviour.”Online grocery sales rose by 8%, Sainsbury’s convenience store sales were up by 10% and clothing sales rose by 7.2%.All the supermarkets have been lifted by a combination of a warm start to the summer and rising inflation .Sainsbury’s said the number of transactions carried out in its stores rose by 2%.Coupe said that Sainsbury’s general merchandise and clothing ranges, including Argos, outperformed the market, as its fast track delivery and collect-from-store services recorded a “stellar performance” during the quarter, particularly during the warm weather when customers wanted items such as paddling pools and electric fans on the day.Total sales rose 1% despite the closure of dozens of Argos and Habitat outlets in Homebase stores after the takeover of the DIY chain buy Australian firm Bunnings.Sainsbury’s said it had opened 10 convenience stores in the period but made no mention of Nisa, the wholesale buying group with which it is understood to be in exclusive talks .Coupe said: “Lots of conversations are had and there is lots of speculation but lots of things don’t come off.”The supermarket is thought to be considering a £130m takeover of Nisa, which supplies and provides marketing support to thousands of small independent stores.Nisa’s 1,400 members, which include the McColl’s convenience store chain, operate 2,500 shops. They would have to approve any takeover and many are fiercely protective of their independence.Laith Khalaf, a senior analyst at Hargreaves Lansdown, said the bigger picture remained challenging for UK supermarkets: “Weaker sterling is pushing up food prices and putting a dent in consumers’ purses, while the trading environment remains as competitive as ever. “Indeed the turf war the big supermarkets have been fighting against the discounters may start to look like a schoolyard skirmish if Amazon decides it wants a piece of the UK grocery market.” David Alexander, the lead analyst at GlobalData, said: “With Sainsbury’s receiving a significant helping hand from the upturn in fortunes for the wider grocery sector, it is too soon to judge whether this quarter represents a more positive new chapter for the grocer. That said, the change in tone is promising.”Topics J Sainsbury Retail industry Supermarkets Weather news'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/jul/04/summer-sunshine-spurs-sales-surge-for-sainsburys'|'2017-07-04T14:53:00.000+03:00'
'd5a2b24e47e1eb46446f183167118f630b79202e'|'Meister''s Corvex Management targets Clariant - Bloomberg'|'Business News - Mon Jul 3, 2017 - 11:28pm BST Meister''s Corvex Management targets Clariant - Bloomberg Hedge fund Corvex Management LP, run by activist investor Keith Meister, has built a stake in Clariant AG ( CLN.S ) to undo the Swiss speciality chemical maker''s $6.4 billion (5 billion pounds) planned takeover of Huntsman Corp ( HUN.N ), Bloomberg reported on Monday, citing people with knowledge of the matter. The fund, which has built a stake exceeding the threshold of 3 percent, plans to push Clariant to explore alternatives to the Huntsman deal, including a potential sale, Bloomberg said. ( bloom.bg/2sklMRU ) Corvex believed the Huntsman acquisition lacked strategic rationale, Bloomberg reported, citing the unidentified sources. Clariant and Corvex Management were not immediately available for a comment. (Reporting by Mekhla Raina; Editing by Dan Grebler) Bank of England staff vote for first strike in 50 years LONDON Bank of England staff have voted to hold their first strike in more than 50 years in a push for higher pay, a union said on Monday, adding to pressure for an end to tight controls on public sector wages in Britain. Spain''s Santander launches Popular rights issue at 19 percent discount MADRID Spain''s Banco Santander on Monday launched a 7.1 billion euros ($8.07 billion) rights issue at a price of 4.85 euros per share, a move it had flagged last month when it took over rescued peer Banco Popular for a nominal euro. LONDON Feted by some British newspapers as proof of a Brexit vote windfall, Britain''s recent export recovery ranks as the worst among Europe''s major economies, according to one closely-watched measure. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-clariant-corvex-idUKKBN19O2LP'|'2017-07-04T01:28:00.000+03:00'
'58f918ffbfee78e1928879be8b4e889018e199a7'|'British ministers want post-Brexit drug regulation deal with EU'|'Business News - Mon Jul 3, 2017 - 8:20pm BST British ministers want post-Brexit drug regulation deal with EU Flags are arranged at the EU headquarters as Britain and the EU launch Brexit talks in Brussels, June 19, 2017. REUTERS/Francois Lenoir LONDON The British government sought to reassure drug companies and biotech firms on Monday by calling for continued co-operation with the European Union over drug regulation after Brexit. Drugmakers, which overwhelmingly favored remaining in the EU, account for 25 percent of all UK business research spending and companies have warned that Brexit threatens uncertainty, added complexity and potential drug approval delays. Jeremy Hunt, the health minister, and Greg Clark, the business minister, wrote a letter to the Financial Times outlining how Britain and the EU could work together. The letter said the government''s priority was to protect patient safety, maintain Britain''s role as a center for research and promote public health globally. The ministers said there were numerous examples where the partnership between Britain and the EU had helped patients, including the licensing of 130 products for rare diseases. "We will look to continue to work closely with the European Medicines Agency (EMA)," they said. "Our overall aim is to ensure that patients in the UK and across the EU continue to be able to access the best and most innovative medicines." The London-based EMA currently acts as a one-stop-shop for approving and monitoring the safety of drugs across the EU, but Britain is expected to leave its oversight after Brexit. The agency itself is due to relocate to another city inside the EU. In a bid to limit disruption, drugmakers have been pushing for some kind of partnership deal with the EMA after Brexit, potentially allowing for mutual recognition of medicine approvals. EMA Executive Director Guido Rasi said in April this kind of arrangement was theoretically possible but it would be up to EU governments to decide whether to offer such a deal, since Britain will be outside the single market governing free movement of goods, capital, services and people. Being isolated from the EU system could put British patients at the back of the line for new drugs if companies decide to prioritize Europe, a market of 500 million people, over the UK, where commercial opportunities are far smaller. Shire ( SHP.L ) CEO Flemming Ornskov said on Monday that the future of the EMA was his principal Brexit concern. "What is going to happen with the European Medicines Agency? I have 20 projects in late-stage clinical development, so clarity is important," he told Reuters in an interview. Although the impact of Brexit on global companies like GlaxoSmithKline ( GSK.L ) and AstraZeneca ( AZN.L ) is likely to be limited, the UK pharmaceuticals trade association has warned that having Britain outside the EU could undermine future investment, research and jobs in the country. Mike Thompson, CEO of the Association of the British Pharmaceutical Industry, said the ministers'' letter was "a welcome recognition that the future of medicines regulation is a key priority for the government". (Reporting by Andrew MacAskill and Ben Hirschler; editing by Alexander Smith and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-science-idUKKBN19O238'|'2017-07-03T22:14:00.000+03:00'
'69c99f56c3d8837c5018e1cf39f9a4ddf52685f0'|'Subway targets 3,000 UK/Ireland stores by 2020'|'Business News - Tue Jul 4, 2017 - 12:10am BST Subway targets 3,000 UK/Ireland stores by 2020 A Subway sandwich store is seen in central London January 22, 2014. REUTERS/Andrew Winning LONDON The Subway franchise of sandwich restaurants plans to open a further 500 outlets in the UK and Ireland over the next three years, creating about 5,000 jobs, as it seeks to capitalise on a growing appetite for cheap food on the go. Subway, which sells a wide range of freshly made submarine sandwiches, as well as salads, said on Tuesday it was targeting 3,000 stores by 2020, up from 2,500 currently. "The expansion plans are in response to consumer demand," it said. Britain''s food-to-go market is forecast to be worth nearly 22 billion pounds by 2021, up from 16.1 billion pounds in 2016, according to industry research group IGD. Other major food-to-go specialists in the UK include Pret A Manger and Greggs ( GRG.L ). Subway is owned by U.S.-based Doctor''s Associates Inc, but its stores are all owned and operated by a network of franchisees. Subway shut 359 restaurants in the United States last year amid stiff competition in a highly fragmented fast-food industry. Globally Subway has more than 44,000 outlets in 112 countries from Afghanistan to Zambia. (Reporting by James Davey; Editing by Susan Fenton) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-subway-stores-idUKKBN19O2MV'|'2017-07-04T02:10:00.000+03:00'
'17aec242163150acc571e6d152d429ec57d0c658'|'Exclusive - Indian utility bets $10 billion on coal power despite surplus, green concerns'|'Business News - Tue Jul 4, 2017 - 2:12pm BST Exclusive: Indian utility bets $10 billion on coal power despite surplus, green concerns FILE PHOTO - A worker levels a salt pan near electricity pylons in Mumbai, India, January 16, 2017. REUTERS/Shailesh Andrade/File Photo By Sudarshan Varadhan and Neha Dasgupta - NEW DELHI NEW DELHI India''s state-run power utility plans to invest $10 billion in new coal-fired power stations over the next five years despite the electricity regulator''s assessment that thermal plants now under construction will be able to meet demand until 2027. In the first phase, India''s biggest power producer, NTPC ( NTPC.NS ), plans to build three new plants with a combined capacity of more than 5 gigawatts (GW), nearly double the capacity of those currently being phased out, five senior company officials said. The company has not made the investment public because it has not yet received government approval. If approved, the plan could set back efforts by the world''s third-largest greenhouse gas emitter to control carbon output and raise questions about Prime Minister Narendra Modi''s vow to stand by commitments under the Paris climate accord. The proposal also comes as several coal-fired stations built in the last power boom a decade ago are standing idle due to softer-than-expected demand. State-controlled Coal India ( COAL.NS ) is struggling to sell its stockpile as a result. But other indicators indicate demand will pick up, a top NTPC executive said, asking not to be named because the plan had not yet been announced. "I don''t think (the current) electricity surplus will be there for a long time," he told Reuters. "We should not fool ourselves." More than 300 million of India''s 1.3 billion people are still not hooked up to the grid, according to NITI Aayog, which makes policy recommendations to the government. As connections improve, the panel reckons, the country''s per-capita power consumption could jump around a third to up to 2,924 kilowatt-hours by 2040 from 2012 levels. In the next decade, the around 50 GW of capacity from thermal plants due to come online by 2022 will meet demand, the Central Electricity Authority (CEA) said. Additional supplies will come from sources such as solar and wind, it said. Asked about NTPC''s plan, CEA chairman RK Verma said the commercial decisions of the company were its own affair. "NTPC is a commercial organization and they must be having their own commercial considerations," Verma said. For its part, a spokesperson at NTPC would say only: "NTPC takes decisions after consulting both the CEA and the ministry of power." THERMAL VS RENEWABLE Solar power generation capacity in India has more than tripled in three years to more than 12 GW since Modi targeted raising energy generation from renewable sources to 175 GW by 2022, against total installed capacity at the end of May of 330.3 GW. Around 78 percent of generated power in India at the moment still comes from coal-fired plants, however, making it one of the biggest users of the dirty and cheap fuel in the world. Carbon dioxide emissions from India''s thermal plants are expected to jump to 1,165 million tonnes by 2026/27 from 462 million tonnes in 2005, the CEA estimates. Emission intensity, measured in carbon dioxide emissions versus GDP, is likely to fall, however. India is undergoing a program to retrofit several coal-fired plants to reduce emissions. ( bit.ly/2tBpNFI ) The plants planned by NTPC are "supercritical", meaning they are 2-3 percent more efficient than conventional plants and therefore have lower emissions. NTPC''s proposal is likely to be greeted with alarm by environmental activists who are already worried by the CEA''s statement that existing power plants are unlikely to meet India''s emission norms before the Paris deadline of December this year. "Adding more power plants would aggravate health impacts even further," said Sunil Dahiya, an energy activist with Greenpeace in New Delhi, when asked about the possibility of new coal-fired plants. NTPC''s proposal is to build plants of two 660 megawatt (MW) units each at Singrauli in central India''s Madhya Pradesh and Talcher in Odisha in the east. The biggest plant, with a capacity of 2.4 GW in the eastern state of Jharkhand, was close to getting clearance from the environment ministry, one of many steps in the process of getting government approval, one of the senior company officials said. A plan announced by NTPC last year to generate 10 GW of energy from renewable sources by 2022 was making slow progress due to land acquisition issues, another company official said. (For a graphic on India''s power demand, click tmsnrt.rs/2sBRwGl. ) (Editing by Krishna N. Das and Sonya Hepinstall)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-india-power-ntpc-exclusive-idUKKBN19P1NC'|'2017-07-04T16:12:00.000+03:00'
'd11808a8b96579cd69cf7006d79a23fdb2d2e845'|'Spain''s Santander launches 7 bln euros rights issue at 4.85 eur/share'|'MADRID, July 3 Spain''s Banco Santander on Monday launched a 7 billion euros ($7.95 billion) rights issue at a price of 4.85 euros per share, a move it had flagged a month ago when it took over rescued peer Banco Popular for a nominal euro.It also said its net profit for the first half of the year would be 3.6 billion euros, up 24 percent from last year. ($1 = 0.8800 euros) (Reporting by Jesus Aguado; Editing by Julien Toyer)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/popular-ma-santander-equity-idUSL8N1JU59S'|'2017-07-04T00:06:00.000+03:00'
'12024491e2b56cf759f87525d1c563aa0a13df17'|'Lloyds and the FCA should go public over HBOS Reading fraud'|'A nother day, another round of apologies and expressions of deep regret from Lloyds for the victims of the HBOS Reading fraud . The occasion this time was the publication of a few passages from a 2012 regulator’s report that had previously been redacted while police investigated the scandal.The relevant paragraphs show that Reading alone was responsible for £240m of the provisioning in HBOS’s accounts in 2007. The figure tallies with sums that emerged during this year’s court case that led to the jailing of six individuals. But the timing of the £240m provision is interesting. It suggests that Lloyds, which bought HBOS in January 2009, would have known the size of the mess in Reading on day one of its ownership.It may be true that, at that stage, Lloyds viewed the affair as merely a case of bad lending by HBOS’s out-of-control operations. But, given the size of the provision, the complaints of fraud by the small business customers were plainly worthy of investigation. How were those complaints handled, and by whom?The allegation – heard consistently over the years, and very loudly since sentences were passed in February – is that Lloyds tried to cover up the fraud and was deaf to the victims’ arguments. The bank argues its hands were tied once police started to investigate in 2010 and that, in any case, fraud was only established in court. But, at the conclusion of the trial, it appointed Dame Linda Dobbs , a retired high court judge, to review the complaints of a cover-up.The important thing now is that the Dobbs review is published in full. As things stand, Lloyds has merely committed to share the findings with the Financial Conduct Authority . That is how the regulatory system works but, between them, Lloyds and the FCA need to find a way to get the findings in the public domain. A decade on, only the full story will do.Worldpay should be predator, not prey Damn. Royal Bank of Scotland – the 72% state-owned bank – sold Worldpay for £2bn to a private equity crew in 2010. Now the card processor, a member of the FTSE 100 index these days, is worth £8bn as US bidders loom .Actually, the tale isn’t quite so simple. RBS was under orders to sell Worldpay as a condition of the 2008 taxpayer-funded bailout. The bank held an auction and got the best price at the time. Besides, one suspects the business would have been starved of investment if it had remained within RBS. The idea that £6bn has been “lost” to RBS is about three-quarters illusion.Can Worldpay itself resist £8bn-plus offers, assuming Vantiv and JP Morgan convert their approaches into real bids? Well, it shouldn’t surrender its independence without a fight. Card processing, we’re told, is a business that is going global and, in that context, Worldpay has strategic value. It has 40% of the UK market and can operate in 126 currencies in 140 countries. By rights, it ought to be predator rather than prey.In the real world, investors whose Worldpay shares were worth 320p on Monday will want to look at any bid above 400p. But the directors should push hard. Card processing enjoys fat profit margins – the fees are tiny in percentage terms but add up to a big figure – and the growth of ecommerce makes the long-term outlook stable.Chairman Sir Mike Rake should not feel compelled to enter negotiations unless he thinks he can get at least 450p a share. RBS was a forced seller. Worldpay is not.Nisa business if you can get it It was the “best sales performance in years,” said Sainsbury’s chief executive, Mike Coupe. Really? The 2.3% like-for-like improvement in the first quarter may be the highest figure in ages but, if we’re talking “best,” one should adjust for the inflationary breezes now blowing through grocery-land.Sainsbury’s didn’t quantify the contribution from higher prices but a reasonable estimate is about 2%. If so, the first-quarter sales performance looks commendably solid – but no more so than in the periods when Sainsbury’s did well to stand still when others, including Tesco, were going backwards.In the end, the spin is irrelevant. What matters more is that Argos has been digested smoothly, the store-in-store openings are happening and the eventual cost savings are still promised to be £160m. The deal now looks smart.Would a purchase of convenience store operator Nisa also fit the bill? Coupe wouldn’t comment on the talks but the commercial logic looks fine. Sainsbury’s would bring its buying power to the party and some of the Nisa store owners would probably improve their sales by converting their shops to Sainsbury’s Locals.The objection that Nisa would be a distraction feels wrong. Supermarkets, knowing the old profits margins are never coming back, are obliged to find new tricks. Nisa, from the point of view of Sainsbury’s, looks a low-risk adventure.Topics HBOS Nils Pratley on finance Lloyds Banking Group Financial Conduct Authority Banking Regulators comment'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jul/04/lloyds-and-the-fca-should-go-public-over-hbos-reading'|'2017-07-04T03:00:00.000+03:00'
'1339161843d0a21320682fc7873cb6bc7270fc2f'|'MIDEAST STOCKS-Gulf may move sideways, global environment mixed'|' 37am EDT MIDEAST STOCKS-Gulf may move sideways, global environment mixed DUBAI, July 4 Gulf stock markets look set to move sideways on Tuesday with the international environment mixed and uncertainty prevailing over the diplomatic dispute around Qatar. Brent oil jumped 3.7 percent on Monday, its biggest one-day gain since December 2016, but has fallen back 0.5 percent to $49.41 in Tuesday''s Asian trade. MSCI''s broadest index of Asia-Pacific shares outside Japan is down 0.6 percent. Foreign ministers from the four Arab countries sanctioning Qatar will meet in Cairo on Wednesday to discuss the dispute. Kuwaiti state media reported Qatari foreign minister Sheikh Mohammed bin Abdulrahman al-Thani had submitted to Kuwait Doha''s formal response to the Arab states'' demands, but the contents of the response have not been revealed. Recent comments by Qatari officials suggest it is unlikely to acquiesce to enough of the demands by the late Tuesday deadline to avoid further sanctions. But Monday''s buying by foreign investors in the Qatari stock market suggests some funds do not think the additional sanctions would be crippling and there is now value in the market. Dubai-listed GFH Financial said it had obtained approval from the central bank of Bahrain to buy back up to 5 percent of its issued treasury shares. Much of this good news may already be reflected in the share price, however; the stock jumped 6.3 percent on Monday. (Reporting by Andrew Torchia)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1JV0GF'|'2017-07-04T08:37:00.000+03:00'
'5badabb8312f7601c028bd2fcf24c6c72aa937de'|'Russia outlook clouded by oil, new sanctions risk - S'|'Business News - Tue Jul 4, 2017 - 1:14pm BST Russia outlook clouded by oil, new sanctions risk - S&P FILE PHOTO: A view shows the Kremlin wall, with the Moscow International Business Center also known as ''''Moskva-City'''' seen in the background, in Moscow, Russia, February 27, 2016. REUTERS/Grigory Dukor/File Photo By Alexander Winning and Andrey Ostroukh - MOSCOW MOSCOW The outlook for Russia''s sovereign credit rating is clouded by the prospect of a new round of U.S. sanctions, oil price weakness and doubts over its economic recovery, S&P Global''s primary analyst for the country said. S&P has Russia''s long-term foreign-currency rating one notch below investment grade at BB+, but revised its outlook on Russia to positive from stable in March. Russian officials have been talking up the prospect that international rating agencies like S&P will lift Russia out of the "junk" category if the Russian economy returns to growth this year after two years of contraction as expected. Ravi Bhatia, S&P Global''s director for sovereign and international public finance ratings, said that while there were strong aspects to Russia''s story, new risks had emerged since S&P raised its outlook in March. "There are some issues on the horizon. One is the possible new round of sanctions, another is the oil price, a third is whether this recovery in Russian GDP growth is going to be sustained," Bhatia told Reuters in an interview. Russia, for which higher ratings would be proof that it has emerged from an economic crisis, is sensitive to fluctuations in global oil prices as the commodity is one of its key exports. Oil prices hit a seven-month low last month, while a threat by U.S. lawmakers to impose new economic sanctions would depress already low investment levels and hurt Russian asset prices. "It''s a fairly weak economic recovery across the board ... there''s a bit of domestic consumption, a bit of investment but the rebound is not so strong," Bhatia said. Bhatia''s comments suggest it is far from certain that S&P will move Russia back to investment grade at its next planned review in September. As primary analyst for Russia, Bhatia presents his views on the Russian economy to the S&P committee which makes the ratings decision. Russia''s central bank governor, Elvira Nabiullina, said last month that she saw grounds for an increase in Russia''s rating, while Finance Minister Anton Siluanov said he was confident measures planned by the government would lift the rating. But while Russian officials publicly express confidence in future ratings upgrades, privately they admit this might not happen in the next few months. International ratings agencies are "in no way ready to upgrade Russia by the end of the year", said a Russian official who has regular contacts with ratings agencies. Moody''s, another of the big three international ratings agencies, assigns Russia its highest sub-investment grade rating, while Fitch gives Russia its lowest investment-grade rating. Among strengths for Russia, S&P''s Bhatia noted officials were trying to keep fiscal policy relatively tight, the country was broadly stable politically and that it was running consistent current account surpluses. Regarding possible new U.S. sanctions, Bhatia said restrictions on foreign ownership of Russian assets would be a concern but that Russia would probably to be able to cover its current borrowing needs. A dearth of structural reforms and bad demographics are added worries, he said. "It''s not looking like a dynamic story unless the oil market changes quite considerably," Bhatia said. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-ratings-s-p-idUKKBN19P1HX'|'2017-07-04T15:14:00.000+03:00'
'c1fe7b566745ed6613aaf7a41250f171a8a6dd17'|'Lagerfeld parades Chanel models under mini Eiffel Tower'|'PARIS Karl Lagerfeld presented Chanel''s haute couture collection under a scaled-down version of the Eiffel Tower on Tuesday.Haute couture fashion week is open to an exclusive club of designers who make bespoke collections by hand and includes Chanel, Dior and Jean-Paul Gaultier.Lagerfeld has a history of eye-catching set designs for his runway shows and models have previously weaved through an airport departure lounge, a supermarket and a busy brasserie.This season it was back to basics with the mock-up tower straddling a catwalk inside the Grand Palais.Models paraded in demure A-line skirts, hooded coats and wide-legged jumpsuits in classic Chanel tweed.They were crowned with matching bowler-style hats in keeping with the collection''s vintage feel, although their transparent low block heels added a modern twist.Another of Lagerfeld''s labels, Fendi, is set to close the Paris fashion week on Wednesday. (Reporting by Johnny Cotton; Editing by Richard Lough and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fashion-paris-couture-chanel-idUSKBN19P1K5'|'2017-07-04T15:40:00.000+03:00'
'bec43c4c37c7f2ab0a9726dca1bcb7875f6832af'|'EU clears Italy''s $6 bln state bailout for Monte dei Paschi'|'July 4, 2017 / 1:46 PM / 8 minutes ago EU clears Italy''s $6 billion state bailout for Monte dei Paschi 4 Min Read A Monte dei Paschi di Siena advertisement is seen on a screen in a bank window in downtown Milan, Italy, January 14, 2016. Stefano Rellandini/File Photo BRUSSELS/MILAN/ROME (Reuters) - The European Union has approved a state bailout of Italy''s fourth-largest lender, Monte dei Paschi di Siena ( BMPS.MI ), taking the total amount of Italian taxpayer funds deployed to rescue banks over the past week to more than 20 billion euros ($23 billion). Outside Greece, Europe has not seen such big state bailouts since the aftermath of the global financial crisis, raising political concerns about the continued use of public funds to mop up losses at badly run banks despite the introduction of new EU rules designed to prevent this. In a statement on Tuesday, EU state aid regulators said Rome could inject 5.4 billion euros ($6 billion) into Monte dei Paschi after the bank agreed to a drastic overhaul, including the transfer of bad loans to a special vehicle and a salary cap for senior managers. The bank''s overall capital shortfall is 8.1 billion euros, an Italian Treasury official said, down from the 8.8 billion euros previously calculated by the European Central Bank. Monte dei Paschi, the world''s oldest bank, turned to the state for a bailout after failing to raise 5 billion euros on the market to shore up its capital. Barely a week ago Italy pledged up to 17 billion euros, mostly in guarantees, to prevent senior bondholders, depositors and staff from being hit by the winding up of two regional banks, Popolare di Vicenza and Veneto Banca. That deal also involved Italy''s biggest retail bank, Intesa Sanpaolo ( ISP.MI ), acquiring the two banks'' best assets for a token euro. The Italian government believes a profit can still be made from the bailouts. "I am confident state money will be recouped, perhaps at a premium," finance minister Pier Carlo Padoan said on Tuesday, referring to Monte dei Paschi. Viable Monte dei Paschi''s five-year restructuring plan, due to be presented on Wednesday, will ensure the Tuscan bank''s long-term viability, EU state aid regulators said on Tuesday. As part of the overhaul Monte Paschi will transfer 26.1 billion euros to a privately funded special vehicle on market terms, with the operation partially funded by Italian bank rescue fund Atlante II. It will also change its business model to focus on retail customers, and small- and medium-sized companies. Monte dei Paschi said late last year it would be seeking a "precautionary recapitalisation" under EU state-aid rules after its attempt to raise capital from private investors failed. According to Padoan the state will take a 70 percent stake in the Tuscan bank while the lender''s chairman said the state would exit in 2021. "This capital injection could only be approved after junior bondholders and shareholders have contributed to the costs of restructuring, in line with "burden-sharing" requirements under EU state aid rules," said EU Competition Commissioner Margrethe Vestager. Besides the state capital injection junior bondholders and shareholders will contribute 4.3 billion euros from the conversion of junior bonds into equity. At the same time Monte dei Paschi has earmarked 1.5 billion euros to compensate retail junior bondholders who are the victims of mis-selling, it added. Burdened by bad loans and a mismanagement scandal, Monte dei Paschi has been at the forefront of Italy''s slow-moving banking crisis. It emerged as Europe''s weakest lender in stress tests last July. ($1 = 0.8812 euros) Reporting by Foo Yun Chee in Brussels , Stephen Jewkes in Milan and Antonella Cinelli in Rome; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-eu-montepaschi-stateaid-idINKBN19P1PQ'|'2017-07-04T20:57:00.000+03:00'
'c69bc11d2eb3bba610522978293f5b0d21dcf299'|'Dubai Investments in talks to acquire Union Properties'' stake in Emicool'|'DUBAI Dubai Investments DINV.DU said on Tuesday it is in initial talks to buy Union Properties''s UPRO.DU stake in Emirates District Cooling LLC (Emicool), in a move to take full control of the district cooling service provider.Emicool, an equally owned venture between Dubai Investments and Dubai property developer Union Properties, had been slated for a flotation this year.The company may go through a private sale and then an initial public offering later this year, Dubai Investments'' chief executive Khalid Bin Kalban said in a telephone interview."They have the intention to sell, and we have the intention to buy," Kalban said, adding that talks were in initial stages. He did not provide a value for the stake.(Reporting by Hadeel Al Sayegh)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-dubai-investment-emicool-m-a-idUSKBN19P1H0'|'2017-07-04T16:05:00.000+03:00'
'5b9a0605ef890e77413d526823cc348b3d56f098'|'PRESS DIGEST- Financial Times - July 4'|'July 4 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesBain and Cinven prepare for fresh 4.1 bln euros Stada bid( on.ft.com/2tDaGM5 )Repsol and Gazprom set up joint venture( on.ft.com/2ti9tXQ )EDF warns Hinkley Point could cost extra 1.5 bln stg( on.ft.com/2t8WTvC )OverviewPrivate equity groups Bain Capital and Cinven are preparing to submit a fresh offer for German generic drugmaker Stada for about 4.1 billion euros ($4.66 billion) as early as this week, reviving what would be Europe''s largest buyout in four years just days after their previous offer of 5.3 billion euros fell through.Spanish energy company Repsol SA established a joint venture with Russia''s Gazprom Neft after selling a 25 percent stake in its Evrotek-Yugra project of seven oil blocks in western Siberia to the Russian oil company. Gazprom Neft has an option to increase its stake in the venture to 50 percent.Hinkley Point C nuclear power station in Britain could cost 1.5 billion pounds ($1.94 billion) more than initially expected, according to a review by French state-owned utility EDF that come less than a year after the project received final approval.($1 = 0.8796 euros) ($1 = 0.7727 pounds) (Compiled by Bengaluru newsroom; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1JU5GD'|'2017-07-04T02:34:00.000+03:00'
'e845259b6a5b3856b0f5e6f8811530ae4079bd07'|'Acacia seeks arbitration after Tanzania tears up mining contracts'|'Commodities  13am EDT Acacia seeks arbitration after Tanzania tears up mining contracts LONDON Acacia Mining on Tuesday said it was seeking an adjudicator to resolve its dispute with the Tanzanian government, a day after the east-African country passed two laws to force companies to re-negotiate their contracts. Tanzania''s President John Magufuli has sent shock-waves through the mining community with a series of actions since his election in 2015 that he says are to distribute revenue to the Tanzanian people. Speaking at a televised public rally in northwest Tanzania on Tuesday, Magufuli said he had decided to rush through bills passed on Monday because Tanzania was fighting an economic war. "We couldn''t wait to pass the laws because of the large scale theft taking place in the mining sector," Magufuli said. Tanzania''s largest miner Acacia, majority owned by Barrick Gold, said in a statement that notices of arbitration were served on behalf of companies that own its Bulyanhulu and Buzwagi mines, hit by an export ban. "The serving of the notices at this time is necessary to protect the Company," Acacia said. "But, this notwithstanding, Acacia remains of the view that a negotiated resolution is the preferable outcome to the current disputes and the company will continue to work to achieve this." Tanzania accused Acacia of tax evasion in 2016 in a case that is ongoing and was this year accused of operating illegally. The miner denies the allegations. And in March, Magufuli imposed an export ban on unprocessed ore to encourage the construction of local smelters, rather than allow profits from processing to be accrued abroad. International mining companies have said mining must help to enhance the economic development of Tanzania, but the relationship has to be a fair partnership. Shares in Acacia, which have nearly halved since the export ban in March, were down nearly 1 percent by 1345 GMT. (Reporting by Zandi Shabalala in London and Fumbuka Ng''wanakilala in Dar es Salaam; Editing by Barbara Lewis and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-acacia-mining-tanzania-idUSKBN19P1SI'|'2017-07-04T17:11:00.000+03:00'
'ee27b592ef8b3a8510e12149947dc42477e0c836'|'Brazil wind, solar projects stall as power demand remains sluggish'|'SAO PAULO, July 3 Brazil''s government will not award new licenses for wind and solar power generation projects, despite requests from the renewable energy sector, as power markets struggle with oversupply in a sluggish economy, a top official said.Brazil was one of the world''s fastest growing markets for the wind power sector in the first half of the decade with a flurry of farms appearing along the nation''s vast, windy coast. But a deep recession that began in early 2014 and from which Brazil is only now emerging brought the trend to a halt.The last licenses for new wind or solar generation projects were awarded in 2015. An auction for licenses was called off in 2016 and it is unlikely new licenses will be issued this year."We cannot choose a segment and say it is insulated from the crisis, give it a guaranteed demand," Deputy Energy Minister Paulo Pedrosa said at a Sao Paulo conference last week. "Strictly considering the technical side, we have to say no."Pedrosa said the government has received requests from wind and solar equipment makers to resume licensing. He said pressure also comes from governors of states holding the bulk of the wind generation capacity in Brazil.Despite those pressures, Pedrosa said it was impossible to even guess when the government will resume licensing for the projects.When it was booming at the turn of the decade, Brazil attracted global wind turbine manufacturers such as Denmark''s Vestas Wind Systems, U.S.''s GE and Spain''s Gamesa, who built plants in the country. Their order books are increasingly thinner, as old projects mature and there is no fresh demand.Newcomers such as photovoltaic panel makers BYD and Canadian Solar are likely to feel the orders'' drought as well.Erik Rego, a power sector consultant at Excelência Energética, agreed with the government''s stance. He said there is no need for new projects unless the government decides to stimulate the industry and build a buffer for when power consumption increases.Since there is no demand from power distributors to buy power forward, one way to create new projects would be to include them in a government plan to build spare capacity as a way to guarantee supply when demand increases rapidly, Rego said.But since this has a cost that in the end would have to be financed by consumers, there is resistance in the government to carrying such a plan out. (Writing by Marcelo Teixeira; Editing by Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-power-wind-solar-idUSL8N1JU52W'|'2017-07-04T02:09:00.000+03:00'
'6548dc97e1020e37b75ba9852af6a4903b41bed3'|'Companies have to open up about climate risks - Shell CEO'|'Business News - Tue Jul 4, 2017 - 5:35pm BST Companies have to open up about climate risks - Shell CEO FILE PHOTO: Ben van Beurden, chief executive officer of Royal Dutch Shell, listens to a question during a news conference in Rio de Janeiro, Brazil, February 15, 2016. REUTERS/Sergio Moraes LONDON Climate change poses one of the biggest long-term risks to the global economy and companies, including big oil and gas firms such as Shell, have to be open about how the risks will affect them, its chief executive said on Tuesday. Shell, one of the biggest oil and gas producing firms in the world, is under growing pressure from some shareholders to improve its carbon footprint and sustainability credentials. Shell said it assesses climate change risks internally but it has so far not disclosed in detail what financial impact climate-related risks could have. A think-tank estimated last month that energy companies could be wasting more than $2 trillion (£1.5 trillion) by 2025 on projects that will not be needed if governments'' carbon-reduction targets are met. "It is right that it should be transparent which companies are truly on firm foundations over the long-term," Shell CEO Ben van Beurden wrote in a post on social media platform LinkedIn. Shell''s press office confirmed its veracity. Last week, Shell signed up to a G20 task-force working on a framework to improve the ability to assess and price climate-related risks. Van Beurden said Shell will help the task-force determine a way to disclose commercially sensitive data. (Reporting by Karolin Schaps, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-climatechange-idUKKBN19P23V'|'2017-07-04T19:35:00.000+03:00'
'b8dd3d1e05d690db3b575e4f20772a162acc41bf'|'German firms operating abroad see better business despite risks - DIHK'|'  8:25am BST German firms operating abroad see better business despite risks - DIHK The skyline of the banking district is pictured in Frankfurt, October 21, 2014. REUTERS/Ralph Orlowski BERLIN A majority of German firms operating abroad are more optimistic about their business than they have been in a long time, a survey of the DIHK chambers of commerce showed on Tuesday. Some 56 percent of the 4,000 firms surveyed by DIHK said they expected better business over the next 12 months and more than a third said they expect the economies in their host countries to improve. Despite the optimism, a record high of 50 percent said they considered political risks as a top threat to their business over the next 12 months. Britain''s divorce negotiations with the European Union, U.S. trade policies and protectionism were named as major risks. (Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-dihk-idUKKBN19P0QC'|'2017-07-04T10:25:00.000+03:00'
'47394b9988dadf6cd6d681e4a7f3f404eebf9eaf'|'Meister''s Corvex Management targets Clariant -Bloomberg'|'Deals - Tue Jul 4, 2017 - 9:14am EDT Corvex, NYC investment group seek to scuttle Clariant-Huntsman deal left right FILE PHOTO: CEO Hariolf Kottmann (L) of Swiss chemical company Clariant and Huntsman CEO Peter Huntsman smile after a news conference in Zurich, Switzerland May 22, 2017. REUTERS/Arnd Wiegmann/File Photo 1/2 left right Keith Meister, founder and chief investment officer at Corvex Management LP., speaks during the Sohn Investment Conference in New York May 4, 2015. REUTERS/Brendan McDermid 2/2 By John Miller - ZURICH ZURICH Activist investor Keith Meister''s Corvex hedge fund and New York''s 40 North have taken a 7.2 percent stake in Clariant ( CLN.S ) to fight the Swiss chemical maker''s planned merger with Huntsman Corp ( HUN.N ). "There are excellent opportunities to unlock value from the many high quality businesses that currently comprise Clariant," said a spokesman for White Tale, the vehicle they created to buy the stake. "Unfortunately, we do not believe that the proposed merger with the Huntsman Corporation is one of those options." Meister, who is a protege of billionaire investor Carl Icahn, manages assets worth $6 billion with Corvex and took a 5.5 percent stake in communications company Century Inc ( CTL.N ) earlier this year. 40 North, run by New York real estate investor David Winter and former Bear, Stearns & Company financial analyst David Millstone, held a stake in Clariant before linking with Corvex in their bid to overturn the Huntsman deal. Winter and Millstone are also co-CEOs of roofing maker Standard Industries. Their gambit is the latest by a U.S.-based activist investor in Europe, with billionaire investor Daniel Loeb''s Third Point last month taking a $3.5 billion stake in Nestle ( NESN.S ) to pressure the Swiss food giant to boost performance and repurchase shares. Nestle subsequently announced a nearly $21 billion share buyback. Clariant, which on Tuesday noted the increased investment by Corvex without addressing Corvex''s opposition to the merger, said it has been in contact with the hedge fund since last year when it initially took a stake. "As with all our shareholders we maintain an open dialogue with them," a Clariant spokesman said. Huntsman did not return a phone call seeking comment. Clariant shares traded 3 percent higher by 1310 GMT. FRIENDLY MERGER Clariant and Huntsman in May announced a merger valued at around $20 billion including debt in which Clariant shareholders would hold 52 percent of the combination. They talked up the friendship between chief executives Hariolf Kottmann and Peter Huntsman as well as prospects for faster growth for the combined company as rationale for "a merger of equals". Among other things, they expect about $400 million in annual cost synergies. The deal, creating a company with about $13 billion in annual sales, had support of German families that own almost 14 percent of Clariant. The stake at least gives Corvex and 40 North a platform to lobby against the deal or try to flush out an alternative bid. They contend the Clariant-Huntsman transaction lacks strategic rationale and undercuts Clariant''s strategy of becoming a pure-play specialty chemicals company. "Shareholders ought to reject this value destructive merger," the White Tale spokesman said. Some analysts said the merger makes sense, in particular after Huntsman spins off its Venator pigments business in an IPO. "Huntsman''s portfolio, after the pending Venator spin-off, offers a highly complementary growth portfolio, in our view - complementary in a way that it puts both companies on a sounder, broader footing," Kepler Cheuvreux''s Christian Faitz said. NO DATE FOR VOTE No date has yet been set for shareholders to vote on the merger, Clariant said, but a source familiar with the situation said a meeting would be scheduled only after Huntsman spins off Venator. The source said a business combination agreement between Clariant and Huntsman is already in place and would be difficult to rewrite. Still, some investors said the merger always looked like a defensive move designed to protect Clariant or Huntsman from being swallowed up by a larger group. "We sold our position following the Huntsman announcement," said a former top-10 investor in Clariant. "The logic for value accretion for Clariant shareholders was questionable, so I do understand where Corvex is coming from." Baader Helvea analyst Markus Mayer said a counteroffer was now more likely, citing Germany''s Evonik ( EVKn.DE ) and Lanxess ( LXSG.DE ) as having courted Clariant in the past and as companies including BASF ( BASFn.DE ) that could still be interested in the Swiss company. "Clariant is an attractive bride," said Martin Lehmann, of 3V Asset Management AG in Zurich. Clariant is among his fund''s largest holdings. "I hope another interested party steps in and makes an offer," he said. 40 North''s Winter and Millstone also have been building up Standard Industries, their roofing materials company, including through a $2.1 billion takeover of Germany''s Braas Monier and the $1 billion purchase of Denmark''s Icopal. (Reporting by John Miller and Oliver Hirt in Zurich, Arno Schuetze in Frankfurt and Maiya Keidan and Simon Jessop in London; editing by Jason Neely and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-clariant-corvex-idUSKBN19O2L9'|'2017-07-04T01:16:00.000+03:00'
'7015cd52feae934ec554b38007bc7fe2723a79de'|'Black gold: Tax hike under GST could boost illegal bullion, jewellery sales'|'July 4, 2017 / 6:39 AM / 41 minutes ago Black gold: Tax hike under GST could boost illegal bullion, jewellery sales By Rajendra Jadhav 3 Min Read FILE PHOTO: A salesperson attends to a customer (not pictured) inside a jewellery showroom, during Akshaya Tritiya, a major gold-buying festival, in Mumbai, India April 28, 2017. Shailesh Andrade/File Photo MUMBAI (Reuters) - A hike in taxes on gold sales in India could stoke under-the-counter buying and drive up appetite for precious metal smuggled into the country, where millions of people store big chunks of their wealth in bullion and jewellery. As part of a new nationwide sales tax regime that kicked in on July 1, the Goods and Services Tax (GST) on gold has jumped to 3 percent from 1.2 percent previously, with traders and buyers saying the move will likely force more transactions into the black market. "Three percent is too much. I preferred to buy without receipts. The jeweller did not have any problem," said a middle-aged buyer, who declined to be identified after making purchases on Monday at the country''s biggest bullion market, Zaveri Bazaar in Mumbai. Smaller shops could be more inclined to sell without receipts, potentially hitting sales at big jewellers that keep to the rules, said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city Kolkata. "Just to save 1 percent, some customers were earlier buying gold without receipts. With the 3-percent GST, now many more will be tempted to make unofficial purchases from small jewellers," Ajmera said. The tax hike could also encourage more smuggling into the world''s second biggest gold consumer, which buys almost all its bullion abroad. Gold smuggling has been rife since India raised import duties on the metal to 10 percent in a series of hikes to August 2013, looking to curb demand to narrow a gaping current account deficit. The World Gold Council estimates smuggling networks imported up to 120 tonnes of gold into India in 2016. "The GST rate has increased the incentive to bring in smuggled gold. The government should reduce import duty and make smuggling unviable," said Aditya Pethe, a director at Waman Hari Pethe Jewellers in Mumbai. The country''s legal imports typically stand at around 800 tonnes a year, with the metal used in everything from investment to religious donations and wedding gifts. "A lower import duty would increase legal imports and ultimately legal sales. Tax revenue would go up instead of going down," said Daman Prakash Rathod, director at wholesaler MNC Bullion in the southern city of Chennai. Reporting by Rajendra Jadhav; Editing by Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-gold-tax-idINKBN19P0M1'|'2017-07-04T09:38:00.000+03:00'
'0e10fb89f5f4547fd1692bf24208514e4da4bdbd'|'New Tanzania law requires government to have shares in mining firms'|'Business   7:45pm BST New Tanzania law requires government to have shares in mining firms DAR ES SALAAM Tanzania''s parliament amended mining and tax laws late on Wednesday to make it mandatory for the government to own at least a 16 percent stake in mining projects, the state-run Tanzania Information Services said. "In any mining operations under a mining licence or a special mining licence, the government shall have not less than 16 (percent) non-dilutable free-carried interest shares in the capital of a mining company," read the text of the new law. (reporting by Fumbuka Ng''wanakilala; writing by Katharine Houreld; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tanzania-lawmaking-idUKKBN19P2CA'|'2017-07-04T21:45:00.000+03:00'
'1ddc7772ffd489462245575fa98150eedc77490b'|'EU clears Monte Paschi precautionary recapitalisation with overhaul'|'  7:12pm BST EU clears Italy''s $6 billion state bailout for Monte dei Paschi FILE PHOTO: The entrance of Monte dei Paschi bank headquarters is pictured in Siena, Italy, June 30, 2017. REUTERS/Stefano Rellandini - RTS19BD4/File Photo BRUSSELS/MILAN/ROME The European Union has approved a state bailout of Italy''s fourth-largest lender, Monte dei Paschi di Siena ( BMPS.MI ), taking the total amount of Italian taxpayer funds deployed to rescue banks over the past week to more than 20 billion euros ($23 billion). Outside Greece, Europe has not seen such big state bailouts since the aftermath of the global financial crisis, raising political concerns about the continued use of public funds to mop up losses at badly run banks despite the introduction of new EU rules designed to prevent this. In a statement on Tuesday, EU state aid regulators said Rome could inject 5.4 billion euros ($6 billion) into Monte dei Paschi after the bank agreed to a drastic overhaul, including the transfer of bad loans to a special vehicle and a salary cap for senior managers. The bank''s overall capital shortfall is 8.1 billion euros, an Italian Treasury official said, down from the 8.8 billion euros previously calculated by the European Central Bank. Monte dei Paschi, the world''s oldest bank, turned to the state for a bailout after failing to raise 5 billion euros on the market to shore up its capital. Barely a week ago Italy pledged up to 17 billion euros, mostly in guarantees, to prevent senior bondholders, depositors and staff from being hit by the winding up of two regional banks, Popolare di Vicenza and Veneto Banca. That deal also involved Italy''s biggest retail bank, Intesa Sanpaolo ( ISP.MI ), acquiring the two banks'' best assets for a token euro. The Italian government believes a profit can still be made from the bailouts. "I am confident state money will be recouped, perhaps at a premium," finance minister Pier Carlo Padoan said on Tuesday, referring to Monte dei Paschi. VIABLE Monte dei Paschi''s five-year restructuring plan, due to be presented on Wednesday, will ensure the Tuscan bank''s long-term viability, EU state aid regulators said on Tuesday. As part of the overhaul Monte Paschi will transfer 26.1 billion euros to a privately funded special vehicle on market terms, with the operation partially funded by Italian bank rescue fund Atlante II. It will also change its business model to focus on retail customers, and small- and medium-sized companies. Monte dei Paschi said late last year it would be seeking a "precautionary recapitalisation" under EU state-aid rules after its attempt to raise capital from private investors failed. According to Padoan the state will take a 70 percent stake in the Tuscan bank while the lender''s chairman said the state would exit in 2021. "This capital injection could only be approved after junior bondholders and shareholders have contributed to the costs of restructuring, in line with "burden-sharing" requirements under EU state aid rules," said EU Competition Commissioner Margrethe Vestager. Besides the state capital injection junior bondholders and shareholders will contribute 4.3 billion euros from the conversion of junior bonds into equity. At the same time Monte dei Paschi has earmarked 1.5 billion euros to compensate retail junior bondholders who are the victims of mis-selling, it added. Burdened by bad loans and a mismanagement scandal, Monte dei Paschi has been at the forefront of Italy''s slow-moving banking crisis. It emerged as Europe''s weakest lender in stress tests last July. ($1 = 0.8812 euros) (Reporting by Foo Yun Chee in Brussels , Stephen Jewkes in Milan and Antonella Cinelli in Rome; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-montepaschi-stateaid-idUKKBN19P1PQ'|'2017-07-04T16:39:00.000+03:00'
'93a2f9830ef7ddf9c59a20a8beb2e0288cd7bafa'|'Daimler sues SKF in wake of EU competition settlement'|'Autos  33am BST Daimler sues SKF in wake of EU competition settlement Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo STOCKHOLM Sweden''s SKF ( SKFb.ST ) said on Tuesday it was being sued by German automaker Daimler AG ( DAIGn.DE ) in the wake of a 2014 EU settlement for violations of competition rules in the European bearings industry. European Union antitrust regulators in March 2014 fined SKF and several other suppliers a total of 953 million euros ($1.08 billion) for taking part in a ball bearings cartel. The settlement left European carmakers eyeing possible legal action. In November last year, SKF said German automaker BMW ( BMWG.DE ) had opened a lawsuit against the Swedish company and other bearings makers. "Daimler requests payment from SKF in the amount of at least EUR 59 million plus interest and reimbursement of costs," SKF said in a statement. "SKF strongly believes that the activities sanctioned by the European Commission have not caused any damage to its business partners." SKF, whose shares eased 0.9 percent versus a 0.5 percent decline in the Stockholm bourse''s blue chip index .OMXS30 , said Daimler had filed the lawsuit with Landgericht Nurnberg-Furth in Germany. (Reporting by Niklas Pollard and Johan Ahlander, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-skf-daimler-idUKKBN19P0QT'|'2017-07-04T10:33:00.000+03:00'
'7fee35427de8e50b0e8dc3f7921224ee8aa170e2'|'WRAPUP 1-Australia cenbank steers steady course on rates, knocks A$'|' 36am EDT WRAPUP 1-Australia cenbank steers steady course on rates, knocks A$ * RBA holds interest rates at record low 1.50 pct * The Australian dollar falls half a U.S. cent after statement * May retail sales up 0.6 pct vs 0.2 pct forecast * Clocks best two months of sales since end-2013 By Swati Pandey and Wayne Cole SYDNEY, July 4 Australia''s central bank stuck to a neutral stance on the economy and interest rates on Tuesday, a marked divergence from some of its peers abroad who have recently signalled an intent to tighten monetary policy. The Australian dollar sank half of a U.S. cent after the Reserve Bank of Australia (RBA) finished its July policy meeting with rates staying at a record low 1.50 percent, where it has been since August last year. Investors had bid the currency up on speculation the central bank would turn hawkish like its counterparts in Europe and Canada. Instead, its statement was anodyne. "The Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," it repeated. Indeed, it even refrained from highlighting the recent pick up in employment, noting only that the indicators remain "mixed." Official data showed employment blew past forecasts to jump 42,000 in May, a third straight month of upbeat outcomes that drove the jobless rate to a four-year trough of 5.5 percent. The RBA''s reticence to play up the numbers even led the futures market to pare back the probability of a hike in interest rates. The December contract implied a 4 percent chance of a move higher, down from 12 percent on Monday. Su-Lin Ong, head of fixed income strategy for Australia and New Zealand at Royal Bank of Canada, said the central bank''s statement showed a "firmly neutral bias" on policy. "Following the shift in global central banking rhetoric in recent weeks, the hawks were disappointed by the RBA today and we expect that to remain the case for some time," she said. The RBA did sound optimistic about future economic growth, but cautioned against record high household debt in the country''s red-hot property market especially as wages growth was stuck at its slowest pace ever. The central bank fears that trend of household debt outpacing income growth was eating into spending elsewhere in the economy. CONSUMERS SHOW PANACHE Earlier, data from the Australian Bureau of Statistics (ABS) showed the country''s retailers enjoyed another strong month of sales in May as shoppers splurged on household goods, a sign that the economy picked up speed after a disappointing first quarter. Retail sales rose 0.6 in May, beating expectations for a meagre 0.2 percent increase. It also follows a solid 1.0 percent jump in April, marking the best two months of sales since end-2013. The data should comfort the RBA which had feared ballooning debt in the sizzling property sector was pinching consumers'' ability to spend elsewhere in the economy. "Two firmer months together do suggest the consumer was doing more of the heavy lifting when it comes to economic growth in the second quarter," said Michael Blythe, chief economist at Commonwealth Bank. But "the fundamentals are still poor - people are worried about losing their jobs or ever getting a wage rise. So it''s hard to say this is a definitive turning point." ($1 = 1.3041 Australian dollars) (Editing by Sam Holmes & Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-economy-idUSL3N1JV1Z7'|'2017-07-04T08:36:00.000+03:00'
'7d2e1c0830df401f77ebe690b82c2b53088f9f4c'|'Public sector pay: why workers are squeezed more than private sector'|'Monday 3 July 2017 18.54 BST Last modified on Monday 3 July 2017 21.42 BST When Theresa May took the stage at the Conservative party conference last autumn she reprised her pledge for a fairer economy. Specifically, she homed in on pay growth, or the lack of it. “Our economy should work for everyone, but if your pay has stagnated for several years in a row and fixed items of spending keep going up, it doesn’t feel like it’s working for you,” the prime minister declared. Fast-forward to this summer and the one in six workers who ply their trade in the public sector will know exactly what she is talking about. Living costs are rising at an increasingly rapid pace and, thanks to a cap imposed by May’s government, public sector pay is falling behind. Under the Conservatives’ austerity drive, a large part of the pain has been borne by public sector workers – a broad cohort ranging from low-paid NHS workers to high-paid civil servants. Their pay was frozen in the financial years 2011-12 and 2012-13 – except for the lowest earners. Rises were then limited to an average of 1% from 2013-14 to 2015-16, and then capped at 1% again for the next four years. It remains to be seen if May and her cabinet colleagues, weakened by last month’s election shock, will soften that stance. The current squeeze on public sector workers is in stark contrast to the years of the global financial crisis. Their pay was relatively protected after the crash while earnings in the private sector fell. Average weekly earnings for the public sector were £479 in 2011, up 9% from £439 in 2008. In the private sector, average weekly earnings were up just 3% over the same period to £448 in 2011, and that was before taking into account inflation. But thanks to government-set pay restraint, public sector workers have missed out on the recovery in wage growth in recent years. Average weekly earnings Now that the pound’s sharp drop since the Brexit vote is pushing up import costs and stoking inflation, that pay restraint is being felt even more acutely. Wages are falling in real terms for many public sector workers or, in other words, the cost of many goods and services is rising faster than their pay packets. That is also the case for private sector workers , but their real wages are falling at a slower pace. As the Resolution Foundation thinktank recently noted : “The scale of the current public sector pay squeeze is much tighter than in the private sector, and will continue for some time too. “While real growth up to the end of 2016 was 1.6% for the private sector, it had fallen to 0.3% for the public sector.” Official figures for April , when inflation was 2.7% , showed that average weekly earnings were rising 1.2% on a year ago in the private sector and just 0.8% in the public sector. For public sector employers that squeeze is causing serious problems when it comes to recruiting and retaining workers, as shown by the news that more nurses and midwives are now leaving the profession than joining it . That has knock-on costs for the public sector when hospitals and other places of work are forced to rely on agency staff to fill the gaps. Looking into what is pushing people to leave the public sector, the TUC says many workers cannot make ends meet any more. It points to polling of 21,000 health service members last year by the public sector union Unison , which found that one in 10 had pawned possessions to ease their cashflow problems, and a similar proportion had used payday loans. The TUC’s own analysis suggests there is worse to come. It calculated that nurses, firefighters and border guards will all see their real pay drop by more than £2,500 by 2020 if the government sticks to its 1% cap. It is worth noting that going by simple sector-wide averages, those employed by the state are still earning more than those in the private sector. Public sector workers earn about £25,000 a year on average and for the private sector it is £22,500, says Jonathan Cribb at the Institute for Fiscal Studies thinktank. “But once you control for education, age, where people live and their experience, the difference is quite small,” he adds. Furthermore, the gap is narrowing. Based on current plans and on forecasts from the Office for Budget Responsibility, the government’s independent economic forecaster, the IFS says private sector pay will rise six percentage points faster than public sector pay between 2016-17 and 2020-21. That would reduce the average difference between public and private sector pay to a level not seen in at least the last 20 years and to one that is “well below the level seen in the early 2000s when there were shortages of nurses,” notes Cribb. But the government will be wary of rushing into any big policy changes to fix its recruitment troubles. John Hawksworth, the chief economist of accountancy group PwC, says the public sector pay bill was about £180bn last year. “So if you were to raise the public sector pay rise to 3% for the next three years it would cost you an extra £10bn by 2020 compared with current plans,” he adds. “So I guess there’s a clear case for doing it in terms of recruitment and retention and fairness … but on the other hand it is a significant amount and has to be weighed in the overall fiscal balance against other priorities.” Topics '|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/society/2017/jul/03/public-sector-pay-workers-conservatives-cap-inflation'|'2017-07-03T20:54:00.000+03:00'
'2726de9e8f8770193138ce400d374c52c13434a6'|'Logistics firm GLP receives proposals from bidders'|'Deals - Sun Jul 2, 2017 - 11:01pm EDT Global Logistic Properties receives bid proposals, buyout groups seen interested By Anshuman Daga and Clara Ferreira-Marques - SINGAPORE SINGAPORE Global Logistic Properties Ltd said on Monday it had received "firm proposals" from shortlisted bidders, days after sources told Reuters that suitors had narrowed to a management-backed Chinese consortium and a group led by Warburg Pincus. The $10 billion-valued firm is Asia''s biggest warehouse operator, with clients including Amazon.com Inc and JD.com Inc, and is benefiting from rising demand for modern logistics facilities driven by a boom in e-commerce. "The Special Committee is now conducting an in-depth and independent review of all terms of the proposals in consultation with the Company''s external advisers," Singapore-listed GLP said in a statement, without providing details. "The company wishes to reiterate that there remains no certainty that any definitive transaction will materialise from, or that any offer will be made as a result of, any proposals received or the strategic review." GLP''s shares eased 0.4 percent to S$2.85 in early Monday trade. At the current valuation, a transaction would rank as Asia''s largest buyout by private equity groups. Friday was the deadline for parties to submit second-round bids. Concerns over the transparency of the sale process and business ties of the management-backed consortium forced some potential bidders to re-evaluate their interest, sources said. Last month, GLP said it was in discussions with shortlisted bidders and had taken measures to alleviate potential conflicts of interest. Analysts said a smaller number of bids would likely affect the winning price for the company. "Our take on GLP has long been that the company is worth substantially more than its stated book value of S$2.59 ... because of its network of properties in China, which simply cannot be replicated in the medium-term," analyst Daniel Hellberg wrote on independent research platform Smartkarma last week. Hellberg said a smaller number of bidders likely means the winning bid may end up being closer to S$3.0 per share versus his target price of at least S$3.5. Late last year, Singapore sovereign wealth fund GIC Pte Ltd, which owns 37 percent of the warehouse operator, requested GLP start a strategic review of its business. GLP then hired JPMorgan as financial adviser. GIC declined comment on GLP''s latest statement. (Reporting by Anshuman Daga and Clara Ferreira Marques; Editing by Stephen Coates and Christopher Cushing) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-glp-m-a-idUSKBN19N0ZI'|'2017-07-03T02:48:00.000+03:00'
'f523b2a1131636d142a01c839e4f4bc555244d6f'|'Black gold: India tax hike could boost illegal bullion, jewelry sales'|'Business News - Tue Jul 4, 2017 - 3:08am EDT Black gold: India tax hike could boost illegal bullion, jewelry sales FILE PHOTO: A salesman arranges gold ornaments, on a display board, inside a jewellery showroom during Akshaya Tritiya, a major gold buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo By Rajendra Jadhav - MUMBAI MUMBAI A hike in taxes on gold sales in India could stoke under-the-counter buying and drive up appetite for precious metal smuggled into the country, where millions of people store big chunks of their wealth in bullion and jewelry. As part of a new nationwide sales tax regime that kicked in on July 1, the Goods and Services Tax (GST) on gold has jumped to 3 percent from 1.2 percent previously, with traders and buyers saying the move will likely force more transactions into the black market. "Three percent is too much. I preferred to buy without receipts. The jeweler did not have any problem," said a middle-aged buyer, who declined to be identified after making purchases on Monday at the country''s biggest bullion market, Zaveri Bazaar in Mumbai. Smaller shops could be more inclined to sell without receipts, potentially hitting sales at big jewelers that keep to the rules, said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city Kolkata. "Just to save 1 percent, some customers were earlier buying gold without receipts. With the 3-percent GST, now many more will be tempted to make unofficial purchases from small jewelers," Ajmera said. The tax hike could also encourage more smuggling into the world''s second biggest gold consumer, which buys almost all its bullion abroad. Gold smuggling has been rife since India raised import duties on the metal to 10 percent in a series of hikes to August 2013, looking to curb demand to narrow a gaping current account deficit. The World Gold Council estimates smuggling networks imported up to 120 tonnes of gold into India in 2016. "The GST rate has increased the incentive to bring in smuggled gold. The government should reduce import duty and make smuggling unviable," said Aditya Pethe, a director at Waman Hari Pethe Jewellers in Mumbai. The country''s legal imports typically stand at around 800 tonnes a year, with the metal used in everything from investment to religious donations and wedding gifts. "A lower import duty would increase legal imports and ultimately legal sales. Tax revenue would go up instead of going down," said Daman Prakash Rathod, director at wholesaler MNC Bullion in the southern city of Chennai. (For a graphic on India''s gold market, click tmsnrt.rs/2c1U49q ) (Reporting by Rajendra Jadhav; Editing by Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-india-gold-tax-idUSKBN19P0M3'|'2017-07-04T10:08:00.000+03:00'
'527daf1779e502a0f233df0a0f888ca03e067339'|'Australia''s Fairfax ends talks with PE suitors without formal bid'|'Deals - Sun Jul 2, 2017 - 11:03pm EDT Australia''s Fairfax ends talks with PE suitors without formal bid FILE PHOTO: People walk outside the Fairfax Media headquarters building in Sydney, Australia, May 3, 2017. REUTERS/Jason Reed By Byron Kaye and Tom Westbrook - SYDNEY SYDNEY Australian newspaper publisher Fairfax Media Ltd said two private equity firms withdrew from rival takeover bids worth up to A$2.9 billion ($2.2 billion), leaving it to proceed with demerger plans and sending its shares sharply lower. The country''s oldest newspaper house, owner of The Sydney Morning Herald and The Australian Financial Review, was midway through spinning off its property listings unit when TPG Capital Management LP and Hellman & Friedman made buyout approaches in May. With neither firm lodging a binding offer by a June 30 deadline, Sydney-headquartered Fairfax said it would now press ahead with a break-up which would see it list its biggest revenue generator, Domain. "It appeared that the complication of our business was such that they didn''t want to bid for the whole business," Fairfax Chairman Nick Falloon told an analyst briefing on Monday morning. Fairfax shares fell as much as 13 percent, hitting their lowest intraday level since March, 92 cents, compared with the higher of the private equity indicative bids, A$1.25. The stock traded at A$5.00 in 2007. Traditional media companies around the world have been in decline as customers seek content more cheaply online and advertisers focus their spending on internet giants like Facebook Inc and Google. Domain however has benefited from a property boom in Sydney and Melbourne. A standalone Domain listing will see it compete more directly with REA Group Ltd, a property classifieds business two-thirds owned by News Corp. SILVER LINING REA shares have doubled in two years and Fairfax shareholders have long hoped for similar returns from a Domain listing, with Fairfax keeping up to 70 percent of the unit. "Domain''s continuing to grow and ... get closer to REA," said Reece Birtles, managing director at fund manager Martin Currie Australia, Fairfax''s second-biggest shareholder. "The digitization of the traditional newspaper business is removing significant costs, so we think they have a good future." Fairfax said that while overall revenue fell about 6 percent for the year to June 30, Domain''s revenue grew about 10 percent, including an increase of 22 percent in digital revenue. It said it expected to report pre-tax profit between $262 million and A$266 million for the year, in line with analyst expectations and down as much 7.5 percent on the previous year. A Hellman & Friedman spokeswoman was not immediately available for comment. TPG confirmed on Sunday that it had abandoned its bid without offering an explanation. The troubles for Australia''s media are not limited to newspapers. Free-to-air television broadcaster Ten Network Holdings Ltd said on Monday receivers had been appointed and it had secured funding to stay afloat until Aug. 31. (Reporting by Byron Kaye and Tom Westbrook; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fairfax-media-m-a-idUSKBN19N0YJ'|'2017-07-03T02:22:00.000+03:00'
'3886794e47ded6c636a93a6af54104eef3676c22'|'Qatar plans to boost gas output capacity amid Gulf rift'|'July 4, 2017 / 11:04 AM / 33 minutes ago Qatar shows mettle, offers compromise as Gulf states prepare meeting By Tom Finn and Rania El Gamal 7 Min Read Qatar''s Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani attends a joint news conference with German Foreign Minister Sigmar Gabriel (not pictured) in Doha, July 4, 2017. Naseem Zeitoon DOHA (Reuters) - Qatar announced plans for a steep rise in gas production capacity on Tuesday that suggested it was readying for a protracted dispute with Gulf neighbours, but said it was doing all it could to reach agreement. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain were due to meet on Wednesday to decide whether to continue sanctions they imposed on Qatar on accusations it was aiding terrorism and courting regional rival Iran. Doha denies the charges and has submitted to mediator Kuwait replies to 13 demands that the gathering will consider. "What Qatar has given in goodwill and good initiative for a constructive solution, based on dialogue, we believe should be sufficient (to show) we have carried out our duties from our side," Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani told a news conference in Doha. "There is a lot of progress that has been made on that front (countering terrorism financing)... but of course there is always room for improvement". The three Gulf states and Egypt have severed diplomatic and transport ties with Doha in a dispute that has raised concern across the Middle East and beyond. Western states fear a lengthy dispute, besides threatening political instability, could upset supply chains in a region vital for energy supplies. German Foreign Minister Sigmar Gabriel told the same Doha news conference he felt Qatar had shown restraint in the row which began on June 5 when the Gulf states severed diplomatic and transport ties. "We hope others will respond in a similar spirit." Qatar says it is ready to meet any "reasonable" demands. But the Gulf state, with a population of just over two million to Saudi Arabia''s 31 million, may be reluctant to carry out conditions such as the closure of the al-Jazeera television station and removal of a Turkish military base - matters it considers impinge on Qatari sovereignty. Qatar mounted what appeared to be a show of strength on Tuesday, when the state-owned Qatar Petroleum announced plans to raise liquefied natural gas (LNG) capacity by 30 percent. Its immediate effect will be to worsen a glut on the LNG market where Australia, the United States and Russia vie. Qatar Petroleum chief executive Saad al-Kaabi said the firm would increase gas production from its giant North Field, which it shares with Iran, by 20 percent after new gas development. In April, Qatar lifted a self-imposed ban on development of the North Field, the world''s biggest natural gas field, and announced a new project to develop its southern section, increasing output in five to seven years. That new project will raise Qatar''s total LNG production capacity by 30 percent to 100 million tonnes from 77 million tonnes per year, Kaabi said. The decision will have international ramifications. With such low production costs and LNG facilities closer to buyers in Europe and Asia, the Qatari move means U.S. producers could struggle to sell their LNG competitively and projects still needing finance could struggle to find investors. So far only Cheniere exports U.S. LNG, but there are project proposals with a total capacity of some 150 million tonnes/year. Energy sales have driven Qatar''s rapid rise as a regional player, with vast infrastructure projects and widening diplomatic influence as well as a role in the Syrian conflict that is viewed with suspicion by Gulf neighbours. The Saudi Ambassador to Sudan Ali Hassan Jaafar, speaking at a news conference, said he hoped the Gulf crisis would end "in the coming hours" with the Qatari response to demands. "We wish well for the people of Qatar and we hope that the rulers of Qatar return to their senses," he said. "We want stability in the Gulf region and in the Arab region. … If these demands are not fulfilled we will defend our security and stability and there will be other measures." Iranian Question The LNG glut has already driven down prices. Asian spot LNG prices LNG-AS have fallen more than 40 percent this year to $5.50 per mmBtu and by 70 percent from peaks in 2014. So far, the majority of LNG is supplied via long-term contracts between producers and users which allow little flexibility and in many cases also prevent importers from reselling cargoes. With supplies far outpacing demand, analysts expect more and more LNG to be freely traded. Many producers have already started to offer contracts without resale or destination restrictions. Kaabi, alluding to suggestions that the Gulf states may ask trading partners to choose between them and Doha, said the company''s operations would not be affected by the crisis. "Qatar Petroleum will continue working...If some companies decide they don''t want to work with QP that''s their choice. We will find other foreign companies to work with," he said. Analysts said the move to boost production was partly to do with added competition in the LNG market, mainly from Australia, the United States and Russia. "It is also to do with Iran now set to increase production on the South Pars field, which means they can up production from their side of the field (North Field) without destabilizing the geology of the field," said Oliver Sanderson, gas analyst at Thomson Reuters. Some experts say that, while the Gulf States accuse Qatar of cooperating too closely with Iran, their sanctions could push it to closer cooperation with Tehran on gas production and exports from the shared field. "Qatar needs the support of Iran now more than any time before. I don''t believe it would be possible for Qatar to increase production without the cooperation with Iran, if in the long term the (political) situation stayed same as now," said Reza Mostafavi Tabatabaei, president of London-based ENEXD, a firm involved in oil and gas equipment in the Middle East. "Also, major (oil) companies may be asked to choose between working in Qatar or Saudi/UAE and Egypt, otherwise there be sanctions against them. That’s why I don’t think that developing this project by Qatar now will be as easy as before, politically not financially," he added. Qatar Petroleum''s Kaabi said there is no cooperation with Iran on any project in the North Field, but the countries have a joint committee that meets yearly to discuss development of the field. While QP owns a majority stake, energy firms including Total, Mitsui & Co and ConocoPhillips also possess small stakeholdings. RasGas is a 70/30 percent joint venture between QP and Exxon Mobil. "Qatar has one of the lowest LNG production costs in the world. It has followed an astute policy of maximizing value from market prices around the world," said Ajay Singh, special advisor at Japan Petroleum Exploration Co and former gas executive at Shell. "For Qatar, LNG is everything." Reporting by Tom Finn, Issam Abdallah and Rania El Gamal; additional reporting by Henning Gloystein in Singapore, Aaaron Sheldrick in Tokyo, Jane Chung in Seoul and Nina Chestney in London; Writing by Ralph Boulton; Editing by William Maclean 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/qatar-energy-idINKBN19P1A2'|'2017-07-04T14:01:00.000+03:00'
'a4ae9cedd936ecb82c1e073d9c8e7b42a0ed5322'|'Total nears deal to invest up to $2 billion Iran''s petrochemical industry'|'Business  05am BST Total nears deal to invest up to $2 billion Iran''s petrochemical industry Workers fixing the logo for oil giant Total is seen at a petrol station in Cairo, Egypt, October 13, 2016. REUTERS/Amr Abdallah Dalsh LONDON Total ( TOTF.PA ) and Iran have reached a preliminary agreement to build three petrochemical plants in a deal that if finalised could see the French oil major investing up to $2 billion (1.55 billion pounds) in Iran, an Iranian oil official said on Tuesday. "In the latest talks, the two sides have reached agreement for construction of petrochemical plants with the total capacity of 2.2 million tonnes of petrochemical and polymer products per year," the managing director of Iran''s National Petrochemical Company (NPC) was quoted as saying on Tuesday by SHANA. "We predict that Total would invest $1.5 to $2 billion in Iran''s petrochemical industry if we reach final agreement," Marzieh Shahdaei added. France''s Total signed a deal with Tehran on Monday to develop phase 11 of Iran''s South Pars, the world''s largest gas field, marking the first major Western energy investment in the Islamic Republic since the lifting of sanctions against it. Iranian deputy oil minister, Amir Hossein Zamaninia said on Monday that Iran and Total have held "positive talks" to cooperate in petrochemicals but added that the deal was not final. An oil official said in January that Iran plans to build 25 petrochemical plants and is currently seeking $32 billion in foreign investment to fund projects. (Reporting by Bozorgmehr Sharafedin, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iran-total-petrochemicals-idUKKBN19P0ZD'|'2017-07-04T12:05:00.000+03:00'
'2002b3281f8f40378921cdb87a009c88c97adf54'|'VW to start importing cars to Iran in August with partner Mammut Khodro'|'Tue Jul 4, 2017 - 12:18pm BST VW to start importing cars to Iran in August with partner Mammut Khodro FILE PHOTO - A Volkswagen logo is pictured near Poznan, Poland September 9, 2016. REUTERS/Kacper Pempel/File Photo BERLIN Volkswagen ( VOWG_p.DE ) will start importing cars to Iran next month, returning to the resurgent Middle Eastern market after 17 years in a move that may help the German group trim reliance on volatile overseas markets such as China and Brazil. Volkswagen (VW) has signed an agreement with Iran''s Mammut Khodro to import VW brand models Tiguan and Passat via eight dealerships, focusing on the greater Tehran area, VW said on Tuesday. (Reporting by Andreas Cremer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-iran-idUKKBN19P1C7'|'2017-07-04T14:14:00.000+03:00'
'fa083f3f52437743b6a566b5ff006673dce006de'|'EU antitrust regulator raids Irish car insurers'|'Business News - Tue Jul 4, 2017 - 4:24pm BST EU antitrust regulator raids Irish car insurers BRUSSELS The EU antitrust regulator raided on Tuesday several car insurers which may have taken part in a cartel, the European Commission said. The EU competition enforcer did not name the companies in line with its policy. The raids were carried out together with officials from the Irish Competition and Consumer Protection Commission. Companies found guilty of fixing prices and abusing their market power can be fined up to 10 percent of their global revenues. (Reporting by Foo Yun Chee, editing by Julia Fioretti)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-insurance-auto-antitrust-idUKKBN19P1XV'|'2017-07-04T18:24:00.000+03:00'
'037da855961b665eb2a3aa103adcc53d6e3cd7a9'|'UK Stocks-Factors to watch on July 4'|'July 4 Britain''s FTSE 100 index is seen opening 13 points lower on Tuesday, according to financial bookmakers. * ASTRAZENECA: High Court papers indicate a dispute between drug companies AstraZeneca Plc and GlaxoSmithKline Plc after AstraZeneca CEO Pascal Soriot sought to impose a 12-month notice period on a key lieutenant when he tried to join its rival GlaxoSmithKline, according to court documents, The Times reported on Monday. bit.ly/2tJPMv0 * BARCLAYS: Four former Barclays Plc directors have been released on bail after appearing in court in London on Monday to face charges that they conspired to commit fraud during the bank''s 12 billion pound ($15.56 billion)emergency fundraising in 2008, The Telegraph reported on Monday. bit.ly/2uDADI0 * BRITAIN-EU: The British government sought to reassure drug companies and biotech firms on Monday by calling for continued co-operation with the European Union over drug regulation after Brexit. * BANK OF ENGLAND: One of the Bank of England''s interest rate-setters said on Monday he favoured keeping borrowing costs at their historic low, despite a shift among some of his peers at the central bank in favour of a first hike in a decade. * GOLD: Gold edged higher early Tuesday, supported by an easing dollar, but was still near seven-week lows hit in the previous session when it posted its biggest one-day percentage loss since November. * OIL: Oil prices retreated in early Asian trade on Tuesday, halting a run of eight straight days of gains on signs that a relentless rise in U.S. crude production is running out of steam. * The UK blue chip index closed 0.9 percent higher at 7,377.09 points on Monday, bolstered by strong gains among financials, miners and energy companies as oil prices firmed. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Solid State Full Year 2017 Earnings Release RM Half Year 2017 Earnings Release Imagination Technologies Full Year 2016 Earnings Release St. Modwen Properties Half Year 2017 Earnings Release J Sainsbury Q1 Trading Statement Release Staffline Interim Trading Statement Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Justin Varghese; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JV29G'|'2017-07-04T08:35:00.000+03:00'
'57bb845255c892cd2530dddfe7bf97e62e4930af'|'Black gold - India tax hike could boost illegal bullion, jewellery sales'|'Business  43am BST Black gold - India tax hike could boost illegal bullion, jewellery sales FILE PHOTO: A salesman arranges gold ornaments, on a display board, inside a jewellery showroom during Akshaya Tritiya, a major gold buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo By Rajendra Jadhav - MUMBAI MUMBAI A hike in taxes on gold sales in India could stoke under-the-counter buying and drive up appetite for precious metal smuggled into the country, where millions of people store big chunks of their wealth in bullion and jewellery. As part of a new nationwide sales tax regime that kicked in on July 1, the Goods and Services Tax (GST) on gold has jumped to 3 percent from 1.2 percent previously, with traders and buyers saying the move will likely force more transactions into the black market. "Three percent is too much. I preferred to buy without receipts. The jeweller did not have any problem," said a middle-aged buyer, who declined to be identified after making purchases on Monday at the country''s biggest bullion market, Zaveri Bazaar in Mumbai. Smaller shops could be more inclined to sell without receipts, potentially hitting sales at big jewellers that keep to the rules, said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city Kolkata. "Just to save 1 percent, some customers were earlier buying gold without receipts. With the 3-percent GST, now many more will be tempted to make unofficial purchases from small jewellers," Ajmera said. The tax hike could also encourage more smuggling into the world''s second biggest gold consumer, which buys almost all its bullion abroad. Gold smuggling has been rife since India raised import duties on the metal to 10 percent in a series of hikes to August 2013, looking to curb demand to narrow a gaping current account deficit. The World Gold Council estimates smuggling networks imported up to 120 tonnes of gold into India in 2016. "The GST rate has increased the incentive to bring in smuggled gold. The government should reduce import duty and make smuggling unviable," said Aditya Pethe, a director at Waman Hari Pethe Jewellers in Mumbai. The country''s legal imports typically stand at around 800 tonnes a year, with the metal used in everything from investment to religious donations and wedding gifts. "A lower import duty would increase legal imports and ultimately legal sales. Tax revenue would go up instead of going down," said Daman Prakash Rathod, director at wholesaler MNC Bullion in the southern city of Chennai. For a graphic on India''s gold market, click - here (Reporting by Rajendra Jadhav; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-india-gold-tax-idUKKBN19P0N3'|'2017-07-04T09:43:00.000+03:00'
'7183f32f614baa6a2208046dd671e02d695f757d'|'Australia cenbank steers steady course on rates, knocks A$'|'July 4, 2017 / 5:39 AM / 3 minutes ago Australia cenbank steers steady course on rates, knocks A$ By Swati Pandey and Wayne Cole 4 Min Read FILE PHOTO: Pedestrians walk past the Reserve Bank of Australia building in central Sydney, Australia, February 10, 2017. Steven Saphore/File Photo SYDNEY (Reuters) - Australia''s central bank stuck to a neutral stance on the economy and interest rates on Tuesday, a marked divergence from some of its peers abroad who have recently signalled an intent to tighten monetary policy. The Australian dollar sank half of a U.S. cent after the Reserve Bank of Australia (RBA) finished its July policy meeting with rates staying at a record low 1.50 percent, where it has been since August last year. Investors had bid the currency up on speculation the central bank would turn hawkish like its counterparts in Europe and Canada. Instead, its statement was anodyne. "The Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," it repeated. Indeed, it even refrained from highlighting the recent pick up in employment, noting only that the indicators remain "mixed." Official data showed employment blew past forecasts to jump 42,000 in May, a third straight month of upbeat outcomes that drove the jobless rate to a four-year trough of 5.5 percent. The RBA''s reticence to play up the numbers even led the futures market to pare back the probability of a hike in interest rates. The December contract implied a 4 percent chance of a move higher, down from 12 percent on Monday. Su-Lin Ong, head of fixed income strategy for Australia and New Zealand at Royal Bank of Canada, said the central bank''s statement showed a "firmly neutral bias" on policy. "Following the shift in global central banking rhetoric in recent weeks, the hawks were disappointed by the RBA today and we expect that to remain the case for some time," she said. The RBA did sound optimistic about future economic growth, but cautioned against record high household debt in the country''s red-hot property market especially as wages growth was stuck at its slowest pace ever. The central bank fears that trend of household debt outpacing income growth was eating into spending elsewhere in the economy. Consumers Show Panache Earlier, data from the Australian Bureau of Statistics (ABS) showed the country''s retailers enjoyed another strong month of sales in May as shoppers splurged on household goods, a sign that the economy picked up speed after a disappointing first quarter. Retail sales rose 0.6 in May, beating expectations for a meagre 0.2 percent increase. It also follows a solid 1.0 percent jump in April, marking the best two months of sales since end-2013. The data should comfort the RBA which had feared ballooning debt in the sizzling property sector was pinching consumers'' ability to spend elsewhere in the economy. "Two firmer months together do suggest the consumer was doing more of the heavy lifting when it comes to economic growth in the second quarter," said Michael Blythe, chief economist at Commonwealth Bank. But "the fundamentals are still poor - people are worried about losing their jobs or ever getting a wage rise. So it''s hard to say this is a definitive turning point." ($1 = 1.3041 Australian dollars) Editing by Sam Holmes & Shri Navaratnam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/australia-economy-idINKBN19P0HX'|'2017-07-04T08:38:00.000+03:00'
'a6cc6091a168328625972aa0e0e0e334b196ceac'|'Imagination Tech says no progress on Apple dispute, sale talks continue'|'Top News - Tue Jul 4, 2017 - 7:44am BST Imagination Tech says no progress on Apple dispute, sale talks continue The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay LONDON British chip designer Imagination Technologies said it had made no progress in its battle with its biggest customer Apple , and the sale of the company triggered by the dispute was continuing with talks with potential buyers. Imagination said in April that Apple had decided to develop its own graphics chips and would no longer use Imagination''s processing designs in 15 months to two years time, sending its shares down 70 percent on the day. The company, which put itself up for sale last month, said it returned to profitability in the year to end-April, with reported operating profit of 7.8 million pounds ($10.1 million) against a loss of 26.8 million pounds a year earlier. Chief Executive Andrew Heath said: "Apple''s unsubstantiated assertions and the resultant dispute have forced us to change our course, despite the clear progress we have been making." (Reporting by Paul Sandle; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imagntn-tchnlgs-results-idUKKBN19P0N9'|'2017-07-04T09:44:00.000+03:00'
'28397ff64f2895c52f926e31db1936883de849ee'|'Indian diesel imports intensify, may be curbed by monsoon'|'July 4, 2017 / 11:19 AM / 7 hours ago Indian diesel imports intensify, may be curbed by monsoon 3 Min Read A vehicle waits to be filled up with diesel at a petrol station in New Delhi, January 5, 2016. Anindito Mukherjee/Files SINGAPORE (Reuters) - India''s diesel imports have intensified with a state-owned refiner entering the spot market on Tuesday to seek its seventh cargo of the fuel for July, trade sources said. But imports could slow as monsoon season starts in India, they added. India Seeks More The Hindustan Petroleum Corp (HPCL) is seeking 60,000 tonnes of 40ppm sulphur gasoil for delivery into Vizag over July 20-25 in a tender that closes on July 5. This is the state-owned company''s seventh cargo requirement for July, though it was not clear if all previous tenders have been awarded. The HPCL-Mittal Energy Ltd (HMEL) was expected to start up its 230,000 barrels per day Bathinda refinery in Punjab after it shut for planned maintenance in late April, but the refinery is still not back in operation, an industry source said, though this could not immediately be confirmed. Monsoon Could Curb India''s diesel demand has been strong despite the start of monsoon season due to several power outages which has boosted diesel demand in back-up power generators, an industry source said. It is still early days in India''s monsoon season. Once rains intensify, demand for the fuel in the agriculture sector could slow, the source added. New Load Point Oil pricing agency S&P Global Platts said on Tuesday it will include Singapore''s Jurong Aromatics Corp as a loading point in its pricing process known as Market on Close for gasoil and jet fuel from Aug. 1. Sellers in the MOC process will be able to nominate JAC as a loading point for cargoes traded on a FOB Straits basis, it said, following a review last month. Myanmar Demand Myanmar''s refined fuel consumption growth is set to outperform the rest of Asia from 2017 to 2026 due to factors including strong economic growth, a rapid rise in car ownership and a surge in aviation traffic, BMI Research said in a note. Already the sixth-largest net fuel importer in Asia, Myanmar''s imports are expected to grow to over 345,000 barrels per day (bpd) by 2026 from an estimated 212,000 bpd in 2017, it added. Singapore Cash Deals One gasoil and two jet fuel deals reported. Reporting by Jessica Jaganathan, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/markets-distillates-asia-idINKBN19P1BK'|'2017-07-04T14:18:00.000+03:00'
'16785b4a6357f50e662184e8e74eb912b37fcaaf'|'U.S. construction spending unchanged in May'|'WASHINGTON U.S. factory activity rose sharply in June to its highest level in almost three years suggesting economic growth in the second quarter gained some steam, while construction spending held steady in May.The Institute for Supply Management (ISM) said on Monday its index of national factory activity rose to a reading of 57.8 last month, its best performance since August 2014, from 54.9 in May.A reading above 50 in the ISM index indicates an expansion in manufacturing, which accounts for roughly 12 percent of the overall U.S. economy."The ISM index provides further evidence that the prospects for the manufacturing sector remain bright," said Andrew Hunter, an economist at Capital Economics.The reading adds to encouraging signs that the U.S. economy rebounded strongly in the April-June quarter. Following the data, the Atlanta Federal Reserve raised its forecast for second-quarter GDP to a 3.0 percent annualized rate from its previous forecast of 2.7 percent.On Friday, the Commerce Department also reported that the U.S. economy grew at a 1.4 percent annual rate in the first quarter, less slowly than previously estimated.The ISM survey''s new orders sub-index rose to 63.5 in June from 59.5 the prior month. A measure of factory employment increased to a reading of 57.2 from 53.5 in May.According to ISM, comments from those surveyed generally reflected expanding conditions, "with new orders, production, employment, backlog and exports all growing in June compared to May and with supplier deliveries and inventories struggling to keep up with the production pace." Fifteen of the 18 manufacturing industries reported growth in June.Another survey released on Monday, the Markit Manufacturing Purchasing Managers'' Index, gave its lowest reading since last SeptemberThe dollar rose to a session high against a basket of currencies after the ISM data, while the yield on the 2-year U.S. Treasury note rose to a more than eight-year high. The Dow Jones Industrial Average hit a record high.CONSTRUCTION SPENDING MIXEDMeanwhile, U.S. construction spending unexpectedly remained flat in May but federal government outlays on construction projects were the highest in more than four years.The Commerce Department said on Monday that construction spending in May remained unchanged at $1.23 trillion. Spending in April was revised to show it declining 0.7 percent after a previously reported 1.4 percent fall.Economists polled by Reuters had forecast construction spending rising 0.3 percent in May. Construction spending increased 4.5 percent from a year ago.Federal government construction spending jumped 6.4 percent in May to its highest level since January 2013.The May construction spending release included revisions to data back to January 2015, the Commerce Department said.In May, private construction spending fell 0.6 percent, the biggest decline since October 2015, after declining 0.2 percent in April. Investment in private residential construction also declined 0.6 percent, the biggest fall since July 2014, after rising 0.5 percent the prior month.Spending on private nonresidential structures fell 0.7 percent in May, the fifth straight monthly decline.Investment in public construction projects rose 2.1 percent in May after dropping 2.7 percent in April.Outlays on state and local government construction projects increased 1.7 percent in May after falling 2.7 percent in April.(Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-construction-idUSKBN19O1LA'|'2017-07-03T17:12:00.000+03:00'
'dd9181d7104a2497e24a2f1bbed48915b8d2727a'|'Printing money would trigger painful South Africa recession: central bank governor'|'Intel - Sun Jul 2, 2017 - 7:16am EDT Printing money would trigger painful South Africa recession: central bank governor FILE PHOTO: South Africa''s Reserve Bank Governor Lesetja Kganyago speaks during a television interview at the World Economic Forum on Africa 2017 meeting in Durban, South Africa, May 4, 2017. REUTERS/Rogan Ward JOHANNESBURG South Africa risks slipping into a long and painful economic recession if the central bank is forced to abandon its policy of reducing inflation and protecting the currency, Reserve Bank governor Lesetja Kganyago said on Sunday. In an editorial article published in the Sunday Times newspaper, Kganyago said the recent recommendation by an anti-graft agency for the central bank to focus on growth misunderstood the dangers of persistently high consumer prices. "The past half-century is littered with examples of painful recessions caused by the need to reduce runaway inflation created by authorities trying to create growth by printing money," Kganyago said. Credit downgrades by two of the top three ratings agencies, based on the economic and political turmoil, have dented business and consumer confidence in South Africa, which has just suffered two quarters of economic contraction. Public Protector Busisiwe Mkhwebane set-off a political row this month when she called for an overhaul of the bank''s mandate - to focus on growth rather than inflation and the currency - rattling investors and hitting the rand hard. The bank has since filed a court challenge to quash the recommendation. On Friday, Finance Minister Malusi Gigaba echoed parliament''s and the ruling party''s denouncement of the recommendation, accusing the agency of overstepping the mark. The bank aims to keep price-growth below 6 percent, currently at 5.4 percent, and since early 2014 has lifted benchmark interest rates by 200 basis points in a bid to cool inflation and encourage long-term investment. "Monetary policy is always about supporting economic growth in a sustainable way. Experience shows economies grow stronger and more consistently at lower inflation rates," Kganyago said. (Reporting by Mfuneko Toyana; Editing by Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-safrica-cenbank-idUSKBN19N0F4'|'2017-07-02T15:16:00.000+03:00'
'19942d7a6a5c265d256924fa800fc8169ffdb906'|'Barclays former CEO and three bankers in court to face fraud charges - Business'|'John Varley, the former chief executive of Barclays , will be among three former bankers to appear at Westminster magistrates court on Monday to face charges of fraud for events that took place at the height of the financial crisis.Varley is scheduled to appear along with Roger Jenkins, Tom Kalaris and Richard Boath following the announcement by the Serious Fraud Office last month that they were to be prosecuted over the way Barclays raised billions of pounds from Qatar in 2008. They are the first senior bankers to face criminal charges for events dating back to the banking crisis almost a decade ago, when Barclays avoided a taxpayer bailout by raising £11.8bn in emergency funds from a number of major investors, including Qatar. The four are charged alongside Barclays itself.The charges relate to the two fundraisings Barclays embarked on in June and October 2008 with two investment vehicles related to Qatar, including one used by the prime minister at the time, Sheikh Hamad bin Jassim bin Jaber al-Thani, and a $3bn (£2.3bn) loan advanced to Qatar in November 2008.The four individuals and the bank are charged with conspiracy to commit fraud by false representation in relation to a fundraising in June 2008. Varley, Jenkins and the bank are also charged with conspiracy to commit fraud by false representation in relation to the fundraising that took place in October 2008. Varley, Jenkins and the bank face a further charge of providing unlawful financial assistance through the loan.Jenkins and Boath both said they would contest the charges; there has not been any comment from Varley and Kalaris. Barclays has said it is considering its position.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/02/barclays-former-ceo-and-three-bankers-in-court-to-face-charges'|'2017-07-02T03:00:00.000+03:00'
'5ab35cbfc09b0eb3c4c9279a0a9b3ac0a6b36d8b'|'UPDATE 1-Regulators step in to save Etisalat Nigeria from collapse'|'(Adds further details, comment by Etisalat, board changes)By Chijioke OhuochaLAGOS, July 4 Nigeria''s central bank and its telecoms industry regulator have intervened to save the country''s fourth largest telecoms firm from collapse after talks with local banks to renegotiate a $1.2 billion loan failed, a regulatory source said on Tuesday.Etisalat Nigeria is the biggest foreign-owned victim of dollar shortages plaguing the country due to lower oil prices and economic recession, leaving the company struggling to make repayments to lenders and suppliers.The Nigerian Communication Commission (NCC) said Etisalat Nigeria and its creditors have reached a resolution on key issues on the indebtedness and that a transition process was continuing on mutually agreed terms.It said the resolution would ensure that Etisalat Nigeria was maintained as a going concern regardless of changes in the company''s shareholders.As a result the company has appointed the central bank''s deputy governor Joseph Nnanna as chairman, Boye Olusanya as chief executive and Funke Ighodaro as chief financial officer, Etisalat Nigeria''s vice president for regulatory affairs, Ibrahim Dikko, told Reuters.The regulatory source said the central bank had provided assurances to lenders but had not invested any funds, adding that the company''s minority owner, Abu Dhabi''s Etisalat , has indicated it may pull out of Nigeria following the debt crisis but has not made a decision on the use of its brand in the country.On June 23 the central bank said Abu Dhabi state investment fund Mubadala, which had a 40 percent stake in Etisalat Nigeria, had already pulled out of the company and the debt negotiations.The 13 lenders involved in the $1.2 billion loan deal arranged for Etisalat four years ago, have been under pressure to avoid loan-loss provisions and were pushing to finalise a restructuring before half-yearly audits due in June.With central bank involvement, the lenders could get some foreberance on provisions pending when the debt crisis is resolved or the company is sold to new investors, the regulatory source said.On Monday Chief Executive Matthew Wilsher resigned after chairman Hakeem Belo-Osagie departed.Last month lenders initiated changes in Etisalat Nigeria''s shareholding structure to enforce their rights under the loan default agreement. UAE''s Etisalat has said it is carrying its 45 percent stake in the Nigerian arm at nil value.A source at the telecoms industry regulator said the new interim board made up of six members will operate for six months and will include a member representing the shareholders.Regulators have said they want to protect Etisalat Nigeria''s 4,000 workers and are seeking to prevent lenders placing the telecoms firm in receivership in order to avoid a wider debt crisis. They held talks with Etisalat''s lenders last week, the regulatory source said.Etisalat Nigeria has a 14 percent share of the country''s mobile market, behind MTN with 47 percent, Globacom with 20 percent and Airtel, a subsidiary of India''s Bharti Airtel, with 19 percent. (Additional reporting by Camillus Eboh in Abuja; Editing by Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/etisalat-group-nigeria-regulators-idUSL8N1JV2IE'|'2017-07-04T16:18:00.000+03:00'
'4fb8e06728782c6e66fe10c34bb6e1f2a90062e4'|'Asian shares ride U.S., European gains, dollar hovers near seven-week high'|'Business News - Tue Jul 4, 2017 - 4:44am BST Asian shares ride U.S., European gains, dollar hovers near seven-week high left right A man looks at a stock quotation board outside a brokerage in Tokyo, Japan, April 18, 2016. REUTERS/Toru Hanai 1/2 left right FILE PHOTO - People are reflected in a stock quotation board outside a brokerage in Tokyo, Japan January 14, 2016. REUTERS/Toru Hanai 2/2 By Nichola Saminather - SINGAPORE SINGAPORE Asian shares rose on Tuesday, thanks to strength in Europe and the United States as oil''s longest stretch of daily price gains in over five years lifted energy shares, while markets in Seoul were briefly shaken by a missile launched by North Korea. MSCI''s broadest index of Asia-Pacific shares outside Japan added 0.3 percent. Japan''s Nikkei was up 0.4 percent, and South Korea''s KOSPI was 0.1 percent lower. The KOSPI earlier dropped as much as 0.4 percent and the South Korean won stumbled 0.3 percent after reports North Korea had launched an missile that could land in Japanese exclusive economic zone. South Korean President Moon Jae-in called a meeting of the National Security Council in response. The South Korean currency was last down 0.1 percent at 1,148.1 won to the dollar at 0210 GMT. Australian shares advanced 1.65 percent, bouncing solidly from a 2.3 percent loss over the previous two sessions. "Synchronised gains for both U.S. markets and the U.S. dollar was seen overnight with optimism channeled to the markets at the start of the week," Jingyi Pan, market strategist at IG in Singapore, wrote in a note. Overnight on Wall Street, the S&P 500 index and the Dow Jones Industrial Average posted gains of 0.2 percent and 0.6 percent, respectively, led by financials and energy shares. The Nasdaq lost 0.5 percent, as the rotation away from technology names continued. An error in Nasdaq''s computer systems caused some third-party providers to incorrectly show large after-hours swings for the prices of Amazon Inc, Microsoft Corp and Apple Inc shares. Google parent Alphabet Inc and eBay Inc shares were among others that all appeared to be priced at $123.47 on some financial news websites on Monday evening. The actual prices of the stocks were not affected and no trades were completed at that price, a Nasdaq spokesman confirmed. U.S. markets are closed on Tuesday for the independence day holiday. European markets posted even stronger gains, with the FTSEurofirst 300 jumping as much as 1.2 percent following steep losses last week. In currency markets, the dollar crept down 0.2 percent to 113.275 yen on Tuesday, but remained within a hair of a seven-week high of 113.47 touched on Monday. The dollar jumped after a private index of June domestic manufacturing activity rose more than expected while other data showed government outlays on construction projects in May at their highest in more than four years. That sent two-year U.S. Treasury yields surging to their highest level since November 2008. "Expectations towards the Federal Reserve hiking interest rates later this year had perhaps sunk too low," said Shin Kadota, a senior strategist at Barclays in Tokyo. "We are now seeing such lowered expectations being reversed a little." The dollar index, which tracks the greenback against a basket of trade-weighted peers, was down almost 0.1 percent at 96.146, holding on to most of Monday''s 0.6 percent gain. The Australian dollar climbed 0.1 percent to $0.7666 ahead of a Reserve Bank of Australia meeting at which the central bank is expected to leave benchmark interest rates unchanged at a record low 1.5 percent. The euro was little changed at $1.1366 on Tuesday. Sterling inched higher to $1.294, but failed to make up most of Monday''s 0.7 percent loss after poorer-than-expected data from Britain''s manufacturing sector. Crude futures posted their first session of losses in nine, ending their longest run of gains since February 2012, as traders closed positions ahead of the U.S. holiday. U.S. crude slipped 0.5 percent to $46.82 a barrel. Global benchmark Brent also fell 0.5 percent to $49.41. On Monday, it closed up 3.7 percent, its biggest one-day gain since December 2016. Gold inched up from its lowest level in more than seven weeks hit on Monday on the dollar''s strength. Spot gold was up 0.1 percent at $1,222.21 an ounce on Tuesday. (Reporting by Nichola Saminather; Additional reporting by Shinichi Saoshiro; Editing by Sam Holmes & Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19P01N'|'2017-07-04T06:20:00.000+03:00'
'3a7afaf883e617cae5208103e8e662109f661de8'|'UK''s Hunting says U.S. shale boom helping business'|'  7:55am BST UK''s Hunting says U.S. shale boom helping business Oilfield services company Hunting Plc ( HTG.L ) said on Tuesday its revenue for the first half was boosted by onshore drilling in the United States, particularly in shale oil regions such as the Permian basin in West Texas. The company, which provides drilling and infrastructure support to oil explorers, said it had recommissioned a previously mothballed facility and added personnel to its perforating systems unit to meet the increased demand. Hunting, however, said U.S. offshore and international drilling markets remained weak due to low oil prices, and that drilling budgets continued to be reduced by oil companies, hurting the prospects of oil services firms. U.S. oil drillers cut two rigs last week, the first time since January, to 756 and the pace of additions slowed this quarter due to declines in crude prices despite an OPEC-led effort to cut production and end a multi-year supply glut. Shale oil producers in the United States, however, plan to keep drilling new wells despite a drop in crude prices CLc1 this month but expect to revisit spending should pricing remain below $45 a barrel for several months. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hunting-shale-idUKKBN19P0NX'|'2017-07-04T09:55:00.000+03:00'
'b99f94f16fc879e6693ef28c2e12833b4a84b752'|'Exclusive - Italian court to hear $3 billion claim against Morgan Stanley'|'Tue Jul 4, 2017 - 3:18pm BST Exclusive: Italian court to hear $3 bln claim against Morgan Stanley - source By Giselda Vagnoni - ROME ROME Italian prosecutors have decided to take Morgan Stanley ( MS.N ) to court over allegations that the U.S. bank caused 2.7 billion euros ($3.1 billion) in losses to the state in relation to derivative transactions, a source familiar with the matter said. The Corte dei Conti, which rules on abuses of public funds, is bringing the case against Morgan Stanley on behalf of Italy''s taxpayers. Its prosecutors made their decision after an investigation into derivatives contracts they say were drawn up by Morgan Stanley ( MS.N ) and Italian officials, which caused losses to the state. In going to trial, the prosecutors believe there is a case to answer. The hearings are expected to begin next April, the source said. If the allegations are proven, a judge may order Morgan Stanley to pay compensation to the Italian government. "The investigation phase has ended and the court will hear the damages claims," the source said, seeking anonymity because he was not authorized to speak publicly on the decision. Morgan Stanley declined to comment. Last August, Morgan Stanley said in a securities filing it had received a proposal from an Italian prosecutor about a payment to settle derivative transactions. Morgan Stanley said the proposed claim was groundless. The derivative transactions were originally entered into between 1995 and 2005 and were terminated in December 2011 and January 2012, Morgan Stanley said in the filing. The Corte dei Conti case centers on interest rate derivatives agreed between the Treasury and Morgan Stanley. They were meant as a form of insurance for the government, one of the most heavily indebted in Europe, in the event that market interest rates were to rise. After the 2008-2009 global financial crisis, interest rates plunged, enabling Italy to borrow more cheaply in the bond markets but incurring large losses on its derivative positions. Offsetting such gains and losses are a normal part of hedging, but the Corte dei Conti prosecutors argue that some contracts negotiated with Morgan Stanley were speculative in nature and contained termination clauses that were overly advantageous to the bank. The Italian court will also hear claims worth a total of 1.18 billion euros against two senior government officials - public debt chief Maria Cannata and Treasury boss Vincenzo La Via - and former finance ministers Domenico Siniscalco and Vittorio Grilli. The offices of Cannata and La Via referred media enquiries on the case to the Treasury press office. A Treasury spokesman said it had full faith in the work undertaken by its managers and trusted that the court could clear up these matters. Grilli and Siniscalco declined to comment. The prosecutors have also alleged that Morgan Stanley had a conflict of interest, saying it not only sold derivatives to the Treasury but was also engaged in helping Italy to manage its financing operations, including buying and distributing government bonds. Between late 2011 and early 2012, the government paid Morgan Stanley around 3 billion euros to settle the termination of derivative contracts, the source said. Compensation orders by the special audit court, which will hear the case, can be appealed. Once confirmed, they are legally enforceable through asset seizures if necessary. (Additional reporting by Giuseppe Fonte in Rome; editing by Mark Bendeich and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-italy-derivatives-exclusive-idUKKBN19P1SV'|'2017-07-04T17:17:00.000+03:00'
'c9a7aae8a39d9cdd43d2e9871c11c08d7995a0ed'|'METALS-Nickel plunges as investors look to plentiful supplies'|'Market  26pm EDT METALS-Nickel falls on abundant supplies, mine closure prospects fade * LME/ShFE arb - tmsnrt.rs/2oQ5nm2 (Updates with closing prices) By Peter Hobson LONDON, July 4 Nickel prices fell on Tuesday on expectations of plentiful supply from Indonesia and the Philippines, while industrial metals were mostly lower as investors took profits following a recent rally. Trade was thin as U.S. markets were closed for the Independence Day holiday. "Volumes are very low so markets are easily moved," a trader said. Metals had been bolstered on Monday by strong manufacturing data in China, but Capital Economics analyst Caroline Bain said broader data pointed to a slowdown in Chinese growth. "This optimism is going to fade," she said. NICKEL: Benchmark nickel on the London Metal Exchange closed down 2.2 percent at $9,180 a tonne. The stainless steel ingredient had gained nearly 9 percent since mid-June. NICKEL TECHNICALS: Nickel briefly fell below its 50-day moving average. Support was at $9,100 and $9,005-$9,025, close to a recent low, brokers Marex Spectron said in a note. FUNDAMENTALS: Capital Economics'' Bain said supplies looked solid as Indonesia exported more ore and fears of mine closures in the Philippines faded. Chinese stainless steel production, the main source of nickel demand, had also fallen, she said. INDONESIA EXPORTS: Indonesia issued recommendations that will allow PT Ceria Nugraha Indotama to export 2.3 million tonnes of nickel ore through to July 2018. NEW CALEDONIA: Brazil''s Vale said it was reassessing its loss-making New Caledonian nickel operations. COPPER: LME copper ended down 0.6 percent at $5,892 a tonne, eating into gains of more than 5 percent since mid-June. COPPER STOCKS: Prices were supported by a fall in on-warrant stockpiles available to the market at LME warehouses to 176,125 tonnes, ending two days of large stock increases. MCUSTX-TOTAL COPPER STRIKES: Chile''s Antofagasta was facing potential strikes at two mines with combined annual production of 160,000 tonnes. TIN STOCKS: At 1,690 tonnes, stocks of tin in LME warehouses are at their lowest since the 1980s. MSNSTX-TOTAL Benchmark tin finished 1 percent lower at $19,950 a tonne. TIN SPREAD: Falling stocks helped push the premium of cash tin over the three-month price to a high of $315 a tonne, the largest since September 2015 and indicating tight nearby supply. MSN0-3 MARKETS: Global equities fell but the dollar held onto Monday''s strong gains and oil prices rose for a ninth day. PRICES: Three-month aluminium ended up $1 at $1,928 a tonne and zinc closed 0.4 percent lower at $2,793 a tonne. Lead did not trade but was bid down 1.6 percent at $2,299 a tonne. (Additional reporting by James Regan; Editing by Louise Heavens and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL8N1JV26M'|'2017-07-04T13:26:00.000+03:00'
'b64e96030a71dd1b086c17652039790167fe545d'|'Pressure piles on China''s LeEco as assets frozen after bank complaint'|'Business News - Tue Jul 4, 2017 - 11:56am BST Pressure piles on China''s LeEco as assets frozen after bank complaint FILE PHOTO: LeEco''s Le Pro3 phone is on display during a press event in San Francisco, California, U.S. October 19, 2016. RETUERS/Beck Diefenbach By Jess Macy Yu and Shu Zhang - TAIPEI/BEIJING TAIPEI/BEIJING Chinese tech group LeEco is under growing pressure from its creditors and business partners, with a court in Shanghai ordering some of its assets frozen over late payments to a bank. The latest financial woes of the conglomerate, which has interests ranging from smart cars to online content, have surfaced days after founder and CEO Jia Yueting said its cash problems were "far worse than expected" and that billions of dollars in funds raised in recent months were not enough to help it ride out the crunch. China Merchants Bank Co Ltd ( 600036.SS ) said in a statement on Tuesday it had applied to have some of LeEco''s assets frozen because a subsidiary, Leview Mobile HK Limited, had been late on making interest payments on a loan. "CMB''s Shanghai branch repeatedly urged repayment without success and so sought to use legal means," the bank said, adding it now had risks related to the loan under control and did not rule out using "friendly talks" to resolve the issue. LeEco, which controls smartphone maker Coolpad ( 2369.HK ) and its core listed smart TV unit Leshi Internet Information and Technology Corp 300104.SZ, has been battling huge financial pressure since Jia admitted last year the company had expanded too fast and was facing "big company disease". According to a court document dated June 26, the Shanghai High People''s Court approved a freeze order on 1.237 billion yuan (£141 million) of assets of Leview Mobile HK Limited, two other LeEco-linked firms as well as CEO Jia and his wife. The court document, which was seen by Reuters, said it had found CMB''s application to be "in accordance with the law" and that therefore the freeze order ruling would come into immediate effect. Local media outlets earlier reported the asset freeze. A LeEco spokesman said the case concerned "financing loans related to LeEco''s smartphone business", but added LeEco had enough collateral to cover the loan. "Our senior executives are currently in close communication with various financing units of CMB, and we hope to resolve the related debt issue very soon," he said. LeEco also hopes to raise further cash to help it "get back to normal", he added. In late 2015, CMB agreed a 10 billion yuan loan to LeEco, part of which was used to acquire a stake in Coolpad and was the biggest bank loan to LeEco at the time, financial magazine Caixin said on Monday, citing public information. SUPPLIERS, PARTNERS Some other partners and suppliers are re-examining their exposure to the troubled group. This week, local media reported an affiliated company of electronics manufacturing giant Foxconn divested its 20 percent stake in LeEco''s TV and video unit Leshi Zhixin, a blow to the company''s core business and one of its most profitable units. Foxconn did not reply to Reuters'' request for comment. LeEco is also facing pressure from China Mobile ( 0941.HK ) over late payments of around 14 million yuan, a person with knowledge of the matter said. The carrier declined to comment. In June, Taiwan''s Compal Electronics Inc ( 2324.TW ) reduced shipments to LeEco, and temporarily suspended its plans to buy shares of Leshi Zhixin, according to local media. At Compal''s first quarter investor conference, it said it was monitoring Leshi''s repayment abilities and would develop a new strategy to collect its debt, which could involve legal action. Compal did not provide immediate comment when contacted by Reuters. LeEco did not reply to Reuters'' requests for comments on its business partners'' actions. Faced with the worsening cash crunch, LeEco has put some of its global properties for sale, cut staff numbers, and is planning a restructuring to fold some business units into Leshi Internet. (Reporting by Jess Macy Yu in TAIPEI and Shu Zhang in BEIJING; Additional reporting by Sijia Jiang in HONG KONG; Editing by Adam Jourdan and Muralikumar Anantharaman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-leeco-management-idUKKBN19P0PK'|'2017-07-04T13:56:00.000+03:00'
'7b90b279251796276aafc6c48d6ffb08c41c1161'|'RPT-WRAPUP 1-Qatar raises gas capacity amid Gulf dispute'|'Market News  14am EDT RPT-WRAPUP 1-Qatar raises gas capacity amid Gulf dispute (Repeats to wider codes) July 4   neighbours   The unexpected move came as Qatar appears to be preparing itself for greater economic independence should the dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain become protracted. Its immediate effect will be to worsen a glut on the LNG market where Australia, the United States and Russia vie. The Gulf states and Egypt have severed diplomatic and transport ties with Doha, accusing it of supporting terrorism and courting regional rival Iran. Qatar denies the accusation. The Arab states, who have presented Doha with a list of demands, meet on Wednesday to discuss how to end the crisis; or they could impose more sanctions, which may include asking trade partners to pick a side in the rift. Qatar Petroleum''s chief executive said the firm would increase gas production from its giant North Field, which it shares with Iran, by 20 percent after new gas development. In April, Qatar lifted a self-imposed ban on development of the North Field, the world''s biggest natural gas field, and announced a new project to develop its southern section, increasing output in five to seven years. That new project will raise Qatar''s total LNG production capacity by 30 percent to 100 million tonnes from 77 million tonnes per year, CEO Saad al-Kaabi told a news conference. "Once completed...this project will raise the production of the State of Qatar to about 6 million barrels of oil equivalent per day," Kaabi said. With such low production costs and LNG facilities closer to buyers in Europe and Asia, the Qatari move means U.S. producers could struggle to sell their LNG competitively and projects still needing finance could struggle to find investors. So far only Cheniere exports U.S. LNG, but there are project proposals with a total capacity of some 150 million tonnes/year. Energy sales have driven Qatar''s rapid rise as a regional player, with vast infrastructure projects and widening diplomatic influence as well as a role in the Syrian conflict that is viewed with suspicion by Gulf neighbours. German Foreign Minister Sigmar Gabriel said in Jeddah the stand-off between Qatar and its Arab neighbours would best be solved by an agreement across the region to prevent the financing of terrorism, "We all know that (this support) is not organised by states, but often by private persons," he added. "But we must somehow succeed in ending support in the region for extremist and terrorist organisations." IRANIAN QUESTION The glut has already driven down prices. Asian spot LNG prices LNG-AS have fallen more than 40 percent this year to $5.50 per mmBtu and by 70 percent from peaks in 2014. So far, the majority of LNG is supplied via long-term contracts between producers and users which allow little flexibility and in many cases also prevent importers from reselling cargoes. With supplies far outpacing demand, analysts expect more and more LNG to be freely traded. Many producers have already started to offer contracts without resale or destination restrictions. The political dispute started on June 5, roiling LNG trade and causing at least one tanker to change course and UK gas prices to spike. Kaabi said the company''s operations would not be affected by the diplomatic crisis or sanctions. "Qatar Petroleum will continue working...If some companies decide they don''t want to work with QP that''s their choice. We will find other foreign companies to work with," he said. Analysts said the move to boost production was partly to do with added competition in the LNG market, mainly from Ausralia, the United States and Russia. "It is also to do with Iran now set to increase production on the South Pars field, which means they can up production from their side of the field (North Field) without destabilizing the geology of the field," said Oliver Sanderson, gas analyst at Thomson Reuters. Some experts say that, while the Gulf States accus Qatar of cooperating too closely with Iran, their sanctions could push it to cooperate with Tehran more on the gas production and exports from the shared field. "Qatar needs the support of Iran now more than any time before. I don''t believe it would be possible for Qatar to increase production without the cooperation with Iran, if in the long term the (political) situation stayed same as now," said Reza Mostafavi Tabatabaei, president of London-based ENEXD, a firm involved in oil and gas equipment in the Middle East. "Also, major (oil) companies may be asked to choose between working in Qatar or Saudi/UAE and Egypt, otherwise there be sanctions against them. That’s why I don’t think that developing this project by Qatar now will be as easy as before, politically not financially," he added. Qatar Petroleum''s Kaabi said there is no cooperation with Iran on any project in the North Field, but the countries have a joint committee that meets every year to discuss development of the field. He added that the company will be looking for international partners, declining to say when a tender would be issued. Qatargas, the largest LNG-producing company in the world, and RasGas also operate projects on the North Field. While QP owns a majority stake, energy firms including Total, Mitsui & Co and ConocoPhillips also possess small stakeholdings. RasGas is a 70/30 percent joint venture between QP and Exxon Mobil. "Qatar has one of the lowest LNG production costs in the world. It has followed an astute policy of maximizing value from market prices around the world," said Ajay Singh, special advisor at Japan Petroleum Exploration Co and former gas executive at Shell. "For Qatar, LNG is everything." (Reporting by Tom Finn, Issam Abdallah and Rania El Gamal; additional reporting by Henning Gloystein in Singapore, Aaaron Sheldrick in Tokyo, Jane Chung in Seoul and Nina Chestney in London; Writing by Nina Chestney; Editing by Ralph Boulton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-idUSL8N1JV3LI'|'2017-07-04T17:14:00.000+03:00'
'06a57088c8753ffa3e91903b85e31443d0e39dcd'|'Export boom? Euro zone shows Britain how it''s done'|'Top News - Tue Jul 4, 2017 - 4:05am BST Export boom? Euro zone shows Britain how it''s done Port workers inspect containers before they are unloaded as the largest container ship in world, CSCL Globe, docks during its maiden voyage, at the port of Felixstowe in south east England, January 7, 2015. REUTERS/Toby Melville By Andy Bruce - LONDON LONDON Feted by some British newspapers as proof of a Brexit vote windfall, Britain''s recent export recovery ranks as the worst among Europe''s major economies, according to one closely-watched measure. Surveys of manufacturers across Europe published by data firm IHS Markit on Monday underlined Britain''s challenge as it tries to become an export-led dynamo outside the European Union. The export orders gauge of the UK Markit/CIPS Purchasing Managers'' Index slid to a five-month low in June. While still indicating growth in exports, it left Britain as the weakest performer in terms of foreign orders, barring Greece, among big western European economies for a fourth month running. That''s a poor return for the pound''s 12 percent fall against a range of currencies since the Brexit vote a year ago. It also casts doubt over the belief among some Bank of England officials that strong exports will help make up for a slowdown in consumer spending, suggesting the British economy could cope with a first interest rate hike in a decade. "Sterling''s depreciation has been the least successful in Britain''s post-war history," said Samuel Tombs, economist at consultancy Pantheon Macroeconomics consultancy. Since sterling began to fall at the end of 2015, net trade has dragged on the economy, unlike after earlier sharp falls in the exchange rate in 1967, 1975, 1992 and 2007/08, Tombs said. Some indicators have suggested exporters are doing well. The Confederation of British Industry''s gauge of manufacturing exports, which is based on a different methodology to the PMIs, hit a 22-year high in June. But the official data is more muted: goods trade export volumes rose at an annual rate of 5.3 percent in the three months to April, the best showing since January 2016 but still below rates seen through most of 2015. As well as putting Britain''s export recovery into context, the latest figures suggest Britain''s plan to become an export-led "champion of free trade" - as trade minister Liam Fox put it - is not entirely in its own hands. Its success will hinge just as much on how well its competitors fare in winning business in the same markets and, on that score, the euro zone is showing its muscle. "I think that is a reflection of the euro area, in terms of them winning global trade gains due to the weak euro," Chris Williamson, chief business economist at IHS Markit, said. The euro is 17 percent weaker against the U.S. dollar than at the end of 2014, despite a recent rally. Part of the underperformance of British exporters in relation to the euro zone may reflect the fact that they have hiked selling prices faster, to help recoup rising energy and imported material costs exacerbated by the weak pound. While the euro zone''s export price index rose 2.7 percent between the third quarter of last year and the first quarter of 2017, Britain''s increased more than 8 percent. Increased volatility in sterling, which historically has been more stable than the euro against the dollar, might also be weighing on potential buyers of British goods. "It''s not so much that the UK is doing badly, it''s just that the euro zone is doing very well at the same time," said Williamson. (Graphic by Michael Ovaska; Editing by Richard Balmforth) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-exports-idUKKBN19O1PT'|'2017-07-04T06:05:00.000+03:00'
'59647b9b47d5c76afc7d69b4cdac3592a0e37cfe'|'Morning News Call - India, July 3'|'Market News - Sun Jul 2, 2017 - 11:23pm EDT Morning News Call - India, July 3 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:15 am: NITI Aayog CEO Amitabh Kant, Finance Secretary Ashok Lavasa at an event in New Delhi. 11:00 am: SEBI Chairman Ajay Tyagi to address SCOPE members in New Delhi. FX WEEK AHEAD FX Buzz analyst Jeremy Boulton analyses G7 currencies at 3:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • India launches new economic era with sales tax reform India early on Saturday introduced its biggest tax reform in the 70 years since independence from British colonial rule. • Washington tells India Westinghouse could be sold by year end The U.S. administration has told India that Westinghouse Electric Co will emerge from bankruptcy and be sold by the year end, industry and diplomatic sources have said, raising the prospect of a Washington-supported sale or bailout for the nuclear firm. • Modi says cancelled registration of 100,000 companies India has cancelled the registration of more than 100,000 companies which were "in violation of laws", Prime Minister Narendra Modi said, in the latest effort by the government against "black money" and tax evasion. • Indian automakers, retailers lure customers with discounts as GST kicks in Some of India''s biggest automakers and retailers announced price cuts on Saturday as Asia''s third-largest economy switched to a new nationwide sales tax at the stroke of midnight, replacing a host of provincial and national levies. • Modi heads to Israel, lifting the curtain on close ties Narendra Modi is making a first visit to Israel by an Indian prime minister this week, in a public embrace of a country that he has long admired for its military and technical expertise but which his predecessors kept at arm''s length. • Thyssenkrupp wants less than 50 percent of Tata steel JV - Handelsblatt German industrial group Thyssenkrupp aims to hold less than half of a steel joint venture it wants to set up with Tata Steel so it can deconsolidate the business from its balance sheet, Handelsblatt reported, citing a company source. • Indian Railways safety overhaul at risk due to rail shortage- documents A planned $15 billion safety overhaul of India''s ageing rail network is facing delays as the country''s state steel company is unable to meet demand for new rails, according to two government documents seen by Reuters. • India presses Microsoft for Windows discount in wake of cyber attacks India is pressing Microsoft Corp to offer a sharply discounted one-time deal to the more than 50 million Windows users in the country so that they can upgrade to the latest Windows 10 operating system in the wake of ransomware attacks. GLOBAL TOP NEWS • Japan PM''s party suffers historic defeat in Tokyo poll, popular governor wins big Prime Minister Shinzo Abe''s Liberal Democratic Party suffered an historic defeat in an election in the Japanese capital on Sunday, signalling trouble ahead for the premier, who has suffered from slumping support because of a favouritism scandal. • U.S. warship in operation near disputed island in South China Sea A U.S. warship sailed near a disputed island in the South China Sea claimed by China, Taiwan and Vietnam on Sunday in an operation meant to challenge the competing claims of all three nations, a U.S. Defense Department official said. • Japan firms most upbeat in 3 years but labour shortages weigh - BOJ tankan Confidence among Japan''s big manufacturers hit its highest level in more than three years in the June quarter, a closely-watched central bank survey showed, adding to signs the recovery in the world''s third largest economy is gaining pace. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 9,524.00, up 0.08 percent from previous close. • The Indian rupee will likely edge lower against the dollar in early trade, tracking a shift in appetite for risk assets after major central banks signaled likely tightening in monetary policies in coming months. • Indian government bonds are likely to fall today after the Reserve Bank of India announced a surprise open market sale of debt this week. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.51 percent-6.57 percent band today. GLOBAL MARKETS • Major U.S. stock indexes ended a volatile week on a modestly high note on Friday, led by a surge in Nike shares, and the S&P 500 scored its biggest gain for the first half of the year since 2013 while the Nasdaq Composite''s first-half gain was its best in eight years. • Asian stocks held two-years highs, starting the new month on a solid footing after two quarters of gains while expectations of credit tightening by the world''s major central banks kept global bond markets under pressure. • The dollar edged off from a nine-month low against a basket of currencies, but it remained shaky as signs central banks in Europe were moving away from accommodative monetary policies kept the euro and sterling well bid. • U.S. Treasury yields rose on Friday as inflation data was not seen as weak enough to delay the Federal Reserve’s expected path on interest rate hikes, and as investors worried about less accommodative central banks in Europe. • Oil prices edged up, supported by the first fall in U.S. drilling activity in months, although rising output from OPEC despite a pledge to cut supplies capped gains. • Gold held steady, ahead of the U.S. Independence day holiday, as the dollar hovered at near nine-month lows hit last week on signs of monetary tightening by global central banks. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.69/64.72 June 30 -- $11.77 mln 10-yr bond yield 6.87 Month-to-date $385.27 mln $4.56 bln Year-to-date $8.37 bln $18.00 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.58 Indian rupees) (Compiled by Benny Thomas in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1JU1NS'|'2017-07-03T06:23:00.000+03:00'
'f3c14f7c3eec62f66fd2992c178470c407ee2204'|'EDP denies talks with Gas Natural over merger'|'Deals - Tue Jul 4, 2017 - 10:51am BST EDP denies talks with Gas Natural over merger Banners bearing the logo of Energias de Portugal (EDP) are seen at the company headquarters in Lisbon December 13, 2011. REUTERS/Jose Manuel Ribeiro LISBON Energias de Portugal (EDP) denied on Tuesday the existence of negotiations over a possible merger with Spain''s Gas Natural. "EDP hereby denies the existence of negotiations between the two companies regarding this subject," EDP said in a statement. Reuters reported on Monday that Spanish power and gas company Gas Natural has approached EDP about merging to form Europe''s fourth biggest utility by market value, according to four sources familiar with the matter. (Reporting By Axel Bugge)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-edp-m-a-idUKKBN19P13S'|'2017-07-04T12:50:00.000+03:00'
'3048b51b008daa8ed62f7f5033b7ca66af12bff3'|'U.S. government seeks to intervene in Apple''s EU tax appeal - source'|'Business News - Tue Jul 4, 2017 - 5:23pm BST U.S. government seeks to intervene in Apple''s EU tax appeal - source FILE PHOTO: An Apple logo is seen at the Apple store in Munich, Germany, January 27, 2016. REUTERS/Michaela Rehle By Diane Bartz - WASHINGTON WASHINGTON The U.S. government has sought to intervene in Apple''s appeal against an EU order to pay back up to 13 billion euros ($14.8 billion) in taxes to Ireland, a source familiar with the matter said on Tuesday. iPhone maker Apple took its case to the Luxembourg-based General Court, Europe''s second-highest, in December after the European Commission issued the record tax demand saying the U.S. company won sweetheart tax deals from the Irish government which amounted to illegal subsidies. The decision was criticised by the Obama administration which said the European Union was helping itself to cash that should have ended up in the United States. The Trump administration has not said anything in public about the case. "I can confirm the United States filed an application with the European Union General Court to intervene in the case involving the retroactive application of state aid rules to Apple," said the source, who declined to be named because of the sensitivity of the matter. The General Court is expected to hear the case in late 2018, another source with knowledge of the matter said. Starbucks, Fiat Chrysler Automobiles and several other companies that were also ordered to pay back taxes to other EU countries have similarly challenged their EU rulings. (Writing by Foo Yun Chee; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-apple-tax-idUKKBN19P234'|'2017-07-04T19:23:00.000+03:00'
'f39ca8c481a766cae6e1cdfbdf72828830be0e68'|'Exclusive - Dropbox seeks to hire IPO underwriters: sources'|'Business News - Sat Jul 1, 2017 - 3:39am BST Exclusive - Dropbox seeks to hire IPO underwriters: sources By Liana B. Baker and Lauren Hirsch Data-sharing business Dropbox Inc is seeking to hire underwriters for an   that could come later this year, which would make it the biggest U.S. technology company to go public since Snap Inc ( SNAP.N ), people familiar with the matter said on Friday. The IPO will be a key test of Dropbox''s worth after it was valued at almost $10 billion in a   in 2014. Dropbox will begin interviewing investment banks in the coming weeks, the sources said, asking not to be named because the deliberations are private. Dropbox declined to comment. Several big U.S. technology companies such as Uber Technologies Inc and Airbnb Inc have resisted going public in recent months, concerned that stock market investors, who focus more on profitability than do private investors, would assign lower valuations to them. Snap, owner of the popular messaging app Snapchat, was forced to lower its IPO valuation expectations earlier this year amid investor concern over its unproven business model. Its shares have since lingered just above the IPO price, with investors troubled by widening losses and missed analyst estimates. It has a market capitalisation of $21 billion. Still, for many private companies, there is increasing pressure to go pubic as investors look to cash out. Proceeds from technology IPOs slumped to $6.7 billion in2015 from $34 billion in 2014, and shrunk further to $2.9 billion in 2016, according to Thomson Reuters data. Dropbox''s main competitor, Box Inc ( BOX.N ), was valued at roughly $1.67 billion in its IPO in 2015, less than the $2.4 billion it had been valued at in previous  s. San Francisco-based Dropbox, which was founded in 2007 by Massachusetts Institute of Technology graduates Drew Houston and Arash Ferdowsi, counts Sequoia Capital, T. Rowe Price and Greylock Partners as investors. Dropbox started as a free service for consumers to share and store photos, music and other large files. That business became commoditised though, as Alphabet Inc''s ( GOOGL.O ) Google, Microsoft Corp ( MSFT.O ) and Amazon.com Inc ( AMZN.O ) started offering storage for free. Dropbox has since pivoted to focus on winning business clients, and Houston, the company''s CEO, has said that Dropbox is on track to generate more than $1 billion in revenue this year. The company has expanded its Dropbox Business that requires companies to pay a fee based on the number of employees who use it. The service in January began offering Smart Sync, which allows users to see and access all of their files, whether stored in the cloud or on a local hard drive, from their desktop. (Additional reporting by Heather Somerville, Salvador Rodriguez and Stephen Nellis   Leslie Adler and Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dropbox-ipo-exclusive-idUKKBN19M32W'|'2017-07-01T05:39:00.000+03:00'
'52de29bf4c4a09836bbb0b79da50cf5c97727bcd'|'India launches new economic era with sales tax reform'|'Business News - Fri Jun 30, 2017 - 10:01pm BST India launches new economic era with sales tax reform left right A supporter of India''s ruling Bharatiya Janata Party (BJP) holds a placard during a rally to support implementation of the Goods and Services Tax (GST) in Mumbai, June 30, 2017. REUTERS/Shailesh Andrade 1/4 left right Members of the ruling Bharatiya Janata Party (BJP) youth wing dance as they celebrate the launch of the Goods and Services Tax (GST) in New Delhi, India June 30, 2017. REUTERS/Adnan Abidi 2/4 left right A worker looks from a balcony next to a banner with a message against the implementation of the Goods and Services Tax (GST) on textiles, during a strike in Kolkata, June 30, 2017. REUTERS/Rupak De Chowdhuri 3/4 left right Cloth merchants and workers shout slogans during a protest against implementation of Goods and Services Tax (GST) on textiles in Chandigarh, June 30, 2017. REUTERS/Ajay Verma 4/4 By Rajesh Kumar Singh - NEW DELHI NEW DELHI India early on Saturday introduced its biggest tax reform in the 70 years since independence from British colonial rule. The Goods and Services Tax (GST) replaces more than a dozen federal and state levies and unifying a $2 trillion economy and 1.3 billion people into one of the world''s biggest common markets. The measure is expected to make it easier to do business by simplifying the tax structure and ensuring greater compliance, boosting Prime Minister Narendra Modi''s economic credentials before a planned re-election bid in 2019. At a midnight ceremony in parliament''s central hall Modi and President Pranab Mukherjee together launched the new tax by pressing a button. "With GST, the dream of ''One India, Great India'' will come true," Modi said. For the first midnight ceremony in the central hall in two decades, Modi was joined by his cabinet colleagues, India''s central bank chief, a former prime minister and major company executives including Ratan Tata. The launch, however, was boycotted by several opposition parties including the Congress Party, which first proposed the tax reform before it fell from power three years ago. Former Prime Minister Manmohan Singh - the architect of India''s economic reforms - also gave it a miss. COMPLEX STRUCTURE It has taken 14 years for the new sales tax to come into being. But horse trading to get recalcitrant Indian states on board has left Asia''s third-largest economy with a complex tax structure. In contrast to simpler sales taxes in other countries, India''s GST has four rates and numerous exemptions. The official schedule of rates runs to 213 pages and has undergone repeated changes, some taking place as late as on Friday evening. Many businesses are nervous about how the changes will unfold, with smaller ones saying they will get hit by higher tax rates. Adding to the complexity, businesses with pan-India operations face filing over 1,000 digital returns a year. While higher tax rates for services and non-food items are expected to fuel price pressures, compliance is feared to be a major challenge in a country where many entrepreneurs are not computer literate and rely on handwritten ledgers. "We have jumped into a river but don''t know its depth," said A. Subba Rao, an executive director at power firm CLP India. ''ONE TAX, ONE MARKET, ONE NATION'' Poor implementation would deal a blow to an economy that is still recovering from Modi''s decision late last year to outlaw 86 percent of the currency in circulation. In a bid to mitigate the impact on the farm sector, the GST rates for tractors and fertilizer were slashed on Friday to 18 percent and 5 percent, respectively. HSBC estimates the reform, despite its flaws, could add 0.4 percentage points to economic growth. An end of tax arbitrage under the GST is estimated to save companies $14 billion in reduced logistics costs and efficiency gains. As the GST is a value added tax, firms will have an incentive to comply in order to avail credit for taxes already paid. This should widen the tax net, shoring up public finances. "The old India was economically fragmented," Finance Minister Arun Jaitley said. "The new India will create one tax, one market for one nation." (Editing by Sanjeev Miglani and John Stonestreet) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-india-tax-idUKKBN19L2UM'|'2017-06-30T23:55:00.000+03:00'
'216021a270262b8e4df9eaad16af5737326db4e7'|'Bain, Cinven may seek regulatory nod for fresh bid - Stada'|'Business News  10am BST Bain, Cinven may seek regulatory nod for fresh bid - Stada The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski FRANKFURT Germany''s Stada ( STAGn.DE ) on Tuesday said buyout groups Bain Capital and Cinven [CINV.UL] may seek regulatory approval to make a new takeover offer for the generic drugmaker after their 5.3 billion euro (4.64 billion pounds) bid fell through. Such a move would need to be approved by both German financial watchdog Bafin and Stada itself because a suitor is normally not allowed to make another offer for at least a year. "Stada is currently assessing whether the company would give its consent to the exemption from the exclusion period," the pharmaceutical company said in a statement. The Financial Times had reported late on Monday that Bain and Cinven could unveil a fresh bid within 48 hours. Bain and Cinven would offer an unchanged price of 66 euros per share but would lower the minimum acceptance threshold to 65 percent or less, it said. Investors representing 65.52 percent of Stada''s equity had signed up for the last bid, missing a 67.5 percent threshold, despite the 49 percent premium offered by the buyout groups to trump a rival offer from private equity duo Advent and Permira. People close to the matter had told Reuters last week that Bain and Cinven were talking to investors about a potential new offer for Stada. (Reporting by Maria Sheahan; Editing by Vyas Mohan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stada-arzneimitt-m-a-idUKKBN19P0KB'|'2017-07-04T09:10:00.000+03:00'
'618b5932174264f5d0e56916335ad40c4c3a2560'|'Bangladesh foreign exchange reserves hit record at end-June'|'July 2, 2017 / 6:55 AM / 33 minutes ago Bangladesh foreign exchange reserves hit record at end-June 1 Min Read DHAKA (Reuters) - Bangladesh''s foreign exchange reserves hit a record $33.49 billion at the end of June, the central bank said on Sunday, up $1.24 million from the previous month. The reserves are sufficient to cover about 10 months'' worth of imports for the country of 160 million people, and are $3.45 billion higher than a year ago. Steady garment exports and remittances from Bangladeshis working overseas, the key drivers of the country''s more than $200 billion economy, have helped foreign exchange reserves grow steadily in recent years. Reporting by Ruma Paul'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bangladesh-economy-reserves-idINKBN19N061'|'2017-07-02T09:52:00.000+03:00'
'dad99287b0078348ad9a92cc340e849dbcac1cc6'|'NordLB drops plans to sell shipping loans to KKR'|'FRANKFURT German lender NordLB [NDLG.DE] has abandoned efforts to sell a 1.3 billion euro ($1.5 billion) portfolio of shipping loans to KKR ( KKR.N ), a spokesman for NordLB said on Monday.NordLB had said in April it hoped to complete a deal by the end of June, following about a year of negotiations.The failure to reach a deal is a blow to German banks trying to offload billions of euros in shipping loans as a sale of NordLB''s portfolio would have been seen as an indicator for interest in such types of debt.Other banks, including fellow state owned HSH Nordbank, have also had limited success in selling shipping loans in recent months.Earlier this year, financial sources told Reuters that KKR had already put the deal on the back burner, partly due to a lack of progress in talks over pricing for the assets.NordLB also said on Monday that a sale of individual ship loans was more profitable than a sale of portfolios.It added that even without the KKR deal it would meet its goal of reducing its shipping loan exposure to 12 to 14 billion euros by year-end, a year ahead of target.KKR declined to comment.NordLB remains in contact with KKR about potential cooperations, the public-sector bank said.(Reporting by Arno Schuetze, Alexander Hübner and Jonathan Saul; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nordlb-shipping-kkr-idUSKBN19O1NE'|'2017-07-03T19:17:00.000+03:00'
'fbd4dcab1e017ff55aeaf38a65bcc014d918b0d3'|'BRIEF-Delcath Systems says on June 29, board authorized establishment of new series of preferred stock designated as Series A preferred stock'|'United States  13am EDT BRIEF-Delcath Systems says on June 29, board authorized establishment of new series of preferred stock designated as Series A preferred stock July 3 Delcath Systems Inc * Delcath Systems - On June 29, board authorized establishment of new series of preferred stock designated as Series A preferred stock, $0.01 par value Source text: [ bit.ly/2sEN30W ]   * Toyota Motor North America reports U.S. sales for June 2017 and first half MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-delcath-systems-says-on-june-29-bo-idUSFWN1JU0GS'|'2017-07-03T16:13:00.000+03:00'
'd6340dd1726610ea00625b354106b4fef0888331'|'WRAPUP 1-Qatar raises gas capacity amid Gulf dispute'|'Market News  12am EDT WRAPUP 1-Qatar raises gas capacity amid Gulf dispute July 4 Qatar announced on Tuesday it planned to raise liquefied natural gas (LNG) capacity by 30 percent in an apparent show of strength in its dispute with Gulf neighbours who have imposed political and economic sanctions on Doha. The unexpected move came as Qatar appears to be preparing itself for greater economic independence should the dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain become protracted. Its immediate effect will be to worsen a glut on the LNG market where Australia, the United States and Russia vie. The Gulf states and Egypt have severed diplomatic and transport ties with Doha, accusing it of supporting terrorism and courting regional rival Iran. Qatar denies the accusation. The Arab states, who have presented Doha with a list of demands, meet on Wednesday to discuss how to end the crisis; or they could impose more sanctions, which may include asking trade partners to pick a side in the rift. Qatar Petroleum''s chief executive said the firm would increase gas production from its giant North Field, which it shares with Iran, by 20 percent after new gas development. In April, Qatar lifted a self-imposed ban on development of the North Field, the world''s biggest natural gas field, and announced a new project to develop its southern section, increasing output in five to seven years. That new project will raise Qatar''s total LNG production capacity by 30 percent to 100 million tonnes from 77 million tonnes per year, CEO Saad al-Kaabi told a news conference. "Once completed...this project will raise the production of the State of Qatar to about 6 million barrels of oil equivalent per day," Kaabi said. With such low production costs and LNG facilities closer to buyers in Europe and Asia, the Qatari move means U.S. producers could struggle to sell their LNG competitively and projects still needing finance could struggle to find investors. So far only Cheniere exports U.S. LNG, but there are project proposals with a total capacity of some 150 million tonnes/year. Energy sales have driven Qatar''s rapid rise as a regional player, with vast infrastructure projects and widening diplomatic influence as well as a role in the Syrian conflict that is viewed with suspicion by Gulf neighbours. German Foreign Minister Sigmar Gabriel said in Jeddah the stand-off between Qatar and its Arab neighbours would best be solved by an agreement across the region to prevent the financing of terrorism, "We all know that (this support) is not organised by states, but often by private persons," he added. "But we must somehow succeed in ending support in the region for extremist and terrorist organisations." IRANIAN QUESTION The glut has already driven down prices. Asian spot LNG prices LNG-AS have fallen more than 40 percent this year to $5.50 per mmBtu and by 70 percent from peaks in 2014. So far, the majority of LNG is supplied via long-term contracts between producers and users which allow little flexibility and in many cases also prevent importers from reselling cargoes. With supplies far outpacing demand, analysts expect more and more LNG to be freely traded. Many producers have already started to offer contracts without resale or destination restrictions. The political dispute started on June 5, roiling LNG trade and causing at least one tanker to change course and UK gas prices to spike. Kaabi said the company''s operations would not be affected by the diplomatic crisis or sanctions. "Qatar Petroleum will continue working...If some companies decide they don''t want to work with QP that''s their choice. We will find other foreign companies to work with," he said. Analysts said the move to boost production was partly to do with added competition in the LNG market, mainly from Ausralia, the United States and Russia. "It is also to do with Iran now set to increase production on the South Pars field, which means they can up production from their side of the field (North Field) without destabilizing the geology of the field," said Oliver Sanderson, gas analyst at Thomson Reuters. Some experts say that, while the Gulf States accus Qatar of cooperating too closely with Iran, their sanctions could push it to cooperate with Tehran more on the gas production and exports from the shared field. "Qatar needs the support of Iran now more than any time before. I don''t believe it would be possible for Qatar to increase production without the cooperation with Iran, if in the long term the (political) situation stayed same as now," said Reza Mostafavi Tabatabaei, president of London-based ENEXD, a firm involved in oil and gas equipment in the Middle East. "Also, major (oil) companies may be asked to choose between working in Qatar or Saudi/UAE and Egypt, otherwise there be sanctions against them. That’s why I don’t think that developing this project by Qatar now will be as easy as before, politically not financially," he added. Qatar Petroleum''s Kaabi said there is no cooperation with Iran on any project in the North Field, but the countries have a joint committee that meets every year to discuss development of the field. He added that the company will be looking for international partners, declining to say when a tender would be issued. Qatargas, the largest LNG-producing company in the world, and RasGas also operate projects on the North Field. While QP owns a majority stake, energy firms including Total, Mitsui & Co and ConocoPhillips also possess small stakeholdings. RasGas is a 70/30 percent joint venture between QP and Exxon Mobil. "Qatar has one of the lowest LNG production costs in the world. It has followed an astute policy of maximizing value from market prices around the world," said Ajay Singh, special advisor at Japan Petroleum Exploration Co and former gas executive at Shell. "For Qatar, LNG is everything." (Reporting by Tom Finn, Issam Abdallah and Rania El Gamal; additional reporting by Henning Gloystein in Singapore, Aaaron Sheldrick in Tokyo, Jane Chung in Seoul and Nina Chestney in London; Writing by Nina Chestney; Editing by Ralph Boulton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-idUSL8N1JV387'|'2017-07-04T17:12:00.000+03:00'
'3f3f19f6dfabad71ce0bb79d65b7406bfccc8525'|'Moscow, Beijing to inject additional $1 billion into Russia-China Investment Fund'|'  Moscow, Beijing to inject additional $1 billion into Russia-China Investment Fund MOSCOW Russian and Chinese sovereign wealth funds, the Russian Direct Investment Fund (RDIF) and China Investment Corporation (CIC), will inject an additional $1 billion (£773 million)into the capital of their joint fund, the Russia-China Investment Fund, RDIF said on Tuesday. RDIF added in a statement that another up to $2 billion could be provided by new investors which the fund did not name. In a separate statement, RDIF said it had agreed with China Development Bank to establish Russia-China Investment Cooperation Fund in yuan worth 68 billion yuan or $10 billion, for direct investments in national currencies both in Russia and China. (Reporting by Katya Golubkova; Editing by Dmitry Solovyov)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-china-funds-idUKKBN19P1QF'|'2017-07-04T16:43:00.000+03:00'
'6a1baf45faa96cd0425105fbc1a4b5fe99799602'|'FTSE bounces into second half with banks, oil supportive'|'Top News - Mon Jul 3, 2017 - 9:25am BST FTSE bounces into second half with banks, oil supportive People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Helen Reid - LONDON LONDON Britain''s major share index entered the second half on the up on Monday, with strong gains among financials, miners and energy companies while some utilities suffered after a downgrade. The FTSE 100 .FTSE was up 0.3 percent by 0810 GMT, lagging the broader European market which gained 0.6 percent. It was set for its first day of gains in five after a downbeat week. Oil companies .FTNMX053, which have been the worst-performing this year, supported gains among blue-chips and mid-caps, buoyed by higher crude prices after the first fall in U.S. drilling activity in months alleviated some concerns over a supply glut. Tullow Oil ( TLW.L ) rose 2.5 percent, while oil services firms Petrofac ( PFC.L ) and Amec Foster ( AMFW.L ) also gained. Oil majors BP ( BP.L ) and Royal Dutch Shell ( RDSa.L ) made more modest gains on the blue-chip index. "Having led everyone down for most of the second quarter, crude prices are trending up slightly," said Ian Williams, economics and strategy analyst at Peel Hunt. HSBC, ( HSBA.L ), Lloyds ( LLOY.L ) and Barclays ( BARC.L ) were among top gainers after several central bankers last week indicated their intention to begin monetary tightening. "Given the trend in sentiment over the rate outlook, the financials having been calm before that, you would expect them to be moving back to the top of the list again," said Williams. Glencore, ( GLEN.L ), whose trading arm also benefits from higher crude prices, led gains among miners, also supported by better than expected factory activity data from China. Provident Financial ( PFG.L ), whose profit warning sent its shares plummeting 18 percent on June 21, was the top faller after Liberum analysts said another profit warning for the Home Credit division was likely. "Guidance remains too optimistic, in our view," they said. United Utilities ( UU.L ) and Severn Trent ( SVT.L ) fell 1.6 and 1.3 percent respectively after a downbeat note from Bernstein on the UK water sector. It said upcoming regulation could dent firms'' profitability and M&A was unlikely. "We do not believe the market is adequately pricing in the risk of a material reduction in the weighted average cost of capital and the heightened political risk, which makes M&A unlikely," said Bernstein analysts, downgrading United Utilities and Severn Trent. Among mid-caps, Electrocomponents ( ECM.L ) gained after its first-quarter results impressed with a 13 percent growth in revenues. Its shares climbed 2.8 percent, taking its gains over the past 12 months to 133 percent. They were near their highest level since the 2000 tech bubble. Investors were also readying for the stream of second-quarter earnings updates from UK corporates to begin. "The next few weeks will be quite telling. There''s still a little bit of upside potential in the overseas earners, and the domestics especially will be interesting to watch given the pressures on the UK consumer," said Williams. (Reporting by Helen Reid; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19O0S7'|'2017-07-03T11:25:00.000+03:00'
'baa166b21738da55ff1c0fbd4b98b6bd49183b33'|'Asian stocks start new month on firm footing, bonds under pressure'|'Business News - Mon Jul 3, 2017 - 3:56am BST Asian stocks start new month on firm footing, bonds under pressure FILE PHOTO: Employees of the Tokyo Stock Exchange (TSE) work at the bourse in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato By Hideyuki Sano - TOKYO TOKYO Asian stocks held two-years highs on Monday, starting the new month on a solid footing after two quarters of gains while expectations of credit tightening by the world''s major central banks kept global bond markets under pressure. MSCI''s broadest index of Asia-Pacific shares outside Japan was flat, staying within a stone''s throw of its two-year peak hit last week. Japan''s Nikkei ticked up 0.2 percent while U.S. stock futures gained 0.2 percent. "Global share markets have so far withstood rises in long-term bond yields," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Signs of stabilizing in China''s economy and a recovery in the European economy helped to boost global share prices in the first half of this year. A private sector survey on China''s manufacturing showed a surprise recovery in activity, adding to the evidence of steadying growth in the world''s second largest economy. The Bank of Japan''s tankan corporate survey showed Japanese business sentiment improved slightly more than expected. On Wall Street, the S&P 500 scored its biggest gain for the first half of the year since 2013 while the Nasdaq Composite''s first-half gain was its best in eight years. European shares had less luck after the European Central Bank and the Bank of England last week signaled their readiness to tighten their monetary policies, with pan-European Euro first 300 stock index hitting 10-week lows on Friday. Global bond yields have risen sharply following hawkish comments from European Central Bank President Mario Draghi last Tuesday, with German bond yields posting their biggest weekly jump since December 2015 last week. That helped to lift U.S. bond yields from lows, with the 10-year U.S. Treasuries yield hitting a 1-1/2-month high of 2.320 percent on Monday. The rise came even as data showed U.S. inflation cooled in May. The annual rise in core consumer prices excluding food and energy slowed to 1.4 percent, its lowest since December 2015. "In coming weeks, whether we can see a recovery in the U.S. momentum will be a key issue," said Hirokazu Kabeya, chief global strategist at Daiwa Securities. In the currency market, the euro traded at $1.1417, not far from last week''s high of $1.1445, which was its highest level in more than a year as the common currency drew support from expectations that the ECB will likely scale back its stimulus. Jens Weidmann, head of Germany''s Bundesbank and a member of the ECB''s rate-setting body, said on Saturday that the ECB is working on moving away from its ultra-easy monetary policy. The dollar traded at 112.35 yen, off Thursday''s six-week high of 112.93. The yen briefly gained on worries Japanese Prime Minister Shinzo Abe''s reflationary policies may be at risk after his Liberal Democratic Party suffered an historic defeat in a local election in Tokyo on Sunday, though the impact did not last long. Oil prices held firm after having gained for seven consecutive sessions by Friday, after data on that day showed U.S. oil rig count fell last week for the first time since early January. Brent crude futures rose 0.3 percent to $48.90 per barrel while U.S. crude futures gained 0.5 percent to $46.26 per barrel. In the Middle East, Qatari shares slumped to 1 1/2-year lows on Sunday as a deadline for Doha to accept a series of political demands by four Arab states were expected to expire late in the day with no sign of the crisis ending. Saudi Arabia and three allies accusing Qatar of supporting terrorism have later agreed to a request by Kuwait to extend by 48 hours Sunday''s deadline for Doha to comply, according to a joint statement on Saudi state news agency SPA. (Editing by Sam Holmes & Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19O037'|'2017-07-03T04:03:00.000+03:00'
'978fe38b3a1fdb342b4d8d546618677b0025476a'|'Fed says Yellen was hospitalized for a few days, returning to work this week'|'WASHINGTON Federal Reserve Chair Janet Yellen was hospitalized over the weekend to treat a urinary tract infection while she was vacationing with her family in London, the Fed said in a statement on Monday."She was admitted Friday and released Monday," the Fed said. "She is returning to Washington, D.C., and expects to resume her schedule as planned this week."It was unclear how serious Yellen''s condition was.Yellen, who is 70 years old and the most powerful figure in world finance, had a health scare in 2015, receiving emergency medical attention following a speech during which she appeared to lose concentration. Following that episode, the Fed said Yellen felt dehydrated after speaking for nearly an hour.There was no indication of any relation between the two health incidents.Last week, Yellen was in London for a conference on Tuesday and then stayed in the city for a vacation with her family, according to the Fed statement.(Reporting by Jason Lange and Pete Schroeder; Editing by Andrea Ricci)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-usa-fed-yellen-idUSKBN19O29P'|'2017-07-03T22:44:00.000+03:00'
'bec92093eb9af43e30cd1e5c5cc4f7c5d4c2db7b'|'Germany''s VTG buys NACCO for around 780 million euros to expand fleet'|'Business News - Sat Jul 1, 2017 - 10:30am BST Germany''s VTG buys NACCO for around 780 million euros to expand fleet FRANKFURT Germany''s VTG ( VT9G.DE ) said on Saturday it had agreed to buy NACCO Group, Europe''s fourth-largest private rail car rental company, from U.S.-based financial holding company CIT Group ( CIT.N ), for around 780 million euros (676 million pounds) to grow its fleet. The deal to buy Paris-based NACCO will add 14,000 freight cars to VTG''s fleet of more than 80,000 rail cars and expand its footprint in Europe, VTG said in a statement on Saturday. In addition to the purchase price, VTG said it would reimburse financial holding company CIT Group for up to 140 million euros ($159.89 million) that NACCO plans to invest in rail cars this year. VTG said it would finance the acquisition via a senior loan of up to 500 million euros, a privately placed hybrid bond of around 300 million euros and the assumption of around 120 million euros of debt. It said it would refinance the hybrid bond via the capital market, possibly via a rights issue. Depending on the investments NACCO makes this year, the purchase will add around 120 million euros to annual sales in 2018 and around 100 million euros to earnings before interest, tax, depreciation and amortisation (EBITDA), before transaction and integration costs and including synergies, VTG said. CIT said in a separate statement that NACCO was its last remaining ongoing business outside North America. The sale of NACCO does not affect its rail business in the United States, Canada or Mexico, CIT said. ($1 = 0.8756 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vtg-ag-acquisition-idUKKBN19M3A4'|'2017-07-01T12:30:00.000+03:00'
'313d856446325739ba8acc62f43d5810bca60dc8'|'Forget austerity, here’s who is to blame for your empty pockets - Patrick Collinson'|'It’s less to do with government cuts and more to do with profiteering by private companies View more sharing options Close Saturday 1 July 2017 07.00 BST T he mood of the country, we are told, is turning against years of government-imposed austerity. We are fed up with being squeezed by spending cuts; we are rebelling against 1% pay caps – and we are absolutely right to do so. But the real reason the average household feels so badly off is less to do with government cuts and more to do with profiteering by private companies. Research this week by Santander blows the whistle on the ever-growing portion of our monthly pay that goes on largely unavoidable household bills. It looked at bills for gas, electricity, water, TV, phone and so on – and found they have escalated in price far, far ahead of average wage rises. Since 2006, average pay packets in Britain have gone up by 19% in pounds and pence terms (in other words, not adjusting for inflation). Meanwhile, the average gas bill has gone up 73%, electricity 72%, and water 41%. SSE boss gets 72% pay rise weeks after arguing against cap on bills Read more These are extraordinarily large real rises, and all the grimmer for families and pensioners on very tight budgets. These are the bills that simply have to be paid, leaving families with harsh choices about what to cut elsewhere. For those on average incomes, it means the axe falls on the nicer things in life, such as the annual holiday or the occasional meal out. At the bottom of the income scale, already suffering from cuts to welfare benefits, the “choice” is not between an iPhone 5 or 6, but between shivering or eating. At the top of the utility companies the view is very different. Just weeks after arguing against consumers having their bills capped to save them £100 a year, the boss of one utility, SSE, was given a 72% pay rise to £2.92m after this “robust performance”. The reward comes after years of bumper dividend payouts which have doubled from 32.7p a share 10 years ago to 62.5p most recently. The water companies have also been fabulous performers – for the stock market, not you. As a study by the University of Greenwich found last month, consumers are paying around £2.3bn more a year in water and sewerage bills to the privatised companies than if they had remained in state ownership. It found they have invested no significant new shareholder equity, but have managed to extract nearly all of their post-tax profit as dividends. The report calculated that every household is worse off by around £100 a year as a result. The Santander research into household costs found that it wasn’t just the energy and water companies stiffing us with rising bills. Council tax has risen by 27% since 2006, while TV, phone and broadband prices are up 24%. Every bill that Santander looked at had risen faster than wages. What’s more, its research didn’t include the biggest bill for most young adults – the rent. These are extraordinarily large real rises, and all the grimmer for families and pensioners on very tight budgets Is the rise in bills a failure of privatisation? Mostly. But it’s also a failure of the sector regulators who are immersed in the neoliberal consensus that private markets and competition always provide the best outcomes for consumers. They can – but very often do not. In my column last week I asked why Britain’s smart meter rollout was costing £11bn and France’s just £4bn. One industry insider contacted me to say that it was partly because France’s “Linky” programme is for electricity meters only, whereas the UK’s is both electricity and gas. But it’s also because France does not have competition among utility providers, and we do. Here, each supplier has to install smart meters only for their own customers, which means they can’t just go “street to street” – they have to contact individual customers wherever they live, agree for them to allow access and organise engineers around that. The result is that we will be wasting billions in duplicated activity, with the bill passed on to consumers to satisfy the rules on “competition” – and also ensuring shareholders continue to receive those dividends. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/blog/2017/jul/01/forget-austerity-government-cuts-profiteering-private-companies'|'2017-07-01T03:00:00.000+03:00'
'60e6d2b74c67038fac458f64c7478e6c91cde940'|'Spain''s Popular seeks partners for 30 billion euro bad debt portfolio'|'Deals - Sat Jul 1, 2017 - 11:22am BST Spain''s Popular seeks partners for 30 billion euro bad debt portfolio People walk past a Banco Popular branch in Madrid, Spain, June 6, 2017. REUTERS/Juan Medina - RTX399G8 BARCELONA Spain''s Banco Popular will start looking for partners to buy some 30 billion euros ($34.29 billion) in repossessed assets and non-performing real estate loans as it strives to bolster its books following last month''s takeover by Santander ( SAN.MC ), it said late on Friday. Struggling under the weight of risky property assets, Popular was taken over by Spain''s largest bank for the symbolic price of one euro after European authorities stepped in to prevent its collapse. Following a review of the banks assets, the new chair of the board of directors Rodrigo Echenique said in a statement that Popular would seek partners for assets with a total gross book value of about 30 billion euros. He also announced plans to replace board members of companies in which Popular holds stakes. Meanwhile, Popular said it would buy back 51 percent of Aliseda Servicios, which carries out real estate servicing, from the funds Varde Partners and Kennedy Wilson by the third quarter of 2017. The agreed price for the stake was 180 million euros and will entail a capital consumption for Banco Popular of 302 million euros, the bank said. Morgan Stanley will advise Popular as new owner Santander attempts to meet its declared goal of reducing the volume of bad assets by half in 18 months and completely in three years. Popular said earlier on Friday that normal business operations have been restored in branches and other customer contact centers following last month''s takeover. (Reporting by Sam Edwards; Editing by Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-banco-popular-es-m-a-idUKKBN19M3BV'|'2017-07-01T13:05:00.000+03:00'
'cd31e5cfec1cc799daa2ab217b760ef8207305fe'|'VW recalls 385,000 cars in Germany for brake system update'|'Autos  18am EDT VW recalls 385,000 cars in Germany for brake system update A man uses phone under a Volkswagen logo at the Shanghai Auto Show, in Shanghai, China April 20, 2017. REUTERS/Aly Song FRANKFURT Volkswagen ( VOWG_p.DE ) is recalling 385,000 cars in Germany for a software update to their anti-lock brake systems, news agency DPA reported, citing a spokesman for the automaker. Volkswagen''s VW, Audi and Skoda brands were affected, it said. According to DPA, the braking control system may not function properly in certain driving conditions, such as when the driver over-steers, under-steers or slams on the brakes. Volkswagen had no immediate comment. (Reporting by Andreas Cremer; writing by Maria Sheahan; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-recall-idUSKBN19M3KV'|'2017-07-01T18:18:00.000+03:00'
'98aa99ebebbe03a9914a34430ad892dc6a9c9738'|'Horror stories told by central bankers will not end in an interest rate shock'|'W herever investors looked last week, the picture was rosy. The eurozone, for so long the laggard in the global growth league, could be seen zipping along following first-quarter GDP growth that hit 0.6%.German business confidence hit a record high, and France and Italy finally joined the party with higher than expected output. In the US, official estimates upgraded growth for the first quarter to an annualised 1.4% from an initial estimate of 0.7%. Even Japan, the standard-bearer for more than 20 years of economic stagnation, is due to exceed expectations this year as exports soar.The post-crash years of political upheaval and the threat of nations going bankrupt are long gone. The upbeat global outlook prompted central bankers to allow talk of a subject that has always caused turmoil on global markets whenever it is mentioned, namely higher interest rates. Last week was no exception.When Bank of England governor Mark Carney discussed how business investment, productivity and wages would soon begin to rise, the pound jumped past $1.30. Investors, interpreting Carney as a not-so-secret hawk who would gladly increase the cost of credit, bought the pound in droves, pushing up its value against the dollar.Mario Draghi, the boss of the European Central Bank , spoke in a similar vein. He considered the day when the ECB might begin to withdraw some of the monetary stimulus that has done so much to keep the single currency and its member states afloat.The governor of the Bank of Canada joined the frenzy of hawkish comments in an interview that had him saying low rates had “done their job”.Federal Reserve chair Janet Yellen, in London for a speech at the Royal Academy, pledged the US central bank to raising rates in accordance with its stated policy, despite some forecasts showing that recent growth upgrades could prove to be a false dawn.Bond dealers listened to all these comments and went into meltdown. Could it be, they asked, that the years of cheap and plentiful central bank funds were coming to an end? Within minutes a bond sell-off was in full swing.Fortunately, a more considered position eventually held sway and the markets settled down. A closer look at Carney, Draghi and Yellen’s comments showed that little had changed.Britain is still in the grip of uncertainty – political and economic – as the early skirmishes in a two-year battle over Brexit have clearly shown. Carney’s almost academic discussion of when rates could rise was heavily caveated with doom about Brexit and its potential for harm. Draghi was essentially restating his existing position and Yellen was doing the same.To emphasise the point, Japan’s central bank governor, Haruhiko Kuroda, said he would maintain Tokyo’s loose monetary policy and low interest rates for the foreseeable future.And a look at the economic data shows there is a more mixed picture than the bald GDP numbers would have investors believe. As one leading economic consultancy said, as the stock- and bond-market gyrations eased, rising inflation and sluggish wage growth, among other things, means that UK growth is expected to deteriorate this year. “As with Draghi’s comments, we think investors have misinterpreted Carney’s message, and a rate hike this year is not the most likely outcome.”Meanwhile a GfK survey of UK consumer confidence fell to within touching distance of its post-referendum low, as households face a squeeze on their real incomes.Essentially, Europe still has its problems, as the Italian bank bailouts last week illustrated. The Nordic countries have high household debt ratios and the French are only at base camp in the long climb to economic credibility. These are not overheating economies that need cooling with interest rate rises. They are economies bedevilled by the legacies of the last crisis, many of which still need to be dealt with.End of the line for heads-I-win-tails-you-lose rail franchising Whatever the fate of the east coast rail franchise, Virgin Trains has at least shown some staying power. On a line that promised easy pickings, first GNER and then National Express each lasted only 18 months before announcing they couldn’t make it work. The present incumbent has managed two years before confirming it would be seeking some form of bailout , demanding that the Department for Transport renegotiate with preferential terms for the Stagecoach-Virgin partnership.The east coast line was reprivatised in 2015 after more than five years in the public sector. It had returned more than £1bn in premiums to the Treasury, with dividends on top – a figure that Stagecoach confidently asserted it would trump. It may still do so. But the bulk of the promised £3.3bn was due towards the end of the eight-year franchise – and it is already balking.What has reprivatisation brought? Some investment in customer service: £21m spent on train interiors and ticketing innovations. But Virgin wasted no time in making passengers pay even more: its stealth rises alone doubled the average rail fare increase across Britain in 2016.Rail franchising has teetered on the brink since the fiasco that saw Virgin and Stagecoach being left to run the other London to Scotland mainline, west coast, in 2012. Genuine competition on UK railways has been the exception ever since the network was privatised.Now there is the unedifying prospect of the government funnelling more money into the pockets of two of Britain’s richest men, Brian Souter and Richard Branson, who have made a fortune in dividends since privatisation. The DfT must not perpetuate the scandal of heads-I-win-tails-you-lose franchising, where business wants the taxpayer – and fare-paying passenger – to underwrite its losses.The government should not expend energy and money trying to bail out another private firm. Rather, it should call its bluff, harness the public mood, and nationalise east coast now.Doing the maths matters, even at miserably low interest Andy Haldane, chief economist of the Bank of England , made an interesting observation last week. “For whatever reason,” he said, “there is far less of a social stigma attached to failings in maths than there is to reading and writing. It’s socially acceptable not to have a head for figures, not to have a maths brain.”Haldane was speaking in his role as trustee of charity National Numeracy , and he is quite right. Indeed, it can be a badge of honour to admit that a working out a percentage is too hard. Haldane, however, demonstrated his own prowess by calculating that £8,400 of savings at a 2.5% rate of interest would generate £210 in the first year. That was a hypothetical example, obviously, given that data from Moneyfacts shows a third of savings accounts now earn less than the 0.25% base rate. Even so, Haldane should keep banging on about numeracy.Topics Interest rates Business leader Economics Bank of England European Central Bank Virgin Trains Rail industry comment'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/02/horror-stories-of-central-bankers-have-no-interest-rate-shock'|'2017-07-02T03:00:00.000+03:00'
'b219c77e8d8f521208e60716d33ab66b62f0fe16'|'British Airways cabin crew begin two-week strike in pay dispute'|'Top News - Sat Jul 1, 2017 - 12:07am BST British Airways cabin crew begin two-week strike in pay dispute FILE PHOTO: British Airways logos are seen on tailfins at Heathrow Airport in west London, Britain May 12, 2011. REUTERS/Toby Melville/File Photo LONDON Some British Airways cabin crew began a two week strike on Saturday in a prolonged pay dispute, risking further brand damage and travel disruption, although the airline said most passengers would be able to fly. Members of BA''s "mixed fleet" cabin crew - those who work on both long and short-haul flights - have been in conflict with BA since last year over wage offers which the Unite trade union has described as "poverty pay". Although the pay dispute has largely been resolved, Unite said the walkout, the longest industrial action in the row, is a response to sanctions on union members involved in previous industrial action. While the impact on flights is set to be limited, the stand-off is another potential threat to the airline''s image a little over a month after thousands of passengers were stranded by a computer systems outage caused by a power surge. "Customers will take a dim view and a great British brand risks being further tarnished. We call on British Airways to drop the threats and drop the sanctions and resolve this long-running dispute," Unite national officer Oliver Richardson said in a statement. British Airways warned of further consequences for those who went on strike, but said all customers would reach their destinations. A full schedule will run from Gatwick and London City, while a small number of Heathrow services will be merged, BA said. Solicitors Bott & Co said around 400,000 passengers could be affected over the 16-day strike period. Willie Walsh, CEO of BA''s parent company IAG, said on Thursday that he expected all passengers to fly, as BA had applied to use 9 Qatar Airways planes, with staff. That application was approved on Friday The mixed fleet crew first threatened to strike over Christmas of 2016. Although that was called off, there have been 26 days of strike action so far this year. The mixed fleet staff make up about a third of the BA''s total cabin crew of around 16,000, although not all members of the crew will take action. Unite said that 1,400 mixed fleet members who had been on strike previously had seen bonus payments and travel concessions removed. "We have set out the consequences for crew if they take strike action," British Airways said in a statement. "The purposes of these consequences are to encourage crew to come to work." (Reporting by Alistair Smout; Editing by Robin Pomeroy) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iag-britishairways-strike-idUKKBN19L2ZC'|'2017-07-01T02:07:00.000+03:00'
'bac0f0194613ce44f013eef7ea0a5fa1c4720171'|'U.S. lifts laptop restriction for flights from Abu Dhabi'|'U.S. - Sun Jul 2, 2017 - 2:56pm EDT U.S. lifts laptop restriction for flights from Abu Dhabi An illustration picture shows a laptop on the screen of an X-ray security scanner, April 7, 2017. Picture taken April 7, 2017. REUTERS/Srdjan Zivulovic/Illustration - RTS16BI7 WASHINGTON The United States on Sunday lifted a ban on laptops in cabins on flights from Abu Dhabi to the United States, saying the United Arab Emirates'' Etihad Airways had put in place required tighter security measures. Etihad Airways welcomed the decision, and credited a preclearance facility at Abu Dhabi International Airport where passengers clear U.S. immigration before they land in the United States for "superior security advantages" that had allowed it to satisfy U.S. requirements. Etihad is the only airline that operates direct flights from Abu Dhabi to the United States. In March the United States banned laptops in cabins on flights to the United States originating at 10 airports in eight countries - Egypt, Morocco, Jordan, the United Arab Emirates, Saudi Arabia, Kuwait, Qatar and Turkey - to address fears that bombs could be concealed in electronic devices taken aboard aircraft. Britain quickly followed suit with a similar set of restrictions. Last week, the United States unveiled security measures for flights to the country designed to prevent the expansion of the ban to more countries that could cause major logistical problems and deter travel. DHS spokesman David Lapan said on Twitter on Sunday that Etihad Airways and Abu Dhabi International Airport "have implemented the required initial enhanced security measures." Etihad Airways operates 45 flights a week between Abu Dhabi and the United States, the company said. Dubai-based Emirates, the largest international airline by passenger traffic and a rival to Etihad, said in April it was cutting flights on five U.S. routes due to reduced demand, after a travel ban imposed by President Donald Trump and the laptop ban. (Reporting by Yeganeh Torbati and David Shepardson in Washington and Alexander Cornwell in Dubai; Editing by Phil Berlowitz) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-airlines-electronics-emirates-idUSKBN19N0UR'|'2017-07-02T21:51:00.000+03:00'
'5f9e36b6696055d3173632c8487168d1eea3b92a'|'Schaeuble sees room for more German tax cuts after September election'|'July 1, 2017 / 12:45 PM / 6 hours ago Schaeuble sees room for more German tax cuts after September election 3 Min Read German Finance Minister Wolfgang Schaeuble attends at an event of his CDU party''s economic council (Wirtschaftsrat) in Berlin, Germany, June 27, 2017. Hannibal Hanschke BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble said in a radio interview to be broadcast on Sunday that there could be room to cut taxes by more than the 15 billion euros already announced after the Sept. 24 election. Schaeuble told Deutschlandfunk radio that he hoped there could be tax relief beyond that already promised 15-billion euro income tax cut. The conservative Christian Democrats will present details on that with their campaign platform on Monday. "We''re planning, all in all, to do more than just correcting the income taxes by 15 billion euros," he said, referring to plans to reduce the country''s "cold progression" tax increases -- or "clandestine tax increases. Germany does not adjust tax brackets for inflation, unlikely many other countries. Schaeuble said that aside from fighting "cold progression", the Christian Democrats want to support young families to build new housing while also supporting research and development for small- to medium-sized companies. He said he would like to start dismantling the so-called "Solidarity Tax" in 2020 that was introduced after German unification to help pay for the costs of rebuilding infrastructure in formerly Communist East Germany. Schaeuble has rejected criticism that the income tax cuts of 15 billion years a year were too low to significantly boost economic growth through consumption. Economists and business lobby groups inside and outside Germany have demanded an overhaul of Germany''s tax system, namely steeper tax relief that would boost consumption and growth and a lower corporate tax rate that would encourage private investments. The International Monetary Fund and European Commission have said that Germany has room to lift investments on hard and digital infrastructure, which would help reduce its current account deficit and benefit weaker euro zone peers. Germany invested about 2.2 of output on roads, bridges schools and kindergarten each year on average between 2005 and 2014, significantly lower than the average of 3.3 percent among members of the Organisation for Economic Co-operation and Development (OECD). A recent study by the Bertelsmann Foundation think-tank found that if Germany boost investments to the OECD average, its economy would grow 1.6 percent each year on average until 2025 -instead of 1.4 percent if investment levels remain at their current level - and tax revenue would grow by 80 billion euros. Schaeuble has said he prefers to use the higher tax revenues made possible thanks to steady growth fueled by consumption, a robust labor market, a booming construction sector and higher state spending to reduce public debt. Reporting by Erik Kirschbaum Editing by Jeremy Gaunt. 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-germany-election-schaeuble-idINKBN19M3G9'|'2017-07-01T15:42:00.000+03:00'
'25f0fbf21b5198a0cc1fa28ed20a923c6a13d67d'|'DAMAC appoints former HSBC executive to speed up UK and Europe expansion'|'Business News - Tue Jul 4, 2017 - 11:04am BST DAMAC appoints former HSBC executive to speed up UK and Europe expansion DUBAI Dubai''s DAMAC Properties ( DAMAC.DU ) said its international arm has hired a former HSBC ( HSBA.L ) executive to speed up its expansion in the United Kingdom and Europe. Richard Choi, former HSBC Head of EMEA and Americas Real Estate, has been appointed as DAMAC International''s London-based Senior Vice President of Business Development, the developer said in a statement on Tuesday. DAMAC said it was exploring investment opportunities in Europe and the United Kingdom "following the success of its AYKON London One residential tower" which is under construction. DAMAC Properties is Dubai''s second largest listed developer. (Reporting by Alexander Cornwell, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-damac-britain-moves-idUKKBN19P14U'|'2017-07-04T13:04:00.000+03:00'
'a82aeec31c0c2510c0ab55069234e77c8a79cc3c'|'Nikkei turns negative after report N.Korea to make major announcement'|' 11am EDT Nikkei turns negative after report N.Korea to make major announcement TOKYO, July 4 Japan''s Nikkei share average turned negative in early afternoon trade on Tuesday, after market sentiment soured on a report North Korea would make a major announcement later in the day. South Korea''s Yonhap news agency reported that North Korea said it would make a major announcement at 3:30 p.m. (0630 GMT) on Tuesday. Earlier in the day, North Korea test-launched an intermediate-range ballistic missile into the sea off its east coast, South Korean and U.S. officials said. The Nikkei dropped 0.1 percent to 20,041.97 at 0459 GMT, moving away from an intraday high of 20,197.16 reached in the morning. The broader Topix also shed 0.2 percent to 1,610.54. (Reporting by Ayai Tomisawa; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-afternoon-idUSL3N1JV270'|'2017-07-04T08:11:00.000+03:00'
'a8a174c748fe5d1e72737e9f2939301182679be3'|'India''s Snapdeal rejects $700-$800 mln Flipkart bid -report'|'Deals - Tue Jul 4, 2017 - 2:37pm EDT India''s Snapdeal rejects $700-$800 million Flipkart bid: report FILE PHOTO: A private security guard stands at a gate of Snapdeal headquarters in Gurugram on the outskirts of New Delhi, India, April 3, 2017. REUTERS/Adnan Abidi/File Photo MUMBAI The board of Indian online marketplace Snapdeal has rejected a bid worth $700-$800 million from Flipkart after due diligence by its bigger rival, Mint newspaper reported on Tuesday. Japan''s SoftBank Group Corp ( 9984.T ), Snapdeal''s biggest investor, is looking to sell the firm to Flipkart to secure a stake in India''s largest e-commerce player. The offer by Bengaluru-headquartered Flipkart last week is only for the Snapdeal online marketplace and doesn''t include the company''s logistics arm Vulcan Express or its digital payments unit FreeCharge, Mint said quoting three anonymous sources. SoftBank declined comment while Snapdeal, its shareholders Nexus Venture Partners and Kalaari Capital, and Flipkart were not immediately available for comment. Snapdeal has been expected to fetch at least $1 billion from its sale to Flipkart. Negotiations between the two companies will continue, a person familiar with the matter told Reuters. Flipkart did not give any reason for "knocking down" Snapdeal''s valuation, the source added. As part of the proposed transaction, SoftBank would invest about $1 billion in Flipkart through a direct cash infusion and by buying equity stakes in its investors such as Tiger Global, according to sources. (Reporting by Sankalp Phartiyal; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-snapdeal-m-a-flipkart-idUSKBN19P2BQ'|'2017-07-04T21:09:00.000+03:00'
'4e67c79c2e3fbb468dbcc1ac633cc1de6abd4abf'|'Schaeuble sees room for more German tax cuts after September election'|'Business News - Sat Jul 1, 2017 - 1:54pm BST Schaeuble sees room for more German tax cuts after September election FILE PHOTO: German Finance Minister Wolfgang Schaeuble attends a news conference in Berlin, Germany June 28, 2017. REUTERS/Hannibal Hanschke BERLIN German Finance Minister Wolfgang Schaeuble said in a radio interview to be broadcast on Sunday that there could be room to cut taxes by more than the 15 billion euros already announced after the Sept. 24 election. Schaeuble told Deutschlandfunk radio that he hoped there could be tax relief beyond that already promised 15-billion euro income tax cut. The conservative Christian Democrats will present details on that with their campaign platform on Monday. "We''re planning, all in all, to do more than just correcting the income taxes by 15 billion euros," he said, referring to plans to reduce the country''s "cold progression" tax increases -- or "clandestine tax increases. Germany does not adjust tax brackets for inflation, unlikely many other countries. Schaeuble said that aside from fighting "cold progression", the Christian Democrats want to support young families to build new housing while also supporting research and development for small- to medium-sized companies. He said he would like to start dismantling the so-called "Solidarity Tax" in 2020 that was introduced after German unification to help pay for the costs of rebuilding infrastructure in formerly Communist East Germany. Schaeuble has rejected criticism that the income tax cuts of 15 billion years a year were too low to significantly boost economic growth through consumption. Economists and business lobby groups inside and outside Germany have demanded an overhaul of Germany''s tax system, namely steeper tax relief that would boost consumption and growth and a lower corporate tax rate that would encourage private investments. The International Monetary Fund and European Commission have said that Germany has room to lift investments on hard and digital infrastructure, which would help reduce its current account deficit and benefit weaker euro zone peers. Germany invested about 2.2 of output on roads, bridges schools and kindergarten each year on average between 2005 and 2014, significantly lower than the average of 3.3 percent among members of the Organisation for Economic Co-operation and Development (OECD). A recent study by the Bertelsmann Foundation think-tank found that if Germany boost investments to the OECD average, its economy would grow 1.6 percent each year on average until 2025 -instead of 1.4 percent if investment levels remain at their current level - and tax revenue would grow by 80 billion euros. Schaeuble has said he prefers to use the higher tax revenues made possible thanks to steady growth fuelled by consumption, a robust labour market, a booming construction sector and higher state spending to reduce public debt. (Reporting by Erik Kirschbaum Editing by Jeremy Gaunt.)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-election-schaeuble-idUKKBN19M3GU'|'2017-07-01T15:54:00.000+03:00'
'2d46c61ec2cfe71fd0cf7ab109700ab4d559f8b4'|'Trouble in the Dales as holiday homes become the new buy-to-let'|'B ainbridge is one of the prettiest villages in the Yorkshire Dales, with its wide open village green, ancient stocks and shady trees. But it is also at the heart of what many expect to be the next boom in property investment, as speculators deterred from traditional buy-to-let by new taxes and lending criteria pour into holiday lets instead.Since April buy-to-let investors have faced new taxes on their rental revenue, while at the same time the Bank of England has enforced stricter lending requirements on the banks issuing the loans – with the result that buy-to-let lending is down by half this year.Now investors are turning to furnished holiday lets, which enjoy an abundance of tax benefits that no longer apply to traditional buy-to-let. The companies promoting holiday lets as an investment say that while Cornwall and Devon remain firm favourites, the best value is to be found in the Yorkshire Dales, in Wensleydale villages such as Bainbridge, Askrigg and Hawes.The tax treatment of furnished holiday lets is startlingly generous. If you buy a property and let it out for holiday use, you can still set your full mortgage interest repayments against tax, unlike under the rules that have hit buy-to-let. You can also kit out the cottage to a luxury standard and deduct the entire cost from your pre-tax profits. A major tax loophole means you also don’t have to pay council tax on the property, and can almost certainly avoid local business rates. You can even run the income into your pension and obtain tax relief. And when you come to sell it you can qualify for a whole range of reliefs that mean any capital gains tax is minimised. About the only tax barrier for investors is the 3% additional stamp duty that applies to any second home purchase.Alistair Malins runs Second Estates, which promotes holiday lets as an investment. “It’s very buoyant at the moment. A lot of attention has moved away from buy-to-let because of the tax changes, with people investing in holiday lets as an alternative. People who have in the past invested in city centre flats for buy-to-let are also finding that prices have plateaued and are now looking at places further afield, particularly in areas where there is limited stock and prices are resilient. The fall in the pound has also helped as it is encouraging people to go on holiday in the UK.”He points to Newquay in Cornwall where he has let a three-bed holiday home close to the beach for £1,900 a week across the entire peak summer period. “We’re currently looking at properties where the gross yield is around 12%,” he says. But unlike standard buy-to-lets, holiday homes also come with high costs, as they have to be managed for regular visitors. Malins’ rule of thumb is that as much as half the annual income can be swallowed up with costs, but that still leaves investors earning about 6% a year – far more than most other property investments.Facebook Twitter Pinterest Councilllor for Bainbridge Yvonne Peacock“In Cornwall you get very high peak prices in summer, but it trails off a lot in winter. In the Yorkshire Dales we find that properties get booked up all year round. There are still some pockets of value in south-west England, but you get fantastic value in places such as Hawes and Askrigg.”But the view from Bainbridge, almost equidistant between those villages, is rather different. Yvonne Peacock is from a family of Bainbridge farmers and is the local councillor and leader of Richmondshire district council. She says that 4,000 out of the 20,000 properties in the Yorkshire Dales are second homes. “This is a big problem for us. People who want to live here and work here can’t afford to buy a home. And the level of rents are also so high that our young people can’t even afford to rent.”But while investors are driving up property prices, she draws a distinction between holiday lets and second homes. “Holiday cottages are important for business as they bring tourists in. But second homes are left empty for much of the year and don’t bring any benefit.”Peacock is closely watching developments in St Ives, Cornwall,regarded as the frontline in the battle over second homes . Following a poll supported by 83% of local residents, St Ives banned outsiders from buying newly built homes in the area. A legal challenge by property developers was fought off, and several other Cornish villages are now seeking to impose similar bans.At Second Estates, Malins says: “The number of second homes in the UK is just 1% of the overall housing stock. There are certain areas such as St Ives which are putting limits on new homes sold to second home buyers – and that’s entirely fair. What we are doing is making sure that our properties are filled with holidaymakers and therefore they have a positive impact on local businesses and jobs.”Mortgage brokers say that the take-up of loans for holiday lets is increasing fast, albeit from a low base. Interest rates charged are also generally higher than on standard buy-to-let loans.Leeds building society is the biggest lender in the holiday let market. It says: “Since we launched our holiday let range in July 2013 we have seen a year-on-year increase in demand. Rental yields can be significantly higher when compared with buy-to-let, but location is very important, the cost to purchase may be high and there are some additional costs that you wouldn’t get with a buy-to-let – for example, a weekly cleaner, loo rolls and, potentially, managing agents’ fees.”Leeds charges 2.59% interest on its two-year fixed holiday let mortgage, rising to 3.3% on its five-year deal, plus a £999 product fee. That compares with the 1.54% for the current lowest rates on buy-to-let two-year fixes, and 2.29% on five-year deals.Anyone buying a holiday let also has to put down a hefty deposit of at least 30% of the purchase value of the home. Leeds will also want proof that the holiday rental income will be equal to at least 140% of the interest payable on the mortgage, and you will have to prove that you can afford the loan even if the interest rate rises to 5.5%.Facebook Twitter Pinterest St Ives, in Cornwall, has become the frontline in the battle over second homes. Photograph: Matt Cardy/Getty ImagesIf someone was to take out a £200,000 holiday home loan from Leeds BS, its criteria suggest that the borrower would have to achieve an annual rental income of more than £15,000 a year to have any chance of obtaining a loan.David Hollingworth of mortgage broker London & Country says other lenders granting holiday let loans include Principality building society, which has rates starting at 2.2%, Furness building society and Monmouthshire.Most buy-to-let lenders won’t consider holiday lets, he says, because they require that the property is let on an assured shorthold tenancy of between six and 12 months, which clearly doesn’t work for holiday lets. He adds that lenders will also want to ensure that the home is a standard property, so will not consider those in holiday parks.“We’ve seen quite a big increase in holiday home mortgages, but from a low level,” says Ray Boulger of broker John Charcol. “The financial situation has changed significantly in favour of this type of property in the past year, and if you are prepared to put in the extra work it requires, then holiday lets are clearly more attractive than buy-to-lets.”To qualify for all the tax advantages, holiday home owners must follow a number of rules. HM Revenue & Customs says the property must be available for letting for at least 210 days in the year, and be let for at least 105 days. But unlike conventional buy-to-lets, an investor in a holiday home can also use it for their own holidays for as much as 20 weeks a year.Leaping through tax loopholes A legal loophole means that holiday home owners avoid paying both council tax and business rates, depriving local authorities of much-needed cash.A furnished holiday home let for at least 140 days a year is regarded as a business, so there is no council tax to pay. But owners are also entitled to 100% relief on business rates if the property has a rateable value of less than £12,000. Consultants Colliers International analysed the potential rate bill of 7,300 holiday homes in Cornwall and found that more than 7,150 of those second home owners had properties with a rateable value of less than £12,000, so were paying no business rates.Colliers calculates that the loophole means holiday home owners are subsidised in Cornwall alone by about £13.2m (if they were forced to pay business rates) or £14.6m (if they were required to pay council tax).John Webber, head of rating at Colliers, said: “It’s a scandal that those who have holiday homes and rent them out are able to take advantage of the small business rates relief and so pay less tax, putting the burden of the rates bill on to other businesses who are struggling to pay their bills.“We do not criticise second home owners who take advantage of this tax break – that could be considered sensible tax planning. But we do criticise that the government has allowed this situation to happen and has ignored the rating industry’s calls for root-and-branch reform of the business rates system.”Topics Property Buying to let Yorkshire Investments features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jul/01/holiday-homes-new-buy-to-let-property-investors'|'2017-07-01T03:00:00.000+03:00'
'4faf20813e5774cd31cd701090dd818a514f4260'|'Exclusive: Five companies eye Brazil''s Cemig Telecom, sources say'|'Deals - Fri Jun 30, 2017 - 3:28pm EDT Exclusive: Five companies eye Brazil''s Cemig Telecom, sources say By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO Brazil''s No. 1 wireless carrier Telefónica Brasil SA ( VIVT4.SA ) and fiber-optic service provider Globenet Inc are among at least five industry players looking at the fiber-optic arm of Cia Energética de Minas Gerais SA ( CMIG4.SA ), which put the unit on the block to cut debt, three people with direct knowledge of the process said. Other companies looking at assets of Cemig Telecom, whose fiber optic network stretches 9,500 km (5,900 miles) across five Brazilian states, are Vogel Soluções SA, Algar Telecom SA and infrastructure funds managed by UBS AG ( UBSG.S ), the people said. The sale could close as early as October, two of the sources said. Parent company Cemig has hired the investment banking unit of Banco Bradesco SA ( BBDC4.SA ) to conduct the auction, the people said. The sources, who requested anonymity because the process remains private, did not give an estimate for the value of Cemig Telecom. The sale is part of parent Cemig''s plan to divest 6.5 billion reais ($2 billion) in assets and refinance 4.8 billion reais of debt by year-end. The potential bidders and Cemig had no immediate comment. Bradesco declined to comment. For a year, Cemig has struggled to decide what assets to sell, underscoring the difficulties of downsizing after growing rapidly. Some of the conglomerate''s acquisitions over the past decade, ranging from gas distribution to information technology, have underperformed. LOOMING DEBT Cemig''s preferred shares reversed early gains, shedding 0.4 percent to 8.06 reais on Friday, paring back year-to-date gains to about 7.4 percent. The power utility, Brazil''s third-largest, is controlled by the state of Minas Gerais. Reuters first reported discussions about selling Cemig Telecom in December. Cemig''s outstanding bank loans and other obligations have tripled to 13 billion reais since 2012, when a federal government decision to renegotiate power contracts depressed the value of electricity assets and hampered returns. Eighty percent of Cemig''s debt comes due by 2019. Buying Cemig Telecom could provide a fiber-optic service company with a foothold in one of the world''s most populous countries and negotiate better fees with large users, the people said. Telefónica Brasil and other carriers have doubled down bets on fiber optic players in recent years as demand for data packages surged. (Editing by Lisa Von Ahn and Richard Chang) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cemig-divestiture-cemig-telecomunica-idUSKBN19L2Q0'|'2017-06-30T23:28:00.000+03:00'
'c5abe1a2f9765f7118c79104aa75856a6681a3a0'|'Gold slips as dollar pares losses, stocks hold ground'|'July 3, 2017 / 5:17 AM / 2 hours ago Gold hits seven-week low as dollar climbs, U.S. yields rise By Jan Harvey 3 Min Read Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London, Britain July 21, 2015. Neil Hall/File Photo LONDON (Reuters) - Gold slid to a seven-week low on Monday and headed for its biggest one-day loss in two months as the dollar rebounded and 10-year U.S. Treasury yields climbed, weighing on appetite for non-interest bearing bullion. Gold ended June with its first monthly loss of the year after the strength it saw in early 2017 ran out of steam in the second quarter, dampened by a rise in bond yields. Spot gold was down 1.3 percent at $1,225.27 an ounce at 1430 GMT, while U.S. gold futures for August delivery were down $17.10 an ounce at $1,225.20. The metal''s decline picked up speed after it broke chart support at $1,234, its 200-day moving average. It rallied $50 an ounce to a seven-month high in the three weeks after breaking above that level in May, but has since steadily fallen. Rising bond yields and soft physical demand are weighing on interest in gold, Commerzbank analyst Carsten Fritsch said. The link between gold and yields is currently stronger than the gold-U.S. dollar connection, he said. "This is due to the fact that the exit from ultra-loose monetary policy is not only related to the Fed anymore," he said. European shares began the new quarter with solid gains, while the dollar lifted from nine-month lows as U.S. Treasury yields hit their highest since mid-May. Germany''s 10-year government bond yield pulled back after last week''s sharp selloff, but held near 3-1/2 month highs. Gold failed to benefit from dollar weakness in the second quarter, as this was driven largely by expectations for tightening monetary policy outside the United States. "Higher global rates would weigh on gold – as we have highlighted on several occasions, the potential for higher EUR rates and the upward pressure this might have globally is a key risk that we are watching," UBS said in a note. "Ahead today, U.S. inflation data comes into focus given the read-through to real rates." U.S. Mint sales of American Eagle gold coins totalled 6,000 ounces in June, down 92 percent from June 2016 and bringing the tally for the first half of the year to 192,500 ounces. The Perth Mint''s gold sales fell 39 percent year on year. Silver was down 2 percent at $16.24 an ounce. Silver was the worst performer of the major precious metals in the second quarter, ending the period down 9 percent. Palladium, the last quarter''s biggest riser with a near 6 percent gain, was up 0.3 percent at $843.60 an ounce, while platinum was 1.5 percent lower at $907.15 an ounce. Reporting by Jan Harvey; additional reporting by Nithin Prasad and Koustav Samanta in Bengaluru; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN19O0DV'|'2017-07-03T08:16:00.000+03:00'
'd2603ccf49473ef07697dc61c2f8e99534c245d8'|'Tesla deliveries at low end of forecast, starting Model 3 production'|'Business  28pm BST Tesla deliveries at low end of forecast, starting Model 3 production Tesla Inc ( TSLA.O ) said it delivered about 47,100 electric sedans and SUVs in the first half of 2017, at the lower end of its own forecasts, shortly after Chief Executive Elon Musk announced that production of its mass-market Model 3 would start this week and build to 20,000 per month in December. Shares fell 2.5 percent in regular trade on Monday to $352.62 after the Model 3 comments and eased down a touch more in after hours trade, following the first-half report. Tesla said a "severe shortfall" of new battery packs had constrained vehicle manufacturing until June, and it forecast that second-half deliveries of the Model S sedan and Model X sports utility vehicle likely would exceed those of the first half. It had forecast first-half deliveries of 47,000 to 50,000. Most investors are focused on the outlook for the Model 3, and some analysts have been skeptical about its planned July launch after production delays and quality issues marred the launches of the Model S and Model X. Tesla''s shares are up more than 60 percent this year, partly on expectations of a strong launch for its Model 3, the first car the company has aimed at the mass market. Tesla has a market value of $58 billion, greater than either General Motors Co ( GM.N ) or Ford Motor Co ( F.N ). In a series of posts on Twitter late on Sunday, Musk said the Model 3 had passed all regulatory requirements for production two weeks ahead of schedule. "Production grows exponentially, so Aug should be 100 cars and Sept above 1,500," Musk said. "Looks like we can reach 20,000 Model 3 cars per month in Dec." That is in line with targets Tesla previously set, of more than 5,000 Model 3s per week by the end of this year and 10,000 vehicles per week "at some point in 2018". Musk said he expected SN1 - the first car off the assembly line for sale - to be completed on Friday. Tesla has taken deposits on more than 300,000 Model 3s, starting at $35,000 a vehicle. Its popularity stands out as major U.S. automakers face a downturn. GM and Ford both reported lower sales for June on Monday. The Model 3 marks a turning point for Tesla as it transitions from a niche luxury car manufacturer to a mass producer. The 500,000 vehicles the company plans to make next year is nearly six times its 2016 production. Reuters reported in February that Tesla shut down production at its California assembly plant for a week to prepare for production of the Model 3 sedan, in order to meet its target of starting production in July. (Reporting by Subrat Patnaik in Bengaluru and Peter Henderson in San Fransisco; Editing by Amrutha Gayathri and Bill Rigby) Tesla Motors'' mass-market Model 3 electric cars are seen in this handout picture from Tesla Motors on March 31, 2016. Tesla Motors/Handout via Reuters/File Photo'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tesla-model-idUKKBN19O0GD'|'2017-07-04T00:28:00.000+03:00'
'58e65506e0efbbcfd9a83ddeb58d93471d84915d'|'After Brexit vote, St. Modwen backs away from retail property'|'Business News - Tue Jul 4, 2017 - 12:56pm BST After Brexit vote, St. Modwen backs away from retail property By Esha Vaish and Noor Zainab Hussain British property developer St. Modwen will not embark on any major retail projects as brick-and-mortar retailers are squeezed by lower consumer spending and the growing threat from online rivals. The company would instead focus on building houses in areas with strong demand as well as "sheds and beds" as it looks to capitalise on the growth in demand for warehouse and logistic sheds from e-commerce companies and student accommodation projects, Chief Executive Mark Allan said."In terms of actually putting projects on hold, the only thing I would point to is that we''re cautious about retail investment and therefore not looking to invest into new retail development at this point," Allan told Reuters. The UK retail property market has been struggling as many established businesses have lost ground to discount and online rivals. The decline in value of the pound after last year''s Brexit vote has inflated the cost of imported goods and increased the pressure on real wages, forcing retail property developers to rethink growth plans. St. Modwen has spent about 250 million pounds developing property in each of the past five years and about 15 percent of that has gone towards retail, Allan said. Allan said St. Modwen would speed up plans to deliver new homes on 17,000 approved development plots in south and central England as an acute housing shortage and schemes to help first-time buyers continued to underpin demand. "Regardless of Brexit, the housing shortage isn''t going anywhere, so being focused residentially on areas where there is clear housing demand is positive." To help fund the projects, the firm will also continue to sell smaller and non-core projects and use proceeds from its recent sale of New Covent Garden Market site, a 10 acre residential scheme in London. The firm had faced some challenges trying to sell the site, amid heightened concerns about London property, where houses have fallen some due to Brexit and tax changes. However, Allan said all commercial and residential sales over the six-month period had been at or above book value. The firm on Tuesday reported a 1.7 percent rise in net asset value per share to 468.4 pence for the six months ended May 31, which Peel Hunt said was in line with expectations. The brokerage has a "buy" rating on the stock, which was trading down 0.6 percent at 358.9 pence at 1130 GMT, valuing the company at around 800 million pounds. (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-st-modwen-development-idUKKBN19P1GA'|'2017-07-04T14:56:00.000+03:00'
'f73f42bd030effe8888c6d4ee1953e47cabc71bb'|'Germany''s Aldi to invest 5 billion euros in stores - Bild am Sonntag'|'Business News - Sun Jul 2, 2017 - 11:54am BST Germany''s Aldi to invest 5 billion euros in stores - Bild am Sonntag FRANKFURT German discount grocery chain Aldi North is planning to spend more than 5 billion euros (4.39 billion pounds) to revamp its stores around the world, which would be its biggest investment project ever, German weekly Bild am Sonntag reported, citing company sources. Aldi and its German discounter rival Lidl have become giants in European retail, upending Britain''s grocery retail market, and are challenging U.S. retailers as well. Aldi North''s sister chain Aldi South announced plans last month to invest $3.4 billion to expand its U.S. store base to 2,500 by 2022, raising the stakes for rivals caught in a price war. Bild am Sonntag said on Sunday that Aldi North planned to finance its multi-billion-euro investment from existing cash rather than by taking on debt. But the paper said the project still needed the approval of one of the three foundations that control the company, which has been the subject of a family feud. Aldi North was not immediately available for comment. German brothers Karl and Theodor Albrecht pioneered the discount store concept, setting up two sister businesses serving north and south Germany in 1962 and then expanding to much of Europe as well as the United States and Australia. Theodor had placed control of Aldi North in the hands of three foundations, all of which must approve any strategic decisions. Aldi North most recently said it had just over 4,800 stores in Europe, in addition to more than 460 more upmarket Trader Joe''s stores it operates in the United States. (Reporting by Maria Sheahan; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aldi-strategy-idUKKBN19N0DW'|'2017-07-02T13:54:00.000+03:00'
'adad4b06c1ce92684995a5706b411ecf8bc06597'|'Fox Sports dismisses president of national networks'|'Business News - Mon Jul 3, 2017 - 10:26pm BST Fox Sports dismisses president of national networks By Jessica Toonkel Fox Sports fired Jamie Horowitz, its president of national networks, on Monday, according to a memo sent to employees, which provided no reasons for the dismissal but did emphasize the importance of "professional conduct." Horowitz''s departure comes amid allegations of sexual harassment, according to reports by The New York Times and The Los Angeles Times. Reuters could not independently verify those allegations. Horowitz''s attorney, Patricia Glaser, a partner with Glaser Weil, called Fox''s treatment of Horowitz "appalling." "At no point in his tenure was there any mention by his superiors or human resources of any misconduct or an inability to adhere to professional conduct," Glaser said in a statement. "Any slanderous accusations to the contrary will be vigorously defended." A spokeswoman for Fox Sports, part of Twenty-First Century Fox Inc ( FOXA.O ), declined to comment further on Horowitz''s departure, which was effective immediately. Daniel Petrocelli, an attorney with O’Melveny & Myers, which is representing Fox Sports, said in a statement that Horowitz''s departure was "fully warranted," and he called the accusations by Horowitz''s attorney "ill-informed and misguided." In the memo to employees, which was seen by Reuters, Eric Shanks, president of Fox Sports, wrote that everyone at Fox Sports "should act with respect and adhere to professional conduct at all times. These values are non-negotiable." Horowitz''s dismissal comes at a sensitive time for 21st Century Fox, which is controlled by media mogul Rupert Murdoch and is awaiting regulatory approval of its $15.2 billion acquisition of the UK’s Sky Plc. Sexual harassment claims and lawsuits at another 21st Century Fox unit, Fox News, which led to the departures of former Chair Roger Ailes and star anchor Bill O''Reilly, have caused some investor concern about the future of the unit. However, unlike at Fox News, there has been no litigation or settlements involving behaviour at Fox Sports, according to a person familiar with the situation, who wished to remain anonymous because the matter is private. In the memo, Shanks said he would take over Horowitz''s responsibilities until a replacement is named. Horowitz had been in his position at Fox Sports since May 2015, according to his LinkedIn profile. A Fox web page on Horowitz had been taken down on Monday. (Reporting by Jessica Toonkel; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fox-sports-horowitz-idUKKBN19O2FS'|'2017-07-03T23:39:00.000+03:00'
'f034d61615afc11d8b9e6f41ad188002b0e6655f'|'Stada CEO, CFO resign with immediate effect'|'FRANKFURT German generic drugmaker Stada ( STAGn.DE ) said on Tuesday both its chief executive and its finance chief had resigned from their posts with immediate effect, ahead of a possible fresh takeover bid by buyout groups Bain Capital and Cinven.Chief Executive Matthias Wiedenfels will be replaced by former Boehringer Ingelheim board member Engelbert Tjeenk Willink and CFO Helmut Kraft by Bernhard Duettmann, formerly finance chief at Beiersdorf ( BEIG.DE ) and then Lanxess ( LXSG.DE ).Both managers are appointed until the end of 2017, Stada said in a statement.(Reporting by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-stada-arzneimitt-m-a-ceo-idUSKBN19P1EJ'|'2017-07-04T15:40:00.000+03:00'
'b33d457bc6a6227f56e03da9d92a49b9772fef64'|'Spain''s Popular seeks partners for 30 billion euro bad debt portfolio'|'Banks - Sat Jul 1, 2017 - 11:05am BST Spain''s Popular seeks partners for 30 billion euro bad debt portfolio FILE PHOTO: A man uses a cash dispenser at a Banco Popular branch in Madrid, Spain, April 29, 2016. REUTERS/Andrea Comas/File Photo BARCELONA Spain''s Banco Popular will start looking for partners to buy some 30 billion euros (26.31 billion pounds) in repossessed assets and non-performing real estate loans as it strives to bolster its books following last month''s takeover by Santander ( SAN.MC ), it said late on Friday. Struggling under the weight of risky property assets, Popular was taken over by Spain''s largest bank for the symbolic price of one euro after European authorities stepped in to prevent its collapse. Following a review of the banks assets, the new chair of the board of directors Rodrigo Echenique said in a statement that Popular would seek partners for assets with a total gross book value of about 30 billion euros. He also announced plans to replace board members of companies in which Popular holds stakes. Meanwhile, Popular said it would buy back 51 percent of Aliseda Servicios, which carries out real estate servicing, from the funds Varde Partners and Kennedy Wilson by the third quarter of 2017. The agreed price for the stake was 180 million euros and will entail a capital consumption for Banco Popular of 302 million euros, the bank said. Morgan Stanley will advise Popular as new owner Santander attempts to meet its declared goal of reducing the volume of bad assets by half in 18 months and completely in three years. Popular said earlier on Friday that normal business operations have been restored in branches and other customer contact centres following last month''s takeover. (Reporting by Sam Edwards; Editing by Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-banco-popular-es-m-a-idUKKBN19M3BG'|'2017-07-01T13:05:00.000+03:00'
'578050784bc15a28acdbe21aa7b32a15b648a166'|'BRIEF-Trinseo says co''s unit partnered with Advanc3d Materials'|' 16am EDT BRIEF-Trinseo says co''s unit partnered with Advanc3d Materials July 3 Trinseo SA: * Trinseo SA - co''s consumer essential markets business unit partnered with Advanc3d Materials * Trinseo SA - partnered with Advanc3d to produce filament made of Trinseo resins Source text for Eikon:   * Toyota Motor North America reports U.S. sales for June 2017 and first half MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-trinseo-says-cos-unit-partnered-wi-idUSFWN1JU0H6'|'2017-07-03T16:16:00.000+03:00'
'304778d2c7796fcd3102a58f34e7100158ac24bd'|'Volkswagen recalls 385,000 cars in Germany for brake system update'|'Sat Jul 1, 2017 - 4:18pm BST VW recalls 385,000 cars in Germany for brake system update A man uses phone under a Volkswagen logo at the Shanghai Auto Show, in Shanghai, China April 20, 2017. REUTERS/Aly Song FRANKFURT Volkswagen ( VOWG_p.DE ) is recalling 385,000 cars in Germany for a software update to their anti-lock brake systems, news agency DPA reported, citing a spokesman for the automaker. Volkswagen''s VW, Audi and Skoda brands were affected, it said. According to DPA, the braking control system may not function properly in certain driving conditions, such as when the driver over-steers, under-steers or slams on the brakes. Volkswagen had no immediate comment. (Reporting by Andreas Cremer; writing by Maria Sheahan; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-recall-idUKKBN19M3KV'|'2017-07-01T18:17:00.000+03:00'
'5e210a01205de4ec4d36f14ff91e8ec6dbf552c2'|'The European Commission levies a huge fine on Google'|'SHE was born to Lutheran ministers known to be both tough and principled. As a child, she thought it unfair that pupils were not allowed to sell fruit and milk in school and successfully lobbied for change. In her office in Brussels she keeps a statue of a raised middle finger, a gift from a trade union when she was deputy prime minister of Denmark, as a reminder that there will always be critics.It shouldn’t have come as a surprise that Margrethe Vestager, the European Union’s competition commissioner, took a tough line against Google this week. The size of the fine the tech giant will have to pay for abusing its monopoly in online search, €2.4bn ($2.7bn), sets a record for European antitrust penalties (see chart). Yet more important than the amount is that she provided a rough guide to how the European Commission plans to deal with online firms which not only dominate a market, but essentially are the market. 19 27 In the 2000s Microsoft got into trouble because it had expanded its Windows monopoly by bundling it with its web browser. By comparison, Google’s infraction seems minor. In 2002 it launched a price-comparison service called Froogle, later renamed Google Shopping. In 2008 it changed how this service works. According to the commission, the new version systematically favoured Google’s own comparison-shopping results by giving them prominent placement at the top of its generic search results and demoting links to rival offerings to pages further down in its results, where users hardly venture.This would not be a problem if there were several big search engines. But Google’s market share in most European countries exceeds 90%. When the firm introduced the changes, traffic to rival websites, such as Britain’s Foundem, plunged. This denied other firms the chance to compete and reduced consumer choice, said Ms Vestager. Google has 90 days to find a way to treat its own comparison-shopping service and those of rivals equally.Predictably, Google wants none of this. It says its search service is far less dominant than it appears: consumers look up products on many other sites, including Amazon and eBay (the commission did not count these as search engines). Google also notes that the changes made in 2008 benefited consumers. “People usually prefer links that take them directly to the products they want,” Kent Walker, the firm’s general counsel, wrote in a blog post. Here, Google appears to have a point. Why would consumers want to click on a link which leads them to another site if they can see products and prices neatly lined up above Google’s search results?The European Court of Justice, the EU’s highest court, will have to weigh the merits of its argument. Google will appeal, and there are weaknesses in the commission’s case, such as the difficulty of proving real consumer harm from the treatment of other price-comparison sites. Yet the commission deserves credit for tackling a question, which is increasingly important but which American trustbusting agencies have avoided: what is the responsibility of dominant online firms, including Amazon and Facebook, when direct competitors, large and small, offer products and services on their platforms?The prevailing wisdom, particularly in America, used to be that “super-platforms”, despite their size, do not unfairly use their market power and thrive because of their unceasing innovation. The competition is always just one click away, argues Herbert Hovenkamp of the University of Pennsylvania. If Google were to degrade its search results by demoting links to better services, users would just switch to a rival service, such as Bing or DuckDuckGo.But as digital platforms have grown ever bigger, that thinking has started to change, even in America. A growing number of antitrust experts now accept the commission’s view, that network effects create high barriers to entry in online markets. This means that Google, for instance, can in fact degrade its search results selectively (and disadvantageously to its direct competitors) without having to fear that its users will defect, says Maurice Stucke of the University of Tennessee. “We need these super-platforms to adhere to a principle of neutrality,” he says.How can such a principle be enforced? In the case at hand Google could just feed all search queries through one algorithm and do away with the second one that produces the Google Shopping results. But what if this one algorithm still ends up putting Google’s links on top? Will the commission then force the firm to reveal its inner workings and even rewrite it? If search algorithms become more personalised, as is expected to be the case with digital assistants such as Amazon’s Alexa, it will be even more difficult to detect bias.Ms Vestager can put such questions aside for the moment. But this week’s decision sets a precedent. Her team will now examine other offerings from Google, including travel information and reviews of local businesses. It may well push for scrupulously equal treatment in these fields, too—which would limit how the search giant can combine and link its services, at least in Europe.Queen MargretheMs Vestager has let it be known, too, that Google is likely to be found guilty in the two other cases she has launched against it. One deals with Android, its mobile operating system, and whether the firm has used it to protect and expand its position in online search. The other examines whether Google has hurt competition in online advertising. Brussels insiders say that decisions (and further hefty fines) may come as soon as July.Fair competition is essential in an industry that is reshaping society rapidly, Ms Vestager argues. As the cases, and the fines, pile on, there is sure to be resistance from across the Atlantic—and perhaps even sympathy for Google. Even her fans wonder whether Ms Vestager is too zealous. But it may require someone as forceful as the Dane to take on the biggest platforms.This article appeared in the Business section of the print edition under the headline "Not so Froogle"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21724436-its-case-not-perfect-it-asks-right-questions-european-commission-levies-huge?fsrc=rss'|'2017-07-01T08:00:00.000+03:00'
'7ee50fd6ce6d6f5e0ac6e1e9db127bb02e346aa8'|'Japan, EU on cusp of free trade agreement after U.S. TPP rebuff'|'July 1, 2017 / 4:25 PM / 2 hours ago Japan, EU on cusp of free trade agreement after U.S. TPP rebuff 3 Min Read European Commissioner for Trade Cecilia Malmstrom (L) shakes hands with Japanese Foreign Minister Fumio Kishida before the start of their meeting as a part of the Japan-EU Economic Partnership Agreement negotiations at Iikura guest house in Tokyo, Japan, 30 June 2017. Franck Robichon/Pool TOKYO (Reuters) - Japan and the European Union are on the cusp of a wide-ranging free trade agreement that could help blunt the forces of protectionism sparked by U.S. President Donald Trump''s trade policies. EU Trade Commissioner Cecilia Malmstrom said she was "quite confident" that a broad agreement can be announced at a summit on July 6 with Japanese Prime Minister Shinzo Abe as both sides finalize the reduction of tariffs on autos and agricultural goods. Clinching a deal would offer Japan and Europe an important political victory and could raise questions about the U.S. government''s influence on the agenda for the global economy. "You can do good, fair, transparent and sustainable trade agreements where you win and I win, and not the American view, which seems to be, ''You lose and I win,''" Malmstrom told reporters. Malmstrom spoke after two days of meetings with Japanese Foreign Minister Fumio Kishida in Tokyo about a deal that would eliminate a broad range of trade barriers. European Commissioner for Trade Cecilia Malmstrom (L) and Japanese Foreign Minister Fumio Kishida (2nd R) attend their meeting as a part of the Japan-EU Economic Partnership Agreement negotiations at Iikura guest house in Tokyo, Japan 30 June 2017. Franck Robichon/Pool European officials have been pushing for a reduction in Japanese tariffs on cheese and agriculture imports that are as high as 30 percent in return for phasing out tariffs on Japanese autos and auto parts. This tradeoff initially met strong resistance, because some politicians want to protect Japan''s dwindling dairy industry. However, Malmstrom expressed confidence that both sides have overcome this problem and can reach a deal. European Commissioner for Agriculture and Rural Development Phil Hogan (L) and European Commissioner for Trade Cecilia Malmstrom (2-L) pose with Japanese Foreign Minister Fumio Kishida (2-R) and Japanese Agriculture, Forestry and Fisheries Minister Yuji Yamamoto (R) before their working dinner as a part of the Japan-EU Economic Partnership Agreement negotiations at Iikura guest house in Tokyo, Japan 30 June 2017. Franck Robichon/Pool "We''ve made meaningful progress, but there are still important points remaining," Kishida told reporters. "Since we are trying to reach a broad agreement in time for the summit, I am planning to travel to Brussels to make this happen." Kishida added that his visit would occur before Abe''s participation in a Group of 20 summit in Hamburg on July 7-8. Japan and the EU have been negotiating a trade deal since 2013. The talks have taken on a greater sense of urgency since Trump walked away the Trans-Pacific Partnership (TPP), leaving the other 11 members of the Pacific Rim trading bloc, including Japan, in limbo. Reporting by Stanley White and Kaori Kaneko; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-japan-eu-trade-idINKBN19M3MU'|'2017-07-01T19:28:00.000+03:00'
'a723d822f0b2acf45d91bb733c538338b35d44c0'|'BRIEF-Paladin Energy says EDF informed co it is not prepared to enter into a standstill'|' 59am EDT BRIEF-Paladin Energy says EDF informed co it is not prepared to enter into a standstill July 4 Paladin Energy Ltd: * Approached EDF to grant a standstill in respect of enforcement by EDF of approximately US$277 million due to it on 10 July 2017 * EDF now informed co that it is not prepared to enter into standstill agreement and requires payment of amount when due on 10 July, 2017 * "Paladin is considering implications of EDF''s position for future of company" * Commenced negotiations with EDF before independent expert ruling that additional security offered proposed by co was insufficient * Further to receipt of demand from EDF, boards of relevant companies met and resolved to appoint administrators * Refers to announcements regarding standstill of paladin''s payment obligation to Electricite De France S.A  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-paladin-energy-says-edf-informed-c-idUSFWN1JV0BM'|'2017-07-04T17:59:00.000+03:00'
'0de557d8936bed30021f43587b7dd37f60656b05'|'Bank of England to tackle ''weaknesses'' in how banks offer credit to consumers'|'Central Banks - Mon Jul 3, 2017 - 7:25pm BST Bank of England to tackle ''weaknesses'' in how banks offer credit to consumers FILE PHOTO: A man stands outside the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay/File Photo By Huw Jones - LONDON LONDON The Bank of England is expected to publish measures on Tuesday to correct "weaknesses" it has uncovered in how banks have been doling out credit to consumers at a rapidly expanding pace. It is the latest sign of how consumer credit, a key driver of economic growth, has risen up the watchlist of regulators at a time when savings are hitting their lowest levels in at least 50 years and the BoE''s policymakers are split over whether to raise rates as inflation climbs. The BoE said last week that a targeted review by its banking supervisory arm, the Prudential Regulation Authority (PRA), had found weaknesses in some aspects of underwriting credit and a reduction in the resilience of banks. On Tuesday, the PRA will make a statement on its first set of specific actions or "expectations" from the banks it regulates regarding credit to consumers. It will look at a wide range of credit, including the financing of car purchases - though banks now account for a much smaller portion of this than in the past. "Effective governance at firms should ensure that risks are priced and managed appropriately and benign conditions do not lead to complacency by lenders," the BoE said last week in its twice-yearly Financial Stability Report. The BoE noted in the report that losses for banks from consumer loans defaulting are far higher than in the home loans sector, though they remain low overall. At the same time, the amount of capital that banks are setting aside against exposure to consumer credit has fallen since 2014, meaning lenders have less capacity to absorb losses. The BoE also said last week that it was bringing forward to September from November the assessment of stressed losses in consumer credit lending in this year''s annual "stress test" of top banks. Last week, Britain''s Financial Conduct Authority said it was taking a close look at lending practices in the fast growing car financing sector.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boe-banks-credit-idUKKBN19O1V5'|'2017-07-03T21:25:00.000+03:00'
'889a3d124f07e91036016e145ae2068e5a0534b8'|'China, Hong Kong launch long-awaited bond connect scheme'|'Business News - Mon Jul 3, 2017 - 4:18am BST China, Hong Kong launch long-awaited bond connect scheme left right A backdrop displays the title of Bond Connect at Hong Kong Exchanges in Hong Kong, China July 3, 2017. REUTERS/Bobby Yip 1/3 left right Hong Kong Chief Executive Carrie Lam speaks at the opening ceremony of Bond Connect at Hong Kong Exchanges in Hong Kong, China July 3, 2017. REUTERS/Bobby Yip 2/3 left right Hong Kong Chief Executive Carrie Lam speaks at the opening ceremony of Bond Connect at Hong Kong Exchanges in Hong Kong, China July 3, 2017. REUTERS/Bobby Yip 3/3 HONG KONG/SHANGHAI China and Hong Kong launched a long-awaited "Bond Connect" programme on Monday that links China''s $9 trillion (6.92 trillion pounds) bond market with overseas investors, the latest step in Beijing''s efforts to liberalise and strengthen the country''s capital markets. HSBC Holdings ( HSBA.L ) and an asset management unit of Bank of China said they have completed their first trades using the scheme. The launch of the connection was timed to coincide with the 20th anniversary of Hong Kong''s handover to Chinese rule and trading will initially commence "Northbound", meaning foreign investors will be able to buy and sell Chinese bonds. "We continue to hold the view that there could be more than $1 trillion of additional global fixed income investments to be allocated to China domestic bonds over the coming decade," a note from Goldman Sachs said on Monday. The connection will increase the supply of yuan-denominated assets that can be held by global investors as Beijing steps up the internationalisation of its currency. "Bond Connect will clearly make it easier for investors to access the Chinese bond market, which in turn makes it easier for investors to hold renminbi," Andy Seaman, chief investment officer of London-based Stratton Street, said in a note. BOCHK Asset Management said it had bought Chinese government and corporate bonds, conducted yuan spot trades related to these deals, and subscribed to a primary bond market issuance by Agricultural Development Bank of China. HSBC said it had completed its first deal as a market maker through the link but did not give additional details. Media reports said 20 market makers for the bond connect scheme had been approved, including 14 Chinese and six overseas institutions. BNP Paribas said it had received approval as a market maker and had also executed its first trade under the scheme. The scheme will also see deals coming through the primary market. China Development Bank [CHDB.UL] said it planned to issue up to 20 billion yuan ($2.95 billion) of one-year, three-year and 10-year fixed-rate bonds for tender on Monday. HSBC said it is one of the underwriters. China has been keen to increase foreign participation in its bond market, the world''s'' third-largest, where overseas holdings were less than 2 percent. This is below the international norm of about 10 percent, BNP Paribas said. (Reporting by Umesh Desai and Andrew Galbraith; Editing by Joseph Radford and Sam Holmes) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-china-bondconnect-idUKKBN19O03T'|'2017-07-03T04:47:00.000+03:00'
'7e651203cf4000394d2b7900fac679570190a2c4'|'Venezuela hikes minimum wage 50 percent, effectively down 17 percent'|'Business News - Sun Jul 2, 2017 - 11:31pm BST Venezuela hikes minimum wage 50 percent, effectively down 17 percent A worker counts Venezuelan bolivar notes at a gas station of Venezuelan state oil company PDVSA in Caracas, Venezuela March 21, 2017. REUTERS/Marco Bello By Deisy Buitrago and Girish Gupta - CARACAS CARACAS Venezuela''s President Nicolas Maduro raised the country''s minimum wage by half on Sunday to just over $12.50 (£9.6) per month at the black market exchange rate. But given the currency''s fall, the new minimum monthly wage of 97,532 bolivars is effectively down 17 percent in dollar terms since the last increase in May. The currency''s fall -- of 99.7 percent since Maduro was elected president in April 2013 -- has exacerbated a brutal economic crisis that has millions struggling to find or afford food. A thousand dollars bought in local currency when Maduro was elected would be worth just $3 today. Maduro''s leftist government blames speculators and the opposition for the problems. "Following the immoral campaign that fixes prices through a false dollar abroad ... we are going to put the handcuffs on ... the whole campaign of speculation," said Maduro on state television, adding that the rise would be effective retroactively from July 1. The monthly salary is accompanied by a food ticket, the value of which also went up to 153,000 bolivars per month --bringing the total to just over $30 a month at the black market rate. Maduro often describes the salary increases as a "world record," while critics see it as a stark indicator of economic mismanagement. Street unrest across the country has left more than 80 people dead in three months. (Writing by Girish Gupta; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-venezuela-economy-idUKKBN19N0X7'|'2017-07-03T01:31:00.000+03:00'
'e5014bf8b97dda4c243cebc7ccd90bbcd903380a'|'Lloyd''s of London appoints Robert Childs as deputy chairman'|'Business News - Mon Jul 3, 2017 - 10:32am BST Lloyd''s of London appoints Robert Childs as deputy chairman Employees look out over the main atrium of Lloyd''s of London insurance market in the City of London October 24, 2014. REUTERS/Toby Melville LONDON Lloyd''s of London [SOLYD.UL] has appointed Robert Childs as deputy chairman, the insurance market said on Monday. Childs, currently non-executive chairman of Hiscox ( HSX.L ), will take up the position immediately, Lloyd''s said in a statement. He will be one of three deputy chairmen, Lloyd''s added. Childs "has a keen understanding of the challenges the market faces, but also of its strengths and what Lloyd’s can do to help it thrive and be successful," Lloyd''s chairman Bruce Carnegie-Brown said. (Reporting by Carolyn Cohn; editing by Maiya Keidan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lloyds-of-london-moves-idUKKBN19O0X4'|'2017-07-03T12:32:00.000+03:00'
'15b99eb57bd6c1f8f8cec6c3d22fe97ffde0665d'|'India''s Modi says cancelled registration of 100,000 companies'|'Business News - Sun Jul 2, 2017 - 6:31am BST India''s Modi says cancelled registration of 100,000 companies India''s Prime Minister Narendra Modi addresses a gathering during his visit to Gandhi Ashram in Ahmedabad, India, June 29, 2017. REUTERS/Amit Dave NEW DELHI India has cancelled the registration of more than 100,000 companies which were "in violation of laws", Prime Minister Narendra Modi said, in the latest effort by the government against "black money" and tax evasion. The decision was taken based on an extensive data analysis conducted by the government after Modi in November announced a sudden ban on high-value currency banknotes. More than 300,000 firms had come under scanner for irregular transactions following the banknote ban, while licences of more than 100,000 firms had been cancelled, Modi said, without naming any company. "This is not an ordinary decision," Modi said late on Saturday while addressing a gathering of accountants, hours after launching the country''s landmark sales tax reform. "Further stern measures will be taken in the coming days against companies which are violating the law." While the decision to outlaw 500- and 1,000-rupee bank notes last year was part of a broader crackdown on corruption, the sudden withdrawal of 86 percent of currency in circulation left businesses, farmers and households suffering. Modi defended his decision, calling it a "fight" for the poor. The government''s "data mining" exercise initiated after the November decision was still ongoing, Modi said. The government will also take action against more than 37,000 identified "shell companies" which were found to be engaged in illegal transactions. "The ones who have looted the poor, will have to return to the poor," Modi said. (Reporting by Aditya Kalra; Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-india-modi-idUKKBN19N04I'|'2017-07-02T08:31:00.000+03:00'
'97cb586b1216b01e551227d1c6aea42035879e17'|'Thyssenkrupp optimistic over Tata''s UK pension deal but merger risks remain'|'Top News - Tue Jul 4, 2017 - 6:45pm BST Thyssenkrupp optimistic over Tata''s UK pension deal but merger risks remain FILE PHOTO: A worker at a blast furnace at Europe''s largest steel factory of Germany''s industrial conglomerate ThyssenKrupp AG in Duisburg, Germany December 6, 2012. REUTERS/Ina Fassbender/File Photo By Maytaal Angel and Carolyn Cohn - LONDON LONDON Germany''s Thyssenkrupp is optimistic about progress made by Tata Steel to restructure its UK pensions liabilities, investors and analysts say, but there are still issues to overcome before the two can merge their European steel assets. India-based Tata said in May it had agreed the main terms of a deal with the British regulator to cut benefits for its 15 billion pound UK pension scheme - formerly the main stumbling block in merger talks between the two firms. Though Tata would continue to back a new pension scheme under the terms of a deal that Thyssenkrupp has declined to publicly comment on, analysts and investors say the German firm sees the deal as significantly de-risking Tata''s pension. Thyssenkrupp is waiting, however, for the final terms, likely to be approved this month, and is also concerned about factors such as political uncertainty in the UK due to Brexit, achieving fair value for its assets, and winning over German unions. "It seems like the pension deal is good enough (for Thyssenkrupp)," said one top-20 Thyssenkrupp investor. A top-10 investor and two other top-20 investors contacted by Reuters were also optimistic about the pension deal. Thyssenkrupp and Tata Steel declined to comment. On a recent roadshow with investment bank Jefferies, Thyssenkrupp''s chief financial officer "communicated confidence that a merger with Tata is nearing as progress is made to restructure Tata''s UK pension", the bank said in a note. Jefferies estimates the merged entity could save 500 million euros through synergies. A source familiar with Thyssenkrupp''s thinking said CFO Guido Kerkhoff was guiding the market that merger talks were well advanced. A separate source said Thyssenkrupp had stopped working on a ''plan B'' should current talks fail. Kerkhoff recently told the head of Thyssenkrupp''s steel works council the firm will make a decision on its Europeansteel merger by end-September. Merger talks have been underway for nearly two years. Thyssenkrupp is encouraged that the new pension scheme Tata will back will start off in surplus, analysts say. This is thanks to a 550 million pound payment Tata will make into the scheme, and to benefit cuts such as linking future pension payout hikes to a lower measure of inflation - a move that will save more than 2 billion pounds. Thyssenkrupp is waiting, however, for details on other terms, including a 33 percent equity stake that the new pension will hold in Tata''s UK business. This could translate into a stake in a merged entity, making the pension scheme an additional part-owner in a company one investor estimated would be worth 4 billion to 5.5 billion euros (£3.5 billion to £4.8 billion). CONSOLIDATION Tata and Thyssenkrupp are keen to combine their European operations in order to cut costs, tackle over-capacity and achieve industry consolidation. Thyssenkrupp''s ultimate plan is to exit steel altogether by spinning off the joint venture. "A 50/50 (or less) type of joint venture remains the favoured structure from Thyssenkrupp''s side. Thyssenkrupp could shift up to 3 billion euros worth of pensions into the joint venture to rebalance the ownership structure," Deutsche Bank said in a note. Thyssenkrupp''s European steel business is more valuable thanTata''s, meaning it can offload 3 billion euros worth of pension debt in order to split the joint venture on a 50/50 basis or less, analysts and investors say. One investor close to Thyssenkrupp said a "a sub-50 percent holding" for the German firm is a "very real possibility". Thyssenkrupp''s shares, trading at two-year highs, rose 5 percent on Monday on German press reports that a merger decision is near. However, over 18 percent of shares available for shorting are out on loan, according to data from FIS’ Astec Analytics, signalling that some investors believe the price will fall. "We believe the future of Thyssenkrupp is not steel, it’s technology," senior portfolio manager Ingo Speich of shareholder Union Investment said. "Steel production only makes sense if you can release scale benefits.” (Additional reporting by Arno Schuetze, Tom Kaeckenhoff, Georgina Prodhan, Maiya Keidan and Pratima Desai; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-thyssenkrupp-tata-m-a-idUKKBN19P1L9'|'2017-07-04T15:53:00.000+03:00'
'187dc8359889f1fea65e749d1b6250f8ef339c38'|'Cath Kidston: ‘I''m not someone who wants to be famous'' - Guardian Small Business Network'|'Had you always wanted to start a business? Totally, I was one of those kids who played shop from as young as I can remember. I was always making a stall in the garden, or trying to sell my mum’s grocery cupboard back to her. I started my first business, a design company, with a friend when I was 28. But I didn’t open the first Cath Kidston store until I was 34. Before that, I’d worked in shops and galleries.I had no confidence when I was young; fear held me back for a long time. I was always very creative and thought: “If you’re creative, you’re probably not a business brain”. But that’s such a myth.Who inspired you? When I left school my parents were very unambitious for me. They thought I’d go to London, work somewhere and then probably marry somebody – that’s the way it was in the 1970s.But I had a lovely cousin, Belinda Bellville, who was a dress designer. She was very talented and had a cool company called Bellville Sassoon. She was, in a sense, a role model. I used to go and stay with her and watch her go out to work. She was fun, creative and interested in everything. And, when I came to work in London, Belinda was very supportive. She was someone I could aspire to be like.Not on the High Street co-founder: ‘I got an E in A-level business’ Read moreBut the big turning point came when I got a job working for a decorator called Nicky Haslam . He was just a brilliant, supportive character. He allowed me to do so much stuff, when I hadn’t a clue. He is the person I’m most grateful to, because he gave me some confidence. I needed that, otherwise I would never have started.You’ve spoken publicly about your dyslexia before, did that play a part in your business? For a long time I didn’t know I was dyslexic. My mum didn’t tell me until I was 24, she said: “I didn’t want you to think you were odd”. I’d come from a different generation. Now I get contacted by kids who explain their form of dyslexia to me, and often I think: “Oh, that’s me, I never knew that was dyslexia”.At school, I could always manage subjects that I could visualise. In maths, for example, I could visualise fractions but I found algebra complicated because I couldn’t understand the purpose of it. When branding a creative business, it’s a real advantage to keep one’s eye on the bigger vision. I find the bigger picture exciting and the very small detail exciting, it’s the middle bit I struggle with. If you are dyslexic, I think finding the right people to work with is important. I always had a good accountant and I needed people to organise the ideas.What’s been your proudest moment? When I started Cath Kidston vintage wasn’t fashionable, so my business was out of synch. For five years I ran the interior design business alongside Cath Kidston. That paid all the bills and subsidised my shop. It was a struggle doing both, but there were people whose style and taste I really rated who were supportive of the Cath Kidston brand. I thought: “I’ve got to hold on to this and hope that the timing [for vintage style] comes through”. Then, one day, I was reading the paper and something was described as being “very Cath Kidston”. That was surreal, and such a big moment to think: “OK, it’s something that’s defined”.I had a very clear understanding that once I’d sold my business, I’d sold my nameWhat’s it like having a business named after you, particularly when you’re no longer the boss [Kidston remains a shareholder , but no longer has a role in the business]?When I started the business, I never knew it would grow, or I would never have called it Cath Kidston. I’m not someone who wants to be famous, for me, it’s slightly embarrassing. It was before the internet [was widespread] and people looked you up in the phone book, so I used my name because that was linked to my interior design work. But I had a very clear understanding that once I’d sold my business, I’d sold my name.Is there anything you’d do differently? I would have been braver younger. It took me a long time to step away from a job and the safety and security of a regular income. There are many more things I’d like to do in the future and it’s a case of fitting everything in.Actually, I quite fancy doing another small business where I can get my hands dirty – if I were to start something, it would be in design. I’m beginning to get itchy now. I miss the routine of work, the office banter, the people – it was just such a joy.Do you get lots of requests for advice now? A lot and I like trying to help if I can. I take on about three or four small businesses at a time. Otherwise, I try to do things like today [Kidston was speaking at an event for The Budding Entrepreneur Club ].For me, it’s all about the passion for an idea. I do find a lot of people are just excited to try to make a lot of money. If you’re going to do that, you’re likely to be disappointed. When I set out with Cath Kidston, I remember thinking: “I will have really done well if I’m earning £30,000 a year”, which back in 1992 was quite a lot. So I wanted to earn enough not to be fearful about cash, but my actual goal was to do something original and feel proud of that idea growing.Cath Kidston spoke at an event organised by The Budding Entrepreneur Club .Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.Topics Accessing expertise Small business Entrepreneurs Design Home improvements features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jul/04/cath-kidston-design-business-new-venture'|'2017-07-04T14:00:00.000+03:00'
'f8d54f51077fca0c9cc663da643d9298330e12a7'|'Oil prices edge up on first drop in U.S. drilling in months'|'Business News - Mon Jul 3, 2017 - 4:22am BST Oil prices rise on first drop in U.S. drilling in months FILE PHOTO: A wellhead is seen at an Occidental Petroleum Corp carbon dioxide enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. REUTERS/Ernest Scheyder By Henning Gloystein - SINGAPORE SINGAPORE Oil prices rose on Monday, lifted by the first fall in U.S. drilling activity in months, although gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply. Brent crude futures climbed 16 cents, or 0.3 percent, to $48.93 per barrel by 0248 GMT, after jumping 5.2 percent last week, its first weekly gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.5 percent, to $46.28 per barrel, adding to last week''s 7 percent gain. Prices were lifted as drilling activity in the United States for new oil production fell for the first time since January, dropping by two rigs. Australian futures brokerage AxiTrader said on Monday in a note that this was "the first crack in the resolve of U.S. shale oil to continue to ramp up production regardless of the big fall in price" earlier this year. U.S. crude futures fell 9 percent during the second quarter that ended in June while Brent futures declined 9.3 percent. That extended first-quarter losses for the contracts. Despite the dip in U.S. drilling activity, the total rig count was still more than double the 341 rigs in the same week a year ago, according to energy services firm Baker Hughes Inc. Also, global oil markets remain oversupplied as output from within the Organization of the Petroleum Exporting Countries (OPEC) hit a 2017 high. June OPEC production was up by 280,000 barrels per day (bpd) to 32.72 million bpd, according to a Reuters survey, despite the group''s pledge to hold back output in an effort to tighten the market. "To put that in context, that is nearly a quarter of the 1.2 million barrels (per day) OPEC agreed to cut," said Greg McKenna, chief market strategist at Australian futures brokerage AxiTrader, adding this increase was driven by higher output from Nigeria and Libya, who were exempted from the cuts. (Reporting by Henning Gloystein; Editing by Richard Pullin and Christian Schmollinger) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19O044'|'2017-07-03T04:40:00.000+03:00'
'7346cb1f0e270d649b249d23b548559b5ff878a4'|'How to Trump-proof your company'|'TO OUR management team: When I left the White House yesterday, after another two-hour round-table with the president, I knew in my gut that it was time to put in place “plan C” for this great company. The boxer, Mike Tyson, had a point when he said “everyone has a plan until they get punched in the mouth.” But so did Winston Churchill when he observed that “plans are of little importance, but planning is essential.” We owe it to our investors, customers and 131,000 employees globally, to have a reset.A year ago we were pursuing plan A. We expected that Hillary Clinton would win the election and that American business would continue as it has since the subprime crisis, meaning slow growth and lots of red tape but open borders and record profits that we could return to shareholders as dividends and buy-backs. Together, our firm and fellow members of the S&P 500 index have been paying out $1trn a year, far more than we invest. 25 33 After November 8th, we switched to plan B. For a few months it seemed a Republican-run Congress and White House might deliver sweeping deregulation and tax reforms to set the economy free, just as in the Reagan era. We dusted off plans to raise investment by a fifth and boost hiring at home. Like most firms we loaded the gun but didn’t pull the trigger. That was a hell of a great call.It is now clear that dysfunction at the White House and in Congress means plan B is off the table. The markets agree. Sure, equity prices are still up. But after the election, bond yields soared in anticipation of an economic boom, only to give up half of their gains. The “Trump Bump” has faded. Yet life won’t return to normal. Our firm faces many risks. We have to fight back.That calls for plan C, which has three elements: winning, tackling and the future. I like to use the acronym “WTF”. For a start we have to win profits from our proximity to power. I sit on the president’s CEO advisory board and he has me on speed dial to talk about trade deals and his regulatory appointments. We toasted with Diet Coke on Air Force One after we visited Saudi Arabia in May. Our firm secured a contract worth $6bn for a desalination plant in Jeddah and a licence to operate a bank in the kingdom. These two wins will lift our profits by 14% a year by 2020.A bonfire of obsolete laws by Congress is unlikely. But as one of my friends in the White House texted me yesterday, “people are policy”. We can still win in other ways. Business-friendly folk are newly in charge of the regulatory bodies for telecoms, the environment and the stockmarket. Candidate Trump grumbled about monopolies such as AT&T and Amazon, but now he is in office he has lost interest. I like it when that happens.But plan C also requires us to recognise new dangers coming at us hard and fast. They need to be tackled—stopped and brought down. One of the Wall Street bankers I know likes to say that the president has three personalities: chairman, showman and con man. It is the last two we need to worry about.Our PR team is ready to tackle any 4am presidential Twitter tirade about betraying American workers. We will avoid responding directly on Twitter, but will rebut him on Facebook and in e-mails to staff and the media. Our executives must have patriotic sound-bites on the tips of their tongues: for example, 52% of our staff are in America and we invest $5bn each year here. Repeat it.We must also confront the risk of getting entangled in the investigations surrounding the White House. Today I am imposing a ban on any commercial interaction between our firm and the president’s business or the entrepreneurial folks in his entourage. This includes lending cash to the Trump Organisation, which has at least five loans and bonds maturing in the next four years.We must be ready to tackle any consequences of a trade war breaking out with China or Germany, or a collapse of NAFTA, with contingency plans for our global supply chains. We have secured facilities in Pennsylvania (a swing state for the president so he would like this), where some Mexican production can be moved. Any spare capacity would go to growing Asian economies. The one-off cost would be $500m—high but manageable.Having POTUS-proofed our company, that leaves the last letter of the WTF acronym: the future of our business in America. Corporate taxes may fall, but not by much. The president is targeting a rate of 15% but most of us on the CEO advisory council think 28% is as low as it will go, based on the fiscal outlook and the president’s weakness in Congress. Since our firm, like the aggregate of the S&P 500, pays a cash tax rate of 23%, this won’t make a difference.We expect the taxation of foreign profits to be simplified under the administration, so we can repatriate the $51bn we parked abroad without paying a large levy (by the way we are not alone—the total for S&P 500 firms is over $1trn). But with a slow economy, politics unpredictable and digital predators such as Amazon breathing down our necks in some product areas, I have zero appetite to spend it on new American factories. We’ll use it for more buy-backs, new software or foreign expansion.West-winging itI’ll be frank. Plan C envisions three and a half years of America going nowhere. The odds of recession are one in three. If the economy stalls, it will be hard for President Trump to be re-elected. Which brings me to my final point. America has broken a taboo by electing a business figure to the White House. By 2020, perhaps voters will be hungry for a “competence candidate”. Someone who really has run a big empire. Someone like me.Mark Zuckerberg and Howard Schultz from Starbucks are already touring the country, running exploratory campaigns. Jamie Dimon at JPMorgan Chase tells me he won’t run, but I don’t believe him. None of them can match my leadership record. By 2020 one of you deserves a chance to run this great company and I will seek the chance to serve America, the greatest turnaround opportunity on Earth. Keep it to yourselves for now—but the C in our new plan stands for candidate.This article appeared in the Business section of the print edition under the headline "Time for Plan C"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21724400-american-ceo-sends-e-mail-his-top-lieutenants-how-trump-proof-your-company?fsrc=rss'|'2017-07-01T08:00:00.000+03:00'
'4c8bc84215465a473c72822baa643b4fedfc2d7f'|'Washington tells India Westinghouse could be sold by year end: sources'|'July 3, 2017 / 3:02 AM / in 2 hours Washington tells India Westinghouse could be sold by year end: sources By Douglas Busvine 6 Min Read The logo of the American company Westinghouse is pictured in Le Bourget, near Paris October 14, 2014. Benoit Tessier/Files NEW DELHI (Reuters) - The U.S. administration has told India that Westinghouse Electric Co will emerge from bankruptcy and be sold by the year end, industry and diplomatic sources have said, raising the prospect of a Washington-supported sale or bailout for the nuclear firm. India, like other nuclear nations, has been closely watching the fate of Japanese-owned Westinghouse, which filed for Chapter 11 in March after an estimated $13 billion of cost overruns at two U.S. projects, casting a shadow over the nuclear industry. There has been debate over potential U.S. support for the reactor maker since owner Toshiba, the laptop-to-chips conglomerate, announced the blow-out at Westinghouse last year. Some form of U.S. backing or involvement, industry experts say, could avoid a Chinese or Russian buyer unpalatable to Washington, which would prefer to keep Westinghouse''s advanced nuclear technology out of the hands of its foreign rivals. The White House declined comment. "We were told that, by the end of the year, Westinghouse would really rework its situation and really be back in business," India''s foreign secretary, Subrahmanyam Jaishankar, told a briefing, referring to an exit from bankruptcy. Civil nuclear cooperation has been a cornerstone of U.S.-India relations, and the proposed construction of six Westinghouse AP1000 reactors in India''s Andhra Pradesh, announced in 2016, crowned more than a decade of diplomatic efforts. The achievement was left in limbo by Westinghouse''s troubles. The project, however, found specific mention in the Indian government''s joint communique from Prime Minister Narendra Modi''s first meeting with President Donald Trump in Washington a week ago. ( bit.ly/2tsyEdb ) The two leaders "looked forward to conclusion of contractual agreements between Westinghouse Electric Company and the Nuclear Power Corporation of India for six nuclear reactors in India and also related project financing," the communique said. Sources familiar with the matter said the statement was backed by U.S. guidance that Westinghouse would be sold to a U.S. investor after emerging from Chapter 11 proceedings, in turn paving the way to close the reactor deal in 2018. Elaborating, one industry source with direct knowledge of Westinghouse''s talks with India said: "Both sides are engaged and once Westinghouse comes out of bankruptcy we would look to conclude the contract." The source, who was not authorised to speak to media, requested anonymity. A diplomat involved in preparations for the Modi-Trump meeting corroborated this timeline, saying: "The bankruptcy is on track and should wrap up by year end." "Massively Important" Westinghouse and India''s Department of Atomic Energy did not respond to emailed requests for comment. The state-owned Nuclear Power Corporation of India could not be reached for comment. Toshiba said it wasn''t in a position to predict when Westinghouse would emerge from Chapter 11. Because the bankruptcy court has not yet approved a restructuring plan, no decision has been taken on searching for a buyer, it said. Prime Minister Narendra Modi hugs U.S. President Donald Trump as they give joint statements in the Rose Garden of the White House in Washington, U.S., June 26, 2017. Kevin Lamarque U.S. Energy Secretary Rick Perry, whom diplomats say plans to lead a business delegation to India in October, last week left the door open to a potential deal. "This is a lot bigger issue than just allowing the United States a couple of plants in the southern part of the United States," he told reporters. "This is a massively important issue for the security of America and the security for America''s allies." Perry declined to elaborate on potential acquirers. But former Westinghouse executives have told Reuters that they have been approached by private equity funds to help them assess a possible deal to buy the company. Paving the way for a deal, Toshiba has agreed on a liability cap on one of the U.S. projects, the unfinished Vogtle power plant in Georgia that is being led by Southern Co. If a similar agreement can be reached for the VC Summer plant in South Carolina, which is co-owned by SCANA Corp, that would clear the path to an exit from Chapter 11, say people familiar with the matter. "The administration is hoping that the reconfigured company will be back in operation later this year - with a U.S. buyer - and the deal with India can be closed next year," said Washington-based analyst Ashley Tellis, an authority on nuclear policy and former Republican official. Tellis, a senior fellow at the Carnegie Endowment for International Peace, was instrumental in negotiating a civil nuclear accord with India during the George W. Bush administration although, more than a decade on, it has yet to yield actual nuclear deals. Trump''s pick for U.S. ambassador to India, Kenneth Juster, helped lay the ground for the talks on the civil nuclear accord. He would play a "critical role" in bringing the project to completion, added Tellis. Ahead of Modi''s visit, a U.S. official had said the United States was "looking forward to U.S.-built nuclear reactors contributing to India''s energy security". "We very much support continued negotiations between Westinghouse and its Indian partners, recognising that deals on this scale can take time," the official said. Westinghouse has said it will concentrate on reactors only - and not construction - meaning it would require partners for its Indian and other projects. In India, its favoured partner would be Larsen & Toubro, industry sources say. "We are capable of doing this, but of course the technology transfer has to happen," said S.N. Roy, head of L&T''s nuclear business, who confirmed L&T had been approached by Westinghouse about being the general contractor. Additional reporting by Roberta Rampton in WASHINGTON, Tom Hals in WILMINGTON, Del., Makiko Yamazaki in TOKYO and Tommy Wilkes in NEW DELHI; Editing by Clara Ferreira Marques and Raju Gopalakrishnan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-india-westinghouse-idINKBN19O07L'|'2017-07-03T06:11:00.000+03:00'
'd6c12bad85f1d99155b8debe3a495fca8be0bca4'|'EMERGING MARKETS-Brazil stocks up as oil lifts Petrobras; political woes linger'|'Market News - Fri Jun 30, 2017 - 7:37pm EDT EMERGING MARKETS-Brazil stocks up as oil lifts Petrobras; political woes linger (Updates with final prices, Mexican details) SAO PAULO, June 30 Brazilian stocks rose on Friday as shares of state-controlled oil company Petróleo Brasileiro SA followed crude prices higher, though caution due to the country''s political crisis lingered. Mexico''s peso slipped 0.41 percent against the dollar, but posted its second quarterly gain in a row after hitting a record low in January on fears that U.S. President Donald Trump''s protectionist rhetoric could hurt the country''s economy. Those fears have since abated thanks to a more conciliatory tone from U.S. officials, but Trump''s vow to renegotiate or ditch the North American Free Trade Agreement continues to generate uncertainty for the outlook on the Mexican economy. Crude futures rose for a seventh straight session, in their longest bull run since April. Shares of Petrobras rose 1.56 percent, lifting the Bovespa stock index 1 percent. Shares of sewage and water utility Cia de Saneamento Básico do Estado de São Paulo SA advanced 2.76 percent after regulators allowed a higher-than-expected increase in tariffs charged by peer Copasa, fueling optimism over the sector. Shares of Cia de Saneamento de Minas Gerais, as Copasa is formally known, jumped 3.36 percent. Still, traders remained fearful of further delays in the implementation of President Michel Temer''s agenda of structural reform amid mounting corruption scandals. The Brazilian real dipped 0.15 percent, weighed down by political concerns that drove its biggest quarterly loss in nearly two years. Most other Latin American currencies seesawed as investors pursued month-end adjustments to their portfolios. Key Latin American stock indexes and currencies at 2250 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1010.80 -0.32 17.23 MSCI LatAm 2544.13 0.49 8.69 Brazil Bovespa 62899.97 1.06 4.44 Mexico S&P/BVM IPC 49857.49 1.34 9.23 Chile IPSA 4747.24 0.36 14.35 Chile IGPA 23787.44 0.34 14.73 Argentina MerVal 21912.63 2.11 29.52 Colombia IGBC 10891.25 0.43 7.54 Venezuela IBC 123355.27 0.1 289.07 Currencies daily % YTD % change change Latest Brazil real 3.3128 -0.15 -1.92 Mexico peso 18.12 -0.41 14.48 Chile peso 663.7 0.2 1.05 Colombia peso 3044.90 0.11 -1.43 Argentina peso (interbank) 16.60 -0.75 -4.37 Argentina peso (parallel) 16.79 0.77 0.18 (Reporting by Bruno Federowski; Editing by Tom Brown and Leslie Adler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1JR1XO'|'2017-07-01T02:37:00.000+03:00'
'c35c7e3caa6bfd16e3e9c1c45c9e90dd461b4aee'|'AT&T expands local television stations on DirecTV Now service'|'Intel - Fri Jun 30, 2017 - 4:54pm EDT AT&T expands local television stations on DirecTV Now service An AT&T sign is seen outside a branch in Rolling Meadows, Illinois, U.S., October 24, 2016. REUTERS/Jim Young By Anjali Athavaley - NEW YORK NEW YORK AT&T Inc has expanded the lineup of local channels on its DirecTV Now internet streaming service, it said on Friday, as the No. 2 wireless carrier seeks to win online subscribers who prefer not to pay for a traditional cable package. AT&T, which is in the process of buying Time Warner Inc for $85.4 billion, said the service now offers live local channels to 70 percent of U.S. households, more than double at its launch in November. The number of streaming services is growing rapidly as technology and telecommunications companies target about 20 million U.S. households which have no pay-TV package. Dish Network Corp sells a streaming service called Sling TV. Hulu LLC, owned by Walt Disney Co, Comcast Corp, Time Warner and Twenty-First Century Fox Inc , launched its service in May. New additions to DirecTV Now, which starts at $35 a month, include Disney''s ABC in 30 new markets including Atlanta and Boston. But the lineup does not include CBS Corp, which sells its own streaming service called All Access. Adding more local channels allows AT&T to offer customers a viewing experience more similar to a larger TV bundle. AT&T spokeswoman Erin McGrath said by phone that local news and sports are key considerations for consumers thinking of switching to a streaming service. AT&T has been pushing DirecTV Now by bundling the service with wireless plans and has added support for Roku streaming devices. (Reporting by Anjali Athavaley; Editing by Richard Chang) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-at-t-services-idUSKBN19L2UB'|'2017-06-30T23:38:00.000+03:00'
'6b8469134f9a2df951cfb92a26e5f986a5a6dc0f'|'Real estate software company Redfin files for IPO'|'Deals - Fri Jun 30, 2017 - 4:56pm EDT Real estate software company Redfin files for IPO By Liana B. Baker Real estate software maker Redfin has filed with U.S. regulators for an initial public offering (IPO) on Friday, the latest company looking to test the public markets after a week of IPOs. The Seattle-based company calls itself a "next-generation real estate broker" that uses technology to help customers buy and sell homes. Redfin is part of a wave of U.S. real estate technology companies such as Zillow Group ( ZG.O ), Compass and Open Door Labs Inc looking to improve home sales marketing. Mealkit maker Blue Apron Holdings Inc ( APRN.N ) had a lackluster debut this week after the company reduced its valuation while storage company Tintri Inc ( TNTR.O ) went public on Friday after delaying its IPO by a day and cutting its price. Based in Seattle, Redfin launched its home-buying services in February 2006. It charges customers a commission of 1.5 percent, less than half the average listing fee, to list their homes, according to its website, which says it has helped more than 30,000 families buy and sell homes. Redfin generated a loss of $22.5 million on $267.2 million of revenue in 2016, the filing said. Redfin also makes money from commissions when customers make an offer on homes on Redfin. The company is backed by investors that include Tiger Global Management LLC and T. Rowe Price Associates. Goldman Sachs Group Inc ( GS.N ), Allen & Company and Bank of America Merrill Lynch are underwriters on the IPO. (Reporting by Liana B. Baker in San Francisco) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-redfin-ipo-idUSKBN19L2UH'|'2017-07-01T00:56:00.000+03:00'
'e13426204d87a2a06c01e49211c8c66141ba02e8'|'EU register could create market for soured bank debt - ECB''s Mersch'|'Business News - Tue Jul 4, 2017 - 6:55pm BST EU register could create market for soured bank debt - ECB''s Mersch Yves Mersch, Member of the Executive Board of the European Central Bank presents an oversized newly unveiled 10 euro note at the headquarters of the European Central Bank (ECB) in Frankfurt, January 13, 2014. REUTERS/Ralph Orlowski FRANKFURT Setting up a European Union-wide register of bad bank debt could help to create a viable market for the 900 billion euros (£790.5 billion) worth of soured credit that is weighing on the bloc''s bank sector, European Central Bank board member Yves Mersch said on Tuesday. "One possibility to address the large stock of non-performing loans could be to create an EU-wide template and reporting system for such loans, alongside minimum standards for transparency," Mersch said. "Efforts to enhance the transparency and standardisation of NPLs could foster the creation of an NPL market," Mersch said, addressing the difficulty banks are facing in offloading such debt. "But we have to be mindful not to stigmatise lenders unduly and respect confidentiality appropriately." (Reporting by Balazs Koranyi; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-ecb-idUKKBN19P299'|'2017-07-04T20:55:00.000+03:00'
'f0e11eccded56fb3a547f910ecd29c03250c275b'|'America lifts its laptop ban on Etihad'|'TWO not entirely unrelated pieces of aviation news have come out of the Gulf in the past few days. The first is that America has lifted its laptop restrictions on Etihad. The Department of Homeland Security (DHS) imposed a ban on large electrical devices in the cabins of planes flying from ten Middle Eastern countries in March, including from Abu Dhabi, Etihad’s base. Officials, it seemed, had got wind of a specific terrorist threat, possibly similar to the attempted downing of a jet in Somalia in 2016. On that occasion a passenger detonated a small explosive concealed in a laptop that was placed flush against the cabin wall. (Disaster was probably only averted because the man detonated the device too soon after take-off. The terrorist, who was sucked to his death through the resulting hole, was the only casualty.)After months of mixed messages (at one point John Kelly, the homeland security secretary, suggested that the laptop ban was “likely” to be extended worldwide) last week the DHS decided instead to put the onus on airports to implement more extensive screening of passengers before they board planes. Abu Dhabi seems to have been the fastest out of the blocks. Others, including Dubai, the world’s most important international hub, will probably not be far behind. The lifting of the ban is welcome news for Etihad, which runs 45 services a week from Abu Dhabi to six American airports. The airline has been having a hard time of it recently: in addition to the laptop ban, the low oil price has hit demand for travel to the Gulf. It is also suffering the financial implications of some dodgy investments, such as its 49% stake in Alitalia, Italy’s now-bankrupt flag-carrier.It is difficult to judge how hard the ban had hit the airline''s traffic. Emirates, its Dubai-based rival, cut flights to America by 20% shortly after restrictions were introduced. The strong dollar and Donald Trump’s mooted travel ban played a part in that decision, but clearly some flyers were spooked by the idea of flying for 14 hours without access to their electronic devices. Lucrative business travellers, who rely on being productive while in the air, seemed particularly reticent.Another troubled operator in the region is Qatar Airways. Not only has it had to deal with America''s laptop ban, it has also faced sanctions from neighbouring Gulf states. They accuse Qatar of supporting terrorism, among other things. As a result much of the airspace around the tiny kingdom has been closed, and many of its short-haul flights to countries such as Saudi Arabia and the United Arab Emirates have been grounded.In a surprising turn of events, Qatar''s loss has been British Airways’ gain. Some cabin crew at BA are in the midst of a 16-day strike. Recently hired crew are angry that their contracts are stingier than those of their longer-serving colleagues. To minimise disruption BA has “wet leased” nine planes from Qatar Airways (which owns 20% of IAG, BA’s parent) for short-haul services. That involves not only making use of the airline’s planes, but also its crew. It is apparently BA’s good fortune that Qatar suddenly had a spare few short-haul jets sitting about.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/07/gulf-news-0?fsrc=rss'|'2017-07-04T22:21:00.000+03:00'
'5318fbec68245dbc414255ff6789c916abf39585'|'Big pharma turns to AI to speed drug discovery, GSK signs deal'|'July 3, 2017 / 5:07 AM / 9 hours ago Big pharma turns to AI to speed drug discovery, GSK signs deal By Ben Hirschler 4 Min Read FILE PHOTO: Signage for GlaxoSmithKline is seen on its offices in London, Britain, March 30, 2016. Toby Melville/File Photo LONDON (Reuters) - The world''s leading drug companies are turning to artificial intelligence to improve the hit-and-miss business of finding new medicines, with GlaxoSmithKline unveiling a new $43 million deal in the field on Sunday. Other pharmaceutical giants including Merck & Co, Johnson & Johnson and Sanofi are also exploring the potential of artificial intelligence (AI) to help streamline the drug discovery process. The aim is to harness modern supercomputers and machine learning systems to predict how molecules will behave and how likely they are to make a useful drug, thereby saving time and money on unnecessary tests. AI systems already play a central role in other high-tech areas such as the development of driverless cars and facial recognition software. "Many large pharma companies are starting to realise the potential of this approach and how it can help improve efficiencies," said Andrew Hopkins, chief executive of privately owned Exscientia, which announced the new tie-up with GSK. Hopkins, who used to work at Pfizer, said Exscientia''s AI system could deliver drug candidates in roughly one-quarter of the time and at one-quarter of the cost of traditional approaches. The Scotland-based company, which also signed a deal with Sanofi in May, is one of a growing number of start-ups on both sides of the Atlantic that are applying AI to drug research. Others include U.S. firms Berg, Numerate, twoXAR and Atomwise, as well as Britain''s BenevolentAI. "In pharma''s eyes these companies are essentially digital biotechs that they can strike partnerships with and which help feed the pipeline," said Nooman Haque, head of life sciences at Silicon Valley Bank in London. "If this technology really proves itself, you may start to see M&A with pharma, and closer integration of these AI engines into pharma R&D." Still to Be Proven It is not the first time drugmakers have turned to high-tech solutions to boost R&D productivity. The introduction of "high throughput screening", using robots to rapidly test millions of compounds, generated mountains of leads in the early 2000s but notably failed to solve inefficiencies in the research process. When it comes to AI, big pharma is treading cautiously, in the knowledge that the technology has yet to demonstrate it can successfully bring a new molecule from computer screen to lab to clinic and finally to market. "It''s still to be proven, but we definitely think we should do the experiment," said John Baldoni, GSK''s head of platform technology and science. Baldoni is also ramping up in-house AI investment at the drugmaker by hiring some unexpected staff with appropriate computing and data handling experience - including astrophysicists. His goal is to reduce the time it takes from identifying a target for disease intervention to finding a molecule that acts against it from an average 5.5 years today to just one year in future. "That is a stretch. But as we''ve learnt more about what modern supercomputers can do, we''ve gained more confidence," Baldoni told Reuters. "We have an obligation to reduce the cost of drugs and reduce the time it takes to get medicines to patients." Earlier this year GSK also entered a collaboration with the U.S. Department of Energy and National Cancer Institute to accelerate pre-clinical drug development through use of advanced computational technologies. The new deal with Exscientia will allow GSK to search for drug candidates for up to 10 disease-related targets. GSK will provide research funding and make payments of 33 million pounds ($43 million), if pre-clinical milestones are met. ($1 = 0.7682 pounds) Reporting by Ben Hirschler; Editing by Adrian Croft/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/pharmaceuticals-ai-gsk-idINKBN19O0CX'|'2017-07-03T08:06:00.000+03:00'
'713465e7099c653306e80ab9f05e9cbcbb026848'|'PRECIOUS-Gold steady ahead of U.S. Independence day holiday'|'Market News - Sun Jul 2, 2017 - 9:00pm EDT PRECIOUS-Gold steady ahead of U.S. Independence day holiday BENGALURU, July 3 Gold held steady early Monday, ahead of the U.S. Independence day holiday, as the dollar hovered at near nine-month lows hit last week on signs of monetary tightening by global central banks. FUNDAMENTALS * Spot gold was nearly flat at $1,241.04 per ounce at 0043 GMT. It fell over 2 percent in the month of June, its first monthly decline this year. * U.S. gold futures for August delivery fell 0.1 percent to $1,240.80 per ounce. * The dollar edged off a nine-month low against a basket of currencies early on Monday, but it remained shaky as expectations of central banks in Europe moving away from accommodative monetary policies supported peers like the euro and sterling. * Holdings at the SPDR Gold Trust , the world''s largest gold-backed exchange-traded fund, fell 0.14 percent to 852.50 tonnes on Friday from 853.68 tonnes on Thursday. * Hedge funds and money managers reduced their net long positions in COMEX gold and silver for the third straight week in the week to June 27, U.S. Commodity Futures Trading Commission data showed on Friday. * U.S. Mint American Eagle gold coin sales in the first half of 2017 were the lowest for this period in a decade, while sales of silver in the period were the weakest since 2008, government data showed on Friday. * South African precious metals producer Sibanye Gold said on Friday it would resume production on Monday at its strike-hit Cooke mine, which has been incurring losses amid illegal mining and production interruptions. * The Federal Reserve on Friday awarded $398.88 billion in repurchase agreements at an interest rate of 1.00 percent to 79 bidders, which was the highest amount since $468.36 billion on Dec. 30, the New York Federal Reserve said. * U.S. consumer spending rose modestly in May and inflation cooled, pointing to a slow-but-steady economic expansion that could still lead the Federal Reserve to raise interest rates by the end of the year. * Hedge funds and money managers trimmed their bullish bets on U.S. crude oil to the lowest in more than nine months, data showed on Friday, as growing shale production kept inventories well above the five-year average. DATA AHEAD (GMT) 0145 China Caixin manufacturing PMI final June 0750 France Markit manufacturing PMI June 0755 Germany Markit/BME manufacturing PMI June 0800 Euro zone Markit manufacturing PMI final June 0900 Euro zone Unemployment rate May 1400 U.S. ISM manufacturing PMI June 1400 U.S. Construction spending May (Reporting by Nithin Prasad in Bengaluru; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1JU07A'|'2017-07-03T04:00:00.000+03:00'
'e4b57c323852b072bd5b1080e672acf618070e81'|'ECB working on move away from ultra-easy policy - Weidmann'|'July 1, 2017 / 12:25 PM / 3 hours ago ECB working on move away from ultra-easy policy: Weidmann By Frank Siebelt 2 Min Read FILE PHOTO: Deutsche Bundesbank (German Federal Bank) President Jens Weidmann attends the ‘G20 Africa Partnership – Investing in a Common Future’ Summit in Berlin, Germany June 13, 2017. Axel Schmidt FRANKFURT (Reuters) - The European Central Bank is working on moving away from its ultra-easy monetary policy, Jens Weidmann, head of Germany''s Bundesbank and a member of the ECB''s rate-setting body, said on Saturday. Investors are watching for any sign that the ECB may reduce its stimulus, which includes massive bond purchases and ultra-low rates, after a hint in that direction by President Mario Draghi boosted the euro and government bond yields this week. "It will hopefully come and we''re working on that, we''re also discussing it," Weidmann, a long-standing critic of the ECB''s bond purchases, told an audience at the Bundesbank''s open days. Inflation in the euro zone has been low for years and it is not expected to reach the ECB''s target of just under 2 percent until at least 2019 despite the central bank''s efforts. But price growth is now comfortably above 1 percent, leading some rate setters, particularly in the wealthier northern countries of the currency union, to call for a reduction in the ECB''s monetary largesse. "What we are discussing and even arguing about is how expansive monetary policy should be given our target," Weidmann said during a question-and-answer session with the public. ECB President Draghi said this week Frankfurt could make tweaks to its policy to accompany the recent economic recovery in the euro zone. This has strengthened market expectations that the ECB would wind down its 2.3 trillion euros ($2.63 trillion)bond purchases next year and start raising rates thereafter. The ECB''s policy of low rates has been unpopular with sections of the German public and political class, who fear it erodes returns on savings while bankrolling indebted governments in the south of the bloc. Weidmann said the issue for rate setters was when to show resolve and normalize the ECB''s policy in the face of political pressures to keep it easy longer than necessary. Writing by Francesco Canepa; Editing by Andrew Heavens and Stephen Powell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-ecb-policy-bundesbank-idINKBN19M3FM'|'2017-07-01T18:23:00.000+03:00'
'7c48de1152ca48d97e645cb182b88b0b676fc275'|'Hard Brexit has been confounded by some harder realities'|'A s the true extent of the Brexit farce becomes more apparent, it is now open warfare between the Brexiters , while the rest of the world – with the possible exceptions of Presidents Putin and Trump – look on in sympathetic bewilderment.One of several satisfactory aspects of the election result was the way that Theresa May and her advisers at No 10 met their comeuppance over their widely leaked plans to sack the chancellor of the exchequer.Philip Hammond’s sin was to let them know that the warnings of our Brussels-based ambassador Sir Ivan Rogers, whom they sacked, were prescient; that making the country poorer was neither good politics nor good economics; and that our continental partners were not going let us have our cake and eat it.The way my old friend, exit secretary David Davis, caved in to the insistence from the EU27 that this so-called negotiation be dealt with according to their timetable, not his, was no less embarrassing for being so predictable.In case anybody hasn’t noticed, I ought to point out at this stage that the buzzword in Brussels and London is now “transition”. The two-year timetable for Brexit is patently absurd. The debate is over how to handle the transition and how long it should be, with influential Remainers hoping that the transition will take several hundred years and that meanwhile we will remain inside the customs union and Margaret Thatcher’s greatest achievement, the single market.At which point I should like to Quote: from a recent lecture by Sir Brian Unwin to the Norwegian parliament. Unwin is not only a former Treasury official and chairman of Customs and Excise, but was also president of the European Investment Bank. The EIB has been an unsung hero of the financing of much of the infrastructure investment in this country that our austerity-obsessed government has eschewed, and Unwin worries about what happens after the Brexit that we both still hope will not happen.But it is not just EIB investment that will be lost. A lot of investment plans are on hold, at a time when, as the City economist Andrew Smithers argues, the short-term culture of modern chief executives is already having a damaging impact on the investment that is key to productivity.The evidence for concern about Brexit-induced potential loss of trading and investment opportunities is accumulating thick and fast. I was particularly struck by Unwin’s point that, if the UK is forced to follow the hard Brexiters’ path towards dependence on World Trade Organisation rules, “it will find itself subject to substantial tariffs on its exports to and imports from the EU and possibly no deal for finance and services at all”.As Lord Adonis pointed out in the Lords debate on the Queen’s speech last week, more than 60% of our trade is with the EU or with other countries with which we enjoy free or preferential access as members of the customs union and single market. Leave? What folly!The Global Policy Institute estimates that leaving could lead to a drop in national output of more than 10% . As Unwin points out: “In order to implement the tariffs the UK would also have to restore customs controls and documentation at the border.”Most of these were removed when Unwin was chairman of Customs and Excise in the late 1980s, as the single market was implemented. Unwin echoes the warning of Michel Barnier, the EU’s chief negotiator, about potential costs, queues and delays, citing an estimate that “this could quadruple the number of documents needing to be processed – from some 90 to 390 million”. (Nothing like an assault on red tape, eh?)And why is all this nonsense happening? Largely because of the anti-Europeanism that Lord Heseltine recently described as “the cancer gnawing away at the heart of the Conservative party”.Heseltine is still fighting. The former “wet” Tory and now Liberal Democrat Lord Dykes told me last week that he was shocked to hear Kenneth Clarke saying he had accepted that we were now leaving the EU. So was I.Which brings us back to his successor but three, Philip Hammond . Hammond frequently states that the British people (or some of them) voted to leave the EU but not to become poorer. There is a logical problem here: leaving the EU means the nation becomes poorer. Even my eccentric old Brexiter friend Lord Lawson apparently conceded this point recently to a private gathering (I am not betraying a confidence; this was reported in the Evening Standard .)So did the 37% of the electorate who voted for Brexit know what they were doing? We should be told! As the historian Sir David Cannadine recently reminded an audience at the British Academy, the problem with democracy, according to Plato, is that it elevates opinion above knowledge. Although, as Churchill said, it is better than the alternative.Can the circle be squared? We need statesmanship, or stateswomanship. It should be possible, at heads-of-government level, for the other 27 EU countries to make a minor concession on the “free movement of workers” front so that parliament (sovereignty!), not the EU, would decide national immigration policy.Finally, all those Brexiters who advocate a European Free Trade Area solution ought to be aware that it was because Efta was so unsatisfactory that we joined what became the EU. As Adonis pointed out, Efta’s equivalent of the European commission is called the surveillance authority. He added: “I look forward to that Orwellian construct being sold to the Daily Mail .”Topics Economics William Keegan''s In My View EU referendum and Brexit Conservatives Philip Hammond comment'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/02/hard-brexit-confounded-harder-realities'|'2017-07-02T03:00:00.000+03:00'
'5d771d27b6b8e54e4842af6838dd745c06ea6914'|'RPT-GE closes Baker Hughes deal, becomes No. 2 oilfield service provider'|'(Repeats with no changes)HOUSTON, July 3 General Electric Co on Monday completed its buyout of Baker Hughes Inc, merging it with its own oil and gas equipment and services operations to create the world''s second-largest oilfield service provider by revenue.The new company, to be called "Baker Hughes, a GE company," will begin trading on Wednesday on the New York Stock Exchange under the stock ticker "BHGE."With headquarters in London and Houston, the combined company will have roughly $23 billion in annual revenue and offer oilfield gear including blowout preventers, pumps, drilling, chemicals, other products and services for oil producers in 120 countries.For Baker Hughes, the deal helps it grow in size and become an even-more important player in the industry after antitrust concerns scuttled a tie-up last year with rival Halliburton Co . The GE deal vaults the merged business past Halliburton to rival only Schlumberger NV for dominance in the global oilfield service market.For GE, the deal will help it focus more on the oil and gas sector, especially in North America, while shielding the parent company''s earnings from the energy industry''s boom and bust cycles. All of GE''s oil and gas-related businesses will be folded into the new company, which will be 62.5 percent owned by GE. Baker shareholders will own the rest and receive a one-time, $17.50 dividend.The deal, when announced last autumn, was predicated on a recovery in the oil price to $60 per barrel by 2019, an increase that now seems less likely with a glut of crude still circling the globe and keeping prices below $50.Still, executives at the new company said the combination should help customers better perform if prices stay lower."The crystal ball for all of us is cloudy," said Lorenzo Simonelli, the company''s chief executive, who will relocate to Houston from London."But we know energy requirements are still going to increase, globally. The fundamentals are there for energy."Analysts and investors generally praised the deal as data analytics and other high-technology operations grow in demand among oil producers."The GE-Baker deal will likely move the sector towards embracing Big Data in production optimization," said Jonathan Garrett of industry consultancy Wood Mackenzie.The new company will have roughly 70,000 employees and be led by Simonelli and 14 senior executives. Only five of those executives will be legacy Baker Hughes employees, with most from GE.The company will have access to GE''s research and development facilities and be able to access GE''s Predix software and analytics, Simonelli said. (Reporting by Liz Hampton and Ernest Scheyder; Writing by Ernest Scheyder; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/baker-hughes-ma-ge-idUSL1N1JU0N3'|'2017-07-03T18:49:00.000+03:00'
'1bd69801949fa5d6a25c6ebd86911987fac9aca1'|'UAE''s Centurion Investments raises stake in NMC by 4.9 percent'|'Business News - Sat Jul 1, 2017 - 12:33pm BST UAE''s Centurion Investments raises stake in NMC by 4.9 percent ABU DHABI NMC Health ( NMC.L ), the London-listed and United Arab Emirates-based healthcare provider, said on Saturday its shareholder Centurion Investments had raised its stake in NMC by 4.9 percent. Centurion Investments has acquired 10 million shares, representing 4.9 percent of the issued capital of NMC from B.R. Shetty, also a shareholder in NMC, a company statement said. The shares were acquired at a price of 23.20 pounds per share. Privately owned Centurion Investments and Shetty jointly hold 59.77 percent of the issued share capital of NMC, the statement said, adding that Shetty, as joint non-executive chairman, will remain a significant shareholder with a 19.44 percent interest in NMC. Centurion holds 40.33 percent shares in the company. NMC, founded by billionaire entrepreneur Shetty, is one of the largest private sector healthcare providers in the UAE. It operates general and specialist hospitals, pharmacies and medical centres across the UAE and plans to expand across the Gulf. In March this year, NMC announced Shetty was stepping down from his position as chief executive to pursue other interests. (Reporting by Stanley Carvalho, Editing by Stephen Powell)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-emirates-healthcare-idUKKBN19M3EM'|'2017-07-01T14:33:00.000+03:00'
'61e62f4786d1a3409a7bec5a42e4679bdc50242f'|'Shares stumble, oil steadies after flying start to second half'|'July 4, 2017 / 5:05 PM / 23 minutes ago Shares stumble, oil steadies after flying start to second half By Marc Jones 6   Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 26, 2017. Staff/Remote/File Photo LONDON (Reuters) - World shares pulled back and bonds and gold regained favour on Tuesday as a long-range ballistic missile test by North Korea and July 4 holidays for U.S. markets dampened risk appetite. Asian shares were pushed lower and South Korea''s won slid to a 16-week low after the North''s missile landed in Japanese territorial waters amid assertions from Pyongyang that it could now strike "anywhere in the world". Europe saw a modest drop too as the pressure to lock in profit after Monday''s biggest jump in over two months outweighed a recovery during the day of commodity stocks as oil thrust upwards again after an overnight wobble. Traditional safety plays fared well amid the caution. The Japanese yen and gold were both higher, as were European bonds and Treasuries, which have been clobbered by recent signs that the era of emergency stimulus and ultra low interest rates might be coming to an end. The ECB''s chief economist said healthier inflation remained "crucially contingent" on "very easy" financing conditions, while Sweden''s central bank sounded reassuringly cautious even as it hinted at tighter policy going forward, That took the wind out of the Swedish crown, which had been the best performing global currency over the last week. The Australian dollar also took a tumble as its central bank steered clear of rate hike talk at its latest meeting. Credit Agricole FX strategist Manuel Oliveri said the Swedish Riksbank''s move showed how wary central banks remained about their currencies, while the day''s other main focus was North Korea''s posturing. "North Korea is continuing to provoke," he said. Although markets were now used to these kind of events, he added: "It is a bit more important as it came ahead of the G20 meeting this week." Leaders from the Group of 20 nations are due to discuss steps to rein in Pyongyang''s weapons programmes when they meet in Germany. U.S. President Donald Trump wrote on Twitter: "North Korea has just launched another missile. Does this guy have anything better to do with his life?" This was an apparent reference to North Korean leader Kim Jong Un. With the market quiet in the absence of U.S. trading, the dollar mainly drifted. It lost 0.2 percent on the yen to leave it buying 113.19 yen and dropped 0.5 percent on the Canadian dollar, but made almost as much back against the Aussie dollar and Swedish crown and inched up to $1.1348 to the euro. On Monday the six-currency dollar index had seen its biggest jump since the start of March, after a stronger-than-expected rise in the June Institute of Supply Management (ISM) national factory activity index had also propelled the 10-year Treasury yield to its highest since mid May. Emerging Strains There were increasing signs that alongside the geopolitical jitters, higher global borrowing rates and the dollar were starting to pressure emerging markets after their stellar start to the year. MSCI''s widely-tracked emerging equity index saw its sharpest one-day drop in nearly three weeks and most Asian currencies were weaker. The won is now down 3 percent over the last two weeks, the Indonesian rupiah has erased weeks of gains in the last two days and the Philippine peso is stuck near multi-year lows. "The bigger-picture driver for these movements you are seeing in emerging market currencies, at least over the past two weeks, are signs of a more hawkish turn from central banks – including the ECB, Fed and the Bank of England," UniCredit EM FX analyst Kiran Kowshik said. The next major data point is likely to be Friday''s monthly U.S. jobs report. China''s central bank, meanwhile, warned on Tuesday that its economy still faces "relatively big" downward pressure and that parts of its financial system lacked sufficient regulation. MSCI''s broadest index of Asia-Pacific shares outside Japan ended down 0.6 percent. Japan''s Nikkei surrendered gains to end 0.1 percent down, South Korea''s KOSPI closed 0.6 percent lower, though Hong Kong was hardest hit by the regional jitters as it slumped as much as 2 percent at one point. Tokyo, reacting to the North''s missile test, strongly protested what it called Pyongyang''s clear violation of U.N. resolutions. Japanese Prime Minister Shinzo Abe said he would ask the presidents of China and Russia to play more constructive roles in efforts to stop Pyongyang''s arms programme. Commodity markets also saw a shift. Gold was shining at $1,224 an ounce while oil managed to steady near $50 a barrel although it still looked on course for its first dip in nine sessions which have amounted to its longest run of gains since February 2012. U.S. crude was flat at $47.00 a barrel while global benchmark Brent dropped fractionally to $49.64 as traders cashed in some gains from a 3.7 percent leap - its biggest in one day since December 2016 - on Monday. "We see a recovery for oil prices in H2 2017 from current levels, with OPEC production cuts, a slowdown in global supply growth and seasonally firming demand driving up prices," BMI Research said. However, it added that "large-volume supply additions will keep price growth flat year-on-year in 2018". Additional reporting by Nichola Saminather; Editing by Mark Heinrich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN19P25J'|'2017-07-04T20:04:00.000+03:00'
'523ba8eeb47c1acff43be77d3dd370463be814a6'|'UPDATE 1-Corvex urges Clariant shareholders to reject Huntsman merger'|'Market News - Tue Jul 4, 2017 - 3:28am EDT UPDATE 2-Corvex, NYC property group seek to scuttle Clariant-Huntsman deal * Corvex''s Meister, NYC property group oppose merger * Clariant says in contact with Corvex (Adds analyst comment, recasts lead) By John Miller ZURICH, July 4 Activist investor Keith Meister''s Corvex hedge fund and New York''s 40 North said on Tuesday they had taken a 7.2 percent stake in Clariant and oppose the Swiss chemical maker''s planned merge with Huntsman Corp. "There are excellent opportunities to unlock value from the many high quality businesses that currently comprise Clariant," a spokesman for White Tale, the vehicle they created to take the stake, said. "Unfortunately, we do not believe that the proposed merger with the Huntsman Corporation is one of those options." Meister, a Carl Icahn protege, with Corvex manages assets worth $6 billion and took a 5.5 percent stake in communications company Century Inc earlier this year. 40 North, run by New York real estate investor David Winter and former Bear, Stearns & Company financial analyst David Millstone, previously held a stake in Clariant before linking with Corvex in their bid to overturn the Huntsman deal. Clariant, which on Tuesday noted the increased investment by Corvex without addressing Corvex''s opposition to the merger, said it has been in contact with the hedge fund since last year when it initially took a stake. "As with all our shareholders we maintain an open dialogue with them," a Clariant spokesman said. Huntsman did not return a phone call seeking immediate comment. Clariant and Huntsman in May announced a merger valued at around $20 billion including debt in which Clariant shareholders would hold 52 percent of the combination. At the time, they talked up the friendship between chief executives Hariolf Kottmann and Peter Huntsman as well as prospects for faster growth for the combined company as rationale for "a merger of equals". The deal, creating a company with about $13 billion in annual sales, had the support of German families that own almost 14 percent of the Swiss group. CONGLOMERATE DISCOUNT Some analysts said the transaction makes sense, in particular after Huntsman spins off its Venator materials segment in an IPO. "Huntsman’s portfolio, after the pending Venator spin-off, offers a highly complementary growth portfolio, in our view - complementary in a way that it puts both companies on a sounder, broader footing," Kepler Cheuvreux''s Christian Faitz said. Still, Corvex and 40 North contend the transaction lacks strategic rationale and runs against Clariant''s strategy of becoming a pure-play specialty chemicals company. "By merging with Huntsman, Clariant will be exchanging almost half its shares for what is primarily a commodity and intermediates business which will further dilute its multiple and create a larger conglomerate discount," the White Tale spokesman said. "Shareholders ought to reject this value destructive merger," they said. No date has yet been set for shareholders to vote on the merger, a spokesman for Clariant said. Clariant shares were up 3 percent and Huntsman was up 1.6 percent on Tuesday following news of the stake purchase. Clariant shares have risen nearly 6 percent since the merger was announced. Huntsman stock have fallen 1.25 percent. (Reporting by John Miller; editing by John Revill and Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/clariant-corvex-idUSL8N1JV0E4'|'2017-07-04T09:03:00.000+03:00'
'c935f73636be62497a4a1641a8cc2f16be446afb'|'BOJ tankan shows slight pickup in corporate inflation expectations'|'July 4, 2017 / 2:53 AM / 2 hours ago BOJ tankan shows slight pickup in corporate inflation expectations 3 Min Read People use an escalator at a shopping mall in Tokyo, Japan March 23, 2017. Kim Kyung-Hoon/Files TOKYO (Reuters) - Japanese companies'' inflation expectations picked up slightly in June from three months ago as labour shortages and high material costs pointed to an acceleration in consumer prices over the next few quarters. Companies surveyed by the Bank of Japan expect consumer prices to rise 0.8 percent a year from now, higher than their projection for a 0.7 percent increase three months ago. Companies also expect consumer prices to rise an annual 1.1 percent three years from now, up from a 1.0 percent annual increase seen in the previous BOJ survey. The data come one day after the BOJ''s tankan survey on corporate sentiment showed big manufactures are the most confident in three years, offering some hope that prices will rise, albeit at a gradual pace. "Labour shortages will push up inflation expectations over time," said Shuji Tonouchi, senior market economist at Mitsubishi UFJ Morgan Stanley Securities. "However, this is a slow process, so the BOJ''s monetary policy will be on hold for the time being." Core consumer prices, which include oil products but excludes fresh food prices, rose 0.4 percent in May from a year earlier, marking the fifth straight month of gains and accelerating from a 0.3 percent increase in April, data last week showed. [nL3N1JP2XR] However, consumer prices were unchanged in May after stripping out the effect of energy costs, underscoring the BOJ''s struggles to push inflation to its 2 percent target. The BOJ is likely to cut its consumer price forecast for the current fiscal year at a quarter review of its projections in July, people familiar with its thinking told Reuters. However, a slight uptick in inflation expectations, combined with increased optimism in the corporate sector, could give the BOJ reason to keep its longer-term price forecasts unchanged, The BOJ started the survey on corporate price expectations from the tankan in March 2014 to gather more information on inflation expectations, key to its current stimulus programme. Reporting by Stanley White; Editing by Shri Navaratnam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-inflation-idINKBN19P09S'|'2017-07-04T05:52:00.000+03:00'
'37c24f271d28e218f17a6c5971ef9cf97ddf3787'|'France launches two new high-speed rail lines'|'Business News - Sat Jul 1, 2017 - 6:10pm BST France launches two new high-speed rail lines RENNES, France France inaugurated two new high-speed rail lines on Saturday linking the capital to the western cities of Bordeaux and Rennes in what is likely to be the last launches of their kind for years as public cash becomes increasingly scarce. The state-owned SNCF railway operator expects 35,000 passengers to use the new route to Bordeaux daily and 30,000 to use the line to Rennes. Nearly eight billion euros (7.02 billion pounds) were invested in the stretch to Bordeaux while 3.4 billion euros went into the Rennes line, both under public-private partnerships, SNCF said. While local politicians often fight hard to bring high-speed lines to their regions to boost jobs and activity, such projects have fallen out of favour with the central government due to the costs. A 60-kilometre (37-mile) high-speed stretch is due to open at the end of the year in the south of France, but after that nothing major is in the works, with the government preferring to support instead high-use commuter lines. With nearly 45 billion euros in debt, the SNCF capacity to finance major new projects is also now severely constrained by a rule taking effect this year limiting how much new debt it can take on as a function of its operating margin. Budgetary pressure is also adding up for France''s new government, which is due to announce a wave of spending cuts in the coming days after an audit found this week that the 2017 finances were overshooting targets. The line to Bordeaux, which links up with existing high-speed rail lines in the central city of Tours, was financed under a unique public-private partnership that will see a consortium led by construction group Vinci ( SGEF.PA ) operate it under concession for 50 years. However, the price of usage has left the SNCF concerned and its president Guillaume Pepy told Le Monde newspaper it would lose 90 million euros on the line this year. Despite the huge costs of high-speed lines, a study from the INSEE statistics agency found this year that they do bring significant economic activity, boosting companies'' profitability and productivity. (Reporting by Pierre-Henri Allain; Writing by Leigh Thomas; Editing by Stephen Powell)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-train-idUKKBN19M3OV'|'2017-07-01T20:10:00.000+03:00'
'9c9cd56e94733d46cc26bab2dc7ca077d858cc36'|'Brazil''s BNDESPar calls JBS shareholder meeting to shuffle board'|'Sat Jul 1, 2017 - 8:10pm BST Brazil''s BNDESPar calls JBS shareholder meeting to shuffle board Paulo Rabello de Castro (L), the new CEO of Brazil''s development bank BNDES, speaks during a ceremony in Rio de Janeiro, Brazil June 1, 2017. REUTERS/Pilar Olivares By Rodrigo Viga Gaier - RIO DE JANEIRO RIO DE JANEIRO The investment arm of Brazil''s state development bank BNDES has given JBS SA ( JBSS3.SA ) until July 10 to convene a shareholder meeting to remove the controlling Batista family from the meatpacker''s management and board, two sources with direct knowledge of the situation told Reuters on Saturday. Earlier this week BNDES Chief Executive Officer Paulo Rabello de Castro said BNDES Participações SA [BNDESP.UL] wants JBS board members to explain how they will address dwindling access to credit and assess losses caused by executives and their involvement in a corruption scandal. BNDESPar has a stake of about 21 percent in JBS. The two sources could not speak for attribution because they were not authorized to talk to the media about the ongoing negotiations. The deadline for the meeting had been Friday - but was extended so JBS could put together more detailed financial information to present to minority shareholders. Currently, family patriarch José Batista Sobrinho has a board seat on JBS, like his son - Chief Executive Officer Wesley Mendonça Batista. Reuters first reported BNDESPar''s plans on June 22. Minority shareholders aligned with BNDESPar want the Batistas to compensate them for a recent plunge in shares of JBS, people familiar with the matter told Reuters on June 22. According to the sources, the company''s image and reputation have been deeply hurt by the admission of crimes by Wesley and his brother Joesley. Last month, Prosecutor-General Rodrigo Janot reached a plea deal with the brothers, whose family owns 42 percent of JBS, to avoid prosecution if they turned in 1,893 politicians involved in a bribery scheme. Their testimonies ensnared President Michel Temer, whom Joesley accused of obstructing a major corruption probe. Temer has repeatedly denied the Batistas'' accusations. Shares of São Paulo-based JBS have fallen more than 35 percent since mid-May. For over a decade, both brothers helped transform JBS from a mid-sized slaughterhouse in Brazil''s midwestern high plains into the world''s largest meatpacker. JBS has operations in five continents and a global payroll of over 200,000. Part of that expansion was financed with loans and capital injections from BNDES. The Batistas and their family holding company J&F Investimentos SA have taken full responsibility for any illegal acts, in a bid to clear JBS from any wrongdoing. (Writing by Brad Brooks; Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-brazil-corruption-jbs-bndespar-idUKKBN19M3RU'|'2017-07-01T22:03:00.000+03:00'
'29ed3c2a1ec61c556970c99946183c3409769e49'|'Glitch causes prices of Apple, Google, other stocks to appear off'|'Business News - Tue Jul 4, 2017 - 4:46am BST Glitch causes prices of Apple, Google, other stocks to appear off FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton/File Photo By John McCrank - NEW YORK NEW YORK The prices of several big-name Nasdaq-listed stocks appeared on some websites to either spike or plummet well after the closing bell on Monday, seemingly due to a glitch related to the market data that runs the largely automated markets. At around 6:30 p.m., the prices of Amazon Inc and Microsoft Corp stocks appeared to have lost more than half their value, while Apple Inc shares appeared to more than double. Google parent Alphabet Inc and eBay Inc shares were among others that all appeared to be priced at $123.47 on some financial news websites on Monday evening. The actual prices of the stocks were not affected and no trades were completed at that price, a Nasdaq spokesman confirmed. Nasdaq said in a statement it was investigating the improper use of test data distributed by third parties. Prices on Nasdaq''s website were not affected. Nasdaq and other U.S. stock exchanges closed early on Monday ahead of the U.S. Independence Day holiday on Tuesday. Testing of stock exchange software is mandated by the U.S. Securities and Exchange Commission and happens on a regular basis to help prevent electronic glitches, often using test symbols and historical data. (Reporting by John McCrank; Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-exchange-nasdaq-idUKKBN19P0BG'|'2017-07-04T06:46:00.000+03:00'
'df640bf9e762bb0016cf5a9417fbe955d6e1fb79'|'Exclusive: Spain''s Gas Natural targets $40 billion EDP merger - sources'|'MADRID Spanish power and gas company Gas Natural ( GAS.MC ) has approached Portuguese rival EDP ( EDP.LS ) about merging to form Europe''s fourth biggest utility by market value, people familiar with the matter said on Monday.Talks over a potential 35 billion euro ($40 billion) deal and its potential structure are still at an early stage and there is no certainty over their outcome, four sources said, although Gas Natural chairman Isidre Faine has already sounded out his Portuguese counterpart Antonio Mexia about a tie-up.A deal would create an Iberian champion competing with France''s Engie ( ENGIE.PA ) and EDF ( EDF.PA ) and not far behind heavyweights Enel ( ENEI.MI ) and Iberdrola ( IBE.MC ).And it could trigger a long expected wave of consolidation among Europe''s biggest utilities as they seek to gain scale and shift their revenue streams toward renewables to protect profits from steep competition and narrower margins.A Gas Natural-EDP merger is seen as a good strategic fit as EDP has made big headway in renewable power while Gas Natural remains strong in gas-fired or coal generated electricity.The two have a complementary footprint, especially in Latin America where the Spanish firm is strong in Chile and Mexico and the Portuguese group in Brazil as well as in the United States."The combination of the two companies is quite attractive as Gas Natural lacks power generation in Latam and renewables. But the key to the deal is the politics", said a major shareholder in one of the two firms.Gas Natural and EDP declined to comment.CROSS-BORDER DEALSAny attempt to consolidate Europe''s fragmented energy market has so far raised eyebrows among European competition authorities who fear it could translate into higher prices.But sector insiders say the mood for cross-border deals has changed since the French election victory of Emmanuel Macron who has been a strong advocate of creating European champions.Meanwhile, Spain''s prime minister Mariano Rajoy and his Portuguese counterpart Antonio Costa, are working on increasing connections between the energy grids of the two countries and with Europe and none of either group''s main shareholders is seen as raising objections if the price is attractive.A merger would also mark the latest effort by Spain''s Criteria, which owns direct or indirect stakes in Caixabank ( CABK.MC ), Abertis ( ABE.MC ), Gas Natural, Repsol ( REP.MC ) or Telefonica ( TEF.MC ), to restructure its portfolio.The holding company, which is also managed by Faine, wants to focus on smaller stakes in bigger companies with potentially less political influence but higher financial returns.Criteria, which is reviewing a potential tie-up between toll road operator Abertis and Italy''s Atlantia ( ATL.MI ), declined to comment. But it has a track record for such deals and in 2014 exchanged 100 percent of Agbar for 5 percent of Suez ( SEVI.PA )."Faine has done it with Agbar and is about to do it again with Atlantia and Abertis," a source with knowledge of the deal said. "Now, he is looking towards Portugal to replicate the move with Gas Natural and EDP."($1 = 0.8802 euros)(Editing by Julien Toyer and Alexander Smith)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-edp-m-a-gas-natural-exclusive-idUSKBN19O228'|'2017-07-03T22:12:00.000+03:00'
'e3214a6ddc7f15bfbbe9551dd26fd6624f8d0ac3'|'CORRECTED-UPDATE 1-U.S. June new vehicle sales figures show mixed results'|'DETROIT Major automakers on Monday reported a fourth consecutive month of lower U.S. new vehicle sales for June and came in below analyst expectations, despite hefty consumer discounts and looser loan terms, providing fresh evidence that 2017 will fall short of last year''s record year for the industry.Automakers'' shares rose, however, as retail sales to consumers were relatively stable at the U.S. automakers, with General Motors Co ( GM.N ) asserting that the industry was set for a stronger finish to the year.Industry consultant Autodata put the industry''s seasonally adjusted annualized rate of sales at 16.51 million units, which was the lowest rate since February 2015. It came in below Wall Street expectations of 16.6 million vehicles and 2 percent lower than the June 2016 figure.U.S. consumers continued to shun passenger cars in favor of larger pickup trucks, SUVs and crossovers. Passenger car sales were also hurt as some automakers, including GM, have moved to reduce relatively low-margin sales to rental agencies.The U.S. auto industry has been bracing for a downturn after hitting a record 17.55 million new vehicles sold in 2016. A glut of nearly new used vehicles poses competition for new vehicle sales and automakers have relied increasingly on consumer discounts and loosened lending terms.Car shopping website Edmunds said the average length of a car loan reached a record high of 69.3 months in June."It''s financially risky, leaving borrowers exposed to being upside down on their vehicles for a large chunk of their loans," said Jessica Caldwell, Edmunds'' executive director of industry analysis.GM said its sales fell about 5 percent versus June 2016, but that the industry would see stronger sales in the second half of 2017 versus the first half."U.S. total sales are moderating due to an industry-wide pullback in daily rental sales, but key U.S. economic fundamentals clearly remain positive," said GM chief economist Mustafa Mohatarem. "Under the current economic conditions, we anticipate U.S. retail vehicle sales will remain strong for the foreseeable future."Ford Motor Co ( F.N ) said its June sales were hit by lower fleet sales to rental agencies, businesses and government entities, which fell 13.9 percent, while sales to consumers were flat.Wall Street analysts worry that the millions of low mileage, off-lease vehicles poised to hit the market between now and the end of 2019 will weigh on future new vehicle sales.Ford vice president for U.S. marketing, sales and service Mark LaNeve said on a conference call that the automaker has seen little evidence that its competitors are reducing their reliance on leasing to clinch a sale.GM shares added 1.8 percent on Monday, while Ford shares rose 3.3 percent.Fiat Chrysler Automobiles NV (FCA) ( FCAU.N ) said June sales decreased 7 percent versus the same month a year earlier.Toyota Motor Corp ( 7203.T ) said sales rose 2.1 percent versus June 2016 and said it saw strong gains in the RAV4, a light SUV, sales of which increased 24.7 percent. Sales of another SUV, the 4Runner, rose 16.6 percent.But sales at Toyota''s Lexus luxury car brand fell 5.4 percent on the year.Nissan Motor Co Ltd ( 7201.T ) said its U.S. sales increased 2 percent. But while truck, SUV and crossover sales jumped 19.5 percent, sedan sales dropped 12.1 percent.In the past few years, Americans have increasingly shunned smaller passenger cars in favor of larger vehicles.Honda Motor Co Ltd ( 7267.T ) said sales for June were up 0.8 percent.(Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-autos-sales-usa-idUSKBN19O1PJ'|'2017-07-03T20:16:00.000+03:00'
'4816da1a201063c26427cbf139f21e97d006c007'|'Iran to sign new IPC gas deal with Total for South Pars on Monday - official'|'Business News - Sun Jul 2, 2017 - 2:07pm BST Iran to sign new IPC gas deal with Total for South Pars on Monday DUBAI Iran plans to sign a new contract to develop its giant South Pars gas field with France''s Total ( TOTF.PA ) and China''s CNPC on Monday, the first major Western energy investment since sanctions against Tehran were lifted, an Iranian oil ministry official told Reuters on Sunday. A spokesman for Total confirmed the company will sign the contract to produce gas for the Iranian market from 2021, adding that the 20-year deal with will be the first Iranian Petroleum Contract (IPC) signed in Iran. Total holds a 50.1 interest in the South Pars project with state-owned China National Petroleum Corporation owning 30 percent and Iran''s Petropars 19.9 percent. The offshore field was first developed in the 1990s and Total was one of the biggest investors in Iran until the international sanctions were imposed in 2006 over suspicions that Tehran was trying to develop nuclear arms. Total has decided to return and develop Phase 11 of the South Pars project, which will cost up to $5 billion. "The international contract for development of Phase 11 of South Pars in the framework of IPC (Iranian Petroleum Contract) will be signed on Monday, July 3, at 14:30, at a ceremony in Tehran attended by Iranian oil minister Zanganeh and senior officials from France’s Total, China’s CNPCI and Iran''s Petropars," the Iranian oil ministry official said. Total''s Chief Executive Patrick Pouyanne told Reuters last month that the group would make an initial $1 billion investment after the United States extended sanctions relief under the 2015 agreement. Iran, the third largest producer in the Organization of the Petroleum Exporting Countries, hopes its new IPC contracts will attract foreign companies and boost oil and gas production after years of under-investment. The vast offshore gas field is shared between Iran and Qatar, where Total is also a major player in gas production as well as in oil and refining. Tehran calls the giant field South Pars while Doha calls it the North Field. (Reporting by Rania El Gamal; Additional reporting by Bate Felix in Paris; Editing by Andrew Torchia and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iran-total-deal-idUKKBN19N0CZ'|'2017-07-02T13:33:00.000+03:00'
'2a78b12441ffabd49c3346656bbe857f019abf0b'|'Asia manufacturing picks up in June but momentum seen slowing into second half'|'LONDON/SINGAPORE British factories were left out of a demand-driven surge in activity across much of Asia and Europe in June, as weakness in sterling failed to translate into export growth, surveys showed.Factories in the euro zone rounded off the first half of 2017 by ramping up at the fastest rate for over six years while Asia''s tech-manufacturing economies were helped by growing global demand for electronics products.But British manufacturing grew more slowly than anyone polled by Reuters expected as consumers faced the double-hit of accelerating inflation - caused in large part by the fall in the pound since last year''s vote to leave the EU - and slowing wage growth.Monday''s survey suggested the supposed silver lining of a weakened pound - more competitive exports - is proving elusive and could make Bank of England officials think twice about raising interest rates.The Markit/CIPS UK Manufacturing Purchasing Managers'' Index (PMI) fell to 54.3 from a downwardly-revised 56.3 in May, a three-month low and below all forecasts in a Reuters poll of economists that pointed to a reading of 56.5. A reading above 50 indicates growth."The decline in the PMI in June robustly challenges hopes that manufacturing and exports will pick up and offset the consumer spending slowdown. Today''s manufacturing report weakens the case for raising interest rates soon," said Samuel Tombs at Pantheon Macroeconomics.June''s manufacturing PMI for the euro zone rose to 57.4, its highest since April 2011 and up from May''s 57.0.Suggesting the bloc''s momentum will continue into the second half, new orders rose at the fastest rate since early 2011, backlogs of work increased at the fastest pace in over 13 years, raw materials were depleted and factories increased headcount at a near-record pace.The upturn came alongside factories increasing prices, as they have done for nine months, welcome news for policymakers at the European Central Bank who have been battling for years to get inflation back to their 2 percent target ceiling.Inflation was a stronger-than-expected 1.3 percent in June, official flash data showed on Friday, and while still below target, recent strong economic data meant ECB chief Mario Draghi last week raised the prospect of policy tightening.In Britain, central banker have started to signal that a first rate hike in a decade might be approaching to help curb the sharp rise in inflation.BoE Governor Mark Carney says he is watching to see how the economy copes with the launch of Brexit talks and whether weakness among consumers could be offset by investment and exports.ASIA ACCELERATIONPrivate sector surveys of manufacturers in Asia showed factories in China, South Korea, Japan and Taiwan picked up in June, driven largely by a recovery in exports.But continued declines in energy prices, which weighed on manufacturing in Indonesia and Malaysia, could hurt these two economies, while in India, sluggish domestic demand offset strong foreign demand and led to a slowdown.Factory PMIs for South Korea, Japan, Taiwan Vietnam and India all remained above 50. And all of them, except for Japan and India, rose from May."But the ability for manufacturers to continue to accelerate, or to maintain sharp surges in production, is in question given underlying demand, apart from some bright spots, doesn''t seem to have permeated more widely across the different sectors," said Vishnu Varathan at Mizuho Bank.While manufacturing expanded at the fastest pace in three months in June in China, business confidence slumped to its lowest level this year amid a government crackdown on debt risks and tightening financial conditions."We believe cyclical momentum (in China) has likely peaked and will ease further due to tighter financial conditions," Yin Zhang and Helen Qiao at Merrill Lynch wrote in a note."Looking ahead, since overall growth is still higher than the policy target level at around 6.5 percent for real GDP, we expect policy makers to maintain the tightening bias in (the second half), which is likely to impose downward pressure on growth until early 2018."In Japan, confidence among big manufacturers hit its highest level in over three years in June, according to a survey from the central bank published on Monday.(editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-economy-idUSKBN19O0CR'|'2017-07-03T08:07:00.000+03:00'
'1510a2212974c33df98d0d33d9ff2ff486ded83b'|'Britain misses out as global manufacturing surges'|'Business News - Mon Jul 3, 2017 - 12:02pm BST Britain misses out as global manufacturing surges left right FILE PHOTO - A ''Made in Britain'' sticker is seen on a tool box at Sigma UK in Hinckley, central England, May 1, 2013. REUTERS/Darren Staples 1/2 left right A member of the staff works on an assembly line at a factory in Fuyang, Anhui province, China, April 17, 2017. China Daily/via REUTERS 2/2 By Jonathan Cable and Nichola Saminather - LONDON/SINGAPORE LONDON/SINGAPORE British factories were left out of a demand-driven surge in activity across much of Asia and Europe in June, as weakness in sterling failed to translate into export growth, surveys showed. Factories in the euro zone rounded off the first half of 2017 by ramping up at the fastest rate for over six years while Asia''s tech-manufacturing economies were helped by growing global demand for electronics products. But British manufacturing grew more slowly than anyone polled by Reuters expected as consumers faced the double-hit of accelerating inflation - caused in large part by the fall in the pound since last year''s vote to leave the EU - and slowing wage growth. Monday''s survey suggested the supposed silver lining of a weakened pound - more competitive exports - is proving elusive and could make Bank of England officials think twice about raising interest rates. The Markit/CIPS UK Manufacturing Purchasing Managers'' Index (PMI) fell to 54.3 from a downwardly-revised 56.3 in May, a three-month low and below all forecasts in a Reuters poll of economists that pointed to a reading of 56.5. A reading above 50 indicates growth. "The decline in the PMI in June robustly challenges hopes that manufacturing and exports will pick up and offset the consumer spending slowdown. Today''s manufacturing report weakens the case for raising interest rates soon," said Samuel Tombs at Pantheon Macroeconomics. June''s manufacturing PMI for the euro zone rose to 57.4, its highest since April 2011 and up from May''s 57.0. Suggesting the bloc''s momentum will continue into the second half, new orders rose at the fastest rate since early 2011, backlogs of work increased at the fastest pace in over 13 years, raw materials were depleted and factories increased headcount at a near-record pace. The upturn came alongside factories increasing prices, as they have done for nine months, welcome news for policymakers at the European Central Bank who have been battling for years to get inflation back to their 2 percent target ceiling. Inflation was a stronger-than-expected 1.3 percent in June, official flash data showed on Friday, and while still below target, recent strong economic data meant ECB chief Mario Draghi last week raised the prospect of policy tightening. In Britain, central banker have started to signal that a first rate hike in a decade might be approaching to help curb the sharp rise in inflation. BoE Governor Mark Carney says he is watching to see how the economy copes with the launch of Brexit talks and whether weakness among consumers could be offset by investment and exports. ASIA ACCELERATION Private sector surveys of manufacturers in Asia showed factories in China, South Korea, Japan and Taiwan picked up in June, driven largely by a recovery in exports. But continued declines in energy prices, which weighed on manufacturing in Indonesia and Malaysia, could hurt these two economies, while in India, sluggish domestic demand offset strong foreign demand and led to a slowdown. Factory PMIs for South Korea, Japan, Taiwan Vietnam and India all remained above 50. And all of them, except for Japan and India, rose from May. "But the ability for manufacturers to continue to accelerate, or to maintain sharp surges in production, is in question given underlying demand, apart from some bright spots, doesn''t seem to have permeated more widely across the different sectors," said Vishnu Varathan at Mizuho Bank. While manufacturing expanded at the fastest pace in three months in June in China, business confidence slumped to its lowest level this year amid a government crackdown on debt risks and tightening financial conditions. "We believe cyclical momentum (in China) has likely peaked and will ease further due to tighter financial conditions," Yin Zhang and Helen Qiao at Merrill Lynch wrote in a note. "Looking ahead, since overall growth is still higher than the policy target level at around 6.5 percent for real GDP, we expect policy makers to maintain the tightening bias in (the second half), which is likely to impose downward pressure on growth until early 2018." In Japan, confidence among big manufacturers hit its highest level in over three years in June, according to a survey from the central bank published on Monday. (editing by John Stonestreet) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-idUKKBN19O0CR'|'2017-07-03T13:59:00.000+03:00'
'801fe7a2e6fed938eb91551b4d30b44ab4b999eb'|'Oil prices edge up on first drop in U.S. drilling in months'|'Market News - Sun Jul 2, 2017 - 9:38pm EDT Oil prices edge up on first drop in U.S. drilling in months * U.S. drillers cut rig count for first time in 23 weeks * But rising output from within OPEC weighs on market By Henning Gloystein SINGAPORE, July 3 Oil prices edged up on Monday, supported by the first fall in U.S. drilling activity in months, although rising output from OPEC despite a pledge to cut supplies capped gains. Brent crude futures added 6 cents or 0.1 percent to $48.83 per barrel by 0137 GMT, after jumping 5 percent last week for the first gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 15 cents, or 0.3 percent, to $46.19 per barrel after a more than 7 percent gain last week from depressed levels. Traders said U.S. prices were relatively stronger than Brent after U.S. drilling activity fell for the first time since January. Sentiment for the global Brent benchmark was more subdued due to rising output from within the the Organization of the Petroleum Exporting Countries (OPEC). "For the first time in 23 weeks, the number of drill rigs operating in the U.S. fell, down 2 to 756," ANZ bank said on Monday, but added that "this exuberance may be tempered by news over the weekend that Libya oil production hit another record." Despite the drop, the total rig count was still more than double the 341 rigs in the same week a year ago, according to energy services firm Baker Hughes Inc. The slight cut in U.S. drilling for new production was met by a rise in output from within OPEC in June, up by 280,000 barrels per day (bpd) to an estimated 2017 high of 32.72 million bpd despite the group''s pledge to hold back production in an effort to tighten the market. OPEC''s high output is largely down to rising production from members Nigeria and Libya, which were exempted from the output cuts, and whose surge in supplies has undermined efforts by other members like Saudi Arabia to restrict supplies. (Reporting by Henning Gloystein; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-oil-idUSL3N1JU16R'|'2017-07-03T04:38:00.000+03:00'
'02be95c30ba02875cf7495fae6352bd2701f3292'|'GLOBAL MARKETS-Asian stocks start new month on firm footing, bonds under pressure'|'* Asian stocks flat near 2-year high* U.S. bond yields at 1 1/2-month highs* Qatari shares at 1 1/2-year lows* China PMI, Japan tankan point to steady growth* European share futures up 0.4-0.9 pctBy Hideyuki SanoTOKYO, July 3 Asian stocks hardly budged on Monday on the first day of a new quarter while expectations of credit tightening by the world''s major central banks kept global bond markets under pressure.MSCI''s broadest index of Asia-Pacific shares outside Japan ticked down 0.1 percent, staying within a stone''s throw of its two-year peak hit last week.Japan''s Nikkei ticked up 0.2 percent while U.S. stock futures gained 0.2 percent.European stock futures opened higher, with Germany''s DAX futures up 0.6 percent, France''s CAC futures adding 0.9 percent and Britain''s FTSE futures advancing 0.4 percent.Pan-European Euro first 300 stock index hit a 10-week low on Friday after the European Central Bank and the Bank of England last week signalled their readiness to tighten their monetary policies."Up until recently, only the Fed was tightening its policy. If the ECB is also jumping on to this, that is huge. We can''t take this lightly," said Arihiro Nagata, head of derivatives at SMBC Nikko Securities.Global bond yields have risen sharply following hawkish comments from European Central Bank President Mario Draghi last Tuesday, with German bond yields posting their biggest weekly jump since December 2015 last week.That helped to lift U.S. bond yields from lows, with the 10-year U.S. Treasuries yield hitting a 1-1/2-month high of 2.330 percent on Monday.The uptick in European bond yields could encourage European investors, who have been pouring their money on higher U.S. yielding bonds, to put their money back in Europe.The rise in U.S. bond yields came even as data showed U.S. inflation cooled in May. The annual rise in core consumer prices excluding food and energy slowed to 1.4 percent, its lowest since December 2015."In coming weeks, whether we can see a recovery in the U.S. momentum will be a key issue," said Hirokazu Kabeya, chief global strategist at Daiwa Securities.On Wall Street, the S&P 500 scored its biggest gain for the first half of the year since 2013 while the Nasdaq Composite''s first-half gain was its best in eight years.Signs of stabilising in China''s economy and a recovery in the European economy helped to boost global share prices in the first half of this year.A private sector survey on China''s manufacturing showed a surprise recovery in activity, adding to the evidence of steadying growth in the world''s second largest economy.The Bank of Japan''s tankan corporate survey showed Japanese business sentiment improved slightly more than expected.In the currency market, the euro traded at $1.1405, not far from last week''s high of $1.1445, which was its highest level in more than a year as the common currency drew support from expectations that the ECB will likely scale back its stimulus.Jens Weidmann, head of Germany''s Bundesbank and a member of the ECB''s rate-setting body, said on Saturday that the ECB is working on moving away from its ultra-easy monetary policy.The dollar traded at 112.58 yen, off Thursday''s six-week high of 112.93.The yen briefly gained on worries Japanese Prime Minister Shinzo Abe''s reflationary policies may be at risk after his Liberal Democratic Party suffered an historic defeat in a local election in Tokyo on Sunday, though the impact did not last long.Oil prices held firm after having gained for seven consecutive sessions by Friday, after data on that day showed U.S. oil rig count RIG-OL-USA-BHI fell last week for the first time since early January.Brent crude futures rose 0.2 percent to $48.88 per barrel while U.S. crude futures gained 0.4 percent to $46.20 per barrel.In the Middle East, Qatari shares slumped to 1-1/2-year lows on Sunday as a deadline for Doha to accept a series of political demands by four Arab states were expected to expire late in the day with no sign of the crisis ending.Saudi Arabia and three allies accusing Qatar of supporting terrorism later agreed to a request by Kuwait to extend by 48 hours Sunday''s deadline for Doha to comply, according to a joint statement on Saudi state news agency SPA.(Editing by Sam Holmes & Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL3N1JU06D'|'2017-07-03T03:59:00.000+03:00'
'cf84c09a124e9d2a1df750ae28926a80c29484aa'|'G20 watchdog says fund flows to developing countries a concern'|'Business News - Mon Jul 3, 2017 - 1:39pm BST G20 watchdog says fund flows to developing countries a concern Britain''s Bank of England Governor, Mark Carney, speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool By Huw Jones - LONDON LONDON The rising influence of "open ended" funds and the impact on developing economies if the investment flows were abruptly reversed remain a concern for global regulators, Financial Stability Board Chairman Mark Carney said on Monday. The rapid growth in the world''s asset management sector since the financial crisis to $75 trillion (57.82 trillion pounds) assets by 2015, or 40 percent of the world''s financial assets, has been a largely positive development, Carney told reporters. An issue of concern, however is around "open ended" funds supplying a substantial proportion of cross border flows into developing economies, Carney said. Open-ended refers to a type of fund that can issue and redeem shares at any time. Carney said the concern comes at a time when liquidity, or the ability to sell at short notice to redeem investors, appears better than it is likely to be under stressed conditions. "The question is what will the consequences be when inevitably there is a period of sharp adjustment, reduced liquidity," Carney said. "What could the knock-on effects be, first and foremost for the economies, but also for the system as a whole. The best in the asset management industry absolutely gets it, and they try to manage those risks." Earlier this year, the FSB published a set of measures to address risks from such "structural vulnerabilities" in the asset management sector. The watchdog had initially sought to develop a framework for deeming big asset managers "systemically important" like big banks and thereby requiring tougher capital and other requirements. In the face of opposition from markets regulators and the industry, the work was put on ice while focussing on the sector''s activities to develop measures that were published in January. Carney said once these measures have been implemented, the FSB will look at whether any "residual" risks remain in the sector that need addressing, such as by deeming the asset management company to be systemic. "The expectation is that the answer will be ''no''," Carney said. (Reporting by Huw Jones, editing by Carolyn Cohn/Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-g20-funds-carney-idUKKBN19O1DJ'|'2017-07-03T15:39:00.000+03:00'
'066697303b440aef1f8ebef686dc0f63d5ff783f'|'Norway''s sovereign wealth fund buys stake in Washington property for $74 mln'|'Deals - Mon Jul 3, 2017 - 4:07am EDT Norway''s sovereign wealth fund buys stake in Washington property for $74 million OSLO Norway''s sovereign wealth fund has acquired a 49-percent stake in an office and retail building in Washington D.C. for $74 million, in a joint venture with a new real estate partner, Oxford Properties Group, the fund said on Monday. At the end of the first quarter the fund had invested 2.5 percent of its assets in unlisted real estate. It has properties in London, Paris and New York, among other cities. (Reporting by Gwladys Fouche, editing by Terje Solsvik) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-norway-swf-realestate-idUSKBN19O0QX'|'2017-07-03T11:06:00.000+03:00'
'9d4825220756f2a26271b627ab205963df4e33a8'|'MIDEAST STOCKS-Qatar stabilises after diplomatic deadline extended, Saudi cools'|'Market News - Mon Jul 3, 2017 - 4:06am EDT MIDEAST STOCKS-Qatar stabilises after diplomatic deadline extended, Saudi cools DUBAI, July 3 Qatar''s stock market stabilised in early trade on Monday after a diplomatic deadline to comply with demands by four Arab states was extended by two days to Tuesday night. Kuwait''s foreign minister arrived in Kuwait, which is acting as mediator, to respond to the demands. There is still no clear sign that Qatar will accept enough of the demands to satisfy the four states or that the dispute will be resolved. If not, fresh sanctions could be imposed - Saudi Arabia''s Okaz newspaper reported that the boycotting countries would ask international companies to choose between doing business with them or with other countries. But the Doha index, which fell 2.3 percent on Sunday, was up 0.3 percent after an hour of trade as some stocks favoured by foreign funds were the top gainers. Mobile phone operator Vodafone Qatar rose 1.1 percent. Foreign funds have been taking advantage of reduced valuations in the Qatari market because of its recent plunge and have been net buyers of Qatari shares in the last two sessions, according to bourse data. In Dubai, the index was up 1.3 percent as 24 shares rose and only two declined. Shares favoured by short-term retail traders were the most active, with GFH Financial adding 4.4 percent and property developer DAMAC jumping 5.3 percent. Abu Dhabi''s index dipped 0.2 percent, weighed down by the top two shares by market value; telecommunications operator Etisalat, down 0.6 percent, and First Abu Dhabi Bank , off 0.5 percent. In Saudi Arabia, the index edged down 0.3 percent, snapping three days of strong gains. National Commercial Bank retreated 2.0 percent, pulling away from a 21-month high. Petrochemical shares, however, were firm as Brent oil headed back near $50 a barrel. Nine of the 14 listed producers rose; Alujain was the best performer, adding 1.4 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and Andrew Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1JU160'|'2017-07-03T11:06:00.000+03:00'
'17ef4a713c63d6653638e29c5fe923e4179ef904'|'Kuwait banks don''t plan to withdraw Qatar deposits -official source'|'Business News - Sun Jul 2, 2017 - 11:51am EDT Kuwait banks don''t plan to withdraw Qatar deposits: official source FILE PHOTO: A fishing boat passes in front of the Kuwait City skyline September 11, 2010. REUTERS/Stephanie McGehee By Ahmed Hagagy - DUBAI DUBAI Kuwaiti banks have no intention of withdrawing their deposits and investments from Qatar, a Kuwaiti official source told Reuters on Sunday. The source, speaking on condition of unanimity because of political sensitivities, noted that Kuwaiti banks had not announced plans to withdraw deposits or take other exceptional measures when detailing their exposure to Qatar in bourse statements over the last few days. "This reflects the confidence of Kuwaiti banks and Kuwaiti companies in the financial solvency of the state of Qatar, the Qatari banks and financial institutions and their ability to meet their obligations," the source said. "This confidence is confirmed by the international rating institutions. These investments are generating good returns for Kuwaiti banks. There is no reason to worry about them at the moment.” Among the statements by Kuwaiti banks, Burgan Bank ( BURG.KW ), for example, said its total exposure to Qatar was 66.7 million dinars ($220 million), or 0.9 percent of the bank''s total assets. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and trade ties with Qatar on June 5, accusing it of supporting terrorism. A deadline for Doha to comply with their demands was expected to expire late on Sunday with no sign of the crisis ending. The four Arab states have warned they may impose further sanctions against Qatar. They did not give details but bankers believe, for example, that governments may ask their banks to pull deposits from Qatar. Kuwait has not sided with the coalition against Qatar and has instead tried to mediate between the two sides. (Editing by Andrew Torchia) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gulf-qatar-kuwait-banks-idUSKBN19N0Q8'|'2017-07-02T18:47:00.000+03:00'
'b34dee5dff589427ed7aa3b55864b8d5d3142667'|'As anti-G20 protests begin, Merkel says growth must be inclusive'|'July 2, 2017 / 11:21 AM / 23 minutes ago As anti-G20 protests begin, Merkel says growth must be inclusive By Erik Kirschbaum 4 Min Read Oxfam’s Big Heads depict G20 leaders take part in protests ahead of the upcoming G20 summit in Hamburg, Germany July 2, 2017. Fabian Bimmer BERLIN (Reuters) - As anti-globalization activists took to the streets in Hamburg ahead of this week''s G20 summit, German Chancellor Angela Merkel said on Sunday leaders will have to focus on sustainable and inclusive economic growth rather than their own prosperity. In her weekly podcast, Merkel said this year''s G20 summit will delve into issues championed by protesters such as distribution of wealth and consumption of resources - alongside related issues like climate change, free markets, consumer protection and upholding social standards. Hamburg police said 10,000 demonstrators marched peacefully in the rain in Hamburg on Sunday in a prelude to the July 7-8 gathering, where 21,000 police from across Germany will protect the meetings of the world''s 20 largest economies. It was the first of 30 registered demonstrations this week. Some carried banners reading "Fight poverty", "stop coal" and "Planet earth first". German authorities are bracing for trouble, worried the protests could turn violent as they did outside a G8 summit in Genoa, Italy in 2001 when one person was shot dead and hundreds injured. "It''s not only going to be about (economic) growth but rather sustainable growth," Merkel said. "We''ve got to have a ''win-win'' situation for everyone. The issues obviously revolve around: how do we achieve inclusive or sustainable growth?" Merkel, seeking a fourth term in a Sept. 24 election, outlined the issues as: "What are we doing with our resources? What are the rules for distribution of wealth? How many people are taking part? And how many countries are able to profit from that?" Without mentioning the protests that have German security officials worried about possible acts of sabotage this week in the country''s second-largest city, Merkel noted that these non-traditional issues were forced onto the G20 agenda. People with giant balloons take part in protests ahead of the upcoming G20 summit in Hamburg, Germany July 2, 2017. Hannibal Hanschke "If we simply try to carry on as we have in the past, the worldwide developments will definitely not be sustainable and inclusive," she said. "We need the climate protection agreement, open markets and improved trade agreements in which consumer protection, social and environmental standards are upheld." In a speech to parliament last week, Merkel promised to fight for free trade and press on with multilateral efforts to combat climate change at the summit, challenging the "America First" policies of U.S. President Donald Trump. Slideshow (18 Images) The G20 meeting follows a G7 summit in Sicily a month ago that exposed deep divisions between other Western countries and Trump on climate change, trade and migration. Trump later announced he was pulling the United States out of a landmark agreement to combat climate change reached in 2015 in Paris. The German Federal Crime Office warned that violent G20 opponents could carry out arson and sabotage at infrastructure targets such as the Hamburg harbor and airport, newspaper Welt am Sonntag said on Sunday. "New and creative forms of attack have to be watched out for," the report said. It added Hamburg police are bracing for attempts by activists to disrupt electrical power in Hamburg. Sunday''s demonstration was organized by a group called "Protest Wave G20". Other demonstrations this week are called "Welcome to Hell" and "G20 Not Welcome". Justice Minister Heiko Maas warned against violence. "It''s a criminal act to set car tires on fire or injure police officers," he told a group of newspapers. "There''s no justification for that at all and offenders will be prosecuted." Editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-germany-g-idINKBN19N0FA'|'2017-07-02T14:02:00.000+03:00'
'acdb715bfac8f0808af211cfa748978c508af73a'|'Barclays sees the beak about the bailout'|'W estminster magistrates court will be the venue on Monday for the opening chapter in what is expected to be a landmark case arising from the 2008 financial crash. The former Barclays chief executive John Varley and three of his former colleagues – Roger Jenkins, Tom Kalaris and Richard Boath – are the first senior bankers to face criminal charges arising out of the crisis, and are due to appear in court in the afternoon.The four are charged with offences following a five-year investigation into the events surrounding the £11.8bn emergency fundraising conducted by the bank in 2008 that allowed it to avoid a bailout by the taxpayer.The decision to charge the four came after a series of postponements and amid plans in the Conservative manifesto for the Serious Fraud Office to be abolished – a threat that now appears to have been dropped after it did not feature in the Queen’s speech, which sets out the government’s agenda for the coming year.Barclays raised billions from Qatar in 2008 to avoid a bailout. The charges related to two advisory services agreements entered into with Qatar Holding, an investment vehicle for the gulf state, in June and October 2008.The four men and the bank are charged with “conspiracy to commit fraud by false representation in relation to a fundraising in June 2008”. In the event of conviction, the offences carry a maximum prison sentence of 10 years and a fine for the bank.Poll positionsThe general election threw up all sorts of unwelcome surprises for Theresa May at the beginning of last month. What effect this latest stormy period in British politics will have on the economy will emerge to some extent this week, with the release of the purchasing managers’ index (PMI) data on the services and manufacturing sectors. As the general election did not have the same effect as the EU referendum just over a year ago, there is not likely to have been as sharp a decline, but analysts at Investec think there will still be a drop.“We suspect that the election outcome will not have led to a steep drop in the PMIs in the way we saw immediately after the 2016 Brexit vote, but a more modest decline,” said its preview of the figures.Later in the week, official figures on construction output, trade and manufacturing output for May will be released, which will give further indicators on the state of the economy. A “less than robust” run of data could dissuade the Bank of England from raising rates over the coming months, according to Investec.Butting heads at Bovis It has been a difficult year for Bovis Homes. And a difficult one for some of its customers. The chairman of the housebuilder admitted in May that it had let down homebuyers , cutting corners to meet targets, and that hundreds had been affected.Amid complaints of poorly built homes, the company set aside £7m for repairs earlier this year and faced accusations that it was pressuring customers to move into unfinished homes. Chief executive David Ritchie resigned shortly after a profit warning in December and was replaced by Greg Fitzgerald, the former chief executive of Galliford Try.This week will give an indication of how the company is currently faring with the release of a trading update on Thursday. Since the problems at the company have been highlighted, the majority of its staff have been retrained. But on the Bovis Homes Victims group on Facebook, there have been claims that buyers are again being pressurised into moving into incomplete homes – a claim which the company has denied. There is clearly some confidence in the higher ranks as to its future, however, as Fitzgerald was reported to have spent £2m buying shares in June. This comes after Fitzgerald and his wife spent £1.4m buying stock earlier this year.Topics Barclays Observer business agenda John Varley Banking Economics Financial crisis Financial sector comment'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/02/barclays-sees-beak-about-bailout-qatar-sfo-court'|'2017-07-02T03:00:00.000+03:00'
'5e93bbb12aaa76e58a5e881a91dd038a6afeb793'|'UK ministers move to allay Brexit fears over access to medicines - Politics - The Guardian'|'The government has moved to dampen fears in the pharmaceutical and life sciences industry that Brexit will mean patients and the NHS will wait longer and pay more for drugs and treatment. The health secretary, Jeremy Hunt, and the business secretary, Greg Clark, have said they want to continue to “work closely” with the European Medicines Agency, the EU regulatory authority currently based in London.They have offered to bridge the drug licensing gap that will open when the UK drops its membership of the EMA in the wake of Brexit.“Our door will always be open to a deep and special relationship with the EU, which remains the best way to promote improved patient outcomes both in Europe and globally,” they say in a letter to the Financial Times.This is a significant softening of position for Hunt, who told MPs in January that he did not expect the UK to continue as a member once it left the EU, a move that was branded by Labour as “reckless”.UK manufacturers say Brexit uncertainty will force them to make cuts Read more Labour said at the time that if Britain left the EMA, patients could face longer waiting periods to access life-saving treatments. The Association of the British Pharmaceutical Industry (ABPI), which represents drug firms employing about 220,000 people in the UK, said patients could wait six to 12 months longer than the rest of Europe to receive newly developed medicines because the UK would be a smaller market.Outlining their post-Brexit plans, Hunt and Clark said that while the UK would develop its own regulatory framework, they would like to continue to work in tandem with the EMA. “The UK would like to find a way to continue to collaborate with the EU, in the interests of public health and safety,” they say in the letter. The EMA currently licenses all medicines that manufacturers want to sell in the 28 EU states and some other countries in the European Economic Area. Europe’s population of 500 million people represents 25% of the world’s total drug market. If Britain left the EMA and made its own arrangements to regulate drugs, it would be of much less priority to pharmaceutical firms because it would be as little as 3% of the global market.Quitting EU regulator ''would leave UK waiting longer'' for new drugs Read more Britain already has its own drugs regulator, the Medicines and Healthcare products Regulator Agency (MHRA), which is part of an EMA-led pan-European network of 36,000 national regulators and scientists.In their letter, Hunt and Clark say they hope this will be the future bridge to the EU licensing authority. “The Medicines and Healthcare Products Regulatory Agency wants to work with all types of innovators, ensuring new medicines can reach patients quickly. Drug development is a global business, and we will look to continue to work closely with the European Medicines Agency, and our international partners,” they say.The MHRA already plays a disproportionately large role in the EMA’s work, assessing about 20% of all the drugs the EMA evaluates each year. But it would have to increase hugely in size if it became responsible for approving all new drugs aimed at the British market.The letter is reported to have been signed off by Downing Street but is seen as a break with May’s intention to reveal none of her cards before entering Brexit negotiations.Brexit: British officials drop ''cake and eat it'' approach to negotiations Read more Pharmaceutical industry leaders welcomed the early intervention by Hunt and Clark. Mike Thompson, the chief executive of the ABPI, said “this was a great first step” for the government.“While I understand that the current plan is not to agree anything until everything is agreed, that just won’t work for us and therefore we would very much hope that … we will get an early signal in terms of the arrangements we put in place to ensure the supply of medicines,” he told the FT.The ABPI has been lobbying since last summer to establish consensus on key Brexit issues such as a regulation, trade, immigration and UK science.Topics EU referendum and Brexit Pharmaceuticals industry Health news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/politics/2017/jul/04/uk-ministers-move-to-allay-brexit-fears-over-access-to-medicines'|'2017-07-04T16:26:00.000+03:00'
'b18c9ff188511d7ddbff6fd710dcd164e97edfe8'|'UK''s Worldpay says had takeover approaches from Vantiv, JPMorgan'|'Deals - Tue Jul 4, 2017 - 1:04pm BST Worldpay shares soar on bid approaches from Vantiv, JPMorgan By Dasha Afanasieva and Noor Zainab Hussain - LONDON LONDON Worldpay Group Plc ( WPG.L ), Britain''s largest payment processor, on Tuesday received rival bid approaches from U.S. credit card technology firm Vantiv Inc ( VNTV.N ) and JPMorgan Chase Bank ( JPM.N ), sending its shares up by more than 25 percent. The bid approaches show how automated payments specialists have become attractive targets for credit card companies, banks and technology firms seeking to capitalize on the growth in popularity of paying by smartphone or other mobile devices. Danish payment services company Nets A/S ( NETS.CO ), said over the weekend that it had also been approached by potential buyers. Worldpay, which sells technology to businesses so they can take payments via cards, online or on mobile devices, said the approaches were preliminary and there was no certainty of any deal. Sources close to the company said the offers were unsolicited. Worldpay''s shares hit record high. At 1146 GMT the shares were up 25.4 percent. The company has a market capitalization of about 6.43 billion pounds ($8.3 billion), according to Thomson Reuters data. Analysts suggested other companies might now be interested in making a bid. "We believe Worldpay is a unique asset and the current interest from two U.S. peers could also trigger the intention of parties like Google ( GOOGL.O ), Amazon ( AMZN.O ), Apple ( AAPL.O )," a note from Mediobanca Securities said. Vantiv and JP Morgan now have until August 1 to announce firm intentions to buy or else walk away. Vantiv could not immediately be reached for comment. JP Morgan declined to comment. EMPHASIS ON SCALE The payment processing industry has grown rapidly as consumers shun cash. The number of non-cash transactions rose 8.9 percent in 2014 to reach 387.2 billion, according to Capgemini’s World Payments Report. While banks have been trying to develop and buy more sophisticated technology, payment service companies like PayPal ( PYPL.O ) and Worldpay gained a large part of the market share during the e-commerce boom. Set up in 1989, Worldpay was spun out of British bank Royal Bank of Scotland ( RBS.L ) to private equity firms Bain Capital and Advent International in 2010. The buyout firms listed the company on the London Stock Exchange in late 2015, when it was valued at 4.8 billion pounds. Deal activity in the payments industry has so far been dominated by smaller companies being merged into divisions of bigger groups. Earlier this year, an analyst at Pacific Crest Securities said the emphasis may instead shift toward scale, noting Worldpay and Vantiv as a compelling deal. Vantiv, which has a market capitalization of $12.32 billion has recently gone on a buying spree of smaller players. It bought Moneris Solutions USA for $425 million and Paymetric, which automates business payments processing. While Vantiv is U.S.-focused, Worldpay supports 400,000 merchants in 126 currencies across 146 countries. It also has a highly-developed e-commerce platform which serves large and fast growing internet-led multinationals. Worldpay''s enterprise value to earnings on a next twelve month basis is at 13.88 times, according to Thomson Reuters data, above a ratio of 9.89 times for its rivals. (Reporting by Noor Zainab Hussain in Bengaluru; Additional reporting by Helen Reid in London and Eric Auchard; Editing by Rachel Armstrong and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-worldpay-grp-m-a-idUKKBN19P0YO'|'2017-07-04T11:51:00.000+03:00'
'ae591c613013c6f98a1f345d971775b956dba7e5'|'Qatar raises gas capacity amid Gulf dispute'|'Energy - Tue Jul 4, 2017 - 3:38pm BST Qatar raises gas capacity amid Gulf dispute Saad al-Kaabi, chief executive of Qatar Petroleum, gestures as he speaks to reporters in Doha, Qatar, July 4, 2017. REUTERS/Naseem Zeitoon By Tom Finn and Rania El Gamal - DOHA DOHA Qatar announced on Tuesday it planned to raise liquefied natural gas (LNG) capacity by 30 percent in an apparent show of strength in its dispute with Gulf neighbors who have imposed political and economic sanctions on Doha. The unexpected move came as Qatar appears to be preparing itself for greater economic independence should the dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain become protracted. Its immediate effect will be to worsen a glut on the LNG market where Australia, the United States and Russia vie. The Gulf states and Egypt have severed diplomatic and transport ties with Doha, accusing it of supporting terrorism and courting regional rival Iran. Qatar denies the accusation. The Arab states, who have presented Doha with a list of demands, meet on Wednesday to discuss how to end the crisis; or they could impose more sanctions, which may include asking trade partners to pick a side in the rift. Qatar Petroleum''s [QATPE.UL] chief executive said the firm would increase gas production from its giant North Field, which it shares with Iran, by 20 percent after new gas development. In April, Qatar lifted a self-imposed ban on development of the North Field, the world''s biggest natural gas field, and announced a new project to develop its southern section, increasing output in five to seven years. That new project will raise Qatar''s total LNG production capacity by 30 percent to 100 million tonnes from 77 million tonnes per year, CEO Saad al-Kaabi told a news conference. "Once completed...this project will raise the production of the State of Qatar to about 6 million barrels of oil equivalent per day," Kaabi said. With such low production costs and LNG facilities closer to buyers in Europe and Asia, the Qatari move means U.S. producers could struggle to sell their LNG competitively and projects still needing finance could struggle to find investors. So far only Cheniere ( LNG.A ) exports U.S. LNG, but there are project proposals with a total capacity of some 150 million tonnes/year. Energy sales have driven Qatar''s rapid rise as a regional player, with vast infrastructure projects and widening diplomatic influence as well as a role in the Syrian conflict that is viewed with suspicion by Gulf neighbors. German Foreign Minister Sigmar Gabriel said in Jeddah the stand-off between Qatar and its Arab neighbors would best be solved by an agreement across the region to prevent the financing of terrorism, "We all know that (this support) is not organized by states, but often by private persons," he added. "But we must somehow succeed in ending support in the region for extremist and terrorist organizations." IRANIAN QUESTION The glut has already driven down prices. Asian spot LNG prices LNG-AS have fallen more than 40 percent this year to $5.50 per mmBtu and by 70 percent from peaks in 2014. So far, the majority of LNG is supplied via long-term contracts between producers and users which allow little flexibility and in many cases also prevent importers from reselling cargoes. With supplies far outpacing demand, analysts expect more and more LNG to be freely traded. Many producers have already started to offer contracts without resale or destination restrictions. The political dispute started on June 5, roiling LNG trade and causing at least one tanker to change course and UK gas prices to spike. Kaabi said the company''s operations would not be affected by the diplomatic crisis or sanctions. "Qatar Petroleum will continue working...If some companies decide they don''t want to work with QP that''s their choice. We will find other foreign companies to work with," he said. Analysts said the move to boost production was partly to do with added competition in the LNG market, mainly from Ausralia, the United States and Russia. "It is also to do with Iran now set to increase production on the South Pars field, which means they can up production from their side of the field (North Field) without destabilizing the geology of the field," said Oliver Sanderson, gas analyst at Thomson Reuters. Some experts say that, while the Gulf States accus Qatar of cooperating too closely with Iran, their sanctions could push it to cooperate with Tehran more on the gas production and exports from the shared field. "Qatar needs the support of Iran now more than any time before. I don''t believe it would be possible for Qatar to increase production without the cooperation with Iran, if in the long term the (political) situation stayed same as now," said Reza Mostafavi Tabatabaei, president of London-based ENEXD, a firm involved in oil and gas equipment in the Middle East. "Also, major (oil) companies may be asked to choose between working in Qatar or Saudi/UAE and Egypt, otherwise there be sanctions against them. That’s why I don’t think that developing this project by Qatar now will be as easy as before, politically not financially," he added. Qatar Petroleum''s Kaabi said there is no cooperation with Iran on any project in the North Field, but the countries have a joint committee that meets every year to discuss development of the field. He added that the company will be looking for international partners, declining to say when a tender would be issued. Qatargas, the largest LNG-producing company in the world, and RasGas also operate projects on the North Field. While QP owns a majority stake, energy firms including Total, Mitsui & Co ( 8031.T ) and ConocoPhillips ( COP.N ) also possess small stakeholdings. RasGas is a 70/30 percent joint venture between QP and Exxon Mobil ( XOM.N ). "Qatar has one of the lowest LNG production costs in the world. It has followed an astute policy of maximizing value from market prices around the world," said Ajay Singh, special advisor at Japan Petroleum Exploration Co and former gas executive at Shell. "For Qatar, LNG is everything." (Reporting by Tom Finn, Issam Abdallah and Rania El Gamal; additional reporting by Henning Gloystein in Singapore, Aaaron Sheldrick in Tokyo, Jane Chung in Seoul and Nina Chestney in London; Writing by Nina Chestney; Editing by Ralph Boulton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-qatar-energy-idUKKBN19P161'|'2017-07-04T17:29:00.000+03:00'
'a1b0f657775f76d6292565459104e2ccb0498fcc'|'BMW to make Mini electric car plant decision by end-September'|'Technology News - Sat Jul 1, 2017 - 11:12am EDT BMW to make Mini electric car plant decision by end-September A Mini car is fixed onto a wall at a BMW and Mini dealership in Barcelona, Spain June 2, 2017. REUTERS/Albert Gea By Costas Pitas - CHICHESTER, England CHICHESTER, England BMW will decide whether to build its new electric Mini car in Britain or elsewhere by the end of September, its board member for sales told Reuters, in a test of the country''s ability to continue to attract investment as it leaves the EU. Mini makes around 70 percent of its approximately 360,000 compact cars at its Oxford plant in southern England but the car industry is concerned about the effect any loss of unfettered access to the EU, its largest export market, could have on plants after Brexit. BMW is deciding between its English site, a plant in the Netherlands where it has built more of its conventional line-up in recent years, and its Germany plants at Leipzig and Regensburg for the new low-emissions variant. The firm''s board member for sales told Reuters that the electric Mini investment, likely to be worth tens of millions of pounds, would come in the next three months and the board was currently considering a number of factors including Brexit. "One of the elements is what is the likelihood of a tax regime and if there''s a tax regime, how would it apply," Ian Robertson said during an interview at the Goodwood Festival of Speed in southern England. "If you made the motor in a German plant and you then assembled the car in a British plant, and you took the cars back to the German market, then the duty that you would pay would be reclaimed," he said, in an example of the options companies are examining to plan for any duties or tariffs. The automaker is also looking into where the uptake of greener models is strongest and where the best supply chains are, he said. Britain could approve its first major electric battery hub in the next few weeks after officials in central England submitted proposals to ministers in May. But last month, the car industry issued its strongest warning yet on the need for politicians to strike a transitional Brexit deal after two-year talks to ensure unfettered trade is maintained. Uncertainty has also been heightened after a snap June 8 election which left Prime Minister Theresa May without a majority and has led to ministers in her administration hinting at different versions of Britain''s likely post-Brexit future. Last year, May''s administration helped secure two new models at Japanese carmaker Nissan''s plant in the north of England after what a source said was a government promise of extra support to counter any loss of competitiveness caused by Brexit. Robertson told Reuters there was an "open channel" with officials and that he had several meetings with the Brexit ministry and with business minister Greg Clark, who has visited BMW in Munich, with their teams in regular contact. But, asked whether the government could make promises now regarding future tax or tariff arrangements as BMW neared its decision, he said he did not believe that ministers were in a position to do so. "Any of these discussions about a guarantee, it''s not possible," he said. (Reporting by Costas Pitas)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-bmw-mini-idUSKBN19M3KN'|'2017-07-01T18:12:00.000+03:00'
'6d8b42a5a3a8b6beb6ee6062f32c360d0299bd7e'|'Glitch causes prices of Apple, Google, other stocks to appear off'|'July 4, 2017 / 3:34 AM / 3 hours ago Glitch causes prices of Apple, Google, other stocks to appear off By John McCrank 2 Min Read FILE PHOTO: The Apple logo is seen on a computer screen in an illustration photo taken in Bordeaux, France, February 1, 2017. Regis Duvignau/File Photo NEW YORK (Reuters) - The prices of several big-name Nasdaq-listed ( NDAQ.O ) stocks appeared on some websites to either spike or plummet well after the closing bell on Monday, seemingly due to a glitch related to the market data that runs the largely automated markets. At around 6:30 p.m., the prices of Amazon Inc ( AMZN.O ) and Microsoft Corp ( MSFT.O ) stocks appeared to have lost more than half their value, while Apple Inc ( AAPL.O ) shares appeared to more than double. Google parent Alphabet Inc ( GOOGL.O ) and eBay Inc ( EBAY.O ) shares were among others that all appeared to be priced at $123.47 on some financial news websites on Monday evening. The actual prices of the stocks were not affected and no trades were completed at that price, a Nasdaq spokesman confirmed. Nasdaq said in a statement it was investigating the improper use of test data distributed by third parties. Prices on Nasdaq''s website were not affected. Nasdaq and other U.S. stock exchanges closed early on Monday ahead of the U.S. Independence Day holiday on Tuesday. Testing of stock exchange software is mandated by the U.S. Securities and Exchange Commission and happens on a regular basis to help prevent electronic glitches, often using test symbols and historical data. Reporting by John McCrank; Editing by Shri Navaratnam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-exchange-nasdaq-idINKBN19P0CB'|'2017-07-04T05:41:00.000+03:00'
'b3100df277d7c099c15b4c2b9820801837bb4cdb'|'China''s Tencent invests in Indonesia''s Go-Jek amid SE Asia push -sources'|'Technology   7:51am EDT China''s Tencent invests in Indonesia''s Go-Jek amid SE Asia push: sources FILE PHOTO: Logo of Tencent is displayed at a news conference in Hong Kong, China March 22, 2017. REUTERS/Tyrone Siu/File Photo By Kane Wu and Julie Zhu - HONG KONG HONG KONG Tencent Holdings Ltd ( 0700.HK ) has invested around $100 million to $150 million in Indonesian ride-hailing startup Go-Jek, sources said, in another sign the Chinese tech giant was looking to tap into growth in Southeast Asia''s mobile-based services. Go-Jek, which already counts global private equity firms KKR & Co LP ( KKR.N ), Warburg Pincus LLC [WP.UL] and venture capital player Sequoia Capital as investors, is seeking to raise more capital from existing and new investors, the sources said. The startup aims to raise up to $1 billion from its current funding round, the sources, who are familiar with the matter but did not want to be named, told Reuters. A Go-Jek spokeswoman declined to comment on the company''s fund-raising plans, saying: "If there is information that we can share then we will share it." Tencent declined to comment on the investment. An investment by China''s largest social media and online entertainment firm would indicate it wants to establish its presence in Southeast Asia that many expect will produce the next batch of high-valued tech startups known as unicorns. Tencent, with a current market capitalization of $341 billion, has previously bought a stake in Singapore-based gaming startup Sea Ltd, formerly known as Garena, which was valued at $3.75 billion after a March 2016 funding round. Other Chinese tech behemoths have also been carving out their territory in Southeast Asia, home to more than 600 million people and some of the world''s fastest-growing economies. Alibaba Group Holding Ltd ( BABA.N ) last week said it would invest an additional $1 billion in Southeast Asian online retailer Lazada Group, boosting its stake by nearly a third to 83 percent and amplifying its focus on the region. Alibaba''s domestic rival JD.com Inc ( JD.O ) is in talks with Indonesia''s online marketplace Tokopedia for possible investment, a separate source told Reuters. Go-Jek, which started as a hailing app for motorbike taxis, also operates a food delivery business that a source said yields a much higher margin than ride-hailing. Its mobile payment business, Go-Pay, is growing rapidly as it is complementary with all the other Go-Jek offerings, the source added. Tencent and Alibaba have each invested in food delivery apps in China and have been fighting to gain market share in the mobile payment space with their respective platforms. One of the sources said that Go-Jek aims to close the current funding round in the third quarter. According to a media report, the start-up was valued at more than $2 billion when the funding round started. Last August, KKR, Warburg and others invested $550 million in Go-Jek at an undisclosed valuation. Warburg is looking to chip in more in this round, sources said. A spokeswoman for Warburg declined to comment. (Reporting by Kane Wu and Julie Zhu in Hong Kong, Additional reporting by Eveline Danubrata and Agustinus Beo Da Costa in Jakarta; Editing by Himani Sarkar and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gojek-m-a-tencent-idUSKBN19P17N'|'2017-07-04T13:38:00.000+03:00'
'c5956a609478f96af196c8d83413fbe194f9ed19'|'Japan''s SMFG, preparing for Brexit, to make Frankfurt EU base - Nikkei'|'Banks - Sat Jul 1, 2017 - 4:26am BST Japan''s SMFG, preparing for Brexit, to make Frankfurt EU base - Nikkei TOKYO Japanese lender Sumitomo Mitsui Financial Group Inc ( 8316.T ) will make Frankfurt its new European headquarters as it prepares for Britain''s exit from the European Union in 2019, the Nikkei business daily reported on Saturday. SMFG, Japan''s third largest lender, will move to Frankfurt as its current EU base in London will likely become unable to lead the bank''s business in the bloc after Brexit, the Nikkei said, without citing the source of its information. Financial services firms need "passporting" rights through a regulated subsidiary in an EU country to sell products across the bloc. A British exit from the EU single market almost certainly means UK-based banks will lose those rights. The move would see SMFG follow Nomura Holdings Inc ( 8604.T ) and Daiwa Securities Group Inc ( 8601.T ), respectively Japan''s No.1 and No.2 brokerage groups, in setting up bases in the German city ahead of Brexit. Several other banks are also preparing to shift their EU base to Frankfurt from London. SMFG''s banking and investment banking arms, Sumitomo Mitsui Banking Corp and SMBC Nikko respectively, will both set up subsidiaries in Frankfurt, the report said, adding that some employees would move to the German city from London. It did not say how many employees would be affected, or detail the date of any move. SMFG''s London office employs around 1,000 people. SMFG could not be reached for comment outside business hours. Frankfurt, the financial capital of Europe''s biggest economy, has been promoting itself as a stable city for banks looking to move because of Brexit, with German politicians discreetly welcoming those looking to relocate. SMFG''s Japanese rivals, Mitsubishi UFJ Financial Group ( 8306.T ) and Mizuho Financial Group ( 8411.T ), have EU passporting rights through their banking units in Amsterdam. (Reporting by Thomas Wilson; Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-smfg-idUKKBN19M34U'|'2017-07-01T06:26:00.000+03:00'
'ca84f5f1fc4def60a6806a565969d98c5426bf03'|'BoE''s Saunders tells UK households: prepare for higher rates - Guardian'|' 41pm BST BoE''s Saunders tells UK households - prepare for higher rates: Guardian FILE PHOTO: A man stands outside the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay/File Photo LONDON A Bank of England policymaker who last month voted to raise interest rates was quoted as saying on Tuesday that he was "reasonably confident" that investment and exports would compensate for a consumer slowdown. Michael Saunders told the Guardian newspaper that households should prepare for higher rates at some point and there was no sense that they had to stay on hold due to uncertainty around Britain''s negotiations   in 2019. "I think households should prepare for interest rates to go higher at some point. But if rates do go up, it will be in the context of the economy doing OK and unemployment being low and probably falling," Saunders said in an interview. The BoE''s Monetary Policy Committee (MPC) voted 5-3 last month to keep rates on hold with supporters of a hike, who included Saunders, saying investment and exports would make up for the hit to domestic consumption that has been caused by rising inflation and weak wage growth. One of the three other dissenters who voted for a hike has since left the committee, further clouding the possibility of a vote for a rate increase in August or later this year. Last week, Governor Mark Carney said a rise in rates was likely to be needed as the economy comes closer to running at full capacity and the BoE would debate when to do so "in the coming months". Other policymakers have stressed the need for patience, including Deputy Governor Jon Cunliffe. On Tuesday, external MPC member Gertjan Vlieghe repeated his warning that a premature rate hike would be more costly than a late one. By contrast, Saunders said the BoE could be caught out if it fails to act quickly enough. "The risk that you run with maximum stimulus is that the jobless rate keeps falling, then at some point, if pay growth picks up, you have to reverse course very sharply," he said. "It would then be much harder for tightening to be limited and gradual. You''d be having to play catch-up." Saunders also said companies were finding it harder to hire staff from overseas, which could push up wage growth - something that has disappointed badly against the BoE''s forecasts of late. "There has been this extra pool of labour which firms can call on and most of the rise in employment, the overwhelming part of the rise in employment of the last five years, has been from people born outside the UK," he said. "It''s clear from talking to firms that it''s getting harder to persuade people to come to the UK." (Reporting by Andy Bruce; Editing by William Schomberg and Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-saunders-idUKKBN19P25D'|'2017-07-04T19:56:00.000+03:00'
'a4cbccc4398907d6df63b9588edf5ca99d9eeb54'|'Macau halts cash withdrawals at non-compliant ATMs'|' 17am BST Macau halts cash withdrawals at non-compliant ATMs FILE PHOTO - Chinese visitors walk past a sign for China UnionPay outside a pawnshop in Macau November 20, 2013. REUTERS/Tyrone Siu/File Photo HONG KONG Authorities in Macau, the world''s biggest gambling hub, said withdrawals using China''s state-backed UnionPay card would be suspended at automated teller machines without the latest ''know your customer'' technology from Tuesday. The announcement from Macau''s monetary authority is the latest in a series of measures being rapidly implemented in the special administrative region of Macau as the Chinese territory ramps up scrutiny on capital outflows from the mainland. Earlier in May, authorities unveiled security measures including facial recognition at ATM machines which require users of China''s state-backed UnionPay to provide identification. Since May, authorities said they have installed 834 ATMs with ''know your customer'' functions. The monetary authority said the new move was to "promote the integrity of the financial system of Macau and enhance the protection of the legal rights of mainland card holders." The monetary authority said it has been working with banks to speed up the implementation to cover all ATMs in the former Portuguese colony, including those inside the casinos, by the end of this year. In June, Macau additionally implemented new anti-money laundering legislation, beefing up the previous framework from 2006 with a much wider scope and stricter compliance measures. The flurry of steps coincided with a visit in May by Zhang Dejiang, the head of China''s parliament and its third-most powerful leader, during which he stated Macau faced challenges. A 2014 Reuters investigation found that many mainland Chinese use state-backed UnionPay cards to circumvent cash withdrawal limits of 20,000 yuan ($3,200) a day, and either use that money to gamble or transfer it abroad. Customers open multiple bank accounts, and then withdraw cash from each, or use pawn shops in Macau to make fake purchases, the investigation found. (Reporting by Farah Master; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-macau-regulation-idUKKBN19P0VC'|'2017-07-04T11:17:00.000+03:00'
'46b445f26a7cd3aa835855e75e96d26e11d31a36'|'No more loan rangers? Beijing''s waning support for private credit scores'|'July 4, 2017 / 7:34 AM / 23 minutes ago No more loan rangers? Beijing''s waning support for private credit scores By Cate Cadell and Shu Zhang 6 Min Read FILE PHOTO: A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. Kacper Pempel/Illustration/File Photo BEIJING (Reuters) - A drive by China''s big technology companies to develop credit scoring platforms, originally backed by Beijing, faces growing opposition from regulators, who fear the initiatives may threaten data security and create conflicts of interest. Two people familiar with the process told Reuters that the central bank - which in 2015 allowed eight firms including Alibaba''s Ant Financial and Tencent Holdings to develop scoring systems - has quietly pulled back its support. The People''s Bank of China has shelved plans to turn that initial approval into official licenses, the people said, raising questions over what services the firms can offer and their ability to build fully-fledged credit bureaus. The impasse also underlines how China''s tech companies with banking ambitions struggle with unpredictable regulation as Beijing weighs the pros and cons of private sector involvement, when it needs to both encourage consumption and control economic risk. "Clearly there''s a conflict of interest and that''s something the PBOC has realised," said one of the people, adding the bank felt none of the eight firms was entirely suitable. "They''re not going to stand up and publicly admit they made a mistake; the only power they have is to basically not grant the licenses, which is what they''ve done." Unlike leading international peers that only operate credit scoring systems, these Chinese firms have existing businesses in commerce and finance, raising questions about their impartiality, the people said. The two people - one with direct knowledge of the scheme and a central bank official - asked not to be named as they were not authorised to talk publicly about the plans. The PBOC did not respond to requests for comment. Yet, in a closed-door seminar in April, Wan Cunzhi, head of the PBOC''s Credit Information System Bureau, said there was currently a "major conflict of interest" - potentially the first acknowledgement of concern outside internal circles. "Their corporate governance structures don''t have third party credit independence," he said, referring to the eight companies, according to a transcript of the speech seen by Reuters and confirmed by a person who attended the seminar. "It''s not possible under these circumstances to give out licenses unless they can meet the standards." The eight firms are Ant Financial''s Zhima Credit, Tencent, Sinoway Credit, Lakala Payment Co, Intellicredit Inc, China Chengxin Credit, Pengyuan Credit Service Co Ltd, and Qianhai Zhengxin, a unit of Ping An Insurance. "On one hand, the government is trying to encourage this inclusive financing, but on the other hand, they are tightening regulations to make clear rules for the game," said John Chen, China Managing Director of U.S. credit scoring firm FICO. Tencent, Ping An and other smaller rivals among the eight did not respond to requests for comment. An Ant Financial spokeswoman said discussions with the PBOC were ongoing. An official at Chengxin Credit declined to comment on the firm''s plans. "At the moment, we haven''t received the license, and we''re still waiting for information from the PBOC," she said. Spend, Spend, Spend Ant Financial, tapping hundreds of millions of monthly users of its own services and those of Alibaba, has an online bank, MYBank, controls the world''s largest money market fund Yu''e Bao, popular payment platform Alipay and lending service Huabei. It also has Zhima Credit, or Sesame Credit, one of China''s most popular platforms, which scores people depending on their use of other Ant-linked systems - in effect, their shopping habits. Zhima Credit currently has roughly 260 million users. Tencent Credit Service has a website offering credit scores, though currently it is not accepting new users. None now offers the full suite of consumer credit reporting agencies like Equifax Inc, Experian Plc and TransUnion, but had hoped to expand as China borrows more on credit. While China''s older generations are mostly still big hoarders, more young Chinese consumers are spending on credit. Consumer borrowing topped 27 trillion yuan ($3.96 trillion) in May, more than four times the level in 2010. Household debt relative to the economy, still lower than in many Western economies, has also ballooned. Yet China''s existing, centralized credit scoring system, the Credit Reference Center, only covers around 300 million people out of around 800 million potential borrowers. That creates a blind spot of some half a billion borrowers beyond Beijing''s credit network. By contrast, almost all adults in the United States have a credit score. Companies like Equifax, Experian and TransUnion use a plethora of data from banks, legal bodies and tax agencies to help lenders decide whether to extend a loan and at what rate. The current scope in China is rather more limited: Zhima Credit scores are linked to shopping patterns on Taobao, Alibaba''s online marketplace, or online payments made through Alipay, while the benefits include waiving a deposit on a rental car, jumping the queue at a medical clinic or quicker visa applications. Industry insiders said discussions between the firms and regulators could find a way forward, possibly through a limited data sharing agreement. "Right now, it''s unclear what will be the next step," said FICO''s Chen. "What is clear is that the eight firms, as they are today, will not get those licenses." ($1 = 6.8268 Chinese yuan renminbi) Reporting by Cate Cadell and Shu Zhang; Additional reporting by BEIJING and SHANGHAI newsrooms; Editing by Adam Jourdan and Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ant-financial-credit-idINKBN19P0QR'|'2017-07-04T10:32:00.000+03:00'
'bbc353edbe907a45068bc89a786097731fe8cb51'|'Brent crude stabilises near $50 a barrel'|'  3:31pm BST Brent crude stabilizes near $50 a barrel An oil well pump jack is seen at an oil field supply yard near Denver, Colorado, U.S., February 2, 2015. REUTERS/Rick Wilking/File Photo By Ahmad Ghaddar - LONDON LONDON Brent oil prices gained slightly on Tuesday, stabilizing near $50 a barrel on tentative signs that a persistent rise in U.S. crude production may be slowing. The international benchmark LCOc1 gained 15 cents to $49.83 per barrel by 1409 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 18 cents at $47.25 a barrel. Brent futures have risen for nine days in a row, the longest stretch of gains since July 2009. Both contracts traded lower earlier in the session as many traders closed positions ahead of the U.S. Independence Day holiday on July 4, while Brent also faced technical resistance as it approached $50, traders said. Despite this, the market''s outlook has shifted somewhat. Late May and most of June were overwhelmingly bearish as U.S. output rose and doubts grew over the ability of the Organization of the Petroleum Exporting Countries to hold back enough production to tighten the market. But sentiment began to shift towards the end of June, when data showed a dip in U.S. oil output and a slight fall in drilling for new production. RIG-OL-USA-BHI C-OUT-T-EIA "The fact that prices have not come under any noticeable pressure of late points to a shift in sentiment," Commerzbank said on Tuesday. "This may be related to the fact that most of the ''shaky hands'' have withdrawn from the market by now," the bank added. Prices rose in recent days despite OPEC production hitting a 2017 high of 32.72 million barrels per day (bpd) in June, according to a Reuters survey. The group''s efforts to rebalance the market have been undermined by rising production from Libya and Nigeria, which are exempt from an output-cutting agreement. Libya is pumping around 1 million bpd of crude, a four-year high. OPEC exports rose for a second month in a row in June to 25.92 million bpd, up 1.9 million bpd from the same month last year, according to Thomson Reuters Oil Research. "We see a recovery for oil prices in H2 2017 from current levels, with OPEC production cuts, a slowdown in global supply growth and seasonally firming demand driving up prices," BMI Research said, although it added that "large-volume supply additions will keep price growth flat year on year in 2018". (Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19P072'|'2017-07-04T22:48:00.000+03:00'
'f757f55aa675ca16594487ac74bbb330a63c77cc'|'Sumitomo Mitsui to set up Frankfurt unit in preparation for Brexit'|'Business News - Mon Jul 3, 2017 - 5:23am BST Sumitomo Mitsui to set up Frankfurt unit in preparation for Brexit FILE PHOTO - A sign board of Sumitomo Mitsui Banking Corporation, part of Sumitomo Mitsui Financial Group Inc (SMFG), is seen outside its branch in Tokyo July 30, 2014. REUTERS/Yuya Shino/File Photo TOKYO Sumitomo Mitsui Financial Group Inc ( 8316.T ) said on Monday its core banking unit, Sumitomo Mitsui Banking Corp (SMBC), has decided to set up a subsidiary in Frankfurt as it prepares for Britain''s exit from the European Union in 2019. The move is "to ensure that SMBC can continue offering banking services to clients with no disruption once the UK leaves the EU," the Japanese financial group said in a statement: bit.ly/2tgc4RR (Reporting by Chris Gallagher; Editing by Muralikumar Anantharaman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-smfg-idUKKBN19O095'|'2017-07-03T07:23:00.000+03:00'
'5215f59bab63a82291c2fa2cd2da5a2fa9ebf960'|'Former Labor minister agrees overhaul of current tax on oil and gas projects inadvisable'|'The former Labor minister Craig Emerson has defended the Turnbull government’s review of the petroleum resource rent tax, saying it was wise not to recommend overhauling it for existing oil and gas projects.Emerson, who helped to design the original PRRT in the 1980s , said he agreed with the review’s main recommendation that the tax should be modified significantly only for new projects.He said if it was overhauled for existing projects, and projects in development, it would damage investor confidence.“I’ve suggested a few modifications to the PRRT ... and the Callaghan report effectively agrees, or maybe I agreed in advance with the report,” Emerson told senators on Tuesday.Senate told current tax on oil and gas projects cannot change but future deals should Read more “The much-discussed design feature of the PRRT is the 15% ‘uplift’ factor – the bond rate plus 15% on exploration – that was very much a reflection of the perceived riskiness of petroleum exploration in Australia [when the PRRT was first designed].“I think it would be damaging to investor confidence to just put a line through that for pre-existing investments.“But for investments in the future, it may warrant a reconsideration, and perhaps reducing that [15% uplift factor] to the bond rate plus 5%.”Emerson was speaking at a Senate inquiry into corporate tax avoidance in Sydney on Tuesday, on the second day of hearings about the PRRT.His comments supported the view of Michael Callaghan, a former Treasury official and the former chief of staff to Peter Costello, who wrote the review of the PRRT for the government, and who on Monday defended his controversial recommendation to make minimal changes to the PRRT regime for existing oil and gas projects .“My judgment was that changes to the design of the PRRT that impacted on existing projects ... would run the very real prospect of increasing perceptions of fiscal risk in Australia and potentially could deter future investments,” Callaghan told senators on Monday.The Callaghan review was released in April and the treasurer, Scott Morrison, released a consultation paper on the review on Friday.The review acknowledged one of the most controversial design features of the PRRT was the so-called “uplift rate” for exploration deductions that compound over the life of oil and gas projects, which has allowed oil and gas giants to accumulate nearly $240bn in tax credits.At the moment, uplift rates can be as high as the long-term bond rate plus 15 percentage points , and a submission by the Australian Tax Office to the review showed that, thanks to those generous uplift rates, the LNG sector had accumulated tax credits, or “carry forward expenditure”, worth $237.8bn by 2015-16, up from $187bn the previous year.Petroleum resource rent tax best way to achieve fair return, Scott Morrison says Read more At the same time, the PRRT paid on taxable profit had fallen to $845m, from $1.2bn the previous year.The Callaghan review has recommended future projects should avoid these “excessively high uplift rates” for carrying forward deductions into future years when profits are stronger.But it said no such change should be imposed on existing projects because it would damage Australia’s reputation for sovereign risk.On Monday, the Tax Justice Network criticised the review’s position on uplift rates for existing projects, saying it was a capitulation to the oil and gas industry .Independent journalist Michael West gave evidence to the inquiry on Tuesday and was scathing of the corporate tax avoidance culture generally in Australia.He pulled the senators’ interests back to the original point of the tax avoidance inquiry, which was to examine the amount of tax avoidance occurring across the entire economy, not just in the oil and gas industry.He said multinationals were deliberately undermining parliament’s attempts to crack down on corporate tax avoidance, including its base erosion and profit-shifting plans .Emerson said profit-shifting was one of the biggest problems with the offshore gas industry, too.“That’s really what we’re talking about, is the profit-shifting problem,” Emerson said. “Primarily that’s what these hearings were about – now this is about the PRRT. If you got the primary tax right, then the secondary tax, you know, with these sorts of modifications, can do its work.” On Monday, Dr Diane Kraal from Monash University told senators the PRRT regulations still needed to be fixed, because they allowed gross undervaluing of the “gas transfer price” of the PRRT, which was one of the central design features of the tax.She said flaws in the method of calculating the gas transfer price (GTP) meant the Australian government was losing out on millions of dollars in tax.“The GTP method is not used in the calculation of North West Shelf royalties or Queensland State royalties for its onshore coal seam gas,” Kraal later told Guardian Australia.“Neither the Australian Tax Office nor the Department of Industry Innovation and Science, in their testimonies on Monday, could explain the method. “[It] needs to be remedied immediately.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/04/former-labor-minister-agrees-overhaul-of-current-tax-on-oil-and-gas-projects-inadvisable'|'2017-07-04T15:03:00.000+03:00'
'f329543656a64b82392b9a21856ed463a36d7950'|'BRIEF-Riocan REIT provides an update on its capital recycling program'|' 56am EDT BRIEF-Riocan REIT provides an update on its capital recycling program July 4 Riocan Real Estate Investment Trust : * Riocan REIT provides an update on its capital recycling program * Completed sale of its Cambie Street Property in Vancouver, B.C. for a sale price of $94.2 million * Riocan Real Estate Investment Trust- Entered firm agreement to sell portfolio of 6 chartered bank branches located in B.C. at price of $30.3 million  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-riocan-reit-provides-an-update-on-idUSASA09VXL'|'2017-07-04T17:56:00.000+03:00'
'7a6153e8a4983cfc696b2373cf139556163606c7'|'Up goes travel insurance, all under the umbrella of Brexit'|'Travel insurance Up goes travel insurance, all under the umbrella of Brexit Nationwide is raising the price of its popular FlexPlus packaged current account, blaming the move on the post referendum fall in the pound. Rupert Jones reports Stay protected … travel insurance is vital but getting more expensive Photograph: Alamy Stock Photo Travel insurance Up goes travel insurance, all under the umbrella of Brexit Nationwide is raising the price of its popular FlexPlus packaged current account, blaming the move on the post referendum fall in the pound. Rupert Jones reports View more sharing options Rupert Jones Saturday 1 July 2017 07.00 BST I s Brexit going to push up the cost of your travel insurance this summer? Nationwide this week effectively blamed the Brexit-inspired fall in the pound for the decision to increase the cost of its popular FlexPlus packaged current account by 30%, from £10 to £13 a month. It has grabbed a sizeable share of the packaged account market and comes with a range of benefits including worldwide family travel insurance. However, Nationwide says the price of providing this cover, and other perks such as mobile phone insurance, have risen substantially. “The cost of the exchange rate, particularly for travel insurance, has increased,” says the society. This refers to the fact that the slump in sterling since the Brexit vote has impacted on meeting overseas medical bills and other claims. Take a break from the falling pound … you can still minimise your holiday costs Read more The move comes hard on the heels of NatWest’s decision to nudge up the cost of its Reward Platinum current account, which also comes with worldwide travel insurance, from £18 to £19 a month as of last Monday. In addition, account-holders aged 70-plus have to pay more to receive the travel insurance benefit ( see below ). The bank indicated that it, too, has seen its costs increase and that is partly why it has had to make changes to its packaged account range. A year after the Brexit vote, the pound was this week down 12.9% against the euro and 13.1% against the US dollar. In fact, its value versus the euro was at its lowest level so far this year. This translates into higher medical costs for insurers, because when policyholders become ill or are injured abroad, the insurance company will usually have to pay the healthcare provider in the local currency. Coincidentally (or not), the typical price of a travel insurance policy has gone up by a similar amount – about 12% – over the past year. The Association of British Insurers (ABI) has revealed that the average annual travel insurance policy stands at £37 – up from £33 a year ago . Its data shows that the number of travellers claiming for emergency medical treatment has actually fallen – from 166,000 in 2015 to 154,000 in 2016 – yet the amount paid out by insurers has increased from £196m to £199m. This helped lift the total paid out by travel insurers last year to £370m – the highest figure since 2010. However, figures from price comparison site Comparethemarket.com show that not everyone is paying more. It says the cheapest travel policy in May 2016 was £6, while in May this year it was £5.29. Both were based on the same scenario: a 40-year-old travelling to Europe for a week, with no medical disclosures. Whether or not the Brexit vote has already pushed up travel insurance costs, there was a warning this week that we could all end up paying more if the UK isn’t able to continue with the European health insurance card (Ehic) scheme when it leaves the EU. Britons take 32m holiday trips to the EU a year, and Ehic reduces costs because it allows people to receive state-funded health treatment. “Clarity is needed as soon as possible, given that insurers offering annual travel policies in April 2018 will have to prepare for the possibility of covering these costs after the UK is set to leave the EU in March 2019,” says the ABI. However, last Sunday, Brexit secretary David Davis suggested that the UK would cover the cost . “We’re looking to see if we can get a continuation of Ehic as it now exists,” he said. “If we can’t, we will provide one unilaterally.” The Daily Telegraph quoted Whitehall sources as saying any new arrangement would begin on the day Britain leaves the EU so travellers “won’t notice any difference”. It’s a big bill: according to a Guardian report in 2015 , the cost to other states in the European single market for treating ill British tourists was £155m in 2013-14. This was more than five times the £30m cost of treating ill visitors from other European countries using the NHS, it said. However, the Department of Health told us it reimburses other European countries for the cost of providing treatment “to people we are responsible for under European Union law, based on eligibility irrespective of nationality, which would include costs for usage of Ehics. In the same way, other European Economic Area countries and Switzerland reimburse the UK for the cost of the NHS providing treatment to people they are responsible for under EU law, which would include British residents”. Will your travel insurance cover you if an airline goes out of business? Read more While it is vital that you have a valid Ehic, insurers say it is not a substitute for travel insurance. You can apply for, or renew, an Ehic using the official online application form. You can also download the Ehic smartphone app from the European Commission website . What’s on offer Fee-charging packaged current accounts, which offer benefits such as travel insurance and card protection, have long been controversial. But last month the Financial Ombudsman Service revealed there had been a dramatic fall in complaints and that, in most cases, the extras had been useful for customers or saved them money. But be aware: they can be pricey, with some costing more than £200 a year, and if you are tempted to sign up make sure you actually use the various perks. Consumer organisation Which? concluded that the best value was Nationwide’s FlexPlus. With the monthly fee going up for new and existing customers, it will set you back £156 a year. Although it is ditching some of the benefits, the worldwide family travel insurance – which includes winter sports, golf, wedding and business cover – is staying, and Nationwide is “further improving” it by extending cover to family members travelling independently of the account holder but who live at the same address. It also offers the option of paying an additional £50 a year to stay insured once customers reach its age cap of 75. In addition, the maximum number of claims allowed under the account’s mobile phone insurance will increase from two to four a year. On 26 June, NatWest lifted the cost of its Reward Platinum current account from £18 to £19 a month, and cut the cashback rate from 3% to 2%. The latter also applies to the £12-a-month Reward Silver. Both accounts come with travel insurance, though Silver and Platinum customers aged 70-plus will see their extra premium rise from £50 to £75. For both, the mobile phone insurance excess is increased from £75 to £100. Other banks offering packaged accounts include Lloyds, Halifax, Bank of Scotland, TSB, M&S Bank and the Yorkshire and Clydesdale bank. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jul/01/travel-insurance-costs-rise-brexit-nationwide-flexplus'|'2017-07-01T03:00:00.000+03:00'
'9c0d041da63d9a41da42749066be40a00696ce93'|'Belarussian investor seeks to buy Sberbank''s Ukraine subsidiary'|'KIEV, July 3 Belarussian investor Viktor Prokopenya is looking to buy the Ukrainian subsidiary of Russia''s biggest bank Sberbank and has asked the central bank to approve the deal, Ukraine''s central bank said on Monday.Prokopenya aims to acquire 100 percent of the Ukrainian subsidiary via Belarussian Paritetbank, the central bank said in a statement.Ukraine recently imposed sanctions on Sberbank and other Russian state-owned banks operating in Ukraine in response to tensions over pro-Russian secessionists in eastern Ukraine.Sberbank Chief Executive German Gref said in March the bank was looking "very actively" at options for a quick exit from Ukraine. Sberbank also said it had reached a preliminary agreement to sell the subsidiary to a Russian consortium.In April, Ukraine''s central bank said that Said Gutseriev, a son of Mikhail Gutseriyev, co-owner of Russian mid-sized oil producer Russneft, had submitted a proposal to buy 77.5 percent of Sberbank''s Ukrainian subsidiary, while Grigory Guselnikov, the main shareholder of Latvian Norvik Bank, had bid for the remaining 22.5 percent.Ukrainian law allows the central bank to analyse potential buyers'' proposals for three months. The regulator has not yet announced a decision on applications of Gutseriyev and Guselnikov.VP Capital company, founded by Prokopenya, has said it is working on a number of investment projects with the Larnabel Enterprises fund of the Gutseriev family.Asked about the link with Gutseriev’s bid, Prokopenya said: "Our applications are independent."Sberbank was not immediately available to comment outside business hours on Monday. (Reporting by Natalia Zinets. Additional reporting by Andrei Makhovsky in Minsk. Editing by Jane Merriman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/russia-sberbank-ukraine-idUSL8N1JU4QT'|'2017-07-03T22:37:00.000+03:00'
'0129d0be05cd21f34c440f299315dd2acd887496'|'ECB''s Nowotny says inflation target must be viewed flexibly'|' 28pm BST ECB''s Nowotny says inflation target must be viewed flexibly European Central Bank (ECB) Governing Council member and OeNB governor Ewald Nowotny arrives for a news conference in Vienna, Austria, June 9, 2017. REUTERS/Leonhard Foeger VIENNA The European Central Bank''s target of inflation under but close to 2 percent should not be applied too narrowly, Governing Council member Ewald Nowotny said on Tuesday, arguing for it to be seen as a flexible and medium-term target. In a speech on monetary policy, Nowotny said the target "should also include a certain flexibility". (Reporting by Francois Murphy; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-nowotny-inflation-idUKKBN19P27K'|'2017-07-04T20:28:00.000+03:00'
'16fd0a5c8f4b5c29a459a43dae4be79f3a888e7b'|'Unnerved by markets, ECB rate setters wary of July move - sources'|'Central Banks - Tue Jul 4, 2017 - 7:13am BST Unnerved by markets, ECB rate setters wary of July move - sources The famous euro sign landmark is pictured outside the former headquarters of the European Central Bank (ECB) in Frankfurt, Germany, July 17, 2015. REUTERS/Kai Pfaffenbach By Francesco Canepa and Balazs Koranyi - FRANKFURT FRANKFURT Spooked by a market backlash, some European Central Bank policymakers are having doubts about signalling in July that they are moving closer to dialling back their easy money policy. Conversations with six central bank officials from across the euro zone showed they had been unnerved by a rise in the euro and in government bond yields after ECB President Mario Draghi opened the door last week to policy changes. Wary of weakening the economic recovery, some rate setters have become nervous about dropping their long-standing pledge: they will expand or extend the ECB''s 2.3 trillion-euro bond-buying programme if necessary to bring inflation back to its target of just under 2 percent. Such a change is almost certain to be discussed when the bank meets on July 20. But removing the pledge would probably be taken by the market as a sign the ECB was preparing to wind down the scheme, which has made borrowing cheap and boosted euro zone exports by holding down the value of the euro. Despite declines on Monday, the euro EUR= and German bond yields DE10YT=RR, the debt benchmark for the region, were still far higher than they had been before Draghi''s speech. That is an unwelcome development for an ECB seeking to maintain ultra-easy borrowing conditions. "We have to see how the market develops between now and the meeting," one of the sources said. "I’d say we should err on the side of caution." A spokesman for the ECB declined to comment. With inflation above 1 percent and the euro zone''s economy on its best run for years, officials generally agreed the way was clear for a gradual normalisation of ECB policy. They disagreed on the timing, though. In June, the ECB shut the door to further rate cuts and took a more sanguine view of the economic outlook for the euro zone - thereby removing two so-called ''easing biases'' from its policy message. The market took those changes in its stride, so economists expected the rate-setters would soon omit their pledge "to increase the (bond) programme in terms of size and/or duration" if necessary. But the officials who spoke to Reuters are no longer sure that will happen at the July 20 meeting. "I was thinking we''d drop the other easing bias in July, but after the market reaction to Draghi''s speech I''m less sure about it," one official said. The head of Germany''s Bundesbank, Jens Weidmann, said on Saturday that ECB rate setters were discussing moving away from an ultra-easy stance but were still arguing about how expansive policy should be. Another source suggested one solution might be to break up that part of the guidance: take out only the reference to increased purchases or the one to prolong them. The message could then be amended further in September, when the ECB gets updated inflation forecasts. Those might help the policymakers decide on the future of the programme beyond its December end date. (Additional reporting by Frank Siebelt, editing by Larry King) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN19P0KM'|'2017-07-04T09:13:00.000+03:00'
'fef801d8a94715a16882908b02f1b56765ac2cc1'|'UK startup Curve launches ''financial time travel'''|'Technology  08pm BST UK startup Curve launches ''financial time travel'' By Jemima Kelly and Anna Irrera - LONDON/NEW YORK LONDON/NEW YORK A London-based startup has joined up with Mastercard Inc to launch a payment card that allows users to retroactively choose a different credit or debit card for a purchase they have already made, in what they called "financial time travel". Starting Tuesday, Curve will offer customers the chance to "go back in time" and switch the card used for any given transaction for up to two weeks after the purchase, in what it said would be a world first. The startup also said on Monday that it was planning to announce backing from two large international banks soon, but declined to provide more detailed information. Curve, which has a patent pending for the new tool, provides customers one card that can aggregate all of their existing Mastercard and Visa Inc payment cards. Users can carry only the Curve card and switch between the cards they want to use for a purchase through a mobile phone app. Founded in 2015, the startup is among a growing group of young companies that seek to make better use of digital technologies to make payments and banking products more user-friendly. The startup''s chief executive, Shachar Bialick, said the new "time travel" functionality will give customers more time to chose the most convenient form of payment for a given transaction. For example, users might have funds available in their current account days after a purchase paid for with a credit card - and would therefore prefer to switch the transaction to a debit card to avoid interest fees. "The user can manage their cash flow much better," Bialick said. "It''s very hard to make the decision at the point of sale." The functionality would also enable users to take better advantage of card rewards, he said. While users would be able to switch cards, the change would happen within Curve''s platform, so merchants would only see the original transaction and would not be charged card processing fees twice. Rewards gained through the first purchase will be reversed if that card is changed, Curve said. Curve, which is still in "beta" testing mode, has already had more than 50,000 sign-ups, with the cards having been used for over 50 million pounds ($64.7 million) in transactions so far. It plans to fully launch this year. (1 pound = $1.29)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-payments-curve-idUKKBN19O2HO'|'2017-07-04T00:05:00.000+03:00'
'4fb905d2ee9c382000f937e0ca7a2562bbec71da'|'GST could dampen India gold demand in short-term - WGC'|'July 6, 2017 / 8:07 AM / in 5 hours GST could dampen India gold demand in short term: WGC Rajendra Jadhav 3 Min Read FILE PHOTO: A salesman arranges gold ornaments, on a display board, inside a jewellery showroom during Akshaya Tritiya, a major gold buying festival, in Kochi, India April 28, 2017. Sivaram V/File Photo MUMBAI (Reuters) - An increase in taxes on gold sales in India could curb short term demand from the world''s No. 2 consumer of the metal, the World Gold Council (WGC) said. Faltering appetite in a country where gold is used in everything from investment to wedding gifts could further drag global prices, already trading near their lowest level in eight weeks. "In the short term at least, we believe (the tax) may pose challenges for the industry," said Alistair Hewitt, director of Market Intelligence at WGC. "Small-scale artisans and retailers with varying degrees of tax compliance may struggle to adapt," Hewitt said in the report published on Gold Investor quarterly magazine on Thursday. As part of a new nationwide sales tax regime that kicked in on July 1, the goods and services tax (GST) on gold jumped to 3 percent from 1.2 percent previously. There have been fears the tax increase could stoke under-the-counter buying and spur appetite for precious metal smuggled into India, where millions of people store chunks of their wealth in bullion and jewellery. Longer term, the GST will have a positive effect by making the gold sector more transparent and improving the supply chain, said Hewitt. The WGC also said a government move to ban cash transactions over 200,000 rupees ($3,090) from April 1 could hurt gold demand in rural areas where farmers often purchase the metal using cash due to limited access to cheques and electronic payment systems. Two-thirds of India''s gold demand comes from rural areas, where jewellery is a traditional store of wealth. The transactions rule''s "potential impact isn''t entirely clear: it could curb gold purchases; it could encourage gold shoppers to buy smaller amounts of gold spread over more transactions; or it could push a large part of demand underground and encourage a black market in gold," Hewitt said. The WGC kept its 2017 gold demand estimate for India at 650 to 750 tonnes, well below the average annual consumption of 846 tonnes in the past five years. "Over time however, we anticipate that economic growth should push demand higher. By 2020 we see Indian consumers buying between 850 tonnes to 950 tonnes of gold," he said. ($1 = 64.7675 Indian rupees) Reporting by Rajendra Jadhav; Editing by Joseph Radford and Manolo Serapio Jr. 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-gold-tax-idINKBN19R0QS'|'2017-07-06T11:03:00.000+03:00'
'0b0fe07f196fa4e0a93c569132ee0f25af31be0c'|'Debt-laden Vivarte sells clothes group Kookai to Australia''s Magi'|'Business News  53am BST Debt-laden Vivarte sells clothes group Kookai to Australia''s Magi PARIS Private-equity backed French clothing retailer Vivarte, which is aiming to restructure more than 1.3 billion euros (0.77 billion pounds)of debt, has agreed to offload its Kookai brand to Australian company Magi as part of Vivarte''s ongoing sell-off programme. The sale of Kookai, announced by Vivarte on Tuesday, comes two months after it struck a similar deal to sell its Pataugas shoe brand to Hopps Group. The financial terms of the sale of Kookai, which last reported annual revenue of 76 million euros, were not disclosed. Family-owned company Magi had 2016 sales of 105 million Australian dollars ($80 million), and Magi already operates 39 Kookai stores in Australia. Vivarte has been owned since 2014 by a group led by investment funds Alcentra, Babson, Oaktree and GLG Partners. Vivarte''s profits and sales have fallen amid competition from larger clothing retail chains such as H&M ( HMb.ST ), Kiabi and Primark, leading to the company''s decision to restructure its business in order to improve its financial fortunes. (Reporting by Sudip Kar-Gupta; Editing by Andrew Callus)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vivarte-debt-idUKKBN19P0ST'|'2017-07-04T10:53:00.000+03:00'
'30c6059e7a6e2207dfaf44f12a562400ee50b66d'|'Worldpay says agreed to be taken over by Vantiv in $10 billion deal'|'Top News - Wed Jul 5, 2017 - 1:53pm BST Worldpay says agreed to be taken over by Vantiv in $10 billion deal Worldpay logo in undated handout. REUTERS/Handout/Worldpay By Noor Zainab Hussain Worldpay Group Plc, Britain''s largest payment processor, said on Wednesday that it had agreed to be bought by U.S. credit card technology firm Vantiv Inc in a deal valuing it at 7.7 billion pounds ($9.95 billion). The agreement came a day after shares in the British firm soared more than 25 percent when said it had received approaches from both Vantiv and JPMorgan, though the U.S. bank said on Wednesday it does not plan to make an offer. The deal, seen by analysts as the start of a trend for consolidation in the payments industry, will see Vantiv give Worldpay shareholders 55 pence in cash per share plus 0.0672 new Vantiv shares plus a cash dividend of 5 pence per Worldpay share. That makes the total value for Worldpay shareholders 385 pence per share, a premium of 18.9 percent to the firm''s stock close on Monday, but down from the high of 409.5 pence the share price hit on Wednesday before the announcement. If the deal goes through, Worldpay shareholders will own about 41 percent of the new company, with the British firm delisted from London''s stock market. Vantiv Chief Charles Drucker and Worldpay CEO Philip Jansen will jointly run the new company. The deal comes less than two years after Worldpay listed in London in late 2015, when it was valued at 4.8 billion pounds. Set up in 1989, Worldpay was spun out of British bank Royal Bank of Scotland to private equity firms Bain Capital and Advent International in 2010. Payments companies have become attractive targets for credit card companies, banks and technology firms seeking to capitalise on the decline in cash transactions and growth in popularity of paying by smartphone or other mobile devices. While banks have been trying to develop and buy more sophisticated technology, payment service companies like PayPal and Worldpay gained a large part of the market share during the e-commerce boom. Danish payment services company Nets A/S, said over the weekend that it had also been approached by potential buyers. Worldpay''s stock, which rose 27.7 percent on Tuesday, was down 7.8 percent at 376 pence at 1247 GMT on Wednesday. Shares in Vantiv, which has a market capitalisation of $12.32 billion, were halted before premarket trade. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-worldpay-m-a-vantiv-inc-idUKKBN19Q1IS'|'2017-07-05T15:05:00.000+03:00'
'064f1dc8872fb928ebc83c991ba901c2ac1d0d20'|'EU ministers want Commission to consider bigger capital buffers for bad loans'|'Business   5:52pm BST EU ministers want Commission to consider bigger capital buffers for bad loans An European Union (EU) flag is pictured during a ceremony in Lausanne, Switzerland May 4, 2017. REUTERS/Denis Balibouse BRUSSELS European Union finance ministers are expected to call for a tweak to banking rules next week that could force lenders to set aside more capital against new loans that may turn bad, according to a draft document seen by Reuters. EU ministers have never before suggested changes in banking rules specifically to raise capital buffers to cover NPLs. The move is part of a wider plan to address problems with bad credit, known also as non-performing loans (NPLs), on the balance sheets of some EU member states'' banks, seen as a problem for the whole bloc because of spill-over risks. In a regular meeting on Tuesday in Brussels, EU finance ministers will ask the EU Commission to consider "prudential backstops addressing potential under-provisioning which would apply to newly originated loans", the draft document said. Banco Popular and two small Italian banks were liquidated in June after their bad loans became unmanageable, and, this week, Monte dei Paschi di Siena ( BMPS.MI ) got approval for a 5.4 billion euro ($6.1 billion) state bailout to plug the capital hole caused by the sale of bad loans. While NPLs dropped to 4.8 percent of all loans in the EU in the first quarter of 2017, they remained well above 40 percent in Greece and Cyprus, at 18.5 percent in Portugal and 14.8 percent in Italy, European Banking Authority data shows. To help address the problem, ministers will also ask for national asset management companies to be set up to facilitate the development of a functioning secondary market for bad loans. (Reporting by Tom Koerkemeier and Francesco Guarascio @fraguarascio; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-banks-idUKKBN19R2HT'|'2017-07-06T19:42:00.000+03:00'
'18f1ce74a584a053c4e34d7c93ba09dc8ce05b78'|'Tyson Foods defeats Ball Park hot dog legal appeal'|' 46pm EDT Tyson Foods defeats Ball Park hot dog legal appeal By Jonathan Stempel - July 6 July 6 Tyson Foods Inc and its Hillshire Brands unit on Thursday defeated an appeal by the maker of Parks'' sausages challenging their use of "Park''s Finest" to describe a high-end line of their Ball Park hot dogs. The 3rd U.S. Circuit Court of Appeals in Philadelphia upheld a federal judge''s May 2016 dismissal of trademark infringement and false advertising claims by Parks LLC, which said many consumers would be fooled into thinking it made "Park''s Finest" frankfurters. Parks'' lawyers did not immediately respond to requests for comment. John Dabney, a lawyer for Tyson, declined to comment. The appeals court filed its decision under seal, and will likely release a version within a few weeks after both sides advise whether parts of it should remain confidential. Parks is based in Pittsburgh, and known for a long-running radio and television ad campaign in which a boy begs his mother for "more Parks'' sausages, Mom ... please." Its owners have included two former star football running backs, Hall of Famer Franco Harris from the Pittsburgh Steelers and Lydell Mitchell from the Baltimore Colts, who were also teammates at Pennsylvania State University. In the May 2016 ruling, U.S. District Judge Joseph Leeson in Allentown, Pennsylvania, said a reasonable jury could not find that Tyson''s and Hillshire''s use of "Park''s Finest" tended to deceive "a substantial portion of their intended audience." He also said "Park''s Finest," an all-beef line of hot dogs launched in 2014, served merely as a "reference" to the Ball Park brand, and confused only one in 200 people Tyson surveyed. Tyson is based in Springdale, Arkansas, and has a plant about 60 miles (100 km) southwest of Allentown. The case is Parks LLC v Tyson Foods Inc et al, 3rd U.S, Circuit Court of Appeals, No. 16-2768. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tyson-foods-parks-hotdogs-idUSL1N1JX145'|'2017-07-06T19:46:00.000+03:00'
'0eaa3c2e2389f0ad8522ed12d043a7217a165176'|'Creditors seek to overturn Dana Gas sukuk injunction in UK court'|'Market News - Wed Jul 5, 2017 - 7:03am EDT Creditors seek to overturn Dana Gas sukuk injunction in UK court DUBAI, July 5 The owners of Islamic bonds issued by Abu Dhabi-listed Dana Gas have gone to London''s High Court of Justice to try to overturn an injunction that prevents them from forcing repayment of the $700 million of sukuk. Analysts say the case could have ramifications across the Islamic finance industry, with any decision against the creditors potentially undermining confidence in Islamic bonds. Dana Gas argues that because of changes in Islamic financial instruments and how they are interpreted, its sukuk are no longer sharia-compliant, and have become unlawful and unenforceable in the United Arab Emirates. The company says it is therefore halting payments on the mudaraba-style sukuk and proposing its creditors exchange them for new Islamic bonds with lower profit distributions. In mid-June, Dana Gas said it had obtained an interim injunction from London''s High Court blocking holders of the sukuk, which are due to mature in October, from enforcing claims against the company related to the bonds. Deutsche Bank, representing the sukuk holders, told the High Court on Tuesday the injunction should be set aside, according to legal documents presented to the court and seen by Reuters. Deutsche Bank told the court Dana''s case was "hopeless as a matter of law," arguing that asserting the sukuk were illegal was an "event of default" allowing the sukuk holders to demand repayment, the documents show. Dana''s actions "have sent shockwaves around the market for Islamic bonds" because they could erode trust in other sukuk issues, Deutsche Bank said. The judge did not reach a conclusion on Tuesday, and has asked Dana and the other parties to return to the court on Wednesday, a source familiar with the situation told Reuters. (Reporting by Davide Barbuscia; Editing by Andrew Torchia and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dana-gas-sukuk-court-idUSL8N1JW1SM'|'2017-07-05T14:03:00.000+03:00'
'9e8a7dfd5b8866779adbda21459e62cd6bb8cecd'|'Britian''s GFG Alliance says signed binding agreement to buy Australia''s Arrium'|'Industry, Materials & Utilities - Wed Jul 5, 2017 - 2:06am BST Britian''s GFG Alliance says signed binding agreement to buy Australia''s Arrium left right FILE PHOTO - The GFG Alliance flag flies in Fort William Lochaber Scotland, Britain December 19, 2016. REUTERS/Russell Cheyne 1/2 left right The logo of Australian miner Arrium Ltd is displayed in the deserted reception area of their office located in Sydney, Australia, April 7, 2016. REUTERS/David Gray 2/2 SYDNEY British consortium GFG Alliance on Wednesday said it has signed a binding agreement to acquire highly indebted Australian steel company Arrium Ltd ( ARI.AX ). "We aim to leverage the advantages of integration across the value chain, from raw materials and metal production to high-end engineered products, coupled with supply chain and value added financial solutions," Sanjeev Gupta, executive chairman of the GFG Alliance, said in an email to Reuters. The agreement follows a competitive bidding process that saw a Seoul-based private equity syndicate led by Newlake Alliance and JB Asset Management chosen on June 15 as the preferred bidder, only to have GFG return with a revised offer. (Reporting by James Regan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-arrium-m-a-liberty-house-idUKKBN19Q037'|'2017-07-05T04:00:00.000+03:00'
'5173db40d58cce33ab54a5700413823f30d586f9'|'U.S. prosecutors ask judge to silence Shkreli during trial'|'Business News - Wed Jul 5, 2017 - 12:39am BST U.S. prosecutors ask judge to silence Shkreli during trial Martin Shkreli, former chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, departs after a hearing at U.S. Federal Court in Brooklyn, New York, U.S., June 26, 2017. REUTERS/Lucas Jackson By Jessica DiNapoli - NEW YORK NEW YORK Federal prosecutors on Monday asked a U.S. judge for a gag order muzzling former drug company executive Martin Shkreli, on trial for securities fraud charges, arguing that his statements to media could taint the jury and disrupt the case, court papers show. Shkreli''s attorney, Benjamin Brafman, asked the judge that day to reject the request on the grounds that his client had a First Amendment right to speak freely, according to the filings. Shkreli last week told reporters outside the court that an alleged victim of his was not actually a victim because she made money from his investments, attorneys for the U.S. government told U.S. Judge Kiyo Matsumoto in a letter on Monday. He also directly spoke on camera to a journalist and appeared to be commenting on the case on social media platform Twitter under the handle @BLMBro, they added. Brafman said Shkreli was in a delicate emotional state, and believed that the press focuses unfairly on some of his negative characteristics. "His comments are the somewhat natural, though unfortunate consequence of a young man with a demonstrated history of significant anxiety being at the centre of a supremely difficult time in his life," Brafman wrote in the filing. Dubbed the "pharma bro," Shkreli, 34, gained notoriety for raising the price of a life-saving drug by 5,000 percent. The charges he faces stem from his management of pharmaceutical company Retrophin Inc ( RTRX.O ) and the hedge fund MSMB Capital Management from 2009 to 2014. Prosecutors have claimed that Shkreli engaged in a Ponzi-like scheme in which he defrauded investors in MSMB and took $11 million (£8.5 million) in assets from Retrophin to repay them. Shkreli has pleaded not guilty to charges that include securities fraud and conspiracy to commit wire fraud. Federal prosecutors have asked Judge Matsumoto sequester the jury in the event that the court does not issue the gag order. In their letter, federal prosecutors said Shkreli visited reporters in a court breakroom last week and remarked on the credibility of witnesses who testified. Prosecutors also wrote that Shkreli on YouTube had identified himself as BLMBro. The BLMBro Twitter account has posted stories critical of witnesses and evidence in the trial, they added. Shkreli in January was suspended from Twitter for harassing a female journalist. Brafman has argued that Shkreli is a misunderstood genius who earned his wealthy investors millions of dollars. (Reporting by Jessica DiNapoli in New York; Editing by Richard Chang) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-crime-shkreli-idUKKBN19P2MI'|'2017-07-05T02:28:00.000+03:00'
'8797d28bb83aa9d69f32177f479c201e09f4a0d0'|'Ominous signs from British firms, but euro zone loses momentum too'|'Business News - Wed Jul 5, 2017 - 1:54pm BST Ominous signs from British firms, but euro zone loses momentum too Rain clouds pass over the Canary Wharf financial district in London, Britain July 1, 2016. REUTERS/Reinhard Krause/File Photo By Jonathan Cable - LONDON LONDON British companies are giving ominous signs about the economy, just as the government embarks on European Union divorce negotiations, data showed on Wednesday, although momentum in the euro zone has lost some momentum. A survey published on Wednesday suggested Britain''s economy probably expanded at a quarterly pace of 0.4 percent in April-June. But its business expectations component tumbled to levels not seen since just after the June 2016 vote to leave the EU. The euro zone''s economy, meanwhile, probably grew nearly twice as fast, by 0.7 percent, during the second quarter. Business expectations dipped, but remained strong. "This shouldn''t come as a surprise," said Peter Dixon at Commerzbank of the British findings. "The UK is suffering the fallout from the Brexit (vote) of last year ... and has clearly moved onto a slower growth path." Disappointingly for some Bank of England officials who want to raise interest rates, IHS Markit''s Purchasing Managers'' Index showed business expectations not far off the lows last reached in late 2011, with growth in new orders, which tend to signal future activity, at a nine-month low. "Following on from weaker manufacturing and construction surveys, the softer services PMI points to an already-fragile economy faltering in June as heightened political and Brexit uncertainties fuel business and consumer caution," said Howard Archer at EY ITEM Club. British Prime Minister Theresa May gambled away her parliamentary majority in a snap election in June and so far there has been little clarity as to how the Brexit negotiations will proceed. In contrast, across the euro zone backlogs of work increased as new business during June came in at the second-fastest rate in over six years. Suggesting businesses in the bloc''s dominant services industry remained confident, they sped up hiring last month, taking on staff at the second fastest rate since early 2008. In other upbeat news for policymakers at the European Central Bank, retail sales increased by more than expected in May, European statistics office Eurostat said on Wednesday. TWO PATHS Britain''s economy barely grew in the first three months of the year as consumers faced both accelerating inflation, caused in large part by the fall in the pound since the Brexit vote, and slowing wage growth. Some BoE officials say the consumer drag on the economy is likely to be offset by higher exports and investment. Last month, three of the Bank''s eight monetary policymakers voted for a rate increase, although one of them has since left the BoE. But the IHS Markit/CIPS UK Services PMI edged down to a four-month low of 53.4 in June from 53.8 in May, just shy of a forecast for 53.5 in a Reuters poll of economists. "This weaker reading pours a degree of a cold water on the latest hawkish messages emanating from the Bank of England," said James Smith at ING. The final composite PMI for the euro zone, seen as a good growth indicator, was 56.3 in June, down from May''s 56.8 but comfortably beating a flash estimate of 55.7 and well into growth levels above 50. Earlier PMIs from the bloc''s big four economies of Germany, France, Spain and Italy showed faster growth in the second quarter as a whole. Britain''s potential for being out of step can also be seen in monetary policy. While the BoE is -- largely -- not expected to tinker with monetary policy anytime soon, the U.S. Federal Reserve is forecast to raise interest rates once more this year and European Central Bank chief Mario Draghi last week raised the prospect of policy-tightening. (Additional reporting by Andy Bruce Editing by Jeremy Gaunt) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-europe-economy-pmi-idUKKBN19Q1C0'|'2017-07-05T14:14:00.000+03:00'
'bb1ce803325af0d8084211f8e172f49f0870cb50'|'Brazilian antitrust watchdog approves Neoenergia, Elektro merger'|'  12:48pm EDT Brazilian antitrust watchdog approves Neoenergia, Elektro merger SAO PAULO, July 5 Brazilian regulators approved the merger of utilities Neoenergia SA and Elektro Redes SA without restrictions, according to a document published in the official gazette on Wednesday. The transaction will have no adverse impact on competition, given that the resulting company will control less than 20 percent of a "strongly regulated" market, antitrust watchdog Cade said in the document. Under the terms of the merger, Spain''s Iberdrola SA will hold a combined 52.5 percent stake in the new entity, which will operate in power generation, tranmission and distribution covering 13.4 million consumers. State-controlled lender Banco do Brasil SA and Previ, the pension fund of the bank''s employees, will be minority shareholders. (Reporting by Luciano Costa; Writing by Tatiana Bautzer; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/elektro-ma-neoenergia-idUSL1N1JW0UE'|'2017-07-05T19:48:00.000+03:00'
'd8bf45f00c07030ee7a2c7b20a39373b8b9de7f9'|'Monte Paschi looks to leave "emergency room" and return to profit'|'July 5, 2017 / 11:46 AM / in an hour Monte Paschi looks to leave "emergency room" and return to profit By Stephen Jewkes and Paola Arosio 5 Min Read FILE PHOTO: People use a cash machine of Monte Dei Paschi bank in Florence, Italy March 1, 2016. Tony Gentile/File photo MILAN (Reuters) - Italian bank Monte dei Paschi di Siena set out plans to get out of the "emergency room" and return to profit on Wednesday, clearing the way for a state bailout that should remove the biggest threat to the country''s financial stability. The world''s oldest bank said on Wednesday it expected a net profit of more than 1.2 billion euros ($1.4 billion) in 2021, from a loss of 3.2 billion euros last year, as part of a restructuring plan approved by European authorities. "It''s a conservative plan. We''re not shooting at unrealistic targets," Chief Executive Marco Morelli told analysts on a conference call to present the new plan. Morelli said no mergers were planned at the moment. "There is no Plan B on the table," he said. Burdened by bad loans and a mismanagement scandal, Monte dei Paschi has for years been at the forefront of Italy''s slow-brewing banking crisis. Italy''s fourth-largest lender was forced to request state aid in December after its attempt to raise capital from private investors failed. On Tuesday the European Union approved a 5.4 billion euro state bailout after it agreed to a drastic overhaul in a move that will leave Rome holding around 70 percent of the bank. EU officials speaking on condition of anonymity said Italy would have to exit the bank at the latest by the end of the 5-year plan. "What we experienced in the last nine months is pretty much unheard of: It''s like an ER department with an emergency every five minutes," Morelli said. Italy has pledged more than 20 billion euros of taxpayer money in the space of a week to rescue three of its banks, but the country''s wider financial sector is still weighed down by around 300 billion euros of non-performing loans (NPLs). At the end of last month, Rome committed up to 17 billion euros to rescue regional banks Popolare di Vicenza and Veneto Banca though it said the final bill would be much lower, adding the state might even turn a profit from the bailouts. "The Monte Paschi plan looks good but we need to see execution. Still, coming after the Veneto rescues it settles nerves about Italy''s banking system," said Zenit fund manager Stefano Fabiani. Path to Profit In its 2017-2021 plan, Monte dei Paschi sees a headcount reduction of around 5,500 to just over 20,000 and a fall in the number of branches to around 1,400 from some 2,000 in 2016 as it seeks to ensure the lender is profitable in the long term. It expects to reach a return on equity of more than 10 percent in 2021 while its CET1 ratio, a measure of financial strength, is seen at 14.7 percent from 8.2 percent in 2016. Crucially, the bank will sell 28.6 billion euros of gross bad loans, of which 26.1 billion will be securitised through a transfer to a privately funded vehicle on market terms, with the operation partially funded by bank rescue fund Atlante II. The bank said it would sell securitised notes to Atlante II at 21 cents on the euro. "We are in line if not slightly above recent market transactions," Morelli said. The CEO, who expects the bank''s shares to relist in the second half of September, said 5.5 billion euros in deposits were recovered in the first quarter, adding liquidity was no longer an issue. "The bank managed to stay alive," he said, referring to the close shadowing of the lender by European authorities. "We negotiated the plan with the EU Commission line by line." Rome is under the spotlight for taking advantage of exceptions in EU rules designed to stop the use of taxpayer money to deal with bank crises. Policymakers now want Italy to come up with a solution for tackling NPLs without requiring any more government money to prop up its beleaguered banking sector. European Central Bank vice president Vitor Constancio said on Wednesday there needed to be swift action to establish a stronger secondary market in Europe for non-performing loans and policy changes to incentivise banks, investors and the authorities to tackle the issue more effectively. "Partial solutions and further delays are not options if we want to tackle the problem of NPLs" he wrote in Italy''s main business newspaper Il Sole 24 Ore. ($1 = 0.8807 euros) Additional reporting by Agnieszka Flak in Milan and Foo Yun Chee in Brussels; Editing by Susan Fenton/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-banks-italy-monte-dei-paschi-idINKBN19Q1DA'|'2017-07-05T14:43:00.000+03:00'
'e4ec98e0671a33b03891edd0a58c9c74dd819e17'|'UK new car sales drop around 5 percent in June - preliminary data'|'Market News - Wed Jul 5, 2017 - 1:56am EDT UK new car sales drop around 5 percent in June - preliminary data LONDON, July 5 British new car registrations fell by around 5 percent last month year-on-year and overall sales for the first six months of the year dropped by 1 percent, according to preliminary data from an industry body. The Society of Motor Manufacturers and Traders will release the full numbers at 0800 GMT. (Reporting by Costas Pitas, Editing by Paul Sandle) FOREX-Dollar index flat as Fed minutes hint tensions on inflation * Fed policy-makers see balance sheet reduction by year-end * Greenback hits seven-week high versus yen * North Korea''s latest missile launch briefly lifts yen * Weaker oil prices pressure commodity-linked currencies (New throughout, updates prices and market activity after FOMC minutes) By Richard Leong NEW YORK, July 5 The dollar was little changed on Wednesday against a basket of currencies as the Federal Reserve''s minutes on its June 13-14 policy meeting MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-autos-registrations-idUSU8N1EF00L'|'2017-07-05T08:56:00.000+03:00'
'954a328a383eca2b2b023b3279825e93a509f9a1'|'France steps up efforts to lure London banks to Paris'|'July 7, 2017 / 10:42 AM / 22 minutes ago France steps up efforts to lure London banks to Paris Jean-Baptiste Vey 4 Min Read French Prime Minister Edouard Philippe, Valerie Pecresse, President of the Ile-de-France region, and Paris Mayor Anne Hidalgo attend a news conference to unveil a new raft of measures to make Paris more attractive for bankers fleeing Britain after Brexit, in Paris, France, July 7, 2017. Pascal Rossignol PARIS (Reuters) - French authorities on Friday stepped up efforts to attract London banks to Paris after Brexit by pledging to cut labor costs and ensure they do not face tougher regulations than European rivals. Many international banks in London are trying to decide where to shift operations to maintain access to the European Union''s single market after Britain leaves the EU. There is fierce competition between Paris, Frankfurt and other European cities to woo the banks based in the City of London financial center and some have already announced plans to move staff. Until now, Paris'' rivals, including Frankfurt, Dublin and Luxembourg, have been making the headlines as the locations banks, insurers and asset managers have chosen to open new hubs. Prime Minister Edouard Philippe said the government would scrap the highest bracket of payroll tax for firms like banks that do not pay VAT, cancel a planned extension of tax on share trading. It would also make sure that bankers'' bonuses are no longer taken into account when labor courts decide on unfair dismissal compensation. "Promoting the financial attractiveness of Paris, is promoting France''s economic attractiveness," Philippe said. "Every banker, every trader ... who settles in Paris triggers the creation of other jobs." The payroll tax France charges banks and some other sectors such as real estate and healthcare is a charge that companies pay on each salaried employee. It is not levied in most other European countries. Tax was a big concern for London bankers at a roadshow organized by a French finance industry lobby in February this year to promote Paris as a financial center. Germany is also looking at making it easier to hire and fire senior bankers in a relaxation of its labor laws to help to attract financial firms to Frankfurt after Brexit. French Prime Minister Edouard Philippe, Valerie Pecresse, President of the Ile-de-France region, and Paris Mayor Anne Hidalgo, Junior Economy Minister Benjamin Griveaux, President of Greater Paris Metropolis Patrick Ollier attend a news conference to unveil a new raft of measures to make Paris more attractive for bankers fleeing Britain after Brexit, in Paris, France, July 7, 2017. Pascal Rossignol Philippe also pledged to review and change on a case-by-case basis the way EU financial regulations are transposed into French law. "The French law has sometimes opted for overregulation when the European standards for the financial sectors were transposed," a document published by Philippe''s office said. "This could have had imposed additional burden on businesses, compared to European rivals." French Prime Minister Edouard Philippe attends a news conference to unveil a new raft of measures to make Paris more attractive for bankers fleeing Britain after Brexit, in Paris, France, July 7, 2017. Pascal Rossignol Last Chance President Emmanuel Macron, a former investment banker, has a hard task to convince the investment community that France does not see the financial sector as an "enemy" - a phrase once used by former socialist President Francois Hollande. Early next week, Philippe is due to give a speech to bankers at a conference in Paris, where the chief executive of U.S. investment bank JP Morgan ( JPM.N ) Jamie Dimon is expected to attend, according to the agenda on the event''s website. Banks are coming under some pressure to decide where to move. The European Central Bank said on June 30 that banks should step up their Brexit preparations, while the Bank of England wants details of financial firms’ contingency plans by July 14. But Britain is also pushing for a Brexit deal that would allow UK-based finance firms to continue to operate relatively freely in the EU after March 2019, when Brexit is due to take effect. Andrew Bailey, the head of Britain''s Financial Conduct Authority said on Thursday Brexit did not necessarily mean an end to free trade in financial services. Writing by Maya Nikolaeva and Ingrid Melander; Editing by Andrew Callus and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-britain-eu-france-idINKBN19S1FZ'|'2017-07-07T16:23:00.000+03:00'
'7a2eb0b4154974d40fdead4083e93f86fc9e39ba'|'FSB urges regulators not to double-count bank capital'|'Market News  00am EDT FSB urges regulators not to double-count bank capital By Christopher Spink LONDON, July 6 (IFR) - The world’s biggest banks will need to rely on cooperation between the regulators of the jurisdictions where they operate to ensure they are structured and capitalised most efficiently, after few changes were made in a final report on how their subsidiaries should hold capital. The Financial Stability Board, which coordinates financial regulation for G20 countries, issued guidance ahead of the G20 leaders’ summit in Hamburg on how the 30 global systemically important banks (G-SIBs) should account for internal total loss-absorbing capacity (TLAC) across their groups. It urged regulators not to “double-count” internal TLAC, because that would force G-SIBs to hold more capital than necessary across their groups. Host authorities should take into account a bank''s capital instruments "with a view to ensuring that the material sub-group is not required to issue additional internal TLAC beyond the requirement set by the host authority,” the FSB said. Initial proposals were put out for consultation in December. These said TLAC at subsidiaries should be between 75% and 90% of what would be required if the subsidiary were an independent entity, to be determined by host and home regulators in cooperation. The treatment of internal TLAC, at subsidiary level, highlights the risk of balkanisation of financial regulation. Critics say if countries insist on different approaches it could fracture the global rules on bank capital and other matters the FSB is trying to coordinate. TIT FOR TAT Internal capital would be called on by a host regulator of a G-SIB if the parent got into trouble and needed recapitalising. The FSB favours G-SIBs being resolved by their home country regulator, which would then direct other regulators where subsidiaries operate. The US, however, requires subsidiaries of foreign-owned banks with more than US$50bn in assets to set up intermediate holdings companies that are fully capitalised. The European Union responded in November, calling for non-EU G-SIBs to form similar IHCs by 2019 for their European operations. The FSB has outlined the process for identifying “material sub-groups” that would need to issue internal TLAC, as well as how much their parents should hold, what it should consist of, and when and how it might be triggered. The FSB recommended such debt be issued under the law of the jurisdiction where a subsidiary is based rather than the home authority where the group is headquartered, so it can be triggered easily on resolution. The FSB also set out principles on how the home regulator of a G-SIB and host authorities should cooperate and coordinate in the event that a bank, or one of its subsidiaries, needs to be resolved. The FSB did revise some recommendations. It said a host regulator may still require a subsidiary to carry sufficient capital, but that this should not make running such cross-border groups capitally inefficient. The FSB said host regulators should also consider how much or how little surplus TLAC at the group level was available to be deployed for recapitalisation at the subsidiary level as necessary in the event of losses. “The issuance of internal TLAC instruments should ... support the resolution strategy and the passing of losses and recapitalisation needs to the resolution entity," the FSB said. If issuance is unlikely to achieve this then home or host authorities should require the G-SIB to make changes to improve resolvability, it said. Elke Konig, chair of the European Single Resolution Board who chairs the FSB’s resolution steering group, said work still needs to be done to ensure consistency. “The effective implementation of the guidance papers will be another important step in making G-SIBs resolvable and ending ''too-big-to-fail''," Konig said. “Significant work remains to remove obstacles to cross-border resolution and to implement the resolution reforms in a comprehensive and consistent manner across all sectors, including for central counterparties and insurers.” A separate FSB report said "effective information sharing arrangements ... were not in place for all G-SIBs”, highlighting nine of the 30 that did not have such arrangements. The FSB said it would also consult on the execution of "bail-in" over the coming year. (Reporting by Christopher Spink)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fsb-urges-regulators-not-to-double-count-idUSL8N1JX026'|'2017-07-06T16:00:00.000+03:00'
'935e57c8a0e5236d4cc49f98508221011d6ffda5'|'German industrial orders rise less than expected in May'|' 23am BST German industrial orders rise less than expected in May FILE PHOTO: A robot welds the body of a Golf car at the Volkswagen headquarters during a media tour to present Volkswagen''s so called ''''Blaue Fabrik'''' (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. REUTERS/Fabian Bimmer BERLIN German industrial orders rebounded less than expected in May, data showed on Thursday, but the Economy Ministry said it expected this sector of Europe''s largest economy to continue gathering momentum. Factories registered a 1.0 percent increase in orders in May after contracts for ''Made in Germany'' goods dropped by a downwardly revised 2.2 percent in April, data from the Economy Ministry showed. The reading for May undershot the Reuters forecast for a 2.0 percent rise, with the Economy Ministry saying the proportion of bulk orders was below average for May. A breakdown of the May data showed domestic demand tumbled by 1.9 percent while foreign orders climbed by 3.1 percent. (Reporting by Michelle Martin; Editing by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-orders-idUKKBN19R0H3'|'2017-07-06T09:23:00.000+03:00'
'3380b1c7470c787b6c6e36d88c10ea1072475f0c'|'Sweden''s iZettle 2016 loss narrows as it prepares for listing'|' 49pm BST Sweden''s iZettle 2016 loss narrows as it prepares for listing FILE PHOTO: A man uses his phone at a coffee shop, July 5, 2017. REUTERS/Samrang Pring STOCKHOLM Mobile payment solutions firm iZettle''s said on Thursday its loss narrowed last year while revenue grew sharply as the company prepares for a potential listing. One of Europe''s fastest growing tech start-ups, iZettle reported a 60 percent rise in revenue and said it expected to continue to improve profitability in 2017. The company offers small businesses a way to take payments using mini credit card readers that turn smartphones or tablets into cash registers. It also offers a financing service, invoicing and mobile payments. "We see a huge market potential as tens of millions of small businesses are still being under-served by traditional financial players," CEO Jacob de Geer said in a statement. "Going forward our focus continues to be building a world class company and preparing the company for a potential IPO." Last year''s revenue rose to 643 million Swedish crowns ($75.6 million) from 402 million crowns in 2015, while the net loss narrowed to 228 million crowns from 295 million in the previous year. The company is present in 12 markets in Europe and Latin America, and as it is licensed by Sweden''s FSA it can do business across the European Union. "When it is time for geographical expansion again, Europe is looking good," said Chief Marketing and Communications Officer Johan Bendz. ($1 = 8.5070 Swedish crowns)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-izettle-results-idUKKBN19R15D'|'2017-07-06T17:49:00.000+03:00'
'8ecf72f5cd34ef8b33f33e8494afd38485ee8f54'|'With ''sticky'' customers, more payments processors may combine for growth'|'Technology News - Thu Jul 6, 2017 - 12:39am BST With ''sticky'' customers, more payments processors may combine for growth Traders work at the post where U.S. credit card technology firm Vantiv Inc is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. REUTERS/Brendan McDermidx By David Henry and Anna Irrera - NEW YORK NEW YORK In the world of financial technology, where startups are the focus of M&A chatter, a $10 billion combination of two back-office processors whose roots date to the 1970s might seem unusual. But Vantiv Inc''s ( VNTV.N ) plan to acquire Worldpay Group PLC ( WPG.L ) shows that the sheer size of some legacy players - and the inertia of their customers - makes them more interested in buying one another than newer rivals, bankers and analysts said. The two companies facilitate payments by linking stores to customers'' bank and credit-card accounts. "It''s a pretty sticky product," said Thad Peterson, an analyst at Aite Group. "Once merchants find a processor that works for them, they are unlikely to change. Merchants aren''t in the business of payments, they are in the business of selling stuff." Vantiv started as a project inside of Cincinnati-based regional lender Fifth Third Bancorp ( FITB.O ) during the Nixon era. Worldpay, headquartered in London, was launched by a British lender in 1989 and absorbed into Royal Bank of Scotland ( RBS.L ). Both companies were spun out of their banks after the financial crisis and thrived on their own continents. Now they are poised to become the singular middleman for more sales globally than any other wholly-owned merchant payments processor based on the $1.3 trillion worth of transactions they handled in 2016, according to data from The Nilson Report. The next largest, JPMorgan Chase & Co ( JPM.N ), had looked at Worldpay but ultimately did not put in a bid, a spokesman said. Buying Worldpay would have helped JPMorgan, the biggest U.S. bank by assets, expand outside of its home country where it has been getting about four-fifths of its merchant business. (GRAPHIC: tmsnrt.rs/2sN7LvJ ) The Vantiv-Worldpay deal comes at a time when more purchases are being made online, and the payments industry - long considered a backwater of banking - is facing fresh competition. PayPal Holdings Inc''s ( PYPL.O ) Braintree, Amsterdam-based Adyen and San Francisco-based Stripe Inc are among the newcomers trying to disrupt the way merchants get paid. They have managed to secure deals with high-profile technology companies including video-on-demand platform Netflix Inc ( NFLX.O ), ride-hailing app Uber and streaming music service Spotify. Despite the buzz surrounding these companies, they represent a small slice of the market. In the United States, for example, the top 10 processors account for about 90 percent of transactions, according to estimates from Mizuho Securities. They are mostly big banks or companies like First Data Corp ( FDC.N ), which also grew out of the banking industry. Even with that much concentration, big players want to get bigger to gain economies of scale, said one investment banker to the industry who spoke on the condition of anonymity. The banker predicted more traditional companies will combine, while newcomers remain independent because their stocks are much more highly valued. Once processors have the scale of big banks, the real competitive advantage comes from allowing merchants to sell products through any channel to customers anywhere in the world, analysts and executives said. Future mergers could be driven by a need to access new geographies or improve digital offerings, similar to the rationale behind Vantiv buying Worldpay, the banker said. (This version of the story has been refiled to correct paragraph 4 spelling of Cincinnati) (Reporting by David Henry and Anna Irrera; Additional reporting by David French; Writing by Lauren Tara LaCapra; Editing by Leslie Adler) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-worldpay-grp-m-a-vantiv-inc-payments-idUKKBN19Q2YZ'|'2017-07-06T02:13:00.000+03:00'
'091ab871736d3960bf8210ed757c3d93ed8a76e2'|'Tech lifts Nasdaq; energy curbs Dow, S&P gains'|'July 5, 2017 / 3:36 PM / in an hour Tech lifts Nasdaq; energy curbs Dow, S&P gains Chuck Mikolajczak 4 Min Read NEW YORK (Reuters) - A steep drop in oil prices dragged energy shares lower and kept the Dow and S&P 500 in check on Wednesday, while the Nasdaq was buoyed by gains in tech stocks. Crude prices CLc1 LCOc1 settled about 4 percent lower, ending their longest bull run in more than five years, hurt by a stronger dollar .DXY and concerns about rising OPEC exports. [nL3N1JW1HU] "The U.S. is the swing producer and the major capitalist producer as well," said Tim Ghriskey, chief investment officer of Solaris Asset Management in New York. "So the government can’t dictate to the domestic industry whether to pump or not pump - they are going to keep pumping as long as it is profitable for them." Shares of Exxon ( XOM.N ) and Chevron ( CVX.N ) fell by more than 1.5 percent and were among the biggest drags on the Dow and S&P. The S&P energy index .SPNY lost 2 percent and was the worst performing out of the 11 major S&P sectors. Recent tepid economic data and an inflation rate below the Federal Reserve''s 2 percent target may have a bearing on the U.S. central bank''s plans for interest rate hikes. New orders for U.S.-made goods fell more than expected in May, data showed on Wednesday, but capital equipment orders were slightly stronger than previously reported, suggesting manufacturing remains on a path of moderate growth. Fed policymakers were increasingly split on the outlook for inflation and how it will affect the future pace of rate increases, according to minutes of the Fed''s latest policy meeting on June 13-14. The minutes revealed a few officials viewed equity prices as high when compared to standard valuation measures, even though earnings growth had been robust. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid The Dow Jones Industrial Average .DJI fell 1.1 points, or 0.01 percent, to close at 21,478.17, the S&P 500 .SPX gained 3.53 points, or 0.15 percent, to 2,432.54 and the Nasdaq Composite .IXIC added 40.80 points, or 0.67 percent, to 6,150.86. The tech sector''s .SPLRCT 1 percent rise led the S&P 500 gainers, with Advanced Micro Devices ( AMD.O ), Micron ( MU.O ) and Nvidia ( NVDA.O ) among the best performers in the sector. The PHLX semiconductor index .SOX jumped 2.1 percent. Technology shares have been volatile in recent weeks as the sector''s strong run this year raised concerns about their valuation. The tech sector index is up nearly 17 percent this year. O''Reilly Automotive ( ORLY.O ) plunged 18.9 percent to a near three-year low after its second-quarter same-store sales widely missed its own estimates. That move dragged down other auto-parts retailers, with Autozone ( AZO.N ) down 9.6 percent and Advance Auto Parts ( AAP.N ) down 11.15 percent. Declining issues outnumbered advancing ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.29-to-1 ratio favoured decliners. About 6.52 billion shares changed hands in U.S. exchanges, below the 7.19 billion daily average over the last 20 sessions. Reporting by Chuck Mikolajczak; Editing by James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN19Q25B'|'2017-07-06T00:47:00.000+03:00'
'4d0a49f50c252080e73682969b361b900218c3df'|'TalkTalk, BT and Mr Jones have a thing going on with my account - Money'|'I live in a house share in London, and when we received a letter from TalkTalk addressed to a James Jones ( not his real name ) I didn’t think much of it. But when it was followed by a package containing a broadband router I became concerned that someone had set up an account using our address.I rang TalkTalk and was told to ignore it as a scam as the call handler didn’t recognise the return address on the box. But when a quick search on Google a few days later revealed the address was indeed for a TalkTalk depot I chased it up again.It was confirmed that Mr Jones had put down our address on his application for a Talk Talk account, but I was assured that a priority flag would be put on the account so no further action could be taken until the confusion was cleared up.Shortly after, our BT broadband and TV were shut off. BT confirmed that TalkTalk had authorised the cancellation of our contract and was very apologetic – it said it wasn’t able to undo the cancellation but would set us up on a new contract with a better deal, and obviously waived all charges.I complained to TalkTalk but it washed its hands of it. A manager told me the fault lay entirely with Mr Jones and I should track him down myself if I wanted any compensation, as he was “probably a neighbour”.I was told it never would have put a block on the account in the first place as I wasn’t named on Mr Jones’s account. To make matters worse, I’ve now been told by BT that it has been blocked from taking our line back and can’t progress with our new contract until TalkTalk relinquishes it, which it is refusing to do since I am not the account holder.It feels like we’ve hit a brick wall and TalkTalk is happy to let us go on in limbo rather than lose a potential customer in James Jones. This has now dragged on for more than a week and I’ve made three complaints with TalkTalk, but it keeps marking them as “resolved”. CD, LondonIncredibly, TalkTalk only requires an email contact from online applicants. So long as the address they give exists, their bank details are genuine and they pass a credit check they are waved through. It says it could not cancel the phantom order when you rang to question the arrival of a router because you were not the account holder and it would have breached security rules to view the account at your behest.Those same security rules did not prevent it and BT from handing your account to a stranger without any communication with you, however. Moreover, you couldn’t reinstate your service while this other account existed because one line can’t support two orders, though again, that didn’t stop TalkTalk and BT giving your account away.The mysterious Mr Jones eventually cancelled the account three weeks after taking it over, leaving you free to set up a new contract with BT.In a statement TalkTalk merely apologises “for the inconvenience caused”. BT offered you £40 compensation for surrendering your account without a word, but said it wouldn’t prioritise your reconnection.When finally you were online again it had no record of the goodwill gesture – or of its promise to give you a better deal. BT has failed to respond to a request for a comment.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number.Topics Broadband Your problems with Anna Tims Consumer rights Consumer affairs TalkTalk BT Internet, phones & broadband features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jul/06/talktalk-bt-broadband-account-address'|'2017-07-06T03:00:00.000+03:00'
'296f222df40c47962b12f6086bafb18d214d95d1'|'Germany''s Innogy enters Californian electric car charging market'|' 12am EDT Germany''s Innogy enters Californian electric car charging market FILE PHOTO: Innogy logo in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen/File Photo FRANKFURT Innogy ( IGY.DE ), Germany''s biggest energy company, has set up a subsidiary in the U.S. state of California offering charging points for electric vehicles in competition with the top network ChargePoint. The subsidiary, called Innogy E-Mobility US LLC, will make, market and operate the charge points, the German company, which was spun off from RWE ( RWEG.DE ) last year, said in a statement. Despite attempts by regulators to push car manufacturers to sell more electric cars to curb greenhouse gas emissions, the vehicles face challenges from low gasoline prices, high battery costs and uncertain investment in recharging infrastructure. Innogy has been doing research into electric vehicles with the University of California in San Diego since 2015 and last month announced a project combining charging points made by U.S.-based BTCpower with its own software. Innogy, the largest Germany energy firm by market value, has about 5,700 electric vehicle charging points and says it is one of the leading operators of car charging infrastructure in Europe. ChargePoint, the world''s largest network of electric vehicle charging systems with more than 34,500 points in the United States and Mexico, has also been pushing into Europe. Last month, it secured $43 million in financing led by Siemens ( SIEGn.DE ), which will collaborate with it on the development of charging stations in Europe. (Reporting by Maria Sheahan; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-innogy-usa-electric-idUSKBN19R289'|'2017-07-06T18:12:00.000+03:00'
'72abc548df6287ad2151d981ad3c64220c3590fa'|'A brutal lesson for multinationals: golden tax deals can come back and bite you - Maya Forstater and Alexandra Readhead - Global Development Professionals Network'|'Maya Forstater and Alexandra Readhead Thursday 6 July 2017 13.10 BST Last modified on Thursday 6 July 2017 13.16 BST M ines are long-term investments, but relationships between mining companies and governments are often tense and impatient. Governments fear that they will be ripped-off by multinational companies, while the companies worry that governments will hold their assets hostage. Nervous companies seek contract terms that allow them to recover their costs as quickly as possible. However, this leads to taxes trickling in while exports are beginning to flood out. The risk is that governments see their fears confirmed and threaten to rip up the contracts. This risk just became reality for Acacia Mining plc in Tanzania . The FTSE 250 company is the largest gold producer in the country, and has long faced criticism for the amount of tax it pays there. Acacia’s “payments to government” report [pdf] released last week shows that the company, which operates three mines in Tanzania, exported $1bn (£770m) of gold, copper and silver last year, and only paid 8% of this in taxes and royalties to the government. What’s more, between 2010 and 2015, it paid out $444m in dividends to shareholders while not paying any corporate income tax in the country. CEO Brad Gordon admits that the original mining agreement was not equitable. “The industry can be its own worst enemy,” he said in March . “When it sits down and agrees these terms it’s gonna come back and bite us.” In 2016 Acacia agreed [pdf] to bring forward corporate tax payments by three years. However, public and political outrage has only grown. It is now painfully coming to a head, with the Tanzanian president John Magufuli accusing the company not only of striking an unbalanced deal but of massively under-reporting its gold exports to evade tax. Back in March the president decreed a ban on exports of unrefined metals, preventing Acacia from selling partially processed “ concentrate ” [pdf]. In April, as containers piled up at the Acacia gold mines and the port of Dar es Salaam, Magufuli appointed two committees of academics to investigate their contents. In May, the committees declared that the president’s suspicions were correct and the concentrate contained eight times more gold than the company had reported, as well as several other rare minerals such as iridium and ytterbium. Acacia maintains that these findings do not make sense, and argues that they have always declared all materials produced and paid all royalties and taxes that are due. They have also published statements from independent third parties that sample and test the concentrate. If the committees’ findings are accurate, the extent of the undervaluation is enormous, amounting to almost $4bn annually (one tenth of Tanzania’s GDP). Magufuli has responded forcefully, saying, “We should summon [Acacia] and demand that they pay us back our money. If they accept that they stole from us and seek forgiveness in front of God and the angels and all Tanzanians and enter into negotiations, we are ready to do business.” President John Magufuli of Tanzania. Photograph: Sadi Said/Reuters All of this has taken place against a backdrop of international reports which supports the belief that multinational corporations are engaged in widespread and systematic under-reporting of mineral exports from Africa. A high-level panel report released in 2015 by the African Union (AU) and the UN Economic Commission for Africa (UNECA) argued that $50bn of capital drains out of the continent each year through “illicit financial flows”. South Africa’s former president Thabo Mbeki, who chaired the panel, said “large commercial corporations are by far the biggest culprits”. However, the panel’s calculations were not based on actual cases but on interpreting mismatches in international trade data (which can arise from ordinary trading ) as evidence of customs fraud. Did the Tanzanian committee find evidence of the massive illicit financial flows that the high-level panel promised, or have impossible expectations inflamed the legitimate question of what would be a fair, equitable and stable mining agreement? There are several reasons why the findings of President Magufuli’s committees are hard to believe. The scale of hidden metals production they suggest is huge. Acacia notes that the two mines involved are not large in global terms, but that the committees’ findings imply that overall the company produces more gold in Tanzania than AngloGold Ashanti produces from 19 mines and Goldcorp from 11 mines. They also argue that iridium and ytterbium are not found in large amounts in the type of gold deposits they are working at these sites, while the committees’ findings suggest they produce more than the world’s largest known suppliers. For the committees’ analysis to be true implies an extraordinary conspiracy involving Acacia, its parent company Barrick Gold, the Tanzania Mineral Audit Agency, Acacia’s financial auditors, and independent companies involved in sampling and smelting the concentrate. It suggests that $4bn of additional annual sales have been hidden from shareholders. However, Acacia’s shareholders are not reacting like they have just found out that the company’s management have been defrauding them, nor that the company owns assets that are worth several times more than they thought. While the committees’ findings are implausible, this does not mean the government isn’t justified in its concern about Acacia’s tax payments. The main reason why Acacia did not pay corporate income tax for so long was the terms of the original mining agreement (as OpenOil explains [pdf]). It allowed for the company to recover all its costs, plus an additional 15%, before any tax on profits was due. On Monday, as the dispute escalated, Tanzania’s parliament rushed through two laws which allow the government to dissolve existing contracts if the terms are deemed “unconscionable”. The new laws ban companies from turning to foreign courts or tribunals to resolve disputes, and compel companies to process minerals within the country rather than exporting them as raw materials. Acacia is the most immediate target. This is not a simple story. No one comes out of it looking good. Acacia may not have stolen billions of dollars worth of minerals – but it did make a deal that was hard to defend. Meanwhile, it is unclear whether President Magufuli’s tactics will benefit or harm the country in the long term. Barrick Gold and the Tanzanian government are now in talks in the hope of finding a solution. But reaching a balanced agreement will be difficult, with so many contested facts and so much bad blood, on all sides. And even if Magufuli “wins” in the high-pressure negotiation with Acacia, it could be at the cost of losing the confidence of investors in Tanzania. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jul/06/a-brutal-lesson-for-multinationals-golden-tax-deals-can-come-back-and-bite-you'|'2017-07-06T20:10:00.000+03:00'
'4dfc303b5b90cc5daaeca70031f81377f63eb75a'|'Canada''s new pipeline parts rules to lessen burden on operators'|'CALGARY, Alberta, July 5 Canada''s energy regulator should shift the burden for ensuring quality of oil-and-gas pipeline parts more to manufacturers and away from operators, according to an official report viewed by Reuters.The National Energy Board (NEB) commissioned the report to improve the equality of pipeline parts after TransCanada Corp and Enbridge Inc discovered that some they were using had been substandard.Currently, operators often have to provide additional specifications for parts because standards are too low, placing them at a disadvantage, according to the report, which was provided to Reuters ahead of its public release."This creates an uneven playing field where pipeline operators with comprehensive specifications are placed in an uncompetitive position due to higher procurement costs," the report read.Canada, home to the world''s third-largest oil reserves, relies heavily on pipelines to move its product, making it imperative for pipelines to be secure.Policies should be developed "to ensure pipeline-operator quality strategies are transferred to all parties in the supply chain," according to the paper.While the report''s recommendations are not binding, NEB chief engineer Iain Colquhoun told Reuters on Tuesday the regulator''s push for higher standards for manufacturers will ensure pipeline operators do not need to outline comprehensive additional specifications."We''ll absolutely level the playing field," he said.The higher standards would apply to all manufacturers who provide parts to Canadian pipeline operators, including South Korea''s TK Corp and Italy''s Valvitalia Sp ( IPO-VALIT.MI ), which had provided some substandard parts to TransCanada and Enbridge, according to the NEB.Enbridge, TK Corp and Valvitalia did not respond to requests for comment. TransCanada was not immediately able to comment.The Canadian Energy Pipelines Association (CEPA), which includes TransCanada and Enbridge, said on Tuesday it is possible that manufacturers could still pass on some costs of the higher standards. But operators will not be heavily affected as they can make the money back through the lifecycle of their pipelines, CEPA said.Colquhoun said possible new measures for quality assurance include more standardization of manufacturing methods and training for certain employees of pipeline operators.The report recommended changes that also include more disclosures and tracking of materials from manufacturers.The NEB will decide on detailed measures this year, and while it could take up to 2023 for changes to formally be adopted by the external standards association, the regulator will take action if quality assurance issues demand immediate attention, Colquhoun said. (Editing by Denny Thomas and Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-pipelines-parts-idUSL1N1JV0RM'|'2017-07-05T19:48:00.000+03:00'
'b5b378f8e5f9f474971ca4a7ea757a7d29039e96'|'Volkswagen recalls 766,000 VW cars worldwide for brake system update'|'Thu Jul 6, 2017 - 2:24pm BST Volkswagen recalls 766,000 VW cars worldwide for brake system update A man uses phone under a Volkswagen logo at the Shanghai Auto Show, in Shanghai, China April 20, 2017. REUTERS/Aly Song BERLIN Volkswagen ( VOWG_p.DE ) is recalling 766,000 vehicles of its core passenger car brand worldwide for a software update to their braking control systems, a spokesman said. The braking control system may not function properly in certain driving conditions, such as when the driver over-steers, under-steers or slams on the brakes, the spokesman said. The car maker is recalling 288,000 VW-brand cars in Germany over the issue. Including the Audi and Skoda brands, the German recall impacts about 385,000 cars, the spokesman said. The recall in Germany was first reported by news agency DPA on Saturday. (Reporting by Andreas Cremer; Editing by Victoria Bryan) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-recall-idUKKBN19R1IZ'|'2017-07-06T14:43:00.000+03:00'
'eff013015b28047fcd2311e5d64b455c4417039b'|'Tesla shares dive 7 percent; still above analysts'' target price'|'Business News - Thu Jul 6, 2017 - 12:15am BST Tesla shares dive 7 percent; still above analysts'' target price left right Tesla Motors'' mass-market Model 3 electric cars are seen in this handout picture from Tesla Motors on March 31, 2016. Tesla Motors/Handout via Reuters/File Photo 1/2 left right The Tesla corporate logo is pictured at a Tesla electric car dealership in Sydney, Australia, May 31, 2017. REUTERS/Jason Reed 2/2 NEW YORK Tesla Inc ( TSLA.O ) shares slid more than 7 percent on Wednesday, their biggest percentage decline in more than a year, on poorer-than-expected delivery numbers, yet the luxury electric carmaker''s stock price remained above analysts'' median target. Silicon Valley-based Tesla overtook General Motors in April to become the U.S. carmaker with the largest market capitalisation. On Wednesday, its shares fell 7.2 percent to $327.09, its lowest in more than a month. Its biggest daily percentage fall since June 22, 2016, followed a 2.5 percent decline on Monday, when first-half deliveries of Tesla electric sedans and SUVs came in the lower end of its forecast. Tesla said a "severe shortfall" of new battery packs had constrained vehicle manufacturing, and said second-half deliveries of the Model S sedan and Model X sports utility vehicle should exceed those of the first half. "We see Tesla shares as an over-valued show-me story that has traded as a concept stock given the dislocation between share price performance and our/consensus estimates," analysts at Cowen and Company said in a note. Even after the sharp losses, Tesla shares remained up about 53 percent this year. Even after the two-day slide, the stock remained about 7 percent above the median price target of $309.50. Less than 20 S&P 500 Index constituents can top that. On average, S&P 500 stocks trade between 7 percent and 9 percent below the Street''s target, according to Thomson Reuters data. While Tesla has been trading above the median target price for months, that margin mushroomed in June with the stock trading as much as 25 percent above the median target. Some 14 of the 21 analysts who cover Tesla have a sell or hold rating on the shares. Zhejiang Geely Holding Group-owned GEELY.UL Volvo said all car models it launches after 2019 will be electric or hybrids, making it the first major traditional automaker to set a date for phasing out vehicles powered solely by the internal combustion engine. While the Volvo announcement could be seen as validation for Tesla CEO Elon Musk’s vision, it also highlights the intense competition Tesla is likely to face, Barclays analyst Brian Johnson said in a research note. On Wednesday, Goldman Sachs cut its six-month price target on Tesla to $180 from $190. Andrew Left of short seller Citron Research told CNBC in a phone interview that he thinks that is fair in the short term. (Reporting by Saqib Iqbal Ahmed in New York and Parikshit Mishra in Bengaluru; editing by David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tesla-stocks-idUKKBN19Q31W'|'2017-07-06T02:15:00.000+03:00'
'9aa5a04faf2126f6caf9a926e3433b3f04271979'|'Bangladesh LNG drive likely to hit its diesel, fuel oil demand'|'July 6, 2017 / 7:42 AM / in 7 minutes Bangladesh LNG drive likely to hit its diesel, fuel oil demand Jessica Jaganathan and Ruma Paul 3 Min Read SINGAPORE/DHAKA (Reuters) - Bangladesh''s plan to start importing liquefied natural gas (LNG) next year will likely dampen its demand for oil used in power generation, government and industry sources said. The South Asian nation typically ships in around 2.5 million tonnes of fuel oil and 3.2 million tonnes of diesel annually, making it one of the top 10 such importers in the region. But its push towards cleaner gas is likely to displace some of that appetite for oil, with the country''s first floating LNG import terminal due to begin accepting cargoes in May next year. "LNG is considered to be an environmentally friendly source of energy and its cost is cheaper than fuel oil," said Nasrul Hamid, Bangladesh junior energy minister. He added that the country would gradually shift to greener, cheaper sources of energy for electricity generation and in industry. State-run Petrobangla has signed preliminary deals for two more LNG terminals and a memorandum of understanding with Swiss commodity merchant AOT Energy for help lining up supplies. It has also said that it is in talks with top LNG producer Qatar. Of the total 13.3 gigawatts of installed electricity capacity in Bangladesh, about 63 percent is from gas-fired plants, 22 percent from plants powered by fuel oil and 8 percent from diesel, said Senthil Kumaran, senior oil analyst at energy consultancy FGE. That translates to consumption of 12,000 to 14,000 barrels-per-day (bpd) of high sulphur fuel oil for power generation and 10,000 to 12,000 bpd of diesel, he added. While it was not clear how much of the country''s import demand for oil products would be displaced by LNG, it would probably start to happen in 2019, said FGE and an official with state-owned Bangladesh Petroleum Corp. "At the end of this year, we will get a full picture of our imports of oil products for the next year," said the official, who declined to be identified as he was not authorised to speak with media. LNG is currently about 15 to 20 percent cheaper than fuel oil, said Kazi Mohammad Anwarul Azim, manager of Petrobangla''s LNG unit. Bangladesh''s imports of LNG are expected to reach 5 million tonnes in 2020, said FGE''s Kumaran. Still, with not many dual-feed power plants in the country and new oil-fired power plants installed over the last few years, Bangladesh will continue to import fuel oil to run those plants, he said. Reporting by Jessica Jaganathan in Singapore and Ruma Paul in Dhaka; Additional reporting by Mark Tay in Singapore; Editing by Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bangladesh-power-lng-idINKBN19R0NI'|'2017-07-06T10:38:00.000+03:00'
'cf9bde2296a919a3f419c78e8c993ffa355d4eb6'|'Massive cyber-attack could cost Nurofen and Durex maker £100m'|'Massive cyber-attack could cost Nurofen and Durex maker £100m Reckitt Benckiser says ‘NotPetya’ ransomware – which also affected FedEx and others – disrupted production and deliveries Reckitt Benckiser’s products include Nurofen, Dettol and Durex. Photograph: Jason Reed/Reuters Massive cyber-attack could cost Nurofen and Durex maker £100m Reckitt Benckiser says ‘NotPetya’ ransomware – which also affected FedEx and others – disrupted production and deliveries View more sharing options Thursday 6 July 2017 08.38 BST Last modified on Thursday 6 July 2017 17.20 BST Some of the world’s biggest companies are counting the cost of lost business following last week’s “NotPetya” ransomware cyber-attack , with Nurofen maker Reckitt Benckiser taking an estimated £100m hit in revenue. Reckitt – which also makes Dettol cleaning products and Durex condoms – said the attack on 27 June had disrupted production and deliveries of goods to customers in several countries. “Consequently, we were unable to ship and invoice some orders to customers prior to the close of the quarter,” the British consumer goods company said in a statement on Thursday. “Some of our factories are currently still not operating normally but plans are in place to return to full operation.” Business Today: sign up for a morning shot of financial news Read more Last week’s attack affected some of the world’s biggest corporate names, including the UK-based advertising group WPP, Danish shipping company AP Moller-Maersk, and US delivery service FedEx. Anthony Dagostino, head of global cyber-risk at Willis Towers Watson, said such attacks were starting to take a greater toll on businesses. “We’ve really crossed the threshold into new territory regarding damages sustained from an attack. No longer is it limited to data and privacy compromise with expenses incurred to remediate the breach. Now we’re seeing disruption to supply chains and production, material loss of income, and physical damage becoming more of a reality.” Reckitt Benckiser said it was still assessing the financial impact of the attack on the company. “We expect that some of the revenue lost from the second quarter will be recovered in the third quarter. However, the continued production difficulties in some factories mean that we also expect to lose some further revenue permanently.” The Slough-based company now expects like-for-like net revenue in 2017 to increase by about 2%, down from an earlier growth forecast of 3%. With the company making almost £10bn in revenues in 2016, that would equate to about £100m in lost revenue. It said a new goods and sales tax in India also resulted in reduced orders from some customers in June. Reckitt’s shares were among the biggest fallers on the FTSE 100 in early trading on Thursday, down 2%. Eddy Hargreaves, analysts at Investec bank, said that profits and turnover would both be hit: “The cost of recovery from the recent cyber-attack on Reckitt’s operations is still being assessed by management. But we expect an impact both on top line, through disruption to production, order handling and logistics, and margin, through the need to upgrade systems and recover data.” The company has operations in more than 60 countries and sells its products around the world, employing about 37,000 people globally. The sharp fall in the value of the pound since the Brexit vote has benefited companies like Reckitt Benckiser, because it has significant operations outside the UK. Maersk, the world’s largest shipping company, said it had been forced to redirect ships to alternative locations after the attack on its computer systems left it unable to dock and unload containers at some of its ports. In its latest message to customers the company said its operations were now “running close to normal again”, but it was still experiencing some issues such as disruption to phone lines in some regions. Charlie Huggins, fund manager at Hargreaves Lansdown, said Reckitt should recover from the NotPetya attack. “The effects of the cyber-attack should prove temporary, while some of the other headwinds holding back sales in the first and second quarter should abate in the second half. As a result, we expect sales to recover relatively quickly. “Cybercrime is fast becoming the number one risk for companies, which is absorbing greater resources and management time. But the reputational cost of getting this wrong can be significant so its vital businesses commit the appropriate resources to reassure investors.” Neil Campling, analyst at Northern Trust Capital Markets, said this latest attack was a wake-up call for firms. “Companies all over the world will be reviewing the robustness of their hard and soft procedures to ensure they’ve done everything possible to protect themselves from hackers and others who might wish to disrupt normal operations,” he said. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/06/cyber-attack-nurofen-durex-reckitt-benckiser-petya-ransomware'|'2017-07-06T15:38:00.000+03:00'
'7838d3d3d5b27463b7779288e6b3508c0a8b16e1'|'Brazil shareholder urges peers to set higher price for Unipar tender'|'Market News - Thu Jul 6, 2017 - 11:01am EDT Brazil shareholder urges peers to set higher price for Unipar tender SAO PAULO, July 6 Brazilian investor Luiz Barsi has urged other minority shareholders in Unipar Carbocloro SA to set an asking price for their shares well above a management-led tender to take the Brazilian chemical producer private. In a Thursday letter to some shareholders seen by Reuters, Barsi said Unipar''s plan to buy out minority shareholders for 7.50 reais a share is well below the fair price for the stock. He urged other shareholders to set their asking price for the stock at 30 reais, noting that he is considering buying more Unipar''s common shares above current market prices. Class A preferred shares of Unipar jumped 4.1 percent after the letter was sent. The company''s common shares are trading at 9.55 reais in the São Paulo Stock Exchange. (Reporting by Guillermo Parra-Bernal; Editing by Frances Kerry)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/unipar-stocks-idUSL1N1JX0UZ'|'2017-07-06T18:01:00.000+03:00'
'9777dd22b4b55762c077dcdac170094765c0413e'|'Reckitt Benckiser cuts sales forecast after cyber attack'|'Thu Jul 6, 2017 - 1:30pm BST Reckitt Benckiser cuts sales forecast after cyber attack FILE PHOTO - Products made by Reckitt Benckiser stand on a shelf in a store in Brighton southern England, July 21, 2010. REUTERS/Luke MacGregor/File Photo By Martinne Geller and Paul Sandle - LONDON LONDON British consumer goods maker Reckitt Benckiser ( RB.L ) trimmed its sales forecasts on Thursday, becoming one of the first companies to put a cost on a global cyber attack that disrupted its manufacturing and distribution. Several major companies, along with Russia''s biggest oil firm and Ukrainian banks, were hit by a virus on June 27 that crippled computers, disrupting ports from Mumbai to Los Angeles and halting production at factories. Reckitt Benckiser, which makes Dettol and Lysol disinfectants, Nurofen tablets and Durex condoms, said it estimated like-for-like revenue in the second quarter would fall 2 percent from a year earlier because of the attack, which hit three days before the quarter ended. The virus significantly hit output at many of the company''s more than 60 factories and hurt a global supply chain by affecting systems that manage orders, billing and shipping. Excluding that impact, and tax changes in India that hurt sales to a lesser extent, second-quarter sales would have been flat, the company said. Reckitt''s shares fell as much as 3.2 percent on Thursday to their lowest since May 19. The shares were 2 percent lower at 1141 GMT. The cyber blindside came at a bad time for Reckitt Benckiser after its weakest performance in 15 years in the first quarter, when a collapse of its business in South Korea and a failed Scholl product innovation left sales unchanged.. Reckitt Benckiser has described 2017 as a "tale of two halves", saying the second half would improve as comparisons with the year-earlier period get easier. But it said on Thursday that like-for-like annual sales would now only increase 2 percent, instead of 3 percent. Liberum analysts said Reckitt needs 5 percent growth in the second half to hit that target, which "may still prove ambitious in light of lingering effects from the cyber attack, Indian tax and competitive end markets". Reckitt has a reputation for acquiring businesses and boosting sales by launching new products. But several sluggish quarters and last month''s acquisition of baby formula maker Mead Johnson have raised questions about its strategy. "We remain negative on the acquisition of Mead Johnson from a strategic, operational and financial point of view whereas organically we see signs of innovation fatigue meaning that there isn''t anything obvious to offset the slowdown of the failed Scholl Express Pedi innovation," said analysts at RBC, affirming their "underperform" rating. Prior to the takeover, Mead Johnson''s shares had fallen by a third over two years, as it lost market share in China due to increased competition and changing consumer habits. AROUND THE WORLD IN 45 MINUTES Security experts say the NotPetya virus hit a popular accounting software used in Ukraine, which is likely where multinationals, including A.P. Moeller Maersk ( MAERSKb.CO ), Mondelez International ( MDLZ.O ) and Reckitt were first infected before it spread globally through their networks. Maersk on Monday said it was bringing its major IT systems back online. It did not detail any financial impact. Reckitt could not confirm the virus''s starting point - only that it spread around the world in just 45 minutes. A company spokeswoman said there was no evidence to suggest Reckitt had any particular vulnerability in its system. She also noted that Darrell Stein, its head of information services, was a member of the 10-person executive committee that runs the company. Reckitt employees were able to conduct some business through phones and other personal devices during the disruption, but not manufacturing. Reckitt said some revenue lost would be made up in the current third quarter, which runs through September. "However, the continued production difficulties in some factories mean that we also expect to lose some further revenue permanently," it said. The spokeswoman said she anticipated that all factories would be running at some level by the end of the week. Reckitt plans to do a full study of its IT processes, but did not detail any impact to profits. It said generally that its operating margin continues to make satisfactory progress. "We expect an impact both on top line, through disruption to production, order handling and logistics, and margin, through the need to upgrade systems and recover data," Investec analysts said. The virus did not hurt Mead Johnson, which Reckitt acquired for nearly $17 billion, its biggest deal ever. (Additional reporting by Eric Auchard; Editing by David Clarke and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-reckitt-benc-grp-outlook-idUKKBN19R0GQ'|'2017-07-06T15:29:00.000+03:00'
'44e2ef57cedb210a86dd1e55889799325808a770'|'IndiGo says keen only on Air India''s international and low-cost units'|'July 6, 2017 / 12:17 PM / 5 hours ago IndiGo says keen only on Air India''s international, low-cost units Aditi Shah 3 Min Read Air India passenger planes are seen parked at the Chhatrapati Shivaji International airport in Mumbai, India, February 7, 2017. Danish Siddiqui NEW DELHI (Reuters) - India''s biggest airline IndiGo said on Thursday it was keen to buy state-owned carrier Air India''s international arm and low-cost division Air India Express rather than the whole business if India decides to sell its flag carrier. "Air India''s international operations would bring a very important element to our network," Rahul Bhatia, co-founder of IndiGo, said on a call with investors. "It would provide rapid entry into restricted and in some cases closed international markets." IndiGo, owned by InterGlobe ( INGL.NS ), last week expressed interest in buying a stake in state-owned Air India, after India''s cabinet gave "in-principle" approval to privatize the carrier. Shares in IndiGo fell as much as 5.6 percent the day after this announcement, with analysts citing concern about such an investment given Air India''s heavy debt burden. "We continue to like Indigo for its efficient cost structure and balance-sheet strength. However, potential acquisition of AI may create an overhang on the stock," Joseph George, analyst at brokerage firm IIFL, said in a note published last week. Air India, once the country''s biggest airline, has seen its domestic market share slump to 13 percent as private rivals such as IndiGo and SpiceJet ( SPJT.BO ) have expanded. Air India''s businesses include domestic flights, repair and maintenance operations and hotels. But its most sought-after asset is landing slots on international routes. The possibility of the government writing off part or all of Air India''s $8 billion in debt could increase its appeal. Bhatia said that the company''s operations would "require significant restructuring". He also said IndiGo would not be willing to take on any debt that could not be supported by a restructured Air India operation. The carrier is also wary of doing a deal if the government holds on to any minority or majority stake in Air India. Low-Cost, Long-Haul IndiGo, which flies four of every 10 Indian domestic passengers, launched in 2006 and has expanded rapidly in India''s booming aviation market, prioritizing domestic routes. In May, the carrier said it planned to start flying smaller planes to second-tier towns and cities this year, giving a boost to Prime Minister Narendra Modi''s scheme to make it cheaper for people to fly within India. IndiGo has a fleet of 131 Airbus ( AIR.PA ) A320 aircraft, and has placed a provisional order for 50 ATR 72-600 aircraft from European turboprop maker ATR for regional flights. Even without any deal with Air India, IndiGo plans to enter the long-haul international market, Rakesh Gangwal, co-founder of IndiGo, said. "It makes fundamental economic sense for us to enter the long-haul international market. India''s market is significantly underserved in non-stop international destinations," he said, adding that IndiGo would do so with a low-cost model. Reporting by Aditi Shah; Editing by Keith Weir, Euan Rocha and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-interglobe-air-india-idINKBN19R1N0'|'2017-07-06T15:57:00.000+03:00'
'6d53ceb9e0c830b2557391fa62971eb1bec320bb'|'Air Canada flies record passengers in a day'|'Market News  26am EDT Air Canada flies record passengers in a day July 6 Air Canada said it flew 166,850 people on June 29, setting a single-day record for passengers carried, as part of Canada day. The country''s largest airline said it carried close to one million passengers during the six-day holiday period, which started June 29. The airline also said it expects to beat its earnings before interest, taxes, depreciation, amortization, impairment and aircraft rent (EBITDAR) forecast on lower fuel costs and higher revenue. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/air-canada-passengers-idUSL4N1JX0YN'|'2017-07-06T16:26:00.000+03:00'
'a080cb4268299e484309d68e561bd5a1e202690e'|'IMF urges G20 leaders to avoid ''myopic'' trade policies'|'July 5, 2017 / 3:13 PM / in 10 hours IMF urges G20 leaders to avoid ''myopic'' trade policies 2 Min Read German police officers on horses ahead of the G20 summit in Hamburg, Germany, July 5, 2017. Kai Pfaffenbach WASHINGTON (Reuters) - The International Monetary Fund on Wednesday urged leaders of the Group of 20 major economies to avoid "myopic" nationalistic policies and to work together in agreed forums to resolve their trade and economic differences. In a pointed message before U.S. President Donald Trump''s first G20 summit in Hamburg, Germany later this week, the IMF said in an economic briefing note to the leaders that a rules-based and open trading system was vital for world prosperity. "Myopic pursuit of zero-sum policies can only end by hurting all countries, as history shows," the IMF said. "Because national policies inevitably interact in a number of vital areas, creating strong spillovers across countries, the world economy works far better for all when policymakers engage in regular dialogue and work within agreed mechanisms to resolve disagreement." The IMF''s pitch to maintain multilateral cooperation comes as the Trump administration is considering imposing broad new steel tariffs or quotas based on national security grounds, a move that has not occurred since the World Trade Organization was launched in 1995. The U.S. Commerce Department is expected to wait until after the G20 summit this Friday and Saturday to issue its review of the steel industry''s national security implications, part of an effort to persuade China and other countries to cut excess capacity in the sector. It is working on a similar report on the U.S. aluminum industry, also invoking provisions of a 1962 U.S. trade law. The IMF also said that while the global economic recovery remains on track, with growth this year and next year in the 3.5 percent range, its forecasts do not include a major trade disruption. Reporting by David Lawder'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-g20-imf-idINKBN19Q21T'|'2017-07-05T18:23:00.000+03:00'
'6aed7f65598344ca471913631f32e39916959559'|'U.S. trade deficit narrows as exports hit two-year high'|'July 6, 2017 / 12:40 PM / in 16 minutes U.S. trade deficit narrows as exports hit two-year high 3 Min Read FILE PHOTO: Shipping containers are seen at the Port Newark Container Terminal in Newark, New Jersey, U.S. on July 2, 2009. Mike Segar/File Photo WASHINGTON, (Reuters) - The U.S. trade deficit fell in May as exports increased to their highest level in just over two years, but trade could still weigh on economic growth in the second quarter. The Commerce Department said on Thursday the trade gap decreased 2.3 percent to $46.5 billion. April''s trade deficit was unrevised at $47.6 billion. Economists polled by Reuters had forecast the trade gap falling to $46.2 billion in May. When adjusted for inflation, the trade deficit narrowed to $62.8 billion from $63.8 billion in April. Real goods exports surged to an all-time high in May, propelled by record high petroleum exports. Still, the real trade deficit averaged $63.3 billion in April and May, above the first quarter''s average of $62.2 billion. That suggests trade will be a drag on gross domestic product in the second quarter after contributing 0.23 percentage point to the economy''s 1.4 percent annualized growth pace in the first three months of the year. The Atlanta Federal Reserve is forecasting GDP rising at a 3.0 percent rate in the second quarter. In May, exports of goods and services rose 0.4 percent to $192.0 billion, the highest level since April 2015, lifted by a surge in exports of consumer goods such as cell phones and other household goods. There were also increases in exports of motor vehicles and parts. Food exports, however, fell by $0.7 billion amid a $0.6 billion drop in soybean shipments. Exports to China increased 3.6 percent. The value of goods shipped to Mexico and Canada rose 5.4 percent and 9.6 percent, respectively. Exports to Germany gained 7.4 percent. Imports of goods and services dipped 0.1 percent to $238.5 billion in May. Cell phone and other household goods imports fell $0.9 billion, accounting for the bulk of the $1.5 billion decrease in consumer goods imports. There were also declines in imports of motor vehicles and parts. However, imports of capital goods increase $1.3 billion. The country imported 265 million barrels of oil in May, the most since August 2012. Imports of goods from China increased 11.6 percent. The politically sensitive U.S.-China trade deficit increased 14.4 percent to $31.6 billion in May. The trade gap with Mexico surged 15.8 percent to $7.3 billion, the highest since October 2007. Reporting by Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-economy-trade-idINKBN19R1P6'|'2017-07-06T15:55:00.000+03:00'
'98d40f31bd97c5b96d5b08786c4ac1e4c85741a6'|'Faced with possible EU fine, GE says acted in good faith'|'Deals - Thu Jul 6, 2017 - 5:55am EDT Faced with possible EU fine, GE says acted in good faith BRUSSELS General Electric ( GE.N ) said on Thursday that it had acted in good faith to meet EU disclosure requirements, after the European Commission accused the company of providing misleading information during a merger deal. "We believe we acted in good faith to meet the EC disclosure requirements and there was no intent to mislead," GE said in a statement. The European Commission said it had sent three separate charge sheets, known as statements of objections, to Merck and Sigma-Aldrich, General Electric and Canon. While the charges will not affect the EU approvals of the deals, they could lead to fines up to 1 percent of global revenue for GE. (Reporting by Robert-Jan Bartunek; Editing by Alissa de Carbonnel) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-eu-competition-ge-idUSKBN19R13L'|'2017-07-06T13:55:00.000+03:00'
'9c818f43b18604719f915f4f18225608ff89d695'|'Personalised vaccines hold cancer at bay in two early trials'|'* New-style vaccines from German, U.S. teams cut relapses* Aim to add ''neoantigen'' vaccines to immunotherapy drugs* Roche already in $310 mln deal with Germany''s BioNTech* BioNTech CEO says will look at IPO in two to four yearsBy Ben HirschlerLONDON, July 5 A novel class of personalised cancer vaccines, tailored to the tumours of individual patients, kept disease in check in two early-stage clinical trials, pointing to a new way to help the immune system fight back.Although so-called immunotherapy drugs from the likes of Merck & Co, Bristol-Myers Squibb and Roche are starting to revolutionise cancer care, they still only work for a limited number of patients.By adding a personalised cancer vaccine, scientists believe it should be possible to improve substantially the effectiveness of such immune-boosting medicines.Twelve skin cancer patients, out of a total of 19 across both the trials, avoided relapses for two years after receiving different vaccines developed by German and U.S. teams, researchers reported in the journal Nature on Wednesday.The small Phase I trials now need to be followed by larger studies, but the impressive early results suggest the new shots work far better than first-generation cancer vaccines that typically targeted a single cancer characteristic.The new treatments contain between 10 and 20 different mutated proteins, or "neoantigens", that are specific to an individual''s tumour. These proteins are not found on healthy cells and they look foreign to the immune system, prompting specialist T-cells to step up their attack on cancer cells.One vaccine was developed at the U.S.-based Dana-Farber Institute and Broad Institute and the other by privately owned German biotech firm BioNTech, which uses so-called messenger RNA to carry the code for making its therapeutic proteins.Roche, the world''s largest cancer drugmaker, is already betting on BioNTech''s technology after signing a $310 million deal last September allowing it to test the German vaccine with its immunotherapy drug Tecentriq.BioNTech''s co-founder and CEO Ugur Sahin told Reuters that combination trials using Roche''s drug were due to start later this year against a number of different cancers.Rival biotech firm Neon Therapeutics, which was formed to exploit the U.S. research, initiated tests of its personalised neoantigen vaccine in combination with Bristol-Myer''s Opdivo drug last year.EXPENSIVE TREATMENTNew drugs like Opdivo and Tecentriq that enlist the body''s immune system are improving the odds of survival, but their typical price tag of more than $150,000 a year is controversial and adding a personalised vaccine will jack costs up further.Sahin acknowledged such vaccines would be expensive at first but said costs could be brought down by economies of scale and automation."In the mid to long term the cost will fall dramatically ... it is an individual treatment but it is a universal process," he said. "We are at a very early stage at the moment but in the long-run this approach could change everything."Cornelius Melief of Leiden University Medical Center, who was not involved in either study, said the research confirmed the potential of neoantigen vaccines."Controlled, randomised Phase II clinical trials with more participants are now needed to establish the efficacy of these vaccines in patients with any type of cancer that has enough mutations to provide sufficient neoantigen targets for this type of approach," he said.Mainz-based BioNTech is one of Europe''s largest private biotech companies, with more than 500 employees and deals with Sanofi and Eli Lilly, as well as Roche. It is majority-owned by twin brothers Andreas and Thomas Struengmann, who sold generic drugmaker Hexal to Novartis in 2005.Sahin said BioNTech would probably stay private for another two to four years before deciding on an initial public offering. (Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-cancer-vaccines-idUSL8N1JV36G'|'2017-07-05T20:00:00.000+03:00'
'eebec0e75138c6f3d20e7ae2a13622d34af1b745'|'Fed minutes suggest increasing tensions on inflation shortfall'|'Top News - Wed Jul 5, 2017 - 7:04pm BST Fed minutes suggest increasing tensions on inflation shortfall The Federal Reserve Board Chairwoman Janet Yellen speaks during a discussion at The British Academy President''s Lecture in London, Britain, June 27, 2017. REUTERS/Hannah McKay By Lindsay Dunsmuir and Jason Lange WASHINGTON - Federal Reserve policymakers were increasingly split on the outlook for inflation and how it might affect the future pace of interest rate rises, according to the minutes of the Fed''s last policy meeting on June 13-14 released on Wednesday. The details of the meeting, at which the U.S. central bank voted to raise interest rates, also showed that several officials wanted to announce a start to the process of reducing the Fed''s large portfolio of Treasury bonds and mortgage-backed securities by the end of August but others wanted to wait until later in the year. "Most participants viewed the recent softness in these price data as largely reflecting idiosyncratic factors...however, several participants expressed concern that progress...might have slowed and that the recent softness in inflation might persist," the Fed said in the minutes. Last month''s 8-1 vote to lift the benchmark interest rate another quarter percentage point, a third hike in six months, signalled the Fed''s confidence in a growing U.S. economy and the eventual inflationary effects of low unemployment. In a press conference at the time, Fed Chair Janet Yellen described a recent decline in inflation as temporary and the central bank kept its forecast of one more rate rise this year and three the next. Some policymakers since then, however, have shown increasing worry about the Fed''s struggle to get inflation back to its 2 percent objective. The Fed''s preferred measure of underlying inflation slipped again in May to 1.4 percent, the Commerce Department reported on Friday, and has run below target for more than five years. (Full Story) In the minutes, a few policymakers also said the inflation weakness made them less comfortable with the current implied path of rate hikes. "These participants expressed concern that such a path of increases...might prove inconsistent with a sustained return of inflation," according to the minutes. The issue of when to begin reducing the Fed''s $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities and how it might affect deciding future rate rises also sparked debate. At the June meeting, the Fed gave a clear outline of its plan this year to reduce its portfolio but gave no precise timing. The shedding of the bonds and other securities, most of which were purchased in the wake of the 2007-2009 financial crisis, marks the final chapter in the central bank''s normalization of monetary policy. Several Fed officials felt the reduction in the balance sheet and associated policy tightening "was one basis for believing that...the target range for the federal funds rate would follow a less steep path than it otherwise would." Some others, however, said the shedding of bonds should not figure heavily in deciding monetary policy. Economists largely expect the Fed to begin shrinking its balance sheet at its September meeting before raising rates again at its final meeting of the year in December. Investors also see the next rate increase occurring in December, according to Fed funds futures data compiled by the CME Group. The rate-setting committee is next scheduled to meet to decide interest rate policy on July 25-26. (Reporting by Lindsay Dunsmuir and Jason Lange; Editing by; Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-minutes-idUKKBN19Q2K5'|'2017-07-05T21:04:00.000+03:00'
'3632d45209d90f4abf2534c26a8dcdf847c0da3b'|'Elliott raises stake in Hong Kong bank BEA before court hearing'|'Deals  51am EDT Elliott raises stake in Hong Kong bank BEA before court hearing FILE PHOTO - A logo of Bank of East Asia is displayed at a news conference in Hong Kong, China February 15, 2016. REUTERS/Bobby Yip By Elzio Barreto - HONG KONG HONG KONG Elliott Management Corp has raised its stake in Bank of East Asia Ltd (BEA) ( 0023.HK ) less than two weeks before the Hong Kong lender defends itself in court against a lawsuit brought by the U.S. hedge fund. Elliott bought 237,800 shares of BEA at an average price of HK$32.569 each, increasing its stake in BEA to 8 percent, according to a July 4 filing to the Hong Kong stock exchange. Elliott''s stake was last publicly disclosed in December 2015, when it crossed the 7 percent mark. Under Hong Kong regulations investors only have to disclose stakes when they move through a whole percentage level. Elliott filed a lawsuit in Hong Kong in July last year against BEA, the majority of the bank''s directors and its CEO and chairman over a share placement the lender made to Japan''s Sumitomo Mitsui Banking Corp (SMBC). The lawsuit is the latest in a long-running and escalating dispute between the New York-based hedge fund and the tycoon-owned Hong Kong bank. "As a long-term shareholder, we continue to believe that there is the potential for significant shareholder value to be unlocked at BEA, when there are fundamental and substantial improvements to corporate governance and the overall management of the bank," an Elliott spokesman said. BEA declined to comment on the increase in Elliott''s stake. BEA has said previously it will vigorously oppose Elliott''s lawsuit, saying it went against the interests of the bank and its shareholders. The dispute pits the $33 billion fund founded by billionaire Paul Singer against BEA''s flashy chairman and former politician David Li, whose grandfather founded the bank nearly 100 years ago and whose family is among the city''s best connected. The two sides met in the Court of First Instance of Hong Kong''s High Court in April and are due to return on July 17. (This version of the story corrects Elliott fund size to $33 billion from $27 billion in paragraph nine) (Reporting by Elzio Barreto; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bank-east-asia-elliott-idUSKBN19R1KA'|'2017-07-06T14:46:00.000+03:00'
'c3679240f16dcd7591e3a12be5130ec9bde29f16'|'"No free passes" for German firms in helicopter tender - German ministry'|'Business  46pm EDT ''No free passes'' for German firms in helicopter tender: German ministry By Andrea Shalal - BUECKEBURG, Germany BUECKEBURG, Germany The German defense ministry on Thursday said there would be no "free passes" for any bidders in a nearly 4-billion-euro helicopter deal, a day after Europe''s Airbus urged the government to ensure German firms got a big share of the pie. German defense officials have said they want a low-risk heavy-lift helicopter that already exists, which means the likely supplier will be one of two U.S. firms - Lockheed Martin Corp ( LMT.N ) with its CH-53K, or Boeing Co ( BA.N ) with its CH-47 Chinook. Airbus on Wednesday said choosing German firms to manage and service the new helicopters would secure German jobs, speed certification and ensure German sovereignty. Any other decision would harm the German helicopter industry, it said. A spokesman for the ministry said Germany had no “buy German” requirement for helicopters, only key technologies such as encryption. "Competition is a very important factor in this case," he said. "There won''t be any free passes for anyone." Airbus, MTU Aero Engines and six other firms on Wednesday announced at a helicopter conference in northern Germany that they had signed a partnership agreement to push for a big German role in managing the new helicopter. Airbus, which currently services nearly all German military aircraft, and the other companies, urged Berlin to award separate contracts for buying and servicing the helicopters. The defense ministry said it would decide this summer how to structure the deal and a "request for proposals" would likely go out to industry next year. But it said its general preference would be to deal with one lead contractor. A second source said the decision was expected this month, but it could become a political football ahead of the Sept. 24 national election, given the jobs at stake. Lockheed Martin''s Sikorsky helicopter unit said it was finalizing "exclusive relationships" with several German companies, but did not name them. Nathalie Previte, vice president of strategy and business development for Sikorsky, said the company''s goal was to sign agreements with German firms that would be "strategic partners in the areas of sustainment and aircraft content." Boeing already has close ties to over 100 companies in Germany as part of its global commercial and military supply chain, and those could grow if Boeing wins the competition, David Koopersmith, who heads Boeing''s vertical lift programs, told Reuters at the conference. Boeing last month awarded German firm COTESA GmbH a five-year contract to manufacture key components for the Chinook heavy-lift helicopter. Melanie Wolf, a spokeswoman for MTU, said her company wanted to support the German aerospace industry. "We want to maintain technology competencies in Germany, but for that we need German industry and orders for that industry," Wolf said. (Reporting by Andrea Shalal; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-germany-military-helicopter-idUSKBN19R2IF'|'2017-07-06T19:51:00.000+03:00'
'405811d8838a704a1d5e19a1517a83aaa29fdc2e'|'ECB open to further step towards slow stimulus exit - minutes'|'  5:30pm BST ECB open to further step toward slow stimulus exit: minutes Flags in front of the European Central Bank (ECB) before a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. REUTERS/Kai Pfaffenbach By Francesco Canepa and Balazs Koranyi - FRANKFURT FRANKFURT European Central Bank policymakers are open to a further step toward reducing their monetary stimulus but are likely to move slowly out of fear of causing market turmoil, minutes of their last meeting showed on Thursday. With inflation in the euro zone slowly rebounding, the ECB is preparing to dial back its stimulus policy of ultra-low rates and massive bond purchases, but doing so without upsetting investors is proving a challenge after years of easy money. Rate setters meeting on June 7-8 discussed dropping a long-standing pledge to boost the ECB''s 2.3 trillion euros bond purchase program if necessary, a key element of their policy message. Eventually they decided against doing so because the euro zone''s economic recovery had yet to result in higher inflation - the bank''s main policy objective. But, confirming a Reuters exclusive, the central bankers said they could review that so-called easing bias at future meetings. "If confidence in the inflation outlook improved further, the case for retaining this bias could be reviewed," the ECB said in its policy accounts. German government bond yields hit new 18-month highs and the euro edged higher after the minutes were released as traders speculated on a "tapering" of the ECB''s debt-purchase program, due to run until December. They were resuming a rally started last week, when ECB President Mario Draghi hinted at possible policy tweaks. "The ECB’s tiptoeing towards tapering will continue," said ING economist Carsten Brzeski. "It should remain a very gradual and cautious process, given the ECB’s fear of taper tantrum." "CONTINUED CAUTION" In the minutes, the ECB stressed the need for "continued caution in communication" as any perception that it was moving away from its stimulus policy could roil financial markets, undoing some of its previous efforts. Indeed, ECB Chief Economist Peter Praet said earlier on Thursday the central bank needed to be patient and maintain a steady hand in policy as inflation was still far below its target of almost 2 percent. Despite a brisk economic rebound, inflation in the euro zone was 1.3 percent in June and is not expected to near 2 percent at least until 2019. ECB rate setters meeting in June said they found it "puzzling" that forecasts for core inflation had to be revised downwards despite stronger economic growth and a falling unemployment rate. Still, Draghi argued last week that accelerating growth would in itself provide support so the ECB could tighten policy somewhat to keep the broad level of financial accommodation unchanged. That message stirred markets, stoking speculation that policymakers could decide as early as September to reduce asset purchases from next year. The ECB''s asset buys are set to run until the end of the year and policymakers will decide in September or October whether to extend, reduce or gradually wind down the purchases. (Editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-idUKKBN19R1IJ'|'2017-07-06T19:17:00.000+03:00'
'f5ebe4b1bffbf2c1528fc0ef007765b94f79d907'|'U.S. cars a tough sell in South Korea even as Trump targets trade deal'|'Autos - Thu Jul 6, 2017 - 4:24am EDT U.S. cars a tough sell in South Korea even as Trump targets trade deal left right A Tesla Model S electric car is seen at its dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji 1/4 left right The logo of Tesla is seen on a steering wheel of its Model S electric car at its dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji 2/4 left right A Tesla Model S electric car is charged by a Destination Charger at its dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji 3/4 left right A Tesla Model S electric car is seen at its dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji 4/4 By Hyunjoo Jin - SEOUL SEOUL U.S. auto imports from the likes of General Motors and Ford Motor must become more chic, affordable or fuel-efficient to reap the rewards of President Donald Trump''s attempts to renegotiate a trade deal with key ally South Korea, officials and industry experts in Seoul say. Meeting South Korean President Moon Jae-in last week in Washington, Trump said the United States would do more to address trade imbalances with South Korea and create a level playing ground for U.S. businesses, especially carmakers, in the world''s 11th largest auto market by sales. While imports from automakers including Ford, Chrysler and GM more than doubled last year largely thanks to free trade deal which took effect in 2012, sales account for just 1 percent of a market dominated by more affordable models from local giants Hyundai Motor Co and affiliate Kia Motors Corp. Imports make up just 15 percent of the overall Korean auto market, and are mainly more luxurious models from German automakers BMW and Daimler AG''s Mercedes-Benz, which also benefit from a trade deal with the European Union. "Addressing non-tariff barriers would not fundamentally raise the competitiveness of U.S. cars," a senior Korean government official told Reuters, declining to be identified because of the sensitivity of the subject. "What we really want to say to the United States is: make good cars, make cars that Korean consumers like." TASTE BARRIER In Korea, U.S. imports are seen as lagging German brands in brand image, sophistication and fuel economy, industry experts say. U.S. imports do have a competitive advantage in electric cars: Tesla Motors'' electric vehicles are seen as both environmentally friendly and trendy, while GM has launched a long-range Bolt EV. U.S. Commerce Secretary Wilbur Ross had cited a quota in the current trade deal as an obstacle to boosting imports. The quota allows U.S. automakers to bring in each year 25,000 vehicles that meet U.S., not necessarily Korean, safety standards. Should GM, for example, decide to bring in more than its quota of one model - the Impala sedans - it would cost up to $75 million to modify the cars to meet Korean safety standards, the company told its local labor union. Asked about non-tariff barriers, a spokesman at GM''s Korean unit said removing them could expand the range of models the company can bring in from the United States. No U.S. company, however, has yet to make full use of the quota, industry data shows. GM, the most popular U.S. brand, sold only 13,150 U.S.-made vehicles last year. U.S. cars could also see the benefits of a renegotiated trade deal at a time when diesel-powered cars offered by Volkswagen''s are losing appeal following cheating on emissions tests. However, they still need to appeal to the locals, experts say. "Upgrading their vehicles and meet the luxurious taste of consumers is more important than complaining about non-tariff barriers," said Kim Pil-soo, a professor of engineering at Daelim University College near Seoul. (Reporting by Hyunjoo Jin; Additional reporting by Haejin Choi; Editing by Miyoung Kim and Miral Fahmy) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-southkorea-autos-usa-idUSKBN19R0RJ'|'2017-07-06T11:10:00.000+03:00'
'e3780eab0fb766669a11f676a6e4bff767382530'|'Keep EU doors open to Britain, say German finance minister and IMF chief'|'Business   5:47pm BST Keep EU doors open to Britain, say German finance minister and IMF chief German Finance Minister Wolfgang Schaeuble attends the weekly cabinet meeting at the Chancellery in Berlin, Germany, July 5, 2017. REUTERS/Axel Schmidt HAMBURG The European Union should keep its doors open to Britain if it wants to change its mind about leaving the bloc, German Finance Minister Wolfgang Schaeuble and International Monetary Fund chief Christine Lagarde said on Thursday. Speaking at an event ahead of the G20 summit in Hamburg, Schaeuble said it was not up to him to advise the British to change their decision, but added: "If Britain were to move in this direction, the door would be open, even after Brexit." Lagarde said the Brexit decision should not be made irreversible, adding the EU and Britain must continue to cooperate closely. Lagarde also noted there were global challenges which demanded more global cooperation but also other challenges that needed regional cooperation. For his part, Schaeuble said the United States would not remain the strongest power if it takes a "Just America" line. (Reporting by Gernot Heller, writing by Emma Thomasson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-g20-germany-brexit-idUKKBN19R2HC'|'2017-07-06T19:40:00.000+03:00'
'f72efdb313bafe8d8f82681e08f657d6ada97244'|'AXIS Capital to buy Lloyd''s of London insurer Novae for $605 million'|'Business News - Thu Jul 6, 2017 - 8:09am BST AXIS Capital to buy Lloyd''s of London insurer Novae for $605 million Lloyd''s of London insurer Novae Group Plc ( NVA.L ) said it had agreed to be taken over by AXIS Capital ( AXS.N ), a Bermuda-based speciality lines insurer and reinsurer, for 467.6 million pounds in cash. The 700 pence per share offer for Novae represents a premium of over 20 percent to the London-based insurer''s closing price on Wednesday. AXIS Chief Executive Albert Benchimol said the acquisition of Novae, which covers property, casualty, marine, aviation and political risk, would create an about $2 billion player in the London speciality market. "It (Novae) remains a relatively small player in a global industry. AXIS is a substantial and successful business which represents an excellent partner for the Novae business, its customers and employees," John Hastings-Bass, Chairman of Novae, said. AXIS operates in the United States, Europe, Singapore, the Middle East, Canada and Latin America. Insurers have been preparing for a wave of mergers and acquisitions, as valuations in the Lloyd''s insurance market became more attractive to overseas buyers due to a fall in the value of the pound after Britain voted to leave the European Union. Credit Suisse International and Fenchurch Advisory Partners LLP are the financial advisers to AXIS, while Evercore is advising Novae. Simpson Thacher & Bartlett LLP and Willkie Farr & Gallagher LLP are the legal advisers to AXIS. Slaughter and May is providing legal advise to Novae. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-novae-group-m-a-axis-capital-idUKKBN19R0KF'|'2017-07-06T10:09:00.000+03:00'
'1e280e32b291bb375202cf28b93bc565b3dab3ae'|'Online grocery startup Jumbotail raises $8.5 million in funding'|'July 6, 2017 / 5:52 AM / 8 hours ago Online grocery startup Jumbotail raises $8.5 million in funding 1 Min Read FILE PHOTO: A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. Mukesh Gupta/File Photo MUMBAI (Reuters) - Jumbotail, an Indian startup building an online wholesale marketplace for groceries, has raised $8.5 million in a funding round led by venture firm Kalaari Capital with the participation of Nexus Venture Partners. The Bengaluru-headquartered company will use the new funds to enhance technology and operational capabilities, Nexus said in a statement on Thursday. Founded in 2015 with a funding of $2 million by Nexus, Jumbotail has started operations in the southern city of Bengaluru and plans to gradually expand across the country. Reporting by Sankalp Phartiyal; Editing by Rafael Nam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/jumbotail-funding-idINKBN19R0EE'|'2017-07-06T08:52:00.000+03:00'
'656cb3065136a57e022353338195215dc06af99b'|'U.S. cars a tough sell in South Korea even as Trump targets trade deal'|'Autos - Thu Jul 6, 2017 - 9:12am BST U.S. cars a tough sell in South Korea even as Trump targets trade deal left right A Tesla Model S electric car is seen at its dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji 1/4 left right The logo of Tesla is seen on a steering wheel of its Model S electric car at its dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji 2/4 left right A Tesla Model S electric car is charged by a Destination Charger at its dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji 3/4 left right A Tesla Model S electric car is seen at its dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji 4/4 By Hyunjoo Jin - SEOUL SEOUL U.S. auto imports from the likes of General Motors ( GM.N ) and Ford Motor ( F.N ) must become more chic, affordable or fuel-efficient to reap the rewards of President Donald Trump''s attempts to renegotiate a trade deal with key ally South Korea, officials and industry experts in Seoul say. Meeting South Korean President Moon Jae-in last week in Washington, Trump said the United States would do more to address trade imbalances with South Korea and create a level playing ground for U.S. businesses, especially carmakers, in the world''s 11th largest auto market by sales. While imports from automakers including Ford, Chrysler and GM more than doubled last year largely thanks to free trade deal which took effect in 2012, sales account for just 1 percent of a market dominated by more affordable models from local giants Hyundai Motor Co ( 005380.KS ) and affiliate Kia Motors Corp ( 000270.KS ). Imports make up just 15 percent of the overall Korean auto market, and are mainly more luxurious models from German automakers BMW ( BMWG.DE ) and Daimler AG''s ( DAIGn.DE ) Mercedes-Benz, which also benefit from a trade deal with the European Union. "Addressing non-tariff barriers would not fundamentally raise the competitiveness of U.S. cars," a senior Korean government official told Reuters, declining to be identified because of the sensitivity of the subject. "What we really want to say to the United States is: make good cars, make cars that Korean consumers like." TASTE BARRIER In Korea, U.S. imports are seen as lagging German brands in brand image, sophistication and fuel economy, industry experts say. U.S. imports do have a competitive advantage in electric cars: Tesla Motors'' ( TSLA.O ) electric vehicles are seen as both environmentally friendly and trendy, while GM has launched a long-range Bolt EV. U.S. Commerce Secretary Wilbur Ross had cited a quota in the current trade deal as an obstacle to boosting imports. The quota allows U.S. automakers to bring in each year 25,000 vehicles that meet U.S., not necessarily Korean, safety standards. Should GM, for example, decide to bring in more than its quota of one model - the Impala sedans - it would cost up to $75 million to modify the cars to meet Korean safety standards, the company told its local labour union. Asked about non-tariff barriers, a spokesman at GM''s Korean unit said removing them could expand the range of models the company can bring in from the United States. No U.S. company, however, has yet to make full use of the quota, industry data shows. GM, the most popular U.S. brand, sold only 13,150 U.S.-made vehicles last year. U.S. cars could also see the benefits of a renegotiated trade deal at a time when diesel-powered cars offered by Volkswagen''s ( VOWG_p.DE ) are losing appeal following cheating on emissions tests. However, they still need to appeal to the locals, experts say. "Upgrading their vehicles and meet the luxurious taste of consumers is more important than complaining about non-tariff barriers," said Kim Pil-soo, a professor of engineering at Daelim University College near Seoul. (Reporting by Hyunjoo Jin; Additional reporting by Haejin Choi; Editing by Miyoung Kim and Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-autos-usa-idUKKBN19R0RL'|'2017-07-06T11:12:00.000+03:00'
'7216dc3a0f8560687340f2ad41128ccab6397f2a'|'Robot banker helps millennials manage money, plus students face £57,000 debt - Money'|'Money Talks Robot banker helps millennials manage money, plus students face £57,000 debt Also, the real reason why our pockets are empty and a chance to live la dolce vita in Naples Sign up to receive Money Talks each week Chip is a banking app that tries to dig you out of your overdraft, saving a little at a time when it thinks you can afford it. Photograph: Chip Money Talks Robot banker helps millennials manage money, plus students face £57,000 debt Also, the real reason why our pockets are empty and a chance to live la dolce vita in Naples Sign up to receive Money Talks each week View more sharing options'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jul/06/robot-banker-millennials-manage-money-student-debt'|'2017-07-06T22:37:00.000+03:00'
'ec914defcaf0c038262c451be476fd25641f6fe3'|'Singtel''s NetLink IPO set to price near low end, raise $1.7 billion: IFR'|'SINGAPORE NetLink NBN Trust, the broadband unit of Singapore Telecommunications (Singtel) ( STEL.SI ), is set to price its IPO near the bottom of expectations, raising about $1.7 billion in Singapore''s largest listing in more than four years.The offering is set to be priced at S$0.81 ($0.5865) per unit, Thomson Reuters publication IFR reported, citing two sources with knowledge of the transaction. The IPO had an indicative range of S$0.80 to S$0.93 per unit.NetLink is offering 2.9 billion units in the IPO, which will be the biggest in Singapore since Mapletree Greater China Commercial Trust''s ( MAPE.SI ) $2.06 billion listing in February 2013.It is slated for debut on the Singapore stock exchange on July 19.Singtel, Southeast Asia''s largest telco whose biggest shareholder is Singapore state investor Temasek Holdings [TEM.UL], did not immediately respond to an email seeking comment on the pricing.Singtel will own 24.99 percent of NetLink, which provides high-speed broadband network, after the IPO.(Reporting by S Anuradha of IFR; Additional reporting and writing by Aradhana Aravindan; Editing by Sherry Jacob-Phillips and Muralikumar Anantharaman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-netlink-trust-ipo-idUSKBN19S1H6'|'2017-07-07T14:46:00.000+03:00'
'182dab8a4ba8a45945121ccef6eb3d486d2da5be'|'COLUMN-Renewed slide in oil price will test U.S. shale profits: Kemp'|'LONDON U.S. independent oil and gas producers came close to breaking even during the first quarter of 2017 thanks to aggressive cost cutting and improvements in well productivity.Some shale producers claim they can drill wells profitably at prices well below $50 per barrel and in some cases below $40.But Harold Hamm, chief executive of Continental Resources, a major producer in North Dakota and Oklahoma, has said oil prices need to be above $50 to be sustainable.Prices below $40 would force producers to idle rigs again, he said in a recent interview (“Harold Hamm warns oil prices below $40 will idle U.S. drilling”, CNBC, June 28).The renewed drop in oil prices, unless quickly reversed, looks set to put these conflicting claims to the test.Fifteen independent producers with operations focused on the United States reported a combined net loss of $3.7 billion in the first three months of 2017 ( tmsnrt.rs/2uxKwbb ).But most of the losses were attributable to Marathon Oil, which reported a net loss of $4.9 billion, mostly as a result of an impairment charge linked to its Canadian oil sands businesses.The other fourteen companies in the sample reported total net income of almost $1.3 billion, up from a loss of $9.9 billion in the first quarter of 2016.Ten companies in the sample reported positive net income during the first quarter, up from just two in the previous quarter and none in the first quarter of 2016.Financial performance for the companies in the sample has been steadily improving since losses peaked at $23 billion in the third quarter of 2015.Shale producers have benefited from a combination of cost reductions, improvements in drilling efficiency and well productivity, and a significant increase in oil and gas prices.The average price of WTI, the domestic benchmark, rose from $33 per barrel in the first quarter of 2016 to $52 in the first quarter of 2017.The average price of gas delivered to Henry Hub rose from just $2 per million British thermal units to $3.07 over the same period.But benchmark oil prices fell by 7 percent in the second quarter, though gas prices were up 2 percent. Both oil and gas prices have slid so far in the third quarter.Given the precarious profitability of oil producers in the first quarter when oil prices were above $50, the slide in WTI during the second and third quarters will renew the pressure on drilling firms.Unless there are further exceptional write-downs, the sample group may be able to increase their net income in the second quarter despite the fall in prices.Many, though not all, shale producers have hedged the price of their output for the remainder of 2017 which gives them some protection in the short-term against the downturn.But very little production has been hedged so far for 2018. The current calendar strip means hedging is only possible for 2018 at a WTI price of around $47 - and many shale producers will actually receive less.(Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-shale-kemp-idUSKBN19S1R0'|'2017-07-07T15:18:00.000+03:00'
'a5b747f9e2431ee761fee67778217718c365e897'|'Asia hit by Wall St. stumble, debt yields spike after ECB minutes'|'July 7, 2017 / 1:09 AM / 27 minutes ago Global stocks, dollar, yields up after U.S. jobs report Sinead Carew 3 Min Read A trader at the Frankfurt stock exchange reacts on late afternoon trading results in Frankfurt, Germany, November 9, 2016. Kai Pfaffenbach/Files NEW YORK (Reuters) - Wall Street stocks rose on Friday along with the U.S. dollar and Treasury yields after data showed stronger-than-expected U.S. jobs growth but wage increases missed forecasts. Meanwhile oil prices erased previous-day gains after a report showed U.S. production rose last week just as OPEC exports hit a 2017 high, casting doubt on efforts to curb oversupply. Treasury yields and the dollar rose after falling right after the data was released as investors tried to figure out how the mix of strong jobs and weak wage growth would influence the U.S. Federal Reserve''s plans for a rate hike or balance sheet reduction. “The bond market has already priced in an extremely slow Fed ... It’s not massively altering its course based on this report because it’s kind of a mixed bag report," said Shyam Rajan, head of U.S. rates strategy at Bank of America Merrill Lynch in New York. While Wall Street''s S&P 500 was on track for a weekly decline, equities rose on Friday as investors were reassured after weaker-than-expected private jobs numbers the day before. "It definitely seems the economy is on firm footing and this is a nice solid report so we can look forward to earnings season coming up," said Ryan Detrick, senior market strategist for LPL Financial. "After yesterday''s big selloff this is kind of a relief." The Dow Jones Industrial Average rose 87.7 points, or 0.41 percent, to 21,407.74, the S&P 500 gained 14.04 points, or 0.58 percent, to 2,423.79 and the Nasdaq Composite added 59.93 points, or 0.98 percent, to 6,149.39. Bets that some of the world''s major central banks are moving closer to unwinding ultra-loose monetary policies have roiled markets this week as European Central Bank minutes showed policymakers are open to tightening. The pan-European FTSEurofirst 300 index lost 0.21 percent and MSCI''s gauge of stocks across the globe gained 0.10 percent. The U.S. dollar was up 0.3 percent against a basket of currencies and on pace to post its largest weekly percentage gain since late April. The greenback rose to two-month highs against the yen after the Bank of Japan increased its bond buying, expanding monetary policy when other central banks are moving to tighten. "We view today''s report as supportive of the Fed view that they can hike an additional time later this year, while starting to reduce the balance sheet in the fall," said Marvin Loh, senior global markets strategist at BNY Mellon in Boston. U.S. Treasuries were up after a Fed monetary policy report to Congress release in late morning. Benchmark 10-year notes last fell 7/32 in price to yield 2.3927 percent, from 2.369 percent late on Thursday. The 30-year bond last fell 21/32 in price to yield 2.9359 percent, from 2.904 percent late on Thursday. In Europe, German government bond yields rose to 18-month highs and lifted the euro but weighed on stocks. U.S. crude fell 3.19 percent to $44.07 per barrel and Brent was last at $46.57, down 3.2 percent on the day.   Sam Forgione and Gertrude Chavez-Dreyfuss in New York, Vikram Subhedar in London, Saikat Chatterjee; Editing by Mark Heinrich and Jeffrey Benkoe 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN19S057'|'2017-07-07T04:06:00.000+03:00'
'63b61f03ff6fa0cceb63d91fb3bf34f46b64a30b'|'Europe’s Bank Stocks Are Beating the Market'|'charted Europe’s Bank Stocks Are Beating the Market Aid to troubled lenders and expectations of higher interest rates are giving the group a lift. By More stories by Chiara Remondini Data: Bloomberg; graphic by Bloomberg Businessweek Good news in the euro-area countries that were at the heart of the region’s debt crisis is pushing bank shares higher even as the broader market declines. While lenders globally benefited from speculation of higher interest rates, the Euro Stoxx Banks Index got an additional boost in the past month from receding concern about lender stability after Banco Santander said it will take over Banco Popular Espanol, Italy committed to clean up two failed banks in its biggest rescue on record and the European Union formally approved state aid for Banca Monte dei Paschi di Siena. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-06/europe-s-bank-stocks-are-beating-the-market'|'2017-07-06T13:44:00.000+03:00'
'3d0375f509951af090b9dbc4807408ec2b267598'|'China''s Fosun says online rumors about chairman false after shares fall'|'Business News - Thu Jul 6, 2017 - 1:42am EDT China''s Fosun says online rumors about chairman false after shares fall FILE PHOTO: A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo SHANGHAI Chinese conglomerate Fosun saw shares in its listed units fall on Thursday, prompting it to refute online rumors that it had lost contact with its billionaire chairman, Guo Guangchang. The firm said in a statement Guo was in Shaanxi province giving a speech in the city of Xi''an and that online reports he had gone missing were "sheer rumor and malicious slander". "Fosun Group''s operations are all normal," it said. Shares in Fosun International Ltd, which has businesses ranging from insurance to French holiday firm Club Med, dropped 4 percent in morning trade, while Shanghai Fosun Pharmaceutical Group Co Ltd was down 7.5 percent. A number of high-profile Chinese executives have gone missing for short periods of time, making investors nervous. Guo was in the spotlight in 2015 when reports that he had gone missing sparked speculation that Fosun had been drawn into Beijing''s corruption crackdown. The company later said that he had been helping police with an investigation that mostly concerned his personal affairs. Sources told Reuters last month that China''s banking regulator has ordered a group of lenders to assess their exposure to offshore deals by a handful of firms that have been on an overseas buying spree. Those firms include Fosun as well as HNA Group, Dalian Wanda, Anbang Insurance Group and Zhejiang Luosen. (Reporting by Adam Jourdan; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-fosun-idUSKBN19R0DL'|'2017-07-06T08:42:00.000+03:00'
'6363521c02f6d1279ac3082c089726cd4d555570'|'Craft beer in America goes flat'|'JULY 4th is a day to celebrate American independence, first and foremost, but also to grill meat and swill beer. For American beer lovers in particular, the pint-glass runneth over in terms of choice. They had 5,000 breweries to pick from this year; 35 years ago there were under 100. Drinkers can enjoy time-honoured traditions, guzzling Budweiser to wash down all that sizzling beef, and newer ones such as sipping ale “finished with fennel, liquorice and anise” at Tørst, a Brooklyn bar.For the producers of beer, the mood is darker. Though the number of brands has proliferated, the number of drinkers has not. Sales have been flat for a few years and 2017 has been especially slow so far. The volumes of beer sold at stores for the three months to June 17th were 1% lower than in the same period last year, according to Nielsen, a market-research firm. Brewers are now waiting with some anxiety for data about sales during the July 4th holiday. “The start of the year has been as bad as I can remember,” says Trevor Stirling of Sanford C. Bernstein, a research firm. The dip is the result of two problems, one old and one new. First, the consumption of wine and spirits is growing more quickly than that of beer, and has been for nearly 20 years. Women are drinking more booze but often prefer wine and spirits. Men are turning to a wider range of drinks, including whisky and wine.The second difficulty is that after years of effervescent growth, craft beer has gone flat. Volumes grew in 2016, but half as quickly as in 2015 (see chart). In the 13 weeks to June 17th craft-beer sales and volumes both dropped, by 0.7% and 1.5%, respectively. It may be that craft beer has reached its natural limit, both because there are only so many people who want to buy it and because there is only so much shelf-space that stores can provide.Olivier Nicolai of Morgan Stanley, a bank, notes that many distributors and retailers are weary of dealing with a jumble of brands, with some cases of beer going bad before they can be sold. It is hard for retailers to know which beers to stock because consumers, spoiled for choice, have proved fickle. Sales of Saison farmhouse beers, a spicy pale ale, for example, rose by 28% in 2015, according to Nielsen, only to fall in 2016.As the market loses its fizz, debates are intensifying about whether independent beer companies can thrive in the shadow of behemoths such as AB InBev, which controls about half the American beer market. Last year the group, which is backed by 3G Capital, a New York-based private-equity firm, bulked up further by buying Britain’s SABMiller. By some measures AB InBev’s American division, Anheuser-Busch, looks less than intimidating. It is experiencing a much steeper drop in beer demand than craft brewers. In the four weeks to June 17th its Bud Light and Budweiser brands each saw volumes drop by more than 8%, declines not seen since 2009, in the depths of the financial crisis.But small brewers still fret about its scale. It has recently shown interest in buying small brands as well as big ones, downing nine American craft brewers in just the past three years. Some small brewers worry that AB InBev’s craft brands will push aside their own. Bob Pease of the Brewers Association in Boulder, Colorado, which represents independent beer firms, argues that AB InBev’s expanding portfolio of beer makers and its relationships with distributors may mean that few rivals make it onto delivery trucks. His group introduced a new seal in June to help consumers find properly independent brewers.João Castro Neves, head of AB InBev’s American business, disputes the idea that his company has a stranglehold on the market. “There is no way that Anheuser-Busch or anyone else can impose a beer on the consumer,” he insists. Brewers both large and small may find that increasingly hard to contest.This article appeared in the Business section of the print edition under the headline "Half-empty"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724864-slowing-beer-market-and-might-ab-inbev-has-small-brewers-worried-craft-beer-america?fsrc=rss%7Cbus'|'2017-07-06T22:49:00.000+03:00'
'5c490ea722429b7d4e7ae703a9f2ca115ec39ad4'|'$1 billion headache for Airbus as Qatar cancels four jets'|'Deals  22pm BST $1 billion headache for Airbus as Qatar cancels four jets left right A logo of Qatar Airways is seen at Hamad International Airport in Doha, Qatar June 12, 2017. REUTERS/Naseem Zeitoon 1/2 left right FILE PHOTO - A landing signal officer guides an Airbus A350-900 to be parked for the ILA Berlin Air Show in Selchow near Schoenefeld south of Berlin May 19, 2014. REUTERS/Tobias Schwarz 2/2 By Tim Hepher - PARIS PARIS Qatar Airways has axed orders for four A350s because of delivery delays, Airbus said on Thursday, handing the European planemaker a new headache over what to do with jets worth $1.2 billion at list prices as it tries to close a sales gap with rival Boeing. The Gulf carrier''s decision means Airbus will have to try to resell the 283-seat jets at a time when demand for big planes is softening, and could cost Airbus $60-80 million to rip out and replace interiors designed to fit the airline''s plush brand. "Smart players are not going to rush in, because other cancellations or deferrals may come," said veteran aircraft financier Bertrand Grabowski, former board member at DVB Bank. The cancellation follows concerns about delays and quality problems on cabin equipment for the A350, but also comes at a time when Qatar is entering the second month of a crisis caused by a ban on Qatar''s use of the airspace of four Arab nations. Qatar Airways Chief Executive Akbar Al Baker said earlier any delays were the planemaker''s responsibility. "We are asking Airbus to deliver it faster," he told a Dublin news conference. "The delay is from Airbus." An Airbus spokesman said the cancellations were related to "known supply chain issues". Asked what would happen to the undelivered A350-900 jets, he said: "They will be reallocated". Qatar Airways has a reputation for being demanding when reviewing aircraft for quality defects before delivery. Airbus has been wrestling with interior issues on the A350, including problems with the toilets. However, some analysts have said the Gulf political crisis may give the airline a further incentive to slow deliveries, compounding the impact of relatively weak oil prices. "All the Gulf carriers realize they have ordered too many wide-bodied aircraft and don''t have room for them, especially now," said an aircraft finance industry official. Al Baker last month denied the Gulf spat would interfere with Qatar Airways'' growth or aircraft deliveries. After a slow start to the year, Airbus said it had almost tripled its cumulative 2017 orders in June thanks to the Paris Airshow. But it ended the first half well behind Boeing, which grabbed most show headlines with a new version of its 737. Airbus took 248 orders between January and June, or 203 after cancellations. It delivered 306 aircraft over the same period including 30 A350s. As of June 27, Boeing had notched up 407 orders so far this year, or 361 after cancellations. (Reporting by Tim Hepher and Alexander Cornwell; Editing by Michel Rose and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airbus-orders-idUKKBN19R287'|'2017-07-06T20:21:00.000+03:00'
'e6d741fbaa77bb498997abe3f126868065cffa4e'|'Sweden''s iZettle 2016 loss narrows as it prepares for listing'|'Fintech  06pm BST Sweden''s iZettle 2016 loss narrows as it prepares for listing izettle1 STOCKHOLM Mobile payment solutions firm iZettle''s said on Thursday its loss narrowed last year while revenue grew sharply as the company prepares for a potential listing. One of Europe''s fastest growing tech start-ups, iZettle reported a 60 percent rise in revenue and said it expected to continue to improve profitability in 2017. The company offers small businesses a way to take payments using mini credit card readers that turn smartphones or tablets into cash registers. It also offers a financing service, invoicing and mobile payments. "We see a huge market potential as tens of millions of small businesses are still being under-served by traditional financial players," CEO Jacob de Geer said in a statement. "Going forward our focus continues to be building a world class company and preparing the company for a potential IPO." Last year''s revenue rose to 643 million Swedish crowns ($75.6 million) from 402 million crowns in 2015, while the net loss narrowed to 228 million crowns from 295 million in the previous year. The company is present in 12 markets in Europe and Latin America, and as it is licensed by Sweden''s FSA it can do business across the European Union. "When it is time for geographical expansion again, Europe is looking good," said Chief Marketing and Communications Officer Johan Bendz. ($1 = 8.5070 Swedish crowns)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-izettle-results-idUKKBN19R23N'|'2017-07-06T17:49:00.000+03:00'
'dc9993ed101c43766fcf00761d3c84a6bde26d58'|'Finance firms need freedom to choose location after Brexit'|'July 6, 2017 / 4:23 PM / in 6 minutes Finance firms need freedom to choose location after Brexit Huw Jones 5 Min Read Photographers adjust their cameras at the EU headquarters as Britain and the EU launch Brexit talks in Brussels, June 19, 2017. Eric Vidal LONDON (Reuters) - Finance firms should not be forced by regulators to change location after Britain leaves the European Union in 2019, Andrew Bailey, chief executive of the UK''s Financial Conduct Authority told a Reuters Newsmaker event on Thursday. Banks, insurers and asset managers based in Britain are already making contingency plans to shift some operations to continental Europe after Brexit takes effect in case access to the EU single market is closed off. But Bailey said Britain and the EU are in a position to preserve free trade for financial services, meaning such moves need not happen. "Firms should be able to take their own decisions on where they locate, subject to appropriate regulatory arrangements being in place which preserve the public interest," Bailey said, in his first major speech on Brexit since Britain triggered the formal EU divorce proceedings in March. "Authorities should not dictate the location of firms," he told an audience in Canary Wharf, home to some of the world''s biggest banks. Future financial sector relations between Britain and the EU should be based on "mutual recognition" or regulatory cooperation "but not exact mirroring" of rules, Bailey said. Frankfurt, Paris, Amsterdam, Luxembourg and Dublin are all vying for a slice of Britain''s financial services industry after Brexit. Bailey said such competition was good. But he also said Brexit should not be used as an excuse to restrict the ability to have open markets and freedom of location. "The roots exist to come out with sensible outcomes on this." Some companies have already announced plans to move people to continental European locations to retain access to the EU single market. Bailey said a transition period based on current trading arrangements was needed this year. This would avoid a "regrettable" situation whereby firms had to "press the button" on moves to the EU before they know what the outcome of Britain''s negotiations with the bloc will be. "It needs to be a sensible period," Bailey said. Bailey questioned whether restricting trade in this way was an inevitable or necessary response to Brexit. "When I hear people say firms need to re-locate in order to continue to benefit from access to EU financial markets, I start to seriously wonder." No Location Policies France and other EU countries, for example, want the clearing of euro denominated derivatives, which London dominates, "located" within the EU after Brexit. "It does not require a location policy," Bailey said. Joint oversight with the EU of clearing houses in London is "something that is very clearly preferable to the cost and risk that is introduced by a location based policy." Such joint oversight was already working well between the UK and United States regulators in clearing, he said. He dismissed talk in the EU that given the dominance of Britain''s financial services sector, the largest in Europe, there should be specific rules for the UK, rather than the existing general regime for recognising non-EU financial firms. "I do not accept that," Bailey said. Non-EU financial firms from the United States, Singapore and elsewhere can currently offer their services in the EU if their home regulation is deemed by Brussels to be "equivalent" or as tough as the bloc''s own rules. This regime should be applied to Britain in the same way. "It would not be the best outcome to adopt a special treatment for the oversight of outsourced service provision arrangements involving the UK and EU when there are already arrangements in place which can form the basis of an equivalence arrangement," Bailey said. No Race to the Bottom Britain was not interested in a "race to the bottom" in regulation after Brexit, he said. Britain has worked hard over the years to build up relations with EU and national regulators across the bloc, he said, though he conceded that he was already being locked out of EU regulatory discussions about Brexit. "It''s perfectly reasonable ... It does not concern me." There are already fears that asset managers in Britain will be prevented from managing funds based in the EU after Brexit, but Bailey said this longstanding cross-border "delegation" should continue. "It works well today. There is no reason to disrupt that model," Bailey said. Critics of Brexit have said that Britain will end up being a "rule taker", meaning it will have to copy and paste the bloc''s rules into UK law if it wants to maintain access in financial services. "I don''t want to be in a situation where we become a pure rule taker," Bailey said. Reporting by Huw Jones; editing by Jason Neely and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-regulation-bailey-idINKBN19R2BF'|'2017-07-06T19:22:00.000+03:00'
'f2ef42692f01abe77b617fae24c4907e7c1b8513'|'Hollywood studios dip their toes in virtual reality'|'OUTSIDE a squat grey building in Santa Monica, the California sun melts the tar. Inside, in a dark room roughly the size of a small shipping container, two men are exploring the world by means of virtual reality (VR). They squash spiders in an abandoned temple, hit a home run at Yankee Stadium and float through a Blade Runner-esque landscape, all in the span of eight minutes. It feels much longer than that, and also shorter—time is hard to grasp in VR.The creator of the experience is Walter Parkes, a former boss of DreamWorks Pictures, a film studio, who last year co-founded Dreamscape Immersive. The startup plans a chain of VR multiplex cinemas offering ten-minute interactive experiences for around $15 each. The first will open at a shopping mall near Beverly Hills at the end of the year; another 14 are planned for 2018. Mr Parkes says it costs about $2m to make a ten-minute VR experience, compared with around $200m for a big-budget Hollywood movie (not counting marketing and distribution). The economics work even though people are entertained for much shorter periods, he argues. The men and women over in Burbank, where the big studios are based, are interested. Dreamscape has attracted around $10m in investment from Fox, Warner Brothers and MGM, along with Steven Spielberg and Westfield, a shopping-centre operator. Disney has invested $66m in Jaunt, which makes tools for creating VR content. Warner Brothers recently announced a partnership with IMAX, which specialises in large-screen cinemas, to fund and create VR “experiences” for three upcoming films.Promotional and extra material for films in VR is the first priority. Later on studios expect VR to become a format of its own, a cross between movies and games. “The lines are getting blurred. They use a lot of the same tech, the same tools,” says Thomas Husson, an analyst at Forrester, a research firm.Hollywood is in a battle for attention as well as dollars. In the future Harry Potter fans, for example, may consider it a waste to go to an attraction in the English countryside when they can visit Diagon Alley at home in a headset. They may even do both. If studios get a grip of VR, every minute spent in a cinema could mean an extra one in a park and yet another in a headset.This article appeared in the Business section of the print edition under the headline "VR in La La land"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724859-fox-mgm-warner-brothers-and-steven-spielberg-are-among-those-investing?fsrc=rss%7Cbus'|'2017-07-06T22:49:00.000+03:00'
'85343740819f20a2d93540e37b59cca043029148'|'Dollar steadies after Fed minutes as markets await more central bank cues'|'Business News - Thu Jul 6, 2017 - 10:38am EDT Dollar slides after softer-than-expected U.S. private sector jobs data A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration By Gertrude Chavez-Dreyfuss - NEW YORK NEW YORK The dollar fell on Thursday after a round of weaker-than-expected U.S. labor market data, affirming a gradual pace for raising interest rates by the Federal Reserve. The greenback was already on the defensive after Wednesday''s issue of the Fed''s policy minutes failed to provide a clear picture of future interest rate increases. The slide extended with Thursday''s poor set of U.S. economic data. The ADP National Employment Report showed private sector payrolls increased by 158,000 jobs last month, lower than the 230,000 positions created in May and below economists'' expectations for a gain of 185,000. In a separate report, the Labor Department said initial claims for state unemployment benefits increased 4,000 to a seasonally-adjusted 248,000 for the week ended July 1. It was the third straight weekly increase in claims. "The slightly weaker-than-expected ADP figures added to the dollar''s heavier tone this morning and raised some concerns about a downside surprise to tomorrow''s broader non-farm payrolls report," said Omer Esiner, chief market analyst at Commonwealth FX in Washington. Wall Street economists predicted U.S. non-farm payrolls to grow by 179,000 in June, according to a Reuters poll. In May, the U.S. economy created 138,000 jobs. Daniel Silver, an economist at JP Morgan in New York, noted however that if the ADP figures were correct, the pace of job growth has likely remained above that needed to keep the unemployment rate steady over time. The U.S. services sector index was also released on Thursday, showing an index of 57.4 in June, compared with a forecast of 56.5. The employment index, however, fell to 55.8, compared with 57.8 in May, suggesting a cooling labor market. On Wednesday, the latest Fed minutes showed that policymakers were split on the outlook for inflation and how it might affect the future pace of interest rate rises. "The latest Fed minutes indicate that (Chair) Janet Yellen is preparing the ground work for unwinding its balance sheet at the end of the year and markets aren''t expecting large interest rate increases for now," said David Madden, markets analyst at CMC Markets in London. In mid-morning trading, the dollar index was down 0.4 percent at 95.954 .DXY. The dollar slipped 0.1 percent to 113.16 yen JPY= , after rising more than 1 percent this week. The euro, meanwhile, rose 0.4 percent to $1.1397 EUR= . The minutes of the ECB meeting nudged the euro higher as bond yields rose, though the single currency hemmed within recent trading ranges. (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Saikat Chatterjee in London; Editing by Frances Kerry) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-forex-idUSKBN19R02B'|'2017-07-06T03:54:00.000+03:00'
'19aeb45336b0325e5f4c7f6ffbc987cd5d1019b8'|'U.S. 30-year mortgage rates rise from November low - Freddie Mac'|'Market News - Thu Jul 6, 2017 - 10:38am EDT U.S. 30-year mortgage rates rise from November low - Freddie Mac NEW YORK, July 6 Interest rates on U.S. 30-year mortgages jumped from their lowest levels in more than seven months in line with a rise with U.S. Treasury yields in recent days, Freddie Mac said on Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 3.96 percent in the week ending July 6. Last week, the average 30-year rate was 3.88 percent, which was the lowest since 3.57 percent in the Nov. 10, 2016 week, the mortgage finance agency said. (Reporting by Richard Leong; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mortgages-freddiemac-idUSW1N1H000G'|'2017-07-06T17:38:00.000+03:00'
'6742691e8491d059837f43ebe77444c0b2636d55'|'EU charges Merck KGaA, GE, Canon over merger rules'|'Deals - Thu Jul 6, 2017 - 4:31pm BST EU charges Merck KGaA, GE, Canon over merger rules left right The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. REUTERS/Daniel Becerril 1/2 left right People are silhouetted against a display of the Canon brand logo at the CP+ camera and photo trade fair in Yokohama, Japan, February 25, 2016. REUTERS/Thomas Peter/File Photo 2/2 By Foo Yun Chee - BRUSSELS BRUSSELS General Electric ( GE.N ), German drugmaker Merck KGaA ( MRCG.DE ), and Japan''s Canon ( 7751.T ) risk hefty fines after EU antitrust regulators accused them of providing misleading information during separate merger deals. The European Commission said on Thursday that it had sent three separate charge sheets known as statements of objections to General Electric, Merck KGaA and Canon after investigations showed breaches of the bloc''s merger rules. While the charges will not affect the EU approvals of the deals, they could lead to fines of up to 1 percent of global revenue for Merck KGaA and General Electric, and up to 10 percent for Canon. GE was charged with providing misleading research and development information related to its takeover of Danish rotor blade maker LM Wind this year which secured the EU green light in March. GE''s research involved an offshore turbine that generates more than 10 megawatts, larger than the 6-megawatt offshore version that GE currently sells and that it acquired in its purchase of power assets from Alstom. The research was deemed relevant to both GE''s purchase of LM Wind and Siemen''s purchase of wind turbine maker Gamesa. The commission and GE are discussing the objections and potential fine, a process expected to last until September or October, according to people familiar with the case. GE spokesman Jim Healy declined to comment on details of the information GE did not put in its initial application, but said the company "responded forthrightly" to the EU''s concern and that GE is "having constructive cooperation" with the commission. "We expect that to continue." Merck KGaA was accused of failing to provide information about an innovation project for chemicals during the merger review of its Sigma-Aldrich takeover approved in June 2015. As a result Honeywell International Inc ( HON.N ) acquired the technology only after a year-long delay. The EU competition enforcer said Canon jumped the gun via a two-step warehousing move to acquire Toshiba Medical Systems Corp prior to securing regulatory approval. The deal was approved in September 2016. "Companies have to give us full and accurate information, so we can take the right decisions. These decisions require a forward looking assessment," European Competition Commissioner Margaret Vestige told a news conference. "That includes an assessment of the impact on innovation, an increasingly important part of the economy. And it should be the companies themselves telling us about their future strategies." GE and Merck KGaA said they acted in good faith while Canon said it would respond in due course. "There was no intent to mislead. When informed of the ECB''s concerns, we acted quickly and openly to resolve the issue," GE said in a statement. Vestige said the companies have until Aug. 30 and Sept. 1 to respond to the charges. Facebook Inc F.OB was hit with a 110-million-euro ($125 million) fine in May for providing misleading information during the EU review of its messaging service WhatsApp buy in 2014. (Reporting by Foo Yun Chee, additional reporting by Taiga Uranaka and Makiko Yamazaki in Tokyo, Alwyn Scott in New York and Victoria Bryan in Berlin; editing by Robert-Jan Bartunek/Keith Weir and Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-merck-ge-canon-idUKKBN19R10R'|'2017-07-06T15:19:00.000+03:00'
'3bf53bb9961bf9f4720b8a178503c71008233659'|'Qualcomm accuses Apple of infringing six patents in iPhone, iPad'|'July 6, 2017 / 8:38 PM / 9 minutes ago Qualcomm accuses Apple of infringing six patents in iPhone, iPad Diane Bartz 1 Min Read The audience assembles before the start of Apple''s annual developer conference in San Jose, California, U.S. June 5, 2017. Stephen Lam WASHINGTON (Reuters) - Chipmaker Qualcomm Inc ( QCOM.O ) will ask the U.S. International Trade Commission to bar Apple Inc ( AAPL.O ) from selling some iPhones and iPads in the United States on the grounds that they infringe on six Qualcomm patents. In a request that would broaden its legal battle with Apple, San Diego-based Qualcomm said it would ask the U.S. ITC to ban imports of infringing Apple devices. A related lawsuit was filed in federal court in California on Thursday to request monetary damages. Qualcomm, which also supplies chips to Apple, said the six patents help devices perform well without draining the battery. There has been long-running tension between the two companies over Qualcomm''s practice of taking a cut of the total price of the phone in exchange for "modem" chips that help phones use wireless networks data plans. Reporting by Diane Bartz; Editing by Cynthia Osterman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-apple-qualcomm-idINKBN19R2Y3'|'2017-07-06T23:31:00.000+03:00'
'9204f898ac93695a89644016199f358281bfd1d7'|'Konica Minolta to buy Ambry Genetics, deal worth up to $1 billion'|'Deals - Thu Jul 6, 2017 - 5:51am EDT Konica Minolta to buy Ambry Genetics, deal worth up to $1 billion A logo of Konica Minolta is pictured at a trade show for Japan''s manufacturing industry in Tokyo June 20, 2012. REUTERS/Yuriko Nakao By Sam Nussey - TOKYO TOKYO Konica Minolta Inc ( 4902.T ) said it was purchasing U.S. diagnostics company Ambry Genetics in a deal valued at up to $1 billion - an acquisition that marks a strategic shift for the Japanese firm''s healthcare business as it seeks a leading position in precision medicine. The deal is the largest ever for the photocopier maker, which has been seeking to diversify away its office equipment business. It pulled out of cameras about a decade ago. Konica Minolta said its advanced imaging technology complemented privately held Ambry''s genetic testing capabilities, with initial applications for combining the technologies seen in diagnosing hereditary cancer. "Together with Ambry, we will have the most comprehensive set of diagnostic technologies for mapping an individual''s genetic and biochemical makeup," Chief Executive Shoei Yamana said in a statement. In a transaction that will be partially funded by a Japanese state-backed fund, Konica Minolta said $800 million would paid in cash upon closure of the deal while $200 million could be paid over two years depending on financial performance. Konica Minolta, which has a market value of around $4 billion, will account for 60 percent of the investment, with the fund, the Innovation Network Corp of Japan (INCJ) accounting for the remaining 40 percent. INCJ, which was set up to help struggling Japanese companies, said it wanted to support the growth of the nation''s medical industry. The state-backed fund is also part of the consortium picked as preferred bidder in the $18 billion sale of Toshiba Corp''s ( 6502.T ) chip unit. (Reporting by Sam Nussey; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-konica-minolta-m-a-idUSKBN19R0PP'|'2017-07-06T10:53:00.000+03:00'
'd7be84cfa4051d101251a2659e74f6027a6f8679'|'SoftBank aims to raise $3 billion to $5 billion via bond issue: source'|'Deals - Thu Jul 6, 2017 - 12:36am EDT SoftBank aims to raise $3 billion to $5 billion via bond issue: source People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo By Kane Wu - HONG KONG HONG KONG Japan''s SoftBank Group Corp ( 9984.T ) is targetting raising between $3 billion and $5 billion through an offering of U.S. dollar bonds, according to a person familiar with the plans. The group has named Morgan Stanley, Bank of America Merrill Lynch and Deutsche Bank as joint global coordinators for a bond offering, it said in an announcement on Thursday, without disclosing the amount it plans to raise. A SoftBank spokesman said an issuance of hybrid bonds is under preparation, but declined to comment on details. The bond offering comes after the telecoms-to-investment conglomerate announced raising the world''s largest private equity fund – the nearly $100 billion Vision Fund backed also by Saudi Arabia''s main sovereign wealth fund - in May. It bought British semiconductor designer ARM Holdings last year for $32 billion and has been involved in a number of deals across the globe this year including acquisitions of two robotics business from Google''s parent company Alphabet Inc. Shortly after it announced the ARM deal, SoftBank said it was considering selling around $9.8 billion worth of hybrid bonds in the financial year that ended in March to bolster its capital base and secure funds for future growth. Hybrid bonds are often treated as quasi-equity by credit-rating firms, allowing companies to raise capital without hurting their ratings. SoftBank did not specify the purpose of the proceeds in the announcement on Thursday. It will meet fixed-income investors in Hong Kong, Singapore and London from tomorrow. The group is rated Ba1 by Moody''s and BB+ by S&P. (Reporting by Kane Wu; Additional reporting by Makiko Yamazaki in TOKYO; Editing by Muralikumar Anantharaman) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-softbank-group-bonds-idUSKBN19R0A4'|'2017-07-06T07:36:00.000+03:00'
'43fbc0062851dd6ccd6d8c70f3479db02dbd441b'|'EU, Japan officials seal trade agreement, EU official says'|'Business News - Wed Jul 5, 2017 - 2:57pm BST EU, Japan officials seal trade agreement, EU official says FILE PHOTO - European Commissioner for Trade Cecilia Malmstrom (L) and Japanese Foreign Minister Fumio Kishida (2nd R) attend their meeting as a part of the Japan-EU Economic Partnership Agreement negotiations at Iikura guest house in Tokyo, Japan 30 June 2017. REUTERS/Franck Robichon/Pool BRUSSELS Senior European Union and Japanese officials reached a free-trade agreement on Wednesday, paving the way for leaders to conclude the political accord on Thursday, European Trade Commissioner Cecilia Malmstrom said. "We''ve reached political agreement at ministerial level on an EU-Japan trade deal. We now recommend to leaders to confirm this at summit," she tweeted after meeting Japanese Foreign Minister Fumio Kishida in Brussels. "We ironed out the few remaining differences." Japanese Prime Minister Shinzo Abe is due in Brussels on Thursday to sign a political agreement with the heads of the main European Union political institutions. Senior EU officials said some issues, as well as legal technicalities, had to be worked out in the coming months before a full treaty would be ready for signing. "We agreed on almost everything that is important for either side," one senior EU official said after the talks. He said that EU food and drinks exporters would in time get almost completely tariff-free access to nearly all Japanese markets - a key European demand - and European carmakers would "not be disappointed" by a transition to ending tariffs on Japanese vehicle imports. Carmakers'' lobbies had sought at least a seven-year period before tariffs disappear. (Reporting by Alastair Macdonald, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-eu-trade-idUKKBN19Q1TE'|'2017-07-05T16:56:00.000+03:00'
'2c0dcf2b36d6325a47f73f9da49342a68366e209'|'Canada''s Exchange Income responds to Marc Cohodes shorting campaign'|'Market News - Wed Jul 5, 2017 - 10:20am EDT Canada''s Exchange Income responds to Marc Cohodes shorting campaign July 5 Canada''s Exchange Income Corp said on Wednesday it was aware of a "short and distort campaign" aimed at undermining the value of the company''s shares. Earlier on Wednesday, short seller Marc Cohodes told Reuters that he shorted the company''s stock, stating that Exchange Income cannot afford to pay its big dividend. Exchange Income said it was considering accelerating its share repurchase program. "The short report was deliberately released immediately following the end of the Company''s second quarter when EIC is in a quiet period, and is based on a number of statements, assumptions and opinions with which we strenuously disagree," Exchange Income said in a statement. (Reporting by John Benny in Bengaluru; Editing by Saumyadeb Chakrabarty) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hedgefunds-cohodes-eic-idUSL3N1JW46X'|'2017-07-05T17:20:00.000+03:00'
'391144c1ee77950401249a1c703cef4b33d47234'|'MOVES-Morningstar names Jason Dubinsky CFO'|'Market News - Wed Jul 5, 2017 - 9:31am EDT MOVES-Morningstar names Jason Dubinsky CFO July 5 Investment research firm Morningstar Inc named Jason Dubinsky chief financial officer, effective July 24. Dubinsky was most recently senior vice president and chief financial officer of planning and central operations for Walgreens Boots Alliance Inc. Dubinsky will report to Kunal Kapoor, Morningstar''s chief executive officer. (Reporting by Gayathree Ganesan in Bengaluru) * Monro Muffler Brake Inc - on June 28, 2017, Monro Service Corporation signed a three year supply agreement with Valvoline LLC- sec filing MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/morningstar-moves-jasondubinsky-idUSL3N1JW3ZB'|'2017-07-05T16:31:00.000+03:00'
'85853acbabd41aece8d9eea91059ba8393fc730f'|'Oil prices firm on rising political risk, but ample supply caps gains'|'Business News - Wed Jul 5, 2017 - 10:26am BST Oil slips after eight-session bull run on rising OPEC exports, strong dollar An employee pumps petrol for clients at a petrol station in Hanoi, Vietnam December 20, 2106. REUTERS/Kham By Karolin Schaps - LONDON LONDON Oil prices fell more than one percent on Wednesday, ending their longest bull-run in over five years, as climbing OPEC exports and a stronger dollar turned sentiment more bearish. Benchmark Brent crude futures were down 69 cents, or 1.4 percent, at $48.92 a barrel by 0900 GMT . U.S. WTI crude futures were down 80 cents, or 1.7 percent, at $46.27 a barrel after reaching a fresh one-month high of $47.32 earlier in the session. "High June OPEC production and the recent strengthening of the dollar should cap any attempt to push prices higher," said Tamas Varga, senior analyst at London brokerage PVM Oil Associates. Oil exports by the Organization of the Petroleum Exporting Countries climbed for a second month in June, Thomson Reuters Oil Research data showed. OPEC exported 25.92 million barrels per day (bpd) in June, up 450,000 bpd from May and 1.9 million bpd more than a year earlier. The rise in exports comes despite OPEC''s vow to rein in production until March 2018 and follows hot on the heels of Reuters'' monthly OPEC production survey which found output jumped to a 2017 high last month as OPEC members Nigeria and Libya continued to pump more. Traders were also eyeing weekly U.S. crude inventory data, delayed by a day due to the U.S. public holiday on Tuesday. A Reuters poll showed analysts expect weekly crude stocks to have fallen by 2.8 million barrels. The weekly data showed a surprise rise in inventories last week. [EIA/S] A firmer dollar also provided less incentive to invest in greenback-denominated commodities such as crude oil. Ongoing global security risks prevented any significant downside including North Korea''s missile test and a political crisis between Qatar and an alliance of Arab nations led by Saudi Arabia and the United Arab Emirates. "Rising geopolitical risks should provide some support to gold and oil prices," ANZ Bank said on Wednesday. (Additional reporting by Henning Gloystein in Singapore; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19Q05V'|'2017-07-05T05:01:00.000+03:00'
'2779b075a4ef41dc326c3b3ae1b4060fee1303db'|'No such thing as ''frictionless'' trade, Barnier warns Britain'|'Business News - Thu Jul 6, 2017 - 5:54pm BST No such thing as ''frictionless'' trade, Barnier warns Britain left right European Union''s chief Brexit negotiator Michel Barnier looks on during a working visit at the port of Zeebrugge, Belgium July 6, 2017. REUTERS/Eric Vidal 1/6 left right European Union''s chief Brexit negotiator Michel Barnier gestures during a working visit at the port of Zeebrugge, Belgium July 6, 2017. REUTERS/Eric Vidal 2/6 left right The European Union''s chief Brexit negotiator Michel Barnier addresses the European Economic and Social Committee plenary session in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 3/6 left right The European Union''s chief Brexit negotiator Michel Barnier addresses the European Economic and Social Committee plenary session in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 4/6 left right View showing a part of the cargo port of Zeebrugge, Belgium July 6, 2017. REUTERS/Eric Vidal 5/6 left right View showing a part of the cargo port of Zeebrugge, Belgium July 6, 2017. REUTERS/Eric Vidal 6/6 By Alastair Macdonald and Elizabeth Miles - BRUSSELS BRUSSELS The European Union''s chief Brexit negotiator Michel Barnier warned British ministers and businesses who are calling for "frictionless trade" with the EU after Britain leaves that that is "not possible". Addressing the EU''s EESC business and trade union forum in Brussels on Thursday, Barnier said London''s "red lines" for a future trade relationship meant Britain was definitely leaving the single market and the customs union, and only membership of both allowed "frictionless" trading arrangements. Prime Minister Theresa May is still hoping for trade that is "as frictionless as possible", her spokesman said in response. Barnier said he was unsure the EU''s insistence on preserving its own rules "have been fully understood across the Channel". "I have heard some people in the UK argue that one can leave the single market and keep all of its benefits - that is not possible," he said. "I have heard some people in the UK argue that one can leave the single market and build a customs union to achieve ''frictionless trade'' – that is not possible." Stressing time is tight for a deal before Britain leaves the bloc on March 30, 2019, Barnier said he was ready for a failure of talks and "no deal" but that would be damaging, especially to Britain, and he saw "no reasonable justification". "A fair deal is far better than no deal," he said, turning around May''s argument that no deal is better than a bad deal. He called for rapid agreement on priority issues in talks begun last month to build a "climate of trust" so that trade negotiations could begin as soon as possible. But in urging businesses to prepare for Brexit now, he stressed that whatever deal was done would carry "significant consequences". "A trading relationship with a country that does not belong to the European Union obviously involves friction," Barnier said. He cited disruption to cross-border traders processing value-added tax (VAT) and a need for all EU imports of animals and animal products to be tested at borders. Those issues are of particular concern in Ireland, where farming businesses on either side of the new UK-EU border on the island fear disruption. Barnier repeated EU willingness to make a priority of agreeing border issues on Ireland, where leaders on all sides fear a "hard" frontier could also undermine the fragile peace in the British province of Northern Ireland. Pressed by British and Irish delegates about the Irish border issue, Barnier said he understood Ireland was a special case but that the EU would also protect its own market. An EU free trade deal with Japan on Thursday was hailed by EU leaders as a sign of what the combined economic power of the bloc can achieve - and of what Britain will miss when it leaves. "In the context of the discussion about Brexit, we have heard statements claiming that it isn''t worth being in the European Union, as it is easier to do global trade outside of the EU," European Council President Donald Tusk told reporters. "Today we have shown that this is not true." EU Agriculture Commissioner Phil Hogan said the deal, which should boost European food and drink exports, "shows the importance of size in global trade negotiations". "No individual member state could ever hope to achieve what the EU can achieve together," Hogan said in a statement. London, where Trade Secretary Liam Fox welcomed the EU-Japan deal, may seek to emulate the Japan-EU deal''s benefits. (Additional reporting by Elizabeth Piper in London; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-barnier-idUKKBN19R0O9'|'2017-07-06T14:19:00.000+03:00'
'e7f49b72b287026bbf4e3973d5cd9232a83f342d'|'Guatemala''s court confirms suspension of Tahoe mining licenses'|'Market News  27pm EDT Guatemala''s court confirms suspension of Tahoe mining licenses GUATEMALA CITY, July 6 Guatemala''s Supreme Court on Thursday confirmed a preliminary decision to suspend two mining licenses belonging to the local unit of Tahoe Resources, citing violation of indigenous people''s rights. The decision affects the Escobal mine, Tahoe''s flagship mine and one of the world''s largest silver mines. (Reporting by Sofia Menchu)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/guatemala-mining-idUSE1N1JG006'|'2017-07-06T21:27:00.000+03:00'
'e1d27652085dec8d466daf09a053ed5cef57939a'|'Oil rises on U.S. crude stock draw, but prices remain weak'|'July 6, 2017 / 5:37 AM / in an hour Oil rises after signs of U.S. demand, but supply threat remains Amanda Cooper 3 Min Read Offshore oil platforms are seen at the Bouri Oil Field off the coast of Libya August 3, 2015. Darrin Zammit Lupi/Files LONDON (Reuters) - Oil rose on Thursday, recovering some ground after a surprisingly upbeat picture of U.S. demand halted the previous day''s steep slide, although the prospect of oversupply in 2018 has prompted yet more analysts to cut their price forecasts. Brent crude futures were up 67 cents on the day at $48.46 a barrel by 1154 GMT. The price fell as much as 4.6 percent at one point on Wednesday, before closing down 3.7 percent, its biggest one-day drop in a month. U.S. West Texas Intermediate crude futures rose 66 cents to $45.79 a barrel. Data from the American Petroleum Institute (API) on Wednesday showed U.S. crude inventories fell more sharply than expected, down 5.8 million barrels in the week to June 30, against expectations for a draw of 2.3 million barrels. This comes on the heels of last week''s set of data releases that painted a less worrying picture of supply in the United States, where crude output has moderated. "A change in fortunes is afoot this morning as the energy complex recoups some losses after an upbeat report from the API on U.S. petroleum stocks," PVM Oil Associates analyst Stephen Brennock said in a note. The oil price is heading for a 1.3 percent rise this week, but has tumbled from one-month highs just below $50 following evidence of rising exports and increased production from the Organization of the Petroleum Exporting Countries, despite the group''s commitment to bolster the market by cutting production. "Against expectations, OECD total oil inventories are still above 3 billion barrels and the recovery in Libyan and Nigerian supplies, coupled with a fast return of U.S. shale, should prevent steep stock draws ahead," Bank of America Merrill Lynch said, adding that output was set to rise further. The bank cut its average Brent forecasts to $50 this year and $52 per barrel in 2018, from $54 and $56 before. Bernstein Research reduced its average Brent forecasts for 2017 and 2018 to $50 per barrel each, from $60 and $70 previously. Bernstein said the reduction resulted from an expected increase in U.S. shale oil output. Denmark''s Saxo Bank said oil prices could rise towards $55 in coming months, but it expected lower prices towards the end of the year and into 2018, especially if OPEC and Russia fail to extend their production cut beyond the first quarter of 2018. Additional reporting by Henning Gloystein in SINGAPORE; Editing by Dale Hudson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN19R0DH'|'2017-07-06T08:32:00.000+03:00'
'4e61a862d9e4710976d7be8007e4284e9ec22ad1'|'France unveils new measures to lure bankers from London'|'Business News - Fri Jul 7, 2017 - 5:19pm BST France steps up efforts to lure London banks to Paris left right French Prime Minister Edouard Philippe, Valerie Pecresse, President of the Ile-de-France region, and Paris Mayor Anne Hidalgo attend a news conference to unveil a new raft of measures to make Paris more attractive for bankers fleeing Britain after Brexit, in Paris, France, July 7, 2017. REUTERS/Pascal Rossignol 1/3 left right French Prime Minister Edouard Philippe, Valerie Pecresse, President of the Ile-de-France region, and Paris Mayor Anne Hidalgo, Junior Economy Minister Benjamin Griveaux, President of Greater Paris Metropolis Patrick Ollier attend a news conference to unveil a new raft of measures to make Paris more attractive for bankers fleeing Britain after Brexit, in Paris, France, July 7, 2017. REUTERS/Pascal Rossignol 2/3 left right French Prime Minister Edouard Philippe attends a news conference to unveil a new raft of measures to make Paris more attractive for bankers fleeing Britain after Brexit, in Paris, France, July 7, 2017. REUTERS/Pascal Rossignol 3/3 By Jean-Baptiste Vey - PARIS PARIS French authorities on Friday stepped up efforts to attract London banks to Paris after Brexit by pledging to cut labor costs and ensure they do not face tougher regulations than European rivals. There is fierce competition between Paris, Frankfurt and other European cities to woo the banks based in the City of London financial center as they consider where to shift some operations to maintain access to the European Union''s single market after Britain leaves the bloc. Until now, Paris'' rivals, including Frankfurt, Dublin and Luxembourg, have been making the headlines as the locations banks, insurers and asset managers have chosen to open new hubs. "We are determined to make Paris more competitive and attractive," Prime Minister Edouard Philippe said, announcing that the government would scrap the highest bracket of payroll tax for firms like banks that do not pay VAT, and cancel a planned extension of tax on share trading. It would also make sure that bankers'' bonuses are no longer taken into account when labor courts decide on unfair dismissal compensation. The payroll tax France charges banks and some other sectors such as real estate and healthcare is a charge that companies pay on each salaried employee. It is not levied in most other European countries. Tax was a big concern for London bankers at a roadshow organized by a French finance industry lobby in February this year to promote Paris as a financial center. Philippe also pledged to review and change on a case-by-case basis the way EU financial regulations are transposed into French law, saying France had sometimes gone too far by imposing additional burden on businesses, compared to European rivals. Germany has said it is looking at making it easier to hire and fire senior bankers in a relaxation of its labor laws to help to attract financial firms to Frankfurt. LAST CHANCE President Emmanuel Macron, a former investment banker, has a hard task to convince the investment community that France does not see the financial sector as an "enemy" - a phrase once used by former socialist President Francois Hollande. As part of the charm offensive, France has pledged to build three more international schools targeted at expatriates'' children in the greater Paris region by 2022. In a trip to New York last month, Finance Minister Bruno Le Maire said France would set up a special court to handle English-law cases for financial contracts after Britain leaves the EU. For his part, Philippe will next week give a speech to bankers at a conference in Paris, where the chief executive of U.S. investment bank JP Morgan ( JPM.N ) Jamie Dimon is expected to attend, according to the agenda on the event''s website. The European Central Bank said on June 30 that banks should step up their Brexit preparations, while the Bank of England wants details of financial firms'' contingency plans by July 14. But Britain is also pushing for a Brexit deal that would allow UK-based finance firms to continue to operate relatively freely in the EU after March 2019, when Brexit is due to take effect. "We are confident that plans to lower corporation tax to 17 percent by 2020, (and) a commitment to boost national infrastructure and developing trading relationships with new international partners in the coming years will ensure that London remains a world-leading financial hub," the City of London said in a statement on Friday. (Writing by Maya Nikolaeva and Ingrid Melander; Editing by Mark Heinrich) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-france-idUKKBN19S1FZ'|'2017-07-07T13:36:00.000+03:00'
'eab9f5106689b0b7174daad389e420d989f11a40'|'''Limitless applications'': the ''magic powder'' that could prevent future crises - Guardian Sustainable Business'|'Max Opray Friday 7 July 2017 01.41 BST I t sounds like a distant dystopian crisis: a world where global food and water supply chains buckle under the strain of overpopulation and climate change, before being contaminated by weapons of mass destruction unleashed in a desperate fight for access to what little is left. While the crisis may not be as unrealistic or far away as it seems, scientists are already coming up with potential solutions. One is the curiously named metal organic frameworks (MOFs), a powder of nano-engineered crystals with an apparently endless variety of uses. One teaspoon of these crystals contain the surface area of an entire football field, and scientists have been able to customise them to absorb and store vast quantities of a desired substance. In 1998 Professor Omar Yaghi, a chemist who now works at the University of California, Berkeley, made the breakthrough that showed it was possible to craft structures that can be imagined as metal scaffolding at a molecular level, bound together by organic links. Less than two decades later, MOFs are being applied to purposes that even he could not have imagined, many of which would be particularly handy in a world falling apart – such as fabrics that can protect against chemical weapons , devices that can artificially replicate photosynthesis to transform carbon emissions into oxygen , and glowing crystals that can detect and trap contaminants in water . Nurturing nature: how green features can make a positive impact on business Read more Yaghi himself has developed a MOF that enables the harvesting of moisture out of the sky, and unlike other technologies that can already do this in high-humidity areas, the device using Yaghi’s powder works in the dry desertified conditions that are gradually expanding around the globe . “We are living in an uncertain time,” Yaghi observes, “and fresh water is going to be one of the most precious and sought-after resources to humanity.” In 2014, Yaghi reached out to MIT mechanical engineer professor Evelyn Wang about creating a machine capable of using his MOF technology. Wang and her team developed a transparent box with a top surface painted black to absorb solar heat, which prompts a reaction that delivers enough drinking water for a person’s daily needs with 1kg of the powder, even in areas of 20% air humidity. “During the night, these MOFs soak up the water from air, and when the sun comes up, the MOFs will release water to be collected due to the warmth of the sun,” Yaghi says. “Then these empty MOFs will be ready to absorb water from the air at night again.” An MOF water harvest prototype. Photograph: MOF Technologies Yaghi hopes these devices will enable people to access what he calls “personalised water” – off-grid and free of any impurities. MOFs can be applied to just about any purpose. The obstacle has long been producing enough of them at a cheap enough cost to be of any practical use. Some cost upwards of $10,000 per kilo to produce at a painstakingly slow pace. Over in Australia, at the CSIRO, Professor Matt Hill is leading the charge to find a way to make what he calls his “magic powder” commercially viable. When he and his team first started pitching MOFs to companies in 2008, Hill says there was plenty of interest: “People asked ‘could you just send us a bit to try out – maybe 50kg?’. The trouble was, we could only produce a teaspoon a week.” Today CSIRO’s startup MOFWORX can produce 10kg per hour on their pilot reactor (named Mindi, after a giant serpent of Indigenous Australian mythology that was said to spit out white powder) using a continuous process 20 times more efficient than the conventional batch process. In September 2016, the first ever commercialisation of a MOF was announced by another Australian – Paschal McCloskey, the CEO of UK-based MOF Technologies, a spin-out company from Queen’s University Belfast. The MOF in question can capture and store a gas that inhibits the hormone that prompts fruit and vegetables to rot, allowing for the safe storage of such foods for up to 12 months. This would enable further efficiencies for a food production process already being hampered by climate change . McCloskey says it is already in use in the US where fruit and vegetable storage provider Decco Worldwide has achieved FDA approval to roll it out, and is undergoing approval processes in countries across Europe and Africa. The company has 15 different MOFs they are seeking to commercialise, including two that MOF Technologies hopes to sell to carbon-intensive industries as a way to capture and convert carbon emissions. Smart city: using technology to tackle traffic and social isolation in Melbourne Read more MOF Technologies have expanded their production facility in preparation for capacity of between five and 10 tonnes of MOF production per year from 2018. The obscure and complicated nature of the technology makes it “tricky to get the foot in the door with big companies”, concedes MOF Technologies commercial director Phil Patterson, but he has found a pitch that resonates: “I tell them it has the highest surface area of any material known to man – that usually gets their attention.” An American Chemical Society study released early this year found that MOFs were approaching the projected costs of $10/kg for natural gas storage – the Advanced Research Projects Agency-Energy target – while a Royal Society of Chemistry study identified that further commercialisation of MOFs would require refinement of downstream processing, as methods used at the laboratory scale limited production rates. Back at Berkeley, the father of these super-absorbent structures believes scientists have “just scratched the surface” of the “essentially limitless” applications of the technology. Yaghi says it is “a pleasure to see that chemistry could combine molecular beauty and function in such a brilliant way as demonstrated by MOFs”. “Imagine, any slight change of the metal ions, the organic components, the shape and topology, or the combination of them could give you a completely different MOF to be used for different purposes. I am not surprised at all to see MOFs being applied to so many different purposes, and I believe more amazing things are going to come. “We have shown the world how it works; the rest is just fine tuning.” Topics '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/sustainable-business/2017/jul/07/limitless-applications-the-magic-powder-that-could-prevent-future-crises'|'2017-07-07T08:41:00.000+03:00'
'1e6c50384745601dcf3fcf889c256b4cdd6f8846'|'Hollywood studios dip their toes in virtual reality'|'OUTSIDE a squat grey building in Santa Monica, the California sun melts the tar. Inside, in a dark room roughly the size of a small shipping container, two men are exploring the world by means of virtual reality (VR). They squash spiders in an abandoned temple, hit a home run at Yankee Stadium and float through a Blade Runner-esque landscape, all in the span of eight minutes. It feels much longer than that, and also shorter—time is hard to grasp in VR.The creator of the experience is Walter Parkes, a former boss of DreamWorks Pictures, a film studio, who last year co-founded Dreamscape Immersive. The startup plans a chain of VR multiplex cinemas offering ten-minute interactive experiences for around $15 each. The first will open at a shopping mall near Beverly Hills at the end of the year; another 14 are planned for 2018. Mr Parkes says it costs about $2m to make a ten-minute VR experience, compared with around $200m for a big-budget Hollywood movie (not counting marketing and distribution). The economics work even though people are entertained for much shorter periods, he argues.  14 hours ago How   The men and women over in Burbank, where the big studios are based, are interested. Dreamscape has attracted around $10m in investment from Fox, Warner Brothers and MGM, along with Steven Spielberg and Westfield, a shopping-centre operator. Disney has invested $66m in Jaunt, which makes tools for creating VR content. Warner Brothers recently announced a partnership with IMAX, which specialises in large-screen cinemas, to fund and create VR “experiences” for three upcoming films.Promotional and extra material for films in VR is the first priority. Later on studios expect VR to become a format of its own, a cross between movies and games. “The lines are getting blurred. They use a lot of the same tech, the same tools,” says Thomas Husson, an analyst at Forrester, a research firm.Hollywood is in a battle for attention as well as dollars. In the future Harry Potter fans, for example, may consider it a waste to go to an attraction in the English countryside when they can visit Diagon Alley at home in a headset. They may even do both. If studios get a grip of VR, every minute spent in a cinema could mean an extra one in a park and yet another in a headset.This article appeared in the Business section of the print edition under the headline "VR in La La land"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21724859-fox-mgm-warner-brothers-and-steven-spielberg-are-among-those-investing?fsrc=rss'|'2017-07-06T22:49:00.000+03:00'
'4dab53862be183982f348e3d23d3c83915d5d3c6'|'Britain''s finance industry faces ''tipping point'' over Brexit'|'Top News - Thu Jul 6, 2017 - 1:21pm BST Britain''s finance industry faces ''tipping point'' over Brexit FILE PHOTO: Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh By Andrew MacAskill and Huw Jones - LONDON LONDON Britain will lose its status as Europe''s top financial centre unless it keeps borders open to specialist staff, improves infrastructure and expands links with emerging economies, TheCityUK said in a report published on Thursday. The report from Britain''s most powerful financial lobby group said continental Europe might eventually become the preferred destination for banks, insurers and asset managers as they relocate business there to retain access to the EU single market. Although companies may begin by initially shifting a small number of jobs to Europe this may begin to accelerate when property leases expire, they carry out business reviews, or when the cost of capital becomes uneconomical. "Shifts out of the UK may gradually erode the ''cluster effect'' of the financial ecosystem, with the threat of a tipping point in the ecosystem being reached," the group said in a 83-page document outlining how the industry can thrive over the next decade. READ MORE: Financial watchdog says firms must be free to choose location after Brexit Securing a favourable deal for financial services from the Brexit negotiations is one of the biggest challenges for the British government because it is its largest export sector and biggest source of corporate tax. Britain''s finance industry could lose up to 38 billion pounds in revenue in a so-called "hard Brexit" that would restrict its access to the EU single market, according to some estimates. The report said the government must ensure businesses can recruit people to fill skill gaps and must simplify the process of getting a visa. Brexit has already made it harder to attract people to Britain and the government is introducing policies making immigration more restrictive and expensive, the report said. It said the cost of hiring an employee on a five-year visa has risen by 250 percent to 7,000 pounds over the last year and the minimum salary a business may recruit staff for a visa has risen by almost half since 2015. Aside from Brexit, the report also looks at broader issues that threaten the competitiveness of the City of London as financial services hub, including a need to invest in transport networks and technology. READ MORE: Ominous signs from British firms, but euro zone loses momentum too It calls for government and financial services to work together closely to develop international trade policies and to improve the country''s digital and physical infrastructure, including speeding up travel times between airports and different financial centres around Britain. One financial services industry veteran who had independent access to the report said it lacked urgency and there was too little on the impact of Britain leaving the EU given that "Brexit is a catastrophe for the City." Mark Hoban, a former financial services minister who chaired the report, said that Brexit was only one of several challenges facing financial services. "The challenges facing financial services are much more than just about Brexit. It is about emerging financial centres and also, to a degree, about unmet needs in the UK as well," Hoban told Reuters. "There is a very clear appetite to tackle these issues at various levels of government."'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-finance-idUKKBN19Q31M'|'2017-07-06T02:06:00.000+03:00'
'75a530c6063add6c39912d0109510a092783ca28'|'Airbnb says had proposed alternative to forcing Paris hosts to register rentals'|'Technology News - Thu Jul 6, 2017 - 3:33pm EDT Airbnb says had proposed alternative to forcing Paris hosts to register rentals A woman talks on the phone at the Airbnb office headquarters in the SOMA district of San Francisco, California, U.S., August 2, 2016. REUTERS/Gabrielle Lurie PARIS Short-term rental website Airbnb said on Thursday it had proposed for Paris and other large French cities to create automated limits to ensure its hosts did not rent their property beyond the 120 days a year legal limit for a main residence in France. Airbnb was reacting after a Paris city council decision on Tuesday made it mandatory from December for people renting their apartments on short-term rental websites such as Airbnb to register their property with the town hall. The decision had been welcomed by French hoteliers, who see the rental service as unfair competition. "We had proposed Paris and other large French cities an alternative to the registration with the automatic blocking to 120 nights of lodgings on Airbnb in order to avoid hidden professional use (of the service)," Airbnb spokesman Aurelien Perol told Reuters. Airbnb will comply with the city of Paris'' decision though its solution would have been more efficient and less costly than the one chosen, he added. In the face of intense lobbying from the French hotel industry, Airbnb also stressed that it contributed to the development of tourism in France and was a source of extra income for many Parisian families, he said. With 350,000 listings, France is Airbnb''s second-largest market after the United States, and Paris, the most visited city in the world, is its biggest single market, with 65,000 homes. (Reporting by Dominique Vidalon, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-airbnb-hotels-reaction-idUSKBN19R2TT'|'2017-07-06T22:33:00.000+03:00'
'22c2ab02fdf90eeb35960092d219e2c8a68abf2b'|'EU, Japan seal free trade in signal to Trump'|'Business News - Thu Jul 6, 2017 - 5:40pm BST EU, Japan seal free trade in signal to Trump left right Japan''s Prime Minister Shinzo Abe shakes hands with European Council President Donald Tusk at the end of a EU-JAPAN summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 1/6 left right Japan''s Prime Minister Shinzo Abe (C) is welcomed by European Council President Donald Tusk (L) and European Commission President Jean-Claude Juncker at the start of a European Union-Japan summit in Brussels, Belgium July 6, 2017. REUTERS/Francois Walschaerts/Pool 2/6 left right Japan''s Prime Minister Shinzo Abe (R) is welcomed by European Council President Donald Tusk at the start of a European Union-Japan summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 3/6 left right Japan''s Prime Minister Shinzo Abe (R) is welcomed by European Council President Donald Tusk at the start of a European Union-Japan summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 4/6 left right Japan''s Prime Minister Shinzo Abe (L) holds a news conference with European Council President Donald Tusk (C) and European Commission President Jean-Claude Juncker during a EU-Japan summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 5/6 left right Japan''s Prime Minister Shinzo Abe (L) shakes hands with European Commission President Jean-Claude Juncker at the end of a EU-JAPAN summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 6/6 By Alastair Macdonald and Robert-Jan Bartunek - BRUSSELS BRUSSELS Japan and the European Union agreed a free trade pact on Thursday to create the world''s biggest open economic area and signal resistance to what they see as U.S. President Donald Trump''s protectionist turn. Concluded in Brussels on the eve of meetings with Trump at a summit in Hamburg, the "political agreement" between two economies accounting for a third of global GDP is heavy with symbolism. It leaves some areas of negotiation still to be finished, although officials insist the key snags have been overcome. "Ahead of the G20 summit tomorrow, I believe Japan and the EU are demonstrating our strong political will to fly the flag for free trade against a shift toward protectionism," Japanese Prime Minister Shinzo Abe told a joint news conference with EU institutional chiefs Donald Tusk and Jean-Claude Juncker. The "win-win" deal was, Abe said, "a strong message to the world". In the works for four years, it has been pushed over the line towards a final treaty signature in the coming months by the election of Trump and his moves to ditch a Pacific trade pact that included Japan and leave talks with the EU in limbo. "Although some are saying that the time of isolationism and disintegration is coming again, we are demonstrating that this is not the case," European Council President Tusk said. Juncker, president of the executive European Commission, played down prospects of any further negotiating problems and said he hoped the treaty could go into effect early in 2019. ALARM OVER "AMERICA FIRST" Fears of cheaper import competition for European carmakers and Japanese dairy producers were among the thorniest issues, but officials said the two sides were driven by a shared alarm at Trump''s apparent shift away from multilateral open trading systems towards an aggressive "America First" policy. Tariffs on much of their bilateral trade -- which Abe noted accounts for some 40 percent of total international commerce -- will be phased out over some years, and other economic areas, such as Japan''s public tender system, will be opened up. European farm lobby Copa-Cogeca called it "good news". Wine exporters alone should save 134 million euros a year in duty and no longer be a big disadvantage to U.S. and Australian wineries. The Japan Business Council in Europe, representing Japanese firms in the EU, said it would create "mutual prosperity". The Japan Automobile Manufacturers Association also welcomed it. Both the EU and Japan, which are also forging a parallel cooperation pact on broader political issues such as security, crisis aid and climate change, forecast that the trade deal will boost economic growth and employment in Japan and in Europe. One detail to be ironed out is how complaints from business over how authorities apply the treaty will be dealt with. That is a touchy subject in Europe due to concerns that trade pacts give too much power to big multinationals. European parliaments nearly blocked a deal with Canada last year over such issues. Juncker stressed the EU would not accept "private tribunals" ruling between business and states. But Greens in the European Parliament, which must ratify the treaty, were not impressed, complaining of a "rushed procedure" that was "not serious". Much remained unclear or unresolved, their leader Ska Keller said, calling also for it to do more to stop Japanese whaling. CARS, CHEESE AND BREXIT EU tariffs of up to 10 percent on Japanese cars will be phased out over seven years. Most EU food exports, including chocolate and biscuits, will see tariffs end over time. Duty of up to 29 percent on hard cheeses like Parmesan will fall to zero over 15 years. Quotas on soft cheeses like feta and mozzarella will still protect Japan''s culturally sensitive dairy sector. Japan will respect over 200 EU geographic protections on product names, like Parma ham or Polish wodka. Scotch whisky might not benefit, however, as Britain leaves the EU in 2019. Tusk took the opportunity to scoff at arguments in Britain for Brexit on the grounds that London could cut itself better trade deals without the EU''s economic weight behind it. In an ironic nod to Brexit supporters'' rallying cry of "Global Britain", Tusk, a former Polish premier, signed off a tweet confirming the Japan deal with the words "Global Europe!" (Additional reporting by Elizabeth Miles and Foo Yun Chee in Brussels and Kaori Kaneko in Tokyo; Editing by Gareth Jones) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-eu-trade-idUKKBN19R17U'|'2017-07-06T19:40:00.000+03:00'
'd9c36670a287bb424da33df1b7e9ad3037a2147d'|'PRESS DIGEST- Canada-July 6'|'July 6 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.THE GLOBE AND MAIL** Condo prices are surging in Greater Vancouver, while the market for detached properties has bounced back less than a year after a tax on foreign buyers cooled off sales. tgam.ca/2tjXsCE** Individual investors and private corporations own about 90 percent of Canada''s purpose-built rental apartment units and most markets with a higher concentration of individual investors have lower average rents, according to a new report from the Canada Mortgage and Housing Corp. tgam.ca/2tkfZyG** The Competition Bureau has entered Canada''s fight for fair ticketing practices, asking both original vendors and resale marketplaces to reveal that total value of event-ticket prices up front, rather than marketing "misleading" prices that avoid including service fees. tgam.ca/2tkflS0NATIONAL POST** In a rare interview, Bill McCaffrey, MEG Energy Corp''s nose-to-the-grindstone CEO, says Alberta''s oil industry has made many changes and deserves recognition for moving the sector forward. bit.ly/2tkl4Y7** The Canada Pension Plan Investment Board, which stood apart from other major pension plans and Canadian financial institutions because it didn''t have a chief risk officer, appears to have had a change of heart. Neil Beaumont, who was most recently vice-president of Finance Minerals America for BHP Billiton, will become chief financial and risk officer at CPPIB on July 24. bit.ly/2tkm26p (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL4N1JX0PK'|'2017-07-06T14:51:00.000+03:00'
'1f98a087265e2bf04e3c9e100d9dd3262d23f3f6'|'Financial watchdog says firms must have choice of location after Brexit'|'Top   6:20pm BST Finance firms need freedom to choose location after Brexit left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 1/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 2/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 3/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 4/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, poses for a photo as he arrives at the Reuters offices for an interview in London, Britain, July 6, 2017. REUTERS/Hannah McKay 5/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, poses for a photo as he arrives at the Reuters offices for an interview in London, Britain, July 6, 2017. REUTERS/Hannah McKay 6/6 By Huw Jones - LONDON LONDON Finance firms should not be forced by regulators to change location after Britain leaves the European Union in 2019, Andrew Bailey, chief executive of the UK''s Financial Conduct Authority told a Reuters Newsmaker event on Thursday. Banks, insurers and asset managers based in Britain are already making contingency plans to shift some operations to continental Europe after Brexit takes effect in case access to the EU single market is closed off. But Bailey said Britain and the EU are in a position to preserve free trade for financial services, meaning such moves need not happen. "Firms should be able to take their own decisions on where they locate, subject to appropriate regulatory arrangements being in place which preserve the public interest," Bailey said, in his first major speech on Brexit since Britain triggered the formal EU divorce proceedings in March. "Authorities should not dictate the location of firms," he told an audience in Canary Wharf, home to some of the world''s biggest banks. Future financial sector relations between Britain and the EU should be based on "mutual recognition" or regulatory cooperation "but not exact mirroring" of rules, Bailey said. Frankfurt, Paris, Amsterdam, Luxembourg and Dublin are all vying for a slice of Britain''s financial services industry after Brexit. Bailey said such competition was good. But he also said Brexit should not be used as an excuse to restrict the ability to have open markets and freedom of location. "The roots exist to come out with sensible outcomes on this." Some companies have already announced plans to move people to continental European locations to retain access to the EU single market. Bailey said a transition period based on current trading arrangements was needed this year. This would avoid a "regrettable" situation whereby firms had to "press the button" on moves to the EU before they know what the outcome of Britain''s negotiations with the bloc will be. "It needs to be a sensible period," Bailey said. Bailey questioned whether restricting trade in this way was an inevitable or necessary response to Brexit. "When I hear people say firms need to re-locate in order to continue to benefit from access to EU financial markets, I start to seriously wonder." NO LOCATION POLICIES France and other EU countries, for example, want the clearing of euro denominated derivatives, which London dominates, "located" within the EU after Brexit. "It does not require a location policy," Bailey said. Joint oversight with the EU of clearing houses in London is "something that is very clearly preferable to the cost and risk that is introduced by a location based policy." Such joint oversight was already working well between the UK and United States regulators in clearing, he said. He dismissed talk in the EU that given the dominance of Britain''s financial services sector, the largest in Europe, there should be specific rules for the UK, rather than the existing general regime for recognising non-EU financial firms. "I do not accept that," Bailey said. Non-EU financial firms from the United States, Singapore and elsewhere can currently offer their services in the EU if their home regulation is deemed by Brussels to be "equivalent" or as tough as the bloc''s own rules. This regime should be applied to Britain in the same way. "It would not be the best outcome to adopt a special treatment for the oversight of outsourced service provision arrangements involving the UK and EU when there are already arrangements in place which can form the basis of an equivalence arrangement," Bailey said. NO RACE TO THE BOTTOM Britain was not interested in a "race to the bottom" in regulation after Brexit, he said. Britain has worked hard over the years to build up relations with EU and national regulators across the bloc, he said, though he conceded that he was already being locked out of EU regulatory discussions about Brexit. "It''s perfectly reasonable ... It does not concern me." There are already fears that asset managers in Britain will be prevented from managing funds based in the EU after Brexit, but Bailey said this longstanding cross-border "delegation" should continue. "It works well today. There is no reason to disrupt that model," Bailey said. Critics of Brexit have said that Britain will end up being a "rule taker", meaning it will have to copy and paste the bloc''s rules into UK law if it wants to maintain access in financial services. "I don''t want to be in a situation where we become a pure rule taker," Bailey said. For live link to Newsmaker click on reut.rs/2thSd4S (Reporting by Huw Jones; editing by Jason Neely and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-regulation-bailey-idUKKBN19R0OW'|'2017-07-06T10:43:00.000+03:00'
'e2df8d4efd15e2453df9d44cff744afaa7ebd9d6'|'No such thing as ''frictionless'' trade, Barnier warns UK'|'July 6, 2017 / 7:47 AM / 33 minutes ago No such thing as ''frictionless'' trade, Barnier warns UK Alastair Macdonald 3 Min Read FILE PHOTO: European Union Chief Negotiator for Brexit Michel Barnier looks on during a news conference after a European General Affairs Ministers meeting in Brussels, Belgium May 22, 2017. Eric Vidal/File Photo BRUSSELS (Reuters) - The European Union''s chief Brexit negotiator Michel Barnier warned British ministers and businesses who are calling for "frictionless trade" with the EU after Britain leaves that that is "not possible". Addressing an EU business forum in Brussels on Thursday, Barnier said London''s "red lines" for a future trade relationship meant Britain was definitely leaving the single market and the customs union, while only membership of both permitted the current "frictionless" trading arrangements. Barnier said, according to remarks prepared for delivery, that he was unsure the EU''s refusal to grant single market access piecemeal and insistence on control of standards in the single market "have been fully understood across the Channel". "I have heard some people in the UK argue that one can leave the single market and keep all of its benefits – that is not possible," he said. "I have heard some people in the UK argue that one can leave the single market and build a customs union to achieve ''frictionless trade'' – that is not possible." Stressing that time was tight for a deal by the time Britain will be automatically out of the EU on March 30, 2019 -- "time flies," he said -- Barnier said he was ready to handle a failure of talks and "no deal" but that would be damaging, especially to Britain, and he saw "no reasonable justification" for it. "A fair deal is far better than no deal," Barnier said, turning around a phrase popularised by British Prime Minister Theresa May that no deal is better than a bad deal. He called for rapid agreement on priority issues in talks begun last month to build a "climate of trust" so that trade negotiations could begin as soon as possible. But in urging businesses to prepare for Brexit now, he stressed that whatever deal was done would carry "significant consequences". "A trading relationship with a country that does not belong to the European Union obviously involves friction," Barnier said. He cited disruption to cross-border traders processing value-added tax (VAT) and a need for all EU imports of animals and animal products to be tested at borders. Those issues are of particular concern in Ireland, where farming businesses on either side of the new UK-EU border on the island fear disruption. Barnier repeated EU willingness to make a priority of agreeing border issues on Ireland, where leaders on all sides fear a "hard" frontier could undermine the fragile peace in the British province of Northern Ireland. As an example of manufacturers with cross-border supply chains which would be disrupted by Brexit, Barnier cited the Welsh operations of Airbus. It draws skilled staff from across the EU, he said, and relied on EU rules to ease shipments of its aircraft wings to assembly lines in France and Germany. Editing by Robert-Jan Bartunek'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-barnier-idINKBN19R0OL'|'2017-07-06T10:43:00.000+03:00'
'4306c210eb21fb904462d84156be6c7b7e5a01f1'|'Microsoft to cut ''thousands'' of jobs - source'|'Technology   6:01pm BST Microsoft to cut ''thousands'' of jobs: source The Microsoft logo is shown on the Microsoft Theatre at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake Microsoft Corp ( MSFT.O ) plans to cut "thousands" of jobs, with a majority of them outside the United States, a person familiar with the matter told Reuters. The Redmond, Washington-based company is in the process of reorganizing its sales and marketing teams as it doubles down on its fast-growing cloud business. Reuters reported on Monday that the company would undergo a reorganization that would impact its sales and marketing teams. (Reporting by Salvador Rodriguez in San Francisco; Narottam Medhora and Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-microsoft-layoffs-idUKKBN19R2IO'|'2017-07-06T19:54:00.000+03:00'
'256502fe63314b9895673cac73d2f3586770d7df'|'French fashion house Lanvin to dismiss designer Bouchra Jarrar - source'|'Business News - Thu Jul 6, 2017 - 4:20pm BST French fashion house Lanvin to dismiss designer Bouchra Jarrar - source A woman walks past a Lanvin store in Paris, France, January 12, 2017. REUTERS/Christian Hartmann PARIS France''s oldest fashion brand Lanvin has decided to dismiss designer Bouchra Jarrar as it faces a deepening crisis amid slumping sales, a source close to the matter told Reuters on Thursday. Founded in 1889, Lanvin is one of France''s last major independent fashion labels in an industry dominated by multi-brand groups such as LVMH ( LVMH.PA ) and Kering ( PRTP.PA ). It has been in turmoil since the shock sacking in 2015 of previous designer Alber Elbaz after a boardroom dispute. Bouchra Jarrar, appointed in March 2016, "was seriously weakened by the lack of success of her collections," a source said, following reports of her expected departure from the fashion house. The source added that Jarrar would not be in charge of the Spring-Summer collection due for end-September. Neither Lanvin nor Jarrar could be reached for comment. Lanvin fell to net loss of 18.3 million euros (16.23 million pounds) last year, its first in nearly a decade, from a profit of 6.3 million in 2015, sources told Reuters last month. The loss is seen widening to 27 million euros in 2017, the sources said. Another source with access to the company''s results said sales fell 23 percent last year to 162 million euros and slumped a further 32 percent in the first two months of 2017. (Reporting by Pscale Denis; Writing by Ingrid Melander; Editing by Andrew Callus and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lanvin-designer-idUKKBN19R29L'|'2017-07-06T18:20:00.000+03:00'
'bd4883788f79fdd29b5cef6c17933b5221e275b6'|'Airbus signs deal to sell 140 planes worth $23 bln to China'|'July 5, 2017 / 6:11 PM / 5 minutes ago Airbus signs deal to sell 140 planes worth $23 bln to China 3 Min Read An Airbus A380, the world''s largest jetliner, takes part in flying display, during the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 25, 2017. Pascal Rossignol BERLIN (Reuters) - Airbus has signed an agreement to sell 140 aircraft to China, it said on Wednesday, in a deal worth almost $23 billion at list prices. The agreement, signed during a visit by Chinese President Xi Jinping to Germany, is for 100 A320 family aircraft and 40 A350 planes, Airbus said. "It''s one of the biggest deals that we''ve signed in a long time," Airbus Group Chief Executive Tom Enders told journalists after signing the deal in Berlin. The planes will be purchased by state-owned China Aviation Supplies Holding Company, which will then allocate them to Chinese airlines. The A320 planes will be a mixture of the older CEO and the new NEO version with revamped engines, while the majority of the A350 orders are for the -900 model. The deal is flexible pending negotiations with the airlines. Enders said he expected up to 50 percent of the A320 family planes would come from the Airbus final assembly line in China. Enders was making his first public appearance since Airbus rolled out a new structure, completing a recent merger between its parent company and its dominant planemaking arm, changes which included a shift in the reporting line for its commercial sales team to Enders. Enders said the shift in reporting lines for the sales team reflected the fact that commercial aircraft head Fabrice Bregier had been given more tasks in his new role as group-wide chief operating officer. With orders slowing and the focus shifting to the backlog, Enders said the shake-up allows Bregier to concentrate on deliveries. "This is merely a burden sharing mechanism because the focus should be on execution and this is what it''s all about," Enders said. "We have plenty of challenges on the execution side, be it the transition to the NEO, the ramp-up of the A320 family, the 350 family, not to mention the A400M, which is not entirely solved," he said. Enders also said the group was in talks with the Chinese over the A380 superjumbo, which has suffered slow sales. "It won''t happen overnight. It has to be intensively discussed," he said. Reporting by Victoria Bryan; editing by Maria Sheahan and Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airbus-china-idINKBN19Q2KR'|'2017-07-05T21:11:00.000+03:00'
'69d72294827781107ec05d0d86919825bedf5802'|'BRIEF-Instagram says introducing photo and video replies to Stories'|'Market News  11am EDT BRIEF-Instagram says introducing photo and video replies to Stories July 6 Instagram : TREASURIES-Yields jump on global central bank policy, oil price rise * Traders grapple with hawkish central bank shift * Oil price rise signals inflationary pressure * 10-year yields hit nearly 8-week high * 2-yr yields hit more than 8-year high in early trading By Sam Forgione NEW YORK, July 6 U.S. Treasury yields rose on Thursday, with benchmark yields touching nearly eight-week highs, on the prospect of hawkish global central bank policy and as rising oil prices suggested inflationary pressures. Analysts said traders w MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-instagram-says-introducing-photo-a-idUSFWN1JX0FK'|'2017-07-06T18:11:00.000+03:00'
'3786dd6a3d10d365e5a109200c60790cc9d1f915'|'$1 billion headache for Airbus as Qatar cancels four jets'|'PARIS Qatar Airways has axed orders for four A350s because of delivery delays, Airbus said on Thursday, handing the European planemaker a new headache over what to do with jets worth $1.2 billion at list prices as it tries to close a sales gap with rival Boeing.The Gulf carrier''s decision means Airbus will have to try to resell the 283-seat jets at a time when demand for big planes is softening, and could cost Airbus $60-80 million to rip out and replace interiors designed to fit the airline''s plush brand."Smart players are not going to rush in, because other cancellations or deferrals may come," said veteran aircraft financier Bertrand Grabowski, former board member at DVB Bank.The cancellation follows concerns about delays and quality problems on cabin equipment for the A350, but also comes at a time when Qatar is entering the second month of a crisis caused by a ban on Qatar''s use of the airspace of four Arab nations. Qatar Airways Chief Executive Akbar Al Baker said earlier any delays were the planemaker''s responsibility."We are asking Airbus to deliver it faster," he told a Dublin news conference. "The delay is from Airbus." An Airbus spokesman said the cancellations were related to "known supply chain issues". Asked what would happen to the undelivered A350-900 jets, he said: "They will be reallocated".Qatar Airways has a reputation for being demanding when reviewing aircraft for quality defects before delivery. Airbus has been wrestling with interior issues on the A350, including problems with the toilets.However, some analysts have said the Gulf political crisis may give the airline a further incentive to slow deliveries, compounding the impact of relatively weak oil prices."All the Gulf carriers realize they have ordered too many wide-bodied aircraft and don''t have room for them, especially now," said an aircraft finance industry official.Al Baker last month denied the Gulf spat would interfere with Qatar Airways'' growth or aircraft deliveries.After a slow start to the year, Airbus said it had almost tripled its cumulative 2017 orders in June thanks to the Paris Airshow. But it ended the first half well behind Boeing, which grabbed most show headlines with a new version of its 737.Airbus took 248 orders between January and June, or 203 after cancellations. It delivered 306 aircraft over the same period including 30 A350s. As of June 27, Boeing had notched up 407 orders so far this year, or 361 after cancellations. (Reporting by Tim Hepher and Alexander Cornwell; Editing by Michel Rose and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airbus-orders-idUSKBN19R287'|'2017-07-06T20:22:00.000+03:00'
'f29bd4d2abe81e3fc38e878a706d05b6f4e84f1a'|'IMF warns G20 that protectionism could damage global growth - World news'|'The International Monetary Fund has warned leaders in the run-up to the G20 summit in Hamburg that they are putting at risk a recovery in global growth by pursuing national policies at the expense of internationally agreed rules on trade and climate change.Hamburg braces for G20 violence as tensions rise over police tactics Read more In a barely veiled attack on the US president, Donald Trump, and his Russian counterpart, Vladimir Putin , who are expected to meet for the first time in the German city, the Washington-based lender of last resort said the “myopic pursuit of zero-sum policies” would prove damaging to all countries, including those that adopted them.Leaders of the G20 group of countries will meet on Friday amid growing concerns about the negative effects of globalisation on lower-income groups and developing countries.The IMF said the global economy was on an upswing and, in the short term, trade and GDP growth were expected to improve this year. But it warned that risks to growth remained, including from protectionist polices and a failure to cooperate in areas such as climate change.It said: “A well-functioning multilateral framework for international economic relations is another key ingredient of strong, sustainable, balanced and inclusive growth. Myopic pursuit of zero-sum policies can only end by hurting all countries, as history shows.“Because national policies inevitably interact in a number of vital areas, creating strong spillovers across countries, the world economy works far better for all when policymakers engage in regular dialogue and work within agreed mechanisms to resolve disagreement,” it said.Are you protesting at the G20 summit in Hamburg? Tell us why Read more Germany, which is chairing the G20, has mobilised thousands of police and deployed water cannon to deal with the huge influx of protesters expected.The G20 was set up after the 2008 financial crash to provide a broader and more inclusive institution than the G7 group of rich states. Its membership represents about 85% of global GDP and includes Argentina, Brazil, Canada, China, India, Turkey and several European Union countries, as well as the EU being a member itself. Theresa May is expected to arrive at the summit on Friday.In a blogpost to accompany the IMF report, the body’s managing director, Christine Lagarde, said: “Countries need to look for ways to guard against risk, accelerate growth, and leverage the power of international cooperation. No country is an island, and policies taken by any nation can resonate stronger and last longer with coordination from the other G20 members.”Lagarde is known to be concerned that many of the imbalances in the global economy that gave rise to the 2008 financial crash have yet to be addressed, especially the disparity between those countries with huge savings and those with persistent debts.Facebook Twitter Pinterest The head of the IMF, Christine Lagarde, urged countries to find ways to guard against risk. Photograph: Eric Gaillard/Reuters The report contrasts China, which it accuses of triggering a rapid expansion in output with borrowed money , with German policies that inhibit investment in infrastructure and encourage excessive saving .Lagarde is also concerned that European banks continue to lack the reserves needed to ward against another crash, and US banks will return to reckless lending under plans by Trump to loosen regulations.The report said: “A broad rollback of the strengthening of financial regulation and oversight achieved since the crisis could lead to lower capital and liquidity buffers or weakened supervisory stances, with negative repercussions for global financial stability. “In the medium term, failure to lift potential growth and make it more inclusive could damage social cohesion, and – in a self-defeating feedback loop – make it even harder to find the political consensus for necessary reforms.” Topics G20 Global economy International Monetary Fund (IMF) Trump administration Vladimir Putin Economics news'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/world/2017/jul/05/imf-warns-g20-that-protectionism-could-damage-global-growth'|'2017-07-05T03:00:00.000+03:00'
'5a45636514d59f5bb8ce1342e83036a9e6498971'|'Suspicious trades precede 19 percent of UK takeovers'|'Top News - Wed Jul 5, 2017 - 5:30pm BST Suspicious trades precede 19 percent of UK takeovers FILE PHOTO: Storm clouds are seen above the Canary Wharf financial district in London, Britain, August 3, 2010. REUTERS/Greg Bos/File Photo LONDON Suspicious share trading, which could indicate insider dealing, preceded 19 percent of UK takeover announcements in 2016, according to Britain''s markets watchdog on Wednesday. After a crackdown on insider trading there was a big drop in unusual market activity two days before takeover announcements, from around 30 percent to 15.2 percent between 2009 and 2014. Having crept back up from that level, the Financial Conduct Authority (FCA) said in its annual report the level has now stalled, being the same in 2016 as it was in 2015. "We will continue to monitor the results and gather market intelligence to enable us to draw robust conclusions about the underlying trend in insider trading activity," the FCA said. The FCA, which is among the few regulators to publish so-called market cleanliness figures, also said the number of enforcement cases it opened, which include market abuse and insider dealing, more than doubled to over 250 in 2016/17 from the previous year. However, it also closed around 60 percent of those cases without imposing any penalties, compared with 24 percent in 2015/16, one lawyer noted. "This surely prompts the question of whether investigations are now being opened simply to satisfy the criticisms levelled at the FCA in the Green report into HBOS, which said that the FCA was too cautious in its approach to opening investigations," said Joanne Stephens, an associate at law firm Kingsley Napley. The Green report, published by independent lawyer Andrew Green in 2015, investigated the causes of HBOS bank''s failure in 2008 and said authorities should review a decision at the time not to act against 10 executives. (Reporting by Huw Jones; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-markets-regulator-idUKKBN19Q2BH'|'2017-07-05T19:30:00.000+03:00'
'04c81d3b41034940f913d5da0a92b0f46fd44d09'|'PSA wins EU approval to buy GM''s German unit Opel'|'Autos - Wed Jul 5, 2017 - 11:08am EDT PSA wins EU approval to buy GM''s German unit Opel The logo of Opel is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 7, 2017. REUTERS/Arnd Wiegmann BRUSSELS French carmaker PSA Group ( PEUP.PA ) secured unconditional EU antitrust approval on Wednesday to acquire General Motors'' ( GM.N ) German unit Opel, a move which will help it better compete with market leader Volkswagen ( VOWG_p.DE ). The European Commission said the deal did not pose any competition concerns. PSA, the maker of Peugeot and Citroen cars, has pledged to return Opel and its British Vauxhall brand to profit. (Reporting by Foo Yun Chee; editing Robert-Jan Bartunek) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-opel-m-a-psa-eu-idUSKBN19Q222'|'2017-07-05T18:00:00.000+03:00'
'130fc1a9bb5cf7df2895a9f750953ae58f2fdde7'|'UK Stocks-Factors to watch on July 5'|'Market News - Wed Jul 5, 2017 - 1:30am EDT UK Stocks-Factors to watch on July 5 July 5 Britain''s FTSE 100 index is seen rising slightly at the open on Wednesday, according to financial bookmakers. * MAN GROUP: Man Group, the world''s biggest listed hedge fund, has closed down a quantitative trading division as it looks to focus on other strategies, Bloomberg reported citing a person with knowledge of the matter. ( bloom.bg/2sDAbNr ) * SHELL: Pakistan''s oil and gas regulator expects the first report this week on a road tanker explosion, involving a Shell Pakistan contractor, that killed 209 people, a spokesman for the regulatory authority said on Tuesday. Shell Pakistan Ltd, a subsidiary of energy giant Royal Dutch Shell, issued a statement shortly after the accident saying it would cooperate fully with all investigations. * WORLDPAY: Worldpay Group Plc, Britain''s largest payment processor, on Tuesday received rival bid approaches from U.S. credit card technology firm Vantiv Inc and JPMorgan Chase Bank, sending its shares up by more than 25 percent. * LSE: FTSE Russell is likely to restrict the inclusion of companies with unequal voting rights in some of its equity indexes, to address investor concerns over falling corporate governance standards, the CEO of the world''s largest index company, owned by the London Stock Exchange Group, said. * SPORTSDIRECT: Mike Ashley, the founder of British retailer Sports Direct , allegedly "secretly" paid the firm''s former CEO 1 million pounds a year as a bonus from his personal funds to allegedly keep down the pay of other staff, the Guardian reported. ( bit.ly/2tFS2Tv ) * NORTH KOREA: North Korea said on Wednesday its newly developed intercontinental ballistic missile (ICBM) can carry a large nuclear warhead, triggering a call by Washington for global action to hold it accountable for pursuing nuclear weapons. * QATAR: Qatar announced plans for a steep rise in Liquified Natural Gas (LNG) production capacity on Tuesday that suggested it was ready for a protracted dispute with Gulf neighbours, but Doha said it was doing all it could to reach agreement. * UK SHOP PRICES: Overall prices in British shops fell in June at the slowest annual pace since November 2013, the British Retail Consortium (BRC) said on Wednesday, adding it expects rising inflation pressure soon to prompt outright price increases. * UK HOUSEHOLDS: A Bank of England policymaker who last month voted to raise interest rates was quoted as saying on Tuesday that he was "reasonably confident" that investment and exports would compensate for a consumer slowdown. * OIL: Oil dipped on Wednesday, pulled down by another rise in OPEC supplies despite a pledge to cut production, but geopolitical tensions in the Korean peninsula and the Middle East put a floor under prices. * GOLD: Gold prices edged up on Wednesday as tensions on the Korean peninsula stoked safe-haven demand for the metal, while the release of minutes from the U.S. Federal Reserve''s last meeting was also in focus. * COPPER: London copper was treading water on Wednesday amid heightened risk aversion in Asia following a North Korean missile test, while strike threats at a South American copper mine lent support to prices. * The UK blue chip index ended down 0.3 percent at 7,357.23 points on Tuesday, as a rally in Worldpay shares to a record high was not enough to offset a broad-based decline among British shares, after a strong start to the second half for the UK''s top share index. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Persimmon Plc Trading Statement SIG Plc Half Year Topps Tiles Plc Q3 Booker Group Plc Q1 Ocado Group Plc Half Year McCarthy & Stone Plc Trading Statement TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JW222'|'2017-07-05T08:30:00.000+03:00'
'cfe6f4de5bc49fd2f65241b6d13620219f39fbc4'|'Geely''s Volvo to go all electric with new models from 2019'|'Technology News - Wed Jul 5, 2017 - 12:40pm EDT Geely''s Volvo to go all electric with new models from 2019 left right Volvo Cars'' CEO Hakan Samuelsson speaks during an interview at the Volvo Cars Showroom in Stockholm, Sweden July 5, 2017. TT News Agency/Jonas Ekstromer/via REUTERS 1/2 left right FILE PHOTO: A Volvo logo is pictured on the stand during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse/File Photo 2/2 By Niklas Pollard - STOCKHOLM STOCKHOLM All Volvo car models launched after 2019 will be electric or hybrids, the Chinese-owned company said on Wednesday, making it the first major traditional automaker to set a date for phasing out vehicles powered solely by the internal combustion engine. The Sweden-based company will continue to produce pure combustion-engine Volvos from models launched before that date, but its move signals the eventual end of nearly a century of Volvos powered solely that way. While electric and hybrid vehicles are still only a small fraction of new cars sales, they are gaining ground at the premium end of the market, where Volvo operates and where Elon Musk''s Tesla Motors has been a pure-play battery carmaker from day one. As technology improves and prices fall, many in the industry expect mass-market adoption to follow. "This announcement marks the end of the solely combustion engine-powered car," Volvo Cars CEO Hakan Samuelsson said. The company, owned by Zhejiang Geely Holding Group, said five new models set to be launched in 2019 through 2021 - three of them Volvos and two Polestar-branded - would all be fully electric. "These five cars will be supplemented by a range of petrol and diesel plug in hybrid and mild hybrid 48-volt options on all models," Volvo said. "This means that there will in future be no Volvo cars without an electric motor." The electric models will be produced at Volvo plants world-wide - it has factories in Europe and China and is building one in the United States - while development costs will be met from within its existing budget, Samuelsson told Reuters. "This also means we won''t be doing other things. We of course will not be developing completely new generations of combustion engines," he said about future investment needs. Volvo has invested heavily in new models and plants since being bought by Geely from Ford in 2010, establishing a niche in a premium auto market dominated by larger rivals such as Daimler''s Mercedes-Benz and BMW. Part of its strategy has also been to embrace emerging technologies that allow higher performance electric vehicles as well as, eventually, self-driving cars. Only last month, Volvo said it would reshape its Polestar business into a standalone brand, focused on high-performance electric cars aimed at competing with Tesla and the Mercedes AMG division. Volvo has also said it will build its first fully electric car in China based on its architecture for smaller cars which will be available for sale in 2019 and exported globally. Still, Volvo is not alone among traditional carmakers in pushing strongly into electrics and plug-ins – or among premium brands in resorting to 48V mild hybrid systems to lower fuel consumption and CO2 emissions from their combustion-engine cars. Among them, BMW plans to introduce an electric version of its popular 3 series in September to meet the challenge from Tesla, Handelsblatt reported last month. Volvo has also taken steps towards an eventual listing, raising 5 billion crowns from Swedish institutional investors through the sale of newly issued preference shares last year, though the company has said no decision on an IPO has been made. "It is still an option and a question for our owner," Samuelsson said. (Additional reporting by Laurence Frost; Editing by David Evans and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volvocars-geely-electric-idUSKBN19Q0BJ'|'2017-07-05T07:00:00.000+03:00'
'c5027d2760784f821eb3ab47c2a77478bbcb98a6'|'Michelin buys 40 percent stake in Robert Parker wine guide firm'|'Deals  33am BST Michelin buys 40 percent stake in Robert Parker wine guide firm FILE PHOTO - The logo of French tyre maker Michelin is seen on an empty podium during the company''s First-Half 2015 results presentation in Paris, France, July 28, 2015. REUTERS/Stephane Mahe PARIS Michelin ( MICP.PA ), the tire giant and owner of the Michelin gourmet restaurant guide, has bought a 40 percent stake in the Robert Parker Wine Advocate - the fine wine guide of influential critic Robert Parker. Parker is considered by many within the industry as the world''s most powerful wine critic, and Michelin said in a statement that the acquisition would enrich the restaurant guide part of its business. The financial terms of the deal were not disclosed. Parker, who has had an unprecedented impact on the world of wine through his 100-point scoring system that can make or break wineries, founded the Robert Parker Wine Advocate in 1978. His publication produces nearly 40,000 reviews annually. The Robert Parker Wine Advocate and Michelin have already been working together since 2016 in Singapore, Hong Kong and Macau on upmarket wine and dining events. Alexandre Taisne, chief executive officer of Michelin''s Food and Travel Business, told Reuters by phone: "These services, which are aimed at creating memorable experiences, will be rolled out in Asia, the United States and Europe by 2019." The majority of the capital of Robert Parker Wine Advocate is currently in the hands of Asian investors. France awarded Robert Parker the Legion of Honour award in 1999 to commemorate the U.S. critic''s work. (Reporting by Dominique Vidalon; Additional reporting by Pascale Denis; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-michelin-acquisition-robert-parker-idUKKBN19Q15X'|'2017-07-05T13:25:00.000+03:00'
'4a81d8a3df5929c3644ae82dddcd1d0f744a2e0d'|'METALS-Copper down on rising stockpiles, strike threat curbs losses'|'Market News - Wed Jul 5, 2017 - 12:38pm EDT METALS-Copper down on rising stockpiles, strike threat curbs losses * LME/ShFE arb - tmsnrt.rs/2oQ5nm2 (Updates with closing prices, nickel outlook) By Zandi Shabalala LONDON, July 5 Copper prices eased for a fourth straight session on Wednesday on a surge in warehouse stocks but the threat of strike action at two Chilean mines curbed losses. Benchmark copper on the London Metal Exchange slipped 0.9 percent to a one-week low of $5,841 per tonne in official trade. "The threat of a strike will restrict the downside, without that sort of news the price might have fallen much further," said Robin Bhar, an analyst at Societe Generale. "The supply side and disruptions are to some extent offsetting the more bearish news surrounding the stock increases." STOCKS: On-warrant copper inventories in LME warehouses - those not earmarked for shipment and available to investors - have soared by 47 percent to 213,900 tonnes since June 28 after inflows into mostly Asian depots, LME data showed. MCUSTX-TOTAL ANTOFAGASTA: A decline in copper prices was offset by news that Chilean miner Antofagasta was facing potential strikes from workers and supervisors at two of its mines as contract talks continue. POTENTIAL STOPPAGE: The combined annual production at both Chilean mines is 160,000 tonnes of copper. TECHNICALS: Prices, which failed near resistance at $6,000 a tonne, are now easing to support at the 100-day moving average of $5,774. CHINA: China''s services sector grew at a slower pace in June as new orders slumped, signalling renewed pressure on businesses and pointing to a softening outlook for the economy of the world''s largest consumer of commodities such as copper. DOLLAR: A softer dollar has helped underpin prices as it makes dollar-denominated products cheaper for non-U.S. buyers, potentially boosting demand. BAUXITE, NICKEL: Indonesia has issued recommendations to two more companies to allow them to export mineral ores. NICKEL: Nickel ended 0.2 percent lower at $9,160 after touching a one-week low of $9,070. The metal fell 2.2 percent in the previous session on plentiful supply from Indonesia and the Philippines. SUPPLY: "With the caveat that Indonesian and Philippine supplies are perennially liable to disruption, weaker demand seems likely to exert downward pressure on prices, with support seen at $8,700 and resistance at $10,000," Sucden Financial said in its third-quarter metals outlook. PRICES: Aluminium ended slightly firmer at $1,929, lead fell 1.5 percent to $2,265, tin lost 1.4 percent to $19,675 while zinc eased 0.4 percent to $2,781.50. (Additional reporting by Melanie Burton in Melbourne; Editing by Edmund Blair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1JW2SV'|'2017-07-05T13:22:00.000+03:00'
'a0fc3a26b921f6727e96d602758d1f21b569d7a3'|'Japan Inc scrambles for job-hoppers to cope with labour shortages'|'July 5, 2017 / 6:12 AM / a few seconds ago Japan Inc scrambles for job-hoppers to cope with labor shortages By Tetsushi Kajimoto 5 Min Read Hiroaki Okutani (R), 57, a contract worker of Ueda Co., Ltd., wears an Atoun Inc. Power Assist Suit (AWN-03B), as he works at a distribution center in Kawasaki, Japan June 22, 2017. Toru Hanai TOKYO (Reuters) - Japan''s labor shortage has pushed job-hopping to its highest since the global financial crisis, as companies scramble for workers with experience in the rapidly-ageing economy. Job-hopping goes against the grain of Japan''s work culture, where many companies hire graduates and employ them until they retire. But the country''s jobs-for-life system is slowly giving way as firms curb labor costs and society shifts. Switching jobs for better conditions is no longer taboo amid a tightening labor market, and the trend is being led by mid-career workers. "There''s always a risk of failure. But you can''t get what you want if you don''t try," said Hiromichi Itakura, 44, head of a medical job placement department at Saint Media Inc in Tokyo, who changed jobs in January. "I took up this job because it gives me a more responsible post. As a salary man, I also wanted a higher salary," he said, adding that his pay is now 20 percent higher than previously. The number of job-hoppers rose for the seventh straight year to 3.06 million in 2016, the highest since 2009, though it still accounts for just 4.8 percent of the labor market. Older workers have more opportunities because of demographics: a fast-ageing society, low birth rate and falling working-age population. The jobless rate has stood at a near two-decade low while the jobs-to-applicants ratio is at a 43-year high. Big firms say the labor market is at its tightest since 1992, according to the Bank of Japan''s latest "tankan" survey published this week. Though job turnover is still low relative to other major economies - the change should be welcome news to Prime Minister Shinzo Abe, who has been championing labor flexibility and merit-based pay - with little success so far. Enhancing labor mobility is expected to help raise low productivity and boost wages, getting Japan convincingly out of a deflationary rut. Competition for Workers Companies facing labor shortages are willing to pay for battle-tested workers who don''t need as much training. Electric motor maker Nidec Corp is actively hiring mid-career engineers and remunerating them for their experience. "Competition is tough for tried-and-true personnel," a company spokesman said on condition of anonymity. "We are doing our best to persuade talented people to join our company." Job-hoppers aged between mid-40s and 65 or older are on the rise, hitting their highest, according to comparable data going back to 2002. Hiroaki Okutani, 57, a contract worker of Ueda Co., Ltd., wears an Atoun Inc. Power Assist Suit (AWN-03B) at a distribution center in Kawasaki, Japan June 22, 2017. Toru Hanai "The mid-career job market is booming," said Hirofumi Amano of en-japan inc, a job placement agency. People older than 35 used to be considered past their prime in the mid-career market but these workers are now sought after. Companies are seeking experienced managers and engineers and offering higher pay, Amano said. Workers who secured higher salaries from changing jobs outnumbered those whose paychecks shrank, labor ministry data from 2015 showed. A quarter of job-hoppers saw their salaries rise by 10 percent or more. In comparison, average base wages in April rose just 0.4 percent from a year earlier. The International Monetary Fund has urged Japan to enhance worker mobility to strengthen productivity and wage pressures. Slideshow (7 Images) "Low labor mobility, a strong preference for job security, and wage setting based on past inflation constitute the main bottlenecks for triggering needed wage-price dynamics." New Attitude The rising mid-career job market reflects Japan''s changing business climate and evolving attitudes about lifetime employment and seniority-based promotion, analysts say. "Look what happens to even big firms like Toshiba, there''s no guarantee for job security. Lifetime employment is something of the good old past," said Masae Miyachi, 41, of an IT venture company kaonavi, inc. Miyachi changed jobs a year and half ago and her annual salary has now increased by 1 million yen ($8,857), helping her finance a home loan. "You need to carve out a career for yourself to earn stable income, and I''m doing just that by changing jobs." Japanese firms have curbed labor costs by replacing full-time jobs with part-time positions since the asset-inflated bubble burst in the early 1990s. Now a rising rank of non-regular workers - including part-timers and contract workers - account for nearly 40 percent of the workforce. Hiroaki Okutani, a 57-year-old contract worker at a logistics company Ueda Co Ltd, who left his job at a food processing firm two years ago, said his decision was partly due to anxiety about life after retirement. "There''s no compulsory retirement with this job," Okutani said. "I''m happy working here as long as my body holds up because I don''t think I can live on my pension alone." Editing by Jacqueline Wong'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-japan-economy-job-hoppers-idINKBN19Q0IB'|'2017-07-05T09:05:00.000+03:00'
'ed48a4700c1ddfe89798ad6f3371a49d8833de52'|'Qatar signals LNG price war for market share in Asia'|'July 5, 2017 / 9:51 AM / in 3 hours Qatar signals LNG price war for market share in Asia Henning Gloystein and Mark Tay 6 Min Read A man looks as the world''s biggest Liquefied Natural Gas (LNG) tanker DUHAIL as she crosses through the Suez Canal April 1, 2008. The Qatari tanker, which was built to transfer LNG from Qatar to Europe and the U.S., is on her first trip ever from Qatar to Spain. Stringer SINGAPORE (Reuters) - Qatar''s plan to boost liquefied natural gas (LNG) output by 30 percent is the opening shot in a price war for customers in Asia pitting the Gulf state against competitors from the United States, Russia and Australia. Qatar, facing regional isolation in a diplomatic dispute with its Gulf neighbors, took energy markets by surprise on Tuesday when it said it would raise its LNG production to 100 million tonnes per year - equivalent to a third of current global supplies - within the next five to seven years. It suggests the wealthy kingdom is preparing for a lengthy battle with Saudi Arabia, Egypt, the United Arab Emirates and Bahrain, who were due to meet on Wednesday to decide whether to continue sanctions they imposed on Qatar over accusations it was aiding terrorism and courting regional rival Iran. Qatar''s move will add gas to an already oversupplied market in a thinly disguised challenge to other exporters who are also raising their output. With low production costs and infrastructure already in place, Qatar is well placed to come out on top, analysts say. Flooding the market with more LNG will help defend its place as the world''s top exporter, a position challenged by Australia. "Qatar is losing market share, so it could be about becoming number one again in LNG," said Neil Beveridge, senior oil and gas analyst at research and brokerage firm Sanford C. Bernstein. Focus on Asia LNG is super-cooled natural gas that is transported on tankers around the world. Long a niche product, it has become an industry darling as natural gas is a cleaner fossil fuel than oil or coal and is also versatile, with potential uses ranging from power generation to heating and as a transport fuel. For an interactive graphic on Qatar, click tmsnrt.rs/2sinDGg U.S. and European oil majors such as Royal Dutch Shell and Chevron have invested huge sums over the last decade - often more than they have spent on oil - in an attempt to dominate the LNG market, especially through mega-projects in Australia such as Chevron''s Gorgon or Shell''s Prelude. The main battleground for LNG market share is Asia, which consumes 70 percent of the fuel and where it is seen as a key fuel to meet soaring energy demand without the rampant pollution that comes with coal. The world''s biggest LNG buyers are utilities, especially from Japan and South Korea. Sources at these utilities said they were surprised by Qatar''s move. "We would have to figure out why Qatar is planning to boost its output.. We don''t have plans yet to import new LNG cargoes from Qatar," said Kim Young-ki, a spokesman at Korea Gas Corp. (KOGAS), one of the world''s biggest single LNG buyers. Ramping Up Production FILE PHOTO: A man walks on the corniche in Doha, Qatar, June 15, 2017. Naseem Zeitoon/File Photo/ Qatar''s announcement came just a day after Iran signed its first deal with France''s Total and China''s state-owned oil company CNPC to produce gas from a field it shares with Qatar. Beveridge, at Sanford C. Bernstein, said Qatar''s move to raise output "could be a response to Total restarting development work" on Iran''s side of the gas reserves. Trying to cement its own market share, Russia''s Gazprom the world''s biggest single producer of natural gas, said late on Tuesday that it would start pumping gas to China through a new pipeline by late 2019, earlier than many expected. China is already the top consumer of most commodities, including oil and coal, and as part of a huge investment program to expand its LNG and pipeline infrastructure it is also on its way to become a top natural gas user. Australia has invested hundreds of billions of dollars in a bid to overtake Qatar as the world''s top LNG exporter by 2019, a challenge Qatar is now rising to. Qatar, whose state-owned Qatar Petroleum has partnered with U.S. oil giant Exxon Mobil to produce its LNG, has a strong interest in defending its position. LNG, as well as exports of condensate, a super-light form of crude oil that''s a byproduct of gas extraction, have made Qatar rich despite a 70 percent fall in LNG prices and a more than 50 percent drop in oil prices since 2014. Ramping up LNG exports to 100 million tonnes a year would, at current prices, reap revenues of around $30 billion, with another $6 billion coming from condensate. That equates to $120,000 per person, helping Qatar to become the world''s richest nation, according to the World Bank. Stiff Competition The main producers challenged by Qatar''s move are those who have yet to attract a final investment decision, especially in the United States. So far only Cheniere exports U.S. LNG, but there are proposals with a total capacity of 150 million tonnes per year. Chong Zhi Xin, at energy consultancy Wood Mackenzie, said Qatar''s low cost LNG expansion "is pushing a lot of new projects out of the market". Flooding the market with more LNG at a time of oversupply and when buyers are reluctant to sign on new long-term contracts – which have so far dominated supplies – is expected to boost trading in Asia''s spot LNG market, which currently makes up just 15 percent of overall supplies, as more uncontracted supply gets exchanged according to short-term demand. The winners in this aggressive fight for market share are consumers. "Expansion of LNG capacity translates to lower for longer LNG prices," said Kerry Anne Shanks, head of Asia gas and LNG research at Wood Mackenzie. "That''s good news for gas buyers." Reporting by Henning Gloystein and Mark Tay; Additional reporting by Aaron Sheldrick in TOKYO, Jane Chung in SEOUL; Writing by Henning Gloystein; Editing by Alex Richardson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-qatar-lng-idINKBN19Q0YX'|'2017-07-05T12:26:00.000+03:00'
'c3d0725c4fb77fe028a8cfd8de2bba7efb60eeff'|'UK energy market regulator to probe British Gas switching terms'|'Top News - Thu Jul 6, 2017 - 9:59am BST Ofgem to probe British Gas switching terms File Photo: A gas cooker is seen in Boroughbridge, northern England in this November 13, 2012 file photograph. REUTERS/Nigel Roddis/File Photo LONDON Britain''s energy market regulator Ofgem has launched an investigation into British Gas'' switching terms, it said on Thursday. The inquiry will examine whether Centrica-owned ( CNA.L ) British Gas breached licence conditions relating to its obligations to domestic customers who switch to another supplier. The inquiry comes after consumer affairs website Moneysaving Expert raised concerns about the issue, Ofgem said in a statement. Ofgem licence conditions state that suppliers should not charge termination fees for any switch that takes place within the 49-day "switching period" before the expiry of a fixed-term contract, the regulator said. (Reporting by Nina Chestney; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-energy-gas-idUKKBN19R0W5'|'2017-07-06T11:53:00.000+03:00'
'f9b499b41985fda2021591d594838f779e25e944'|'''The Venezuelan factor,'' entrepreneurs adapt to nation in crisis'|'Business News - Thu Jul 6, 2017 - 6:40am BST ''The Venezuelan factor,'' entrepreneurs adapt to nation in crisis left right Johel Fernandez speaks during an interview with Reuters in Caracas, Venezuela June 13, 2017. REUTERS/Carlos Garcia Rawlins 1/8 left right Chef Carlos Garcia (C) and his crew, pose for a picture within the kitchen of the Alto restaurant in Caracas, Venezuela June 29, 2017. REUTERS/Ivan Alvarado 2/8 left right Chef Carlos Garcia (L) looks at the plants at an urban farm in Caracas, Venezuela June 30, 2017. REUTERS/Carlos Garcia Rawlins 3/8 Farmers work at an urban farm in Caracas, Venezuela June 30, 2017. REUTERS/Carlos Garcia Rawlins 4/8 left right Chef Carlos Garcia (L) and his crew, work within the kitchen of the Alto restaurant in Caracas, Venezuela June 29, 2017. REUTERS/Ivan Alvarado 5/8 left right Chef Carlos Garcia (L) cooks within the kitchen of the Alto restaurant in Caracas, Venezuela June 29, 2017. REUTERS/Ivan Alvarado 6/8 Kitcheners work at the Alto restaurant in Caracas, Venezuela June 29, 2017. REUTERS/Ivan Alvarado 7/8 left right Chef Carlos Garcia (C) looks at the plants as farmers work at an urban farm in Caracas, Venezuela June 30, 2017. REUTERS/Carlos Garcia Rawlins 8/8 By Andreina Aponte and Frank Jack Daniel - CARACAS CARACAS Unfazed by Venezuela''s political unrest, devastated economy and ranking as one of the world''s worst places to do business, two years ago Johel Fernandez started making sweatshirts emblazoned with icons of Caracas for online customers overseas. Fernandez, 22, is part of a small group of young business people finding opportunities in Venezuela''s crisis, building companies in their neighbourhoods at a time when many peers are seeking their fortunes abroad. "Right now there is a movement of entrepreneurs who have decided ''we are not going anywhere.'' Venezuela will always be our centre of operations," said Fernandez, who markets his products with the slogan "Made with love in Caracas." Working out of a cramped basement workshop, Fernandez''s company Simple Clothing is tiny, selling a few dozen articles a month to the United States, Spain and Britain. But the foreign currency earned goes a long way in a country where many professionals make less than $40 a month. Triple digit inflation, a recession the central bank says shrank the economy almost a fifth last year and chronic shortages mean socialist-run Venezuela is not the first place that springs to mind to start a company. The World Bank lists it the fourth-hardest place to do business among 190 countries, ranked between Libya and war-ravaged South Sudan. It takes an average of 230 days to open a Venezuelan business, and just six in neighbouring Colombia. Fernandez''s designs of the capital''s metro map, its shanty towns and the country''s favourite candy brands are popular among the growing diaspora of Venezuelans. He has opened his production to other designers to help them earn hard currency and ride out the recession. Like other young businessmen he sees running a business as a way of helping Venezuela survive its current decline. There are even some upsides in the topsy-turvy economy. Simple Clothing''s individualized export business is viable in part because distortions created by multiple currency and price controls make the cost of sending a package abroad much lower than in nearby countries . "Shipping from Venezuela is currently super cheap, and it is something we can offer our clients," said Fernandez. "We can send it at no extra cost to them." For example, to send a small package to Spain from Venezuela by Fedex costs just $1.50 at Venezuela''s widely used black market rate. It would cost $56 to send the same package from Mexico, more than the $36 Fernandez sells his sweatshirts for. In bolivars, his clothes are unaffordable for most Venezuelans at home. Fifteen seamstresses work by contract for specific orders, giving the company flexibility to adapt to occasional scarcity of the right cloth, as well as riots that force them to shutter up several times a week. The flexible hours also give workers time to scour supermarkets for food. What Fernandez calls "the Venezuelan factor" means orders are occasionally late. One of the couriers Fernandez uses, DHL, in June postponed flights to and from Venezuela indefinitely. DHL did not give a reason, but several airlines have stopped flying to Venezuela because they are unable to repatriate earnings. LOOKING FOR ALTERNATIVES Despite the challenges, Wayra, a startup accelerator run by Spain''s Telefonica, has helped set up 45 tech-oriented companies in Venezuela over five years. Thirty five are still in business, including MundoSinCola, an app that helps save time in Venezuela''s infamous lines at banks and government offices. Wayra''s director in Venezuela Gustavo Reyes estimated there were now 20 startups a year in Venezuela, and with better conditions there could be 10 times that. Startup Weekend, an organisation that runs boot camps for entrepreneurs, held six events in four cities in Venezuela last year but has postponed this year because of the crisis. Ideas at Startup Weekend last year included a mobile application to tell you which supermarkets contained scarce products, said Karina Taboelle, a speaker at the events. "The crisis has had a positive side in that it has pushed people to look for alternatives, to find solutions focussed on the situation in the country," she said. "OUT INTO THE STREET" To weather shortages, chef Carlos Garcia, who trained at Spain''s legendary El Bulli restaurant, travels deep into Venezuela for supplies for his eatery, Alto, the only Venezuelan business on the coveted 50 Best Latin American restaurants list. "I used to pick up the phone and the things arrived," Garcia said at a recent lunchtime. "The crisis made us go out into the street and work directly with producers." Now, Alto buys produce from an urban farm in Caracas, from the Andean state of Merida and the tropical hills of Carora. His meat comes from the Orinoco Delta region of Monagas. "Only the olive oil and some sugars are imported," Garcia said as waiters served meticulously placed vegetables and local staples such as black beans blended into a delicately spiced soup. A degustation menu, in which patrons sample various foods, costs 35,000 bolivars, or about $4 at the black market rate. Critics find it offensive that Caracas'' high-end restaurants are bustling at a time when it is common to see families looking though garbage for food and malnutrition has soared. Garcia says the restaurant gives work to 32 people, who are fed twice a day. He points to a giant pot bubbling in the kitchen, cooking a soup that will feed 250 children at a local hospital. Like Fernandez, he sees building a business at a time of crisis as patriotic, calling it an act of "resistance." The wave of anti-government protests that began in early April have taken their toll on his business located in an area that often sees clashes between protesters and police. Teargas sometimes drifts between cocoa plants in the restaurant garden. "There will be no profits this year, the goal is to break even," he said. "Some mornings I wake up full of hope and belief that this will work out, but today for example I woke up saying, ''I''m not sure if we''ll make it.''" (Editing by Brian Ellsworth and Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-venezuela-politics-startups-idUKKBN19R0D6'|'2017-07-06T08:40:00.000+03:00'
'bc62fd238fbe9e793ee4c9e86cddf6647296468e'|'BRICS development bank to seek dollar bond funding this year'|'July 6, 2017 / 8:07 AM / 9 hours ago BRICS development bank to seek dollar bond funding this year 2 Min Read K. V. Kamath, President of New Development Bank, poses for a picture before start of an interview with Reuters, in New Delhi, March 30, 2017. Adnan Abidi/Files SHANGHAI (Reuters) - The New Development Bank (NDB) set up by the BRICS group of emerging economies is looking raise money by issuing dollar-denominated bonds later this year, the agency''s president, K.V. Kamath, said on Thursday. Speaking to reporters at a briefing, Kamath said that he expected progress on securing an investment rating by an international rating agency this year, enabling the bank to tap global markets for dollar funding "towards the very end of the year." Kamath said leaders of the BRICS countries--which comprise Brazil, Russia, India, China and South Africa--have indicated they would like to see local currency bonds as a means of finance, in addition to dollar bond issuance. The NDB will look at issuing bonds in one or two member countries in the second half of the year, Kamath said, adding that India''s masala bond market looked attractive. Kamath has previously said that the NDB plans to raise up to $500 million via masala bonds, which are rupee-denominated bonds sold outside of India, in the second half of 2017. Kamath also saw potential in issuing bonds in Russia and South Africa depending on market conditions. The NDB issued 3 billion yuan ($440.95 million) in green bonds in China''s interbank market last year to support clean and renewable energy use. ($1 = 6.8035 Chinese yuan) Reporting by Andrew Galbraith; Editing by Sam Holmes 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-bonds-ndb-idINKBN19R0QP'|'2017-07-06T11:05:00.000+03:00'
'aeab00a7bdac7bc099505585100eb33e99009b8c'|'MIDEAST STOCKS-Qatar edges up before Cairo meeting, Saudi extends slide'|'Market News - Wed Jul 5, 2017 - 10:46am EDT MIDEAST STOCKS-Qatar edges up before Cairo meeting, Saudi extends slide * Foreign funds are net buyers in Doha by tiny margin * Saudi down again on profit-taking * Retailers relatively resilient ahead of Q2 earnings * Abu Dhabi buoyed by banks By Celine Aswad DUBAI, July 5 Qatar''s stock index edged up on Wednesday as foreign ministers of four Arab states prepared to meet to consider sanctions against Doha. A deadline for Qatar to comply with a list of demands made by the states expired overnight. Doha has submitted replies to mediator Kuwait that have not been disclosed. Doha has shown no sign of acquiescing to major demands, which raises the possibility of the four states imposing more sanctions. But it is not clear that any fresh steps - such as the withdrawal of deposits from Qatar''s banking system - would be crippling, given Doha''s large financial resources. Qatar''s index added 0.4 percent as 10 traded shares rose, including ones favoured by foreign funds such as Islamic lender Masraf Al Rayan, which added 1.0 percent. Foreign funds were net buyers of Qatari stocks by a very narrow margin, bourse data showed; local funds were also net buyers, while Gulf funds were sellers. Twenty-seven stocks declined. Saudi Arabia''s index fell a further 0.5 percent, taking its losses over the last two sessions to 3.0 percent. Second-quarter earnings announcements are due to start around mid-July, and Alrajhi Capital predicted in a note that consumer-related sectors would do well because of the reinstatement of civil servants'' allowances and the month of Ramadan, which traditionally sees strong consumer spending. Mobile phone and computer retailer United Electronics added 3.0 percent. Earnings momentum for the broader market, however, is expected to be weak, according to a note by EFG Hermes. "Upside is limited for most of our coverage," it said, adding that it preferred banks over petrochemicals, and secular growth stories such as the insurance and supermarket industries. In Dubai, builder Arabtec fell 1.2 percent on profit-taking to 3.19 dirhams. Earlier in the day it hit a high of 3.37 dirhams after announcing its subsidiary Target Engineering had been awarded four projects worth 289 million dirhams ($79 million). Fifteen other shares fell and 11 advanced as the Dubai index closed near flat. The banking sector helped take Abu Dhabi''s index 0.5 percent higher with bellwether First Abu Dhabi Bank adding 1.0 percent. In Cairo the blue-chip index closed near flat. The most heavily traded stock of the day was private equity firm Qalaa Holding, which jumped 6.9 percent. Earlier this week its mining subsidiary ASEC Co for Mining reported that first-quarter net profit jumped to 232.4 million Egyptian pounds ($13.0 million) from a year-earlier loss 8.9 million pounds. ASEC shares jumped 21 percent in the past two days but fell back 5.2 percent on Wednesday. The broader EGX100 index added 0.7 percent. HIGHLIGHTS * The index lost 0.5 percent to 7,266 points. DUBAI * The index added 0.1 percent to 3,417 points. ABU DHABI * The index rose 0.5 percent to 4,414 points. QATAR * The index increased 0.4 percent to 8,929 points. EGYPT * The index edged up 0.1 percent to 13,335 points. KUWAIT * The index added 0.5 percent to 6,671 points. BAHRAIN * The index fell 0.4 percent to 1,312 points. OMAN '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1JW3IK'|'2017-07-05T17:46:00.000+03:00'
'aa4c941a8860415724207e7d9827799307d7386a'|'France to ban sales of petrol and diesel cars by 2040'|'France will end sales of petrol and diesel vehicles by 2040 as part of an ambitious plan to meet its targets under the Paris climate accord, Emmanuel Macron’s government has announced.The announcement comes a day after Volvo said it would only make fully electric or hybrid cars from 2019 onwards , a decision hailed as the beginning of the end for the internal combustion engine’s dominance of motor transport after more than a century.Nicolas Hulot, the country’s new ecology minister, said: “We are announcing an end to the sale of petrol and diesel cars by 2040.” Hulot added that the move was a “veritable revolution”.All Volvo cars to be electric or hybrid from 2019 Read more He said it would be a “tough” objective for carmakers but France’s industry was well equipped to make the switch. “Our [car]makers have enough ideas in the drawer to nurture and bring about this promise ... which is also a public health issue.”Hulot insisted that the decision was a question of public health policy and “a way to fight against air pollution”. The veteran environmental campaigner was among several political newcomers to whom Macron gave top jobs in his government.Pascal Canfin, the head of WWF France and a former Green politician who served in François Hollande’s government, said the new policy platform to counter climate change went further than previous administrations in France. “It places France among the leaders of climate action in the world,” he told France Inter radio.Prof David Bailey, an automotive industry expert at Aston University, said: “The timescale involved here is sufficiently long term to be taken seriously. If enacted it would send a very clear signal to manufacturers and consumers of the direction of travel and may accelerate a transition to electric cars.”Norway, which has the highest penetration of electric cars in the world, has set a target of only allowing sales of 100% electric or plug-in hybrid cars by 2025.Other countries have floated the idea of banning cars powered by an internal combustion engine to meet air quality and climate change goals, but have not yet passed concrete targets. The Netherlands has mooted a 2025 ban for diesel and petrol cars , and some federal states in Germany are keen on a 2030 phase-out .India, where scores of cities are blighted by dangerous air pollution, is mulling the idea of no longer selling petrol or diesel cars by 2030 , and said it wants to introduce electric cars in “a very big way”.The UK has an aspiration of all new cars being electric or ultra low emission by 2040, but has been criticised by campaigners and politicans for being slow to act on air pollution.Sadiq Khan, the mayor of London, said: “I welcome the strong leadership the French government has shown by making the decision to end the sale of petrol and diesel cars by 2040. “This radical step shames the timid and insufficient response of our own government to the health threat posed by poor air quality.”France’s announcement came as Bloomberg New Energy Finance predicted electric cars would come to dominate the automotive market more quickly and dramatically than previously thought. Electric vehicles will make up 54% of all light-duty vehicle sales by 2040, up from the 35% share Bloomberg was forecasting just last year, according to a new report by the research group . Bloomberg said such a widespread uptake of electric vehicles would globally reduce oil demand by 8m barrels a day and increase electricity consumption by 5% to charge all the new cars. But Tony Seba, a Stanford University economist who has published research predicting electric cars will even more rapidly take over from conventional cars , said of France’s plan: “Banning sales of diesel and gasoline vehicles by 2040 is a bit like banning sales of horses for road transportation by 2040: there won’t be any to ban.”French car manufacturers Peugeot, Citroën and Renault ranked first, second and third on a 2016 list of large car manufacturers with the lowest carbon emissions, the European Environment Agency said.Just 0.6% of new car registrations across the EU last year were for pure electric vehicles , compared with 1.1% of new cars sold in France. French-Japanese carmaker Renault-Nissan has been an enthusiastic early advocate for the vehicles, taking 14.6% of the EU market share for battery-powered vehicles. The firm has built 425,000 of the more than 2m electric cars sold globally .France’s reliance on nuclear power stations for 80% of its electricity supply means that a shift to electric vehicles rather than oil-powered ones would dramatically cut its remaining carbon emissions.Topics Automotive industry Electric, hybrid and low-emission cars Travel and transport Motoring France Europe news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/06/france-ban-petrol-diesel-cars-2040-emmanuel-macron-volvo'|'2017-07-06T21:20:00.000+03:00'
'052e0960e6ca2abbc5100dad6d3a1580efe7607b'|'Bain/Cinven could launch new bid for Stada next week - sources'|'Deals - Fri Jul 7, 2017 - 4:12pm BST Bain/Cinven could launch new bid for Stada next week: sources By Arno Schuetze and Alexander Hübner - FRANKFURT FRANKFURT Private equity groups Bain and Cinven are set to launch a revised bid for German drugmaker Stada ( STAGn.DE ), possibly next week, people close to the matter said on Friday. Stada''s management is now reviewing the new offer, which is at the same price as the previous 5.3 billion euro ($6 bln) bid but lowers the shareholder approval threshold to somewhere below 65 percent, the sources said. The private equity firms'' previous offer of 66 euros a share, launched in April, secured the support of 65.52 percent of Stada''s equity but failed to go through because the threshold was 67.5 percent. Stada''s management had backed the original takeover and Bain and Cinven will launch the new offer once the Stada board and Germany''s financial watchdog have cleared it, the sources said. That could be as early as next week, they added. The first bid missed the threshold despite the 49 percent premium offered by the buyout groups to trump a rival offer from private equity duo Advent and Permira. Some shareholders, mainly hedge funds, held back some of their shares, speculating on securing a higher price for any remaining stock after a successful initial tender offer. Bain and Cinven have set the acceptance threshold at below 65, although financing banks had given them room to reduce it to as low as 60 percent, the sources said. The bidders obtained firm commitments for their new offer from significantly more than 15 percent of Stada''s voting rights, giving them confidence that the offer will go through, the sources said. Activist investor Elliott Management''s move to buy a Stada stake has delayed the board''s review of the offer, the people added. "Stada wants to be extra cautious not to make any mistakes that could draw any litigation," one of the people said. The size of the stake Elliott has bought remained unclear. It will have to be disclosed shortly, if the regulatory 3 percent or 5 percent thresholds have been crossed. Elliott, which has not expressed a view publicly on the takeover bid, has not met with Bain and Cinven and has not made any specific proposals regarding the potential new bid, the sources said. Stada''s chief executive and its head of finance resigned on Tuesday ahead of the expected new bid, adding a note of uncertainty to the takeover process, which has proven to be more complex than the private equity firms anticipated after launching their blow-out offer. Bain, Cinven, Stada and Elliott declined to comment. (Additional reporting by Edward Taylor, Patricia Weiss; Editing by Greg Mahlich and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-stada-arzneimitt-m-a-elliott-idUKKBN19S12A'|'2017-07-07T18:07:00.000+03:00'
'd2935d845100b76d8f5683a005cc87b0200888fa'|'U.S. job growth accelerates in June, wages continue to lag'|'July 7, 2017 / 4:06 AM / 16 minutes ago U.S. job growth accelerates in June, wages continue to lag Lucia Mutikani 5 Min Read WASHINGTON (Reuters) - U.S. job growth surged more than expected in June and employers increased hours for workers, signs of labor market strength that could keep the Federal Reserve on course for a third interest rate hike this year despite sluggish wage gains. Non-farm payrolls jumped by 222,000 jobs last month, the Labor Department said on Friday, beating economists'' expectations for a gain of 179,000. Data for April and May was revised to show 47,000 more jobs created than previously reported. While the unemployment rate rose to 4.4 percent from a 16-year low of 4.3 percent in May, that was because more people were looking for work, a sign of confidence in the labor market. The jobless rate has fallen four-tenths of a percentage point this year and is near the most recent Fed median forecast for 2017. The average workweek increased to 34.5 hours from 34.4 hours in May. But stubbornly sluggish wage growth put a wrinkle in the otherwise upbeat report. Average hourly earnings increased four cents, or 0.2 percent, in June after gaining 0.1 percent in May. That lifted the year-on-year wage increase to 2.5 percent from 2.4 percent in May. "Despite the lack of a pickup in wage growth and core inflation, the Fed will nevertheless push ahead with hiking interest rates," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto. "The unemployment rate is already unusually low." There is optimism that the tightening labor market will soon spur faster wage growth amid growing anecdotal evidence of companies struggling to find qualified workers. U.S. stock index futures rose on the data, while the dollar trimmed gains versus the yen. Prices for U.S. Treasuries were trading lower, with the yield on the 30-year bond hitting a near seven-week high. Related Coverage Instant View: U.S. job growth accelerates in June, but wage growth slow Labor market buoyancy could also encourage the U.S. central bank to announce plans to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September. The Fed raised its benchmark overnight interest rate in June for the second time this year. But with inflation retreating further below the central bank''s 2 percent target in May, economists expect another rate hike only in December. June''s employment gains exceeded the 186,000 monthly average for 2016, reinforcing views that the economy regained speed in the second quarter after a lackluster performance at the start of the year. Republican President Donald Trump, who inherited a strong job market from the Obama administration, has pledged to sharply boost economic growth and further strengthen the labor market by slashing taxes and cutting regulation. FILE PHOTO: Leaflets lie on a table at a booth at a military veterans'' job fair in Carson, California October 3, 2014. Lucy Nicholson/File Photo But Republicans have struggled with healthcare legislation and there are also worries that political scandals could derail the Trump administration''s economic agenda. Full Employment The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. But even as the labor market tightens, some slack remains. A broad measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment, rose to 8.6 percent last month from 8.4 percent in May, which was the lowest since November 2007. The labor force participation rate, or the share of working-age Americans who are employed or at least looking for a job, rose one-tenth of a percentage point to 62.8 percent. Employment gains were broad in June, with manufacturing payrolls increasing 1,000 after factories shed 2,000 jobs in May. But the automobile sector lost a further 1,300 jobs as slowing sales and bloated inventories forced manufacturers to cut production. The sector has shed jobs for three straight months. Ford Motor Co ( F.N ) has announced plans to slash 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives. Others, like General Motors ( GM.N ) are embarking on extended summer assembly plant shutdowns, which will leave workers temporarily unemployed. Construction added another 16,000 jobs last month. Healthcare employment surged by 59,100, while the professional and business services sector created 35,000 jobs. Retailers hired 8,100 workers, a surprise for a sector which had shed jobs for four straight months. Department store operators like J.C. Penney Co Inc ( JCP.N ), Macy''s Inc ( M.N ) and Abercrombie & Fitch ( ANF.N ) are struggling with stiff competition from online retailers led by Amazon ( AMZN.O ). Government employment rebounded by 35,000 jobs last month, with gains at federal and local governments. Reporting by Lucia Mutikani; Editing by Andrea Ricci and Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-economy-idINKBN19S0GR'|'2017-07-07T16:48:00.000+03:00'
'49ba02a8b0ac8a54106ccc9a243b918b19d7b017'|'PSA wins EU approval to buy GM''s German unit Opel'|'Deals  08pm BST PSA wins EU approval to buy GM''s German unit Opel The logo of Opel is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 7, 2017. REUTERS/Arnd Wiegmann BRUSSELS French carmaker PSA Group ( PEUP.PA ) secured unconditional EU antitrust approval on Wednesday to acquire General Motors'' ( GM.N ) German unit Opel, a move which will help it better compete with market leader Volkswagen ( VOWG_p.DE ). The European Commission said the deal did not pose any competition concerns. PSA, the maker of Peugeot and Citroen cars, has pledged to return Opel and its British Vauxhall brand to profit. (Reporting by Foo Yun Chee; editing Robert-Jan Bartunek)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-opel-m-a-psa-eu-idUKKBN19Q222'|'2017-07-05T18:02:00.000+03:00'
'7d75135fa07f9765f3ca07ad11ccd9091a024b87'|'UPDATE 1-Brazil''s Braskem faces stock market suspension'|'Market  25pm EDT UPDATE 1-Brazil''s Braskem faces stock market suspension (Adds context on MMX, Inepar precedents; updates Braskem share performance) SAO PAULO, July 5 Brazilian petrochemical company Braskem may be suspended from Level 1 trading at the São Paulo Stock Exchange after failing to submit certain financial statements within a deadline, stock market operator B3 told Reuters in an emailed statement on Wednesday. Braskem, whose stock market quotes are being given separately as a result of the delay, had until June 22 to formally present a defense. "The case will be ruled on this week and could result in the suspension of the company," the bourse said. If the problem persists, at the end of the process Braskem may be compulsorily delisted from Level 1 trading, the bourse said. According to B3, other listed companies have been suspended from trading due to delays in submitting financial statements, including mining concern MMX Mineração e Metálicos in 2014 and engineering firm Inepar SA Industria e Construções in 2016. Level 1 trading requires companies to maintain a free-float of at least 25 percent of capital. The deadline to cure delays in the submission of financial statements is 30 days, B3 said. Braskem did not immediately reply to an email seeking comment on a report on Wednesday in the newspaper Valor Economico, which said a ruling on the suspension would be made this week. The newspaper said that until now Braskem had only submitted unaudited statements for the first quarter, the fourth quarter of 2016 and the full 2016 result. According to Valor, Braskem said the delay was due to a pending analysis by independent auditors related to internal controls and procedures after the company signed plea deals with federal prosecutors in Brazil, the United States and Switzerland in connection with a massive graft scheme known as Operation Car Wash. Brazil-based construction firm Odebrecht SA and Braskem agreed to pay at least $3.5 billion in the leniency deal it signed to resolve some international charges involving payoffs to former executives at Brazil''s state-controlled Petroleo Brasileiro SA, politicians and others. Braskem is jointly owned by Odebrecht and Petroleo Brasileiro. The decision to suspend the company from Level 1 trading could come as early as this week, Valor reported. Braskem''s shares rose 0.61 percent in midafternoon trading at the São Paulo Stock Exchange to 34.55 reais. (Reporting by Ana Mano; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/braskem-stocks-suspension-idUSL1N1JW0XN'|'2017-07-05T20:25:00.000+03:00'
'4dc076f549719af319314033f014c95ed5f65dcb'|'Exclusive - Missing Chinese tycoon''s Tomorrow Holdings puts investments up for sale: sources'|'Business News - Wed Jul 5, 2017 - 11:51am BST Exclusive: Missing Chinese tycoon''s Tomorrow Holdings puts investments up for sale - sources left right FILE PHOTO - People walk past the building with the listed address of Tomorrow Holdings'' Beijing office, China, February 3, 2017. REUTERS/Thomas Peter/File Photo 1/2 left right FILE PHOTO: People pass by the entrance to Four Seasons Hotel, where Chinese billionaire Xiao Jianhua was last seen on January 27, in Hong Kong, China February 1, 2017. REUTERS/Bobby Yip/File Photo 2/2 By Julie Zhu - HONG KONG HONG KONG The financial empire of missing Chinese-born tycoon Xiao Jianhua has put billions of dollars of investments up for sale, including stakes in a life insurer, a trust and banking assets, three people involved in the process told Reuters. A billionaire with links to China''s Communist Party elite, Xiao vanished earlier this year. He was last seen in the early hours of Jan. 27, leaving the Four Seasons Hotel in Hong Kong in a wheelchair with his head covered, accompanied by several people described in media reports as mainland Chinese agents. Xiao''s whereabouts are not known but his dramatic disappearance sparked widespread speculation he had been caught up in Chinese President Xi Jinping''s crackdown on corruption. Chinese authorities have not commented on Xiao''s disappearance, and his family could not be reached for comment. Two of the sources with knowledge of the process said that now Chinese authorities are pressing Tomorrow Holdings, Xiao''s conglomerate, to pare back its sprawling asset portfolio, which includes stakes in more than 30 domestic financial institutions. The sale is part of Beijing''s broader efforts to rein in risky practices by financial services firms, the sources said. None of the three sources could be named as the sale plans are not public. The same two sources said Tomorrow had set up an internal team to handle the sale, which will include stakes in Huaxia Life Insurance, New China Trust Co, Bank of Weifang and Baoshang Bank. The stakes are substantial, though the specific percentage levels have not been disclosed and it is unclear if Tomorrow controls all of the companies directly. No external advisers have been mandated, the sources said, and they also did not give any indication of expected prices for individual assets. "The process is at an early stage and informal feelers are being sent to some large insurers as well as private equity companies," said a fourth person with knowledge of the plans. According to one source with direct knowledge of the situation, Xiao''s wife Zhou Hongwen, who co-founded Tomorrow with him in 1999, is running the business in his absence, but it was unclear how much she was involved in the decision to put the assets up for sale and whether she is closely involved in the process. Tomorrow and the four subsidiaries did not return phone calls, emails and messages seeking comment. China''s insurance and banking regulators did not respond to requests for comment. The State Council''s information office also did not respond to a request for comment. INSURANCE PLAY Beijing has cracked down on other groups that, like Tomorrow, have used cash from insurance products to invest aggressively in riskier deals in areas such as property and soccer. Last month, authorities detained Wu Xiaohui, chairman of Anbang Insurance Group, one of China''s flashiest overseas dealmakers and owner of the Waldorf Astoria hotel in New York. Anbang has said its chairman is temporarily unable to fulfill his duties and has not commented further. Even a partial dismantling of Tomorrow''s business empire, though, would take the aggressive government behavior a step further than previous warnings or punishments, and raise concerns for other tycoons and their companies. Xiao, who is in his mid-40s and has close ties with some of China''s senior leaders and their families, was ranked 32nd on the 2016 Hurun China rich list, China''s equivalent of the Forbes list, with a net worth of $6 billion. His assets range from financial services to sugar and cement. Xiao, who began his career selling imported computers, had lived for years in serviced apartments in Hong Kong. Tomorrow''s Huaxia Life grabbed headlines last year as China''s financial regulators cracked down on high-yield, short-term investment products like universal life insurance products, that are part insurance, part investment. Huaxia''s universal life insurance division recorded 138 billion yuan ($20.3 billion) in premium income last year - 75 percent of its total business, official data shows. In December, the China Insurance Regulatory Commission suspended the firm''s online insurance business and barred it from seeking approval for new products for three months. The regulator said the insurer had failed to fix problems concerning fake client information. The fourth source said the insurance watchdog had demanded better oversight, but did not feel Huaxia had made progress and wanted to see it owned by someone other than Tomorrow. Barclays ( BARC.L ) bought a near-20 percent stake in another Tomorrow firm, New China Trust a decade ago, making it the first foreign bank to invest in a Chinese trust firm. Trusts are non-bank lenders that raise funds with high-yielding investments. Barclays'' stake has since been diluted to below 6 percent. One of the sources said Barclays would sell part or all of its remaining shares. Barclays declined to comment on its stake. Tomorrow will keep hold of affiliates including Harbin Bank ( 6138.HK ), which lends to small businesses, brokerage Hengtai Securities ( 1476.HK ) and Tianan Life Insurance, maintaining licenses in the main financial sectors, the people said. The affiliates did not respond to requests for comment. (Reporting by Julie Zhu; Additional reporting by Sumeet Chatterjee in HONG KONG and Shu Zhang in BEIJING; Editing by Clara Ferreira Marques and Martin Howell)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-tomorrow-sales-exclusive-idUKKBN19Q18J'|'2017-07-05T13:49:00.000+03:00'
'a7b6b50e29573ab6da7793c437efae8fff488be8'|'Reuters loses court appeal over story on hedge fund Brevan Howard'|'  6:03pm BST Reuters loses court appeal over story on hedge fund Brevan Howard LONDON Reuters on Friday lost an appeal against a court ruling that stopped the news agency from publishing a story about British hedge fund firm Brevan Howard Asset Management. Three Court of Appeal judges said that a lower court was correct to rule in March that the story would breach Brevan Howard''s right to confidentiality and was not of sufficient public interest to justify its publication. Reuters had argued that the March ruling by a High Court judge had given "insufficient weight" to matters of public interest and had failed to take into account the "limited" scope of the confidential information it wanted to publish. "Despite that raft of criticisms of the Judge''s judgement, we are clear that the appeal should be dismissed," Court of Appeal judge Terence Etherton wrote. A spokesman for Reuters said the agency was deeply disappointed. "We continue to believe that the public interest in publication of this information outweighs the confidentiality concerns raised here," he said. A spokesman for Brevan Howard said the firm "welcomes the decision of the court that supports the importance of its ability to communicate with its investors in a candid and responsible manner". Brevan Howard, one of Europe''s biggest hedge fund managers, said the Reuters story contained highly sensitive information it had sent to 36 potential investors electronically. Reuters obtained information for the story from confidential sources but when it contacted the hedge fund to ask questions before publication, Brevan Howard sought an injunction on the grounds of breach of confidence. Under Britain''s legal system, individuals and companies can file for privacy or confidentiality injunctions to try to stop the media publishing information that they say is confidential. Reuters argued in court that public interest outweighed confidentiality concerns because hedge funds invest on behalf of institutional investors including pension funds, which affect the finances of millions of people. However the appeal court said the judge in March had balanced the public interest case against Brevan Howard''s right to confidentiality and had made no error of law in his decision. Reuters is part of the Thomson Reuters media and information group. (Reporting by Rachel Armstrong; Editing by Nick Tattersall)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brevan-howard-injunction-idUKKBN19S2HQ'|'2017-07-07T20:03:00.000+03:00'
'b7460b4aa121ed7e5cf769e97cd2faa880be0429'|'Why Millennial Graduates Will Not Be Buying Your House'|'Why Millennials Won''t Be Buying Your House Student loans are a problem for all of us, not just the young. By @chrismbryant More stories by Chris Bryant From Having been rejected by young people in the recent U.K. election, a senior minister in Theresa May’s government called at the weekend for a “national debate” on England’s 9,250 pound ($12,000) yearly student tuition fees -- which the opposition Labour Party wants to abolish. The minister, Damian Green, got his wish. A lively discussion followed about whether it''s fair to ask graduates to pay for their own education. And this isn''t just a question of fairness or politics, the economic consequences of student loans are hugely important too. Mounting student debt in the U.K., U.S. and elsewhere, might hold young people back from buying houses and saving for retirement. That would endanger economic growth and asset prices, with the effects made worse by shifting demographics. This should worry everybody. In England, recent students will have amassed more than 50,000 pounds ($65,000) of debt on graduation, which they have to start repaying once they earn more than 21,000 pounds a year. About three-quarters aren''t expected to be able to repay the full amount. In the U.S., where aggregate student debt has surged 170 percent in a decade, recent graduates owe $34,000 on average. About 5 percent owe more than $100,000 . True, graduates usually earn more than those without a degree. Yet their wages have been held back by the 2008 recession. Demographics also matter because companies have been struggling to fund generous pension promises to retiring baby boomers, and so haven''t raised pay as much. Hence millennials will probably take longer to pay off student debt, making it harder to buy a home or other financial assets . Federal Reserve Bank of New York Of course, most financial assets have also become much more expensive over the past couple of decades, and that''s partly down to demographics too. As the baby-boom generation saved for retirement, they drove up the price of bonds, shares and houses. A first-time buyer now needs more than 100,000 pounds for a deposit on a London home. Unsurprisingly, home ownership has tumbled among young people on both sides of the Atlantic. Coupled with high rents, repaying college debt is yet another hindrance to saving for a home deposit . In the U.S., missing a student loan repayment can also harm your chances of getting a mortgage. This is all a worry economically because buying houses leads to more consumption -- fixing the place up, buying furniture, etc -- so student debt may be depressing potential growth . Owning property, or other financial assets, is also an important way to build up wealth. But young people are holding more of what little money they have in cash : It''s natural that people still struggling in their 30s to pay off a student loan and accumulate a home deposit might not rush out to buy stocks priced at well over 20 times last year’s corporate earnings. But it means millennials haven''t gained as much from recent buoyant equity markets as older generations. Less generous pension plans don''t help. The upshot is that a typical adult born in the U.K. between 1981 and 1985 had only half as much wealth at age 30 as someone born five years earlier, according to the Resolution Foundation. 1 Parents who use retirement savings to help their kids go to university or buy a house know this problem touches everyone. Indeed, the negative effects of this generational divide will probably weigh even more on older people as they become a bigger share of the population. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up Many baby boomers hope to trade down to a smaller house one day and will have to sell financial assets to fund their retirement. But they''ll need buyers: i.e. millennials. If younger people are still burdened by debt and their earnings haven''t risen much either, that might be difficult. Or prices may have to fall. An increase in the ratio of retirees to workers in developed countries is expected to put downward pressure on asset prices and financial returns in coming years. Given these headwinds, it doesn''t seem sensible to load student debt onto the people we want to drive other kinds of consumption and sustain the housing market. 2 Changing things will demand tough political choices. But while the debate is often framed as millennials versus the boomers, this is a dilemma for all the ages. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. NB, in this example student debt isn''t thought to have been the primary driver, as 9,000 pound a year tuition fees were introduced later. Germany doesn''t have tuition fees. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-05/why-millennial-graduates-will-not-be-buying-your-house'|'2017-07-05T10:50:00.000+03:00'
'7a7e93f3d97df5c7ddc5655091c6380406703f37'|'Intel, John McAfee settle lawsuits over antivirus pioneer''s name'|'Innovation and Intellectual Property - Wed Jul 5, 2017 - 7:18pm EDT Intel, John McAfee settle lawsuits over antivirus pioneer''s name FILE PHOTO - Computer software pioneer John McAfee speaks with reporters outside his hotel in Miami Beach, Florida December 13, 2012. REUTERS/Joe Skipper By Jonathan Stempel - NEW YORK NEW YORK John McAfee, the creator of eponymous antivirus computer software, has settled a lawsuit against Intel Corp ( INTC.O ) over his right to use his name on other projects after the chipmaker bought his former company. U.S. District Judge Paul Oetken in Manhattan dismissed McAfee''s September 2016 lawsuit and a countersuit by Intel on Wednesday, five days after a settlement agreement was signed. McAfee said he sued after Intel warned him that using his name, including by renaming his digital gaming and cybersecurity company MGT Capital Investments Inc ( MGTI.PK ) as "John McAfee Global Technologies Inc," would infringe its trademarks. Intel countered by accusing McAfee of trademark infringement and unfair competition, and sought unspecified damages. Under the settlement, McAfee agreed not to use his name, trademark his name or the phrase "John McAfee Privacy Phone," or use "John McAfee Global Technologies" in connection with cybersecurity- and security-related products and services. He retained the right in other contexts to use his name in advertising, promotions and presentations, including with regard to his role at McAfee Associates, which he sold to Intel for $7.7 billion in 2010. Neither McAfee nor Intel admitted wrongdoing in agreeing to the settlement, which was amicable, according to court papers. McAfee''s lawyers did not immediately respond to requests for comment. A spokesman for Intel said the Santa Clara, California-based company was pleased to settle. Intel spun off its cybersecurity division, now called McAfee LLC, in April, after agreeing to sell a 51 percent stake to private investment firm TPG Capital. TPG later accepted a minority investment in the business from private equity firm Thoma Bravo. Intel retained a 49 percent stake in McAfee, which the spinoff valued at $4.2 billion including debt. John McAfee unsuccessfully sought the Libertarian Party''s nomination for the U.S. presidency last year. The case is McAfee et al v Intel Corp et al, U.S. District Court, Southern District of New York, No. 16-06934. (Reporting by Jonathan Stempel in New York; editing by Grant McCool) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-intel-mcafee-settlement-idUSKBN19Q31Y'|'2017-07-06T02:18:00.000+03:00'
'eb26c8e6c40cf4ab368a1ad63c289444f5971efe'|'Bhushan Steel fourth-quarter loss bigger than stated earlier'|'July 6, 2017 / 5:42 AM / 12 hours ago Bhushan Steel fourth-quarter loss bigger than stated earlier 2 Min Read Men ride their bicycles in front of the Bhushan Steel plant in Odisha August 18, 2014. Stringer/Files (Reuters) - Bhushan Steel Ltd reported a March-quarter loss that was much bigger than stated earlier in its unaudited results, as the debt-laden steelmaker was hurt by higher costs. Audited net loss for the quarter was 11.31 billion rupees ($174.7 million), compared with the unaudited 7.57 billion rupees loss reported in May, Bhushan Steel said late on Wednesday. bit.ly/2uMA0Mr However, the fourth-quarter loss narrowed marginally from the 11.85 billion rupees loss it reported a year earlier. Total expenses rose more than 18 percent to 59.94 billion rupees for the quarter. This was about 51 percent higher than the unaudited figure reported earlier. The steelmaker said last month that a consortium of lenders had authorised State Bank of India to refer the company to the National Company Law Tribunal for insolvency proceedings. In a bid to resolve the country''s $150 billion stressed loan problem, the Reserve Bank of India in June had urged lenders to start bankruptcy proceedings against 12 large loan defaulters, including Bhushan Steel, sources had told Reuters. ($1 = 64.7500 Indian rupees) Reporting By Arnab Paul and Jessica Kuruthukulangara in Bengaluru; Editing by Gopakumar Warrier 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bhushan-steel-results-idINKBN19R0DP'|'2017-07-06T08:45:00.000+03:00'
'fd81950fbe91a5d032f61ffd6a6563696f5cc33a'|'Wall St. weaker on labour market data, North Korea tensions'|'July 6, 2017 / 11:45 AM / 42 minutes ago Wall Street drops on labor market data, North Korea concern Chuck Mikolajczak 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid (Reuters) - U.S. stocks were sharply lower on Thursday after disappointing labor market data clashed with the possibility of a more hawkish Federal Reserve, while rising tensions in the Korean peninsula providing additional pressure. Private employers added 158,000 jobs in June, the ADP National Employment Report showed, coming in below the estimated gain of 185,000 and suggesting cooling in the U.S. labor market as it nears full employment. Another set of data showed weekly jobless claims rose for the third straight week, climbing to 248,000 and topping the 243,000 expected. While the data still indicates a tight labor market, the reports hint at a soft monthly nonfarm payrolls report on Friday, which includes hiring in both the public and private sectors. The softer data comes on the heels of Wednesday''s release of the minutes from the Federal Reserve''s June meeting, which showed policymakers were increasingly split on the inflation outlook and how it might affect the pace of interest rate increases. Those two factors helped push yields on U.S. Treasuries US10YT=RR higher and dampened the attractiveness of equities. "ADP came in pretty soft, people got a little nervous there," said Anthony Conroy, president of Abel Noser in New York. "People said the Fed is pretty uneasy over low inflation but they are still going to keep doing what they are doing with rates because they have to do something." Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid Geopolitical tensions also weighed on sentiment, with U.S. President Donald Trump vowing on Thursday to confront North Korea "very strongly" following its latest missile test and urging nations to show Pyongyang that there would be consequences for its weapons program. The Dow Jones Industrial Average .DJI fell 158.13 points, or 0.74 percent, to 21,320.04, the S&P 500 .SPX lost 22.79 points, or 0.94 percent, to 2,409.75 and the Nasdaq Composite .IXIC dropped 61.39 points, or 1 percent, to 6,089.46. The declines marked the biggest percentage drop for the S&P 500 in since May 17. Shares of Tesla ( TSLA.O ) dropped 5.56 percent after the luxury electric carmaker''s Model S did not receive the top score in certain tests by the Insurance Institute for Highway Safety. General Electric ( GE.N ) lost 3.80 percent as the worst performer on the Dow after the European Commission accused the company of providing misleading information during a merger deal. L Brands ( LB.N ) plunged 14.08 percent, the worst performer on the S&P 500, after the Victoria''s Secret owner''s June sales came in below expectations. Declining issues outnumbered advancing ones on the NYSE by a 3.12-to-1 ratio; on Nasdaq, a 2.35-to-1 ratio favored decliners. About 6.66 billion shares changed hands in U.S. exchanges, compared with the 7.18 billion daily average over the last 20 sessions. Reporting by Chuck Mikolajczak; Editing by Dan Grebler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-stocks-idINKBN19R1I9'|'2017-07-06T21:27:00.000+03:00'
'151eee393b3b06e6e57266f2d5ecc1b38669f305'|'MOVES-RBC unit names Singapore country head'|'Market News  48am EDT MOVES-RBC unit names Singapore country head July 6 RBC Investor & Treasury Services, a unit of the Royal Bank of Canada, named Hong Paterson to lead its investor and treasury services business in Singapore. Paterson joins RBC from JPMorgan Commercial Banking in Singapore, where she was an executive director responsible for multi-national clients. (Reporting by Gayathree Ganesan in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rbofc-moves-idUSL4N1JX0P1'|'2017-07-06T14:48:00.000+03:00'
'026b6a05d2cf44f7008959b446afd6408ee5af54'|'Intel, John McAfee settle lawsuits over antivirus pioneer''s name'|'July 5, 2017 / 11:26 PM / in 6 hours Intel, John McAfee settle lawsuits over antivirus pioneer''s name Jonathan Stempel 3 Min Read FILE PHOTO - Computer software pioneer John McAfee speaks with reporters outside his hotel in Miami Beach, Florida December 13, 2012. Joe Skipper NEW YORK (Reuters) - John McAfee, the creator of eponymous antivirus computer software, has settled a lawsuit against Intel Corp ( INTC.O ) over his right to use his name on other projects after the chipmaker bought his former company. U.S. District Judge Paul Oetken in Manhattan dismissed McAfee''s September 2016 lawsuit and a countersuit by Intel on Wednesday, five days after a settlement agreement was signed. McAfee said he sued after Intel warned him that using his name, including by renaming his digital gaming and cybersecurity company MGT Capital Investments Inc ( MGTI.PK ) as "John McAfee Global Technologies Inc," would infringe its trademarks. Intel countered by accusing McAfee of trademark infringement and unfair competition, and sought unspecified damages. Under the settlement, McAfee agreed not to use his name, trademark his name or the phrase "John McAfee Privacy Phone," or use "John McAfee Global Technologies" in connection with cybersecurity- and security-related products and services. He retained the right in other contexts to use his name in advertising, promotions and presentations, including with regard to his role at McAfee Associates, which he sold to Intel for $7.7 billion in 2010. Neither McAfee nor Intel admitted wrongdoing in agreeing to the settlement, which was amicable, according to court papers. McAfee''s lawyers did not immediately respond to requests for comment. A spokesman for Intel said the Santa Clara, California-based company was pleased to settle. Intel spun off its cybersecurity division, now called McAfee LLC, in April, after agreeing to sell a 51 percent stake to private investment firm TPG Capital. TPG later accepted a minority investment in the business from private equity firm Thoma Bravo. Intel retained a 49 percent stake in McAfee, which the spinoff valued at $4.2 billion including debt. John McAfee unsuccessfully sought the Libertarian Party''s nomination for the U.S. presidency last year. The case is McAfee et al v Intel Corp et al, U.S. District Court, Southern District of New York, No. 16-06934. Reporting by Jonathan Stempel in New York; editing by Grant McCool 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-intel-mcafee-settlement-idINKBN19Q31Y'|'2017-07-06T01:56:00.000+03:00'
'54d31e58d04a164ffccd7bdd1ecc8c1d9752460f'|'Ford China sales post strongest growth of year in June'|'Market News - Thu Jul 6, 2017 - 12:07am EDT Ford China sales post strongest growth of year in June BEIJING, July 6 Ford Motor Co sales in China rose at the strongest pace this year in June with the U.S. automaker''s top regional executive predicting strong single-digit growth for the auto sector overall in the third quarter. Ford China sales increased 15 percent year-on-year in June to more than 100,000 vehicles. Peter Fleet, Ford''s Asia-Pacific chief, said in an interview he was "positive" and "optimistic" about the company''s sales in China in the second half of the year. (Reporting by Norihiko Shirouzu and Jake Spring; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ford-china-idUSB9N1JP00S'|'2017-07-06T07:07:00.000+03:00'
'41734b5524d970d6b2af26906c8fa8850e508830'|'A reality check for virtual headsets'|'JUSTIN WILLIAMS takes off a virtual-reality (VR) headset and wobbles away from a demo area at E3, the world’s largest gaming convention, in Los Angeles. The bottoms of his feet and calves are “on fire,” he says. Mr Williams, a 32-year-old former marine, was playing “Sprint Vector”, a VR running game: players swing hand-held controllers to simulate motion. Though he has been standing in one place, his brain believes he has just run for several miles.This sensation of complete immersion is called “presence”. Boosters of VR say it is what will drive the technology’s mass adoption, in time. When Facebook bought Oculus, a VR startup, for $2bn in 2014, and sent interest in the technology rocketing, it was this feeling of being present that Mark Zuckerberg, the social network’s boss, described as “incredible”. Yet despite many pronouncements that 2016 was the year of VR, a more apt word for virtual reality might be absence. Of the 6.3m headsets that were shipped last year, most were cheaper, less sophisticated devices, such as the Samsung Gear VR, that rely on smartphones to act as their screens, according to SuperData, a games-market research firm. Only 200,000 high-end Oculus Rift headsets were sold globally (see chart). In the end, SuperData revised its first forecast, made in January last year, that total revenue from VR software and hardware would reach $5.1bn in 2016, down to $3.6bn. The actual figure for total worldwide revenue was a meagre $1.8bn. The expectations set for VR were plainly unrealistic, says George Jijiashvili, an analyst with CCS Insight, a research company. Even in the gaming industry, which has been quick to adopt the technology, people noted that Microsoft’s release of its new Xbox gaming console at the convention made no mention of VR. Oculus did not even set out a stall.Several obstacles still stand in the way of widespread use. The gear is expensive and clunky, and requires a powerful computer or gaming console to function. Consumers are hesitant to splash out on expensive kit when there isn’t a lot to do with it; developers are reluctant to spend resources making games for a tiny market. Developers are also held back by the sheer variety of headsets, which means they need to code content several times for different platforms. The way in which users must wave around hand-held controllers such as HTC’s “wands” to input movements falls short of the promise of VR, which will eventually use sensors to convey bodily movement.And yet signs of progress are also visible. Despite the lack of splashy announcements at E3, there were plenty of smaller companies eager to show off their wares. More than 120 of the 293 exhibitors, mostly gaming-related companies, had some sort of VR product, up from 53 last year, 27 in 2015, six in 2014 and none in 2013. Their offerings included everything from “haptic” feedback (giving VR users a sensation of touch) to advertising inside VR content.Some tech giants still see VR as integral to their future. Despite its underwhelming sales of Oculus Rift, Facebook is convinced that VR is “the next major computing platform”. It recently hired Hugo Barra, a well-known former Google and Xiaomi executive, to head up its VR division. It has a new offering, “Spaces”, which is a place to socialise with friends in VR that allows users to create avatars, to express some emotion through facial expressions, answer video calls, share photos and take selfies. As a first go, it is surprisingly compelling.Other tech firms reckon VR may be a stepping stone to a bigger prize: augmented reality (AR), which allows users to overlay the digital world onto the real one. AR has more everyday applications, such as navigation, than VR, which is expected to be used chiefly for leisure activities and in industry. Apple believes that AR will become a bigger phenomenon than VR.Google is trying both. It had a salutary experience with its “Glass” headsets, a much-maligned set of primitive AR spectacles that it launched in 2013 only to withdraw them from sale two years later. It has now developed and started selling “Daydream” mobile headsets, a cheap smartphone-based VR kit, and has invested in several VR and AR companies, such as Magic Leap, an AR startup. It has bought Owlchemy Labs, the creator of “Job Simulator”, a VR game set in a future in which humans no longer need to work thanks to machines. Microsoft is betting on what it calls “mixed reality”, arguing that it is pointless to draw a line between AR and VR. Although it did not emphasise VR at E3, it is enthusiastic about its potential on the Windows 10 operating system.If VR is to take off at last, tech-industry executives agree that avid gamers will be crucial. Such people tend to be early adopters of expensive new equipment, so they subsidise innovation. Games developers know how to engage players and keep them interested, and how to tell stories in a non-linear fashion. And they have for years created content in three dimensions, a basic requirement for VR. Indeed, virtual reality is integrating games and the broader technology industry as never before. “It’s like two continents that were apart, and continental drift is bringing them together,” says Neil Trevett of the Khronos Group, a non-profit industry group.HTC developed its Vive headset in collaboration with Valve, a games developer and distributor. Google is funding independent games developers to boost the creation of content. When Apple introduced new virtual-reality and augmented-reality features at a conference for software developers last month, its emphasis was on games. Members of the Khronos Group, including Google and Apple as well as games firms such as Epic and Nintendo, are working on industry-wide standards.New headsets from a variety of hardware firms—Acer, Asus, Dell, Lenovo and Hewlett-Packard—all running on Windows, are expected later this year. Many new games and entertainment products using VR (see article ) are poised to go on sale. Better technology and more content will encourage gamers who were on the fence to join in, expanding the market and setting off a virtuous cycle, argues Dan O’Brien, head of VR at HTC. As part of that cycle, headsets will become smaller, cheaper and wireless. Some of those advances will come from China, which leads the world in the adoption of VR. Chinese firms have been quick to invest, and its hardware industry is churning out new products. Xi Jinping, the president, has mentioned VR as important for economic growth.Virtual reality also has new functions in business and beyond. Mr O’Brien says he receives many inquiries from carmakers, for example, which are using VR as a way quickly and cheaply to prototype and collaborate on new models of vehicles. Hospitals in America are experimenting with 3D models in VR as a way for doctors to get a closer look at tricky bits of bodies or to prep for surgery. The Pentagon is eyeing new VR technologies aimed at consumers as a cheap addition to its existing use of VR for training. The lessons from making shoot-’em-up games for bored teenagers could one day be applied to real training programmes for soldiers—as well as being useful for the doctors who come after. The VR industry has not yet fulfilled the hype. But the believers have not lost their faith.This article appeared in the Business section of the print edition under the headline "Get real"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724863-vr-has-been-more-about-hype-substance-will-change-reality-check-virtual?fsrc=rss%7Cbus'|'2017-07-06T22:49:00.000+03:00'
'11587737c7aebe9a94bd91b813069d07e903e79f'|'Indian renewable firms plan $2.5 billion in offshore dollar bond issues'|'July 5, 2017 / 1:26 PM / 4 hours ago Indian renewable firms plan $2.5 billion in offshore dollar bond issues Promit Mukherjee and Krishna Merchant 4 Min Read FILE PHOTO: Workers install photovoltaic solar panels at the Gujarat Solar Park under construction in Charanka Village in Patan district of the western Indian state of Gujarat April 14, 2012. Amit Dave/File Photo MUMBAI (Reuters) - Four Indian renewable power producers are planning to raise up to $2.5 billion via dollar bonds offshore because of caution among domestic lenders, banking sources said. In addition to the four solar and wind power firms, a fifth company that invests in renewable projects, Adani Group, has raised $250 million via a loan but has yet to publicly announce the borrowing, the sources told Reuters. A source working with one of the bond issues said foreign borrowing was attractive because state banks were reluctant to lend due to existing bad loans to the power sector, while domestic banks worried about falling tariffs for solar power. Foreign investors have been attracted to the sector by India''s commitment to expand renewable power capacity, with plans to invest close to $150 billion to meet its 2022 targets, analysts and bankers said. New York-listed Azure Power Global Ltd, which has projects in the states of Rajasthan, Punjab and elsewhere, planned to raise $500 million via a dollar issuance, two bankers said. Continuum Energy, a firm backed by U.S. bank Morgan Stanley that has projects in the southern state of Tamil Nadu and western state of Gujarat, planned to raise $400 million, the two bankers added. Wind and solar power firm Greenko Group, backed by Singapore sovereign wealth fund GIC and Abu Dhabi Investment Authority (ADIA), planned a $1 billion issuance to refinance a dollar bond raised three years ago, three bankers said. IL&FS Energy, which has thermal and solar power projects, was considering a dollar bond issue worth $500 million, said a source with knowledge of the deal but not involved in the process. The fifth firm, Adani Group, which is controlled by billionaire Gautam Adani, has already raised $250 million via an offshore loan to invest in its solar power project in Karnataka, one of the bankers said. The companies did not immediately respond to requests for comment. Solar tariffs hit a new low in May when SBG Cleantech, which has SoftBank Chairman Masayoshi Son as one of its promoters, bid 2.44 per unit for building a solar park in the western state of Rajasthan. Solar power players bid for the right to build projects on parcels of land that are set aside by the government. The player agreeing to sell the power it generates at the lowest price per kilowatt hour, are leased the land at a nominal price. Despite the decline in tariffs, overseas investors scouting for higher yields are keen on such dollar bond issues, the bankers said, adding many were drawn by Indian Prime Minister Narendra Modi''s commitment to boosting renewable power output. India, a signatory to the Paris climate accord, has an ambitious plan to raise renewable energy capacity to 175 gigawatts (GW) by 2022 from a current capacity of 57 GW. Abhishek Tyagi, senior analyst at Moody''s, said India would have to invest "close to $150 billion to meet its 2022 renewable energy targets", adding much of that was expected to come from foreign financing due to constraints among domestic lenders. Reporting by Promit Mukherjee with Reuters in Mumbai and Krishna Merchant with IFR in Singapore; Additional reporting by Suvashree Dey Choudhary; Editing by Euan Rocha and Edmund Blair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-renewables-bonds-idINKBN19Q1OV'|'2017-07-05T16:24:00.000+03:00'
'586a55e9b8223abd75778221020748e5e52c0891'|'S&P, Dow flat as energy weighs; Fed minutes awaited'|'July 5, 2017 / 11:38 AM / 16 minutes ago S&P, Dow flat as energy weighs; Fed minutes awaited Tanya Agrawal 3 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid (Reuters) - The S&P 500 and the Dow were little changed in choppy trading on Wednesday, with a fall in oil prices taking a toll on energy stocks, but the Nasdaq was propped up by gains in tech shares. Crude prices fell 3 percent, ending their longest bull-run in more than five years, hurt by rising OPEC exports and a stronger dollar. Shares of Exxon ( XOM.N ) and Chevron ( CVX.N ) were down more than 1 percent, weighing the most on the S&P and the Dow. The Federal Reserve is due to release minutes of its last meeting later in the day. Investors will look for more clues on its next rate hike and details on the central bank''s plan to cut its crisis-era bond portfolio. A recent set of tepid economic data and an inflation rate below the central bank''s 2 percent target may have a bearing on the Fed''s rate hike plans. "The biggest question mark for investors today is going to be an indication as far as timing is concerned for when the Fed is going to begin their balance sheet reduction plans," said Marcelle Daher, senior managing director, asset allocation at Manulife Asset Management. "In general they have indicated September, with the last rate hike for 2017 to fall in the December time frame, so anything that confirms or denies that assumption is going to be interesting for the market." Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid At 11:02 a.m. ET (1502 GMT), the Dow Jones Industrial Average .DJI was down 12.76 points, or 0.06 percent, at 21,466.51. The Nasdaq Composite .IXIC was up 26.14 points, or 0.43 percent, at 6,136.20 and the S&P 500 .SPX was up 1.99 points, or 0.08 percent, at 2,431. The tech sector .SPLRCT led the S&P gainers with a 0.69 percent rise, with Apple ( AAPL.O ), Microsoft ( MSFT.O ) and Amazon ( AMZN.O ) lifting the sector. Slideshow (4 Images) Tech stocks have been volatile in the past few weeks on concerns over the sector''s valuation, after powering the S&P''s record run this year. "In a world of muted growth, tech stocks can still be attractive for delivering attractive rates of earnings growth ... However, because of the positioning around tech, there is to be expected a period of consolidation," Daher said. O''Reilly Automotive ( ORLY.O ) slumped as much as 19.9 percent to a near three-year low after its second-quarter same-store sales widely missed its own estimates. The stock dragged down other auto-parts retailers with Autozone ( AZO.N ) and Advance Auto Parts ( AAP.N ) falling 9.4 percent and 14 percent. Declining issues outnumbered advancers on the NYSE by 1,953 to 830. On the Nasdaq, 1,637 issues fell and 1,066 advanced. Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-stocks-idINKBN19Q1DZ'|'2017-07-05T18:34:00.000+03:00'
'2af2ed3333afb21e7d32f16f06342b99533a1680'|'Singapore to postpone bank capital rules; follows HK, Australia delays'|'July 5, 2017 / 9:42 AM / 31 minutes ago Singapore to postpone bank capital rules; follows Hong Kong, Australia delays By Michelle Price 4 Min Read People pass the skyline of the central business district along the Marina Bay Promenade in Singapore April 10, 2017. Edgar Su HONG KONG (Reuters) - Singapore''s banking regulator has told lenders it will delay by a year the implementation of global rules designed to rein in trading risks - the latest sign that the post-crisis overhaul of the world''s banking system may be stalling. The move follows similar postponements by banking regulators in Hong Kong and Australia as concerns grow over the complexity of the rules and as it is also uncertain how they will fit with other capital reforms yet to be finalised. The Monetary Authority of Singapore (MAS) notified local banks of the delay to the so-called ''fundamental review of the trading book'' (FRTB) in a letter last month that also flagged a number of other regulatory issues, two people briefed on the matter said. The people declined to be identified as the letter was not made public. The rules were finalised last year by the Basel Committee on Banking Supervision as part of a decade-long international effort to prevent a repeat of the 2008-2009 global financial crisis. The FRTB rules, which require banks to hold more capital against their trading books, were scheduled to become effective in January 2019. A MAS spokeswoman said the regulator remains committed to a full implementation of Basel III reforms but was not rigidly adhering to a timeline. "In determining the implementation timeline, MAS will consider factors such as the state of global implementation guidance, the industry''s readiness and implementation progress in other jurisdictions," she said in a statement. Basel has no powers of enforcement and relies on member countries to commit to the implementation of reforms agreed by the committee. A person familiar with the committee''s workings said there was no sign of the FRTB being ditched outright. In addition, capital for trading books is a small proportion of a bank''s total buffer and therefore a delay in the FRTB does not materially affect the bigger capital picture for the banking sector, this person said. Group of 20 (G20) countries meet in Germany this week to take stock of the implementation of global banking reforms. Mark Carney, chairman of the Financial Stability Board, which coordinates financial rules for the G20, warned on Monday that global growth would suffer if regulators give in to "reform fatigue" and fail to complete the agreed changes. But after an intensive decade of rule-making, some policymakers now want to prioritize growth over yet more complex banking regulation. U.S. President Donald Trump has said regulation is holding back lending and the U.S. Treasury has recommended delaying the FRTB, as well as another measure that strengthens bank funding. Regulators in Asia are worried their banks may be at a disadvantage if they push ahead with the rules while other countries hold back, the sources said. The European Union’s executive European Commission has proposed delaying its full application of FRTB, and officials are now waiting to see whether U.S. regulators follow the U.S. Treasury recommendation. The Hong Kong Monetary Authority said last month the FRTB rules would be implemented no earlier than January 2020, while the Australian Prudential Regulation Authority (APRA) announced a delay in March that would likely see the rules come into force in 2021. Reporting by Michelle Price; additional reporting by Anshuman Daga in SINGAPORE and Huw Jones in LONDON: Editing by Edwina Gibbs and Neil Fullick 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-basel-capital-singapore-idINKBN19Q108'|'2017-07-05T12:39:00.000+03:00'
'b5eb2de9d34de52cb09ab53e08184d1904c4e733'|'Feeling cross after House of Fraser failed to give me a free pen - Money'|'Your problems with Anna Tims Feeling cross after House of Fraser failed to give me a free pen While shopping on its website I was promised a free Cross pen if I spent £200 – but it was never delivered The House of Fraser free pen offer failed to explain that it was restricted to the purchase of Skopes products. Photograph: Frank Baron for the Guardian Your problems with Anna Tims Feeling cross after House of Fraser failed to give me a free pen While shopping on its website I was promised a free Cross pen if I spent £200 – but it was never delivered View more sharing options Friday 7 July 2017 07.00 BST Last modified on Friday 7 July 2017 07.02 BST When I was making purchases on the House of Fraser website an offer popped up informing me that a free Cross pen would be added to the basket if my order exceeded £200. However, when it was delivered there was no pen or any mention of one. Customer services explained that the offer was subject to availability. I believe House of Fraser deliberately provided an incentive for me as a customer to spend more in order to receive a free gift, only for the free gift not to materialise. MH, London Its extraordinary that in its numerous emails to you claiming that the pen was out of stock, House of Fraser didn’t produce the reason it gives me – that the offer was restricted to purchases of Skopes products, but that due to a “manual error” this wasn’t specified. Since you only bought £5 of Skopes stuff you didn’t qualify. It has now sent you the pen as a goodwill gesture. If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jul/07/house-of-fraser-website-free-cross-pen'|'2017-07-07T14:00:00.000+03:00'
'79eeaae346953896147bb046c611219f58a579af'|'Clearly beneficial if UK has Brexit transition - BoE''s McCafferty'|'Business News  19pm BST Clearly beneficial if UK has Brexit transition - BoE''s McCafferty Ian McCafferty, Monetary Policy Committee member of the Bank of England speaks during a Reuters interview at the Bank of England in London February 24, 2014. REUTERS/Suzanne Plunkett LONDON Bank of England rate-setter Ian McCafferty said on Thursday it would be "clearly beneficial" for Britain''s economy if the country can strike a deal to ensure a smooth transition as it exits the European Union. "On a personal level, I would think it would be helpful as long as it can be negotiated ... I come from a business background and what we do know is that businesses do not like sudden change," McCafferty told LBC radio. "If we can have a transition period so that they can adapt to the new trading and investment relationships that would clearly be beneficial for the economy." In January, Governor Mark Carney said such a deal would be "highly advisable". McCafferty, who voted to raise interest rates last month, said business surveys suggested that Britain''s economy was getting over a loss of momentum early in the year and businesses were "getting on with things". (Reporting by Andy Bruce and William James; Editing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-mccafferty-idUKKBN19R2KN'|'2017-07-06T20:19:00.000+03:00'
'987237151fc38e6f4c14ee12ad11f92cbe907e58'|'Canada appoints ex-RBC executive Fukakusa as infrastructure bank chair'|'Market News  39pm EDT Canada appoints ex-RBC executive Fukakusa as infrastructure bank chair TORONTO, July 6 Janice Fukakusa, a former Royal Bank of Canada chief financial officer, was appointed on Thursday as the first chairperson of Canada''s new infrastructure bank, the country''s infrastructure minister said. "Today''s announcement is another step forward in fulfilling our commitment to have the Canada Infrastructure Bank operational by the end of 2017," Infrastructure Minister Amarjeet Sohi said in a statement on Thursday. Canada''s Liberal government announced last November it would set up the agency to facilitate private investment in such projects as new roads and bridges in order to supplement government investment with funding from investors such as pension and sovereign wealth funds. The creation of the new entity is part of a broader plan to invest C$180 billion ($139 billion) over 12 years in improving the country''s infrastructure. The government advisory panel that recommended the bank''s creation had said it could look to raise C$4 to C$5 of private funding for every C$1 provided by taxpayers to fund projects. The government also plans to appoint a chief executive and board members for the bank in the coming months, it said. ($1 = 1.2939 Canadian dollars) (Reporting by Matt Scuffham, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-infrastructure-chairman-idUSL1N1JX16D'|'2017-07-06T19:39:00.000+03:00'
'69830434632e6f0fbb930d83e22965fe41871148'|'Ford China sales post strongest growth of year in June'|'Autos - Thu Jul 6, 2017 - 2:06am EDT Ford''s China sales bounce back in June as tax impact fades FILE PHOTO: Ford Taurus cars are seen during a presentation at the 16th Shanghai International Automobile Industry Exhibition in Shanghai, April 21, 2015. REUTERS/Aly Song/File Photo By Jake Spring and Norihiko Shirouzu - BEIJING BEIJING Ford Motor Co said its China sales surged 15 percent in June, their strongest pace of the year, and it was optimistic about the outlook for the second half as the industry puts the phasing out of a tax cut behind it. Peter Fleet, Ford''s Asia-Pacific chief, said the first quarter had been difficult after a purchase tax on small-engine cars rose to 7.5 percent from 5 percent previously. Although Ford''s China sales declined 7 percent in the first-half from the same period a year ago, they were up 7 percent in the second quarter. Sales for June alone climbed to more than 100,000 vehicles with deliveries of sedans including the Escort and Mondeo, which were hurt by the tax increase, improving. "I would expect to see for the third quarter strong single digit percentage growth (for) the industry. That''s certainly how it looks to us based on the run rate and how the month of July has opened up," Fleet said in an interview. Ford''s level of discounting tracked an overall 4 percent price decline for the industry so far this year. "I''m not interested in driving our prices down to drive market share," Fleet said. Year-on-year comparisons will "get a bit tricky" in the fourth quarter because sales rose so fast at the end of 2016 as consumers rushed to buy cars before the purchase tax went up, he added. The purchase tax on small-engine cars is set for another increase back to its normal 10 percent rate in 2018. Ford aims to focus its efforts on the sport-utility vehicle market, the fastest growing segment in China, with plans to launch a new version of the EcoSport small SUV later this year. Outside of China, Ford continues to post positive sales growth in Southeast Asia, India and Australia, he said. (Reporting by Jake Spring and Norihiko Shirouzu; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-ford-china-idUSKBN19R09C'|'2017-07-06T07:11:00.000+03:00'
'052733e45a7ab0f9696857eded50d37f6c416f93'|'PRESS DIGEST- New York Times business news - July 6'|'Market News - Thu Jul 6, 2017 - 1:08am EDT PRESS DIGEST- New York Times business news - July 6 July 6 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Volvo Cars said on Wednesday that all the models it introduces from 2019 will be either hybrids or powered solely by batteries. nyti.ms/2tpWEKS - U.S. President Donald Trump, in a series of denunciations of CNN and a video depicting him wrestling it, is "trying to bully us," said CNN President Jeffrey Zucker. nyti.ms/2sIxY3l - Emirates and Turkish Airlines said on Wednesday that they were the latest carriers to have been exempted from an American ban on laptops and other electronic devices in the passenger cabins of flights from eight predominantly Muslim countries. nyti.ms/2srOznX - The Federal Reserve raised interest rates on schedule during the first half of 2017, but its plans for the second half of the year are less clear, according to minutes of the Fed''s most recent meeting in June. nyti.ms/2tOyo7E - Japan''s office equipment maker Konica Minolta is preparing to announce a $900 million deal to acquire the American testing company Ambry Genetics, according to two people with knowledge of the discussions. nyti.ms/2sOPuht (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1JX1YV'|'2017-07-06T08:08:00.000+03:00'
'be0d3f3603e83658df27501ea2f908f231177b69'|'U.S. jobless claims rise for third straight week'|'July 6, 2017 / 12:48 PM / in 19 minutes U.S. jobless claims rise for third straight week 3 Min Read FILE PHOTO: Leaflets lie on a table at a booth at a military veterans'' job fair in Carson, California October 3, 2014. Lucy Nicholson/File Photo WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly rose for a third straight week last week, likely as some automakers closed assembly plants for the annual summer retooling. Initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 248,000 for the week ended July 1, the Labor Department said on Thursday. Data for the prior week was unrevised. Economists polled by Reuters had forecast first-time applications for jobless benefits falling to 243,000 in the latest week. It was the 122nd straight week that claims remained below 300,000, a threshold associated with a healthy labor market.''That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at a 16-year low of 4.3 percent. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 750 to 243,000 last week. A Labor Department official said there were no special factors influencing the claims data. Claims for six states and a territory, including California and Alabama, were estimated because of Tuesday''s Independence Day holiday. That probably did not contribute to last week''s increase as some of the estimates showed a decrease in applications. Unadjusted claims for Michigan increased 1,159 last week. Automakers normally shut assembly plants for annual retooling at the start of July, which tends to push up claims. Applications are likely to remain elevated as some companies like General Motors embark on extended summer shutdowns to deal will slower sales, which have led to an inventory bloat. Motor vehicle manufacturers reported on Monday that auto sales fell in June for a fourth straight month. Even before the annual summer plant closures, automakers have been laying off workers in response to the softening demand. Outside the auto sector, the labor remain strong, with record high job openings. Labor market tightness contributed to the Federal Reserve raising interest rates last month for the second time this year. Economists expect another rate hike and the U.S. central bank to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities later this year. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid increased 11,000 to 1.96 million in the week ended June 24. The so-called continuing claims have now been below 2 million for 12 straight weeks, pointing to diminishing labor market slack. The four-week moving average of continuing claims rose 6,750 to 1.94 million, remaining below the 2 million mark for 10 consecutive weeks. 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-economy-unemployment-idINKBN19R1PW'|'2017-07-06T15:47:00.000+03:00'
'd9ccec1d75112f521a0fe8aa01862975c462fda0'|'Mike Ashley tells high court: I''m a power drinker, I like to get drunk'|'Sports Direct boss Mike Ashley has described himself as a “power drinker” and dismissed his £2.2bn fortune as “wallpaper” at the high court.The tracksuits and trainers tycoon is defending claims he agreed to pay a banker £15m while binge drinking in a London pub .He told the court on Thursday that he could not remember making any such deal with former banker and colleague Jeff Blue. He said he would have downed the first four pints of the session in about an hour and told how the beers were “coming like machine guns” every few minutes that night.“I like to get drunk, I’m a power drinker,” Ashley said. “My thing is not to drink regularly, it’s to binge drink. I’m trying to get drunk – will you accept that? I was drinking to get pissed and have a good night out.”Ashley, the 54th wealthiest person in the UK according to the Sunday Times rich list, told the high court his fortune was mostly tied up in Sports Direct’s shares and he could only realise the money if he sold them, which he did not intend to do. “Do you honestly think I’m worth £2bn less [than] when the shares were at £9?” he said. “It doesn’t make any difference until you sell them if they’re worth £20-a-share – they’re wallpaper.” Sports Direct shares peaked at 922p in 2014 but are now changing hands at 298p.Ashley told the court this week that he was so “fabulously wealthy” that he didn’t know what to spend his money on when Sports Direct floated on the stock market 10 years ago and made him a paper billionaire. “What do you think I did in the morning – went out and bought the neighbour’s house? I already owned it.”When Ashley invited the media to Sports Direct’s Shirebrook warehouse last year in an attempt to dispell the impression that working conditions were similar to a “gulag”, he revealed a wad of £50 notes as he made his way through security. I’ve just been to the casino,” he said at the time before adding: “Don’t write that.”Ashley is defending himself against allegations that during a “night of heavy drinking” in January 2013 he agreed to pay Blue £15m if Sports Direct’s shares doubled to £8. The shares did hit £8 but have since collapsed, in part because of reputational damage caused by a Guardian investigation that revealed the retailer was in effect paying staff in its warehouse less than the minimum wage. A report by MPs later accused Ashley of running Sports Direct like a “Victorian workhouse”.Ashley, who also owns Newcastle United football club, said he would rather have “put needles in my eyes” than go to the meeting with boring bankers at the Horse & Groom pub in Fitzrovia, central London, in January 2013. But he said he had been asked by Blue to make it a “fun night” and started drinking quickly.Facebook Twitter Pinterest Former banker Jeff Blue arrives at the high court. Photograph: Barcroft Ashley said he would have had four to five pints within the first hour. “We would have had the first pint in between five and 10 minutes,” he said. “The second pint would probably be between 10 and, longest case, 15 minutes. The third pint is what 30 minute-ish – you’re slowing down by then.”Jeffrey Chapman QC, Blue’s lawyer, put it to Ashley that his recollection of drinking quite so many pints so quickly might not be true because he had not factored in the time taken to go to the bar and order more drinks. Ashley said it was the “job” of another banker in the pub to “get the drinks in”. “He got the drinks in before the round was finished … they were coming like machine guns.”The businessman said he did not want to go the pub meeting with City brokers but Blue had “all but begged” him to go and told him to make it a fun night and impress the brokers with his larger-than-life personality. Ashley said he would have made Blue keep pace with the drinking early on, but doubted that he would have been able to keep up. “He’s a lightweight when it comes to drinking – that’s a fact – and he wouldn’t have been physically able to keep up.”Blue claims Ashley often conducts business in pubs, casinos and various other “unusual venues” while under the influence of alcohol and the meeting’s venue should not invalidate the alleged deal. This week, Blue gave the court an extraordinary picture of Ashley’s working practices, including a claim that he would challenge subordinates to extreme drinking competitions that once ended with the 52-year-old billionaire vomiting into a fireplace.Asked whether Ashley took calls about player transfers at Newcastle United during the meeting in the pub, he said he could not recall that and that managers at his club were “really not interested in my opinion on football”. “Do you think I make the decisions for Newcastle United?” he said. “I’m like the last person to know.”Ashley denied Blue’s allegations that he paid senior Sports Direct managers multimillion-pound bonuses from his personal funds to artificially keep down the pay of other staff. “He knows that’s lies. Jeff Blue knows that’s utter bullshit,” Ashley told the court on Wednesday. He said he had never made any payments of more than £1m to any Sports Direct employees. Blue had made the claim based on a conversation with Peter Cowgill, the boss of JD Sports, a rival of Sports Direct. Cowgill told the court on Thursday that he had no knowledge of the senior management’s pay. Ashley clarified on Thursday that he had paid his brother John, who was in charge of IT at Sports Direct, “millions of pounds”.The case continues.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/06/mike-ashley-high-court-sports-direct-newcastle-united'|'2017-07-06T21:13:00.000+03:00'
'5e42121cdc761a0915b885ea122f519fee70d9cc'|'UPDATE 1-South Africa''s rand hits 7-week low on ANC policy plans'|'Market News - Wed Jul 5, 2017 - 11:45am EDT UPDATE 1-South Africa''s rand hits 7-week low on ANC policy plans (Updates prices) JOHANNESBURG, July 5 - South Africa''s rand hit a seven-week low against the dollar on Wednesday after the ruling party proposed at a policy conference to nationalise the central bank and expropriate land without compensation. The rand traded at 13.4200 per dollar, 1.6 percent weaker on the day and at the weakest since May 18, according to Thomson Reuters data. But the weaker currency sparked demand for shares in South African companies that earn the bulk of the profit overseas, pushing the benchmark index nearly 1 percent higher. TreasuryOne currency dealer Andre Botha said the rand had been pressured by a stronger dollar earlier in the session and extended losses after reports that the African National Congress (ANC) had agreed that the central bank should be state-owned. The ANC also proposed that land expropriation without compensation should be allowed where it is "necessary and unavoidable". "All these radical transformation policies there has been rumblings on them for a while now. The fact that they are thinking about it is worrisome and that''s why the rand has tanked," Botha said. The party''s proposal on the central bank is likely to raise concerns about the independence of the Reserve Bank after an anti-graft watchdog recommended its mandate be changed to place more focus on growth and not just inflation and the rand currency. On the bourse, the blue-chip JSE Top-40 index added 0.9 percent at 42,241 and the broader All-share index was up 0.8 percent at 52,483. Companies such British American Tobacco, (BAT) drugmaker Aspen Pharmancare and foodservice firm Bidcorp were in demand thanks to a weaker rand. BAT was up 2.9 percent, Aspen climbed 2.5 percent and Bidcorp picked up 4.5 percent. These companies earn the bulk of the profits offshore and are considered safe bets when the rand weakens. In fixed income, the yield for the benchmark government bond duein 2026 jumped 9 basis points to 8.86 percent. (Reporting by Tiisetso Motsoeneng and Olivia Kumw enda-Mtambo Editing by Jeremy Gaunt) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-markets-idUSL8N1JW4IG'|'2017-07-05T18:45:00.000+03:00'
'1f9b0afa283386e77f17b4f4d69d6d9aad2229b8'|'Ahead of fractious G20, Germany and China pledge new cooperation'|'Business News - Wed Jul 5, 2017 - 10:32am EDT Ahead of fractious G20, Germany and China pledge new cooperation left right German Chancellor Angela Merkel and Chinese President Xi Jinping attend a contract signing ceremony at the Chancellery in Berlin, Germany, July 5, 2017. REUTERS/Axel Schmidt 1/8 left right German Chancellor Angela Merkel and Chinese President Xi Jinping are seen after the news conference at the Chancellery in Berlin, Germany, July 5, 2017. REUTERS/Axel Schmidt 2/8 left right German Chancellor Angela Merkel attends a news conference at the Chancellery in Berlin, Germany, July 5, 2017. REUTERS/Fabrizio Bensch 3/8 left right German Chancellor Angela Merkel and Chinese President Xi Jinping attend a news conference at the Chancellery in Berlin, Germany, July 5, 2017. REUTERS/Fabrizio Bensch 4/8 left right German Chancellor Angela Merkel and Chinese President Xi Jinping are seen after the news conference at the Chancellery in Berlin, Germany, July 5, 2017. REUTERS/Fabrizio Bensch 5/8 left right German Chancellor Angela Merkel and Chinese President Xi Jinping are seen after the news conference at the Chancellery in Berlin, Germany, July 5, 2017. REUTERS/Fabrizio Bensch 6/8 left right German Chancellor Angela Merkel and Chinese President Xi Jinping shake hands after the news conference at the Chancellery in Berlin, Germany, July 5, 2017. REUTERS/Fabrizio Bensch 7/8 left right Siemens President and CEO Joe Kaeser shakes hands with German Chancellor Angela Merkel during a contract signing ceremony at the Chancellery in Berlin, Germany, July 5, 2017. REUTERS/Axel Schmidt 8/8 By Thomas Escritt and Michelle Martin - BERLIN BERLIN Ties between China and Germany are about to enter a new phase, China''s president said, as he met the German chancellor before a G20 summit that is expected to highlight their differences with the United States on a host of issues. President Xi Jinping and Chancellor Angela Merkel pledged on Wednesday to work together more closely on a range of issues, two days ahead of the G20 summit in Hamburg that U.S. President Donald Trump is also due to attend. Trump''s testy relationship with both China and Germany is pushing the two countries closer together, despite Berlin''s concerns about human rights in China and frustrations over market access. "Chinese-German relations are now about to have a new start where we need new breakthroughs," Xi told a joint news conference with Merkel in Berlin. He said he hoped to make a "new blueprint, set our sights on new goals and plan new routes" for cooperation during his visit to Germany. "We will have difficult discussions, since bringing 20 states together with all their developments and ideas is not easy," Merkel said. Tension is likely both at the summit and outside it. Thousands of protesters are expected to demonstrate for a raft of causes, ranging from anti-globalization to failure to tackle climate change. Already, German police have used water cannon to disperse around 500 anti-capitalist protesters. Much of the tension will revolve around Trump. In an article for German newspaper Handelsblatt Japanese Prime Minister Shinzo Abe urged the G20 states to continue working together on climate protection, after Trump pulled the United States out of the 2015 Paris agreement on climate change policy. And World Bank President Jim Yong Kim told Handelsblatt he agreed with Merkel on climate change, saying: "We cannot wait". In contrast to Trump''s protectionist stance, Kim also stressed that free trade was key to alleviating poverty and boosting prosperity. Merkel has lashed out at Trump''s administration for taking the view that globalization is creating winners and losers. She told the newspaper Die Zeit that as G20 president, she had to work on reaching agreement rather than contributing "to a situation where a lack of communication prevails". To symbolize their close ties, Merkel and Xi opened a garden at the Berlin Zoo for Meng Meng and Jiao Qing, two giant pandas on loan from China who were seen sitting on wooden benches munching bamboo when a red curtain covering their enclosure was opened. Merkel described them as "two very nice diplomats". Merkel said she and Xi had also talked about wanting to quickly sign an investment treaty that would ultimately turn into a full-blown free-trade agreement. They discussed as well improving cooperation on cyber security and working more closely together on fighting international terrorism. In addition, they discussed bilateral cooperation in countries such as in Africa and Afghanistan, with Merkel highlighting an agreement to jointly build a hydroelectric power plant in Angola. But she added: "In my view we must intensively pursue the human rights dialogue, looking at how different parts of society can better express themselves. In this respect, cooperation in the field of civil society can be further strengthened." (Additional reporting by Madeline Chambers; Editing by Larry King and Catherine Evans) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-g20-germany-china-idUSKBN19Q16R'|'2017-07-05T13:30:00.000+03:00'
'ccea07b72faad0c8491f7afe775849a92573ac68'|'Lufthansa, Fraport sign deal on cost savings after Ryanair row'|'Business News  02am BST Lufthansa, Fraport sign deal on cost savings after Ryanair row The logo of German airline Lufthansa is seen before the company''s annual news conference at the airport in Munich, Germany, March 16, 2017. REUTERS/Michaela Rehle BERLIN Lufthansa ( LHAG.DE ) and Frankfurt airport operator Fraport ( FRAG.DE ) have signed a deal on cost savings, meaning Lufthansa will grow its business at its main hub, the two companies said in a joint statement on Friday. Lufthansa has been discussing costs at Frankfurt airport since the airport operator last year signed a deal with Ryanair ( RYA.I ) that gives the Irish low cost carrier discounts on fees for new routes started in 2017, which Lufthansa said disadvantaged it. Lufthansa, which has a market share of around 60 percent at Frankfurt airport, and Fraport said on Wednesday they would lower costs and bring in new revenue by better using current infrastructure at the airport and working more closely together on customer services. On fees, Fraport said it would not be making any changes to its current application for airport charges for 2018. However, a spokesman said that the incentive programme that started in 2017 would be valid in 2018 for new routes. That would mean that Lufthansa''s budget carrier Eurowings or other carriers could benefit from the same level of discounts as Ryanair had this year if they start new routes next year. A Lufthansa spokesman said it has still not made a decision on whether to bring Eurowings to Frankfurt. He declined to provide further details of the cost savings measures, but said the financial benefits achieved would be comparable to the discounts awarded to Ryanair. "The partners are thus creating the right conditions for the further growth of Lufthansa at Frankfurt Airport," the two said in the statement. Lufthansa had previously said it would grow more from its other hub in Munich, and last month announced plans to station A380 jets there. (Reporting by Victoria Bryan; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lufthansa-fraport-airport-idUKKBN19Q12M'|'2017-07-05T13:02:00.000+03:00'
'7cd624e669ed497c426dc859c4b2418cac2ddf19'|'Deutsche Bank CEO says he has no plans step down - Die Zeit'|'Business  23pm BST Deutsche Bank CEO says he has no plans step down - Die Zeit Deutsche Bank CEO John Cryan speaks during the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski FRANKFURT Deutsche Bank ( DBKGn.DE ) Chief Executive John Cryan said he has no plans to step down from the helm of Germany''s biggest lender, he told German weekly Die Zeit in an interview. "You can be sure: I have no plans to go elsewhere, not for a long time," he told the paper when asked whether the appointment of Christian Sewing and Markus Schenck as co-deputy CEOs earlier this year was meant to lay the groundwork for succession plans. He also said that he did not expect Deutsche Bank to post a loss this year. Analysts on average see Deutsche Bank posting a 2017 net profit of 2.29 billion euros ($2.59 billion), according to Thomson Reuters data. (Reporting by Maria Sheahan; Editing by Balazs Koranyi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-ceo-idUKKBN19Q1D0'|'2017-07-05T14:23:00.000+03:00'
'63fe1d0237088e6ae9cb7382c85c9c36f21e05b2'|'Earnings support European shares but oil slump weighs'|' 19pm BST Earnings support European shares but oil slump weighs The Milan''s stock exchange building is seen during the opening of the initial public offering of the Poste Italiane in downtown Milan, Italy, October 27, 2015. REUTERS/Alessandro Garofalo By Danilo Masoni - MILAN MILAN European shares rose on Wednesday at the end of a volatile session with gains among consumer stocks, led by Adidas ( ADSGn.DE ) on optimism over its upcoming earnings. A renewed slide in oil prices kept a lid on the increase, with the pan-European STOXX 600 index ending up 0.2 percent while the euro zone blue chip index .STOXX50E closed flat. The top gainer on the STOXX was CHR Hansen ( CHRH.CO ) after the food ingredients maker beat third-quarter profit forecasts and raised its revenue growth guidance. Adidas was the second biggest, up 4.9 percent as brokers sounded upbeat ahead of the sporting goods group''s earnings release next month. While DZ Bank added the stock to its long list expecting strong numbers in Western Europe and China, HSBC said Adidas was likely to increase its outlook, upgrading it to "buy". "We believe the sales growth story and associated margin expansion plan make this stock a very visible compounder," HSBC analysts said in a note. In London, housebuilder Persimmon ( PSN.L ) jumped 2.4 percent after it reported a 7 percent rise in first-half sales. Oil prices retreated 3 percent, ending their longest bull run in more than five years as rising OPEC exports and a stronger dollar turned sentiment more bearish. That hurt energy stocks .SXEP, the biggest sectoral faller in Europe this year, which fell 1.4 percent, wiping most points off the STOXX index. Miners .SXPP, which also find support when oil prices rise, ended up 0.2 percent, paring earlier gains that were helped by a Credit Suisse sector upgrade to "overweight". Top faller in Europe was Worldpay ( WPG.L ), down 8.8 percent after U.S. credit card processor Vantiv ( VNTV.N ) agreed to buy the British payment company for 7.7 billion pounds. In the previous session the stock soared nearly 30 percent after news of rival approaches from Vantiv and JPMorgan ( JPM.N ), which said on Wednesday it did not plan to make a counter bid. Interest rate-sensitive utilities .SX6P were another weak spot, down 0.7 percent. A rise in interest rates has been a focus for markets since central banks hinted at a possible tightening in monetary policy, with higher bond yields making high dividend-paying stocks like utilities less attractive. (Reporting by Danilo Masoni and Kit Rees; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN19Q2H1'|'2017-07-05T20:19:00.000+03:00'
'a16aa8326d410b069612ebb8641ad6d9d3330403'|'Worldpay says agreed to be taken over by Vantiv in $10 billion deal'|'Deals - Wed Jul 5, 2017 - 6:32pm BST U.S. card firm Vantiv goes global with $10 billion Worldpay buy left right Traders wait for news at the post where U.S. credit card technology firm Vantiv Inc is traded on   Traders work at the post where U.S. credit card technology firm Vantiv Inc is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. REUTERS/Brendan McDermidx 2/3 Worldpay logo in undated handout. REUTERS/Handout/Worldpay 3/3 By Noor Zainab Hussain U.S. credit card processor Vantiv agreed to buy Britain''s Worldpay for 7.7 billion pounds ($10 billion) on Wednesday in a move expected to trigger further deals. Payments companies have become targets for credit card companies and banks seeking to capitalize on a switch from cash transactions to paying by smartphone or other mobile device, with Danish payment services firm Nets A/S ( NETS.CO ) revealing it had been approached by potential buyers. Shares in Worldpay ( WPG.L ) rose by nearly 28 percent on Tuesday when Britain''s largest payments firm said it had received approaches from both Vantiv ( VNTV.N ) and JPMorgan ( JPM.N ), which is Worldpay''s corporate broker. The U.S. bank said that while it had shown a preliminary interest, it does not plan to make a rival bid. "Given the current price, strategic rationale for Vantiv and lack of significant EPS (earnings per share) accretion we believe it is unlikely other suitors will emerge at this point," analysts at Cowen said following the announcement of the deal. Under the terms revealed on Wednesday, Vantiv will pay 55 pence in cash, 0.0672 of a new Vantiv share and a 5 pence cash dividend per Worldpay share, totaling 385 pence per share. Although this is an 18.9 percent premium to Worldpay''s closing share price on Monday, it is below the 409.5 pence hit on Wednesday before the announcement, which comes only 20 months after Worldpay listed in London with a 4.8 billion pound price tag. Worldpay''s stock was down 9.3 percent at 370 pence at 1425 GMT while Vantiv, which has a market capitalization of $12.3 billion, saw its shares fall 3.9 percent to $60.51. Shareholders in the British firm will own about 41 percent of the new company, which will be run by Vantiv Chief Charles Drucker and Worldpay CEO Philip Jansen. Set up in 1989, London-based Worldpay was spun out of Royal Bank of Scotland ( RBS.L ) to private equity firms Bain Capital and Advent International in 2010. The firm employs 4,500 people, and says it processes around 31 million mobile, online and in-store transactions every day. While banks have been trying to develop and buy more sophisticated technology, companies like PayPal ( PYPL.O ) and Worldpay have gained a large market share as consumers have adopted online shopping and cashless transactions. GLOBAL APPEAL Analysts say the most likely target is Worldpay''s e-commerce business, especially outside the United States where Vantiv is largely focused. Worldpay says it supports 400,000 merchants in 126 currencies across 146 countries. "While Vantiv owns one of the most enviable U.S. acquiring businesses - over 30 percent of revenue from integrated channels - it has no exposure outside of North America," Cowen analysts said. Worldpay''s e-commerce payments revenue, which accounts for more than a third of its total, rose by 21.7 percent to 386.6 million pounds in 2016, driven by new business wins and strength in its global retail and digital content units. Analysts at Berenberg said before the announcement that Vantiv - as well as JP Morgan, is suffering from excessive exposure to the offline U.S. market. "The acquisition of Worldpay would give them international e-commerce capabilities that they would be able to cross-sell to their U.S. client base." Increased exposure to the United States would also help Worldpay, which reported a lower than expected rise in 2016 revenue, hurt by weakness in its American business which accounts for more than a quarter of its revenue.. "Worldpay would gain scale in the U.S. market, a geography where frankly the company has floundered relative to rivals," Cowen analysts said. (Editing by Rachel Armstrong and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-worldpay-m-a-vantiv-inc-idUKKBN19Q1JK'|'2017-07-05T15:05:00.000+03:00'
'ff4479b9ab97f42e57aa0d17d73bd929e9966882'|'Britain''s finance industry faces ''tipping point'' over Brexit'|'July 5, 2017 / 11:06 PM / in 3 minutes Britain''s finance industry faces ''tipping point'' over Brexit Andrew MacAskill and Huw Jones 4 Min Read FILE PHOTO: The Canary Wharf financial district is seen at dusk in London, Britain November 7, 2014. Toby Melville/File Photo LONDON (Reuters) - Britain will lose its status as Europe''s top financial centre unless it keeps borders open to specialist staff, improves infrastructure and expands links with emerging economies, TheCityUK said in a report published on Thursday. The report from Britain''s most powerful financial lobby group said continental Europe might eventually become the preferred destination for banks, insurers and asset managers as they relocate business there to retain access to the EU single market. Although companies may begin by initially shifting a small number of jobs to Europe this may begin to accelerate when property leases expire, they carry out business reviews, or when the cost of capital becomes uneconomical. "Shifts out of the UK may gradually erode the ''cluster effect'' of the financial ecosystem, with the threat of a tipping point in the ecosystem being reached," the group said in a 83-page document outlining how the industry can thrive over the next decade. Securing a favourable deal for financial services from the Brexit negotiations is one of the biggest challenges for the British government because it is its largest export sector and biggest source of corporate tax. Britain''s finance industry could lose up to 38 billion pounds ($49 billion) in revenue in a so-called "hard Brexit" that would restrict its access to the EU single market, according to some estimates. The report said the government must ensure businesses can recruit people to fill skill gaps and must simplify the process of getting a visa. Brexit has already made it harder to attract people to Britain and the government is introducing policies making immigration more restrictive and expensive, the report said. It said the cost of hiring an employee on a five-year visa has risen by 250 percent to 7,000 pounds over the last year and the minimum salary a business may recruit staff for a visa has risen by almost half since 2015. Aside from Brexit, the report also looks at broader issues that threaten the competitiveness of the City of London as financial services hub, including a need to invest in transport networks and technology. It calls for government and financial services to work together closely to develop international trade policies and to improve the country''s digital and physical infrastructure, including speeding up travel times between airports and different financial centres around Britain. One financial services industry veteran who had independent access to the report said it lacked urgency and there was too little on the impact of Britain leaving the EU given that "Brexit is a catastrophe for the City." Mark Hoban, a former financial services minister who chaired the report, said that Brexit was only one of several challenges facing financial services. "The challenges facing financial services are much more than just about Brexit. It is about emerging financial centres and also, to a degree, about unmet needs in the UK as well," Hoban told Reuters. "There is a very clear appetite to tackle these issues at various levels of government." ($1 = 0.7748 pounds) Reporting By Andrew MacAskill and Huw Jones. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-finance-idINKBN19Q31L'|'2017-07-06T02:04:00.000+03:00'
'925ec89b685f798f088071911bb3f39a0eeaa236'|'FTSE falls as Reckitt Benckiser, consumer stocks decline; AB Foods gain'|'Business   5:25pm BST FTSE falls as Reckitt Benckiser, consumer stocks decline; AB Foods gain A worker shelters from the rain as he passes the London Stock Exchange in the City of London at lunchtime October 1, 2008. REUTERS/Toby Melville/File Photo By Helen Reid and Kit Rees - LONDON LONDON Britain''s top share index fell on Thursday as Reckitt Benckiser ( RB.L ) helped lead rate-sensitive consumer stocks lower, though a results-driven jump in AB Foods ( ABF.L ) and gains among banks offered some support. Britain''s blue-chip FTSE 100 .FTSE index closed down 0.4 percent at 7,337.28 points among health and consumer staples shares fell. Both sectors are sensitive to interest rates changes. More hawkish central bank comments and the minutes from the European Central Bank''s latest policy meeting support the view that the ECB was open to a further step towards reducing stimulus. Among consumer stocks, Reckitt Benckiser ( RB.L ) fell around 1.5 percent after cutting its growth forecast. The consumer goods giant was targeted in a worldwide attack which crippled computers at several multinational companies on June 27. Research shows cyber-security breaches can erode companies'' share prices permanently. Mining stocks .FTNMX1770 also fell, dropping 0.9 percent, led by a 2.5 percent decline in Glencore''s ( GLEN.L ) shares. Glencore giant signed a major cobalt deal with a Chinese firm. Banks gained .FTNMX8350, since they would benefit from higher interest rates. Barclays ( BARC.L ), Royal Bank of Scotland ( RBS.L ) and Lloyds ( LLOY.L ) were rose between 1.5 percent and 2.4 percent. AB Foods ( ABF.L ) rose 2.6 percent after reporting a better outlook thanks to an improved performance from budget clothing chain Primark. Marks & Spencer ( MKS.L ) followed it higher with a 1.3 percent rise, although Next ( NXT.L ) fell as it went ex-dividend. "Some people have been thinking that the consumer is just going to go completely underground, but the evidence is that good companies that have the right offer at the right price can grow very strongly," said Jonathan Pritchard, retail analyst at Peel Hunt. Investors and analysts expect British consumers to swap to cheaper goods as inflation rises, something that could help low-margin companies offering budget prices offset higher import costs as a result of sterling''s weakness. "AB Foods have found more mitigation than they expected and that''s because they have got volume growth, which helps their bargaining position with suppliers," Pritchard said. Merger and acquisition news drove gains on the small-cap index .FTSC , which outperformed larger stocks to close flat. Novae Group ( NVA.L ) jumped up to 23 percent after the insurer agreed to be taken over by AXIS Capital ( AXS.N ), a Bermuda-based speciality lines insurer and reinsurer, for 468 million pounds ($605 million) in cash. Top Novae shareholder Neptune said the offer undervalues the firm. (Reporting by Helen Reid and Kit Rees, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19R0XF'|'2017-07-06T19:25:00.000+03:00'
'cd7b053efef439ad11fa844fa5df591c63322a2a'|'Dish, Amazon chiefs discuss wireless partnership: WSJ'|'Technology News - Thu Jul 6, 2017 - 1:04pm EDT Dish, Amazon chiefs discuss wireless partnership: WSJ Amazon.com''s logo is seen at Amazon Japan''s office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon/File Photo Dish Network Corp ( DISH.O ) Chief Executive Charlie Ergen and Amazon.com Inc ( AMZN.O ) head Jeff Bezos have discussed a partnership to enter the wireless business, the Wall Street Journal reported, citing people familiar with the matter. Amazon could help bankroll a network Dish is building focused on the "Internet of Things", and could possibly offer its Prime members an option to pay a little more per month for a connectivity or phone plan, the Journal reported on Thursday, citing one person. Dish''s shares were up 1.2 percent at $63.53, while Amazon shares were down 0.3 percent. Dish has been buying up spectrum, or radio frequencies that carry the data flowing through devices, making it a potential acquisition target for U.S. wireless carriers such as Verizon Communications Inc ( VZ.N ), according to industry analysts. Dish faces a Federal Communications Commission deadline to use the spectrum by 2021 to build its first wireless network. Some investors say Ergen will likely want a partner to help share the cost of the investment, even though he has said the company can build the network by itself. An IoT platform would possibly benefit several Amazon Web Services products as well as its drone delivery plans, Citi analysts said in a note in May. "With its own wireless network ... (Amazon) could consider real-time changes in directions or multi-stop delivery routes through messages from the network," the note said. As part of a partnership, Amazon could also offer a one-way broadcast signal for its Prime video on Dish''s airwaves, the Journal said, citing a person close to Dish''s plans. As the market for smartphones and mobile devices becomes saturated, the wireless industry is betting that "Internet of Things" will provide new revenue streams. Citi analysts added that Verizon was pressing hard on the IoT front, while T-Mobile recently announced plans for a 5G IoT network. An acquisition of Dish by Amazon is highly unlikely, the WSJ report added. Dish declined to comment, while Amazon was not immediately available for comment. Analysts have said that the telecoms and cable sectors are primed for a wave of deal activity, and executives have openly talked about potential mergers. U.S. wireless company Sprint Corp ( S.N ) was reportedly holding talks with peer T-Mobile US Inc ( TMUS.O ), before putting those plans on ice to explore a wireless partnership with Charter Communications Inc ( CHTR.O ) and Comcast Corp ( CMCSA.O ). (Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-dish-network-amazon-com-wireless-idUSKBN19R1ZZ'|'2017-07-06T17:05:00.000+03:00'
'e0d234d6e72bbb318fd7181c5ce0469ab5bf3e9f'|'CORRECTED-Brazilian antitrust watchdog approves Neoenergia, Elektro merger'|'Market  20pm EDT CORRECTED-Brazilian antitrust watchdog approves Neoenergia, Elektro merger (In first paragraph, corrects day to Tuesday from Wednesday) SAO PAULO, July 5 Brazilian regulators approved the merger of utilities Neoenergia SA and Elektro Redes SA without restrictions, according to a document published in the official gazette on Tuesday. The transaction will have no adverse impact on competition, given that the resulting company will control less than 20 percent of a "strongly regulated" market, antitrust watchdog Cade said in the document. Under the terms of the merger, Spain''s Iberdrola SA will hold a combined 52.5 percent stake in the new entity, which will operate in power generation, tranmission and distribution covering 13.4 million consumers. State-controlled lender Banco do Brasil SA and Previ, the pension fund of the bank''s employees, will be minority shareholders. (Reporting by Luciano Costa; Writing by Tatiana Bautzer; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/elektro-redes-ma-neoenergia-idUSL1N1JW0UE'|'2017-07-05T20:20:00.000+03:00'
'4e5c9281fe65121bb848d3ca6424d3172b8b2bd2'|'Ominous signs from British firms, but euro zone loses momentum too'|'Top  14pm BST Ominous signs from British firms, but euro zone loses momentum too FILE PHOTO: A businessman walks on the esplanade of La Defense, in the financial and business district in La Defense, west of Paris, April 10, 2014. REUTERS/Gonzalo Fuentes/File Photo By Jonathan Cable - LONDON LONDON British companies are giving ominous signs about the economy, just as the government embarks on European Union divorce negotiations, data showed on Wednesday, although momentum in the euro zone has lost some momentum. A survey published on Wednesday suggested Britain''s economy probably expanded at a quarterly pace of 0.4 percent in April-June. But its business expectations component tumbled to levels not seen since just after the June 2016 vote to leave the EU. The euro zone''s economy, meanwhile, probably grew nearly twice as fast, by 0.7 percent, during the second quarter. Business expectations dipped, but remained strong. "This shouldn''t come as a surprise," said Peter Dixon at Commerzbank of the British findings. "The UK is suffering the fallout from the Brexit (vote) of last year ... and has clearly moved onto a slower growth path." Disappointingly for some Bank of England officials who want to raise interest rates, IHS Markit''s Purchasing Managers'' Index showed business expectations not far off the lows last reached in late 2011, with growth in new orders, which tend to signal future activity, at a nine-month low. "Following on from weaker manufacturing and construction surveys, the softer services PMI points to an already-fragile economy faltering in June as heightened political and Brexit uncertainties fuel business and consumer caution," said Howard Archer at EY ITEM Club. British Prime Minister Theresa May gambled away her parliamentary majority in a snap election in June and so far there has been little clarity as to how the Brexit negotiations will proceed. In contrast, across the euro zone backlogs of work increased as new business during June came in at the second-fastest rate in over six years. Suggesting businesses in the bloc''s dominant services industry remained confident, they sped up hiring last month, taking on staff at the second fastest rate since early 2008. In other upbeat news for policymakers at the European Central Bank, retail sales increased by more than expected in May, European statistics office Eurostat said on Wednesday. TWO PATHS Britain''s economy barely grew in the first three months of the year as consumers faced both accelerating inflation, caused in large part by the fall in the pound since the Brexit vote, and slowing wage growth. Some BoE officials say the consumer drag on the economy is likely to be offset by higher exports and investment. Last month, three of the Bank''s eight monetary policymakers voted for a rate increase, although one of them has since left the BoE. But the IHS Markit/CIPS UK Services PMI edged down to a four-month low of 53.4 in June from 53.8 in May, just shy of a forecast for 53.5 in a Reuters poll of economists. "This weaker reading pours a degree of a cold water on the latest hawkish messages emanating from the Bank of England," said James Smith at ING. The final composite PMI for the euro zone, seen as a good growth indicator, was 56.3 in June, down from May''s 56.8 but comfortably beating a flash estimate of 55.7 and well into growth levels above 50. Earlier PMIs from the bloc''s big four economies of Germany, France, Spain and Italy showed faster growth in the second quarter as a whole. Britain''s potential for being out of step can also be seen in monetary policy. While the BoE is -- largely -- not expected to tinker with monetary policy anytime soon, the U.S. Federal Reserve is forecast to raise interest rates once more this year and European Central Bank chief Mario Draghi last week raised the prospect of policy-tightening. (Additional reporting by Andy Bruce Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-economy-pmi-idUKKBN19Q1BW'|'2017-07-05T14:45:00.000+03:00'
'e9ffe39eab25631652883a9d0fa5b7d84dc4405b'|'ECB opened door at June meeting to removing bond-buying pledge - minutes'|'Central Banks - Thu Jul 6, 2017 - 1:27pm BST ECB opened door at June meeting to removing bond-buying pledge - minutes The headquarters of the European Central Bank (ECB) are pictured during protest training organised by ''''NoG20 Rhein-Main'''' in Frankfurt, Germany June 10, 2017. REUTERS/Ralph Orlowski By Francesco Canepa and Balazs Koranyi - FRANKFURT FRANKFURT European Central Bank rate setters meeting last month opened the door to dropping a long-standing pledge to boost the ECB''s bond-purchase programme if necessary, minutes of the meeting showed on Thursday. ECB policymakers discussed already taking out that so-called "easing bias" from their policy message at the June 7-8 meeting but decided against it because the euro zone''s economic recovery had yet to result in higher inflation - the bank''s main policy objective. But, confirming a Reuters exclusive, the central bankers said they could review at future meetings the promise to increase the "size and/or duration" of its 2.3 trillion euro bond-buying programme, if needed. "If confidence in the inflation outlook improved further, the case for retaining this bias could be reviewed," the ECB said in its policy accounts. German government bond yields hit new 18-month highs and the euro edged higher after the minutes were published. With inflation in the euro zone slowly rebounding, the ECB is preparing to dial back its stimulus policy of ultra-low rates and massive bond purchases. But doing so without upsetting investors is proving a challenge, with bond yields and the euro EUR= rising sharply last week after ECB President Mario Draghi hinted at possible policy tweaks. "CONTINUED CAUTION" In the minutes, the ECB stressed the need for "continued caution in communication" as any perception that it was moving away from its stimulus policy could upset financial markets, undoing some of its stimulus effort. Indeed, ECB Chief Economist Peter Praet said earlier on Thursday the central bank needed to be patient and maintain a steady hand in policy as inflation was still far below its target of almost 2 percent. Despite a brisk economic rebound, inflation in the euro zone was 1.3 percent in June and is not expected to near 2 percent at least until 2019. ECB rate setters meeting in June said they found it "puzzling" that forecasts for core inflation had to be revised down despite stronger economic growth and a falling unemployment rate. Still, Draghi argued last week that accelerating growth would in itself provide support so the ECB could tighten policy somewhat to keep the broad level of financial accommodation unchanged. That message stirred markets, fuelling speculation that policymakers could decide as early as September to reduce asset purchases from next year. The ECB''s asset buys are set to run until the end of the year and policymakers will decide in September or October whether to extend, reduce or gradually wind down the purchases. (Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN19R1GW'|'2017-07-06T15:27:00.000+03:00'
'9441cc5f9bd220d8144c5223479035871a907881'|'BRIEF-Dasan Zhone, units execute agreement with lender to extend due date of annual financial statements'|' 13pm EDT BRIEF-Dasan Zhone, units execute agreement with lender to extend due date of annual financial statements July 6 Dasan Zhone Solutions Inc: * On July 3, Co, some units executed agreement with lender to further extend due date of annual financial statements to Sept 27, 2017 * Delisting of common stock from Nasdaq Capital Market could have material adverse effect on Co''s business, on trading of common stock Source text: ( bit.ly/2tRhtkI )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-dasan-zhone-units-execute-agreemen-idUSFWN1JX0GH'|'2017-07-06T21:13:00.000+03:00'
'c6acba527fae62f9b425157795962f111b658867'|'Russian oligarch Vladimir Yevtushenkov falls from grace, again'|'HE WAS back in favour, or so it appeared. After spending several months under house arrest in late 2014, Vladimir Yevtushenkov, a Russian oligarch, relinquished control of Bashneft, a midsized oil firm, to the state. “If you like another company tomorrow and want to take it, you are welcome,” he told Vladimir Putin at the time, he later recalled. The president publicly gave his approval to Sistema, Mr Yevtushenkov’s conglomerate, shares in which had plunged. Mr Yevtushenkov subsequently appeared at annual Kremlin receptions and late last year joined a presidential delegation to Crimea.Now he is under pressure again, facing a lawsuit from Rosneft, a state-run oil giant, which is demanding 171bn roubles ($2.8bn) in damages. Rosneft’s boss is Igor Sechin, a Putin confidant, who many in Moscow reckon orchestrated the initial 2014 case against Mr Yevtushenkov as well. (Rosneft and Mr Sechin have denied any involvement in it.) Late last year, Rosneft purchased Bashneft from the state for $5.3bn. It now claims that Sistema inappropriately took assets in a restructuring of Bashneft. The case attests to Rosneft’s appetite for deals, as well as to Mr Sechin’s clout. Since acquiring Bashneft, Rosneft has sold a 19.5% stake in itself to Glencore, a Swiss-based commodities firm, and the Qatar Investment Authority for €10.2bn ($11bn), despite being a target of American sanctions. Mr Sechin also just concluded a deal worth $12.9bn to acquire India’s Essar Oil. A Rosneft spokesman, Mikhail Leontyev, says “there’s nothing personal” about its case against Mr Yevtushenkov’s firm, even if many in Moscow’s business community see the affair as a clash of titans.The assets that Sistema is alleged to have taken from Bashneft include an energy supplier held by a subsidiary. Rosneft also asserts that Bashneft incurred damages as a result of Sistema’s decision to buy out Bashneft’s minority shareholders during the 2013-14 restructuring and because it cancelled some treasury stock in the firm. Sistema calls the case “groundless”. Under its ownership, it notes, Bashneft’s market value rose eightfold and its production of oil rose by nearly half. “Investors were largely happy,” says Andrey Polischuk, an oil-and-gas analyst at Raiffeisen Bank.Investors in Russia will watch the suit closely. It underlines the frailty of property rights, says Oleg Kouzmin, an economist at Renaissance Capital, an investment bank in Moscow. Sistema’s shares lost more than one-third of their value the day after the suit was filed in early May. Late last month a court seized as collateral Sistema’s shares in MTS, Russia’s largest mobile operator; in Medsi, a private medical clinic; and in an electrical company in Bashkiria.The conflict also hints at rising tensions inside Russia’s elite as the economy continues to sputter. The chieftains are fighting each other, observes Mikhail Krutikhin of RusEnergy, a consultancy. Russia’s formal institutions have long had a tendency to falter, but a system of unwritten rules, known as ponyatiya , understood both by local players and foreigners, has helped govern business dealings. Thus Mr Yevtushenkov, who is loyal to the Kremlin and stays out of politics, was widely considered to be in favour before his initial arrest. His reconciliation with Mr Putin was expected to put him back on firmer ground. As Sistema’s CEO, Mikhail Shamolin, said recently, “In terms of ponyatiya , there are no claims to be made against us.”“It is unclear what the rules are now,” laments Konstantin Simonov, head of the National Energy Security Fund, a consultancy. Independent members of Sistema’s board have asked the Kremlin to act as an arbiter, but Mr Putin has largely remained silent on the matter. Some people say the conflict is a new version of the corporate-raiding culture of the 1990s, but carried out with lawyers and court briefs instead of the earlier period’s methods, including henchmen toting Kalashnikovs.This article appeared in the Business section of the print edition under the headline "Russian brawl"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724865-case-rosneft-against-his-conglomerate-worries-investors-russian-oligarch-vladimir?fsrc=rss%7Cbus'|'2017-07-06T22:49:00.000+03:00'
'f1bc4a2e761607152810e060e5a89cdfb5c18a18'|'Facebook, Twitter, Snap to seek soccer World Cup clips from Fox - Bloomberg'|'Market News - Thu Jul 6, 2017 - 1:55am EDT Facebook, Twitter, Snap to seek soccer World Cup clips from Fox - Bloomberg July 6 Facebook Inc, Twitter Inc and Snap Inc are seeking online rights to video highlights from Twenty-first Century Fox Inc for next year''s soccer World Cup, Bloomberg reported on Thursday. The companies have offered tens of millions of dollars for rights to video highlights for the Russia-hosted tournament that air in the United States, Bloomberg reported, citing two people familiar with the matter. ( bloom.bg/2sso0Px ) Twenty-first Century Fox, Facebook, Twitter, and Snap were not immediately available to comment outside regular U.S. business hours. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Amrutha Gayathri) Brazil mulls decree to save additional 1 bln reais this year -source BRASILIA, July 6 The Brazilian government is preparing a provisional decree to revert payments inappropriately made to deceased pensioners and public servants, a measure that if approved could help it save an additional 1 billion reais ($302.93 million) this year, a government source told Reuters on Thursday. TREASURIES-Yields jump on global central bank policy, oil price rise * Traders grapple with hawkish central bank shift * Oil price rise signals inflationary pressure * 10-year yields hit nearly 8-week high * 2-yr yields hit more than 8-year high in early trading (Updates prices, adds comment) By Sam Forgione NEW YORK, July 6 U.S. Treasury yields rose on Thursday, with benchmark yields touching nearly eight-week highs, on the prospect of hawkish global central bank policy and concern that rising oil prices could spur inflation MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fox-worldcup-idUSL3N1JX238'|'2017-07-06T09:55:00.000+03:00'
'323f60634f9a823a57bb8155b8f0f570956e0a54'|'''No free passes'' for German firms in helicopter tender - German ministry'|'Business  56pm BST ''No free passes'' for German firms in helicopter tender - German ministry By Andrea Shalal - BUECKEBURG, Germany BUECKEBURG, Germany The German defence ministry on Thursday said there would be no "free passes" for any bidders in a nearly 4-billion-euro helicopter deal, a day after Europe''s Airbus urged the government to ensure German firms got a big share of the pie. German defence officials have said they want a low-risk heavy-lift helicopter that already exists, which means the likely supplier will be one of two U.S. firms - Lockheed Martin Corp ( LMT.N ) with its CH-53K, or Boeing Co ( BA.N ) with its CH-47 Chinook. Airbus on Wednesday said choosing German firms to manage and service the new helicopters would secure German jobs, speed certification and ensure German sovereignty. Any other decision would harm the German helicopter industry, it said. A spokesman for the ministry said Germany had no “buy German” requirement for helicopters, only key technologies such as encryption. "Competition is a very important factor in this case," he said. "There won''t be any free passes for anyone." Airbus, MTU Aero Engines and six other firms on Wednesday announced at a helicopter conference in northern Germany that they had signed a partnership agreement to push for a big German role in managing the new helicopter. Airbus, which currently services nearly all German military aircraft, and the other companies, urged Berlin to award separate contracts for buying and servicing the helicopters. The defence ministry said it would decide this summer how to structure the deal and a "request for proposals" would likely go out to industry next year. But it said its general preference would be to deal with one lead contractor. A second source said the decision was expected this month, but it could become a political football ahead of the Sept. 24 national election, given the jobs at stake. Lockheed Martin''s Sikorsky helicopter unit said it was finalising "exclusive relationships" with several German companies, but did not name them. Nathalie Previte, vice president of strategy and business development for Sikorsky, said the company''s goal was to sign agreements with German firms that would be "strategic partners in the areas of sustainment and aircraft content." Boeing already has close ties to over 100 companies in Germany as part of its global commercial and military supply chain, and those could grow if Boeing wins the competition, David Koopersmith, who heads Boeing''s vertical lift programmes, told Reuters at the conference. Boeing last month awarded German firm COTESA GmbH a five-year contract to manufacture key components for the Chinook heavy-lift helicopter. Melanie Wolf, a spokeswoman for MTU, said her company wanted to support the German aerospace industry. "We want to maintain technology competencies in Germany, but for that we need German industry and orders for that industry," Wolf said. (Reporting by Andrea Shalal; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-military-helicopter-idUKKBN19R2W3'|'2017-07-06T22:56:00.000+03:00'
'c5dd546c3da66d7284b1e824bada52bd350f36e6'|'Brazil''s Renova confirms receiving formal bid from Brookfield'|'Deals - Tue Jul 4, 2017 - 6:00pm EDT Brazil''s Renova confirms receiving formal bid from Brookfield People walk to Brookfield Place off Bay Street on the day of the annual general meeting for Brookfield Asset Management shareholders in Toronto, May 7, 2014. Brookfield Asset Management said on Wednesday its cash flow slumped 29 percent in the first quarter due to a decline... REUTERS/Mark Blinch (CANADA - Tags: BUSINESS) - RTR3O6U7 SAO PAULO Brazil''s renewable energy company Renova Energia SA ( RNEW11.SA ) confirmed in a securities filing on Tuesday having received a formal bid from Canada''s Brookfield Asset Management Inc ( BAMa.TO ). Reuters reported on Monday that Brookfield offered to inject 800 million reais ($242 million) into Renova and buy a 16 percent stake in the firm owned by local power company Light SA ( LIGT3.SA ) for the equivalent of 9 reais a share. Renova did not disclose financial details of the bid. Its shares jumped 6 percent on Tuesday to 7.47 reais. (Reporting by Tatiana Bautzer; Editing by Jonathan Oatis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-renova-energia-m-a-brookfield-asset-idUSKBN19P2JJ'|'2017-07-05T00:57:00.000+03:00'
'6861427af035342d1f73c8bf7c730f3123e1845b'|'Let''s make a deal: Automakers, U.S. auctions align to prop up used car prices'|'Business News - Fri Jul 7, 2017 - 1:21pm BST Let''s make a deal: Automakers, U.S. auctions align to prop up used car prices left right Used vehicles are seen loaded onto transport carriers after being purchased during a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 1/10 left right Used vehicles are are lined up in lanes before being sold during a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 2/10 left right Used vehicles are lined up in lanes before being sold during a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 3/10 left right Used vehicles are sold during a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 4/10 left right Manheim Detroit general manager Mandy Savage poses in front of a reconditioned vehicle being prepared to be sold during a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 5/10 left right Potential buyers inspect used vehicles being sold during a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 6/10 left right Logan Freier works on reconditioning a used vehicle while preparing it for auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 7/10 left right Auctioneer Daren Bok signals a bid during a dealer-only used vehicle auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 8/10 left right Used vehicles are detailed, preparing them to be sold at a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 9/10 left right Logan Freier works on reconditioning a used vehicle while preparing it for auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 10/10 By Nick Carey - CARLETON, Mich. CARLETON, Mich. Two lanes apart at a noisy, fast-paced auto auction near Detroit, two vehicles show why major U.S. automakers have a problem with used cars. In one lane of the Manheim auction facility, a black 2015 Chevy Malibu sedan with barely 20,000 miles on it sold for just over $13,000 (10,086.12 pounds), less than half its original sticker price. In the other lane, a white 2013 Chevy Silverado pick-up truck sold for $11,500 - despite having 200,000 miles on the odometer. America''s renewed lust for new SUVs and trucks instead of smaller cars is already hurting major auto companies, which posted their fourth consecutive month of declining new vehicle sales. But millions cars that were leased two or three years ago, many of them used compact and midsized cars with low mileage, are heading towards auction lots and used car dealerships. For a graphic, click tmsnrt.rs/2pe1E2x That surge in supply threatens to depress prices for new and used vehicles, raising the risk of losses for automakers and finance companies on lease deals. It also undercuts the value of cars customers want to trade in for a new vehicle. So major carmakers, including General Motors Co ( GM.N ) and Ford Motor Co ( F.N ), are aligning with auto auction houses with aggressive moves to make sure they are getting the best prices for their vehicles. Such manoeuvres include transporting the automobiles to where the greater demand is based on real-time pricing data, spending more to spruce up used cars and slowing the pace which leased cars get moved to used car lots or auction houses. Auto auction houses such as Manheim in southeastern Michigan are where the romance of new car marketing goes to die. The dominant player in the U.S. auction market along with rival KAR Auction Services Inc ( KAR.N ), Manheim treats vehicles like commodities, grading them on a fine-tuned scale from one (poor) to five (excellent) that provides dealers with certainty and transparency. "If a dealer sees a 2015 Ford Fusion with a rating of 4.3, they know what to pay for it and what they can sell it for," said Matt Trapp, a Manheim vice president on a tour of the auction, scanning tags on vehicles with his smartphone to pull up a multitude of transactions for that make, model, year, condition and mileage. "If you don''t want to overbid on this one, wait a minute and another will be right along," he said. Increasingly, the auction houses and automakers are collaborating to try to raise the scores, and the prices, of vehicles running through auctions. Auction houses have offered add-on reconditioning services on used vehicles for decades, but after the lean years following the Great Recession, demand is rising for those higher-margin services. Manheim''s chief economist Jonathan Smoke says "we can help determine the optimal way to sell their vehicle, which includes location, timing," the level of reconditioning and whether to opt for a physical auction or online auction. Online auctions account for 30 percent of sales at Manheim versus 10 percent three years ago, he added. $2,700 SEPARATES MEMPHIS AND MIAMI Armed with detailed, real-time pricing data that was not available during the last downturn, auctioneers can now help automakers figure out where a used car could fetch the best price. Manheim has an expanded logistics arm that can aggregate cars for transport to the place they''ll fetch the highest price at auction, or arrange their sale before they even move. Jason Ferreri, KAR''s executive vice president of online services, said this is happening "significantly more often." Neither he nor Manheim officials would give specifics. In April, KAR agreed to buy DRIVIN, a data aggregator that matches vehicle inventory to dealer demand, whose founders include Brad Keywell and Eric Lefkofsky, the co-founders of Groupon Inc ( GRPN.O ), for $43 million in stock. Ferreri said the deal was in response to automakers'' demands for greater data services amid the influx of off-lease vehicles. This real-time pricing data helps the companies steer the used cars towards higher demand. For example, the national price for a 2015 Chevrolet Malibu with average mileage the week of June 11 was $15,514, according to data compiled for Reuters by car-shopping website CarGurus. In Memphis, that Malibu cost nearly 9 percent above the national average fair price, but in Miami it would sell for more than 9 percent below that price, representing a difference of $2,700. Manheim''s Matt Trapp, whose territory includes the U.S. northeast, says around 40 percent of vehicles coming off leases are returned to dealers within around five hours'' drive of New York City. Many are now being shipped to other regions. In New Jersey, for instance, one in three off-lease vehicles now leaves the state, Trapp says. "I am not seeing a glut of used cars hitting the market," said Mike Gentry, who buys cars for 20 dealerships in northwest Ohio and attended the Manheim auction outside Detroit. "Automakers have set a floor for pricing and when they can''t get that price they ship them 500 miles to where they can get a better price." MORE PRICING TOOLS IN THE GARAGE GM spokesman Jim Cain said the company is relying on "a lot more tools" including certified pre-owned vehicles "to support resale values." A Ford spokesman said the company has adopted a "disciplined approach" to maintaining used car values. Those tools include slowing the flow of vehicles to the used market, which they can afford in the short term as their balance sheets are strong. "With off-lease vehicles we are not seeing all of them coming to market, some of them are being held back," National Automobile Dealers Association chief economist Steven Szakaly told reporters on a conference call on Thursday. Automakers also allow their franchised dealers to take first pick of vehicles just coming off a lease before they go to auction. These are usually sold as "certified pre-owned" cars that come with a factory warranty, and a higher price tag than a run-of-the-mill used car. For vehicles that have suffered wear and tear, auction houses are now preparing for what Manheim''s Mandy Savage calls a "tsunami" that will hit the market in the coming years. At Manheim''s body shop here in Carleton, Savage, the facility''s general manager, says 90 percent of the vehicles being painted or undergoing small fixes are cars that have just come off lease. Automakers are increasingly willing to spend $500 to boost a car''s resale value by $750, she said. "This is not an art," she said. "It''s a science." But Mark Wakefield, head of the North American automotive practice for consultancy AlixPartners, said propping up used car values makes sense, but automakers will have to do more to stem the flow of used cars longer-term by trimming inventory levels. "I expect to see more production cuts," he said. (Reporting By Nick Carey; Editing by Joe White and Edward Tobin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-autos-auction-idUKKBN19S1NF'|'2017-07-07T15:21:00.000+03:00'
'ff9a9dd0368bbfe2ac0a975a105479f8cf605959'|'Who would buy Air India?'|'A FAMOUS brand in the world’s fastest-growing aviation market, sitting on valuable slots at international airports and able to borrow cheaply thanks to being state-owned: Air India ought to be hugely profitable. But under state ownership it has guzzled public funds as hungrily as its jets consume kerosene. Last week the authorities threw in the towelette and announced an “in principle” cabinet agreement to privatise it. The chances of that going ahead rose on June 30th when IndiGo, a well-run private low-cost carrier, said it wanted to bid.Whoever seizes the controls can expect a hard task. Air India has struggled since private rivals were first allowed in 1994 to fly in India’s skies. Together with Indian Airlines, another state-owned carrier with which it merged in 2007, it has a domestic market share of just 13% and is shedding one percentage point or so every six months. A bail-out of 300bn rupees ($4.7bn) agreed in 2012 was meant to stop losses, but has failed. The company’s top bosses last year claimed they had steered the airline to its first operating profit for a decade, helped by a fall in the price of aviation fuel, only for the state auditor to accuse it of incorrect accounting. Air India blamed accounting standards for the difference. The cash it made would not have covered interest payments on its debt of some 520bn rupees. Analysts calculate that its operations are worth less than that. To facilitate a sale, the government could restructure its borrowing, much of which is owed to state-owned banks. It could also spruce up the carrier’s balance-sheet by selling some of Air India’s valuable real-estate holdings in Mumbai.IndiGo, which has a 41% market share at home, is clearly most interested in Air India’s overseas operations. These are underpinned by its slots in rich-country airports such as Britain’s Heathrow, which are worth tens of millions of dollars. But the prospect of it bidding for a rival with a third of its market share but nearly twice its staff numbers (Air India has around 20,000 employees) sent shares in IndiGo’s parent swooning.Foreign carriers may take a look. Another buyer could be the Tata Group, India’s biggest conglomerate, which founded Air India in 1932 before losing it in 1953 to nationalisation. But Tata has no lack of businesses it needs to turn around in its current collection without looking for new ones. The likeliest future owner may be none other than the government. It has talked for years of privatising the over 200 state-owned companies on its books, but no sale has taken place. Air India has been on the block before, in 2000, but was reprieved. Unions are agitating to prevent a sale. Fasten your seat-belts and fold your trays away, but expect plenty of delays before landing.This article appeared in the Business section of the print edition under the headline "Down the aisle"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724860-wanted-new-pilot-struggling-national-emblem-who-would-buy-air-india?fsrc=rss%7Cbus'|'2017-07-06T22:49:00.000+03:00'
'dde90009948c672f0da4ad15222dbbd9de5836cb'|'Qatar Airways CEO says no plans to cancel Airbus A350 order'|'DUBLIN Qatar Airways said any delays with the delivery of the Airbus ( AIR.PA ) A350 long-haul jets are down to Airbus, its chief executive said on Thursday."We are asking Airbus to deliver it faster," CEO Akbar al-Baker said at a Dublin news conference. "The delay is from Airbus."When asked whether he was scrapping orders, Al Baker responded: "They have all our orders. They only need to deliver them to us."Later, Reuters reported citing sources that Qatar Airways has canceled orders for four A350s over delivery delays. The cancellations were first reported by Bloomberg.Qatar Airways has previously said delivery delays by Airbus had forced to it push back expansion plans.The Doha-based airline also recently ordered two Boeing ( BA.N ) 747-8 freighters, al-Baker said.(Reporting by Conor Humphries in Dublin, writing by Alexander Cornwell in Dubai; editing by Jason Neely and David Evans)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-qatar-airways-airbus-orders-idUSKBN19R1JV'|'2017-07-06T15:52:00.000+03:00'
'b436b583a120188c58064daa26d58435eecfedc1'|'UPDATE 1-Qatar Airways cancels four A350s, sources say'|'Market News - Thu Jul 6, 2017 - 10:59am EDT UPDATE 1-Qatar Airways cancels four A350s, sources say (Adds details, background) PARIS, July 6 Qatar Airways has cancelled orders for four A350-900 aircraft, citing delays in deliveries as Airbus deals with supplier problems, two people familiar with the matter said on Thursday. Airbus was not immediately available to comment on the cancellation, which was first reported by Bloomberg News. Qatar Airways was the launch customer for the newest European wide-body aircraft and has ordered a total of 80. The cancellation follows concerns about delays and quality problems on cabin equipment for the A350, and also comes at a time when Qatar is entering the second month of a crisis caused by a boycott of airspace by neighbouring Gulf states. Qatar Airways Chief Executive Akbar Al Baker said earlier any delays with the delivery of the Airbus long-haul jets were the responsibility of the European planemaker. "We are asking Airbus to deliver it faster," he told a Dublin news conference. "The delay is from Airbus." Asked about the Airbus cancellation, a spokesman declined to add to Al Baker''s earlier remarks. Qatar Airways has a reputation for being demanding when reviewing aircraft for quality defects before delivery, while Airbus has been wrestling with supplier problems and quality issues on the A350, which sells for $311 million at list prices. However, some analysts have speculated the political crisis may give the airline a further incentive to slow deliveries. Al Baker said at the Paris Airshow last month the rift would not halt Qatar Airways'' growth or plans to accept delivery of new aircraft, adding it was seeing demand return. (Reporting by Tim Hepher, Alexander Cornwell; editing by Michel Rose)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airbus-orders-idUSL8N1JX4F5'|'2017-07-06T17:59:00.000+03:00'
'5602ea267dbae53ac36f51834fac47b4839ac594'|'G20 to discuss steel overcapacity as tensions simmer over U.S. tariff plan'|'  6:17pm BST G20 to discuss steel overcapacity as tensions simmer over U.S. tariff plan Workers make steel cages at a construction site in Huai''an, Jiangsu province, China May 14, 2017. REUTERS/Stringer By Tom Miles and Maytaal Angel - GENEVA/LONDON GENEVA/LONDON G20 leaders will discuss steel overcapacity at this week''s summit in Germany, European officials said, as tensions rise over U.S. President Donald Trump''s plan to use a Cold War-era law to restrict steel imports for national security reasons. Trump launched an investigation into the matter in April, in a move that diplomats and trade experts say risks undermining the global rules-based trading system and sparking retaliatory action around the world in products beyond steel. The White House confirmed last week Trump plans to use the premise of the probe as a catalyst to demand action by the Group of 20 leaders to reduce excess capacity in steel, the second biggest industry in the world after oil and gas. The U.S. recommendation on possible new tariffs will be released some time after the G20 summit, which starts on Friday. The U.S. is conducting a similar study into the case for aluminium tariffs. While tariffs on both products would be aimed primarily at China, U.S. allies fear they will bear the brunt of the measures because Chinese steel exports are already largely subject to U.S. restrictions and Canada and Mexico are likely to be exempt. Also, invoking national security is all but taboo at the World Trade Organisation, the arbiter of international trade rules, because it is largely seen as a way to wage economic warfare by citing arbitrary defence concerns. The European Union has already promised to retaliate if it is hit by U.S. steel tariffs. Moreover, trade diplomats fear U.S. security-based tariffs on steel would widen cracks in the global trading order, after Saudi Arabia, Bahrain and the United Arab Emirates cited national security at the WTO last week to justify their economic boycott of Qatar. Qatar has threatened legal action. Its WTO representative Ali Alwaleed Al-Thani said a national security claim was not a "free pass" and would need testing in court. WTO Director General Roberto Azevedo told Reuters it would be concerning to see countries making national security demands within the WTO''s dispute settlement system, the global trade court for the its 164 members. "That, I think, is a very sensitive course of action," Azevedo said. William Reinsch, a fellow at the Stimson Centre said if the threat of tariffs are used to pressure members of the G20''s forum on steel overcapacity - set up last year - to tackle the problem, a good outcome could yet prevail. He warned however, that a broad U.S. claim to national security would put global trade on a slippery slope. "It just opens the door to everyone else to do same thing, not just on steel," Reinsch said. "The next one that comes up is food - there''s already a debate on food security in number of countries - and then you start talking about agricultural protection, and then you really are unravelling big chunks of the trading system." Policies that could fall under national security include China''s new Cyber Security Act, which is under WTO scrutiny from Japan, South Korea, the United States and others; Ukraine''s gas pipeline reforms; and Russia''s trade restrictions on Ukraine. (Additional reporting by Paul Carrel, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g20-germany-steel-idUKKBN19Q2G4'|'2017-07-05T20:17:00.000+03:00'
'fc5db5c4860b32fd22e1bae58df9705b979b6f77'|'Sir Owen Green obituary'|'One morning early in 1985, on the stroke of nine o’clock, Sir Owen Green, chairman of the industrial behemoth BTR, strode into the elegant central London offices of Dunlop, the tyre and rubber company, and delivered a takeover bid directly into the hands of its newly appointed chairman, Sir Michael Edwardes. In silence, Green, who has died aged 92, then turned on his heel and left. Although BTR (formerly Birmingham Tyre and Rubber) was later forced to raise its opening bid, the fate of Dunlop, already struggling to survive, had been sealed.Edwardes, then riding high in the corporate world on a reputation gained from turning around the troubled car maker British Leyland, had been brought in to save Dunlop, which had debts of half a billion pounds. Green, chief executive as well as chairman of BTR, was already a feared and seasoned operator in corporate takeovers from his earlier bitter but successful battle for the industrial group Thomas Tilling.In Dunlop, as in Tilling, Green saw underused assets, inefficient businesses and a grandiose corporate culture of waste. At Tilling, acquired a couple of years before the Dunlop raid, the top management operated from a mansion in Curzon Street, one of the most prestigious thoroughfares in London, waited on by a butler. The culture at Dunlop was perhaps best summed up in the use of a company Rolls-Royce with the number plate A1; when the takeover was complete, BTR transferred that number plate to a six-year-old Ford Granada.Green was born in Stockton-on-Tees and educated at Stockton grammar school; his father was a marine engineer. In 1942 he joined the Royal Naval Volunteer Reserve, with which he served for the remainder of the second world war. On D-Day, he was part of the decoy group based near Dover whose task it was to “make a hell of a racket” to convince the Germans that the landings would take place near Calais. When he left the navy in 1946, he trained as an accountant, qualifying in 1950.The career path that was to lead him to become one of the most respected businessmen of the 1980s began when he was appointed finance director at Oil Feed Engineering, which was then acquired by BTR. He became BTR’s managing director in 1967.Green believed in hard work and leadership by example, a conviction that dated to his time in the navy and stayed with him throughout his working life. Unlike Tilling and Dunlop, BTR operated from modest offices in Victoria, central London. When he decided that the group needed the advice of financial public relations consultants, he telephoned the offices of half a dozen firms on the day after Boxing Day. Those with senior staff actually in the office that day got to pitch for the business.Although he professed a cast-iron rule that his executives should retire at the age of 60, Green carried on until he was 68. He adhered to few of the best-practice rules surrounding the boardroom makeup of public companies. He had no time for non-executive directors and had none on his board. He told a conference of investors that shareholders did not own a company.In 1993, the year he retired, he wrote a trenchant article for the Daily Mail on what he saw as boardroom greed, in which he said: “How a director who has just had an 18% pay rise dares to tell his workers to show restraint and accept less than 5% I cannot understand.” He suggested that such executives had lost touch with the people who actually did the work, and pointed out that, in many cases, executive pay and perks went up regardless of whether a company’s shares rose or fell. At that time, when some company chiefs were counting their packages in millions, Green’s own remuneration was £217,000 – modest indeed for a company turning in profits of more than a billion pounds annually.Not that Green was dour or lacked the human touch. To celebrate his 90th birthday, half a dozen or so friends and former business associates gathered for lunch at the Goring hotel in London. Each had brought a small gift. But the birthday surprise came from Green himself. He had bought each of the guests a clock mounted in a case that reflected their individual interests – for one it was a set of cricket stumps, another a golf bag, and so on.Such attention to detail and taking the time to find out about the people he encountered in his business life was a key characteristic that enabled Green to mastermind the phenomenal growth of BTR from a rather worn-out Midlands manufacturer into a multibillion-pound industrial conglomerate. A measure of his success is that £1,000 invested in BTR when he took over would have been worth £1m by the time he retired.He was voted businessman of the year in 1982 and knighted for services to industry in 1984.His wife, Doreen (nee Spark), whom he married in 1948, died in 2006. He is survived by their son and two daughters, four grandchildren and four great-grandchildren.• Owen Whitley Green, industrialist, born 14 May 1925; died 1 June 2017Topics Business obituaries'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/05/sir-owen-green-obituary'|'2017-07-05T03:00:00.000+03:00'
'eabbdad90f48b5870fb7beb4369fcfef81d745ef'|'UPDATE 1-Italy in the limelight as ECB policy, bank rescue cloud picture'|'Market News - Wed Jul 5, 2017 - 11:59am EDT UPDATE 2-Italy in the limelight as ECB policy, bank rescue cloud picture * Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates closing prices) By Abhinav Ramnarayan LONDON, July 5 Investors scrutinised the outlook for Italian bond yields closely on Wednesday after the European Central Bank bought more of that country''s debt than usual in its flagship asset-buying programme. The ECB bought more than 2 billion euros of Italian and French bonds than it was supposed to in June, moving further away from a rule aimed at ensuring that its stimulus is evenly spread across the euro zone. The conflict for investors is that Italy, one of the biggest beneficiaries of the ECB''s bond buying scheme, is expected to be amongst the biggest losers as the central bank unwinds its extraordinary stimulus. However, if the ECB is going to buy more Italian bonds than expected in the months to come, that could soften the blow. "It is very hard as an investor to know whether to buy or sell on this news," said DZ Bank strategist Christian Lenk. "At the end of the day, if the ECB is approaching its limit of (German) Bunds (it can buy), we may see a stronger deviation towards (Italian) BTPs. But it is still a relatively small amount of deviation so far and the overall picture is of tightening." The gap between Italy''s 10-year government bond yield and the German equivalent shrank to 163 basis points, its narrowest in over two weeks, 40 bps less than the April peak . It also emerged Tuesday that the European Union had approved a 5.4 billion-euro state bailout of Italy''s fourth-largest lender, Monte dei Paschi di Siena, taking the total amount of Italian taxpayer funds deployed to rescue banks over the past week to more than 20 billion euros. Euro zone government bond yields have been rising across the board in recent weeks on comments from policymakers that suggest the ECB is moving towards normalising its ultra-loose monetary policy stance. Though some policymakers have since sought to play this down, German government bond yields are close to their highest levels all year. In late trade on Wednesday, Germany''s 10-year bond yield was flat at 0.47 percent. Volatility in euro zone bond and currency markets over the past week has not been significant and partly reflects a misalignment between bond and equity prices, European Central Bank board member Benoit Coeure said on Wednesday. Minutes of the ECB''s June meeting are due on Thursday, which should provide further clues on how far the tapering debate has gone in Europe. The U.S. Federal Reserve is also due to publish minutes of its June 14 meeting later on Wednesday, with analysts waiting to see if the Fed drops any hints on whether it will push its next rate increase to later in the year. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Reporting by Abhinav Ramnarayan; Editing by Larry King) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eurozone-bonds-idUSL8N1JW2KW'|'2017-07-05T14:54:00.000+03:00'
'41935a11d444fa2e4ff09187f16c5eb2e51bbeec'|'Brazil''s Braskem faces stock market suspension'|'Market News - Wed Jul 5, 2017 - 11:41am EDT Brazil''s Braskem faces stock market suspension SAO PAULO, July 5 Brazilian petrochemical company Braskem may be suspended from Level 1 trading at the São Paulo Stock Exchange after failing to submit certain financial statements within a deadline, stock market operator B3 told Reuters in an emailed statement on Wednesday. Braskem, whose stock market quotes are being given separately as a result of the delay, has until June 22 to formally present a defense. "The case will be ruled on this week and could result in the suspension of the company," the bourse said. If the problem persists, at the end of the process Braskem may be compulsorily delisted from Level 1 trading, the bourse said. Level 1 trading requires companies to maintain a free-float of at least 25 percent of capital. The deadline to cure delays in the submission of financial statements is 30 days, B3 said. Braskem did not immediately reply to an email seeking comment on a report on Wednesday in the newspaper Valor Economico, which said a ruling on the suspension would be made this week. The newspaper said that until now Braskem had only submitted unaudited statements for the first quarter, the fourth quarter of 2016 and the full 2016 result. According to Valor, Braskem said the delay was due to a pending analysis by independent auditors related to internal controls and procedures after the company signed plea deals with federal prosecutors in Brazil, the United States and Switzerland in connection with a massive graft scheme known as Operation Car Wash. Brazil-based construction firm Odebrecht SA and Braskem agreed to pay at least $3.5 billion in the leniency deal it signed to resolve some international charges involving payoffs to former executives at Brazil''s state-controlled Petroleo Brasileiro SA, politicians and others. Braskem is jointly owned by Odebrecht and Petroleo Brasileiro. The decision to suspend the company from Level 1 trading could come as early as this week, Valor reported. Braskem''s shares rose 1.48 percent in midmorning trading at the São Paulo Stock Exchange to 34.86 reais. (Reporting by Ana Mano; Editing by Jonathan Oatis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/braskem-stocks-suspension-idUSL1N1JW0ME'|'2017-07-05T18:41:00.000+03:00'
'65578eacd06108e80630352c5cf7b1278f5b98a0'|'Delta Air expects key revenue metric near upper end of forecast'|'Delta Air Lines Inc ( DAL.N ) said it expects a closely watched performance metric to be near the upper end of its second-quarter forecast, citing improving revenues.Passenger unit revenue - which compares sales to flight capacity - rose about 2.5 percent in the three months ended June, the No. 2 U.S. airline said on Wednesday.The airline had forecast passenger unit revenue to increase in the range of 1 percent to 3 percent in the quarter.Delta also raised the lower end of its operating margin forecast to 18 percent from 17 percent, while retaining the upper end at 19 percent.The company''s shares rose about 1 percent to $54.45 in early trading.(Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-delta-air-outlook-idUSKBN19Q1U0'|'2017-07-05T17:00:00.000+03:00'
'c2a7c34275761f70dd1b5cab9d684d4883893b8d'|'Israel, India look past defence to broaden commercial ties'|'World News - Wed Jul 5, 2017 - 12:29pm EDT Israel, India look past defense to broaden commercial ties left right Indian Prime Minister Narendra Modi shakes hands with Israeli Prime Minister Benjamin Netanyahu as they deliver joint statements during an exchange of co-operation agreements ceremony in Jerusalem July 5, 2017. REUTERS/Amir Cohen 1/9 left right Indian Prime Minister Narendra Modi hugs with Israeli Prime Minister Benjamin Netanyahu as they deliver joint statements during an exchange of co-operation agreements ceremony in Jerusalem July 5, 2017. REUTERS/Amir Cohen 2/9 left right Indian Prime Minister Narendra Modi and Israeli Prime Minister Benjamin Netanyahu joke during an exchange of co-operation agreements ceremony in Jerusalem July 5, 2017. REUTERS/Amir Cohen 3/9 left right Indian Prime Minister Narendra Modi listens to Israeli Prime Minister Benjamin Netanyahu during an exchange of co-operation agreements ceremony in Jerusalem July 5, 2017. REUTERS/Amir Cohen 4/9 left right Israeli President Reuven Rivlin (R) shakes hands with Indian Prime Minister Narendra Modi at the president''s official residence in Jerusalem July 5, 2017. REUTERS/Thomas Coex/Pool 5/9 left right Israeli President Reuven Rivlin (R) meets with Indian Prime Minister Narendra Modi at the president''s official residence in Jerusalem July 5, 2017. REUTERS/Thomas Coex/Pool 6/9 left right Indian Prime Minister Narendra Modi and Israeli President Reuven Rivlin hug upon Modi''s arrival before their meeting in Jerusalem July 5, 2017. REUTERS/Ronen Zvulun 7/9 left right Indian Prime Minister Narendra Modi stands next to Israeli Prime Minister Benjamin Netanyahu, as they meet Moshe Holtzberg whose parents were killed during the November 2008 attacks in Mumbai at Nariman House, home to the Mumbai chapter of the Chabad-Lubavitch Jewish movement, in Jerusalem July 5, 2017. REUTERS/Atef Safadi/Pool 8/9 left right Indian Prime Minister Narendra Modi (R) gestures as he speaks to Israeli President Reuven Rivlin upon Modi''s arrival before their meeting in Jerusalem July 5, 2017. REUTERS/Ronen Zvulun 9/9 By Tova Cohen and Ari Rabinovitch - TEL AVIV TEL AVIV In the months leading up to Indian Prime Minister Narendra Modi''s historic visit to Israel, India signed two arms deals, spending $2.6 billion on Israeli missile defense systems. Yet since Modi arrived on Tuesday, military ties -- for decades the secretive bedrock of India-Israel relations -- have taken a back seat. The governments have instead spent time discussing companies that sell medical devices, hi-tech and water systems. Rather than making the visit, the first by a sitting Indian prime minister, all about the value of deals signed, Israel''s Prime Minister Benjamin Netanyahu and Modi appear intent on playing up shared culture and values, in the hope this will give commercial ties deeper roots. Under Arab pressure, India kept its distance from Israel for decades but is now seeing advantages in a complementary relationship with Israel. There is interest on both sides in building a broad economic base, rather than merely a contractual exchange based around defense. The timing reflects a diplomatic shift toward Israel being more accepted in the region. Modi, who is acutely conscious of the need to adopt innovation and new technology to update India''s infrastructure has always had a personal affinity for Israel and came to learn more about the country before he became premier. "India and Israel are walking hand in hand into the future as partners," Modi and Netanyahu wrote in a joint editorial this week. "From start-ups to space, communications to cybernetics, Israel''s technological capabilities are merging with India''s." The two men are spending 48 hours together with Modi, accompanied by Indian business leaders, getting a political and business tour that covers Israeli history, culture and innovation, as well as the signing of economic agreements. HOPES FOR MORE DEALS "What''s it going to take to get Israeli money to take India seriously? Just open their eyes," Jon Medved, CEO of Israeli equity crowdfunding group OurCrowd said. "The problem is their eyes are ... blinded by the China opportunity," he added. There have only been a handful of Indian investments in Israel over the past decade, as opposed to the $16.5 billion received from China in 2016 alone. OurCrowd just closed three deals with India, joining with Reliance Industries ( RELI.NS ) for a hi-tech incubator that helps to grow young companies in Jerusalem, bringing Israeli technology to India with Reliance Capital ( RLCP.NS ), and collaborating with India''s Lets Venture to invest in start-ups. During Modi''s visit, Zebra Medical Vision, a company from a kibbutz near Tel Aviv, and Bangalore-based Teleradiology Solutions will sign a partnership to use analytics in 150 health-care centers. Looking to reorient Israel''s economy toward Asia, Netanyahu hopes more deals will follow, setting a goal of increasing exports to India by 25 percent in the next four years. But it may take a while before the Modi-Netanyahu relationship sparks a serious expansion in investment and trade, both of which remain relatively negligible. In many respects export-dependent Israel and India, which is focused on supplying its huge population, are complementary. Israel is a global leader in water and food systems, two critical fields India needs to upgrade. India wants to strengthen its manufacturing base and is looking to do so with technologies coming from Israel. Both countries host major diamond trading and polishing hubs. DIAMOND TRADE SPARKLES Israeli exports to India last year totaled $1.15 billion, excluding diamonds, just 2.5 percent of total exports. Bilateral trade was less than $2 billion, which jumped to $4.13 billion including diamonds. Israel''s foreign direct investment in India totals only $100 million. "It''s nothing, it''s a blip. Why hasn''t the relationship grown to the level it should have?" said A. Didar Singh, secretary general of the Federation of Indian Chambers of Commerce. Singh said more needed to be done to ease regulations, lower non-tariff barriers and solve licensing problems. Incentives and lifting of red tape could help overcome what diplomats, lobbyists and business owners say is a cultural divide between the breakneck pace of Israel''s start-up scene and India''s more gradual approach. It can take time to cement negotiations in India, where building trust and a relationship is paramount, said Elias Ghosalkar, a former investment banker from Mumbai who is director of corporate development for OurCrowd after moving to Israel last year. "Israelis on the other hand are quite direct and lack patience in their business approach," he told Reuters. Israel''s ambassador to India, Daniel Carmon, said it is becoming easier to do business between the two countries, even if there may remain some differences in practice. "It could be that the Israeli businessman arrives on a Monday flight and wants to return on Thursday with a deal in hand. I say to him ''forget it''. It''s not going to happen. There are processes, the processes take time, not four days," he said. (Editing by Luke Baker and Peter Millership) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-israel-india-modi-idUSKBN19Q2B2'|'2017-07-05T19:25:00.000+03:00'
'dfad709115829997cdf1d4921a40023b94df11c6'|'Creditors seek to overturn Dana Gas sukuk injunction in UK court'|'Business News - Wed Jul 5, 2017 - 12:07pm BST Creditors seek to overturn Dana Gas sukuk injunction in UK court A view shows UAE''s Dana Gas building in Cairo November 2, 2012. REUTERS/Mohamed Abd El Ghany DUBAI The owners of Islamic bonds issued by Abu Dhabi-listed Dana Gas ( DANA.AD ) have gone to London''s High Court of Justice to try to overturn an injunction that prevents them from forcing repayment of the $700 million (542.09 million pounds) of sukuk. Analysts say the case could have ramifications across the Islamic finance industry, with any decision against the creditors potentially undermining confidence in Islamic bonds. Dana Gas argues that because of changes in Islamic financial instruments and how they are interpreted, its sukuk are no longer sharia-compliant, and have become unlawful and unenforceable in the United Arab Emirates. The company says it is therefore halting payments on the mudaraba-style sukuk and proposing its creditors exchange them for new Islamic bonds with lower profit distributions. In mid-June, Dana Gas said it had obtained an interim injunction from London''s High Court blocking holders of the sukuk, which are due to mature in October, from enforcing claims against the company related to the bonds. Deutsche Bank, representing the sukuk holders, told the High Court on Tuesday the injunction should be set aside, according to legal documents presented to the court and seen by Reuters. Deutsche Bank told the court Dana''s case was "hopeless as a matter of law," arguing that asserting the sukuk were illegal was an "event of default" allowing the sukuk holders to demand repayment, the documents show. Dana''s actions "have sent shockwaves around the market for Islamic bonds" because they could erode trust in other sukuk issues, Deutsche Bank said. The judge did not reach a conclusion on Tuesday, and has asked Dana and the other parties to return to the court on Wednesday, a source familiar with the situation told Reuters. (Reporting by Davide Barbuscia; Editing by Andrew Torchia and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dana-gas-sukuk-court-idUKKBN19Q1AW'|'2017-07-05T14:07:00.000+03:00'
'53aa671821c07c471cc6fa4b72b435332589d907'|'Geely''s Volvo to go all electric with new models from 2019'|'Top News - Wed Jul 5, 2017 - 9:59am BST Geely''s Volvo to go all electric with new models from 2019 left right FILE PHOTO: A Volvo logo is pictured on the stand during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse/File Photo 1/3 left right FILE PHOTO: A Volvo logo is seen at a car dealership in Vienna, Austria, May 30, 2017. REUTERS/Heinz-Peter Bader/File Photo 2/3 left right FILE PHOTO: A Volvo logo is seen at the 2017 New York International Auto Show in New York City, U.S. April 13, 2017. REUTERS/Lucas Jackson/File photo 3/3 By Niklas Pollard - STOCKHOLM STOCKHOLM All Volvo car models launched after 2019 will be electric or hybrids, the Chinese-owned company said on Wednesday, making it the first major traditional automaker to set a date for phasing out vehicles powered solely by the internal combustion engine. The Sweden-based company will continue to produce pure combustion-engine Volvos from models launched before that date, but its move signals the eventual end of nearly a century of Volvos powered solely that way. While electric and hybrid vehicles are still only a small fraction of new cars sales, they are gaining ground at the premium end of the market, where Volvo operates and where Elon Musk''s Tesla Motors ( TSLA.O ) has been a pure-play battery carmaker from day one. As technology improves and prices fall, many in the industry expect mass-market adoption to follow. "This announcement marks the end of the solely combustion engine-powered car," Volvo Cars CEO Hakan Samuelsson said. The company, owned by Zhejiang Geely Holding Group [GEELY.UL], said five new models set to be launched in 2019 through 2021 - three of them Volvos and two Polestar-branded - would all be fully electric. "These five cars will be supplemented by a range of petrol and diesel plug in hybrid and mild hybrid 48-volt options on all models," Volvo said. "This means that there will in future be no Volvo cars without an electric motor." The electric models will be produced at Volvo plants world-wide - it has factories in Europe and China and is building one in the United States - while development costs will be met from within its existing budget, Samuelsson told Reuters. "This also means we won''t be doing other things. We of course will not be developing completely new generations of combustion engines," he said about future investment needs. Volvo has invested heavily in new models and plants since being bought by Geely from Ford ( F.N ) in 2010, establishing a niche in a premium auto market dominated by larger rivals such as Daimler''s ( DAIGn.DE ) Mercedes-Benz and BMW ( BMWG.DE ). Part of its strategy has also been to embrace emerging technologies that allow higher performance electric vehicles as well as, eventually, self-driving cars. Only last month, Volvo said it would reshape its Polestar business into a standalone brand, focussed on high-performance electric cars aimed at competing with Tesla and the Mercedes AMG division. Volvo has also said it will build its first fully electric car in China based on its architecture for smaller cars which will be available for sale in 2019 and exported globally. Still, Volvo is not alone among traditional carmakers in pushing strongly into electrics and plug-ins – or among premium brands in resorting to 48V mild hybrid systems to lower fuel consumption and CO2 emissions from their combustion-engine cars. Among them, BMW plans to introduce an electric version of its popular 3 series in September to meet the challenge from Tesla, Handelsblatt reported last month. Volvo has also taken steps towards an eventual listing, raising 5 billion crowns from Swedish institutional investors through the sale of newly issued preference shares last year, though the company has said no decision on an IPO has been made. "It is still an option and a question for our owner," Samuelsson said. (Additional reporting by Laurence Frost; Editing by David Evans and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volvocars-geely-electric-idUKKBN19Q0CJ'|'2017-07-05T07:21:00.000+03:00'
'00412fafa4a5286bcec8d9452826390510674fc1'|'Fast internet likely to keep trading in London after Brexit: ECB'|'Business News - Wed Jul 5, 2017 - 10:13am BST Fast internet likely to keep trading in London after Brexit: ECB FILE PHOTO: Workers are seen in office windows in the financial district of Canary Wharf in London, Britain, November 3, 2015. REUTERS/Kevin Coombs/File Photo FRANKFURT Access to ultra-fast internet cables in London is likely to make financial firms reluctant to move out of London even after Britain leaves the European Union, a study by the European Central Bank has found. The City of London''s prominence as Europe''s financial hub has been put into question by Britain''s decision to leave the EU, which threatens to make it harder for London firms to access the bloc''s single market. But an ECB study found that any withdrawal from London would likely be gradual as firms would be loath to give up on Britain''s fiber-optic cables, crucial for ultra-fast electronic trading. "The UK’s advantage as a hub for trading using fiber-optic cables, combined with institutional inertia, suggest that any relocation of trading after Brexit, if at all, would likely be gradual," the ECB said in its study. Around 84 percent of transactions in euro are initiated outside the euro area, with Britain taking the lion''s share at 43 percent, according to a survey by the Bank for International Settlement cited in the ECB study. "Technology has economically important implications for the distribution of foreign exchange transactions across financial centers, as a result," the ECB said. "Undersea fiber-optic cables provide a competitive advantage to financial centers located near oceans, like Singapore, because they are directly connected to the internet backbone, at the expense of landlocked cities like Zurich," it added. (Reporting By Francesco Canepa; Editing by Balazs Koranyi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-referendum-banks-idUKKBN19Q0XH'|'2017-07-05T12:11:00.000+03:00'
'886b67436e49112d96ee4ea887a0b39014569f90'|'Threat to HIV business spooks GlaxoSmithKline shares'|' 47pm BST Threat to HIV business spooks GlaxoSmithKline shares A GlaxoSmithKline logo is seen outside one of its buildings in west London, February 6, 2008. REUTERS/Toby Melville/File Photo LONDON The threat of slowing demand and new competition in GlaxoSmithKline''s ( GSK.L ) flagship HIV drug business unnerved investors in Britain''s biggest drugmaker on Wednesday, sending its shares down as much as 1.8 percent. GSK pared losses to 0.8 percent by 1220 GMT but remained among the top losers in London''s FTSE-100 index after Citigroup downgraded the stock to neutral from buy and cut earnings forecasts by up to 9 percent. HIV medicines, which GSK sells through its ViiV Healthcare unit, have been star performers in recent years and new CEO Emma Walmsley said in April that the "HIV portfolio continues to go from strength to strength". GSK, which plans to defend its patch with a new two-drug treatment regimen for controlling the virus behind AIDS, declined to comment further on Wednesday. Arch-rival Gilead Sciences ( GILD.O ) is developing a three-in-one daily pill and Merck & Co ( MRK.N ) also has a novel medicine that could challenge both companies. Citi analyst Andrew Baum said Merck could, in fact, end up beating both GSK and Gilead with its new drug EFdA, which may reach the market as early as 2021 and has the potential to be developed as both a daily pill and a twice-yearly injection. Given the early nature of Merck''s experimental product, Citi currently forecasts heavily risk-adjusted peak annual sales of $150 million for EFdA but it believes commercial success could add more than $5 billion to forecasts. Nearer term, Citi said the repeal of the Affordable Care Act, or Obamacare, could shrink the U.S. HIV market by increasing the number of uninsured patients as well as introducing greater cost-sensitivity among healthcare providers. GSK''s HIV drug dolutegravir, which is used in the medicines Tivicay and Triumeq, has been the mainstay of the British group''s HIV operation and investors are concerned about any threat to what is a highly profitable business. Antiretroviral therapy has turned HIV from a death sentence into a manageable condition but patients need to stay on the treatment for life, so there is a growing focus on making medication as convenient and well-tolerated as possible. (Reporting by Ben Hirschler; Editing by Mark Potter and Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gsk-hiv-idUKKBN19Q1LY'|'2017-07-05T15:47:00.000+03:00'
'0b618f6566ca981c3726d3e0ce2f13268dd6875c'|'Electronic payment firm Worldpay to merge with US rival Vantiv - Business'|'Worldpay, the UK’s largest electronic payment processing group, has agreed to a takeover by US rival Vantiv that values the British group at £7.7bn.The cash and shares offer makes Worldpay the latest UK company to be snapped up by a foreign buyer after the Brexit vote, which triggered a sharp fall in the value of the pound.Cambridge-based Arm Holdings was bought by Japan’s SoftBank for £24bn last July, and other deals include the engineering group WS Atkins, which was bought by Canada’s SNC-Lavalin for £2.1bn in April.The latest deal was negotiated through the night and came just a day after Worldpay revealed it been approached by Vantiv and JP Morgan Chase . JP Morgan responded on Wednesday by saying that after being invited to bid by Worldpay, it had decided to pull out of the process.The Vantiv deal values Worldpay shares at £3.85, including a 5p dividend, which is a 19% premium on their value on Monday, day before the British company confirmed the approaches.This puts the company’s market capitalisation at £7.7bn, with an enterprise value of £9.1bn if Worldpay’s £1.4bn debt is included. However, the shares fell 12% to £3.59 after the agreement was announced on Wednesday and JPMorgan pulled out of the process, making Worldpay the biggest faller on the FTSE 100 and suggesting the City was not expecting a higher bid. Worldpay said: “The boards of Worldpay and Vantiv see compelling strategic, commercial and financial rationale for combining Worldpay and Vantiv’s complementary businesses.“The potential merger creates a scale world-class payments group in a dynamic market … It will serve a wide range of customers, with a strong position in the four core regions of the US, Europe, Asia Pacific and South America.”The payments sector is experiencing a period of rapid growth, as more people shift from cash to paying by card and online. The rise of contactless cards has further accelerated the trend, becoming a popular payment method for lower value transactions that were traditionally dominated by cash. Figures from the British Retail Consortium show that cash was used for less than half of all UK retail transactions for the first time in 2015.If the deal goes ahead, Worldpay shares will be delisted form the London Stock Exchange, and the combined group will continue with Vantiv’s listing on the New York stock exchange. Worldpay shareholders would own about 41% of the new group.It is thought Worldpay and Vantiv could operate from dual headquarters in London and Cincinnati, where the companies are respectively based. While there is little overlap between the two businesses in the UK and Europe, there is a greater crossover in the US.“The boards of Worldpay and Vantiv have identified substantial opportunities for cost synergies, which support significant potential shareholder value creation,” Worldpay said. It was unclear on Wednesday whether a deal would result in job losses at the combined group, or how it might affect Worldpay’s various UK offices. The company has 5,000 staff in London, Manchester, Cambridge and Gateshead.“Discussions between the parties remain ongoing regarding the other terms and conditions of the potential merger,” Worldpay said.Vantiv will dominate the board with seven members, including Charles Drucker as executive chairman and co-chief executive. Four Worldpay directors will join the board of the new group, including Philip Jansen as co-chief executive and Sir Michael Rake , BT chairman and former Barclays deputy chairman, in a non-executive role.Launched in 1989, Worldpay provides the technology that allows retailers and other business to accept card payments and online or mobile transactions. It was previously owned by Royal Bank of Scotland, which sold the payments processor in 2010 to private equity firms Advent and Bain Capital as part of the terms of the bank’s 2008 taxpayer bailout. Since then, Worldpay has expanded rapidly, with the number of employees rising from about 2,000 to more than 5,000 today. The company was floated on the stock exchange in 2015, with Rake as chairman and Jansen as chief executive.The potential deal shows how payment processors have become attractive targets for banks, technology firms, and credit card companies, as people turn their backs on cash. Over the weekend, Nets, the Danish payments services company, said it had been approached by potential suitors. Topics Mergers and acquisitions news'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/05/electronic-payment-firm-worldpay-merge-us-rival-vantiv'|'2017-07-05T03:00:00.000+03:00'
'2f2bdd3650faf4091786331762de9d1c517c888f'|'Germany''s Innogy enters Californian electric car charging market'|'Market News - Thu Jul 6, 2017 - 11:01am EDT Germany''s Innogy enters Californian electric car charging market FRANKFURT, July 6 Innogy, Germany''s biggest energy company, has set up a subsidiary in the U.S. state of California offering charging points for electric vehicles in competition with the top network ChargePoint. The subsidiary, called Innogy E-Mobility US LLC, will make, market and operate the charge points, the German company, which was spun off from RWE last year, said in a statement. Despite attempts by regulators to push car manufacturers to sell more electric cars to curb greenhouse gas emissions, the vehicles face challenges from low gasoline prices, high battery costs and uncertain investment in recharging infrastructure. Innogy has been doing research into electric vehicles with the University of California in San Diego since 2015 and last month announced a project combining charging points made by U.S.-based BTCpower with its own software. Innogy, the largest Germany energy firm by market value, has about 5,700 electric vehicle charging points and says it is one of the leading operators of car charging infrastructure in Europe. ChargePoint, the world''s largest network of electric vehicle charging systems with more than 34,500 points in the United States and Mexico, has also been pushing into Europe. Last month, it secured $43 million in financing led by Siemens, which will collaborate with it on the development of charging stations in Europe. (Reporting by Maria Sheahan; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/innogy-usa-electric-idUSL8N1JX4B5'|'2017-07-06T18:01:00.000+03:00'
'73155087d10fe5b4184d5f23fe23b5609e125787'|'Qualcomm accuses Apple of infringing six patents in iPhone, iPad'|'Business News - Thu Jul 6, 2017 - 9:43pm BST Qualcomm accuses Apple of infringing six patents in iPhone, iPad FILE PHOTO: Qualcomm''s logo is seen during Mobile World Congress in Barcelona, Spain, February 28, 2017. REUTERS/Eric Gaillard/File Photo By Diane Bartz - WASHINGTON WASHINGTON Chipmaker Qualcomm Inc ( QCOM.O ) will ask the U.S. International Trade Commission to bar Apple Inc ( AAPL.O ) from selling some iPhones and iPads in the United States on the grounds that they infringe on six Qualcomm patents. In a request that would broaden its legal battle with Apple, San Diego-based Qualcomm said it would ask the U.S. ITC to ban imports of infringing Apple devices. A related lawsuit was filed in federal court in California on Thursday to request monetary damages. Qualcomm, which also supplies chips to Apple, said the six patents help devices perform well without draining the battery. There has been long-running tension between the two companies over Qualcomm''s practice of taking a cut of the total price of the phone in exchange for "modem" chips that help phones use wireless networks data plans. (Reporting by Diane Bartz; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-qualcomm-idUKKBN19R2YJ'|'2017-07-06T23:43:00.000+03:00'
'40af3c0080149dded889207777da755a02bbe1f1'|'UK industry and trade disappoint in May, adding to questions over economic outlook'|'Top News - Fri Jul 7, 2017 - 1:50pm BST UK economy stumbles, casting doubt on BoE rate hike talk Workers assemble cars at the plant for the Mini range of cars in Cowley, near Oxford, Britain June 20, 2016. REUTERS/Leon Neal/Pool By Andy Bruce and Jonathan Cable - LONDON LONDON Britain''s economy has struggled to gain momentum after a slow start to 2017, according to data published on Friday which raised questions about the chances of the Bank of England raising interest rates this year. Output by British factories and the construction sector unexpectedly shrank in May, on top of weak spending by consumers who are feeling the pinch from accelerating inflation since last year''s vote to exit the European Union. The signs of continued weak growth came as businesses pressed British Prime Minister Theresa May and her government to negotiate a smooth Brexit in two years'' time, saying an abrupt departure would deter investment. An employers group said on Thursday that Britain should stay in the EU''s single market for a transition period. Executives from leading British companies were due to meet Brexit minister David Davis on Friday. Sterling dipped below $1.29 after Friday''s data and hit its lowest level since June 28. British government bond prices rose. Analysts said the economy was now unlikely to recover much speed in the second quarter, after expanding by just 0.2 percent in the first three months of the year. "It''s all building up a pattern here that says the economy is clearly losing momentum," said Peter Dixon, economist at Commerzbank. "It''s not pointing to a particularly dynamic second quarter. Under those circumstances, the timing of the hawks on the Monetary Policy Committee pushing for a rate hike doesn''t look great." Growth in the second quarter was likely to edge up only slightly to 0.3 percent, the National Institute for Economic and Social Research, a leading think tank, said. The Office for National Statistics said manufacturing output edged down by a monthly 0.2 percent, confounding forecasts for a 0.5 percent rise in a Reuters poll of economists. Construction figures were also much worse than expected with output in the three months to May down 1.2 percent, the sharpest such drop since October 2015. The strength of next Wednesday''s official data on wages is now likely to be critical for BoE policymakers as they mull whether to raise interest rates from their record low 0.25 percent. Financial markets suggested there was a roughly 1-in-3 chance of a rate hike this year, down from 1-in-2 a week ago. MPCOIS=ICAP Some BoE policymakers have been pushing for the first interest rate hike in a decade. Rate-setter Michael Saunders said this week he was "reasonably confident" improving exports and investment would more or less compensate for the consumer slowdown. The manufacturing figures were hit by a 4.4 percent drop on the month in motor vehicle output, the biggest fall in over a year. Industry figures have shown a fall in new car sales. Broader industrial output fell 0.1 percent in May after a 0.2 percent rise in April. Separately on Friday, mortgage lender Halifax said house prices rose at the slowest annual pace in four years, which could erode consumer confidence. Trade data for May also looked weak. The goods trade deficit increased to 11.863 billion pounds ($15.33 billion) in May from 10.595 billion pounds in April, the ONS said, wider than all forecasts in the Reuters poll. Things looked brighter in terms of volumes of goods exported in the three months to May, which rose 3.8 percent. By comparison, import volumes rose 2.8 percent over the same period. However, business surveys have cast doubt about whether an improvement will be seen in the months ahead. Click reut.rs/2sx48dV for graphic titled Services the only game in town for UK output in 2017 (Editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN19S125'|'2017-07-07T11:42:00.000+03:00'
'22b73f0fe8859629292e27b447db2ba5ffbe887f'|'Clearing houses get ultimatum to fix serious "shortcomings"'|'Market News - Wed Jul 5, 2017 - 11:00am EDT Clearing houses get ultimatum to fix serious "shortcomings" By Huw Jones - LONDON, July 5 LONDON, July 5 Global regulators warned on Wednesday of shortcomings in efforts to ensure that clearing houses can recover from a crisis without a meltdown in the financial system or a taxpayer bailout. A number of gaps have been identified at clearing houses which warrant immediate high priority action, the regulators said, adding that gaps in compliance with rules for preventing them from becoming too-big-to-fail must be plugged by December. Following the financial crisis regulators required trillions of dollars of derivatives like interest rate and credit default swaps to go through clearing to boost safety and transparency. This has led to a sharp growth in volumes passing through a clearing house, a third party that ensures a trade is completed, even if one side of the transaction goes bust. "One area was recovery planning, where a number of clearing houses had not yet put in place the full set of recovery rules and procedures," IOSCO and CPMI said. A number of clearers had also not put in place policies to ensure they maintain the required level of financial resources, such as cash and collateral, on an on-going basis. The updates were written by IOSCO, a global body of securities regulators, the Financial Stability Board, the Committee on Payments and Market Infrastructures (CPMI) - part of the Bank for International Settlements - and the global Basel Committee of banking supervisors. Clearing houses should "promptly" identify any areas where changes are necessary and implement them by no later than the end of 2017, the regulators said. They also named for the first time the clearing houses which they deem to be "systemically important" in more than one country, and must each come under their own "crisis management group" of supervisors. These groups, founded on co-operation agreements signed by regulators, would monitor the clearing house in a crisis. BME Clearing in Spain, Cassa in Italy, CME in the United States, Eurex Clearing in Germany, EuroCCP in the Netherlands, HKFE Clearing in Hong Kong, ICE Clear units in Britain and the United States, LCH units in France and Britain, Nasdaq Clearing in Sweden, and SIX x-clear in Switzerland were all named as systemic. The regulators noted how the sector has become concentrated, with the biggest two, unamed, clearing houses accounting for about a third of all financial resources in the sector. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/clearing-markets-regulations-idUSL8N1JW3SA'|'2017-07-05T18:00:00.000+03:00'
'1a24ae5ef00c9d4ebe23700bb74e0afebc084543'|'Oil dips on OPEC supply rise, but political risk supports'|'July 5, 2017 / 2:02 AM / in an hour Oil retreats after bull run, on rising OPEC exports, strong dollar 3 Min Read An employee pumps petrol for clients at a petrol station in Hanoi, Vietnam December 20, 2106. Kham LONDON (Reuters) - Oil prices fell more than 1 percent on Wednesday, ending their longest bull-run in more than five years, as climbing OPEC exports and a stronger dollar turned sentiment more bearish. Benchmark Brent crude futures were down 57 cents, or 1.2 percent, at $49.04 a barrel by 1020 GMT. Prices had climbed for eight straight sessions to Monday. U.S. WTI crude futures were down 63 cents, or 1.3 percent, at $46.44 a barrel after reaching a one-month high of $47.32 earlier in the session. "The air is getting thin for oil prices. The price increase just ran out of steam, which is not very surprising, given the newsflow of rising OPEC supplies," said Carsten Fritsch, senior commodity analyst at Commerzbank. Another analyst said the strong dollar provided less incentive to invest in greenback-denominated commodities such as crude oil. Oil exports by the Organization of the Petroleum Exporting Countries climbed for a second month in June, Thomson Reuters Oil Research data showed. OPEC exported 25.92 million barrels per day (bpd) in June, up 450,000 bpd from May and 1.9 million bpd more than a year earlier. The rise in exports comes despite OPEC''s vow to rein in production until March 2018 and follows hot on the heels of Reuters'' monthly OPEC production survey which found output jumped to a 2017 high last month as OPEC members Nigeria and Libya continued to pump more. Nigeria and Libya are both exempt from the output pact. The head of the International Energy Agency told Reuters that rising output from key oil producers could hamper expectations that the oil market would rebalance in the second half of the year. Traders were also eyeing weekly U.S. crude inventory data, delayed by a day due to the U.S. public holiday on Tuesday. A Reuters poll showed analysts expected weekly crude stocks to have fallen by 2.8 million barrels. The weekly data showed a surprise rise in inventories last week. Underlining an expected shift in longer term oil demand, car group Volvo said on Wednesday that from 2019 all of its new models would be fully electric or hybrid vehicles. Additional reporting by Henning Gloystein in Singapore; Editing by Jason Neely and Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-oil-idINKBN19Q05V'|'2017-07-05T08:15:00.000+03:00'
'3390052283294e4ac70a72f97fff7216717cf939'|'UPDATE 1-UK Stocks-Factors to watch on July 5'|'Market News - Wed Jul 5, 2017 - 2:42am EDT UPDATE 1-UK Stocks-Factors to watch on July 5 (Adds company news, futures) July 5 Britain''s FTSE 100 futures were down 0.18 percent ahead of the cash market open. * OCADO: British online retailer Ocado said on Wednesday it expected the international deal it secured last month to be the first of many as it reported a 2.7 percent rise in first-half core earnings. * PERSIMMON: Britain''s second biggest housebuilder by volume Persimmon said first-half sales rose by 7 percent, with a national election, which can often dampen demand as buyers put off major purchases, not affecting the market. * BOOKER GROUP/TESCO: Booker Group, the wholesaler Tesco is trying to buy for 3.7 billion pounds ($4.8 billion), said like-for-like sales rose 4.2 percent in its first quarter, helped by favourable weather and the late Easter. * MAN GROUP: Man Group, the world''s biggest listed hedge fund, has closed down a quantitative trading division as it looks to focus on other strategies, Bloomberg reported citing a person with knowledge of the matter. ( bloom.bg/2sDAbNr ) * SHELL: Pakistan''s oil and gas regulator expects the first report this week on a road tanker explosion, involving a Shell Pakistan contractor, that killed 209 people, a spokesman for the regulatory authority said on Tuesday. Shell Pakistan Ltd, a subsidiary of energy giant Royal Dutch Shell, issued a statement shortly after the accident saying it would cooperate fully with all investigations. * WORLDPAY: Worldpay Group Plc, Britain''s largest payment processor, on Tuesday received rival bid approaches from U.S. credit card technology firm Vantiv Inc and JPMorgan Chase Bank, sending its shares up by more than 25 percent. * LSE: FTSE Russell is likely to restrict the inclusion of companies with unequal voting rights in some of its equity indexes, to address investor concerns over falling corporate governance standards, the CEO of the world''s largest index company, owned by the London Stock Exchange Group, said. * SPORTSDIRECT: Mike Ashley, the founder of British retailer Sports Direct , allegedly "secretly" paid the firm''s former CEO 1 million pounds a year as a bonus from his personal funds to allegedly keep down the pay of other staff, the Guardian reported. ( bit.ly/2tFS2Tv ) * NORTH KOREA: North Korea said on Wednesday its newly developed intercontinental ballistic missile (ICBM) can carry a large nuclear warhead, triggering a call by Washington for global action to hold it accountable for pursuing nuclear weapons. * QATAR: Qatar announced plans for a steep rise in Liquified Natural Gas (LNG) production capacity on Tuesday that suggested it was ready for a protracted dispute with Gulf neighbours, but Doha said it was doing all it could to reach agreement. * UK SHOP PRICES: Overall prices in British shops fell in June at the slowest annual pace since November 2013, the British Retail Consortium (BRC) said on Wednesday, adding it expects rising inflation pressure soon to prompt outright price increases. * UK HOUSEHOLDS: A Bank of England policymaker who last month voted to raise interest rates was quoted as saying on Tuesday that he was "reasonably confident" that investment and exports would compensate for a consumer slowdown. * OIL: Oil dipped on Wednesday, pulled down by another rise in OPEC supplies despite a pledge to cut production, but geopolitical tensions in the Korean peninsula and the Middle East put a floor under prices. * GOLD: Gold prices edged up on Wednesday as tensions on the Korean peninsula stoked safe-haven demand for the metal, while the release of minutes from the U.S. Federal Reserve''s last meeting was also in focus. * COPPER: London copper was treading water on Wednesday amid heightened risk aversion in Asia following a North Korean missile test, while strike threats at a South American copper mine lent support to prices. * The UK blue chip index ended down 0.3 percent at 7,357.23 points on Tuesday, as a rally in Worldpay shares to a record high was not enough to offset a broad-based decline among British shares, after a strong start to the second half for the UK''s top share index. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JW2CL'|'2017-07-05T09:42:00.000+03:00'
'2a1914809fdbc4e4d9c8dcb219abff8f47cf07c4'|'Airbnb says had proposed alternative to forcing Paris hosts to register rentals'|'Business News - Thu Jul 6, 2017 - 8:36pm BST Airbnb says had proposed alternative to forcing Paris hosts to register rentals A woman talks on the phone at the Airbnb office headquarters in the SOMA district of San Francisco, California, U.S., August 2, 2016. REUTERS/Gabrielle Lurie PARIS Short-term rental website Airbnb said on Thursday it had proposed for Paris and other large French cities to create automated limits to ensure its hosts did not rent their property beyond the 120 days a year legal limit for a main residence in France. Airbnb was reacting after a Paris city council decision on Tuesday made it mandatory from December for people renting their apartments on short-term rental websites such as Airbnb to register their property with the town hall. The decision had been welcomed by French hoteliers, who see the rental service as unfair competition. "We had proposed Paris and other large French cities an alternative to the registration with the automatic blocking to 120 nights of lodgings on Airbnb in order to avoid hidden professional use (of the service)," Airbnb spokesman Aurelien Perol told Reuters. Airbnb will comply with the city of Paris'' decision though its solution would have been more efficient and less costly than the one chosen, he added. In the face of intense lobbying from the French hotel industry, Airbnb also stressed that it contributed to the development of tourism in France and was a source of extra income for many Parisian families, he said. With 350,000 listings, France is Airbnb''s second-largest market after the United States, and Paris, the most visited city in the world, is its biggest single market, with 65,000 homes. (Reporting by Dominique Vidalon, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbnb-hotels-reaction-idUKKBN19R2UB'|'2017-07-06T22:36:00.000+03:00'
'0e079ed7f8c62dd9e52b3f74e82dc1ecdf1168a3'|'Food-delivery firms like Delivery Hero are thriving'|'NIKLAS OSTBERG spent much of his youth as a competitive cross-country skier in Sweden. Then he ditched his skis for a less healthy cause. A decade ago he founded a firm that matched online pizza orders to restaurants. It grew into Delivery Hero, a Berlin-based service that last year dispatched nearly 200m takeaway dinners to customers around the world. It is in over 40 countries and claims to be the local leader in 35, including Germany.The recipe has delivered in financial terms. The company’s initial public offering (IPO) on June 30th proved popular with investors and its share price has climbed since. Delivery Hero is now valued above $5bn, a handy premium over a valuation of $3.1bn in May, when Naspers, a South African online giant, invested in it. It is not alone; shares in similar businesses have performed well after going public in recent years. Shares in Just Eat, a British company with a market value of £4.5bn ($5.8bn), have more than doubled since its IPO in 2014. The value of Grubhub, a food-delivery company based in Chicago, has risen by a third in the same period to around $4bn. The market capitalisation of Takeaway.com, a Dutch firm, is up by a third since it listed in September; it is now worth €1.6bn ($1.8bn).What matters in food-ordering is gaining dominance in what analysts and Mr Ostberg agree are “winner takes most” individual markets. In any given country, consumers are unlikely to have more than one food-ordering app on their phones. For second- or third-placed competitors a reverse “network effect” occurs, says Mr Ostberg, in which they must constantly struggle to avoid losing restaurants and customers and margins tend to fall. Firms that dominate can enjoy profit margins of up to 20% per order, although Delivery Hero’s are only half that level.Those margins are drawing online giants, Amazon and Uber, into the business. Their bulk and expertise in digital platforms and deliveries threaten the independent operators. Mr Ostberg puts a brave face on it and notes that the potential market for hot food globally could be worth $72bn, which leaves room for various firms to flourish in different parts of the world. He vows to take much of the capital raised from the firm’s IPO to invest in new technology.Prospects for Delivery Hero depend on how smart Mr Ostberg’s team proves to be in this regard. The firm, which is part-owned by Rocket Internet, a Berlin-based company-incubator, is not a pure tech startup. It expanded partly through acquisitions and a merger late in 2016 with a rival, Food Panda (also controlled by Rocket). It organises deliveries through its digital platform, but managing fleets of cycle couriers is a complex business to scale up. Its wide exposure to emerging markets, from Saudi Arabia to Hong Kong, although offering growth, also brings lots of potential headaches because of local regulations and cultural quirks.Mr Ostberg talks up the focus on tech, citing the firm’s experimental deliveries by drones and robots, plus its efforts on data-gathering and analysis to anticipate customer desires or resolve problems with logistics. But the firm is not as advanced as, for example, Zalando, an online fashion firm that grew out of Rocket Internet and floated in 2014. Florian Heinemann, who founded Project-A, a venture-capital firm, in Berlin and spent years at Rocket, praises Zalando’s team of 2,000 tech engineers for their skill in using data from customers. He does not see the equivalent, yet, at Delivery Hero.The IPO should nonetheless boost Berlin’s profile as a startup hub, making it easier for other entrepreneurs to raise more capital in turn. It should also help Rocket Internet, shares in which have fallen in recent years as other firms it backed have failed to take off. “Opting for an IPO is a very hard route and there are very few positive examples in Germany,” says Ulrich Schmitz of Axel Springer, who oversees the media firm’s incubator of tech startups in the city. Later-stage funding can be especially hard for firms to raise, so anything that encourages investors to see clear exit routes is helpful, he says.Mr Ostberg agrees, saying he dreams that his firm can grow to become a “category leader” and “inspire others” in the European tech scene. That is still an uphill task—but cross-country skiers, at least, are good at those.This article appeared in the Business section of the print edition under the headline "We can be heroes"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724855-firms-successful-ipo-gives-boost-berlins-startup-scene-food-delivery-firms?fsrc=rss%7Cbus'|'2017-07-06T22:49:00.000+03:00'
'176e7d55072949fece147eb246f73c15d763176a'|'BRIEF-Black Dragon Gold Corp says repaid debt facility with RMB Australia Holdings'|' 14pm EDT BRIEF-Black Dragon Gold Corp says repaid debt facility with RMB Australia Holdings July 6 Black Dragon Gold Corp: * Repayment of RMB secured debt facility * Repaid its secured debt facility with RMB Australia Holdings Limited for aggregate cash consideration of US$3.5 million Source text for Eikon:   (Bengaluru Newsroom: +91 806 749 1136) * Protector Forsikring ASA says delivers an operating profit of NOK 169.5 million in Q2 of 2017 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-black-dragon-gold-corp-says-repaid-idUSFWN1JX0HE'|'2017-07-06T21:14:00.000+03:00'
'548f9660e89462e3524b9c8c3215bfe34f9eae3f'|'BRIEF-Richelieu Hardware Q2 sales rose 11.9 pct to C$243.3 mln'|' 13pm EDT BRIEF-Richelieu Hardware Q2 sales rose 11.9 pct to C$243.3 mln July 6 Richelieu Hardware Ltd: * Q2 earnings per share C$0.30 * Q2 sales rose 11.9 percent to C$243.3 million * Has capital resources to fulfill ongoing commitments, obligations, to assume funding requirements between now and end of 2017   * Transition metals corp says it has optioned its homathko project in british columbia to shamrock enterprises inc   MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-richelieu-hardware-q2-sales-rose-idUSASA09W8H'|'2017-07-06T20:13:00.000+03:00'
'eb79e049049badcc85820721d048403fcbe880d0'|'JPMorgan CEO meets Irish prime minister on post-Brexit growth'|'DUBLIN JPMorgan Chase & Co Chief Executive Jamie Dimon met Irish Prime Minister Leo Varadkar in Dublin on Thursday to discuss expansion in the Irish capital two months after the U.S. investment bank bought an office building in the city with room for 1,000 staff.The bank in May said it plans to hire a significant number of people in Dublin in its expanding custody and funds services businesses over the next three years, as it focuses its European Union operations in Dublin, Frankfurt and Luxembourg after Brexit leaves its largest European office, in London, outside of the bloc. "I met with Prime Minister Varadkar today to discuss our plans to grow J.P. Morgan''s business over the next several years," Dimon said in a statement."Ireland is at the forefront of training its workforce to keep up with the latest developments in technology and business innovation, and the country has a global, open environment that will keep it economically competitive," he added. A spokesman for Varadkar, who was elected Ireland''s youngest ever Taoiseach last month, confirmed the meeting took place but declined to comment further. JPMorgan currently employs 450 people in Ireland in its Custody & Fund Services, Investment Banking, Payments and Treasury Services business.The bank in May announced a deal to acquire a 130,000 square foot (12,000 square meter) building at the Capital Dock development in Dublin''s docklands, which could house around 1,000 staff.Ireland has engaged on a major lobbying campaign during the past year to try to convince companies with large bases in the United Kingdom to consider moving some of their staff to Ireland to maintain access to the European Union''s single market.The head of Frankfurt''s campaign to promote the city to banks since Britain voted to leave the EU told Reuters in May he expected the five largest U.S. investment banks to move staff to more than one EU location with around 1,000 going to Frankfurt and possibly more to Dublin.(Reporting by Conor Humphries; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ireland-jpmorgan-idUSKBN19R2XX'|'2017-07-06T23:30:00.000+03:00'
'15e0f9ce6331b06f93697c17f3d58b82a46fbaac'|'Brazil''s Petrobras puts all its Paraguay operations for sale'|'Deals - Fri Jul 7, 2017 - 8:01am EDT Brazil''s Petrobras puts all its Paraguay operations for sale The logo of Brazil''s state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker SAO PAULO Brazilian state-controlled oil company Petróleo Brasileiro SA ( PETR4.SA ) disclosed on Friday the initial terms for a plan to sell the entirety of its operations in Paraguay, according to a securities filing. Petrobras, as the firm is known, is planning to exit the natural gas distribution sector in Paraguay and sell hundreds of gasoline stations and convenience stores, the statement said. It will also look to sell its operations in three airports and a distribution unit near the Villa Elisa city. (Reporting by Bruno Federowski and Luciano Costa) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-petrobras-divestiture-paraguay-idUSKBN19S1PC'|'2017-07-07T14:54:00.000+03:00'
'0121e5712a66242d5818d69fb68a299d8de32a3a'|'EXCLUSIVE: Glencore makes large cobalt deal, securing EV battery supplies for VW'|'July 6, 2017 / 2:08 PM / 44 minutes ago EXCLUSIVE: Glencore makes large cobalt deal, securing EV battery supplies for VW Pratima Desai 5 Min Read FILE PHOTO: The logo of Glencore is seen in front of the company''s headquarters in Baar, Switzerland, September 7, 2012. Michael Buholzer/File Photo LONDON (Reuters) - Mining giant Glencore has signed a major deal to sell up to 20,000 tonnes of cobalt products to a Chinese firm, a move that in turn helps Volkswagen secure car batteries for its shift to electric vehicles, four sources said. The four-year agreement between Glencore and Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL), struck last October, comes as global carmakers race to lock in battery supplies and move away from traditional combustion engines. The trend was reinforced this week by Chinese-owned, Sweden-based Volvo, which said all of its models launched after 2019 will be electric or hybrid. Cobalt is a key ingredient in the lithium-ion batteries used to power electric vehicles (EVs), with sales expected to grow fast in coming years as governments around the world clamp down on polluting fossil fuels such as diesel and gasoline. "It was a triangular deal where Glencore, CATL and VW got round the table," said a cobalt trading source. "CATL on their own weren''t willing to commit to such a large quantity so VW said they would buy the batteries (from CATL)." The contract to supply cobalt hydroxide and alloys, the sources said, was based on cobalt metal prices which at the time were around $28,500 a tonne on the London Metal Exchange. They have since more than doubled to above $58,000 a tonne. Glencore and CATL declined to comment on the agreement. "There is no guarantee from the VW group to anyone," said a spokesman for VW''s operations in China. A source at VW said the carmaker was talking to Chinese suppliers about securing batteries for its EV programme, with those discussions focusing only on supplies and not the possibility of creating a joint venture for battery production. "CATL is among the suppliers VW is currently talking to," the VW source said. Asked whether this was true, the spokesman said: "We are not commenting on our business relations." "Caught by Surprise" Volkswagen, which has been slow to develop battery-powered vehicles, is pushing an electric-car offensive, aiming to launch more than 10 electrified models by the end of next year and is targeting over 30 new battery-powered models by 2025. Electric cars are a key part of VW’s efforts to draw a line under its diesel emissions scandal as it battles to regain trust among customers and investors. VW wants to increase electric-car sales to 1 million autos a year by 2025 from a five-digit number at present. "All the big car manufacturers even early last year were thinking EVs were pie in the sky. They''ve been caught by surprise, especially VW ... That''s when they panicked and did this deal," a Europe-based cobalt trader said. "Volkswagen quickly identified raw materials would be an issue and there would be advantages to securing supplies." Minerals such as cobalt from Democratic Republic of Congo have been associated with fuelling conflict and child labour, but analysts say Volkswagen would derive a measure of comfort from locking in supplies from Glencore as a listed company answerable to shareholders and regulators. For Glencore, the advantage was the removal of a massive overhang of inventory capping prices, though some sources did question the timing of the sale. "To clear that inventory without hurting prices would have taken 12 to 18 months. Selling it in one chunk allowed them to be more aggressive on prices for new production," a cobalt producer said. "But nobody thought prices would rise so much." Glencore this year tightened its grip on Congo''s copper and cobalt resources by buying the remaining stake in one mine and upping its share in another for $960 million. It said the complex had the potential to become the world''s largest cobalt producer. Morgan Stanley analysts expect global car sales to rise 50 percent by 2050 to more than 130 million units a year. Its base case is for battery EVs to account for 47 percent of that total. Glencore produced 28,300 tonnes of cobalt last year, dominating a market estimated at 100,000 tonnes. Roughly half was used in batteries for electric cars, as well as products including mobile phones, laptops, digital cameras and cordless power tools. Cobalt is mostly a byproduct of nickel and copper. The DRC is estimated to produce 65 percent of the world''s cobalt. Additional reporting by Andreas Cremer in Berlin, Muyu Xu in Beijing, and Barbara Lewis in London; Editing by Veronica Brown and Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/glencore-cobalt-vw-idINKBN19R205'|'2017-07-06T17:06:00.000+03:00'
'1dc81a42a146c269d7414005d1156efc0c8ae984'|'Startup TIKD will fight your traffic ticket for you'|'This woman founded $1B startup in China Getting a speeding ticket can be expensive -- and a pain if you decide to fight it in court. TIKD, which launched its website in February, wants to handle the ticket for you. Users enter where and when they got the violation, the fine amount and a photo of the ticket. They pay a one-time fee that''s always less than the original ticket. From there, TIKD assumes the liability for the outcome. The startup hires lawyers to fight the ticket and go to court in your place. And the user receives email updates on the progress. If you get points on your license, you''ll get a refund and TIKD will also pay for the original ticket. The company says it has saved customers more than $100,000 in fines and nearly $4 million in avoided insurance costs. The startup says it makes money from the difference between what a customer pays TIKD and what it pays lawyers and the courts. Related: The chatbot that will force your landlord to fix a leaky tap It''s also the first company to offer a payment plan for paying traffic tickets. For a service charge -- 10% of the ticket fine -- users can pay half of it immediately and pay the rest in 25% increments over the next two months. CEO and founder Chris Riley came up with the idea after he was caught in a speed trap. He was traveling less than 10 mph over the speed limit in Miami and was slapped with a big fine. Traffic tickets average $220 in Miami and $400 in other markets such as Atlanta, according to TIKD data. "These aren''t people doing overtly unsafe things," Riley told CNN Tech. "No DUIs or people drag racing or going 30 mph over the speed limit. [It''s] every day mistakes that people make." Riley sought a better solution to fight disputable tickets. "There''s a better way to do this and give people access to services [like lawyers] in a cost efficient way," he said. Related: The hottest self-driving car startup you''ve never heard of The service is currently available in Atlanta, Baltimore, Washington D.C. and certain Maryland and Florida counties. The company aims to be in 30 major U.S. markets next year. TIKD says it can refuse the right to work on certain cases. For example, it doesn''t accept tickets from minors or incidents involving alcohol, serious injury or fatalities. The concept is a part of an emerging trend to fight tickets. Other apps like Off the Record connect users with lawyers to fight traffic tickets. Meanwhile, WinIt disputes parking and traffic tickets in New York City. But TIKD says its biggest competition comes from people who don''t contest tickets -- about 95% of people just pay them. "We''re trying to win over those folks," Riley said.   12:36 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/07/06/technology/tikd-traffic-ticket-app/index.html'|'2017-07-06T20:36:00.000+03:00'
'c85f60f81f682d4d4c4793acf7605753b81ad404'|'BMW looking to cut 1 billion euros in indirect costs'|'July 6, 2017 / 6:58 PM / an hour ago BMW looking to cut 1 billion euros in indirect costs 1 Min Read FILE PHOTO: A BMW employee works to install the kidney grill on an X4 along the production line at the BMW manufacturing plant in Spartanburg, South Carolina March 28, 2014. Chris Keane/File Photo BERLIN (Reuters) - German carmaker BMW ( BMWG.DE ) wants to cut 1 billion euros ($1.14 billion) in indirect procurement costs by 2019, BMW head of production Markus Duesmann told the Handelsblatt daily. A BMW spokesman confirmed the figure. BMW''s indirect procurement costs amount to about 20 billion euros a year, but BMW needs to make savings so the company can invest more in developing electric and self-driving cars. Duesmann also said BMW is seeking damages from automotive parts supplier Bosch [ROBG.UL] after a shortage of steering components slowed production worth a "mid two-digit million euro sum", affecting delivery of around 8,000 cars. ($1 = 0.8757 euros) Reporting by Edward Taylor; Editing by Maria Sheahan and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bmw-costs-idINKBN19R2RD'|'2017-07-06T21:57:00.000+03:00'
'588aaa4d5f45c68e767f35e7fad848353a2e0dc8'|'U.S. prosecutors ask judge to silence Shkreli during trial'|' 24pm EDT U.S. prosecutors ask judge to silence Shkreli during trial By Jessica DiNapoli - NEW YORK, July 4 NEW YORK, July 4 Federal prosecutors on Monday asked a U.S. judge for a gag order muzzling former drug company executive Martin Shkreli, on trial for securities fraud charges, arguing that his statements to media could taint the jury and disrupt the case, court papers show. Shkreli''s attorney, Benjamin Brafman, asked the judge that day to reject the request on the grounds that his client had a First Amendment right to speak freely, according to the filings. Shkreli last week told reporters outside the court that an alleged victim of his was not actually a victim because she made money from his investments, attorneys for the U.S. government told U.S. Judge Kiyo Matsumoto in a letter on Monday. He also directly spoke on camera to a journalist and appeared to be commenting on the case on social media platform Twitter under the handle @BLMBro, they added. Brafman said Shkreli was in a delicate emotional state, and believed that the press focuses unfairly on some of his negative characteristics. "His comments are the somewhat natural, though unfortunate consequence of a young man with a demonstrated history of significant anxiety being at the center of a supremely difficult time in his life," Brafman wrote in the filing. Dubbed the "pharma bro," Shkreli, 34, gained notoriety for raising the price of a life-saving drug by 5,000 percent. The charges he faces stem from his management of pharmaceutical company Retrophin Inc and the hedge fund MSMB Capital Management from 2009 to 2014. Prosecutors have claimed that Shkreli engaged in a Ponzi-like scheme in which he defrauded investors in MSMB and took $11 million in assets from Retrophin to repay them. Shkreli has pleaded not guilty to charges that include securities fraud and conspiracy to commit wire fraud. Federal prosecutors have asked Judge Matsumoto sequester the jury in the event that the court does not issue the gag order. In their letter, federal prosecutors said Shkreli visited reporters in a court breakroom last week and remarked on the credibility of witnesses who testified. Prosecutors also wrote that Shkreli on YouTube had identified himself as BLMBro. The BLMBro Twitter account has posted stories critical of witnesses and evidence in the trial, they added. Shkreli in January was suspended from Twitter for harassing a female journalist. Brafman has argued that Shkreli is a misunderstood genius who earned his wealthy investors millions of dollars. (Reporting by Jessica DiNapoli in New York; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-crime-shkreli-idUSL1N1JV0XA'|'2017-07-05T02:24:00.000+03:00'
'54b2bb3a27a0eb3507999a4a9c396aeedb8f3f43'|'Italy in the limelight as ECB policy, bank rescue cloud picture'|'Central Banks - Wed Jul 5, 2017 - 12:56pm BST Italy in the limelight as ECB policy, bank rescue cloud picture FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the ''''Luminale, light and building'''' event in Frankfurt, Germany, March 12, 2016. EUTERS/Kai Pfaffenbach/File Photo By Abhinav Ramnarayan - LONDON LONDON Investors scrutinised the outlook for Italian bond yields closely on Wednesday after the European Central Bank bought more of that country''s debt than usual in its flagship asset-buying programme. The ECB bought more than 2 billion euros of Italian and French bonds than it was supposed to in June, moving further away from a rule aimed at ensuring that its stimulus is evenly spread across the euro zone. The conflict for investors is that Italy, seen as one of the biggest beneficiaries of the ECB''s bond buying scheme, is expected to be amongst the losers as the central bank unwinds extraordinary stimulus. However, if the ECB is going to buy more Italian bonds than expected in the months to come, this could soften the blow. "It is very hard as an investor to know whether to buy or sell on this news," said DZ Bank strategist Christian Lenk. "At the end of the day, if the ECB is approaching its limit of Bunds (it can buy), we may see a stronger deviation towards BTPs. But it is still a relatively small amount of deviation so far and the overall picture is of tightening." The gap between Italy''s 10-year government bond yield and the German equivalent was pinned to its tightest level in over two weeks at 163 basis points and was more than 40 bps tighter than the April peak. It also emerged Tuesday that the European Union had approved a 5.4 billion euro state bailout of Italy''s fourth-largest lender, Monte dei Paschi di Siena ( BMPS.MI ), taking the total amount of Italian taxpayer funds deployed to rescue banks over the past week to more than 20 billion euros. Euro zone government bond yields have been rising across the board in recent weeks on comments from policymakers that suggest the ECB is moving towards normalising its ultra-loose monetary policy stance. Though some policymakers have since sought to play this down, German government bond yields are close to their highest levels all year at 0.48 percent. Volatility in euro zone bond and currency markets over the past week has not been significant and partly reflect a misalignment between bond and equity prices, European Central Bank board member Benoit Coeure said on Wednesday. Minutes of the ECB''s June meeting are due on Thursday, which should provide further clues on how far the tapering debate has gone in Europe. The U.S. Federal Reserve is also due to publish minutes of its June 14 meeting later on Wednesday, with analysts waiting to see if the central bank drops any clues on whether it will push its next planned rate hike to later in the year. (Reporting by Abhinav Ramnarayan; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-bonds-idUKKBN19Q1HM'|'2017-07-05T14:56:00.000+03:00'
'a70b8bbd9cef2896c746a5fcc0a4b9e8f30b346f'|'Ikea slams the door on its 25-year kitchen guarantee - Money'|'We wish to report a similar problem to other readers with our Ikea kitchen, which is less than five years old. The doors are all off-colour and peeling and splitting. We complained to the Edinburgh Ikea store, where we bought it, which said it would send out Ecomaster – a furniture repair and restoration company – to view them. The technician was in the house for all of five minutes before leaving. About three weeks later we received a letter saying the damage was a cleaning issue and that the age of the kitchen was the problem. As a result the company would be taking no action. We asked for a copy of the report, which was eventually emailed to us, and to our surprise it appears to have been signed off with my name – though it is definitely not my signature. TL, Livingston, West Lothian We have covered numerous complaints about Ikea fitted kitchens and readers’ difficulties getting satisfaction through its much-lauded 25-year guarantee. The retailer uses Ecomaster as its inspection company – a third party firm, not part of Ikea – which makes us wonder how much control it has over the outcome.Ikea would not engage with us over the detail of your complaint, but simply says: “We naturally want all our customers to be happy with the service they receive, and we have been in direct contact with the customer to apologise and have resolved this to their satisfaction.”I understand it has agreed to replace all the kitchen doors and unit frontages free of charge, but it would not enter into the debate about Ecomaster.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number Topics Consumer affairs Consumer champions Ikea Consumer rights Retail industry features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jul/05/ikea-25-year-guarantee-kitchen-faulty'|'2017-07-05T03:00:00.000+03:00'
'39b914a7a856c4307b66d53ea8ab44e3dddd3cf5'|'Miners lend support as rate-sensitive stocks drag Europe'|'Market News - Wed Jul 5, 2017 - 4:55am EDT Miners lend support as rate-sensitive stocks drag Europe * STOXX 600 index down 0.1, FTSE 100 gains 0.1 pct * Miners lead, helped by upgrade * Persimmon rises after update * Pharma, utilities a weak spot (Recasts, adds quote and detail, updates prices) By Kit Rees LONDON, July 5 European shares edged lower on Wednesday, weighed down by weak healthcare stocks and utilities, although gains among basic resources stocks after an upgrade helped cap losses. The pan-European STOXX 600 index was down 0.1 percent by 0831 GMT in choppy trade, while the blue chip index also fell 0.1 percent. Miners rose 0.9 percent, hitting a two-month high after Credit Suisse upgraded the sector to "overweight" in its latest global equity strategy update, saying the sector was a more rewarding play on higher oil prices, interest rates and inflation. Glencore, which rose 2.2 percent, also supported Britain''s commodity-heavy FTSE 100, with BHP Billiton in tow as Chinese steel rebar futures rallied. Among individual movers, British housebuilder Persimmon jumped around 3 percent after it reported a 7 percent rise in first-half sales, with the market unaffected by the UK''s June general election. "(There''s been) a fair bit of concern regarding the housing sector, what the outlook might be like with the uncertainty caused by the general election and the Brexit negotiations ongoing," Dafydd Davies, partner at Charles Hanover Investments, said. "However, we do see further upside (to) the housebuilders due to the current shortage of housing stock there is still in the UK." Shares in Adidas were the biggest individual gainers, rising 4.3 percent to the top of the STOXX after HSBC said that the sporting goods firm was likely to increase its outlook, upgrading it to "buy". "We believe the sales growth story and associated margin expansion plan make this stock a very visible compounder," HSBC analysts said in a note. Interest rate-sensitive utilities and health care stocks were a weak spot, with pharmaceuticals dragged down by GlaxoSmithKline, which fell after a downgrade from Citigroup to "neutral" from "buy", citing a slowdown in market for HIV drugs if the Affordable Care Act (ACA) is repealed. A rise in interest rates has been a focus for markets ever since central banks hinted at a possible tightening in monetary policy, with a rise in bond yields making high dividend-paying stocks less attractive. (Reporting by Kit Rees, Editing by Vikram Subhedar and Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1JW174'|'2017-07-05T11:55:00.000+03:00'
'63987eb6e3a2304245695fc4641fdb9451e3d83d'|'EMERGING MARKETS-LatAm stocks, currencies flat as U.S. holiday curbs trading'|'Market News  07pm EDT EMERGING MARKETS-LatAm stocks, currencies flat as U.S. holiday curbs trading By Bruno Federowski SAO PAULO, July 4 Latin American stocks and currencies changed little on Tuesday as a U.S. holiday curbed trading volumes, while lower commodity prices weighed on demand for risky assets. U.S. financial markets were closed for the July Fourth holiday, greatly reducing market liquidity worldwide and driving many investors to avoid making big trades. The Brazilian real and the Mexican peso were nearly flat, oscillating in tight ranges as traders erred on the side of caution. Shares of miners and steelmakers, such as Brazil''s Vale SA and Usinas Siderúrgicas de Minas Gerais SA , followed iron ore prices lower, capping gains on the country''s benchmark Bovespa stock index. For-profit college operator Estácio Participações SA was the biggest riser following a report that the government may tap government funds to subsidize student loans. Shares of power utility Renova Energia SA, which are not part of the benchmark index, jumped the most since mid-April after Reuters reported that Brookfield Asset Management Inc made a formal bid for control of the Brazilian renewable energy company. Wider emerging stocks fell sharply earlier on Tuesday as North Korea''s latest missile test heightened tensions on the Korean peninsula. MSCI''s emerging equity benchmark fell 0.7 percent, its sharpest one-day drop in nearly three weeks. Key Latin American stock indexes and currencies at 1600 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1006.86 -0.73 17.62 MSCI LatAm 2561.87 0.15 9.28 Brazil Bovespa 63313.97 0.05 5.13 Mexico S&P/BVM IPC 50184.59 0.15 9.95 Chile IPSA 4796.03 0.25 15.53 Chile IGPA 24010.71 0.22 15.80 Argentina MerVal 22410.20 0.87 32.46 Colombia IGBC 10924.40 0.3 7.86 Venezuela IBC 123268.84 -0.07 288.80 Currencies daily % YTD % change change Latest Brazil real 3.3019 0.08 -1.60 Mexico peso 18.2125 0.05 13.90 Chile peso 663.6 0.02 1.07 Colombia peso 3044.96 -0.03 -1.43 Peru sol 3.256 -0.31 4.85 Argentina peso (interbank) 16.8300 0.12 -5.67 Argentina peso (parallel) 16.83 0.48 -0.06 (Reporting by Bruno Federowski; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1JV0LN'|'2017-07-04T19:07:00.000+03:00'
'49a863751c3d141ebef355c7739b09bc62e93f1c'|'Bank of England''s Michael Saunders: ''Prepare for higher interest rates'' - Business - The Guardian'|'Households should prepare for interest rates to rise as the Bank of England withdraws some of the emergency support it injected into the economy in the wake of last year’s Brexit vote, a top policymaker has warned.Michael Saunders used a Guardian interview to explain why he had voted for a rate rise last month and to emphasise that is was no longer necessary for Threadneedle Street to keep its foot to the floor with record low borrowing costs.The external member of the monetary policy committee (MPC) said the economy had confounded gloomy forecasts made in the aftermath of the referendum and he warned inflation would climb higher and stay well above the Bank’s target for longer without action.Bank of England edges closer to increasing UK interest rates Read more “I think households should prepare for interest rates to go higher at some point. But if rates do go up, it will be in the context of the economy doing OK and unemployment being low and probably falling,” he said.Speaking on the eve of the 10th anniversary of the last time the Bank raised interest rates , Saunders rebuffed suggestions that policymakers should hold fire while Brexit negotiations get underway.“We are not constrained from adjusting interest rates during the Brexit period. There’s no sense that policy has to stay on hold just because Brexit negotiations are under way,” he said.The Bank slashed interest rates to an all-time low of 0.25% and unveiled a package of measures to shore up the economy in the wake of the Brexit vote. At the time it predicted the economy would grind to a halt by the end of 2016. In the event, resilient consumer spending helped power growth and the UK was one of the best performing advanced economies in the world .Saunders watched that August rate cut from home while on gardening leave. He had left his job at the investment bank Citigroup, where he had been an economist since 1990, after his appointment to the MPC was announced in April 2016. He joined the committee three days after August’s emergency Brexit package was unveiled. In June, he was one of three MPC members voting to raise rates to 0.5%. Against the backdrop of a consumer squeeze and sharp slowdown in growth , they were outvoted by the five other policymakers, including governor Mark Carney.But since then, Carney and the Bank’s chief economist Andy Haldane have suggested they are more open to higher rates . Saunders hints he will vote again for a rise at the next meeting in August.“At the moment, in monetary policy terms if you like, our foot is pretty much on the floor with the accelerator. Record low policy rate, large stock of quantitative easing, and I don’t think the economy needs as much stimulus as that,” he said.The pound’s sharp fall since the Brexit vote has left the Bank with a tricky balancing act. A weaker pound has made imports more expensive and pushed inflation well above the Bank’s 2.0% target to 2.9% on the latest figures . But household budgets have suffered as wages have failed to keep pace with inflation and consumer spending has slowed, knocking overall GDP growth.Saunders predicts inflation will rise further and the trade-off for the Bank between supporting jobs and growth and keeping inflation in check has shifted. Now there was a risk of acting too late to curb rises in costs.“To me this is the time when you don’t take the punch bowl away fully but you just start to edge it away,” he said. “The risk that you run with maximum stimulus is that the jobless rate keeps falling then at some point if pay growth picks up you have to reverse course very sharply. It would then be much harder for tightening to be limited and gradual. You’d be having to play catch-up.”Saunders says his visits to businesses around the country have highlighted firms’ growing difficulty in hiring staff from overseas. That could well push up wage growth, he feels.“There has been this extra pool of labour which firms can call on and most of the rise in employment, the overwhelming part of the rise in employment of the last five years has been from people born outside the UK,” he says. “It’s clear from talking to firms that it’s getting harder to persuade people to come to the UK.”Another factor pushing him towards higher rates are signs that exports are “doing really well” and investment intentions have picked up. “I am reasonably confident that the pick-up in investment and exports will roughly balance the consumer slowdown ,” he said. But even if that is enough to convince most of his MPC colleagues to vote for a hike this year, Saunders cautions against over-reacting. “If rates were to rise to 0.5%, policy would still be pretty loose. We would still be providing plenty of stimulus, continuing to support output and jobs.”Topics Interest rates Economics Bank of England Inflation Consumer spending EU referendum and Brexit news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/04/bank-of-england-michael-saunders-interest-rates-mpc-brexit'|'2017-07-05T00:27:00.000+03:00'
'bd003f3d987f5d02621ec0f9592c4754835c9d62'|'Nifty edges up; Reliance Industries rallies'|'July 5, 2017 / 8:10 AM / 9 hours ago Nifty edges higher; Reliance Industries gains for third session 1 Min Read Brokers trade at their computer terminals at a stock brokerage firm in Mumbai, February 17, 2016. Shailesh Andrade/Files (Reuters) - Indian shares ended higher on Wednesday, as Reliance Industries extended recent gains on the back of lower oil prices, while auto makers gained on hopes they would benefit from a unified goods and services tax. The benchmark BSE Sensex closed up 0.12 percent at 31,246.74. The broader NSE Nifty ended 0.25 percent higher at 9,637.6. Reliance Industries gained 4.5 percent so far this week. Arnab Paul in Bengaluru; Editing by Gopakumar Warrier 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-stocks-idINKBN19Q0SF'|'2017-07-05T11:08:00.000+03:00'
'690beb7452e5a550ab25e3bdfc865fbe3dd56b41'|'Saudi Aramco, Hyundai Heavy to make engines and pumps together'|'July 5, 2017 / 6:30 AM / 10 minutes ago Saudi Aramco, Hyundai Heavy to make engines and pumps together 1 Min Read FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. Hamad I Mohammed/File Photo DUBAI (Reuters) - National oil giant Saudi Aramco said it had signed a memorandum of understanding with South Korea''s Hyundai Heavy Industries to make engines and marine pumps in the kingdom. The manufacturing facility, which is expected to create over 650 jobs, will be at the site of a $5.2 billion shipyard which Aramco and partners plan to build at Ras Al Khair on Saudi Arabia''s east coast, Aramco said in a statement on Wednesday. Also involved in the project is the Saudi Arabian Industrial Investments Co, founded in 2014 to help develop the Saudi economy beyond oil exports. Its shareholders are Aramco, top petrochemical producer Saudi Basic Industries, and the Public Investment Fund, Riyadh''s main sovereign wealth fund. The companies hope to start operations at the new facility by the end of 2019. It would make 4-stroke engines under Hyundai''s HiMSEN brand, supporting their use in remote power plants as well as marine applications for very large and small vessels, Aramco said. Reporting by Andrew Torchia'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/saudiaramco-hyundai-idINKBN19Q0KO'|'2017-07-05T09:30:00.000+03:00'
'6bc53a3477c8d341af9b7710be599a9b0204048c'|'Ex-Bank of England deputy in talks for Visa Europe CEO job - report'|'Market News - Sat Jul 8, 2017 - 7:49am EDT Ex-Bank of England deputy in talks for Visa Europe CEO job - report LONDON, July 8 Charlotte Hogg, who resigned as the Bank of England''s deputy governor in March over concerns about a potential conflict of interest, is in talks to take over as chief executive at Visa Europe, Sky News reported on Saturday. Hogg, who was one of Governor Mark Carney''s most trusted lieutenants, stepped down following criticism by lawmakers that her role was untenable because her brother was responsible for guiding Barclays'' response to bank regulation, which is overseen by the Bank of England (BoE). Sky, citing an unnamed source close to the BoE, said Visa Europe had held preliminary talks with the central bank about the implications of Hogg taking on the job as its chief executive. A Visa Europe spokeswoman declined to comment on the report. (Reporting by Michael Holden; Editing by Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-visa-hogg-idUSL8N1JZ0CN'|'2017-07-08T14:49:00.000+03:00'
'cd0fa95eb42c4eb1e77ba2cc03b78863287bdd00'|'Airbus pushes for stake in U.S.-led German helicopter project'|'Business News - Wed Jul 5, 2017 - 9:23pm BST Airbus pushes for stake in U.S.-led German helicopter project FILE PHOTO: The logo of Airbus Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau/File Photo By Andrea Shalal - BUECKEBURG, Germany BUECKEBURG, Germany Airbus urged the German government on Wednesday to ensure domestic firms get a big share of a near 4-billion-euro contract earmarked for the country''s next generation of heavy-lift military helicopters. German defence officials have said they want a low-risk heavy-lift helicopter that already exists, which means the likely supplier will be one of the two biggest U.S. weapons makers - Lockheed Martin Corp ( LMT.N ) and Boeing Co ( BA.N ). Airbus officials say they do not have a helicopter large enough for Germany''s likely military''s needs, but want to take a close look at the requirements when they are released by the defence ministry, a move that could occur next year. Europe''s biggest aerospace company and seven German firms including engine maker MTU Aero Engines ( MTXGn.DE ) said on Wednesday they had teamed up to push for a management and maintenance role in the project. "This is about the future of the German helicopter industry," Wolfgang Schroder, CEO of Airbus Helicopters Deutschland ( AIR.PA ), told Reuters at a helicopter conference in northern Germany. The Defence Ministry has proposed spending 3.84 billion euros ($4.35 billion) for the project through to 2029, although the programme must still be approved by parliament. The German firms want the ministry to split the procurement of the helicopters from the work of certifying, managing and maintaining the new aircraft that will go on for decades. This programme is "too big for Germany industry not to be involved," Airbus''s Stefan Woelfle told military officials and industry executives at the conference. "There''s nothing else on the horizon," Schroder said, noting that German law did not require a specific amount of German content on major weapons systems, and that many German firms in the sector had been hit hard in recent years by a drop in demand linked to declining oil prices. ''NOTHING RULED OUT'' Airbus and Boeing worked together for five years on a possible heavy-lift helicopter but dropped their plans in 2012 after realising the effort would be too costly. Boeing''s CH-47 Chinook, already used by eight other NATO countries, will now square off against Lockheed''s Sikorsky CH-53K, a redesigned version of the CH-53G that Germany now flies and which the U.S. Marine Corps plans to start using in combat in 2019. Senior executives from both firms attended the conference. Wednesday''s surprise announcement by Airbus follows talks between U.S. and German firms, and reflects growing concerns in German industry about how much work would be left for them. Boeing and Lockheed already work closely with German industry and have said they would seek to form partnerships to build and maintain a future German helicopter. If the ministry decided to award a single contract that included procurement and system maintenance, then Airbus would have to look for a partner and negotiate good terms, but it could also consider submitting a bid of its own, Schroder said. He said Airbus could bid as a prime contractor, offering a U.S.-made helicopter made by a partner, though any future moves would depend on the terms of the contract. "I''m not ruling anything out," he said. ($1 = 0.8825 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-germany-military-idUKKBN19Q2TG'|'2017-07-05T23:23:00.000+03:00'
'0578bd748778e06d0e81c7d44c5b3f4b6f336231'|'U.S. accounting watchdog probes PwC''s audits of BT Italy - source'|'Wed Jul 5, 2017 - 2:34pm BST U.S. accounting watchdog probes PwC''s audits of BT Italy: source left right The logo of BT is seen outside the headquarters in Milan, Italy January 24, 2017. REUTERS/ Stefano Rellandini 1/2 left right The logo of accounting firm PricewaterhouseCoopers (PwC) is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin 2/2 By Emilio Parodi - MILAN MILAN The U.S. accounting watchdog is investigating accounting firm PricewaterhouseCoopers''s [PWC.UL] audits of British telecoms group BT''s ( BT.L ) Italian business, which has been hit by a book-keeping scandal, a source close to the matter said. The PwC audit of the Italian business is coming under increasing scrutiny worldwide after a similar investigation launched in Britain last week. PwC said in an emailed statement it was not the company''s policy to comment on client issues. BT lost a fifth of its market value in January after revealing a 530 million-pound ($685 million) black hole in BT Italia''s accounts as a result of "improper accounting practices and a complex set of improper sales, purchase, factoring and leasing transactions". In April the U.S. Public Company Accounting Oversight Board (PCAOB) asked Italian market watchdog Consob to send it documentation regarding the audits carried out by PwC on BT in the period 2014-2017, the source said. Consob provided the data after getting the go-ahead from the Milan prosecutors office which is carrying out a criminal probe into alleged false accounting and embezzlement. BT filed a criminal complaint in Italy in April accusing several former executives and other staff of unlawful conduct. Current and former staff told Reuters efforts to hide the Italian unit''s performance had gone on since at least 2013. A spokeswoman for PCAOB, which has the powers to fine or bar accounting firms or their individual associates, said the regulator did not confirm or comment on inspections as required by the Sarbanes-Oxley Act. Under the act the PCAOB is required to supervise and inspect all accounting firms that regularly audit companies whose securities trade in the United States. While BT''s main listing is in London, its shares are also quoted on the New York Stock Exchange in the form of American Depositary Shares. Consob declined to comment, but a source close to the watchdog said the "regulator was giving its attention to the PwC issue". Last week Britain''s accounting regulator, the Financial Reporting Council (FRC), said it would investigate PwC audits of BT Group after the BT Italia scandal emerged. Reuters could not immediately confirm whether the FRC and the PCAOB were collaborating on the PwC issue, although a spokesman for the FRC said the British watchdog maintained close contact with its counterparts in other countries to improve audit quality. BT said last month it would drop PwC, its auditors since 1984, after an evaluation found "areas for improvement". It said it would move to KPMG [KPMG.UL], another one of the "Big Four" accounting firms. Since the scandal erupted, various BT shareholders in the United States have launched class action cases, accusing the telecoms group of not informing the market and shareholders soon enough of the financial irregularities at its Italian unit. In March a Reuters investigation found allegations that a network of people in BT Italia had exaggerated revenues, faked contract renewals and invoices and invented bogus supplier transactions in order to meet bonus targets and disguise the unit''s true financial performance. A source also told Reuters in March that he and two other employees at BT Italia had warned their Madrid-based supervisor about possible accounting problems at the business in November 2015, nearly a year before BT announced that it had found accounting irregularities at the Italian company. (Additional reporting by Paola Arosio in Milan and Jessica DiNapoli in New York and Kirstin Ridley in London; Writing by Stephen Jewkes and Agnieszka Flak; Editing by Mark Bendeich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bt-italy-pwc-idUKKBN19Q1Q8'|'2017-07-05T16:30:00.000+03:00'
'0411b298d41bbb0ea81f2c0b486fffc6ed34ab97'|'Cheap credit not fuelling German real estate bubble for now- central banker'|'Business News - Sat Jul 8, 2017 - 7:15am EDT Cheap credit not fuelling German real estate bubble for now- central banker The German central bank (Bundesbank) vice-president Claudia Buch poses during a photocall at the Bundesbank headquarters in Frankfurt, May 20, 2014. REUTERS/Ralph Orlowski AIX-EN-PROVENCE, France Cheap credit is for now not fuelling a destabilizing real-estate bubble in Germany but the central bank is closely watching the market, Bundesbank vice president Claudia Buch said on Saturday. Housing prices in Germany - relatively cheap compared with other European countries in the past - have risen sharply in recent years, prompting the Bundesbank to warn in May about the risk of a dangerous bubble developing. "We very closely watch the real estate market in Germany because we know that in over-valued real estate prices there might be a risk to financial stability," Buch told an economic conference in southern France. "We don''t see an immediate risk because prices are increasing, but there is not a lot of borrowing going on, so it''s not a credit-financed increase in prices." But Buch, who is in charge of financial stability at the Bundesbank, said it had less information about loan contract terms than other countries like France and was therefore less aware of credit standards. Average real estate prices in cities including Berlin, Hamburg, Munich and Frankfurt have increased by more than 60 percent since 2010, the Bundesbank estimates, reflecting solid growth, low unemployment and low borrowing costs. Buch said that the Bundesbank was generally concerned about low interest rates spurring risk taking at a time when asset valuations are already high. (Reporting by Leigh Thomas; editing by John Stonestreet) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-germany-realestate-bundesbank-idUSKBN19T0G5'|'2017-07-08T14:15:00.000+03:00'
'9269845af131e203e22e654b4803d7c2388cbc79'|'Germany''s Innogy enters Californian electric car charging market'|'Business News - Fri Jul 7, 2017 - 10:36pm BST Germany''s Innogy enters Californian electric car charging market FILE PHOTO: Innogy logo in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen/File Photo FRANKFURT Innogy ( IGY.DE ), Germany''s biggest energy company, has set up a subsidiary in the U.S. state of California offering charging points for electric vehicles in competition with the top network ChargePoint. The subsidiary, called Innogy E-Mobility US LLC, will make, market and operate the charge points, the German company, which was spun off from RWE ( RWEG.DE ) last year, said in a statement. Despite attempts by regulators to push car manufacturers to sell more electric cars to curb greenhouse gas emissions, the vehicles face challenges from low gasoline prices, high battery costs and uncertain investment in recharging infrastructure. Innogy has been doing research into electric vehicles with the University of California in San Diego since 2015 and last month announced a project combining charging points made by U.S.-based BTCpower with its own software. Innogy, the largest Germany energy firm by market value, has about 5,700 electric vehicle charging points and says it is one of the leading operators of car charging infrastructure in Europe. ChargePoint, the world''s largest network of electric vehicle charging systems with more than 38,000 points across North America, has also been pushing into Europe. Last month, it secured $43 million in financing led by Siemens ( SIEGn.DE ), which will collaborate with it on the development of charging stations in Europe. (Reporting by Maria Sheahan; editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-innogy-usa-electric-idUKKBN19S30J'|'2017-07-08T00:36:00.000+03:00'
'a89aa58ca44e56d6be1105a6bfbab4b69b761aac'|'Waymo must disclose details of Lyft car deal to Uber - ruling'|'Technology News - Fri Jul 7, 2017 - 10:00pm BST Waymo must disclose details of Lyft car deal to Uber: ruling FILE PHOTO - The Waymo logo is displayed during the company''s unveil of a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid/File Photo - RTS16A0J By Dan Levine - SAN FRANCISCO SAN FRANCISCO A U.S. judge on Friday ruled that Alphabet Inc''s self-driving car unit Waymo must disclose documents to attorneys representing Uber Technologies Inc [UBER.UL] about Waymo''s partnership with Lyft Inc, saying the information could be important in Waymo''s lawsuit accusing Uber of stealing some of its trade secrets. Waymo claimed in a lawsuit earlier this year that former engineer Anthony Levandowski downloaded more than 14,000 confidential files before leaving to set up a self-driving truck company, which Uber acquired soon after. Uber denies it used any of Waymo''s trade secrets. A trial is scheduled for October. Waymo and ride-hailing service Lyft, which is a competitor to Uber, announced a partnership to get self-driving vehicles on the roads earlier this year. As part of its litigation defense, Uber requested documents and other information about the deal from both Waymo and Lyft. In a ruling on Friday, U.S. Magistrate Judge Jacqueline Scott Corley ordered Waymo to disclose due diligence documents over the deal, saying Uber could use them to assess Waymo''s argument that it suffered monetary damages from Uber''s actions. Corley said Lyft did not have to produce any documents. A Waymo spokesman did not have immediate comment on the ruling. Also on Friday, Waymo said it would dismiss three out of four patent claims it had filed against Uber, while maintaining one patent claim over a circuit for its laser technology. U.S. District Judge William Alsup, who is overseeing the case, had previously said Waymo''s patent claims appeared meritless. (Reporting by Dan Levine; Editing by Bill Rigby) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-uber-alphabet-lawsuit-idUKKBN19S2YC'|'2017-07-07T23:57:00.000+03:00'
'c7bdae79bf0aabb7a9f8257a032a4f54e0402d57'|'U.S. accounting watchdog probes PwC''s audits of BT Italy: source'|'Business News - Wed Jul 5, 2017 - 9:34am EDT U.S. accounting watchdog probes PwC''s audits of BT Italy: source left right The logo of BT is seen outside the headquarters in Milan, Italy January 24, 2017. REUTERS/ Stefano Rellandini 1/2 left right The logo of accounting firm PricewaterhouseCoopers (PwC) is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin 2/2 By Emilio Parodi - MILAN MILAN The U.S. accounting watchdog is investigating accounting firm PricewaterhouseCoopers''s [PWC.UL] audits of British telecoms group BT''s ( BT.L ) Italian business, which has been hit by a book-keeping scandal, a source close to the matter said. The PwC audit of the Italian business is coming under increasing scrutiny worldwide after a similar investigation launched in Britain last week. PwC said in an emailed statement it was not the company''s policy to comment on client issues. BT lost a fifth of its market value in January after revealing a 530 million-pound ($685 million) black hole in BT Italia''s accounts as a result of "improper accounting practices and a complex set of improper sales, purchase, factoring and leasing transactions". In April the U.S. Public Company Accounting Oversight Board (PCAOB) asked Italian market watchdog Consob to send it documentation regarding the audits carried out by PwC on BT in the period 2014-2017, the source said. Consob provided the data after getting the go-ahead from the Milan prosecutors office which is carrying out a criminal probe into alleged false accounting and embezzlement. BT filed a criminal complaint in Italy in April accusing several former executives and other staff of unlawful conduct. Current and former staff told Reuters efforts to hide the Italian unit''s performance had gone on since at least 2013. A spokeswoman for PCAOB, which has the powers to fine or bar accounting firms or their individual associates, said the regulator did not confirm or comment on inspections as required by the Sarbanes-Oxley Act. Under the act the PCAOB is required to supervise and inspect all accounting firms that regularly audit companies whose securities trade in the United States. While BT''s main listing is in London, its shares are also quoted on the New York Stock Exchange in the form of American Depositary Shares. Consob declined to comment, but a source close to the watchdog said the "regulator was giving its attention to the PwC issue". Last week Britain''s accounting regulator, the Financial Reporting Council (FRC), said it would investigate PwC audits of BT Group after the BT Italia scandal emerged. Reuters could not immediately confirm whether the FRC and the PCAOB were collaborating on the PwC issue, although a spokesman for the FRC said the British watchdog maintained close contact with its counterparts in other countries to improve audit quality. BT said last month it would drop PwC, its auditors since 1984, after an evaluation found "areas for improvement". It said it would move to KPMG [KPMG.UL], another one of the "Big Four" accounting firms. Since the scandal erupted, various BT shareholders in the United States have launched class action cases, accusing the telecoms group of not informing the market and shareholders soon enough of the financial irregularities at its Italian unit. In March a Reuters investigation found allegations that a network of people in BT Italia had exaggerated revenues, faked contract renewals and invoices and invented bogus supplier transactions in order to meet bonus targets and disguise the unit''s true financial performance. A source also told Reuters in March that he and two other employees at BT Italia had warned their Madrid-based supervisor about possible accounting problems at the business in November 2015, nearly a year before BT announced that it had found accounting irregularities at the Italian company. (Additional reporting by Paola Arosio in Milan and Jessica DiNapoli in New York and Kirstin Ridley in London; Writing by Stephen Jewkes and Agnieszka Flak; Editing by Mark Bendeich) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-bt-italy-pwc-idUSKBN19Q1Q8'|'2017-07-05T16:34:00.000+03:00'
'd63c170e444ed1118cb2de3556e35fa3504a9d66'|'ECB pushback against taper talk comforts euro zone bonds'|'July 4, 2017 / 4:44 PM / 12 hours ago ECB pushback against taper talk comforts euro zone bonds By Dhara Ranasinghe 4 Min Read FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the "Luminale, light and building" event in Frankfurt, Germany, March 12, 2016. EUTERS/Kai Pfaffenbach/File Photo LONDON (Reuters) - Borrowing costs across the euro area fell on Tuesday as signs that some ECB policymakers are having doubts about signalling a move away from an ultra-easy monetary policy stance this month brought a degree of comfort to a battered bond market. Officials at the central bank have been unnerved by a rise in the euro and in government bond yields since European Central Bank President Mario Draghi opened the door a week ago to policy tweaks. Wary of weakening the economic recovery, some rate-setters have become nervous about dropping a long-standing pledge to expand or extend the ECB''s 2.3 trillion-euro bond-buying scheme if necessary to reach its inflation target of near 2 percent. The ECB''s chief economist, Peter Praet, said on Tuesday a continued recovery in euro zone inflation was "crucially contingent" on low borrowing costs and, in turn, on an easy monetary policy from the ECB. Policy tweaks are expected to be discussed when the ECB meets on July 20. "The story does provide support to bond markets," said Rainer Guntermann, rates strategist at Commerzbank. "But ultimately, the day of reckoning is moving closer for the ECB, and it will have to starting talking more tangibly about tapering." Euro zone government bond yields fell 1-3 basis points, pulling back from recent highs. In Germany, the bloc''s benchmark bond issuer, two-year bond yields fell 3 bps to a one-week low of minus 0.61 percent. News that North Korea has test-launched what it said was a new intercontinental ballistic missile supported safe-haven bonds, although trade was subdued due to the July 4 holiday in the United States. The yield on Germany''s 10-year Bund dropped to 0.45 percent at one stage. Though it rose again, it was still down 2 bps on the day at 0.48 percent, and off 3-1/2 month highs hit on Monday. But they remain more than 20 basis points above where they stood a week ago - before Draghi''s comments sparked a sharp selloff that accelerated after hawkish comments from British and Canadian central bankers in subsequent days. The general tone of central bank remarks has fuelled a perception that, after a decade of ultra-loose monetary policy, major central banks are seeking to normalise rates and wean markets off a reliance on cheap money without derailing the economic recovery. However, Australia''s central bank stuck to a neutral stance on the economy and interest rates on Tuesday. Sweden''s central bank said it did not expect more policy easing but did not rule out a further rate cut, given inflation concerns. "One way of interpreting the recent central bank comments is to look at rates, which are still at extraordinarily low levels, and look at growth, which is stronger, and say those emergency levels of rates no longer look appropriate," said Nick Gartside, International CIO of fixed income at JPMorgan Asset Management. "This is a transition from policy being extra easy to just easy and that can be ... hard for central banks to communicate." Elsewhere, Greece''s 10-year borrowing costs dropped further towards the 5 percent mark at which sources told Reuters the country will return to bond markets. The yield on the Greek 10-year government bond fell 7 basis points to 5.35 percent, the lowest level since December 2009. Reporting by Dhara Ranasinghe; editing by John Stonestreet and Kevin Liffey 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-bonds-idINKBN19P24D'|'2017-07-04T19:41:00.000+03:00'
'd5705b8ef3ee5fd8599a693319cdde6ab519d69d'|'Morning News Call - India, July 5'|'Market News - Tue Jul 4, 2017 - 11:12pm EDT Morning News Call - India, July 5 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:00 am: Mahindra Group Chairman Anand Mahindra at an event in Mumbai. 12:00 pm: Mercedes launch event in Mumbai. 12:00 pm: Power Minister Piyush Goyal to speak at an event in New Delhi. 3:00 pm: Capital First annual shareholders meeting in Mumbai. 5:00 pm: Finance Minister Arun Jaitley, SBI Chairman Arundhati Bhattacharya at SBI Banking Conclave in Mumbai. 6:30 pm: Finance Minister Arun Jaitley at an event in Mumbai. LIVECHAT - EM OUTLOOK As developed markets continue to have a turbulent time with political risk, we take a look at emerging markets 20 years after the Asian Financial Crisis at 2:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • NTPC bets $10 billion on coal power despite surplus, green concerns India''s state-run power utility plans to invest $10 billion in new coal-fired power stations over the next five years despite the electricity regulator''s assessment that thermal plants now under construction will be able to meet demand until 2027. • Thyssenkrupp optimistic over Tata''s UK pension deal but merger risks remain Germany''s Thyssenkrupp is optimistic about progress made by Tata Steel to restructure its UK pensions liabilities, investors and analysts say, but there are still issues to overcome before the two can merge their European steel assets. • Snapdeal rejects $700-$800 million Flipkart bid -report The board of Indian online marketplace Snapdeal has rejected a bid worth $700-$800 million from Flipkart after due diligence by its bigger rival, Mint newspaper reported on Tuesday. • Indian Oil plans to buy North American sour crude for the first time India''s top refiner has issued its first tender to buy high-sulphur, or sour, crude from North America as it seeks to diversify imports, three trading sources said on Tuesday. • Indian refiners tap spot crude market to feed increased capacity Indian companies have stepped up purchases of high-sulphur crude oil from the Middle East and Russia in the spot market to feed demand from expanded refining capacity, trade sources said. • Credit Suisse to transfer 58 IT jobs to outsourcing firm Credit Suisse has told 58 of its IT workers they will be transferred to Indian computer services company HCL Technologies as Switzerland''s second biggest bank presses ahead with its cost cutting drive. GLOBAL TOP NEWS • North Korea says its ICBM can carry nuclear warhead; U.S. calls for global action North Korea said its newly developed intercontinental ballistic missile can carry a large nuclear warhead, triggering a call by Washington for global action to hold it accountable for pursuing nuclear weapons. • China''s services sector loses steam in June - Caixin PMI China''s services sector grew at a slower pace in June as new orders slumped, signalling renewed pressure on businesses after a pickup in May and pointing to a softening outlook for the economy, a private business survey showed. • Pressure builds on Trump at home over pledge for closer Moscow ties During his presidential campaign, Republican Donald Trump praised Russian President Vladimir Putin as a "strong leader" with whom he would like to reset tense U.S.-Russian relations. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 9,621.50, down 0.03 percent from previous close. • The Indian rupee will likely edge lower against the dollar in early trade, amid subdued risk appetite on growing geopolitical tensions after North Korea yesterday said it had conducted a successful test of its intercontinental ballistic missile. • Indian government bonds are expected to trade largely unchanged ahead of debt auctions over the rest of the week, even as investors await the minutes of the U.S. Federal Reserve’s latest meeting due later today. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.52 percent-6.57 percent band today. GLOBAL MARKETS • Asian share markets got off to a subdued start as simmering tensions on the Korean peninsula supported safe-harbours including the yen and gold. • The dollar slipped against the yen on concerns about rising tensions between the United States and North Korea while the Canadian dollar held firm after the nation''s central bank chief backed an interest rate increase. • Oil markets were firm on worries over geopolitical tensions in the Korean peninsula and the Middle East, although prices were capped as supply remains ample despite an OPEC-led drive to rein in production. • Gold prices edged up as tensions on the Korean peninsula stoked safe-haven demand for the metal, while the release of minutes from the U.S. Federal Reserve''s last meeting was also in focus. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.75/64.78 July 4 -$128.75 mln -$116.33 mln 10-yr bond yield 6.95 Month-to-date -- -317.62 mln Year-to-date $8.45 bln $17.68 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.73 Indian rupees) (Compiled by Benny Thomas in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1JW1C7'|'2017-07-05T06:12:00.000+03:00'
'c7da9039fda4734f777979d65b1d73383eaf0cd9'|'CANADA STOCKS-TSX falls as energy stocks slump with oil prices'|'Market News - Wed Jul 5, 2017 - 10:59am EDT CANADA STOCKS-TSX falls as energy stocks slump with oil prices (Adds details on specific stocks, updates prices) * TSX falls 28.32 points, or 0.19 percent, to 15,102.29 * Half of the TSX''s 10 main groups move lower * Decliners outnumber advancers by more than 2-to-1 TORONTO, July 5 Canada''s main stock index fell on Wednesday, with shares of energy companies weighing as oil prices retreated, while financial stocks and gold miners helped limit the overall losses. At 10:25 a.m. ET (1425 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 28.32 points, or 0.19 percent, at 15,102.29. The energy group, which accounts for one-fifth of the index''s weight, shed 2.5 percent as oil prices turned sharply lower after eight days of gains. The most influential movers on the index included some of its biggest energy companies, with Canadian Natural Resources Ltd off 2.4 percent at C$36.61 and Suncor Energy Inc down 1.4 percent to C$37.00. U.S. crude prices were down 3.7 percent to $45.32 a barrel, while Brent crude lost 3.1 percent to $48.05, as climbing OPEC exports and a stronger dollar weighed on sentiment. Raymond James said it had lowered its assumptions for oil and natural gas prices in 2017 and 2018 and in turn downgraded shares of a string of Canadian producers, including Cenovus Energy Inc, which declined 5.7 percent to C$9.09, and MEG Energy Corp, which lost 8.9 percent to C$3.47. Regional airline operator Exchange Income Corp was down 6.4 percent at C$30.55 after being targeted by a short-seller who said it does not generate enough cash to pay the dividends it provides investors. The company said it strenuously disagreed with a number of statements, assumptions and opinions in the report. The materials group, which includes precious and base metals miners and fertilizer companies, added 0.7 percent, with gold miners bouncing after a recent trend lower, even as bullion held steady near its lowest in eight weeks. Barrick Gold Corp advanced 3.2 percent to C$20.66 and Goldcorp Inc added 2.6 percent to C$16.62. The financials group gained 0.3 percent, with insurer Manulife Financial Corp up 0.9 percent at C$24.40. Half of the index''s 10 main groups were in negative territory, although decliners were outnumbering advancers by more than 2-to-1 overall. (Reporting by Alastair Sharp; Editing by Jonathan Oatis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JW0NL'|'2017-07-05T17:59:00.000+03:00'
'8218ce3c8ca3b7dab01f92cbf4c3e46b46bb3ce0'|'Bulgaria''s Fibank sounding out potential investors, CEO says'|' 10pm BST Bulgaria''s Fibank sounding out potential investors, CEO says People queue outside an office of Bulgaria''s First Investment Bank in Sofia June 30, 2014. REUTERS/Stoyan Nenov By Tsvetelia Tsolova - SOFIA SOFIA First Investment Bank (Fibank), Bulgaria''s third biggest lender, is sounding out potential investors about options that could include taking a stake in the bank, striking a strategic partnership or providing capital to boost growth, its CEO said. Nedelcho Nedelchev told Reuters Fibank had contacted global investors with a history of funding financial institutions, but declined to provide names or a timeframe for the process in which it is being advised by Citi ( C.N ). "At the moment we are in the middle of the so-called market sounding, meaning we have contacted a certain circle of investors. We are in talks with them and we receive feedback on what kind of interest they might have," he said. "We are looking at the three options for the time being. When we get the full picture of the investors'' interest we will decide how to proceed," he added. Strong profits last year allowed Fibank 5F4.BB to meet central bank recommendations for it to raise about 206 million levs (92.73 million pounds) in additional capital following an asset quality review in 2016. Its Common Equity Tier 1 (CET 1) ratio - a key measure of financial strength - rose to 13.4 percent in the first quarter from 12 percent at the end of 2016. But it is below the Bulgarian banking system average of 20.9 percent at the end of March, and Fibank has a relatively high stock of non-performing loans. The lender, with total assets of 8.9 billion levs at the March, ranks second in corporate lending   poorest country, and plans to boost retail lending to match its strong retail deposit base, Nedelchev said. On Tuesday, credit rating agency Moody''s assigned B1 long-term local and foreign currency deposit ratings to Fibank, saying its deposit funding base and strong liquidity was balanced by moderate capital buffers and high bad loans. Nedelchev said he believed so-called non-performing exposures (NPEs) peaked in the first quarter and preliminary data showed their ratio to gross loans had eased to 23.5 percent in the second quarter from 26 percent at the end of March. "In the second quarter, we have a reduction following write offs of fully provisioned loans (and) improvement of business, meaning people starting to service their loans and de-risking," he said. "Our plan is for these loans to keep decreasing by 10 to 20 percent per year". Nedelchev said the bank''s NPEs did not require additional capital because it had already made adequate provisions and the loans were backed by collateral. The International Monetary Fund has warned the level of NPEs remains a risk for Bulgaria and the central bank has said it is considering measures to further reduce them. Fibank is controlled by Bulgarian businessmen Tzeko Minev and Ivaylo Mutafchiev, each with 42.5 percent stakes. The rest is floated on the Bulgarian stock exchange. (Reporting by Tsvetelia Tsolova; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bulgaria-fibank-idUKKBN19R2JH'|'2017-07-06T20:10:00.000+03:00'
'c3980483e52fa463ae49c6a9bdebe15bbbc23aba'|'Italian bond yields edge higher as ECB bias, bank rescue cloud picture'|'Market News - Wed Jul 5, 2017 - 4:09am EDT Italian bond yields edge higher as ECB bias, bank rescue cloud picture * Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr By Abhinav Ramnarayan LONDON, July 5 Investors were scrutinising the outlook for Italian bond yields closely on Wednesday after the European Central Bank bought more of that country''s debt than usual in its flagship asset-buying program. The ECB bought more than two billion euros of Italian and French bonds than it was supposed to in June, moving further away from a rule aimed at ensuring that its stimulus is evenly spread across the euro zone. The conflict for investors is that Italy, seen as one of the biggest beneficiaries of the ECB''s bond buying scheme, is expected to be amongst the losers as the central bank unwinds extraordinary stimulus. However, if the ECB is going to buy more Italian bonds than expected in the months to come, this could soften the blow. "It is very hard as an investor to know whether to buy or sell on this news," said DZ Bank strategist Christian Lenk. "At the end of the day, if the ECB is approaching its limit of Bunds (it can buy), we may see a stronger deviation towards BTPs. But it is still a relatively small amount of deviation so far and the overall picture is of tightening." Italy''s 10-year government bond yield edged higher by a basis point to 2.12 percent on Wednesday. However, the spread over German equivalents is only slightly off the tightest level all year at 164 bps, and more than 40 bps tighter than the April peaks. It also emerged Tuesday that the European Union had approved a 5.4 billion euro state bailout of Italy''s fourth-largest lender, Monte dei Paschi di Siena, taking the total amount of Italian taxpayer funds deployed to rescue banks over the past week to more than 20 billion euros. Euro zone government bond yields have been rising across the board in recent weeks on comments from policymakers that suggest the ECB is moving towards normalising its ultra-loose monetary policy stance. Though some policymakers have since sought to play down this, German government bond yields are close to their highest levels all year at 0.48 percent. Minutes of ECB''s June meeting are due on Thursday, which should provide further clues on how far the tapering debate has gone in Europe. The U.S. Federal Reserve is also due to publish minutes of its June 14 meeting later on Wednesday, with analysts waiting to see if the central bank drops any clues on whether it will push its next planned rate hike to later in the year. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Reporting by Abhinav Ramnarayan; Editing by Toby Chopra) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eurozone-bonds-idUSL8N1JW0Z1'|'2017-07-05T11:09:00.000+03:00'
'a96984e7873b4eaf9fbd26c3c2cac9a796525d30'|'Deutsche Bank CEO says he has no plans step down: Die Zeit'|'FRANKFURT Deutsche Bank ( DBKGn.DE ) Chief Executive John Cryan has no plans to step down from running Germany''s biggest lender, he told German weekly Die Zeit in an interview.Cryan made the comments when asked whether the appointment of Christian Sewing and Markus Schenck as co-deputy CEOs earlier this year was meant to lay the groundwork for succession plans."You can be sure: I have no plans to go elsewhere, not for a long time," Cryan, who has been in the top job since 2015, told the paper.Cryan said he did not expect Deutsche Bank to make a loss this year. Analysts on average see Deutsche Bank posting a 2017 net profit of 2.29 billion euros ($2.59 billion), according to Thomson Reuters data.Cryan, who is British, also called for a quick end to a pay dispute between the supervisory board and former top executives.At issue is a move by the supervisory board to ensure former board members contribute to the costs of the bank''s past misconduct. Chairman Paul Achleitner told shareholders in May that an agreement would come soon, but discussions have dragged on."The earlier the topic is clarified, the better," Cryan told Die Zeit.He was also asked by the paper about one of his most prominent clients, U.S. President Donald Trump, who still owes the lender at least $130 million in loans for his real-estate ventures, according to an ethics disclosure last month.A small group of U.S. Democrats have been demanding that Deutsche Bank come forward with information on Trump as a client, but the bank has refused."Donald Trump himself revealed that he is among our customers, but we can''t say anything because of bank confidentiality laws," Cryan said."What gets lost in the debate is that at the time that Donald Trump received loans, he was a real-estate entrepreneur and not president," he added.(Reporting by Maria Sheahan; Editing by Balazs Koranyi/Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-bank-ceo-idUSKBN19Q1CP'|'2017-07-05T14:21:00.000+03:00'
'bf7307bcd41987a12beaa5015122d956c2ab9f45'|'German factory orders rebound, as Reckitt reveals cyber-attack damage – business live - Business - The Guardian'|'3.01pm BST 15:01 Wall Street falls in early trading US markets have followed Europe into the red in early trading, as weaker than expected jobs numbers dampen investor enthusiasm.Dow Jones: -0.5% at 21,365 S&P 500: -0.6% at 2,419 Nasdaq: -1% at 5,595 On that note, we’re closing up for the day. Thanks for all the comments and please join us again tomorrow. AM Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.52pm BST 14:52 Greek shopkeepers to strike over Sunday trading rules Helena SmithOver in Greece, shop keepers and small retailers have announced a 24-hour strike later this month in opposition to government moves to liberalise Sunday trade. Helena Smith reports from Athens: On Thursday it was far from clear how Greece’s leftist-led government would deal with mounting opposition to the liberalisation of Sunday trade – something that its creditors have demanded before releasing €8.5bn of bailout funds.Hundreds of small retailers took to the streets of central Athens today to protest the measure as unionists called for a strike on 16 July.“Sunday should be a day of rest … small shops can’t compete with the big monopolies which stand to gain from such opening hours,” said one store owner named Lina. Stores attempting to trade on Sundays have recently been at the centre of protest with irate demonstrators often daubing them with cans of paint. Although finance minister Euclid Tskalotos insisted the issue had been resolved, the Hellenic Confederation of Commerce and Entrepreneurship (ESEE) - the body representing opponents - has threatened to take the case to the country’s highest administrative court. Protestors have won the backing of Greece’s powerful Orthodox church which has emerged as one of the strongest defenders of the “never on Sunday” campaign. With the exception of tourist areas, shops across Greece (in stark contrast to other EU states) remain firmly shuttered on the seventh day of the week. The Greek government has, at the behest of lenders, until tomorrow to stipulate areas outside central Athens where shops will stay open on Sunday. A shop owner stands outside his souvenir shop in Athens Updated at 2.53pm BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.28pm BST 14:28 US trade gap narrows The US trade deficit with the rest of the world fell to $46.5bn in May from $47.6bn in April, the Commerce Department said. When adjusted for inflation, the trade gap narrowed to $62.8bn from $63.8bn.The shrinking deficit was driven by record high goods exports, boosted by petroleum sales.Exports of consumer goods such as mobile phones and other household goods also rose, as did exports of cars and car parts. Food exports fell however amid a decline in soybean shipments.Michael Pearce, US economist at Capital Economics, said export growth was likely to strengthen further in the world’s largest economy. The survey evidence suggests that annual export growth will accelerate from here, reflecting the strength of the global economy and the slight depreciation of the US dollar since the beginning of the year. That is a big change from the situation just a few years ago, when the sharp appreciation of the dollar caused the trade deficit to rise. Net trade subtracted 0.7 percentage points from growth in 2015 and 0.1 points in 2016.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.49pm BST 13:49 US jobs data weaker than expected We’ve had two separate US jobs reports, both weaker than expected.First the ADP employment report, which showed the private sector created 158,000 jobs in June. It was a drop from the 230,000 jobs created in May, and fewer than the 185,000 predicted by economists polled by Reuters.How the ADP figures break down by sector Meanwhile, there were 248,000 new claims for jobless benefits last week according to the US Labor Department. That was 4,000 more than the previous week and 5,000 more than expected.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.21pm BST 13:21 Treasury says UK government is already helping households A spokesman for the Treasury has responded to the news that household disposable income per head fell by 2% in the first three months of 2017. He said the government was already helping households, including through the introduction last year of a higher minimum wage for workers over-25s , known as the national living wage.We are taking real action to help families increase their incomes and take home more of what they earn. A basic rate taxpayer now pays £1,000 less income tax than in 2010 and thanks to the national living wage the poorest households have seen their wages rise more than in any other G7 economy.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 12.51pm BST 12:51 Markets in the red It’s not been a great morning for the financial markets. Shares are down across Europe, with Britain’s FTSE 100 shedding 51 points, or 0.75%. Bonds are also falling, as the rise in German bond yields triggers a wider selloff.Chris Beauchamp, Chief Market Analyst at IG, says geopolitical anxiety is swirling through the City.Geopolitical tensions, oil volatility and Brexit negotiations are all conspiring to keep markets on the back foot this morning. The G20 meeting and Donald Trump’s visit to Poland flag up the many problems besetting global leaders, from Russia via Saudi Arabia/Qatar, Syria and finally on to North Korea.The world seems to be at loggerheads, and this flow of negativity means that bullish sentiment is being held firmly in check.European stock markets at noon today Photograph: Thomson Reuters Holger Zschaepitz (@Schuldensuehner) Global bond rout deepens as an outbreak of 10y bund yields above 0.5% has sparked a fixed income sell-off. pic.twitter.com/Utk98ZFFm9 July 6, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 12.45pm BST 12:45 Over in Frankfurt, the European Central Bank has just released the minutes of last month’s governing council meeting. They show that the ECB was worried about spooking the markets, as it inches towards unwinding its stimulus package.The minutes state that:“it was necessary to avoid signals that could trigger a premature tightening of financial conditions”.Even ‘small and incremental changes’ could be misinterpreted, the minutes continue (you can almost hear an exasperated sigh from the ECB’s top brass).World First (@World_First) *ECB CONCERNED SMALL COMMUNICATION CHANGES CAN BE MISPERCEIVEDWe see you EURUSDJuly 6, 2017 That’s ironic, though, as the markets did *indeed* overreact to an upbeat speech by Mario Draghi last week, sending the euro soaring....Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 12.36pm BST 12:36 Jamie McGeever of Reuters tweets:Jamie McGeever (@ReutersJamie) UK economy 9 years from pre-crisis peak - slow & weak recovery. People getting poorer now too, as real household disposable incomes fall 2%. pic.twitter.com/luTOmBICTi July 6, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 12.29pm BST 12:29 Laith Khalaf, senior analyst at Hargreaves Lansdown, is concerned that the ONS report shows that people feel more confident about their financial situation, even though incomes are falling. He fears that some households simply aren’t aware how badly they’re being squeezed.The pressure is ratcheting up on UK households, but consumers don’t seem to be fully aware of the crunch that is underway. They have clocked rising prices, but as yet don’t see this has significantly dented their finances.They may well be right, inflation takes time to really bite into household budgets, but the risk is by the time it’s happened, it could be too late to do much about it.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 12.20pm BST 12:20 Peter Dowd MP, Labour’s Shadow Chief Secretary to the Treasury, agrees with the TUC that the 1% public sector pay cap must go : “Falling household incomes are just the latest example of the economic failures of this government. “The largest fall in household income per head in six years is deeply concerning as it further suggests that wages are not keeping up with prices, and the government have no answers to this serious problem.“Along with stagnant GDP per person, it’s more bad news for working families. And it further exposes the economic record of the Tories, who have overseen falling living standards since coming to power in 2010.“It’s clear we need investment to create the high skill, high wage economy of the future. The Tories could start to help ease the burden on hard working people by lifting their public sector pay cap, and end the cuts to in-work benefits.”Following a somewhat disastrous general election, Theresa May’s cabinet appears to be split over this issue.“Sources” have suggested that foreign secretary Boris Johnson thinks the cap could be lifted in a “responsible way”, but chancellor Philip Hammond is pushing back, muttering darkly about the importance of “sound money”....Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 12.05pm BST 12:05 Earlier today, the Joseph Rowntree Foundation warned that more families were struggling to achieve a decent standard of living. Here’s a flavour:Rising inflation and less generous state benefits have made it harder over the past year for families on tight budgets to enjoy what the public considers a decent standard of living, according to one of Britain’s leading thinktanks.The Joseph Rowntree Foundation (JRF) said that despite an above-inflation increase in the “national living wage”, low-income families were falling further behind a minimum income standard.Family of four needs ''at least'' £40,800 a year, says thinktank Read more Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 11.25am BST 11:25 TUC: Britain can''t afford another income squeeze TUC General Secretary Frances O’Grady is urging the government to respond to the squeeze on household incomes . With real incomes slumping by 2%, O’Grady argues that the 1% cap on public sector pay rises must be abolished.She says:“Having just lived through the longest wage squeeze since Victorian times, their living standards are in freefall again.“The government cannot sit on its hands and watch this crisis unfold. It needs to help create better-paid jobs in the parts of Britain that need them most.And it must lift the unfair pay restrictions on public sector workers.”The pay cap is turning into a real hot potato for the government, as public workers workers count the cost of almost a decade of austerity.We learned this week that teachers and police officers have suffered significant pay cuts, in real terms, while the nation’s nurses have seen their pay stagnate.Damning government report shows depth of public sector pay cuts Read more Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 11.09am BST 11:09 UK families get poorer as inflation hits disposable incomes It’s official: British families have become poorer this year, as rising inflation hits people in the pocket. Real household disposable income per head fell by 2% in the first three months of 2017, according to a new report into Economic Wellbeing.It’s the biggest squeeze on household incomes since 2011, says the Office for National Statistics, which blames “increasing prices of goods and services”.Dominic Webber , head of economic well-being at the ONS , explains:“With prices rising and wage growth still modest, real household disposable income per head has now fallen at its fastest rate in over five years. This chart shows how real disposable incomes have fallen since last summer, when the pound tumbled after the Brexit vote.UK economic wellbeing Photograph: ONS Sterling’s decline has driven up inflation. It hit 2.9% in May and is rising faster than wages, meaning people’s earnings are simply worth less.How real household disposable income has slid Photograph: ONS The FT’s Sarah O’Connor sums it up:Sarah O''Connor (@sarahoconnor_) It''s official. We''re getting poorer again. https://t.co/xeWzWjKSDO July 6, 2017 The ONS found that various sources of income have slowed or fallen in recent quarters, including property, welfare benefits.Richard Tonkin (@richt2) This is the largest fall in household income per head since 2011- driven by increasing prices of goods & services https://t.co/0QtnIM2XDA pic.twitter.com/u0jgQDCyd4 July 6, 2017 The report also shows that GDP per head was flat in the first three months of 2017, even though GDP increased by 0.2%.But despite these challenges, consumers reported an improvement in their perception of their own financial situation and the general economic situation over the last year, the ONS adds.Here’s the ONS’s latest economic wellbeing dashboard:Photograph: ONS Updated at 11.46am BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 10.35am BST 10:35 There’s drama in the bond market, as Germany’s benchmark 10-year bond hits its lowest level since January 2016. This has driven the yield (or interest rate) on the 10-year bund up to 0.5% [yields rise when prices fall]That’s still a very low level in historic terms, but it suggests that investors are adjusting to the prospect that central bankers are moving towards unwinding their huge stimulus programmes.MARK GILBERT (@ScouseView) Boom(well, in context, anyways) pic.twitter.com/g4VOhEkt4v July 6, 2017 Maxime Sbaihi (@MxSba) HOT summer for the Bund. 10-year yield has doubled within 2 weeks. pic.twitter.com/oTN1q60MEQ July 6, 2017 Updated at 10.38am BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 10.29am BST 10:29 FCA chief calls for Brexit transition Andrew Bailey today Photograph: Hannah Mckay/Reuters Back in London, the head of the UK’s financial watchdog is calling for a transition period to help the City cope with Brexit. Andrew Bailey, chief executive of the Financial Conduct Authority, argues that this would avoid serious market disruption.Otherwise, firms might have to push the button on their contingency plans in case Britain exits the EU without a deal.Bailey told an event organised by Reuters that “What it looks like is to be able to continue with current arrangements while whatever comes next is put into effect.It needs to be a sensible period.”Simon Jack (@BBCSimonJack) Andrew Bailey - we will need clarity on transitional period and final destination THIS YEAR to stop banks triggering contingencies.July 6, 2017 During his speech, Bailey argues that Britain needs to keep “close regulatory and supervisory links with the EU”, or risk undermining the progress made since the financial crisis.Bailey also hinted at the disruption that Brexit has caused to the FSA’s plans:Quite simply, our job at the FCA is to get on with it, to roll our sleeves up and play our part in implementing the decision made by the people of this country to leave the European Union (EU), and what goes with it.I can’t deny that Brexit is a lot of work, and it did not feature in our business planning as a reality until a year or so ago, so a lot of sleeves have had to be rolled up. Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1 of 2 Newest Newer Older Oldest'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/live/2017/jul/06/german-factory-orders-reckitt-cyber-attack-us-jobs-business-live'|'2017-07-06T15:15:00.000+03:00'
'ba92518affe9b519c30f82dc6defb2e586eb90ca'|'Whitney Wolfe: ''I''m worried we''re alienating the good guys'' - Guardian Small Business Network'|'Friday 7 July 2017 07.00 BST Last modified on Friday 7 July 2017 11.33 BST “Y ou’re reading about yourself, but you feel like you’re reading about a horrible stranger,” says Whitney Wolfe, founder and CEO of dating app Bumble . “It was a very perplexing and sad time.” She’s talking of the online reaction to the lawsuit she filed against Tinder alleging that she was sexually harassed and discriminated against while working for the company. Wolfe brought the case after leaving her role as co-founder and vice president of marketing at the now rival dating app. The case was settled for an undisclosed sum, but the experience initially turned Wolfe off the dating app business. Having left Tinder, she began seeking new opportunities. The online abuse she’d faced sparked an idea. “It got me thinking about what was broken on the internet, and how free commentary on these platforms, that are built to allow people to express themselves, can have a negative implication.” Wolfe considered how she would feel as a teenager today where socialising revolves around the internet. “It would be terrifying.” she says. “What I saw as the immediate solution was this female-only social network that was there [for women] to build one another up.” She was still in the early stages of this idea when she got back in touch with a former contact, Andrey Andreev, founder and CEO of Badoo, a social network focusing on dating. Wolfe told him that if it was anything to do with the dating space, she wasn’t interested – she was very much focused on her women-only app. However, Andreev eventually persuaded Wolfe that her idea would fit on a dating site, leading to the founding of Bumble. The app now has 18 million users. The way in which it works is influenced by Wolfe’s own dating experiences. “I just looked at what it felt like to be a young woman dating and realised how broken it was. And how painful it was. How many days and nights I agonised over a guy not responding to me.” You put a bunch of men in the room and for some reason women lose a bit of confidence Whitney Wolfe Go to any bar and it’s still unusual to see a woman approaching a man; it can’t have been easy convincing people the app would be successful early on? “A lot of people outside [the business] said this will never work, this is stupid, it’s against nature, women don’t make the first move, it’s counter intuitive to everything.” Wolfe argued that was why it would work: the time was ripe for disrupting the status quo. And the idea that men have to make the first move “spans way beyond dating,” she says. “Walking into a business meeting, oftentimes [women are] well-educated, smart, talented, capable and you put a bunch of men in the room and for some reason we lose a bit of our confidence, it can be this disempowering experience.” Given her own early experience of working in the tech industry, was she ever tempted to pursue a career in another sector? No, she says, tech is the future. “Why should I, as a young woman of 24/25, have to give up my career because of a setback, because someone on the internet said something ... If I were to have done that, what kind of example would that have set to my little sister, my friends, my small cousins?” Wolfe sees education system as the route to the tech world’s poor treatment of women – namely, that maths and science programmes are dominated by male students. “It’s not that a company necessarily forbids women from joining. The company is looking for the opportunity for the skilled employee and the one that shows up for this job is a man. There’s not a lot of women applying ... The problem doesn’t really start in the office, it starts in the classroom,” she says. Bumble’s workforce is 80% female and it has shown a zero-tolerance approach to sexist comments on the app. A story surfaced last year of Bumble banning a male user after he sent a series of messages suggesting a female user was only interested in his money. The company published an open letter to the banned user on its blog. “We’re going to continue to build a world that makes small-minded, misogynist boys like you outdated,” it said. While Wolfe’s business might be setting an example for female empowerment, it’s dating app can’t function without men. And Wolfe clearly also considers men to have been important in her career progression. She names Andreev as her biggest mentor. “I’m so tired of this notion that women only need to support women, why can’t we all support each other?” she says. “I’ve run into women who can be highly problematic, detrimental and mean, just like I’ve seen that in men.” She adds: “We as women, [with] this modern feminism, I’m worried we’re alienating the good guys. It’s not really living up to true feminism, which is really equality for everyone, right?” Entertaining in strip clubs? I was staggered by tech''s sexism Read more A soon-to-launch offshoot of Bumble, Bumble Bizz, which is going live in September, is another tool aiming to give women a more equal proportion of control – this time in their careers. The professional networking app allows people to create a profile that includes details of their past jobs, their skills and what opportunities they are looking for, but that doesn’t include age. Users can search their surrounding area for potential business contacts. Like Bumble, women have to make the first move. Wolfe hopes it will open up more opportunities for women. Just turned 28, Wolfe is already a luminary in the tech world. For budding entrepreneurs who want to replicate her success, she has this advice: “The hard part is making the difference and the difference starts from within, wanting to change something you’ve personally experienced that you don’t like. And that’s Bumble, I didn’t want to wait around, I didn’t like the fact that that was how women are expected to live their lives – how do we fix it?” Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jul/07/bumble-founder-whitney-wolfe-tinder-feminism-online-trolling'|'2017-07-07T14:00:00.000+03:00'
'fd2defce5dd3d9700967373f6bbef3e38e64d1d6'|'China''s FAW to recall 680,000 more Mazda cars over faulty Takata airbags'|'Autos - Sat Jul 8, 2017 - 8:05am BST China''s FAW to recall 680,000 more Mazda cars over faulty Takata airbags FILE PHOTO: The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai/File Photo BEIJING China''s FAW Car Co Ltd, a partner of Japan''s Mazda Motor Corp ( 7261.T ), will recall over 680,000 Mazda cars due to issues with air bags that were supplied by embattled Japanese auto parts supplier Takata Corp ( 7312.T ). The recall includes Mazda 6 vehicles manufactured in China between September 2008 and January 2016, China''s General Administration of Quality Supervision, Inspection and Quarantine said in a statement on its website on Friday. The watchdog said the issue was related to dangerous defects in the airbag inflator on the passenger side, and follows an earlier recall of 280,000 Mazda 6 models manufactured between 2003 and 2008 for a similar issue. Takata filed for bankruptcy in Japan and the United States last month, burdened with tens of billions in liabilities related to a decade of recalls and lawsuits over faulty airbags supplied to some of the world''s biggest auto brands. The airbags have been linked to at least 16 deaths and 180 injuries. The firm will be largely acquired for $1.6 billion by Chinese-owned, U.S.-based firm Key Safety Systems as part of its financial restructuring. On Friday the Chinese watchdog said in a statement that it has asked foreign firms General Motors ( GM.N ), Daimler''s ( DAIGn.DE ) Mercedes-Benz and Volkswagen ( VOWG_p.DE ) to fulfil their obligations to recall vehicles in China affected by faulty Takata air bags. (Reporting by Cate Cadell; Editing by Christian Schmollinger) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-faw-china-recall-idUKKBN19T078'|'2017-07-08T10:05:00.000+03:00'
'bf0907bd26b8a443e5d3deac0bceaac1cdcfc5ac'|'Global stocks, dollar rise as investors place Fed bets after U.S. jobs data'|'July 7, 2017 / 1:16 AM / in 9 hours Stocks, dollar rise as investors place Fed bets after U.S. jobs data Sinead Carew 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid NEW YORK (Reuters) - Wall Street stocks rose on Friday along with the U.S. dollar and Treasury yields as investors bet that Federal Reserve policy tightening would stay on track after data showed stronger-than-expected U.S. jobs growth with wage increases that lagged forecasts. Oil prices tumbled after a report showed U.S. crude production rose last week just as OPEC exports hit a 2017 high, casting doubt on efforts to curb persistent oversupply. [O/R] U.S. Treasury debt yields and the dollar rose as investors analyzed how the mix of strong jobs and weak wage growth would influence the Fed''s plans for an interest rate hike or balance-sheet reduction. "There is certainly no reason given the data we saw this morning to knock the Fed off the track of probably one more raise this year and maybe an announcement in September about reducing the bond purchase," said Sean Lynch, co-head of global equity strategy at Wells Fargo Investment Institute in Omaha, Nebraska. Wall Street''s S&P 500 stock index .SPX closed higher after a selloff on Thursday as investors, while reassured by the strong jobs number, bet weak wage growth would limit the extent of Fed hawkishness. "The fears of rates rising too quickly have dissipated and market participants are looking for bargains," said Andrew Frankel, co-president of Stuart Frankel & Co in New York. "Maybe there was just enough bad news in a great jobs number to keep the Fed off the gas pedal," he said. The Dow Jones Industrial Average .DJI rose 94.3 points, or 0.44 percent, to 21,414.34, the S&P 500 .SPX gained 15.43 points, or 0.64 percent, to 2,425.18 and the Nasdaq Composite .IXIC added 63.62 points, or 1.04 percent, to 6,153.08. The U.S. dollar was up 0.2 percent against a basket of currencies .DXY. The greenback hit two-month highs against the yen JPY= and was on pace to post its biggest weekly percentage gain against Japan''s currency since late April after the jobs data. "On balance, the labor market continues to be solid and despite the softer inflation data as of late, the solid employment data should keep the Fed on course for policy normalization," said Charlie Ripley, investment strategist at Allianz Investment Management in Minneapolis. In Treasuries, longer dated yields briefly hit multi-week highs. Benchmark 10-year notes US10YT=RR were last down 5/32 in price to yield 2.3874 percent, from 2.369 percent late on Thursday. The 30-year bond US30YT=RR fell 16/32 in price to yield 2.9289 percent, from 2.904 percent late on Thursday. Bets that some of the world''s major central banks are moving closer to unwinding ultra-loose monetary policies affected stocks this week as European Central Bank minutes showed policymakers are open to tightening. In Europe, German government bond yields had risen to 18-month highs, weighing on stocks there. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.12 percent but MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.19 percent. U.S. crude CLcv1 fell 2.61 percent to $44.33 per barrel and Brent LCOcv1 was last at $46.82, down 2.68 percent. Additional reporting by Chuck Mikolajczak, Gertrude Chavez-Dreyfuss and Sam Forgione in New York, Vikram Subhedar in London, Saikat Chatterjee; Editing by James Dalgleish and Meredith Mazzilli 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN19S05W'|'2017-07-07T23:37:00.000+03:00'
'7f0ab3215fd5e293446cc676424b9d57e9ca5018'|'ICE to sell Trayport after losing UK competition watchdog appeal'|'NEW YORK Intercontinental Exchange Inc ( ICE.N ) said it will sell energy trading software firm Trayport after losing an appeal of a decision by Britain''s competition watchdog calling for the divestment to preserve competition in the utility derivatives trading industry.The Competition and Markets Authority said on Friday that ICE''s control of Trayport, which the exchange and clearinghouse operator bought in late 2015 for $650 million in stock, would result in a "substantial lessening of competition" in two markets. The CMA said the only effective remedy would be the total divestiture of Trayport by ICE.ICE said it was "disappointed" be the decision."Nonetheless, we will now complete the CMA process, terminate the agreement as instructed and move forward with the divestment of Trayport expeditiously so that Trayport''s future ownership is resolved," the New York Stock Exchange owner said in a statement.ICE is the biggest European utilities exchange operator, while London-based Trayport''s software underpins over 85 percent of European utilities trading, the CMA said.ICE could use Trayport''s platform to reduce competition between itself and its rivals, leading to increased fees for execution and clearing, and a worsening of terms offered to traders, the regulator said. It would not be possible to run the two businesses at arm''s length from each other, the CMA added.(Reporting by John McCrank, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ice-divestiture-trayport-idUSKBN19S2C9'|'2017-07-07T18:56:00.000+03:00'
'2d5da45d3a024dec4be1cd3fefc4aa84f40d9b3d'|'Samsung Electronics says second-quarter operating profit likely rose 72 pct y/y'|'Top News - Fri Jul 7, 2017 - 3:05am BST Samsung Elec tips record second-quarter profit as memory prices surge left right A woman walks past an advertisement promoting Samsung Electronics''s Galaxy S8 at its office building in Seoul, South Korea July 4, 2017. Picture taken on July 4, 2017. REUTERS/Kim Hong-Ji 1/2 left right FILE PHOTO: The logo of Samsung Electronics is seen in Seoul, South Korea, July 4, 2016. REUTERS/Kim Hong-Ji/File Photo 2/2 By Joyce Lee SEOUL - Tech giant Samsung Electronics Co Ltd on Friday estimated a record quarterly operating profit for April-June, propelled by a memory chip boom that analysts say will continue to pad margins for the rest of 2017. The Apple Inc smartphone rival and global memory chip leader said second-quarter operating profit was likely 14 trillion won ($12.11 billion), compared with the 13.1 trillion won average of 19 analyst estimates in a Thomson Reuters poll. Revenue likely rose 18 percent from a year earlier to 60 trillion won, also a quarterly record, versus analysts'' forecast of 59 trillion won. The South Korean firm did not elaborate and will release detailed earnings in late July. The robust estimates reinforce expectations for best-ever earnings for Samsung this year, fuelled by a so-called memory chip supercycle. Analysts predict shortages for both DRAM and NAND chips to persist for the rest of this year due to limited supply growth and demand for more computing power on smartphones and servers, padding margins for memory makers. Another profit driver has also emerged in the form of organic light-emitting diode (OLED) displays. Samsung has a stranglehold on the market for the bendy, next-generation screens which are widely expected to be used for Apple''s latest iPhones, due out by October. "In July DRAM prices will go up again, while from mid-August on, OLED panels go out for Apple," HMC Investment analyst Greg Roh said. He expects Samsung''s third-quarter operating profit to exceed 15 trillion won. Samsung shares were down 0.3 percent in early Friday trade, compared with a 0.2 percent fall for the broader market, as the strong earnings outlook was already priced in. The stock is up more than 30 percent this year and hovering near all-time highs. While analysts say the memory chip industry will ride a super-cycle for several years on the back of consolidation and new demand from services such as cloud computing and artificial intelligence, its growth rate may slow from the massive jump expected this year. Samsung said on Tuesday it would invest $18.6 billion to extend its lead in memory chips and next-generation displays, a move likely to ease shareholder fears that major decisions were on the backburner while Vice Chairman Jay Y. Lee fights bribery charges in court. On the mobile front, sales prospects for the Galaxy Note 8 will be closely watched in the third quarter, after its predecessor was pulled from the market last year due to fire-prone batteries. Samsung is preparing to unveil the handset in August, a source told Reuters, underscoring the firm''s desire to continue the Note brand. (Reporting by Joyce Lee; Additional reporting and writing by Se Young Lee; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-results-idUKKBN19R3AJ'|'2017-07-07T02:47:00.000+03:00'
'4025b823fc12a7832dda42af2a84208f6e22ce81'|'The government must urgently roll out rate-relief fund for SMEs - Guardian Small Business Network'|'Business rates have existed in one form or another since 1572. Over the intervening 445 years, the evolution of business has seen practices move from living above the shop, to office work, homeworking, the gig economy and online trading.Minister makes U-turn over £300m business rates relief fund Read more The shift to online trading is the most significant in the business rates story, with technological change allowing businesses of all types to move online. This move raises real questions about the relevance of a tax put on the physical structure of a building.Unfortunately, despite the nature of work changing so significantly, particularly in the online space, the business rates system has remained stuck in the past. So it is no longer fit for purpose. Currently, a business must pay £1 in business rates before it even earns £1 in turnover, let alone £1 in profit. Speaking to small businesses around the UK, this system is creating huge concern and anxiety, with many wondering how much longer they can last.The inconvenient truth is that the delay in distributing this fund is leaving many businesses on the brinkMore than half (55%) of small businesses told us they were planning to reduce, postpone or cancel investment in their business. Additionally, one in five (19%) of those businesses affected by increased rates, said they may ultimately consider closing down or selling their business as a result of the hikes in their bills.Many of these small businesses have contacted us to say that these increases in their tax bills are completely unfair and disproportionate and, as such, they are considering scaling back their business. This is in no one’s interest and puts productivity and greater growth at risk.In the spring budget, small businesses were thrown a lifeline when the chancellor announced a £300 million relief fund to help keep the hardest hit businesses afloat. But fast forward four months and many small businesses are still waiting to be told whether they will receive help. If that wasn’t hard enough, local authorities have now begun chasing up new inflated bills based on the April revaluation.In response the Federation of Small Businesses has sent a letter to the communities secretary, Sajid Javid. The central thrust of our message is for the department to show clear leadership by sending a letter of direction to local councils in England to urgently initiate the roll out of the hardship fund by implementing their local relief schemes.Looking at the current timetable, businesses won’t get any relief for another month or two at the earliest. This is a full five or six months after the revaluation.Ill-timing has led to delay with the announcement of the relief fund being hastily followed by the call for a general election leading to a ‘purdah period’. With parliament grinding to a halt so that MPs could hit the campaign trail, many local authorities have not even started consulting on how this money is going to be distributed.Patience may be a virtue, but the inconvenient truth is that the delay in distributing this fund, has left many of these businesses on the brink.Businesses already staring down inflated bills could also be faced with court summons and liability orders as a result of their inability to pay. This just increases the pressure on small businesses as they face up to mounting costs coupled with a likely negative effect on their credit rating which would make it more difficult to secure future finance.This is a completely unacceptable situation that is putting at risk the livelihood of many entrepreneurs who have taken the brave step of opening up their own business. For some businesses, it is already too little and too late. I recently spoke to a local London business that had no choice but to close its doors after five years of trading. The reason was simple – business rate hikes and the inability to make ends meet anymore.These business rates increases have come at the worst possible time, with small businesses facing the highest costs of doing business for the last four years and the political uncertainty created by the outcome of the general election.I fear that this will be an all too common conversation if small businesses’ cries for support continue to be met with warm words followed by inertia. Small firms are the heart and soul of our local communities, as well as acting as the engine of UK growth. Without them, our communities and economy will be irreversibly damaged.Mike Cherry is the national chair of the Federation of Small Businesses Topics Guardian Small Business Network Budget blogposts'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jul/07/the-government-must-urgently-roll-out-rate-relief-fund-for-smes'|'2017-07-07T14:00:00.000+03:00'
'5eb250bf4293b2f5f4f68e8106cb3496130e1e3d'|'China, France eye Gambian port upgrade to rival Dakar'|'BANJUL Chinese and French companies are bidding to help Gambia build up its Atlantic port Banjul to be what industry sources say could be a rival to neighboring Senegal''s Dakar.It would be one of the first major structural changes in Gambia following the end of President Yahya Jammeh''s more than 20-year rule in January.State-owned China Communications Construction Company (CCCC) ( 601800.SS ) says one of its subsidiaries has made a bid for a 140 million euro ($159.91 million) contract Gambia has launched to redevelop the port.France''s Bollore Group ( BOLL.PA ) has also submitted an offer to develop the port for hundreds of millions of dollars, sources told Reuters, and was part of a recent delegation of French investors to the country.The port was run by a state agency during Jammeh''s rule. It is considered to have strategic potential thanks to its easy access to Atlantic shipping lanes.Abdoulie Tambedou, managing director of the Gambia Ports Authority said there had already been several offers."The Chinese are interesting in investing in the infrastructure for an overall envelope of 140 million euros," he told Reuters in an interview. "We hope to agree the financing in the next six months."An official at CCCC confirmed that one of its subsidiaries was bidding for the contract, without specifying which. In a sign of their interest, a witness saw a Chinese delegation visiting the port last week.Tambedou confirmed Bollore''s offer, without giving the price, and said this included both infrastructure costs and the rental concession.Chinese interest in the project follows China''s resumption of diplomatic ties with former Taiwan ally Gambia last year under the "one China" policy, which states that self-ruled Taiwan is part of China. President Adama Barrow''s new government reaffirmed that position in February.China is also a major market for Gambia''s exports, which globally are mainly peanuts, wood, cashews, fish and fruit.Upgrading the port will take 30-36 months to complete, Tambedou said.STRUGGLINGGambia is poor. It ranks 173 out of 189 countries on the U.N. Human Development Index, below Haiti.It is badly in need of key infrastructure development. There is not a single bridge across its eponymous 1,120 km (695 mile)-long river that wiggles up the length of the country, for example.People and goods have to be shipped across on ferries - or go around.Gambia is nonetheless seen as a key transit country for reaching remote areas of Guinea, Mali and Senegal that are easier to access from Banjul than from the countries'' own ports and capitals.Space constraints at the port, however, mean that arriving cargo ships often have to wait at anchorage before entering.Since the departure of Jammeh, Tambedou said that trade was picking up, with shippers sending imports such as sugar in bigger volumes than before.(Additional reporting by Brenda Goh in Shanghai and Ben Blanchard in Beijing; Editing by Aaron Ross and Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gambia-economy-idUSKBN19S1EO'|'2017-07-07T13:19:00.000+03:00'
'badd33c0f7a65cf038a2c179810b325a17b9a9a9'|'Brent oil remains below $50 as OPEC supplies rise again'|'Business News - Wed Jul 5, 2017 - 8:03am BST Brent oil remains below $50 as OPEC supplies rise again A flame shoots out of a chimney at a petro-industrial factory in Kawasaki near Tokyo December 18, 2014. REUTERS/Thomas Peter By Henning Gloystein - SINGAPORE SINGAPORE Brent crude oil remained below $50 per barrel on Wednesday, weighed down by another rise in OPEC supplies despite a pledge to cut production, but geopolitical tensions in the Korean peninsula and the Middle East put a floor under prices. Brent crude futures LCOc1, the international benchmark for oil prices, were at $49.60 per barrel at 0651 GMT, little changed from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 6 cents at $47.02 per barrel. Despite the dips, both markets have recovered around 12 percent from recent lows on June 21, although crude prices seem locked below $50 per barrel. "Oil bulls have numerous obstacles to overcome," said Stephen Schork of the Schork Report, pointing to rising OPEC output and high production in the United States. Oil exports by the Organization of the Petroleum Exporting Countries (OPEC) climbed for a second month in June, according to Thomson Reuters Oil Research, despite its pledge to hold back production between January this year and March 2018 to prop up prices. OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd above May and 1.9 million bpd more than a year earlier. "With global floating storage at a five-year high and OPEC production edging higher, oversupply remains a key issue for the oil market," said Dutch bank ING. Despite ample supplies, traders said that prices were kept from falling further due to global security risks following North Korea''s repeated missile tests and the political crisis between Qatar and an alliance of Arab nations led by Saudi Arabia and the United Arab Emirates. "Rising geopolitical risks should provide some support to gold and oil prices," ANZ bank said on Wednesday. (Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19Q05T'|'2017-07-05T10:03:00.000+03:00'
'96e67a9e814db1ff2550aa6740cb3baf0aef8149'|'EMERGING MARKETS-Brazil markets down on political woes; power utilities soar'|' 58am EDT EMERGING MARKETS-Brazil markets down on political woes; power utilities soar By Bruno Federowski SAO PAULO, July 6 Brazil''s stocks and currency slipped on Thursday on lingering concerns over a political crisis, but shares of power utilities rallied due to a planned regulatory overhaul of the sector. Demand for Brazilian assets has fizzled in recent months as traders feared a corruption scandal could delay the implementation of President Michel Temer''s ambitious agenda, which is seen as critical to fuel long-term economic growth. The Brazilian real weakened 0.4 percent, the biggest decliner among Latin American currencies, which were mostly flat. The Colombian peso, however, strengthened 0.3 percent, tracking rising crude oil futures. Brazil''s benchmark Bovespa stock index fell 0.7 percent, weighed down by blue-chips such as lender Itaú Unibanco Holding SA and beverage producer Ambev SA. Shares of miner Vale SA also fell on the back of lower iron ore prices. Still, the index''s losses were limited by a rally in shares of power utilities after the government announced that plans to overhaul power sector rules could lead to higher rates and lower taxes. Shares of state-controlled utility Centrais Elétricas Brasileiras SA, or Eletrobras, which would benefit directly from the revamp, soared as much as 15 percent, their biggest daily increase in four years. Wider emerging markets mostly weakened, extending Wednesday''s selloff triggered by proposals to nationalize South Africa''s central bank. The South African rand held near seven-week lows even as the central bank tried to calm investors'' nerves by stressing its independence was enshrined by the constitution regardless of ownership. Key Latin American stock indexes and currencies at 1535 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1006.66 -0.32 17.12 MSCI LatAm 2539.50 -0.29 8.81 Brazil Bovespa 62706.88 -0.71 4.12 Mexico S&P/BVM IPC 50063.88 -0.47 9.69 Chile IPSA 4820.42 -0.58 16.12 Chile IGPA 24116.97 -0.51 16.32 Argentina MerVal 22487.48 0.24 32.92 Colombia IGBC 11024.10 0.06 8.85 Venezuela IBC 122973.02 -0.54 287.86 Currencies daily % YTD % change change Latest Brazil real 3.3063 -0.44 -1.73 Mexico peso 18.3280 -0.13 13.18 Chile peso 665.8 -0.02 0.74 Colombia peso 3074.6 0.27 -2.38 Peru sol 3.255 0.06 4.88 Argentina peso (interbank) 17.1000 0.29 -7.16 Argentina peso (parallel) 17.26 -0.29 -2.55 (Reporting by Bruno Federowski; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1JX12Z'|'2017-07-06T18:58:00.000+03:00'
'aedb12399e2d34790154e6acdde39bc5357c52c6'|'JPMorgan tops Canadian M&A activity in energy-driven first half'|'TORONTO Canadian mergers and acquisitions rose about 13 percent to C$120.5 billion ($93.2 billion) in the first half of 2017, driven by big-ticket energy deals and robust cross-border activity, according to Thomson Reuters data released on Thursday.Despite strong initial public offerings, overall equity capital deals fell 12 percent to C$26.9 billion in the first half from a year ago, the data showed.JPMorgan ( JPM.N ), Toronto-Dominion Bank ( TD.TO ) and Goldman Sachs ( GS.N ) took the top three spots in the M&A league tables rankings, while Royal Bank of Canada ( RY.TO ), TD and Bank of Montreal ( BMO.TO ) were the top three advisers on Canadian equity issues in the first half of 2017.Canadian companies and pension funds have been seeking investment opportunities outside of Canada, and that is expected to keep M&A bankers busy in the second half."We see the financial buyers - the pension plans, asset managers - continually active outside of Canada," said David Rawlings, head of JPMorgan Canada.The two biggest energy deals of the year so far were Cenovus Energy Inc''s ( CVE.TO ) roughly C$16.8 billion acquisition of ConocoPhillips'' ( COP.N ) oil sands and natural gas assets and Royal Dutch Shell''s ( RDSa.L ) sale of most of its Canadian oil sands assets for $8.5 billion."The large international majors are looking to delever their balance sheet and sell non-core assets," said Peter Buzzi, co-head of Canadian M&A at RBC. "And for many of them, it appears Canada falls into that non-core category," he added.Canadian IPOs, which have been rebounding after a quiet 2016, rose to C$3.4 billion, the best first half in 11 years."The IPO pipeline looks strong," said Benoit Lauzé, head of equity capital markets at CIBC. "There would be very significant appetite for good technology names," he added.Kinder Morgan Canada''s ( KML.TO ) C$1.75 billion IPO and Canada Goose Holdings Inc''s ( GOOS.TO ) offering were some of the highlights in the first half.But overall, the equity capital activity in the energy sector could slow because of choppiness in oil prices, bankers said."Investors have been generally taking a risk-off approach and we''re seeing limited conviction that oil prices are going to be high in the near term," said Kirby Gavelin, head of equity capital markets at RBC.(Reporting by John Tilak; Editing by Denny Thomas and Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-m-a-rankings-idUSKBN19R27B'|'2017-07-06T17:56:00.000+03:00'
'f33e65732d9996e844fbd0cab7cdcdec79af2409'|'Qatar market tumbles after Gulf states cut ties, as UK services sector growth slows -'|' markets eurozone economics banking retail home Stock markets Business live Qatar market tumbles after Gulf states cut ties, as UK services sector growth slows - as it happenedShares in Qatar plunge 8% amid diplomatic crisis, as UK service companies report that new business growth weakened last monthUS service sector survey disappoints Shares slide in Qatar Qatar crisis: Four neighbours cut ties over terrorism linksUK services sector slows as general election hits demand.......but eurozone growth sticks at six-year high UpdatedTraders monitoring screens displaying stock information at Qatar Stock Exchange in Doha today. Photograph: Naseem Zeitoon/Reuters (until 2.15) and Nick FletcherMonday 5 June 2017 17.43 BST First published on Monday 5 June 2017 07.51 BSTKey events Show 5.43pm BST 17:43 European markets close lower 3.08pm BST 15:08 US service sector comes in below forecasts 2.34pm BST 14:34 Wall Street edges lower 12.26pm BST 12:26 Business Today: sign up for a morning shot of financial news 10.32am BST 10:32 MUFG: Why Qatar crisis matters 9.46am BST 09:46 UK services sector hit by election worries and inflation 9.07am BST 09:07 Eurozone private sector growth at six-year high Live feed Show 5.43pm BST 17:43European markets close lower Stock markets made a downbeat start to an important week, which sees the UK election, the latest meeting of the European Central Bank, and the testimony of former FBI director James Comey on Donald Trump’s alleged links with Russia.Markets were also unsettled by volatility in sterling, reacting to the latest opinion polls, as well as the terror attack in London. And the diplomatic crisis in the Gulf, which sparked a rise then fall in the oil price, added to the uncertainty. Jasper Lawler, senior market analyst at London Capital Group, said:Markets softened at the beginning of what could be a game-changer of a week in politics and monetary policy. Last week’s soft US jobs report, another terror attack in London in the run up to the UK election and volatile oil prices all played a role in the downbeat tone.The final scores showed:The FTSE 100 finished down 21.87 points or 0.29% at 7525.76 German market shut for public holiday France’s CAC closed 0.66% lower at 5307.89 Italy’s FTSE MIB fell 0.99% to 20,721.04 Spain’s Ibex ended down 0.19% at 10,884.7 In Greece, the Athens market added 0.6% to 786.57 On Wall Street, the Dow Jones Industrial Average is currently up just 2 points or 0.01%.On that note, it’s time to close for the day. Thanks for all your comments, and we’ll be back tomorrow. 5.16pm BST 17:16Ahead of next week’s eurogroup meeting over Greece, some positive noises from the IMF. A report in Germany’s Handelsblatt (£) says:The managing director of the International Monetary Fund, Christine Lagarde, is willing to participate in a Greek bailout and give European creditors more time to settle an ongoing dispute over debt relief, she told Handelsblatt in an exclusive interview.“If the creditors are not yet at that stage where they can agree on and respect our assumptions, if it takes them more time to get there, we can acknowledge that and give them a bit more time,” she said.Greek prime minister Alexis Tsipras and Christine Lagarde at Davos in January. Photograph: Jean-Christophe Bott/EPA Updated at 5.16pm 4.37pm BST 16:37Kareem ShaheenHere’s our report on how the diplomatic crisis in the Gulf is affecting Qatar . Kareem Shaheen writes:The tiny Gulf state of Qatar has been literally and figuratively isolated by the escalating row with its Arab neighbours, with land, sea and air routes closed off in an unprecedented crisis in the Arabian peninsula that threatens longstanding trade deals.The closure of the only land route into Qatar as well as the airspaces of Saudi Arabia , the United Arab Emirates and Bahrain in effect established a blockade on Doha, which relies almost entirely on imports to feed its population.It will damage the prospects of a recovery for Doha’s national carrier, Qatar Airways, amid a slowdown caused by the US administration’s ban on electronic devices in the cabins of aircraft flying from the Middle East, and will raise questions about the future of al-Jazeera, the flagship television network established by the Gulf kingdom and which has been at the centre of diplomatic rows with the rest of the region.Along with the block on re-exports from Dubai to Qatar, together the measures could even affect the monarchy’s preparations for the football World Cup it is due to host in 2022.The full story is here:Qatar blockade could hit state airline, al-Jazeera and World Cup Read more 3.54pm BST 15:54The pound is continuing its recent volatility, something which is likely to continue this week in the run up to the UK election as various polls emerge but with little in the way of consistency.Sterling is currently up 0.3% against the dollar at $1.2929 and 0.6% against the euro at €1.1491. Connor Campbell, financial analyst at Spreadex, said:The pound remained the day’s main mover, seemingly still dining out on this morning’s Guardian/ICM poll.Sterling gradually widened its growth, taking 0.3% off the dollar and pushing 0.6% higher against the euro; in reality, however, this has done little to change the currency’s standing. Cable still has a bit to go before it has clawed back all of the losses it suffered this time last week, while the pound has barely escaped its 7 week lows against the euro....Today’s rather dreary, pound-heavy trading is likely the template for the rest of the week, as there is nothing in the run-up to the election that can topple it from its dominant perch. In fact, all of the week’s points of interest come on Thursday: alongside the UK vote there is the month’s ECB press conference and, perhaps most excitingly, the reappearance of former FBI chief James Comey for his testimony in front of the Senate intelligence committee.Michael Hewson, chief market analyst at CMC Markets UK, said:Despite a weakening in [the UK] services PMI for May to 53.8 from 55.8 in April the pound has held up rather well in the wake of the weekend terror attacks. If financial markets are nervous about Thursday’s election and a weakening of economic activity they don’t appear to be showing it, with opinion polls still showing divergent results.YouGov appear to be doubling down on their recent survey by suggesting that the Conservatives will fall short of a majority by 21 seats, while the latest ICM poll shows a lead of 11 points. Markets appear to be taking the view that the YouGov poll is an outlier and unreliable which when you look at the margin for error on it, and the balance of probabilities right now, seems a sensible conclusion. 3.20pm BST 15:20And here’s more detail from the survey itself:Non manufacturing survey Photograph: Institute for Supply Management 3.17pm BST 15:17Here are some of the comments from the respondents to the ISM survey:“Lumber tariff effects are beginning to show up.” (Construction) “Business is progressing steadily. No real issues or adjustments to affect annual goals/efforts.” (Finance & Insurance) “General feeling is caution. Too much uncertainty.” (Health Care & Social Assistance) “Seeing an uptick in the overall activity within the oil and gas sector, which typically will cause a trickle-down effect on the majority of businesses.” (Mining) “Typical transition month in terms of fresh produce and other food related categories. End of spring items and beginning of summer. Gapping of some items. Beef is increasing in price, especially grilling meat cuts. I anticipate this to increase to over $1 per pound on some items as we approach the 4th of July holiday.” (Accommodation & Food Services) “Continuing to feel [the] effect of overheated commercial construction market — few bidders, higher prices. Scarce construction labor seems to be the driver.” (Public Administration) “Business outlook continues to be steady and meeting original projects, but some ups and downs in successive months.” (Professional, Scientific & Technical Services) “Overall, business conditions the past month were flat as compared with several months of growth. While levels haven’t decreased, it may be that overall conditions have reached a high watermark.” (Retail Trade) “Strong market conditions bring a renewed confidence.” (Transportation & Warehousing) Updated at 3.17pm 3.08pm BST 15:08US service sector comes in below forecasts The second service sector survey is not only lower than expected, but also lower than the previous month’s figure.The ISM non-manufacturing PMI fell from 57.5 in April to 56.9 last month, just below the expected level of 57.Meanwhile US factory orders fell for the first time in five months, down 0.2% in April compared to a 1% rise in March. The March figure was revised up from the previous 0.5% increase.Updated at 3.20pm 2.56pm BST 14:56The surveys show that the US economy is enjoying steady if unspectacular growth, said Chris Williamson, chief business economist at IHS Markit:Although service sector business activity picked up in May, the PMI surveys for manufacturing and services collectively indicate only a modest pace of economic growth so far in the second quarter.Historical comparisons with GDP indicate the PMI is signalling second quarter GDP growth of just over 2%, suggesting there may be some downside risks to IHS Markit’s current forecast of a GDP growth rebound to just over 3% in the second quarter.However, the key message from the PMI is that the economy is enjoying steady, albeit unspectacular, growth, and that the pace of expansion has been slowly lifting higher in recent months.Hiring meanwhile remains on a firm footing, with the survey’s employment indicators running at levels consistent with around 160,000 jobs added to the economy in May.In another sign of the economy’s underlying steady expansion, average prices charged for goods and services is running at the second highest in almost two years, indicating that rising demand is helping restore some pricing power.US PMI and GDP Photograph: IHS Markit 2.50pm BST 14:50The first of the day’s two US economic surveys has shown a month on month improvement in the service sector, albeit not as much as earlier expected.The final Markit services PMI reading for May came in at 53.6, up from 53.1 in April but lower than the initial estimate of 54. It was still the highest level since February.It was a similar picture for the composite index - services and manufacturing together - which rose from 53.2 in April to 53.6, lower than the first reading of 53.9. 2.34pm BST 14:34Wall Street edges lower Ahead of the latest service sector surveys (from Markit and ISM), US markets have indeed slipped back at the open.After hitting another record high on Friday, the Dow Jones Industrial Average is currently down 17 points of 0.08%. while the S&P 500 opened down a similar amount and the Nasdaq Composite dipped 0.01%. 2.27pm BST 14:27Wall Street is about to open and the forecast is for a slight fall in initial trading:MarketWatch (@MarketWatch) Futures point to a slight dip to start the week https://t.co/ryRkqjH3d3 pic.twitter.com/uWVz5kUqDRJune 5, 2.17pm BST 14:17Meanwhile the oil price has lost its early gains, which were made on the back of the Qatar news. Strength in the dollar - which makes oil less affordable for international buyers - seems to be outweighing the prospect of supply shortages following the Gulf dispute. In any case, Qatar is not a major producer of oil, rather it specialises in liquefied natural gas (LNG). Clement Thibault, senior market analyst at Investing.com, said:According to the latest data, five of the top 10 oil producers in the world are Gulf countries (Saudi Arabia, Iraq, Iran, UAE, Kuwait). Together, they are responsible for over 24 million barrels of crude a day, or over two and a half times the US’s crude production.However, Qatar is a minor player among the OPEC big boys. Its strength is aligned with LNG. Indeed, it’s the world’s largest LNG producer, supplying almost 30% of global production. By land, Qatar is completely blocked by Saudi Arabia. By sea, its exporting tankers have to pass through the Strait of Hormuz, situated between Iran and the UAE, putting it in a precarious situation any way it turns. Asian customers such as Japan, India, and South Korea would be the most affected by a disruption in NG service, since they are the major importers of Qatari gas...Though we aren’t raising any alarms yet, we believe this is a situation worth monitoring carefully. The Middle East is after all an energy powerhouse, but also rather notorious for a lack of political stability. Any geo political incident coming out of this region could have worldwide energy implications.Despite Qatar’s minor role in oil, the dispute has raised new fears that the recent Opec deal to cut production could run into trouble.Brent crude is currently down 1% at $49.44 a barrel while West Texas Intermediate is 0.9% lower at $47.23.Updated at 2.42pm 1.51pm BST 13:51After a rough session of heavy losses, the Qatar stock market has closed down 7.27% .Anca I. Cighi (@anca_cighi) The Qatar Stock Exchange has closed down 7.27 per cent. All 44 stocks were in the red. https://t.co/G2UqSz5VDPJune 5, 1.41pm BST 13:41After a fairly quiet morning in London, the FTSE 100 has dropped by 22 points to 0.3% to 7525.Mining stocks such as Antofagasta (-2.7%) and BHP Billiton (-1.8%) are among the fallers, tracking a 1% drop in the copper price.The slowdown in UK service sector growth last month hasn’t spooked the markets, though, as the pound is still back above $1.29 today.Connor Campbell of SpreadEx says:The pound’s gains also ignored an unexpectedly weak services PMI. The figure fell from 55.8 to 53.8 month-on-month, the slowdown due to the dual pressures of rising inflation and pre-election jitters.The FTSE ended up bearing the brunt of the bad news, falling 0.3%; the index wasn’t helped by its mining stocks, which dropped between 1.5% and 2.5% thanks to copper’s own 1% decline.There’s not much action in Europe, where some markets are closed for the Whit Monday holidays. So City traders are getting on with business, putting last weekend’s terrorist attacks at London Bridge (south of the Square Mile) behind them.Yesterday, it emerged that Sunday Express business editor Geoff Ho has been injured after stepping in after a bouncer was attacked during Saturday night’s atrocities.Sunday Express editor Martin Townsend summed up the mood, saying:“Geoff Ho is an absolutely first class reporter and a fine and decent man and our thoughts are with him and his family at this time.“We are all hoping and praying for a speedy recovery.”And the good news is that Geoff has been tweeting from his hospital bed today.Geoff Ho (@FinanceHog) Thank you every one for the best wishes. I got out of surgery yesterday and am on the mend.June 5, 2017 Press Gazette (@pressgazette) Sunday Express business editor Geoff Ho injured after confronting London Bridge attacker https://t.co/ki2rTkCX4t pic.twitter.com/ZkQ3W70XXtJune 5, 2017 Suzie Neuwirth (@Suzie_Neuwirth) So upset to find out this morning that Geoff Ho @FinanceHog was caught up in last nights attacks. Praying for speedy recovery #LondonBridgeJune 4, 2017 Andrew Clark (@clarkaw) Wishing a full and speedy recovery to Geoff Ho aka @FinanceHog - a top business hack, always a pleasure to deal with https://t.co/K2tmovmZroJune 4, 12.49pm BST 12:49Reuters is reporting that some Egyptian banks have suspended links with their counterparts in Qatar:Nour E. Al-Hammoury (@NourHammoury) SOME EGYPTIAN BANKS HALT DEALINGS WITH QATARI BANKS AFTER CAIRO CUTS TIES WITH QATAR - BANKERSJune 5, 2017 Nour E. Al-Hammoury (@NourHammoury) RTRS - UAE CENTRAL BANK HAS NOT SO FAR ISSUED ANY GUIDELINES TO BANKS ON DEALING WITH QATAR -SOURCE FAMILAR WITH THE MATTERJune 5, 12.26pm BST 12:26Business Today: sign up for a morning shot of financial news Get set for the working day - we’ll guide you to the all the business stories you need to read in one really useful email. Click here to sign up. 11.39am BST 11:39Some photos from today’s Qatar stock market have arrived, showing the scene of the biggest selloff since the financial crisis.A trader uses his smartphone to keep up with events at the Qatar Stock Exchange in Doha today. Photograph: Naseem Zeitoon/ReutersScreens displaying stock information at the Qatar Exchange. Photograph: Naseem Zeitoon/Reuters Updated at 11.47am 11.26am BST 11:26Every blue-chip share on the Qatar stock market has fallen sharply this morning.Many stocks - including property and energy companies - have slumped by 10%, which is the maximum daily move allowed by regulators.Even the best-performing stock on the QSI index is down 6%, as investors are spooked by the sudden freeze in relations with other Gulf states.The main movers on the Qatar stock market today Photograph: Thomson ReutersThe Qatar index is currently down by 7.5%, hitting its worst level since early 2016.Qatar’s stock market Photograph: Thomson Reuters Updated at 11.52am 1 of 3 Newest Newer Older Oldest Topics Stock markets Business live Sterling Economics Currencies Services sector Qatar'|'theguardian.com'|'http://www.theguardian.com/business/oil/rss'|'https://www.theguardian.com/business/live/2017/jun/05/oil-jumps-after-gulf-states-cut-qatar-ties-as-chinese-services-surges-business-live'|'2017-06-06T00:43:00.000+03:00'
'29cd0a1399251bb5963f4b58a0a8758f9e8335d2'|'Short seller Cohodes targets yet another Canadian firm: Exchange Income'|'Money - Wed Jul 5, 2017 - 2:28pm EDT Short seller Cohodes hits Canada again with latest target: Exchange Income By Jennifer Ablan and Alastair Sharp - NEW YORK/TORONTO NEW YORK/TORONTO Short seller Marc Cohodes, who has bet against the shares of six Canadian-based companies including Valeant Pharmaceuticals International Inc and Home Capital Group Inc, said on Wednesday that he is targeting yet another Canadian firm - Exchange Income Corp. Cohodes told Reuters that Exchange Income - a Winnipeg-based company focused on opportunities in aerospace and aviation services and equipment, and manufacturing - does not generate enough cash to pay the juicy dividend it provides investors. Exchange Income Corp said in a statement that the report is based on a number of statements, assumptions and opinions with which "we strenuously disagree." Cohodes'' targeting of Exchange is the latest in a string of moves against Canadian companies this year, adding to the short position in excavation company Badger Daylighting he made public in May. That same month U.S. hedge fund Muddy Waters said it was short Asanko Gold.. Short interest in Canada''s biggest banks spiked late in 2015 and remained elevated until April this year as some investors took bets on the collapse of the country''s housing market and that a rout in commodities markets would lead to a surge in bad loans. But those positions, along with record short bets against the Canadian dollar, have simmered down in recent months as prices for oil and copper have stabilized, moves by the government to cool sharp jumps in Toronto and Vancouver house prices take effect, and as the central bank turned hawkish. Cohodes said his focus on Canadian firms stems from his belief that there is no cohesive watchdog for nefarious company activity in the country, which lacks a federal regulator. Cohodes, who worked at a short-selling hedge fund but now raises chickens in California and invests his own money, has also targeted Intertain Group Ltd, Concordia International Corp and Equitable Group Inc. Wendy Berman, a securities lawyer with Cassels Brock in Toronto, said the patchwork of provincial regulators can lead to spotty enforcement of lapses in corporate reporting. "Without a national securities regulator, you don''t have a national (enforcement) agenda, you have a local agenda, Berman said, adding that the provincial regulators vary in terms of their resources, experience and priorities. Efforts to create a national body have long been stymied by political bickering, with a cooperative body incorporating the federal government and those provinces that have agreed to sign up not due to launch until 2018. Exchange Income Corp shares fell as much as 10 percent to C$29.38 soon after the Reuters report, but pared losses and were last down 6.3 percent in early afternoon trade. "They don''t have the cash flow, earnings or any form of business to generate a dividend yet they call it Exchange Income," Cohodes said in a telephone interview. Exchange said it has maintained a consistent strategy since its inception in 2004, enabling it to grow profitably and return a reliable and growing dividend to its shareholders. "Nothing has changed," the company said, adding that since 2004 it has paid shareholders C$300 million in dividends while maintaining a strong balance sheet with limited leverage. RECENT BETS PAID OFF Cohodes'' recent bets have paid off with the collapse of Valeant and Concordia and to some extent Home Capital, which Cohodes considers the "highlight" of his year so far, until Warren Buffett''s Berkshire Hathaway Inc last month agreed to make an equity infusion. "Shortsellers have been profitable in Exchange Income so far this year," said Ihor Dusaniwsky, head of research at S3 Partners, adding that they made 14.75 percent, year-to-date. He said short sellers will fail to get significant short exposure in the stock because of the limited supply and as the cost to borrow the stock goes up. Cohodes declined to disclose the size of his EIC short positions. In November, Exchange Income announced that for the fourth time in the last 24 months, the company was increasing its dividend to an annualized rate of C$2.10, up 4.5 percent. Yet over the last five years, the company has increased its debt load by C$427 million and issued over C$230 million of shares to fund its C$700 million deficit, Cohodes said. (Reporting By Jennifer Ablan; Editing by Denny Thomas and Bernard Orr) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hedgefunds-cohodes-eic-idUSKBN19Q1QX'|'2017-07-05T16:35:00.000+03:00'
'a3235983e8175c7ead4e9540805b24d28b6552ab'|'UPDATE 1-S.African rand dragged lower by cenbank policy row, stocks down'|'Market News  52pm EDT UPDATE 1-S.African rand dragged lower by cenbank policy row, stocks down * Rand weaker but recovery on horizon as dollar stutters * Naspers weighs on bourse (Latest details, updates prices, adds comment) JOHANNESBURG, July 6 South Africa''s rand weakened on Thursday as investor fretted over policy uncertainties including the independence of the central bank, although traders eyeing short positions and betting on further weakness helped it claw back some ground. Stocks retreated along with markets in Europe and the United States. By 1500 GMT the rand had weakened 0.2 percent to 13.4250 per dollar, off a session low of 13.5075, as inconclusive U.S. Federal Reserve minutes kept the dollar near one-week highs. The dollar then turned weaker after softer-than-expected private jobs data, but overall sentiment toward local assets remained uneasy after the corruption watchdog said on Thursday she would oppose legal challenges to her recommendation to change the central bank''s mandate. The rand hit a seven-week trough after the ruling African National Congress failed to agree a clear plan to get the economy out of recession, with pledges to nationalise the central bank and expropriate land set to stoke fears further. On the stock market, the JSE''s Top-40 index fell 0.52 percent to 46,000 points while the broader All-share index dropped 0.38 percent to 52,285 points. Bourse heavyweight Naspers fell 1.41 percent to 2494.00 rand after its Indian unit Flipkart saw its initial takeover offer rejected by India''s third-placed e-commerce firm Snapdeal. Luxury goods maker Richemont was down 2.27 percent to 107.55 rand as more than half of the JSE''s blue-chip stocks lost ground. "It''s a broad-based sell off, we''ve seen Europe lows and the Dow and the S&P down fairly sharply," said NorthShore Capital fund manager Mark Loubser. The negative press about the uncertainty surrounding the ANC''s policy direction could also be weighing on stocks, he added. Bonds were weaker with the yield on the benchmark paper due in 2026 rising 5.5 basis points to 8.915 percent. (Reporting by Mfuneko Toyana and Olwethu Boso; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-markets-idUSL8N1JX4YJ'|'2017-07-06T19:52:00.000+03:00'
'0e8291fbb8386985f74e55cc5a97af6dcbc60f35'|'Microsoft to cut "thousands" of jobs - source'|'Microsoft Corp ( MSFT.O ) plans to cut "thousands" of jobs, with a majority of them outside the United States, a person familiar with the matter told Reuters.Reuters reported on Monday that Microsoft would undergo a reorganization that would impact its sales and marketing teams as the company doubles down on its fast-growing cloud business.Microsoft''s shares were down 0.7 percent at $68.63 on Thursday.The Redmond, Washington-based company employed about 120,000 people globally as of March 31, with sales and marketing teams accounting for about 19 percent of the workforce, according to the company''s website. ( bit.ly/2tgetOg )Microsoft has notified some employees about the reductions, the source said. However, in some geographies, the company plans to notify employees that their jobs are under consideration, the source added.Since taking over as chief executive in 2014, Satya Nadella has sharpened the company''s focus on its cloud computing unit to counter a prolonged slowdown in the PC market.(Reporting by Salvador Rodriguez in San Francisco; Narottam Medhora and Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-microsoft-layoffs-idUSKBN19R2IO'|'2017-07-06T19:52:00.000+03:00'
'bf2258200f595f741c8d75287c2a63f3043b49eb'|'Stop saying yes to everything: how to set boundaries for your business - Guardian Small Business Network'|'Wednesday 5 July 2017 07.00 BST Last modified on Wednesday 5 July 2017 07.02 BST I like helping people. The vast majority of entrepreneurs do. As a coach and strategist I spend my days troubleshooting with clients, mapping out strategies and giving advice and support. I also have a web design business. At the beginning of my entrepreneurial journey in 2012, I was overly excited. I said yes to all kind of projects, even ones I didn’t really enjoy but that paid an income. I worked all the time, worked with anyone, never took any time out and struggled to recharge properly. Needless to say juggling this with a full-time job, a young family and a partner often working away, I didn’t last long. This went on for close to a year, until I had to take a six-week hiatus while I regrouped. There should always be a differentiation between your paid and unpaid clients What I needed were some business boundaries. Strong boundaries set expectations and lead to a much happier experience all around because people know where they stand. As a recovering people pleaser, this was challenging. I hate to let people down and find it hard to say no, but I have had to learn to put myself first. I have learned to walk away from clients who I know aren’t a good fit, even if that means I have to refund their money. For you to successfully grow your business and support the people who are truly committed to your work (ie, paying clients), you must first acknowledge that you cannot help everyone. Your time is precious and must be attributed where it is needed most. You must get clear on what is and what isn’t acceptable to you, and stick to those boundaries. As a mum of two under five who did not want to be chained to my laptop all the time, I had to make changes. I had allowed a number of clients to pay me late. I was taking my phone to bed, checking it in the night and as soon as I woke up, in the fear that I had missed something important. I was doing work for free, and giving attention to people who constantly wanted to pick my brain. This did not respect my time or expertise. Technology has made it easier for the self-employed to connect, grow communities and build their businesses. But it also makes you immediately contactable at the touch of a button, and many clients come to expect a fast response. From email and Whatsapp, to Twitter, Facebook and phone calls – if people want to reach you today, they can. All work and no pay: creative industries freelancers are exploited Read more But how you respond is up to you. I used to think that I was being efficient answering emails as soon as they came in, but it set an unrealistic expectation and my clients then wanted an immediate response. Your clients and potential clients treat you how you teach them to treat you. If you are readily available and allow people to have instant access to you (especially those who are not paying for your services), you will create a rod for your own back. Now I commit to a 24-hour turnaround for clients and 48 hours for everyone else. There should always be some differentiation between your paid and unpaid clients. If there isn’t, you do a disservice to the people who keep you in business. Boundary setting is an ongoing exercise that evolves as your business develops. Clear communication is essential, as is having contracts in place to clearly define what is and isn’t included in your work. Just because you’ve delivered on a project does not necessarily mean you’re forever on hand for future queries or endless tweaks. Have I lost business because of these boundaries? Sure. Some clients won’t like the fact you’re not as accessible as you once were. But at the same time, I’ve found others to be more than accommodating. Done right, boundaries bring much greater freedom and fulfilment to your business, freeing you up to the work that matters. Chichi Eruchalu is a business strategist and coach. She also runs CEO Mastery – an online community of 3,000 female entrepreneurs. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jul/05/better-boundaries-business-chichi-eruchalu'|'2017-07-05T03:00:00.000+03:00'
'1c15f69448b24ec806fa7e5868b18dc9a7c95a2c'|'Exclusive - Energy giants court Qatar for gas expansion role despite crisis'|' 29pm BST Exclusive - Energy giants court Qatar for gas expansion role despite crisis FILE PHOTO: A man walks on the corniche in Doha, Qatar, June 15, 2017. REUTERS/Naseem Zeitoon/File Photo/ By Ron Bousso and Dmitry Zhdannikov - LONDON LONDON The West''s three biggest energy corporations are lobbying Qatar to take part in a huge expansion of its gas production, handing Doha an unintended but timely boost in its bitter dispute with Gulf Arab neighbours. The chief executives of ExxonMobil( XOM.N ), Royal Dutch Shell ( RDSa.L ) and France''s Total ( TOTF.PA ) all met the emir, Sheikh Tamim bin Hamad al-Thani, in Qatar before it announced a plan on Tuesday to raise output of liquefied natural gas (LNG) by 30 percent. Company and industry sources told Reuters that the CEOs had expressed interest in helping Qatar with its ambition to produce 100 million tonnes of LNG annually - equivalent to a third of current global supplies - in the next five to seven years. The companies already have large investments in countries on both sides of the dispute, and are keen to remain neutral after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed ties with Doha on June 5. Spokespeople from all three firms declined comment. However, a top executive from one energy major looking into expanding in Qatar said the huge business opportunity was worth the considerable political risk. "There is only one policy here – you have to behave like a commercial corporation," the executive told Reuters. "You have to make your choices purely economically and be Qatari in Qatar, Emirati in the Emirates." Energy sales have powered Qatar''s rapid rise as a regional player since the late 1990s, and the oil majors'' interest in the LNG expansion underline its longer-term economic muscle during the political row with its neighbours. Chief executives Darren Woods of Exxon and Ben van Beurden of Shell both met the emir after the four Arab countries imposed the sanctions. Total chief Patrick Pouyanne has also visited Doha in recent weeks. Qatar, the world''s largest LNG supplier and second biggest gas exporter after Russia, has some of the lowest production costs. The plan was seen as an opening shot in a price war as Doha tries to defend its market share, especially against supplies from U.S. shale deposits where costs are higher. WILLINGNESS TO INVEST The four Arab countries, which have demanded Qatar stop fostering terrorism and courting Iran, said after meeting on Wednesday that Doha''s response to their grievances had been negative. Saudi Foreign Minister Adel al-Jubeir said the political and economic boycott would remain until Qatar improved its policies. Further steps would be taken at the appropriate time, he said. Doha denies aiding terrorism and its foreign minister, Sheikh Mohammed bin Abdulrahman al-Thani, accused the four of "clear aggression" while adding that Qatar continued to call for dialogue to settle the dispute. Exxon, Shell and Total have already invested extensively in Qatar, particularly in projects to liquefy gas, allowing it to be shipped by tanker to consumer markets where transport by pipeline is not feasible. Woods met the emir on June 26, discussing "cooperation" with Qatar, where Exxon has been present since 1935, according to a statement carried by the state news agency. Industry sources close to the talks said that "the Exxon CEO was very keen to join the new gas capacity expansion and expressed willingness to invest". Woods replaced Rex Tillerson, under whom Exxon helped to build Qatar''s LNG industry until he left to become U.S. Secretary of State earlier this year. Exxon will be the largest foreign investor in Qatar in 2017, with most money going into LNG facilities, representing around seven percent of its global portfolio, according to consultancy WoodMackenzie. Shell''s Van Beurden was among the first foreign company leaders to visit Qatar after the crisis broke out, meeting the emir on June 14. This was followed several days later by a new deal under which Qatar will supply Shell, the world''s largest LNG trader, with 1.1 million tonnes annually for five years starting in 2019. Shell''s operations in Qatar include Pearl GTL, the world''s largest gas liquefaction plant. Its overall investments in the state represent around six percent of its global portfolio. The three firms had been expecting Qatar to expand its LNG exports since it lifted a self-imposed moratorium on development of the North Field, the world''s biggest natural gas field it shares with Iran, the sources said. Oil and gas companies generally are no strangers to operating in risky areas. This week Total became the first Western energy firm to invest in Iran since the lifting of sanctions against the country. The project, phase 11 of Iran''s South Pars development, draws gas from the same reservoir as Qatar''s North Field. Total chief Pouyanne discussed new opportunities in the LNG sector as well as the company''s plans to develop the Al-Shaheen oil field on his trip to Doha, according to a senior source. Qatar''s LNG capacity could be boosted by up to 10 million tonnes per year relatively quickly and cheaply by optimising existing facilities and upgrading a small number of units, a process known as "debottlenecking", according to a senior industry source. Beyond that, the expansion would require building new liquefaction terminals involving significant investments, which the energy giants can offer. "Qatar LNG is really an important part of their overall portfolio, especially for Exxon but Total and Shell are also material LNG players there," Tom Ellacott, analyst at WoodMackenzie said. "Qatar LNG is very competitive. Debottlenecking will be a relatively cheap option to increase capacity, but with the industry at a low point in the cost cycle, it may also be a good time to install new terminals." (Additional reporting by Ernest Scheyder in Houston, Bate Felix in Paris; editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gulf-qatar-lng-exclusive-idUKKBN19Q2H5'|'2017-07-05T20:29:00.000+03:00'
'62acb135c15565f85166fe9c35f0ac6bf723bc7c'|'Swiss Re shifts $130 billion investments to track ethical indices'|' 27pm BST Swiss Re shifts $130 billion investments to track ethical indices By John Revill - ZURICH ZURICH Swiss Re ( SRENH.S ) is switching the entire $130 billion (100.46 billion pounds) it holds in liquid assets to track ethical indices, the latest move towards principled investments by the insurance industry. The world''s second-largest reinsurer is 90 percent of the way through shifting its holdings from tracking traditional benchmarks, a process it expects to complete by the end of the third quarter in 2017. It said taking social and governance (ESG) criteria into account reduced the risk of losses especially for long term investors. "This is not only about doing good, we have done it because it makes economic sense," Swiss Re Chief Investment Officer Guido Fuerer told Reuters on Thursday. "Equities and fixed income products from companies and sectors with a high ESG ratings have better risk-return ratios." Institutional investors are increasingly looking at how companies perform on environmental, social and governance-related issues, given the potential for poor behaviour to lead to a share price hit. A Bank of America Merrill Lynch Equity and Quant Strategy team last month said ESG-based investing reduced bankruptcy risks for U.S. stocks, while companies with the widest credit default swap spreads are the ones with the weakest ESG credentials, according to research by Hermes Investment Management. The MSCI ESG Leaders Index has gained 11.2 percent in 2017, slightly outperforming the MSCI International World Price Index, which has risen 9.6 percent. The decision by Swiss Re follows moves by peers to weave ESG into their own investment processes. For example AXA ( AXAF.PA ), France''s largest insurer, last year said it would stop investing in tobacco and divest all of its 1.8 billion euros ($2 billion) of assets in the industry. At the time AXA called tobacco "the biggest threat to public health in the world". Unlike its rivals, Swiss Re said it would not be shifting its investments away from any particular industry or company. "It is very delicate to exclude whole sectors, keeping diversification in mind. The ultimate point is to put incentives to companies to become more sustainable over time," said Swiss Re''s Fuerer. He said Swiss Re is the first insurer to base its whole portfolio on ethical principles, with portfolio managers being told to use MSCI''s environmental, governance and social indices when making investment decisions. MSCI rates companies according to various ethical criteria, with the score combined with market capitalisation weight to create an index. That means companies with a more ethical performance have a greater weight in the index.   Paul Arnold in Zurich and Simon Jessop in London; editing by Duncan Miriri)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swissre-ethical-idUKKBN19R22Q'|'2017-07-06T17:27:00.000+03:00'
'aed10b5d8c7689ae4a24548f1ef800cbc1f95896'|'How an ''Airbnb for retail'' is bringing entrepreneurs back to the high street - Guardian Small Business Network'|'The Disruptors How an ''Airbnb for retail'' is bringing entrepreneurs back to the high street Appear Here launched 4,000 pop-up shops in London last year. Founder Ross Bailey believes they are democratising an industry that has been hard to access Ross Bailey started Appear Here in 2013 and says it was difficult to get landlords and investors on board initially. Photograph: Appear Here The Disruptors How an ''Airbnb for retail'' is bringing entrepreneurs back to the high street Appear Here launched 4,000 pop-up shops in London last year. Founder Ross Bailey believes they are democratising an industry that has been hard to access Supported by Thursday 6 July 2017 07.00 BST Last modified on Thursday 6 July 2017 10.11 BST F or Alex Hely-Hutchinson, launching her porridge cafe 26 Grains was the culmination of years of obsessing about an idea she’d had while living in Copenhagen, where it’s a popular takeaway food. But she didn’t know if anyone else would love it as much as she did until she organised a pop-up shop in Old Street station with Appear Here. “I talked about this idea all the time but didn’t really know what my route to market would be,” she says. “Even though starting a porridge stall in an underground station in July wasn’t the best idea, it went really well. Being able to have a shopfront, actually speaking to your customers from the very beginning … it was a great opportunity.” Alex Hely-Hutchinson, founder of 26 Grains. Photograph: James Edwin Bettney The Old Street station pop-up was followed by another, and another. After a year doing events in London, Hely-Hutchinson was able to put a compelling business case together for a landlord. She opened a permanent store in Covent Garden in June 2015. Appear Here was founded by Ross Bailey in 2013. Billed as an “Airbnb for retail”, Bailey had the idea after convincing a landlord to let him borrow a shop for a week in 2012 to sell Olympics and Diamond Jubilee merchandise. Other retailers asked him to help organise their pop-ups and he realised the system wasn’t set up to facilitate the growing trend of temporary retail. “Everyone was talking about how the high street is dying and vacancy rates are at their highest point. I thought why can’t we take the latent capacity of all these empty shops and try and make it a little more flexible, giving more people access to the high street,” he says, adding that the original team faced challenges in realising this vision. “None of us had run a company before. “It was horribly difficult [to get landlords to give this a try]. Most people said it would never work, that we had to work through agents or they wouldn’t do it. Gradually they came around.” Rates revaluation could finish off high street, warn small businesses Read more A report compiled by PwC and the Local Data Company found there were 15 shops closing every day in the UK in the first half of 2016. This year is showing some signs of an uplift – the British Independent Retailers Association found four new independent shops per day opened in the first three months of 2017. But recent news that one in four retailers on Bond Stree t are thinking of moving out, highlights the difficulty many retailers are having. By comparison, the pop-up sector is booming. It’s estimated to be worth £2.3bn , with 44% of consumers saying they’ve visited a pop-up space (pdf) in the past 12 months. Appear Here launched 4,000 stores in London last year and has recently opened offices in New York and Paris. Their users are split between “thousands of landlords” and 80,000 entrepreneurs who use (or have used) the site to find a space. Investors have been interested too (albeit after a period of initial reluctance) – the business is about to close a $12m (£9m) funding round, which follows an earlier $10m (£7m) investment. Top of the agenda for Appear Here was simplifying the whole process for both parties, Bailey says. That included minimising legal jargon, having a simple two-page agreement, and making all charges transparent. As a result, it takes much less time to organise a space. “Traditionally when you try and get a store, it takes three to six months to do a deal. On Appear Here, it takes three to six days. Our vision is to build a global marketplace where anyone with an idea can find space to bring it to life.” Preecha Patikit found a pop-up space in Topshop on Oxford Street through Appear Here. Photograph: Katy Dillon One such business owner is Preecha Patikit, who sells personalised handmade jewellery through his company, Littlesmith . He had a market stall in Spitalfields market but had contacted Topshop to see if there was an opportunity to collaborate so he could reach a high street audience. He got no response. “For a small business to approach a big retailer, it’s very difficult,” Patikit says. “But Appear Here had Topshop on their list, so I applied and was accepted. We were in the Oxford Street store for five weeks.” His revenue increased dramatically from £875 a day, to £8,500 in the first week. He now has a permanent space in Topshop and Selfridges, and is discussing opportunities with John Lewis and retailers abroad. Patikit hopes they can open their own standalone shop later this year. He believes working with Appear Here has helped the business grow much more rapidly than expected. What’s perhaps surprising is that someone relatively inexperienced in retail has succeeded in reimagining the sector. But Bailey believes his naivety has been a strength. “When you’re naive, sometimes you look at things and think why is it that complex? Why do we need this many documents? Why are they using big words I don’t really understand?” he says. “Not only are you giving entrepreneurs access, not only are you opening up an old school industry, you’re actually bringing the real estate sector forward. You’re democratising something that was previously hard to access.” Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jul/06/airbnb-for-retail-high-street-business-rates-26-grains-littlesmith-appear-here'|'2017-07-06T03:00:00.000+03:00'
'7851e216c3d12fa48dadcbcb4ecd2acd1a38ce90'|'The Electric Car Revolution Is Accelerating'|'The Electric Car Revolution Is Accelerating By Electric cars will be as cheap as gasoline models by 2025 Battery manufacturing capacity will triple in the next four years The charging port of Honda Motor Co.''s Fit electric vehicle. Photographer: Andrew Harrer/Bloomberg Electric cars will outsell fossil-fuel powered vehicles within two decades as battery prices plunge, turning the global auto industry upside down and signaling economic turmoil for oil-exporting countries.The Bloomberg New Energy Finance forecast says adoption of emission-free vehicles will happen more quickly than previously estimated because the cost of building cars is falling so fast. The seismic shift will see cars with a plug account for a third of the global auto fleet by 2040 and displace about 8 million barrels a day of oil production—more than the 7 million barrels Saudi Arabia exports today. “This is economics, pure and simple economics,” BNEF’s lead advanced-transportation analyst Colin McKerracher said before forecasts were published on Thursday. “Lithium-ion battery prices are going to come down sooner and faster than most other people expect.” Bloomberg New Energy Finance The forecast is BNEF’s most bullish to date and is more aggressive than projections made by the International Energy Agency. Surging investment in lithium-ion batteries, higher manufacturing capacity at companies including Tesla Inc. and Nissan Motor Co., as well as emerging consumer demand from China to Europe support BNEF’s projections, which also include: In just eight years, electric cars will be as cheap as gasoline vehicles, pushing the global fleet to 530 million vehicles by 2040 Electricity consumption from EVs will grow to 1,800 terawatt-hours in 2040, or 5 percent of global power demand, from 6 terawatt-hours in 2016 There''s around 90 gigawatt hours of EV lithium-ion battery manufacturing capacity online now, and this is set to rise to 270 gigawatt hours by 2021. Charging infrastructure will continue to be an issue with bottlenecks capping growth in key Chinese, U.S. and European markets emerging in the mid-2030s Bloomberg New Energy Finance Lithium-ion cell costs have already fallen by 73 percent since 2010 and BNEF predicts innovation of battery manufacturers will accelerate and lead to further steep declines in average prices over the next two decades. While they won’t fall as fast as solar panels, it could still lead to suppliers getting squeezed as they compete for contracts, McKerracher said.“There’s an element of competitive dynamics and a real possibility of oversupply in the lithium ion battery market that will serve to hammer down prices,” he said.The world may need the equivalent of 35 of the so-called Gigafactories like the one built by Tesla founder Elon Musk in Nevada over the next 13 years to meet the power demands of electric cars, according to BNEF. Bloomberg New Energy Finance The global shift toward electric vehicles will create upheaval for the auto industry: from oil majors harmed by reduced gasoline demand to spark plug and fuel injection manufacturers whose products aren’t needed by plug-in cars. BNEF, which last year forecast as much as 13 million barrels of oil a day displaced by electric cars, said its revised 8 million barrel a day figure is “likely understated.”While traditional car suppliers may be hurt by EV growth, some commodities will get a lift, according to BNEF: Graphite demand will soar to 852,000 tons a year in 2030 from just 13 tons in 2015 Nickel and aluminum demand will both see demand from EVs rise to about 327,000 tons a year from just 5 tons in 2015 Production of lithium, cobalt and manganese will each increase more than 100-fold The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up It’s the world’s biggest economies—China, the U.S. and Europe—that will drive demand for battery powered cars over the next 25 years, according to BNEF. These governments which have already been the most advanced in providing subsidies and installing charging points, will reap the benefits sooner than other emerging economies like India."Electric cars are intrinsically cheaper than gas or oil fuelled cars because they''re simpler and their maintenance is a lot easier,” said Enel SpA Chief Executive Officer Francesco Starace said in an interview in Rome.In Europe, almost 67 percent of new cars sold will be electrified in 2040, and 58 percent of sales in the U.S. and 51 percent in China, BNEF said. Though there''s uncertainty in the U.S., where President Donald Trump could dramatically disrupt electric vehicle growth by withdrawing support for the technology in the world’s second biggest car market. “The next 6 to 8 years become really critical,” McKerracher said. “If those volume amounts falter dramatically, then some of those cost reductions may not come to pass and that will affect the crossover point and therefore the overall adoption level.” Why Electric Cars May Dominate the Auto Market by 2040 '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-06/the-electric-car-revolution-is-accelerating'|'2017-07-06T12:33:00.000+03:00'
'39a6451fbd673ad865b08c6404ce6f84ac22e04c'|'Yubikey''s $18 key can protect you from hackers - Jul. 6, 2017'|'This $18 key can protect you from hackers by Selena Larson @selenalarson July 6, 2017: 12:32 PM ET How to protect yourself from hackers Your online accounts should be protected with more than just a password. And using a cheap device called YubiKey can help keep you from being hacked. By now you''ve probably heard you should be using two-factor authentication, often called 2FA, to log in to your accounts. If you''re using 2FA, you need an additional code to access your email,Facebook or other accounts. This is often sent via SMS, which may not be the most secure. For instance, if you request a texted code, it could be intercepted by someone snooping on your mobile network or a hacker who has convinced a mobile operator to redirect your phone number. Further, when you don''t have cell service, you can''t get the text. YubiKey , created by Yubico, is one solution. The $18 key connects to a USB port on your computer and tells a service, like Gmail, that you are you. You simply plug it into your computer, touch it and your identity is authenticated. It automatically creates a one-time-use password to log in to an account, and because it''s a physical key, data can''t be intercepted in transit. Security researchers say Yubikey is the best method to protect yourself from phishing, a common tactic that tricks a person into thinking a malicious message was sent by someone they trust. Usually phishing attacks are used to gain access to your personal information, like emails or bank accounts. Facebook added support for the security key in January. "We added support for U2F Security Keys because they offer the best possible account protection against the potential risk of phishing," Facebook security engineer Brad Hill said in a statement to CNN Tech. It takes just minutes to set it up with services like Facebook and Gmail, which let you add it under Security Settings. Related: Your data is not safe. Here''s how to lock it down "Security is the biggest issue on the internet," Yubico CEO Stina Ehrensvard said. "For the internet to be secure ... it should be the users who own and monitor and control what data they want to provide." YubiKey doesn''t work for all accounts that support 2FA. But Gmail, Facebook ( FB , Tech30 ) , and Dropbox are hugely popular consumer products that support this key. Yubico has a list of accounts that support its method of authentication. According to Ehrensvard, the firm has seen a major increase in Yubikey adoption recently. During the 2016 holiday season, some security researchers suggested it as a stocking stuffer, and the company said there''s been a " huge spike " in orders over the last year. Yubico, alongside Google ( GOOG ) , helped create U2F, or Universal 2nd Factor, a security standard to let users access their accounts with a physical key, like Yubikey. Ehrensvard said Yubikey has protected journalists, students, and corporations from hackers. "We got an email from a journalist who said, ''Thank you for saving my life,''" Ehrensvard said. "Because he had set up a security key with Gmail and some of his coworkers had not. And they''re no longer there." CNNMoney (San Francisco)   12:32 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/07/06/technology/gadgets/yubikey-security-key/index.html'|'2017-07-06T20:32:00.000+03:00'
'bc3ac6f739982374572c393f365fb6ad187261f9'|'Airbus pushes for stake in U.S.-led German helicopter project'|'July 6, 2017 / 8:02 AM / in 16 minutes Airbus pushes for stake in U.S.-led German helicopter project Andrea Shalal 4 Min Read FILE PHOTO - The Airbus helicopter logo is seen near the airport in Augsburg, Germany, March 24, 2017. Michaela Rehle/File Photo BUECKEBURG, Germany (Reuters) - Airbus urged the German government on Wednesday to ensure domestic firms get a big share of a near 4-billion-euro contract earmarked for the country''s next generation of heavy-lift military helicopters. German defence officials have said they want a low-risk heavy-lift helicopter that already exists, which means the likely supplier will be one of the two biggest U.S. weapons makers - Lockheed Martin Corp and Boeing Co. Airbus officials say they do not have a helicopter large enough for Germany''s likely military''s needs, but want to take a close look at the requirements when they are released by the defence ministry, a move that could occur next year. Europe''s biggest aerospace company and seven German firms including engine maker MTU Aero Engines said on Wednesday they had teamed up to push for a management and maintenance role in the project. "This is about the future of the German helicopter industry," Wolfgang Schoder, CEO of Airbus Helicopters Deutschland, told Reuters at a helicopter conference in northern Germany. The Defence Ministry has proposed spending 3.84 billion euros ($4.35 billion) for the project through to 2029, although the programme must still be approved by parliament. The German firms want the ministry to split the procurement of the helicopters from the work of certifying, managing and maintaining the new aircraft that will go on for decades. This programme is "too big for Germany industry not to be involved," Airbus''s Stefan Woelfle told military officials and industry executives at the conference. "There''s nothing else on the horizon," Schoder said, noting that German law did not require a specific amount of German content on major weapons systems, and that many German firms in the sector had been hit hard in recent years by a drop in demand linked to declining oil prices. ''Nothing Ruled Out'' Airbus and Boeing worked together for five years on a possible heavy-lift helicopter but dropped their plans in 2012 after realising the effort would be too costly. Boeing''s CH-47 Chinook, already used by eight other NATO countries, will now square off against Lockheed''s Sikorsky CH-53K, a redesigned version of the CH-53G that Germany now flies and which the U.S. Marine Corps plans to start using in combat in 2019. Senior executives from both firms attended the conference. Wednesday''s surprise announcement by Airbus follows talks between U.S. and German firms, and reflects growing concerns in German industry about how much work would be left for them. Boeing and Lockheed already work closely with German industry and have said they would seek to form partnerships to build and maintain a future German helicopter. If the ministry decided to award a single contract that included procurement and system maintenance, then Airbus would have to look for a partner and negotiate good terms, but it could also consider submitting a bid of its own, Schoder said. He said Airbus could bid as a prime contractor, offering a U.S.-made helicopter made by a partner, though any future moves would depend on the terms of the contract. "I''m not ruling anything out," he said. ($1 = 0.8825 euros) Reporting by Andrea Shalal; Editing by Michael Nienaber and John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airbus-germany-military-idINKBN19R0QD'|'2017-07-06T10:59:00.000+03:00'
'587469b2bb8171855f1a2f0b08379b4567a0500a'|'U.S. cars a tough sell in South Korea even as Trump targets trade deal'|'Business  10am BST U.S. cars a tough sell in South Korea even as Trump targets trade deal left right A Tesla Model S electric car is seen at its dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji 1/4 left right The logo of Tesla is seen on a steering wheel of its Model S electric car at its dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji 2/4 left right A Tesla Model S electric car is charged by a Destination Charger at its dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji 3/4 left right A Tesla Model S electric car is seen at its dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji 4/4 By Hyunjoo Jin - SEOUL SEOUL U.S. auto imports from the likes of General Motors and Ford Motor must become more chic, affordable or fuel-efficient to reap the rewards of President Donald Trump''s attempts to renegotiate a trade deal with key ally South Korea, officials and industry experts in Seoul say. Meeting South Korean President Moon Jae-in last week in Washington, Trump said the United States would do more to address trade imbalances with South Korea and create a level playing ground for U.S. businesses, especially carmakers, in the world''s 11th largest auto market by sales. While imports from automakers including Ford, Chrysler and GM more than doubled last year largely thanks to free trade deal which took effect in 2012, sales account for just 1 percent of a market dominated by more affordable models from local giants Hyundai Motor Co and affiliate Kia Motors Corp. Imports make up just 15 percent of the overall Korean auto market, and are mainly more luxurious models from German automakers BMW and Daimler AG''s Mercedes-Benz, which also benefit from a trade deal with the European Union. "Addressing non-tariff barriers would not fundamentally raise the competitiveness of U.S. cars," a senior Korean government official told Reuters, declining to be identified because of the sensitivity of the subject. "What we really want to say to the United States is: make good cars, make cars that Korean consumers like." TASTE BARRIER In Korea, U.S. imports are seen as lagging German brands in brand image, sophistication and fuel economy, industry experts say. U.S. imports do have a competitive advantage in electric cars: Tesla Motors'' electric vehicles are seen as both environmentally friendly and trendy, while GM has launched a long-range Bolt EV. U.S. Commerce Secretary Wilbur Ross had cited a quota in the current trade deal as an obstacle to boosting imports. The quota allows U.S. automakers to bring in each year 25,000 vehicles that meet U.S., not necessarily Korean, safety standards. Should GM, for example, decide to bring in more than its quota of one model - the Impala sedans - it would cost up to $75 million to modify the cars to meet Korean safety standards, the company told its local labor union. Asked about non-tariff barriers, a spokesman at GM''s Korean unit said removing them could expand the range of models the company can bring in from the United States. No U.S. company, however, has yet to make full use of the quota, industry data shows. GM, the most popular U.S. brand, sold only 13,150 U.S.-made vehicles last year. U.S. cars could also see the benefits of a renegotiated trade deal at a time when diesel-powered cars offered by Volkswagen''s are losing appeal following cheating on emissions tests. However, they still need to appeal to the locals, experts say. "Upgrading their vehicles and meet the luxurious taste of consumers is more important than complaining about non-tariff barriers," said Kim Pil-soo, a professor of engineering at Daelim University College near Seoul. (Reporting by Hyunjoo Jin; Additional reporting by Haejin Choi; Editing by Miyoung Kim and Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-southkorea-autos-usa-idUKKBN19R0RJ'|'2017-07-06T11:12:00.000+03:00'
'2633f505f2d5621c6d48114c4fd9ceb5afe639af'|'Endo to voluntarily remove opioid painkiller in U.S.'|' 32pm EDT Endo to voluntarily remove opioid painkiller in U.S. July 6 Endo International Plc said it would voluntarily remove its long-lasting opioid painkiller, Opana ER, a month after the U.S. Food and Drug Administration''s withdrawal request amid the growing opioid abuse crisis in the United States. Endo''s shares fell 2.6 percent to $11.09 in afternoon trading on Thursday. The company expects to incur a pre-tax impairment charge of about $20 million in the second quarter, Endo said. Opana ER generated sales of about $159 million in 2016. (Reporting by Divya Grover in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/endo-intl-opana-idUSL4N1JX1K6'|'2017-07-06T19:32:00.000+03:00'
'b7970789a27d7bc83bce43086ec6c1ba31cc4f6e'|'Ending austerity means increasing taxes or deficit, warns thinktank'|'Philip Hammond will have to rip up the government’s deficit reduction plan or increase taxes for most of the population if he decides to end seven years of austerity by sanctioning higher public sector pay, reversing welfare cuts and providing extra cash for Whitehall departments, a thinktank has said.The Resolution Foundation said it was possible for the chancellor to do a U-turn in his autumn budget, but only if he was prepared to increase borrowing by more than £100bn over the next four years or to make individuals and companies pay more tax.Its report, Living With Austerity, said that given the curbs on spending since 2010 it was understandable that politicians would want to revisit the debate, but that they had to face up to the costs involved.Theresa May’s failure to win an overall majority in last month’s general election has led to many leading Conservatives – including the foreign secretary, Boris Johnson , health secretary Jeremy Hunt and the education secretary Justine Greening , suggesting that the time has come to abandon the 1% cap on public sector pay.Boris Johnson: lift 1% ceiling on public sector pay increases Read moreHammond has been resisting calls for a more generous approach to public sector workers and has insisted that the government stick to its plan of eliminating the budget deficit by midway through the 2020s .The Resolution Foundation said public sector pay was only a small part of austerity, and that removing the 1% cap would amount merely to tinkering. Its analysis found that the public sector was facing two “crunches”, a squeeze on pay that would bring it back to 2005 levels by 2020 and a loss of jobs that would result in a headcount below five million for the first time this century.The report said allowing public sector pay to rise in line with pay in the private sector for the rest of the decade would cost £9.7bn by 2021-22, while expanding the public sector workforce in line with the increase in the UK’s population would cost a further £11.5bn over the same period.Far more households are affected by the freeze on benefits than by the public sector pay cap, but the foundation said the cost of unfreezing them would be lower. Allowing working age benefits to rise in line with inflation from next April would cost £3.6bn by 2021-22, while reversing the cuts to work allowances in universal credit would cost around £3.2bn.Since 2010, only the NHS, international development and schools have been spared budget cuts. The report said allowing departmental spending (including public sector pay) to rise in line with GDP growth after the end of the current spending review in 2019-20 would cost £12.3bn by 2021-22. Reversing the cuts planned for the next two years would cost a further £11bn.Even the IMF says austerity doesn’t work. It’s the zombie idea that will not die - Phil McDuff Read moreMatt Whittaker, chief economist at the Resolution Foundation, said it was no surprise that squeeze fatigue had set in. “But recognising that fatigue is very different to doing something about it. If we want a serious discussion on ending austerity, we need to get serious about prioritising what spending we really want to see rise and how we want to pay for it – and that means tax rises for most of us.“The chancellor can start by cancelling unneeded corporation tax cuts . But if he wants to raise serious revenues despite the challenges of having a minority government, which the Office of Budget Responsibility may force him to irrespective of plans to end aspects of austerity, then he could look at freezing tax thresholds, which could raise up to £12.5bn.”The foundation said weaker than expected economic expansion and pay growth this year meant there was a significant risk that the independent Office for Budget Responsibility would downgrade its forecasts for the public finances in the budget. The chancellor would need to respond to these development even before any moves to “end austerity”, it added.Topics Austerity Economics Public sector pay Welfare Public services policy Philip Hammond news'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/2017/jul/08/ending-austerity-means-increasing-taxes-or-deficit-warns-thinktank'|'2017-07-08T10:00:00.000+03:00'
'9a13431ecf43b85db62decd70f6058c5fc9320e2'|'Qatar Airways CEO says no plans to cancel Airbus A350 order'|'Market News - Thu Jul 6, 2017 - 10:13am EDT CORRECTED-Qatar Airways CEO says Airbus A350 delivery delays down to Airbus (Corrects headline and lead to reflect quote, removes reference to not scrapping orders) DUBLIN, July 6 Qatar Airways said any delays with the delivery of the Airbus A350 long-haul jets are down to Airbus, its chief executive said on Thursday. "We are asking Airbus to deliver it faster," CEO Akbar al-Baker said at a Dublin news conference. "The delay is from Airbus." Qatar Airways has previously said delivery delays by Airbus had forced to it push back expansion plans. The Doha-based airline also recently ordered two Boeing 747-8 freighters, al-Baker said. (Reporting by Conor Humphries in Dublin, writing by Alexander Cornwell in Dubai; editing by Jason Neely and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/qatar-airways-airbus-orders-idUSD5N1GY01O'|'2017-07-06T14:45:00.000+03:00'
'd21d07a04ea47705debdc569cf447623927f536e'|'Primark''s sales soar as shoppers snap up low-cost summer fashions - Business'|'Primark Primark''s sales soar as shoppers snap up low-cost summer fashions Retailer’s inexpensive take on latest trends triggers bumper sales of embroidered tops, ripped jeans – and inflatable flamingos Think pink … Glastonbury festivalgoers with the latest must-have summer accessory. Photograph: Oli Scarff/AFP/Getty Primark Primark''s sales soar as shoppers snap up low-cost summer fashions Retailer’s inexpensive take on latest trends triggers bumper sales of embroidered tops, ripped jeans – and inflatable flamingos View more sharing options Thursday 6 July 2017 17.21 BST Last modified on Thursday 6 July 2017 18.06 BST Primark has reported “stellar” clothing sales as the warm weather encouraged shoppers to snap up its low-cost summer fashions. Last year investors were worried the stock market darling was running out of steam after sales at UK stores open more than one year turned negative for the first time. But John Bason, finance director at Primark’s parent company, AB Foods, said the fashion chain had returned to form over the past three months. He said the retailer’s success was helped by the recent good weather and its “value” fashion appealing to increasingly hard-up Britons as inflation bites. “Trading in the third quarter was very strong indeed,” said Bason, although he pointed out that the numbers were flattered by poor figures from a year ago when “unpredictable weather patterns” dented sales. “We had easy comparatives … but I don’t think our stores or merchandise have ever looked better.” Credit Suisse analyst Charlie Mills estimated that like-for-like sales in the UK had risen 6% in the third quarter. “Primark looks to have had a stellar third quarter,” he said. “This is partly due to a soft comparative, but also very strong footfall and transactions leading to record market share gains.” Bason said in recent months the number of shoppers visiting its stores had increased and that when they got to the till they were buying more items. That is in sharp contrast with larger rivals Next and Marks & Spencer, which are battling falling clothing sales as Britons spend less cash on wardrobe updates and when they do look to trade down to cheaper stores. “We’ve got the best clothing prices on the high street and are selling it at full price because we have got what people want,” said Bason. The industry data showed the return of inflation was having an impact on disposable incomes, he said, adding: “I think we are seeing the start of some tougher times for UK consumers.” Shoppers, however, were keen on Primark’s inexpensive take on catwalk trends, with the retailer reporting strong sales of embroidered tops and ripped jeans. There was also huge demand for novelty items such as inflatable flamingos and unicorns as Britons basked in paddling pools or packed them to take on holiday. Primark, the Britain’s third largest clothing retailer by sales value behind M&S and Next, gained market share in the 40 weeks to 24 June. Total UK sales rose 9% thanks to a store opening spree that included Llandudno and Uxbridge. Primark said group sales were up 15% at constant currencies in the third quarter. The retailer has successfully established a chain in Spain and has launched a global push, opening shops in Staten Island and New York in the US as well as Florence in Italy. The retailer had previously warned investors that its profit margins would face greater pressure in the second half of the year, but Bason said they would now be no lower than in the first half after it struck improved deals with its suppliers. Primark shares closed up more than 2% on Thursday, making it the second biggest riser in the FTSE 100. Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/06/primarks-sales-shoppers-low-cost-summer-fashions'|'2017-07-06T03:00:00.000+03:00'
'f3a0871f896106bf2700abad7412261379e24934'|'IMF urges G20 leaders to avoid ''myopic'' trade policies'|'July 5, 2017 / 3:26 PM / in 5 minutes IMF urges G20 leaders to avoid ''myopic'' trade policies 2 Min Read German police officers on horses ahead of the G20 summit in Hamburg, Germany, July 5, 2017. Kai Pfaffenbach WASHINGTON (Reuters) - The International Monetary Fund on Wednesday urged leaders of the Group of 20 major economies to avoid "myopic" nationalistic policies and to work together in agreed forums to resolve their trade and economic differences. In a pointed message before U.S. President Donald Trump''s first G20 summit in Hamburg, Germany later this week, the IMF said in an economic briefing note to the leaders that a rules-based and open trading system was vital for world prosperity. "Myopic pursuit of zero-sum policies can only end by hurting all countries, as history shows," the IMF said. "Because national policies inevitably interact in a number of vital areas, creating strong spillovers across countries, the world economy works far better for all when policymakers engage in regular dialogue and work within agreed mechanisms to resolve disagreement." The IMF''s pitch to maintain multilateral cooperation comes as the Trump administration is considering imposing broad new steel tariffs or quotas based on national security grounds, a move that has not occurred since the World Trade Organization was launched in 1995. The U.S. Commerce Department is expected to wait until after the G20 summit this Friday and Saturday to issue its review of the steel industry''s national security implications, part of an effort to persuade China and other countries to cut excess capacity in the sector. It is working on a similar report on the U.S. aluminum industry, also invoking provisions of a 1962 U.S. trade law. The IMF also said that while the global economic recovery remains on track, with growth this year and next year in the 3.5 percent range, its forecasts do not include a major trade disruption. Reporting by David Lawder'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/g20-imf-idINKBN19Q22A'|'2017-07-05T18:23:00.000+03:00'
'84d21bc874cfdbd7f89a9c76fd8655f73d928b45'|'A decade of low interest rates: who are the winners and losers? - Business'|'It has been a difficult decade for savers. For 10 years they have suffered falling or ultra-low interest rates, leaving them in the red on their deposit accounts when they might reasonably have expected a modest gain.The last time the Bank of England put up interest rates was on 5 July 2007. But the financial crash put paid to further rises. In the next 20 months it tumbled to 0.5% and then further in the wake of last year’s Brexit vote to 0.25%.Ten years ago only £23bn was saved in deposit accounts with no annual interest. The vast majority of savers were earning an average 3.3% on cash in instant access accounts and 5% on accounts where some notice must be given, according to research by the financial adviser Hargreaves Lansdown. Today almost £180bn of cash savings sits in non-interest-bearing accounts and the few people who shop around earn just 0.4% on money in instant access accounts and 0.9% on notice accounts. This collapse in interest rates and 26% inflation over the 10-year period has turned £1,000 cash in a savings account in 2007 into £878 in real terms, according to Hargreaves Lansdown.This compares with the gains made possible by £1,000 invested in the stock market, which is now worth £1,323 adjusted for inflation and with the 50% drop in share prices that followed the financial crash taken into account.An even better rate of return has gone to those who have borrowed money and have relatively little interest to pay. About 7m households have a mortgage and for them the average interest bill has declined from 5.8% to 2.6%.Laith Khalaf, the firm’s senior analyst, said: “While cash savers have undoubtedly felt the pinch from lower interest rates, there have been benefits for borrowers which have helped support the economy.”He said unsecured consumer borrowing rates have fallen too. The result was much lower levels of consumer loan defaults. “UK lenders have written off £2.5bn of bad consumer loans over the last year. This compares to £6.8bn in 2007,” he said.One consequence of cheap borrowing is that Britons are doing more of it than ever. In absolute terms, UK consumer debt stands at £199bn, compared with £191bn in July 2007.“The good news is household income has also risen over this period, which along with low interest rates make this debt more affordable,” he said.However, the household debt to disposable income ratio, which peaked at 159.7% in 2008, has started to rise again, up from 139.9% in 2015 to 142.6% in 2016.Topics Savings Savings rates Interest rates Economics Banks and building societies news'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/05/low-interest-rates-winners-losers-savers-borrowing'|'2017-07-05T03:00:00.000+03:00'
'5524d5b004ca8f903d447374f1ce0a80d2c72a22'|'Hoteliers welcome Paris decision forcing Airbnb hosts to register rentals'|'Technology News - Wed Jul 5, 2017 - 12:20pm EDT Hoteliers welcome Paris decision forcing Airbnb hosts to register rentals A woman talks on the phone at the Airbnb office headquarters in the SOMA district of San Francisco, California, U.S., August 2, 2016. REUTERS/Gabrielle Lurie By Dominique Vidalon - PARIS PARIS French hoteliers cheered on Wednesday a Paris City Council decision making it mandatory from December for people renting their apartments on short-term rental websites such as Airbnb to register their property with the town hall. The ruling comes as Airbnb, much like its ride-hailing peer Uber, is facing a growing crackdown from legislators worldwide triggered in part by lobbying from the hotel industry, who see the rental service as unfair competition. Airbnb and other rental platforms have also been criticized for driving up property prices and contributing to a housing shortage in some cities such as Paris or Berlin. With 350,000 listings, France is Airbnb''s second-largest market after the United States, and Paris, the most visited city in the world, is its biggest single market, with 65,000 homes. On Tuesday the Paris City Council voted to make it mandatory from Dec. 1 to obtain a registration number from the town hall before posting an advertisement for a short-term rental on a website. The ruling thus makes it harder for those renting out property to exceed the 120 days a year legal rental limit for a main residence, and makes it easier for authorities to track which properties are rented out, and also to collect local taxes. "This is a strong signal sent out to other municipalities. Local collectivities now have a tool to monitor the tourist offers and control the collection of tourist taxes," Roland Heguy, the head of French hotel federation UMIH said in a statement. An Airbnb spokesman said the rental website would comply with the new rules and ensure its clients knew about it. Like a lot of big cities Paris is cracking down on illegal tourist rentals and trying to regulate and limit the legal element of the phenomenon. The French capital lost at least 20,000 rental properties from the market over the last five years, and in the central and western part of Paris tourist rentals now make up to 20 percent of the global rental offer, the City Council said in its ruling. Due to pressure from hoteliers and officials Airbnb has agreed to charge visitors the traditional French "tourist tax". It began collecting the tax from guests in Paris in 2015 and now collects it in 50 French cities. It paid back to French authorities 7.3 million euros ($8.3 million) in tourist taxes in 2016. (Reporting by Dominique Vidalon; Editing by Andrew Callus and Susan Thomas) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-france-airbnb-idUSKBN19Q1YW'|'2017-07-05T17:26:00.000+03:00'
'e0b5b98262b7e0cd1cefc62ebfac0fd8acadfc85'|'MOVES-Citi promotes Raja to EMEA head of credit trading'|'Market News - Thu Jul 6, 2017 - 10:58am EDT MOVES-Citi promotes Raja to EMEA head of credit trading By Steve Slater LONDON, July 6 (IFR) - Citigroup has promoted Amit Raja to head of credit markets trading for Europe, Middle East and Africa, filling the position left vacant by Fred Jallot''s departure in April. Raja had been global head of distressed trading since 2014. He will remain the head of European leveraged trading, but the US distressed credit trading team, which previously reported to him, will now report to Brian Archer. Raja will have responsibility - with the credit trading product heads - for all credit trading businesses in the region, including commercial paper, investment grade, high yield, loans, distressed, EM credit, structured credit and credit opportunities, the bank said in a memo seen by IFR. Raja joined Citi in 1997 and moved into credit trading in 2009. He will report to Carey Lathrop and Mickey Bhatia from a product perspective and Leo Arduini from a regional perspective, the memo said. (Reporting by Steve Slater)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-citi-promotes-raja-to-emea-head-of-idUSL8N1JX4OK'|'2017-07-06T17:58:00.000+03:00'
'fd1b8a5a80836e33438ad6aa5fc81279042359da'|'Russia offers Saudi Aramco role in Arctic LNG project - Russian energy minister'|'July 6, 2017 / 12:58 PM / in 16 minutes Russia offers Saudi Aramco role in Arctic LNG project - Russian energy minister Vladimir Soldatkin , Oksana Kobzeva and Katya Golubkova 3 Min Read FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. Hamad I Mohammed/File Photo MOSCOW (Reuters) - Russian Energy Minister Alexander Novak said energy cooperation with Saudi Arabia was "top-flight" and would deepen if Riyadh took up an offer to participate in Russia''s Arctic gas project. Russia and Saudi Arabia, the world''s top oil producers, joined forces in the past year in a deal with other nations to cut oil output and lift oil prices, although that effort has been undermined by rising production elsewhere. "Our cooperation with Saudi Arabia has been at a top-flight level," Novak told Reuters in an interview. To expand cooperation, he said state-owned Saudi Aramco was offered a role in the Arctic LNG-2 project led by Russia''s largest private gas producer Novatek, which aims to start building the first processing unit, or train, to produce liquefied natural gas (LNG) in 2022-2023. "Saudi Aramco was offered different options of participation in Arctic LNG-2," Novak said, without elaborating on the kind of role envisaged for Saudi Arabia. "Our colleagues (in Saudi Arabia) were interested in it and have been looking at the proposals," he said. In early June, Saudi Energy Minister Khalid al-Falih was asked by Russia''s TASS news agency whether the kingdom would be interested in taking part in Arctic LNG-2. He responded: "All is possible but it''s premature to talk about specifics." Falih also said last month Aramco aimed to invest globally in gas and LNG production after the firm''s planned initial public offering (IPO). Partners for Arctic LNG-2, which aims to produce at least 16.5 million tonnes of LNG per year, have yet to be chosen. Novak has previously said Japanese firms had shown an interest in the project, while Novatek has said Chinese companies and France''s Total were studying it. Novatek''s head and its largest shareholder, Leonid Mikhelson, has said Novatek could offer up to 49 percent in Arctic LNG-2 to foreign investors. Western sanctions imposed on Russia for its role in a row with Ukraine have deterred some Western investors and banks. Novatek, with Chinese partners and its shareholder Total, is building another gas liquefaction plant, Yamal LNG, that is expected to start production in the fourth quarter of 2017. Russia is looking to increase its global LNG market share from just under 5 percent currently to 10 percent by 2020. Novak said there were other areas for Russian energy cooperation with Saudi Arabia. "Our companies are interested in working in Saudi Arabia. There is a huge market and large volumes of production," he said. Additional reporting by Darya Korsynskaya, Anastasia Lyrchikova and Polina Nikolskaya; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-saudi-novak-idINKBN19R1QZ'|'2017-07-06T15:57:00.000+03:00'
'32bc75768e3452cd116446fb6e5f3a63d68ce572'|'Venture firm co-founder resigns, partner quits over harassment scandal'|'July 4, 2017 / 1:03 AM / 6 hours ago Venture firm co-founder resigns, partner quits over harassment scandal By Salvador Rodriguez 4 Min Read SAN FRANCISCO (Reuters) - A sexual harassment scandal sweeping the Silicon Valley startup world intensified on Monday as high-profile investor Dave McClure resigned from his firm, 500 Startups, while another partner quit in protest and a second female entrepreneur came forward with allegations of misconduct. McClure’s resignation came after entrepreneur Sarah Kunst accused the investor of sexual harassment in a New York Times story published on Friday. 500 Startups initially responded by saying it had previously demoted McClure after an investigation. “In best interest of @500Startups & at request co-founder @christine_tsai, I am resigning effective immediately,” McClure wrote on Twitter. The firm confirmed the resignation. Also on Monday, Elizabeth Yin, who has been a partner with 500 Startups since October 2014, said in a note to colleagues that she had resigned from the firm on Saturday after members of the management team continued to deny misconduct on McClure’s behalf. The turmoil at 500 Startups comes in the wake of a series of revelations about sexual harassment and discrimination against women and minorities in the tech industry. Uber CEO Travis Kalanick was forced to resign after an investigation prompted by the blog post of a female engineer, Susan Fowler, found a culture of sexism at the company. More than 20 Uber employees were also fired. The venture firm Binary Capital faces an uncertain future after allegations of serial sexual harassment by partner Justin Caldbeck forced his resignation and that of his partner. McClure''s resignation from 500 Startups came just hours before a second entrepreneur affiliated with 500 Startups published a detailed account of her experiences with McClure. Cheryl Sew Hoy, who sold a startup to Walmart Labs and was the founding CEO of the Malaysian Global Innovation and Creativity Centre, accused McClure of propositioning her several times and then pushing himself on her and kissing her without consent in 2014. "It''s not just inappropriate, it''s assault," Sew Hoy wrote on her website. McClure did not respond to a request for comment on Sew Hoy''s allegations. 500 Startups said in a statement: “We appreciate Cheryl speaking up and realise how upsetting and painful it is for her to have gone through that experience and have the courage to speak up. We can only hope our efforts in changing 500 can help create a safe and effective platform for female founders around the world." In a blog published Friday, 500 Startups Chief Executive Christine Tsai said that a decision to change the firm’s leadership had occurred “months ago” and that McClure’s role had “been limited.” Yin, in her note, disputed Tsai''s account. “It’s become clear to me over the last month that I can no longer be part of this organisation,” Yin said in the note, which was obtained by Reuters. “The actions that 500 has undertaken have deviated from its mission, and I can no longer continue to represent this organisation.” Yin confirmed the note in an email but offered no further comment. In response to Yin''s note, 500 Startups said that in April management had "learned of allegations related to inappropriate behaviour by" McClure. The firm investigated the incident and notified staff at an all-hands meeting that McClure would step down. "Due to the sensitivity of personnel issues and the privacy of all involved, the investigation was kept confidential," the company statement said. Reporting by Salvador Rodriguez; Editing by Jonathan Weber and Mary Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/venture-mcclure-resignation-idINKBN19P022'|'2017-07-04T04:00:00.000+03:00'
'b625ec01076446e33dfe7ce2ec8246481651df29'|'Gold nudges up, but pegged close to seven-week lows'|'July 4, 2017 / 4:49 AM / 22 minutes ago Gold nudges up, but pegged close to seven-week lows By Vijaykumar Vedala 3 Min Read A customer looks at gold ornaments on display inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in the Indian city of Kochi April 21, 2015. Sivaram V/Files BENGALURU (Reuters) - Gold edged higher on Tuesday, supported by a ballistic missile test by North Korea and an easing dollar, but was still sitting near seven-week lows hit in the previous session. North Korea test-launched a ballistic missile from its western region into the sea off its east coast on Tuesday, South Korea''s military said, ahead of a summit of leaders from the Group of 20 nations in Germany later this week. "The North Korean missile launches are becoming second nature and the market look through them, but some jitters remain on escalation," said Stephen Innes, head of trading APAC, OANDA in Singapore. "(Though) not necessarily a strong buy gold signal, it has stopped the fall," he added. Spot gold rose 0.2 percent to $1,223.08 per ounce at 0417 GMT. On Monday, it fell 1.7 percent, its biggest one-day percentage loss since November, to touch a low of $1,218.31 an ounce, its weakest since May 11. U.S. gold futures for August delivery rose 0.3 percent to $1,222.30 an ounce. Potential for any sort of disagreement on trade, investment, and security between U.S. President Donald Trump and other European leaders is also providing some geo-political support for gold, NAB analyst John Sharma said. Trump discussed hot-button issues like climate change, trade and migration in calls with German and Italian leaders on Monday, before a summit this week of the G20 leading economies that could expose sharp policy differences. Expectations of higher bond yields are also weighing on non-yielding bullion keeping it range-bound, Sharma added. U.S. Treasury yields rose on Monday after U.S. manufacturing data boosted expectations that the Federal Reserve would raise interest rates again this year as other central banks shift toward tighter monetary policy. Meanwhile, the dollar index against a basket of six major currencies slipped 0.1 pct to 96.108. Among other precious metals, silver was down 0.1 percent at $16.10 after touching a low of $16.01, its weakest since May 9. "More investors are coming aboard at the current relatively low entry level for silver and physical demand has been robust both in Singapore and in Hong Kong," said Joshua Rotbart, managing partner, J. Rotbart & Co in Hong Kong. "However, we did execute very large liquidations of silver holdings by clients who held these for 4-5 years, and have given up on waiting for the price to get back to its heydays level," he added. Platinum rose 0.5 percent to $906.20 after falling below $900 for the first time since May 10 on Monday. Palladium rose 1.5 percent to $855.73 an ounce. U.S. markets will be shut on Tuesday for the Independence Day holiday. Reporting by Vijaykumar Vedala and Koustav Samanta in Bengaluru; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN19P0FO'|'2017-07-04T07:46:00.000+03:00'
'67df642b2e655c67b9ca892bd79ff62e3025e8a5'|'Abe expected to agree EU-Japan trade deal on Thursday - EU'|'Business News - Tue Jul 4, 2017 - 6:47am BST Abe expected to agree EU-Japan trade deal on Thursday - EU Japan''s Prime Minister Shinzo Abe leaves from his office in Tokyo, Japan, July 3, 2017. REUTERS/Kim Kyung-Hoon BRUSSELS The European Union expects a political agreement with Japan on Thursday to seal a free trade pact when Prime Minister Shinzo Abe visits Brussels, the European Council said on Tuesday. Confirming an EU-Japan summit, which had been tentatively planned but which EU officials have said would only go ahead if a deal was certain to be agreed, the Council said in a statement that Abe would meet Council President Donald Tusk and Jean-Claude Juncker, president of the executive European Commission. "At the summit, leaders are expected to announce a political agreement on the EU-Japan free trade agreement and the EU-Japan strategic partnership agreement," it said. An accord would come on the eve of a G20 summit in Germany where European and Japanese leaders are likely to urge President Donald Trump not to weaken the U.S. commitment to free trade. (Reporting by Alastair Macdonald; Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-eu-trade-idUKKBN19P0J2'|'2017-07-04T08:47:00.000+03:00'
'120a704ed666089ab47c179791a16ebd28deddf0'|'With ''sticky'' customers, more payments processors may combine for growth'|'Business  13am BST With ''sticky'' customers, more payments processors may combine for growth Traders wait for news at the post where U.S. credit card technology firm Vantiv Inc is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. REUTERS/Brendan McDermid By David Henry and Anna Irrera - NEW YORK NEW YORK In the world of financial technology, where startups are the focus of M&A chatter, a $10 billion combination of two back-office processors whose roots date to the 1970s might seem unusual. But Vantiv Inc''s ( VNTV.N ) plan to acquire Worldpay Group PLC ( WPG.L ) shows that the sheer size of some legacy players - and the inertia of their customers - makes them more interested in buying one another than newer rivals, bankers and analysts said. The two companies facilitate payments by linking stores to customers'' bank and credit-card accounts. "It''s a pretty sticky product," said Thad Peterson, an analyst at Aite Group. "Once merchants find a processor that works for them, they are unlikely to change. Merchants aren''t in the business of payments, they are in the business of selling stuff." Vantiv started as a project inside of Cincinnati-based regional lender Fifth Third Bancorp ( FITB.O ) during the Nixon era. Worldpay, headquartered in London, was launched by a British lender in 1989 and absorbed into Royal Bank of Scotland ( RBS.L ). Both companies were spun out of their banks after the financial crisis and thrived on their own continents. Now they are poised to become the singular middleman for more sales globally than any other wholly-owned merchant payments processor based on the $1.3 trillion worth of transactions they handled in 2016, according to data from The Nilson Report. The next largest, JPMorgan Chase & Co ( JPM.N ), had looked at Worldpay but ultimately did not put in a bid, a spokesman said. Buying Worldpay would have helped JPMorgan, the biggest U.S. bank by assets, expand outside of its home country where it has been getting about four-fifths of its merchant business. (GRAPHIC: tmsnrt.rs/2sN7LvJ ) The Vantiv-Worldpay deal comes at a time when more purchases are being made online, and the payments industry - long considered a backwater of banking - is facing fresh competition. PayPal Holdings Inc''s ( PYPL.O ) Braintree, Amsterdam-based Adyen and San Francisco-based Stripe Inc are among the newcomers trying to disrupt the way merchants get paid. They have managed to secure deals with high-profile technology companies including video-on-demand platform Netflix Inc ( NFLX.O ), ride-hailing app Uber and streaming music service Spotify. Despite the buzz surrounding these companies, they represent a small slice of the market. In the United States, for example, the top 10 processors account for about 90 percent of transactions, according to estimates from Mizuho Securities. They are mostly big banks or companies like First Data Corp ( FDC.N ), which also grew out of the banking industry. Even with that much concentration, big players want to get bigger to gain economies of scale, said one investment banker to the industry who spoke on the condition of anonymity. The banker predicted more traditional companies will combine, while newcomers remain independent because their stocks are much more highly valued. Once processors have the scale of big banks, the real competitive advantage comes from allowing merchants to sell products through any channel to customers anywhere in the world, analysts and executives said. Future mergers could be driven by a need to access new geographies or improve digital offerings, similar to the rationale behind Vantiv buying Worldpay, the banker said. (Reporting by David Henry and Anna Irrera; Additional reporting by David French; Writing by Lauren Tara LaCapra; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-worldpay-grp-m-a-vantiv-inc-payments-idUKKBN19Q31U'|'2017-07-06T02:13:00.000+03:00'
'a48b30eb88791c8d0ef3775993b21d1560976687'|'U.S. Average Auto Loan Length Balloons to All-Time High'|'@MittenHawk More stories by Jamie Butters How many months are you willing to stretch out your auto loan payments? For many Americans, the answer is getting longer and longer. Drivers are now spreading car loan payments over an average span of 69.3 months, up 6.8 percent from five years ago, an analysis from Edmunds shows. “It’s financially risky, leaving borrowers exposed to being upside down on their vehicles for a large chunk of their loans,” said analyst Jessica Caldwell, “but it’s also a sign that consumers are still confident enough in the economy to spend more on their vehicles and commit to paying for them longer.” Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-05/u-s-average-auto-loan-length-balloons-to-all-time-high'|'2017-07-05T22:26:00.000+03:00'
'55f528ba219de824a6d3c3e8dfcfcfd689f594b4'|'Carrefour second-quarter sales growth accelerates as France improves'|'Business News - Thu Jul 6, 2017 - 7:54pm BST Carrefour second-quarter sales growth accelerates as France improves People push shopping cart in a Carrefour supermarket in Cabrera de Mar, near Barcelona, Spain May 19, 2017. REUTERS/Albert Gea By Dominique Vidalon - PARIS PARIS Carrefour ( CARR.PA ) reported an improved second quarter performance on Thursday, in a further sign the turnaround strategy of outgoing boss Georges Plassat had helped revive the world''s second-largest retailer. Closely-watched French hypermarket sales returned to positive territory for the first time since the third quarter 2015, while the rest of Europe, notably Italy and Spain had robust sales, and Carrefour kept its 2017 sales growth outlook. Chief Financial Officer Pierre-Jean Sivignon told analysts Carrefour still eyed 3-5 percent sales growth at constant exchange rates for full-year 2017. He said he would comment on the consensus of analysts for the group''s 2017 operating profit only on Aug. 30, when the French retailer announces its first-half results. The consensus currently stands at 2.49 billion euros. Second-quarter group sales reached 21.759 billion euros ($24.82 billion), above the average of analysts'' estimates of 21.5 billion euros. Stripping out fuel, currency and calendar effects, revenue grew 2.8 percent year-on-year, an acceleration from 1.4 percent growth in the first quarter. Alexandre Bompard, the former boss of French retailer Fnac Darty ( FNAC.PA ), is taking the top seat at Carrefour on July 18, replacing Plassat who has been at the helm since 2012. Investors want Carrefour''s new CEO to boost the performance of the French hypermarkets, a task in which others have struggled or failed, and to catch up in the digitalisation of retail, notably after Amazon''s ( AMZN.O ) $13.7 billion bid to buy Whole Foods Market ( WFM.O ) sent shockwaves across global food retailers. Since taking the reins in June 2012, Plassat has led a recovery focused on price cuts, accelerating expansion into convenience shops and renovating stores. Under Plassat Carrefour has made progress in most of Europe and in Brazil but it suffered a drop in group profit last year, pulled down by a tough French market, where its hypermarkets face competition from online rivals and aggressive price discounting from those such as unlisted Leclerc. In France, where Carrefour makes 47 percent of its sales, like-for-like revenue rose 1.9 percent in the quarter, an acceleration from 0.5 percent growth in the first quarter. Sales at French hypermarkets alone rose 0.5 percent after a 1.6 percent decline in the first quarter while supermarkets and convenience stores also had a good performance. Sivignon said the performance of the French hypermarkets was in a challenging environment, adding it reflected price cuts and warm weather conditions in June. Because Carrefour plans to list its Brazil business on July 20, it is not allowed to disclose figures for Brazil, its second-largest market after France. The group is reporting all emerging markets "as rest of the world" with no details given by country.. That segment had like-for-like sales growth of 3.4 percent in the second quarter against 3.1 percent in the first. In a separate statement Carmila, Carrefour''s property unit, said it raised 578 million euros in a capital increase that will give it more financial muscle to fund its development. ($= 0.8768 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-carefour-results-idUKKBN19R2DB'|'2017-07-06T21:54:00.000+03:00'
'74ad93042a266ae0f1361e408ca071ca8964aabe'|'UK productivity falls for first time since late 2015 - ONS'|'Economy - Wed Jul 5, 2017 - 9:55am BST UK productivity falls for first time since late 2015 - ONS A worker at perforating company Bion carries a piece of perforated metal at the factory in Reading, Britain September 22, 2016. REUTERS/Peter Nicholls/File Photo LONDON British economic productivity fell in the first three months of this year, the first decline since late 2015, the country''s official statistics office said on Wednesday, underscoring the challenge ahead for Britain''s economy. Output per hour fell by 0.5 percent in the first quarter compared with the fourth quarter of 2016, taking productivity back below its previous peak hit in 2007, before the financial crisis, the Office for National Statistics said. (Writing by William Schomberg, editing by Andy Bruce) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-productivity-idUKKBN19Q0VI'|'2017-07-05T11:55:00.000+03:00'
'ea1d9cd9ba57d7ff6b816775a1a4dc34b2f3770d'|'Renault-Brilliance deal seeks to tap China van growth'|'Deals - Wed Jul 5, 2017 - 8:12am BST Renault shares edge higher on new venture deal with Brilliance China Automotive Raindrops cover the logo of French car manufacturer Renault on a automobile seen in Paris, France, January 14, 2016. REUTERS/Christian Hartmann/File Photo PARIS Shares in French carmaker Renault edged up on Wednesday after Renault struck a deal to buy a 49 percent stake in Shenyang Brilliance JinBei Automobile company as part of its move to boost sales in China of light commercial vehicles. Renault shares were up 0.2 percent in early session trading, outperforming a 0.1 percent decline on France''s blue-chip CAC-40 index and a flat STOXX Europe 600 autos index. The deal forms part of an agreement to create a new joint venture with Brilliance China Automotive Holdings Limited. Renault said it would buy the 49 percent equity stake in Shenyang Brilliance JinBei (SBJ) from Brilliance China Automotive, with SBJ restructured into a joint venture company 51-percent owned by Brilliance China and 49-percent by Renault. "As a top global automotive company, Groupe Renault is entering into a promising and high potential Chinese light commercial vehicles market which accounts for upwards of 3 million vehicles per year," said Renault Chairman and Chief Executive Carlos Ghosn in a statement. (Reporting by Sudip Kar-Gupta; Editing by Andrew Callus)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-renault-china-idUKKBN19Q0NS'|'2017-07-05T14:00:00.000+03:00'
'a27f72b8a2b7fe4376f9f6be0aa1cd01ef302bec'|'Exclusive: India considers private cars for ridesharing to cut traffic'|'July 5, 2017 / 1:01 PM / an hour ago Exclusive: India considers private cars for ridesharing to cut traffic By Aditi Shah 3 Min Read Heavy traffic moves along a busy road as it rains during a power-cut at the toll-gates at Gurgaon on the outskirts of New Delhi July 31, 2012. Stringer/Files NEW DELHI (Reuters) - India is examining the use of private vehicles as shared taxis in an effort to reduce car ownership and curb growing traffic congestion in major cities, sources familiar with the matter told Reuters. Niti Aayog, which is chaired by Prime Minister Narendra Modi, has partnered with companies including ride-sharing firm Uber Technologies to assess the economic and environmental impact of using private cars as taxis, a government official involved in the process said. Increasing the availability of cars that can be used as cabs would be welcome news for Uber and its SoftBank backed local rival Ola, although it could heighten tensions with taxi operators that typically pay higher fees for commercial licences while facing more rigorous vehicle testing. Government wants to reduce private car ownership, the official said, adding the three-month study will look at the safety, regulatory, tax and insurance implications. While the study is in its early days, the broad idea is to set up a clear and reasonable regulatory framework for ride-sharing so it allows companies to operate in India without ambiguity, another source involved in the process said. Although Uber is allowed to use private cars for ride sharing in countries such as Australia and Singapore, their use has faced opposition from taxi operators in parts of North America. An Uber spokesman said sharing private vehicles can help cut congestion and ensure more efficient use of cars. "We are engaging with a range of stakeholders in India about the best way to realise this vision," he said. Heavy traffic moves along a busy road during the evening in New Delhi October 20, 2014. Vijay Mathur/Files Car Sales Impact But such a move could dent car sales in India where the ownership ratio is already low compared with other countries. There are fewer than 20 cars for every 1,000 people in India. Maruti Suzuki, Hyundai Motor and Tata Motors are among the top-selling carmakers in the country, which is forecast to be the world''s third-largest car market by 2020. FILE PHOTO: An employee walks inside the office of ride-hailing service Uber in Gurugram, previously known as Gurgaon, on the outskirts of New Delhi, India April 19, 2016. Anindito Mukherjee/File Photo Uber and Ola have built their taxi "fleets" in India by offering incentives such as free smartphones and cash bonuses to drivers, but both are now cutting back on these in an attempt to be profitable. Allowing the use of private cars as taxis would improve the supply of vehicles at a low cost, say analysts. "If most of these cars are affiliated with Ola and Uber then it''s a win for them," Neil Shah, research director at consultant Counterpoint Research, said. The proposal, however, could antagonise current drivers, who have paid hefty fees to get a commercial taxi licence. Concerns around the safety of passengers would also need to be addressed, said Shah, adding that any new law must ensure private car drivers go through the same background and safety checks. Editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-ridesharing-uber-cars-idINKBN19Q1M8'|'2017-07-05T15:58:00.000+03:00'
'576fece42a3f01f33ef7b90b1f5c37428c993c67'|'BNP Paribas faces accusations over the Rwandan genocide'|'BNP PARIBAS, France’s biggest bank, pleaded guilty in America three years ago to assisting a monstrous regime in east Africa. In 2006, it had helped to finance Sudan’s government, which in turn supported militias that massacred tens of thousands of civilians in Darfur. The firm thereby abetted in genocide and circumvented American sanctions on Sudan. It agreed to pay a fine of $9bn for breaking that embargo, as well as ones on Cuba and Iran.The bank, naturally, hopes to put that grim episode behind it. These days it makes much of its social-responsibility efforts. Its 2015 annual report, for example, trumpeted the financing of a big supermarket in Côte d’Ivoire as typical of its contribution to African development. On July 3rd it named a new head of compliance plus a new “company engagement department”, responsible, among other things, for setting strategy on human rights.Latest updates Immersive   37 minutes ago A   an hour ago Obituary:   3   3 hours ago BNP Paribas faces accusations over the Rwandan genocide Business and finance 4 hours ago What makes bonds “green”? The Economist explains 8   Yet the past is hard to banish. The bank now faces scrutiny over an even uglier episode. On June 29th three human-rights groups in France submitted a complaint to a judge, accusing BNP of war crimes and complicity in genocide in Rwanda, in 1994, when 800,000 people, mostly members of the Tutsi minority, were massacred. The groups say that they can prove BNP transferred funds to finance a weapons deal, breaking a UN arms embargo and equipping the killers. The bank has said only that it does not have enough information about the complaint.The case is not frivolous. Indeed, its details have been aired for many years. Following the Rwandan genocide, various organisations—notably the UN, in a lengthy report to the Security Council in January 1998, introduced by Kofi Annan, then its secretary-general—said BNP in June 1994 had financed a deal for 80 tonnes of weapons, including AK-47 rifles, ammunition, hand-grenades and mortars, delivered to the Rwandan army. Two shipments were brokered by a South African gunrunner, Willem Ehlers, who got payments of $592,784 and $734,099 respectively. The source of the funds was listed as Banque Nationale de Paris (which later merged with Paribas). The bank this week refused to comment on its reaction to the 1998 report.Such alleged crimes face no statutes of limitation. Marie-Laure Guislan of Sherpa, one of the groups that lodged the complaint, says she expects the case to move ahead, albeit slowly. In the meantime, she says, the groups will raise customers’ awareness “that banks can be involved in a very serious violation of human rights” and urge the “new government in France to be really vigilant”.That suggests a broader reason for the activists’ legal efforts. They hope to draw attention to a new French law, passed in February, obliging companies with over 5,000 staff, including banks, to prove their “duty of care” in reducing the risk of human-rights violations. It comes into force next year, and the activists hope next to push for similar EU-level legislation. Rights campaigners also want France’s new government to open archives expected to reveal complicity between French officials—not only bankers—and the génocidaires.BNP has little choice than to hunker down and hope the attention will pass. The financial threat this time around looks lower than in the case of Sudan, when America’s authorities withdrew the bank’s access to dollar clearing for some transactions for a year. But the spotlight may prove just as uncomfortable.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business-and-finance/21724773-pillar-french-finance-haunted-its-past-bnp-paribas-faces-accusations'|'2017-07-05T08:00:00.000+03:00'
'4064f7af14686b736611f32ad7152f8987648c60'|'U.S. trade deficit narrows as exports hit two-year high'|'Business News - Thu Jul 6, 2017 - 2:00pm BST U.S. trade deficit narrows as exports hit two-year high FILE PHOTO: Shipping containers are seen at the Port Newark Container Terminal in Newark, New Jersey, U.S. on July 2, 2009. REUTERS/Mike Segar/File Photo WASHINGTON, The U.S. trade deficit fell in May as exports increased to their highest level in just over two years, but trade could still weigh on economic growth in the second quarter. The Commerce Department said on Thursday the trade gap decreased 2.3 percent to $46.5 billion. April''s trade deficit was unrevised at $47.6 billion. Economists polled by Reuters had forecast the trade gap falling to $46.2 billion in May. When adjusted for inflation, the trade deficit narrowed to $62.8 billion from $63.8 billion in April. Real goods exports surged to an all-time high in May, propelled by record high petroleum exports. Still, the real trade deficit averaged $63.3 billion in April and May, above the first quarter''s average of $62.2 billion. That suggests trade will be a drag on gross domestic product in the second quarter after contributing 0.23 percentage point to the economy''s 1.4 percent annualized growth pace in the first three months of the year. The Atlanta Federal Reserve is forecasting GDP rising at a 3.0 percent rate in the second quarter. In May, exports of goods and services rose 0.4 percent to $192.0 billion, the highest level since April 2015, lifted by a surge in exports of consumer goods such as cell phones and other household goods. There were also increases in exports of motor vehicles and parts. Food exports, however, fell by $0.7 billion amid a $0.6 billion drop in soybean shipments. Exports to China increased 3.6 percent. The value of goods shipped to Mexico and Canada rose 5.4 percent and 9.6 percent, respectively. Exports to Germany gained 7.4 percent. Imports of goods and services dipped 0.1 percent to $238.5 billion in May. Cell phone and other household goods imports fell $0.9 billion, accounting for the bulk of the $1.5 billion decrease in consumer goods imports. There were also declines in imports of motor vehicles and parts. However, imports of capital goods increase $1.3 billion. The country imported 265 million barrels of oil in May, the most since August 2012. Imports of goods from China increased 11.6 percent. The politically sensitive U.S.-China trade deficit increased 14.4 percent to $31.6 billion in May. The trade gap with Mexico surged 15.8 percent to $7.3 billion, the highest since October 2007. (Reporting by Lucia Mutikani; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-economy-trade-idUKKBN19R1P6'|'2017-07-06T15:35:00.000+03:00'
'5ce097a5a0e23beea5e4be90a8fc7a0bc4496dbe'|'European shares hit 11-week low after ECB minutes; Reckitt, Sodexo weigh'|'Business News - Thu Jul 6, 2017 - 5:22pm BST European shares hit 11-week low after ECB minutes; Reckitt, Sodexo weigh Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, July 4, 2017. REUTERS/Staff/Remote By Danilo Masoni and Kit Rees - LONDON/MILAN LONDON/MILAN European shares fell on Thursday to their lowest in 11 weeks after minutes from the ECB''S latest meeting showed the central bank had left the door open to scrapping its bond-buying pledge. The pan-European STOXX 600 ended the session 0.7 percent lower, recovering some of its losses with all but three sectors closing in negative territory. Euro zone blue chips .STOXX50E also hit an 11-week low, while Britain''s FTSE 100 .FTSE fell 0.4 percent. "There was nothing in the (June ECB) press conference that suggested that they talked about curtailing QE. But in fact they did," said AFS analyst Arne Petimezas in Amsterdam. A series of earnings updates were also in focus with Sodexo ( EXHO.PA ) leading fallers and Reckitt Benckiser ( RB.L ) also weak after both companies cut their guidance. Reckitt ( RB.L ) was down 1.5 percent, making it one of the biggest weights on the STOXX. The UK consumer goods group cut its growth forecast after a global cyber attack last month disrupted business in multiple markets. "We would not see weakness in the share price today as a buying opportunity. Reckitt''s markets are likely to have remained sluggish, with peers signaling no pick up here," Investec said, cutting its price target on the stock. Sodexo ( EXHO.PA ), the world''s second-biggest catering services firm after Compass Group ( CPG.L ), also cut its sales growth goal following weaker-than-expected third quarter results, sending its stock down 6 percent to a 14-week low. Compass'' shares fell nearly 2 percent. Some earning updates struck a more positive note. Associated British Foods ( ABF.L ) rose 2.6 percent, among top gainers in Europe, after the company said its full-year outlook had marginally improved after a better-than-expected performance from its Primark clothing chain. "The key divisional figure in this statement, as has become the norm with ABF, is Primark sales growth," Morgan Stanley said. Banks .SX7P were a bright spot, having been recently underpinned by talk of tightening monetary policy conditions. They were the top-gaining sector, up 0.7 percent. Italian lenders .FTIT8300 were the top performers, up 1.8 percent following a series of deals in the last two weeks that have restored confidence in the sector''s prospects. Italy''s economy minister, Pier Carlo Padoan, said there were no more "brushfires" threatening other banks after the government wound down two Veneto-based lenders last month in a deal that could cost the state up to 17 billion euros. Commerzbank ( CBKG.DE ) also gained 3.3 percent after a Bloomberg report said that buy-out firm Cerberus was considering buying a minority stake in the German lender through purchases on the market. Stocks sensitive to a rise in interest rates, such as utilities .SX6P, continued to weigh, with the sector down 0.8 percent. (Reporting by Danilo Masoni and Kit Rees)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-europe-stocks-idUKKBN19R0MG'|'2017-07-06T19:10:00.000+03:00'
'476cb32cb950c4d685ae103509545ec8db4ad5a3'|'Worldpay to back takeover from U.S. credit card tech firm Vantiv - Sky News'|'Deals  16am BST Worldpay to back takeover from U.S. credit card tech firm Vantiv: Sky News Worldpay Group Plc ( WPG.L ), Britain''s largest payment processor is "close to" recommending a takeover offer from U.S. credit card technology firm Vantiv Inc ( VNTV.N ), Sky News reported citing sources. Worldpay said on Tuesday that it had received rival bid approaches from Vantiv and JPMorgan Chase Bank ( JPM.N ), sending its shares to a record high. Worldpay declined to comment when contacted by Reuters. Vantiv and JPMorgan did not immediately respond to emails and calls seeking comments outside of regular business hours in the United States. Worldpay would announce an 8.5 billion pounds ($10.97 billion) deal with Vantiv later on Wednesday, Sky News reported. JPMorgan had revealed a bid price to Worldpay, the media report also said. Worldpay''s stock, which rose 27.7 percent on Tuesday, was up 4.8 percent at 428 pence at 1000 GMT on Wednesday, giving the firm a market valuation of 8.6 billion pounds according to Thomson Reuters calculation. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-worldpay-grp-m-a-idUKKBN19Q13P'|'2017-07-05T13:16:00.000+03:00'
'a80114616812cc10c99f0c6e06d71b7bd1d0f54f'|'Qatar signals LNG price war for market share in Asia'|'Energy - Wed Jul 5, 2017 - 10:48am BST Qatar signals LNG price war for market share in Asia A man looks as the world''s biggest Liquefied Natural Gas (LNG) tanker DUHAIL as she crosses through the Suez Canal April 1, 2008. The Qatari tanker, which was built to transfer LNG from Qatar to Europe and the U.S., is on her first trip ever from Qatar to Spain. REUTERS/Stringer (EGYPT) - RTR1YZYN By Henning Gloystein and Mark Tay - SINGAPORE SINGAPORE Qatar''s plan to boost liquefied natural gas (LNG) output by 30 percent is the opening shot in a price war for customers in Asia pitting the Gulf state against competitors from the United States, Russia and Australia. Qatar, facing regional isolation in a diplomatic dispute with its Gulf neighbors, took energy markets by surprise on Tuesday when it said it would raise its LNG production to 100 million tonnes per year - equivalent to a third of current global supplies - within the next five to seven years. It suggests the wealthy kingdom is preparing for a lengthy battle with Saudi Arabia, Egypt, the United Arab Emirates and Bahrain, who were due to meet on Wednesday to decide whether to continue sanctions they imposed on Qatar over accusations it was aiding terrorism and courting regional rival Iran. Qatar''s move will add gas to an already oversupplied market in a thinly disguised challenge to other exporters who are also raising their output. With low production costs and infrastructure already in place, Qatar is well placed to come out on top, analysts say. Flooding the market with more LNG will help defend its place as the world''s top exporter, a position challenged by Australia. "Qatar is losing market share, so it could be about becoming number one again in LNG," said Neil Beveridge, senior oil and gas analyst at research and brokerage firm Sanford C. Bernstein. FOCUS ON ASIA LNG is super-cooled natural gas that is transported on tankers around the world. Long a niche product, it has become an industry darling as natural gas is a cleaner fossil fuel than oil or coal and is also versatile, with potential uses ranging from power generation to heating and as a transport fuel. For an interactive graphic on Qatar, click tmsnrt.rs/2sinDGg U.S. and European oil majors such as Royal Dutch Shell and Chevron have invested huge sums over the last decade - often more than they have spent on oil - in an attempt to dominate the LNG market, especially through mega-projects in Australia such as Chevron''s Gorgon or Shell''s Prelude. The main battleground for LNG market share is Asia, which consumes 70 percent of the fuel and where it is seen as a key fuel to meet soaring energy demand without the rampant pollution that comes with coal. The world''s biggest LNG buyers are utilities, especially from Japan and South Korea. Sources at these utilities said they were surprised by Qatar''s move. "We would have to figure out why Qatar is planning to boost its output.. We don''t have plans yet to import new LNG cargoes from Qatar," said Kim Young-ki, a spokesman at Korea Gas Corp. (KOGAS), one of the world''s biggest single LNG buyers. RAMPING UP PRODUCTION Qatar''s announcement came just a day after Iran signed its first deal with France''s Total and China''s state-owned oil company CNPC to produce gas from a field it shares with Qatar. Beveridge, at Sanford C. Bernstein, said Qatar''s move to raise output "could be a response to Total restarting development work" on Iran''s side of the gas reserves. Trying to cement its own market share, Russia''s Gazprom the world''s biggest single producer of natural gas, said late on Tuesday that it would start pumping gas to China through a new pipeline by late 2019, earlier than many expected. China is already the top consumer of most commodities, including oil and coal, and as part of a huge investment program to expand its LNG and pipeline infrastructure it is also on its way to become a top natural gas user. Australia has invested hundreds of billions of dollars in a bid to overtake Qatar as the world''s top LNG exporter by 2019, a challenge Qatar is now rising to. Qatar, whose state-owned Qatar Petroleum has partnered with U.S. oil giant Exxon Mobil to produce its LNG, has a strong interest in defending its position. LNG, as well as exports of condensate, a super-light form of crude oil that''s a byproduct of gas extraction, have made Qatar rich despite a 70 percent fall in LNG prices and a more than 50 percent drop in oil prices since 2014. Ramping up LNG exports to 100 million tonnes a year would, at current prices, reap revenues of around $30 billion, with another $6 billion coming from condensate. That equates to $120,000 per person, helping Qatar to become the world''s richest nation, according to the World Bank. STIFF COMPETITION The main producers challenged by Qatar''s move are those who have yet to attract a final investment decision, especially in the United States. So far only Cheniere exports U.S. LNG, but there are proposals with a total capacity of 150 million tonnes per year. Chong Zhi Xin, at energy consultancy Wood Mackenzie, said Qatar''s low cost LNG expansion "is pushing a lot of new projects out of the market". Flooding the market with more LNG at a time of oversupply and when buyers are reluctant to sign on new long-term contracts – which have so far dominated supplies – is expected to boost trading in Asia''s spot LNG market, which currently makes up just 15 percent of overall supplies, as more uncontracted supply gets exchanged according to short-term demand. The winners in this aggressive fight for market share are consumers. "Expansion of LNG capacity translates to lower for longer LNG prices," said Kerry Anne Shanks, head of Asia gas and LNG research at Wood Mackenzie. "That''s good news for gas buyers." (Reporting by Henning Gloystein and Mark Tay; Additional reporting by Aaron Sheldrick in TOKYO, Jane Chung in SEOUL; Writing by Henning Gloystein; Editing by Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-qatar-lng-idUKKBN19Q0YX'|'2017-07-05T12:33:00.000+03:00'
'580a8ce94c4783dd12736209da957068faf193cc'|'Persimmon and housebuilders set foundations for FTSE gains'|'Top News  56am BST Persimmon and housebuilders set foundations for FTSE gains People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Helen Reid - LONDON LONDON Britain''s major share index climbed higher on Wednesday, bolstered by buoyant housebuilders after a strong trading update from Persimmon, as strength in basic resource stocks underpinned gains. The FTSE 100 .FTSE had risen 0.1 percent by 0830 GMT, outperforming the broader European market, while mid-caps .FTMC gained 0.5 percent. Persimmon ( PSN.L ) gained 3.4 percent, on track for its best day in four months, after a robust trading statement which set the housebuilders up for gains as they absorbed a sign of resilience to pressures on the British consumer. Persimmon said the British general election hadn''t impacted consumers'' demand for new houses, and sales rose 7 percent for the first half. "All we''ve had at the moment from the housebuilders is signs that things are going better than expected," said Barry Gibb, research analyst at Beaufort Securities, adding that there is scope for a modest upgrade of estimates by the market in a sector under considerable scrutiny. "If any of the mainstream housebuilders were to suggest that they are seeing a greater pressure on pricing or reduced level of viewings, it could be taken quite badly by the market," he added. Housebuilders Barratt Development ( BDEV.L ) and Taylor Wimpey ( TW.L ) also rose on the more optimistic tone struck by Persimmon over the state of demand for houses. Also a top gainer was supermarket chain Tesco ( TSCO.L ), up 3 percent after forecast-beating sales figures from wholesaler Booker ( BOK.L ), which has been under scrutiny from investors since Tesco announced its plan to acquire it. Miners Glencore ( GLEN.L ) and BHP Billiton ( BLT.L ) climbed as basic resource stocks across Europe .SXPP made robust gains. Drugmaker GlaxoSmithKline ( GSK.L ) suffered the worst of the handful of fallers, down 1.4 percent after Citigroup cut its rating on the stock to ''neutral'' from ''buy, citing slowing HIV market growth. The broker said risk of the repeal of the U.S. Affordable Care Act could negatively affect volumes and/or price in the HIV treatment market. Among mid-caps, construction materials supplier SIG ( SHI.L ) jumped 5.8 percent after it said revenue rose 8.1   half, helped by strength in mainland Europe. "Underlying trading has improved relative to the second half of 2016, with European growth outpacing that of the UK, and good progress has been made on reducing leverage," said Jefferies analyts. Online grocer Ocado ( OCDO.L ) made more modest gains, up 0.3 percent as investors seemed to shrug off its first half results, in which it said it expected a recently clinched international deal would be "the first of many". Ocado shares rose sharply in the aftermath of the Amazon-Whole Foods merger deal amid speculation the company could be the object of a future partnership with the U.S. retail giant as it pushes into food distribution. The company said it had seen a pick-up in interest from U.S. players since the deal. (Reporting by Helen Reid; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19Q0VW'|'2017-07-05T11:56:00.000+03:00'
'3e3e215981ac19a458e597de3f0ddd5205fa7ab9'|'Energy firm Ophir''s chief operating officer to step down'|'  5:53pm BST Energy firm Ophir''s chief operating officer to step down British oil and gas explorer Ophir Energy''s ( OPHR.L ) Chief Operating Officer William Higgs will step down as the company reduces costs by cutting staff positions at its London headquarters, the company said on Friday. Energy companies have cut costs over the past few years due to a fall in oil prices. Ophir has faced further challenges in launching its Fortuna project in Equatorial Guinea - Africa''s first deepwater floating liquefaction facility. "The company has no plans to appoint another chief operating officer or executive director (and) a further announcement will be made shortly," Ophir said in a brief statement after markets closed on Friday. A spokesperson for the company, which has projects in Africa and East Asia, declined to say when Higgs would leave the company and what other staff cuts were being made. Higgs, who did not immediately respond to a request for comment via LinkedIn, was appointed COO in 2014, having previously worked for Chevron Corp ( CVX.N ). Ophir also has offices in eight other cities and employed 288 people at the end of December last year. Ophir''s shares, which closed down 4.5 percent at 79 pence on Friday, have lost nearly 14 percent since April 2016, when Schlumberger ( SLB.N ) ended talks to help delivery of Fortuna. Ophir said in May it planned to borrow $1.2 billion (931.03 million pounds) from Chinese banks to back the development of Fortuna, which is estimated to have production capacity of 2.2 million tonnes per year and a start-up in 2020. The company is due to give a trading update on July 12. (Reporting by Esha Vaish in Bengaluru; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ophir-moves-coo-idUKKBN19S2GU'|'2017-07-07T19:53:00.000+03:00'
'31d58fb98373feab679809e6a2258c2633ecf38a'|'Millennials and Their iPhones Are Killing Your Old Power Company'|'Millennials and Their iPhones Are Killing Your Old Power Company By ‘The conventional utility model is dying,’ Innogy chief says More than half of industry executives fear a ‘death spiral’ The Hive Active Heating 2 thermostat. Photographer: Tim P. Whitby/Getty Images Europe It won’t be long, experts say, before the average Londoner will be able to program her day to start this way: An iPhone app with a real-time weather feed sees it’s overcast again, so it tells the diodes embedded in the bedroom walls to mimic sunrise. As the light brightens, the shower tap opens and the water reaches the desired warmth just as the first whiff of espresso wafts in from the kitchen down the hall. The device is guiding not only how the power is being used, but also where and how it’s being generated. Since it’s gusty in Scotland, this morning’s supply is coming from tethered drones that turn wind into electricity and send it down a patchwork of interconnected local grids that can operate outside the old network with the swipe of a finger. The forecast is for calm up north, so solar panels down south in Spain will pick up the slack in the afternoon. The best part is the bill, which greater competition and efficiency has driven down to just 5 pounds a month, wired automatically to a Google Inc. unit that aggregates and distributes power based on algorithms that learn from inputs like targeted usage and tolerance for non-renewable sources. A Tesla Inc. battery tucked in a closet and fed by a photovoltaic module on the balcony kicks in when fully charged, providing self-sufficiency for days at a time.Fully “smart” systems that optimize each stage of the process are evolving the world over, but nowhere are utilities embracing the transition more urgently than in Europe, where political leaders and regulators view man-made climate change as settled science. Beyond the environment, at stake is the fate of an industry that’s rushing to shed an outdated business model and fend off deep-pocketed disrupters like Google and Amazon.com Inc., as well as upstarts anxious to capitalize on a new generation of ecologically conscientious consumer. Peter Terium. Photographer: Krisztian Bocsi/Bloomberg “The conventional utility model is dying,” says Peter Terium, chief executive officer of Innogy SE, a unit of Essen, Germany-based RWE AG. “If you don’t adapt now, it’s hard to see how you’re going to survive.” Thomas Edison RWE is one of two major European utilities to separate its traditional, commodities-based business from its renewables or network businesses in the past 18 months. In both cases the more technology-focused company immediately became more valuable. Innogy’s market value, about 19 billion euros ($21.6 billion), is almost double RWE’s, while EON SE is worth almost triple its new Uniper unit, which represents the German utility’s conventional coal, natural gas generation and commodities trading business. In part it’s a bet on the view that in the future, as the proliferation of renewables and technology makes it possible to produce power on a smaller, cleaner scale, the money won’t be in big power plants anymore. The future of energy will look more like customer-focused data management, an area where tech companies already excel. The trend was reflected in a global survey of industry executives that PriceWaterHouseCoopers LLP conducted two years ago, when more than half said they wouldn’t rule out descending into a corporate “death spiral.” Though they’ve diversified into other areas, most integrated utilities still get a large part of their revenues by burning fossil fuels at massive power plants and selling the energy, iterations of Thomas Edison-built stations that first came online in the 19th century. But between now and 2040, 72 percent of the $10.2 trillion the world will spend to add capacity will go toward doubling renewables’ share of the mix to about one-third, Bloomberg New Energy Finance estimates in an outlook published last week. Driving the change are millennials, a generation of people who reached adulthood in the early 21st century and are demanding both cleaner energy and better ways to use it. Ofgem For EON, venture capitalism is a way forward. The company, which like RWE is based in Essen, was an early investor in Thermondo GmbH, a Berlin start-up that bills itself as hastening the switch to a newer, more decentralized energy system with lower carbon emissions. Thermondo, which started as an online boiler brokerage, has since expanded into solar, fuel cells and will offer home batteries in the future. It now has 150 workers and has served 6,000 customers. As carbon-free generation increases and companies like Tesla Inc. and Daimler AG improve battery storage and efficiency, microgrids are starting to eat away at the old utility model. By 2040, half of Europe’s electricity supply will come from variable renewables, BNEF estimates show. Decentralized energy, the kind that weakens demand for big power plants, will account for a third of the capacity in Germany by the same year, the outlook shows. Technology is also winning government support. At one of Britain’s latestpower auctions, a held to prevent electricity blackouts, a record 2.7 percent of new capacity was awarded to tech companies. What Boston-based EnerNOC Inc. and other winners offered was software that finds more efficient ways to turn off or delay extraneous power usage. One millennial, 27-year-old Simon Phelan, quit his job at Jon Moulton’s Better Capital PCC Ltd. in London to start his own version of Thermondo called Hometree Marketplace Ltd. HomeTree co-founders Simon Phelan, left and Andreu Tobella. Source: Elana Kurtz via HomeTree Declining Funding Hometree, which raised 2.5 million pounds from Moulton and other investors, declined investment offers from five major European utilities, Phelan said, without naming them. He has already convinced fellow millennial Ed Ward, who turned to Hometree out of frustration with his longtime provider, British Gas. “BG was trying to give me a boiler that was too massive, as if I wanted to add a million stories to my house,” Ward said. “Why would I need that?” A spokeswoman for British gas, Bieneosa Ebite, said the company works with leading manufacturers “to offer choice to its customers” and only installs “energy-efficient boilers so customers use less energy and save money.” Voice Control The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up British Gas’s parent company, Centrica Plc, has already sold at least 500,000 units of its Hive device, which controls heating and lighting either manually or by voice. Centrica says the Hive “learns” and can sometimes warn owners of a looming boiler breakdown. It said it could get 1 billion pounds ($1.3 billion) in sales from the connected home unit by 2022. Gross segment revenue for the division was 33 million pounds last year. The device’s success prompted Hometree’s Phelan to poach Andreu Tobella, head of product for Hive, from Centrica last year. Incumbents like EON and British Gas have several “institutional advantages” over tech giants and start-ups, most notably scores of engineers who can reliably solve customer problems like gas leaks an power outages, according to Elchin Mammadov, an analyst at Bloomberg Intelligence in London. But what Google, Amazon and the other tech companies that are moving into distribution -- and possibly even generation -- do have is climate awareness and cutting edge software, which may be two major selling points for millennials. “Anything that’s new, anything related to technology that they can try, they will,” said Karla McCormick, an assistant professor who tracks consumer trends at Florida State University in Tallahassee. “And what a company stands for is huge. If they don’t agree with what a company stands for, they won’t trust it.” Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-06/millennials-and-their-iphones-are-killing-your-old-power-company'|'2017-07-07T02:01:00.000+03:00'
'e2cad4c7ee0d89fa6bb9108d9e88b13380c10faf'|'Toshiba under pressure to consider ''Plan B'' as chip sale falters - sources'|'Technology   11:18am BST Toshiba under pressure to consider ''Plan B'' as chip sale falters: sources left right FILE PHOTO- A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo 1/2 left right The logo of Toshiba Corp is seen behind a traffic light at the company''s headquarters in Tokyo, Japan March 29, 2017. REUTERS/Issei Kato 2/2 By Makiko Yamazaki and Taro Fuse - TOKYO TOKYO As the $18 billion sale of Toshiba Corp''s memory chip unit to a government-approved consortium falters, some bankers and potential investors are pressing the board to seriously consider alternatives, people with direct knowledge of the sale process said - including picking a new buyer. Those people say Toshiba''s leadership is sticking to Plan A: selling the world''s second-largest memory chip maker to a Japanese government-backed group that also includes Bain Capital. But the clock is ticking for Toshiba, which was still recovering from a $1.3 billion accounting scandal in 2015 when it was hit by billions of dollars of cost overruns at its U.S. nuclear unit Westinghouse in December. Unless it closes a deal by March, a gaping balance-sheet hole will prompt automatic delisting of its shares from Tokyo''s stock market - further battering its shareholders. As questions emerge around the role of South Korean rival SK Hynix in the preferred bidder group, some Toshiba executives and officials at the company''s main creditor banks say they want top management to look at other options. "Toshiba hastily picked the consortium ahead of its [June 28] annual shareholders meeting, but more and more flaws are emerging as time passes," said a senior official at one of Toshiba''s banks. SK Hynix, which was initially included just to help fund the deal, is now looking to own equity in Toshiba''s chips unit, according to sources, raising antitrust and national concerns in Japan. SK Hynix has not commented. Addressing concerns that its chip technology could be handed to a foreign rival, Toshiba said previously that SK Hynix would have no equity or management influence. Scrapping that deal would leave one obvious option: rival suitor Western Digital, which bid for the chip business with private equity firm KKR. But Western Digital, already a Toshiba joint venture partner, is in a legal dispute with the Japanese firm, and sources describe a deep distrust. But Western Digital could have the support of government-backed Development Bank of Japan (DBJ) and Innovation Network Corp of Japan (INCJ) - both currently part of the preferred buyer consortium - the sources said. They are said to be wary of SK Hynix, and of Toshiba agreeing a sale to the group while Western Digital has sought an injunction to stop it. "If asked, we are ready to team up with Western Digital and KKR, and we actually prefer that," said a senior official at one of the government investors. Both the DBJ and INCJ declined to comment. A Toshiba spokesman said the firm is negotiating with the preferred buyer consortium to sign a definitive agreement as soon as possible. Selling other assets seems a less likely avenue, as Toshiba has few of sufficient value, and a piecemeal process could take too long. It sold its medical equipment business to Canon Inc for $6 billion last year. There are plans to list Toshiba''s smart meter business Landis+Gyr, but that will not plug the gap. Toshiba turned down offers from buyout group CVC and industrial conglomerate Hitachi to buy the business for almost $2 billion earlier this year, sources have said. Toshiba cannot raise cash by issuing shares because of restrictions imposed by the bourse after the 2015 scandal. DEAL OR NO DEAL Toshiba has been scrambling for cash for months - since it shocked investors late last year with news of the cost overruns and delays at Westinghouse, which forced a hefty writedown and losses. Westinghouse filed for bankruptcy in March in one of the nuclear industry''s most costly collapses to date, leaving Toshiba to cover $6 billion of liabilities it guaranteed. Even so, investors and some creditors say they fear Toshiba may simply refuse to consider what appears to be the most obvious option. "Some within Toshiba say they''d rather die than be (acquired by) Western Digital," said a banking official who has discussed the deal with senior Toshiba executives. Western Digital is a recent partner for Toshiba - it bought SanDisk, Toshiba''s memory chip business partner for 17 years, in May last year. A leap from joint venture partner to buyer would have to overcome significant distrust. Last month, Western Digital sought a U.S. court injunction to prevent a sale of Toshiba''s chips arm without its consent. "We worked with SanDisk over more than 10 years, but it''s been just one year that we''ve worked with Western Digital executives, and we''ve had no good experience from it," a senior Toshiba executive said. Two people familiar with the matter said Toshiba believes that even if the court grants the injunction, it can proceed with a chip sale agreement - so long as it holds off completion. U.S. chipmaker Broadcom Ltd, previously considered a major candidate with a $20 billion offer for the Toshiba chips arm, backed off due to legal risks involving Western Digital. ($1 = 113.5600 yen) (Reporting by Makiko Yamazaki and Taro Fuse; Additional reporting by Taiga Uranaka and Kentaro Hamada in TOKYO; Editing by Clara Ferreira Marques and Ian Geoghegan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN19S1D6'|'2017-07-07T13:17:00.000+03:00'
'85d6cda7f1b18e62e89319143fb3bd141d340015'|'Whole Foods sought $45 per share offer from Amazon'|'Technology  37pm BST Whole Foods sought $45 per share offer from Amazon A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri Whole Foods Market Inc ( WFM.O ) had sought $45 per share from Amazon.com Inc ( AMZN.O ) but settled for $42 per share, which the ecommerce giant said was its "best and final offer". Amazon had initially offered $41 in May, Whole Foods said in a regulatory filing on Friday. ( bit.ly/2tPEsgy ) Amazon also told Whole Foods that it was considering other opportunities in case the offer was turned down. The company also asked Whole Foods not to approach other potential bidders while they were engaged in talks. Amazon said in June it would buy Whole Foods for $13.7 billion, in a deal that could turn the high-end grocer into a mass-market merchant and upend the already struggling U.S. retail industry. (Reporting by Sruthi Ramakrishnan in Bengaluru: Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-whole-foods-m-a-amazon-com-idUKKBN19S1XV'|'2017-07-07T16:37:00.000+03:00'
'f33ad6c6225218b399c9221a163264862462cf08'|'Veolia has leeway for multi-billion euro acquisition, CEO says'|'Business News - Sat Jul 8, 2017 - 1:17pm BST Veolia has leeway for multi-billion euro acquisition, CEO says A logo of Veolia Environnement is seen on the lectern during the company''s 2014 annual results presentation in Paris February 26, 2015. REUTERS/Christian Hartmann AIX-EN-PROVENCE, France French utility Veolia ( VIE.PA ) has the financial firepower to make a multi-billion euro acquisition, its chief executive said on Saturday. The firm''s biggest domestic rival, Suez ( SEVI.PA ), announced the $3.4 billion (2.64 billion pounds) purchase of GE Water from General Electric ( GE.N ) in March. Asked whether Veolia could spend as much on an acquisition, its boss Antoine Frerot told Reuters the size of the group''s balance sheet "would allow it". Frerot, who earlier this year said he would favour organic growth for the business, laid out two conditions for any future large acquisition. "It would need to create new large-size activities for the company and over a long period of at least 10 to 15 years," Frerot said in an interview at a business conference in the southeastern city of Aix-en-Provence. "If we found this, then obviously we''d have the means to do it," he said, declining to elaborate on possible targets. Veolia, which also cleans up nuclear facilities and treats low- and intermediate-level radioactive waste, could also benefit from a 50-billion-euro ($57 billion) upgrade of French nuclear sites operated by energy provider EDF ( EDF.PA ), Frerot said. EDF''s upgrade is scheduled for 2014-2025 and aims to extend the life expectancy of its nuclear installations by more than 40 years. (Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by Maya Nikolaeva and John Stonestreet) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-veolia-ceo-m-a-idUKKBN19T0FT'|'2017-07-08T13:45:00.000+03:00'
'10028a2fb58f06c27ec327d00ceffc7d51133364'|'Euro zone set to OK release of loans to Greece this week - EU official'|'Business News - Thu Jul 6, 2017 - 8:23pm BST Euro zone set to OK release of loans to Greece this week: EU official Greek and EU flags flutter at an open air kiosk selling flags in Athens, Greece, June 22, 2015. REUTERS/Yannis Behrakis BRUSSELS Eurozone creditors are set to give their final go-ahead to the release of loans to Greece on Friday under a political agreement reached in June, a euro zone official said on Thursday. Greece needs new loans under its current 86 billion euro ($98 billion) bailout program, the third since 2010, to pay debt due this month. In a meeting in June, euro zone finance ministers reached a political deal to disburse 8.5 billion euros of new financial aid to Athens. But the actual disbursement was linked to some conditions that needed to be fulfilled by Greece. "I am very convinced that smallish issues will be cleared up by tomorrow afternoon," a euro zone official said on Thursday. On Friday the board of directors of the European Stability Mechanism, the euro zone bailout fund, will hold a conference call where they are expected to give their green light to the release of funds, the official said. "I''m quite sure that outstanding measures will be judged as having been fulfilled," the official added. The big outstanding snag was a case involving three former privatization officials from Italy, Spain and Slovakia, who had been charged in Greece with breaches of duty during the sale in 2015 of state properties. Euro zone finance ministers said Athens should grant immunity to the three before fresh loans could be unblocked. Greece dropped the charges against them last week. Euro zone finance ministers will gather on Monday in Brussels for a regular meeting where Greece is not on the agenda, suggesting that pending issues will be solved before the meeting. ($1 = 0.8786 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-idUKKBN19R2TI'|'2017-07-06T22:20:00.000+03:00'
'35b65f5970343af83944825a51ccf740a937a3ca'|'Malaysia Muslim group joins Indonesian call for Starbucks boycott over LGBT stand'|'Business News - Thu Jul 6, 2017 - 11:45am EDT Malaysian Muslim group joins Indonesian call for Starbucks boycott over LGBT stand KUALA LUMPUR A prominent Muslim group in Malaysia has joined calls by Islamic conservatives in Indonesia for a boycott of Starbucks to protest against the international coffee chain''s support of gay rights. Activists say intolerance of lesbian, gay, bisexual and transgender (LGBT) people has spiked in recent years in Indonesia and Malaysia, both majority Muslim, multi-ethnic Southeast Asian countries. Perkasa, a group with about 700,000 members that campaigns for the rights of ethnic Malay Muslims, said it agreed with calls this week by Muhammadiyah, Indonesia''s second-largest Muslim group, for a boycott of Starbucks over its pro-LGBT stand. Perkasa also agreed with the Indonesian group''s call for Starbucks'' operating license to be revoked, it said. Amini Amir Abdullah, who heads Perkasa''s Islamic affairs bureau, said Starbucks'' position challenged Malaysia''s constitution, which recognized Islam as the country''s official religion. "Our objection is because they are promoting something that is against the human instinct, against human behavior and against religion. That''s why we are against it," Amini told Reuters in an interview on Wednesday. Muhammadiyah''s call for a boycott has gained support from the Indonesian Ulema Council, its top clerical body. The religious groups'' opposition to Starbucks came after a video from 2013 circulated online of pro-LGBT comments made by the company''s chairman and former chief executive, Howard Schultz. In the video, Schultz said Starbucks embraced diversity and "not every decision is an economic decision", in response to a shareholder who complained that the company had lost customers because of its support for gay marriage. Starbucks Malaysia could not be reached for comment. PT Sari Coffee Indonesia, which holds the license to run the Starbucks chain in Indonesia, said in a statement it was not affiliated with any political or ideological groups. "We are grateful and proud to have been a part of local communities in Indonesia for 15 years, always maintaining the deepest respect for, and adherence to, Indonesia''s local laws, culture and beliefs," said Fetty Kwartati, a director at PT MAP Boga Adiperkasa, the parent company of PT Sari Coffee Indonesia. Some Muslims in Indonesia, however, said the boycott call would not stop them from buying Starbucks coffee. "I love their products, not their CEO," said Jakarta resident Kornelius Kamajaya. The boycott call got a similar response from some in Malaysia. "Don''t make it such an issue that we have to boycott a company because of one small statement," said Muhammad Azril Maridzuan, an assistant bank manager in Kuala Lumpur. Muslim groups should not "be so extremist" even though gay rights was against their religious beliefs, he said. (Reporting by Ebrahim Harris in KUALA LUMPUR and Yuddy Cahya in JAKARTA; Writing by Rozanna Latiff; Editing by Robert Birsel and Paul Tait) FILE PHOTO: An employee poses with a cup of water at a Starbucks coffeehouse in Austin, Texas, U.S., February 10, 2017. REUTERS/Mohammad Khursheed/File Photo '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-starbucks-lgbt-indonesia-malaysia-idUSKBN19R0NM'|'2017-07-06T10:37:00.000+03:00'
'cd1955618bd45b81fc52499377e9037228e30eb9'|'Saudi Aramco, Hyundai Heavy to make engines and pumps together'|'Big Story 10 - Wed Jul 5, 2017 - 2:27am EDT Saudi Aramco, Hyundai Heavy to make engines and pumps together FILE PHOTO: A Saudi Aramco employee sits in the company stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed/File Photo/File Photo DUBAI National oil giant Saudi Aramco said it had signed a memorandum of understanding with South Korea''s Hyundai Heavy Industries to make engines and marine pumps in the kingdom. The manufacturing facility, which is expected to create over 650 jobs, will be at the site of a $5.2 billion shipyard which Aramco and partners plan to build at Ras Al Khair on Saudi Arabia''s east coast, Aramco said in a statement on Wednesday. Also involved in the project is the Saudi Arabian Industrial Investments Co, founded in 2014 to help develop the Saudi economy beyond oil exports. Its shareholders are Aramco, top petrochemical producer Saudi Basic Industries, and the Public Investment Fund, Riyadh''s main sovereign wealth fund. The companies hope to start operations at the new facility by the end of 2019. It would make 4-stroke engines under Hyundai''s HiMSEN brand, supporting their use in remote power plants as well as marine applications for very large and small vessels, Aramco said. (Reporting by Andrew Torchia) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-saudiaramco-hyundai-idUSKBN19Q0KQ'|'2017-07-05T09:25:00.000+03:00'
'a43350149942a9f7590f215c7f725d618b8dd5a9'|'VW, Kuka cooperate on robots for electric, autonomous cars'|'Technology   12:17pm BST Volkswagen, Kuka cooperate on robots for electric, autonomous cars left right The logo of Volkswagen is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann 1/2 left right The logo of German industrial robot maker Kuka is pictured on a Kuka robot arm during the Hannover Fair in Hanover, Germany, April 25, 2016. REUTERS/Wolfgang Rattay 2/2 FRANKFURT German carmaker Volkswagen ( VOWG_p.DE ) and robot maker Kuka are expanding a cooperation to develop ways that robots can help drivers of electric and autonomous vehicles, Volkswagen said in a statement on Friday. Europe''s biggest carmaker last year announced a multi-billion-euro shift to embrace electric cars and new mobility services as it battles to overcome its diesel emissions scandal. Among other, Volkswagen and Kuka, which was bought by Chinese home appliance maker Midea, are working on a system to hook up electric cars to charge points with the help of robots, Volkswagen said in its statement. "The driver simply has to position the electrically powered automobile in a designated parking space. The robot takes care of connecting up the charging cable for the driver," it said, adding the two companies were also making plans to develop other concepts. (Reporting by Maria Sheahan; Editing by Arno Schuetze)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-autonomous-kuka-idUKKBN19S1KK'|'2017-07-07T14:17:00.000+03:00'
'275a19c9fb3eecb461957b6ff83580bdc6361f8c'|'Tesla''s Model S fails to ace some tests in IIHS evaluation'|'Thu Jul 6, 2017 - 5:25am BST Tesla''s Model S fails to ace some tests in IIHS evaluation A Tesla Model S electric car is taken for a test drive at a Tesla car dealership in Sydney, Australia, May 31, 2017. REUTERS/Jason Reed Tesla Inc''s Model S did not get the top score in certain tests by the Insurance Institute for Highway Safety (IIHS), the agency said on Thursday. Chevrolet Impala, Ford Motor Co''s Taurus and Tesla''s Model S were the three sedans that got "only an acceptable rating" in a test designed to simulate what happens when the front driver-side corner of a vehicle strikes a tree or another vehicle, the IIHS said. Ford''s Lincoln Continental, the Mercedes-Benz E-Class and Toyota Motor Corp''s Avalon received the highest rating overall, the agency said. In the test, the seat belt in Tesla''s Model S was not effective and could lead to the driver''s head striking the steering wheel hard through the air bag, according to the report. Tesla''s Model S received the highest rating in IIHS''s crash testing in every category except one, the small overlap front crash test, where it received the second highest rating available, a Tesla spokesperson said in an email. "IIHS and dozens of other private industry groups around the world have methods and motivations that suit their own subjective purposes," the spokesperson said. Tesla said the most objective and accurate independent vehicle safety test is done by the U.S. government, which found Model S and Model X to have the lowest probability of injury of any cars that it has ever tested. In order to get the top IIHS rating, automakers must have a frontal crash prevention system with automatic braking capabilities to prevent a rear-end collision. The vehicles must stop or slow down without driver intervention before hitting a target in tests at 12 or 25 miles per hour among other factors, IIHS said. Toyota said in a statement it is committed to developing safe and reliable vehicles. General Motors Co declined to comment, while Ford and Mercedes were not immediately available for comment. The IIHS is a research arm of the insurance industry, and its crash tests are increasingly influential in guiding vehicle safety design. Automakers strive for top ratings in IIHS tests as they do on federal crash tests. (Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta and Gopakumar Warrier) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tesla-models-idUKKBN19R08Y'|'2017-07-06T07:06:00.000+03:00'
'c4a0c86d59ebc754a2eb6d8314ef66efcefe444b'|'Global Markets - Oil rebounds, dollar loses to euro, stocks fall'|'July 6, 2017 / 3:48 PM / in 8 minutes Global Markets - Oil rebounds, dollar loses to euro, stocks fall Sinead Carew 4 Min Read FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 2, 2017. Brendan McDermid/File Photo NEW YORK (Reuters) - Oil regained ground on Thursday but stocks around the world fell and the euro gained on the U.S. dollar after minutes from the European Central Bank''s latest meeting showed it could be open to scrapping its bond-buying pledge. The dollar pulled back after weaker-than-expected U.S. private jobs data affirmed expectations for a gradual pace for U.S. interest rate hikes by the Federal Reserve. Wall Street followed European shares lower as investors saw little reason to buy in a holiday week ahead of the second-quarter earnings reporting season. "It''s the lull before earnings. There''s not as much enthusiasm for buying," said Chris Zaccarelli, Chief Investment Officer at Cornerstone Financial Partners in Huntersville, NC. "Investors don''t think companies will surprise as positively as they did in the first quarter." The Dow Jones Industrial Average fell 89.98 points, or 0.42 percent, to 21,388.19, the S&P 500 lost 15.04 points, or 0.62 percent, to 2,417.5 and the Nasdaq Composite dropped 52.43 points, or 0.85 percent, to 6,098.42. Europe''s Stoxx 600 index touched its lowest point since April 21 and was last down 0.7 percent MSCI''s gauge of stocks across the globe shed 0.3 percent. Some investors were also likely uneasy about geopolitical issues, according to Zaccarelli. A summit of G20 nations this week has taken on greater significance following this week''s test of a long-range missile by North Korea. Fund manager Jan Dehn of Ashmore identified a trio of concerns spooking investors, especially in emerging markets, where currencies declined "One is the Middle East and the Qatar-Saudi situation and even the oil market doesn''t know how to handle that one," he said. "The second is North Korea, which is classic geopolitical risk, and finally, and probably most importantly, there has been the recent hawkish tilt from the major central banks and it seems to be coordinated." Dehn also cited some profit-taking in emerging market assets after a stellar first half to the year. South Africa''s rand was down 0.6 percent and Turkey''s lira fell 0.5 percent in their second consecutive day of declines. [EMRG/FRX] The rand extended Wednesday''s 1.6 percent drop driven by proposals to nationalize South Africa''s central bank and expropriate land without compensation. The dollar index, which measures the greenback against a basket of major currencies, fell 0.37 percent, with the euro up 0.44 percent to $1.1402. U.S. Treasury yields rose on the prospect of hawkish global central bank policy and as rising oil prices suggested a potential pickup in inflation. Benchmark 10-year notes were last down 15/32 in price to yield 2.3856 percent, from 2.334 percent on Wednesday. The 30-year Treasury bond was off 1-9/32 in price to yield 2.9172 percent, from 2.855 percent. Those yields hit a six-week high of 2.923 percent. Commodity markets continued to swing. Oil recovered some ground after a surprisingly upbeat picture of U.S. demand halted the previous day''s 4 percent slide, although the prospect of oversupply in 2018 prompted more analysts to cut price forecasts. U.S. crude rose 2.48 percent to $46.25 per barrel and Brent was last at $48.89, up 2.3 percent on the day. Gold pared losses and was last down 0.2 percent at $1,223.80 an ounce. Additional reporting by Gertrude Chavez-Dreyfuss and Samuel Forgione in New York, Marc Jones in London and Nichola Saminather in Singapore; Editing by Catherine Evans and James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN19R2BY'|'2017-07-06T18:46:00.000+03:00'
'9ecd81daae6b508e87f9968b5fa18a9595644086'|'Futures lower ahead of trade, ADP jobs data'|'U.S. stocks were sharply lower on Thursday after disappointing labor market data clashed with the possibility of a more hawkish Federal Reserve, while rising tensions in the Korean peninsula providing additional pressure.Private employers added 158,000 jobs in June, the ADP National Employment Report showed, coming in below the estimated gain of 185,000 and suggesting cooling in the U.S. labor market as it nears full employment.Another set of data showed weekly jobless claims rose for the third straight week, climbing to 248,000 and topping the 243,000 expected. While the data still indicates a tight labor market, the reports hint at a soft monthly nonfarm payrolls report on Friday, which includes hiring in both the public and private sectors. The softer data comes on the heels of Wednesday''s release of the minutes from the Federal Reserve''s June meeting, which showed policymakers were increasingly split on the inflation outlook and how it might affect the pace of interest rate increases. Those two factors helped push yields on U.S. Treasuries US10YT=RR higher and dampened the attractiveness of equities."ADP came in pretty soft, people got a little nervous there," said Anthony Conroy, president of Abel Noser in New York. "People said the Fed is pretty uneasy over low inflation but they are still going to keep doing what they are doing with rates because they have to do something." Geopolitical tensions also weighed on sentiment, with U.S. President Donald Trump vowing on Thursday to confront North Korea "very strongly" following its latest missile test and urging nations to show Pyongyang that there would be consequences for its weapons program.The Dow Jones Industrial Average .DJI fell 158.13 points, or 0.74 percent, to 21,320.04, the S&P 500 .SPX lost 22.79 points, or 0.94 percent, to 2,409.75 and the Nasdaq Composite .IXIC dropped 61.39 points, or 1 percent, to 6,089.46. The declines marked the biggest percentage drop for the S&P 500 in since May 17. Shares of Tesla ( TSLA.O ) dropped 5.56 percent after the luxury electric carmaker''s Model S did not receive the top score in certain tests by the Insurance Institute for Highway Safety.General Electric ( GE.N ) lost 3.80 percent as the worst performer on the Dow after the European Commission accused the company of providing misleading information during a merger deal.L Brands ( LB.N ) plunged 14.08 percent, the worst performer on the S&P 500, after the Victoria''s Secret owner''s June sales came in below expectations.Declining issues outnumbered advancing ones on the NYSE by a 3.12-to-1 ratio; on Nasdaq, a 2.35-to-1 ratio favored decliners.About 6.66 billion shares changed hands in U.S. exchanges, compared with the 7.18 billion daily average over the last 20 sessions.(Reporting by Chuck Mikolajczak; Editing by Dan Grebler)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN19R1I9'|'2017-07-06T15:43:00.000+03:00'
'd5fcd155f181b59ea5832e9a5ac434c0f42a4f96'|'Geely''s Volvo to go all electric with new models from 2019'|'July 5, 2017 / 4:05 AM / an hour ago Geely''s Volvo to go all electric with new models from 2019 By Niklas Pollard 4 Min Read FILE PHOTO: A Volvo logo is pictured on the stand during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. Denis Balibouse/File Photo STOCKHOLM (Reuters) - All Volvo car models launched after 2019 will be electric or hybrids, the Chinese-owned company said on Wednesday, making it the first major traditional automaker to set a date for phasing out vehicles powered solely by the internal combustion engine. The Sweden-based company will continue to produce pure combustion-engine Volvos from models launched before that date, but its move signals the eventual end of nearly a century of Volvos powered solely that way. While electric and hybrid vehicles are still only a small fraction of new cars sales, they are gaining ground at the premium end of the market, where Volvo operates and where Elon Musk''s Tesla Motors has been a pure-play battery carmaker from day one. As technology improves and prices fall, many in the industry expect mass-market adoption to follow. "This announcement marks the end of the solely combustion engine-powered car," Volvo Cars CEO Hakan Samuelsson said. The company, owned by Zhejiang Geely Holding Group, said five new models set to be launched in 2019 through 2021 - three of them Volvos and two Polestar-branded - would all be fully electric. "These five cars will be supplemented by a range of petrol and diesel plug in hybrid and mild hybrid 48-volt options on all models," Volvo said. "This means that there will in future be no Volvo cars without an electric motor." The electric models will be produced at Volvo plants world-wide - it has factories in Europe and China and is building one in the United States - while development costs will be met from within its existing budget, Samuelsson told Reuters. "This also means we won''t be doing other things. We of course will not be developing completely new generations of combustion engines," he said about future investment needs. Volvo has invested heavily in new models and plants since being bought by Geely from Ford in 2010, establishing a niche in a premium auto market dominated by larger rivals such as Daimler''s Mercedes-Benz and BMW. Part of its strategy has also been to embrace emerging technologies that allow higher performance electric vehicles as well as, eventually, self-driving cars. Only last month, Volvo said it would reshape its Polestar business into a standalone brand, focused on high-performance electric cars aimed at competing with Tesla and the Mercedes AMG division. Volvo has also said it will build its first fully electric car in China based on its architecture for smaller cars which will be available for sale in 2019 and exported globally. Still, Volvo is not alone among traditional carmakers in pushing strongly into electrics and plug-ins – or among premium brands in resorting to 48V mild hybrid systems to lower fuel consumption and CO2 emissions from their combustion-engine cars. Among them, BMW plans to introduce an electric version of its popular 3 series in September to meet the challenge from Tesla, Handelsblatt reported last month. Volvo has also taken steps towards an eventual listing, raising 5 billion crowns from Swedish institutional investors through the sale of newly issued preference shares last year, though the company has said no decision on an IPO has been made. "It is still an option and a question for our owner," Samuelsson said. Additional reporting by Laurence Frost; Editing by David Evans and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volvocars-geely-electric-idINKBN19Q0BP'|'2017-07-05T10:31:00.000+03:00'
'd66512dd0dce9c800ba5f2dc444cc77c77d70a7f'|'France to sell 10 billion euros in stakes of firms to finance innovation programme'|'Business News - Wed Jul 5, 2017 - 6:37pm BST France to sell 10 billion euros in stakes of firms to finance innovation programme French Finance Minister Bruno le Maire attends a national tribute ceremony for late French politician Simone Veil, Holocaust survivor and pro-abortion campaigner, at the Hotel des Invalides in Paris, France, July 5, 2017. REUTERS/Michel Euler/Pool PARIS Finance Minister Bruno Le Maire said on Wednesday France would sell some 10 billion euros ($11.34 billion) worth of stakes it holds in companies to finance innovation. "This 10 billion euros will be from the sale of stakes owned by the state in a certain number of firms," Le Maire said in a speech. ($1 = 0.8822 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-innovation-stakes-idUKKBN19Q2II'|'2017-07-05T20:37:00.000+03:00'
'7d94be95c760b307961c62d13c6907465a0a9a5d'|'GM China says sales rebound in June, promises 10 models in second half'|'Autos - Wed Jul 5, 2017 - 1:52am EDT GM China says sales rebound in June, promises 10 models in second half FILE PHOTO - The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo BEIJING General Motors Co on Wednesday said sales rose in China in June after two consecutive months of decline, and promised to rebuild momentum in the world''s largest car market with 10 new or refreshed models in the second half of 2017. The U.S. automaker, China''s second-largest foreign brand behind Volkswagen AG, sold 285,191 vehicles in June, 4.3 percent more than in the same month last year. For January to June, sales declined 2.5 percent to roughly 1.8 million vehicles. Overall sales in China''s auto market surged by double-digits in 2016, helped by a tax cut on vehicles with engines of 1.6 liters or below. But that policy is now being phased out, leading to weaker sales. "We are pleased with the strong demand across our brands in June," Matt Tsien, GM''s China chief, said in a statement. "Over the next six months, we will be launching 10 new and refreshed models to build on our momentum." The launches will include an all-new Buick Regal sport sedan and a station wagon under the made-for-China budget brand Baojun. Sales growth for Japanese rivals Toyota Motor Corp and Honda Motor Co Ltd also rose in June. Vehicle sales increased 3.7 percent in the first five months of the year, less than the 5 percent annual growth forecast by the China Association of Automobile Manufacturers. (Reporting by Jake Spring; Editing by Christopher Cushing) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-gm-china-sales-idUSKBN19Q0GP'|'2017-07-05T08:52:00.000+03:00'
'942fc2fe499c3ffac9e7273b04d918efa37c1a1c'|'Exclusive: India considers private cars for ridesharing to cut traffic'|'Technology News - Wed Jul 5, 2017 - 10:19am EDT Exclusive: India considers private cars for ridesharing to cut traffic FILE PHOTO: An employee walks inside the office of ride-hailing service Uber in Gurugram, previously known as Gurgaon, on the outskirts of New Delhi, India April 19, 2016. REUTERS/Anindito Mukherjee/File Photo By Aditi Shah - NEW DELHI NEW DELHI India is examining the use of private vehicles as shared taxis in an effort to reduce car ownership and curb growing traffic congestion in major cities, sources familiar with the matter told Reuters. India''s federal think-tank, which is chaired by Prime Minister Narendra Modi, has partnered with companies including ride-sharing firm Uber Technologies [UBER.UL] to assess the economic and environmental impact of using private cars as taxis, a government official involved in the process said. Increasing the availability of cars that can be used as cabs would be welcome news for Uber and its SoftBank ( 9984.T ) backed local rival Ola, although it could heighten tensions with taxi operators that typically pay higher fees for commercial licences while facing more rigorous vehicle testing. India''s government wants to reduce private car ownership, the official said, adding the three-month study will look at the safety, regulatory, tax and insurance implications. While the study is in its early days, the broad idea is to set up a clear and reasonable regulatory framework for ride-sharing so it allows companies to operate in India without ambiguity, another source involved in the process said. Although Uber is allowed to use private cars for ride sharing in countries such as Australia and Singapore, their use has faced opposition from taxi operators in parts of North America. An Uber spokesman said sharing private vehicles can help cut congestion and ensure more efficient use of cars. "We are engaging with a range of stakeholders in India about the best way to realize this vision," he said. CAR SALES IMPACT But such a move could dent car sales in India where the ownership ratio is already low compared with other countries. There are fewer than 20 cars for every 1,000 people in India. Maruti Suzuki ( MRTI.NS ), Hyundai Motor ( 005380.KS ) and Tata Motors ( TAMO.NS ) are among the top-selling carmakers in the country, which is forecast to be the world''s third-largest car market by 2020. Uber and Ola have built their taxi "fleets" in India by offering incentives such as free smartphones and cash bonuses to drivers, but both are now cutting back on these in an attempt to be profitable. Allowing the use of private cars as taxis would improve the supply of vehicles at a low cost, say analysts. "If most of these cars are affiliated with Ola and Uber then it''s a win for them," Neil Shah, research director at consultant Counterpoint Research, said. The proposal, however, could antagonize current drivers, who have paid hefty fees to get a commercial taxi license. Concerns around the safety of passengers would also need to be addressed, said Shah, adding that any new law must ensure private car drivers go through the same background and safety checks. (Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-india-ridesharing-exclusive-idUSKBN19Q1MC'|'2017-07-05T15:56:00.000+03:00'
'392d36f72b18d081ecf7ac8fdcaac7ea9925fcbd'|'Temasek, Unigrains take stake in malt producer Boortmalt'|'PARIS French cooperative Axereal said on Wednesday Singapore''s state investor Temasek and French farmer-controlled investment fund Unigrains had taken a stake in its Boortmalt unit, the world''s fifth largest malt producer, through a capital increase.French sugar group Tereos, a minority shareholder in the Belgian-based malt producer, also contributed to the capital increase which totaled 150 million euros ($170 million), Axereal said in a statement.The capital increase follows an announcement in February by Axereal, one of Europe''s largest grain handlers, that it would build a malt processing factory in Ethiopia and a fourth production facility in Antwerp as it sought to tap into rising demand for beer in emerging markets."Temasek, based in Singapore, and Unigrains, a specialist in the agri-food sector, will bring real expertise on the valuation of our malt business and its outlets on international markets, especially in Asia," Boortmalt Chief Executive Yvan Schaepman said in the statement.Axereal declined to detail the share of each participant in the capital increase.Temasek Holdings, one of the world''s biggest state investors, has a portfolio of around $180 billion, mainly focused on Singapore and Asia in sectors ranging from telecoms to real estate, transport, financial services, health and agriculture.($1 = 0.8825 euros)(Reporting by Sybille de La Hamaide, editing by David Evans)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-france-axereal-boortmalt-idUSKBN19Q29J'|'2017-07-05T20:13:00.000+03:00'
'fe2f480b6cc83ba34bebdb001bccdee92c309659'|'Samsung on track to take Intel''s chip crown with record second-quarter earnings'|'Technology News - Tue Jul 4, 2017 - 10:12pm EDT Samsung on track to take Intel''s chip crown with record second-quarter earnings Employees walk in the main office building of Samsung Electronics in Seoul, South Korea, January 6, 2016. REUTERS/Kim Hong-Ji By Joyce Lee - SEOUL SEOUL Samsung Electronics Co Ltd ( 005930.KS ) is expected to report its best-ever quarterly profit in the second quarter, with soaring memory chip sales pushing it past Intel Corp ( INTC.O ) as the biggest semiconductor maker by revenue for the first time. The world''s largest memory chip maker is the among the biggest beneficiaries of soaring demand for processing firepower on smartphones and servers, which has fueled an industry super-cycle amid limited supply growth. Underscoring its dominant position, Samsung said on Tuesday it plans to invest some $18.6 billion in South Korea as it seeks to extend its lead in memory chips and next-generation displays for smartphones. The South Korean tech giant, Asia''s third-largest company by market capitalization, is now poised to knock Intel off the top of the global semiconductor market-share rankings for the first time since 1991. "From the second quarter, Samsung will become No. 1 in market share due to the recent increase in data centers and demand for solid-state drives," NH Investment & Securities analyst Peter Lee wrote in a note to clients. Samsung''s April-June operating profit is expected to leap 67 percent from a year earlier to 13.1 trillion won ($11.4 billion), a new high, according to the average forecast from a Thomson Reuters survey of 18 analysts. The same survey expects July-September profit to be even higher at 13.8 trillion won. Solid sales of the Galaxy S8 smartphone launched in April likely provided an additional boost, keeping the firm ahead of rival Apple Inc ( AAPL.O ) as the world''s top smartphone maker. The S8''s performance has reassured investors whose nerves were shaken last year by the costly withdrawal of Samsung''s premium Galaxy Note 7 due to fire-prone batteries. Samsung shares are trading at a near-record high of 2.35 million won each as of Tuesday. They have gained 30 percent so far this year on top of a 43 percent surge in 2016. IN THE PIPELINE "The Galaxy S8 series has been out for more than 2 months now and we see similar traction as the Galaxy S7 series," Counterpoint analyst Tom Kang said. Samsung would sell about 49 million S8s by the end of its first full-year release, in line with first-year sales of the Galaxy S7, he said. Samsung is also preparing to unveil the Galaxy Note 8 in August, a source told Reuters, restoring the company''s schedule of market-moving gadget releases after the interruption of the Note 7 debacle. The company will issue earnings guidance early on Friday but will not disclose details on its performance until late July. Nomura has predicted DRAM chip prices will continue to rise in the second half of 2017 due to limited supply and strong demand driven by servers. Demand for solid-state drives (SSD) and smartphones would maintain profits for producers of NAND semiconductors, despite an easing of a production bottleneck, it said. (Reporting by Joyce Lee; Editing by Stephen Coates and Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-samsung-elec-results-preview-idUSKBN19P2LT'|'2017-07-05T02:07:00.000+03:00'
'feadb9238ad1d5eb2232bb093997b7bc4f5302a8'|'Bank of Japan offers to buy unlimited amount of bonds to calm markets'|'July 7, 2017 / 8:14 AM / in 6 minutes Bank of Japan offers to buy unlimited amount of bonds to calm markets Hideyuki Sano 5 Min Read A man rides a bicycle past the Bank of Japan (BOJ) building in Tokyo, Japan March 18, 2009. Yuriko Nakao/Files TOKYO (Reuters) - The Bank of Japan offered to buy an unlimited amount of JGBs on Friday, as it sought to put a lid on domestic interest rates pushed higher by the broad sell-off in developed market bonds. Its aggressive bond buying operations sent most Japanese government bond yields lower and weakened the yen. It also marked a reversal in the recent slow and stealth tapering of the bond buying operation central to its easy monetary policy. "The BOJ has sent a very strong signal that they are committed to the yield curve control policy and they are not coming to the global tightening party. The reward has been a lower currency," said Ray Attrill, head of FX strategy at NAB in Sydney. The BOJ''s announcement followed a spike in 10-year Japanese government bond yields to 0.105 percent, its highest since early February and significantly higher than the zero percent it targets for that maturity under its yield-curve-control policy. The spike was in parallel to the steep rise in German, U.S. and other European bond yields over the past week and a half, spurred by concerns global central banks are moving toward reducing stimulus. It had its origins in a string of hawkish messages from the European Central Bank, the Bank of England and the Bank of Canada, furthered on Thursday by minutes from the European Central Bank''s latest meeting showing it could be open to scrapping its bond-buying pledge. The Federal Reserve''s policy meeting minutes this week suggested it may also soon begin paring back its large bond holdings in the coming months. But BOJ Governor Haruhiko Kuroda had said in March that it was possible the central bank won''t increase its bond yield targets even as overseas long-term interest rates rise. Powerful Weapon To ensure it had a stronger shield in case increased buying was not enough, the BOJ employed its most powerful weapon -- of unconditional buying at specific yield -- only for a third time after it started its yield curve control policy in September. In a special market operation on Friday, the BOJ offered to buy an unlimited amount of 10-year JGBs at a yield of 0.110 percent. This came on top of an increase in the size of its regular auction-based purchase of five to 10-year maturities to 500 billion yen from the previous 450 billion yen. "The BOJ showed its strong determination to keep the 10-year yield around zero percent and not to let it rise above 0.10 percent," said Koichi Sugisaki, strategist at Morgan Stanley MUFG Securities. People walk past the Bank of Japan building in Tokyo, Japan June 16, 2017. Toru Hanai/Files Following the BOJ''s operation announcement the 10-year yield fell to 0.085 percent while expectations of widening in yield differentials with other countries sent the yen down to 113.835 to the dollar, its lowest in a month and a half. The BOJ''s offer of unlimited buying drew no selling because the market quickly recovered on the announcement, enabling any sellers to offload JGBs at better prices in the market, rather than to the BOJ. But Friday''s increase in bond buying went against the central bank''s attempts in recent months to reduce its massive debt purchases. The BOJ has been slowing the pace of its bond buys as its holdings of JGBs have already topped 40 percent of the entire market, threatening the smooth functioning of the bond market. To avoid running out of JGBs to buy and for its stimulus policy to be sustainable, many analysts say the BOJ will need to further reduce the pace of its bond buying in future. Former BOJ board member Sayuri Shirai told Reuters on Friday the Bank of Japan should steadily proceed with an "implicit tapering" of its bond purchases as any rise in yields would be temporary. Shirai said the central bank may temporarily accelerate purchases of JGBs to contain rises in bond yields, but won''t have to buy huge amounts to cap yields around its zero percent target. The BOJ has said it is aiming to increase its bond holdings by about 80 trillion yen a year. But in reality, the pace has been slowing substantially already to below 70 trillion yen by June. If the current pace of buying continues, the annual increase in its bond portfolio is expected to fall below 60 trillion yen this year. But Marcel Thieliant, senior Japan economist at Capital Economics in Singapore, said: "We expect U.S. 10-year yields to climb further to 3.0 percent by year-end so chances are that the BOJ will have to conduct additional fixed purchase operations in coming months." Takuji Okubo, principal and chief economist at Japan Macro Advisors, thinks the impact of Friday''s operation may not last long. "If the global bond market continues to sell off, there will come a time when the BOJ starts to feel it alone cannot hold off the tide any more and it could cause a nasty turbulence," he said. Additional reporting by Wayne Cole in Sydney, Nichola Saminather in Singapore, Leika Kihara and Liwa Twaronite in Tokyo; Editing by Jacqueline Wong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-bonds-idINKBN19S101'|'2017-07-07T11:11:00.000+03:00'
'5cd9afad68717f150dc9e112571f855bc41b3a67'|'Austria wants to end Eurofighter programme early amid row with Airbus'|'Fri Jul 7, 2017 - 9:11am BST Austria wants to end Eurofighter program early amid row with Airbus The first Austrian military jet fighter ''''Eurofighter Typhoon'''' lands on the military airport in the small Styrian village of Zeltweg July 12, 2007. REUTERS/Leonhard Foeger VIENNA Austria wants to end its Eurofighter jet program early and replace it with a cheaper alternative fleet of aircraft leased from another government, its defense minister said on Friday, amid a legal battle over the jets with Airbus. Austria sued Airbus and the Eurofighter consortium, including Britain''s BAE Systems and Italy''s Leonardo, in February, alleging deception and fraud linked to a near 2 billion euro ($2.3 billion) jet order in 2003. Airbus and the consortium have denied the accusations. The charges were the latest in a series of rows between Austria and the consortium, which have sparked two parliamentary inquiries and resulted in Airbus boss Tom Enders being investigated by Vienna prosecutors. The defense ministry said in a statement that Austria''s 15 Eurofighter jets could be phased out from 2020. The continued use of the Eurofighter planes for 30 years - the normal life span of such jets - would cost up to 5 billion euros. Buying and operating a new fleet comprised of 15 single-seater and three twin-seater supersonic jets over the same period could be 2 billion euros cheaper than continuing its current program, the ministry said. "It is necessary to get a grip on the overflowing costs of the Eurofighter," Defence Minister Hans Peter Doskozil said. The ministry said it had already been in touch with other governments, air forces and aircraft producers. Austria prefers a government-to-government deal that would see Vienna lease the aircraft from another country, rather than organizing a tender that would take much longer and might jeopardize the 2020-2023 timeframe for the change of fleet. Such a government-to-government deal could involve the other country buying the jets from one of its national producers whose planes have self-defense systems, radar-guided missiles and can operate at night and at supersonic speed. The tranche 1 type of the Eurofighter jets which Austria uses is also in operation in Britain, Germany, Italy and Spain. (Reporting by Shadia Nasralla; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-austria-eurofighter-idUKKBN19S0ZN'|'2017-07-07T11:07:00.000+03:00'
'6a962695f70acbaca65ac3ece0403a726de83cbf'|'Deliveroo calls for UK law change to give its riders more rights'|'  1:41pm BST Deliveroo calls for UK law change to give its riders more rights A cyclist rides a bicyle as he delivers food for Deliveroo, an example of the emergence of what is known as the ''gig economy'', in Paris, France, April 7, 2017. REUTERS/Charles Platiau By Costas Pitas - LONDON LONDON British takeaway food delivery firm Deliveroo would give its self-employed riders insurance and sick pay if the government changed the law so it could offer some rather than all the entitlements enjoyed by workers, it said on Friday. Deliveroo''s 15,000 bikers are self-employed so they do not receive rights such as the minimum wage, an arrangement the company argues gives both it and its staff flexibility. Its riders have become a familiar sight on British streets since the company started trading in 2013 and are a symbol of the burgeoning "gig economy" in which people work simultaneously for different firms without fixed contracts. Deliveroo''s proposals for a change in the law to allow either additional rights for self-employed riders, or to create a new category of employment, were criticised by one of Britain''s biggest unions. "It''s the exploitative employment practices of companies like Deliveroo that are out of date - not the law," the GMB union said on Friday. In Britain, the self-employed have no entitlement to employment rights beyond basic health and safety and anti-discrimination laws, whereas workers also receive entitlements such as annual leave, rest breaks and the minimum wage. Like taxi app Uber [UBER.UL], Deliveroo has been criticised by unions who say it is exploiting its staff by not offering basic protections and some riders are pursuing legal action to push for workers'' rights. "Current employment law prevents on-demand companies from extending some of the entitlements that are open to ''workers'' without calling into question the status of its riders, who are self-employed," the company said on Friday. "Deliveroo is calling for a change ... that would allow it to offer new benefits to its riders, for example sick pay, insurance or shares for long-standing riders," it said. The proposals have been submitted to a government review set up in response to public and political concern that more and more Britons do not have a stable income because they have no guarantee of how many hours they will work. Last year, a tribunal ruled two drivers at Uber should be treated as workers and paid the minimum wage and holiday pay, a decision that could drastically hit the gig economy. Uber has appealed. (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-deliveroo-idUKKBN19S1SW'|'2017-07-07T15:41:00.000+03:00'
'c361a129ef0a71fb3a4f4082f5ce38d2b6a355b9'|'Letter to my younger self: you are a survivor who will help others - Guardian Small Business Network'|'Dear Devika,You are 19 years old, starting your BSc at King’s College London. Your excitement is overwhelming, as you are about to embark on what you believe will be the best years of your life. In truth, they won’t be. Your past suffering will not define you. It will simply magnify the beauty of the good people around you in the futureSoon, you will meet your first boyfriend, who sweeps you off your feet and changes your life irrevocably. After two years together, you pluck up the courage to tell him you are leaving. It’s the night you put a stop to the abuse you have endured. He throws a rage, just like all of the other times. Your time with this man will take several painful years to talk about. You are too ashamed. He will throw you around like a rag doll. He will kick you, spit on you, strangle you until you almost lose consciousness. You will cower on the floor. He doesn’t care you are crying. If anything, the crying will spur him on more. You will picture your family, your future, the life you want. This, Devika, this is the moment that changes your life. You fight back. You break free. And you run.Putting yourself back together is hard. The physical and emotional pain is overwhelming. You will hear his voice inside your head, saying you deserved it, that it was your fault, that you are not good enough. You will believe your world has collapsed around you. It has not. You will channel this pain into something positive. At 26, you start to believe in yourself again. You are head hunted by an investment firm that sees your talent and potential. You will invest less time and energy into dissecting the criticism of others. You will realise their opinions don’t matter. In 2016 you met your co-founder Naushard Jabir and together you start Vida, a technology-enabled care provider. You make it your mission to ensure everyone gets the support, love and care they need. It’s a personal mission for you, after living with your grandmother who suffered a stroke when you were 10 years old.Over the 12 years she struggled with epilepsy and dementia, you saw 150 carers come through the door. You were struck by the lack of communication between them, the care providers, and your family, and were appalled when your grandmother was over-medicated, leading to institutionalisation.Letter to my younger self: you never want to become the bully Read more Seeing this happen as a child, and being helpless to stop it, has propelled you forward at Vida. The greatest challenge has undoubtedly been working in an industry that is rife with problems and scepticism. Many of the families you work with have been badly let down by other agencies. It has been tough to gain their trust but your ethos has always been to treat clients like they are family. This means you often get too emotionally attached. Your confidence as an entrepreneur will grow with each moment that passes. I bet you can’t believe that one day you’ll secure £1.6m for the business by pitching to investors, many of whom were men. Or that you’ll lead a team of 20 that look to you for advice as they work to realise their own potential, as well as the 300 care professionals you employ to deliver high quality care. I know you will doubt this in the years to come but you are smart, determined and you have the precious gift of always finding the positive in negative situations. Your past suffering will not define you. It will simply magnify the beauty of the good people around you in the future. You won’t regret a single step on this journey. You are a survivor who will dedicated her life to helping others.DevikaDevika Wood is the co-founder of Vida . Are you an entrepreneur who would like to write a letter to your younger self? Email us at smallbusinessnetwork@theguardian.com to take part in this series. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jul/08/letter-to-my-younger-self-you-are-a-survivor-who-will-help-others-devika-wood-vida'|'2017-07-08T03:00:00.000+03:00'
'4bb0c860b90873db02c4d8969415098533b57f46'|'China''s FAW to recall 680,000 more Mazda cars over faulty Takata airbags'|'July 8, 2017 / 7:31 AM / 6 hours ago China''s FAW to recall 680,000 more Mazda cars over faulty Takata airbags 2 Min Read Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. Toru Hanai/Files BEIJING (Reuters) - China''s FAW Car Co Ltd, a partner of Japan''s Mazda Motor Corp, will recall over 680,000 Mazda cars due to issues with air bags that were supplied by embattled Japanese auto parts supplier Takata Corp. The recall includes Mazda 6 vehicles manufactured in China between September 2008 and January 2016, China''s General Administration of Quality Supervision, Inspection and Quarantine said in a statement on its website on Friday. The watchdog said the issue was related to dangerous defects in the airbag inflator on the passenger side, and follows an earlier recall of 280,000 Mazda 6 models manufactured between 2003 and 2008 for a similar issue. Takata filed for bankruptcy in Japan and the United States last month, burdened with tens of billions in liabilities related to a decade of recalls and lawsuits over faulty airbags supplied to some of the world''s biggest auto brands. The airbags have been linked to at least 16 deaths and 180 injuries. The firm will be largely acquired for $1.6 billion by Chinese-owned, U.S.-based firm Key Safety Systems as part of its financial restructuring. On Friday the Chinese watchdog said in a statement that it has asked foreign firms General Motors, Daimler''s Mercedes-Benz and Volkswagen to fulfil their obligations to recall vehicles in China affected by faulty Takata air bags. Reporting by Cate Cadell; Editing by Christian Schmollinger 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/faw-china-recall-idINKBN19T07L'|'2017-07-08T10:28:00.000+03:00'
'0e7ff5e60a317865b030522f6e160b8e39a898b9'|'Amundi CEO says Italian banks looking ''relatively healthy'''|'Business News - Sat Jul 8, 2017 - 1:40pm BST Amundi CEO says Italian banks looking "relatively healthy" Amundi CEO Yves Perrier poses during a ceremony for the debuts of Europe''s top asset manager on Euronext Paris stock market at La Defense business and financial district in Courbevoie near Paris, France, November 12, 2015. REUTERS/Jacky Naegelen AIX-EN-PROVENCE, France Italian banks, long plagued by bad loans burdening their balance sheets are regaining health after authorities tackled several troubled lenders recently, the head of asset manager Amundi said on Saturday. Amundi gained a major presence in Italy this year following its acquisition of rival Pioneer Investments from UniCredit ( CRDI.MI ), bringing in much needed capital to the Italian bank. Banco Popular and two small Italian banks were liquidated in June after their bad loans became unmanageable, and Monte dei Paschi di Siena ( BMPS.MI ) recently got approval for a 5.4 billion euro ($6.16 billion) state bailout to plug the capital hole caused by the sale of bad loans. "I think that Italian banks are starting to be relatively healthy after Monte Paschi (and the other banks) were dealt with," Amundi Chief Executive Yves Perrier said. Speaking at an economics conference in southern France, Perrier said those were isolated cases but nonetheless tricky politically and socially because the banks'' clients held subordinated debt issued by them. The Italian government has long come under pressure from its European partners to tackle its troubled lenders over concerns that their problems were giving investors a bad impression of the overall euro zone banking sector. Amundi says it is the largest asset manager in Europe with 1.3 trillion euros of assets under management and ranks in the top 10 globally. (Reporting by Leigh Thomas; Editing by Maya Nikolaeva; Editing by Jon Boyle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-italy-amundi-idUKKBN19T0L0'|'2017-07-08T15:35:00.000+03:00'
'5d988388b0869bba89ca021f124a3a1c0ef57de7'|'Bakish Is Breathing Life Back Into Viacom If Not Its Stock'|'From Photographer: Maury Phillips/Getty Images for Viacom It''s amusing to hear a 53-year-old businessman so enthusiastic about "Promposal," a humble reality show that films high school students creatively asking one another to the senior dance. But it''s certainly a welcome air Bob Bakish brings to MTV and parent company Viacom Inc. as he tries to help employees and shareholders move on from a ratings meltdown and last year''s disruptive kerfuffle between the ruling Redstone family and the longtime CEO they eventually booted. Bakish, who officially took the helm in December, is pushing fun, unscripted programs such as "Promposal" and bringing back the old hit "TRL" to turn around the beleaguered MTV channel. That''s among a host of other huge changes he''s been quickly carrying out at the $13 billion entertainment company. Just as Bakish says that market research calls for more upbeat shows on TV, he''s also working hard to restore morale in and around Viacom itself. That''s why it''s surprising that Viacom shares are still in the rut they fell into nearly two years ago when MTV and Comedy Central viewership began to plunge, which triggered the corporate infighting. Surely the company is better off now, even if evidence of operational improvement will take more time. But investors are unconvinced. Among the biggest U.S. TV programmers, Viacom remains the loser. It''s easy to hate on Viacom. But that''s also old news, and the story has become far more interesting. Whether you think Bakish can successfully rejuvenate Viacom''s networks, it''s at least hard to imagine things becoming any worse while he''s in charge, especially with Shari Redstone -- the shrewd daughter of ailing billionaire Sumner Redstone, 94 -- keeping a close watch. (The Redstones control about 80 percent of the voting interest in Viacom and Shari, 63, is vice chairman.) Bakish has already shaken up the top leadership as he directs the company to prioritize six brands and break down the silos among them: MTV, Comedy Central, BET, Nickelodeon, Nick Jr. and Paramount. With more resources devoted to the best projects, that means less emphasis on stuff Viacom probably over-invested in for years with underwhelming returns. He''s also swiftly cleaned up the balance sheet and sold its stake in the Epix channel to MGM Holdings Inc., which brought in more than $600 million for Viacom. The company''s debt no longer dwarfs its market value -- hey, baby steps! The most intriguing change, though, is the rebranding next year of Spike TV -- whose prime-time ratings plunged 13 percent in 2016 -- to the Paramount network. Paramount is the TV and film studio that Bakish''s predecessor, Philippe Dauman, nearly sold in a desperate attempt to raise money and reduce the number of headaches at Viacom. Instead of casting it off, Bakish is making the studio the focal point of his turnaround. He not only wants to create movies in collaboration with Viacom''s other networks but is also looking to capitalize on the success of Paramount''s "13 Reasons Why" (which was produced for Netflix Inc.) with a new network focused on premium scripted content that sounds akin to Time Warner Inc.''s HBO. It''s an ambitious goal and remains to be seen whether this coming network will catch on, but this has to be a better direction than Viacom was heading in this time last year. Ratings declines at MTV have already been easing, while Nickelodeon''s gained in both April and May. Even though Viacom''s adjusted earnings and revenue for the second quarter were better than analysts expected, they were overshadowed by a continued decline in advertising revenue from its networks. It also didn''t help that Charter Communications Inc. relegated most of Viacom''s flagship networks to its most expensive package for new subscribers. But nobody expected the turnaround to be easy after how far Viacom had fallen. Still, Bakish is making progress. Viacom and other network operators have been in talks with pay-TV distributors about forming an entertainment-only skinny bundle package. They''re trying to combat costly sports programming and broadcasters that drive up the price of such packages and thus leave less space for the likes of Viacom. Bakish said in May that he was "optimistic" one of these entertainment skinny bundles would launch by the end of the year. Cord-cutting will get worse and Bakish''s ideas are still mostly just that. But Viacom is already showing a stronger pulse than it has in years, and that''s notable in itself. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-07/bakish-is-breathing-life-back-into-viacom-if-not-its-stock'|'2017-07-07T21:00:00.000+03:00'
'4e3b91450a1b27fee3469662abd35776a8a6e3ab'|'After Andrew Tyrie: the race to become the Commons’ new inquisitor general'|'A hotly contested race for one of Westminster’s most coveted jobs enters its final stages this weekend as six Conservatives battle to run the powerful Treasury select committee.Once seen as a consolation prize for MPs passed over for a cabinet seat, since the financial crisis of 2008 the occupant has become better known – and arguably more influential – than many ministers.The last chairman, Andrew Tyrie, won a reputation as Westminster’s inquisitor general after his relentless grillings of Mark Carney, Philip Hammond, government officials and countless bank bosses.Tyrie would have been a shoo-in had he not quit as an MP at the election. His retirement created an unexpected vacancy for a battle that ahead of a ballot in which all MPs can vote looks too hard to call.Tyrie held memorable sessions that forced Paul Flowers , the drug-taking former chairman of Co-op Bank, to admit he didn’t know the size of the bank’s balance sheet and prompted Charlotte Hogg to resign as deputy governor of the Bank of England for failing to disclose her brother’s senior role at Barclays.The prestigious nature of the job is illustrated by the list of candidates – such as Nicky Morgan, sacked as education secretary by Theresa May, and two MPs who sat on the committee under Tyrie’s chairmanship.Morgan is hoping to win the backing of Labour, Liberal Democrat and SNP members for her soft Brexit approach.Another high-profile contender is Jacob Rees-Mogg, who has sought to reach out to opposition MPs by saying he would not use the chair as a megaphone for his pro-Brexit views.The ballot is on Wednesday and the winner should be announced that evening or the following day. Here are their pitches – and the issues they say are their main concerns.NICKY MORGANFacebook Twitter Pinterest Nicky Morgan.The only candidate with cabinet experience and a former City solicitor, Morgan says she has proved her independence since losing her job as education secretary, especially over Brexit. One Labour MP said Morgan would get support from opposition parties. She would be the first woman in the post.Main concerns Ensuring full parliamentary scrutiny of Brexit. Public sector pay. A focus on the wider economy and not just the City.Job prospects Seen as one of the frontrunners.JACOB REES-MOGGFacebook Twitter Pinterest Jacob Rees-Mogg.In terms of high public profile, Rees-Mogg rivals Morgan. The tussles between him and Carney were among the highlights of the committee’s proceedings in the last parliament, with the Somerset MP accusing the Bank governor of “political partisanship” because of his dire warnings over Brexit. But Rees-Mogg – who is still working in City fund management – insists that he would not use the chair for anti-Europe sermonising, leaving that to the Brexit committee. His aim, he says, would be to “achieve consensus and balance”.Main concerns Holding Hammond and Carney to account. Brexit – in a non-partisan way. The failings of the banks, particularly in customer service.Job prospects Another frontrunner, but he will need to win some opposition support.JOHN PENROSEFacebook Twitter Pinterest John Penrose.The MP for Weston-super-Mare has already had one of his ideas – the creation of a UK sovereign wealth fund – included in the Conservative manifesto. The Treasury committee, he says, should be at the centre of the “new and changing debate about the kind of post-Brexit economy we want to have”. Married to Dido Harding – the former chief executive of TalkTalk who sits on the court of the Bank of England – he has pledged to show there is no conflict of interest.Main concerns Moving the economic debate on from Brexit. Looking at the new divides in Britain: between those who own assets and those who don’t, and between the young and the old.Job prospects Dark horse.CHARLIE ELPHICKECharlie Elphicke.A former tax lawyer, Elphicke would like the committee to conduct a root-and-branch investigation of the tax system. “It makes people rightly angry when large businesses pay less in tax than the person cleaning their offices,” he says. He is also eager to make sure that poorer people can have access to local banks.Main concerns Cracking down on tax avoidance by multinationals. Ensuring growth is spread more evenly across the country. Getting young people on the housing ladder. Brexit preparations for the Treasury.Job prospects Will hope his views on tax and fairness will win the support of opposition MPs.RICHARD BACONFacebook Twitter Pinterest Richard Bacon.One of the less well-known candidates, Bacon has been MP for South Norfolk since 2001. He is playing up his credentials as an experienced committee hand, and has the backing of some high-profile Labour MPs. “I would adopt a collegiate approach, taking account of the interests of all committee members,” he says.Main concerns Public finances, ensuring growth is better balanced, and the UK’s productivity puzzle.Job prospects Although he is a trained economist with cross-party support, he would be a surprise winner.STEPHEN HAMMONDFacebook Twitter Pinterest Stephen Hammond. Photograph: Julian Makey / Rex FeaturesAnother experienced contender, Hammond has been the MP for Wimbledon for 12 years. A member of the committee in the last parliament, Hammond had previously worked in the City for 20 years. As a former transport minister, he would want to see the government’s proposed increased spending on infrastructure benefiting all parts of the country.Main concerns Scrutinising Brexit. The lack of competition in personal banking. Opening up the committee so that any MP can suggest subjects for investigation.Job prospects A quietly effective member in the last parliament, Hammond may lack cross-party support.Topics Economics The Observer Bank of England Financial sector EU referendum and Brexit features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/08/after-andrew-tyrie-race-next-commons-inquisitor-general-treasury-select-committee'|'2017-07-08T03:00:00.000+03:00'
'2a5fc07c9e3625600001fab520308a7a14a35c21'|'Oil prices fall 3 percent on signs market still oversupplied'|'Business News - Fri Jul 7, 2017 - 3:09pm BST Oil prices fall 2 percent on signs market still oversupplied left right A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson 1/2 left right FILE PHOTO: Eighteen oil pumpjacks are seen on a Hess well pad near Tioga, North Dakota April 30, 2016. REUTERS/Andrew Cullen/File Photo 2/2 By Karolin Schaps - LONDON LONDON Oil prices fell more than 2 percent on Friday after data showed U.S. production rose last week just as OPEC exports hit a 2017 high, casting doubt over efforts by producers to curb oversupply. Global benchmark Brent futures LCOc1 were down $1.01, or 2 percent, at $47.10 a barrel at 1341 GMT, after falling to as low as $46.63, the weakest level in more than a week. U.S. West Texas Intermediate (WTI) crude futures CLc1 traded at $44.53 a barrel, down 99 cents or 2.2 percent. Their session low of $44.05 was also the lowest in over a week. "Bearish news from the supply side has dragged prices down. The spotlight seems to be on the problem of oversupply once again," said Frank Schallenberger, head of commodity research at LBBW in Stuttgart. Weekly U.S. government data showed on Thursday that U.S. oil production C-OUT-T-EIA rose 1 percent to 9.34 million barrels per day (bpd), correcting a drop in the previous week that was down to one-off maintenance work and hurricane shutdowns. The rise in U.S. output coincides with exports from the Organization of the Petroleum Exporting Countries climbing for a second consecutive month in June to the highest level this year. Russia, which is cooperating with OPEC in a deal to stem production, said on Friday it was ready to consider revising the parameters of the deal if needs be. A group of oil producing countries monitoring the output deal will meet on July 24 in Russia at which point they could recommend adjusting the pact. OPEC sources welcomed Russia''s comments on Friday, saying they provided a good basis for discussions on deepening production cuts. The market largely ignored news from the U.S. Energy Information Administration (EIA) that U.S. crude inventories USOILC=ECI fell by 6.3 million barrels in the week to June 30 to 502.9 million barrels, the lowest since January. The push-and-pull between bearish and bullish factors will keep volatility high, said Hans van Cleef, senior energy economist at ABN Amro. "In the near term this leaves us with a volatile trading range of roughly $45-50 a barrel." If OPEC was unable to balance the market change would likely be forced on it by oil prices, said Morgan Stanley. The U.S. bank said a WTI price of $46 to $50 per barrel would likely prevent U.S. production rising in the mid- to long-term, but prices need to be "in the low $40s" for U.S. output to fall significantly. Morgan Stanley said it expected WTI to remain below $50 until mid-2018. (Additional reporting by Henning Gloystein in Singapore and Aaron Sheldrick in Tokyo; Editing by Edmund Blair, Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19S08X'|'2017-07-07T14:36:00.000+03:00'
'7f0b81ff339d561d476a1d67898372a9b9d336b5'|'Asia shares cowed by Korea tensions, await Fed minutes'|'Top News - Wed Jul 5, 2017 - 8:36pm BST Oil snaps rally; stocks, dollar steady after Fed minutes left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. REUTERS/Brendan McDermid 1/3 left right People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo 2/3 left right A woman walks past electronic board showing stock prices and Japanese Yen''s exchange rate outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon 3/3 By Sinead Carew - NEW YORK NEW YORK Oil prices fell sharply on Wednesday after their longest rally in more than five years while the dollar was higher and Treasury yields were near recent peaks after minutes from the U.S. Federal Reserve''s last meeting showed contrasting opinions. Tumbling oil prices put pressure on the energy sector, which limited gains for Wall Street''s S&P 500 benchmark. Federal Reserve policymakers were split on the outlook for inflation and how it might affect the future pace of interest rate rises, according to the minutes of the Fed''s June policy meeting released on Wednesday. Investors had hoped for insight on the central bank''s plans for interest rate hikes or possible balance sheet reduction. "I see a murky, opaque message," Stephen Massocca, senior vice president at Wedbush Securities in San Francisco, said of the Fed minutes. Trading was also affected on Wednesday by lighter participation the day after the U.S. July 4 Independence Day holiday and ahead of the U.S. jobs report due on Friday. The Dow Jones Industrial Average .DJI fell 1.58 points, or 0.01 percent, to 21,477.69, the S&P 500 .SPX gained 3.11 points, or 0.13 percent, to 2,432.12 and the Nasdaq Composite .IXIC added 36.37 points, or 0.6 percent, to 6,146.43. U.S. Treasury yields were near multi-week or multi-month peaks after the minutes. While he described the Fed headlines as dovish, Aaron Kohli, interest rate strategist at BMO Capital Markets in New York, said the details in the minutes were hawkish. Benchmark 10-year Treasury notes US10YT=RR last rose 6/32 in price to yield 2.3267 percent, from 2.346 percent. Analysts said yields remained near their recent highs due to the possibility that Friday''s U.S. non-farm payrolls report would show a jump in jobs growth in June, which would also push yields higher. The dollar edged up against a basket of currencies .DXY and was last up 0.1 percent. It briefly pared gains after the Fed minutes. U.S. crude CLcv1 fell 4.29 percent to $45.05 per barrel in its sharpest fall in almost a month and Brent LCOcv1 was last at $47.73, down 3.79 percent on the day. Oil had risen for eight straight sessions before Wednesday. [O/R] "If you see oil dip from here and head below the mid-$40 range, it''ll drag the (stock) market," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. Frederick. "It''s right on the threshold where if it goes lower, it''ll hurt the market." The South African Rand ZAR= fell 1.7 percent against the dollar after reports the ruling African National Congress party agreed the central bank should be nationalized and President Jacob Zuma said land expropriation without compensation should be allowed where "necessary and unavoidable." MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.2 percent, erasing some of Tuesday''s losses, when North Korea fired a missile into Japanese waters. MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.15 percent. (Reporting By Sinead Carew; Additional reporting by Sam Forgione and Richard Leong in New York, and Patrick Graham in London; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN19Q028'|'2017-07-05T03:31:00.000+03:00'
'abe38e2058c37d98ea6d0089e96fd9bed9c15b9c'|'Tepid data, tech weakness to weigh on Wall Street'|'July 6, 2017 / 1:23 PM / in 7 minutes Tepid data, tech weakness to weigh on Wall Street Tanya Agrawal 3 Min Read FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., December 28, 2016. Andrew Kelly/File Photo REUTERS - Wall Street looked set to open lower on Thursday after data showed lower-than-expected hiring in the private sector and as technology shares fell. The ADP National Employment Report showed private employers added 158,000 jobs in June, below the estimated addition of 185,000. The report by payrolls processor ADP acts as a precursor to monthly nonfarm payrolls data, due on Friday, that includes hiring in both the public and private sectors. Another set of data showed weekly jobless claims rose for the third straight week, with claims climbing to 248,000, above the 243,000 expected. "The ADP number has some correlation to the U.S. NFP (nonfarm payrolls) and investors always adjust their expectations on the back of this," said Naeem Aslam, chief market analyst at Think Markets UK Ltd. "But overall we think that the number is not that bad because this is the only second time that we have seen a miss." Technology shares have come under pressure in recent weeks after their strong run this year. The S&P tech sector is up nearly 17 percent for the year. Shares of Apple, Microsoft, Amazon and Alphabet were all down about 0.8 percent in premarket trading. Dow e-minis were down 61 points, or 0.28 percent, with 29,274 contracts changing hands at 8:22 a.m. ET (1222 GMT). S&P 500 e-minis were down 8.5 points, or 0.35 percent, with 180,329 contracts traded. Nasdaq 100 e-minis were down 53.25 points, or 0.94 percent, on volume of 38,850 contracts. Investors are also parsing minutes from the Federal Reserve''s last meeting that showed policymakers were increasingly split on the outlook for inflation and how it might affect the future pace of interest rate hikes. The Fed''s preferred measure of underlying inflation slipped to 1.4 percent in May and has run below the 2 percent target for more than five years now. The minutes revealed a few officials viewed equity prices as high when compared to standard valuation measures, even though earnings growth has been robust. The S&P 500 has been trading at about 18 times earnings estimates for the next 12 months, compared with the long-term average of 15 times. Tesla fell 3 percent after the luxury electric carmaker''s Model S did not get the top score in certain tests by the Insurance Institute for Highway Safety. General Electric slipped 1.7 percent after the European Commission accused the company of providing misleading information during a merger deal. Costco rose 1.9 percent after the retailer reported a rise in its June sales number. Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN19R1UK'|'2017-07-06T16:22:00.000+03:00'
'f86e9950e988ccc067331a944f64ed72b307d46f'|'Exclusive - Elliott explores bid to challenge Buffett''s Oncor deal: sources'|'July 8, 2017 / 1:16 AM / 8 hours ago Exclusive - Elliott explores bid to challenge Buffett''s Oncor deal: sources Jessica DiNapoli 4 Min Read (Reuters) - Elliott Management Corp, the largest creditor of the bankrupt parent of Oncor Electric Delivery Co, is exploring putting together a bid for the Texas power transmission company that would top Warren Buffett''s $9 billion all-cash deal, people familiar with the matter said on Friday. If Elliott, the hedge fund run by billionaire Paul Singer, proceeds with such a bid, it would be a rare challenge to Buffett, who avoids auctions for companies and has told his investors he does not like to participate in bidding wars. Elliott would seek to convert its debt in the company to equity, as well as raise new equity financing for its bid, the sources said. As with Buffett''s deal, a bankruptcy judge would have to approve Elliott''s alternative plan. Elliott''s stance illustrates the complexities of acquiring companies whose debt is trading at distressed levels. SoftBank Group Corp ( 9984.T ) Chief Executive Masayoshi Son, another famed dealmaker, saw the $14 billion merger between the Japanese company''s satellite startup OneWeb and debt-laden peer Intelsat SA ( I.N ) collapse last month after many of the latter''s creditors refused to back the deal. [nL3N1IY4Q1] The hedge fund believes it can put together a higher offer than the deal announced on Friday by Buffett''s Berkshire Hathaway Inc ( BRKa.N ), which has a total value of $18.1 billion including debt, the people said. In May, Elliott held about $2.9 billion of Oncor parent Energy Future Holdings'' roughly $10 billion debt load, with its investment concentrated in a layer of unsecured payment-in-kind notes trading at deeply distressed levels. The hedge fund amassed its position in Energy Future''s debt from October to May, according to court papers. Elliott is considering pursuing an alternate deal for Energy Future because it thinks Berkshire''s offer undervalues the Oncor business, seen as the bankrupt company''s crown jewel asset, the people said. Elliott may also seek to use its rights as a creditor to Energy Future to block the sale of the company to Berkshire in bankruptcy court, according to the sources. The sources asked not to be identified because the deliberations are confidential. Elliott declined to comment, while Oncor and Berkshire Hathaway did not immediately respond to requests for comment. Berkshire''s pursuit of Energy Future comes after two other suitors, most recently NextEra Energy ( NEE.N ), failed to win approval from regulators. [nL4N1JY1Y4] The unsecured payment-in-kind notes Elliott holds fell in value by close to 30 percent in secondary trading on Friday on news of the Berkshire deal, to about 29.5 cents on the dollar, according to Thomson Reuters data, indicating investor concerns over these notes'' recovery prospects. When NextEra clinched a deal last year to buy Energy Future and Oncor in a deal worth $18.4 billion, including debt, Berkshire also submitted a bid at the time, the sources said. Berkshire''s bid then valued Energy Future at more than its deal on Friday does, the sources added. Elliott has developed a reputation on Wall Street as an aggressive debt investor, having engaged in a fierce battle with Argentina over its sovereign debt that spanned more than a decade. Elliott filed a lawsuit in May against Energy Future asking for it to consider debt reorganization alternatives, including a plan that would involve converting Elliott''s significant debt holdings in the company to equity, eventually putting Oncor under the hedge fund''s control. Reporting by Jessica DiNapoli in New York; additional reporting by Tom Hals in Wilmington, Delaware and Jonathan Stempel in New York; Editing by Meredith Mazzilli and Bill Rigby 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/oncor-m-a-elliott-exclusive-idINKBN19T011'|'2017-07-08T04:13:00.000+03:00'
'98faeac69c8b29581f65e60a0049fd9785e30ebf'|'Reviving euro zone inflation still long way off - ECB''s Praet'|'Top News - Sat Jul 8, 2017 - 6:15am BST Reviving euro zone inflation still long way off - ECB''s Praet FILE PHOTO: European Central Bank Executive Board Member, Peter Praet, speaks during a conference in Sofia, Bulgaria, May 24, 2017. REUTERS/Stoyan Nenov FRANKFURT The euro zone economy still needs a long period of easy monetary policy and a shift in message that induced a market selloff last week was merely a nuanced change to reflect better growth, European Central Bank chief economist Peter Praet said. The ECB still needs to be patient and persistent with stimulus as inflation is a "long way" from getting back to the ECB''s 2 percent target, Praet told Belgian newspaper De Standaard, likely hoping to temper expectations of an imminent policy shift. ECB President Mario Draghi stirred markets last week when he argued that better growth in itself would provide increased support, allowing the ECB to curb its own stimulus to keep the overall level of accommodation broadly unchanged. That message was taken as a signal that the ECB could announce as soon as September a reduction in asset buys, already running for over two years with the aim of reviving spending, growth and eventually inflation. "I see it more as an evolution in our communications," Praet, a key Draghi ally said, according to an interview published on Saturday. "The tone was rather optimistic regarding growth, and rightly so." "Now indeed inflation is picking up, but that is a process that is a long way from completion," Praet added. "The process of reflation is a long one that remains highly dependent on accommodative monetary policy." The ECB will decide in September or October whether to wind down its 2.3 trillion euro bond buying scheme from next year or extend the buys, having to resolve an apparent contradiction between accelerating growth and subdued inflation. "We need to be patient because inflation convergence needs more time," Praet said. "And we need to be persistent, because our baseline for future inflation remains crucially contingent on very easy financing conditions." "As the economic prospects brighten, higher expected returns on business investment will make borrowing conditions increasingly attractive," Praet said. "This will reinforce accommodation." (Reporting by Balazs Koranyi; Editing by Richard Balmforth) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-praet-idUKKBN19T065'|'2017-07-08T08:15:00.000+03:00'
'5aa36ceebbf69cea45a5276657674f41917f915b'|'After China spending spree, rainmaker Hu says time to look closer to home'|'Deals - Tue Jul 4, 2017 - 8:03pm EDT After China spending spree, rainmaker Hu says time to look closer to home Fred Hu, Chairman of Primavera Capital Group, poses for a photo ahead of a Reuters interview in Beijing, China, January 10, 2017. Picture taken on January 10, 2017. REUTERS/Jason Lee By Matthew Miller - BEIJING BEIJING Primavera Capital Group, one of China''s largest private-equity firms, is paying closer attention to domestic opportunities in sectors such as health and technology in the face of stricter capital controls at home and rising protectionism overseas. This year alone, Primavera joined a $1.1 billion fundraising round for Koubei, the Alibaba Group Holding Ltd online-to-offline commercial services platform. Also, it has taken a stake in Zhejiang Dasouche Finance Leasing Company, the largest service provider for second-hand automobile merchants in China. "We are doing more investments with entrepreneurs, taking equity stakes in growth companies," said Primavera''s co-founder and chairman, Fred Hu, a former head of China at Goldman Sachs Group. As a Goldman banker, Hu helped restructure China''s biggest financial services companies, including Industrial and Commercial Bank of China Ltd and Ping An Insurance Group Co. He set up Primavera in 2010 and now helps manage $8 billion in funds. He has been carving out a niche for the group as the go-to firm for domestic entrepreneurs, state enterprises and even foreign investors looking for strategic help. In September, Yum Brands Inc selected Primavera and Ant Financial Services Group, Alibaba''s payments services arm, to take a 4 percent pre-IPO stake in its spin-off, Yum China Holdings. Hu was named board chairman of Yum China, which operates more than 7,600 KFC and Pizza Hut restaurants in the mainland. Investing with China''s over-cashed private equity and venture capital world is a challenge, especially at a time when a regulatory clampdown in China and rising protectionist rhetoric globally mean most firms are scouting for domestic opportunities rather than overseas ones. "There''s a lot of capital sloshing around," said Hu. "Managers are aggressively chasing certain deals and valuations have been driven too high." PricewaterhouseCoopers estimates fundraising increased 48 percent last year to $72.5 billion. "It''s inevitable that mistakes will be made," Hu said. FRONT-SEAT VIEW Hu set up Primavera with former Goldman Sachs managing directors Haitao Zhai, Kenneth Wong and William Wong. Its limited partners include institutional investors such as Second Swedish National Pension Fund, Pennsylvania State Employees'' Retirement System, Taiwan Semiconductor Manufacturing Co Ltd, Finland''s Varma Mutual Pension Insurance, Metlife Inc, State Street Corp, AIA Group and Bank of China Ltd. The firm''s top deals include being an anchor pre-IPO investor in Alibaba, and taking stakes in its sister companies, including Alipay and Cainiao, an Alibaba-backed logistics company. Hu grew up in rural Hunan and in 1978 participated in China''s first university entrance examinations after the Cultural Revolution. He was admitted to the prestigious Tsinghua University and later earned a doctorate at Harvard University. "It was a one-in-a-million chance," said Hu, who was only 15 years old at the time. Hu''s 14-year career at Goldman Sachs - first as a regional economist, and later as a top deals'' adviser and regional chairman – gave him a front-row seat in the most momentous period in China''s economic reform. He was a principle banker in the listings of Ping An, ZTE Corp and Bank of China. The restructuring of ICBC was a single defining experience, he said. "It is the biggest bank of China, the stakes were so much higher and the obstacles were much greater," said Hu, who pushed Goldman Sachs to invest in ICBC, rather than act as an advisor. At a time when many investors were skeptical, Hu was willing to push forward, ICBC''s former chairman Jiang Jianqing told Reuters. "I met with more than 40 well-known domestic and foreign bankers and executives to talk about investing in ICBC, but their response was generally cold," Jiang told Reuters. Hu maintains that China still "punches below its weight" - even after an unprecedented corporate buying spree - and over time it will be a big capital exporter to the world. "There''s still interest and appetite for Chinese companies to do deals in global markets," Hu said. "But in the near term, capital controls and uncertainty about protectionism are significant hurdles to overcome." (Reporting by Matthew Miller; Additional reporting by Shu Zhang in BEIJING; Editing by Clara Ferreira-Marques and Neil Fullick) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-china-primavera-idUSKBN19Q001'|'2017-07-05T03:03:00.000+03:00'
'1ac8b091190e124d52415246298fd55dd8297735'|'Google to start getting Norwegian wind power by September'|'Environment - Wed Jul 5, 2017 - 11:11am EDT Google to start getting Norwegian wind power by September left right FILE PHOTO: A view shows a wind turbine in Champdeniers, France, March 14, 2017. REUTERS/Regis Duvignau - RTX31388 1/2 left right The Google sign is reflected in a rain puddle outside their offices in Cambridge, Massachusetts, U.S., June 27, 2017. REUTERS/Brian Snyder 2/2 By Lefteris Karagiannopoulos - OSLO OSLO Alphabet Inc''s ( GOOGL.O ) Google unit expects to receive its first wind power from Norway by early September, the company told Reuters on Wednesday. Tellenes wind farm, a 50-turbine strong wind farm of 160-megawatt (MW) capacity that is currently under development, will become Norway''s largest wind farm and Google''s biggest in Europe. "We''ll purchase power as soon as the wind farm becomes fully operational, which we expect will take place in early September 2017," a Google spokesman told Reuters. Google last year signed a 12-year deal to buy 100 percent of the plant''s output. The company, which has four European data centers in Finland, Belgium, the Netherlands and Ireland, said the wind power will be used to supply one or several of them. The Tellenes wind farm''s first turbine will begin to generate power by next week, said Olav Rommetveit, a spokesman for farm maker Zephyr, although Google will not receive the initial output. "Google will not immediately get the supply. It has an exclusive contract for 12 years and they will begin getting the electricity at some point after commercial operations begins," said Rommetveit. The electricity produced until Google starts receiving the farm''s full capacity, will be sold on the Nord Pool power exchange, he added. BlackRock ( BLK.N ), which provided the project''s equity financing, confirmed the first turbine would be ready for production next week and said power sales would start a few days later. Arise ( ARISE.ST ), a Swedish wind power company, will be the farm''s operator. Google has also bought the future output of a smaller wind farm in Sweden, due to start operation in 2018, bringing the total capacity of its renewable power purchases in Europe to 500 MW, the company said. (Editing by Terje Solsvik) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-alphabet-norway-energy-idUSKBN19Q214'|'2017-07-05T17:56:00.000+03:00'
'eb0cf3a034de420864bcdde41b9ea6f8ba8e4308'|'Getting scrappy: China iron ore demand may falter as steel recycling grows'|'July 5, 2017 / 8:31 AM / 6 minutes ago Getting scrappy: China iron ore demand may falter as steel recycling grows By Manolo Serapio Jr and Muyu Xu 5 Min Read A labourer shovels iron ore into a steel ladle at Wuhan Iron and Steel Group in the capital of central China''s Hubei province October 17, 2007. Stringer/File Photo /Files MANILA/BEIJING (Reuters) - China''s supply of steel scrap is surging as aged buildings, bridges and cars produced over decades of rapid economic growth are knocked down, dismantled or crushed. That should push Chinese steelmakers to use more of the material in coming years, potentially sapping demand for steel ingredient iron ore from the world''s biggest metals consumer. Faltering appetite for iron ore could hit a critical lifeline for international mining giants which have banked on China continuing to suck up hundreds of millions of tonnes of the most widely traded bulk commodity. "In the medium to long term, scrap is the real threat to iron ore, for sure," said Daniel Meng, an analyst at brokerage CLSA in Hong Kong. "We believe by 2020, replacement would become faster and the risk on iron ore from scrap would become more serious." China currently only produces around 11 percent of its steel from scrap, compared to over 70 percent in the United States, suggesting it may have plenty of room to grow in recycling the material. The recent abundance of scrap in China followed Beijing''s decision to shut mills churning out low-quality steel from induction furnaces - typically big users of scrap - as part of its drive against pollution and a glut in steel supply. The closure of these mills, with a combined production capacity of 120 million tonnes, helped push the nation''s scrap exports to an all-time high in May. China last year generated a record 143 million tonnes of steel scrap, up nearly fourfold from 2002, data from the World Steel Association and CLSA showed. That could potentially replace around 200 million tonnes of iron ore, equivalent to about a fifth of China''s imports of the commodity last year. China''s steel scrap generation should rise to 200 million tonnes by 2020, the China Association of Metal Scrap Utilization said. Electrifying The bulk of China''s steel is produced via blast furnaces where iron ore is melted and later mixed with steel scrap. As domestic scrap prices tumbled 20 percent in May from this year''s peak, mills increased scrap use in these furnaces to 20 percent from 8 percent, Chinese traders and mills said. But as demand picked up in June, some scrap traders say profits have doubled. And renewed interest in electric arc furnaces (EAFs), or mini-mills that use only scrap, could fire up demand for recycled steel. EAFs emit far less carbon than blast furnaces, which use coal as fuel, suiting China''s anti-pollution campaign. "In the long term, I believe the authorities do support EAFs in China," said Wang Guangrui, vice-general manager at Xuzhou Jinhong Steel Group in Jiangsu province, which restarted a 1-million-tonne EAF. The company first launched its EAF in 2011, but was forced to shut it to switch to a much cheaper induction furnace. It moved back to the EAF after the closure of all the nation''s induction furnaces. Up to 20 million tonnes in EAF capacity may be installed this year, said CLSA''s Meng. China''s current EAF capacity is around 100 million tonnes and could grow by 10-20 million tonnes a year over the next three years, he said. Over 60 EAFs will be running in August-October and 20 more next year, said Guo Xianzhen, vice general manager at Anyang Steel Group which plans to launch a 1-million-tonne capacity EAF in September and another 1 million-tonne plant in 2018. But Australia''s Fortescue Metals Group, the world''s No. 4 iron ore miner, believes China''s iron ore appetite won''t wane any time soon, as its scrap supply - usually tied to growth in car ownership - remains low compared to the size of its population. "Currently, there are more than 700 vehicles per 1,000 people in the U.S. and Australia, with this figure at around 140 in China," Fortescue CEO Nev Power said by email. "Given the high marginal cost of electricity, the level of scrap contribution will likely be lower overall in China than has been the case in the developed economies," he said. Top iron ore miners Vale, Rio Tinto and BHP declined to comment. Reporting by Manolo Serapio Jr. in Manila and Muyu Xu in Beijing; Editing by Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-steel-idINKBN19Q0UB'|'2017-07-05T11:27:00.000+03:00'
'5197e8dd3b9182ba25b833fa35458a737c806f29'|'UK''s McCarthy & Stone order book robust, but slows post polls'|'Business News - Wed Jul 5, 2017 - 8:09am BST UK''s McCarthy & Stone order book robust, but slows post polls McCarthy & Stone Plc ( MCS.L ), Britain''s biggest builder of homes for retirees, reported a hefty order book of forward sales since March, but said sales momentum slowed in recent weeks, hurt by uncertainty brought on by the country''s general election. The company, which returned to the London stock market in November 2015 after just under eight years in private hands, said its forward order book had grown by 241 million pounds ($311.3 million) since March 1. "The market for high-quality retirement housing remains strong notwithstanding any potential uncertainty as a result of the UK General Election outcome and the underlying housing market continues to be supported by low interest rates, good mortgage availability and low levels of unemployment," CEO Clive Fenton said. McCarthy & Stone has been making "good progress" in rebuilding its forward order book after the shortfall it experienced following Britain''s vote to exit the European Union, it said. UK''s housebuilding market was weakened by the Brexit vote, which weighed on McCarthy''s half-year results. The company also warned of some impact on current-year growth due to a weak forward order book and a more measured approach to land negotiation. The firm said, however, that current uncertainty in the market could have a modest impact on the timing of conversion of existing reservations into completions. National elections can often dampen demand as buyers put off major purchases. Average selling prices was over 280,000 pounds per unit during the period, up from 265,000 pounds a year earlier, with total forward sales including legal completions to date in line with 2016 at 659 million pounds, McCarthy said (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mccarthy-stone-outlook-idUKKBN19Q0NH'|'2017-07-05T10:09:00.000+03:00'
'bef7b3c639327a452be563768f4d4f2069e149e9'|'Detroit’s car firms try to match Silicon Valley'|'IT IS fashionable to say that the city of Detroit is on the up after decades of decline. Amid the derelict buildings there are signs of revival; art shops and trendy food trucks abound. But for a truer augury of the city’s possible future, consider the rock-bottom stockmarket valuations of Ford and General Motors (GM), Motor City’s two big domestic car firms. (A third, Chrysler, is owned by Fiat Chrysler Automobiles, whose chairman is a director of The Economist ’s parent company.) If you put the members of the S&P 500 index in order of their price-earnings ratios, Ford and GM are at the bottom, among the walking dead.For their investors, creditors and 426,000 staff, about 18% of whom are in Detroit, it is a terrifying signal. A low price-earnings ratio is the stockmarket’s way of telling you that business as you know it is over. GM and Ford together made $18bn of underlying profit last year but have a market value of $98bn. That ratio implies that their profits will halve or worse, and quickly. Wall Street has got the hots for a younger crowd of firms that investors think will dominate the transport technologies of the 21st century; electric engines, ride-hailing, ride-sharing and driverless cars. Three Silicon Valley firms—Uber, Tesla and Waymo (Alphabet’s driverless-car unit)—are each reckoned to be worth more than GM or Ford. All lose money and bring in no more sales in a year than Ford or GM do in a fortnight. No matter. Expectations are sky high. Morgan Stanley, a bank, expects Waymo’s sales to exceed $200bn by 2030, making it roughly America’s fifth-largest firm. Not bad given it does not have any products for sale.For the people running GM and Ford it is hard to ignore such huge differences in valuation, even if they reflect bubbly thinking about Silicon Valley. Shareholders and directors are becoming restless, and talented staff demoralised. The pressure to act is intense. GM recently had to fend off an activist attack from a hedge fund. In May Ford fired its boss, Mark Fields, replacing him with Jim Hackett, whose experience as a car executive consists of 15 months running Ford’s tech incubator. Its chairman, Bill Ford, said new blood was needed to deal with technological change.Investors are making two mistakes, the car firms argue. First, they underestimate how hard it is to mass-produce cars, and second, they discount the possibility that hidden within them are Detroit’s equivalent of a Tesla, an Uber or a Waymo. Certainly, when you see the view from Ford’s headquarters, of miles of woods, test tracks and factories owned by the company or by the Ford family, it is easy to believe that there might be some buried treasure there.Take the point on mass production, first. Detroit’s experts sniff that Silicon Valley has no idea how to make millions of vehicles that adhere to the safety and reliability standards of the conventional car firms. Tesla produced the equivalent of 1% of GM’s vehicle volumes last year. One Detroit executive reckons it is 10,000 times harder to build an autonomous vehicle that works on real roads rather than on a Californian test track.Yet he is no Luddite, and expects a revolution. Electric vehicles will be mainstream by 2020, he says. Driverless cars will slash the cost-per-mile of travelling, especially if you count the time saved by freeing people from the hours they waste clutching steering wheels. Ride-sharing will mean that the utilisation rate of cars will go up and therefore that fewer vehicles are sold. But that could be offset by new revenue from services such as charging passengers for rides or selling data that is gathered about them.The car firms try hard to draw attention to the businesses they own that will benefit from these trends. GM has a 9% stake in Lyft (a rival to Uber that is gaining market share), and in 2016 bought Cruise, an autonomous-vehicle firm based in San Francisco, for $600m. GM’s subsidiary, OnStar, connects 7m drivers to various data services. Its electric-car model, the Chevrolet Bolt, is on the road. Ford owns Chariot, a “crowdsourced” shuttle service, and will have 13 models of electric car on the road by 2020. It is investing $1bn over the next five years in Argo, an artificial-intelligence firm that is developing software for autonomous vehicles.Investors do not seem to care. In the past few months they have begun to fret about a new risk, that American car sales may be at a cyclical peak. In previous downturns, profits have slumped. Both GM and Ford want to emphasise that their costs can be more easily cut than before the crisis in 2008-10, when GM went bust and Ford nearly did. They also want to show that they will not waste money abroad. In March GM sold its European arm to France’s PSA Group. Ford says that it is prepared to sell some emerging-market operations if they do not produce higher profits soon. But their price-earnings ratios have not budged.Wall Street: the world’s most demanding backseat driverIn their desperation, Ford and GM are toying with a new strategy: putting their tech assets into ring-fenced divisions that can be promoted as “new Ford” and “new GM”. These units’ accounts will not be pretty, with few sales, and combined investments of $3bn-4bn a year. But with a speck of the glitter that Tesla’s Elon Musk sprinkles on his loss-making firm, they might capture investors’ imaginations and resuscitate their parents’ share prices.But by re-engineering their structures, the car companies might start something uncontrollable. Wall Street could get excited and demand that they sell or spin-off the new divisions, robbing Detroit of its best assets. In the 1990s and early 2000s stodgy telecoms firms such as AT&T spun-off their mobile arms only to be reunited with them years later. Ford and GM may be goaded into unwisely blowing their $48bn of cash on tech acquisitions.The underlying shift in the car industry is real: the way in which cars are made and are used is changing. But it is surrounded by a swirl of hyperbole. Detroit’s firms face a classic incumbent’s dilemma. They must show they can dance with the cool kids, while not losing either their wallets or their dignity.This article appeared in the Business section of the print edition under the headline "My car’s sexier than yours"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724843-now-their-stockmarket-valuations-indicate-decline-detroits-car-firms-try-match?fsrc=rss%7Cbus'|'2017-07-06T22:49:00.000+03:00'
'e16416c725c6efa0047ff13e3daee923001fe05b'|'UPDATE 1-U.S. 30-year mortgage rates rise from November low -Freddie Mac'|'Market News  11am EDT UPDATE 1-U.S. 30-year mortgage rates rise from November low -Freddie Mac (Adds background, table) NEW YORK, July 6 Interest rates on U.S. 30-year mortgages jumped this week from their lowest levels in more than seven months, in line with a recent rise in U.S. Treasury yields, Freddie Mac said on Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 3.96 percent in the week ending July 6. Last week, the average 30-year rate was 3.88 percent, which was the lowest since 3.57 percent in the Nov. 10, 2016 week, the mortgage finance agency said. This marked the largest weekly increase in 30-year mortgage rates since March, Freddie Mac said. Global bond yields have risen on concerns overseas central banks are considering scaling back monetary stimulus later this year if their local economies improve further. Benchmark 10-year Treasury yields reached 2.387 percent early on Thursday, the highest level in nearly eight weeks. It was last at 2.384 percent, compared with 2.267 percent a week ago, Reuters data showed. Below are the latest average mortgage rates in the week of July 6 tracked by Freddie Mac: Loan type Latest Previous Year-ago week (pct) week (pct) (pct) 30-year fixed 3.96 3.88 3.41 15-year fixed 3.22 3.17 2.74 5-year adjustable 3.21 3.17 2.68 (Reporting by Richard Leong; Editing by Jeffrey Benkoe and Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mortgages-freddiemac-idUSL1N1JX0V8'|'2017-07-06T18:11:00.000+03:00'
'a8c1baccecc82e4eb963b422fdd4c013a168c519'|'Swiss Re shifts $130 billion investments to track ethical indices'|'Business News  30am EDT Swiss Re shifts $130 billion investments to track ethical indices FILE PHOTO - The logo of Swiss insurer Swiss Re is seen in front of its headquarters in Zurich, Switzerland, September 23, 2015. REUTERS/Arnd Wiegmann/File Photo By John Revill - ZURICH ZURICH Swiss Re ( SRENH.S ) is switching the entire $130 billion it holds in liquid assets to track ethical indices, the latest move towards principled investments by the insurance industry. The world''s second-largest reinsurer is 90 percent of the way through shifting its holdings from tracking traditional benchmarks, a process it expects to complete by the end of the third quarter in 2017. It said taking social and governance (ESG) criteria into account reduced the risk of losses especially for long term investors. "This is not only about doing good, we have done it because it makes economic sense," Swiss Re Chief Investment Officer Guido Fuerer told Reuters on Thursday. "Equities and fixed income products from companies and sectors with a high ESG ratings have better risk-return ratios." Institutional investors are increasingly looking at how companies perform on environmental, social and governance-related issues, given the potential for poor behavior to lead to a share price hit. A Bank of America Merrill Lynch Equity and Quant Strategy team last month said ESG-based investing reduced bankruptcy risks for U.S. stocks, while companies with the widest credit default swap spreads are the ones with the weakest ESG credentials, according to research by Hermes Investment Management. The MSCI ESG Leaders Index has gained 11.2 percent in 2017, slightly outperforming the MSCI International World Price Index, which has risen 9.6 percent MIWD00002GUS .MIWO PUS. The decision by Swiss Re follows moves by peers to weave ESG into their own investment processes. For example AXA ( AXAF.PA ), France''s largest insurer, last year said it would stop investing in tobacco and divest all of its 1.8 billion euros ($2 billion) of assets in the industry. At the time AXA called tobacco "the biggest threat to public health in the world". Unlike its rivals, Swiss Re said it would not be shifting its investments away from any particular industry or company. "It is very delicate to exclude whole sectors, keeping diversification in mind. The ultimate point is to put incentives to companies to become more sustainable over time," said Swiss Re''s Fuerer. He said Swiss Re is the first insurer to base its whole portfolio on ethical principles, with portfolio managers being told to use MSCI''s environmental, governance and social indices when making investment decisions. MSCI rates companies according to various ethical criteria, with the score combined with market capitalization weight to create an index. That means companies with a more ethical performance have a greater weight in the index. (Additional reporting by Paul Arnold in Zurich and Simon Jessop in London; editing by Duncan Miriri)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-swissre-ethical-idUSKBN19R22Y'|'2017-07-06T17:30:00.000+03:00'
'ec4014615de9d4e48a36703c52c6d6874bd66869'|'Oil prices edge up on U.S. crude stock draw, but market remains weak'|'Business   3:05am BST Oil prices edge up on U.S. crude stock draw, but market remains weak Oil rig pumpjacks, also known as thirsty birds, extract crude from the Wilmington Field oil deposits area where Tidelands Oil Production Company operates near Long Beach, California July 30, 2013. REUTERS/David McNew By Henning Gloystein - SINGAPORE SINGAPORE Oil prices nudged higher early on Thursday, supported by strong demand in the United States, but analysts cautioned that the outlook was for lower prices due to oversupply. Brent crude futures LCOc1, the international benchmark for oil prices, rose 28 cents, or 0.6 percent, to $48.07 per barrel by 0132 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $45.39 per barrel, up 26 cents, or 0.6 percent. Traders said the gains reflected firm fuel demand in the United States, where data from the American Petroleum Institute (API) late on Wednesday showed that U.S. crude inventories fell by 5.8 million barrels in the week to June 30 to 503.7 million. However, overall market conditions remain weak. Crude prices tumbled about 4 percent on Wednesday on rising exports by the Organization of the Petroleum Exporting Countries (OPEC), despite its pledge to hold back production between January this year and March 2018 to prop up prices. OPEC''s oil exports rose for the second month in a row in June, according to Thomson Reuters Oil Research. OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd above May and 1.9 million bpd more than a year earlier. Energy research house and brokerage firm Sanford C. Bernstein said it was reducing its average Brent crude oil price forecasts for 2017 and 2018 to $50 per barrel each, down from $60 and $70 previously. Bernstein said that the reduction was a result of an expected increase in U.S. shale oil output, especially from the Permian field. "Permian supply pummels our near term estimates," Bernstein said, adding that conventional supply additions would likely exceed or match production declines of mature fields. Denmark''s Saxo Bank said that oil prices could rise towards $55 per barrel in the coming months, but said it expected lower prices towards the end of the year and into 2018. "The price of Brent crude oil is likely to rally back towards $55 per barrel during the coming months before renewed weakness sets in as the focus turns to 2018 and the potential risk of additional barrels hitting the market if OPEC and Russia fail to extend the production cut deal beyond Q1 2018," Ole Hansen, Head of Commodity Strategy at Saxo Bank, said in a quarterly market outlook. (Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19R047'|'2017-07-06T05:05:00.000+03:00'
'30c95ee3702706f5076de0f7413f743a37d8dc60'|'Cheap credit not fuelling German real estate bubble for now - central banker'|'Sat Jul 8, 2017 - 12:15pm BST Cheap credit not fuelling German real estate bubble for now- central banker The German central bank (Bundesbank) vice-president Claudia Buch poses during a photocall at the Bundesbank headquarters in Frankfurt, May 20, 2014. REUTERS/Ralph Orlowski   Cheap credit is for now not fuelling a destabilizing real-estate bubble in Germany but the central bank is closely watching the market, Bundesbank vice president Claudia Buch said on Saturday. Housing prices in Germany - relatively cheap compared with other European countries in the past - have risen sharply in recent years, prompting the Bundesbank to warn in May about the risk of a dangerous bubble developing. "We very closely watch the real estate market in Germany because we know that in over-valued real estate prices there might be a risk to financial stability," Buch told an economic conference in southern France. "We don''t see an immediate risk because prices are increasing, but there is not a lot of borrowing going on, so it''s not a credit-financed increase in prices." But Buch, who is in charge of financial stability at the Bundesbank, said it had less information about loan contract terms than other countries like France and was therefore less aware of credit standards. Average real estate prices in cities including Berlin, Hamburg, Munich and Frankfurt have increased by more than 60 percent since 2010, the Bundesbank estimates, reflecting solid growth, low unemployment and low borrowing costs. Buch said that the Bundesbank was generally concerned about low interest rates spurring risk taking at a time when asset valuations are already high. (Reporting by Leigh Thomas; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-realestate-bundesbank-idUKKBN19T0G5'|'2017-07-08T13:52:00.000+03:00'
'6106921ff36f6a085313b12722a8097a62afc2fe'|'Tesla April registrations drop in key California market'|'SAN FRANCISCO Registrations of Tesla Inc ( TSLA.O ) vehicles in California, by far the largest market of the luxury electric car maker, fell 24 percent in April from a year ago, according to data from IHS Markit.Tesla said in a statement on Friday that it was extremely misleading to look at registration data from one month, that deliveries varied month-to-month for operational reasons, and that deliveries increased by more than 53 percent in the second quarter compared with a year earlier."Looking at the quarter in total is the smallest time frame in which to obtain reliable, meaningful information about our deliveries. Deliveries naturally fluctuate from month to month for a variety of normal operational reasons."In the first month of the quarter, Tesla builds cars primarily for overseas markets, in the second month for North American markets (not including the West Coast) and in the third month for the West Coast," Tesla said in the statement to Reuters. Focusing on April registrations "cherry picks" data, it said.Tesla earlier this week reported first-half global deliveries of its Model S and its Model X SUV at the low end of its own forecast, driving down the stock and raising questions about demand for the older models.The findings come as investors worry that demand for Tesla''s luxury Model S sedan is waning ahead of the mass market Model 3 launch.Tesla’s share price more than doubled between early December and late June as investors bet on Chief Executive Elon Musk’s strategy to transform the low-volume luxury electric car maker into a diversified producer of mass market vehicles, storage batteries, electric commercial trucks and rooftop solar panels. The company’s market value rose past larger rivals General Motors Co ( GM.N ) and Ford Motor Co ( F.N ).Since June 23, however, Tesla shares have fallen by nearly 20 percent amid concerns that demand for the company’s existing models is weakening.Overall sales of electric vehicles in the United States remain stuck at less than 1 percent of total vehicle sales, despite a growing number of models fielded by Tesla and other car makers.Tesla said earlier this week that battery pack production problems held back vehicle output in the second quarter until early June.California, a haven for environmentalists and techies, is one of the company''s leading markets. The company does not break out results by geographic area.IHS analyst Stephanie Brinley cautioned that a single month of data could not fully explain Tesla demand."If Tesla had an issue with its production for the month, that could explain" the drop in registrations, she said, noting in particular the problems with battery pack output. Still, she said, Tesla''s Model S, launched in 2012, could be in need of a refresh."They haven’t changed much on the exterior or much on the package," and it is a high-fashion car, she said. "I can certainly understand where Model S sales may be softening a little bit because it’s an older product. That could be contributing to the issue."Industry data reviewed separately by Reuters showed that the Model S registrations in California were uneven over the first four months of 2017, varying by more than 1,000 units month-to-month. In percentage terms Model S growth peaked in February, decelerated in March and turned negative in April in California.Brinley said it was difficult to assess whether that reflected demand or availability.IHS measures vehicle registration, which comes after a sale. Registration in California and overall in the United States rose sharply for the combined first four months of the year, but April showed steep declines. IHS has not released data for May or June.Chief Executive Musk in May stoked concerns that the Model 3 would cannibalize demand for the Model S when he told investors that some "confused" Tesla buyers regarded the new Model 3 as an upgrade to the Model S, affecting Model S orders. The new car is a $35,000 mass market vehicle, which costs about half the price of the Model S.Tesla reported first-half 2017 global deliveries rose to 47,100 in 2017. Tesla had predicted 47,000 to 50,000. Musk in May said there would be demand for 100,000 luxury Teslas.IHS reported April Tesla registrations fell to 2,177 from 2,867 in California. Nationally they dropped nearly 10 percent to 3,911 from 4,334. For the first four months, California registrations rose to 6,926 from 5,804 and U.S. registrations rose to 15,288 from 10,937.Tesla shares fell 5.6 percent to close at $308.83 on Thursday, although the stock is up about 45 percent for the year to date.(Additional reporting by Joe White in Detroit; Editing by Peter Henderson and Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-tesla-california-idUSKBN19T02W'|'2017-07-08T05:04:00.000+03:00'
'b7c8658534b5eb5e6b22ced9b060d42c0397a4d8'|'Avis''s car-sharing service Zipcar quits Austria'|'Technology News - Wed Jul 5, 2017 - 5:17am EDT Avis''s car-sharing service Zipcar quits Austria FILE PHOTO: A zipcar vehicle is seen parked in downtown Washington, September 1, 2015. REUTERS/Carlos Barria VIENNA Zipcar, the car-sharing service of auto group Avis, will exit Austria by Aug. 6 after five years, a spokeswoman said on Wednesday, adding customers would be offered refunds for fees already paid beyond that date. Competition intensified in Austria after Zipcar''s rival Daimler overhauled and upgraded its Austrian Car2Go operations in April with a bigger fleet, comprising around 700 newer Smart cars and bigger Mercedes models. The third player in the Austrian market DriveNow, a joint venture between BMW and Sixt, introduced new convertibles to its fleet in May. The Zipcar spokeswoman said Austrian operations would end "as part of our ongoing process of evaluation to improve business performance across all markets". (Reporting by Shadia Nasralla; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-zipcar-austria-idUSKBN19Q0XY'|'2017-07-05T12:13:00.000+03:00'
'd754bd667c6970e78fe13e86b1916340c5430d8f'|'Why Russian Inflation Feels Much Worse Than It Is'|'Russian Central Bank Governor Elvira Nabiullina may have won investor praise for bringing price growth under control, but she’s yet to convince ordinary people used to double-digit inflation. A poll conducted for the central bank found consumers think the current rate of inflation is about 12 percent, three times the actual level. The disparity may come from the fact that low-income consumers spend a larger portion of their paycheck on food, which is more prone than other items to price spikes, according to Vladimir Tikhomirov, chief economist at BCS Financial Group.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-05/why-russian-inflation-feels-much-worse-than-it-is'|'2017-07-05T11:33:00.000+03:00'
'6b9fcabdcf6a58a1ca82105146b391ff2e3834ad'|'COLUMN-Psst...wanna buy some cobalt? Just don''t tell the auto guys!: Andy Home'|'Market News - Wed Jul 5, 2017 - 10:50am EDT COLUMN-Psst...wanna buy some cobalt? Just don''t tell the auto guys!: Andy Home (The opinions expressed here are those of the author, a columnist for Reuters.) By Andy Home LONDON, July 5 Wanna buy into one of the hottest commodities in town? No, it''s not lithium. That''s so much last year''s thing. We''re talking about cobalt. And this one''s really hot. On the London Metal Exchange (LME) the price for three-month cobalt has leapt from $32,750 per tonne at the start of January to a current $58,500. This stellar near 80-percent price surge mirrors what happened to lithium prices a year or so ago. The linkage is both metals'' evolution from niche applications to mainstream usage in the batteries that are now powering the green technology revolution. If a minimum $58,500 bet is a bit too much for you, some bright hedge fund guys have come up with a cheaper option. For just nine Canadian dollars you can now buy a share in Cobalt 27 Capital Corp, which made its C$200 million ($150.7 million) debut on Canada''s Venture Exchange last month. Cobalt 27 describes itself as a "pure-play cobalt investment vehicle", an alternative to investing in producers such as Glencore, for whom cobalt is one small part of a much wider portfolio. Just don''t tell the automotive guys. Because if Cobalt 27 is right in its assessment there is much more upside to the cobalt price, there''s going to be some sort of reaction to a bunch of investors holding physical stocks of a strategic metal in short supply. GETTING PHYSICAL Cobalt 27 has used a sizeable chunk of its IPO proceeds to exercise options to buy a total 2,157.50 tonnes of physical cobalt. To put that figure into perspective, the United States Geological Survey (USGS) estimates global production of refined cobalt was 97,400 tonnes in 2015. The metal will be stored in LME warehouses operated by C. Steinweg (Baltimore, Rotterdam and Antwerp) and the Vollers Group (Rotterdam). A smaller part of the proceeds will be used to purchase royalties and cobalt streaming agreements from eight exploration-stage properties. Seven are prospects in Canada, three of them operated by Palisade Resources Corp, and one in Vietnam, operated by Asian Mineral Resources. The company''s ambition is to add to this list. In essence, Cobalt 27 will offer capital appreciation, assuming the price of cobalt does indeed rise, and cash flow from royalties. The whole thing is the brain-child of Pala Investments, which describes itself as "a multi-strategy investment company focused on the mining and metals value chain". Cobalt 27 Chairman and Chief Executive Anthony Milewski is also a managing director of the Pala team. Pala is the largest shareholder with 19.64 percent at the time of the IPO, although the stake may have fallen slightly as an over-allotment option has since been partially declared. Part of Pala''s holding represents payment for the supply of 626 tonnes of cobalt under one of the physical supply options. Pala was one of several funds to have scooped up physical cobalt last year, which was when the metal first emerged from the specialist shadows into the investment limelight. Another was Green Energy Metals Fund, part of the Portal Capital investment group, which is the second-largest shareholder in the new public entity having also supplied physical metal. Not all of the cobalt sellers chose to convert to Cobalt 27 shares. According to the company''s final prospectus, "a total of 961.9 metric tonnes of cobalt are being acquired for cash". But Pala and Portal evidently think there is more to come from the cobalt story. THE ONLY WAY IS UP? Or to quote Cobalt 27''s prospectus, "the company believes strong cobalt demand, coupled with challenged supply due to a lack of primary cobalt mines and political instability in the Democratic Republic of Congo, which is the largest supplier of mined cobalt, creates an attractive proposition for cobalt price appreciation." This is a market that is widely viewed by analysts as being in transition from a state of supply surplus to one of shortfall. And as Cobalt 27 is happy to remind us, "in 2008, during the last multi-year cobalt supply deficit, the price of cobalt exceeded US$50/lb". That''s equivalent to just over $110,000 per tonne. There are any number of uncertainties in trying to forecast the price in such a fast-evolving market as cobalt, or lithium for that matter. Everyone agrees that the electric vehicle revolution has arrived but beyond that there is no consensus as to how fast it might evolve. And what sort of batteries will those vehicles use? Noting that cobalt is currently used in six main types of lithium-ion battery, analysts at RFC Ambrian write that "what the demand for cobalt as a constituent for future batteries will be is open to question." ("The Alchemist, Issue 31: Cobalt", July 2017). If prices rise too fast, they argue, battery makes will try and reduce the amount of cobalt used, even if they can''t eliminate it altogether. Ambrian''s conclusion is that cobalt demand in the year 2021 could be anything from marginally lower to 80 percent higher than today. Pala and Portal evidently believe in the more bullish of those scenarios. SUPPLY CHAIN VS SPECULATORS The irony is that if they''re right and the cobalt price does go stratospheric, it will be because there''s not enough of it around to meet burgeoning demand from the battery sector. And that''s going to draw a lot of unwelcome attention from a physical supply chain desperately seeking spare units. There''s a precedent for this sort of manufacturer-speculator showdown in the industrial metal space. In 2010 JPMorgan and BlackRock near simultaneously filed prospectuses for copper funds backed by physical metal. Copper processors were outraged. They viewed the funds as competition for physical units in a market that was at that stage suffering chronic supply shortfall. Although the regulatory and legal reactions were eventually cleared, such was the furore in the copper industry that neither fund was ever launched. Those two funds envisaged combined holdings of around 180,000 tonnes of copper, equivalent to less than 1 percent of global refined metal production at the time Cobalt 27''s holding is already more than double that level in terms of global output. Might it too risk the wrath of a supply chain struggling to keep up with demand? Only time will tell, but if that scenario does materialise, it will, of course, mean that Cobalt 27''s fund backers will have already been rewarded for their bullish views. (Editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cobalt27-ipo-ahome-idUSL8N1JW45H'|'2017-07-05T17:50:00.000+03:00'
'e4b1f0d84fb0766ae564707b0024a6ce86ea4c55'|'Fed minutes in view, stocks shift higher'|'July 5, 2017 / 12:41 PM / 24 minutes ago Fed minutes in view, stocks shift higher 4 Min Read Pound and Dollar banknotes are seen in this picture illustration taken June 13, 2017. Dado Ruvic/Illustration LONDON (Reuters) - Stock markets rode out the latest rise in tensions around North Korea on Wednesday, with the main markets in Europe, Asia and the United States all inching higher as attention moved to minutes from the U.S. Federal Reserve''s last meeting. MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, regaining half the losses it saw on Tuesday when North Korea fired a missile into Japanese waters. The organisation''s global shares index, however, reflected a relatively ambivalent global mood, rising less than 0.05 percent despite a handful of solid purchasing manager surveys in Europe. New York''s main indices were also set to open a touch higher after the July 54 break. "It has been a relatively light week in terms of economic data so far and investors are desperately looking for drivers," said Arnaud Masset, an analyst with Swissquote. "Given the recent weakness in inflation and lacklustre households’ consumption data, it is more likely that the minutes highlight the concerns of FOMC members (about growth)." A shift towards more hawkish language by several major central banks has dominated the past week. It has, for example, left markets unsure of how much longer emergency stimulus in Europe will continue to support asset prices. For now investors seem to be giving policymakers the benefit of the doubt that the global economy can take any tightening of monetary policy, although the latest data on Wednesday was mixed -- strong in Europe and weaker in China. [PMI-M] "North Korea has rattled markets but central bankers are more important," said Kathleen Brooks, research director at City Index in London. "While North Korea’s military ambitions are a background threat for markets, we don’t think that this particular geopolitical event is at the stage yet where it will cause a spike in volatility." South Korea''s main index rebounded by 0.36 percent and Japan''s Nikkei ended up 0.25 percent. Shanghai stocks rose more than 1 percent, despite a drop in the Caixin/Markit services purchasing managers'' index (PMI) to 51.6 in June, from 52.8 in May. IHS Markit''s final composite Purchasing Managers'' Index for the euro zone was 56.3 in June, down from May but comfortably beating a flash estimate, chalking up the best performance last quarter in over six years. Currency markets were in limbo, the euro trading around a cent below last week''s 14-month highs against the dollar, less than 0.2 percent lower on the day. The dollar and yen were the main victims of the shift in language last week, but many analysts wonder whether the European Central Bank will be able to rein in money-printing later this year if the euro keeps gaining. "I meet a lot of people while I talk to clients who think the ECB simply won''t be able to escape its current policy setting because a stronger currency is too damaging," said Societe Generale strategist Kit Juckes. "The thought the ECB will resist pressure...is still leading many ... to look for cheaper levels to buy euro." The dollar rose 0.2 percent higher against the basket of currencies used to measure its broader strength and slightly more against the yen to an almost two-month high of 113.69 yen. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets Editing by Richard Balmforth'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN19Q1KO'|'2017-07-05T15:38:00.000+03:00'
'4cc694779e0e78b1e6dc9df1fb78ebd24fe87567'|'Israel tech exits at 5-year low of $2 billion in first half'|'Market News - Wed Jul 5, 2017 - 5:54am EDT Israel tech exits at 5-year low of $2 billion in first half JERUSALEM, July 5 (Reuters) - * Israeli high-tech exits totalled $1.95 billion in the first half of 2017, a five-year low, the Israel Venture Capital Research Center and Meitar law firm said in a report on Wednesday. * Exits comprised 46 merger and acquisition deals for $1.5 billion, seven initial public offerings and four buyouts. * The average exit deal in the first half was $34 million, well below the average of $87 million in 2016, when there were 115 exits totalling $10 billion. * The largest deal in the first half was the $340 million acquisition of Valtech by Edwards Lifesciences. The report does not include Intel''s acquisition of Mobileye for $15.3 billion, since this deal has not yet closed. * IPOs recovered somewhat in the first half, with seven offerings grossing $227 million, compared with $22 million last year. (Reporting by Steven Scheer; Editing by Tova Cohen) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/israel-tech-ma-idUSL8N1JW1WX'|'2017-07-05T12:54:00.000+03:00'
'c43912c3d12e1ef4bf938b32022ee6d96ab6b9d7'|'MOVES-Michael Onofrio joins ITG''s U.S. electronic coverage team'|'Market News - Wed Jul 5, 2017 - 9:38am EDT MOVES-Michael Onofrio joins ITG''s U.S. electronic coverage team July 5 U.S.-based brokerage Investment Technology Group Inc named Michael Onofrio director on the U.S. electronic coverage team. Onofrio was most recently executive director in charge of the European Equities Electronic Coverage team at JPMorgan Chase & Co in London. He will be based in New York in his new role with ITG. (Reporting by Gayathree Ganesan in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/invest-tech-grp-moves-michaelonofrio-idUSL3N1JW419'|'2017-07-05T16:38:00.000+03:00'
'110fac5b6ede87a1cb46382ece4ebe7970b5e5c4'|'Samsung on track to take Intel''s chip crown with record second-quarter earnings'|'Top  43am BST Samsung on track to take Intel''s chip crown with record second-quarter earnings The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. REUTERS/Kim Hong-Ji By Joyce Lee - SEOUL SEOUL Samsung Electronics Co Ltd ( 005930.KS ) is expected to report its best-ever quarterly profit in the second quarter, with soaring memory chip sales pushing it past Intel Corp ( INTC.O ) as the biggest semiconductor maker by revenue for the first time. The world''s largest memory chip maker is the among the biggest beneficiaries of soaring demand for processing firepower on smartphones and servers, which has fuelled an industry super-cycle amid limited supply growth. Underscoring its dominant position, Samsung said on Tuesday it plans to invest some $18.6 billion (£14.3 billion) in South Korea as it seeks to extend its lead in memory chips and next-generation displays for smartphones. The South Korean tech giant, Asia''s third-largest company by market capitalisation, is now poised to knock Intel off the top of the global semiconductor market-share rankings for the first time since 1991. "From the second quarter, Samsung will become No. 1 in market share due to the recent increase in data centres and demand for solid-state drives," NH Investment & Securities analyst Peter Lee wrote in a note to clients. Samsung''s April-June operating profit is expected to leap 67 percent from a year earlier to 13.1 trillion won (£8.8 billion), a new high, according to the average forecast from a Thomson Reuters survey of 18 analysts. The same survey expects July-September profit to be even higher at 13.8 trillion won. Solid sales of the Galaxy S8 smartphone launched in April likely provided an additional boost, keeping the firm ahead of rival Apple Inc ( AAPL.O ) as the world''s top smartphone maker. The S8''s performance has reassured investors whose nerves were shaken last year by the costly withdrawal of Samsung''s premium Galaxy Note 7 due to fire-prone batteries. Samsung shares are trading at a near-record high of 2.35 million won each as of Tuesday. They have gained 30 percent so far this year on top of a 43 percent surge in 2016. IN THE PIPELINE "The Galaxy S8 series has been out for more than 2 months now and we see similar traction as the Galaxy S7 series," Counterpoint analyst Tom Kang said. Samsung would sell about 49 million S8s by the end of its first full-year release, in line with first-year sales of the Galaxy S7, he said. Samsung is also preparing to unveil the Galaxy Note 8 in August, a source told Reuters, restoring the company''s schedule of market-moving gadget releases after the interruption of the Note 7 debacle. The company will issue earnings guidance early on Friday but will not disclose details on its performance until late July. Nomura has predicted DRAM chip prices will continue to rise in the second half of 2017 due to limited supply and strong demand driven by servers. Demand for solid-state drives (SSD) and smartphones would maintain profits for producers of NAND semiconductors, despite an easing of a production bottleneck, it said. Memory industry forecasts - tmsnrt.rs/2k8LOqk'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-samsung-elec-results-preview-idUKKBN19P2LX'|'2017-07-05T02:12:00.000+03:00'
'c7227118074e4524738c09320b66bcca416e6196'|'Japan Inc scrambles for job-hoppers to cope with labour shortages'|'Business  13am BST Japan Inc scrambles for job-hoppers to cope with labour shortages left right Hiroaki Okutani, 57, a contract worker of Ueda Co., Ltd., wears an Atoun Inc. Power Assist Suit (AWN-03B), as he works at a distribution center in Kawasaki, Japan June 22, 2017. REUTERS/Toru Hanai 1/9 left right Masae Miyachi, 41, a staff worker of Kaonavi Inc., works at the company''s office in Tokyo, Japan June 29, 2017. REUTERS/Toru Hanai 2/9 left right Hiroaki Okutani, 57, a contract worker of Ueda Co., Ltd., wears an Atoun Inc. Power Assist Suit (AWN-03B), as he works at a distribution center in Kawasaki, Japan June 22, 2017. REUTERS/Toru Hanai 3/9 left right Masae Miyachi, 41, a staff worker of Kaonavi Inc., smiles during an interview with Reuters at the company''s office in Tokyo, Japan June 29, 2017. REUTERS/Toru Hanai 4/9 left right Hiroaki Okutani, 57, a contract worker of Ueda Co., Ltd., wears an Atoun Inc. Power Assist Suit (AWN-03B), as he works at a distribution center in Kawasaki, Japan June 22, 2017. REUTERS/Toru Hanai 5/9 left right Masae Miyachi, 41, a staff worker of Kaonavi Inc., speaks during an interview with Reuters at the company''s office in Tokyo, Japan June 29, 2017. REUTERS/Toru Hanai 6/9 left right Hiroaki Okutani (R), 57, a contract worker of Ueda Co., Ltd., wears an Atoun Inc. Power Assist Suit (AWN-03B), as he works at a distribution center in Kawasaki, Japan June 22, 2017. REUTERS/Toru Hanai 7/9 left right Hiroaki Okutani, 57, a contract worker of Ueda Co., Ltd., wears an Atoun Inc. Power Assist Suit (AWN-03B), as he works at a distribution center in Kawasaki, Japan June 22, 2017. REUTERS/Toru Hanai 8/9 left right Hiroaki Okutani, 57, a contract worker of Ueda Co., Ltd., wears an Atoun Inc. Power Assist Suit (AWN-03B) at a distribution center in Kawasaki, Japan June 22, 2017. REUTERS/Toru Hanai 9/9 By Tetsushi Kajimoto - TOKYO TOKYO Japan''s labour shortage has pushed job-hopping to its highest since the global financial crisis, as companies scramble for workers with experience in the rapidly-ageing economy. Job-hopping goes against the grain of Japan''s work culture, where many companies hire graduates and employ them until they retire. But the country''s jobs-for-life system is slowly giving way as firms curb labour costs and society shifts. Switching jobs for better conditions is no longer taboo amid a tightening labour market, and the trend is being led by mid-career workers. "There''s always a risk of failure. But you can''t get what you want if you don''t try," said Hiromichi Itakura, 44, head of a medical job placement department at Saint Media Inc in Tokyo, who changed jobs in January. "I took up this job because it gives me a more responsible post. As a salary man, I also wanted a higher salary," he said, adding that his pay is now 20 percent higher than previously. The number of job-hoppers rose for the seventh straight year to 3.06 million in 2016, the highest since 2009, though it still accounts for just 4.8 percent of the labour market. Older workers have more opportunities because of demographics: a fast-ageing society, low birth rate and falling working-age population. The jobless rate has stood at a near two-decade low while the jobs-to-applicants ratio is at a 43-year high. Big firms say the labour market is at its tightest since 1992, according to the Bank of Japan''s latest "tankan" survey published this week. Though job turnover is still low relative to other major economies - the change should be welcome news to Prime Minister Shinzo Abe, who has been championing labour flexibility and merit-based pay - with little success so far. Enhancing labour mobility is expected to help raise low productivity and boost wages, getting Japan convincingly out of a deflationary rut. COMPETITION FOR WORKERS Companies facing labour shortages are willing to pay for battle-tested workers who don''t need as much training. Electric motor maker Nidec Corp ( 6594.T ) is actively hiring mid-career engineers and remunerating them for their experience. "Competition is tough for tried-and-true personnel," a company spokesman said on condition of anonymity. "We are doing our best to persuade talented people to join our company." Job-hoppers aged between mid-40s and 65 or older are on the rise, hitting their highest, according to comparable data going back to 2002. "The mid-career job market is booming," said Hirofumi Amano of en-japan inc, a job placement agency. People older than 35 used to be considered past their prime in the mid-career market but these workers are now sought after. Companies are seeking experienced managers and engineers and offering higher pay, Amano said. Workers who secured higher salaries from changing jobs outnumbered those whose paychecks shrank, labour ministry data from 2015 showed. A quarter of job-hoppers saw their salaries rise by 10 percent or more. In comparison, average base wages in April rose just 0.4 percent from a year earlier. The International Monetary Fund has urged Japan to enhance worker mobility to strengthen productivity and wage pressures. "Low labour mobility, a strong preference for job security, and wage setting based on past inflation constitute the main bottlenecks for triggering needed wage-price dynamics." NEW ATTITUDE The rising mid-career job market reflects Japan''s changing business climate and evolving attitudes about lifetime employment and seniority-based promotion, analysts say. "Look what happens to even big firms like Toshiba, there''s no guarantee for job security. Lifetime employment is something of the good old past," said Masae Miyachi, 41, of an IT venture company kaonavi, inc. Miyachi changed jobs a year and half ago and her annual salary has now increased by 1 million yen ($8,857), helping her finance a home loan. "You need to carve out a career for yourself to earn stable income, and I''m doing just that by changing jobs." Japanese firms have curbed labour costs by replacing full-time jobs with part-time positions since the asset-inflated bubble burst in the early 1990s. Now a rising rank of non-regular workers - including part-timers and contract workers - account for nearly 40 percent of the workforce. Hiroaki Okutani, a 57-year-old contract worker at a logistics company Ueda Co Ltd, who left his job at a food processing firm two years ago, said his decision was partly due to anxiety about life after retirement. "There''s no compulsory retirement with this job," Okutani said. "I''m happy working here as long as my body holds up because I don''t think I can live on my pension alone." (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-job-hoppers-idUKKBN19Q0J2'|'2017-07-05T09:13:00.000+03:00'
'a8e322bfa3d43f4541f8d5eb377a8fe21823e180'|'CANADA STOCKS-TSX falls at open as lower oil weighs on energy stocks'|'Market News - Wed Jul 5, 2017 - 9:37am EDT CANADA STOCKS-TSX falls at open as lower oil weighs on energy stocks TORONTO, July 5 Canada''s main stock index opened lower on Wednesday, weighed by energy stocks as oil prices fell after days of gains. The Toronto Stock Exchange''s S&P/TSX composite index was down 25.17 points, or 0.17 percent, at 15,105.44 shortly after the open. (Reporting by Alastair Sharp; Editing by Jeffrey Benkoe) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1JW0HQ'|'2017-07-05T16:37:00.000+03:00'
'268f70b6ff835fa7f70dd87ae8ee2929efe0e324'|'PRESS DIGEST- Financial Times - July 5'|'Market News - Tue Jul 4, 2017 - 7:42pm EDT PRESS DIGEST- Financial Times - July 5 July 5 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines - Northern Ireland power-sharing talks extended until after summer on.ft.com/2sK3E3z - JPMorgan and Vantiv make takeover approaches for Worldpay on.ft.com/2sKjBq9 - Benny Higgins to step down from Tesco Bank after a decade on.ft.com/2sKuAjA - Ian King swaps BAE Systems for world of boutique finance on.ft.com/2sKuR66 Overview - Talks on restoring power-sharing in Northern Ireland have been extended until after the summer after UK and Irish governments called time on an inconclusive political talks process on Tuesday. - Worldpay on Tuesday said it received separate takeover approaches from JPMorgan Chase and Vantiv . JPMorgan made a cash takeover offer that carries a substantial premium to Worldpay’s pre-bid share price, while Vantiv has called for a predominantly share-based merger at a lower premium. - Chief Executive of Tesco Bank Benny Higgins said he would retire in February next year after almost a decade of being on the job. - Former chief executive of UK defence contractor BAE Systems Ian King is moving into corporate finance as a senior adviser to boutique advisory firm Gleacher Shacklock. (Compiled by Bengaluru newsroom; Editing by Peter Cooney) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1JV4SZ'|'2017-07-05T02:42:00.000+03:00'
'7b3925371a9d2a587261b7c098b53146c832f489'|'EU mergers and takeovers (July 5)'|'BRUSSELS, July 5 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- French carmaker PSA Group to acquire General Motors''s European arm Opel (approved July 5)-- French construction and concessions company Vinci and Swiss airport retailer Dufry LFP to jointly acquire Portuguese retail operator Lojas Francas de Portugal (approved July 5)-- French power company EDF to acquire British engineering company Imtech (approved June 29)NEW LISTINGSNoneEXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEJULY 12-- U.S. chemicals company DuPont to acquire U.S. pesticide maker FMC''s health and nutrition business (notified June 7/deadline July 12)JULY 13-- U.S. pesticide maker FMC to acquire U.S. chemicals company DuPont''s crop protection business (notified June 8/deadline July 13)JULY 14-- U.S. engine maker Cummins and U.S. industrial conglomerate Eaton Corp to set up a joint venture for automated transmissions for heavy and medium duty commercial vehicles (notified June 9/deadline July 14/simplified)JULY 17-- French car distributors PGA Group and Groupe Bernard to set up a joint venture (notified June 12/deadline July 17/simplified)-- Japanese conglomerate Itochu, Japanese printing company Toppan Printing and Thailand''s Thung Hua Sinn to jointly acquire plastic bag packaging company TPN Food Packaging (notified June 12/deadline July 17/simplified)-- Canada Pension Plan Investment Board (CPPIB) and British Telecom Pension Scheme to jointly acquire Milton Park business park (notified June 12/deadline July 17/simplified)-- U.S. travel search site The Priceline Group to acquire U.S. peer Momondo Group (notified June 12/deadline July 17)-- U.S. private equity firm Lone Star to acquire Portuguese bank Novo Banco (notified June 12/deadline July 17/simplified)JULY 18-- UK property developer Segro plc and Public Sector Pension Investment Board (PSPIB) to jointly acquire a plot of land (notified June 13/deadline July 18/simplified)-- Fund management companies Deutsche Alternative Asset Management (Global) Ltd, InfraVia and Finanziaria Internazionale Holding S.p.A (FIH) to jointly acquire FIH subsidiary Agora Investimenti S.p.A which has airport management activities (notified June 13/deadline July 18)JULY 19-- French utility group Suez SA to acquire U.S. conglomerate General Electric''s water and process technologies business (notified June 14/deadline July 19)-- Dutch state owned gas operator Gasunie, Dutch storage tank operator Vopak and German gas and chemicals storage company Oiltanking which is controlled by German joint stock company Marquard & Bahls AG to set up a joint venture (notified June 14/deadline July 19/simplified)JULY 20-- Private equity firm Blackstone Group to acquire Finnish real estate investment company Sponda (notified June 15/deadline July 20/simplified)-- Lithuanian mobile network operator Bite Lietuva, Swedish mobile operator Tele2 and Sweden''s Telia to set up a joint venture (notified June 15/deadline July 20)JULY 24-- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline extended to July 24 from July 7 after Knorr-Bremse offered concessions)-- KPS Capital Partners to acquire U.S. car parts maker DexKo Global (notified June 16/deadline July 24/simplified)-- Australian global investment firm IFM and port builder and concessions operator OHL to acquire joint control of toll road and airport operator OHL Mexico (notified June 16/deadline July 24/simplified)-- Megatrends which is a unit of investment fund European Cities Fund, and British real estate investment fund Intu Properties Plc to jointly acquire Spain''s Xanadu Retail and Leisure (notified June 16/deadline July 24/simplified)JULY 26-- Swedish carmaker Volvo to acquire Swedish car rental company First Rent A Car AB (notified June 20/deadline July 26)-- British asset manager Intermediate Capital Group to acquire nursing home operator Domusvi Group (notified June 20/deadline July 26/simplified)-- Anglo-Swiss chemicals company Ineos to acquire British oil company BP''s Forties Pipeline System (notified June 20/deadline July 26/simplified)-- Universities Superannuation Scheme Limited (USSL) and U.S. bank Goldman Sachs to acquire joint control of Spanish energy company Redexis Gas (notified June 20/deadline July 26/simplified)-- German conglomerate Harng Central Department Store Ltd and prOperty developer Signa Prime to acquire joint control of German property developer Berlin, Passauer Straße 1-3 Immobilien GmbH & Co. KG (notified June 20/deadline July 26/simplified)JULY 31-- Shipping terminal operator PSA International Pte Ltd and Terminal Investment Ltd Sarl, which is indirectly and jointly controlled by Swiss container line MSC (Mediterraneann Shipping Company), to jointly acquire Belgian container terminal operator PSA DGD (notified June 23/deadline July 31)AUG 1-- Property developer Bouygues Immobilier and hotel group Accor to jointly acquire French company Nextdoor which is now solely controlled by Bouygues Immobilier (notified June 26/deadline Aug. 1/simplified)AUG 2-- Czech energy company EPH to acquire two UK gas-fired power plants from British energy supplier Centrica (notified June 27/deadline Aug. 2/simplified)AUG 3-- U.S. industrial company Deere & Co to acquire German road construction company Wirtgen (notified June 28/deadline Aug. 3)AUG 4-- Japan''s Toray Industries and Japanese industrial conglomerate Mitsui Co Ltd to jointly acquire Japanese fragrance and chemicals maker Soda Aromatic Co Ltd (notified June 29/deadline Aug. 4/simplified)-- Private equity firms CCMP Capital and MSD Aqua Partners to jointly acquire swimming pool equipment maker Hayward Industries (notified June 29/deadline Aug. 4/simplified)-- Credit rating agency Moody''s to acquire Dutch business intelligence statistics provider Bureau van Dijk Electronic Publishing (notified June 29/deadline Aug. 4/simplified)-- UK property developer Segro plc and Canada''s Public Sector Pension Investment Board (PSPIB) to jointly acquire French logistics asset Morgane Portfolio (notified June 29/deadline Aug. 4/simplified)-- Austrian construction company WIG Wietersdorfer Holding GmbH and Saudi Arabian Amiantit to set up a joint venture (notified June 29/deadline Aug. 4)AUG 7-- French luxury goods group LVMH and Italian spectacles maker Marcolin to set up a joint venture (notified June 30/deadline Aug. 7/simplified)-- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline Aug. 7)DEADLINE SUSPENDED-- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended on June 28 after the companies failed to provide relevant information)GUIDE TO EU MERGER PROCESSDEADLINES:The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED:Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-ma-idUSL8N1JW552'|'2017-07-05T19:51:00.000+03:00'
'f84c53a604b9708e9acad131f7f2546f4ef7f79b'|'Brexit meeting was ''good first step'' - UK business leaders'|'Business News - Fri Jul 7, 2017 - 5:04pm BST Brexit meeting was ''good first step'': UK business leaders FILE PHOTO: Britain''s Secretary of State for Exiting the European Union David Davis leaves Downing Street after a cabinet meeting in London, Britain July 4, 2017. REUTERS/Hannah McKay LONDON A meeting on Friday designed to rebuild bridges between Britain''s government and corporate leaders over the country''s departure from the European Union was "a good first step," people who attended said. Business leaders have said their concerns about Brexit were not being heard until recently when the debate about how to leave the EU was blown open again by British Prime Minister Theresa May''s loss of her parliamentary majority last month. "It''s clear ministers are listening to business concerns, which we welcome," Terry Scuoler, chief executive of EEF, a group representing manufacturers, said. "We had an open and frank discussion and we’ve started a process where we will work together to obtain as much clarity and certainty as possible for industry as we prepare to leave the EU," he said. Another industry group, the Federation of Small Businesses, said the government seemed committed to a pro-business Brexit. "I was heartened by the recognition of the benefits of free trade, and a clear moral drive that our future success will rest upon it," Martin McTague, FSB policy director, said. Employers are pushing for a Brexit deal that causes as little disruption as possible for them, including a transition period between Britain''s planned departure from the bloc in 2019 and the start of its new relationship with the EU. Several people who took part in Friday''s meeting - held at a country home which serves as an official residence of government ministers - declined to comment on the details of the discussions, saying they were intended to remain private. Separately on Friday, British finance minister Philip Hammond ruled out a proposal by a leading employers group that the country should stay in the EU''s single market and customs union during a transition period. "My preference is that we negotiate a transitional structure," Hammond said on the sidelines of a Group of 20 leader summit in Hamburg. This would take Britain "outside of those memberships (the single market and customs union)" but during a transition would replicate "as much as possible of the existing arrangements so the shock to business is minimized for the transition period." (Reporting by Anjuli Davies in London and Paul Carrel in Hamburg; Writing by William Schomberg; Editing by Costas Pitas and Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-idUKKBN19S29S'|'2017-07-07T19:03:00.000+03:00'
'4f3b996c2f012fafec72e3b121e97164eecd7b18'|'IMF urges G20 leaders to avoid ''myopic'' trade policies'|'Business News  11pm BST IMF urges G20 leaders to avoid ''myopic'' trade policies German police officers on horses ahead of the G20 summit in Hamburg, Germany, July 5, 2017. REUTERS/Kai Pfaffenbach WASHINGTON The International Monetary Fund on Wednesday urged leaders of the Group of 20 major economies to avoid "myopic" nationalistic policies and to work together in agreed forums to resolve their trade and economic differences. In a pointed message before U.S. President Donald Trump''s first G20 summit in Hamburg, Germany later this week, the IMF said in an economic briefing note to the leaders that a rules-based and open trading system was vital for world prosperity. "Myopic pursuit of zero-sum policies can only end by hurting all countries, as history shows," the IMF said. "Because national policies inevitably interact in a number of vital areas, creating strong spillovers across countries, the world economy works far better for all when policymakers engage in regular dialogue and work within agreed mechanisms to resolve disagreement." The IMF''s pitch to maintain multilateral cooperation comes as the Trump administration is considering imposing broad new steel tariffs or quotas based on national security grounds, a move that has not occurred since the World Trade Organization was launched in 1995. The U.S. Commerce Department is expected to wait until after the G20 summit this Friday and Saturday to issue its review of the steel industry''s national security implications, part of an effort to persuade China and other countries to cut excess capacity in the sector. It is working on a similar report on the U.S. aluminum industry, also invoking provisions of a 1962 U.S. trade law. The IMF also said that while the global economic recovery remains on track, with growth this year and next year in the 3.5 percent range, its forecasts do not include a major trade disruption. (Reporting by David Lawder)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-g20-imf-idUKKBN19Q21T'|'2017-07-05T18:05:00.000+03:00'
'ab5390e1155eee45d3fdf102eaf638088e375715'|'Asia seeks safe harbours from Korea tension; Fed words awaited'|'July 5, 2017 / 3:35 AM / an hour ago Asia seeks safe harbours from Korea tension; Fed words awaited By Wayne Cole 4 Min Read Employees of the Tokyo Stock Exchange (TSE) work at the bourse in Tokyo, Japan, February 9, 2016. Issei Kato/Files SYDNEY (Reuters) - Asian share markets were subdued for a second session on Wednesday as simmering tensions on the Korean peninsula supported safe-harbours including the yen, bonds and gold. A holiday in the United States and a dearth of major data kept activity muted, though minutes of the Federal Reserve''s last meeting due later in the day could provide some impetus. Among the few releases in Asia was the Caixin/Markit services purchasing managers'' index (PMI) for China which dropped to 51.6 in June, from 52.8 in May. MSCI''s broadest index of Asia-Pacific shares outside Japan added 0.1 percent, having shed 0.6 percent on Tuesday when North Korea fired a missile into Japanese waters. Japan''s Nikkei eased 0.5 percent, but South Korea''s main index managed to hold steady. E-Mini futures for the S&P 500 were barely changed, while yields on 10-year U.S. Treasury notes dipped 3 basis points to 2.32 percent. North Korea said it had conducted a test of a newly developed intercontinental ballistic missile that can carry a large and heavy nuclear warhead. South Korean and U.S. troops fired missiles into the waters off South Korea to show their deep strike precision capability. U.S. Secretary of State Rex Tillerson called for global action against Pyongyang''s nuclear threat, though it was not entirely clear what new steps could be taken. The sabre rattling gave the safe-haven yen an early lift, with the dollar slipping 0.27 percent to 112.97 yen. Gold was likewise 0.3 percent firmer at $1,227.31 an ounce. Moves were minor with the euro steady at $1.1360 and the dollar index down 0.1 percent at 96.127. Not All Together Investors awaited minutes of the Fed''s June meeting to gauge how committed it was to hiking rates gain this year and any detail on plans to wind back its massive balance sheet. "In the May minutes, ''a couple'' of participants worried that tight labour-market conditions could pose an inflationary risk, while ''several others'' saw a downside risk for inflation," said Kevin Harris, a director at Roubini Global Economics. "We will look for any shift between those two concerns." Markets imply around a 60 percent chance of another rate rise in December and a much shallower path of future increases than most Fed members. Indeed, while some other central banks had recently sounded more hawkish, signs were any unwinding of stimulus globally would not be a united affair. The chief economist at the European Central Bank noted healthier inflation was "crucially contingent" on policy staying easy, while Sweden''s central bank sounded reassuringly cautious even as it acknowledged further rate cuts were now unlikely. Australian policy makers showed no inclination to go the hawkish route given subdued inflation and a desire to restrain the local currency. In commodity markets, oil was trying to stabilise around $50 a barrel on tentative signs that U.S. crude production might be slowing. Brent edged down 6 cents to $49.55, having opened the week with its biggest one-day rally since December, while U.S. crude lost 7 cents to $47.00. Editing by Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN19Q0AJ'|'2017-07-05T06:32:00.000+03:00'
'11152827be6e8ad6bf16ad00cdb1348ac9814657'|'Exclusive - Siemens turbines delivered to Crimea despite sanctions: sources'|'Top  51pm BST Exclusive - Siemens turbines delivered to Crimea despite sanctions: sources A general view shows a power plant under construction in Sevastopol, Crimea, July 5, 2017. REUTERS/Anton Zverev By Anton Zverev , Anastasia Lyrchikova and Gleb Stolyarov - SEVASTOPOL, Crimea/MOSCOW SEVASTOPOL, Crimea/MOSCOW Russia has delivered electricity turbines made by Germany''s Siemens to Crimea, a region subject to European Union sanctions barring EU firms from supplying it with energy technology, three sources with knowledge of the delivery told Reuters. Reuters was unable to determine if Siemens knew of or condoned the equipment transfer, but the move exposes the German company to potential accusations of indirect sanctions-busting and of not taking sufficient safeguards to ensure its equipment does not end up on territory most countries view as illegally annexed, say legal experts. "Siemens has not delivered turbines to Crimea and complies with all export control restrictions," said Wolfram Trost, a spokesman for Siemens in Munich, when asked to confirm the turbine transfer to Crimea. Citing client confidentiality, he did not answer written questions asking whether Siemens was aware that the turbines had been shipped to Crimea and whether it would now be activating or servicing them. Russia needs the turbines for two Crimean power plants the Kremlin wants to get up and running to fulfil a promise, made by President Vladimir Putin, to ensure a stable power supply for the region''s residents after it was annexed by Moscow from Ukraine in 2014. Delivery of the turbines, intended for the two new power stations under construction, had been delayed for over a year because the firms involved feared violating EU sanctions, people involved in the project have told Reuters. Russia''s Energy Ministry, which oversees the Crimea power plants project, declined to comment. It referred questions to Technopromexport, the Russian state-owned firm which is building the plants. Technopromexport declined to comment. One source close to the project, who spoke on condition of anonymity because of the sensitivity of the topic, told Reuters that two of the turbines had been delivered from Russia by sea to Crimea. He said they were destined for use in a power plant in the Crimean city of Sevastopol. He said the turbines were unloaded at Sevastopol port, and that preparatory work was underway at the power plant site to install and commission the turbines. The turbines were SGT5-2000E gas turbines, he said, a type manufactured only by Siemens and its subsidiaries. RUSSIA OR CRIMEA? An official in Crimea''s energy sector who is familiar with the power plants project, and an employee with a company involved in the project, also said the turbines were Siemens turbines, and that they had been delivered to Crimea. EU sanctions bar European individuals and companies from providing energy technology to Crimea or from taking any actions designed to circumvent those rules due to the bloc''s view that the peninsula was illegally stolen from Ukraine. Legal experts say there are no court precedents to say whether Siemens could be held responsible if a third party brought the turbines to Crimea. When asked about the matter, the European Commission has declined to comment on the Siemens case in the past, saying it is up to EU member states to enforce sanctions rules on their companies. When asked about the issue on Wednesday, a spokesman for German''s Ministry for Economic Affairs said he had no immediate comment. The individual close to the project and the official in the Crimea energy sector told Reuters the turbines delivered to the port in Sevastopol had come from Taman, located in southern Russia, some 10 miles (16 km) from Crimea. Siemens told reporters in March that a Russian joint venture in which it has a majority stake supplied turbines for use in a power plant that was planned for construction in Taman. The joint venture, Gas Turbine Technologies LLC, made the turbines that were sent to Taman at its factory in the Russian city of St Petersburg. Siemens has a 65 percent share in the joint venture, and Russian company Power Machines has a 35 percent stake. The sanctions barring the supply of energy technology to Crimea do not apply to the Taman project because it is located on internationally recognised Russian territory. The turbines for the Taman plant were bought by Technopromexport - the same company building the two Crimea plants - because, it previously said, it would be building the plant in Taman. Sources close to the Crimean project have previously told Reuters that one of the options under consideration was to use the Taman turbines in Crimea. Asked about that possibility last year, Siemens said it was supplying the turbines only for use in Taman, and not in Crimea. It said at the time it had "no reason" to believe the turbines would be diverted to Crimea, and said it respected and would abide by the sanctions regime. (Additional reporting by Andrew Osborn in Moscow, by Gernot Heller and Michelle Martin in Berlin and by Alissa de Carbonnel in Brussels; Writing by Christian Lowe; Editing by Mike Collett-White)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-crisis-crimea-power-exclusive-idUKKBN19Q26S'|'2017-07-05T18:51:00.000+03:00'
'803f4e4ee006c3244589759ec024a2d7ff6090f3'|'BOJ to cut inflation forecasts, hold off on easing - sources'|'July 5, 2017 / 6:05 AM / a few seconds ago BOJ to cut inflation forecasts, hold off on easing - sources By Leika Kihara 4 Min Read Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan June 16, 2017. Toru Hanai TOKYO (Reuters) - Japan''s central bank will cut its inflation forecasts but hold off expanding stimulus this month, people familiar with the matter say, in another sign the bank is retreating from Governor Haruhiko Kuroda''s initial pledge to do whatever it takes to achieve his ambitious inflation target. The inflation downgrade would be a fresh blow to Kuroda less than a year before his tenure ends next April, and underscores the challenges the central bank faces in using monetary stimulus to both lift prices and convince the public that its policies are working. The Bank of Japan''s nine-member board will seek to explain why the strength in the economy has yet to translate into inflation, a dilemma they are struggling with as wages and prices remain stubbornly weak, say sources familiar with its thinking. "Given the economy is in such a good shape, it''s hard to explain why inflation remains so weak. This will be among key topics of debate at this month''s BOJ meeting," said one of the sources, a view echoed by two other sources. At a rate review on July 19-20, the BOJ is set to keep monetary policy steady and offer a more upbeat assessment of the economy than it did in June to say it is expanding moderately, reflecting robust business sentiment and consumption, the sources said. But the BOJ is likely to cut its inflation forecast for the current year ending in March 2018, and possibly that for the following year, in a quarterly review of its long-term projections to be released on July 20, they said. At its April policy meeting, the BOJ said it expects core consumer inflation to hit 1.4 percent in the current fiscal year and 1.7 percent in fiscal 2018. That exceeds a Reuters poll projecting inflation of 0.7 percent in the current year and 0.8 percent the following year. The downgrades will likely be minor and reflect the effect of recent oil price falls, companies'' reluctance to raise prices and weak inflation expectations, the sources said. FILE PHOTO: A man rides a bicycle past the Bank of Japan (BOJ) building in Tokyo, Japan March 18, 2009. Yuriko Nakao/File Photo Dearth of Ammunition Japan''s economy expanded an annualised 1.0 percent in the first quarter on robust exports and household spending, while business confidence hit a three-year high in the three months to June, adding to signs the economic recovery is gaining pace. But core consumer prices rose just 0.4 percent in May from a year earlier, well below the BOJ''s 2 percent target. Tokyo inflation, a leading indicator of nationwide prices, was flat in June from a year earlier, stunning BOJ officials who expected a stronger reading given recent signs of life in consumption. Despite the gloomy outlook on inflation that could lead to further delays in achieving its price target, the BOJ is wary of ramping up stimulus due to a dearth of policy options. "The economy is in good shape, so it''s time to wait for the positive effects to push up prices," one of the sources said. The sources say the BOJ will only act if a severe external shock, such as an unwelcome yen spike, threatens the recovery. The reluctance to ease contrasts with Kuroda''s pledge four years ago that he "won''t hesitate to act" to hit his target. "If the BOJ were to loosen policy, it will deepen negative interest rates or lower its bond yield target. Either way, the cost would be huge, so the bank won''t act easily," said Izuru Kato, chief economist at Totan Research. Reporting by Leika Kihara; Editing by Sam Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-boj-idINKBN19Q0HW'|'2017-07-05T09:03:00.000+03:00'
'a327dd86bb9e4fcdc5a3024f199832b682dbb978'|'Big can also be beautiful, insists founder of Camden Town Brewery'|'T he original Camden Town Brewery , which nestles under a set of railway arches in London’s fashionable Kentish Town, is one of the most Instagrammed places in the UK. It’s hard to imagine the brewer, which was in the vanguard of the craft beer movement, is going to have the same appeal to hipsters after its move to a huge purpose-built shed on an anonymous north London industrial estate.But this is the new home of Hells lager: a £30m facility that Jasper Cuppaidge, the brewer’s founder, hopes will turn it into a national and potentially international success. It is the largest investment in London brewing for 30 years.Camden made headlines in 2015 when Cuppaidge sold the business he had founded with friends to Anheuser-Busch InBev, the world’s biggest drinks company, for an estimated £85m. The deal led to handwringing as fans complained that it had literally and metaphorically sold out.“It’s wonderful that people care so much about us,” says Cuppaidge. “I hope they can see we are better than we were 12 months ago and only getting better. I don’t think we’ve lost any fans.”Cuppaidge is hard-headed about the financial realities of succeeding in such a cash-thirsty industry. “There’s £28m of investment sitting in there and that doesn’t come out of the air,” says the Australian, pointing to the brewhouse that backs on to the river Lee. “We were always going to have investment from one of the bigger brewers because we needed to grow the brand. We wanted that expertise and distribution network, and that’s what we’ve joined up to.”On Monday, another multinational, Carlsberg, said it had bought London Fields Brewery in Hackney, east London. It joins fellow craft brewers Camden and Meantime, which now belongs to Japan’s Asahi, in foreign ownership. In April, BrewDog founders James Watt and Martin Dickie sold a minority stake to a private equity firm for just over £200m – despite pulling Camden’s beers from its bars when the AB InBev deal was announced.Facebook Twitter Pinterest Jasper Cuppaidge (blue shirt) in the new brewery at Enfield. Photograph: Martin Godwin for the Observer Camden is small beer to AB InBev , which owns more than 500 brands including Budweiser, Stella Artois and Beck’s. Last year it also swallowed its rival SABMiller in a monster £79bn deal while simultaneously doing Camden-style deals around the world.Camden’s success was a decade in the making for Cuppaidge, whose grandfather built the McLaughlin’s brewery in Queensland. In 2006, the entrepreneur took over a former Wetherspoon pub in Hampstead and the following year started making beer in the basement. Four years later it decamped to the arches under Kentish Town West station but, with sales growing at 70% a year, it was forced to outsource some production. Last year, two-thirds of the 100,000 hectolitres of its beer – the equivalent of 17.6 million pints – was made in Belgium but that outsourcing will now end.“By the end of July all our production will be made between NW1 and EN3,” says Cuppaidge of a shift that will bring immediate financial savings, as it will eliminate the need to “truck beer all over the country”.The new brewhouse, which is close to the M25 and North Circular Road, gives Camden the capacity to produce up to 500,000 hectolitres (88 million pints) a year. “I’ve always wanted to do something big from one location,” says Cuppaidge. “I like to walk out and speak to everybody. I wasn’t scared of scale, but I was scared of diversifying sites.”The first batches of Camden Hells are already bubbling away in giant stainless-steel vessels but ancillary areas, including the visitor centre, are still under construction, with teams of tradespeople working furiously before the grand opening on 29 July.AB InBev is led by Carlos Brito, who is famous for ruthless cost cutting at the companies he acquires. So could Cuppaidge come under pressure to cut corners ? “I don’t believe it will happen,” he says. “We’re a standalone business within the mothership.”“I had breakfast with Carlos,” he adds. “He was charming and we had a great conversation. The company has a winning culture. They are saying: Camden, keep doing what you do, and do it better, and if we can help you, we will.”But for many craft aficionados, small is beautiful. The Society of Independent Brewers has created a logo to use on pumps showing the brewer is not owned by a global company and produces less than 200,000 hectolitres a year – criteria that Camden no longer meets.“I couldn’t possibly talk about being a mega-brewer because I’m not one: we’re Camden,” says Cuppaidge. “There is a total authenticity to us and our brand. For us, craft is a way of thinking. It is about attention to detail and a focus, not only how you use your ingredients, but who you get them from. It doesn’t matter how big a volume of beer is produced.”Topics Food & drink industry The Observer Beer AB InBev London Food & drink features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/08/big-also-beautiful-insists-founder-camden-town-brewery-jasper-cuppaidge'|'2017-07-08T03:00:00.000+03:00'
'b1efb775da2cc710494a6c52da015e8a6b93d632'|'World Bank launches loan programme for women entrepreneurs'|'Top News - Sat Jul 8, 2017 - 12:53pm BST World Bank launches loan programme for women entrepreneurs left right Australian Prime Minister Malcolm Turnbull, World Bank President Jim Yong Kim, Japanese Prime Minister Shinzo Abe, U.S. President Donald Trump and Ivanka Trump pose for the family photo at the Women’s Entrepreneurship Finance event during the G20 leaders summit in Hamburg, Germany July 8, 2017. REUTERS/Carlos Barria 1/4 left right Participants of the ''''Launch Event Women''s Entrepreneur Finance Initiative'', among them the daughter of the US President Ivanka Trump (front) and (second row L-R) World Bank Group President Jim Yong Kim (Front L), Britain''s Prime Minister Theresa May, Australia''s Prime Minister Malcolm Turnbull, Japan''s Prime Minister Shinzo Abe, US President Donald Trump, German Chancellor Angela Merkel, Canada''s Prime Minister Justin Trudeau, Norway''s Prime Minister Erna Solberg, South Korea''s President Moon Jae-in, Netherlands'' Prime Minister Mark Rutte and Secretary-General of the United Nations Antonio Guterres the Managing Director of the International Monetary Fund (IMF) Christine Lagarde and Canada''s Minister of Foreign Affairs Chrystia Freeland attend the ''Women''s Entrepreneurship Finance Event'' at the G20 Summit in Hamburg, Germany, July 8, 2017. REUTERS/Patrik STOLLARZ, Pool 2/4 left right World Bank President Jim Yong Kim, Ivanka Trump and International Monetary Fund (IMF) Managing Director Christine attend the Women’s Entrepreneurship Finance event during the G20 leaders summit in Hamburg, Germany July 8, 2017. REUTERS/Patrik STOLLARZ, Pool 3/4 left right (L to R) United Nations Secretary-general Antonio Guterres, CEO of Holmarcom Group Meriem Bensalah, Ivanka Trump, director of Enda inter-Arabe, Essma ben Hamida, World Bank President Jim Yong Kim, International Monetary Fund (IMF) Managing Director Christine Lagarde, CEO of Quali Health, Nthabiseng Legoete attend the Women’s Entrepreneurship Finance event during the G20 leaders summit in Hamburg, Germany July 8, 2017. REUTERS/Michael Kappeler, Pool 4/4 HAMBURG The World Bank on Saturday launched a public-private loan programme aimed at providing over $1 billion (775.80 million pounds) to support women entrepreneurs in developing countries, a project first initiated by U.S. President Donald Trump''s daughter Ivanka Trump. The event put a spotlight on the powerful political role Ivanka Trump plays in the White House, where she has a formal job as an adviser to her father, and has frequently met with world leaders, including German Chancellor Angela Merkel and Canadian Prime Minister Justin Trudeau. The World Bank said initial funding of $325 million was coming from donors including Germany, the United States, Saudi Arabia and the United Arab Emirates, and would be matched by hundreds of millions of dollars in additional private capital. "This is going to be what we hope will be a multi-billion dollar fund to support women entrepreneurs," World Bank President Jim Yong Kim said at a launch attended by six of the 20 world leaders meeting at the G20 summit in Hamburg and IMF Managing Director Christine Lagarde. "This is not a cute little project. This is going to be a major driver of economic growth in the future ... and it’s going to drive gender equality at the same time,” he said. The programme, which aims to start awarding loans before year end, will work with governments "to improve laws and regulations that are stifling women entrepreneurs" and push banks to free up funds for female-owned businesses. It will also create an online mentoring tool to match women business owners in developing countries with advisers such as Ivanka Trump, Kim said. Women business owners at the event said it was important to tackle legal barriers that prevent women from owning property and limit their access to funds. “The empowerment of women is absolutely essential,” United Nations Secretary General Antonio Guterres told participants, decrying what he called regression in women''s rights even in industrialised countries. Merkel said she was impressed how quickly the bank had realised the project, which was first initiated five months ago. “If everything went as quickly at the World Bank … then we would be much more efficient,” she said. (Reporting by Andrea Shalal; editing by John Stonestreet and Stephen Powell)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-g20-germany-worldbank-women-idUKKBN19T0C1'|'2017-07-08T14:53:00.000+03:00'
'13cc248af423691bda96cb26fb9ae0a39c039852'|'Deadline looming for firms to give Brexit strategies to Bank'|'Hundreds of banks, insurers, fund managers and other major City firms have until Friday 14 July to tell the Bank of England how they intend to cope with a hard Brexit.The order from the Bank was issued in April and has forced the financial industry to spell out plans that would allow them to keep operating in the “most adverse potential outcomes” – possibly by picking a rival EU centre from which to conduct business and rejigging the way they are currently structured.The Bank wants to know how banks will react in all possible situations: the UK leaving the EU without a trade agreement, no implementation period, no co-operation over regulation and no so-called mutual recognition, which allows products to be sold cross-border.The request for action plans is aimed not only at UK groups, but big US and Japanese banks that use the UK as their way into the EU, and the EU banks which operate in Britain through “passporting” arrangements, which might mean they need to apply to the Bank for authorisation to keep doing business.The Bank has asked for summaries of plans of up to 20 pages for some of the firms. However, a number of largely UK-focused organisations are allowed to provide more succinct submissions.Andrew Gray, head of Brexit at PricewaterhouseCoopers, who advises businesses on how to deal with the UK’s exit from the EU, said he expected banks to be providing “observations about what consumers they could continue to serve, and where they would see the problems and how they would solve them”. He added that each submission to the bank is also expected to set out “how the board of directors is being kept up to date”.But, he said, it was too early for them to spell out the details of how many jobs might have to move abroad.“While they are having to plan for hard Brexit, they don’t want to overcommit and spend money they absolutely don’t have to,” said Gray.The City is awash with rumours about how many jobs will be affected and which financial centres in the remaining 27 EU states might benefit from the UK’s exit, especially if an outline transition deal is not set out by year-end. JP Morgan has indicated up to 1,000 London-based bankers will be relocated to Dublin, Frankfurt and Luxembourg, while Goldman Sachs – still constructing a new HQ in London – has said it will need more people in a number of EU centres, including Madrid, Milan and Paris.Deutsche Bank is reportedly considering moving large parts of its London trading and investment banking operations to its Frankfurt base. Previously, up to 4,000 of its 9,000 UK-workforce have been reported to be at risk. Japanese banks Nomura and Daiwa are also said to have picked Frankfurt for some of their operations.While the plans that the Bank’s regulatory arm, the Prudential Regulation Authority, is asking for are intended to be contingency proposals, there are fears they could be enacted at the end of this year if there is no more information about transition arrangements.Andrew Bailey, chief executive of the Financial Conduct Authority , said last week: “It would be regrettable if firms feel they’re in a bind because they have to do practical implementation of contingency planning before they know the context in which they’re going to be working in the future.”Stephen Jones, head of the new industry lobby group UK Finance, made a similar point. He said it would take time to reorganise legal contracts and set up trading floors by the exit date of March 2019.“If transitional arrangements are not clear and agreed by the end of the year, it’s going to be very hard to stop the train that has already left the station in terms of the transfer of jobs, and the activity that underpins those jobs, to the financial centres within the EU,” said Jones.Topics Bank of England The Observer Prudential Regulation Authority (PRA) EU referendum and Brexit European Union Financial Conduct Authority Regulators news'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/08/deadline-looming-city-firms-brexit-strategies-bank-14-july'|'2017-07-08T03:00:00.000+03:00'
'11529b4fa49c60e2b5e3f6ff08c17181dfd3b569'|'Airbus signs deal to sell 140 planes to China'|'  2:15pm BST Airbus signs deal to sell 140 planes worth $23 billion to China The logo of Airbus Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau BERLIN Airbus ( AIR.PA ) has signed an agreement to sell 140 aircraft to China, it said on Wednesday, in a deal worth almost $23 billion at list prices. The agreement, signed during a visit by Chinese President Xi Jinping to Germany, is for 100 A320 family aircraft and 40 A350 planes, Airbus said. "It''s one of the biggest deals that we''ve signed in a long time," Airbus Group Chief Executive Tom Enders told journalists after signing the deal in Berlin. The planes will be purchased by state-owned China Aviation Supplies Holding Company, which will then allocate them to Chinese airlines. The A320 planes will be a mixture of the older CEO and the new NEO version with revamped engines, while the majority of the A350 orders are for the -900 model. The deal is flexible pending negotiations with the airlines. Enders said he expected up to 50 percent of the A320 family planes would come from the Airbus final assembly line in China. Enders was making his first public appearance since Airbus rolled out a new structure, completing a recent merger between its parent company and its dominant planemaking arm, changes which included a shift in the reporting line for its commercial sales team to Enders. Enders said the shift in reporting lines for the sales team reflected the fact that commercial aircraft head Fabrice Bregier had been given more tasks in his new role as group-wide chief operating officer. With orders slowing and the focus shifting to the backlog, Enders said the shake-up allows Bregier to concentrate on deliveries. "This is merely a burden sharing mechanism because the focus should be on execution and this is what it''s all about," Enders said. "We have plenty of challenges on the execution side, be it the transition to the NEO, the ramp-up of the A320 family, the 350 family, not to mention the A400M, which is not entirely solved," he said. Enders also said the group was in talks with the Chinese over the A380 superjumbo, which has suffered slow sales. "It won''t happen overnight. It has to be intensively discussed," he said. (Reporting by Victoria Bryan; editing by Maria Sheahan and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airbus-china-idUKKBN19Q1A1'|'2017-07-05T13:57:00.000+03:00'
'49bf6c62aab1959c86b747d8965f8457b1a65de7'|'Why Brexit could entail a hard landing for low-cost carriers'|'THE European Commission celebrated 25 years of the EU’s internal aviation market in June. The liberalisation of European aviation, which allowed EU carriers to fly between any airport within the bloc, opened the skies to the masses. Greater choice of airlines has cut fares—by as much as 96% between Paris and Milan since 1992, for example, in large part because of low-cost carriers (LCCs). Cheap fares have pushed passenger volumes to record levels, from 360m in 1993 to 920m this year.Yet the bosses of Europe’s two biggest LCCs, Ireland’s Ryanair and Britain’s easyJet, are in no mood to cheer. The problem is the possibility of a hard Brexit. In the 1990s Britain was the country driving forward airline liberalisation in Europe, against the instincts of France and Italy, which preferred to protect their own flag carriers. The British government’s plan to leave the EU by March 2019 means that the country will probably exit the European Common Aviation Area (as an expanded version of that initial aviation market is known). Continued membership would require acceptance of European court jurisdiction, a “red line” for British negotiators. Without a new agreement to replace it, flights between Britain and the EU might have to stop entirely, says Michael O’Leary, the chief executive of Ryanair. Other airline executives do not think a complete stop in flights is on the cards. Negotiators on both sides have an incentive to avoid howls of protests from Britons denied summers in the sun and Mediterranean hoteliers left with empty resorts. Even if a permanent arrangement is not forged in time, some sort of interim deal to allow existing Britain-EU routes to continue after Britain leaves seems likely.But Mr O’Leary is right to worry. Brexit is likely to create a worse environment for many European airlines. Growing rates of migration among young people in the bloc have boosted revenues. The share of passengers flying within the EU to see friends and family, rather than for tourism, has grown from 5% in the early 1990s to around a third. Restrictions on migration between Britain and the EU could sap demand.Budget airlines have the most to lose. In the past decade, LCCs have been responsible for 99% of the increase in passenger traffic at Europe’s 20 biggest airports, according to Olivier Jankovec of ACI Europe, an industry group. Bringing competition to routes once dominated by cosseted national carriers, they stimulated demand by slashing fares.Now their full-service rivals scent a chance to grab back some business. The flag carriers of France and Germany, which have a close relationship with their respective governments, have every incentive to make sure that rivals are caught by rules that ban foreign airlines from flying within the EU, says Andrew Charlton of Aviation Advocacy, a consultancy. In February Lufthansa’s CEO, Carsten Spohr, said he will oppose any attempt by easyJet or British Airways to re-enter the European Common Aviation Area after Brexit.Even if an interim deal is reached to continue flights between Britain and the EU, it is possible that Ryanair will be prevented from flying within Britain and that easyJet, a British carrier, will be unable to fly within the EU. In March 2019 they may each have to split themselves into a British-registered firm and one based in the EU.The LCCs are famously flexible. They can move aircraft around their networks in a way that legacy carriers that base their operations around specific hub airports cannot. This sort of response enables them to respond to temporary disruptions. But if Britain cannot forge a deal to replace the European Common Aviation Area, there will be fewer airlines on many routes. And that will be to the detriment of both British and European passengers.This article appeared in the Business section of the print edition under the headline "Brace position"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724857-exiting-eu-may-mean-leaving-european-common-aviation-area-why-brexit-could-entail-hard?fsrc=rss%7Cbus'|'2017-07-06T22:49:00.000+03:00'
'066c3f012c0e0c09a1e7c07d59215cfab242287b'|'Preview: China June data to show steady growth, debt crackdown dims outlook'|'July 6, 2017 / 5:57 AM / in 10 minutes Preview: China June data to show steady growth, debt crackdown dims outlook 5   Chinese national flag is seen at a port in Beihai, Guangxi province, China June 17, 2017. Picture taken June 17, 2017. Stringer /Files BEIJING (Reuters) - A raft of Chinese data in coming weeks is expected to show steady growth in the world''s second-biggest economy, but government measures to rein in the housing market and debt risks are likely to drag on activity over the next few quarters. Many analysts say Beijing''s deleverging campaign will pressure growth as the property sector cools in response to policy curbs, even as top leaders have pledged to maintain economic stability ahead of a key party meeting later this year. "We expect June''s data release to show overall steady growth with industrial production momentum maintained," economists at UBS said in a research note. "Slower credit growth and higher funding costs due to supervisory tightening are expected to have an effect on fixed-asset investment and activities later in the year." China''s industrial output is seen up 6.5 percent in June from a year earlier, matching the rise in May, according to a Reuters poll of 34 economists. Retail sales were expected to grow 10.6 percent, easing slightly from a 10.7 percent rise in May, while fixed-asset investment was predicted to increase 8.5 percent in January-June from a year earlier, versus a rise of 8.6 percent in the first five months, the poll showed. Authorities have tightened rules to force banks to deleverage - as part of steps to control debt risks, pushing up money market rates that have started to spill over into the real economy. Moody''s Investors Service downgraded its credit rating in May, saying it expects the country''s financial strength will erode in coming years as growth slows and debt continues to rise. Policy insiders say the central bank will hold off on further monetary policy tightening and could even slightly loosen its grip in the coming months to support economic growth and job creation. China''s exports are seen up 8.7 percent in June from a year earlier, while imports are set for a 13.1 percent rise, according to the Reuters poll, producing a trade surplus of $42.4 billion. China''s exports rose a stronger than expected 8.7 percent in May as global demand improved, while imports jumped 14.8 percent despite falling commodity prices. Gdp Puzzle China will release second-quarter gross domestic product(GDP) on July 17, along with June industrial output, retail sales and January-June fixed asset investment. Analysts are awaiting a few other June data releases before fine-tuning their April-June GDP forecasts, though some expect it will be slightly weaker than the solid first quarter pace of 6.9 percent. Both the official and private factory surveys painted a robust picture for June thanks to stronger demand, though even here signs of stress were evident in median and small firms. China''s producer price index (PPI)) is tipped to rise 5.5 percent in June from a year earlier, flat from May when factory gate inflation eased for the third straight month on tumbling raw materials prices. The consumer price index (CPI) is seen up 1.5 percent year-on-year in June, also matching that in May, when consumer inflation quickened from April''s 1.2 percent. Beijing is targeting consumer inflation at 3 percent this year, unchanged from 2016. Besides the campaign to reduce high levels of debt across the economy, authorities have also been busy trying to stabilise the yuan by curbing capital outflows. That seems to have paid off with the currency pushing higher against the dollar in recent months. And China''s foreign exchange reserves are expected to edge up in June to $3.06 trillion, rising for a fifth consecutive month as capital curbs and a weakening dollar helped staunch money outflows. China is due to announce foreign exchange reserves data on Friday, followed by inflation and trade data on Monday and Thursday respectively, while loan and money data is expected anytime from July 10-15. Loans Seen Up Amid Shadow Banking Crackdown Loan data will also be closely watched for signs of whether the economy continued to build up more debt, amid signs that banks have shifted more credit back onto their books in response to the shadow financing clampdown. Chinese banks are seen extending 1.2 trillion yuan ($176.47 billion) in new loans in June, up from 1.11 trillion yuan in May. Combined trust loans, entrusted loans and undiscounted bankers'' acceptances, which are common forms of shadow banking activity, fell sharply to 28.9 billion yuan in May from 177 billion yuan in April, according to Reuters calculations based on central bank data. ($1 = 6.8000 Chinese yuan renminbi) Reporting by Kevin Yao and Shaloo Shrivastava 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-data-idINKBN19R0EQ'|'2017-07-06T08:57:00.000+03:00'
'02d2c941a59099c3bd7898d979fd270ed14d34d8'|'Airbus says four cancelled Qatar A350s to be reallocated'|'Market   12:10pm EDT Airbus says four cancelled Qatar A350s to be reallocated PARIS, July 6 Qatar Airways has cancelled orders for four A350-900 aircraft due to delays in deliveries and they will be "reallocated," Airbus said on Thursday. Confirmation of the move, which leaves Airbus with four completed A350s worth $311 million each at list prices looking for a new home, came with monthly data showing a tripling of year-to-date orders following last month''s Paris Airshow. "We confirm that Qatar Airways has cancelled four of their contractual A350 delivery slots," an Airbus spokesman said, adding the decision was related to "known supply chain issues". Asked what would happen to the undelivered jets, he said, "they will be reallocated". Airbus said it had won 248 gross orders between January and June, or 203 net orders after cancellations. It delivered 306 aircraft over the same period including 30 A350s. (Reporting by Tim Hepher in Paris and Gdynia Newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airbus-orders-qatar-idUSFWN1JX0DP'|'2017-07-06T19:10:00.000+03:00'
'7050d93c673470446b9cb25ffbf3ae669214107f'|'Britain''s finance industry faces ''tipping point'' over Brexit'|'July 5, 2017 / 11:24 PM / in 6 hours Britain''s finance industry faces ''tipping point'' over Brexit Andrew MacAskill and Huw Jones 4 Min Read FILE PHOTO: Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. Eddie Keogh LONDON (Reuters) - Britain will lose its status as Europe''s top financial center unless it keeps borders open to specialist staff, improves infrastructure and expands links with emerging economies, TheCityUK said in a report published on Thursday. The report from Britain''s most powerful financial lobby group said continental Europe might eventually become the preferred destination for banks, insurers and asset managers as they relocate business there to retain access to the EU single market. Although companies may begin by initially shifting a small number of jobs to Europe this may begin to accelerate when property leases expire, they carry out business reviews, or when the cost of capital becomes uneconomical. "Shifts out of the UK may gradually erode the ''cluster effect'' of the financial ecosystem, with the threat of a tipping point in the ecosystem being reached," the group said in a 83-page document outlining how the industry can thrive over the next decade. Securing a favorable deal for financial services from the Brexit negotiations is one of the biggest challenges for the British government because it is its largest export sector and biggest source of corporate tax. Britain''s finance industry could lose up to 38 billion pounds ($49 billion) in revenue in a so-called "hard Brexit" that would restrict its access to the EU single market, according to some estimates. The report said the government must ensure businesses can recruit people to fill skill gaps and must simplify the process of getting a visa. Brexit has already made it harder to attract people to Britain and the government is introducing policies making immigration more restrictive and expensive, the report said. It said the cost of hiring an employee on a five-year visa has risen by 250 percent to 7,000 pounds over the last year and the minimum salary a business may recruit staff for a visa has risen by almost half since 2015. Aside from Brexit, the report also looks at broader issues that threaten the competitiveness of the City of London as financial services hub, including a need to invest in transport networks and technology. It calls for government and financial services to work together closely to develop international trade policies and to improve the country''s digital and physical infrastructure, including speeding up travel times between airports and different financial centers around Britain. One financial services industry veteran who had independent access to the report said it lacked urgency and there was too little on the impact of Britain leaving the EU given that "Brexit is a catastrophe for the City." Mark Hoban, a former financial services minister who chaired the report, said that Brexit was only one of several challenges facing financial services. "The challenges facing financial services are much more than just about Brexit. It is about emerging financial centers and also, to a degree, about unmet needs in the UK as well," Hoban told Reuters. "There is a very clear appetite to tackle these issues at various levels of government." ($1 = 0.7748 pounds) Reporting By Andrew MacAskill and Huw Jones. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-britain-eu-finance-idINKBN19Q320'|'2017-07-06T02:04:00.000+03:00'
'9afcba84b415ae8d65ce5f4708ac10b3cdb6966d'|'EU, Japan seal free trade in signal to Trump'|'Top   2:03pm BST EU, Japan seal free trade in signal to Trump left right Japan''s Prime Minister Shinzo Abe shakes hands with European Council President Donald Tusk at the end of a EU-JAPAN summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 1/6 left right Japan''s Prime Minister Shinzo Abe (C) is welcomed by European Council President Donald Tusk (L) and European Commission President Jean-Claude Juncker at the start of a European Union-Japan summit in Brussels, Belgium July 6, 2017. REUTERS/Francois Walschaerts/Pool 2/6 left right Japan''s Prime Minister Shinzo Abe (L) holds a news conference with European Council President Donald Tusk (C) and European Commission President Jean-Claude Juncker during a EU-Japan summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 3/6 left right Japan''s Prime Minister Shinzo Abe (R) is welcomed by European Council President Donald Tusk at the start of a European Union-Japan summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 4/6 left right Japan''s Prime Minister Shinzo Abe (L) shakes hands with European Commission President Jean-Claude Juncker at the end of a EU-JAPAN summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 5/6 left right Japan''s Prime Minister Shinzo Abe (R) is welcomed by European Council President Donald Tusk at the start of a European Union-Japan summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 6/6 By Alastair Macdonald and Robert-Jan Bartunek - BRUSSELS BRUSSELS Japan and the European Union agreed on Thursday to a free trade pact, creating the world''s biggest open economic area and signalling resistance to what they see as U.S. President Donald Trump''s protectionist turn. Signed in Brussels on the eve of meetings with Trump at a summit in Hamburg, the "political agreement" between two economies accounting for a third of global GDP is heavy with symbolism. It leaves some areas of negotiation still to finish, though officials insist the key snags have been overcome. "Ahead of the G20 summit tomorrow, I believe Japan and the EU are demonstrating our strong political will to fly the flag for free trade against a shift towards protectionism," Japanese Prime Minister Shinzo Abe told a joint news conference with EU institutional chiefs Donald Tusk and Jean-Claude Juncker. "It is a strong message to the world." In the works for four years, it has been pushed over the line towards a final treaty signature in the coming months by the election of Trump and his moves to ditch a Pacific trade pact that included Japan and leave talks with the EU in limbo. "Although some are saying that the time of isolationism and disintegration is coming again, we are demonstrating that this is not the case," European Council President Tusk said. "There is no protection in protectionism," added Juncker, the president of the executive European Commission, who played down any suggestion there would be further negotiating problems and said he hoped the treaty could go into effect early in 2019. ALARM OVER "AMERICA FIRST" Fears of cheaper import competition for European carmakers and Japanese dairy producers were among the thorniest issues, but officials said the two sides were driven by a shared alarm at Trump''s apparent shift away from multilateral open trading systems towards an aggressive "America First" policy. Tariffs on much of their bilateral trade -- which Abe noted accounts for some 40 percent of total world commerce -- will be phased out over some years and other economic areas, such as Japan''s public tender system, will be opened up. Both sides, which are also forging a parallel cooperation agreement on broader political issues such as security, crisis aid and climate change, forecast that the deal will boost economic growth and employment in Japan and in Europe. One detail to be ironed out is how complaints from business over how authorities apply the treaty will be dealt with. That is a touchy subject in Europe due to concerns that trade pacts give too much power to big multinationals. European parliaments nearly blocked a deal with Canada last year over such issues. The European carmakers'' lobby had called for at least seven years to phase out tariffs of up to 10 percent on Japanese cars, and a senior EU official said they would "not be disappointed". Most EU food exports to Japan will see tariffs removed over time, although in some sensitive sectors such as cheese and other dairy products they will still be limited by quota. More than 200 European products that benefit from geographic protections -- for example Parma smoked ham must come from around the Italian city -- would not face Japanese competition under those names, he added. Scotch whisky might not benefit from such a deal, however, as Britain is due to leave the EU in 2019. Tusk took the opportunity to scoff at arguments in Britain for Brexit on the grounds that London could cut itself better trade deals outside the Union. EU leaders say the weight of the combined economy can more easily crack open foreign markets. In an ironic nod to Brexit supporters'' rallying cry of "Global Britain", Tusk, a former Polish premier, signed off a tweet confirming the Japan deal with the words "Global Europe!" (Additional reporting by Elizabeth Miles in Brussels and Kaori Kaneko in Tokyo; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-eu-trade-idUKKBN19R17E'|'2017-07-06T15:19:00.000+03:00'
'07b32136ddf1e2990a015de8d9aa8a501d975c74'|'London court hears Vedanta''s challenge to Zambian villagers'' pollution claim'|'Business  46pm BST London court hears Vedanta''s challenge to Zambian villagers'' pollution claim Protesters hold plaques outside the Royal Courts of Justice in London, Britain July 5, 2017. REUTERS/Barbara Lewis LONDON London''s Court of Appeal began hearing legal arguments on Wednesday into whether Zambian villagers have the right to make a claim for damages for environmental pollution in the English courts against miners Vedanta Resources ( VED.L ) and its Zambian subsidiary Konkola Copper Mines (KCM). The companies are appealing against a ruling in May last year when a High Court judge decided the claim could proceed in the English courts on behalf of 1,826 Zambian villagers. "Zambia is overwhelmingly the proper place for this mass tort claim," Charles Gibson Q.C., representing Vedanta, told the court on Wednesday. The villagers are represented by London law firm Leigh Day, which says the case has significance in defining the future liability of multinational companies for alleged human rights and environmental abuses abroad. Earlier this year the High Court ruled that Royal Dutch Shell ( RDSa.L ) could not be sued in London over oil spills in Nigeria. Leigh Day, which is also representing villagers in that case, has appealed. In the Vedanta case, a judge last year agreed the Zambian villagers had a legal right for their claim against Vedanta to be heard under English law and concluded the claimants were unlikely to get justice in Zambia. "The Zambian villagers are hopeful that the judgement is upheld and they can move forward with prosecuting their claims," Martyn Day, a partner at Leigh Day, said in a statement. Given the complexity of the legal arguments and the looming August break, it could be months before a judgement is delivered following the appeal, legal experts say. (Reporting by Barbara Lewis; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vedanta-zambia-court-idUKKBN19Q26F'|'2017-07-05T18:46:00.000+03:00'
'579d8fd60c9084893c8cde06f05fe900a5cea565'|'India''s HMEL delays full start of Bathinda refinery to end-July - sources'|'July 5, 2017 / 5:35 AM / 6 hours ago HPCL-Mittal Energy delays full start of Bathinda oil refinery to end-July: sources By Jessica Jaganathan and Nidhi Verma 3 Min Read SINGAPORE/NEW DELHI (Reuters) - India''s HPCL-Mittal Energy Ltd (HMEL), part-owned by steel tycoon L N Mittal, has delayed the full-scale start-up of its Bathinda oil refinery in northern Punjab state to the end of July, four sources familiar with the matter said. The refinery was shut on April 30 for about 45 days to raise capacity by about 28 percent to 230,000 barrels per day. The start-up was first delayed to late June. It may only be fully operational in late July, the sources said. HMEL''s chief executive Prabh Das declined to comment. State-owned refiner Hindustan Petroleum Corp (HPCL) and Mittal Energy Investments Pvt Ltd each own a 49   project. HMEL recently began operating some secondary units at Bathinda and despatched a small quantity of diesel for HPCL, two of the sources said, adding the crude distillation unit at the plant is not yet functional. The plant has one crude unit. The Bathinda delay along with heavy maintenance work planned by Indian Oil Corp at its plants has prompted HPCL to enter the spot market to buy diesel, one of the sources said. It has either bought or is seeking 455,000 tonnes of diesel for July delivery and is expected to buy another 130,000 tonnes of the fuel in the next two to three weeks, the source added. HPCL bought 250,000 tonnes of diesel for May and June and was largely absent from the spot market before that. India''s imports of diesel drove the profit margin for the fuel in Asia to a two-and-a-half month high of $12.14 a barrel above Dubai crude on Wednesday, Reuters data showed. During the shutdown, HMEL plans to raise the capacity of its sulphur recovery unit to 700 tonnes a day from 600 tonnes to better process high-sulphur crude grades. The refiner will also increase its vacuum gasoil hydrotreater capacity to 3.5 million tonnes a year from 3 million tonnes and build a bitumen blowing unit. The company will also convert the refinery''s power plant that currently runs on diesel and gas from the refinery to petroleum coke. Reporting by Jessica Jaganathan in SINGAPORE and Nidhi Verma in NEW DELHI;  '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-refinery-idINKBN19Q0FT'|'2017-07-05T08:32:00.000+03:00'
'50a3003507668792f22c4c3b706109745b26b7e7'|'EU register could create market for soured bank debt - ECB''s Mersch'|' 05pm BST EU register could create market for soured bank debt: ECB''s Mersch Yves Mersch, Member of the Executive Board of the European Central Bank presents an oversized newly unveiled 10 euro note at the headquarters of the European Central Bank (ECB) in Frankfurt, January 13, 2014. REUTERS/Ralph Orlowski FRANKFURT Setting up a European Union-wide register of bad bank debt could help to create a viable market for the 900 billion euros worth of soured credit that is weighing on the bloc''s bank sector, European Central Bank board member Yves Mersch said on Tuesday. "One possibility to address the large stock of non-performing loans could be to create an EU-wide template and reporting system for such loans, alongside minimum standards for transparency," Mersch said. "Efforts to enhance the transparency and standardization of NPLs could foster the creation of an NPL market," Mersch said, addressing the difficulty banks are facing in offloading such debt. "But we have to be mindful not to stigmatize lenders unduly and respect confidentiality appropriately." (Reporting by Balazs Koranyi; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-banks-ecb-idUKKBN19P2A1'|'2017-07-04T20:55:00.000+03:00'
'b5da94b8d8ebe9ab7681f16fe0cfd130b924dfb7'|'After China spending spree, rainmaker Hu says time to look closer to home'|'Business News - Wed Jul 5, 2017 - 1:06am BST After China spending spree, rainmaker Hu says time to look closer to home Fred Hu, Chairman of Primavera Capital Group, poses for a photo ahead of a Reuters interview in Beijing, China, January 10, 2017. Picture taken on January 10, 2017. REUTERS/Jason Lee By Matthew Miller - BEIJING BEIJING Primavera Capital Group, one of China''s largest private-equity firms, is paying closer attention to domestic opportunities in sectors such as health and technology in the face of stricter capital controls at home and rising protectionism overseas. This year alone, Primavera joined a $1.1 billion (£850.6 million) fundraising round for Koubei, the Alibaba Group Holding Ltd ( BABA.N ) online-to-offline commercial services platform. Also, it has taken a stake in Zhejiang Dasouche Finance Leasing Company, the largest service provider for second-hand automobile merchants in China. "We are doing more investments with entrepreneurs, taking equity stakes in growth companies," said Primavera''s co-founder and chairman, Fred Hu, a former head of China at Goldman Sachs Group. As a Goldman banker, Hu helped restructure China''s biggest financial services companies, including Industrial and Commercial Bank of China Ltd ( 601398.SS ) and Ping An Insurance Group Co ( 601318.SS ). He set up Primavera in 2010 and now helps manage $8 billion in funds. He has been carving out a niche for the group as the go-to firm for domestic entrepreneurs, state enterprises and even foreign investors looking for strategic help. In September, Yum Brands Inc ( YUM.N ) selected Primavera and Ant Financial Services Group, Alibaba''s payments services arm, to take a 4 percent pre-IPO stake in its spin-off, Yum China Holdings ( YUMC.N ). Hu was named board chairman of Yum China, which operates more than 7,600 KFC and Pizza Hut restaurants in the mainland. Investing with China''s over-cashed private equity and venture capital world is a challenge, especially at a time when a regulatory clampdown in China and rising protectionist rhetoric globally mean most firms are scouting for domestic opportunities rather than overseas ones. "There''s a lot of capital sloshing around," said Hu. "Managers are aggressively chasing certain deals and valuations have been driven too high." PricewaterhouseCoopers estimates fundraising increased 48 percent last year to $72.5 billion. "It''s inevitable that mistakes will be made," Hu said. FRONT-SEAT VIEW Hu set up Primavera with former Goldman Sachs managing directors Haitao Zhai, Kenneth Wong and William Wong. Its limited partners include institutional investors such as Second Swedish National Pension Fund, Pennsylvania State Employees'' Retirement System, Taiwan Semiconductor Manufacturing Co Ltd ( 2330.TW ) ( TSM.N ), Finland''s Varma Mutual Pension Insurance, Metlife Inc ( MET.N ), State Street Corp ( STT.N ), AIA Group ( 1299.HK ) and Bank of China Ltd ( 601988.SS ). The firm''s top deals include being an anchor pre-IPO investor in Alibaba, and taking stakes in its sister companies, including Alipay and Cainiao, an Alibaba-backed logistics company. Hu grew up in rural Hunan and in 1978 participated in China''s first university entrance examinations after the Cultural Revolution. He was admitted to the prestigious Tsinghua University and later earned a doctorate at Harvard University. "It was a one-in-a-million chance," said Hu, who was only 15 years old at the time. Hu''s 14-year career at Goldman Sachs - first as a regional economist, and later as a top deals'' adviser and regional chairman – gave him a front-row seat in the most momentous period in China''s economic reform. He was a principle banker in the listings of Ping An, ZTE Corp and Bank of China. The restructuring of ICBC was a single defining experience, he said. "It is the biggest bank of China, the stakes were so much higher and the obstacles were much greater," said Hu, who pushed Goldman Sachs to invest in ICBC, rather than act as an advisor. At a time when many investors were sceptical, Hu was willing to push forward, ICBC''s former chairman Jiang Jianqing told Reuters. "I met with more than 40 well-known domestic and foreign bankers and executives to talk about investing in ICBC, but their response was generally cold," Jiang told Reuters. Hu maintains that China still "punches below its weight" - even after an unprecedented corporate buying spree - and over time it will be a big capital exporter to the world. "There''s still interest and appetite for Chinese companies to do deals in global markets," Hu said. "But in the near term, capital controls and uncertainty about protectionism are significant hurdles to overcome." (Reporting by Matthew Miller; Additional reporting by Shu Zhang in BEIJING; Editing by Clara Ferreira-Marques and Neil Fullick)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-primavera-idUKKBN19Q003'|'2017-07-05T03:06:00.000+03:00'
'19da8817776b9da8cfc2861e5921169c7d80462e'|'UK survey suggests letdown for BoE hawks who see investment rebound'|'Central Banks - Wed Jul 5, 2017 - 4:25pm BST UK survey suggests letdown for BoE hawks who see investment rebound Pedestrians walk past the Bank of England in the City of London, Britain, May 15, 2014. REUTERS/Luke MacGregor/File Photo LONDON Hopes of a recovery in investment by British companies -- a reason why some Bank of England officials think the economy can handle higher interest rates -- are likely to lead to disappointment, a closely watched survey suggested on Wednesday. BoE rate-setter Michael Saunders has said he is "reasonably confident" that lower consumer spending will be offset by higher exports and investment, justifying his vote to raise interest rates from a record low 0.25 percent. But other economists are less sure, a stance the latest Markit/CIPS surveys of British businesses would seem to support. Business expectations in the services sector sank in June to their weakest level since last summer''s vote to leave the European Union, and they were not far off lows last reached in late 2011. This gauge has been an early guide for the future performance of the investment intentions indicator of the BoE''s monthly agents summary, which is often cited by members of the Monetary Policy Committee. Governor Mark Carney and chief economist Andy Haldane both mentioned it in recent speeches. The PMI''s index is strongly correlated with the indicator with about a four-month lead. This suggests that recent progress in seen in the BoE''s investment intentions indicator will reverse soon. Last month''s election setback for Prime Minister Theresa May, who lost her parliamentary majority in the June 8 ballot, may have influenced the downturn in sentiment in services companies in June. But the overall trend is clear as the PMI''s business expectations indicator has fallen in four of the last five months. Official data on business investment are volatile from quarter to quarter. Last week the Office for National Statistics said it grew 0.6 percent in the first three months of 2017, only partially offsetting a fall in the fourth quarter. The PMIs suggest another argument for higher interest rates - that exports will surge - may also be misplaced. The export orders gauge of Monday''s manufacturing PMI slid to a five-month low in June. While still indicating growth in exports, it left Britain as the weakest performer in terms of foreign orders - barring Greece - among big western European economies for a fourth month running. Click reut.rs/2tILmUD for graphic: Is a favoured BoE measure of investment set to slow? '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-investment-idUKKBN19Q1YR'|'2017-07-05T17:36:00.000+03:00'
'73d741a7345a3ebd9224ef13497cec1ef40d9d1c'|'Brazil''s Petrobras halts output at P-62 platform after accident'|'Market News - Wed Jul 5, 2017 - 11:45am EDT Brazil''s Petrobras halts output at P-62 platform after accident SAO PAULO, July 5 Petróleo Brasileiro SA halted production at its P-62 platform in the Campos basin due to an accident that left three people injured, the state-controlled oil company said on Wednesday. In a statement, Petrobras, as the company is known, said the accident happened at 8:20 a.m. local time (1120 GMT) and led to an oil leak. (Reporting by Luciano Costa; Writing by Bruno Federowski) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-accident-idUSE6N1JB00E'|'2017-07-05T18:45:00.000+03:00'
'8a534c3973a15c33dc880f9b368b54672723b56d'|'Geely''s Volvo to go all electric with new models from 2019'|'July 5, 2017 / 5:10 AM / 10 minutes ago Geely''s Volvo to go all electric with new models from 2019 3 Min Read STOCKHOLM (Reuters) - Geely-owned Volvo Car Group said on Wednesday all new models launched from 2019 will be fully electric or hybrids, spelling the eventual end to nearly a century of Volvos powered solely by the internal combustion engine. The Gothenburg-based company will continue to produce pure combustion-engine Volvos from models launched before that date, but said it would introduce cars across its model line-up that ranged from fully electric cars to plug-in hybrids. Volvo''s plans make it the first major traditional automaker to set a date for the complete phase-out of combustion-engine-only models though electrification has long been a buzzword across the industry and Elon Musk''s Tesla Motors has been a pure-play battery carmaker from day one. "This announcement marks the end of the solely combustion engine-powered car," Volvo Cars Chief Executive Hakan Samuelsson said in a statement. Five new models set to be launched in 2019 through 2021 - three of them Volvos and two Polestar-branded - will all be fully or partially electric. "These five cars will be supplemented by a range of petrol and diesel plug in hybrid and mild hybrid 48-volt options on all models," Volvo said. "This means that there will in future be no Volvo cars without an electric motor." Volvo has invested heavily in new models and plants since being bought by Zhejiang Geely Holding Group from Ford Motor Co. in 2010, establishing a niche in a premium auto market dominated by larger rivals such as Daimler''s Mercedes-Benz and BMW. Part of its strategy has also been to embrace emerging technologies which allow higher performance electric vehicles as well as, eventually, self-driving cars. Only last month, Volvo said it would reshape its Polestar business into a standalone brand, focused on high-performance electric cars aimed at competing with Tesla and the Mercedes AMG division. Volvo has also taken steps towards an eventual listing, raising 5 billion crowns from Swedish institutional investors through the sale of newly issued preference shares last year, though the company has said no decision on an IPO has been made. Reporting by Niklas Pollard, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volvocars-geely-electric-copy-idINKBN19Q0F2'|'2017-07-05T08:08:00.000+03:00'
'175d465e8fcdd0dd3b0468e5874a8aea428c0a40'|'Lloyds Bank reshuffles senior management team ahead of new strategy'|'Banks - Wed Jul 5, 2017 - 11:28am BST Lloyds Bank shuffles management team ahead of 2018 strategy A sign is seen outside a branch of Lloyds Bank in the City London February 3, 2014. REUTERS/Neil Hall LONDON Lloyds Banking Group ( LLOY.L ) has reshuffled its senior management team, it said on Wednesday, as Britain''s biggest mortgage lender prepares for the next phase of its transformation into a leaner, low-risk bank. The changes include naming Juan Colombas to the new role of chief operating officer, giving Chief Financial Officer George Culmer oversight of the legal and strategy teams, and naming Zaka Mian as group director for transformation. Chief Executive Antonio Horta-Osorio said the changes will help the bank pursue a strategy of being a simplified, low-risk lender focussed on the UK. "The changes we are announcing today are fundamental to prepare the Group for the next phase of its transformation under our upcoming strategic plan for the period 2018 – 2020," Horta-Osorio said in the announcement. Lloyds, which nine years ago was bailed out in a 20 billion pound ($25.83 billion) rescue during the financial crisis, returned to full private ownership in May with the sale of the last of the government''s shares in the bank. Horta-Osorio has faced repeated questions from analysts and investors in recent months over the timing of his departure after the lender reached that key milestone on the path to rehabilitation following its near-demise in 2008. "There''s always more to do, and I am happy here," Horta-Osorio told analysts on a conference call in April in response to questions about his future at the bank. Along with the many changes to individuals'' responsibilities announced on Wednesday, the bank said it is creating a new, broader group executive committee. The bank also announced some departures. Andrew Bester, who ran Lloyds'' commercial division, and Simon Davies who was responsible for legal and strategy matters, are both leaving Lloyds. Lloyds shares fell 0.5 percent by 1024 GMT, against a flat benchmark STOXX European bank index .SX7P. (Reporting by Lawrence White; editing by Jason Neely and Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lloyds-bank-uk-executives-idUKKBN19Q112'|'2017-07-05T12:45:00.000+03:00'
'f8ecb3737ba2d385850d905c043f0c85d552cd29'|'RPT-COLUMN-Renewed slide in oil price will test U.S. shale profits: Kemp'|'(Repeats with no changes to text. John Kemp is a Reuters market analyst. The views expressed are his own)* Chart: tmsnrt.rs/2uxKwbbBy John KempLONDON, July 7 U.S. independent oil and gas producers came close to breaking even during the first quarter of 2017 thanks to aggressive cost cutting and improvements in well productivity.Some shale producers claim they can drill wells profitably at prices well below $50 per barrel and in some cases below $40.But Harold Hamm, chief executive of Continental Resources , a major producer in North Dakota and Oklahoma, has said oil prices need to be above $50 to be sustainable.Prices below $40 would force producers to idle rigs again, he said in a recent interview (“Harold Hamm warns oil prices below $40 will idle U.S. drilling”, CNBC, June 28).The renewed drop in oil prices, unless quickly reversed, looks set to put these conflicting claims to the test.Fifteen independent producers with operations focused on the United States reported a combined net loss of $3.7 billion in the first three months of 2017 ( tmsnrt.rs/2uxKwbb ).But most of the losses were attributable to Marathon Oil, which reported a net loss of $4.9 billion, mostly as a result of an impairment charge linked to its Canadian oil sands businesses.The other fourteen companies in the sample reported total net income of almost $1.3 billion, up from a loss of $9.9 billion in the first quarter of 2016.Ten companies in the sample reported positive net income during the first quarter, up from just two in the previous quarter and none in the first quarter of 2016.Financial performance for the companies in the sample has been steadily improving since losses peaked at $23 billion in the third quarter of 2015.Shale producers have benefited from a combination of cost reductions, improvements in drilling efficiency and well productivity, and a significant increase in oil and gas prices.The average price of WTI, the domestic benchmark, rose from $33 per barrel in the first quarter of 2016 to $52 in the first quarter of 2017.The average price of gas delivered to Henry Hub rose from just $2 per million British thermal units to $3.07 over the same period.But benchmark oil prices fell by 7 percent in the second quarter, though gas prices were up 2 percent. Both oil and gas prices have slid so far in the third quarter.Given the precarious profitability of oil producers in the first quarter when oil prices were above $50, the slide in WTI during the second and third quarters will renew the pressure on drilling firms.Unless there are further exceptional write-downs, the sample group may be able to increase their net income in the second quarter despite the fall in prices.Many, though not all, shale producers have hedged the price of their output for the remainder of 2017 which gives them some protection in the short-term against the downturn.But very little production has been hedged so far for 2018. The current calendar strip means hedging is only possible for 2018 at a WTI price of around $47 - and many shale producers will actually receive less. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-shale-kemp-idUSL8N1JY2XN'|'2017-07-08T09:00:00.000+03:00'
'6ea9bafe61e556755cb547004dd7a0bc4c2364cd'|'Years into recovery and with full employment, U.S. wages still lag'|'July 7, 2017 / 11:10 PM / 10 hours ago Years into recovery and with full employment, U.S. wages still lag Ann Saphir 3 Min Read Leaflets lie on a table at a booth at a military veterans'' job fair in Carson, California October 3, 2014. Lucy Nicholson SAN FRANCISCO (Reuters) - The U.S. economy is now a decade on from the start of the global financial crisis and at what most economists view as full employment, yet when it comes to wage rises, the answer seems to be forget about it. Government data on Friday showed that average hourly earnings in June rose just 2.5 percent on the year and have slowed in the past two quarters rather than accelerating even as workers become scarce due to continued economic strength. The lack of wage growth is mirrored across the developed world, most of which has staged a slower recovery than the United States. For decades, higher wages had been driven by gains in worker productivity, but there are few signs now of an investment boom or of innovations fundamentally changing the way work is done. Productivity growth in the U.S. has averaged just one percent since 2005, half the level of 1990-2004; in the past five years the annual growth rate has been a dismal 0.5 percent. "There is no shortage of explanation as to why wage growth remains tepid – shadow slack, reduced bargaining power due to globalisation, de-unionization, automation, etc. – but what is puzzling is that wage growth, at least according to the average hourly earnings measure, was clearly accelerating in 2015 and 2016," JPMorgan Economist Michael Feroli wrote after the data release. "Why it would slow only in the last two quarters is a mystery." While most economists say the jobs numbers alone are enough to keep the Federal Reserve on a path to hike rates again this year, the slow wages growth implies limits to how high the Fed can push rates and raises questions about the longer-term health of the U.S. economy, which depends on consumer spending for 70 percent of its activity. International Monetary Fund data shows that across the developed world, the share of national income paid out to workers had fallen to less than 40 percent by 2015 from close to 55 percent in 1970, driven largely by technological change and globalisation. "You can’t continue to get all this job growth but there is no wage pressure. So something is not adding up at all," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. In March 2014 Fed Chair Janet Yellen said she believed that "perhaps 3 and 4 percent wage inflation would be normal." Now the level appears to be stuck lower. "The new benchmark for what we call good is lower than what we historically thought," said San Francisco Fed chief researcher Mary Daly, one of the Fed system''s top labour economists. "I would suggest the landing place doesn''t seem surprising to me given that we have very low productivity growth and inflation that’s not up to 2 percent," Daly said in an interview last month. Fed Vice Chairman Stanley Fischer said on Thursday the government could take some steps to boost productivity. Among these would be investing in basic research, infrastructure, education and public health, including clean air and drinking water. With reporting by Charles Mikolajczak and Jennifer Ablan in New York and Lucia Mutikani in Washington; Editing by David Chance and Andrea Ricci 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/uk-usa-unemployment-wages-idINKBN19S33H'|'2017-07-08T02:08:00.000+03:00'
'c35976b948c6f7391bc489922569126a523dcfc3'|'Apple challenges Imagination Technologies'' disclosure timing'|'Technology   9:20pm BST Apple challenges Imagination Technologies'' disclosure timing FILE PHOTO: The Apple logo is seen on the facade of the new Apple Store in Paris, France, January 5, 2017. REUTERS/Charles Platiau/File Photo By Stephen Nellis Apple Inc ( AAPL.O ) on Friday disputed the timeline of events leading up the disclosure by Imagination Technologies Group Plc ( IMG.L ) that Apple plans to drop the graphics chip supplier, a loss of the UK company''s largest customer that sent shares plummeting. Imagination Chief Executive Officer Andrew Heath said Apple told Imagination "at the end of March" that it would no longer need its technology, according to an investor call on Tuesday. But Apple said it told Imagination about its plans on Feb. 9. Imagination ultimately notified shareholders of Apple''s decision on April 3, which sent its shares down 70 percent and eventually forced it to put itself up for sale. Apple''s claims that Imagination sat on the news for weeks without telling shareholders heaps more trouble on the company and could spur regulators to examine whether Imagination improperly withheld information from shareholders, according to one legal expert. Imagination''s Heath told investors that Apple told Imagination at the end of March that Apple''s new products "at some point in 2018 or early 2019 would not contain our IP and therefore, they were not required to pay us royalties on it." Apple contested that timeline and said it warned Imagination that it would "stop accepting new IP from them" as early as 2015 and gave a final warning a month before Imagination''s CEO claims. "After lengthy discussions, we advised them on February 9 that we expected to wind down our licensing agreement since we need unique and differentiating IP for our products," Apple said in the statement. Imagination did not immediately respond to a request for comment outside of normal UK business hours. Heath has said he does not believe Apple can replace Imagination''s technology without using some of Imagination''s patents that would require royalties. Jonathan Parry, an attorney with UK law firm White & Case who is not involved in the dispute, said European financial regulators were likely to examine the timing of Apple''s discussions with Imagination to see whether Imagination''s leaders failed to disclose material information to shareholders. Regulators would likely focus on when Imagination''s leaders decided it was "likely" that Apple would draw down its business with the company, which Imagination would then be required to disclose to shareholders. The legal bar for "likely" is different from the word''s common usage, he said. "The wording used in judgments is ''a realistic prospect'' that something might happen," Parry said. "The judge did not assign a percentage, but he made it clear that something doesn''t have to be ''more likely than not''" to trigger public disclosure requirements. (Adds missing word "to" in paragraph 4) (Reporting by Stephen Nellis; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apple-imagntn-tchnlgs-idUKKBN19S2TW'|'2017-07-07T23:13:00.000+03:00'
'b980a936a154e5211b6681f7f0b9effe83e81b30'|'India June services activity hits eight-month high on solid new orders'|'July 5, 2017 / 5:05 AM / in 15 hours India   3 Min Read An employee sets a table inside a restaurant at the Crown Plaza hotel, run by the InterContinental Hotels Group (IHG), in New Delhi, India January 31, 2014. Anindito   (Reuters) - Activity in India''s dominant service sector expanded at its fastest pace in eight months in June as new business orders surged, a private survey showed on Wednesday. The Nikkei/IHS Markit Services Purchasing Managers'' Index climbed to 53.1 in June from the previous month''s 52.2. June was the fifth consecutive month the index has been above the 50 mark that separates growth from contraction. "With services being the prevalent sector in India, the fainter rise in manufacturing was more than offset and growth of private sector output climbed to an eight-month peak," said Pollyanna de Lima, economist at IHS Markit. Though input prices rose significantly, firms did not fully pass that on to customers, suggesting overall inflation in coming months could remain below the Reserve Bank of India''s medium-term target of 4.0 percent. India''s annual consumer price inflation eased to 2.18 percent in May, driven down by cooling food prices, and further falls could pressure the central bank to cut interest rates by the end of this year. But weaker price rises fuelled domestic and foreign demand and drove the services PMI''s sub-index on new business to 53.3 from 51.6 in May. This is still well below the 54.3 it reached just before Prime Minister Narendra Modi banned high-value currency notes in November, stunning the business community as it struggled in day-to-day business activities. A sister survey on Monday showed growth in Indian factory activity slowed in June, with the PMI reaching a four-month low amid a slowdown in output and softer domestic demand. Taken together, the manufacturing and service indexes pushed the composite PMI to 52.7 in June, its highest in eight months. The May figures was 52.5. In June, service providers were optimistic about growth in the year ahead, although the expectations index slipped to a fourth-month low as firms remained concerned over the near-term impact of the newly-enacted goods and services tax. A strong service sector is crucial for the Indian economy as it accounts for more than 60 percent of gross domestic product, and if momentum is maintained in 2017 it would lead to a faster economic recovery. In January-March, India''s annual GDP growth was a lower-than-expected 6.1 percent, slumping to its lowest in more than two years. De Lima of IHS Markit said the June services number "contributed to the highest quarterly average for the composite PMI" since the second quarter of fiscal year 2016. "This suggests that GDP growth is likely to rebound from the sharp slowdown noted in the first three months of 2017," she said. Reporting by Vivek Mishra; Editing by Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-economy-pmi-idINKBN19Q0E8'|'2017-07-05T08:03:00.000+03:00'
'f66c523c62e21c48348f453dfedb2fd492ee4549'|'Saudi Arabia tightens its grip on Japan, its biggest Asian oil market'|' 52am BST Saudi Arabia tightens its grip on Japan, its biggest Asian oil market left Steam is emitted from a oil refinery in Sodegaura, Japan February 8, 2017. REUTERS/Issei Kato 1/2 left right A gas flame is seen in the desert near the Khurais oilfield, about 160 km (99 miles) from Riyadh, June 23, 2008. REUTERS/Ali Jarekji 2/2 By Florence Tan and Osamu Tsukimori - SINGAPORE/TOKYO SINGAPORE/TOKYO Saudi Arabia has boosted its market share in Japan, the world''s top oil exporter''s biggest Asian market, by selling more light crude to the country as a way to offset revenue lost implementing OPEC''s production cuts. Middle East crude sellers consider Japan, the world''s fourth-largest oil importer, a premium market since its refiners will pay more to secure supply than other Asian buyers. Saudi Arabia raises revenue by boosting sales of more expensive light crude since it cut its supply of so-called heavy crude to comply with the agreement between the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers to reduce output. Japan''s imports of Saudi crude between January and June reached 1.3 million bpd, 7.7 percent higher than a year ago, making it Japan''s biggest supplier, according to trade flows data on Thomson Reuters Eikon. The increase was mainly in Arab Extra Light as state oil giant Saudi Aramco ( IPO-ARMO.SE ) offered extra cargoes on top of contracted volumes to Japanese buyers, two Japanese refining sources said. They declined to be named due to company policies. Imports of Arab Extra Light and Arab Light were 160,000 barrels per day (bpd) higher through May at 1.03 million bpd, said Virendra Chauhan, Singapore-based analyst at consultancy Energy Aspects. Saudi Arabia "clearly sees Asia as its backyard and as a centre of growth and long-term source of demand. As such, it does not want to give up too much market share here," he said. Saudi Aramco did not respond to an e-mail from Reuters seeking comment. Japan''s spending on oil through May this year surged 73 percent from the same time a year ago to 3.82 trillion yen (26.05 billion pounds) as global oil prices rose LCOc1 and imports climbed, data from the Ministry of Finance shows. Saudi imports came at the expense of Iran, whose imports dropped 20 percent in the first half of 2017, and Kuwait and the United Arab Emirates, which fell by 8 percent and 5 percent respectively. Saudi crude exports to its second- and third-largest Asian buyers - China and South Korea - were little changed in the first half of 2017 from a year ago, the trade flow data showed. Exports to India and Taiwan dropped 3 percent and 13 percent respectively, the data on Eikon showed. Trade sources said this was because Saudi Aramco was unable to supply more heavy crude. "People are asking for more (heavy crude) but the Saudis can''t give because of the OPEC cuts," said a Gulf oil source who requested anonymity because of the sensitivity of the topic. (Reporting by Florence Tan in SINGAPORE and Osamu Tsukimori in TOKYO; Additional reporting by Nidhi Verma in NEW DELHI; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-saudi-oil-idUKKBN19Q10K'|'2017-07-05T12:52:00.000+03:00'
'2e8839c460b7e752b2c151bce459d6fcbb854c17'|'Oil prices fall 3 percent on signs market still oversupplied'|'July 7, 2017 / 2:06 AM / 8 minutes ago Oil prices fall 3 percent on signs market still oversupplied Karolin Schaps 3 Min Read A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. Richard Carson LONDON (Reuters) - Oil prices fell 3 percent on Friday after data showed U.S. production rose last week just as OPEC exports hit a 2017 high, casting doubt over efforts by producers to curb oversupply. Global benchmark Brent futures LCOc1 were down $1.43, or 3 percent, at $46.68 a barrel at 1116 GMT, after falling to as low as $46.63, its weakest level in more than a week. U.S. West Texas Intermediate (WTI) crude futures CLc1 traded at $44.14 a barrel, down $1.38 or 3 percent. Their session low of $44.05 was also the lowest in over a week. "We''re seeing some head scratching today. Following a sharp rally, which was mostly driven by short-covering, the failure of Brent to break back above $50 earlier in the week has once again given sellers appetite for sending it lower," said Ole Hansen, head of commodity strategy at Saxo Bank. Weekly U.S. government data showed on Thursday that U.S. oil production C-OUT-T-EIA rose one percent to 9.34 million barrels per day (bpd), correcting a drop in the previous week that was down to one-off maintenance and hurricane shutdowns. The rise in U.S. output coincides with exports from the Organization of the Petroleum Exporting Countries climbing for a second consecutive month in June to the highest this year. Russia, which is cooperating with OPEC in a deal to stem oil production, said on Friday it was ready to consider revising the parameters of the deal if need be. FILE PHOTO: Eighteen oil pumpjacks are seen on a Hess well pad near Tioga, North Dakota April 30, 2016. Andrew Cullen/File Photo President Putin, attending the G20 summit in Hamburg, said he wanted to continue cooperating with other countries to reduce price volatility. The market largely ignored news from the U.S. Energy Information Administration (EIA) that U.S. crude inventories USOILC=ECI fell by 6.3 million barrels in the week to June 30 to 502.9 million barrels, the lowest since January. The push-and-pull between bearish and bullish factors will keep volatility high, said Hans van Cleef, senior energy economist at ABN Amro. "In the near term, this leaves us with a volatile trading range of roughly $45-50 a barrel." If OPEC was unable to balance the market, change would likely be forced on it by oil prices, said Morgan Stanley. The U.S. bank said a WTI price of $46 to $50 per barrel would likely prevent U.S. production rising in the mid- to long-term, but "prices will need to be in the low $40s" for U.S. output to fall significantly. Morgan Stanley said it expected WTI to remain below $50 until mid-2018. Additional reporting by Henning Gloystein in Singapore and Aaron Sheldrick in Tokyo; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-oil-idINKBN19S08X'|'2017-07-07T14:36:00.000+03:00'
'122997875e065fbbc47b202b8b0e1ca0f7bc622b'|'Oil and banks stymie FTSE''s rise, WPP hit by broker downgrade'|'  10:19am BST Oil and banks stymie FTSE''s rise, WPP hit by broker downgrade People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Kit Rees - LONDON LONDON Falls in energy and bank stocks dampened an otherwise positive week for Britain''s top share index, while changes in broker recommendations prompted moves in easyJet, WPP and Royal Mail. Britain''s blue chip FTSE 100 .FTSE index was down 0.2 percent at 7,323.50 points at 0852 GMT (9.52 a.m. BST) on Friday, on track to post its first weekly gain since the end of May. The index pared losses after weak housing data drove sterling to a nine-day low. Oil & gas stocks dropped, taking around 8 points off the FTSE, after oil prices fell more than 1 percent following a rise in U.S. output, with Royal Dutch Shell <RDSa.L. and BP ( BP.L ) down 0.9 percent and 0.5 percent respectively. [O/R] "Regardless of what OPEC try and do, it seems the supply overhang is preventing any kind of sustainable rally," Ian Williams, strategist at Peel Hunt, said. Financials were also weaker, with HSBC ( HSBA.L ) and Barclays ( BARC.L ) both in negative territory, cooling after the sector .FTNMX8350 hit its highest level since the end of February in the previous session on expectations of higher interest rates. WPP ( WPP.L ) was the biggest individual FTSE faller, dropping 3.2 percent, after Exane BNP Paribas cut the advertising firm to "underperform" and downgraded French peer Publicis ( PUBP.PA ) to "neutral", saying they need to evolve more quickly. "Marketing is driven by mobile, nimbler brands, ecommerce and automation/AI. These areas are dominated by platforms where agencies are sparse, raising the risk of lower mid-term growth," the analysts at Exane said in a note. "WPP & Publicis have good track records of adapting to industry changes. We would buy once evidence they have adapted mounts, or on a much greater valuation discount," Exane added. Shares in Royal Mail ( RMG.L ) were also down 3 percent after UBS cuts its rating to "sell" from "neutral". Shares in easyJet ( EZJ.L ) bounced around 4 percent after Credit Suisse upgraded it to "outperform" on the back of an improvement in summer trading. Utility Centrica ( CNA.L ) was the biggest gainer, up 5 percent on takeover rumours, although analysts at Jefferies were sceptical. Outside of the blue chips, a strong trading update from retailer Dunelm ( DNLM.L ) sent its shares 5.4 percent higher to the top of the FTSE 250, which fell 0.4 percent. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19S16J'|'2017-07-07T12:19:00.000+03:00'
'abb61b11314617922821a44eaab0f271520bd508'|'Oil prices slump over 1 percent on rise in U.S. output'|'Business News - Fri Jul 7, 2017 - 3:01am BST Oil prices slump over 1 percent on rise in U.S. output FILE PHOTO: Eighteen oil pumpjacks are seen on a Hess well pad near Tioga, North Dakota April 30, 2016. REUTERS/Andrew Cullen/File Photo By Henning Gloystein - SINGAPORE, July 7 SINGAPORE, July 7 Oil prices fell by more than 1 percent early on Friday, with U.S. crude futures dipping below $45 per barrel as news of a rise in U.S. production added to earlier reports that OPEC output was also on the rise. Brent crude futures, the international benchmark for oil prices, were trading down 58 cents, or 1.2 percent, at $47.53 per barrel by 0137 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $44.95 per barrel, down 57 cents, or 1.3 percent. News of the production rise outweighed positive sentiment from falling crude and gasoline inventories in the United States. "Oil prices were initially stronger of the back of the better than expected drawdown in inventories... However, the exuberance was short-lived, as the market turned its attention to another increase in U.S. production," ANZ bank said on Friday. U.S. crude inventories fell by 6.3 million barrels in the week to June 30, to 502.9 million barrels, according to the U.S. Energy Information Administration (EIA). Gasoline stocks fell by 3.7 million barrels, to 237.3 million barrels. The data suggested strong demand in the United States, but this was offset by a 1 percent rise in weekly U.S. oil production to 9.34 million barrels per day (bpd). Since mid-2016, that''s an increase of more than 10 percent. The rising U.S. output comes as supplies from the Organization of the Petroleum Exporting Countries (OPEC) rose for a second month in a row in June, according to Thomson Reuters Oil Research, despite its pledge to hold back production between January this year and March 2018. OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd more than in May and 1.9 million bpd more than a year earlier. (Reporting by Henning Gloystein; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19S08T'|'2017-07-07T05:01:00.000+03:00'
'5d742da3d101ea9168acea37d63ff3b8d84ffb75'|'Russia''s VEB inks 6 billion yuan deal with China Development Bank'|'Business News - Tue Jul 4, 2017 - 11:41am BST Russia''s VEB inks 6 billion yuan deal with China Development Bank FILE PHOTO: The logo of Russian state development bank Vnesheconombank (VEB) is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin MOSCOW Russian state development bank VEB signed an agreement on Tuesday to attract 6 billion yuan (£682 million) from China Development Bank for innovations, including the development of blockchain technologies, VEB head Sergei Gorkov told reporters. Blockchain technology provides an electronic record-keeping and transaction-processing system, which lets all parties track documentation through a secure network and requires no third-party verification. In a separate statement on Tuesday on the deal, VEB said it had signed a framework agreement with China Development Bank under which the Russian lender will receive 50 billion roubles ($844 million) in financing over 15 years. VEB is under Western sanctions over the Ukraine conflict and therefore cannot raise long-term financing from U.S. and European investors. VEB has been grappling with a mountain of bad debt after projects in Russia such as construction for the Sochi Winter Olympics. The framework agreement was signed during Chinese President Xi Jinping''s visit to Moscow. The financing will be in the form of participation in private equity funds and the repurchase of bond issues. It will be targeted at supporting high-tech and innovative projects. The money provided "can be used to finance projects in energy, transport, industrial and energy infrastructure, cross-border projects in Siberia and the Far East," Gorkov said in a statement. China Development Bank has been a partner of VEB for about 11 years and has signed credit agreements with VEB for more than $10 billion, the statement said. (Reporting by Denis Dyomkin and Kira Zavyalova; writing by Dmitry Solovyov and Polina Nikolskaya; editing by Katya Golubkova and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-china-banks-blockchain-idUKKBN19P17H'|'2017-07-04T13:41:00.000+03:00'
'694fe4e6e2645c3baad46849a426e640538ba84a'|'U.S. drillers add oil rigs, pace remains slow -Baker Hughes'|'U.S. energy firms added oil rigs for a 24th week in the past 25 as the year-long drilling recovery continues but the pace of additions has slowed in recent months as crude prices declined despite OPEC-led efforts to end a global supply glut.Drillers added seven oil rigs in the week to July 7, bringing the total count up to 763, the most since April 2015, Baker Hughes energy services company said in its closely followed report on Friday.That compares with 351 active oil rigs during the same week a year ago. Drillers have added rigs in 54 of the past 58 weeks since the start of June 2016.The pace of those additions, however, has slowed over the past few months with the decline in crude prices with the total added over the past four weeks holding at six the lowest since January.U.S. crude futures were trading around $44 per barrel on Friday, putting the contract on track to fall for a sixth week in the past seven, on data showing U.S. output continues to rise, frustrating efforts by OPEC and other producers to curb global oversupply.After agreeing in December to cut production by around 1.8 million barrels per day (bpd) for six months from January-June 2017, OPEC and other producers in late May agreed to extend those cuts for another nine months through the end of March 2018.U.S. oil production rose 1 percent to 9.3 million bpd last week, correcting a drop in the previous week that was due to one-off maintenance work and hurricane shutdowns.Analysts said U.S. shale companies would continue to drill for more oil so long as crude prices are expected to rise in future months.Futures for the balance of 2017 were trading at about $44.50 a barrel, while calendar 2018 was fetching over $46 a barrel.Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, forecast the total oil and gas rig count would average 887 in 2017, 1,108 in 2018 and 1,219 in 2019. Most wells produce both oil and gas.That compares with an average of 824 so far in 2017, 509 in 2016 and 978 in 2015. If correct, Simmons'' 2019 forecast would be the most since 2014 when there were 1,862 active rigs. The rig count peaked in 2012 at 1,919, according to Baker Hughes.(Reporting by Scott DiSavino; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-rigs-baker-hughes-idUSKBN19S2JD'|'2017-07-07T20:10:00.000+03:00'
'c17371c09f2d43571a08b080c7cea70bced09098'|'Hungary joins Gazprom pipeline, as Trump touts U.S. LNG'|'Business News - Wed Jul 5, 2017 - 11:03am EDT Hungary joins Gazprom pipeline, as Trump touts U.S. LNG A general view shows the headquarters of Gazprom on the day of the annual general meeting of the company''s shareholders in Moscow, Russia, June 26, 2015. REUTERS/Sergei Karpukhin By Marton Dunai - BUDAPEST BUDAPEST Hungary signed a deal with Russia''s Gazprom ( GAZP.MM ) to link the country with the Turkish Stream pipeline by end-2019 on Wednesday, a day ahead of President Donald Trump''s trip to Poland, where he is expected to promote U.S. LNG exports. "This will improve Hungary''s energy security a great deal, so it is in our strategic interest for this cooperation to start," state news agency MTI quoted Foreign Minister Peter Szijjarto as saying. Natural gas supplies to eastern Europe have been a major area of competition between incumbent pipeline power Russia and the United States, which is touting its liquefied natural gas (LNG) potential in the region via onshore LNG terminals. Trump is expected to use fast-growing U.S. LNG supplies as a political tool when he meets in Poland on Thursday with leaders of a dozen countries, including Hungary, that are captive to Russia for their energy needs. Szijjarto, who is in Moscow, told MTI by phone that he had agreed with Gazprom CEO Alexei Miller to join Turkish Stream with a link that could enable Hungary to import 8 billion cubic meters of gas a year, close to the country''s total consumption. Hungary, which relies on Russian imports via Ukraine for nearly all of its gas use, has sought to diversify its imports geographically as well as by supplier for years. Asked by Reuters how the American LNG potential and Russian gas square up in Hungary''s energy plans, a Foreign Ministry spokesman could not immediately comment. Hungary''s ambassador to Washington told a business forum in Budapest earlier this week that he would be keen to import American LNG as well. A southern link to Russian pipelines has long been planned, with a previous project, South Stream, canceled by Russia in 2014 in the wake of the Ukrainian conflict and EU sanctions. The EU said it wanted to separate the owner of the pipeline from the owner of the gas, but analysts also said it wanted to prevent Russia from shipping gas to Europe bypassing Ukraine, downgrading its geopolitical significance. International interconnectors between Hungary and possible trade partners Romania and Croatia also remain to be built, while Szijjarto said Croatia is not expected to complete a long-planned LNG import terminal any time soon. That terminal, planned for the Adriatic island of Krk, would be capable of bringing U.S. gas to Hungary. Szijjarto noted Bulgaria and Serbia had already signed agreements with Gazprom, which stipulate financing to be cleared by the end of 2017, permits secured by end-2018, for the gas link to reach Hungary by 2019. "It is also a serious business opportunity for Hungary because despite all the communication hypocrisy European need for Russian gas is growing at an extraordinary rate," he said. (Reporting by Marton Dunai, editing by David Evans) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-russia-hungary-gas-idUSKBN19Q1YE'|'2017-07-05T17:21:00.000+03:00'
'1fd8a12606ebcc2617db7f631c114da3eb6c08a2'|'CANADA STOCKS-TSX hits near 7-month low as gold and tech shares retreat'|'Market News - Tue Jul 4, 2017 - 5:40pm EDT CANADA STOCKS-TSX hits near 7-month low as gold and tech shares retreat (Adds portfolio manager quotes and details throughout; updates prices) * TSX closes down 51.58 points, or 0.34 percent, at 15,130.61 * Index posts its lowest closes since Dec. 6 * Seven of the TSX''s 10 main groups end lower * Materials and technology both fall 1.7 percent By Fergal Smith TORONTO, July 4 Canada''s main stock index fell on Tuesday to its lowest close in nearly seven months, as precious metal miners and technology shares led a retreat in lighter than usual trading volumes with U.S. markets closed for Independence Day. The Toronto Stock Exchange''s S&P/TSX composite index , which had been closed for a public holiday on Monday, ended down 51.58 points, or 0.34 percent, at 15,130.61, its lowest since Dec. 6. Volumes were the lightest since May 29. The most influential movers on the index included major gold miners Barrick Gold Corp, which fell nearly 3 percent to C$20.02, and Goldcorp, which lost 3.1 percent to C$16.20. Gold got a bump from safe-haven buying after a North Korean missile launch. But the precious metal had slumped on Monday to a seven-week low after U.S. manufacturing data boosted expectations the Federal Reserve would raise interest rates again this year. The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.7 percent, with First Majestic Silver Corp down 6.1 percent at C$10.10. The technology sector also fell 1.7 percent. Losses for the group were consistent with the "recent rotation to value from growth," said Ben Jang, portfolio manager at Nicola Wealth Management. Investors have worried recently about high valuations attached to sectors such as technology, whose earnings are expected to grow faster than higher yielding stocks. Still, fixed-income like equities such as telecoms, utilities and real estate investment trusts "could get hurt" by higher domestic interest rates, Jang said. Those groups all lost ground after comments by Bank of Canada Governor Stephen Poloz supported the view that the central bank would hike rates as early as next week. Inflation in Canada should be well into an uptrend by the first half of 2018, Poloz told German newspaper Handelsblatt, adding that policy normalization must begin before price growth hits its target. Seven of the index''s 10 main groups ended lower, while the financial services, energy and industrials groups were flat or barely higher. Some of the country''s major banks gained ground but Brookfield Asset Management lost 1.1 percent to C$50.33. The company on Monday placed a formal bid for control of a Brazilian renewable energy company, two people with knowledge of the situation said. U.S. crude prices were up slightly at $47.08 a barrel, having touched their highest intraday in nearly one month. (Additional reporting by Alastair Sharp; Editing by Chris Reese and Diane Craft) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JV0UI'|'2017-07-05T00:40:00.000+03:00'
'007e6914a04929d34a02dde0d34ce8e8ffcb095a'|'MOVES-Hillary joins Barclays FiRM team from Morgan Stanley'|'Market News - Wed Jul 5, 2017 - 10:53am EDT MOVES-Hillary joins Barclays FiRM team from Morgan Stanley By Alice Gledhill LONDON, July 5 (IFR) - Barclays has hired Cecile Hillary from Morgan Stanley to join its new unit aiming to improve returns and manage capital and financial resources, according to market sources. The Financing Resource Management (FiRM) team has been set up by Tim Throsby to help with structuring and financing across the business he heads - Barclays International, which includes the corporate and investment bank. Art Mbanefo heads up the FiRM team. Hillary''s appointment is the latest senior hire by the UK bank as part of its wider reinvestment in the CIB and other businesses. Those hires include Filippo Zorzoli, head of EMEAPAC macro distribution and co-head of global solutions sales; Shrut Kalra, who joined in May to co-lead European high grade credit trading; and Chris Leonard, head of US rates trading. Hillary has worked at Morgan Stanley since 2010, according to her LinkedIn profile. She latterly headed up the US bank''s senior coverage group in its Europe, Middle East and Africa fixed income capital markets business. (Reporting by Alice Gledhill) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-hillary-joins-barclays-firm-team-f-idUSL8N1JW4BJ'|'2017-07-05T17:53:00.000+03:00'
'2c9cfeb6303c6cd288a3a3e0a7c59c0f6719611a'|'Oil prices firm on rising political risk, but ample supply caps gains'|'Business News - Wed Jul 5, 2017 - 3:34pm EDT Oil falls, ending bull run, on rising OPEC exports and dollar An employee pumps petrol for clients at a petrol station in Hanoi, Vietnam December 20, 2106. REUTERS/Kham By Devika Krishna Kumar - NEW YORK NEW YORK Oil prices retreated about 4 percent on Wednesday, ending their longest bull-run in more than five years, as climbing OPEC exports and a stronger dollar turned sentiment more bearish. Brent crude futures ended the session down $1.82, or 3.7 percent, at $47.79 a barrel. Prices had climbed for eight straight sessions to Monday. U.S. West Texas Intermediate crude fell $1.94, or 4.12 percent, to settle at $45.13 a barrel. "It''s a transition from being overbought for a while," said Tyche Capital Advisors senior research analyst John Macaluso. "I really don''t think it''s too much fundamentals driving the move today - seems more like a reversal of the trend. Eventually someone comes out of the market and everyone follows and you have to take profits." Oil exports by the Organization of the Petroleum Exporting Countries climbed for a second month in June, Thomson Reuters Oil Research data showed. OPEC exported 25.92 million barrels per day (bpd) in June, up 450,000 bpd from May and 1.9 million bpd more than a year earlier. The rise in exports came despite OPEC''s vow to rein in production until March 2018 and followed hot on the heels of Reuters'' monthly OPEC production survey which found output jumped to a 2017 high last month as OPEC members Nigeria and Libya continued to pump more. Nigeria and Libya are both exempt from the output pact. Russia, which led other non-OPEC producers to join the deal, would oppose any proposal for deeper cuts at the OPEC’s ministerial meeting later this month, Bloomberg cited four Russian government officials as saying. "The air is getting thin for oil prices. The price increase just ran out of steam, which is not very surprising, given the news flow of rising OPEC supplies," said Carsten Fritsch, senior commodity analyst at Commerzbank. Another analyst said the strong dollar provided less incentive to invest in greenback-denominated commodities such as crude oil. The dollar pared some of its early gains but was still up versus a basket of currencies ahead of the release of the Federal Reserve''s minutes on its June policy meeting. The head of the International Energy Agency told Reuters that rising output from key oil producers could hamper expectations that the oil market would rebalance in the second half of the year. The bearish outlook also led Saxo Bank to cut its year-end Brent crude price forecast to $53 a barrel from $58. However, some technical signs could lead to a recovery, traders and analysts said. "The longer term moving average systems need stronger moves over $51.50 in Brent and $49 to $49.50 in WTI which is where the 100-day and 200-day moving averages are," said Scott Shelton, broker at ICAP in Durham, North Carolina. "Spending more time up here to get the shorter term moving averages to cross would also generate buying." Traders were also eyeing U.S. crude inventory data, delayed by a day due to the U.S. Fourth of July holiday, which is forecast to show a drop of 2.3 million barrels for last week. U.S. oil traders are hoping the sweltering days of July are also hot ones for demand, and that the new month is the last best opportunity this year to see the overhang of inventories finally subside. (Additional reporting by Karolin Schaps in London and Henning Gloystein in Singapore; Editing by Edmund Blair and Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-oil-idUSKBN19Q05V'|'2017-07-05T05:03:00.000+03:00'
'8670c7e743787223cb1d2e913975bbf9b3c4eeec'|'China, France eye Gambian port upgrade to rival Dakar'|'Business   11:58am BST China, France eye Gambian port upgrade to rival Dakar left right Port workers are seen in front of a shipping vessel unloading its cargo in the port of Banjul, Gambia June 29, 2017. Picture taken June 29, 2017. REUTERS/Emma Farge 1/2 left right Workers in Gambia''s main port of Banjul cheer from the top of a vessel, June 29, 2017. Picture taken June 29, 2017. REUTERS/Emma Farge 2/2 By Emma Farge - BANJUL BANJUL Chinese and French companies are bidding to help Gambia build up its Atlantic port Banjul to be what industry sources say could be a rival to neighboring Senegal''s Dakar. It would be one of the first major structural changes in Gambia following the end of President Yahya Jammeh''s more than 20-year rule in January. State-owned China Communications Construction Company (CCCC) ( 601800.SS ) says one of its subsidiaries has made a bid for a 140 million euro ($159.91 million) contract Gambia has launched to redevelop the port. France''s Bollore Group ( BOLL.PA ) has also submitted an offer to develop the port for hundreds of millions of dollars, sources told Reuters, and was part of a recent delegation of French investors to the country. The port was run by a state agency during Jammeh''s rule. It is considered to have strategic potential thanks to its easy access to Atlantic shipping lanes. Abdoulie Tambedou, managing director of the Gambia Ports Authority said there had already been several offers. "The Chinese are interesting in investing in the infrastructure for an overall envelope of 140 million euros," he told Reuters in an interview. "We hope to agree the financing in the next six months." An official at CCCC confirmed that one of its subsidiaries was bidding for the contract, without specifying which. In a sign of their interest, a witness saw a Chinese delegation visiting the port last week. Tambedou confirmed Bollore''s offer, without giving the price, and said this included both infrastructure costs and the rental concession. Chinese interest in the project follows China''s resumption of diplomatic ties with former Taiwan ally Gambia last year under the "one China" policy, which states that self-ruled Taiwan is part of China. President Adama Barrow''s new government reaffirmed that position in February. China is also a major market for Gambia''s exports, which globally are mainly peanuts, wood, cashews, fish and fruit. Upgrading the port will take 30-36 months to complete, Tambedou said. STRUGGLING Gambia is poor. It ranks 173 out of 189 countries on the U.N. Human Development Index, below Haiti. It is badly in need of key infrastructure development. There is not a single bridge across its eponymous 1,120 km (695 mile)-long river that wiggles up the length of the country, for example. People and goods have to be shipped across on ferries - or go around. Gambia is nonetheless seen as a key transit country for reaching remote areas of Guinea, Mali and Senegal that are easier to access from Banjul than from the countries'' own ports and capitals. Space constraints at the port, however, mean that arriving cargo ships often have to wait at anchorage before entering. Since the departure of Jammeh, Tambedou said that trade was picking up, with shippers sending imports such as sugar in bigger volumes than before. (Additional reporting by Brenda Goh in Shanghai and Ben Blanchard in Beijing; Editing by Aaron Ross and Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-gambia-economy-idUKKBN19S1EO'|'2017-07-07T13:45:00.000+03:00'
'e0485b4581a1b0d5599561d54a65602ccc85fba2'|'Inflation elusive, but central bankers getting twitchy'|'Business   12:07pm BST Inflation elusive, but central bankers getting twitchy left right FILE PHOTO: Bank of Canada Governor Stephen Poloz (L) speaks with Bank of England governor Mark Carney as they gather for a family photo after a meeting of G-20 finance ministers and central bank governors during the IMF-World Bank annual meetings in Washington October 10, 2014. REUTERS/Jonathan Ernst/File Photo 1/3 left right FILE PHOTO: U.S. Federal Reserve Chair Janet Yellen (R) speaks with European Central Bank President Mario Draghi at the Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 22, 2014. REUTERS/David Stubbs/File Photo 2/3 left right People walk past a retail store in downtown Sao Paulo, Brazil, June 21, 2017. REUTERS/Paulo Whitaker 3/3 By Ross Finley - LONDON LONDON A significant pickup in inflation still remains tantalizingly out of reach in most developed economies -- aside from asset prices -- yet several central banks are leaning toward launching or stepping up efforts that could slow it down. What has shifted in recent months is an acceptance that fiscal policy, touted around the turn of the year as the essential comeback kid after the shock election of Donald Trump as U.S. president, has not yet come back. Much of this is because of a lack of progress on Trump''s tax cut agenda, dimming down what was called the "Trumpflation" trade in financial markets and now even calling into question a multi-year rally in the U.S. dollar. But what this does is thrust central bankers -- who only six months ago were said to be waning in influence -- back into the spotlight. Many seasoned central bank watchers say past experience shows that until inflation really accelerates convincingly, and for a sustained period for reasons other than a rise in the price of oil, the best monetary policy is to be doing nothing. The latest minutes from the Federal Open Market Committee''s policy discussions show a split over inflation, which is sure to cast unusually sharp focus on Fed Chair Janet Yellen''s testimony to both houses of Congress in the coming week. Indeed, with the exception of persistent four-decade-low first-time claims for jobless benefits, U.S. economic data has been undercutting relatively modest expectations for the past several months, particularly on measures of inflation. Wage inflation across most of the developed world, widely viewed by economists as the most compelling and potent driver of sustained overall price inflation, hasn''t picked up the way central bankers have predicted it would either. The Fed, however, remains set on further interest rate rises, and is now contemplating how and when to start reducing its $4.5 trillion balance sheet, bloated by years of mass asset purchases as stimulus once it had no interest rate left to cut. "Of course the evolution of the economic data over the next few months remains of critical importance," notes Investec''s chief economist Philip Shaw. "In particular, will the momentum of the economy be maintained and is the recent run of soft inflation idiosyncratic, as most senior Fed officials seem to believe?" WORTHWHILE CANADIAN INITIATIVE? It''s not only Yellen who might set the mood in the coming week. The Bank of Canada meets to set policy on July 12 following a run-up in the Canadian dollar, with markets leaning toward expecting the first rate rise in nearly seven years. The domestic debate is partly over whether a rate rise is now warranted in part to tamp down rampant urban housing markets -- particularly in Vancouver and Toronto -- as soaring real estate prices have pushed Canada''s household debt to income ratio to near the highest in the world. Like in other similar economies, Canada''s consumer price inflation on its own does not point convincingly to a need for the Bank of Canada to deliver higher interest rates. "Its decision one way or the other could have an effect on markets beyond its shores as it will be seen as a proxy for policy normalization over a wider jurisdiction," notes Shaw. For some, discussion of "normalization" appears eerily similar to 2011, when the European Central Bank, faced with a similarly shaky-looking inflation outlook, raised interest rates in what is now regarded as a mistake, arguing higher rates would be supportive of business confidence. A punishing sovereign debt crisis followed and a period of eye-wateringly high unemployment, ushering in an expansion of the central bank''s balance sheet by well over a trillion euros and counting, along with negative interest rate policy. For now, the ECB appears to be moving very gingerly toward unveiling how and when it will trim back its tens of billions worth of monthly bond purchases, but that date is approaching. Some of the Bank of England''s Monetary Policy Committee also now think that now is the time to raise rates -- despite the uncertainty of Britain starting to negotiate its way out of the European Union. They are prompted by a surge in inflation caused in large part from a plunge in sterling after the Brexit vote. For now, they remain in a minority, but the possibility has supported the pound and markets have been put on notice. But a change of mood appears to have taken place at the Bank of Japan, however, which is backing off initial attempts to signal an imminent shift away from its ultra-easy monetary policy. On Friday it launched a bond-buying bonanza, offering to snap up unlimited quantities in order to calm markets. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-outlook-idUKKBN19S1HV'|'2017-07-07T13:53:00.000+03:00'
'391b7eea8babae9356b241496f89f38b04c4a5fe'|'ESM to release 8.5 billion euro tranche of Greece bailout'|'  3:02pm BST ESM to release 8.5 billion euro tranche of Greece bailout Euro coins are seen in front of a displayed Greece flag in this picture illustration, June 29, 2015. REUTERS/Dado Ruvic/File Photo BRUSSELS The European Stability Mechanism approved the release of a third tranche of bailout funds to Greece worth 8.5 billion euros (7.51 billion pounds) on Friday, the ESM said on Twitter. "The first disbursement under this tranche will amount to 7.7 billion euros and is expected to be made by the ESM on Monday. Out of this amount, 6.9 billion euros will be used for debt servicing needs and 0.8 euros billion for arrears clearance," the euro zone bailout fund said in a statement. Greece needs new loans under its current 86-billion-euro bailout programme, the third since 2010, to make debt repayments due this month. "This payment is recognition of the tremendous efforts that the Greek people have continued to make to stabilise their economy," European Economics Commissioner Pierre Moscovici said in a statement. A spokesman for Jeroen Dijsselbloem, the Dutch finance minister who chairs the Eurogroup of his euro zone peers, tweeted: "Good news!" At a meeting last month, euro zone finance ministers reached a political deal to disburse new financial aid to Athens. But the actual disbursement was linked to some conditions that needed to be fulfilled by Greece. One of the issues was a case involving three former privatisation officials from Italy, Spain and Slovakia, who had been charged in Greece with breaches of duty during the sale in 2015 of state properties. Greece has dropped the charges. The Eurogroup is due to meet again on Monday in Brussels. (Reporting by Alastair Macdonald and Robert-Jan Bartunek; Editing by Alastair Macdonald)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-esm-idUKKBN19S1ZP'|'2017-07-07T17:02:00.000+03:00'
'187c5d7edfabb4bd490e74401d264ccca9cf4c0d'|'U.S. judge allows Twitter lawsuit over surveillance to move forward'|'Cyber Risk - Thu Jul 6, 2017 - 6:20pm EDT U.S. judge allows Twitter lawsuit over surveillance to move forward FILE PHOTO - A 3D printed Twitter logo is seen in front of a displayed cyber code in this illustration taken March 22, 2016. REUTERS/Dado Ruvic/Illustration/File Photo By David Ingram - SAN FRANCISCO SAN FRANCISCO A U.S. judge ruled on Thursday that Twitter Inc ( TWTR.N ) could move forward with a lawsuit that aims to free technology companies to speak more openly about surveillance requests they receive from the U.S. government. The U.S. government had failed to show the kind of "clear and present danger" that could possibly justify restraints Twitter''s constitutional right to talk about surveillance requests, U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California, said in a written order. "The government''s restrictions on Twitter''s speech are content-based prior restraints subject to the highest level of scrutiny under the First Amendment," Rogers wrote. The First Amendment to the U.S. Constitution guarantees certain rights including freedom of speech. The U.S. Justice Department is reviewing the decision, a spokeswoman said. Twitter Chief Executive Jack Dorsey retweeted a company statement: "Twitter is continuing its fight for more transparency under the First Amendment." Twitter filed the lawsuit in 2014 after revelations by former National Security Agency contractor Edward Snowden about the extent of U.S. spying. The lawsuit is aimed at ending legal limits on details that tech companies can provide about U.S. national security requests. Currently, companies can reveal the number of requests they have received, but only within a range, such as 0-499 in a six-month period. Facebook Inc ( FB.O ), for example, has disclosed that during the last six months of 2016 it received between zero and 499 national security letters, a type of U.S. government order for communications data that does not require a warrant. Rogers scheduled a hearing in Twitter''s case for next month. (Reporting by David Ingram; Editing by Dan Grebler and David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-twitter-lawsuit-idUSKBN19R30R'|'2017-07-07T00:10:00.000+03:00'
'c007654750d1c0fb2e4899b84d60f39dccf94bfa'|'U.S. job growth seen accelerating; unemployment rate steady'|'July 7, 2017 / 8:09 AM / in 16 minutes U.S. job growth seen accelerating; unemployment rate steady Lucia Mutikani 4 Min Read People walk by the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. Andrew Kelly/Files WASHINGTON (Reuters) - U.S. employers likely stepped up hiring in June and boosted wages for workers, signs of labor market strength that could keep the Federal Reserve on course for a third interest rate increase this year. According to a Reuters survey of economists, the Labor Department''s closely watched employment report on Friday will probably show that nonfarm payrolls increased by 179,000 jobs last month after gaining 138,000 in May. The unemployment rate is forecast steady at a 16-year low of 4.3 percent. It has dropped five-tenths of a percentage point this year and matches the most recent Fed median forecast for 2017. Economists say labor market buoyancy could also encourage the U.S. central bank to announce plans to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September. "June''s employment report could provide sufficient evidence to Fed officials that they are still positioned to proceed with their monetary policy normalization plans in the second half of the year," said Sam Bullard, a senior economist at Wells Fargo securities in Charlotte, North Carolina. The Fed raised its benchmark overnight interest rate in June for the second time this year. But with inflation retreating further below the central bank''s 2 percent target in May, economists expect another rate hike only in December. June''s anticipated employment gains would be close to the 186,000 monthly average for 2016 and reinforce views that the economy regained speed in the second quarter after a sluggish performance at the start of the year. But the pace of job growth is expected to slow as the labor market hits full employment. There is growing anecdotal evidence of companies struggling to find qualified workers. As a result, some companies are raising wages in an effort to attract and retain their workforces. Economists expect worker shortages to boost wage growth, which has remained stubbornly sluggish despite the tightening labor market. Eyes on Wages Average hourly earnings are forecast increasing 0.3 percent in June after gaining 0.2 percent in May. That could lift the year-on-year increase in wages to 2.7 percent from 2.5 percent in May. "The days of month after month of 200,000 jobs being created are likely behind us," said Ryan Sweet, senior economist at Moody''s Analytics in West Chester, Pennsylvania. "We will see trend job growth continue to moderate. That doesn''t necessarily signal that the expansion is running out of juice or that a recession is imminent, it is just a symptom of a full-employment economy." The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. Republican President Donald Trump, who inherited a strong job market from the Obama administration, has pledged to sharply boost economic growth and further strengthen the labor market by slashing taxes and cutting regulation. But Republicans have struggled with healthcare legislation and there are also worries that political scandals could derail the Trump administration''s economic agenda. Job gains were likely broad in June. Manufacturing payrolls likely rebounded after factories shed 1,000 jobs in May. But employment in the automobile sector probably declined further as slowing sales and bloated inventories force manufacturers to cut back on production. Ford Motor Co has announced plans to slash 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives. Others, like General Motors are embarking on extended summer assembly plant shutdowns, which will temporarily leave workers unemployed. Further job gains are likely in construction. The retail sector is expected to have purged jobs for a fifth straight month as department store operators like J.C. Penney Co Inc, Macy''s Inc and Abercrombie & Fitch struggle against stiff competition from online retailers led by Amazon. Reporting by Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-economy-idINKBN19S0Z5'|'2017-07-07T11:04:00.000+03:00'
'2a26a7451d22e86582ae14e8ddcb956dc0c954c7'|'Wall Street higher after strong U.S. jobs report'|'July 7, 2017 / 11:36 AM / 4 minutes ago Wall Street higher after strong U.S. jobs report Tanya Agrawal 4 Min Read FILE PHOTO - Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid (Reuters) - Wall Street was higher on Friday after the U.S. economy created far more jobs than expected in June, underscoring labor market strength that could make the case for a third interest rate hike this year despite benign inflation. Non-farm payrolls increased by 222,000 jobs last month, data from the Labor Department showed, beating economists'' expectations for a 179,000 gain. Average hourly earnings rose 0.2 percent in June after gaining 0.1 percent in May, but fell below the estimated 0.3 percent. While the unemployment rate rose to 4.4 percent from a 16-year low of 4.3 percent, that was because more people were looking for work, a sign of confidence in the labor market. "The topline number is quite strong. We saw positive revisions to the previous month and the average for this year is consistent with the average employment per month from last year," said Michael Arone, chief investment strategist at State Street Global Advisors. Investors are focused on wage growth and whether spending by consumers will be strong enough to back the Fed''s rate hike plans. Odds of a rate hike at the Fed''s December meeting stood at 50.6 percent, according to the CME Group''s FedWatch tool. Policymakers have taken opposing views on inflation after it retreated below the central bank''s 2 percent target in May, creating uncertainty over the future path of rate hikes. Adding to the jitters are bets that the world''s major central banks are moving closer to unwinding their ultra-loose monetary policies. At 9:33 a.m. ET (1333 GMT), the Dow Jones Industrial Average .DJI was up 49.53 points, or 0.23 percent, at 21,369.57, the S&P 500 .SPX was up 6.67 points, or 0.27 percent, at 2,416.42. The Nasdaq Composite .IXIC was up 27.33 points, or 0.45 percent, at 6,116.80. Ten of the 11 major S&P sectors were higher, with the tech index''s .SPLRCT 0.49 percent rise leading the gainers. The financial index .SPSY rose 0.47 percent. Shares of Bank of America ( BAC.N ), JPMorgan ( JPM.N ), Citigroup ( C.N ) and Goldman Sachs ( GS.N ) rose about 0.8 percent in premarket trading. Oil fell more than 2 percent after data showed U.S. production rose last week just as OPEC exports hit a 2017 high. Oil prices are down more than 16 percent this year, adding to low inflation concerns. The energy sector .SPNY fell 0.2 percent and was the only laggard. Tesla ( TSLA.O ) edged up 0.8 percent after the luxury electric carmaker won an Australian contract to install the world''s biggest grid-scale battery. Tesla''s shares have fallen about 15 percent this week following the company''s lower-than-expected deliveries. Advancing issues outnumbered decliners on the NYSE by 1,468 to 943. On the Nasdaq, 1,366 issues rose and 676 fell. Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-stocks-idINKBN19S1MD'|'2017-07-07T16:47:00.000+03:00'
'82e5923991a18c06309fba63968f2d9be8399a53'|'Munich prosecutors confirm arrest of Audi employee in emissions probe'|'FRANKFURT Munich prosecutors arrested an Audi employee on suspicion of fraud and false advertising in connection with the carmaker''s emissions scandal, the first arrest in Germany related to Volkswagen''s ( VOWG_p.DE ) diesel scandal.The Audi employee was arrested on Monday, at the behest of Munich prosecutors, a spokeswoman for the Munich prosecutors office said on Friday. When asked if the arrest was at the request of U.S. authorities, the spokeswoman said it was not. She did not give the name of the person.Munich prosecutors declined to comment on whether the arrested person is a current or former Audi employee.Audi and parent Volkswagen both declined to comment.On Thursday, the U.S. Justice Department said it charged former manager Giovanni Pamio with directing Audi employees to design software to cheat U.S. emissions tests in thousands of Audi diesel cars.Audi is a division of Volkswagen Group.The Munich prosecutor''s office said the Audi employee was brought before a judge on Tuesday and was now being held in custody.The spokeswoman declined to discuss the possibility of the detained person being extradited to another country or comment on whether Munich prosecutors were in touch with U.S. authorities.The German arrest was part of a wider probe into fraud and false advertising and is a consequence of "findings following searches," the spokeswoman said.In March, Munich prosecutors searched the offices of Jones Day, the lawfirm Volkswagen had hired to lead an internal investigation into its emissions scandal and Audi''s headquarters.Volkswagen condemned the searches at the time, and never published the full findings of its internal investigation which was being conducted by Jones Day.The raids by Munich prosecutors in March sought to shed light on who was involved in the designing and using illicit software used in 80,000 VW, Audi and Porsche cars with bigger 3.0 litre engines.No members of the Audi management board are being personally investigated as part of that probe, the spokeswoman said on Friday.In the criminal complaint released by U.S. authorities on Thursday, U.S. prosecutors charged that Pamio ignored or suppressed warnings by certain Audi engineers that the pollution control systems being used on the brand''s diesel engines violated U.S. clean air rules.U.S. prosecutors said Pamio had ordered subordinates to send false information to American regulators stating that Audi''s "clean diesels" did not use technology designed to cheat federal pollution tests.Neither Pamio nor his representatives could be reached for comment on Friday.(Reporting by Edward Taylor, Andreas Cremer and Jan Schwartz. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-audi-emissions-arrest-idUSKBN19S11K'|'2017-07-07T11:24:00.000+03:00'
'295a1cb77fbc7a4ecac216d7cf6d91a92a05f644'|'Exclusive - Europe''s markets watchdog wants narrower time for sovereign rating releases'|'Business News - Wed Jul 5, 2017 - 1:59pm BST Exclusive: Europe''s markets watchdog wants narrower time for sovereign rating releases By Marc Jones - LONDON LONDON Europe''s markets watchdog ESMA has told credit rating agencies to publish their European sovereign ratings reports in a tighter window, between 9 pm and 11 pm on Friday London time, sources have told Reuters. The idea, they said, is to create a "more level playing field". Under European Union regulations, rating agencies such as S&P Global, Fitch, Moody''s and DBRS have to set out their planned review dates for any country rated by an analyst based in Europe. ESMA, the European Securities and Markets Authority, which regulates the agencies and brought in the rule, already requires the publication to be on a Friday evening after regulated markets in the relevant region are closed. It has created some disparities, however. S&P tends to publish most of its reviews between 5-6 pm London time (currently 1600-1700 GMT) whereas the other main agencies tend to publish theirs later. For markets it has also created issues. U.S. trading is still in full flow when Europe''s markets close, meaning futures and derivatives that can move on rating changes are still changing hands, potentially disadvantaging solely European-based investors. "It is part of the role as a regulator to ensure there is level playing field," a source who spoke on the condition of anonymity told Reuters. The source said nothing formal has been written down but the agencies had been made aware of what ESMA wanted. ESMA declined to comment on whether it had urged the changes. The rating agencies were first given the guidance in the middle of last week, a source at one of the firms told Reuters. A spokesman for S&P would not comment on whether it had been told to push its publications to later on Friday evenings. Fitch said it continued "to act in accordance with EU regulation around the publication of sovereign ratings." Three spokespeople for Moody''s did not respond to e-mailed requests for comment, while DBRS said it was already following the guidance. Despite ESMA pushing for the changes last week, some European reviews were still published just after Europe''s main markets closed on Friday. But it expects the agencies to start falling in line, the first source said. "We hope to see some convergence (in timing of publications)." (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-markets-ratings-esma-exclusive-idUKKBN19Q1N2'|'2017-07-05T15:57:00.000+03:00'
'c5823788def9b1168ef1783f9f376cbbc2dac64a'|'Russian ratings agency ACRA sees portfolio growing as foreigners leave'|'Business   2:56pm BST Russian ratings agency ACRA sees portfolio growing as foreigners leave FILE PHOTO: Ekaterina Trofimova, CEO of Analytical Credit Rating Agency (ACRA), attends a session of the annual VTB Capital ''''Russia Calling!'''' Investment Forum in Moscow, Russia October 13, 2016. REUTERS/Sergei Karpukhin/File Photo By Katya Golubkova , Kira Zavyalova and Andrey Ostroukh - MOSCOW MOSCOW Russia''s newly created ratings agency ACRA plans to have over 100 ratings in its portfolio by year-end, its head says, picking up local business after the world''s major agencies refused to sign up to new accreditation requirements. The Big Three -- Standard and Poor''s, Moody''s and Fitch -- will withdraw from the domestic, national scale ratings market from July 14, having shunned the special accreditation law administered by the Russian central bank. The accreditation requirement was introduced after Russia''s sovereign rating was downgraded as a result of Western sanctions. Russia says it is designed to prevent rating agencies from withdrawing local ratings under external political pressure; the agencies see it as a restriction on their work. ACRA, the Analytical Credit Ratings Agency, is a major beneficiary of the withdrawal. Ekaterina Trofimova, ACRA''s head, told Reuters in an interview her agency already has 40 public ratings in its portfolio and some non-public ratings. "According to our business plan, we should have a (total outstanding) 100 contracts signed (public and non-public) by year-end. We will exceed this level for sure," Trofimova, a former S&P analyst who was also an executive with Gazprombank, said. The ratings in question -- called national scale ratings -- are essential for using domestic debt instruments, including central bank refinancing. Global rating agencies will continue to provide sovereign ratings and ratings for external debt instruments such as Eurobonds. Fitch, for example, had around 150 public Russian national scale ratings when it said at the end of the last year it would withdraw them following the new legislation. ACRA is the only ratings agency to have obtained the central bank''s accreditation by the required deadline. "I am confident that the Big Three will sooner or later join this (new regulatory) regime," Trofimova said. "I think that the reasonable nature of (the accreditation) will become clear as the market and the profitability of such operations grow," Trofimova said. Ratings are essential to raise debt on the domestic rouble bond market, where companies and banks have raised a total of around 800 billion roubles (£10.4 billion) so far this year, according to Reuters data, and as Eurobonds remain a privilege of top-notch Russian companies. Trofimova said that interest in ACRA, established in late 2015, is growing outside Russia where she spends up to a third of her time now. "We are in talks with around a dozen countries on different types of possible cooperation," Trofimova said with a smile. She did not elaborate further. (Additional reporting by Elena Orekhova; Writing by Katya Golubkova; Editing by Jeremy Gaint)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-ratings-acra-idUKKBN19P1R7'|'2017-07-04T16:56:00.000+03:00'
'7422f9729da2947d697993e487f40480e7a7ea1a'|'China attacks tycoon Guo for client leaks at HNA group - Xinhua'|' 07pm BST China attacks tycoon Guo for client leaks at HNA group: Xinhua Billionaire businessman Guo Wengui speaks during an interview in New York City, U.S., April 30, 2017. REUTERS/Brendan McDermid HONG KONG Exiled Chinese tycoon Guo Wengui is suspected of obtaining confidential client data of aviation-to-financial services conglomerate HNA from air traffic control and airline staff, the official Xinhua news agency reported, citing Chinese police. A senior official of the air traffic control department and an airline duty manager have been arrested in connection with the matter, Xinhua said. Chinese-born Guo, now based in New York, has unleashed a torrent of corruption allegations against high-level Communist Party officials and is facing multiple lawsuits in a number of different jurisdictions. Chinese authorities have retaliated with stepped up attempts over the past few months to discredit Guo. Following a request from Beijing, Interpol issued a "red notice" for Guo in April. A red notice is an international alert for a wanted person. Xinhua said Guo had, through a senior civil aviation official, Song Jun, obtained the private information on 146 clients of the HNA group, including flight times, destinations and flight numbers in order to spread and fabricate what it called "corruption" and "sexual" stories. Song, a senior staff member of the civil aviation air traffic control department, had now been arrested by authorities on alleged private data violations, along with an airline duty manager, Xinhua cited the police as saying. It wasn''t clear in the article if Song had received payment from Guo, though it claimed Guo had offered benefits to Song including the use of a rental apartment in Hong Kong, as well as a high credit limit payment card for purchases. The HNA Group declined to comment. An assistant of Guo did not immediately respond to an emailed request for comment. Writing in his Twitter account, Guo didn''t appear to specifically address the allegations in the Xinhua article, but he said the news agency had "helped ... a lot". "I really hope Xinhua will disclose more information". Guo has previously denounced Chinese authorities for attempting to smear him as a criminal and to silence him. In New York, Guo faces a defamation lawsuit from the HNA Group, which said Guo had injured HNA''s "business reputation arising from repeated false and defamatory statements". The summons, seen by Reuters, cites allegations made by Guo that "officials in China''s Communist Party and their relatives are undisclosed shareholders" in the group, and that subsidiary Hainan Airlines had allowed government officials and their relatives to use its aircraft "for purely personal reasons". Guo has mainly lived in the United States since leaving China two years ago after what he says was a business dispute with relatives of a retired top Communist Party official. (Reporting by Hong Kong newsroom; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-corruption-tycoon-idUKKBN19V15Z'|'2017-07-10T14:01:00.000+03:00'
'abd1c29e8043e486aed34a840705144e51336da5'|'Qatar signals LNG price war for market share in Asia'|'Business News - Wed Jul 5, 2017 - 10:33am BST Qatar signals LNG price war for market share in Asia By Henning Gloystein and Mark Tay - SINGAPORE SINGAPORE Qatar''s plan to boost liquefied natural gas (LNG) output by 30 percent is the opening shot in a price war for customers in Asia pitting the Gulf state against competitors from the United States, Russia and Australia. Qatar, facing regional isolation in a diplomatic dispute with its Gulf neighbours, took energy markets by surprise on Tuesday when it said it would raise its LNG production to 100 million tonnes per year - equivalent to a third of current global supplies - within the next five to seven years. It suggests the wealthy kingdom is preparing for a lengthy battle with Saudi Arabia, Egypt, the United Arab Emirates and Bahrain, who were due to meet on Wednesday to decide whether to continue sanctions they imposed on Qatar over accusations it was aiding terrorism and courting regional rival Iran. Qatar''s move will add gas to an already oversupplied market in a thinly disguised challenge to other exporters who are also raising their output. With low production costs and infrastructure already in place, Qatar is well placed to come out on top, analysts say. Flooding the market with more LNG will help defend its place as the world''s top exporter, a position challenged by Australia. "Qatar is losing market share, so it could be about becoming number one again in LNG," said Neil Beveridge, senior oil and gas analyst at research and brokerage firm Sanford C. Bernstein. FOCUS ON ASIA LNG is super-cooled natural gas that is transported on tankers around the world. Long a niche product, it has become an industry darling as natural gas is a cleaner fossil fuel than oil or coal and is also versatile, with potential uses ranging from power generation to heating and as a transport fuel. U.S. and European oil majors such as Royal Dutch Shell and Chevron have invested huge sums over the last decade - often more than they have spent on oil - in an attempt to dominate the LNG market, especially through mega-projects in Australia such as Chevron''s Gorgon or Shell''s Prelude. The main battleground for LNG market share is Asia, which consumes 70 percent of the fuel and where it is seen as a key fuel to meet soaring energy demand without the rampant pollution that comes with coal. The world''s biggest LNG buyers are utilities, especially from Japan and South Korea. Sources at these utilities said they were surprised by Qatar''s move. "We would have to figure out why Qatar is planning to boost its output.. We don''t have plans yet to import new LNG cargoes from Qatar," said Kim Young-ki, a spokesman at Korea Gas Corp. (KOGAS), one of the world''s biggest single LNG buyers. RAMPING UP PRODUCTION Qatar''s announcement came just a day after Iran signed its first deal with France''s Total and China''s state-owned oil company CNPC to produce gas from a field it shares with Qatar. Beveridge, at Sanford C. Bernstein, said Qatar''s move to raise output "could be a response to Total restarting development work" on Iran''s side of the gas reserves. Trying to cement its own market share, Russia''s Gazprom the world''s biggest single producer of natural gas, said late on Tuesday that it would start pumping gas to China through a new pipeline by late 2019, earlier than many expected. China is already the top consumer of most commodities, including oil and coal, and as part of a huge investment programme to expand its LNG and pipeline infrastructure it is also on its way to become a top natural gas user. Australia has invested hundreds of billions of dollars in a bid to overtake Qatar as the world''s top LNG exporter by 2019, a challenge Qatar is now rising to. Qatar, whose state-owned Qatar Petroleum has partnered with U.S. oil giant Exxon Mobil to produce its LNG, has a strong interest in defending its position. LNG, as well as exports of condensate, a super-light form of crude oil that''s a byproduct of gas extraction, have made Qatar rich despite a 70 percent fall in LNG prices and a more than 50 percent drop in oil prices since 2014. Ramping up LNG exports to 100 million tonnes a year would, at current prices, reap revenues of around $30 billion, with another $6 billion coming from condensate. That equates to $120,000 per person, helping Qatar to become the world''s richest nation, according to the World Bank. STIFF COMPETITION The main producers challenged by Qatar''s move are those who have yet to attract a final investment decision, especially in the United States. So far only Cheniere exports U.S. LNG, but there are proposals with a total capacity of 150 million tonnes per year. Chong Zhi Xin, at energy consultancy Wood Mackenzie, said Qatar''s low cost LNG expansion "is pushing a lot of new projects out of the market". Flooding the market with more LNG at a time of oversupply and when buyers are reluctant to sign on new long-term contracts – which have so far dominated supplies – is expected to boost trading in Asia''s spot LNG market, which currently makes up just 15 percent of overall supplies, as more uncontracted supply gets exchanged according to short-term demand. The winners in this aggressive fight for market share are consumers. "Expansion of LNG capacity translates to lower for longer LNG prices," said Kerry Anne Shanks, head of Asia gas and LNG research at Wood Mackenzie. "That''s good news for gas buyers." (For a interactive Qatar graphic, click tmsnrt.rs/2sUeuas ) (Reporting by Henning Gloystein and Mark Tay; Additional reporting by Aaron Sheldrick in TOKYO, Jane Chung in SEOUL; Writing by Henning Gloystein; Editing by Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-qatar-lng-analysis-idUKKBN19Q0Z4'|'2017-07-05T12:28:00.000+03:00'
'ffea62f055cc0554a79d9448ea4fc171fea8fa95'|'Ominous signs from British firms, but euro zone loses momentum too'|'July 5, 2017 / 11:18 AM / 2 hours ago Ominous signs from British firms, but euro zone loses momentum too 4 Min Read Rain clouds pass over the Canary Wharf financial district in London, Britain July 1, 2016. Reinhard Krause/File Photo LONDON (Reuters) - British companies are giving ominous signs about the economy, just as the government embarks on European Union divorce negotiations, data showed on Wednesday, although momentum in the euro zone has lost some momentum. A survey published on Wednesday suggested Britain''s economy probably expanded at a quarterly pace of 0.4 percent in April-June. But its business expectations component tumbled to levels not seen since just after the June 2016 vote to leave the EU. The euro zone''s economy, meanwhile, probably grew nearly twice as fast, by 0.7 percent, during the second quarter. Business expectations dipped, but remained strong. "This shouldn''t come as a surprise," said Peter Dixon at Commerzbank of the British findings. "The UK is suffering the fallout from the Brexit (vote) of last year ... and has clearly moved onto a slower growth path." Disappointingly for some Bank of England officials who want to raise interest rates, IHS Markit''s Purchasing Managers'' Index showed business expectations not far off the lows last reached in late 2011, with growth in new orders, which tend to signal future activity, at a nine-month low. "Following on from weaker manufacturing and construction surveys, the softer services PMI points to an already-fragile economy faltering in June as heightened political and Brexit uncertainties fuel business and consumer caution," said Howard Archer at EY ITEM Club. British Prime Minister Theresa May gambled away her parliamentary majority in a snap election in June and so far there has been little clarity as to how the Brexit negotiations will proceed. In contrast, across the euro zone backlogs of work increased as new business during June came in at the second-fastest rate in over six years. Suggesting businesses in the bloc''s dominant services industry remained confident, they sped up hiring last month, taking on staff at the second fastest rate since early 2008. In other upbeat news for policymakers at the European Central Bank, retail sales increased by more than expected in May, European statistics office Eurostat said on Wednesday. Two Paths Britain''s economy barely grew in the first three months of the year as consumers faced both accelerating inflation, caused in large part by the fall in the pound since the Brexit vote, and slowing wage growth. Some BoE officials say the consumer drag on the economy is likely to be offset by higher exports and investment. Last month, three of the Bank''s eight monetary policymakers voted for a rate increase, although one of them has since left the BoE. But the IHS Markit/CIPS UK Services PMI edged down to a four-month low of 53.4 in June from 53.8 in May, just shy of a forecast for 53.5 in a Reuters poll of economists. "This weaker reading pours a degree of a cold water on the latest hawkish messages emanating from the Bank of England," said James Smith at ING. The final composite PMI for the euro zone, seen as a good growth indicator, was 56.3 in June, down from May''s 56.8 but comfortably beating a flash estimate of 55.7 and well into growth levels above 50. Earlier PMIs from the bloc''s big four economies of Germany, France, Spain and Italy showed faster growth in the second quarter as a whole. Britain''s potential for being out of step can also be seen in monetary policy. While the BoE is -- largely -- not expected to tinker with monetary policy anytime soon, the U.S. Federal Reserve is forecast to raise interest rates once more this year and European Central Bank chief Mario Draghi last week raised the prospect of policy-tightening. Additional reporting by Andy Bruce Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-europe-economy-pmi-idINKBN19Q1C0'|'2017-07-05T14:41:00.000+03:00'
'bcc774fc74db19e478d41b527966e22e11aebd8b'|'BNP Paribas faces accusations over the Rwandan genocide'|'BNP PARIBAS, France’s biggest bank, pleaded guilty in America three years ago to assisting a monstrous regime in east Africa. In 2006 it had helped to finance Sudan’s government, which in turn supported militias that massacred tens of thousands of civilians in Darfur. The firm thus abetted genocide and circumvented American sanctions on Sudan. It agreed to pay a fine of $9bn for breaking that embargo, as well as ones on Cuba and Iran.The bank, naturally, hopes to put that grim episode behind it. These days it makes much of its social-responsibility efforts. Its 2015 annual report, for example, trumpeted the financing of a big supermarket in Ivory Coast as typical of its contribution to African development. On July 3rd it named a new head of compliance plus a new “company engagement department”, responsible, among other things, for setting strategy on human rights.  15 hours ago How   Yet the past is hard to banish. The bank faces scrutiny over an even uglier episode. On June 29th three human-rights groups in France submitted a complaint to a judge, accusing BNP of war crimes and complicity in genocide in Rwanda in 1994, when 800,000 people, mostly members of the Tutsi minority, were killed. The groups say they can prove BNP transferred funds to finance a weapons deal, breaking a UN arms embargo and equipping the killers. The bank has said only that it does not have enough information about the complaint.Details of the case have been aired for years. Following the Rwandan genocide, various organisations—notably the UN, in a lengthy report to the Security Council in January 1998—said BNP in June 1994 had financed a deal for 80 tonnes of weapons, including AK-47 rifles, ammunition, hand-grenades and mortars, delivered to the Rwandan army. Two shipments were brokered by a South African gunrunner, Willem Ehlers, who got payments of $592,784 and $734,099 respectively. The source of the funds was listed as Banque Nationale de Paris (which later merged with Paribas). The bank this week refused to comment on its reaction to the 1998 report.Such alleged crimes face no statute of limitation. Marie-Laure Guislain of Sherpa, one of the complainants, says she expects the case to move ahead, albeit slowly. In the meantime, she says, the groups will raise customers’ awareness “that banks can be involved in a very serious violation of human rights” and urge the “new government in France to be really vigilant”.That suggests a broader reason for the activists’ legal efforts. They hope to draw attention to a new French law, passed in February, obliging companies with over 5,000 staff, including banks, to prove their “duty of care” in reducing the risk of human-rights violations. It comes into force next year, and the activists hope next to push for similar EU-level legislation. Rights campaigners also want France’s new government to open archives expected to reveal complicity between French officials—not only bankers—and the génocidaires .BNP has no choice but to hunker down and hope the attention will pass. The financial threat looks lower than in the case of Sudan, when American authorities denied the bank access to dollar clearing for some transactions for a year. But the spotlight may prove just as uncomfortable.This article appeared in the Finance and economics section of the print edition under the headline "A long reckoning"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business-and-finance/21724773-pillar-french-finance-haunted-its-past-bnp-paribas-faces-accusations?fsrc=rss'|'2017-07-08T08:00:00.000+03:00'
'336a77ba4d5b9f4d73e9db41ce9048f64f597533'|'Detroit’s car firms try to match Silicon Valley'|'IT IS fashionable to say that the city of Detroit is on the up after decades of decline. Amid the derelict buildings there are signs of revival; art shops and trendy food trucks abound. But for a truer augury of the city’s possible future, consider the rock-bottom stockmarket valuations of Ford and General Motors (GM), Motor City’s two big domestic car firms. (A third, Chrysler, is owned by Fiat Chrysler Automobiles, whose chairman is a director of The Economist ’s parent company.) If you put the members of the S&P 500 index in order of their price-earnings ratios, Ford and GM are at the bottom, among the walking dead.For their investors, creditors and 426,000 staff, about 18% of whom are in Detroit, it is a terrifying signal. A low price-earnings ratio is the stockmarket’s way of telling you that business as you know it is over. GM and Ford together made $18bn of underlying profit last year but have a market value of $98bn. That ratio implies that their profits will halve or worse, and quickly. Wall Street has got the hots for a younger crowd of firms that investors think will dominate the transport technologies of the 21st century; electric engines, ride-hailing, ride-sharing and driverless cars.  15 hours ago How   Three Silicon Valley firms—Uber, Tesla and Waymo (Alphabet’s driverless-car unit)—are each reckoned to be worth more than GM or Ford. All lose money and bring in no more sales in a year than Ford or GM do in a fortnight. No matter. Expectations are sky high. Morgan Stanley, a bank, expects Waymo’s sales to exceed $200bn by 2030, making it roughly America’s fifth-largest firm. Not bad given it does not have any products for sale.For the people running GM and Ford it is hard to ignore such huge differences in valuation, even if they reflect bubbly thinking about Silicon Valley. Shareholders and directors are becoming restless, and talented staff demoralised. The pressure to act is intense. GM recently had to fend off an activist attack from a hedge fund. In May Ford fired its boss, Mark Fields, replacing him with Jim Hackett, whose experience as a car executive consists of 15 months running Ford’s tech incubator. Its chairman, Bill Ford, said new blood was needed to deal with technological change.Investors are making two mistakes, the car firms argue. First, they underestimate how hard it is to mass-produce cars, and second, they discount the possibility that hidden within them are Detroit’s equivalent of a Tesla, an Uber or a Waymo. Certainly, when you see the view from Ford’s headquarters, of miles of woods, test tracks and factories owned by the company or by the Ford family, it is easy to believe that there might be some buried treasure there.Take the point on mass production, first. Detroit’s experts sniff that Silicon Valley has no idea how to make millions of vehicles that adhere to the safety and reliability standards of the conventional car firms. Tesla produced the equivalent of 1% of GM’s vehicle volumes last year. One Detroit executive reckons it is 10,000 times harder to build an autonomous vehicle that works on real roads rather than on a Californian test track.Yet he is no Luddite, and expects a revolution. Electric vehicles will be mainstream by 2020, he says. Driverless cars will slash the cost-per-mile of travelling, especially if you count the time saved by freeing people from the hours they waste clutching steering wheels. Ride-sharing will mean that the utilisation rate of cars will go up and therefore that fewer vehicles are sold. But that could be offset by new revenue from services such as charging passengers for rides or selling data that is gathered about them.The car firms try hard to draw attention to the businesses they own that will benefit from these trends. GM has a 9% stake in Lyft (a rival to Uber that is gaining market share), and in 2016 bought Cruise, an autonomous-vehicle firm based in San Francisco, for $600m. GM’s subsidiary, OnStar, connects 7m drivers to various data services. Its electric-car model, the Chevrolet Bolt, is on the road. Ford owns Chariot, a “crowdsourced” shuttle service, and will have 13 models of electric car on the road by 2020. It is investing $1bn over the next five years in Argo, an artificial-intelligence firm that is developing software for autonomous vehicles.Investors do not seem to care. In the past few months they have begun to fret about a new risk, that American car sales may be at a cyclical peak. In previous downturns, profits have slumped. Both GM and Ford want to emphasise that their costs can be more easily cut than before the crisis in 2008-10, when GM went bust and Ford nearly did. They also want to show that they will not waste money abroad. In March GM sold its European arm to France’s PSA Group. Ford says that it is prepared to sell some emerging-market operations if they do not produce higher profits soon. But their price-earnings ratios have not budged.Wall Street: the world’s most demanding backseat driverIn their desperation, Ford and GM are toying with a new strategy: putting their tech assets into ring-fenced divisions that can be promoted as “new Ford” and “new GM”. These units’ accounts will not be pretty, with few sales, and combined investments of $3bn-4bn a year. But with a speck of the glitter that Tesla’s Elon Musk sprinkles on his loss-making firm, they might capture investors’ imaginations and resuscitate their parents’ share prices.But by re-engineering their structures, the car companies might start something uncontrollable. Wall Street could get excited and demand that they sell or spin-off the new divisions, robbing Detroit of its best assets. In the 1990s and early 2000s stodgy telecoms firms such as AT&T spun-off their mobile arms only to be reunited with them years later. Ford and GM may be goaded into unwisely blowing their $48bn of cash on tech acquisitions.The underlying shift in the car industry is real: the way in which cars are made and are used is changing. But it is surrounded by a swirl of hyperbole. Detroit’s firms face a classic incumbent’s dilemma. They must show they can dance with the cool kids, while not losing either their wallets or their dignity.This article appeared in the Business section of the print edition under the headline "My car’s sexier than yours"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21724843-now-their-stockmarket-valuations-indicate-decline-detroits-car-firms-try-match?fsrc=rss'|'2017-07-08T08:00:00.000+03:00'
'5a0a7e198b44dc279d4a1430f4c9c1f3dab45c23'|'Aramco CEO sees oil supply shortage as investments and discoveries drop'|'Business  29am BST Aramco CEO sees oil supply shortage as investments and discoveries drop FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo By Karolin Schaps and David Dolan - ISTANBUL ISTANBUL The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco''s chief executive said on Monday. Unconventional shale oil and alternative energy resources are an important factor to help meet future demand but it is premature to assume that they can be developed quickly to replace oil and gas, Amin Nasser told a conference in Istanbul. "If we look at the long-term situation of oil supplies, for example, the picture is becoming increasingly worrying," Nasser said. "Financial investors are shying away from making much needed large investments in oil exploration, long-term development and the related infrastructure. Investments in smaller increments such as shale oil will just not cut it," Nasser said. About $1 trillion in investments have already been lost since a decline in oil prices from 2014. Studies show that 20 million barrels per day of new production will be needed to meet demand growth and offset natural decline of developed fields over the next five years, he said. "New discoveries are also on a major downward trend. The volume of conventional oil discovered around the world over the past four years has more than halved compared with the previous four," Nasser said. State oil giant Aramco, which is preparing to sell around 5 percent in itself next year in an initial public offering, is continuing to invest in maintaining its oil production capacity of 12 million barrels per day. "We plan to invest more than $300 billion over the coming decade to reinforce our pre-eminent position in oil, maintain our spare oil production capacity, and pursue a large exploration and production program centering on conventional and unconventional gas resources," Nasser said. Nasser said that one of Aramco''s priorities was "direct conversion of crude oil into petrochemicals" while adding the company was also focusing on solar and wind projects. (Writing by Rania El Gamal and Dmitry Zhdannikov; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-aramco-oil-idUKKBN19V0KR'|'2017-07-10T10:27:00.000+03:00'
'de4fc033174c5bef79092fcca012b6dd56575202'|'Australian state picks Tesla to provide grid-scale battery'|'Business News - Fri Jul 7, 2017 - 11:15am BST Tesla wins giant battery contract in Australia, has 100-day deadline left right Tesla Chief Executive Officer Elon Musk speaks during an official ceremony in Adelaide, Australia, July 7, 2017 to announce that Tesla will install the world''s largest grid-scale battery in the South Australian state. AAP/Ben Macmahon/via REUTERS 1/6 left right South Australian Premier Jay Weatherill (R) listens to Tesla Chief Executive Officer Elon Musk speak during an official ceremony in Adelaide, Australia, July 7, 2017 to announce that Tesla will install the world''s largest grid-scale battery in the South Australian state. AAP/Ben Macmahon/via REUTERS 2/6 left right FILE PHOTO - A Tesla representative (R) demonstrates the Tesla Powerwall battery storage device to potential customers at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed/File photo 3/6 left right FILE PHOTO - Tesla Model X cars are charged by superchargers at a Tesla electric car dealership in Sydney, Australia, May 31, 2017. REUTERS/Jason Reed/File photo 4/6 left right FILE PHOTO - A Tesla representative demonstrates the Tesla Powerwall battery storage device to potential customers at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed/File photo 5/6 left right Tesla Chief Executive Officer Elon Musk arrives for an official ceremony in Adelaide, Australia, July 7, 2017 to announce that Tesla will install the world''s largest grid-scale battery in the South Australian state. AAP/Ben Macmahon/via REUTERS 6/6 By Colin Packham and James Regan - SYDNEY SYDNEY Tesla Inc has won an Australian contract to install the world''s biggest grid-scale battery, in what experts say will be a litmus test for the reliability of large-scale renewable energy. Tesla''s CEO Elon Musk, known for his bold approach to cars, clean energy and space exploration, trumped dozens of competing proposals to build the gigantic lithium-ion battery that will serve as emergency back-up power for South Australia - a state racked by outages. But under the agreement, Tesla must deliver the 100-MW battery within 100 days of the contract being signed or it will be free - a commitment Musk made in a Tweet in March. "There will be a lot of people that will look at this -''Did they get it done within 100 days? Did it work?''" Musk told reporters in South Australia''s capital city of Adelaide. "We are going to make sure it does." The battery, designed to light up 30,000 homes if there is a blackout, will be built on a wind farm operated by France''s Neoen - parts of which are still under construction. Musk said failing to deliver the project in time would cost his company "$50 million or more", without elaborating. It will be the largest lithium-ion battery storage project in the world, overtaking an 80 megawatt-hour facility in California, also built using Tesla batteries. Over the last three years, South Australia has decided to shut down its coal-fired power stations and instead rely on wind, solar and gas. In particular it has raced ahead of the rest of the country in turning to wind power, which supplies 40 percent of its energy. The move has been applauded by environmentalists but left the state prone to outages as there is no way to store enough energy when the wind doesn''t blow. In September, South Australia''s 1.7 million residents were left without power, some of them for up to two weeks, when the grid overloaded and collapsed. The battery is aimed at getting around the problem of inadequate storage. "Cost-effective storage of electrical energy is the only problem holding us back from getting all of our power from wind and solar," said Ian Lowe a professor of science at Australia''s Griffith University. "This project is a significant innovation to demonstrate the feasibility of large-scale storage." LITHIUM AMBITIONS Dozens of companies from 10 countries, including privately owned Lyon Group, working with U.S. power company AES Corp, expressed interest in the project. Now the sector is waiting to see if Musk can make good on his promise. "Tesla has been telling the world that it can and will finish the project within three months, said a source at a Korean competitor to Tesla, declining to be identified due to the sensitivity of the matter. "It seems that confidence helped Tesla win, but typically this kind of project takes six months so we have to wait and see whether or not Tesla can do it," the source said. Lithium-ion batteries have been in widespread use since about 1991, but mostly on a small scale, such as in laptops and cell phones. A typical lithium-ion battery can store 150 watt-hours of electricity in 1 kilogram of battery, representing more than double the capacity of nickel batteries. For their proponents who have long been pushing for grander use, the success of Musk''s big South Australian experiment will be key to greater acceptance. "For lithium technology to take off on a global scale, they clearly need the storage capacity to make sure renewables can deliver 24 hours a day, seven days a week," said Adrian Griffin, a geologist who specialises in lithium extraction. (Reporting by Colin Packham and James Regan in SYDNEY. Additional reporting by Sonali Paul in MELBOURNE. Writing by Jonathan Barrett. Editing by Bill Tarrant and Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-power-tesla-idUKKBN19S0ER'|'2017-07-07T07:28:00.000+03:00'
'5dda8d2a1eef43d88a8938a71252bf1dee7be99e'|'Total CEO hopes Britain will remain in the European Union'|'Business   7:42pm BST Total CEO hopes Britain will remain in the European Union FILE PHOTO - Patrick Pouyanne, Chief Executive Officer of Total, speaks during the 26th World Gas Conference in Paris, France, June 2, 2015. REUTERS/Benoit Tessier/File Photo AIX-EN-PROVENCE, France Total''s ( TOTF.PA ) chief executive Patrick Pouyanne said on Friday he had not given up on the idea of keeping Britain in the European Union. The French oil major, Europe''s second-largest, is a major oil producer in the British North Sea. "I still hope that Britain remains in the European Union," Pouyanne said on the sidelines of a business conference in the southern French city of Aix-en-Provence. "Maybe what will happen under the initiative of Emmanuel Macron and (Angela) Merkel will pave the way for a new future for Britain," Pouyanne said, referring to the new French president and the German chancellor, without elaborating. The current period of economic uncertainty triggered a year ago by the British vote to leave the EU needs to end as soon as possible, Pouyanne added. "What''s not good for Britain is that we''re in a period of uncertainty," Total''s boss said. "Investors don''t like uncertainty." "Britain''s interest is to clarify things quickly. It''s also in the interest of Europe," he added. (Reporting by Michel Rose, Mathieu Rosemain and Gwenaelle Barzic)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-total-idUKKBN19S2PH'|'2017-07-07T21:42:00.000+03:00'
'091507a2d4e21620aac35ec82f14f6539af8c04a'|'UK, Norway to lift ban on offshore flights of two Super Puma helicopters'|'Business   8:12pm BST UK, Norway to lift ban on offshore flights of two Super Puma helicopters LONDON Britain and Norway plan to lift a ban on offshore flights using two types of Super Puma helicopters, 17 months after a fatal crash in Norway. Britain''s Civil Aviation Authority (CAA) said on Friday both countries intended to lift national restrictions that remained in place after European authorities declared the helicopters safe to fly last October. Europe grounded the H225LP and AS332L2 helicopters, built by Airbus Helicopters ( AIR.PA ), after 13 passengers and crew were killed when the rotors flew off their aircraft in April last year. The decision to extend the safety clearance to Britain and Norway follows "extensive investigation, testing and changes to the helicopter and its maintenance," the CAA said in a statement. Flights will not resume immediately, however. "A plan of checks, modifications and inspections needs to be undertaken before any flights take place," the CAA said. "It will also be for operators and their customers to decide whether they wish to re-introduce the helicopters to service" Norwegian oil company Statoil said in December it would stop using H225 Super Puma helicopters for good. (Reporting by Tim Hepher; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-helicopters-britain-norway-idUKKBN19S2R8'|'2017-07-07T22:12:00.000+03:00'
'daf2cc0f147624dd055d997c586e2c8a9c60c6a4'|'UK''s Ultra Electronics to buy U.S. warfare device maker Sparton'|'Market   3:11am EDT UK''s Ultra Electronics to buy U.S. warfare device maker Sparton July 7 British defence contractor Ultra Electronics said it would buy Sparton Corp for $23.50 per share, giving the maker of anti-submarine warfare devices used by the U.S. Navy an enterprise value of about $234.8 million. The deal will create a major supplier in the underwater warfare market, including to the U.S. Department of Defense, Ultra Electronics said. Ultra Electronics said it worked with Sparton''s engineered components and products unit in a joint venture for over 10 years. "This close relationship has benefited our major customer, the US DoD, through more effective use of the available engineering budget," the British firm said. U.S. President Donald Trump has sought what he called a "historic" increase in defence spending and has criticised European nations for low defence spending. Ultra Electronics will raise capital to partly fund the deal, by placing 9.9 percent of its shares under issue. The deal is expected to close by Jan. 1, 2018. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sparton-ma-ultra-electronic-idUSL4N1JY2NF'|'2017-07-07T10:11:00.000+03:00'
'df2e4d0a8947e9e50c3e5bc2cbf7d3fc53b6112d'|'A reality check for virtual headsets'|'JUSTIN WILLIAMS takes off a virtual-reality (VR) headset and wobbles away from a demo area at E3, the world’s largest gaming convention, in Los Angeles. The bottoms of his feet and calves are “on fire,” he says. Mr Williams, a 32-year-old former marine, was playing “Sprint Vector”, a VR running game: players swing hand-held controllers to simulate motion. Though he has been standing in one place, his brain believes he has just run for several miles.This sensation of complete immersion is called “presence”. Boosters of VR say it is what will drive the technology’s mass adoption, in time. When Facebook bought Oculus, a VR startup, for $2bn in 2014, and sent interest in the technology rocketing, it was this feeling of being present that Mark Zuckerberg, the social network’s boss, described as “incredible”.Latest updates The International Criminal Court finds that South Africa broke the law Middle East and Africa 2 hours ago Donald   3 hours ago Angela   3 hours ago Israel   5   5   10 hours ago See all updates Yet despite many pronouncements that 2016 was the year of VR, a more apt word for virtual reality might be absence. Of the 6.3m headsets that were shipped last year, most were cheaper, less sophisticated devices, such as the Samsung Gear VR, that rely on smartphones to act as their screens, according to SuperData, a games-market research firm. Only 200,000 high-end Oculus Rift headsets were sold globally (see chart). In the end, SuperData revised its first forecast, made in January last year, that total revenue from VR software and hardware would reach $5.1bn in 2016, down to $3.6bn. The actual figure for total worldwide revenue was a meagre $1.8bn. The expectations set for VR were plainly unrealistic, says George Jijiashvili, an analyst with CCS Insight, a research company. Even in the gaming industry, which has been quick to adopt the technology, people noted that Microsoft’s release of its new Xbox gaming console at the convention made no mention of VR. Oculus did not even set out a stall.Several obstacles still stand in the way of widespread use. The gear is expensive and clunky, and requires a powerful computer or gaming console to function. Consumers are hesitant to splash out on expensive kit when there isn’t a lot to do with it; developers are reluctant to spend resources making games for a tiny market. Developers are also held back by the sheer variety of headsets, which means they need to code content several times for different platforms. The way in which users must wave around hand-held controllers such as HTC’s “wands” to input movements falls short of the promise of VR, which will eventually use sensors to convey bodily movement.And yet signs of progress are also visible. Despite the lack of splashy announcements at E3, there were plenty of smaller companies eager to show off their wares. More than 120 of the 293 exhibitors, mostly gaming-related companies, had some sort of VR product, up from 53 last year, 27 in 2015, six in 2014 and none in 2013. Their offerings included everything from “haptic” feedback (giving VR users a sensation of touch) to advertising inside VR content.Some tech giants still see VR as integral to their future. Despite its underwhelming sales of Oculus Rift, Facebook is convinced that VR is “the next major computing platform”. It recently hired Hugo Barra, a well-known former Google and Xiaomi executive, to head up its VR division. It has a new offering, “Spaces”, which is a place to socialise with friends in VR that allows users to create avatars, to express some emotion through facial expressions, answer video calls, share photos and take selfies. As a first go, it is surprisingly compelling.Other tech firms reckon VR may be a stepping stone to a bigger prize: augmented reality (AR), which allows users to overlay the digital world onto the real one. AR has more everyday applications, such as navigation, than VR, which is expected to be used chiefly for leisure activities and in industry. Apple believes that AR will become a bigger phenomenon than VR.Google is trying both. It had a salutary experience with its “Glass” headsets, a much-maligned set of primitive AR spectacles that it launched in 2013 only to withdraw them from sale two years later. It has now developed and started selling “Daydream” mobile headsets, a cheap smartphone-based VR kit, and has invested in several VR and AR companies, such as Magic Leap, an AR startup. It has bought Owlchemy Labs, the creator of “Job Simulator”, a VR game set in a future in which humans no longer need to work thanks to machines. Microsoft is betting on what it calls “mixed reality”, arguing that it is pointless to draw a line between AR and VR. Although it did not emphasise VR at E3, it is enthusiastic about its potential on the Windows 10 operating system.If VR is to take off at last, tech-industry executives agree that avid gamers will be crucial. Such people tend to be early adopters of expensive new equipment, so they subsidise innovation. Games developers know how to engage players and keep them interested, and how to tell stories in a non-linear fashion. And they have for years created content in three dimensions, a basic requirement for VR. Indeed, virtual reality is integrating games and the broader technology industry as never before. “It’s like two continents that were apart, and continental drift is bringing them together,” says Neil Trevett of the Khronos Group, a non-profit industry group.HTC developed its Vive headset in collaboration with Valve, a games developer and distributor. Google is funding independent games developers to boost the creation of content. When Apple introduced new virtual-reality and augmented-reality features at a conference for software developers last month, its emphasis was on games. Members of the Khronos Group, including Google and Apple as well as games firms such as Epic and Nintendo, are working on industry-wide standards.New headsets from a variety of hardware firms—Acer, Asus, Dell, Lenovo and Hewlett-Packard—all running on Windows, are expected later this year. Many new games and entertainment products using VR (see article ) are poised to go on sale. Better technology and more content will encourage gamers who were on the fence to join in, expanding the market and setting off a virtuous cycle, argues Dan O’Brien, head of VR at HTC. As part of that cycle, headsets will become smaller, cheaper and wireless. Some of those advances will come from China, which leads the world in the adoption of VR. Chinese firms have been quick to invest, and its hardware industry is churning out new products. Xi Jinping, the president, has mentioned VR as important for economic growth.Virtual reality also has new functions in business and beyond. Mr O’Brien says he receives many inquiries from carmakers, for example, which are using VR as a way quickly and cheaply to prototype and collaborate on new models of vehicles. Hospitals in America are experimenting with 3D models in VR as a way for doctors to get a closer look at tricky bits of bodies or to prep for surgery. The Pentagon is eyeing new VR technologies aimed at consumers as a cheap addition to its existing use of VR for training. The lessons from making shoot-’em-up games for bored teenagers could one day be applied to real training programmes for soldiers—as well as being useful for the doctors who come after. The VR industry has not yet fulfilled the hype. But the believers have not lost their faith.This article appeared in the Business section of the print edition under the headline "Get real"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21724863-vr-has-been-more-about-hype-substance-will-change-reality-check-virtual?fsrc=rss'|'2017-07-08T08:00:00.000+03:00'
'35e74125b4c672747f8ee9ed774aa99c52fb8a2c'|'Craft beer in America goes flat'|'JULY 4th is a day to celebrate American independence, first and foremost, but also to grill meat and swill beer. For American beer lovers in particular, the pint-glass runneth over in terms of choice. They had 5,000 breweries to pick from this year; 35 years ago there were under 100. Drinkers can enjoy time-honoured traditions, guzzling Budweiser to wash down all that sizzling beef, and newer ones such as sipping ale “finished with fennel, liquorice and anise” at Tørst, a Brooklyn bar.For the producers of beer, the mood is darker. Though the number of brands has proliferated, the number of drinkers has not. Sales have been flat for a few years and 2017 has been especially slow so far. The volumes of beer sold at stores for the three months to June 17th were 1% lower than in the same period last year, according to Nielsen, a market-research firm. Brewers are now waiting with some anxiety for data about sales during the July 4th holiday. “The start of the year has been as bad as I can remember,” says Trevor Stirling of Sanford C. Bernstein, a research firm. a day ago Why The dip is the result of two problems, one old and one new. First, the consumption of wine and spirits is growing more quickly than that of beer, and has been for nearly 20 years. Women are drinking more booze but often prefer wine and spirits. Men are turning to a wider range of drinks, including whisky and wine.The second difficulty is that after years of effervescent growth, craft beer has gone flat. Volumes grew in 2016, but half as quickly as in 2015 (see chart). In the 13 weeks to June 17th craft-beer sales and volumes both dropped, by 0.7% and 1.5%, respectively. It may be that craft beer has reached its natural limit, both because there are only so many people who want to buy it and because there is only so much shelf-space that stores can provide.Olivier Nicolai of Morgan Stanley, a bank, notes that many distributors and retailers are weary of dealing with a jumble of brands, with some cases of beer going bad before they can be sold. It is hard for retailers to know which beers to stock because consumers, spoiled for choice, have proved fickle. Sales of Saison farmhouse beers, a spicy pale ale, for example, rose by 28% in 2015, according to Nielsen, only to fall in 2016.As the market loses its fizz, debates are intensifying about whether independent beer companies can thrive in the shadow of behemoths such as AB InBev, which controls about half the American beer market. Last year the group, which is backed by 3G Capital, a New York-based private-equity firm, bulked up further by buying Britain’s SABMiller. By some measures AB InBev’s American division, Anheuser-Busch, looks less than intimidating. It is experiencing a much steeper drop in beer demand than craft brewers. In the four weeks to June 17th its Bud Light and Budweiser brands each saw volumes drop by more than 8%, declines not seen since 2009, in the depths of the financial crisis.But small brewers still fret about its scale. It has recently shown interest in buying small brands as well as big ones, downing nine American craft brewers in just the past three years. Some small brewers worry that AB InBev’s craft brands will push aside their own. Bob Pease of the Brewers Association in Boulder, Colorado, which represents independent beer firms, argues that AB InBev’s expanding portfolio of beer makers and its relationships with distributors may mean that few rivals make it onto delivery trucks. His group introduced a new seal in June to help consumers find properly independent brewers.João Castro Neves, head of AB InBev’s American business, disputes the idea that his company has a stranglehold on the market. “There is no way that Anheuser-Busch or anyone else can impose a beer on the consumer,” he insists. Brewers both large and small may find that increasingly hard to contest.This article appeared in the Business section of the print edition under the headline "Half-empty"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21724864-slowing-beer-market-and-might-ab-inbev-has-small-brewers-worried-craft-beer-america?fsrc=rss'|'2017-07-06T22:49:00.000+03:00'
'd04131a30c3b51bd158db134241289045b3db5da'|'Deutsche Bank sees progress towards IPO of asset management arm - memo'|'Deals - Fri Jul 7, 2017 - 5:26pm BST Deutsche Bank sees progress toward IPO of asset management arm: memo left right A Deutsche Bank logo adorns a wall at the company''s headquarters in Frankfurt, Germany June 9, 2015. REUTERS/Ralph Orlowski/File Photo 1/2 left right The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 2/2 ZURICH Deutsche Bank ( DBKGn.DE ) said that it is making progress in its planned partial initial public offering (IPO) of its asset management unit, according to a recent memo to staff. Germany''s largest lender announced its plans for a partial IPO of the unit in March as part of a broader restructuring of the bank reeling from law suits and trading scandals. Nicolas Moreau, a board member who oversees Deutsche Asset Management, said in an email to staff seen by Reuters, that Swiss regulator FINMA had approved the establishment of Deutsche Asset Management (Schweiz) AG. The new entity incorporates the existing Swiss asset management activities formerly part of Deutsche Bank (Suisse) S.A. "We continue to make excellent progress with our IPO preparations and achieve notable milestones in our preparations," Moreau said in the note. John Cryan, Deutsche''s CEO, has said the bank would maintain a "controlling and super-majority stake" in the business. The sale would take place at some point over the next two years, Deutsche said at the time, and could raise 2 billion euros ($2.3 billion). Deutsche hopes that by giving its asset management unit more operational independence the unit will be more attractive to talent. Deutsche Asset Management has more than 700 billion euros invested worldwide. (Reporting by Oliver Hirt; Writing by Tom Sims; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-asset-management-idUKKBN19S2E1'|'2017-07-07T19:11:00.000+03:00'
'a6a7376d06665ce22d57e461662bee2e4450011b'|'Saudi Aramco gets approval to set up companies for energy industrial city'|'  6:48pm BST Saudi Aramco gets approval to set up companies for energy industrial city FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo KHOBAR, Saudi Arabia Saudi Aramco received ( IPO-ARMO.SE ) the approval of the Saudi government to set up two new companies that will develop and operate a new Energy Industrial City in Saudi Arabia, as the kingdom seeks to expand its industrial base, state news agency SPA reported on Monday. The city will be developed over 50-square km of land in the oil producing region, SPA said quoting a cabinet statement. An earlier report said the city will be close to Abqaiq and will develop energy-related industries. "The government approved Aramco''s offer to set up a developer that will undertake laying out the infrastructure of the city, manage its fixed assets." This company will eventually own the fixed assets in the city. Aramco will also set up another company to handle operations and maintenance of the city. SPA did not provide further details on the Energy Industrial City which have been in Aramco''s plans for a few years. Low oil prices have drastically slowed Saudi Arabia''s economy so it is trying to create manufacturing jobs and produce goods and services which it has traditionally imported. Its strategy is to use large amounts of government money and the procurement budgets of big state-run enterprises, such as national oil firm Aramco, to attract foreign expertise to develop strategic industries. The creation of "industrial cities" - huge projects in which state institutions play key roles in planning and raising finance, but which seek to attract private investment - is part of the government''s efforts to jump-start development. A senior Aramco official said in March, investments in the city are expected to be 16.5 billion riyals (3.41 billion pounds). In May, Saudi Aramco signed deals to build the Gulf''s largest shipyard through a joint venture with three companies, a $5.2 billion project aimed at helping reduce the economy''s reliance on oil and create jobs, a key part of Vision 2030. "The country in general is pushing manufacturing big time and Aramco is playing a bigger role to promote local manufacturing with potential added value to the industry," said a source. "Expanding energy industries will achieve the target set by the kingdom to promote local content, the energy city is the core of localising the solar industry for example as well as oil and gas services and the establishment of two companies could be seen as something that is in line with the arrangements of Aramco''s privatisation plans," said Fadl al-Buainain, a Saudi economist. Saudi Aramco said in its 2016 annual review released on Thursday the value of its direct material procurement from local manufacturers increased by $800 million to $2.9 billion in 2016, representing 43.5 percent of its material procurement spending and is the highest level of local content in the its history. Aramco launched the In-Kingdom Total Value Add (IKTVA) initiative to double the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021. (Reporting by Reem Shamseddine, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-industry-idUKKBN19V2BM'|'2017-07-10T20:48:00.000+03:00'
'341f5d260d134f030ea83fd1cbd4983615f4c1c9'|'Global air freight demand soars in May as exports near multi-year highs - IATA'|'Business News - Wed Jul 5, 2017 - 12:42pm BST Global air freight demand soars in May as exports near multi-year highs - IATA Crew members and airport employees unload a transport plane, which delivered freight from Canada, at Boryspil International airport outside Kiev November 28, 2014. REUTERS/Valentyn Ogirenko Demand for global air freight jumped 12.7 percent in May as new export orders hover close to six-year highs, a sign that economic and trade conditions remain robust, the International Air Transport Association (IATA) said on Wednesday. All regions except for Latin America reported double-digit growth. Available capacity rose 5.2 percent in May, meaning that load factors rose by 3.0 percentage points to 45.2 percent. IATA, however, believes the best of the cyclical upturn may have passed. "With indications that the cyclical growth period may have peaked, the onus is on the industry to improve its value proposition by accelerating process modernisation and enhancing customer-centricity," IATA Director General and CEO Alexandre de Juniac said. For the third quarter, IATA expects air freight demand to grow by 8 percent. Last month the global airlines association upgraded its full-year forecast for an increase in demand to 7.5 percent from 3.5 percent. Germany''s Lufthansa ( LHAG.DE ) on Wednesday confirmed its air freight division was doing well in 2017 as the sector benefits from a recovery in global economies and trends such as growth in e-commerce. (Reporting by Bartosz Dabrowski; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airlines-iata-freight-idUKKBN19Q1F1'|'2017-07-05T14:42:00.000+03:00'
'163f749399769dfdc8e780532870b7ebf2a83024'|'Ex-Bank of England deputy in talks for Visa Europe CEO job - report'|'Business News - Sat Jul 8, 2017 - 1:06pm BST Ex-Bank of England deputy in talks for Visa Europe CEO job - report LONDON Charlotte Hogg, who resigned as the Bank of England''s deputy governor in March over concerns about a potential conflict of interest, is in talks to take over as chief executive at Visa Europe ( V.N ), Sky News reported on Saturday. Hogg, who was one of Governor Mark Carney''s most trusted lieutenants, stepped down following criticism by lawmakers that her role was untenable because her brother was responsible for guiding Barclays'' ( BARC.L ) response to bank regulation, which is overseen by the Bank of England (BoE). Sky, citing an unnamed source close to the BoE, said Visa Europe had held preliminary talks with the central bank about the implications of Hogg taking on the job as its chief executive. A Visa Europe spokeswoman declined to comment on the report. (Reporting by Michael Holden; Editing by Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-visa-hogg-idUKKBN19T0JU'|'2017-07-08T15:06:00.000+03:00'
'bbdb05115f3753aa589f8bfc5d99e7ea791865cd'|'China urges GM, Mercedes-Benz and Volkswagen to recall cars with faulty air bags'|'July 7, 2017 / 1:09 AM / in 6 hours China urges GM, Mercedes-Benz and Volkswagen to recall cars with faulty air bags 2 Min Read The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. Rebecca Cook/File Photo SHANGHAI (Reuters) - China''s top quality watchdog has asked General Motors, Daimler''s Mercedes-Benz and Volkswagen to fulfil their obligations to recall vehicles in China affected by faulty Takata air bags, it said in a statement. The three foreign carmakers have to date only proposed recalling a small number of vehicles for testing and analysis instead of providing recall plans, said the General Administration of Quality Supervision, Inspection and Quarantine on its website late on Thursday. The watchdog said it met the carmakers'' representatives and urged them to fulfil their legal obligations and recall affected vehicles as soon as possible. It estimated that more than 20 million cars in China were equipped with the air bags made by Japanese auto parts maker Takata Corp 7312.T, which have been linked to at least 16 deaths and 180 injuries around the world. The bags have the potential to explode with too much force and spray shrapnel. Of 37 car manufacturers affected by the faulty air bag issue in China, 24 had already recalled 10.59 million cars by the end of June while another five had made plans to recall a further 1.26 million vehicles, it said. Reporting by Brenda Goh; Editing by Stephen Coates 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-autos-recall-idINKBN19S05D'|'2017-07-07T04:07:00.000+03:00'
'a3d84ffd3f40e645df3c7cf0b19a6cf598610a63'|'Saudi Aramco reaffirms commitment to Pertamina JV as CEOs meet'|'Business  11am BST Saudi Aramco reaffirms commitment to Pertamina JV as CEOs meet Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed KHOBAR, Saudi Arabia Saudi Aramco ( IPO-ARMO.SE ) CEO Amin Nasser met Pertamina [PERTM.UL] boss Elia Massa Manik in Jakarta on Friday to reaffirm its commitment to their Cilacap Refinery joint development. The meeting was held "to reaffirm Aramco''s commitment to Indonesia joint venture project development", Aramco said on its official Twitter account, without providing further details. Manik, formerly head of state-owned agriculture holding company PT Perkebunan Nusantara (PTPN) III, was appointed boss of Pertamina in March. In June, Pertamina said it was awaiting approval from Saudi Aramco to delay completion of a $5 billion (3.87 billion pounds) upgrade of the Cilacap Refinery in Central Java to 2023 from 2021. The upgrade will increase capacity to 400,000 from 348,000 barrels per day. (Reporting by Reem Shamseddine; additional reporting by Fergus Jensen in Jakarta; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-saudi-aramco-pertamina-idUKKBN19S1C4'|'2017-07-07T13:11:00.000+03:00'
'1fe2a3d42348cd75ccdeb30304cea9bf62f37653'|'U.S. judge to name Feinberg as Fiat Chrysler diesel settlement master'|'Autos - Mon Jul 10, 2017 - 1:13pm EDT U.S. judge to name Feinberg as Fiat Chrysler diesel settlement master A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. REUTERS/Brendan McDermid By David Shepardson - WASHINGTON WASHINGTON A U.S. judge overseeing lawsuits against Fiat Chrysler Automobiles NV ( FCHA.MI ) over its alleged excess diesel emissions said he intends to name well-known compensation expert Ken Feinberg to try to reach a settlement. Feinberg has overseen compensation funds for the Sept. 11, 2001 attacks, General Motors ( GM.N ) ignition switch victims and the fallout from the 2010 BP Deepwater Horizon drilling rig explosion ( BP.L ). He also worked as an consultant to Volkswagen AG ( VOWG_p.DE ) on a compensation program stemming from its massive diesel emissions cheating scandal. Federal judge Edward Chen in San Francisco said in an order issued last week that "there is a pressing need to determine if all or some of the pending matters can be resolved by the parties sooner rather than later." He gave all sides until Wednesday to file objections to naming Feinberg as settlement master. Feinberg declined to comment Monday. In May, the U.S. Justice Department sued Fiat Chrysler, accusing it of illegally using software that led to excess emissions in nearly 104,000 diesel vehicles sold since 2014. A lawyer for Fiat Chrysler, Robert Giuffra, said last month the company is optimistic regulators will approve a proposed software update as part of certifying 2017 diesel models to allow them to go on sale. The same updated software would then be used to address any excess diesel emission issues in vehicles from the 2014-2016 model years already on the road. The U.S. Environmental Protection Agency and California Air Resources Board accused Fiat Chrysler in January of using undisclosed software to allow excess diesel emissions, which the government labeled a "defeat device." They are both still reviewing the proposed fix. Last month, Fiat Chrysler Chief Executive Sergio Marchionne said he was "confident of the fact that there was no intention on our part to set up a defeat device that was even remotely similar to what (Volkswagen) had in their cars." The Justice Department also has a separate criminal probe into the matter. Feinberg was among the candidates proposed as a possible settlement master by both Fiat Chrysler and Elizabeth Cabraser, the lead lawyer for owners and dealers suing the company. (Reporting by David Shepardson; Editing by Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-fiatchrysler-emissions-idUSKBN19V28X'|'2017-07-10T20:13:00.000+03:00'
'3c40625d23b83bdba6fb539d1d687ace978246f9'|'Starbucks customer engagement plan hurt by understaffing - survey'|'July 6, 2017 / 7:28 PM / in 32 minutes Starbucks service hurt by understaffing - coworker.org survey 3 Min Read Customers sit outside of a Starbucks cafe in Jakarta, Indonesia July 1, 2017. Agoes Rudianto (Reuters) - A Starbucks Corp ( SBUX.O ) initiative overseen by new Chief Executive Kevin Johnson and designed to improve speed and customer service, has not addressed underlying staffing shortages, according to an outside survey of company workers released on Thursday. The survey results from Coworker.org, which helps employees organise online petitions, come a year after Starbucks workers in the United States began using the site to protest staffing cutbacks that they warned were slowing service and hurting employee morale at the popular coffee chain. Coworker.org said its poll included 184 self-identified, current U.S. Starbucks cafe workers, supervisors and managers across 33 states. The company has more than 13,000 coffee shops in the United States, with more than 150,000 workers. In January, Starbucks said some of its busiest U.S. cafes were grappling with bottlenecks at drink pick-up stations during peak hours. Executives blamed the delays on an avalanche of mobile orders and said the backups had chased away some walk-in customers. The company, which has reported two straight quarters of declines in U.S. traffic, reworked tasks to make them more efficient and gave managers more leeway to add staffing as part of a broad customer re-engagement programme dubbed "North Star." That effort is led by Kris Engskov, Starbucks'' president of U.S. retail, under the guidance of Johnson, who succeeded longtime CEO Howard Schultz in April. Despite those efforts, 75 percent of the Starbucks workers polled by Coworker.org said their stores were not staffed appropriately to meet the goals of North Star. Eighty-nine percent of survey respondents said staffing levels were still a problem in their stores in the past three months, and 62 percent said their ability to deliver the best customer service possible decreased during the same period. Mobile ordering has "added to the work load immensely, and yet again, there aren''t even enough people scheduled to share the workload," an unnamed Starbucks partner told Coworker.org. Starbucks did not immediately respond to a request for comment. A Starbucks employee last year launched an online petition on Coworker.org, accusing the chain of "extreme" cutbacks in work hours that were crushing employee morale. The petition currently has more than 18,000 signatures. Workers contacted by Reuters last year said they noticed the reduction in hours in April 2016, after Starbucks reported a deceleration in quarterly cafe sales growth. Some employees warned that the Starbucks'' new mobile ordering app was increasing the need for labour. Reporting by Lisa Baertlein in Los Angeles and Sruthi Ramakrishnan in Bengaluru; Editing by Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/starbucks-survey-idINKBN19R2TV'|'2017-07-06T22:27:00.000+03:00'
'14c55e412c51c96d7180f4e6d247a4395b1cea85'|'CANADA STOCKS-Futures down ahead of trade data'|'Market News  46am EDT CANADA STOCKS-Futures down ahead of trade data July 6 Canadian stock futures pointed to a lower open for Canada''s main stock index on Thursday as investors awaited trade balance data for May. Trade deficit for May is expected to have widened to C$53 billion ($41 billion) from C$37 billion in April. The trade balance and building permits data are due at 8:30 a.m. ET. September futures on the S&P TSX index were down 0.32 percent at 7:15 a.m. ET. Canada''s main stock index rebounded from earlier session losses on Wednesday but gains in heavily weighted sectors including financials and materials were tempered by a sharp tumble in energy stocks. Dow Jones Industrial Average e-mini futures were down 0.29 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.38 percent and Nasdaq 100 e-mini futures were down 0.72 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) ANALYST RESEARCH HIGHLIGHTS Canadian Natural Resources Ltd: Barclays cuts target price to C$34 from C$50 Canadian Pacific Railway Ltd: CIBC raises price target to C$222 from C$220 COMMODITIES AT 7:15 a.m. ET Gold futures: $1,225.1; +0.39 pct US crude: $45.84; +1.60 pct Brent crude: $48.52; +1.53 pct LME 3-month copper: $5,851; +0.17 pct U.S. ECONOMIC DATA DUE ON THURSDAY 0815 ADP national employment for Jun: Expected 185,000; Prior 253,000 0830 International trade mm for May: Expected -$46.2 bln; Prior -$47.6 bln 0830 Goods trade balance (R) for May: Prior -$65.90 bln 0830 Initial jobless claims: Expected 243,000; Prior 244,000 0830 Jobless claims 4-week Average: Prior 242,250 0830 Continued jobless claims: Expected 1.939 mln; Prior 1.948 mln 0945 Markit Comp Final PMI for Jun: Prior 53 0945 Markit Services PMI Final for Jun: Prior 53 1000 ISM N-Manufacturing PMI for Jun: Expected 56.5; Prior 56.9 1000 ISM N-Manufacturing Business Activity for Jun: Expected 60.8; Prior 60.7 1000 ISM N-Manufacturing Employment Index for Jun: Prior 57.8 1000 ISM N-Manufacturing New Orders Index for Jun: Prior 57.7 1000 ISM N-Manufacturing Price Paid Index for Jun: Prior 49.2 FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.29) (Reporting by Riniki Sanyal in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL4N1JX0MW'|'2017-07-06T14:46:00.000+03:00'
'3aacdc06716726b5ae81da9b499e5ad3da34d20b'|'UK-U.S. trade deal will not make up for leaving the EU - minister'|'Business News - Sun Jul 9, 2017 - 3:12pm BST UK-U.S. trade deal will not make up for leaving the EU: minister left right Britain''s Justice Secretary, David Lidington, speaks on the BBC''s The Andrew Marr Show in London, Britain July 9, 2017. Jeff Overs/BBC handout via REUTERS 1/2 left right Britain''s Justice Secretary, David Lidington, speaks on the BBC''s The Andrew Marr Show in London, Britain July 9, 2017. Jeff Overs/BBC handout via REUTERS 2/2 By William James - LONDON LONDON A post-Brexit trade deal with the United States would not be enough to make up for leaving the European Union, British justice minister David Lidington said on Sunday, tempering Prime Minister Theresa May''s enthusiasm about the U.S. offer. May had warmly welcomed assurances on Saturday by U.S. President Donald Trump that a "very powerful" trade deal with Britain would be reached "very, very quickly" after Britain leaves the EU. Seeking to reassert her authority over a Brexit process thrown into chaos by a botched snap election last month, May described talks on trade with Trump and other world leaders at a G20 meeting as a "powerful vote of confidence" in Britain. But one of her senior ministers dampened that enthusiasm on Sunday, in a sign of the difficult task May faces in uniting her own party behind a single exit strategy as key legislation is due to enter parliament next week. "It wouldn''t be enough on its own, no," Lidington told the BBC''s Andrew Marr Show. "But it would be a very good thing to have - as would trade deals with the emerging economies of Asia and Latin America." The government has touted the ability to strike bilateral trade deals, rather than EU-wide deal negotiated by Brussels, as one of the key benefits of leaving the bloc. Lidington campaigned strongly for Britain to remain in the EU before the 2016 referendum, but has since said he accepts the outcome of that vote. The Confederation of British Industry, a business lobby group, also warned against placing too much emphasis on a potential deal with the United States. "Not every trade deal is necessarily a good and fair trade deal for both parties," CBI President Paul Drechsler told Sky television. "The USA has one of the best negotiating teams in the world in terms of trade deals. We don''t want to walk into a bear hug - I would be wary of trying to be too fast on a trade deal." LEADERSHIP RELAUNCH May is expected to make a speech on Tuesday marking a year since she inherited power following Britain''s surprise vote to leave the EU. The speech is seen as an attempt to move on from a tumultuous 12 months in which May set out a hardline approach to leaving the EU and called an election, but then failed to persuade the public to back her and lost her outright majority in parliament. She has struck a deal with a small Northern Irish political party to support her minority government. Her weakened status has led to speculation that members of her Conservative Party - historically split between eurosceptics and more pro-European members - would be prepared to oust her if they did not get their way. Party unity will be tested by legislation which is due to be presented to parliament next week, outlining the government''s plan to translate all EU law in British law as part of its preparation for leaving. A report in the Sunday Times newspaper cited anonymous sources as saying pro-European lawmakers could demand concessions in the bill. A separate report sourced to an unnamed Conservative in the Mail on Sunday also said a ''Kamikaze'' group of Brexit-supporting Conservatives would be prepared to oust her and force a new election if she did water down her Brexit plans. Dismissing those reports, Lidington said: "I’ve been in parliament 25 years and almost every July a combination of too much sun and too much warm prosecco leads to gossipy stories in the media." (Editing by Elaine Hardcastle and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-trade-usa-idUKKBN19U08U'|'2017-07-09T15:35:00.000+03:00'
'43432dbf39178f80146d6af59b49c7e9df179fc0'|'China''s FAW to recall 680,000 more Mazda cars over faulty Takata airbags'|'Autos - Sat Jul 8, 2017 - 3:01am EDT China''s FAW to recall 680,000 more Mazda cars over faulty Takata airbags FILE PHOTO: Visitors walk behind a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan, November 6, 2015. REUTERS/Toru Hanai/File Photo BEIJING China''s FAW Car Co Ltd, a partner of Japan''s Mazda Motor Corp ( 7261.T ), will recall over 680,000 Mazda cars due to issues with air bags that were supplied by embattled Japanese auto parts supplier Takata Corp ( 7312.T ). The recall includes Mazda 6 vehicles manufactured in China between September 2008 and January 2016, China''s General Administration of Quality Supervision, Inspection and Quarantine said in a statement on its website on Friday. The watchdog said the issue was related to dangerous defects in the airbag inflator on the passenger side, and follows an earlier recall of 280,000 Mazda 6 models manufactured between 2003 and 2008 for a similar issue. Takata filed for bankruptcy in Japan and the United States last month, burdened with tens of billions in liabilities related to a decade of recalls and lawsuits over faulty airbags supplied to some of the world''s biggest auto brands. The airbags have been linked to at least 16 deaths and 180 injuries. The firm will be largely acquired for $1.6 billion by Chinese-owned, U.S.-based firm Key Safety Systems as part of its financial restructuring. On Friday the Chinese watchdog said in a statement that it has asked foreign firms General Motors ( GM.N ), Daimler''s ( DAIGn.DE ) Mercedes-Benz and Volkswagen ( VOWG_p.DE ) to fulfil their obligations to recall vehicles in China affected by faulty Takata air bags. (Reporting by Cate Cadell; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-faw-china-recall-idUSKBN19T074'|'2017-07-08T10:01:00.000+03:00'
'91d4e7fc77b1dfde7928ca86dda6711f746f4c79'|'OPEC delegates encouraged by Russian comments on adjusting oil cut deal'|'July 7, 2017 / 1:42 PM / in 17 minutes OPEC delegates encouraged by Russian comments on adjusting oil cut deal Alex Lawler 3 Min Read The Russian flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. Leonhard Foeger LONDON (Reuters) - OPEC delegates said on Friday they were encouraged by Russia''s openness to talking about changes to an OPEC-led deal to cut oil supplies, opening the door to more steps being considered to clear a global supply glut. OPEC and allied non-OPEC producers such as Russia agreed to limit oil supply into 2018, but crude prices LCOc1 have fallen since May, partly because of higher production from Nigeria and Libya, two OPEC members exempt from cutting output. Key energy ministers, including those for Saudi Arabia and Russia, have previously said there was no immediate need for extra measures to support oil prices. But on Friday, Russia''s Energy Ministry said Moscow was ready to consider proposals, including revising the deal if need be. OPEC delegates told Reuters that while no concrete discussions about further steps were talking place now, the Russian comments gave a positive basis for ideas, such as a larger cut, to be considered. "Encouraging indications from Russia for such thoughts like deeper cuts give better justification to promote and develop such ideas to rebalance markets," one source close to OPEC said. "It provides a good basis, but no discussion is there yet." Oil ministers from five countries monitoring the deal plus Saudi Arabia as OPEC president are scheduled to meet in Russia on July 24. They could recommend adjusting the pact to the wider group, which holds its next meeting in November. OPEC officials have been talking about whether production by Libya and Nigeria should be capped, although such a step would face resistance from those countries. In addition, OPEC also looked at a larger production cut at its last meeting held in May, only to reject it. Both ideas will probably be looked at again at the meeting this month in the form of scenarios, OPEC sources said. But one OPEC delegate said additional steps were unlikely to win sufficient support now from enough of the 24 OPEC and non-OPEC countries participating because the existing agreement runs until March 2018. "I don''t think the member countries are ready to do anything more," the delegate said. "Let''s wait and see how the agreement works." Editing by David Clarke'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-opec-oil-idINKBN19S1Z1'|'2017-07-07T16:39:00.000+03:00'
'657b598a86b3d4a280808bb9c8dd07689d10cfe3'|'Samsung Electronics says second-quarter operating profit likely rose 72 percent year-on-year'|'SEOUL Samsung Electronics Co Ltd ( 005930.KS ) on Friday said its second-quarter operating profit likely rose 72 percent from a year earlier to a new record, beating analyst estimates, as strong memory chip prices helped widen margins.The Apple Inc ( AAPL.O ) smartphone rival and global memory chip leader said second-quarter operating profit was likely 14 trillion won ($12.11 billion), compared with the 13.1 trillion won average of 19 analyst estimates in a Thomson Reuters poll.Revenue likely rose 18 percent from a year earlier to 60 trillion won, versus analysts'' forecast of 59 trillion won.Samsung shares are trading at a near-record high of 2.4 million won as of Thursday, as investors look forward to record earnings in 2017 driven by growing demand for chips capable of powering ever more complex servers and smartphones.On Tuesday, the company said it would invest $18.6 billion to extend its lead in memory chips and next-generation displays.Samsung did not elaborate on its April-June performance and will disclose detailed results at the end of July. Even so, analysts have tipped its chip division to propel the firm to record overall profit.The memory chips industry is widely Tech giant Samsung Electronics Co Ltd 005930.KS on Friday estimated a record quarterly operating profit for April-June, propelled by a memory chip boom that analysts say will continue to pad margins for the rest of 2017.The Apple Inc AAPL.O smartphone rival and global memory chip leader said second-quarter operating profit was likely 14 trillion won ($12.11 billion), compared with the 13.1 trillion won average of 19 analyst estimates in a Thomson Reuters poll.Revenue likely rose 18 percent from a year earlier to 60 trillion won, also a quarterly record, versus analysts'' forecast of 59 trillion won. The South Korean firm did not elaborate and will release detailed earnings in late July.The robust estimates reinforce expectations for best-ever earnings for Samsung this year, fuelled by a so-called memory chip supercycle. Analysts predict shortages for both DRAM and NAND chips to persist for the rest of this year due to limited supply growth and demand for more computing power on smartphones and servers, padding margins for memory makers.Another profit driver has also emerged in the form of organic light-emitting diode (OLED) displays. Samsung has a stranglehold on the market for the bendy, next-generation screens which are widely expected to be used for Apple''s latest iPhones, due out by October."In July DRAM prices will go up again, while from mid-August on, OLED panels go out for Apple," HMC Investment analyst Greg Roh said. He expects Samsung''s third-quarter operating profit to exceed 15 trillion won.Samsung shares were down 0.3 percent in early Friday trade, compared with a 0.2 percent fall for the broader market, as the strong earnings outlook was already priced in. The stock is up more than 30 percent this year and hovering near all-time highs.While analysts say the memory chip industry will ride a super-cycle for several years on the back of consolidation and new demand from services such as cloud computing and artificial intelligence, its growth rate may slow from the massive jump expected this year.Samsung said on Tuesday it would invest $18.6 billion to extend its lead in memory chips and next-generation displays, a move likely to ease shareholder fears that major decisions were on the backburner while Vice Chairman Jay Y. Lee fights bribery charges in court.On the mobile front, sales prospects for the Galaxy Note 8 will be closely watched in the third quarter, after its predecessor was pulled from the market last year due to fire-prone batteries.Samsung is preparing to unveil the handset in August, a source told Reuters, underscoring the firm''s desire to continue the Note brand.(Reporting by Joyce Lee; Additional reporting and writing by Se Young Lee; Editing by Stephen Coates)Employees walk in the main office building of Samsung Electronics in Seoul, South Korea, in this file photo taken on January 6, 2016. REUTERS/Kim Hong-Ji'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-samsung-elec-results-idUSKBN19R3AM'|'2017-07-07T04:23:00.000+03:00'
'dfae12334b5dba6ac35ada0e840e4910e6fbe7bf'|'Facebook''s Oculus cuts price of virtual reality set, matching rival'|'Technology News - Mon Jul 10, 2017 - 1:40pm BST Facebook''s Oculus cuts price of virtual reality set, matching rival A virtual reality head set is on display following an Oculus event in San Francisco, California June 11, 2015. REUTERS/Robert Galbraith By David Ingram - SAN FRANCISCO SAN FRANCISCO Oculus, the virtual reality company owned by Facebook Inc, is temporarily cutting the price of its hardware, as the industry tries to figure out why the technology for immersive games and stories has not taken off among consumers. Oculus is cutting the combined price of its Rift headset and Touch controllers to $399 for six weeks beginning on Monday, said Jason Rubin, Oculus vice president for content. That matches the price of another virtual reality set, PlayStation VR, made by Sony Corp. Vive, a virtual reality set developed by HTC Corp, is listed for sale at $799 on its website, and it has not recently cut the price. Facebook paid $3 billion to acquire Oculus and retain its employees in 2014. Chief Executive Officer Mark Zuckerberg said at the time that the medium, which offers a 360-degree panoramic view through headsets, would "become a part of daily life for billions of people." That has not happened, although it is unclear if that is because of high prices, something inherent in the technology or some other reason. Pricing discounts are sometimes a sign of weak product sales. Rubin, though, said in an interview that was not the case with Oculus, which he said could have cut the price sooner but wanted to wait until there were enough games, movies and other entertainment to keep a broad audience busy. The pace of game releases has quickened, making a wider appeal possible, Rubin said: "We''re now in a space where the mass market can be much happier." Oculus cut its price once before this year, dropping it from $798 to $598 in March. In May, Oculus shut the doors of its Story Studio, two years after it launched at the Sundance Film Festival, to focus on external content makers. Another setback was a $500 million legal judgment against Oculus in February, when a jury found in favor of video game publisher ZeniMax Media Inc in a lawsuit accusing Facebook and Oculus of copyright infringement. Oculus has asked for a new trial. (Reporting by David Ingram) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-facebook-oculus-idUKKBN19V0JJ'|'2017-07-10T10:02:00.000+03:00'
'77157e901f9213de2a9af14e1b8d3b4f4304bf02'|'Elliott says considering $18.5 billion offer for Oncor'|'Business  18pm BST Elliott says considering $18.5 billion offer for Oncor FILE PHOTO - Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach, California, U.S., October 25, 2016. REUTERS/Mike Blake Elliott Management Corp, the largest creditor of the bankrupt parent of Oncor Electric Delivery Co, said it was in the process of making an offer that values the utility at about $18.5 billion (14.36 billion pounds), including debt. Warren Buffet''s Berkshire Hathaway ( BRKa.N ) last week offered $18.1 billion for the utility. Elliott, run by billionaire Paul Singer, said in a letter to the board of Energy Future Holdings Corp, parent of Oncor, that any transaction other than one led by creditors would increase regulatory risks. ( bit.ly/2u94mMN ) Elliott''s bid would be a rare challenge to Berkshire Chairman Warren Buffett, who avoids auctions for companies and has told his investors he does not like to participate in bidding wars. (Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oncor-m-a-elliott-idUKKBN19V1KW'|'2017-07-10T16:18:00.000+03:00'
'a9ed15f3c2f34cfe1cd4f3de06f9450fe268c140'|'EDF not involved in French government stake sales - source'|'Sat Jul 8, 2017 - 1:58pm BST EDF not involved in French government stake sales: source FILE PHOTO: An EDF worker is seen on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, November 16, 2016. REUTERS/Benoit Tessier/File Photo AIX-EN-PROVENCE, France French utility EDF would not be part of the French government''s plan to sell 10 billion euros ($11.40 billion) worth of state assets to finance projects geared toward innovation, a source close to EDF''s management said on Saturday. The French government owns 83.1 percent in the world''s biggest operator of nuclear plants, which has an 18 billion pound ($23 billion) project to build two nuclear reactors at Hinkley Point, Britain and needs to spend 50 billion euros ($55.7 billion) on upgrading its ageing French nuclear plants. "The signs that we are receiving are that we are not at all involved," the source said. While campaigning for the presidency, Emmanuel Macron said he would set up a 10 billion euro fund to promote industrial and research projects. Finance Minister Bruno Le Maire on Thursday said the sale of state assets would start in September. (Reporting by Michel Rose; Writing by Maya Nikolaeva; Editing by Stephen Powell) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-politics-assets-edf-idUKKBN19T0LK'|'2017-07-08T15:57:00.000+03:00'
'7d65aee12bfdb649cd29ed2e8f43950b2299f371'|'MetLife seeks new delay in ''too big to fail'' case to wait for Trump'|'Business News - Thu Jul 6, 2017 - 5:17pm EDT MetLife seeks new delay in ''too big to fail'' case to wait for Trump The MetLife building is seen in New York, March 8, 2010. REUTERS/Shannon Stapleton By Lisa Lambert - WASHINGTON WASHINGTON MetLife Inc ( MET.N ) on Thursday asked for another delay in the long-running case over whether the U.S. government should have labeled it as "too big to fail," warning that the Trump administration may want to withdraw the government''s appeal. A U.S. Appeals court in May granted a 60-day abeyance in the appeal filed by the administration of Democratic former President Barack Obama. The pause ends next week. Last year a U.S. district judge invalidated the government''s designation of MetLife as "systemically important," a label signifying MetLife could devastate the financial system if it failed and triggering stricter oversight. The Obama administration immediately appealed, and a panel of three judges heard arguments in the case last October. Republican President Donald Trump, however, has expressed skepticism about designations and the council of regulatory heads that assigns the labels. Both were created through the 2010 Dodd-Frank Wall Street reform law. Given the Trump administration''s drive to strip down regulation and its criticism of Dodd-Frank, many expect it to change the government''s stance in the appeal. MetLife, in its filing, said the court should wait to rule until the administration finishes its review of designations, expected in October. "Because the forthcoming report will reflect the new administration’s assessment of agency procedures that are at the very heart of this appeal, the report may prompt the government to change its positions on one or more issues in this appeal or to abandon the appeal altogether," wrote attorney Eugene Scalia, representing the company, the largest U.S. life insurer. "At a minimum, the report may materially inform this court’s consideration of the issues on appeal." Since his January inauguration, Trump has rolled back regulation, creating major waves in the legal system. In its filing, MetLife cited four cases involving the Environmental Protection Agency that were put on pause while the administration reviews related regulations. The Labor Department sought to delay a case involving a new retirement-advice rule, which a judge denied, and the Education Department recently suspended a student-loan rule partly because of a pending lawsuit. MetLife was designated in 2014 but is not considered systemically important during the appeal. Dodd-Frank established labeling nonbank companies as "too big to fail" in response to the $182 billion government bailout that insurer American International Group ( AIG.N ) received during the 2008 financial crisis. AIG and Prudential Insurance ( PRU.N ) are also labeled systemically important. (Reporting by Lisa Lambert; Editing by Cynthia Osterman) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-metlife-appeal-idUSKBN19R30X'|'2017-07-07T00:17:00.000+03:00'
'f558e207b3b97b9697316b49cba6a7b408aa3b9a'|'Allianz says to cut 300 German IT staff via buyouts'|'Business News   11:21am BST Allianz says to cut 300 German IT staff via buyouts FILE PHOTO: Flags with the logo of Allianz SE, Europe''s biggest insurer, are pictured before the company''s annual shareholders'' meeting in Munich, Germany May 3, 2017. REUTERS/Michaela Rehle/File Photo FRANKFURT Allianz ( ALVG.DE ) plans to cut 300 German jobs from its information technology division, using staff buyouts, a spokesman for the company told Reuters on Monday. Currently around 2,000 staff work at Allianz Technology in Germany, the company said. Staff have until October to accept a buyout offer, Allianz said. Sueddeutsche Zeitung reported last month that Allianz was planning to cut a total of almost 1,300 jobs, some of which have already gone as a result of early retirement. (Reporting by Alexander Huebner; writing by Edward Taylor; Editing by Georgina Prodhan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-allianz-buyouts-it-idUKKBN19V10O'|'2017-07-10T13:21:00.000+03:00'
'300b5deb1fe3483a321c33e348fed7d95674846a'|'ESM urges Greece to ready market borrowing strategy'|'Top  15pm BST ESM urges Greece to ready market borrowing strategy FILE PHOTO: Greek flags are displayed for sale for one Euro at a shop in Athens, Greece, July 26, 2015. REUTERS/Yiannis Kourtoglou/File Photo BRUSSELS Greece should develop a strategy for its return to market borrowing and raise private finance before its euro zone bailout programme ends in a year''s time, the head of the European Stability Mechanism said on Monday. Klaus Regling told reporters "Greece will not need that much borrowing from the markets in the future" once bailout funding via the ESM ends in August 2018. It would be required only to replace maturing debt, given Athens'' predicted fiscal surpluses. However, the chief executive of the euro zone bailout fund noted that other countries -- Ireland, Portugal and Cyprus -- had returned to borrowing in markets "well before" the end of their programmes, in order to avoid a possible gap in funding. Noting that Greece had, with the exception of two bonds in 2014, been absent from the markets since the onset of the euro zone debt crisis in 2009, Regling said: "Therefore it''s important for Greece to develop a strategy to go back." It was important for Greece to develop its strategy, including communicating with investors and reassuring them of its commitments to the reforms which euro zone sovereign creditors have demanded, said Regling, who added that he had discussed the issue with Greek officials in the past two weeks. He was speaking after a monthly Eurogroup meeting with euro zone finance ministers at which Greece had not been on the agenda -- an unusual occurrence in recent years, that was due to the approval last month of the latest instalment of the bailout. Regling said the funds had reached Athens on Monday. (Reporting by Alastair Macdonald; Editing by Francesco Guarascio; editing by Ralph Boulton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-regling-idUKKBN19V2GT'|'2017-07-10T22:06:00.000+03:00'
'bacf57cb903680b488f1fcc755a61d697e6622cd'|'UBS CEO says London jobs could go to Frankfurt, Madrid or Amsterdam: CNBC'|'ZURICH Swiss bank UBS ( UBSG.S ) is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam to cope with Britain''s planned departure from the European Union, Chief Executive Sergio Ermotti said in an interview with CNBC.With around 5,000 employees based in London, UBS is reviewing where it might move jobs which require access to the EU."I think Frankfurt is a location of choice. There are different, other locations that could come into consideration," Ermotti said in the interview broadcast on Monday, according to a transcript."I think about Amsterdam, I think about Madrid ... As we speak, we are narrowing down really the options."UBS will make a decision by the end of the summer or the early part of the fourth quarter, Ermotti said.Financial services firms need a regulated subsidiary in an EU country to offer products across the bloc which means some are looking to move jobs out of Britain if it loses access to the European single market.Frankfurt has been mooted as a possible destination for UBS jobs that move from London because last year it set up a bank there to consolidate most of its European wealth management operations.But other European cities, including Madrid and Amsterdam, are competing to attract bankers if they move from London.Ermotti also said clients at UBS''s flagship wealth management division have shown a greater willingness to invest more of their money in the last five months."It''s clear if I look at the cash balances as a percentage of wealth we manage, they have been coming down from the high-20s to around the mid-20s," he said."So this is clearly a sign that people are willing to invest more, but still very cautious."In the United States, Ermotti said optimism surrounding the Trump administration had diminished since the start of the year."People do still believe that we will see some positive news from the new administration," he said."But the goodwill is eroding very fast and people want to see concrete actions before engaging in M&A, before engaging into major discussions in respect of strategic moves."UBS reports second-quarter results on July 28.(Reporting by Joshua Franklin. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-ubs-group-ag-idUSKBN19V14W'|'2017-07-10T14:04:00.000+03:00'
'b33a08bbab6672e4c3c77b39ee0ffc62307fe5ef'|'Air France-KLM sees positive air traffic trend'|'Business News - Sun Jul 9, 2017 - 9:13am EDT Air France-KLM urges French authorities to ease airport security checks left right Jean-Marc Janaillac, Chairman and Chief Executive Officer of Air France-KLM and Chairman of Air France speaks to Reuters during a meeting of the International Air Transport Association (IATA), in Cancun, Mexico June 6, 2017. REUTERS/Victor Ruiz Garcia 1/2 left right Jean-Marc Janaillac (C), Chairman and Chief Executive Officer of Air France-KLM and Chairman of Air France speaks to Reuters during a meeting of the International Air Transport Association (IATA), in Cancun, Mexico June 6, 2017. REUTERS/Victor Ruiz Garcia 2/2 AIX-EN-PROVENCE, France The chief executive officer of Franco-Dutch airline group Air France-KLM ( AIRF.PA ) urged French authorities on Saturday to take "urgent" measures to reduce delays for passengers caused by security checks at Paris airports. The delays caused by police checks, in a country that was hit by deadly Islamist militant attacks in the last two years, come at a time when passenger traffic is picking up ahead of the crucial summer holiday season, according to Jean-Marc Janaillac. Janaillac told Reuters in an interview he had written to the French interior minister urging him to take quick measures. The queues at the police filters at Roissy-Charles de Gaulle airport, the country''s largest in the north of the capital and Orly, in the south, can take more than two ours, Janaillac said. "Waiting times at police checks are very, very long, sometimes more than an hour and a half at Roissy and can go over two hours at Orly, which totally disrupts the transport chain and contributes to flight delays," he added. Janaillac called on French authorities to allow a greater use of facial recognition technologies that exist in London or Amsterdam, hire more air and border police and to ease on passport checks to some destinations. The French interior ministry did not immediately respond to a request for a comment. Tourism, a large source of income for the country, has gradually rebounded after the attacks in Paris and the Riviera city of Nice caused a sharp slump last year. "Traffic, as is the case for all companies, is indeed dynamic right now," Janaillac said on the sidelines of an economic forum in Aix-en-Provence. "There is a positive trend in the second quarter," he added. The airline group will publish its traffic figures on Monday. (Reporting by Michel Rose; Writing Maya Nikolaeva; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-air-france-traffic-idUSKBN19U09X'|'2017-07-09T12:48:00.000+03:00'
'68f63ecf0e7db06a1c853a2eeaca5aa78de530b2'|'Tea wars - Waitrose extends Fairtrade scheme as Sainsbury''s pilots alternative'|'Business News - Mon Jul 10, 2017 - 7:38pm BST Tea wars - Waitrose extends Fairtrade scheme as Sainsbury''s pilots alternative Waitrose shopping carts are seen outside a supermarket in west London July 6, 2010. REUTERS/Toby Melville LONDON British supermarket Waitrose said it is extending its commitment to using the Fairtrade logo on its teas, days after rival Sainsbury''s ( SBRY.L ) faced criticism from shareholders for piloting a different scheme. Upmarket chain Waitrose, which is part of the employee-owned John Lewis Partnership [JLP.UL] [JLPLC.UL], said on Monday that all 46 of its own-label tea products will be Fairtrade certified by October, up from 43 currently. Companies can use the Fairtrade logo if they guaranteed farmers a fair price for crops and an extra premium to spend on community projects like roads and schools. "We''re proud supporters of the Fairtrade Foundation and have seen first-hand their strong track record of supporting farmers who most need it," Waitrose''s Commercial Director Rupert Thomas said in a statement. The global Fairtrade movement is represented in the UK by the Fairtrade Foundation, which was established in 1992 by charities including Christian Aid and Oxfam. Waitrose, Britain''s seventh largest supermarket retailer, first committed to the Fairtrade Foundation in 2007 and currently stocks 250 Fairtrade-certified products. Sainsbury''s, the country''s second largest supermarket group, moved to 100 percent Fairtrade tea almost a decade ago, but in May it launched a pilot of its own "fairly traded" scheme on its own brand tea. "We know that times have moved on and our farmers in Africa are facing increasing challenges. That’s why we’re now trialing a scheme where farmers receive even more funding and support than Fairtrade," a spokesman for Sainsbury''s said on Monday. "We’d be happy to share our progress with other retailers," he said. Sainsbury''s board was criticised over the pilot at its annual shareholders'' meeting last Wednesday, with some private investors and campaign groups voicing concerns the scheme could be extended to other products. That prompted Chief Executive Mike Coupe to defend the trial. "We''re committed to the base standards that Fairtrade currently apply. But we have to move them on to make sure that they cover environmental and economic standards as well," he said. He stressed that the results of the pilot would be published "in an open and transparent way." (Reporting by James Davey; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-fairtrade-tea-idUKKBN19V2F6'|'2017-07-10T21:38:00.000+03:00'
'304b473819bf1eec31ce7fa098b32e944f6ef3f5'|'Exclusive - Brazil banking clans may pay $1.1 billion for Havaianas maker, sources say'|'  6:26pm BST Exclusive - Brazil banking clans may pay $1.1 billion for Havaianas maker, sources say Pairs of Brazilian popular Havaianas brand sandals are displayed in Sao Paulo, March 18, 2003. REUTERS/Paulo Whitaker/File Photo By Tatiana Bautzer and Guillermo Parra-Bernal - SAO PAULO SAO PAULO Brazil''s most prominent banking clans could pay between 3.3 billion reais and 3.5 billion reais ($1 billion (775.80 million pounds) and $1.1 billion) for a majority stake in Havaianas flip flop maker Alpargatas SA, two people with knowledge of the matter said. Proceeds from a sale of Alpargatas, whose shares are up sharply this year, could help pay down the heavy debt load of the owners, who are also involved in a corruption scandal. Cambuhy Investimentos Ltda and Itaúsa Investimentos SA ( ITSA4.SA ) are working to iron out terms of a deal by as early as next week, when exclusivity talks expire with Alpargatas'' controlling shareholder J&F Investimentos SA, the first person said. Itaúsa oversees the fortune of Brazil''s Villela and Setubal families, who control São Paulo-based Itaú Unibanco Holding SA ( ITUB4.SA ), Latin America''s largest bank by assets. Cambuhy is the family office of Brazil''s billionaire Moreira Salles family, also a major Itaú shareholder. J&F, which owns 86 percent of Alpargatas and oversees the fortune of the billionaire Batista family, must raise cash to pay a 10.3 billion real leniency fine and refinance looming loan maturities, the people said. J&F''s owners Joesley and Wesley Batista signed a leniency deal in May after admitting to bribing almost 1,900 politicians. Common shares of São Paulo-based Alpargatas ( ALPA3.SA ) are up 63 percent this year. The company''s Havaianas flip flops, created in 1962 during Brazil''s Bossa-Nova musical movement, are worn globally by celebrities from Blake Lively to Jennifer Aniston. Alpargatas, which also manages a wide array of Brazilian fashion brands including beachwear brand Osklen, is the first of J&F''s assets lined up for sale in the wake of the Batista family''s involvement in Brazil''s worst-ever corruption scandal. Reuters reported the Cambuhy-led bid on June 16, which the companies confirmed a week later. Proceeds from sale of J&F''s stake in Alpargatas will go to repay a 2.7 billion-real acquisition financing loan the Batistas took with state-controlled lender Caixa Econômica Federal, the first person said. The loan is under investigation by Brazil''s audit court TCU for potential irregularities. J&F, Cambuhy and Itaúsa declined to comment. The people asked not to be identified because talks remain private. PRESSURE FROM CREDITORS The pace of talks between J&F and the Cambuhy-Itaúsa group gained steam in recent days. Creditors have been pressuring the Batistas to renegotiate more than 30 billion reais of debt at J&F and JBS SA ( JBSS3.SA ), the world''s No. 1 meatpacker, which the brothers also control. If the bid for Alpargatas succeeds, Cambuhy and Itaúsa will split equally the Batistas'' stake, both companies said on June 26. The Batistas acquired Alpargatas in December 2015 from construction conglomerate Camargo Correa SA [PMORRC.UL], which was ensnared in the same scandal. J&F''s controlling stakes in dairy producer Fábrica de Produtos Alimentícios Vigor SA and pulpmaker Eldorado Brasil Celulose SA are also on the block and their sale processes advancing, the people said. The sale of Alpargatas, Vigor and Eldorado could raise 10 billion reais and cut J&F debts by another 10 billion reais, one of the people said. Joesley, the youngest of the Batista siblings and a central figure in the family''s leniency deal, is conducting talks to sell Alpargatas himself, the people added. (Editing by Guillermo Parra-Bernal and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alpargatas-sa-m-a-exclusive-idUKKBN19U0OD'|'2017-07-09T20:26:00.000+03:00'
'a44c61ba201abc251773fb70249086409b5b3130'|'Boeing selected for $294 million deal with Algeria''s Tassili Airlines'|'ALGIERS Algeria''s Tassili Airlines (TA) signed a draft deal on Sunday worth $294 million with U.S. planemaker Boeing ( BA.N ) for three 737-800 aircraft, Algeria''s state news agency APS reported.The three 155-seat aircraft would be delivered during the second half of 2018, APS said, citing officials.Tassili Airlines, which is owned by state energy firm Sonatrach, currently has a fleet of 12 planes.The draft deal was signed by the head of Tassili Airlines, Belkacem Harchaoui, and Boeing''s vice-president for Africa and Latin America, Van Rex Gallard."The deal was won by Boeing after a national and international tender," APS Quote: d Harchaoui as saying.(Reporting by Hamid Ould Ahmed; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-algeria-boeing-idUSKBN19U0PJ'|'2017-07-09T18:08:00.000+03:00'
'0ba1171e32a5c14ab35574b1632555ebc521f2ea'|'UK-U.S. trade deal wouldn''t be enough to make up for leaving the EU - minister'|'Top News - Sun Jul 9, 2017 - 10:11am BST UK-U.S. trade deal wouldn''t be enough to make up for leaving the EU - minister FILE PHOTO - David Lidington, Lord Chancellor and Secretary of State for Justice, arrives in Downing Street for a cabinet meeting, in central London, Britain June 13, 2017. REUTERS/Phil Noble LONDON A post-Brexit trade deal with the United States would not be enough on its own to make up for leaving the European Union, British justice minister David Lidington said on Sunday. U.S. President Donald Trump on Saturday met with British Prime Minister Theresa May and said he hoped the United States can quickly seal a bilateral trade deal. "It wouldn''t be enough on its own, no," Lidington told the BBC''s Andrew Marr Show. "But it would be a very good thing to have - as would trade deals with the emerging economies of Asia and Latin America." (Reporting by William James; Editing by Elaine Hardcastle) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-trade-usa-idUKKBN19U08T'|'2017-07-09T12:11:00.000+03:00'
'e06ac291bdbe4657a3ce24e08e5c45c795e357d5'|'MIDEAST STOCKS-Slump in oil may weigh on Gulf, surprise rate hike may hurt Egypt'|'Market News - Sun Jul 9, 2017 - 1:47am EDT MIDEAST STOCKS-Slump in oil may weigh on Gulf, surprise rate hike may hurt Egypt DUBAI, July 9 A sharp decline in crude oil prices is likely to drag on Gulf stock markets on Sunday, while a surprise interest rate hike may weigh on shares in Egypt. International benchmark Brent crude settled down 2.9 percent at $46.71 a barrel on Friday, after falling to $46.28 earlier that day, its lowest in more than a week. Shares of large-cap polypropylene maker Advanced Petrochemical - the first Saudi company to report second-quarter earnings - may outperform its peers after it posted a better-than-expected net income of 194 million riyals. Analysts at Riyadh-based NCB Capital had expected the firm to report a net income of 133 million riyals ($35.47 million). "We believe higher-than-expected gross margin led to the variance ... which is due to higher operational efficiency following the shutdown in Q1 2017," said NCB Capital, referring to an eight-day maintenance shutdown at one of its facilities. Advanced Petrochemical''s revenue rose 10.5 percent to 604 million riyals from the year-ago period. At a meeting of its Monetary Policy Committee, the Egyptian central bank raised the overnight deposit rate to 18.75 percent from 16.75 percent and its overnight lending rate to 19.75 from 17.75 percent, after hiking them by 200 points each at the last policy-setting meeting in May. Nine out of 10 economists polled by Reuters on Monday predicted the bank would leave its key interest rates unchanged. "As the news was very unexpected, retail investors are likely to cash out and put their money in time deposits, where they are now getting higher returns on their money," said a Cairo-based broker. Shares of Arabia Cotton Ginning may get a boost after an Agriculture Ministry spokesman on Saturday said Egypt aimed to double production of cotton and to increase the price of the long staple cotton to more than 3,000 Egyptian pounds ($168.07) per qintar (160 kg), which will all be exported. ($1 = 3.7498 riyals) (Reporting by Celine Aswad; Editing by Andrew Torchia and Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1K001C'|'2017-07-09T08:47:00.000+03:00'
'c8fcc3b50c4a1732009d29c52b1d8cd0e236335d'|'Inflation elusive, but central bankers getting twitchy'|'Top News - Sat Jul 8, 2017 - 1:00am BST Inflation elusive, but central bankers getting twitchy left right A man walks through a shopping mall as he speaks on his mobile phone in Sydney, Australia, June 30, 2017. REUTERS/Steven Saphore 1/2 left right FILE PHOTO: A tourist from China takes pictures of Japanese traditional masks at a souvenir shop in Asakusa district in Tokyo July 17, 2014. REUTERS/Yuya Shino/File Photo 2/2 By Ross Finley - LONDON LONDON A significant pickup in inflation still remains tantalisingly out of reach in most developed economies -- aside from asset prices -- yet several central banks are leaning towards launching or stepping up efforts that could slow it down. What has shifted in recent months is an acceptance that fiscal policy, touted around the turn of the year as the essential comeback kid after the shock election of Donald Trump as U.S. president, has not yet come back. Much of this is because of a lack of progress on Trump''s tax cut agenda, dimming down what was called the "Trumpflation" trade in financial markets and now even calling into question a multi-year rally in the U.S. dollar. But what this does is thrust central bankers -- who only six months ago were said to be waning in influence -- back into the spotlight. Many seasoned central bank watchers say past experience shows that until inflation really accelerates convincingly, and for a sustained period for reasons other than a rise in the price of oil, the best monetary policy is to be doing nothing. The latest minutes from the Federal Open Market Committee''s policy discussions show a split over inflation, which is sure to cast unusually sharp focus on Fed Chair Janet Yellen''s testimony to both houses of Congress in the coming week. Indeed, with the exception of persistent four-decade-low first-time claims for jobless benefits, U.S. economic data has been undercutting relatively modest expectations for the past several months, particularly on measures of inflation. Wage inflation across most of the developed world, widely viewed by economists as the most compelling and potent driver of sustained overall price inflation, hasn''t picked up the way central bankers have predicted it would either. The Fed, however, remains set on further interest rate rises, and is now contemplating how and when to start reducing its $4.5 trillion balance sheet, bloated by years of mass asset purchases as stimulus once it had no interest rate left to cut. "Of course the evolution of the economic data over the next few months remains of critical importance," notes Investec''s chief economist Philip Shaw. "In particular, will the momentum of the economy be maintained and is the recent run of soft inflation idiosyncratic, as most senior Fed officials seem to believe?" WORTHWHILE CANADIAN INITIATIVE? It''s not only Yellen who might set the mood in the coming week. The Bank of Canada meets to set policy on July 12 following a run-up in the Canadian dollar, with markets leaning towards expecting the first rate rise in nearly seven years. The domestic debate is partly over whether a rate rise is now warranted in part to tamp down rampant urban housing markets -- particularly in Vancouver and Toronto -- as soaring real estate prices have pushed Canada''s household debt to income ratio to near the highest in the world. Like in other similar economies, Canada''s consumer price inflation on its own does not point convincingly to a need for the Bank of Canada to deliver higher interest rates. "Its decision one way or the other could have an effect on markets beyond its shores as it will be seen as a proxy for policy normalisation over a wider jurisdiction," notes Shaw. For some, discussion of "normalisation" appears eerily similar to 2011, when the European Central Bank, faced with a similarly shaky-looking inflation outlook, raised interest rates in what is now regarded as a mistake, arguing higher rates would be supportive of business confidence. A punishing sovereign debt crisis followed and a period of eye-wateringly high unemployment, ushering in an expansion of the central bank''s balance sheet by well over a trillion euros and counting, along with negative interest rate policy. For now, the ECB appears to be moving very gingerly towards unveiling how and when it will trim back its tens of billions worth of monthly bond purchases, but that date is approaching. Some of the Bank of England''s Monetary Policy Committee also now think that now is the time to raise rates -- despite the uncertainty of Britain starting to negotiate its way out of the European Union. They are prompted by a surge in inflation caused in large part from a plunge in sterling after the Brexit vote. For now, they remain in a minority, but the possibility has supported the pound and markets have been put on notice. But a change of mood appears to have taken place at the Bank of Japan, however, which is backing off initial attempts to signal an imminent shift away from its ultra-easy monetary policy. On Friday it launched a bond-buying bonanza, offering to snap up unlimited quantities in order to calm markets. (Editing by Jeremy Gaunt) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN19S1I6'|'2017-07-08T03:00:00.000+03:00'
'578c8c4114e0d344a359d6d0fb7453cf8a47a309'|'France says Europe should make U.S. companies pay fair share of taxes'|'  3:57pm BST France says Europe should make U.S. companies pay fair share of taxes French Finance Minister Bruno Le Maire leaves after the weekly cabinet meeting at the Elysee Palace in Paris, France, June 28, 2017. REUTERS/Charles Platiau AIX-EN-PROVENCE, France Time has come for the European Union to make multinationals, such as U.S. giants Amazon ( AMZN.O ), Facebook ( FB.O ) and Google ( GOOGL.O ), pay their fair share of taxes, the French finance minister said on Sunday. "I can tell you that the times we live in are not for the weak," Bruno Le Maire told a conference in the southern French city of Aix-en-Provence where many French and international executives gather every year. "Since we have to deal with Mr Putin, Mr Trump or Mr Erdogan, it''s time for Europe to pull itself together and defend its own interests, to make Google, Amazon and Facebook pay the taxes they owe in Europe," he said. U.S. companies such as Apple ( AAPL.O ) and Starbucks ( SBUX.O ) that were recently ordered by the European Commission to pay back taxes to EU countries have challenged their rulings. Le Maire''s comments come after the head of the European Commission, Jean-Claude Juncker, said the EU would respond if the United States imposed punitive tariffs on steel. (Reporting by Michel Rose; Editing by Leigh Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-taxes-idUKKBN19U0FF'|'2017-07-09T14:22:00.000+03:00'
'e703725e5161bdc093a34823d475668457ef7c63'|'Harris Corp, Motorola Solutions each win $461 mln U.S. defense contracts'|'Market  17pm EDT Harris Corp, Motorola Solutions each win $461 mln U.S. defense contracts WASHINGTON, July 6 Harris Corp and Motorola Solutions Inc have each been awarded $461 million contracts to upgrade existing land mobile radio system infrastructure, the Pentagon said in a statement on Thursday. (Reporting by Eric Beech; Editing by Tim Ahmann) UPDATE 3-Trump administration sued by 18 U.S. states over student loan relief WASHINGTON, July 6 More than one-third of U.S. states on Thursday sued the U.S. Education Department and Secretary Betsy DeVos over the recent suspension of rules that would have swiftly canceled the student-loan debt of people defrauded by Corinthian Colleges Inc and other for-profit schools. * Epigenomics AG issues change in guidance for financial year 2017 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/harris-motorola-pentagon-idUSW1N1JN02S'|'2017-07-07T00:17:00.000+03:00'
'e0b12e2d930be58b385803c7f7e81c90a1e6657e'|'RPT-INSIGHT-Silence over whether Grenfell Tower materials passed safety test'|' 55am EDT RPT-INSIGHT-Silence over whether Grenfell Tower materials passed safety test (Repeats story, fixes slug) * Test looks at whether materials are combustible * Two key materials needed to pass test together * Main contractor said it met all safety regulations By Tom Bergin LONDON, July 9 The cladding system used on London''s Grenfell Tower would only have met British regulatory standards if the two main materials had passed a key safety test together, according to a Reuters analysis of the building code and data on the materials. Three weeks after the June 14 fire, neither the two companies involved in the cladding on the Grenfell Tower nor the local authority which enforces the building codes have addressed questions from Reuters about whether that test was ever conducted and its outcome. The test is required to show whether both materials when used together were sufficiently resistant to combustion. Without proof that it had been carried out, the cladding system would not have met building regulations. The cladding work carried about by Rydon Group Ltd, the main contractor on the 2014-2016 refurbishment of the building, and its subcontractor Harley Facades involved attaching insulation boards to the tower''s concrete facade and covering them with aluminum composite panels. France''s Saint Gobain said the insulation used was its brand of polyisocyanurate (PIR) called Celotex RS5000. The aluminum panels, which had a polyethylene plastic core were called Reynobond PE, and made by New York-based Arconic Inc, previously known as Alcoa Inc. If all the elements of the insulation system had achieved a separate and demanding government standard called "limited combustibility", in separate tests, then a combined test would not have been necessary, according to the building regulations. But Reynobond PE and Celotex did not meet the combustibility test by themselves, according to safety experts and product specifications published by the manufacturers. This meant that the two materials combined would need to pass another test known as the BS 8414 test, according to the building regulations. This involves setting a fire under a three-storey mock-up of the proposed wall construction. Both standards, set out in the guidelines to the building code, aim to prevent a fire spreading quickly from inside and up the exterior walls, something that happened at Grenfell Tower. In a June 29 email, a spokeswoman for Rydon Group Ltd says it “met all building regulations” but did not say if the BS 8414 test stipulated in the building codes had been conducted. The building control department of the local Royal Borough of Kensington and Chelsea council (RBKC), which is responsible for checking that the building and plans are consistent with regulations, declined to say if it had checked the tests had been carried out. Police think the cladding system at Grenfell Tower may have contributed to the rapid spread of last month''s fatal fire. They have said they are investigating possible criminal behavior and the role of all the companies involved in the building. The Department for Communities and Local Government, the government department which is responsible for setting the regulations enforced by building control, has said the cladding system used at Grenfell did not comply with the building rules it oversees. It has not said why and declined to answer detailed questions on its legal reasoning. Link to graphic of Grenfell Tower cladding system: tmsnrt.rs/2t97Ugs COMBUSTIBILITY The test used to assess combined materials must be commissioned from a government approved independent testing agency. Reuters was unable to determine which, if any lab was used. Rydon, which had a turnover of 249 million pounds last year, told Reuters the materials it used were suitable for use in tall buildings. “Laboratory testing of the fire resistance of the cladding system used at Grenfell Tower was carried out prior to installation. Please see attached BBA certificate,” the spokeswoman said in the June 29 email. The certificate Rydon provided showed the panels met a separate standard on the surface spread of fire. Asked specifically about the BS 8414 test, the Rydon spokeswoman said: “More technical questions would be better directed at Harley as it’s their area of expertise.” Executives and a spokesman at Harley, a small company with few assets, declined to comment for this story. It said in a statement on its website last month it was not aware of any link between the fire and the exterior cladding to the tower. An official at RBKC, the Royal Borough of Kensington and Chelsea, declined to provide details of the specification it approved or what checks it conducted to ensure the actual construction met the approved plan, citing the ongoing police investigation into the fire. A spokeswoman for Saint Gobain said its BR 135 combustibility certification of Celotex was based on tests conducted with a non-combustible cement façade panel. She declined to say if Celotex had ever passed the BS 8414 test with a flammable façade panel such as Reynobond PE. (Editing by Anna Willard)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-fire-regulations-idUSL8N1K12PN'|'2017-07-10T13:55:00.000+03:00'
'd00df634475caf95cf41ac8d46e0719d67f468cf'|'China''s Jiangsu Shagang to be largest shareholder of Dongbei Special Steel'|'BEIJING, July 10 China''s Jiangsu Shagang Co Ltd said on Monday it is expected to be the biggest shareholder of debt-strapped Dongbei Special Steel Group after a bankruptcy restructuring process.Owned by the Liaoning provincial government in the country''s "rustbelt" northeast, Dongbei entered into the bankruptcy restructuring process in October aimed at recovering a reported $10 billion in debt, and said it faces "uncertainties" about paying interest on medium-term notes in April.Jiangsu Shagang, owner of China''s largest private-owned steel mill, said one of its subsidiary is expected to become the biggest shareholder of Dongbei once the bankruptcy restructuring process is completed.Jiangsu Shagang did not disclose further details of the investment.Meanwhile, Bengang Steel Plates Co Ltd said on Monday it plans to invest 1.04 billion yuan ($152.88 million) in Dongbei, and this would account for 10 percent of Dongbei''s registered assets after the restructuring process.Also owned by Liaoning provincial government, Benxi Iron & Steel Group, the parent company of Bengang Steel Plates, was reported to be part of a merger with local rival Anshan Iron and Steel. The merger has been getting postponed for years."The company will export enterprise management experiences to Dongbei and its subsidiaries to help them recovery soon," said Bengang Steel Plates in the statement.Dongbei''s restructuring plan has not been approved by the local court, and has not gone past an anti-trust investigation at the Commerce Ministry, said Bengang''s statement.($1 = 6.8025 Chinese yuan)(Reporting by Muyu Xu and Beijing Newsroom; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/dongbeispecialsteelgroup-js-sg-idUSL4N1K12R2'|'2017-07-10T12:47:00.000+03:00'
'91d9036066527107cdbd4436e12c7df437df2299'|'MOVES-Morgan Stanley hires ex-JPMorgan exec as new CEO of Saudi office'|' 33am EDT MOVES-Morgan Stanley hires ex-JPMorgan exec as new CEO of Saudi office RIYADH, July 10 Morgan Stanley named a new chief executive of its office in Saudi Arabia on Monday, as the firm carries out work on high-profile deals like the initial public offering of state oil giant Aramco. Abdulaziz Alajaji was previously head of corporate banking at JPMorgan & Chase Co in the kingdom. Rival JPMorgan enjoys a strong position in Saudi Arabia, having been in kingdom for more than 80 years. Morgan Stanley has maintained a presence in Saudi Arabia since 2007, but has joined other banks in expanding its footprint there to take advantage of an economic reform agenda introduced last year. Chief executive James Gorman said in May that Saudi Arabia could be a "major opportunity" for the firm and that both he and bank president Colm Kelleher have been spending a significant amount of time there. Saudi Aramco appointed Morgan Stanley, JPMorgan and HSBC earlier this year as the international financial advisers for its share sale, Reuters reported in March. The IPO is expected to be world''s largest. (Reporting by Katie Paul; Editing by Saeed Azhar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/morgan-stanley-saudi-ceo-idUSL8N1K11UJ'|'2017-07-10T12:33:00.000+03:00'
'3d307e41cbd29728fef2ee866505d9fcf4f1c95d'|'The UK economy must take a long, hard look at itself - Business'|'A hung parliament. Inflation going up but growth slowing. A divided nation ill at ease with itself. Welcome back to the 1970s, like now a time when Britain was forced to take a long, painful look at itself.Make no mistake, this is a good thing. Whether you are in favour of hard Brexit, soft Brexit, clean Brexit or no Brexit, it should be clear that there is something fundamentally wrong with the economy. The same old problems keep surfacing: too small an industrial base; too much debt; too great a geographical divide between the rich south and the rest of the country; too many poorly paid low-productivity jobs.Ministers boast about the underlying strength of the economy but reach for the wrong 1970s David Bowie reference when they suggest everything is hunky dory. It’s more a case of always crashing in the same car.In the 1970s, both left and right were agreed that the economy required fundamental changes. The Conservatives had Thatcherism, a blast of the free market designed to shake Britain out of what was seen as corporatist complacency; Labour had the Alternative Economic Strategy built around nationalisation, planning agreements between state and industry, and reflation behind tariff walls.Thatcherism won that battle and not since has there been the desire to do anything remotely as radical. In the 1980s, it was possible for Britain to convince itself that the financial sector could fill the hole left by the decline of manufacturing. But the big bang in the City was not the solution. In the 1990s, the economy had a purple patch when the big devaluation of sterling after departure from the exchange rate mechanism coincided with strong world growth following the collapse of communism. But globalisation too proved no panacea.By the 2000s, Britain’s economic model involved attracting hot money into the City of London, which kept the pound nice and strong. An overvalued exchange rate meant that cheap imports from emerging markets such as China became even cheaper. Inflation was duly tamed, which meant that the Bank of England could keep interest rates low. The availability of easy-terms credit encouraged people to load up on debt in order to buy houses, which rose sharply in value, making people feel richer even though they weren’t really. This approach crashed and burned in the crisis of 2007-08, which should have been the time for a rethink. Regrettably, the bad old habits proved hard to break.Halfway through the 2010 parliament, David Cameron and George Osborne had a problem. They had arrived in office promising a different economic model that would be less dependent on private and public debt, and the result was that taxes were raised and public spending was cut to rid Britain of its budgetary incontinence. Businesses would be encouraged to invest by the commitment to reduce the budget deficit, while the Bank of England’s easy money regime would ensure that the economy kept growing at a reasonable pace.Things didn’t work out as planned and the reason they didn’t was that Cameron and Osborne failed to understand just how structurally weak the economy was. They assumed that it wouldn’t really matter if consumer spending was flat and the housing market a bit depressed because growth would pick up elsewhere – in manufacturing, exports and investment – to compensate.But there was no rebalancing. Without the consumer and the housing market, it was not a case of different growth, it was a case of no growth. Fearful of losing the 2015 election, steps were taken to get the housing market moving.Five years on, Theresa May and Philip Hammond have the same problem. Consumers are being squeezed by higher inflation and have already run down their savings. Activity in the housing market has stalled because the mini-boom set off by Cameron and Osborne has run its course. Across large parts of the country, property has become unaffordable.But, as in 2012, there is scant evidence of the other bits of the economy picking up the baton. Surveys of manufacturing have been strong in recent months but the hard official data has been weak. Exports were up in the latest quarter but not by nearly as much as the government might have hoped given the fall in the value of sterling. As ever, UK manufacturers are finding it hard to resist the temptation to take advantage of a cheaper pound to raise prices rather than to secure bigger market share.So that’s the position. Rightly, the Bank of England is getting a bit concerned about the levels of personal debt that it has helped to generate by almost a decade of ultra-low interest rates and copious amount of quantitative easing. Geographically sundered, Britain is in the curious position of simultaneously having the problems both of a developed country and a developing country: overheating in London and the south-east, the need to nurture growth in the rest of the country.These deep-seated issues require structural change, which is why industrial policy is back in vogue. The government’s green paper on the subject was published in January and set out 10 areas for attention, including upgrading infrastructure, encouraging inward investment and skills, and cultivating world-leading sectors.But as a new report to be published on Monday points out, the vast majority of the actions detailed in the green paper were things the government was already doing or were modest initiatives already in the pipeline.The one notable exception, according to a paper by Steve Fothergill, Tony Gore and Peter Wells of the Centre for Regional Economic and Social Research at Sheffield Hallam University , has been investing in science, research and technology. Here, there has been some new money: Hammond announced almost £5bn of funding for R&D for the period up until 2020-21.But as the report details, the R&D spending is being targeted at a narrow range of sectors – healthcare and medicine, robotics and artificial intelligence, batteries, self-driving vehicles, materials for the future, and satellites and space technology.This approach – picking winners by any other name – has the attraction of being at the cutting edge of change. The downside, Forthergill, Gore and Wells note, is that these sectors account for employment in only a tiny fragment (around 1% of the economy) and 10% of jobs in manufacturing.What’s more, the money will be heavily channelled to those parts of the country that are rich in R&D centres: an arc to the immediate north, west and south of London.The report concludes, rightly, that the government’s focus is too narrow to provide a basis for the revival of British industry. It will be great for Cambridge, which has twice as many scientific research and development jobs as the whole of the Midlands, and more than Scotland and Wales combined. For the bits of the country that really require help, it will be a god-awful small affair.Topics Economics Economics viewpoint Economic growth (GDP) Economic policy Economic recovery Manufacturing sector Research and development comment '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/09/uk-economy-take-long-painful-look-research-development'|'2017-07-09T03:00:00.000+03:00'
'bed9bfc4d36523cf31bd6820ddc54130082a804f'|'Shell sees rising investment in renewables'|'Top News   10:05am BST Shell sees rising investment in renewables Staff members work at the booth of Royal Dutch Shell at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai - RTX33Y86 ISTANBUL Royal Dutch Shell will be spending up to $1 billion a year by 2020 on projects within its new energies division, Chief Executive Ben van Beurden told an industry conference on Monday. Shell set up the division to focus on renewable energy and new technologies to help lower carbon emissions. "Shell is determined to find solutions and will be spending up to $1 billion (775.49 million pounds) a year on our new energies division by the end of the decade," van Beurden told the conference. (Reporting by Karolin Schaps; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shell-renewables-idUKKBN19V0LF'|'2017-07-10T10:30:00.000+03:00'
'891dc4dd1b88748a03b25f45b4e5e9105aa63c59'|'Whole Foods sought $45 per share offer from Amazon'|'July 7, 2017 / 1:34 PM / in 23 minutes Whole Foods sought $45 per share offer from Amazon 1 Min Read A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. Carlo Allegri (Reuters) - Whole Foods Market Inc ( WFM.O ) had sought $45 per share from Amazon.com Inc ( AMZN.O ) but settled for $42 per share, which the ecommerce giant said was its "best and final offer". Amazon had initially offered $41 in May, Whole Foods said in a regulatory filing on Friday. ( bit.ly/2tPEsgy ) Amazon also told Whole Foods that it was considering other opportunities in case the offer was turned down. The company also asked Whole Foods not to approach other potential bidders while they were engaged in talks. Amazon said in June it would buy Whole Foods for $13.7 billion, in a deal that could turn the high-end grocer into a mass-market merchant and upend the already struggling U.S. retail industry. Reporting by Sruthi Ramakrishnan in Bengaluru: Editing by Sriraj Kalluvila 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-whole-foods-m-a-amazon-com-idINKBN19S1XV'|'2017-07-07T16:33:00.000+03:00'
'4e36cd2be7f91effe38fcf02f41bbad4309c51bd'|'Whole Foods sought $45 per share offer from Amazon'|'  3:04pm BST Whole Foods sought $45 per share offer from Amazon left right FILE PHOTO: An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S. on May 21, 2016. REUTERS/Lucy Nicholson/File Photo 1/2 left right FILE PHOTO: A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri/File Photo 2/2 Whole Foods Market Inc ( WFM.O ) said it had sought $45 (34.91 pounds) per share from Amazon.com Inc ( AMZN.O ) but settled for $42 per share, which the ecommerce giant called its "best and final offer". Amazon had initially offered $41 in May, Whole Foods said in a regulatory filing on Friday. ( bit.ly/2tPEsgy ) Amazon told Whole Foods it was considering other opportunities in case the final offer was turned down, the upmarket grocery chain said. Whole Foods also said it had received interest from two other companies and four private equity firms before agreeing to engage with Amazon. One of the companies, which Whole Foods did not name, had proposed a merger of equals that valued the grocery chain at $35 to $40 per share. Whole Foods'' management decided not to solicit proposals from private equity firms as the price proposed by Amazon.com likely exceeded the price a private equity buyer could be expected to pay. Amazon asked Whole Foods not to approach other potential bidders while they were engaged in talks and warned that it would call off the discussions in the event of a rumour or leak of a potential transaction. Amazon said in June it would buy Whole Foods for $13.7 billion, in a deal that could turn the high-end grocer into a mass-market merchant and upend the already struggling U.S. retail industry. Amazon''s shares were up almost 1 percent at $973.88 in early trading on Friday, while Whole Foods shares were marginally down at $41.98. (Reporting by Sruthi Ramakrishnan in Bengaluru: Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-whole-foods-m-a-amazon-com-idUKKBN19S1YG'|'2017-07-07T16:37:00.000+03:00'
'b73bb02a7f309de8cc91c534b977dc105a342231'|'Hollywood studios dip their toes in virtual reality'|'OUTSIDE a squat grey building in Santa Monica, the California sun melts the tar. Inside, in a dark room roughly the size of a small shipping container, two men are exploring the world by means of virtual reality (VR). They squash spiders in an abandoned temple, hit a home run at Yankee Stadium and float through a Blade Runner-esque landscape, all in the span of eight minutes. It feels much longer than that, and also shorter—time is hard to grasp in VR.The creator of the experience is Walter Parkes, a former boss of DreamWorks Pictures, a film studio, who last year co-founded Dreamscape Immersive. The startup plans a chain of VR multiplex cinemas offering ten-minute interactive experiences for around $15 each. The first will open at a shopping mall near Beverly Hills at the end of the year; another 14 are planned for 2018. Mr Parkes says it costs about $2m to make a ten-minute VR experience, compared with around $200m for a big-budget Hollywood movie (not counting marketing and distribution). The economics work even though people are entertained for much shorter periods, he argues. a day ago Why The men and women over in Burbank, where the big studios are based, are interested. Dreamscape has attracted around $10m in investment from Fox, Warner Brothers and MGM, along with Steven Spielberg and Westfield, a shopping-centre operator. Disney has invested $66m in Jaunt, which makes tools for creating VR content. Warner Brothers recently announced a partnership with IMAX, which specialises in large-screen cinemas, to fund and create VR “experiences” for three upcoming films.Promotional and extra material for films in VR is the first priority. Later on studios expect VR to become a format of its own, a cross between movies and games. “The lines are getting blurred. They use a lot of the same tech, the same tools,” says Thomas Husson, an analyst at Forrester, a research firm.Hollywood is in a battle for attention as well as dollars. In the future Harry Potter fans, for example, may consider it a waste to go to an attraction in the English countryside when they can visit Diagon Alley at home in a headset. They may even do both. If studios get a grip of VR, every minute spent in a cinema could mean an extra one in a park and yet another in a headset.This article appeared in the Business section of the print edition under the headline "VR in La La land"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21724859-fox-mgm-warner-brothers-and-steven-spielberg-are-among-those-investing?fsrc=rss'|'2017-07-06T22:49:00.000+03:00'
'9a2b3b3394b355772380d7adeb7effc720c25040'|'Siemens says at least two turbine sets moved to Crimea'|'Market News   9:51am EDT Siemens says at least two turbine sets moved to Crimea FRANKFURT, July 10 Siemens said at least two of four gas-turbine sets it delivered for a project in Russia had been moved to Crimea against its will, and it would take criminal action against responsible individuals at its customer, Technopromexport. Supplying energy technology to Crimea flouts sanctions imposed by the European Union following Russia''s 2014 annexation of the region. However, Russian President Vladimar Putin has vowed to ensure stable energy supply for the peninsula. "Over the last few months, our customer has confirmed to us numerous times in writing that a delivery to Crimea would not occur. As a consequence, Siemens will initiate criminal charges against the responsible individuals," it said on Monday. (Reporting by Georgina Prodhan; Editing by Edward Taylor)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ukraine-crisis-crimea-power-idUSF9N1II02G'|'2017-07-10T16:51:00.000+03:00'
'b15175ef48ad02df577cce96d400125aa5bf316c'|'LME launches bid for slice of $5 trillion London gold market'|'Business News - Mon Jul 10, 2017 - 5:28pm BST LME launches bid for slice of $5 trillion London gold market By Jan Harvey and Peter Hobson - LONDON LONDON More than two tonnes of gold were traded through the London Metal Exchange''s new LMEprecious spot contract by late afternoon on its first day as the exchange began its bid to take a slice of the world''s biggest over-the-counter (OTC) gold market. The LMEprecious suite of gold and silver contracts was developed with a group of backers including banks Goldman Sachs ( GS.N ) and Morgan Stanley ( MS.N ), which then set up EOS Precious Metals to promote trade in the contracts and benefit from a 50:50 revenue-sharing deal with the LME. The LME launched its contracts at 0000 GMT on Monday, though volumes did not pick up until the start of the European trading day at 0700 GMT. By 1609 GMT, 66,200 ounces (2.06 tonnes) of gold had traded on the LMEprecious spot contract <0#LAUF:=LX>, exchange data showed. That would be worth more than $80 million at current spot prices XAU=. "Typical interbank trade between one party and another would be 5,000-10,000 ounces in a single trade," said Ross Norman, chief executive of bullion trader Sharps Pixley. "It will be nice to see what the trend is -- if (it picks up), you''d begin to think, here we go." Market makers were quoting prices on monthly spreads out to June next year. A source at one of the EOS partners said: "At this early stage players are finding their feet. It may be a while until people start trading in size." As well as Goldman and Morgan Stanley, the EOS partnership includes banks ICBC Standard ( 601398.SS ) Societe Generale ( SOGN.PA ) and Natixis ( CNAT.PA ), proprietory trader OSTC and the World Gold Council, an industry market development body. All the banks except Natixis are general clearing members of LMEPrecious, along with brokers Marex Financial and BOCI Global Commodities (UK). OSTC, XTX Markets and Morgan Stanley''s commodities unit are non-clearing members. Natixis is an individual clearing member. U.S. exchanges CME Group ( CME.O ) and ICE ( ICE.N ) have also launched London gold contracts this year, hoping to lure business from the traditional OTC market. LIQUIDITY SPLIT? Both the LME, owned by Hong Kong Exchanges and Clearing ( 0388.HK ), and ICE are in the running to take over as operators of the global silver benchmark, the LBMA Silver Price, when incumbents Thomson Reuters and CME Group step down. On the gold front, meanwhile, CME Group''s introduction of a spot spread contract in London this year and ICE''s launch of a futures contract in January have led market participants to suggest that market liquidity could be fractured. "We will be monitoring volumes and comparing with LBMA to see how LME impinges on OTC volume," Rhona O''Connell, head of research and forecasts at GFMS, told the Reuters Global Gold Forum on Monday. "With the wings of the regulators beating ever closer with respect to transparency, then some OTC business may well move onto the exchange." Increased scrutiny of London''s financial markets since the LIBOR scandal has led to tighter regulatory capital requirements, increasing the push for trades that were once routinely carried out between counterparties to be performed on the exchanges. Clearing, where an exchange acts as an intermediary to settle trades, is seen by some as an inevitable progression for the gold market. "The clearing aspect, especially for the market makers, reduces capital charges," one market participant said. (Editing by Veronica Brown and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lme-precious-launch-idUKKBN19V24X'|'2017-07-10T19:28:00.000+03:00'
'ba140fa2311c777d8c5e716d46c75b042045b8b0'|'Austria pursues police access to messaging data with new law'|'VIENNA Austria is pursuing plans to give police access to messaging services such as WhatsApp ( FB.O ) or Skype in an attempt to "close the gap" on criminals who are no longer communicating via the telephone."Our investigators say that potentially criminal content has not been passed on for a long time solely via traditional ways of communication," a spokesman for the Justice Ministry said.Messaging services such as WhatsApp and Telegram secure private messages with end-to-end encryption, which means that messages can only be seen by the sender and the recipient.Austria sent the draft law detailing the proposals to political, technical, civil rights and legal experts on Monday.Vienna is seeking access to real-time conversation data in cases where a court has granted permission and which might be connected to terrorism or crimes that are punished by at least five years in prison, the spokesman added.Austrian courts have already sentenced several people to jail for links to terrorist organizations after verdicts which have been supported by data acquired from seized devices.The new law would give police wider, remote access. But it would not grant blanket access to hard drives, the spokesman added. The bill still needs to go to parliament after a deadline for the submission of expert opinions on Aug. 21.Austria''s government and police have said the law would provide the necessary legal basis for authorities to seek a technical solution for circumventing encrypted communication remotely and in real time.But tech experts say that weakening encryption by creating back doors for governments will leave phones, computers and other devices far more vulnerable.The justice ministry spokesman said Austria''s bill followed in the footsteps of other European countries such as Spain, France, Italy and Poland.In Germany, police and intelligence services technically have the right to install malware on suspect phones, but this is highly controversial and it is unclear how widely used it is.And the Dutch Senate is voting on a new digital security law on Tuesday that includes provisions to allow intelligence services to target criminal suspects with malware.Meanwhile, Britain''s Intelligence Act, which is still being implemented, explicitly gives power to police and intelligence services for the mass interception of communications.But the United States Senate failed last year to require firms like Apple ( AAPL.O ) to help law enforcement crack encrypted data.In Mexico the government targeted opposition officials with software designed to fight criminals, a report by the University of Toronto said last month.(Additional reporting by Eric Auchard, Peter Maushagen, Dustin Volz; Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-austria-cyber-idUSKBN19V20U'|'2017-07-10T18:46:00.000+03:00'
'6127b110cbaf0ae02eeff64a4297d2ee67b1d52a'|'UK retailer Dunelm''s sales rise 17.7 percent on strong online, home delivery sales'|' 15am BST Retailer Dunelm''s sales rise 17.7 percent on strong online, home delivery sales British retailer Dunelm Group Plc reported a 17.7 percent rise in fourth-quarter revenue, helped by stronger online and home delivery sales. Dunelm, which sells cushions, bedding and kitchen equipment, said revenue rose to 240 million pounds ($310.94 million) for the 13 weeks ended July 1, aided by the company''s acquisition of UK-based online retailer of home improvement products Worldstores in November last year. The company, which generates 20 percent of its sales online, said it saw an improvement in online and home delivery sales on the back of its launch of Worldstores products on the Dunelm website. The company''s like-for-like sales rose 3.8 percent in the fourth quarter. Dunelm said it expects a full-year pre-tax profit, excluding acquisition charges, in the range of 109 million pounds to 111 million pounds, lower than the 128.9 million pounds reported last year. The company had warned earlier this year that it would increase prices on a number of products to offset the impact of a weak pound. Dunelm shares were up 1.3 pct in early trade, among the top gainers on FTSE midcap index. (Reporting By Justin George Varghese; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dunelm-group-results-idUKKBN19S0TS'|'2017-07-07T10:11:00.000+03:00'
'b1a132bee64a6b59598ebf1dd9211090599f5b6a'|'UK economy likely expanded 0.3 percent in second quarter - NIESR'|'Economy - Fri Jul 7, 2017 - 1:40pm BST UK economy likely expanded 0.3 percent in second quarter - NIESR Shoppers walk past a sale sign in central London, Britain June 27, 2017. REUTERS/Toby Melville LONDON British economic growth barely improved during the second quarter after a slow start to the year, the National Institute of Economic and Social Research said on Friday, after a disappointing batch of official data. The economy likely grew 0.3 percent in the three months to June over the first quarter, when the economy expanded only 0.2 percent, NIESR said. "Growth in services has offset a contraction in industrial output, yet remains subdued when compared with last year," Rebecca Piggott, research fellow at NIESR, said. Official data on Friday showed output by British factories unexpectedly fell in May, raising questions about the likelihood of the Bank of England raising interest rates this year. (Reporting by Andy Bruce. Editing by Andrew MacAskill)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-niesr-idUKKBN19S1RL'|'2017-07-07T15:40:00.000+03:00'
'51bfe3bce6bfa8bc3bddc39329e87d19ff8b6df3'|'REFILE-Nikkei recovers from 3-week low after BOJ boosts bond buying'|'Market News - Thu Jul 6, 2017 - 11:26pm EDT REFILE-Nikkei recovers from 3-week low after BOJ boosts bond buying (Refiles to remove extraneous word in first bullet point) * BOJ''s move triggers turnaround in weak exporters * Nikkei on track to fall 0.3 percent for the week * Put-call ratio rising on geopolitical tension By Ayai Tomisawa TOKYO, July 7 Japan''s Nikkei share average dropped to a three-week low on Friday morning after global shares tumbled, but investors wasted no time trimming losses after the Bank Of Japan raised its purchases of government bonds in its market operations. In a move aimed at stemming a rise in yields, the central bank on Friday offered to buy an unlimited amount of 10-year JGBs at a yield of 0.110 percent and also increased its buying of five- to 10-year JGBs through an auction to 500 billion yen from 450 billion yen. The Nikkei dropped 0.1 percent to 19,979.72 in midmorning trade, after falling to as low as 19,856.65 earlier, the lowest point since June 15. For the week, the Nikkei is on track to fall 0.3 percent. "The BOJ showed its intent on rising bond yields, which triggered the yen to weaken that was positive for the stock market," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The central bank''s move quickly triggered a turnaround in currency-sensitive exporters, such as automakers and tech companies, which fell initially after a sharp decline in Wall Street soured sentiment. Toyota Motor Corp rose 1.1 percent, Nissan Motor Co added 0.7 percent and Tokyo Electron gained 1.0 percent. The dollar soared 0.6 percent to 113.82 yen, compared with 113.11 yen earlier. On the other hand, domestic-demand sensitive stocks languished. Real estate companies Mitsui Fudosan Co and Mitsubishi Estate Co both dropped 1.4 percent. Construction shares also underperformed. Kajima Corp shed 1.9 percent and Taisei Corp declined 1.2 percent. Wall Street retreated after disappointing labour market data clashed with the possibility of a more hawkish Federal Reserve. That said, investors are cautious with rising yields in Europe on bets the European Central Bank is moving ever closer towards unwinding its massive monetary stimulus. Also making investors wary is ongoing tension in the Korean peninsula after North Korea''s launch this week of what it said was a nuclear-capable intercontinental ballistic missile. Before the G20 summit on the weekend, Japan, the United States and South Korea agreed to push for China to play a larger role in reining in North Korea''s nuclear ambitions. Mutsumi Kagawa, chief global strategist at Rakuten Securities, said the geopolitical risks were a cloud over the Japanese market for the time being, with the Nikkei''s put-call ratio - viewed as an indicator of investor sentiment - rising since earlier this week. The ratio is calculated by dividing the number of traded put Nikkei options by the number of traded Nikkei call options. "The rising put-call ratio reflects investors'' cautious stance in the market, which reminds us about the geopolitical tensions in the region in the spring," Kagawa said. The broader Topix dropped 0.2 percent to 1,613.01. (Editing by Jacqueline Wong) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1JY1L7'|'2017-07-07T06:26:00.000+03:00'
'cf0402638a16301fd2926002c34551b512141829'|'CORRECTED-Paramount Resources to buy Apache subsidiary for C$459.5 million'|'Market News - Thu Jul 6, 2017 - 8:43pm EDT CORRECTED-Paramount Resources to buy Apache subsidiary for C$459.5 million (Corrects deal value in headline and first paragraph) July 6 Canadian energy company Paramount Resources Ltd said on Thursday that it would buy subsidiaries of U.S. oil and gas producer Apache Corp for C$459.5 million. ($353.7 million USD) The company would buy Apache''s subsidiary, Apache Canada Ltd, and fund the deal with cash on hand and no debt. Paramount said it entered into a merger agreement with petroleum and natural gas company Trilogy Energy Corp, in which the company would buy the remaining 85 percent of the common shares and non-voting shares of Trilogy. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Peter Cooney and Bill Trott) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/apache-canada-ma-paramount-rsc-idUSL1N1JX24Z'|'2017-07-07T03:43:00.000+03:00'
'306662d4e1f3d22f06500e0684ec8468ce7a0a59'|'Suzuki shares fall, Dutch authorities to probe emissions practice'|'July 11, 2017 / 12:53 AM / 2 hours ago Suzuki shares fall, Dutch authorities to probe emissions practice 1 Min Read FILE PHOTO: A Suzuki Vitara S is presented as visitors by the Suzuki stall during the media day at the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 16, 2015. Ralph Orlowski - RTS1DUD TOKYO (Reuters) - Shares in Suzuki Motor Corp ( 7269.T ) fell as much as 4.1 percent early on Tuesday after Dutch prosecutors said they would investigate the automaker''s possible misuse of vehicle emissions software. Prosecutors were responding after the Dutch road authority found that Suzuki Vitara models produced unacceptably high levels of toxic emissions during road tests. The authority also named Fiat Chrysler''s ( FCHA.MI ) Jeep Grand Cherokee. A spokesman at Suzuki''s Japanese headquarters said the company was still in the process of gathering the facts. At 0032 GMT, the stock was down 3.2 percent, while the broader Tokyo market was roughly flat. Reporting by Taiga Uranaka; Editing by Chang-Ran Kim 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/suzuki-motor-emissions-idINKBN19W02C'|'2017-07-11T03:48:00.000+03:00'
'473ca90085d174ee3807eb3fcedeb15a3f8cb496'|'Exclusive: Police detain a suspect in Jio data leak probe'|'July 11, 2017 / 12:54 PM / 40 minutes ago Exclusive: Police detain a suspect in Jio data leak probe 2 Min Read Commuters use their mobile phones as they wait at a bus stop with an advertisement of Reliance Industries'' Jio telecoms unit, in Mumbai, July 10, 2017. Shailesh Andrade/Files MUMBAI (Reuters) - Police in Rajasthan on Tuesday detained a man suspected of involvement in a major leak of user data from the newest telecom company Jio, a police official said. Slideshow (2 Images) Jio, controlled by India''s richest man Mukesh Ambani and his vehicle Reliance Industries Ltd, said on Monday it was investigating whether personal data of over 100 million of its customers had been leaked to a website named "Magicapk.com". The company said it is working with law enforcement agencies to investigate the alleged leak, which cyber security analysts say may be the first large-scale breach of an Indian telecom firm. The local police official, who asked not to be named, said a man named Imran Chhimpa had been detained early Tuesday evening in connection with the investigation and a team of investigators from Mumbai was expected to arrive shortly. The proprietor of a local internet service provider in the town of Sujangarh, Rajasthan, of which Chhimpa was a customer, confirmed Chimppa had been detained and said he had received a query from police about the individual on Tuesday morning. Reporting by Rahul Bhatia, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/reliance-jio-data-leak-idINKBN19W1DS'|'2017-07-11T15:49:00.000+03:00'
'de3ca01c5502b0f0fcd0bc4a04d8cb57df28d964'|'Amazon up ahead of Prime Day, new service hits Best Buy'|'July 10, 2017 / 11:47 PM / 5 hours ago Amazon up ahead of Prime Day, new service hits Best Buy Rodrigo Campos and Jeffrey Dastin 3 Min Read The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, February 20, 2017. Pascal Rossignol NEW YORK (Reuters) - Amazon.com ( AMZN.O ) shares rose on Monday ahead of the world''s largest online retailer''s own version of Black Friday, while its new service to help set up ''smart homes'' weighed on rival Best Buy Co Inc ( BBY.N ). Prime Day, a 30-hour sale set to start at 9:00 p.m. EDT (0100 GMT Tuesday), is Amazon''s biggest marketing push of the year, with deals to draw new subscribers to its Prime shopping club. U.S. members pay $99 per year for streaming video and two-day shipping. Amazon shares closed up 1.8 percent at $996.47 on Nasdaq. "Prime Day is the big overriding story and what''s moved the stock up today," said Trip Miller, managing partner at Gullane Capital Partners in Memphis, Tennessee, which has a long position in Amazon. Miller said Amazon''s dominance could be seen in how a long list of retailers'' shares fell on Monday. Baird Equity Research analysts have estimated that Prime has about 60 million U.S. members, based on an April survey. Amazon does not disclose the number. "It''s a real test to see if they can raise that number," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. She said an Amazon disclosure on the number of subscribers and their location "would be telling, to see how big of a phenomenon this is." Spreading Out Among the stocks hurt by Amazon was Best Buy, which fell 6.3 percent to end at $54.23 in its largest daily percentage drop since late May 2016. The decline was partly prompted by reports of an Amazon service launched earlier this year, similar to one from Best Buy, that helps customers set up a ''smart home'' with Amazon''s voice-controlled assistant Alexa, analysts said. Best Buy''s Geek Squad, which offers in-home product installations and repairs, has helped distinguish the electronics retailer from its rivals. "Today''s news reflects what we know: Consumers love technology but frequently need help getting the most out of it," said Jeff Shelman, senior director of external communications at Best Buy Corp. Investors punished Best Buy shares on a growing concern that it stands to lose if Amazon branches out into its business. "That''s the vision investors and even competitors have of being ''Amazoned,''" said Fort Pitt Capital''s Forrest. Amazon''s announcement last month of the acquisition of Whole Foods Market Inc ( WFM.O ) sent stocks of food retailers, producers and packagers, among others, reeling. Fears about Amazon''s new service, which is offered only in seven top urban areas on the U.S. West Coast, may be overblown, Forrest said. "I think investors are overestimating the power of Amazon and underestimating the cost to enter all of these new markets and their geographies. America is a big place." Reporting by Jeffrey Dastin and Rodrigo Campos; Editing by Richard Chang 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-amazon-stocks-idUKKBN19V2VC'|'2017-07-11T02:43:00.000+03:00'
'c1b6a44c188f36f0078be5f32677e800e7c744d1'|'As day of the MiFID approaches, specialist brokers advance, not retreat'|'July 11, 2017 / 11:57 AM / 13 minutes ago As day of the MiFID approaches, specialist brokers advance, not retreat Helen Reid 5 Min Read FILE PHOTO: The trading floor is pictured at the stock exchange in Frankfurt, Germany, December 8, 2016. Ralph Orlowski/File Photo LONDON (Reuters) - Brokers specialising in researching mid-cap stocks are sharpening their focus and hiring rather than retreating ahead of sweeping regulatory changes that on the face of it could hurt their business. The idea is that as big sell-side houses cut coverage of niche areas, smaller ones can hone in on them. The Markets in Financial Instruments Directive, or MiFID-II, comes into force in Europe in less than six months and one of the main impacts will be putting an explicit price on research rather than bundling payments along with trading costs. As a result, many brokers are jostling for position on buy-side clients'' research lists -- which are likely to shrink as asset managers adapt to paying directly for research. "The equity research environment is bloated -- we are going to find out who the really good houses are," said Michael Horan, head of trading services at agency broker Pershing Limited. Although there is still significant uncertainty over the impact, most market participants believe there will be significant churn in research analyst staffing levels and a reduction in coverage of small and mid-cap companies in particular. But several houses specialising in mid-caps are responding to this threat by drilling down into their speciality areas in the hope that large brokers retreat from the field, leaving a lucrative gap to fill. For example, private bank Berenberg has added six new analysts to its UK mid-cap team and plan to increase that further by the end of the year. Similarly, British mid-cap specialist house Numis has added two analysts to its team, and European peer Kepler Cheuvreux said it would hire more sector specialists in the coming months. "So far as we are concerned, if small and mid cap coverage thins out a little bit in our core markets, that is just more of an opportunity for us," said David Mortlock, head of Europe and head of investment banking at Berenberg. Niche or Nothing MiFID research "unbundling" regulations aim to shift the model from "push" -- where brokers relentlessly bombard fund managers with research, hoping some of it sticks -- to "pull". That''s when asset managers pick brokers to receive research from, and risk fines if any other analysis lands in their inbox. Brokerages, as a result, are under pressure to stand out. “There’s a tremendous contraction of research provider lists going on already,” said the head of account management at a European broker. Many have predicted that MiFID will negatively impact coverage of the smaller end of the market, with brokers preferring to concentrate on large stocks which frequently change hands, generating more cash for them. “In those niche areas, we believe that if you’re not in the top two or three (brokers) then you may no longer get onto broker lists,” said Hester White, MiFID II spokesperson at Peel Hunt, a UK-focused broker. Brokers'' decisions to increase their focus on small and mid-cap companies could therefore seem counter-intuitive. But a deeper focus on small- and medium-sized companies is also a response to demand from active asset managers looking to cement their performance so far this year by digging deeper into lesser-known companies and sectors, where bargains are more likely than among extensively covered large cap stocks. Active asset managers are being squeezed by a rapid surge in the popularity of passive index-tracking funds and ETFs, and many say the mid- and small-cap area offers the greatest opportunities to find value as they seek to justify higher fees. “I think managers are going to focus their research dollars where they can make more than they have previously,” said Berenberg''s Mortlock. Furthermore, unbundling will enable investors to reward brokers specifically for high-quality research, for the first time. Gemma Hurtado de San Leandro, head of Spanish equities at Mirabaud Asset Management, said the regulation would enable her to use large brokers to execute trades fast and efficiently, while rewarding specialised brokers for their research. "There are brokers that have a lot of volume in the market and help me with the execution of trades, but their research doesn’t add value for me at all,” she said. Asset managers see research on these areas as crucial to their ability to bounce ideas off analysts in the know, and be introduced to new companies and investment propositions. Some also set such research apart from global investment bank analyses which they see as too consensual. For small, regional brokers long battling against larger rivals which have enjoyed economies of scale thanks to "bundled" payments, the new rules are a chance to claw back market share. “What we really like are local brokers,” said Thomas Brown, head of the European opportunities fund at Miton. “It’s very hard to get a differential view on a stock where there’s already 36 analysts covering it.” Reporting by Helen Reid Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-markets-brokers-mifid-idUKKBN19W19D'|'2017-07-11T14:56:00.000+03:00'
'b31bdbb06cc0650f49d70faa0a77b58b4f96ae4e'|'With new Camry, Toyota eyes bigger share of ailing U.S. sedan market'|'July 10, 2017 / 11:32 AM / in 7 hours With new Camry, Toyota eyes bigger share of ailing U.S. sedan market 2 Min Read Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, walk after posing with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. Toru Hanai TOKYO (Reuters) - Toyota Motor Corp on Monday said it was committed to the ailing U.S. sedan market and that it expected a new model of its Camry, the top-selling passenger car in the United States for decades, to help boost the company''s sales in the segment. The automaker said it was "inconceivable" that mid-size sedans would disappear from the market, and that any move by its rivals to stop selling what was once among the most popular vehicles would allow Toyota to boost its presence. Cheap U.S. gasoline prices have prompted drivers to opt for larger SUVs and pick-up trucks. Automakers have been scrambling to meet this growing demand and, as a result, sedans have been losing their share of the U.S. market for new car sales - at 38 percent now versus around 44 percent in 2015. "If other automakers left the sedan market to focus more on SUVs, that would be an opportunity to expand our market share of the segment," Camry''s chief engineer, Masato Katsumata, said at the launch of the latest Camry model in Japan. Sedans and smaller models are a key U.S. sales segment for Toyota. In the first half of 2017, they accounted for about 43.5 percent of Toyota''s total sales, versus 48.6 percent a year ago. Toyota is targeting monthly U.S. sales of 30,000 Camrys after the new model goes on sale in August. In June, it sold 29,463 units of the current Camry model in the United States, down 9.5 percent from a year ago. "Sedans are not a growth segment these days, but we want the new Camry to rehabilitate the segment," said Moritaka Yoshida, president of Toyota''s in-house mid-size vehicle company. Reporting by Naomi Tajitsu; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/toyota-strategy-idINKBN19V191'|'2017-07-10T14:28:00.000+03:00'
'6c0b3ccdfdb3fcd49fd574b455fab93ff3518100'|'BRIEF-Caledonia Mining accident led to a fatality at Zimbabwe mine'|' 10am EDT BRIEF-Caledonia Mining accident led to a fatality at Zimbabwe mine July 10 Caledonia Mining Corporation Plc : * Accident at blanket mine * Announces a fatality at blanket mine in Zimbabwe in a mining-related accident on 7 July 2017 * Accident occurred in number 6 shaft area of mine; management notified minister of mines, mining development, inspector of mines   (Bengaluru Newsroom) After Iran move, Total seen in pole position to snap up Qatar gas deals DOHA/LONDON, July 10 Total is well placed to take a lead role in helping Qatar expand output from the world''s largest gas field, largely thanks to its involvement in the Iranian side of the shared deposit, two sources familiar with Doha''s thinking said. * Trade figures likely to add fuel to surplus debate (Adds details, analysts, background) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-caledonia-mining-accident-led-to-a-idUSFWN1K103H'|'2017-07-10T10:10:00.000+03:00'
'202a9280af2032486ccb8c5c3b6055d429711caa'|'Twitter lets users mute notifications from unknown accounts'|'  3:59pm EDT Twitter lets users mute notifications from unknown accounts The Twitter logo is displayed on a screen on the floor   in New York City, U.S., September 28, 2016. REUTERS/Brendan McDermid/File Photo Twitter Inc ( TWTR.N ), in its latest step to curb abusive behavior on its platform, rolled out new features on Monday to help users disable notifications from accounts that they want to avoid. The microblogging website said its "advanced filter settings" will now have options for users to mute notifications from accounts that they do not follow as well as from accounts that do not follow them. ( bit.ly/2tABSdf ) Users can also filter lower-quality content from notifications such as content that appears to be automated and mute notifications related to certain words and phrases. Twitter had said in March that it would introduce new filtering options for notifications to allow users to limit what they see from certain types of accounts, such as those that do not have a profile photo. Twitter and rival Facebook Inc ( FB.O ) have been facing a barrage of criticism for failing to tackle cyber-bullying, fake news and extremist propaganda on their platforms. (Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-twitter-abuse-idUSKBN19V2KB'|'2017-07-10T22:59:00.000+03:00'
'67139f672a938a246dd18fc417d34a3df55e04fa'|'No talks on French/German mergers at this week''s summit: French presidential sources'|'PARIS A Franco-German ministerial meeting this week will not feature talks on possible tie-ups between French and German companies, said sources from the French president''s office on Monday.Banking sources told Reuters in May that Germany''s RWE and France''s Engie were studying alliance options.However, one source from the French president''s office said talks would more likely focus on linking up networks rather than on any firm merger plans between German and French companies.The French-German ministerial meeting is due to take place on July 13.(Reporting by Jean-Baptiste Vey; Writing by Sudip Kar-Gupta; Editing by Leigh Thomas)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-germany-france-idUSKBN19V0W9'|'2017-07-10T13:41:00.000+03:00'
'5f0c54ac4702493375b433b66876a658a376ed4f'|'Investors up stakes in Apache betting share price could double -Barron''s'|'Business  45pm EDT Investors up stakes in Apache betting share price could double: Barron''s Workers hired by U.S. oil and gas company Apache Corp drill a horizontal well in the Wolfcamp Shale in west Texas’ Permian Basin near the town of Mertzon, Texas October 29, 2013. REUTERS/Terry Wade (This version of the July 9 story corrects third paragraph to clarify that stock fell 1.44 percent on Friday, and was down almost 6.0 percent for full week) Apache Corp ( APA.N ) could be worth double its current stock price, some investors say, as strong management and sizeable assets have gotten a number of fund managers to place big bets on the Houston-based oil and gas producer, Barron''s reported on Sunday. According to the story, Harris Associates, parent of Oakmark Funds, and Davis Funds both substantially increased their stakes in Apache during the first quarter, betting the stock could reach double its current $45 per share price. Apache''s stock price fell 1.44 percent on Friday after the company announced plans to spin-off subsidiary Apache Canada Ltd to Paramount Resources, exiting the Canadian energy market. For the full week, the stock lost almost 6.0 percent, falling to near a 1-1/2-year low on Friday. Apache reported profit in the first three months of 2017 with revenues up by almost $800 million and is expected to return to profitability this year after three years of losses. Analysts expect the company will earn $462 million on a GAAP basis, or $1.52 a share, on revenue of $6.6 billion this year, climbing next year to $2.04 a share on revenue of $7.4 billion, Barron''s reported. Bullish investors cited Apache''s resources in Permian Basin as well as Egypt and the North Sea, its movement of gas from its Alpine High oil field two months ahead of schedule, and reduction of costs as reasons for an expected jump in Apache''s share price. "We believe value will ultimately be realized, either by the market or by a buyer,” Tony Coniaris, a manager of the Oakmark Select fund, told Barron''s. (Reporting by Dion Rabouin; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-apache-investors-idUSKBN19U0YC'|'2017-07-09T23:22:00.000+03:00'
'5bdda5b8266e0af3cc73032fcf8c00c321feae10'|'Musk tweets pictures of first Model 3 to roll off the line'|'Technology News - Mon Jul 10, 2017 - 5:15pm BST Musk tweets pictures of first Model 3 to roll off the line FILE PHOTO - A wheel of a prototype of the Tesla Model 3 on display in front of the factory during a media tour of the Tesla Gigafactory, which will produce batteries for the electric carmaker in Sparks, Nevada, U.S. July 26, 2016. REUTERS/James Glover II/File Photo Tesla Inc ( TSLA.O ) Chief Executive Elon Musk on Sunday tweeted pictures of the first Model 3 sedan to roll off the assembly line. Tesla board member Ira Ehrenpreis was the first to put down a $1,000 deposit on the Model 3 and gifted the car to Musk for his 46th birthday, Musk said in a tweet. ( bit.ly/2v3RyDX ) Musk has high hopes for the $35,000 Model 3, aimed at the mass market, and expects the rollout to help the company deliver five times its current annual sales volume. Tesla''s shares have taken a beating in the last few weeks, as investors have become increasingly concerned that demand for the company''s existing Model S sedan is weakening. Musk said in May that some "confused" Tesla buyers considered the new Model 3 as an upgrade to the Model S, hurting orders for the older car. Registrations for Tesla''s vehicles in California, its largest market, fell 24 percent in April from a year ago, according to data from research firm IHS Markit. Separately, the Wall Street Journal reported on Sunday that new registrations of Tesla cars fell to zero in Hong Kong after authorities slashed a tax break for electric vehicles in April. Last week, Musk said production of the Model 3 would increase exponentially — from 100 cars in August, more than 1,500 in September to 20,000 Model 3 cars per month in December. (Reporting by Narottam Medhora in Bengaluru; Editing by Shounak Dasgupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tesla-model-idUKKBN19V1YL'|'2017-07-10T18:23:00.000+03:00'
'd7e5cab465ad937c9263d3da0075ec2251f8aa02'|'China''s FAW to recall 680,000 more Mazda cars over faulty Takata airbags'|'Market News - Sat Jul 8, 2017 - 2:55am EDT China''s FAW to recall 680,000 more Mazda cars over faulty Takata airbags BEIJING, July 8 China''s FAW Car Co Ltd, a partner of Japan''s Mazda Motor Corp, will recall over 680,000 Mazda cars due to issues with air bags that were supplied by embattled Japanese auto parts supplier Takata Corp . The recall includes Mazda 6 vehicles manufactured in China between September 2008 and January 2016, China''s General Administration of Quality Supervision, Inspection and Quarantine said in a statement on its website on Friday. The watchdog said the issue was related to dangerous defects in the airbag inflator on the passenger side, and follows an earlier recall of 280,000 Mazda 6 models manufactured between 2003 and 2008 for a similar issue. Takata filed for bankruptcy in Japan and the United States last month, burdened with tens of billions in liabilities related to a decade of recalls and lawsuits over faulty airbags supplied to some of the world''s biggest auto brands. The airbags have been linked to at least 16 deaths and 180 injuries. The firm will be largely acquired for $1.6 billion by Chinese-owned, U.S.-based firm Key Safety Systems as part of its financial restructuring. On Friday the Chinese watchdog said in a statement that it has asked foreign firms General Motors, Daimler''s Mercedes-Benz and Volkswagen to fulfil their obligations to recall vehicles in China affected by faulty Takata air bags. (Reporting by Cate Cadell; Editing by Christian Schmollinger) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/faw-china-recall-idUSL4N1JZ040'|'2017-07-08T09:55:00.000+03:00'
'dd6808b5c525ecf22e99ac14def853d7f06f3839'|'Stocks heading for "Humpty Dumpty" big fall - BAML'|'July 7, 2017 / 3:27 PM / 10 minutes ago Stocks heading for ''Humpty Dumpty'' big fall: BAML Marc Jones 3 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid LONDON (Reuters) - If you know your nursery rhymes, analysts at Bank of America Merrill Lynch think over-pumped stocks are heading for a Humpty Dumpty-style fall in the coming months. In their weekly round up of global asset flows, BAML said the prospect of more U.S. rate hikes, combined with the ECB readying to scale back its stimulus, meant markets were at a "massive inflection point" in the decade-long easy money trade. Year-to-date $170 billion has been pumped into equities while $208 billion has gone into bonds. It means both asset classes are on track for record years in terms of inflows if they keep it up, but BAML is doubtful. "Next 6 months, higher interest rates likely much more negative for stocks & credit given new central bank policies," its strategists wrote. "Will likely lead to ''Humpty Dumpty'' big fall in market in autumn, in our view." Over the last week from Wednesday-to Wednesday for BAML''s number crunchers, there were already some signs a shift may be taking place. Tech funds saw their largest redemptions in 30 weeks, for consumer sector-focused funds it was the biggest in 21 weeks, while Eurozone equity funds saw their first outflows in 15 weeks. At the same time though, banks and financials saw their biggest inflows in 20 weeks, there was an overall $2.9 billion pumped into equities and emerging market debt and equity funds enjoyed 23rd and 16th consecutive weeks of inflows respectively. For timing the expected "big fall" BAML added that monitoring corporate bonds and company profits would be key. They said credit markets remain strong, but noted the U.S. high yield has lagged high grade debt since March, which is a disconnect with European credit markets. And while corporate profit growth has accelerated, the disconnect with employment growth is notable. Further weak payroll growth would hint at profits topping out and a policy mistake from the central banks if they tighten policy. "Summer 2017 = massive inflection point in central bank liquidity trade," BAML said. Reporting by Marc Jones Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-markets-flows-baml-idINKBN19S298'|'2017-07-07T18:24:00.000+03:00'
'e0eeef4452806996a92c09addbe760bef70d28c2'|'Five ways to spot a business trend that will last - Guardian Small Business Network - The Guardian'|'It’s not unusual for businesses to make huge investments based on the latest trend. Picking the right trend to get on board with can open up a whole new market, along with a ready made customer base. But not all trends are here to stay. For business owners, knowing which ones are going to last – and which will soon fade away – can be the difference between success and failure.So how do you recognise products and services that will stand the test of time? Here are five signs that the latest trend is one worth investing in.It meets a basic need Ed Hebblethwaite, strategy director at Williams Murray Hamm, recommends thinking about a trend in terms of Maslow’s Hierarchy of Needs , the theory that the essential elements of life can be divided into five tiers. At the bottom are the basic needs, such as food and rest; as you advance up the tiers they become more complex – from intimate relationships through to self-actualisation. Trends that will last, he says, answer fundamental human needs.From decks to moats: the complete guide to modern office jargon Read moreNick Harrison, co-lead of Oliver Wyman’s Retail Practice, agrees that meeting basic needs is key. “If a trend towards a new product or service meets a perennial need better than the alternatives … it will not be a flash in the pan,” he says. “Trends that are based on the ebb and flow of fashion, tastes or preferences will be like the latest hot toy at Christmas or this season’s dress: not built to last.”It’s relevant to your customers’ lives “Long-term trends are driven by our lifestyles,” says Hayley Ard, head of consumer lifestyle at innovation research and trends company Stylus . “The most astute forecasters are the ones who are acutely attuned to our changing needs, values and contexts. To scope out the range of a trend, think about how it serves our shifting priorities.”She says relevance is one of the “three Rs” – alongside resonance and reach – that are key to spotting which trends will last. It’s all very well noting that a new product has found a substantial market – but unless that market overlaps with yours, the trend isn’t relevant for your business yet.It fits your brand identity Deciding whether you can cater for a trend while remaining true to your brand is vital, says Hebblethwaite. “There are hundreds of trends happening at any time, but only a few of them will be relevant to your brand.” Choosing the right trend to pursue needs to be balanced with maintaining your brand identity – or you risk looking like you’re just “nailing your colours to the nearest thing”.It keeps popping up – in different fields If you start to see a trend being repeated across different areas – the media, university studies, laboratories – then it’s quite possible that this one will stick around. Turning up in a variety of fields suggests the trend has proved its usefulness in multiple contexts – and will likely soon start cropping up elsewhere, too. “That interconnectedness is important,” says Hebblethwaite. “If you’re seeing it across several industries, that’s a sure sign that it’s got some legs and some longevity.”It’s got your competitors hooked Mark Wright, founder of SEO agency Climb Online, says taking a look at your competitors can give you an idea of which trends will last. If they’re already buying in they could well be on to something. “Maybe select three-to-five direct competitors and look at what they are promoting or talking about,” he says. “If you notice similar patterns and conversations, implement them into your own business plan and strategy.”Topics Guardian Small Business Network Business Made Simple'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jul/10/five-ways-to-spot-a-business-trend-that-will-last'|'2017-07-10T21:12:00.000+03:00'
'a60de76f76b416a6916cb4242253fb66c6c191c8'|'Elliott says considering $18.5 billion deal for Oncor'|'July 10, 2017 / 1:27 PM / in an hour Elliott says considering $18.5 billion deal for Oncor 2 Min Read REUTERS - Elliott Management, the largest creditor of the bankrupt parent of Oncor Electric Delivery Co, said it was putting together an offer that values the utility at about $18.5 billion, including debt. Warren Buffett''s Berkshire Hathaway made a $9 billion offer on Friday for Oncor''s parent, Energy Future Holdings Corp, valuing the utility at $18.1 billion. Elliott, run by billionaire Paul Singer, said on Monday it was working on a $9.3 billion offer for Energy Future. In a letter to the board of Energy Future, Elliott said it would support a deal with Berkshire or a third party if those bids exceeded the value proposed by the hedge fund. "We fear that the Berkshire transaction does not provide such value," the hedge fund said. Elliott also said any transaction for Oncor other than one led by creditors would increase regulatory risks. ( bit.ly/2u94mMN ) Elliott''s bid would be a rare challenge to Buffett, who avoids auctions for companies and has told his investors he does not like to participate in bidding wars. Dallas-based Oncor delivers power to more than 3.4 million homes and businesses through roughly 122,000 miles (196,000 km) of transmission and distribution lines. Oncor did not immediately comment on Elliott''s letter, while Berkshire was not immediately available. Elliott declined to comment. Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/oncor-m-a-elliott-idINKBN19V1KY'|'2017-07-10T19:29:00.000+03:00'
'35e37bfee1faa5fa83c90017d96e17c848f2f935'|'German prosecutor investigating employees at VW''s Porsche'|'Autos - Mon Jul 10, 2017 - 3:42pm BST German prosecutor investigating employees at VW''s Porsche FILE PHOTO: A Volkswagen logo is pictured at Volkswagen''s headquarters in Wolfsburg, Germany, April 22, 2016. REUTERS/Hannibal Hanschke/File Photo FRANKFURT The Stuttgart prosecutor''s office said on Monday employees at German sports car maker Porsche AG and a U.S.-based subsidiary were being investigated for suspected fraud and false advertising related to diesel emissions. The probe is the latest twist in a sweeping investigation of automakers and their emissions after Volkswagen ( VOWG_p.DE ), which owns the Audi, VW and Porsche brands, admitted systematic cheating of diesel engine tests in 2015. In a statement, Stuttgart prosecutor Jan Holzner said there were grounds to suspect potential fraud and false advertising by Porsche employees, while declining to elaborate given the ongoing nature of the probe. Porsche said it was fully cooperating with authorities and had proactively sought contact with prosecutors even before a formal probe was launched. Illegal software has been found in VW, Audi and Porsche cars equipped with diesel engines. Some Porsche models are equipped with 3 litre diesel engines supplied by Audi. Prosecutors in Munich are separately investigating Audi about its role in designing the 3 litre diesel engine. Last week prosecutors arrested Giovanni Pamio, an Audi ( NSUG.DE ) employee, on suspicion of fraud and false advertising. Pamio, who is in custody, is being sought by the U.S. Justice Department for his alleged role directing Audi employees to design software to cheat U.S. emissions tests. (Reporting by Edward Taylor; Editing by Tom Sims and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-porsche-idUKKBN19V1U8'|'2017-07-10T17:42:00.000+03:00'
'd20bde022aee83309e3605a30d1739a94410f761'|'Dutch prosecutor to examine use of emissions software by Jeep, Suzuki - official'|'Mon Jul 10, 2017 - 1:45pm BST Dutch prosecutor to examine use of emissions software by Jeep, Suzuki: official left right The logo of Suzuki is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann 1/2 left right The logo of Fiat Chrysler Automobiles'' (FCA) Jeep brand is seen on a vehicle at Tbilisi Mall in Tbilisi, Georgia, April 22, 2016. REUTERS/David Mdzinarishvili/File Photo 2/2 AMSTERDAM Dutch prosecutors said on Monday they will look into possible misuse of emissions software by Suzuki ( 7269.T ) and Fiat Chrysler''s ( FCHA.MI ) Jeep. The announcement followed a report by the Dutch road authority earlier on Monday, which found that the Jeep Grand Cherokee and Suzuki Vitara had unacceptably high levels of toxic emissions. The RDW said in a statement its tests of more than a dozen car makers since the Volkswagen emissions scandal singled out Jeep and Suzuki, adding that other manufacturers were not found to have violated regulations. (Reporting by Bart Meijer, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-netherlands-pros-idUKKBN19V1H8'|'2017-07-10T15:44:00.000+03:00'
'3860bf99051c95b8127afa28437564f5140300bd'|'''Making Money'' host Charles Payne suspended from Fox Business Network'|'Business  50am BST ''Making Money'' host Charles Payne suspended from Fox Business Network FILE PHOTO: People walk by the Fox business studios in the News Corporation headquarters in Manhattan, New York, U.S., April 29, 2016. REUTERS/Brendan McDermid "Making Money" host Charles Payne was suspended from Fox Business Network, a company spokeswoman said on Thursday. The spokeswoman said Payne had been "suspended pending further investigation" and rotating sub-hosts would fill in on the Twenty-First Century Fox-owned cable network ( FOXA.O ) . Payne did not immediately respond to a request for comment. Media reports from BuzzFeed and Variety surfaced earlier on Thursday attributing the suspension to allegations of harassment. bit.ly/2sSwgaH The company did not immediately confirm whether Payne was suspended over the allegations. Fox''s spokeswoman said in a statement: "We take issues of this nature extremely seriously and have a zero tolerance policy for any professional misconduct. This matter is being thoroughly investigated and we are taking all of the appropriate steps to reach a resolution in a timely manner." In June, Payne signed a multi-year contract to continue as host of "Making Money." (Reporting by Shalini Nagarajan and Sangameswaran S in Bengaluru and Jessica Toonkel in New York; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fox-payne-idUKKBN19S084'|'2017-07-07T04:50:00.000+03:00'
'8137e1b555b6d97fb6bed1c47c19468c8cfc545a'|'Apple to build second data center in Denmark in push for renewable energy'|'Technology News   2:29pm EDT Apple to build second renewables-powered data center in Denmark FILE PHOTO: The Apple logo is seen on the facade of the new Apple Store in Paris, France, January 5, 2017. REUTERS/Charles Platiau/File Photo By Jacob Gronholt-Pedersen - COPENHAGEN COPENHAGEN Apple Inc said on Monday it will spend 6 billion Danish crowns ($921 million) on a new data center in Denmark, its second in the Nordic country to run entirely on renewable energy. Facebook in January also announced plans to build a data center in Denmark, only its third outside of the United States. Apple has pledged to back the Paris climate accord by switching to renewable energy and has recently issued a $1 billion green bond after the United States pulled out of the pact. Chief Executive Tim Cook was one of several CEOs who directly appealed to President Donald Trump to keep the United States in the pact before he made his decision. Apple said the data center would begin operations in the second quarter of 2019 in Aabenraa in southern Denmark near the German border. It will power Apple''s online services, including the iTunes Store, App Store, iMessage, Maps and Siri for customers across Europe. "We''re thrilled to be expanding our data center operations in Denmark, and investing in new sources of clean power," Erik Stannow, Nordic manager for Apple, said in a statement emailed to Reuters. "The planned facility in Aabenraa, like all of our data centers, will run on 100 percent renewable energy from day one, thanks to new clean energy sources we''re adding," he said. Apple''s first data center in Denmark near the town of Viborg is due to begin operations later this year. Apple said a planned data center in Athenry, Ireland, announced in 2015 had yet to begin construction. Apple confirmed that the Irish data center is currently under judicial review. Denmark, a leader in wind power, has abundant supplies of wind energy as well biomass energy. "The reliability of the Danish grid is one of the main reasons we will operate two sites in Denmark," Stannow said. The small Nordic country hopes these investments will boost its IT sector. "Denmark is becoming northern Europe''s hub for data centers with a high prospective for growth for the tracking industries delivering solutions to the many data centres sprouting up all over the world," the foreign ministry said in a statement. (Reporting by Jacob Gronholt-Pedersen; editing by Louise Heavens, Jason Neely and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-apple-denmark-idUSKBN19V0MJ'|'2017-07-10T10:45:00.000+03:00'
'64a3e8fcf23b38d5b209ee8e55da180a7ee86176'|'UBS CEO says London jobs could go to Frankfurt, Madrid or Amsterdam - CNBC'|'Business News - Mon Jul 10, 2017 - 12:04pm BST UBS CEO says London jobs could go to Frankfurt, Madrid or Amsterdam: CNBC left right FILE PHOTO - The offices of Swiss bank UBS are seen in the financial district of the City of London October 31, 2012. REUTERS/Chris Helgren 1/2 left right FILE PHOTO - The offices of Swiss bank UBS are seen in the financial district of the City of London October 31, 2012. REUTERS/Chris Helgren 2/2 By Joshua Franklin - ZURICH ZURICH Swiss bank UBS ( UBSG.S ) is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam to cope with Britain''s planned departure from the European Union, Chief Executive Sergio Ermotti said in an interview with CNBC. With around 5,000 employees based in London, UBS is reviewing where it might move jobs which require access to the EU. "I think Frankfurt is a location of choice. There are different, other locations that could come into consideration," Ermotti said in the interview broadcast on Monday, according to a transcript. "I think about Amsterdam, I think about Madrid ... As we speak, we are narrowing down really the options." UBS will make a decision by the end of the summer or the early part of the fourth quarter, Ermotti said. Financial services firms need a regulated subsidiary in an EU country to offer products across the bloc which means some are looking to move jobs out of Britain if it loses access to the European single market. Frankfurt has been mooted as a possible destination for UBS jobs that move from London because last year it set up a bank there to consolidate most of its European wealth management operations. But other European cities, including Madrid and Amsterdam, are competing to attract bankers if they move from London. Ermotti also said clients at UBS''s flagship wealth management division have shown a greater willingness to invest more of their money in the last five months. "It''s clear if I look at the cash balances as a percentage of wealth we manage, they have been coming down from the high-20s to around the mid-20s," he said. "So this is clearly a sign that people are willing to invest more, but still very cautious." In the United States, Ermotti said optimism surrounding the Trump administration had diminished since the start of the year. "People do still believe that we will see some positive news from the new administration," he said. "But the goodwill is eroding very fast and people want to see concrete actions before engaging in M&A, before engaging into major discussions in respect of strategic moves." UBS reports second-quarter results on July 28. (Reporting by Joshua Franklin. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-ubs-group-ag-idUKKBN19V14W'|'2017-07-10T13:57:00.000+03:00'
'913ae1ace93d5439c19872976848a0a25e48e9ad'|'China certifies COMAC to mass produce ARJ-21 regional jets - Xinhua'|'Business News - Sun Jul 9, 2017 - 7:13am BST China certifies COMAC to mass produce ARJ-21 regional jets - Xinhua FILE PHOTO - Models of an ARJ-21 jet is presented by Commercial Aircraft Corporation of China (COMAC) at an air show, the China International Aviation and Aerospace Exhibition, in Zhuhai, Guangdong Province, China, November 1, 2016. REUTERS/Stringer BEIJING Commercial Aircraft Corp of China Ltd (COMAC) [CMAFC.UL] has received approval to begin mass production of its ARJ-21 jet, the official Xinhua News Agency reported on its social media account on Sunday. The state-owned plane maker received a production certificate from the Civil Aviation Administration of China (CAAC), the news agency said. Shanghai-based COMAC last year said that orders for the twin-engine jet had reached 413 from 19 customers. COMAC is also developing a bigger C919 jet as part of its efforts to compete against Boeing ( BA.N ) and Airbus ( AIR.PA ) in the lucrative narrow-body market. The C919 had 24 customers and 600 orders, COMAC said in June. (Reporting By Matthew Miller and Fang Cheng; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-comac-approval-idUKKBN19U05M'|'2017-07-09T09:13:00.000+03:00'
'52e7a6ac4c1bd5b4643e3d1779252e33a247f00a'|'Google to power Dutch data centre with solar energy'|'Environment - Fri Jul 7, 2017 - 8:22am EDT Google to power Dutch data center with solar energy The sign marking the Google offices is lit up in Cambridge, Massachusetts, U.S., June 27, 2017. REUTERS/Brian Snyder AMSTERDAM Google will purchase all the electricity generated by the largest solar park in the Netherlands over the next decade to power a recently opened data center housing thousands of servers, the U.S. internet company and energy provider Eneco said on Friday. It is part of Google''s ambition to switch its data centers and offices entirely to renewable energy this year, helped by the steep fall in prices for wind and solar energy. The contract with Eneco, for which no financial details were disclosed, will supply renewable energy for "many months to come, maybe even years", Google''s European energy manager Marc Oman said. The agreement comes as the Netherlands makes a push to boost its renewable energy production and is investing 12 billion euros in 2017 in offshore wind farms. The Eemshaven data center, which cost roughly 600 million euros and opened in 2016, is one of four Google operates in Europe. (Reporting by Bart Meijer) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-netherlands-energy-google-idUSKBN19S1QZ'|'2017-07-07T15:18:00.000+03:00'
'0adf860d9900d036845b105a4d1a0215df45e6fb'|'France to sell 10 billion euros worth of state assets - source'|'  2:23pm BST France to sell 10 billion euros worth of state assets: source FILE PHOTO - French Finance Minister Bruno le Maire attends a national tribute ceremony for late French politician Simone Veil, Holocaust survivor and pro-abortion campaigner, at the Hotel des Invalides in Paris, France, July 5, 2017. REUTERS/Michel Euler/Pool PARIS France will sell 10 billion euros ($11.40 billion) worth of state assets to finance projects geared towards innovation, a finance ministry source said on Friday. "It will be done as soon as market conditions will allow," the source said, adding that these would mostly concern minority stakes. While campaigning for the presidency, Emmanuel Macron had said he would set up a 10 billion euro fund to promote industrial and research projects, but official comments over the past days had raised questions over whether this would all be financed by the sale of state stakes or not. Finance Minister Bruno Le Maire on Thursday said the sale of state assets would start in September. (Reporting by Myriam Rivet; Writing by Ingrid Melander; Editing by Andrew Callus)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-politics-assets-idUKKBN19S1W1'|'2017-07-07T16:22:00.000+03:00'
'409f7f21cb4f850f6b7e433da71efe92ef69a981'|'UK regulator Ofcom places bidding restrictions on BT, Vodafone'|'July 11, 2017 / 8:15 AM / 7 minutes ago UK regulator Ofcom places bidding restrictions on BT, Vodafone Reuters Staff 2 Min Read A woman talks on her phone as she passes a branded sign displayed outside of a BT building in London, Britain January 27, 2017. Neil Hall (Reuters) - UK''s Ofcom has capped the maximum spectrum a company could win as it set new rules for the auction of mobile spectrum to safeguard competition, the communications regulator said on Tuesday. The new auction, which is expected to take place later this year, will limit the amount of spectrum companies such as BT ( BT.L ) and EE Ltd ( IPO-EEL.L ) could win to 85 MHz in the 3.4 GHz band, restricting the companies'' overall share of mobile spectrum. Vodafone ( VOD.L ) would be able to gain a maximum of 160 MHz of spectrum across the 2.3 GHZ and 3.4 GHz bands under these restrictions. The regulator, however, has not placed restrictions on any other bidder, based on current spectrum holdings. Licences to use 190 MHz of spectrum would be auctioned in two frequency bands, increasing airwaves available for mobile devices by almost a third. Ofcom said 40 MHz of spectrum would be auctioned in the 2.3 GHz band, which is already supported by mobile device makers such as Apple ( AAPL.O ), Samsung Electronics ( 005930.KS ) and HTC ( 2498.TW ), and could be used immediately to provide extra capacity leading to faster browsing and download speeds. The remaining 150 MHz of the spectrum would be auctioned in the 3.4 GHz band, which is currently being used for 4G wireless broadband to fixed devices in countries such as UK, Canada and Spain. Ofcom has set reserve prices of 10 million pounds per 10 MHz lot of the 2.3GHz band, and 1 million pounds for a 5 MHz block in the 3.4GHz band. These are unchanged, giving a total reserve price of 70 million pounds for the 190 MHz of spectrum.   Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-telecoms-idUKKBN19W0NJ'|'2017-07-11T11:15:00.000+03:00'
'f0ea506ddb1e9fcf19b2e9276513c900ec24cd80'|'Shire, Roche slug it out in billion-dollar blood drug battle'|'Health News   2:47pm BST Shire, Roche slug it out in billion-dollar haemophilia drug battle left right FILE PHOTO: Swiss drugmaker Roche''s logo is seen at their headquarters in Basel, Switzerland January 28, 2016. REUTERS/Arnd Wiegmann/File Photo 1/2 left right A sign sits in front of Shire''s manufacturing facility in Lexington, Massachusetts July 18, 2014. REUTERS/Brian Snyder 2/2 By John Miller - ZURICH ZURICH Swiss drugmaker Roche''s ( ROG.S ) bid to take a chunk of the $11 billion haemophilia drug market dominated by Shire ( SHP.L ) took another blow with the Irish company winning a preliminary injunction over its Swiss rival''s medication. Shire said its injunction in a court in Germany, where Roche presented data on its drug emicizumab on Monday, sought to remedy Roche''s "incomplete and misleading" statements about the role of Shire''s drug FEIBA in adverse events in Roche trials. The fight underscores the high stakes of emicizumab''s approaching arrival on the haemophilia A market, with some analysts estimating $5 billion in annual sales. That would poach business from Shire''s older drugs for the condition in which sufferers'' blood does not clot properly. Roche blamed several instances of thromboembolic events, including damage to blood vessels in vital organs, in haemophilia A patients on Shire''s bypassing agent. It recommended doctors avoid using FEIBA, if possible, to treat bleeds that developed in patients, despite getting emicizumab. Shire, which says Roche "unlawfully disparaged" FEIBA, said it aimed "to prevent further dissemination of the inaccurate and misleading characterisation of the serious adverse events" in the Roche trial. While Shire''s drug carries warnings for thromboembolic events, Juliana Dierks, its global haematology franchise head, said Roche has failed to provide adequate data to back up its claim. "To imply a cause-and-effect of FEIBA having caused the severe adverse events is misleading," Dierks told Reuters. "We are looking forward to transparency. Give us the data, give us the facts." In the Hamburg court''s order, among other things, Roche was forbidden for now from making promotional statements describing emicizumab it as "well tolerated" or saying that adverse events occurred in four people when they received high doses of Shire''s drug concurrently with Roche''s medication. The court said it had jurisdiction because Roche was preparing to present information about emicizumab at the International Society on Thrombosis and Haemostasis congress this week in Berlin. The injunction is an interim measure and Roche can appeal it. Roche said it was reviewing it after being served on Monday. A spokeswoman said on Monday the Basel-based drugmaker stood "100 percent" behind its statements about emicizumab and guidance for doctors treating bleeds. Roche shares were up 0.5 percent at 1300 GMT, while Shire''s were down 1.6 percent. This is the latest legal battle involving Shire against Roche over emicizumab. Baxalta, which Shire bought in 2016, is suing the Swiss company over patent infringement. Bernstein has said Shire''s share in haemophilia A is expected to fall to 29 percent from 49 percent by 2021 on the combined effect of Roche''s drug and other new medicines. Roche, which has filed emicizumab for European and U.S. approval, said the drug cut the treated bleed rate by 79 percent compared with bypassing agents, according to its latest data. (Reporting by John Miller; editing by Jason Neely and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-roche-shire-haemophilia-idUKKBN19V0HX'|'2017-07-10T16:06:00.000+03:00'
'e948c3db29ef95ce15c442af6ae4466d44a8058d'|'Factbox: Air India subsidiaries'|'Exclusive: Elliott explores bid to challenge Buffett''s Oncor deal - sources Elliott Management Corp, the largest creditor of the bankrupt parent of Oncor Electric Delivery Co, is exploring putting together a bid for the Texas power transmission company that would top Warren Buffett''s $9 billion all-cash deal, people familiar with the matter said on Friday. Amazon.com Inc told Whole Foods Market Inc it would not engage in a sale process for the U.S. grocer that involved other bidders, a regulatory filing showed on Friday, shedding new light on the $13.7 billion acquisition. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-air-india-privatisation-factbox-idUSKBN19U031'|'2017-07-09T07:12:00.000+03:00'
'508913e6839c6ade705e87a4ce581cd3afc684df'|'BRIEF-Kala Pharma sees IPO of 6 mln shares priced between $14-$16/shr'|' 02am EDT BRIEF-Kala Pharma sees IPO of 6 mln shares priced between $14-$16/shr July 10 Kala Pharmaceuticals Inc: * Kala Pharmaceuticals sees IPO of 6 million shares of co''s common stock priced between $14.00 and $16.00 per share Source text: ( bit.ly/2tFlt5R )   RPT-Big financial woes linger in Illinois'' new budget CHICAGO, July 10 Illinois'' first budget after two years is filled with partial outlines to address its debt-ridden pension system and unpaid bill backlog -- signs that political fighting and the fiscal mess in the nation''s fifth-largest state are far from over. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-kala-pharma-sees-ipo-of-6-mln-shar-idUSFWN1K10BC'|'2017-07-10T14:02:00.000+03:00'
'0de2d449074308d03f7cb14ad1b4eaff51e7a0ac'|'JPMorgan CEO meets Irish prime minister on post-Brexit growth'|'Banks  09pm BST JPMorgan CEO meets Irish prime minister on post-Brexit growth Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Mike Blake DUBLIN JPMorgan Chase & Co Chief Executive Jamie Dimon met Irish Prime Minister Leo Varadkar in Dublin on Thursday to discuss expansion in the Irish capital two months after the U.S. investment bank bought an office building in the city with room for 1,000 staff. The bank in May said it plans to hire a significant number of people in Dublin in its expanding custody and funds services businesses over the next three years, as it focuses its European Union operations in Dublin, Frankfurt and Luxembourg after Brexit leaves its largest European office, in London, outside of the bloc. "I met with Prime Minister Varadkar today to discuss our plans to grow J.P. Morgan''s business over the next several years," Dimon said in a statement. "Ireland is at the forefront of training its workforce to keep up with the latest developments in technology and business innovation, and the country has a global, open environment that will keep it economically competitive," he added. A spokesman for Varadkar, who was elected Ireland''s youngest ever Taoiseach last month, confirmed the meeting took place but declined to comment further. JPMorgan currently employs 450 people in Ireland in its Custody & Fund Services, Investment Banking, Payments and Treasury Services business. The bank in May announced a deal to acquire a 130,000 square foot (12,000 square metre) building at the Capital Dock development in Dublin''s docklands, which could house around 1,000 staff. Ireland has engaged on a major lobbying campaign during the past year to try to convince companies with large bases in the United Kingdom to consider moving some of their staff to Ireland to maintain access to the European Union''s single market. The head of Frankfurt''s campaign to promote the city to banks since Britain voted to leave the EU told Reuters in May he expected the five largest U.S. investment banks to move staff to more than one EU location with around 1,000 going to Frankfurt and possibly more to Dublin. (Reporting by Conor Humphries; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-jpmorgan-idUKKBN19R30L'|'2017-07-07T00:09:00.000+03:00'
'410f2a445a6dcceda398653aa3fbe788cf2aebe5'|'Strong rise in German industrial output signals solid second quarter growth'|'Business News - Fri Jul 7, 2017 - 7:14am BST Strong rise in German industrial output signals solid second quarter growth FILE PHOTO: An employee of German car manufacturer Mercedes Benz works on the interior of a GLA model at their production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN German industrial production rose more than expected in May, data showed on Friday, boosting expectations that factories will support growth in Europe''s biggest economy in the second quarter. Industrial output jumped by 1.2 percent on the month, data from the Economy Ministry showed. That was the fifth consecutive monthly increase and beat the consensus forecast in a Reuters poll for a 0.3 percent gain. The upturn was driven by a surge in energy production and factories producing more capital and consumer goods. The April reading was revised slightly down to an increase of 0.7 percent from a previously reported rise of 0.8 percent. Data published on Thursday had shown strong foreign demand pushed up industrial orders in May, though the increase was less pronounced than expected. Still the economy ministry said it expected the sector to continue gathering momentum. (Reporting by Michael Nienaber; Editing by Michelle Martin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-output-idUKKBN19S0P0'|'2017-07-07T09:12:00.000+03:00'
'e6e99c73484426064250414163ac68c00e70fc7d'|'Siemens to press charges after turbines moved from Russia to Crimea'|'Mon Jul 10, 2017 - 5:07pm BST Siemens to press charges after turbines moved from Russia to Crimea A logo of Siemens is pictured on a building in Mexico City, Mexico, May 16, 2017. REUTERS/Edgard Garrido - RTX363G4 By Andreas Rinke and Georgina Prodhan - BERLIN/FRANKFURT BERLIN/FRANKFURT Germany''s Siemens ( SIEGn.DE ) said on Monday at least two of its gas turbines had been moved "against its will" from Russia to Crimea, a region subject to sanctions barring EU firms providing it with energy technology. The European Union imposed the sanctions after Russia''s 2014 annexation of the peninsula from Ukraine, a move it sees as breaking international law. Siemens, which has repeatedly insisted it was not aware the turbines were destined for Crimea, said it would press criminal charges against those responsible for diverting the turbines. "Siemens has received information from reliable sources that at least two of the four gas turbine sets, which were delivered for the project in Taman, Southern Russia, have been moved to Crimea against our will," it said in a statement. "Over the last few months, our customer has confirmed to us numerous times in writing that a delivery to Crimea would not occur. As a consequence, Siemens will initiate criminal charges against the responsible individuals." Reuters reported last week that the Siemens turbines had been delivered to Crimea. A Siemens spokesman said the customer in question was Russian state-owned engineering company Technopromexport, which bought the turbines from Siemens. Technopromexport had no immediate comment, and Russia''s energy ministry declined to comment. Vladimir Putin, who is expected to seek reelection as Russian president next year, has vowed to ensure energy security for Crimea, but has no home-grown company that could easily supply such turbines. The Kremlin said on Monday the power turbines being installed in Crimea had been made in Russia using Russian components - an apparent reference to the fact that the turbines were produced at a factory in St. Petersburg. The plant''s owner, Siemens Gas Turbine Technologies LLC, is 65 percent owned by Siemens and uses Siemens technology. DIPLOMACY Siemens - a multinational whose activities include trains, factory automation and healthcare equipment - will mark 170 years'' presence in Russia this year, and invested about 1 billion euros ($1.14 billion) there in the early years of this decade, mostly in energy. Joe Kaeser met Putin several times during his first year as chief executive, including a widely criticized visit to Russia shortly after the annexation of Crimea during which he reaffirmed his commitment to the country. Germany is still one of Russia''s top trading partners. A spokesman for the German Economy Ministry, when asked about the Siemens affair on Monday, said that it was up to Siemens to ensure it respected the EU sanctions. The issue has been raised in diplomatic circles in Moscow, a Siemens source familiar with the matter said. Three sources close to the matter told Reuters last week that Russia''s ZAO Interautomatika had been hired to help install the turbines in Crimea. Siemens said on Monday it had expanded investigations by an internal taskforce to all of its Russian-based entities and relevant partners to ensure that no equipment or services could be supplied that could violate export control restrictions. "This also applies to Siemens'' minority stake in Interautomatika," it said, adding that Interautomatika had confirmed in writing Siemens'' insistence that all relevant activities with respect to Crimea be immediately terminated. Siemens added that it would file lawsuits to halt any further deliveries to Crimea and to return already-dispatched equipment to its original destination. It said it was evaluating what additional actions were possible. The Siemens source had earlier told Reuters that the company was taking legal steps to address the issue. (Additional reporting by Hans-Edzard Busemann and Anastasia Lyrchikova; Writing by Georgina Prodhan; Editing by Sabine Wollrab, Edward Taylor and Anna Willard)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ukraine-crisis-crimea-power-idUKKBN19V13E'|'2017-07-10T18:58:00.000+03:00'
'fcd8c2768264e779da8a9ee87e7ca35b45a81591'|'BRIEF-FMR LLC reports 44.88 pct passive stake of class A common stock in Blue Apron Holdings'|' 49am EDT BRIEF-FMR LLC reports 44.88 pct passive stake of class A common stock in Blue Apron Holdings July 10 Blue Apron Holdings Inc * FMR LLC reports 44.88 percent passive stake of class A common stock in Blue Apron Holdings Inc as of june 30 - sec filing Source text : bit.ly/2v3DHgF   * says it has raised $23.8 million in equity financing from total offering amount of $30.0 million - sec filing   [ID: http://bit.ly/2v3AY7e  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fmr-llc-reports-4488-pct-passive-s-idUSFWN1K10WO'|'2017-07-10T17:49:00.000+03:00'
'e37d2390ef55219dbbc450aafb315ab88dd8f524'|'UBS raises $325 million for Bono-backed impact investment fund'|'Business News   11:09am BST UBS raises $325 million for Bono-backed impact investment fund FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 29, 2017. REUTERS/Arnd Wiegmann By Joshua Franklin - ZURICH ZURICH UBS has raised $325 million (252.71 million for a private equity impact investment fund, as the world''s biggest private bank looks to meet wealthy clients'' growing appetite to combine philanthropy with money making. The Rise Fund, which counts Irish rock star Bono among its co-founders, aims to achieve "measurable, positive social and environmental outcomes alongside competitive financial returns", UBS said in a statement on Monday. Impact investing -- a term coined in 2007 -- grew out of the desire by socially conscious individuals to extend philanthropy to their financial holdings. The fund, whose total size is around $2 billion, is managed by Bill McGlashan, founder and managing partner of TPG Growth, the growth-capital fund of U.S. private equity firm TPG. The fundraising represents a relatively minor amount for UBS, which has more than 2 trillion Swiss francs ($2.1 trillion) in invested assets. But clients want to move more of their money into these kind of investments, according to Simon Smiles, UBS Wealth Management''s chief investment officer for ultra high net worth clients. "The interest in impact investing and these kind of opportunities among the clients we speak to actually far exceeds the supply of the available opportunities," Smiles said. Interest is especially high among millennials and in Asia, Smiles said. One-third of the funds raised by UBS came from its North America wealth management division, with the rest coming from its international division, especially Asia. Investments, UBS said, will focus on seven sectors: education, energy, food and agriculture, financial services, growth infrastructure, healthcare, and technology, media and telecommunications. UBS plans to offer more impact investments to clients, said Christian Wiesendanger, UBS''s global head of investment platforms and solutions in wealth management. "This Rise Fund," Wiesendanger said, "is one of many to come." (Reporting by Joshua Franklin. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ubs-group-ag-philanthropy-wealth-idUKKBN19V0ZJ'|'2017-07-10T13:09:00.000+03:00'
'2e307edf46c58125a7878f9b6a1bb753ec3a22ba'|'Abercrombie & Fitch ends talks with potential buyers'|'Business News - Mon Jul 10, 2017 - 1:30pm BST Abercrombie & Fitch ends talks with potential buyers FILE PHOTO: Signage is seen at the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. REUTERS/Andrew Kelly/File Photo GLOBAL BUSINESS WEEK AHEAD - SEARCH GLOBAL BUSINESS 22 MAY FOR ALL IMAGES - RTX36XWI Abercrombie & Fitch Co ( ANF.N ) said on Monday that it terminated discussions about a potential deal following a review. The company had said earlier this year that it was in talks with a number of bidders regarding a potential sale. The teen apparel retailer''s shares plummeted 16 percent to $10.21 in premarket trading. (Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-abercrombie-m-a-idUKKBN19V1FL'|'2017-07-10T15:30:00.000+03:00'
'a185e7470c2eb0048d292cdf7a9876e3ece2050b'|'Dalian Wanda to sell China tourism projects, hotels to Sunac for $9.3 billion'|'July 10, 2017 / 5:07 AM / an hour ago China''s Wanda steps back from theme park, hotel drive with $9.3 billion Sunac deal Clare Jim 4 Min Read A sign of Dalian Wanda Group in China glows during an event announcing strategic partnership between Wanda Group and FIFA in Beijing, China March 21, 2016. Damir Sagolj HONG KONG (Reuters) - Dalian Wanda Group said it would sell Chinese tourism projects and hotels to Sunac China for $9.3 billion, marking a step back for the property giant from its theme park ambitions. The sale - the second-biggest real estate deal ever in China according to Reuters data - is however expected to help Wanda cut its debt pile and strengthen its case for a listing on the mainland after it delisted from Hong Kong last year. Wanda said it would sell 91 percent of 13 cultural tourism projects, that typically include theme parks and leisure complexes, as well as 76 hotels to the acquisitive Tianjin-based developer Sunac for a total of 63.18 billion yuan. The Chinese group, with businesses spanning real estate, films, sports and entertainment, had plans to build at least 20 such cultural projects around China. Its billionaire owner Wang Jianlin had last year said his "wolf pack" of parks would beat U.S. rival Walt Disney Co. "This (deal) signifies a retreat from Wanda''s previous strategy in cultural tourism, and marks a pivot to an asset-light strategy," said Qin Gang, senior researcher at State Information Center, a government-linked thinktank. While Wanda did not give a reason for the sale, local business magazine Caixin quoted Wang saying the deal would greatly reduce Wanda Commercial''s debt level and help the property unit to achieve an "asset-light" operation. "Through this asset transfer, Wanda Commercial''s debt ratio will be greatly reduced, all the proceeds will be used to repay loans. Wanda Commercial plans to repay most of the bank loans this year," Wang told Caixin. S&P downgraded Wanda Commercial in December citing rising financial leverage and slower-than-expected asset disposal at China''s largest commercial developer. Another downgrade would push the rating into "junk" category. Wanda has been investing heavily in entertainment, leisure and financial businesses and the buying spree has drawn the attention of Chinese regulators, who ordered lenders last month to assess exposure to overseas deals by Wanda, HNA Group, Anbang Insurance and Fosun. Wanda had earmarked a more than 300 billion yuan investment for its cultural and tourism projects. It has also been very active globally, buying U.S. cinema chain operator AMC Entertainment Holdings Inc and taking a controlling stake in U.S. film studio Legendary Entertainment last year. The 91 percent stake in Wanda cultural and tourism projects, located across the country from the northern city of Harbin to Kunming in the south, will fetch 29.58 billion yuan. The price tag for the hotels is 33.6 billion yuan. Sunac and Wanda are expected to sign an agreement by the end of this month. Shares in Wanda Hotel Development surged more than 150 percent after the news. Wanda said Tianjin-based Sunac, led by magnate Sun Hongbin, will be responsible for all the loans for the projects, but the brand name and design of the projects will remain unchanged, and they will still be operated and managed by Wanda. Sunac, whose shares in Hong Kong were suspended from trading ahead of what it said would be a "very substantial acquisition" announcement, declined to comment further. ($1 = 6.8023 Chinese yuan) Additional reporting by Pei Li in BEIJING, Reporting by Clare Jim, writing by Adam Jourdan; Editing by Himani Sarkar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/wanda-sunac-china-m-a-idINKBN19V0C4'|'2017-07-10T08:07:00.000+03:00'
'30a4b6db0b5155738842e2e4312ec9883044ad37'|'France will respect EU budget rules - Le Maire'|'Business News - Mon Jul 10, 2017 - 1:57pm BST France will respect EU budget rules: Le Maire FILE PHOTO - French Finance Minister Bruno le Maire attends a national tribute ceremony for late French politician Simone Veil, Holocaust survivor and pro-abortion campaigner, at the Hotel des Invalides in Paris, France, July 5, 2017. REUTERS/Michel Euler/Pool BRUSSELS French Finance Minister Bruno Le Maire said on Monday France will respect European Union budget rules and will also push for economic reforms, starting with labor laws. "France will respect its European budget commitments," Le Maire told reporters on his arrival to a regular meeting of euro zone finance ministers in Brussels. He said the French government will push for the country''s "economic transformation," including the reform of labor laws. The structural changes will help meet budget targets, he said. (Reporting by Francesco Guarascio @fraguarascio, editing by Robin Emmott)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-economy-lemaire-idUKKBN19V1IR'|'2017-07-10T15:52:00.000+03:00'
'd66b4fda3502911e7a325b0d1eabfb8418b93390'|'German exports rise more than expected in May'|'Top News - Mon Jul 10, 2017 - 7:11am BST German exports rise more than expected in May FILE PHOTO: Containers are pictured at a loading terminal in the port of Kiel, Germany, January 25, 2017. REUTERS/Fabian Bimmer/File Photo BERLIN German exports rose more strongly than expected in May, outpacing a solid increase in imports and widening the trade surplus of Europe''s biggest economy, data showed on Monday. Seasonally adjusted exports climbed 1.4 percent - their fifth consecutive monthly increase - while imports were up 1.2 percent, data from the Federal Statistics Office showed. Both figures came in stronger than expected: A Reuters poll had pointed to exports edging up 0.3 percent and imports rising by 0.5 percent. The seasonally adjusted trade surplus edged up to 20.3 billion euros from a revised 19.7 billion euros in April. The May reading was in line with the Reuters consensus forecast of 20.3 billion euros. Germany''s wider current account surplus, which measures the flow of goods, services and investments, rose to 17.3 billion euros after a revised 14.9 billion euros in April, unadjusted data showed. The figures are likely to add fuel to the debate about Germany''s export strength after the International Monetary Fund on Friday repeated its call for Berlin to increase investment as a way to reduce its current account surplus, increase imports and hence support the economic recovery in other countries. (Reporting by Michael Nienaber; Editing by Michelle Martin) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-trade-idUKKBN19V0FA'|'2017-07-10T09:11:00.000+03:00'
'1aae37c68e918654ba481d7390c28a242b9eb067'|'Aramco CEO sees oil supply shortage as investments and discoveries drop'|'Business News - Mon Jul 10, 2017 - 4:46pm EDT Aramco CEO sees oil supply shortage as investments, discoveries drop By Karolin Schaps and David Dolan - ISTANBUL ISTANBUL The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco''s chief executive said on Monday. Unconventional shale oil and alternative energy resources are an important factor to help meet future demand but it is premature to assume that they can be developed quickly to replace oil and gas, Amin Nasser told a conference in Istanbul. "If we look at the long-term situation of oil supplies, for example, the picture is becoming increasingly worrying," Nasser said. "Financial investors are shying away from making much needed large investments in oil exploration, long-term development and the related infrastructure. Investments in smaller increments such as shale oil will just not cut it," Nasser said. About $1 trillion in investments have already been lost since a decline in oil prices from 2014. Studies show that 20 million barrels per day of new production will be needed to meet demand growth and offset natural decline of developed fields over the next five years, he said. "New discoveries are also on a major downward trend. The volume of conventional oil discovered around the world over the past four years has more than halved compared with the previous four," Nasser said. INFLECTION POINT "A lack of investment is definitely not helping, so if that continues over the next couple of years there will be an inflection point where what we see today will have an impact on consumers at the end and supply will be impacted for the next couple of years," Nasser told CNBC. "What we need to see is more investments from various sectors to make sure there is an adequate supply over the long term," he said to CNBC. State oil giant Aramco, which is preparing to sell around 5 percent in itself next year in an initial public offering, is continuing to invest in maintaining its oil production capacity of 12 million barrels per day. "We plan to invest more than $300 billion over the coming decade to reinforce our pre-eminent position in oil, maintain our spare oil production capacity, and pursue a large exploration and production program centering on conventional and unconventional gas resources," Nasser said. Nasser reiterated the IPO was on track for the second half of 2018. Asked by CNBC if the current oil price will possibly delay the IPO, Nasser said the company''s investments are "geared towards the long term." "Even though we have the highest 260 billion of reserves we have the biggest exploration program," he told CNBC. Nasser said in his speech that one of Aramco''s priorities was "direct conversion of crude oil into petrochemicals" while adding the company was also focusing on solar and wind projects. (Writing by Rania El Gamal, Dmitry Zhdannikov and Reem Shamseddine; editing by Jason Neely and David Evans) FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-aramco-oil-idUSKBN19V0KR'|'2017-07-10T10:29:00.000+03:00'
'71b38cde4977d7e6a06ef87658664a95becf7ece'|'IMF raises growth forecast for Germany, calls for more investment'|'Business News - Fri Jul 7, 2017 - 3:20pm BST IMF raises growth forecast for Germany, calls for more investment Loading cranes are seen at a shipping terminal in the harbour in Hamburg September 18, 2014. REUTERS/Fabian Bimmer BERLIN The International Monetary Fund on Friday raised its growth forecast for Germany, citing soaring domestic demand and rebounding exports, and it repeated its call for Berlin to increase investment and reduce its current account surplus. The IMF now expects Europe''s largest economy to grow by 1.8 percent in 2017 in real terms, compared with its April forecast of 1.6 percent, and by 1.6 percent in 2018, up from 1.5 percent. "Germany''s growth momentum has remained solid, underpinned by robust domestic demand," the IMF said, pointing to rising employment, increased state spending and the European Central Bank''s (ECB) continued monetary stimulus. But it also noted that the ECB''s ultra-loose policy was partly to blame for weak profitability in the banking sector. "Low interest rates, if prolonged, would also negatively affect life insurers given their extensive reliance on guaranteed products," it said. The IMF predicted German exports growth would gradually recover after shipments abroad slowed last year and said this would push up business investment and imports. German wage growth has stayed stable and core inflation steady at about 1 percent despite record low unemployment, high job vacancy rates and rising capacity utilization, it said. Germany''s large current account surplus shrunk slightly, to 8.3 percent of gross domestic product (GDP) in 2016 from 8.6 percent in 2015 , mainly due to the deterioration of the income and services balance, the IMF said. It warned that Germany''s aging population and Berlin''s slow progress on structural reforms would dampen growth in the medium term, and urged the government to boost potential growth and speed up external rebalancing to help rein in the current account surplus. "To this end, directors recommended using leeway available within the fiscal rules to further expand public investment in infrastructure, widen the provision of childcare services, foster refugee integration, and reduce the tax burden on labor." The IMF welcomed signs from German politicians that further reform measures are being mulled. Heading toward a federal election on Sept. 24, Chancellor Angela Merkel''s conservatives and their rival Social Democrats (SPD) both have promised to lower income tax for the middle class and increase investment on digital infrastructure. Regarding Germany''s rapidly aging population, the IMF also recommended raising the effective retirement age above 67, a move which it said would reduce the need to save for retirement and hence push down the current account surplus. (Reporting by Michael Nienaber; Editing by Michelle Martin and Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-economy-imf-idUKKBN19S22X'|'2017-07-07T17:03:00.000+03:00'
'6938b433e09dd5c6a11c4ebcd4895fd241db23d6'|'Burberry investor Royal London to vote against pay report'|'Mon Jul 10, 2017 - 1:20pm BST Burberry investor Royal London to vote against pay report A customer walks in front of a Burberry store in central London July 15, 2008. REUTERS/Alessia Pierdomenico/File Photo LONDON Burberry ( BRBY.L ) investor Royal London Asset Management expressed continued concern about corporate governance at the British luxury brand and said it would vote against the company''s pay report. Royal London holds a 0.5 percent stake in Burberry, whose executive pay policies have faced persistent investor criticism. The asset manager also said it would vote against the re-election of Chairman John Peace and of the remuneration committee chair Fabiola Arredondo at Burberry''s annual shareholders'' meeting on Thursday. "While the board has made some improvements since the last shareholder rebellion three years ago, the chaotic response to several remuneration issues this year has heightened our concerns about poor corporate governance at Burberry," Ashley Hamilton Claxton, Royal London''s corporate governance manager, said in a statement on Monday. Back in 2014 nearly 53 percent of votes cast at its annual shareholder meeting opposed the board''s remuneration report. Hamilton Claxton criticized only a slim reduction in the bonus of former chief executive Christopher Bailey despite a 21 percent fall in 2016-17 profit, as well as awards to new finance chief Julie Brown, poor board oversight and the firm''s new reporting structure. Marco Gobbetti succeeded Bailey as CEO on July 5, but Bailey remains president and chief creative officer. Shareholder bodies have also been critical of Burberry''s remuneration policies. Burberry declined to comment. The firm said last month that it wanted to announce a successor to Peace by the end of 2018. It is due to give a trading update on Wednesday, ahead of Thursday''s meeting. Shares in Burberry, up 8 percent this year, were 0.2 percent higher at 1,614 pence at 1110 GMT, valuing the business at 7 billion pounds ($9 billion). (Reporting by James Davey; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-burberry-agm-idUKKBN19V1EX'|'2017-07-10T15:17:00.000+03:00'
'7ad259ed9053c7a126c2789643238239f4eb24ac'|'Italy''s bank rescues raise issue of EU state aid rule changes - Dijsselbloem'|'Business News - Mon Jul 10, 2017 - 3:38pm BST Italy''s bank rescues raise issue of EU state aid rule changes - Dijsselbloem FILE PHOTO: Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem talks to the media as he arrives at European Union finance ministers meeting in Brussels, Belgium February 21, 2017. REUTERS/Francois Lenoir/Files By Francesco Guarascio - BRUSSELS BRUSSELS The head of euro zone finance ministers said on Monday that Italy''s winding-down in June of two banks from the Veneto region had raised the question of whether European Union rules on state aid should be changed. EU state aid rules for banks were revised in the wake of the 2010-2012 euro zone debt crisis and allow public support for lenders after shareholders and junior bondholders have contributed to the rescue. The state aid rules are less strict than more recent banking rules, known as the bail-in, which dictate that senior bondholders and uninsured depositors must take losses before taxpayers'' money can be used to help banks. "The question is if the state aid rules, that apply in any case, should not be adjusted now," Jeroen Dijsselbloem told reporters in reply to a question on whether Italy''s public rescue of Veneto Banca and Banca Popolare di Vicenza was in line with the spirit of EU banking rules. Arriving at a regular meeting of euro zone finance ministers in Brussels, Dijsselbloem said EU banking rules were respected by Italy, but that a discussion would be held at the Eurogroup meeting on possible changes to EU competition rules. "We need to make sure that even if other legal frameworks apply, the state aid rules should be to the same kind of level," Dijsselbloem said. EU rules are proposed by the executive European Commission and approved by EU states and the European Parliament. Italy used the state aid framework to wind down the Veneto banks. Arriving at the same meeting, the European Commission vice president in charge of the issue, Valdis Dombrovskis, said the EU executive "at a certain stage" will discuss whether state aid rules for banks need to be changed. But he stressed that there would be no proposal for the moment as possible side effects of amending the rules need to be carefully assessed. As he arrived at the meeting, German Finance Minister Wolfgang Schaeuble said Italy had "done very well" in handling problems with troubled banks and that its actions were a good basis for further improvements. (Reporting by Francesco Guarascio @fraguarascio; Editing by Robin Emmott and Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-idUKKBN19V1NW'|'2017-07-10T17:38:00.000+03:00'
'435b67d936a0d0293a1b28bcabf3858079887055'|'Japan May regular pay posts biggest gain in 17 years, real wages inch up'|'Business News - Fri Jul 7, 2017 - 1:18am BST Japan May regular pay posts biggest gain in 17 years, real wages inch up FILE PHOTO: People cross a street in front of high-rise buildings in the Shinjuku district in Tokyo, Japan, September 29, 2016. REUTERS/Toru Hanai/File Photo Japan''s regular pay in May grew at the fastest pace in more than 17 years and real wage growth turned positive for the first time in five months, suggesting the country''s recent economic recovery is starting to spread. Regular pay, which accounts for the bulk of total pay and determines base salaries, jumped 0.9 percent in May from a year earlier - the biggest rise since March 2000, labour ministry data showed on Friday. Inflation-adjusted real wages rose an annual 0.1 percent in May, following a flat reading in April. The rise in real wages, though small, suggests that Japan''s tight labour market is starting to translate into higher pay, and adds to other signs its economic recovery is gaining momentum. This is encouraging news for the Bank of Japan, which hopes higher pay helps boost private consumption and spur inflation toward its 2 percent goal. Wage earners'' nominal cash earnings rose an annual 0.7 percent in May, the biggest rise in 10 months, the data showed. It followed a 0.5 percent increase in April. Overtime pay, a barometer of strength in corporate activity, grew 0.7 percent in May from a year earlier, the biggest rise in 13 months. Special payments, such as bonuses, dropped 1.6 percent in May on year. Special payments are generally small, so even a slight change in the amount can cause big percentage changes. Japan''s economy expanded an annualised 1.0 percent in the first quarter on robust exports, and business confidence hit a three-year high in the three months to June. At a rate review on July 19-20, the BOJ is set to keep monetary policy steady and offer a more upbeat assessment of the economy than it did in June to say it is expanding moderately, sources have told Reuters. However, the central bank will cut its inflation forecasts and its nine-member board will seek to explain why the strength in the economy has yet to translate into firmer prices, sources have also said.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-wages-idUKKBN19S01B'|'2017-07-07T03:18:00.000+03:00'
'04b17ab269a94431d302e898f9dbe878f2d260fd'|'Strong rise in German industrial output signals solid Q2 growth'|'July 7, 2017 / 7:49 AM / 41 minutes ago Strong rise in German industrial output signals solid Q2 growth Michael Nienaber 3 Min Read Steel rolls are pictured at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony, Germany March 3, 2016. Fabian Bimmer/Files BERLIN (Reuters) - German industrial production rose more than expected in May, data showed on Friday, boosting expectations that factories will support growth in Europe''s biggest economy in the second quarter. The surprisingly bullish figures are the latest in a batch of strong data that are likely to help Chancellor Angela Merkel and her conservatives burnish their economic credentials before a Sept. 24 federal election in which she will seek a fourth term. Industrial output jumped by 1.2 percent on the month in May, data from the Economy Ministry showed. That was the fifth consecutive monthly increase and easily beat the consensus forecast in a Reuters poll for a 0.3 percent gain. The upturn was driven by a surge in energy production and factories producing more capital and consumer goods. "The trend in the industrial sector is clearly pointing upwards," the ministry said, adding that the upswing in manufacturing had broadened since the beginning of the year. The bright picture was also mirrored in the less volatile three-month comparison: Industrial output rose by 2.1 percent from March to May, with construction jumping by 6.1 percent. "The sector is now set to grow by 2 percent in the second quarter - we haven''t seen anything like this since 2010," Bankhaus Lampe economist Alexander Krueger said. The output data comes on the heels of bullish sentiment indicators such as the Ifo index, which showed business morale hit a record high in June. A survey among purchasing managers released this week suggested German manufacturing growth reached its highest level in more than six years in June as orders surged. Capital Economics analyst Jennifer McKeown said the data supported expectations that the German economy accelerated sharply in the second quarter after expanding by 0.6 percent in the first three months of the year. "This may lead to stronger calls for policy tightening by the ECB from some quarters, but the Bank will remain wary of the lack of inflationary pressure elsewhere in the euro zone and the potential impact of any hawkish signals on financial markets," she said. Data published on Thursday had shown strong foreign demand raised industrial orders in May, though the increase was less pronounced than expected. Editing by Michelle Martin and Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-economy-output-idINKBN19S0XW'|'2017-07-07T10:47:00.000+03:00'
'c1a5464c7877b9aedf152bec6634d7c0f4b9f069'|'WRAPUP 2 -U.S. job growth accelerates in June, but wages continue to lag'|'Market  37am EDT WRAPUP 2 -U.S. job growth accelerates in June, but wages continue to lag (Repeats to fix formatting) * Nonfarm payrolls increase 222,000 in June * Unemployment rate rises to 4.4 percent * Average hourly earnings increase 0.2 percent By Lucia Mutikani WASHINGTON, July 7 U.S. job growth surged more than expected in June and employers increased hours for workers, signs of labor market strength that could keep the Federal Reserve on course for a third interest rate increase this year despite benign inflation. Nonfarm payrolls jumped by 222,000 jobs last month, the Labor Department said on Friday, beating economists'' expectations for a 179,000 gain. Data for April and May was revised show 47,000 jobs created than previously reported. While the unemployment rate rose to 4.4 percent from a 16-year low of 4.3 percent, that was because more people were looking for work, a sign of confidence in the labor market. The jobless rate has dropped four-tenths of a percentage point this year and is near the most recent Fed median forecast for 2017. The average workweek increased to 34.5 hours from 34.4 hours in May. Labor market buoyancy could also encourage the U.S. central bank to announce plans to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September. The Fed raised its benchmark overnight interest rate in June for the second time this year. But with inflation retreating further below the central bank''s 2 percent target in May, economists expect another rate hike only in December. June''s employment gains exceeded the 186,000 monthly average for 2016, reinforcing views that the economy regained speed in the second quarter after a sluggish performance at the start of the year. But the pace of job growth is expected to slow as the labor market hits full employment. There is growing anecdotal evidence of companies struggling to find qualified workers. As a result, companies are gradually raising wages in an effort to attract and retain their employees. Economists expect worker shortages to boost wage growth, which has remained stubbornly sluggish despite the tightening labor market. Average hourly earnings increased four cents or 0.2 percent in June after gaining 0.1 percent in May. That lifted the year-on-year increase in wages to 2.5 percent from 2.4 percent in May. Republican President Donald Trump, who inherited a strong job market from the Obama administration, has pledged to sharply boost economic growth and further strengthen the labor market by slashing taxes and cutting regulation. But Republicans have struggled with healthcare legislation and there are also worries that political scandals could derail the Trump administration''s economic agenda. The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. But there is still some labor market slack. A broad measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment, rose to 8.6 percent last month from 8.4 percent in May, which was the lowest since November 2007. The labor force participation rate, or the share of working-age Americans who are employed or at least looking for a job, rose one-tenth of a percentage point to 62.8 percent. Employment gains were broad in June, with manufacturing payrolls increasing 1,000 after factories shed 2,000 jobs in May. But the automobile sector lost a further 1,300 jobs as slowing sales and bloated inventories force manufacturers to cut back on production. The sector has purged jobs for three straight months. Ford Motor Co has announced plans to slash 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives. Others, like General Motors are embarking on extended summer assembly plant shutdowns, which will temporarily leave workers unemployed. Construction added another 16,000 jobs last month. Retailers hired 8,100 workers, a surprise respite for a sector which had shed employment for four straight months. Department store operators like J.C. Penney Co Inc, Macy''s Inc and Abercrombie & Fitch are struggling against stiff competition from online retailers led by Amazon . Government employment rebounded by 35,000 jobs last month. (Reporting by Lucia Mutikani; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-economy-idUSL1N1JX1IB'|'2017-07-07T15:37:00.000+03:00'
'f47c526c80fade127b116ba429dc1dbba9d507af'|'Tesla says 3,500 in transit vehicles to be counted as third-quarter deliveries'|'Tesla Inc ( TSLA.O ) said current-quarter deliveries would include about 3,500 vehicles that were in transit to customers at the end of the second quarter, on a day the electric-car maker''s first Model 3 rolls off the assembly line.The company said on Monday it delivered about 47,100 electric sedans and SUVs in the first half of 2017, at the lower end of its own forecasts, putting pressure on the company''s shares.Tesla had then not provided details on the number of vehicles in transit.The company, which blamed "severe shortfall" of new battery packs that constrained vehicle manufacturing until June, reiterated on Friday that combined deliveries of Model S and Model X in the second half of 2017 will likely exceed deliveries in the first half.Registrations of Tesla vehicles in California fell 24 percent in April from a year earlier, according to data from industry consultant IHS Markit. The numbers come as investors worry that demand for Tesla''s luxury Model S sedan is waning ahead of the mass market Model 3 launch.Tesla''s shares, which spiked after the transit number announcement, gave up their gains to trade up 1.2 percent at $312.51.Separately, the company said it had won an Australian contract to install the world''s biggest grid-scale battery.(Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-tesla-deliveries-idUSKBN19S2G3'|'2017-07-07T19:49:00.000+03:00'
'08cdd62466236d0db558adc6c330a8fed11a0cfb'|'EU adopts plan to tackle bad loans, could push up capital buffers'|'July 11, 2017 / 10:13 AM / 3 hours ago EU adopts plan to tackle bad loans, could push up capital buffers Francesco Guarascio 4 Min Read FILE PHOTO - The famous euro sign landmark is seen through the lights of a passing tram outside the former headquarters of the European Central Bank (ECB) in Frankfurt, Germany, January 19, 2016. Kai Pfaffenbach BRUSSELS (Reuters) - European Union finance ministers on Tuesday called for speedier unloading of bad debt by EU banks and recommended more money be put aside by the banks to protect them from trouble. The decade-long financial crisis left European banks holding nearly 1 trillion euros of non-performing loans (NPLs), reducing their ability to lend and slowing down Europe''s economic recovery. The amount of NPLs has slightly decreased over the last months, but at too a slow pace, European Commission Vice-President Valdis Dombrovskis told a news conference after the finance ministers agreed a new plan to tackle the problem. "We need to accelerate our actions", he said, welcoming the ministers'' plan. EU states asked the Commission, which is responsible for proposing legislative changes at EU level, to consider tweaks to banking rules that would increase supervisors'' powers and force lenders to raise capital buffers against the risk that loans could turn sour. Dombrovskis said the strategy will include giving bank supervisors more powers to "actively encourage banks to address the problem". Under the plan, the European Central Bank could force banks to increase their buffers against existing NPLs when it deems they are not sufficient. Banks could also be obliged to automatically set aside more capital for new loans when they expect the level of NPLs to grow beyond acceptable levels. Banks warned against measures that could be excessive and unduly increase costs. "Supervisors already have wide-ranging powers to address perceived deficiencies in the banks they supervise," AFME, a financial lobbying group, said in a statement, arguing that there is no evidence supervisory powers need to be increased. Bad Loan Prices Ministers also proposed measures to improve secondary markets for NPLs, which are currently underdeveloped and provide little incentive for banks to unload their bad credit. Just 80 billion euros of NPLs were sold last year. Ministers hope that a better-functioning market would push up the price of NPLs, which are currently sold at small percentages of their nominal values, creating huge holes in the balance sheets of banks which offload them. An earlier plan to set up an EU "bad bank" that could have absorbed big chunks of bad debt at higher prices was dropped, in part because EU states with healthier banks, like Germany, are not keen to use taxpayers'' money to help lenders in the mostly southern European countries where the bad loan problem is worst. But ministers agreed on Tuesday a more prudent blueprint to set up national "asset management companies" (AMCs) that could help develop the market for bad loans. Asset management companies set up in Spain and Ireland during the 2008-2012 financial crisis bought bad loans from banks at around 50 percent of their nominal value. This would be a higher price than the market is ready to pay in Italy, the EU country with the highest level of NPLs in absolute terms, where UniCredit ( CRDI.MI ), the country''s biggest bank, has sold this year 17.7 billion euros of bad loans at average 13 percent of their gross nominal value. But EU officials said the price of bad loans depends on national conditions and recovery time and can vary widely among countries. The commission will set by the end of the year "asset valuation rules" for AMCs. AMCs could also be turned into national bad banks that acquire bad loans at prices much closer to their nominal value. But this would constitute state aid and would entail strict conditions, the restructuring of the banks that offloaded the bad loans and losses for banks'' shareholders and junior bondholders, EU officials said. Ministers also pushed for changes to national insolvency regimes that would speed up the recovery of bad loans from debtors. Reporting by Francesco Guarascio @fraguarascio in Brussels; additional reporting by Francesco Canepa in Frankfurt; Editing by Catherine Evans?Jermey Gaunt 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-ecofin-idUKKBN19W0Y6'|'2017-07-11T15:20:00.000+03:00'
'a1e06787556107707a9337f2358503a80950be5e'|'China''s June factory price inflation subdued on modest raw materials recovery'|'July 10, 2017 / 5:11 AM / 3 hours ago China''s June factory price inflation subdued on modest raw materials recovery Sue-Lin Wong 4 Min Read FILE PHOTO: Steam and smoke rise from a factory in the Guantao Chemical Industry Park in the early morning near the villages of East Luzhuang and Nansitou, Hebei province, February 22, 2017. Thomas Peter/File Photo BEIJING (Reuters) - China''s producer price inflation was unchanged in June and remained well off highs seen earlier this year, amid lingering oversupply issues in the steel sector and as signs of economic weakness weighed on the outlook for prices. The producer price index (PPI) rose 5.5 percent in June from a year earlier, the National Bureau of Statistics (NBS) said on Monday. This was in line with analyst forecasts and unchanged from the previous month. Prices of raw materials are making a modest recovery, helped by stronger futures prices in China over the past few weeks, after an earlier hit taken from a broader cooling in economic activity since March. China''s June consumer prices rose 1.5 percent from a year earlier, in line with market expectations and May''s reading, the NBS said, with food prices continuing their declines albeit at a slower pace. There are some concerns among analysts that price pressures could weaken throughout the rest of the year as economic fundamentals soften. "The upshot is that, having eased in previous months, price pressures appear to have stabilised in June," Julian Evans-Pritchard from Capital Economics in Singapore wrote in a note. "Nonetheless, with slowing credit growth likely to weigh on economic activity in coming quarters we think that, volatility in food prices aside, inflation still has further to fall. This will disappoint those hoping for a sustained period of reflation that could help to erode corporate debt burdens." Food prices, the biggest component of the consumer price index, fell at a slower 1.2 percent from the previous year, after sliding 1.6 percent in May and 3.5 percent in April. "Falling food prices can be attributed to a high build-up of food reserves and seasonal factors," Zhu Baoliang, chief economist at the State Information Center (SIC), said, according to a story published on Monday in China''s Financial News newspaper, affiliated with the People''s Bank of China (PBOC). Tepid inflation comes despite signs of a pickup in factory activity. China''s manufacturing sector expanded at the quickest pace in three months in June, buoyed by strong production and new orders. Meanwhile, spot iron ore and construction steel prices have risen as investors continued to focus on China''s capacity cutbacks and industrial upgrade in the steel sector. "High margins after the government''s effort to eliminate low-grade steel are enticing mills to produce more steel, which increases the need for iron ore," said Zou Mingdong, Shanghai-based steel manager at Zhongcai Merchants Investment Group. "However, the rising price doesn''t change the fundamental situation of oversupply and weak demand." China''s biggest steel maker, Baoshan Iron & Steel, cut its main steel products prices for May and June after a long series of increases. On a month-on-month basis, the PPI fell 0.2 percent in June. China is targeting economic growth of around 6.5 percent this year and inflation of 3 percent. Chinese Premier Li Keqiang said in a speech at the World Economic Forum that China is capable of achieving its full-year growth target and controlling systemic risks despite challenges. Reporting by Sue-Lin Wong; Editing by Sam Holmes 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-inflation-idINKBN19V0C8'|'2017-07-10T08:08:00.000+03:00'
'2980868274216cb7c96c6c847e9eb642a670fcd3'|'Bank of England tells lenders to respect ''spirit'' of financial rules'|'Central Banks - Mon Jul 10, 2017 - 12:18pm BST Bank of England tells lenders to respect ''spirit'' of financial rules FILE PHOTO - A general view shows the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay LONDON British financial firms need to respect the spirit, and not just the letter, of rules designed to prevent another financial crisis, one of the central bank''s deputy governors said on Monday. Sam Woods, who is in charge of the BoE''s day-to-day regulation of banks and insurers, said fixed rules could never keep up with financial market innovation, and that the central bank also expected firms to respect broader principles designed to reduce risk. "Some innovation is pure regulatory arbitrage - that is, action taken by firms to reduce specific regulatory requirements without any commensurate reduction in their risk," Woods said. His remarks were originally intended for a conference of Britain''s Building Society Association in May, but the BoE delayed publication until Monday to avoid clashing with campaigning for June''s parliamentary election. Last week the BoE said it would take a tougher approach towards banks over their booming lending to consumers, ordering them to apply credit rules prudently and prove by September they are not being too complacent about risks. Woods said there were several areas where he had particular concerns that financial firms were trying to get around rules. These included borrowing that did not appear on firms'' balance sheets, the accounting treatment of liquid assets, and insurers'' sales of certain savings products. Shrinking net interest margins at building societies in the face of greater competition were also a worry, Woods said, as they could spur lenders to take on too much risk. Something similar took place in the run-up to the 2007-09 financial crisis, Woods said. One concerning trend was the increased number of mortgages issued for 35 years, not 25, he added. "As survivors, (building) societies here today ought to be well aware of the warning signs, but I''m conscious that corporate memories can be shed surprisingly fast," Woods said. (Reporting by David Milliken; Editing by Gareth Jones) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-banks-idUKKBN19V17O'|'2017-07-10T14:18:00.000+03:00'
'48ef8eae86b489e73e362ac652f8ca83d9883e5b'|'MOVES-Hedge fund Man Group names co-CEOs for its investment management unit'|'Market News - Fri Jul 7, 2017 - 7:51am EDT MOVES-Hedge fund Man Group names co-CEOs for its investment management unit July 7 UK-based hedge fund Man Group PLC said it promoted Antoine Forterre and Matthew Sargaison as co-CEOs of Man AHL, its diversified quantitative investment management unit. The company also said Man AHL''s deputy CIO and co-head of Research Nick Granger has been made the chief information officer, while Kate Straker has been appointed COO of Man AHL. While Forterre most recently served as the chief operating officer of Man AHL, Sargaison was previously CIO of the unit. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/receivingfirm-moves-individualname-idUSL4N1JY3X0'|'2017-07-07T14:51:00.000+03:00'
'2cd595ed4606b00231496fc43db34b75074af270'|'Brexit meeting was ''good first step'' - UK manufacturing group EEF'|'Business News - Fri Jul 7, 2017 - 4:43pm BST Brexit meeting was ''good first step'' - UK manufacturing group EEF Britain''s Secretary of State for Exiting the European Union David Davis leaves Downing Street after a cabinet meeting in London, Britain July 4, 2017. REUTERS/Hannah McKay LONDON A meeting between Britain''s Brexit minister David Davis and corporate leaders on Friday, which was held to rebuild bridges over Britain''s departure from the European Union, was "a good first step," according to a manufacturers'' lobby group. "It''s clear ministers are listening to business concerns, which we welcome," Terry Scuoler, chief executive of EEF, a group representing manufacturers, said. "We had an open and frank discussion and we’ve started a process where we will work together to obtain as much clarity and certainty as possible for industry as we prepare to leave the EU," he said. Employers are pushing harder for a Brexit deal that causes as little disruption as possible after Prime Minister Theresa May failed to win backing from voters for her tough approach to divorce negotiations with the EU in an election last month. (Reporting by Anjuli Davies; Writing by William Schomberg; editing by Costas Pitas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-idUKKBN19S29R'|'2017-07-07T18:43:00.000+03:00'
'f2e0bee4e61db287224fd28b643298dd9792c64a'|'Biotech IPO Recovery Nothing To Fear'|'Biotech''s IPO Uptick Is Nothing to Fear Unlike 2015, the market is recovering, but not frothy. By @MaxNisen More stories by Max Nisen From A TV cameraman shoots video through the windows of the Nasdaq offices in Times Square on June 24, 2016 in New York. The biotech IPO market is unusual. It can take a decade to develop a drug, so these companies demand long leashes and heroic tolerance for losses. Instead of valuing a business, IPO investors often must value a medicine or idea years away from the market. Given all the guesswork and risk involved, sentiment plays an outsize role in the ability of biotechs to go public. It''s not surprising, then, that a multi-year IPO boom died in 2015 when public controversy over high drug prices started to escalate, punishing stocks in the sector. But pricing fears have started to fade, and biotech shares have begun to recover. That all helped make the second quarter the best for biotech IPOs since 2015. And while the previous IPO boom was less of a signal of health than of impending disaster, there''s still a long way to go before anyone needs to get worried this time. The second quarter was only the seventh largest in terms of biotech IPO value since 2013. The record second quarter of 2015 had a third more offerings that raised twice as much money. And though the Nasdaq Biotech Index is having a pretty excellent 2017 -- shares are up 16.5 percent so far this year -- it''s still down more than 20 percent from its summer 2015 peak. Valuations are still depressed relative to the industry''s recent heyday. There are genuine reasons for an uptick in optimism. President Donald Trump hasn''t uttered a peep about drug pricing in months, and his administration is reportedly working on an executive order about pricing that does more to help biopharma than harm it. The one area where his administration is applying pressure -- FDA commissioner Scott Gottlieb''s efforts to speed generic-drug approvals -- is unlikely to affect companies making new and unique medicines. M&A is one of the biggest traditional stock-valuation drivers for smaller biotech firms, and it has been slow to pick up in 2017. But there''s a lot of cash sitting on the balance sheets of big pharma firms, which need new pipeline assets and revenue streams. So far there aren''t many of the red flags seen at the height of the 2015 boom. That June, for example, Axovant Sciences Ltd. raised $360 million, one of the largest biotech IPOs on record, even though its lead drug had been abandoned by GlaxoSmithKline PLC after a failed clinical trial. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up About a month later, NantKwest Inc. raised $238 million with a focus on much-hyped cellular therapies -- which modify human immune cells to fight cancer -- and the fact that its CEO Patrick Soon-Shiong has made a habit of selling companies for billions of dollars. But the firm is years behind competitors that are only now getting close to market. Meanwhile, Soon-Shiong''s ventures have been dogged recently by scandal and poor performance. NantKwest shares are down 67 percent from their IPO price. In contrast, the largest biotech IPO of the second quarter was Biohaven Pharmaceutical Holding Co. Ltd., which raised $193 million in July. That''s meaty, but not totally out of the ordinary. Like Axovant, Biohaven''s closest-to-market drug, for treating migraines, is an asset abandoned by a larger firm. But Biohaven went public with more medicines in development. It has a leadership team with substantial drug-development experience. And it may have trial results for that migraine drug to put before the FDA in the first half of 2018. When we start seeing multiple quarters in which firms are raising more than $2 billion and very risky bets are going public at rich valuations, it might be time for concern. Until then, investors should enjoy the IPO uptick as one of a growing number of signs that biopharma is getting healthier. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-06/biotech-ipo-recovery-nothing-to-fear'|'2017-07-06T21:00:00.000+03:00'
'aa8a77c1e0da31341b8e0caeacb4aa2b0065552e'|'Gross property insurance claims for London tower fire may reach GBP 50 million - insurer'|'July 7, 2017 / 7:49 AM / in 6 hours London''s Grenfell Tower insurer ups claims estimate to $65 million Ole Petter Skonnord 4 Min Read A banner hangs from a balcony near the Grenfell apartment tower block in North Kensington in London, Britain July 5, 2017. Hannah McKay OSLO (Reuters) - The insurer of London''s Grenfell Tower, where at least 80 people died in a devastating fire, raised its estimate for property and liability insurance claims to 50 million pounds on Friday. British police have said the final death toll from the blaze that gutted the 24-storey apartment block on June 14 may not be known until next year and the government has appointed a retired judge to lead a public inquiry into the disaster. Norway''s Protector Forsikring the insurance provider for the Royal Borough of Kensington and Chelsea, which owns the building, also said it had been aware Grenfell Tower had been refurbished during the insurance underwriting process. It said it had considered this renovation, which was criticised by some residents, as a positive step. Asked whether the company was aware at the time that the cladding used for the tower block was potentially flammable, Protector Forsikring''s chief executive Sverre Bjerkeli told Reuters: "We must let the investigation run its course." Protector Forsikring said in its second-quarter earnings that it estimated gross claims would total 50 million pounds ($65 million), doubling a previous 25 million pound forecast. "Figures are preliminary, uncertain and will include both property, liability and other potential related costs," it said. Protector''s previous estimate was for claims of 20 million pounds to cover the building itself, with the remainder covering additional expenses such as alternative housing for residents. It provided no breakdown of the updated figure, but it has previously said the cost would largely be covered by reinsurance through Germany''s Munich Re, which declined to comment on Friday. Britain''s Jardine Lloyd Thompson, which was the insurance broker for Grenfell Tower, has previously said it was working closely to assist its client in the case. For Protector itself, net property and liability claims relating to the fire are not expected to change from a first estimate of 2.5 million pounds, Bjerkeli said. Before the fire, Protector Forsikring had rated the borough of Kensington and Chelsea as a good customer for the insurer. "The client is better than the London average, the London average is better than the UK average and the UK average is better than Scandinavia," Bjerkeli said. This assessment was based on data the company has gathered during 10,000 visits of properties in Britain, Bjerkeli said, adding that he remained confident in the country''s public sector and the firm would maintain its UK growth strategy. Britain said on Wednesday it was sending in a task force to help run the local authority, which has been struggling to cope with the aftermath of the fire. Kensington and Chelsea has been criticised by victims'' relatives and survivors for its handling of the disaster and its leader quit last week. Prime Minister Theresa May promised that all residents would be offered good temporary homes in the local area within three weeks, but that deadline passed on Wednesday and while 139 families had been offered homes, only 14 had been accepted and just three had moved in. ($1 = 0.7717 pounds) Additional reporting by Tom Sims in Frankfurt, writing by Gwladys Fouche; editing by Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-fire-protector-forsik-idINKBN19S0XU'|'2017-07-07T10:45:00.000+03:00'
'7e2f6a7c491511c13297f13909a9c1e9aeba97a2'|'Nissan expects up to 20 percent of Europe sales to be zero emission cars by 2020'|'Autos   6:04pm BST Nissan expects up to 20 percent of Europe sales to be zero emission cars by 2020 FILE PHOTO: The Nissan logo is seen at the 2017 New York International Auto Show in New York City, U.S. April 12, 2017. REUTERS/Brendan Mcdermid/File Photo PARIS Nissan Motor Co (7201.T) expects that zero-emission cars will make up to 20 percent of its sales in Europe by 2020, Gareth Dunsmore, Electric Vehicle (EV) Director for Nissan Europe said in a statement on Monday. Nissan said it welcomed France''s commitment to reward those who choose more sustainable vehicles. Last week, Ecology Minister Nicolas Hulot said France would aim to end the sale of gasoline and diesel vehicles by 2040 and become carbon neutral 10 years later. "By 2020, where the market conditions are right, I''m confident we''ll be selling up to 20 percent of our volume as zero emissions vehicles and this will only grow," Dunsmore was quoted as saying in an emailed statement. (Reporting by Ingrid Melander and Gilles Guillaume; Writing by Maya Nikolaeva)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nissan-sales-idUKKBN19V27X'|'2017-07-10T20:04:00.000+03:00'
'c63f57652761f10616890df1e8284496d4b3fb86'|'Russia''s standards agency says Volkswagen to recall 2,370 cars'|'Autos  36am BST Russia''s standards agency says Volkswagen to recall 2,370 cars Photographers take a photo of a VW logo at the Volkswagen headquarters during a media tour to present Volkswagen''s so called ''''Blaue Fabrik'''' (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. REUTERS/Fabian Bimmer MOSCOW Volkswagen ( VOWG_p.DE ) will recall 2,370 cars of several Volkswagen models and Audi A3s sold in Russia between 2004 and 2012 due to a technical fault, Russia''s technical safety watchdog Rosstandart said on Friday. (Writing by Dmitry Solovyov; Editing by Vladimir Soldatkin) Tesla shares drift lower as Model S fails to ace some safety tests Shares of Tesla Inc fell for the third straight day on Thursday, after its Model S sedan failed to get the top score in some tests conducted by a U.S. safety group and a larger rival secured supplies to power its electric vehicle programme. BERLIN Volkswagen is recalling 766,000 vehicles of its core passenger car brand worldwide for a software update to their braking control systems, a spokesman said. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-volkswagen-recall-idUKKBN19S0WP'|'2017-07-07T10:36:00.000+03:00'
'a9f97f391ab74c0edbd78725a879d86ec7ed2de9'|'Ultra Electronics to buy U.S. warfare device maker Sparton'|'Deals  22am BST UK''s Ultra Electronics to buy U.S. warfare device maker Sparton British defense contractor Ultra Electronics said it would buy Sparton Corp for $23.50 per share, giving the maker of anti-submarine warfare devices used by the U.S. Navy an enterprise value of about $234.8 million. The deal will create a major supplier in the underwater warfare market, including to the U.S. Department of Defense, Ultra Electronics said. Ultra Electronics said it worked with Sparton''s engineered components and products unit in a joint venture for over 10 years. "This close relationship has benefited our major customer, the US DoD, through more effective use of the available engineering budget," the British firm said. U.S. President Donald Trump has sought what he called a "historic" increase in defense spending and has criticized European nations for low defense spending. Ultra Electronics will raise capital to partly fund the deal, by placing 9.9 percent of its shares under issue. The deal is expected to close by Jan. 1, 2018. (Reporting by Noor Zainab Hussain  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-sparton-m-a-ultra-electronic-idUKKBN19S0V0'|'2017-07-07T10:17:00.000+03:00'
'98aef7b4d93c0fffdfaa4d7bdafa754007211442'|'Mondelez says cyber-attack affected systems up and running'|'Cyber Risk - Fri Jul 7, 2017 - 6:08am EDT Mondelez 2nd-qtr revenue growth hit by global cyber attack The logo of Mondelez International is pictured at the company''s building in Zurich November 14, 2012. REUTERS/Michael Buholzer Mondelez International Inc ( MDLZ.O ), the world''s second-largest confectionary company, said its second-quarter revenue growth would be reduced by 3 percent due to the recent global cyber attack, sending its shares down slightly in extended trading. The owner of Cadbury chocolate said last month that employees in different regions were experiencing technical problems but it was unclear whether it was due to the cyber attack. [nZ8N1IS00C] "There are a few markets where we have permanently lost some of that revenue due to holiday feature timing, but we expect we will be able to recognize the majority of these delayed shipments in our third quarter results," Mondelez said on Thursday. The company also said its shipping and invoicing was disrupted during the last four days of the second quarter and its affected systems were now up and running. [nGNXNYUXFa] A computer virus created havoc affecting firms around the globe last month, as it spread to more than 60 countries. [nL8N1JP55N] However, Mondelez reaffirmed its full-year organic revenue outlook of "at least 1 percent growth", and said it is yet to asses the full financial impact of the attack. The company expects to incur incremental one-time costs in both second and third quarters as a result of the issue. Mondelez shares were down 1.2 percent at $42.55 after the bell. (Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-cyber-attack-mondelez-intl-idUSKBN19R33R'|'2017-07-07T00:52:00.000+03:00'
'6a34d334eee51d180ff9c67bd588ebc9d29b294c'|'Google says its Drive service facing disruption'|'Technology News - Thu Jul 6, 2017 - 9:32pm EDT Google says its service disruption issue resolved FILE PHOTO - A Google Drive and Youtube logo is seen during Google I/O Conference at Moscone Center in San Francisco, California June 28, 2012. REUTERS/Stephen Lam Some of Alphabet Inc''s Google services including, Admin Console, Calendar and Hangouts, suffered some service disruption on Thursday but the outages have now been resolved, according to Google service status page. The status page also said that "the problem with Google Drive should be resolved." ( bit.ly/2tvD8wI ) Earlier on Thursday reports of an issue with Google services were being investigated. Google Drive faced a similar disruption issue early in January this year. (Reporting by Bhanu Pratap in Bengaluru; Editing by Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-google-disruption-idUSKBN19S02C'|'2017-07-07T03:37:00.000+03:00'
'9b87f181833e21e50500b6c9e5a0d6d93f96a3e6'|'Alphabet spins out geothermal startup Dandelion'|'Deals - Thu Jul 6, 2017 - 5:34pm EDT Alphabet spins out geothermal startup Dandelion Geothermal energy startup Dandelion has left Alphabet Inc''s ( GOOGL.O ) moonshot accelerator X to become an independent company, Dandelion CEO Kathy Hannun said in a blog post on Thursday. Alphabet''s X project confirmed the spin-off when contacted by Reuters and said Dandelion has successfully secured an initial $2 million round of seed funding to fast-track the expansion of their operations in northeastern United States. ( bit.ly/2tRMMw3 ) Dandelion will offer geothermal heating and cooling systems to homeowners, starting in the northeastern United States, according to the blog post. (Reporting by Bhanu Pratap in Bengaluru; Editing by Shounak Dasgupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-alphabet-spinoff-dandelion-idUSKBN19R32F'|'2017-07-07T00:31:00.000+03:00'
'32b7927e2ec932be72cc504ef80b061ca4a2fd31'|'BRIEF-Frontier Communications announces 1 for 15 reverse stock split'|' 09am EDT BRIEF-Frontier Communications announces 1 for 15 reverse stock split July 7 Frontier Communications Corp * Announces 1 for 15 reverse stock split   * Brown-Forman - andrew wilby, vice president and area director of brown-forman northern europe, has informed company he will retire at end of jan. 2018   MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-frontier-communications-announces-idUSFWN1JY0ER'|'2017-07-07T15:09:00.000+03:00'
'cfd17218f9c2c1f5232078c6baec20c7b068c50d'|'BMW looking to cut 1 billion euros in indirect costs'|'Autos  02pm BST BMW looking to cut 1 billion euros in indirect costs A BMW logo is seen at a car dealership in Vienna, Austria, May 30, 2017. REUTERS/Heinz-Peter Bader BERLIN German carmaker BMW ( BMWG.DE ) wants to cut 1 billion euros (1 billion pounds) in indirect procurement costs by 2019, BMW head of production Markus Duesmann told the Handelsblatt daily. A BMW spokesman confirmed the figure. BMW''s indirect procurement costs amount to about 20 billion euros a year, but BMW needs to make savings so the company can invest more in developing electric and self-driving cars. Duesmann also said BMW is seeking damages from automotive parts supplier Bosch [ROBG.UL] after a shortage of steering components slowed production worth a "mid two-digit million euro sum", affecting delivery of around 8,000 cars. ($1 = 0.8757 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bmw-costs-idUKKBN19R2ZR'|'2017-07-07T00:02:00.000+03:00'
'e73f362615957fe2b1abd78c932b43b6bffe8d39'|'Activist Loeb keeps up pressure on Nestle - source'|'Deals - Mon Jul 10, 2017 - 6:24pm BST Activist Loeb keeps up performance pressure on Nestle: source left right FILE PHOTO: Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May 9, 2012. REUTERS/Steve Marcus/File Photo 1/2 left right A Nestle company logo is pictured on a bar of Milky Bar chocolate in Manchester, Britain April 25, 2017. REUTERS/Phil Noble 2/2 By Martinne Geller and Maiya Keidan - LONDON LONDON Activist investor Daniel Loeb is keeping up pressure on Nestle ( NESN.S ) by sharing views with the company as part of a regular dialogue, a source familiar with the matter told Reuters. Nestle, Europe''s most valuable public company, announced a 20 billion Swiss franc ($21 billion) share buyback program last month coupled with a plan to increase leverage and prioritize acquisitions in high-growth areas as it battles slowing demand for packaged food. The move came just two days after the billionaire hedge fund manager urged Nestle to more aggressively improve returns as his Third Point fund revealed a $3.5 billion stake that made it Nestle''s eighth-largest shareholder. But Nestle''s plan did not address Loeb''s calls for it to exit its $26 billion stake in French cosmetics giant L''Oreal ( OREP.PA ) or set a formal margin target of 18 to 20 percent by 2020, up from 15.3 percent in 2016. Unilever ( ULVR.L ) and Danone ( DANO.PA ) have recently set their own respective 2020 margin targets of 20 percent and more than 16 percent. Some analysts now expect Nestle to set, or at least imply, a long-term margin target at its Sept. 26 investor seminar, when new chief executive Mark Schneider will lay out his plans. "Third Point''s stake may add urgency to margin delivery and sharpens focus on the September investor days," Liberum analysts said. Loeb''s move on Nestle comes months after Unilever fended off a surprise $143 billion takeover approach from Kraft Heinz ( KHC.O ). Both events highlight the magnitude of the trouble rocking the packaged food sector, as a new generation of consumers flock to smaller brands, leaving companies racing to improve profits through cost cuts. Nestle has a cost-savings program but has not said how much of this will go toward raising its margins, which are at the low end of its peer group. Improved productivity was first on Third Point''s wish list, and the source, who declined to be identified, said it was the most important. Loeb, dubbed a "constructivist" for his increasingly cooperative approach, first met Schneider on June 2, the source said, adding that no other meetings are currently planned before the September seminar, which Third Point plans to attend. Third Point generally agrees with the direction Nestle is heading in under its new CEO, the first outside leader in nearly a century, said the source, but it wants to see greater urgency. Aside from the share buyback, Schneider, who became CEO in January, has already scrapped a long-term sales model and announced a review of Nestle''s U.S. confectionery business. MAYBELLINE FOR MAGGI Third Point, which has not commented publicly on Nestle''s plans, may give an update in its quarterly letter due later this month, the source said, adding that its plan was to keep sharing its views and talking to the company. It has suggested that Nestle review its portfolio, which includes more than 2,000 brands including Maggi, Gerber, Perrier and Nescafe. It wants a divestiture of the L''Oreal stake, and has floated an exchange offer whereby Nestle shareholders are offered shares of L''Oreal, maker of Maybelline make-up. Nestle has not commented on this, but behind closed doors, its board does not seem keen, the source said, confirming what another source had previously told Reuters. Nestle, which has owned the stake for more than four decades, has long touted it as strategic and value-creating, and a source last month told Reuters that view had not changed. After carefully assessing all companies in the sector, including Unilever, Third Point started buying Nestle shares earlier this year, when the stock was trading above 70 Swiss francs per share, the source said, noting that Nestle had the greatest opportunity for upside. The shares jumped 4 percent to a record high the day Third Point''s letter was disclosed and the stock was trading at 82.90 francs per share at 1559 GMT, up 1.3 percent. That stands to boost Third Point''s performance, which is already outshining its rivals this year. For example, Loeb''s Ultra fund, which is invested in Nestle, gained 0.9 percent in June, taking its year-to-date performance to 17.2 percent, said the source. That compares to an average activist hedge fund performance of 1.27 percent in June and 4.21 percent for the year, according to industry tracker Hedge Fund Research. Since founding Third Point in 1995, Loeb has campaigned for changes at companies such as Yahoo Inc YHOO.O and Sothebys and famously brought his tactics to Japan via now-exited positions in Sony Corp ( 6758.T ) and Seven & I Holdings ( 3382.T ). (Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-hedgefunds-thirdpoint-idUKKBN19V1DD'|'2017-07-10T15:00:00.000+03:00'
'27e6f20494a3bc71f95de0f7b296b24d4d377a28'|'Tata Steel sells UK pipe mills to Liberty House'|'Deals - Tue Jul 11, 2017 - 8:11am EDT Tata Steel sells UK pipe mills to Liberty House A company logo is seen outside the Tata steelworks near Rotherham in Britain, in this March 30, 2016 file photo. REUTERS/Phil Noble/File Photo By Maytaal Angel and Arnab Paul - LONDON/BENGALURU LONDON/BENGALURU India''s Tata Steel ( TISC.NS ) said on Tuesday it had agreed to sell its pipe mills in the north of England to UK-based metals and industrial group Liberty House for an undisclosed sum. The mills in Hartlepool employ 140 people and have a production capacity of over 250,000 tonnes a year. Tata Steel, Britain''s largest steelmaker, has been selling off parts of its UK business since last year, when it announced talks to merge its British and European steel assets with those of Germany''s Thyssenkrupp ( TKAG.DE ). "With this sale, Tata Steel UK will complete its portfolio restructuring to focus on the strip products supply chain linked to Port Talbot," said Bimlendra Jha, CEO of Tata Steel UK. "The sale is also an important step towards developing a more sustainable future for the rest of our UK business." In February, Tata signed a 100 million pound deal to sell its specialty steel business to Liberty House, saving 1,700 jobs, mostly in South Yorkshire, northern England. Under Tuesday''s deal, Tata retained ownership of a tube mill in Hartlepool that is supplied with steel coils from the European steel assets that it wants to retain and merge with Thyssenkrupp. Tata, whose UK business is centered on the steelworks in Port Talbot, Wales, said it will invest 1 million pounds ($1.29 million) in the Hartlepool tube mill, which employs 270 people. Privately-owned Liberty, which plans to list some of its businesses in 2018, has been snapping up distressed steel assets in Britain and around the world, including in the United States and Australia. "This step will inspire investments not only in Hartlepool but also in our upstream plate mill at Dalzell (Scotland), and potentially ... at Whyalla in Australia in due course, to give us a fully-integrated world class capability to supply pipeline projects," Liberty''s Executive Chairman Sanjeev Gupta. The Hartlepool pipe mills make heavy-duty steel pipe for the oil and gas sector. Liberty, which operates together with energy and commodities business SIMEC under the $9.4 billion Gupta Family Group (GFG) Alliance, said it is in talks to secure a support package to recruit more staff for the pipe mills business. Gupta''s Liberty House is one of the largest industrial employers in the UK with a workforce of nearly 5,000 people. Following Tuesday''s deal, Tata remains the largest UK steelmaker with a workforce of 8,500 people. The UK steel sector is emerging from a crisis that saw some 5,000 jobs, a fifth of the workforce, axed in 2015/16. It is estimated that for every steel job saved, four jobs are retained in related industries. Gupta first hit the headlines last year when he offered to rescue all the distressed UK steel plants owned by Tata, but the Indian group eventually decided against selling its entire UK business in favor of a tie-up with Thyssenkrupp. (Editing by David Evans) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-tata-steel-divestiture-libertyhouse-idUSKBN19W0XT'|'2017-07-11T16:11:00.000+03:00'
'f85645d7916ca3b4106552e2d476ceebbc5c21d8'|'UPDATE 1-China sovereign wealth fund CIC profit rises 1.88 pct in 2016'|'Market News - Tue Jul 11, 2017 - 12:50am EDT UPDATE 1-China sovereign wealth fund CIC profit rises 1.88 pct in 2016 * Investment income reaches $83 bln vs $76.7 bln in 2015 * Global politics constitute main risk for 2017 -CIC president (Adds executive comment, earnings details, context) BEIJING, July 11 China''s sovereign wealth fund China Investment Corp (CIC) on Tuesday reported a 1.88 percent rise in 2016 net profit, boosted by stronger return from its overseas portfolio. Profit rose to $75.3 billion, from $73.9 billion a year earlier, its annual report showed. Total investment income was $83 billion in 2016, compared with $76.7 billion in 2015. "Eight years following the global financial crisis, major economies'' rounds of easing policies and developed countries'' sluggish economic recovery lead to intensifying competition among global funds, adding pressure on investment returns," CIC Vice Chairman and President Tu Guangshao said in the report. "Potential risks are the rising uncertainties of global politics and policies," he said, referring to the outlook for 2017. CIC, headquartered in Beijing, was founded in 2007 to help China earn a higher return on its foreign exchange reserves. The fund reported a 6.22 percent return on its overseas investments in 2016, compared with a negative 2.96 percent in 2015. Its accumulated annualized investment return rose to 4.76 percent. The fund increased investment in alternative assets, and its overseas investment arm signed 16 deals worth $5 billion, it said. Last month CIC signed the buyout of European warehouse firm Logicor Ltd from Blackstone Group LP for 12.25 billion euros ($13.95 billion), Europe''s biggest private equity real estate deal. It also changed its investment program earlier this year, opening an office in New York and shifting attention to the United States. Earlier this month, CIC joined a consortium led by TIAA Private Investments and Antarctica Capital LLC to buy InterPark LLC, the largest owner-operator of parking infrastructure in the United States from Alinda Capital Partners LLC. CIC started with initial funding of $200 billion. By the end of 2016, its assets had surpassed $813.5 billion. ($1 = 0.8779 euros) (Reporting by Matthew Miller; Writing by Shu Zhang; Editing by Stephen Coates and Christopher Cushing) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-cic-results-idUSL4N1K21VW'|'2017-07-11T07:50:00.000+03:00'
'2e2b3d17cb09423ef109de07248e9b908ff59823'|'U.S. charges ex-Audi manager in emissions cheating case'|'Autos - Thu Jul 6, 2017 - 11:20pm BST U.S. charges ex-Audi manager in emissions cheating case WASHINGTON The U.S. Justice Department on Thursday said it has charged a former Audi manager with directing employees at the company, a division of Volkswagen AG, to design software to cheat U.S. emissions tests in thousands of Audi diesel cars. Giovanni Pamio, an Italian citizen, was charged with conspiracy to defraud the United States, wire fraud, and violation of the Clean Air Act, the Justice Department said in a news release. VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests and pleaded guilty in March in a U.S. court to three felonies in connection with the scandal. Volkswagen has agreed to spend as much as $25 billion in the United States to resolve claims from owners and regulators over polluting diesel vehicles and has offered to buy back about 500,000 vehicles. (Reporting by Chris Sanders; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-audi-idUKKBN19R35J'|'2017-07-07T01:20:00.000+03:00'
'8847a450522466d57eed70ca8aab266529fa00b1'|'Tax and spending cuts possible at the same time, French finance minister says'|'  12:08pm BST Tax and spending cuts possible at the same time, French finance minister says French Finance Minister Bruno le Maire attends a national tribute ceremony for late French politician Simone Veil, Holocaust survivor and pro-abortion campaigner, at the Hotel des Invalides in Paris, France, July 5, 2017. REUTERS/Michel Euler/Pool AIX-EN-PROVENCE, France French Finance Minister Bruno Le Maire said on Sunday it was possible to cut taxes and public spending at the same time, as France struggles to bring its budget deficit below the EU limit of 3 percent of economic output. Le Maire also said no final decision on the timeframe for the tax cuts promised by President Emmanuel Macron during the campaign had been taken, suggesting the one-year delay announced by the French prime minister this week could still budge. "No definitive decision has been taken on the timeframe for now," Le Maire told reporters on the sidelines of a conference in the southern French city of Aix-en-Provence. "I think we can perfectly reduce public spending very significantly to meet our European commitments and at the same time cut taxes for French households and French companies," he added. Premier Edouard Philippe had said earlier this week costly fiscal measures promised by Macron, such as wealth tax exemptions and a flat tax on capital income, would take effect in 2019 and not in 2018 as previously planned. (Reporting by Michel Rose, Leigh Thomas and Gwenaelle Barzic)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-economy-idUKKBN19U0EP'|'2017-07-09T13:43:00.000+03:00'
'17509702ca6ebc00b66c095f81d24c607c7d526a'|'Main points of Mercosur-EU trade deal need to be concluded in December - Brazil'|'Business News  05pm BST Main points of Mercosur-EU trade deal need to be concluded in December - Brazil BRUSSELS The main points of market access in a trade deal between the South American Mercosur bloc and the European Union need to be concluded by December, Brazil''s chief negotiator said on Thursday. The EU and Mercosur have committed to a series of negotiations until the end of the year in what both parties say is a last-ditch effort at sealing a deal that has suffered a series of setbacks since talks first began in 1999. "You cannot have an announcement of an agreement if you do not have the big numbers on market access. I cannot say I have finished and not know what the market access for beef and ethanol will be like," said Ronaldo Costa Filho, Brazil''s chief negotiator in the talks. The EU and Japan on Thursday reached a "political agreement" on a free trade deal, and officials insisted the key snags have been overcome for the deal to go into effect early in 2019. A deal with the EU would be Mercosur''s first large trade deal, though the bloc scheduled talks with other countries. The EU has eyes on access to public contracts, with the market in Brazil alone worth nearly 150 billion euros ($170 billion), though in return Mercosur will want access to EU agricultural markets such as beef and sugar and derivatives such as ethanol. "Ethanol is essential. I cannot go back home and say ''tough luck''," Costa-Filho told a press briefing in Brussels. With Britain leaving the European Union and not benefiting from the deal, Costa-Filho added that Mercosur''s door was "wide open" for Britain to seek a separate deal with the South-American bloc. ($1 = 0.8759 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-trade-mercosur-idUKKBN19R309'|'2017-07-07T00:05:00.000+03:00'
'0e7decb88c5591d77d121ce9479cd77e987a77e8'|'French deficit pledge will help euro zone budget discussions - ECB''s Coeure'|'  12:28pm BST French deficit pledge will help euro zone budget discussions: ECB''s Coeure Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach AIX-EN-PROVENCE, France The French government''s renewed commitment to bring its budget deficit in line with an EU limit is good not only for France but for upcoming euro zone discussions on budgets, ECB Executive Board member Benoit Coeure said on Sunday. The French government has committed to stick to plans to cut the deficit to 3 percent of economic output this year despite overspending this year by its predecessor. "One of the constraints facing the government is to keep its commitments on the budget and in particular on the three percent. This is something that we welcome in part because of the consequences for the rest of Europe," Coeure said. Speaking at an economics conference in southern France, Coeure said that France''s respect for the rules would help discussions the government hopes to launch soon about common budget measures in the euro zone. "You can''t tell others what to do if you don''t respect the rules yourself," Coeure said. Speaking at the same conference, French Finance Minister Bruno Le Maire said that the government could cut spending and taxes at the same time. "It''s because the ECB''s monetary policy is accommodative that we must without delay launch the transformation of our economy," Le Maire said. (Reporting by Leigh Thomas and Michel Rose; Addditional reporting by Maya Nikolaeva in Paris)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-economy-ecb-coeure-idUKKBN19U0F6'|'2017-07-09T14:19:00.000+03:00'
'0e1a8dedb20adbe7e6eeea2278f8dd5d2ea09af5'|'ICE to sell Trayport after losing UK competition watchdog appeal'|'Business News - Fri Jul 7, 2017 - 4:59pm BST ICE to sell Trayport after losing UK competition watchdog appeal A screen displays the ticker symbol and logo for Intercontinental Exchange Inc. (ICE) on the floor of the New York Stock Exchange (NYSE) March 1, 2016. REUTERS/Brendan McDermid By John McCrank - NEW YORK NEW YORK Intercontinental Exchange Inc ( ICE.N ) said it will sell energy trading software firm Trayport after losing an appeal of a decision by Britain''s competition watchdog calling for the divestment to preserve competition in the utility derivatives trading industry. The Competition and Markets Authority said on Friday that ICE''s control of Trayport, which the exchange and clearinghouse operator bought in late 2015 for $650 million (504.31 million pounds) in stock, would result in a "substantial lessening of competition" in two markets. The CMA said the only effective remedy would be the total divestiture of Trayport by ICE. ICE said it was "disappointed" be the decision. "Nonetheless, we will now complete the CMA process, terminate the agreement as instructed and move forward with the divestment of Trayport expeditiously so that Trayport''s future ownership is resolved," the New York Stock Exchange owner said in a statement. ICE is the biggest European utilities exchange operator, while London-based Trayport''s software underpins over 85 percent of European utilities trading, the CMA said. ICE could use Trayport''s platform to reduce competition between itself and its rivals, leading to increased fees for execution and clearing, and a worsening of terms offered to traders, the regulator said. It would not be possible to run the two businesses at arm''s length from each other, the CMA added. (Reporting by John McCrank, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ice-divestiture-trayport-idUKKBN19S2CC'|'2017-07-07T18:59:00.000+03:00'
'42a6b2a65e53f6f3617bbd2702e3cd2d9bc6022d'|'FTSE firms while Carillion gets crushed'|'Top News - Mon Jul 10, 2017 - 10:07am BST FTSE firms while Carillion gets crushed A worker shelters from the rain as he passes the London Stock Exchange in the City of London at lunchtime October 1, 2008. REUTERS/Toby Melville/File Photo By Kit Rees - LONDON LONDON The FTSE 100 held firm on Monday as a rise among financials and energy stocks lent support, though a plunge in Carillion''s shares after a profit warning weighed on mid-caps. The blue chip FTSE 100 .FTSE index was up 0.4 percent at 7,377.92 points by 0848 GMT, whereas the mid caps .FTMC were down 0.1 percent, held back by a 32 percent fall in Carillion''s ( CLLN.L ) shares. The construction and support services group plunged nearly 40 percent after its CEO stepped down as it issued a full-year profit warning, citing difficult markets and deterioration in some contracts. Carillion is one of the most-shorted UK firms, according to FCA disclosure data. "(Carillion''s) issued a profit warning, saying that profits are going to be lower ... also they''ve got a big debt pile, which isn''t getting any smaller, and that all raises the prospect that they might have to raise more capital, perhaps through a rights issue at some stage," said Laith Khalaf, senior analyst at Hargreaves Lansdown. "Put all these things together, add on top of that the CEO stepping down and you''ve got a pretty grisly statement and consequently a very negative reaction from the market." Peer Balfour Beatty ( BALF.L ) also fell almost 5 percent. While moves among blue chips were fairly muted, financials added the most points to the index, with lenders HSBC ( HSBA.L ) and Standard Chartered ( STAN.L ) making gains. A firmer energy sector also helped lift the FTSE, with heavyweights Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) both up around 0.3 percent. Precious metals miner Fresnillo ( FRES.L ) was the biggest laggard, down 1.1 percent as the price of gold dropped to its lowest level in nearly four months, while peer Randgold Resources ( RRS.L ) was also down 0.2 percent. Basic resources firms Rio Tinto ( RIO.L ), Anglo American ( AAL.L ) and Glencore ( GLEN.L ) helped bring up the rear, down between 0.7 percent to 1.1 percent on the back of a weaker copper price. (Reporting by Kit Rees; Editing by Keith Weir) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19V0T5'|'2017-07-10T12:07:00.000+03:00'
'bb03926873db9ff238afa2df046a18f15fc96b8f'|'UBS CEO says London jobs could go to Frankfurt, Madrid or Amsterdam - CNBC'|'Top News   4:55pm BST UBS CEO says London jobs could go to Frankfurt, Madrid or Amsterdam - CNBC FILE PHOTO: CEO Sergio Ermotti of Swiss bank UBS reacts after his speech during the annual shareholder meeting in Basel, Switzerland May 4, 2017. REUTERS/Arnd Wiegmann By Joshua Franklin - ZURICH ZURICH Swiss bank UBS ( UBSG.S ) is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam to cope with Britain''s planned departure from the European Union, Chief Executive Sergio Ermotti said in an interview with CNBC. With around 5,000 employees based in London, UBS is reviewing where it might move jobs which require access to the EU. "I think Frankfurt is a location of choice. There are different, other locations that could come into consideration," Ermotti said in the interview broadcast on Monday, according to a transcript. "I think about Amsterdam, I think about Madrid ... As we speak, we are narrowing down really the options." UBS will make a decision by the end of the summer or the early part of the fourth quarter, Ermotti said. Financial services firms need a regulated subsidiary in an EU country to offer products across the bloc which means some are looking to move jobs out of Britain if it loses access to the European single market. Frankfurt has been mooted as a possible destination for UBS jobs that move from London because last year it set up a bank there to consolidate most of its European wealth management operations. But other European cities, including Madrid and Amsterdam, are competing to attract bankers if they move from London. Ermotti also said clients at UBS''s flagship wealth management division have shown a greater willingness to invest more of their money in the last five months. "It''s clear if I look at the cash balances as a percentage of wealth we manage, they have been coming down from the high-20s to around the mid-20s," he said. "So this is clearly a sign that people are willing to invest more, but still very cautious." In the United States, Ermotti said optimism surrounding the Trump administration had diminished since the start of the year. "People do still believe that we will see some positive news from the new administration," he said. "But the goodwill is eroding very fast and people want to see concrete actions before engaging in M&A, before engaging into major discussions in respect of strategic moves." UBS reports second-quarter results on July 28. (Reporting by Joshua Franklin. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-ubs-group-ag-idUKKBN19V14K'|'2017-07-10T18:55:00.000+03:00'
'ef65d2c978c3dd76baba8778484697dd10f32542'|'Nikkei rises to more than 1-week high on yen; shipping sector surges'|'* Shippers soar as companies integrate container businesses* Tech shares outperform the market, cyclicals up tooBy Ayai TomisawaTOKYO, July 10 Japanese stocks rose to more than one-week highs on Monday after Wall Street gained on Friday, while the dollar strengthened against the yen on the heels of U.S. jobs data that gave investors more confidence in the strength of the U.S. economy.The Nikkei gained 0.8 percent to 20,080.98, the highest closing level since June 29."It''s a straightforward market today. There is demand in cyclical stocks such as automakers and tech stocks taking cues from U.S. shares," said Hikaru Sato, a senior technical analyst at Daiwa Securities.The marine transport sector was the best sectoral performer after the three major shippers established a holding company and an operating company to integrate their container shipping businesses.Nippon Yusen KK gained 1.4 percent, Kawasaki Kisen Kaisha surged 2.9 percent and Mitsui OSK Lines Ltd jumped 5.0 percent.Overall sentiment was positive after U.S. jobs growth beat forecasts, lifting the dollar against the yen. The dollar was 0.2 percent higher at 114.16, after notching a high of 114.21, its loftiest level since May 11.Tech shares were in demand. Advantest Corp rose 1.9 percent, Tokyo Electron climbed 2.3 percent and Panasonic Corp added 1.8 percent.U.S. job growth surged more than expected in June and employers increased hours for workers, suggesting the Federal Reserve could stick to its plan for its third interest rate hike this year and begin to reduce its balance sheet despite sluggish wage gains and tepid inflation.Japanese banking shares languished, with Mitsubishi UFG Financial Group and Mizuho Financial Group both dropping 0.6 percent.The broader Topix gained 0.5 percent to 1,615.48, with 1.54 billion shares changing hands, the lowest level in two weeks. (Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1K128K'|'2017-07-10T09:25:00.000+03:00'
'64c0f43be8d01bc0f5d9da3708c40fa75a0ba924'|'Morning News Call - India, July 7'|'Market News - Thu Jul 6, 2017 - 11:16pm EDT Morning News Call - India, July 7 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:00 am: Senior corporate and industry executives at CII Realty & Infrastructure Conclave in Mumbai. 12:30 pm: Food Minister Ram Vilas Paswan briefs media in New Delhi. 4:00 pm: Aviation Secretary Rajiv Nayan Choubey and Skill Development Minister Rajiv Pratap Rudy at aviation security seminar in Manesar, Gurugram. 5:00 pm: RBI releases weekly forex reserves data in Mumbai. LIVECHAT - QUIZ EAST The first of our Friday quizzes at 11:00 am IST focuses on Asia and the week''s top news. Tests your wits and googling speed. To join the conversation, click on the link: here INDIA TOP NEWS • IndiGo says keen only on Air India''s international, low-cost units India''s biggest airline IndiGo said on Thursday it was keen to buy state-owned carrier Air India''s international arm and low-cost division Air India Express rather than the whole business if India decides to sell its flag carrier. • Tax hike could dampen Indian gold demand in short term -WGC An increase in taxes on gold sales in India could curb short-term demand from the world''s No. 2 consumer of the metal, the World Gold Council said. • Ethnic unrest leaves world''s tea drinkers thirsty for $1,800 Darjeeling brew Ethnic unrest in India''s Darjeeling hills has wiped out the harvest of the world''s most expensive tea, disrupting supplies to European buyers and potentially pushing prices higher. • India, Israel launch innovation fund during Modi visit India and Israel have established a $40 million joint innovation initiative fund to increase economic cooperation and boost research and development within both countries. • Bhushan Steel Q4 loss bigger than stated earlier Bhushan Steel Ltd reported a March-quarter loss that was much bigger than stated earlier in its unaudited results, as the debt-laden steelmaker was hurt by higher costs. • Online grocery startup Jumbotail raises $8.5 million in funding Jumbotail, an Indian startup building an online wholesale marketplace for groceries, has raised $8.5 million in a funding round led by venture firm Kalaari Capital with the participation of Nexus Venture Partners. GLOBAL TOP NEWS • All eyes on Trump-Putin dynamics as they meet for first time at G20 U.S. President Donald Trump and Russian President Vladimir Putin are set to size each other up in person for the first time on Friday in what promises to be the most highly anticipated meeting on the sidelines of the G20 summit. • Trump pledges to act ''very strongly'' on North Korea missile threat U.S. President Donald Trump vowed on Thursday to confront North Korea "very strongly" following its latest missile test and urged nations to show Pyongyang there would be consequences for its weapons program. • Samsung Electronics tips record Q2 profit as memory prices surge Tech giant Samsung Electronics estimated a record quarterly operating profit for April-June, propelled by a memory chip boom that analysts say will continue to pad margins for the rest of 2017. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 9,640.50, down 0.28 percent from previous close. • The Indian rupee could edge higher against the dollar in early trade, tracking overnight decline in the greenback following a weaker-than-expected U.S. private employment data. • Indian government bonds are likely to trade lower amid a rise in U.S. Treasury yields and prospects of hawkish global central bank policies. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.53 percent-6.58 percent band today. GLOBAL MARKETS • U.S. stocks were sharply lower on Thursday after disappointing labor market data clashed with the possibility of a more hawkish Federal Reserve, while rising tensions in the Korean peninsula providing additional pressure. • Asian shares lost ground after a weak session on Wall Street, while global sovereign debt yields were elevated across the board on bets the European Central Bank is moving ever closer towards unwinding its massive monetary stimulus. • The dollar gained in Asian trading, getting a leg up against the yen after the Bank of Japan increased its purchases of Japanese government bonds in a move aimed at stemming a rise in yields. • U.S. Treasury yields rose on Thursday, with benchmark yields touching nearly eight-week highs, on the prospect of hawkish global central bank policy and concern that rising oil prices could spur inflationary pressures. • Oil prices fell by more than 1 percent, with U.S. crude futures dipping below $45 per barrel as news of a rise in U.S. production added to earlier reports that OPEC output was also on the rise. • Gold prices inched down to hover around their lowest in nearly two months, with investors waiting for key U.S. non-farm payrolls data later in the day. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.74/64.77 July 6 -$2.36 mln $170.58 mln 10-yr bond yield 6.93 Month-to-date -$297.82 $283.81 mln Year-to-date $8.29 bln $17.72 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.78 Indian rupees) (Compiled by Benny Thomas in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL4N1JY1C8'|'2017-07-07T06:16:00.000+03:00'
'dc7f4eee1cfebbf0d62845a7577e57feedde7593'|'At France''s Davos, French bosses laud impact of new president'|'  At France''s Davos, French bosses laud impact of new president French President Emmanuel Macron in Paris, France, July 8, 2017. REUTERS/Pascal Rossignol By Michel Rose and Mathieu Rosemain - AIX-EN-PROVENCE, France AIX-EN-PROVENCE, France Top French company bosses who have for years lamented their country''s slow pace of reforms at an annual summer gathering in Provence offered glowing praise this year for the first steps taken by newly elected President Emmanuel Macron. Sixty days after Macron became France''s youngest ever president, the CEOs gathered in the southern town of Aix-en-Provence said they had sensed a radical change in the country''s image abroad. "The whole world admires France today. There is renewed confidence, optimism about the country," Patrick Pouyanne, the head of oil major Total, France''s largest company, told reporters. "What I expect from this government is that it maintains this confidence, this optimism so the French start spending more and companies start investing." Although Macron''s government has yet to pass any concrete measures, it outlined its action plan in policy speeches last week, and has begun talks with unions to pass an extensive reform of French labor regulations. "I think this new president and his government are making an extremely positive start," Isabelle Kocher of gas utility ENGIE told Reuters at the summit often referred to as a "mini-Davos". "They are changing France''s image abroad, I see it everywhere I go, it''s really striking and has happened very quickly," she said. "France went from being labeled the sick man of Europe to being seen as the savior of Europe," a politician who sits on the board of several French companies told Reuters at one of the cafes lining the town''s sunny streets. TAX CUT DEBATES Even the government''s announcement earlier this week that some tax cuts would be delayed -- including exemptions to a wealth tax and the introduction of a flat tax on capital income of 30 percent -- did not draw much criticism. "There are some debates about the government''s tax measures, if they''ll be done now or if it''ll wait because it has no money," UBS''s head of French operations Jean-Frederic de Leusse told Reuters. On Sunday, Finance Minister Bruno Le Maire seemed to suggest the delays were still the subject of discussions in government. But when pressed, French CEOs who had in previous gatherings complained loudly about a tax burden which was the EU''s heaviest last year, refused to blame the government. "Let''s not start criticizing," Total''s Pouyanne said. "Let''s give them a bit of time. If there were a magic potion, it would have been used a long time ago." The CEO of the country''s flagship airline, Air France-KLM, concurred. "Like all decision-makers, the government has to deal with contradicting demands. Respecting a certain number of European rules, so that our partners can take us more seriously, is important," Jean-Marc Janaillac told Reuters. "If the price we have to pay is a slightly delayed timeframe, that doesn''t seem to be a major inconvenience for me compared to its advantages," he added. France''s top central bankers agreed the government was right to prioritize deficit reduction over tax cuts so that France can, for the first time in a decade, bring its deficit below the European Union''s 3 percent of GDP ceiling. ECB Executive Board member Benoit Coeure said France''s respect for the rules would help discussions the government hopes to launch about common budget measures in the euro zone. "We''re all for tax cuts, but let''s not equate reform with immediate, unfunded tax cuts," Bank of France Governor Francois Villeroy de Galhau told the conference on Sunday. "We''ve already paid a heavy price for this kind of liability on the future." (Additional reporting by Gwenaelle Barzic and Leigh Thomas; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-economy-davos-idUKKBN19U0XQ'|'2017-07-09T22:48:00.000+03:00'
'7d3481eb7180c2dbdf42aa09a0c7a9a26699277a'|'Sweden''s Volvo sells stake in engine maker Deutz'|'STOCKHOLM Sweden''s AB Volvo said on Friday it had sold its 25 percent stake in German diesel engine maker Deutz AG as the truck maker continued to trim assets outside its core business.Volvo said in a statement that proceeds from the sale, which was carried out through a bookbuilding process, amounted to 1.9 billion Swedish crowns ($225 million) and would generate a capital gain of about 350 million crowns.As part of a push to boost profits at the sprawling group, Volvo has been shedding peripheral businesses in recent years. Among them, it sold its external IT operations and a portfolio of properties last year and expects to sell its largely military Governmental Sales unit later this year.Volvo said the capital gain from the divestment of shares in Deutz would be booked in the third quarter. The truck maker reports second-quarter results on July 19.(Editing by Terje Solsvik)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-volvo-deutz-idUSKBN19S0SN'|'2017-07-07T11:02:00.000+03:00'
'8cb49cba61479e2a2c461935e622a00ab17d5c8c'|'An American payments firm goes online and buys British'|'A BIDDING war was briefly but eagerly anticipated. In the end, not a shot was fired. On July 4th the share price of Worldpay, a British payments processor, leapt by 28% after the company said it had received preliminary approaches from JPMorgan Chase, America’s biggest bank, and Vantiv, an American payments firm. The next day Worldpay said it had accepted a cash-and-shares bid from Vantiv, worth £7.7bn ($10bn), giving its shareholders 41% of the combined group. JPMorgan Chase, sniffily explaining that it had considered a bid after an “invitation” from Worldpay, which is a client, declined to proceed. Under Britain’s takeover code that refusal rules out a counter bid for six months. The shares slipped back by nearly 9%.Vantiv and Worldpay are “merchant acquirers”: companies that have contracts with sellers of goods and services, and licences from credit- and debit-card companies, to accept and process card payments. They also provide insurance—for example, refunding disappointed holidaymakers when an airline goes bust.  15 hours ago How   Until a few years ago, explains Ali Farid Khwaja of Autonomous, an investment-research firm, acquirers in both America and Europe had to have banking licences. As a consequence, banks still feature in lists of leading acquirers. According to the Nilson Report , a newsletter, they accounted for three of America’s top seven last year: JPMorgan Chase ranked first, with Vantiv second. Both Vantiv and Worldpay, indeed, emerged from banks. Vantiv was spun off in 2009 by Fifth Third, an Ohio-based lender which still owns 17.9%. The European Commission obliged the Royal Bank of Scotland to sell Worldpay in 2010, as a condition of RBS’s bail-out by the British state after the financial crisis. Two private-equity firms bought it for £2bn. It was floated at a value of £4.8bn in 2015.Mr Khwaja says that by buying Worldpay, Vantiv will reduce its reliance on bricks-and-mortar merchants, which are losing out from a shift of retailing to online competitors such as Amazon. Less than 10% of its revenue comes from processing e-commerce payments. Worldpay, by contrast, makes more than one-third of its revenue from a fast-growing, global e-commerce business. It is also the market leader in Britain, claiming a share of 42%, and has an American business of its own (the country’s eighth-biggest, one-sixth of the size of Vantiv’s, says the Nilson Report ).The deal marks a further step towards the industry’s consolidation. Last year, for example, Global Payments, the sixth-biggest American acquirer, bought Heartland, a smaller rival, for $4.3bn in cash and shares. TSYS bought TransFirst for $2.4bn. Vantiv snaffled Moneris USA, the American arm of a Canadian payments-processor, for $425m.In Europe, Mr Khwaja notes, national markets tend to be ruled by local players, despite the EU’s supposedly single market. Cross-border consolidation has far to go. But in a business of thin margins, scale is starting to count. Worldline, descended from the acquiring subsidiaries of three French banks, has spread into the Benelux countries and Germany. On July 3rd Nets, a Nordic payments company, said it had been approached about a takeover. It’s an acquisitive business.This article appeared in the Finance and economics section of the print edition under the headline "Acquirer acquired"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21724816-vantiv-buys-worldpay-jpmorgan-chase-declines-make-offer-american?fsrc=rss'|'2017-07-08T08:00:00.000+03:00'
'13a0a750cc1c4733c089fa5db50d6281f99a4336'|'Detroit’s car firms try to match Silicon Valley'|'IT IS fashionable to say that the city of Detroit is on the up after decades of decline. Amid the derelict buildings there are signs of revival; art shops and trendy food trucks abound. But for a truer augury of the city’s possible future, consider the rock-bottom stockmarket valuations of Ford and General Motors (GM), Motor City’s two big domestic car firms. (A third, Chrysler, is owned by Fiat Chrysler Automobiles, whose chairman is a director of The Economist ’s parent company.) If you put the members of the S&P 500 index in order of their price-earnings ratios, Ford and GM are at the bottom, among the walking dead.For their investors, creditors and 426,000 staff, about 18% of whom are in Detroit, it is a terrifying signal. A low price-earnings ratio is the stockmarket’s way of telling you that business as you know it is over. GM and Ford together made $18bn of underlying profit last year but have a market value of $98bn. That ratio implies that their profits will halve or worse, and quickly. Wall Street has got the hots for a younger crowd of firms that investors think will dominate the transport technologies of the 21st century; electric engines, ride-hailing, ride-sharing and driverless cars. 21 hours ago Why Three Silicon Valley firms—Uber, Tesla and Waymo (Alphabet’s driverless-car unit)—are each reckoned to be worth more than GM or Ford. All lose money and bring in no more sales in a year than Ford or GM do in a fortnight. No matter. Expectations are sky high. Morgan Stanley, a bank, expects Waymo’s sales to exceed $200bn by 2030, making it roughly America’s fifth-largest firm. Not bad given it does not have any products for sale.For the people running GM and Ford it is hard to ignore such huge differences in valuation, even if they reflect bubbly thinking about Silicon Valley. Shareholders and directors are becoming restless, and talented staff demoralised. The pressure to act is intense. GM recently had to fend off an activist attack from a hedge fund. In May Ford fired its boss, Mark Fields, replacing him with Jim Hackett, whose experience as a car executive consists of 15 months running Ford’s tech incubator. Its chairman, Bill Ford, said new blood was needed to deal with technological change.Investors are making two mistakes, the car firms argue. First, they underestimate how hard it is to mass-produce cars, and second, they discount the possibility that hidden within them are Detroit’s equivalent of a Tesla, an Uber or a Waymo. Certainly, when you see the view from Ford’s headquarters, of miles of woods, test tracks and factories owned by the company or by the Ford family, it is easy to believe that there might be some buried treasure there.Take the point on mass production, first. Detroit’s experts sniff that Silicon Valley has no idea how to make millions of vehicles that adhere to the safety and reliability standards of the conventional car firms. Tesla produced the equivalent of 1% of GM’s vehicle volumes last year. One Detroit executive reckons it is 10,000 times harder to build an autonomous vehicle that works on real roads rather than on a Californian test track.Yet he is no Luddite, and expects a revolution. Electric vehicles will be mainstream by 2020, he says. Driverless cars will slash the cost-per-mile of travelling, especially if you count the time saved by freeing people from the hours they waste clutching steering wheels. Ride-sharing will mean that the utilisation rate of cars will go up and therefore that fewer vehicles are sold. But that could be offset by new revenue from services such as charging passengers for rides or selling data that is gathered about them.The car firms try hard to draw attention to the businesses they own that will benefit from these trends. GM has a 9% stake in Lyft (a rival to Uber that is gaining market share), and in 2016 bought Cruise, an autonomous-vehicle firm based in San Francisco, for $600m. GM’s subsidiary, OnStar, connects 7m drivers to various data services. Its electric-car model, the Chevrolet Bolt, is on the road. Ford owns Chariot, a “crowdsourced” shuttle service, and will have 13 models of electric car on the road by 2020. It is investing $1bn over the next five years in Argo, an artificial-intelligence firm that is developing software for autonomous vehicles.Investors do not seem to care. In the past few months they have begun to fret about a new risk, that American car sales may be at a cyclical peak. In previous downturns, profits have slumped. Both GM and Ford want to emphasise that their costs can be more easily cut than before the crisis in 2008-10, when GM went bust and Ford nearly did. They also want to show that they will not waste money abroad. In March GM sold its European arm to France’s PSA Group. Ford says that it is prepared to sell some emerging-market operations if they do not produce higher profits soon. But their price-earnings ratios have not budged.Wall Street: the world’s most demanding backseat driverIn their desperation, Ford and GM are toying with a new strategy: putting their tech assets into ring-fenced divisions that can be promoted as “new Ford” and “new GM”. These units’ accounts will not be pretty, with few sales, and combined investments of $3bn-4bn a year. But with a speck of the glitter that Tesla’s Elon Musk sprinkles on his loss-making firm, they might capture investors’ imaginations and resuscitate their parents’ share prices.But by re-engineering their structures, the car companies might start something uncontrollable. Wall Street could get excited and demand that they sell or spin-off the new divisions, robbing Detroit of its best assets. In the 1990s and early 2000s stodgy telecoms firms such as AT&T spun-off their mobile arms only to be reunited with them years later. Ford and GM may be goaded into unwisely blowing their $48bn of cash on tech acquisitions.The underlying shift in the car industry is real: the way in which cars are made and are used is changing. But it is surrounded by a swirl of hyperbole. Detroit’s firms face a classic incumbent’s dilemma. They must show they can dance with the cool kids, while not losing either their wallets or their dignity.This article appeared in the Business section of the print edition under the headline "My car’s sexier than yours"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21724843-now-their-stockmarket-valuations-indicate-decline-detroits-car-firms-try-match?fsrc=rss'|'2017-07-08T08:00:00.000+03:00'
'3a1dcbe5ec2d5cb187ccdee56cedca90e129dd3b'|'China''s premier says economy still faces many difficulties: state radio'|'Business   12:18pm BST China''s premier says economy still faces many difficulties: state radio FILE PHOTO - Chinese Premier Li Keqiang delivers an opening speech at the World Economic Forum in Dalian, Liaoning province, China June 27, 2017. CNS/Liu Zhen via REUTERS BEIJING China''s economy still faces many difficulties but the steady and improving momentum in its economy can be sustained in the second half of this year, state radio quoted Premier Li Keqiang as saying in a meeting. China will maintain proactive fiscal policy and prudent monetary policy and keep macro-economic policies stable, Li added. (Reporting by Beijing Monitoring Desk)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-policy-idUKKBN19S1KV'|'2017-07-07T14:18:00.000+03:00'
'e9fb096e25193e1bcfcf0165b7c3f6542c5e2697'|'RPT-Tesla April registrations drop in key California market'|'(Repeats without change)By Marc VartabedianSAN FRANCISCO, July 6 Registrations of Tesla Inc vehicles in California, by far the largest market of the luxury electric car maker, fell 24 percent in April from a year ago, according to data from IHS Markit.The findings come as investors worry that demand for Tesla''s luxury Model S sedan is waning ahead of the mass market Model 3 launch.Tesla earlier this week reported first-half global deliveries of its Model S and its Model X SUV at the low end of its own forecast, driving down the stock and raising questions about demand for the older models.Tesla’s share price more than doubled between early December and late June as investors bet on Chief Executive Elon Musk’s strategy to transform the low-volume luxury electric car maker into a diversified producer of mass market vehicles, storage batteries, electric commercial trucks and rooftop solar panels. The company’s market value rose past larger rivals General Motors Co and Ford Motor Co.Since June 23, however, Tesla shares have fallen by nearly 20 percent amid concerns that demand for the company’s existing models is weakening.Overall sales of electric vehicles in the United States remain stuck at less than 1 percent of total vehicle sales, despite a growing number of models fielded by Tesla and other car makers.Tesla declined to comment on California registration figures and noted that second-quarter global deliveries rose 53 percent from a year earlier, to just over 12,000 Model S and just over 10,000 Model X. It said earlier this week that battery pack production problems held back vehicle output in the second quarter until early June.California, a haven for environmentalists and techies, is one of the company''s leading markets. The company does not break out results by geographic area.IHS analyst Stephanie Brinley cautioned that a single month of data could not fully explain Tesla demand."If Tesla had an issue with its production for the month, that could explain" the drop in registrations, she said, noting in particular the problems with battery pack output. Still, she said, Tesla''s Model S, launched in 2012, could be in need of a refresh."They haven’t changed much on the exterior or much on the package," and it is a high-fashion car, she said. "I can certainly understand where Model S sales may be softening a little bit because it’s an older product. That could be contributing to the issue."Industry data reviewed separately by Reuters showed that the Model S registrations in California were uneven over the first four months of 2017, varying by more than 1,000 units month-to-month. In percentage terms Model S growth peaked in February, decelerated in March and turned negative in April in California.Brinley said it was difficult to assess whether that reflected demand or availability.IHS measures vehicle registration, which comes after a sale. Registration in California and overall in the United States rose sharply for the combined first four months of the year, but April showed steep declines. IHS has not released data for May or June.Chief Executive Musk in May stoked concerns that the Model 3 would cannibalize demand for the Model S when he told investors that some "confused" Tesla buyers regarded the new Model 3 as an upgrade to the Model S, affecting Model S orders. The new car is a $35,000 mass market vehicle, which costs about half the price of the Model S.Tesla reported first-half 2017 global deliveries rose to 47,100 in 2017. Tesla had predicted 47,000 to 50,000. Musk in May said there would be demand for 100,000 luxury Teslas.IHS reported April Tesla registrations fell to 2,177 from 2,867 in California. Nationally they dropped nearly 10 percent to 3,911 from 4,334. For the first four months, California registrations rose to 6,926 from 5,804 and U.S. registrations rose to 15,288 from 10,937.Tesla shares fell 5.6 percent to close at $308.83 on Thursday, although the stock is up about 45 percent for the year to date.(Additional reporting by Joe White in Detroit; Editing by Peter Henderson and Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tesla-california-idUSL1N1JY10B'|'2017-07-07T19:04:00.000+03:00'
'd5a36a9bf008bb44b2236c05cf953a5d6bc0ad2e'|'MIDEAST STOCKS-Middle East follows global shares up, strong Q2 boosts Saudi'|'Market News  12am EDT MIDEAST STOCKS-Middle East follows global shares up, strong Q2 boosts Saudi * Saudi''s Extra soars on strong Q2 net profit, dividend * BSF jumps on almost double dividend * Egypt''s OTMT up on leap in Q1 net profit * Dana Gas pulls Abu Dhabi down By Celine Aswad DUBAI, July 10 Middle East markets followed global shares higher on Monday and Saudi Arabia''s stock index was bolstered by strong quarterly reports and dividend announcements. For now, unease about an end to the era of ultra-cheap money has given way to optimism about global growth, with Friday''s stronger-than-expected U.S. non-farm payrolls report bolstering risk appetite. Data on Monday showed exports from Germany, Europe''s biggest economy, rose more than expected in May. The pan-European STOXX 600 rallied 0.4 percent, with banks being one of the strongest sectors. In Saudi Arabia, shares of United Electronics Company (Extra) surged by their 10 percent daily limit to 36.90 riyals, their highest close since January 2016. The company had earlier reported second-quarter net income of 43.4 million riyals ($11.57 million), up 287.5 percent from the prior year period. In a separate statement, the board approved a cash dividend of 0.75 riyals per share for first half of 2017, the company''s first dividend distribution since 2015. The positive mood spilled into other consumer-related shares, with Extra''s chief competitor Jarir gaining 2.0 percent. Analysts have been expecting improvement in the retail sector in the second quarter from a year before because of the government''s decision to reinstate civil servants'' allowances and because of the Muslim month of Ramadan, which typically sees a rise in sales. The Riyadh index added 1.0 percent as all 12 of the listed banks rose. Banque Saudi Fransi surged 8.7 percent in heavy trade after the board recommended a cash dividend of 1.05 riyals per share for the first half of this year, almost double the cash distributed in the prior year period. Egypt''s blue-chip index added 1.1 percent, recovering from a small drop on Sunday. Shares of media conglomerate Orascom Telecom gained 3.0 percent after it reported first-quarter net income of 388.5 million Egyptian pounds ($21.74 million) versus 48.73 million pounds in the same period a year ago. Shares of the largest listed lender Commercial International Bank rose 1.8 percent. Qatar''s index climbed 1.0 percent, with four-fifths of the total market turnover coming from local investors, bourse data showed. Twenty-six of the traded companies rose, including heavyweight Qatar National Bank, which added 1.9 percent, while 11 shares declined. In Abu Dhabi, natural gas explorer Dana Gas fell 1.4 percent on profit taking. Shares of the commodity company have been volatile since late June when Dana declared it would not make payments on $700 million of Islamic bonds maturing in October because Islamic finance standards had changed since the instruments were issued four years ago. The index edged down 0.3 percent in relatively thin trade. Dubai''s index rose 0.5 percent as shares of developer Union Properties climbed 1.7 percent. Twelve other shares rose while 11 declined. HIGHLIGHTS * The index rebounded 1.0 percent to 7,237 points. DUBAI * The index added 0.5 percent to 3,418 points. ABU DHABI * The index fell 0.3 percent to 4,398 points. QATAR * The index gained 1.0 percent to 8,995 points. EGYPT * The index rose 1.1 percent to 13,483 points. KUWAIT * The index added 0.4 percent to 6,749 points. BAHRAIN * The index fell 0.1 percent to 1,308 points. OMAN * The index rose 0.5 percent to 5,159 points. ($1 = 17.8700 Egyptian pounds) ($1 = 3.7501 riyals) (Editing by Andrew Torchia and Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1K14CJ'|'2017-07-10T17:12:00.000+03:00'
'39df4822c3b42826ecd9dcf23f992c9d6f4775ac'|'Qatar central bank says country has $340 billion in reserves, can weather Arab sanctions'|'Central Banks   10:57am BST Qatar central bank says country has $340 billion in reserves, can weather Arab sanctions FILE PHOTO - Qatar''s Central Bank is seen in Doha in this general view taken November 9, 2011. REUTERS/Mohammed Dabbous/File Photo DUBAI Qatar has $340 billion (264.27 billion pounds) in reserves that could help the Gulf country to weather the isolation by its powerful Arab neighbours, central bank governor Sheikh Abdullah Bin Saoud al-Thani said. "This is the credibility of our system, we have enough cash to preserve any... kind of shock," he told the CNBC news channel in an interview published early on Monday on its website. Al-Thani said the central bank has $40 billion in reserves plus gold, while the Qatar Investment Authority sovereign wealth fund has $300 billion in reserves that it could liquidate. Qatari stocks have weakened and the riyal QAR= has been volatile in the spot market since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5, accusing it of backing terrorism. Doha has denied these allegations. "Qatar has already had a good and unique system. We have laws established against all these kinds of terrorists ," al Thani told CNBC. "We work with the IMF (International Monetary Fund) and other institutions to establish our laws and audits and reviews." "We have no challenges, we welcome those to review all our books, they are open," he added. Al-Thani said while the central bank has noticed fund outflows from some non-residents, the amounts weren''t particularly significant. An amount of less than $6 billion left Qatar over the last month, he said. "There is more [money] coming in," he said, confirming that inflows are exceeding outflows. Al-Thani said there had been an increase of up to $15 billion in the first week in the usage of central bank''s repo facility by the commercial banks. "We have enough CDs (certificate of deposits) and Treasury Bills and Treasury Bonds in the hand - in the asset side of the banking sector, that provide them with the liquidity," he said. He also said the stability of the Qatari riyal, which is pegged to the U.S. dollar, will "continue for the future." Al-Thani said long-term contracts in the gas and oil sectors were not seeing any disruptions. Rating agency Moody''s Investors Service earlier this month changed the outlook on Qatar''s credit rating to negative from stable, citing economic and financial risks arising from the ongoing dispute between Qatar and the Saudi-led alliance. Despite the market ructions, economists say Qatar, the world''s top liquefied natural gas exporter, has taken a number of measures such as a planned boost in gas output and new transport routes to weather the crisis. Qatar''s banking sector still has significant dependence on foreign funding. Thirty-six percent of commercial banks'' total liabilities in May were to foreigners, including others in the six-nation Gulf Cooperation Council (GCC). Saudi, UAE and Bahraini banks have already largely frozen new business with Qatar because of guidance from their central banks; some jittery foreign banks have followed suit. Should the rift escalate and more money flows out, the country''s banking system has enough buffers to "meet all the requirements," according to al-Thani. "We find our banking sector well-capitalized, meeting Basel III as they have high liquid assets, plus they have very good inter-banking activity inside and outside, and they are very stable at this moment. So we don''t believe there is anything to worry about at this moment." (Reporting by Saeed Azhar; Editing by Shri Navaratnam and Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gulf-qatar-cenbank-idUKKBN19V0XM'|'2017-07-10T12:57:00.000+03:00'
'324e92e25b744df333ba32dbecb1f717ba24ba50'|'Abercrombie & Fitch ends talks with potential buyers'|'Deals - Mon Jul 10, 2017 - 1:32pm BST Abercrombie & Fitch ends talks with potential buyers A person carries a bag from the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. REUTERS/Andrew Kelly Abercrombie & Fitch Co ( ANF.N ) said on Monday that it terminated discussions about a potential deal following a review. The company had said earlier this year that it was in talks with a number of bidders regarding a potential sale. The teen apparel retailer''s shares plummeted 16 percent to $10.21 in premarket trading. (Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-abercrombie-m-a-idUKKBN19V1FN'|'2017-07-10T15:30:00.000+03:00'
'917cf7b72bb07526198127d5745cedb352d2cab0'|'Euro zone sentiment versus growth - a disconnect ahead?'|'Business News  48pm BST Euro zone sentiment versus growth - a disconnect ahead? The famous euro sign landmark is pictured outside the former headquarters of the European Central Bank (ECB) in Frankfurt, Germany, July 17, 2015. Picture taken with a zoom-burst effect. REUTERS/Kai Pfaffenbach By Jeremy Gaunt - LONDON LONDON Someone has it wrong. Either sentiment about the euro zone''s economic future is too rosy, or projections of economic growth are too pessimistic. Monday''s Sentix index of euro zone business and investor sentiment in July EUSTCS=ECI was at one of the highest levels seen since the euro was launched. As the graph below shows, the index -- when rebased to 100 -- has moved pretty much in the same pattern as annual GDP growth over the past decade. It has tended towards, if anything, the pessimistic. But forecasts for GDP growth this year suggest a levelling off, whereas Sentix would imply a significant jump. It may just be that Sentix respondents have decided they have been too pessimistic, and swung the other way. This could also explain why the Citi Economic Surprise Index was plunging in much of May and June, showing expectations not meeting reality. (For a graphic on Euro zone expectations click reut.rs/2t58ubJ ) (Reporting by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-expectations-idUKKBN19V1PM'|'2017-07-10T16:48:00.000+03:00'
'18af73200b87644a5cff066ec08c17f807f01a09'|'Dollar, equity markets rise; Amazon boosts U.S. stocks'|'July 11, 2017 / 12:57 AM / an hour ago Asian shares rise as investors await Yellen testimony Lisa Twaronite 4 Min Read A man holding an umbrella walks in front of an electronic stock quotation board outside a brokerage in Tokyo April 7, 2015. Issei Kato/File Photo TOKYO (Reuters) - Asian shares extended gains on Tuesday and the dollar notched a four-month high against the yen, as investors awaited testimony from Federal Reserve Chair Janet Yellen for clues on when the central bank would tighten U.S. monetary policy. In Europe, futures for the Eurostoxx 50 and the DAX were both up 0.3 percent, while the FTSE was 0.2 percent higher. MSCI''s broadest index of Asia-Pacific shares outside Japan was up 0.8 percent, with technology-led gains on Wall Street sparking sentiment toward Asian tech shares. Japan''s Nikkei stock index ended up 0.6 percent, buoyed by the weaker yen, while Australian shares erased losses and ended slightly higher. "Except for worries about North Korea, the situation in Asia is calm at the moment, and this is giving some relief to investors," said Kyoya Okazawa, head of global markets, Japan and Korea, at BNP Paribas. "The dollar has risen above the 114 level, and this is lifting Japanese shares," he said. In China, the blue-chip CSI300 index rallied 1 percent in afternoon trade, while the Shanghai Composite Index turned positive and was 0.2 percent higher. The dollar index, which tracks the greenback against a basket of six major rivals, added 0.2 percent to 96.183 ahead of Yellen''s semi-annual monetary policy testimony before Congress on Wednesday and Thursday. San Francisco Federal Reserve President John Williams said Tuesday in Sydney that it was a reasonable view to expect one more rate hike this year, and his own view was to start adjusting the central bank''s balance sheet in the next few months. "Normalization of monetary policy in the coming months is almost priced in, and the Fed will start shrinking its balance sheet in September, and this does not necessarily mean a delay of rate hikes," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo. "This is supporting the dollar as a positive factor, and limiting its downside at the moment," he said. "I think Yellen will confirm that rate hikes are coming, and that balance sheet shrinkage will come." Against its Japanese counterpart, the dollar added 0.4 percent to 114.47, its highest level since mid-March. The euro inched 0.1 percent lower on the day to $1.1385. The Canadian dollar was down slightly against its U.S. counterpart as investors awaited a Bank of Canada interest rate decision on Wednesday. Forecasters are divided on whether the central bank will raise rates but data from the overnight index swaps market shows that money markets are almost fully priced for an increase, while an 80 percent chance of a second hike has been implied by December. Crude oil prices extended their overnight gains, even as increased drilling activity in the United States and uncertainty over Libyan and Nigerian production cuts clouded the future supply outlook. [O/R] U.S. crude futures rose 0.2 percent to $44.49 a barrel after adding 0.4 percent on Monday, while Brent crude was also 0.2 percent higher at $46.96. Spot gold edged 0.2 percent lower to $1,212.13 an ounce, moving back toward near four-month lows touched in the previous session. Reporting by Lisa Twaronite; Editing by Sam Holmes and Jacqueline Wong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19W02G'|'2017-07-11T00:53:00.000+03:00'
'8abcd206f485b59d1f7688a81848bd84afbf8a6f'|'TripAdvisor plugs Deliveroo food ordering into its travel listings'|'July 11, 2017 / 10:52 AM / a few seconds ago TripAdvisor plugs Deliveroo food ordering into its travel listings Eric Auchard 2 Min Read FILE PHOTO - The logo for a travel website company TripAdvisor Inc is shown on a computer screen in this illustration photo in Encinitas, California May 3, 2016. Mike Blake/File Photo FRANKFURT (Reuters) - TripAdvisor Inc has partnered with Deliveroo to incorporate the delivery firm''s food ordering service into the travel site''s listings across 12 countries in Europe, the Middle East and Asia, both companies said on Tuesday. Consumers can use TripAdvisor smartphone or computer apps to order food from more than 20,000 restaurant partners of Deliveroo in some 140 cities from Britain to Germany to Italy, the United Arab Emirates and Australia, Hong Kong and Singapore. U.S-based TripAdvisor combines listings for 7 million hotels, flights, attractions and restaurants with more than 500 million user reviews in 49 countries. TripAdvisor had 390 million average monthly visitors across its network as of December, according to web audience measurement firm Comscore. Deliveroo is a privately held London-based start-up which has raised $475 million in five venture capital rounds. It competes in the premium food delivery market with rivals such as Foodora, a unit of Berlin-based Delivery Hero. Terms of the partnership were not disclosed. Reporting By Eric Auchard; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tripadvisor-food-deliveroo-idUKKBN19W125'|'2017-07-11T13:39:00.000+03:00'
'53a10df2ac88b43a04441af4a83e58e1acca64b5'|'Novartis readies for FDA review of $1 bln CAR-T child cancer hope'|'Health News - Tue Jul 11, 2017 - 9:23am EDT Novartis readies for FDA review of $1 billion CAR-T child cancer hope FILE PHOTO - A sign marks a building on Novartis'' campus in Cambridge, Massachusetts, U.S., February 28, 2017. REUTERS/Brian Snyder By John Miller - ZURICH ZURICH Two decades ago in a Memphis, Tenn., hospital lab, cancer scientist Dario Campana and his team were hunting for a new way to fight deadly acute lymphoblastic leukemia (ALL). They began with several molecules, but finally settled on one, called 4-1BB, because it seemed to prime the human immune system to attack blood cancer more aggressively than others. "Our first tests convinced us these T cells were special," Campana, now a scientist at the National University Cancer Institute in Singapore, told Reuters by email this week. "I had never seen any drug killing leukemic cells so rapidly and specifically." Come Wednesday, it will be showtime for his molecule, when the U.S. Food and Drug Administration publicly reviews Novartis'' investigational drug, CTL019, for safety and effectiveness against ALL in children. Campana''s 4-1BB is the key ingredient of the Swiss drugmaker''s therapy, which involves T cells being extracted from patients, genetically re-engineered, and then unleashed to kill leukemia cells growing out of control. Of 68 desperately ill children who started Novartis''s pediatric ALL trial 17 months ago when other treatments had failed, 57 are alive. Novartis'' chief drug developer Vas Narasimhan thinks Campana''s molecule is a big reason why. "This might be part of the reason we see the profile that we do in terms of long-lasting remissions with CTL019," he said. The chimeric antigen receptor therapy developed by Novartis, called CAR-T, is poised to become the first of its kind to secure FDA approval, ahead of Kite Pharma and Juno Therapeutics. The Swiss drugmaker eventually expects more than $1 billion in annual sales, including from the treatment of other forms of cancer in adults. PATERNITY DISPUTE The discovery of 4-1BB by Campana, an Italian, and his Japanese colleague Chihaya Imai, during their tenure at St. Jude''s Children''s Research Hospital in Memphis, had gone relatively unheralded. Instead, the University of Pennsylvania, including its cancer immunotherapy pioneer Carl June that borrowed the molecule from Campana in the early 2000s for his own work, has won most of the accolades. Around the time Novartis struck a multi-million deal with Penn to commercialize CTL019 in 2012, St. Jude''s sued the university, alleging patent violations. Moreover, Campana''s and Imai''s names were left off the Penn team''s publications. But the patent dispute was finally settled in 2015, when Novartis agreed to pay $12.25 million, plus royalties. The scientific record has been set straight too. Last year, June''s team updated three New England Journal of Medicine publications that had previously ignored Campana''s contribution. Despite the initial snub, Campana is rooting for Novartis'' drug. "Many scientists have contributed in different ways to the development of this technology," said Campana, a founder of Boston-based cancer immunotherapy company Unum Therapeutics. "It is wonderful that it works." (Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-novartis-cancer-idUSKBN19W1I0'|'2017-07-11T16:14:00.000+03:00'
'23b7ef8b747d00aa8933043b12b751741649c852'|'UPDATE 2-China vehicle sales rebound in June amid price cuts'|'Business News - Tue Jul 11, 2017 - 4:31am EDT China vehicle sales rebound in June amid price cuts FILE PHOTO: Electric cars are seen at a parking lot of an automobile factory in Xingtai, Hebei province, China April 26, 2016. REUTERS/Stringer/File Photo REUTERS By Fang Cheng and Norihiko Shirouzu - BEIJING BEIJING China''s vehicle sales rebounded in June, the country''s top industry association said, shaking off weakness seen in the previous two months as carmakers grappled with a rollback in tax incentives that drove strong growth last year. Total vehicle sales hit 2.17 million in June, up 4.5 percent from a year earlier, while sales for the first half of the year rose 3.8 percent to 13.4 million vehicles, the China Association of Automobile Manufacturers (CAAM) said on Tuesday. The rise in sales, which industry insiders said was helped by hefty discounting, lends a sheen to the world''s largest auto market, but growth overall is struggling to keep pace with 2016 when the market grew at its fastest pace in three years. Overall vehicle demand in China would likely grow just 1-4 percent this year, mainly because consumers made purchases last year to benefit from lower tax rates, said Yale Zhang, head of Shanghai-based consultancy Automotive Foresight. In January, CAAM predicted sales would rise 5 percent this year, slowing from 13.7 percent in 2016, citing the rollback of a tax incentive for small-engine cars and economic pressures. It stuck with that forecast on Tuesday. June''s rise, however, marks an improvement from April and May, when vehicle sales fell 2.2 percent and 0.1 percent, respectively, registering two straight months of declines for the first time since 2015. Peter Fleet, Ford Motor Co''s Asia-Pacific chief, told Reuters average vehicle transaction prices in China had fallen about 4 percent in the first half of this year against 2016. "We continue to see negative industry pricing in China," he said. Ford is among the foreign brands strong in the small sedan segment that have seen China sales slow this year, others being General Motors Co and Volkswagen AG. Buyers in China have shied away since the purchase tax on vehicles with engines of 1.6 liters or below rose to 7.5 percent, from 5 percent, at the start of the year. However, there is one bright spot: sales of new-energy vehicles (NEVs) - all-electric battery vehicles and plug-in electric hybrids - that saw a 33 percent bump in June to 59,000 units, the latest CAAM data shows. In the first half of this year, sales volume of such NEVs totaled 195,000 vehicles, up 14.4 percent. China is the world''s largest market for green energy vehicles, with the government aggressively promoting the segment, including spending billions in subsidies, in a bid to fight intense urban air pollution. (Reporting By Cheng Fang and Norihiko Shirouzu in Beijing; Editing by Adam Jourdan and Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-auto-sales-idUSKBN19W0PK'|'2017-07-11T11:17:00.000+03:00'
'0808853131b7943255f337c38477a771f825e67b'|'In China''s murky waters, global sewage firms seek rewards'|'July 9, 2017 / 5:35 AM / 7 hours ago In China''s murky waters, global sewage firms seek rewards David Stanway 4 Min Read Water purification equipment by Emefcy is seen at a school campus in Changzhou, Jiangsu province, China June 20, 2017. Picture taken June 20, 2017. David Stanway CHANGZHOU, China (Reuters) - Global sewage and water treatment firms are eyeing opportunities in an unsavoury place: a growing pile of waste in China, the world''s most populous nation. The country has been for years battling contamination from fertilizer run-offs, heavy metals and untreated sewage. A survey in 2015 showed nearly two thirds of China''s underground water and a third of its surface water was unfit for human contact. To reverse this, China has pledged to lay 126,000 kilometres of new sewage pipes by 2020, enough to circle the globe three times, and raise urban wastewater treatment by 50 million cubic metres a day, equal to 20,000 Olympic-size pools. This has opened the floodgates to sewage specialists, like Israel''s Emefcy, RWL Water - controlled by Ron Lauder from Estee Lauder and France''s Veolia, who want to grab a share of the market with China''s annual environmental spend estimated at 3 trillion yuan ($441 billion) over the next five years. "Right now the problem of wastewater from agriculture and the countryside is very serious and wastewater treatment work is a weak link," said Tong Weidong, vice-chairman of the legal work commission of China''s parliament. Recently, there were reports of villages dumping sewage into the reservoir of the Three Gorges Dam, the world''s biggest power station spanning the Yangtze River in central Hubei province. But change is afoot, Tong said. Local officials will be forced to improve sewage capacity under new legislation that make them directly responsible for water quality. Cities need to hike treatment rates to 95 percent by 2020 from 92 percent in 2015, while rural regions in central and western China need to reach 50 percent. "The market is massive," said Wong-Jin Yong, China CEO for Emefcy, which estimates the potential market opportunity in Beijing and nearby provinces at over $1 billion. Foreign players have been in China for a while, such as Veolia that has water projects across the country, but the focus on a large-scale clean-up has gained impetus recently. China''s latest five-year plan released in 2016 emphasises tackling pollution, while in an action plan published in 2015 the government vowed to improve water quality nationwide by 2030, pledging to spend billions of dollars. Local authorities, meanwhile, have struggled to fund their plans, opening the door for more private sector involvement. Firms Rush in Emefcy plans to put eight small-scale sewage treatment units into operation in China by the end of this year and is currently building a local factory. It has installed a mobile plant around the size of a van at a school in southern Changzhou and runs another at a sewage works in Wuxi. Emefcy says its small-scale units can treat 20,000 litres a day, take two months to install and have significantly lower energy costs, making them ideal for the rural market. RWL Water venture is set to merge with Emefcy in July to "accelerate penetration" in China''s rural wastewater sector. They will be competing with local players such as state-run Beijing Enterprises Water Group and China Water Investment, and others like Beijing Sound Environment and Kangda International. Stricter environmental standards are drawing in companies of all sizes, but big state-owned firms still dominate major projects, said Xue Xiaohu, general manager at Jiangsu Greenway that sells water treatment technology to the textiles industry. China has promised to give environmentally friendly projects a leg up by providing banks more incentives to lend and encouraging green financing. Offshore players have the added hurdle of navigating local rules and typically also need to team up with local partners. "There are challenges in dealing with local governments and that''s why our partners kick in," said Yong from Emefcy, which has a number of Chinese partners including Zhejiang Provincial Energy Group and Jiangsu Jinzi. "Technology is our core skill and we will focus on that." ($1 = 6.7990 Chinese yuan renminbi) Additional reporting by SHANGHAI newsroom, writing by Adam Jourdan; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-sewage-idINKBN19U055'|'2017-07-09T08:35:00.000+03:00'
'839c73645887f577b8571dc23923d5978707b4ef'|'VW bosses told costs of emissions saga a month before disclosure - report'|'Autos - Sun Jul 9, 2017 - 4:45pm BST VW bosses told costs of emissions saga a month before disclosure - report People pass in front of a Volkswagen logo at Shanghai Auto Show during its media day, in Shanghai, China April 19, 2017. REUTERS/Aly Song FRANKFURT A Volkswagen ( VOWG_p.DE ) manager told the then chief executive and other managers that the carmaker''s diesel emissions cheating could cost up to $18.5 billion (14.35 billion pounds) almost a month before investors were informed, German newspaper Bild am Sonntag reported. Investors were told about VW''s systematic emissions test cheating using illegal software on Sept. 18 2015, when the U.S. Environmental Protection Agency (EPA) informed markets. The Sunday newspaper Bild am Sonntag reported that Oliver Schmidt, a VW executive who was arrested in Miami in January this year, told the then CEO Martin Winterkorn about possible financial implications at an Aug. 25, 2015 presentation. German securities law requires firms publish any market sensitive news in a timely fashion. A probe by German prosecutors includes investigating whether VW disclosed details promptly. The newspaper said Schmidt informed Winterkorn about the maximum possible penalty at the meeting that was also attended by Heinz-Jakob Neusser, VW''s development chief at the time, and Herbert Diess, who still works as VW''s brand chief. Bild am Sonntag cited U.S. investigation documents. A VW spokesman said the firm would not comment on the report because of ongoing legal and regulatory investigations. It has previously said it did not violate disclosure rules. The VW spokesman also said Diess had no comment. Lawyers for Winterkorn, who stepped down as VW CEO in September 2015, could not immediately be reached for comment. Annette Voges, the lawyer for Neusser who also left his position in September 2015, declined to comment on behalf of her client saying she had not seen the statements by Schmidt. Schmidt and his lawyers could not be reached for comment. VW admitted using a "defeat device", the name used to describe software to deceive regulators about the real extent of diesel pollution, to the U.S. EPA and California''s Air Resources Board on Sept. 3 2015, according to VW''s annual report for 2016. In the annual report, VW said its management did not make details of the scandal public before Sept. 18, 2015 because board members considered costs would be "controllable overall with a view to the business activities of Volkswagen Group." German prosecutors are investigating Diess, Winterkorn and VW''s current chairman Hans Dieter Poetsch, as part of a wider probe into market manipulation. The executives have denied wrongdoing. German prosecutors conducting the investigation into market manipulation declined to comment on Sunday. Bild am Sonntag also reported that Winterkorn and Diess were informed VW had used a "defeat device" at a meeting on July 27, 2015. Diess had joined VW just weeks earlier. (Reporting by Edward Taylor and Jan Schwartz; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-penalty-idUKKBN19U0RC'|'2017-07-09T18:45:00.000+03:00'
'045c973652b85a28b2c1b4de4d351271596b3b85'|'Outlook for Asian currencies brightens as Trump trade fades: Reuters poll'|'July 7, 2017 / 6:44 AM / in 12 hours Outlook for Asian currencies brightens as Trump trade fades: Reuters poll 5 Min Read A China yuan note is seen in this illustration photo May 31, 2017. Thomas White/Illustration/Files BENGALURU (Reuters) - The outlook for emerging Asian currencies has brightened compared to the beginning of the year, driven largely by a weaker dollar on fading expectations for major U.S. tax cuts any time soon, a Reuters poll found. Most Asian currencies have got the better of the dollar which has taken a beating on growing concerns over the U.S. administration''s inability to deliver on promises made. The Chinese yuan, a major focal point for global markets in the past few months as authorities scrambled to stabilise it and flush out speculators betting on a steep fall, looked set to end the year in better shape than previously thought. The Taiwan dollar was among the best performers in Asia, up nearly 6 percent this year. The Korean won, Malaysian ringgit, Singapore dollar and Thai baht have gained more than 4 percent. The latest poll consensus of more than 60 foreign exchange strategists surveyed over the past week showed many of the major Asian currencies are likely to hold onto most of their gains made this year over the coming 12 months. That is in contrast to a poll in January, which predicted a steep fall against the dollar on expectations for fiscal stimulus and a faster pace of Federal Reserve rate hikes. "There has been some disappointment in lack of progress in the U.S. in terms of pushing through fiscal reforms and tax reforms, which is one of the reasons why the dollar hasn''t done that well," said Julian Evans-Pritchard, China economist at Capital Economics. "We still do expect a small fiscal package at some point probably in the next year but the market has started to question (President Donald) Trump''s ability to get as much done and I don''t expect any kind of major fiscal stimulus to help the dollar jump higher." The Chinese yuan and Indian rupee have gained over 2 percent against the dollar this year, with half of those gains made over the last two months. The yuan is predicted to trade at 6.95 per dollar by the end of this year, compared to 7.2 forecast at the beginning of the year. The Indian rupee is tipped around 65.5 to the dollar by end-2017 compared to 69.5 seen in January poll. While the outlook has definitely brightened for Asian currencies, it is mainly due to the loss of momentum in the dollar with country-specific factors playing second fiddle. Bets in the latest poll have turned less bullish for the dollar as much of the Federal Reserve''s policy tightening plan has already been priced-in and the real risk now is that the central bank may be pushed off its path. But a separate Reuters poll on positioning showed speculators trimmed their bullish bets in most of the Asian currencies, even as they increased their long positions in the Indonesian rupiah and the Thai baht. [ASIA/FXP] The outlook for the regional currencies was also supported by better economic performance and some reforms undertaken in recent months. China''s economy grew a solid 6.9 percent in the first quarter on a year earlier, supported by significant government infrastructure spending. A string of curbs on capital outflows by Beijing, and the introduction of a different methodology to calculate the mid-point reference rate for the yuan by the People''s Bank of China (PBOC) has also helped restore market confidence in the currency. "We have revised our USD/CNY forecast and the reason is that the dollar has not been stronger than we expected. The other reason is the Chinese economy has stabilized and that should be good for CNY," said Irene Cheung, senior Asia FX strategist at ANZ. Separately, the strength in the Indian rupee has been driven in part by confidence the government will likely pass through major reforms and on expectations for better economic growth. The implementation of the goods and services tax (GST) by the government, touted as the biggest tax reform since independence, has bolstered the view on the Indian economy as well as the outlook for its stocks. "We are still quite constructive on the INR and the reason is reforms," added ANZ''s Cheung. (For other stories from the FX poll:) Polling by Shaloo Shrivastava and Khushboo Mittal; Editing by Shri Navaratnam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/forex-poll-asia-idINKBN19S0R4'|'2017-07-07T09:41:00.000+03:00'
'3dc198996e9c38fd574ec5c72c8f0758628e9c42'|'US STOCKS-Futures little changed ahead of June payrolls report'|'NEW YORK Wall Street stocks closed on a high note Friday, with the S&P 500 index posting its best gain in six sessions on the heels of a U.S. payrolls report that gave investors more confidence in the strength of the U.S. economy.The economy added 222,000 jobs last month, Labor Department data showed, exceeding expectations of a 179,000 gain, putting the Federal Reserve on track to raise interest rates once more this year. However, muted wage growth may give the Fed room to pause if need be."The fears of rates rising too quickly have dissipated and market participants are looking for bargains in stocks that have sold off recently," said Andrew Frankel, co-president of Stuart Frankel & Co in New York."Maybe there was just enough bad news in a great jobs number to keep the Fed off the gas pedal."Perceived chances of a rate hike at the U.S. central bank''s December meeting stood at 48.9 percent, according to Thomson Reuters data.Policymakers have taken opposing views on inflation after it retreated further below the Fed''s 2 percent target in May, creating uncertainty over the future path of rate hikes.The Dow Jones Industrial Average .DJI rose 94.3 points, or 0.44 percent, to end at 21,414.34, the S&P 500 .SPX gained 15.43 points, or 0.64 percent, to 2,425.18 and the Nasdaq Composite .IXIC added 63.62 points, or 1.04 percent, to 6,153.08.The technology sector .SPLRCT, up 1.25 percent, led the charge higher, buoyed by gains of more than 1 percent in market-cap heavyweights Apple ( AAPL.O ), Microsoft ( MSFT.O ) and Facebook ( FB.O ).Despite slumping nearly 3 percent last week, the tech sector is up more than 17 percent on the year, tops among the 11 major S&P groups.With the Fed now expected to remain on track for a rate hike later this year financials .SPSY, up 0.56 percent, also advanced as they benefit from a steepening of the yield curve.Tesla ( TSLA.O ) rose 1.42 percent after the luxury electric carmaker said about 3,500 vehicles were in transit to customers at the end of the second quarter and they would be counted as deliveries in the third quarter.Advancing issues outnumbered declining ones on the NYSE by a 2.19-to-1 ratio; on Nasdaq, a 2.59-to-1 ratio favored advancers.About 5.74 billion shares changed hands in U.S. exchanges, well below the 7.13 billion daily average over the last 20 sessions.(Additional reporting by Sinead Carew; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN19S1MD'|'2017-07-07T14:30:00.000+03:00'
'406723a754c3c8e82dc56be575aa5ced4d5c4c30'|'OPEC delegates encouraged by Russian comments on adjusting oil cut deal'|'  2:41pm BST OPEC delegates encouraged by Russian comments on adjusting oil cut deal FILE PHOTO: OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo By Alex Lawler - LONDON LONDON OPEC delegates said on Friday they were encouraged by Russia''s openness to talking about changes to an OPEC-led deal to cut oil supplies, opening the door to more steps being considered to clear a global supply glut. OPEC and allied non-OPEC producers such as Russia agreed to limit oil supply into 2018, but crude prices LCOc1 have fallen since May, partly because of higher production from Nigeria and Libya, two OPEC members exempt from cutting output. Key energy ministers, including those for Saudi Arabia and Russia, have previously said there was no immediate need for extra measures to support oil prices. But on Friday, Russia''s Energy Ministry said Moscow was ready to consider proposals, including revising the deal if need be. OPEC delegates told Reuters that while no concrete discussions about further steps were talking place now, the Russian comments gave a positive basis for ideas, such as a larger cut, to be considered. "Encouraging indications from Russia for such thoughts like deeper cuts give better justification to promote and develop such ideas to rebalance markets," one source close to OPEC said. "It provides a good basis, but no discussion is there yet." Oil ministers from five countries monitoring the deal plus Saudi Arabia as OPEC president are scheduled to meet in Russia on July 24. They could recommend adjusting the pact to the wider group, which holds its next meeting in November. OPEC officials have been talking about whether production by Libya and Nigeria should be capped, although such a step would face resistance from those countries. In addition, OPEC also looked at a larger production cut at its last meeting held in May, only to reject it. Both ideas will probably be looked at again at the meeting this month in the form of scenarios, OPEC sources said. But one OPEC delegate said additional steps were unlikely to win sufficient support now from enough of the 24 OPEC and non-OPEC countries participating because the existing agreement runs until March 2018. "I don''t think the member countries are ready to do anything more," the delegate said. "Let''s wait and see how the agreement works." (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN19S1Z7'|'2017-07-07T16:41:00.000+03:00'
'ea6999da8716f993b8be5604db79a8e7c8949188'|'ECB needs to adjust policy carefully, flexibly: Coeure'|'Fri Jul 7, 2017 - 6:22am BST ECB needs to adjust policy carefully, flexibly: Coeure Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach FRANKFURT The European Central Bank should adjust its policy carefully, flexibly and transparently to avoid an abrupt market adjustment, ECB board member Benoit Coeure told France''s Le Monde and Italy''s La Stampa in a joint interview. "If needed, the Governing Council will continue to adjust its instruments both qualitatively and quantitatively," Coeure was quoted on Friday as saying. "But when this is needed, it should do so carefully and flexibly, and based on what matters for us within the framework of our mandate: the inflation outlook." "We must be transparent in our communications on these developments," he said. "Otherwise we run the risk of a more abrupt adjustment for the markets when the decisions are actually taken."'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-coeure-idUKKBN19S0KZ'|'2017-07-07T08:21:00.000+03:00'
'7e0115006c32f8785d9e772bf1590e07838158fa'|'China certifies COMAC to mass produce ARJ-21 regional jets -Xinhua'|'BEIJING Commercial Aircraft Corp of China Ltd (COMAC) [CMAFC.UL] has received approval to begin mass production of its ARJ-21 jet, the official Xinhua News Agency reported on its social media account on Sunday.The state-owned plane maker received a production certificate from the Civil Aviation Administration of China (CAAC), the news agency said.Shanghai-based COMAC last year said that orders for the twin-engine jet had reached 413 from 19 customers.COMAC is also developing a bigger C919 jet as part of its efforts to compete against Boeing ( BA.N ) and Airbus ( AIR.PA ) in the lucrative narrow-body market. The C919 had 24 customers and 600 orders, COMAC said in June.(Reporting By Matthew Miller and Fang Cheng; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-comac-approval-idUSKBN19U05F'|'2017-07-09T08:57:00.000+03:00'
'67a0bf58b2ca01c9a39b707c62b66c5207e24858'|'Australian state picks Tesla to provide grid-scale battery'|'Market News - Thu Jul 6, 2017 - 11:45pm EDT Australian state picks Tesla to provide grid-scale battery SYDNEY, July 7 South Australia has picked Tesla to install a grid-scale battery to be paired with a wind farm provided by France''s Neoen, as the state battles to keep the lights on. South Australia has raced ahead of the rest of the country in turning to wind power, triggering a shutdown of coal-fired plants that has led to outages across the eastern part of the nation, driving up energy prices. Dozens of companies from 10 countries had expressed interest in the South Australian project. (Reporting by Colin Packham) Brazil''s political turmoil seems to have neutral impact on inflation -Goldfajn BRASILIA, July 7 Brazil''s political crisis seems to be having a neutral impact on inflation, central bank chief Ilan Goldfajn said in an TV interview late on Thursday, suggesting uncertainty over President Michel Temer''s grip on power may not prompt the bank to change its monetary policy. TREASURIES-Shorter-dated U.S. yields fall as wage gain disappoints NEW YORK, July 7 Yields on shorter-dated Treasury debt turned lower on Friday, erasing their initial rise, as wage growth fell short of forecast in June, offering a respite from a global bond market selloff on worries about reduced stimulus from overseas central banks. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-power-tesla-idUSL4N1JY1MS'|'2017-07-07T06:24:00.000+03:00'
'ed71b3bab6391fcd15af12494c436fb3b039c62b'|'Injured drivers get official role in Takata''s U.S. bankruptcy'|'July 6, 2017 / 8:58 PM / in 8 hours Injured drivers get official role in Takata''s U.S. bankruptcy Tom Hals 3 Min Read FILE PHOTO: Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. Toru Hanai/File Photo WILMINGTON, Del. (Reuters) - People injured by Takata Corp''s defective air bags were given an official role in the bankruptcy of its U.S. unit on Thursday, allowing them to challenge restructuring plans that plaintiffs'' lawyers have criticized as protective of automakers. A seven-member official committee will represent economic loss and personal injury or tort claimants, David Buchbinder, a lawyer with the U.S. Department of Justice''s bankruptcy watchdog, told a meeting of creditors of Takata''s U.S. business. Official committees receive funds from a debtor to hire professionals who can carry out investigations and test financial assumptions. William Weintraub, a lawyer with Goodwin Procter who is not involved in the Takata case, said he expected the committee "to be active and to make sure that the claims of the car manufacturers are not treated preferentially and that tort victims are fairly compensated." A second five-member committee of suppliers and vendors was also appointed, according to Buchbinder. Takata filed for bankruptcy in Japan and the United States last month, facing billions of dollars in liabilities from recalls and lawsuits stemming from its air bags. The inflator compound used in the bags becomes volatile with age, causing the devices to inflate with too much force. The air bags have been linked to 16 deaths, mostly in the United States, and hundreds of injuries. One person appointed to the personal injury committee, Adrian Antonio Pielago, allegedly suffered a major neck laceration and nerve damage last year in an accident involving a Takata air bag, according to court records. Takata is finalising a $1.6 billion sale of most of its business to Michigan-based Key Safety Systems, owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ). The deal is meant to save 14,000 jobs, provide a stable supply of replacement air bags and finance a $1 billion settlement with the U.S. government. Personal injury lawyers said at a bankruptcy hearing last month that Takata was deferring too much to automakers, which claim they are owed billions of dollars in recall costs. Lawyers for Takata''s U.S. business said the automakers provided financing to Takata and received protections in return. The company has set aside $125 million for injury claims, but lawyers for injured drivers said it may not be enough because millions of air bags have yet to be recalled. The lawyers say more money could come from Takata''s insurance, as well as from its sale to Key Safety. Reporting by Tom Hals in Wilmington, Delaware; Editing by Dan Grebler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/takata-bankruptcy-usa-idINKBN19R2ZB'|'2017-07-06T23:54:00.000+03:00'
'eb90a9047e4b0b655febbe302d07fa15082e778b'|'Fenner sees FY profit ahead of its expectations'|'Business News  19am BST Fenner sees FY profit ahead of its expectations British engineering company Fenner Plc ( FENR.L ) said operating profit for the full-year 2017 would be comfortably ahead of its previous expectations, boosted by its medical business. Shares in the company rose as much as 9.2 pct, before paring gains to trade up 7.8 percent at 0708 GMT (8.08 a.m. BST) on the London Stock Exchange. The company, which makes polymer products and conveyor belts for industrial users including miners, said its advanced engineered products (AEP) unit continued to strengthen and said its medical unit benefited from new customer projects. (Reporting by Sanjeeban Sarkar  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fenner-outlook-idUKKBN19S0UU'|'2017-07-07T10:19:00.000+03:00'
'f5c1a42391ca97c7d105b974cb229444a1ab2e82'|'Options traders bet on U.S. steel stocks ahead of tariffs decision'|'Market News  04pm EDT Options traders bet on U.S. steel stocks ahead of tariffs decision By Saqib Iqbal Ahmed - NEW YORK, July 7 NEW YORK, July 7 Traders in the options market are betting that shares of U.S. steel makers will get a boost when the U.S. Commerce Department unveils findings from its investigation into cheap steel imports, according to data and analysts on Friday. The investigation was ordered by President Donald Trump in April under the rarely used section 232 of the Trade Expansion Act of 1962 and could clear the way for restrictions on steel imports. U.S. Secretary of Commerce Wilbur Ross is expected to announce the outcome of the steel inquiry after Trump has spoken with G20 leaders at the July 7-8 summit in Germany. A decision that results in a material reduction in the current level of domestic steel imports could provide a near-term boost to shares of U.S. steel companies, according to Wall Street analysts. Recent trading data in options on top steel companies, including United States Steel Corp, Nucor Corp and AK Steel Holding Corp show traders are counting on some good news. "Everything looks pretty bullish. Every factor you would look at is sort of aligned in the same direction," said Jim Strugger, MKM Partners derivatives strategist. Traders have shown a marked preference for loading up on call options. Calls convey the right to buy shares at a fixed price in the future and usually are used to place bets on shares rising, while put options convey the right to sell shares at a certain price in the future. For U.S. Steel Corp, there are 1.1 calls open for each open put contract, close to the most in more than five years, according to options analytics firm Trade Alert data. Other steel stocks also exhibit similarly elevated positioning in call contracts. "They are not trying to pick a winner within the industry. It seems like it is more of a sector bet," said Steve Claussen, vice president of trade strategy at E-Trade Financial in Chicago. Much of the bullish positioning is concentrated in contracts set to expire over the next two weeks. "The implied expectation is that you are expecting a short-term move very quickly. These are definitely event-driven trades in my opinion," Claussen said. Several of these steel companies are set to report quarterly results before the end of July. Trump''s election initially boosted steel stocks, with the S&P 1500 steel index surging 36 percent in the month after the Nov. 8 vote. The index has given up most of those gains and is up 10 percent since the election. (Reporting by Saqib Iqbal Ahmed; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trade-steel-stocks-idUSL4N1JX27J'|'2017-07-07T19:04:00.000+03:00'
'91d1e0ba3d9aecd8187f4869a0df806f1628a0ac'|'EU watchdog quizzes ECB''s Draghi over ties with G30 bankers'|' 54pm BST EU watchdog quizzes ECB''s Draghi over ties with G30 bankers European Central Bank (ECB) President Mario Draghi arrives for a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. REUTERS/Kai Pfaffenbach By Francesco Canepa - FRANKFURT FRANKFURT The European Union''s ethics watchdog is quizzing the President of the European Central Bank, Mario Draghi, over his and the ECB''s involvement in an exclusive forum with bankers and fund managers. In a letter to Draghi that was published on Friday, European Ombudsman Emily O''Reilly said the meetings of the Group of Thirty, where central bankers, economists and financiers talk behind closed doors, are "not transparent" and questioned the ECB president''s membership of the club. "Where ECB members attend meetings organized by the Group of 30, they must abide by Treaty transparency requirements," O''Reilly said in the letter. "However, Group of 30 meetings are not transparent." O''Reilly, who watches for ethics lapses at European institutions and can make non-binding recommendations, asked the ECB whether it would consider publishing agendas and summaries of those meetings. Draghi has until September to reply to the letter in writing. The new inquiry was triggered by a complaint by activist group Corporate Europe Observatory, which says proximity between ECB officials and the G30 is incompatible with Frankfurt''s role as the euro zone''s top banking watchdog, taken up in 2014. The G30 includes the chairmen of several commercial banks, such as JPMorgan''s Jacob A. Frenkel and UBS''s Axel Weber. Both firms have units in the euro zone that are directly supervised by the ECB. A similar complaint was rejected by the Ombudsman of the time in 2012. But O''Reilly decided the ECB''s new supervisory duties warranted a fresh enquiry. A spokesman for the ECB said: "We are cooperating with the Ombudsman, as we did with the previous inquiry." "The group in question here is very diverse ... (and) we see it as a relevant forum to engage with, always remembering that we have a range of rules and instruments in place to avoid apparent or potential conflicts of interest," he added In the letter, Ombudsman O''Reilly asked why Draghi''s membership in the G30 was in the public interest and whether it could really be considered personal given that he was replaced by his deputy, Vitor Constancio, in one occasion. "It may be argued, therefore, that the ECB’s involvement in the Group of 30 is rather of an institutional nature," the Ombudsman said in the letter, dated July 4th. She also questioned whether the ECB found it appropriate that the chair of its own ethics committee, Jean-Claude Trichet, who may be called to assess the bank''s role in the Group of 30, was also the honorary chairman of the same group. Ties between the ECB and financial sector firms have been in the spotlight since 2015, when Executive Board member Benoit Coeure discussed the bank''s money-printing plans at a private event with hedge funds. This led to Ombudsman O''Reilly appealing to Draghi to scrap such meetings ahead of setting policy - a recommendation that the ECB adopted. Draghi has been a member of the G30 since 2006, when he was still the governor of the Bank of Italy. He sits alongside Bank of England governor Mark Carney and the Bank of Japan''s Haruhiko Kuroda, as well as Nobel prize winner Paul Krugman. ECB vice president Vitor Constancio and Sabine Lautenschlaeger, who represents the ECB''s supervisory arm on the board, have also spoken at G30 meetings. Their speeches were published on the ECB''s website. ECB senior supervisor Julie Dickson contributed to a G30 paper on banking conduct, albeit only as an external observer. (Reporting By Francesco Canepa; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-banks-ethics-idUKKBN19S1OI'|'2017-07-07T14:53:00.000+03:00'
'5a92d5908aecb61689e041736efba120de0fff7f'|'Japan''s May machinery orders unexpectedly fall, gov''t downgrades outlook'|'July 10, 2017 / 4:56 AM / in 3 hours Japan''s May machinery orders unexpectedly fall, gov''t downgrades outlook Minami Funakoshi 4 Min Read A worker adjusts a machine at a spring factory conserving electricity in Osaka, western Japan, May 23, 2012. Yoko Kubota/Files TOKYO (Reuters) - Japan''s core machinery orders unexpectedly tumbled in May on persistent weakness in the services sector, and the government downgraded the outlook for orders for the first time in eight months, raising doubts about the strength of the economic recovery. The result is also particularly surprising given recent signs of an upswing in momentum. It suggests policymakers will have their work cut out in their quest to foster sustainable growth - especially if businesses show reluctance to invest, though some analysts caution against reading too much into the weak numbers. Core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, dropped 3.6 percent in May from the previous month, Cabinet Office data showed on Monday. It was the steepest month-on-month decline since August 2016, and sharply undershot the 1.7 percent increase expected by economists in a Reuters poll. In April, they declined 3.1 percent. Core orders from the services sector fell 5.1 percent, down for a third straight month, dragged by declines in orders from transportation firms for computer systems and railway cars, and from telecommunications and construction industries. Orders from manufacturers rose 1.0 percent in May from the previous month, up for a fourth straight month, led by gains in orders for turbines and boilers. The government cut its assessment of machinery orders for the first time since September 2016, saying they are stalling, in a worrying sign businesses may be turning cautious on investing. "Machinery orders probably won''t be very strong (in the coming months)," a Cabinet Office official said. "We can''t say they will significantly worsen, but we don''t hear companies saying they will start recovering in July-September," the official said. Some analysts echoed the government''s pessimism. "The results were extremely weak...There is a high chance core machinery orders will decline for the second quarter in a row (in April-June)," said Koya Miyamae, senior economist at SMBC Nikko Securities, in a note. Miyamae said it was surprising that orders declined from sectors such as transportation, postal and construction, which have been hit by labour shortages. Pinch of Salt However, some analysts say the Monday''s data should be taken with a pinch of salt. "Machinery orders are volatile...it''s better to look at the BOJ tankan in this case," said Hidenobu Tokuda, senior economist at Mizuho Research Institute. The BOJ tankan, a closely-watched central bank survey, showed that big firms plan to raise their capital spending by 8.0 percent in the current fiscal year to March 2018. Confidence among Japan''s big manufacturers hit its highest level in more than three years in the June quarter, the survey also showed. Indeed, recent data suggested momentum was picking up, though it wasn''t clear if the economic recovery was broadening out, with industrial output falling faster in May than at any time since the devastating earthquake of March 2011. Japanese policymakers hope capital spending will help revitalise the world''s third-largest economy and pull it out of years of deflation and stagnation. Speaking shortly after the machinery orders results were released, Bank of Japan Governor Haruhiko Kuroda reiterated the central bank''s resolve to maintain its massive stimulus programme until inflation is stably above its 2 percent target. He also said inflation is likely to gradually accelerate towards 2 percent reflecting improvements in the economy. Japan''s economy expanded an annualised 1.0 percent in the first quarter on robust exports and household spending, while business confidence hit a three-year high in the three months to June. Reporting by Minami Funakoshi; Editing by Chang-Ran Kim & Shri Navaratnam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-orders-idINKBN19V0B4'|'2017-07-10T07:54:00.000+03:00'
'fcf4c04132d0e59b688c19180e2a828ef0d3daaf'|'Apple to build second data centre in Denmark in push for renewable energy'|'Business  48am BST Apple to build second data centre in Denmark in push for renewable energy The audience assembles before the start of Apple''s annual developer conference in San Jose, California, U.S. June 5, 2017. REUTERS/Stephen Lam COPENHAGEN Apple Inc ( AAPL.O ) will build its second data centre in southern Denmark, to be powered entirely by renewable energy, a spokeswoman told Reuters on Monday. The data centre, which is due to begin operations in 2019, will power Apple''s online services, including the iTunes Store, App Store, iMessage, Maps and Siri for customers across Europe. Apple will invest around 6 billion Danish crowns (713.91 million pounds) in the project, Danish media reported. The first data centre in Denmark with a price tag of around 850 million euros will begin operations this year. (Reporting by Jacob Gronholt-Pedersen, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-denmark-idUKKBN19V0MN'|'2017-07-10T10:48:00.000+03:00'
'1f6608f207cbacd3264392034dce9ae59e7830f4'|'CANADA STOCKS-TSX edges higher on materials, energy; Home Capital falls'|'Market News - Mon Jul 10, 2017 - 11:15am EDT CANADA STOCKS-TSX edges higher on materials, energy; Home Capital falls * TSX up 15.17 points, or 0.1 percent, to 15,042.33 * Six of the TSX''s 10 main groups rise TORONTO, July 10 Canada''s main stock index rose on Monday, reversing early losses as key sectors including materials and energy rebounded. Fertilizer producer Potash Corp was the most influential gainer, rising 3.9 percent to C$21.86, while Agrium Inc, which is set to merge with Potash later this year, advanced 3.9 percent to C$121.6. Barrick Gold Corp rose 1.7 percent to C$20.14. Gold futures rose 0.1 percent to $1,209.6 an ounce. The overall materials group, which includes precious and base metals miners and fertilizer producers, rose 1.4 percent. At 10:49 a.m. ET (1449 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 15.17 points, or 0.1 percent, at 15,042.33. Of the index''s 10 main groups, six advanced. Financials, which accounts for about a third of the index, was among the few decliners, slipping 0.1 percent. Home Capital Group fell 5.2 percent to C$14.35. The stock has retreated in recent sessions following news that Canada plans to ban some bundled residential mortgages to clamp down on risky lending. Energy stocks seesawed in tandem with crude oil prices, though moves were modest overall. The group was last up 0.4 percent, as U.S. crude prices rose 0.7 percent to $44.55 a barrel. Oil prices were still under pressure amid rising drilling activity in the United States and a continued increase in global supplies. Industrials rose 0.4 percent, helped by a small but influential 0.6 percent rise to C$106.56 in Canadian National Railway Co. Exchange Income Corp, which was hit last week by news that short seller Marc Cohodes was targeting the company, recovered its losses and jumped 4.3 percent to C$31.95, which also boosted the industrials sector. Consumer discretionary shares climbed 0.3 percent, with cable company Cogeco Communications Inc rising 2.1 percent to C$81.5 following news its subsidiary Atlantic Broadband would buy MetroCast''s assets for about $1.4 billion, expanding its presence in the United States. Advancing issues outnumbered declining ones on the TSX by 126 to 115, for a 1.10-to-1 ratio on the upside. (Reporting by Solarina Ho; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1K10NU'|'2017-07-10T18:15:00.000+03:00'
'787af8eada852232723c85bae2243267f17c8377'|'Russian oligarch Vladimir Yevtushenkov falls from grace, again'|'HE WAS back in favour, or so it appeared. After spending several months under house arrest in late 2014, Vladimir Yevtushenkov, a Russian oligarch, relinquished control of Bashneft, a midsized oil firm, to the state. “If you like another company tomorrow and want to take it, you are welcome,” he told Vladimir Putin at the time, he later recalled. The president publicly gave his approval to Sistema, Mr Yevtushenkov’s conglomerate, shares in which had plunged. Mr Yevtushenkov subsequently appeared at annual Kremlin receptions and late last year joined a presidential delegation to Crimea.Now he is under pressure again, facing a lawsuit from Rosneft, a state-run oil giant, which is demanding 171bn roubles ($2.8bn) in damages. Rosneft’s boss is Igor Sechin, a Putin confidant, who many in Moscow reckon orchestrated the initial 2014 case against Mr Yevtushenkov as well. (Rosneft and Mr Sechin have denied any involvement in it.) Late last year, Rosneft purchased Bashneft from the state for $5.3bn. It now claims that Sistema inappropriately took assets in a restructuring of Bashneft.  15 hours ago How   The case attests to Rosneft’s appetite for deals, as well as to Mr Sechin’s clout. Since acquiring Bashneft, Rosneft has sold a 19.5% stake in itself to Glencore, a Swiss-based commodities firm, and the Qatar Investment Authority for €10.2bn ($11bn), despite being a target of American sanctions. Mr Sechin also just concluded a deal worth $12.9bn to acquire India’s Essar Oil. A Rosneft spokesman, Mikhail Leontyev, says “there’s nothing personal” about its case against Mr Yevtushenkov’s firm, even if many in Moscow’s business community see the affair as a clash of titans.The assets that Sistema is alleged to have taken from Bashneft include an energy supplier held by a subsidiary. Rosneft also asserts that Bashneft incurred damages as a result of Sistema’s decision to buy out Bashneft’s minority shareholders during the 2013-14 restructuring and because it cancelled some treasury stock in the firm. Sistema calls the case “groundless”. Under its ownership, it notes, Bashneft’s market value rose eightfold and its production of oil rose by nearly half. “Investors were largely happy,” says Andrey Polischuk, an oil-and-gas analyst at Raiffeisen Bank.Investors in Russia will watch the suit closely. It underlines the frailty of property rights, says Oleg Kouzmin, an economist at Renaissance Capital, an investment bank in Moscow. Sistema’s shares lost more than one-third of their value the day after the suit was filed in early May. Late last month a court seized as collateral Sistema’s shares in MTS, Russia’s largest mobile operator; in Medsi, a private medical clinic; and in an electrical company in Bashkiria.The conflict also hints at rising tensions inside Russia’s elite as the economy continues to sputter. The chieftains are fighting each other, observes Mikhail Krutikhin of RusEnergy, a consultancy. Russia’s formal institutions have long had a tendency to falter, but a system of unwritten rules, known as ponyatiya , understood both by local players and foreigners, has helped govern business dealings. Thus Mr Yevtushenkov, who is loyal to the Kremlin and stays out of politics, was widely considered to be in favour before his initial arrest. His reconciliation with Mr Putin was expected to put him back on firmer ground. As Sistema’s CEO, Mikhail Shamolin, said recently, “In terms of ponyatiya , there are no claims to be made against us.”“It is unclear what the rules are now,” laments Konstantin Simonov, head of the National Energy Security Fund, a consultancy. Independent members of Sistema’s board have asked the Kremlin to act as an arbiter, but Mr Putin has largely remained silent on the matter. Some people say the conflict is a new version of the corporate-raiding culture of the 1990s, but carried out with lawyers and court briefs instead of the earlier period’s methods, including henchmen toting Kalashnikovs.This article appeared in the Business section of the print edition under the headline "Russian brawl"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21724865-case-rosneft-against-his-conglomerate-worries-investors-russian-oligarch-vladimir?fsrc=rss'|'2017-07-06T22:49:00.000+03:00'
'2b6357a2213ad9b6aeb0223e75905c30e54e423e'|'Markets worry about central banks'|'IN JANE AUSTEN’S novel, “Sense and Sensibility”, Henry Dashwood’s death plunges his wife and two daughters, Elinor and Marianne, into financial distress, because his heir grants them only a meagre allowance. Bond-market investors have started to worry that something similar is about to happen to them.Since 2009 central banks have been incredibly supportive of the financial markets—keeping short-term interest rates at historic lows and buying trillions of dollars worth of bonds. But in recent weeks, several of them have been hinting at reducing their largesse.  15 hours ago How   The Federal Reserve has been slowly pushing up interest rates and has talked about reducing the size of its balance-sheet, by not reinvesting the proceeds of bonds when they mature. There have been suggestions that the Bank of Canada might push up rates when it meets on July 12th. Both Mark Carney, the governor of the Bank of England and Andrew Haldane, its chief economist, have hinted that a rate rise may be on their agenda.But the biggest shock to markets came on June 27th, when Mario Draghi, the head of the European Central Bank, remarked that “deflationary forces have been replaced by reflationary ones.” The result was a sudden rise in bond yields (see chart). “Super Mario” carries great weight with investors; he was widely credited with halting the euro crisis back in 2012 with his vow to do whatever it took to save the single currency.The ECB tried to calm investor nerves in the aftermath of the statement. Mansoor Mohi-uddin, a strategist at Royal Bank of Scotland, thinks the markets overreacted to Mr Draghi’s words. The ECB is not about to stop its stimulus. He thinks that, in September, the bank will merely indicate that it will be reducing its monthly rate of purchases from €60bn ($68bn) to €40bn at the start of 2018. Mr Draghi is just preparing the ground.There was some speculation that central banks had deliberately co-ordinated their comments. But the simpler explanation is that they were reacting to similar factors. First, global growth seems have picked up in the second half of 2016, allowing banks to withdraw some stimulus. Second, Fed tightening gives other central banks cover; any bank tightening on its own would probably see its currency strengthen strongly, risking overkill.Caution is essential in calling the turn in the bond market, an event that has been predicted many times before. Bond yields have merely reversed some of the declines seen earlier in the year. Inflation in most economies remains subdued; Britain is an exception because of the decline in the pound following the Brexit referendum. British bonds may also be less attractive to international investors because of signs that the budget deficit will widen under the current Conservative government, and even more so if the Labour opposition takes power.There are also signs that the global recovery may not be that robust. Commodity prices, an indicator of global demand, have fallen since the start of the year. China’s economy is showing signs of a loss of momentum, according to Capital Economics, a consultancy. David Owen of Jefferies, an investment bank, says that global trade and industrial production are both growing at an annualised rate of less than 2%, based on the past three months. “This is not consistent with a strong recovery in investment,” he adds.Central banks will have to tread very carefully. Global debt is higher as a proportion of GDP than it was before the financial crisis started in 2007. Ultra-low interest rates have made borrowing sustainable but have also encouraged companies and consumers to take on more debt. The annual report of the Bank for International Settlements, released on June 25th, warned of elevated credit risks in a number of emerging economies and smaller developed economies. “Financial-cycle downturns could weaken demand and growth, not least by dampening consumption and investment,” the report said. The BIS also worries that a return of trade protectionism could sap the global economy’s strength.It is a lot easier to begin monetary stimulus than to end it. More than a quarter of a century has passed since the Japanese bubble burst in 1990, and the Bank of Japan is still pumping money into the economy and trying to keep ten-year bond yields close to zero. By the end of the novel, Elinor (sense) and Marianne (sensibility) find contentment with a vicar and a retired colonel respectively. Unlike Austen, central banks cannot always arrange a happy ending.Economist.com/blogs/buttonwood This article appeared in the Finance and economics section of the print edition under the headline "Cutting off their allowance"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21724812-will-there-be-sudden-tightening-policy-markets-worry-about-central-banks?fsrc=rss'|'2017-07-08T08:00:00.000+03:00'
'cd557b4546ab01bed74eb140f3258fd4b6fb599c'|'Shire gets injunction against Roche over haemophilia drug'|'Health News - Sun Jul 9, 2017 - 4:34pm BST Shire gets injunction against Roche over hemophilia drug CEO of Shire, Dr Flemming Ornskov, poses for a photograph in London, Britain, July 3, 2017. REUTERS/Peter Nicholls - RTS19MDH ZURICH Pharmaceutical group Shire ( SHP.L ) said on Sunday it had obtained a preliminary injunction in a Hamburg court against rival Roche ( ROG.S ) over its hemophilia drug emicizumab, alleging incomplete and misleading statements surrounding the treatment. Swiss drugmaker Roche is hoping to win a slice of the $11 billion-a-year hemophilia drug market with emicizumab, also known as ACE910 and designed to compete with more traditional treatments from Novo Nordisk ( NOVOb.CO ) and Shire. "Shire''s goal with this action is to ensure the hemophilia community receives sufficient, accurate information from Roche about the reported serious adverse events (SAEs) in the Phase 3 emicizumab trial, enabling physicians and their patients to make properly informed decisions about patient care." Roche said in an emailed statement it would not comment on Shire''s statement but said it stood behind emicizumab data and its clinical trial protocol. "Our decisions and actions are always based on doing what is right for patients," Roche said. Last month, Roche said emicizumab cut the bleed rate by 87 percent in patients with resistance to standard therapy compared with those who received another treatment. At the time, analysts cited adverse events in Roche''s studies including thrombotic microangiopathy -- damage to blood vessels in vital organs -- that accompanied repeated high doses of bypassing agents given to counter bleeds that occurred despite emicizumab treatment. Shire said in a statement the injunction sought to "prevent further dissemination of the inaccurate and misleading characterization of the serious adverse events that occurred in the HAVEN 1 Phase 3 trial of emicizumab." "The injunction also seeks to correct promotion of the primary data results relative to ''treated bleeds'' (a secondary endpoint) as compared to the primary endpoint of ''number of bleeds over time'' established at the outset of the trial," Shire said. The preliminary injunction is an interim measure and Roche can appeal it, Shire also said. (Reporting by Joshua Franklin. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-roche-emicizumab-shire-idUKKBN19U0QW'|'2017-07-09T18:33:00.000+03:00'
'5ecb0834b580d418f70544413e344a8f5826b56e'|'Oil could hit $60 before year-end - Barron''s, citing Citi analyst'|'Business News - Sun Jul 9, 2017 - 7:21pm BST Oil could hit $60 before year-end: Barron''s, citing Citi analyst A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo Accelerating world oil demand and reduced supply from the Organization of the Petroleum Exporting Countries (OPEC) could push crude prices up to $60 a barrel before the end of the year, according to a report from Barron''s. The report cites research from Citigroup senior energy analyst Eric Lee, who previously called for a bear market in oil when the price was above $100. The decline in recent weeks to a low of just over $44 for Brent crude LCOc1, the international benchmark, has made Lee a short-term bull, Barron''s notes. Lee projects demand of 97.3 million barrels a day in 2017, a record high, up from 96 million in 2016, driven largely by emerging market countries such as China and India. Simultaneously, reduction in supply from OPEC of about 0.7 million barrels a day versus the 2016 average should drive the price up before the end of the fourth quarter. A decline in global oil inventories began after the first quarter, and Lee projects that it will continue at an accelerated rate through the end of this year. Oil prices settled nearly 3 percent lower on Friday as rising U.S. production and an increase in OPEC exports to a 2017 high cast doubt on efforts by producers to curb a persistent glut. [O/R] On Friday Reuters data showed that OPEC production is now at the highest level of the year. Matt Smith, director of commodity research at Clipperdata, said OPEC exports were 2 million barrels per day (bpd) higher last month than in June 2016, despite the extension of OPEC''s 1.8 million bpd production cut. Lee notes that oil speculators ignored details of OPEC''s agreement, which ordered cuts to begin at the end of 2016 rather than when the accord was announced. That allowed participants to ramp up production during negotiations, which meant the cuts were struck from a higher base. As for supply from the United States, Lee says continued pumping by producers will keep prices from skyrocketing back towards $100 a barrel, but their presence is unlikely to prevent an upward move in oil for the remainder of the year. Following the jump to $60 Lee expects prices to remain flat heading into 2018, as the supply side catches up with demand. Barring major political disruptions from petroleum-producing nations, he expects the price of crude probably will not rise much above $60. (Reporting by Dion Rabouin; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-oil-prices-idUKKBN19U0UR'|'2017-07-09T20:45:00.000+03:00'
'4d46516561dd063388550e1a1713b756d54692c4'|'G20 leaders to address taxation of digital economy - Schaeuble on ZDF'|'Business News -  03pm BST G20 leaders to address taxation of digital economy - Schaeuble on ZDF German Finance Minister Wolfgang Schaeuble attends a news conference in Berlin, Germany June 28, 2017. REUTERS/Hannibal Hanschke BERLIN Leaders from the 20 leading global economies will discuss taxation of the digital economy at their meetings in Hamburg on Friday and Saturday, German Finance Minister Wolfgang Schaeuble told German broadcaster ZDF on Thursday. He said the issue was unlikely to be resolved at the Hamburg summit but officials would review an interim report at the fall meetings of the International Monetary Fund and discussions would continue in 2018. Schaeuble said G20 countries had made progress on the issue of money laundering and tax evasion, with new regulations sharply reducing the number of countries still on a black list of non-cooperative tax oases. (Reporting by Gernot Heller; Writing by Andrea Shalal; Editing by Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g20-germany-finance-idUKKBN19R34C'|'2017-07-07T01:03:00.000+03:00'
'4ac4ae09542a18c548c4d3258c98340501bcb7a9'|'Injured drivers get official role in Takata''s U.S. bankruptcy'|' 34pm BST Injured drivers get official role in Takata''s U.S. bankruptcy FILE PHOTO: Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. REUTERS/Toru Hanai/File Photo By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. People injured by Takata Corp''s defective air bags were given an official role in the bankruptcy of its U.S. unit on Thursday, allowing them to challenge restructuring plans that plaintiffs'' lawyers have criticised as protective of automakers. A seven-member official committee will represent economic loss and personal injury or tort claimants, David Buchbinder, a lawyer with the U.S. Department of Justice''s bankruptcy watchdog, told a meeting of creditors of Takata''s U.S. business. Official committees receive funds from a debtor to hire professionals who can carry out investigations and test financial assumptions. William Weintraub, a lawyer with Goodwin Procter who is not involved in the Takata case, said he expected the committee "to be active and to make sure that the claims of the car manufacturers are not treated preferentially and that tort victims are fairly compensated." A second five-member committee of suppliers and vendors was also appointed, according to Buchbinder. Takata filed for bankruptcy in Japan and the United States last month, facing billions of dollars in liabilities from recalls and lawsuits stemming from its air bags. The inflator compound used in the bags becomes volatile with age, causing the devices to inflate with too much force. The air bags have been linked to 16 deaths, mostly in the United States, and hundreds of injuries. One person appointed to the personal injury committee, Adrian Antonio Pielago, allegedly suffered a major neck laceration and nerve damage last year in an accident involving a Takata air bag, according to court records. Takata is finalising a $1.6 billion sale of most of its business to Michigan-based Key Safety Systems, owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ). The deal is meant to save 14,000 jobs, provide a stable supply of replacement air bags and finance a $1 billion settlement with the U.S. government. Personal injury lawyers said at a bankruptcy hearing last month that Takata was deferring too much to automakers, which claim they are owed billions of dollars in recall costs. Lawyers for Takata''s U.S. business said the automakers provided financing to Takata and received protections in return. The company has set aside $125 million for injury claims, but lawyers for injured drivers said it may not be enough because millions of air bags have yet to be recalled. The lawyers say more money could come from Takata''s insurance, as well as from its sale to Key Safety. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-takata-bankruptcy-usa-idUKKBN19R31X'|'2017-07-07T00:34:00.000+03:00'
'5398a230d1ace0e358522f87238ab8f220fe0be5'|'Sweden considers joining EU''s banking union - TT news agency'|'Business  11pm BST Sweden considers joining EU''s banking union - TT news agency Per Bolund speaks during the Asian Financial Forum in Hong Kong, China January 18, 2016. REUTERS/Bobby Yip STOCKHOLM Sweden is looking at whether to join the European Union''s banking union, local news agency TT reported on Monday, days after neighbouring Denmark said it would decide in 2019 whether would join. Financial Markets Minister Per Bolund told TT the reasons to analyse whether joining the union would be a benefit were Britain''s decision to quit EU and top Nordic bank Nordea''s ( NDA.ST ) transformation into a branch rather than a subsidiary structure. The central bank has said that change increases the scope of Sweden''s undertakings and Bolund said the merging of subsidiaries in Denmark, Finland and Norway into a branch structure increases the size of Sweden''s banking sector in relation to the economy. "That means there may be reason to consider sharing the risk with other countries," Bolund told TT. He said the government would undertake a thorough analysis of what it would mean for Sweden to become a member. "If the inquiry would clearly show that there are big advantages for a country like Sweden to join, then it is not ruled out," Bolund said. Denmark said last week it would decide on its participation in the banking union after lawmakers concluded in 2015 that it would be in the country''s interests to participate but postponed making a decision. The banking union covers all countries in the euro zone, but European Union countries outside the currency area such as Sweden and Denmark can also join. (Reporting by Daniel Dickson; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sweden-eu-banking-union-idUKKBN19V2H5'|'2017-07-10T22:11:00.000+03:00'
'60980c5194b7f682d56d323161cbb28673151202'|'U.S households see spending up, job prospects improving: New York Fed survey'|'WASHINGTON Consumers expect to boost spending in the months ahead and voiced confidence they are more likely to find a job and less likely to lose one in a strong labor market, the New York Federal Reserve reported Monday in its latest monthly survey of consumer expectations.Nearly 35 percent of the 1,300 heads of household included in the June poll said they were better off economically than a year go, a record in the four years the survey has been conducted.The results bolster the current Fed outlook of an economy that continues to generate jobs despite tepid overall growth and some concern about a recent dip in inflation, improving chances the central bank can follow through with plans for a further interest rate increase later this year.Though household expectations of inflation for the year ahead did dip slightly from the May survey, to 2.5 percent from 2.6 percent, respondents expect strong price increases of 2.8 percent over the coming three years. That''s consistent with the Fed''s current outlook that the recent weakness in inflation will prove temporary.The survey also bolstered the view of continued strong consumption growth. Half of those polled said they expected to spend at least 3.3 percent more in the coming year, compared to median expected spending growth of 2.6 percent in the May survey. One-year-ahead expected earnings growth increased to 2.5 percent in the June survey from 2.2 percent in May.Respondents also showed broad faith in the strength of the labor market, with a slight dip to 13.5 percent from 13.6 percent in the perceived probability of losing a job in the next year, and a jump to 59.2 percent from 56.7 percent in the probability of finding employment.More than a fifth of respondents said they might leave a job voluntarily in the next year, up from 19.4 percent in May. Voluntarily job exits are considered a sign of a strong labor market that offers employees choices.The online poll is designed to be a representative sample of the U.S. population. The New York Fed did not provide the margin of error for the poll. (Reporting by Howard Schneider; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-consumers-idUSKBN19V1W9'|'2017-07-10T18:07:00.000+03:00'
'fc8bd242c0e845d52e19442ab1c86e1efbad21af'|'UK''s BMW workers accept new pensions deal, ending dispute'|'Autos   2:59pm BST UK''s BMW workers accept new pensions deal, ending dispute Signage at a BMW Mini dealership is seen in London, Britain, March 30, 2016. REUTERS/Toby Melville LONDON British workers at BMW''s Mini and Rolls-Royce operations have overwhelmingly accepted a new offer from the German carmaker on Monday over the closure of its final salary pension scheme, ending a disagreement which had led to strikes. Over 80 percent of members at four sites, including BMW''s Mini plant and Rolls-Royce facility in southern England and engine production site, accepted the new deal which will close the final salary scheme, Britain''s biggest union Unite said. Members were offered greater flexibility regarding the timing of transitional payments worth 22,000 pounds over three years or 25,000 pounds paid into the new pension programme, the union said. Last month, Unite threatened more strikes at the firm''s British plants if BMW failed to agree a deal after a previous offer was rejected in a ballot by members. Many British companies have closed their final salary schemes in recent years, arguing that they have become too expensive and unsustainable as people claim more from funds as life expectancy grows. BMW said its employees would join a defined contribution scheme from October 2017 which has a company contribution of up to 16 percent. "We believe that our pension proposals are fair and will help to ensure our competitiveness as a business, which is ultimately in the long-term interest of all our employees," the firm said in a statement. (Reporting by Costas Pitas; editing by Michael Holden)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-bmw-idUKKBN19V1MW'|'2017-07-10T16:32:00.000+03:00'
'd8913e036f7dd47b230a4b3289a14636912dabd8'|'Global Economy: Inflation elusive, but central bankers getting twitchy'|'July 7, 2017 / 11:01 AM / in 6 hours Inflation elusive, but central bankers getting twitchy Ross Finley 5 Min Read FILE PHOTO: Bank of Canada Governor Stephen Poloz (L) speaks with Bank of England governor Mark Carney as they gather for a family photo after a meeting of G-20 finance ministers and central bank governors during the IMF-World Bank annual meetings in Washington October 10, 2014. Jonathan Ernst/File Photo LONDON (Reuters) - A significant pickup in inflation still remains tantalizingly out of reach in most developed economies -- aside from asset prices -- yet several central banks are leaning toward launching or stepping up efforts that could slow it down. What has shifted in recent months is an acceptance that fiscal policy, touted around the turn of the year as the essential comeback kid after the shock election of Donald Trump as U.S. president, has not yet come back. Much of this is because of a lack of progress on Trump''s tax cut agenda, dimming down what was called the "Trumpflation" trade in financial markets and now even calling into question a multi-year rally in the U.S. dollar. But what this does is thrust central bankers -- who only six months ago were said to be waning in influence -- back into the spotlight. Many seasoned central bank watchers say past experience shows that until inflation really accelerates convincingly, and for a sustained period for reasons other than a rise in the price of oil, the best monetary policy is to be doing nothing. The latest minutes from the Federal Open Market Committee''s policy discussions show a split over inflation, which is sure to cast unusually sharp focus on Fed Chair Janet Yellen''s testimony to both houses of Congress in the coming week. Indeed, with the exception of persistent four-decade-low first-time claims for jobless benefits, U.S. economic data has been undercutting relatively modest expectations for the past several months, particularly on measures of inflation. Wage inflation across most of the developed world, widely viewed by economists as the most compelling and potent driver of sustained overall price inflation, hasn''t picked up the way central bankers have predicted it would either. The Fed, however, remains set on further interest rate rises, and is now contemplating how and when to start reducing its $4.5 trillion balance sheet, bloated by years of mass asset purchases as stimulus once it had no interest rate left to cut. "Of course the evolution of the economic data over the next few months remains of critical importance," notes Investec''s chief economist Philip Shaw. "In particular, will the momentum of the economy be maintained and is the recent run of soft inflation idiosyncratic, as most senior Fed officials seem to believe?" FILE PHOTO: U.S. Federal Reserve Chair Janet Yellen (R) speaks with European Central Bank President Mario Draghi at the Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 22, 2014. David Stubbs/File Photo Worthwhile Canadian Initiative? It''s not only Yellen who might set the mood in the coming week. The Bank of Canada meets to set policy on July 12 following a run-up in the Canadian dollar, with markets leaning toward expecting the first rate rise in nearly seven years. The domestic debate is partly over whether a rate rise is now warranted in part to tamp down rampant urban housing markets -- particularly in Vancouver and Toronto -- as soaring real estate prices have pushed Canada''s household debt to income ratio to near the highest in the world. Like in other similar economies, Canada''s consumer price inflation on its own does not point convincingly to a need for the Bank of Canada to deliver higher interest rates. People walk past a retail store in downtown Sao Paulo, Brazil, June 21, 2017. Paulo Whitaker "Its decision one way or the other could have an effect on markets beyond its shores as it will be seen as a proxy for policy normalization over a wider jurisdiction," notes Shaw. For some, discussion of "normalization" appears eerily similar to 2011, when the European Central Bank, faced with a similarly shaky-looking inflation outlook, raised interest rates in what is now regarded as a mistake, arguing higher rates would be supportive of business confidence. A punishing sovereign debt crisis followed and a period of eye-wateringly high unemployment, ushering in an expansion of the central bank''s balance sheet by well over a trillion euros and counting, along with negative interest rate policy. For now, the ECB appears to be moving very gingerly toward unveiling how and when it will trim back its tens of billions worth of monthly bond purchases, but that date is approaching. Some of the Bank of England''s Monetary Policy Committee also now think that now is the time to raise rates -- despite the uncertainty of Britain starting to negotiate its way out of the European Union. They are prompted by a surge in inflation caused in large part from a plunge in sterling after the Brexit vote. For now, they remain in a minority, but the possibility has supported the pound and markets have been put on notice. But a change of mood appears to have taken place at the Bank of Japan, however, which is backing off initial attempts to signal an imminent shift away from its ultra-easy monetary policy. On Friday it launched a bond-buying bonanza, offering to snap up unlimited quantities in order to calm markets. Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-economy-outlook-idINKBN19S1HV'|'2017-07-07T13:46:00.000+03:00'
'2fbf0d4475e8a65ff11d2bc22f7797778f3bd702'|'Motor insurer St Julians plans to move to Gibraltar from Malta'|'  9:59am BST Motor insurer St Julians plans to move to Gibraltar from Malta LONDON UK-focused motor insurer St Julians, owned by Markerstudy, is considering moving to Gibraltar from Malta as a result of Britain''s vote to leave the European Union, Markerstudy said on Friday. "An application to re-domicile St Julians has been submitted to the Malta Financial Services Authority in order to protect the business and enable the insurer to continue trading with the UK," Markerstudy said in a statement. "The favoured proposal is to move the operation to Gibraltar." Markerstudy already has two insurance firms in Gibraltar focusing on UK business, Markerstudy Insurance and Zenith Insurance. (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-st-julians-idUKKBN19S157'|'2017-07-07T11:59:00.000+03:00'
'6ae774aaba85ddf603c23a3e1da68d68c94177b7'|'China''s COSCO Shipping offers $6.3 billion for Orient Overseas Ltd'|'Business News - Sun Jul 9, 2017 - 12:18pm BST China''s COSCO Shipping offers $6.3 billion for Orient Overseas Ltd A COSCO container is seen at the Noatum container terminal near Bilboa, in Santurtzi, Spain June 14, 2017. REUTERS/Vincent West BEIJING China''s COSCO Shipping Holdings Co Ltd ( 601919.SS ) said on Sunday it offered to buy smaller competitor Orient Overseas International Ltd (OOIL) ( 0316.HK ) for HK$49.23 billion (4.89 billion pounds). COSCO Shipping is acting in coordination with Shanghai Port Group, operator of the Port of Shanghai, which has agreed to buy 9.9 percent of the company, according to filings with the Hong Kong and Shanghai stock exchanges. The buyers are offering HK$78.67 for each OOIL share. (Reporting By Matthew Miller; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-cosco-oil-idUKKBN19U0F0'|'2017-07-09T14:18:00.000+03:00'
'a467ac7ce07e415c158b54354fec2aaf9152df4f'|'Tax and spending cuts possible at the same time, French finance minister says'|'Business News - Sun Jul 9, 2017 - 11:43am BST Tax and spending cuts possible at the same time, French finance minister says French Finance Minister Bruno le Maire attends a national tribute ceremony for late French politician Simone Veil, Holocaust survivor and pro-abortion campaigner, at the Hotel des Invalides in Paris, France, July 5, 2017. REUTERS/Michel Euler/Pool AIX-EN-PROVENCE, France French Finance Minister Bruno Le Maire said on Sunday it was possible to cut taxes and public spending at the same time, as France struggles to bring its budget deficit below the EU limit of 3 percent of economic output. Le Maire also said no final decision on the timeframe for the tax cuts promised by President Emmanuel Macron during the campaign had been taken, suggesting the one-year delay announced by the French prime minister this week could still budge. "No definitive decision has been taken on the timeframe for now," Le Maire told reporters on the sidelines of a conference in the southern French city of Aix-en-Provence. "I think we can perfectly reduce public spending very significantly to meet our European commitments and at the same time cut taxes for French households and French companies," he added. Premier Edouard Philippe had said earlier this week costly fiscal measures promised by Macron, such as wealth tax exemptions and a flat tax on capital income, would take effect in 2019 and not in 2018 as previously planned. (Reporting by Michel Rose, Leigh Thomas and Gwenaelle Barzic)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-economy-idUKKBN19U0DV'|'2017-07-09T13:43:00.000+03:00'
'793710880c98d96ecc79637d3b89a9c70ee3f6db'|'Oil pact monitors won''t discuss further cuts at July meet - report'|'  Oil pact monitors won''t discuss further cuts at July meet - report MOSCOW A ministerial committee monitoring an OPEC-led pact on cutting oil production will not discuss the possibility of further cuts at its regular meeting on July 24, OPEC''s secretary-general said in comments carried by Russia''s Interfax news agency on Sunday. Mohammad Barkindo, who was speaking to journalists in Istanbul before the World Petroleum Congress, said such discussions would be premature, Interfax reported. The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), set up to monitor the global deal on oil output curbs, meets on July 24 in the Russian city of St Petersburg. The Organisation of the Petroleum Exporting Countries and its allies, such as Russia, agreed to cut output by about 1.8 million barrels per day (bpd) from January 2017 until the end of March 2018 to reduce bloated inventories and prop up prices. But oil prices LCOc1 have fallen since May, as oil production from the United States and other producers not bound by the pact has risen. Oil output from two OPEC members, Nigeria and Libya, both exempt from the limits, has also climbed. Energy ministers from Saudi Arabia, Russia and several other key producers have previously said there was no need for immediate extra measures to support oil prices. But Russia''s Energy Ministry said on Friday that Moscow was ready to consider proposals, including revising the deal, if needed. [nR4N1JQ02G] Russian Energy Minister Alexander Novak told Reuters last week that the monitoring committee, which will discuss the deal implementation and market situation, had the authority to recommend "any decisions" to participants. [nL8N1JT0D5] (Reporting by Maria Kiselyova; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-oil-opec-barkindo-idUKKBN19U0XU'|'2017-07-09T22:53:00.000+03:00'
'39878117a0eee71671c8445f031e22f097dde5c9'|'Air India break-up an option as Modi pushes for quick sale'|'Deals - Sat Jul 8, 2017 - 11:12pm EDT Air India break-up an option as Modi pushes for quick sale left right The Air India logo is seen on the facade of its office building in Mumbai, India, July 7, 2017. Picture taken July 7, 2017. REUTERS/Danish Siddiqui 1/4 left right An Air India aircraft takes off from the Sardar Vallabhbhai Patel International Airport in Ahmedabad, India, July 7, 2017. REUTERS/Amit Dave 2/4 left right The Air India logo is seen on top of its office building in Mumbai, India, July 7, 2017. Picture taken July 7, 2017. REUTERS/Danish Siddiqui 3/4 left right An Air India aircraft takes off as an IndiGo Airlines aircraft waits for clearance at the Sardar Vallabhbhai Patel International Airport in Ahmedabad, India, July 7, 2017. REUTERS/Amit Dave 4/4 By Rupam Jain and Tommy Wilkes - NEW DELHI NEW DELHI India is considering selling state-owned Air India in parts to make it attractive to potential buyers, as it reviews options to divest the loss-making flagship carrier, several government officials familiar with the situation said. Prime Minister Narendra Modi''s cabinet gave the go-ahead last month for the government to try to sell the airline, after successive governments spent billions of dollars in recent years to keep the airline going. Air India - founded in the 1930s and known to generations of Indians for its Maharajah mascot - is saddled with a debt burden of $8.5 billion and a bloated cost structure. The government has injected $3.6 billion since 2012 to bail out the airline. Once the nation''s largest carrier, its market share in the booming domestic market has slumped to 13 percent as private carriers such as InterGlobe Aviation''s ( INGL.NS ) IndiGo and Jet Airways ( JET.NS ) have grown. Previous attempts to offload the airline have been unsuccessful. If Modi can pull this off, it will buttress his credentials as a reformer brave enough to wade into some of the country''s most intractable problems. His office has set a deadline of early next year to get the sale process underway, the officials said, declining to be named as they were not authorized to speak publicly about the plans. The timeline is ambitious and the process fraught, with opinion divided on the best way forward: should the government retain a stake or exit completely, and should it risk being left with the unprofitable pieces while buyers pick off the better businesses, officials said. Already, a labour union that represents 2,500 of the airline''s 40,000 employees has opposed the idea of a sale even though it is ideologically aligned to Modi''s Bharatiya Janata Party. Officials who have to make it happen are grappling with the sheer scale of the exercise. Air India has six subsidiaries – three of which are loss-making – with assets worth about $4.6 billion. It has an estimated $1.24 billion worth of real estate, including two hotels, where ownership is split among various government entities. No one has properly valued the company''s various businesses and assets before, two officials with direct knowledge of the process said. Earlier this month, about $30 million worth of art, including paintings by artist M. F. Husain, went missing from its Mumbai offices, chairman Ashwani Lohani said. "The exercise is complex and there is no easy way out," said Jitendra Bhargava, operational head of Air India in 1997-2010. "At this juncture, selling even part of Air India is far from certain." Lohani declined to comment on the sale process. The prime minister''s office and the civil aviation ministry also declined to comment. BACK TO TATA? A committee of five senior federal ministers, led by Finance Minister Arun Jaitley, is expected to meet this month and begin ironing out the finer details of the plan. Besides deciding about the size of the stake sale, the panel will set the bidding norms. It will also take a call on the carrier''s debt, demerger and divestment of its three profit-making subsidiaries. Modi''s office has said the government has no business being in hospitality and travel, suggesting the prime minister wants to sell as much of Air India as possible, the officials said. Analysts say the government may prefer to keep the airline in Indian hands. At least two potential Indian suitors – the Tata Sons conglomerate and IndiGo - have shown early interest. In recent weeks, officials in Modi''s office and from the civil aviation ministry met Ratan Tata, the patriarch of the $100 billion-a-year Tata Sons, to gauge the company’s interest in a deal, a close aide to Modi said. Tata would be an attractive buyer for the government. The company founded and operated Air India before it was nationalised in 1953. "Seems like Tata will come forward and make the best offer," the aide said, adding the government would be keen to see that jobs are not lost. Tata, however, already has two other airline joint ventures in India, and it''s not clear what parts of Air India it would be interested in. A Tata spokeswoman declined to comment. IndiGo said on Thursday it was interested in the international operations and in Air India Express, a low-cost carrier. Modi''s office has told officials to work out exactly how much each of Air India''s subsidiaries are worth to make it easier to break up the carrier if needed, two of the officials said. The government is expected to appoint outside consultants to help with the exercise. Anshuman Deb, aviation analyst at ICICI Securities, said splitting the airline will maximize value for the government. "Let us be realistic. It''s very clear that a single buyer cannot buy an entire state-owned company," said a senior aviation ministry official involved in the process. (Reporting by Rupam Jain and Tommy Wilkes, with additional reporting by Manoj Kumar, Aditi Shah and Nidhi Verma; Editing by Paritosh Bansal and Ian Geoghegan) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-air-india-privatisation-analysis-idUSKBN19U02T'|'2017-07-09T07:12:00.000+03:00'
'318556e3e6c8a46c3f0c41521247a889a06f2012'|'Middle East carrier Royal Jordanian says U.S. laptop ban lifted'|'Business News - Sun Jul 9, 2017 - 3:56pm BST Middle East carrier Royal Jordanian says U.S. laptop ban lifted A traveler walks past a sign for Royal Jordanian airline at JFK International Airport in New York, U.S., March 21, 2017. REUTERS/Lucas Jackson DUBAI Royal Jordanian ( RJAL.AM ) said on Sunday passengers could now take laptops and other large electronic devices onboard direct flights to the United States, making it the latest Middle East airline to be exempted from the U.S. electronics ban. Jordan''s flag carrier joins Emirates [EMIRA.UL], Etihad Airways, Qatar Airways and Turkish Airline ( THYAO.IS ) who each announced last week a lifting of the ban. In March, the United States banned laptops and other large electronic devices on direct flights originating at 10 airports in eight countries -- Egypt, Morocco, Jordan, the United Arab Emirates, Saudi Arabia, Kuwait, Qatar and Turkey -- to address fears that bombs could be concealed in electronic devices taken aboard aircraft. Royal Jordanian, which flies to New York, Chicago and Detroit from Amman, Jordan, lifted the ban after new security measures were implemented for U.S.-bound flights, airline President Stefan Pichler said in a statement. U.S. officials did not immediately respond to a request for comment on the lifting of the ban affecting Royal Jordanian. The airline is the only carrier to fly direct to the United States from Amman. The United States announced on June 29 enhanced security measures for flights to the country which require additional time to screen passengers and personal electronic devices for possible explosives. The new U.S. security measures, which take effect within three weeks of the announcement, will affect around 325,000 passengers a day travelling on 180 airlines from 280 airports around the world, according to the U.S. Department of Homeland Security. Airlines that fail to meet the new security requirements could still face in-cabin restrictions on electronic devices. Saudi Arabian Airlines (Saudia) has said it expects the ban to be lifted on flights from Jeddah and Riyadh by July 19. Royal Air Maroc [RAM.UL] also believes it can have the ban lifted for flights out of Casablanca''s Mohammed V International Airport by July 19, a senior official from the state-owned airline told Reuters on July 6. Other airlines affected by the ban include Kuwait Airways [KA.UL] and EgyptAir [EGY.UL]. (Reporting by Alexander Cornwell; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-airlines-electronics-jordan-idUKKBN19U0OO'|'2017-07-09T17:56:00.000+03:00'
'22fb86990c6cf83c0334392fcf8bd15f4959d2a0'|'Buffett''s Berkshire Hathaway nears deal for bankrupt Oncor - sources'|'Business News - Fri Jul 7, 2017 - 5:25am BST Buffett''s Berkshire Hathaway Energy to buy Oncor Berkshire Hathaway CEO Warren Buffett waits to play table tennis during the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, U.S. May 7, 2017. REUTERS/Rick Wilking Berkshire Hathaway Energy, a unit of Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ), agreed to acquire Oncor Electric Delivery Company LLC for an equity value of about $11.25 billion (8.67 billion pounds), the company said in a statement on Friday. Reuters reported on Thursday Berkshire Hathaway Energy was nearing a deal to acquire Oncor. (Reporting by Kanishka Singh in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-oncor-m-a-berkshire-hatha-idUKKBN19R32R'|'2017-07-07T00:40:00.000+03:00'
'fbcffc9f292ce0acfa0a07d7919b0d0f706d9011'|'RPT-COLUMN-Renewed slide in oil price will test U.S. shale profits: Kemp'|'Market News  23am EDT RPT-COLUMN-Renewed slide in oil price will test U.S. shale profits: Kemp (Repeats with no changes to text. John Kemp is a Reuters market analyst. The views expressed are his own) * Chart: tmsnrt.rs/2uxKwbb By John Kemp LONDON, July 7 U.S. independent oil and gas producers came close to breaking even during the first quarter of 2017 thanks to aggressive cost cutting and improvements in well productivity. Some shale producers claim they can drill wells profitably at prices well below $50 per barrel and in some cases below $40. But Harold Hamm, chief executive of Continental Resources , a major producer in North Dakota and Oklahoma, has said oil prices need to be above $50 to be sustainable. Prices below $40 would force producers to idle rigs again, he said in a recent interview (“Harold Hamm warns oil prices below $40 will idle U.S. drilling”, CNBC, June 28). The renewed drop in oil prices, unless quickly reversed, looks set to put these conflicting claims to the test. Fifteen independent producers with operations focused on the United States reported a combined net loss of $3.7 billion in the first three months of 2017 ( tmsnrt.rs/2uxKwbb ). But most of the losses were attributable to Marathon Oil, which reported a net loss of $4.9 billion, mostly as a result of an impairment charge linked to its Canadian oil sands businesses. The other fourteen companies in the sample reported total net income of almost $1.3 billion, up from a loss of $9.9 billion in the first quarter of 2016. Ten companies in the sample reported positive net income during the first quarter, up from just two in the previous quarter and none in the first quarter of 2016. Financial performance for the companies in the sample has been steadily improving since losses peaked at $23 billion in the third quarter of 2015. Shale producers have benefited from a combination of cost reductions, improvements in drilling efficiency and well productivity, and a significant increase in oil and gas prices. The average price of WTI, the domestic benchmark, rose from $33 per barrel in the first quarter of 2016 to $52 in the first quarter of 2017. The average price of gas delivered to Henry Hub rose from just $2 per million British thermal units to $3.07 over the same period. But benchmark oil prices fell by 7 percent in the second quarter, though gas prices were up 2 percent. Both oil and gas prices have slid so far in the third quarter. Given the precarious profitability of oil producers in the first quarter when oil prices were above $50, the slide in WTI during the second and third quarters will renew the pressure on drilling firms. Unless there are further exceptional write-downs, the sample group may be able to increase their net income in the second quarter despite the fall in prices. Many, though not all, shale producers have hedged the price of their output for the remainder of 2017 which gives them some protection in the short-term against the downturn. But very little production has been hedged so far for 2018. The current calendar strip means hedging is only possible for 2018 at a WTI price of around $47 - and many shale producers will actually receive less. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-shale-kemp-idUSL8N1JY2YR'|'2017-07-07T15:23:00.000+03:00'
'86921fbac7b46f186c2216f3023da0ad03f7a3f1'|'Venezuela inflation so far this year at 176 percent - opposition'|'  3:01pm BST Venezuela inflation so far this year at 176 percent: opposition FILE PHOTO - A cashier counts bolivar notes at a butchery in a public market in Caracas, Venezuela January 22, 2016. REUTERS/Marco Bello CARACAS Inflation in Venezuela''s crisis-hit economy was 176 percent in the first half of 2017, the opposition-led congress said on Friday in the absence of official data. Economic hardship in Venezuela, where there are severe food shortages, is helping fuel opposition protests that have led to at least 90 deaths in the last three months. Various factors underlay the six-month price rise, including excess money-printing by the central bank to fund campaigns for Maduro''s controversial new congress as well as a recent devaluation of the bolivar, opposition lawmaker Angel Alvarado said. "These levels of inflation and the acceleration of price increases are not only impoverishing Venezuelans, they''re truly fueling hunger," said Alvarado, an economist. June''s inflation was 21.4 percent, he added, presenting the latest opposition-calculated index. President Nicolas Maduro''s government has not published official data for more than a year. Government opponents say Maduro and his predecessor, Hugo Chavez, have wrecked a once-prosperous economy with 18 years of state-led socialist policies ranging from nationalizations to currency controls. The government says it is victim of an "economic war" led by opposition-linked businessmen. (Writing by Alexandra Ulmer; Editing by Andrew Cawthorne; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-venezuela-economy-idUKKBN19S21C'|'2017-07-07T17:00:00.000+03:00'
'23ce12e53c191d6ff53adec2ff47909fa6709ddb'|'Economists argue about minimum wages'|'JUST what is the point of a minimum wage? It seems a straightforward enough question to answer. Minimum wages are designed to protect vulnerable workers who might otherwise lack the bargaining power to command a decent pay package. They are a means to limit severe poverty among those in work.Yet they also attract opposition from critics who see wage minimums as price controls that discourage firms from hiring as many workers as they otherwise might. For decades, feuding camps of dismal scientists have tussled over whether the good done by minimum wages outweighs the bad. A series of recent minimum-wage increases in America will shine a light on that question and others as well. Indeed, the time may have come for economists to broaden their view of just what a minimum wage is meant to accomplish.  15 hours ago How   As voter frustration at stagnant pay has grown, politicians on the American left have spotted an opportunity to court popularity by calling for higher minimum wages. Democrats are united behind a demand for a national minimum wage of $15 an hour, more than double the current $7.25 rate. State legislatures in California and New York have enacted laws that gradually raise their minimum wages to $15. Few governments, however, have moved as aggressively as the city of Seattle. In 2014 the council voted to raise the minimum wage, the hourly rate set by the state of Washington, then $9.32, to $11 an hour from April 2015, followed by further rises, to $13 in January 2016 and $15 in January this year. Smaller firms and those that provide benefits on top of pay were given longer to implement the changes.On the surface, Seattle’s economy seems to have weathered the increases well—indeed, to have benefited from them. Since the initial rise, in April 2015, the unemployment rate in the surrounding area has fallen from 4.3% to 3.3% and employment has grown strongly. An analysis published in June by the Centre on Wage and Employment Dynamics at the University of California, Berkeley, compared employment in the food-services industry in Seattle with that in the same industry in comparable areas elsewhere over the period of the first two increases (to $11 and then $13). It concluded that, despite increased wages in the industry in Seattle, there was no detectable effect on employment.Another recent analysis, however, by a team from the University of Washington, arrives at a very different conclusion. Its authors use data that are not publicly available, on wages earned and hours worked by individuals. They also find that the increase in the minimum wage to $11 seems not to have had much of an effect on employment. But the second rise, to $13, led to a sharp decline in both jobs and hours worked below $13 an hour (as the new rate was phased in), which was not fully matched by increases in jobs and hours worked at or above $13. The hours lost were large enough to result in a net reduction in pay to low-wage workers averaging $125 a month in 2016.The paper attracted withering criticism from some other economists. Some noted that its analysis left out workers who adjusted to the changes by becoming contractors rather than full employees or by moving away from Seattle, or who switched to jobs at large firms with multiple locations (which were not included in the data set used by the authors). Others pointed out that even though there was no offsetting rise in employment at wages between $13 an hour and $19 an hour, employment at wages above the $19 mark rose sharply. What is more, the fine-grained data used in the report covered only the state of Washington, whereas other parts of America might have provided a better control case. Some of these criticisms are stronger than others. There are limitations to the data, as the authors themselves admit, and this is hardly the last word on the subject.Elastic bandsBut these studies raise other pressing questions. Another way of looking at the effect of higher wages on employment is by calculating what economists call the “elasticity of employment” with respect to wages: that is, by how much employment changes for a given change in the wage. Most studies find an elasticity of around zero, meaning that whatever employment changes occur in response to a minimum-wage change, positive or negative, they are relatively small. The University of Washington team, in contrast, finds that in moving from $11 per hour to $13 the elasticity was close to -3: that is, small jumps in the wage led to freakishly large declines in employment. Subsequent studies should provide clues about how robust that finding is. If true, however, it suggests that firms can more easily adjust their business models to reduce the role of low-wage labour than was previously believed: by automating, perhaps, or by eliminating jobs that were not particularly necessary in the first place.For politicians looking to improve the fortunes of low-paid workers, signs that higher minimum wages lead to job losses will suggest that other tools, such as wage subsidies, must be relied on more heavily. But another question might also be asked. If workers can find employment only at a low wage, is society actually better for having those jobs? Tens of millions of workers fall into such categories. Nearly 13m American workers, for example, are employed in food preparation. The Bureau of Labour Statistics reports their median hourly wage is just $10 an hour.If, at higher minimum wages, some of these low-wage workers end up being unemployed, that is personally and socially destructive. But if research suggests that large numbers of workers can find jobs only if wages are low enough to discourage firms from automation, or to encourage them to create unnecessary jobs, then the right balance between a minimum wage and other income-boosting measures might not be the big concern. Instead, politicians need to think harder about how to prepare workers for higher-paid, higher-productivity jobs—or, failing that, how to help them contribute in roles outside paid private-sector work.Visit our Free exchange economics blog This article appeared in the Finance and economics section of the print edition under the headline "Wage against the machine"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21724802-two-studies-their-impact-seattle-reach-opposite-conclusions-economists-argue?fsrc=rss'|'2017-07-08T08:00:00.000+03:00'
'f8db080b1d66c657898f2f26fc127101ec85c724'|'China''s CGN - too early to say Hinkley Point faces cost overruns: China Daily'|'Business News - Fri Jul 7, 2017 - 1:25am BST China''s CGN - too early to say Hinkley Point faces cost overruns: China Daily FILE PHOTO: Hinkley Point C nuclear power station site near Bridgwater in Britain, September 14, 2016. REUTERS/Stefan Wermuth/File Photo China General Nuclear Power Corp (CGN) said it was too early to say if Britain''s Hinkley Point C nuclear power station project will face delays or cost overruns, state newspaper China Daily reported on Friday. CGN''s partner, French state-owned utility EDF, said this week the cost of completion had risen by 1.5 billion pounds to 19.6 billion pounds, which would reduce its predicted rate of return on investment. China''s largest nuclear operator said the project was in the early stages of construction and it was too early to say whether it would cost more money or take more time. It also said that reasonable returns from the project could still be expected despite the high costs. CGN has a 33.5 percent stake in the plant, Britain''s first new nuclear plant to be built in decades. The project has been plagued by delays and criticised for its guaranteed price for electricity, which is higher than current market prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-hinkley-idUKKBN19S01N'|'2017-07-07T03:25:00.000+03:00'
'46aa2fd6a11352fd6818b9e8ccd537914b7a9b21'|'Roche, Shire court fight underscores high stakes in haemophilia'|'Top News - Mon Jul 10, 2017 - 8:09am BST Roche, Shire court fight underscores high stakes in haemophilia left right Vitamins made by Shire are displayed at a chemist''s in northwest London, Britain July 11, 2014. REUTERS/Suzanne Plunkett/File Photo 1/2 left right The logo of Swiss pharmaceutical company Roche is seen outside their headquarters in Basel, January 30, 2014. REUTERS/Ruben Sprich/File Photo 2/2 By John Miller - ZURICH ZURICH Roche''s ( ROG.S ) bid to muscle in on Shire''s ( SHP.L ) share of the $11 billion haemophilia drug market took a new, contentious turn this weekend when the British drugmaker won a court injunction against how the Swiss drugmaker talks about its new medicine. Shire''s injunction on Sunday in a Hamburg, Germany, court alleges incomplete and misleading statements by Roche about its investigational emicizumab. The Swiss company is due to release its latest data on the medicine at a conference in Berlin on Monday at around 0930 GMT (10.30 a.m. BST). The court case underscores just how much is at stake with emicizumab''s impending arrival on the market, with Roche due to file for approval with regulators later this year. Some analysts estimate $5 billion (3.88 billion pounds) in peak annual sales from emicizumab, a development that would likely poach sales from older drugs made by companies such as Shire. Analysts at Bernstein say Shire''s share in haemophilia A is expected to decline to 29 percent from 49 percent by 2021 on the combined effect of Roche''s drug as well as new long-acting products from Novo Nordisk ( NOVOb.CO ) and Bayer ( BAYGn.DE ). Shire, which could not be reached for immediate comment, said in a statement the injunction "seeks to prevent further dissemination of the inaccurate and misleading characterisation of the serious adverse events" that occurred in a Roche trial of emicizumab, also known as ACE910. In Roche''s trial, patients who experienced bleeding despite getting emicizumab were treated with so-called bypassing agents. Roche has blamed several instances of thromboembolic events -- including damage to blood vessels in vital organs -- on the bypassing agents, and recommended that doctors avoid using one specific bypassing agent as they treat the bleeds. If that is not possible, Roche said, doctors should use the lowest dose possible. ''UNLAWFULLY DISPARAGED'' With Roche''s guidance, Shire contends its rival "has unlawfully disparaged Shire’s proven bypassing agent", known as FEIBA. "Shire''s goal with this action is to ensure the haemophilia community receives sufficient, accurate information," the British company said. A Roche spokeswoman said Monday it had not yet been served with Shire''s injunction, so it could not comment on its contents. But the Basel-based drugmaker stands by "100 percent" behind its statements about emicizumab as well as its guidance for doctors on how to respond to bleeds. Roche will release data on emicizumab on Monday in Berlin at the International Society on Thrombosis and Haemostasis Annual Meeting. (Reporting by John Miller; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-roche-shire-haemophilia-idUKKBN19V0I1'|'2017-07-10T09:54:00.000+03:00'
'3ff75e86b1dc2dfacee0b07ea603b4252958b44c'|'''Finance friendly'' France scores late points in Brexit bank contest'|' 34pm BST ''Finance friendly'' France scores late points in Brexit bank contest French Prime Minister Edouard Philippe at the National Assembly in Paris, France, July 4, 2017. REUTERS/Philippe Wojazer By Leigh Thomas , Michel Rose and Gwénaëlle Barzic - AIX-EN-PROVENCE, France AIX-EN-PROVENCE, France A government push to make France more "finance-friendly" is raising Paris'' chances of attracting Brexit-fleeing banks from London although it is raising its game at a late stage in the process, a group of senior financial industry executives said. Eager to keep Frankfurt from getting the bulk of jobs that leave London, Prime Minister Edouard Philippe outlined on Friday plans to ease the financial sector''s wage bills and vowed to keep the regulatory burden competitive. Executives at a business conference in southern France this weekend said the election in May of former investment banker Emmanuel Macron had brought a night-and-day change in attitude towards their industry. "The government clearly wants to make France finance-friendly," UBS France head Jean Frederic de Leusse said, noting the contrast with Macron''s predecessor Francois Hollande, who famously once declared the finance industry to be his enemy. Philippe announced the scrapping of the highest bracket of payroll tax for firms like banks that do not pay VAT, and canceled a planned extension of tax on share trading, both measures unthinkable under Hollande. The new policy will also ensure bankers'' bonuses are no longer taken into account when labor courts decide unfair dismissal compensation. Deutsche Asset Management head, Nicolas Moreau, said that while Philippe''s package of measures was a step in the right direction, Paris had a lot of catching up to do in the race with other cities trying to win jobs from London. "Today Frankfurt has a big lead, a lot of decisions have already been taken," said Moreau. Even though UBS historically has stronger ties to Frankfurt, Leusse said that nothing could be ruled out at this point about where it would decide to put staff. "Right now I don''t know what to tell UBS bosses about what is going to change in France, whether things are really going to change," Leusse told Reuters in an interview. CATCHING UP Dispelling the image of France as a country of high taxes and strict labor laws will be no easy task, however. "The main blocking point is psychological. That means that our partners will have to be convinced that France is serious about developing its economy and attracting financial services," Generali France head Eric Lombard told Reuters. Paris is competing not only with Frankfurt but also smaller cites like Amsterdam, Dublin and Luxembourg, each of which is pushing its relative advantages. While Frankfurt is home to the euro zone''s single bank supervisor, Amsterdam and Dublin can tout a business culture similar to London''s. Luxembourg, for its part, is already a major fund management hub. But only the Paris region is comparable to London in size and boasts a rich cultural offering, major banks, insurers and asset managers and large corporate clients. "We''ve entered a phase where competition between different European financial centers turns around fundamental issues that have little to do with taxes," Stephane Boujnah, the head of the Euronext European financial market operator, told Reuters. So far only HSBC has announced a major shift of jobs from London to Paris, with plans to move up to 1,000 posts to the French capital, where the British bank has long had big operations. Former Bank of France governor Christian Noyer, tasked by the government to lobby foreign finance firms to come to Paris, said that even when banks say they are seeking a banking license in Frankfurt that does not mean most of the jobs will be there. "I know of some people who say ''I''m setting up my base in Frankfurt but I''m putting my trading rooms in Paris in a subsidiary. I''ll create a few jobs in Frankfurt but the bulk is in Paris''," Noyer told Reuters in an interview. Many firms have held off making announcements about where they will set up European hubs until after the French election, which Noyer said was already a victory for Paris. "The current concentration, with the hyper-centralization in London following the introduction of the euro and single market, can be considered an aberration," said Ross McInnes, the Franco-Australian head of French defense group Safran, who has been charged with promoting Paris as a financial center. (Additional reporting by Mathieu Rosemain; Editing by Andrew Callus and Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-business-britain-eu-idUKKBN19U0XG'|'2017-07-09T22:10:00.000+03:00'
'7a224a0f7fc13ee62faf5fa210b03ba12d45d9bb'|'A reality check for virtual headsets'|'JUSTIN WILLIAMS takes off a virtual-reality (VR) headset and wobbles away from a demo area at E3, the world’s largest gaming convention, in Los Angeles. The bottoms of his feet and calves are “on fire,” he says. Mr Williams, a 32-year-old former marine, was playing “Sprint Vector”, a VR running game: players swing hand-held controllers to simulate motion. Though he has been standing in one place, his brain believes he has just run for several miles.This sensation of complete immersion is called “presence”. Boosters of VR say it is what will drive the technology’s mass adoption, in time. When Facebook bought Oculus, a VR startup, for $2bn in 2014, and sent interest in the technology rocketing, it was this feeling of being present that Mark Zuckerberg, the social network’s boss, described as “incredible”. 27 Yet despite many pronouncements that 2016 was the year of VR, a more apt word for virtual reality might be absence. Of the 6.3m headsets that were shipped last year, most were cheaper, less sophisticated devices, such as the Samsung Gear VR, that rely on smartphones to act as their screens, according to SuperData, a games-market research firm. Only 200,000 high-end Oculus Rift headsets were sold globally (see chart). In the end, SuperData revised its first forecast, made in January last year, that total revenue from VR software and hardware would reach $5.1bn in 2016, down to $3.6bn. The actual figure for total worldwide revenue was a meagre $1.8bn. The expectations set for VR were plainly unrealistic, says George Jijiashvili, an analyst with CCS Insight, a research company. Even in the gaming industry, which has been quick to adopt the technology, people noted that Microsoft’s release of its new Xbox gaming console at the convention made no mention of VR. Oculus did not even set out a stall.Several obstacles still stand in the way of widespread use. The gear is expensive and clunky, and requires a powerful computer or gaming console to function. Consumers are hesitant to splash out on expensive kit when there isn’t a lot to do with it; developers are reluctant to spend resources making games for a tiny market. Developers are also held back by the sheer variety of headsets, which means they need to code content several times for different platforms. The way in which users must wave around hand-held controllers such as HTC’s “wands” to input movements falls short of the promise of VR, which will eventually use sensors to convey bodily movement.And yet signs of progress are also visible. Despite the lack of splashy announcements at E3, there were plenty of smaller companies eager to show off their wares. More than 120 of the 293 exhibitors, mostly gaming-related companies, had some sort of VR product, up from 53 last year, 27 in 2015, six in 2014 and none in 2013. Their offerings included everything from “haptic” feedback (giving VR users a sensation of touch) to advertising inside VR content.Some tech giants still see VR as integral to their future. Despite its underwhelming sales of Oculus Rift, Facebook is convinced that VR is “the next major computing platform”. It recently hired Hugo Barra, a well-known former Google and Xiaomi executive, to head up its VR division. It has a new offering, “Spaces”, which is a place to socialise with friends in VR that allows users to create avatars, to express some emotion through facial expressions, answer video calls, share photos and take selfies. As a first go, it is surprisingly compelling.Other tech firms reckon VR may be a stepping stone to a bigger prize: augmented reality (AR), which allows users to overlay the digital world onto the real one. AR has more everyday applications, such as navigation, than VR, which is expected to be used chiefly for leisure activities and in industry. Apple believes that AR will become a bigger phenomenon than VR.Google is trying both. It had a salutary experience with its “Glass” headsets, a much-maligned set of primitive AR spectacles that it launched in 2013 only to withdraw them from sale two years later. It has now developed and started selling “Daydream” mobile headsets, a cheap smartphone-based VR kit, and has invested in several VR and AR companies, such as Magic Leap, an AR startup. It has bought Owlchemy Labs, the creator of “Job Simulator”, a VR game set in a future in which humans no longer need to work thanks to machines. Microsoft is betting on what it calls “mixed reality”, arguing that it is pointless to draw a line between AR and VR. Although it did not emphasise VR at E3, it is enthusiastic about its potential on the Windows 10 operating system.If VR is to take off at last, tech-industry executives agree that avid gamers will be crucial. Such people tend to be early adopters of expensive new equipment, so they subsidise innovation. Games developers know how to engage players and keep them interested, and how to tell stories in a non-linear fashion. And they have for years created content in three dimensions, a basic requirement for VR. Indeed, virtual reality is integrating games and the broader technology industry as never before. “It’s like two continents that were apart, and continental drift is bringing them together,” says Neil Trevett of the Khronos Group, a non-profit industry group.HTC developed its Vive headset in collaboration with Valve, a games developer and distributor. Google is funding independent games developers to boost the creation of content. When Apple introduced new virtual-reality and augmented-reality features at a conference for software developers last month, its emphasis was on games. Members of the Khronos Group, including Google and Apple as well as games firms such as Epic and Nintendo, are working on industry-wide standards.New headsets from a variety of hardware firms—Acer, Asus, Dell, Lenovo and Hewlett-Packard—all running on Windows, are expected later this year. Many new games and entertainment products using VR (see article ) are poised to go on sale. Better technology and more content will encourage gamers who were on the fence to join in, expanding the market and setting off a virtuous cycle, argues Dan O’Brien, head of VR at HTC. As part of that cycle, headsets will become smaller, cheaper and wireless. Some of those advances will come from China, which leads the world in the adoption of VR. Chinese firms have been quick to invest, and its hardware industry is churning out new products. Xi Jinping, the president, has mentioned VR as important for economic growth.Virtual reality also has new functions in business and beyond. Mr O’Brien says he receives many inquiries from carmakers, for example, which are using VR as a way quickly and cheaply to prototype and collaborate on new models of vehicles. Hospitals in America are experimenting with 3D models in VR as a way for doctors to get a closer look at tricky bits of bodies or to prep for surgery. The Pentagon is eyeing new VR technologies aimed at consumers as a cheap addition to its existing use of VR for training. The lessons from making shoot-’em-up games for bored teenagers could one day be applied to real training programmes for soldiers—as well as being useful for the doctors who come after. The VR industry has not yet fulfilled the hype. But the believers have not lost their faith.This article appeared in the Business section of the print edition under the headline "Get real"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21724863-vr-has-been-more-about-hype-substance-will-change-reality-check-virtual?fsrc=rss'|'2017-07-08T08:00:00.000+03:00'
'7aeb4b41a13575d0ab6947f32817d03dd7a46f48'|'Siemens says investigating reports its turbines sent to Crimea'|'Top News - Fri Jul 7, 2017 - 8:01am BST Siemens says investigating reports its turbines sent to Crimea A general view shows a power plant under construction in Sevastopol, Crimea, July 5, 2017. REUTERS/Anton Zverev MOSCOW German firm Siemens ( SIEGn.DE ) said on Friday it had set up a task force to investigate reports that its turbines had been delivered to Crimea for use in Russian-built power plants. A report by Reuters published on July 5 cited three sources with knowledge of the delivery as saying Russia had delivered electricity turbines made by Siemens to Crimea. Russia annexed the peninsula from Ukraine in 2014, and the region is subject to European Union sanctions barring EU firms from supplying it with energy technology. "We have no credible evidence about actual deliveries of our turbines to Crimea. However, we are taking these rumours seriously and have put in place a task force team to investigate the matter that is working diligently to clarify the facts," Siemens said in a statement. Reuters was unable to determine if Siemens knew of or condoned the equipment transfer, but the move exposes the German company to potential accusations of indirect sanctions-busting and of not taking sufficient safeguards to ensure its equipment does not end up on territory most countries view as illegally annexed, say legal experts. "If there were any re-routings of recently purchased turbines to Crimea, it would constitute a clear violation of contractual agreements. Siemens has repeatedly alerted its customer that Siemens complies with all export control restrictions," the company said. "Siemens has taken all possible legal and will take operational measures to prevent the equipment from being used in an unlawful way, e.g. it will not provide any deliveries or services for installation, commissioning support or warranty. We will continue to fully cooperate with all stakeholders." Delivery of the turbines, intended for the two new power stations under construction in Crimea, has been delayed for over a year because the firms involved feared violating EU sanctions, people involved in the project have told Reuters. (Reporting by Vladimir Soldatkin; Writing by Dmitry Solovyov; Editing by Christian Lowe) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-crisis-crimea-power-siemens-idUKKBN19S0RS'|'2017-07-07T09:48:00.000+03:00'
'8169bb70778c96a67812c0b383b66d7478e86471'|'People want a ''sensible Brexit'', says Philip Hammond'|'Philip Hammond People want a ''sensible Brexit'', says Philip Hammond Chancellor welcomes business leaders’ call for indefinite delay to leaving single market as Liam Fox appears to challenge his stance Philip Hammond. The chancellor said it was ‘helpful’ that businesses were entering the Brexit discussion. Photograph: Stefan Rousseau/PA Philip Hammond People want a ''sensible Brexit'', says Philip Hammond Chancellor welcomes business leaders’ call for indefinite delay to leaving single market as Liam Fox appears to challenge his stance   19.09   16.59 BST Philip Hammond has welcomed an intervention by business leaders who called for an indefinite delay in Britain’s departure from the European single market and customs union and said that people wanted to see a “sensible Brexit”. The chancellor insisted he was happy to see the CBI making its voice heard, but his stance was apparently challenged by the trade secretary, Liam Fox, who said it would not be possible to indulge a “perpetual transitional period”. Hammond also warned on Friday “it would be madness not to seek to have the closest possible arrangement” with Britain’s largest trading partner and closest neighbour. UK business leaders to call for indefinite delay in leaving single market Read more “I’m glad that the business community is exercising a voice in this discussion. I think that’s helpful,” Hammond said in an interview with Bloomberg and Reuters at the G20 summit in Hamburg, Germany. He said he did not believe it would be “legally or politically possible” to remain in the single market or customs union after Brexit – as that would limit the UK’s ability to control immigration or make trade deals. But he said the benefits of the two models should be retained during a transitional period . He said: “My preference is that we negotiate a transitional structure which takes us outside of those memberships but in the transition phase replicates as much as possible of the existing arrangements, so that the shock to business is minimised for the transition period.” His tone contrasted that of Fox,one of the strongest proponents of Brexit in the cabinet, who used a visit to Paris to deliver a seeming rebuke to the CBI’s call for an indefinite delay in leaving the single market and customs union. He said it was perfectly reasonable that people should want to have some arrangements to ensure minimal disruption but added: “We can’t have a perpetual transitional period undermining the concept of Brexit itself.” Liam Fox spoke out against a ‘perpetual transitional period’. Photograph: Daniel Leal-Olivas/AFP/Getty Images Fox also dismissed warnings from the EU’s chief Brexit negotiator, Michel Barnier, that leaving the single market and customs union would carry consequences. “We’re going into an arrangement with the EU already with zero tariffs, we’re going there with complete regulatory equivalence and with customs systems that already work,” he said. “The only reason we wouldn’t replicate them would be if politics got in the way of good economics.” Fox’s bullish comments about the negotiations highlighted the split within the cabinet over how the government should approach Brexit. Hammond – the leading voice for a soft form of Brexit within government – made clear that he thought there were great economic risks if the UK fails to achieve a good deal. He said: “The thing that I remind my colleagues [about] is that if we lose access to our European markets, that will be an instant effect, overnight, and to people who are looking to us to protect jobs, economic growth, living standards, they won’t thank us if we deliver them an instant hit with only a longer-term, slowly-building benefit to compensate. That’s the concern that we have to have in our minds.” Asked if there was any chance that Brexit would not happen, the chancellor laughed and said: “No. The British people have made up their minds.” But he made clear that the millions of people who did not want the UK to leave the EU were now determined that the outcome should not be economically damaging. “There’s a significant constituency of people who voted to remain in the EU but have accepted the decision, but what they want to see is a Brexit that looks sensible to them.” He described that as a Brexit focused on protecting jobs, business, prosperity and trade, and one that recovers sovereignty for the UK but also recognises the reality of an interconnected world. Philip Hammond, back right, arrives with Theresa May and her husband Philip in Germany for the G20. Photograph: Stefan Rousseau/PA “The EU will remain our largest trading partner and our nearest neighbours, and it would be madness not to seek to have the closest possible arrangement with them going forward,” added Hammond. Hammond’s comments came as more than 30 business leaders had a five-hour summit with the Brexit secretary, David Davis, and other ministers at the government’s Chevening country house , to discuss their concerns about the direction of exit discussions with Europe. Business leaders reported that the meeting had gone “better than expected” and hinted at a thawing of the government position. Terry Scuoler, chief executive of EEF, the manufacturers’ organisation, said: “This meeting has been a good first step and it’s clear ministers are listening to business concerns, which we welcome. We had an open and frank discussion and we’ve started a process where we will work together to obtain as much clarity and certainty as possible for industry as we prepare to leave the EU.” Here is Britain’s new place in the world – on the sidelines - Martin Kettle Read more In a sign of the tightrope still to walk for Davis, the Chevening “away day” was also welcomed by some of corporate Britain’s more ardent advocates of leaving the EU. Gerald Mason, of Tate & Lyle – the US-owned sugar giant which stands to benefit from Brexit and once employed Davis, said: “It was a really positive and wide-ranging discussion about the challenges and the opportunities of Brexit and I was left encouraged by it.” But in contrast to some of the more alarmed warnings from businesses in recent weeks, the meeting seems to have gone some way to reassuring the country’s biggest companies that the government was finally listening to their concerns on Brexit. “It was a highly welcome and constructive engagement with government,” said the HSBC chairman, Douglas Flint. The chancellor was not at the meeting because he is in Hamburg for the G20 . In his interview, he was also asked if Theresa May would still be prime minister in a month’s time. He said: “I’m very confident about that. The prime minister has been very open about the fact that we didn’t get the outcome from the election that we hoped for. But we’ve got a job to do.” However, he appeared to acknowledge that the Conservatives’ reputation had suffered, adding: “In doing so we will rebuild our reputation with our public.” He argued that the DUP deal – which he claimed meant bringing together two parties from the same tradition – had “created a stable base for a government which in the first session, at least, of parliament, will have quite a narrow focus”. Topics'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/politics/2017/jul/07/people-want-a-sensible-brexit-says-philip-hammond'|'2017-07-07T18:59:00.000+03:00'
'59d71fa6f38965ac7832e5f6406be275eb819db1'|'Foreign buyers drive Russian M&A volumes, Deutsche top adviser'|'Business News - Thu Jul 6, 2017 - 2:25pm BST Foreign buyers drive Russian M&A volumes, Deutsche top adviser A vendor places Russian rouble banknotes into a cash register at a grocery shop in the Siberian city of Krasnoyarsk, Russia, August 6, 2015. REUTERS/Ilya Naymushin By Dasha Afanasieva - LONDON LONDON Russian acquisitions by overseas buyers have hit their highest level since before sanctions were imposed in 2014, Thomson Reuters data shows, with a renewed willingness to do business with Moscow. Inbound merger and acquisition (M&A) volumes total $4.6 billion (3.55 billion pounds) in 2017, almost triple the $1.6 billion seen for the same period in 2016 and the highest for the same period since 2012, with Deutsche Bank ( DBKGn.DE ) the top adviser across Russian M&A. Bankers say the increase is an indication that Western banks and companies are more willing to deal with Moscow, despite the sanctions imposed by the United States and the European Union over the annexation of Crimea. This, along with weak energy prices have hurt Russia''s economy although a weakening of the rouble RUB= to above 60 a dollar in the last quarter, close to the level it was at the start of the year, has made Russian assets more attractive. "There has been a pickup. I think it was largely on the back of (an) improved economic outlook, rather than (an) easing geopolitical environment. People have got used to the sanctions," Alexei Yakovitsky, global CEO at Russia''s VTB Capital ( VTBR.MM ) said. VTB Capital is in third place in the adviser rankings, behind U.S. bank Morgan Stanley ( MS.N ) and Deutsche. Deals by overseas buyers in Russia make up more than half of all transactions done so far, with a slowdown in domestic M&A pushing the total value down to $7.5 billion from $10.3 billion in 2016. Last year''s figure was boosted by state gas company Gazprom ( GAZP.MM ) buying its own shares from state development bank VEB for $2.02 billion. Deutsche Bank''s leading position was thanks to its role in the biggest Russia M&A deal so far this year, the proposed $1.85 billion purchase by Austria''s OMV ( OMVV.VI ) of a 25 percent stake in oil and gas group Severneftegazprom from Uniper ( UN01.DE ). Germany''s largest bank heads the tables despite having faced recent problems in Russia. It was fined $630 million earlier this year for a Russian "mirror trading" scheme and is now resisting calls to share information about U.S. President Donald Trump''s finances. Deutsche Bank said in June it was committed to developing its presence in Russia, with its investment banking business there managed from global hubs. NEW NORMAL However, bankers operating in Russia are cautious on whether the upswing in foreign dealmaking will go much further. Some had hoped Trump''s election would be a step towards sanctions being lifted, but last month the U.S. government added 38 individuals and organisations to its list of those sanctioned over Russian activities in Ukraine. "It''s reached a new normal. I don''t necessarily expect there will be tremendous growth to pre-crisis levels," a senior banker at a major investment bank based in Moscow told Reuters. Austria leads the countries buying into Russia, with China in second position driven in part by a $887 million deal to sell a 10 percent stake in gold producer Polyus ( PLZL.MM ) to a Fosun International ( 0656.HK ) led consortium. Polyus'' ( PLZL.MM ) sale of $879 million worth of shares in Moscow and London became the biggest Russian equity markets transaction on the final day of the second quarter, with British investors snapping up around half of the shares. This brings the total volume of equity capital market deals in 2017 to $2.2 billion, more than three times the value in the same period of 2016, with VTB Capital the top equity book runner for Russian listings. "Things got done and things got done on market terms ...bona fide Western funds are coming to Russia," the banker said. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-m-a-idUKKBN19R1UT'|'2017-07-06T16:25:00.000+03:00'
'063653e15cb4a9784c5a1066f753da5713cf3fb1'|'Teamsters urge McKesson shareholders to vote against CEO pay'|'Business News - Mon Jul 10, 2017 - 12:11pm EDT Teamsters urge McKesson shareholders to vote against CEO pay McKesson Corp CEO John Hammergren tees off on the 17th hole during the first round of the Pebble Beach National Pro-Am golf tournament in Pebble Beach, California, February 12, 2015. REUTERS/Michael Fiala By Michael Erman - NEW YORK NEW YORK The International Brotherhood of Teamsters urged McKesson Corp''s ( MCK.N ) shareholders to vote against the company''s executive pay practices and called for it to appoint an independent chairman as the union criticized the drug distributor for its role in the U.S. opioid drug epidemic. McKesson Chief Executive John Hammergren was paid more than $20 million for the year ended March 31, despite the company''s record $150 million settlement paid to resolve a U.S. investigation into whether it failed to report suspicious orders of addictive painkillers. "Recent pay decisions ... send completely the wrong message to shareholders, regulators, lawmakers and the public about executive accountability," the Teamsters wrote in a letter to other shareholders filed with the U.S. Securities and Exchange Commission on Monday. The union did not disclose how many McKesson shares it owns, but said it had substantial holdings in the company. It asked shareholders to vote against a proposal to approve executive compensation and for a proposal asking for an independent chairman. The "say-on-pay" proposal is an advisory, non-binding vote. McKesson said in a statement the company has invested millions into and enhanced its controlled substances monitoring program. It also filed slides defending its pay practices, noting that Hammergren''s pay had declined 27 percent over the past 4 years. "McKesson and its shareholders have been well served during John Hammergren’s service as both CEO and chairman of the board," the company said. McKesson''s $150 million settlement with the U.S. Justice Department earlier this year followed an earlier settlement with the company over similar violations in 2008. In addition to being McKesson investors, the Teamsters also represent some of McKesson''s workers. McKesson shares were up 44 cents, or 0.3 percent, to $165.12 in midday trading on the New York Stock Exchange. (Reporting by Michael Erman; Editing by James Dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mckesson-teamsters-idUSKBN19V22N'|'2017-07-10T19:11:00.000+03:00'
'8385ff907ee61c2a7de0dddf83c4639d10d76fd1'|'CANADA STOCKS-TSX opens lower as financials, energy weigh'|'Market News   9:41am EDT CANADA STOCKS-TSX opens lower as financials, energy weigh TORONTO, July 10 Canada''s main stock index opened lower on Monday to trade around seven-month lows as heavyweight financial and energy shares led declines. The Toronto Stock Exchange''s S&P/TSX composite index fell 19.21 points, or 0.13 percent, to 15,007.95. Half of its 10 key sectors retreated. (Reporting by Solarina Ho; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1K10IF'|'2017-07-10T16:41:00.000+03:00'
'0cf6adbce76d0e7e7a526fd7c301efb78a4bba88'|'U.S. charges ex-Audi manager in emissions cheating case'|' 24pm BST U.S. charges ex-Audi manager in emissions cheating case The Department of Justice (DOJ) logo is pictured on a wall after a news conference to discuss alleged fraud by Russian Diplomats in New York December 5, 2013. REUTERS/Carlo Allegri WASHINGTON The U.S. Justice Department on Thursday said it has charged a former Audi manager with directing employees at the company, a division of Volkswagen AG, to design software to cheat U.S. emissions tests in thousands of Audi diesel cars. Giovanni Pamio, an Italian citizen, was charged with conspiracy to defraud the United States, wire fraud, and violation of the Clean Air Act, the Justice Department said in a news release. VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests and pleaded guilty in March in a U.S. court to three felonies in connection with the scandal. Volkswagen has agreed to spend as much as $25 billion in the United States to resolve claims from owners and regulators over polluting diesel vehicles and has offered to buy back about 500,000 vehicles. (Reporting by Chris Sanders; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-audi-idUKKBN19R35M'|'2017-07-07T01:20:00.000+03:00'
'f20d18fb14acbddc410a91bf6476cf150e8446ac'|'Broadcaster CME selling Croatian, Slovenian stations to cut debt'|'PRAGUE, July 10 Broadcaster Central European Media Enterprises (CME) will sell its Croatian and Slovenian operations to United Group''s Slovenia Broadband for 230 million euros ($262.18 million) to pay down debt.CME expects the sale to close by the end of the year and proceeds will go to repay a 250.8 million euro loan due in 2018, it said in a statement on Monday. That repayment will cut CME''s average borrowing cost by 275 basis points to 4.5 percent."This transaction underscores the enduring attractiveness of broadcasters in the region. It also moves us significantly closer to our long-held goal of establishing a more appropriate leverage profile for our operations," CME co-Chief Executive Michael Del Nin said in the statement.CME is active in six central and eastern European markets, with the Czech Republic and Romania being its biggest profit drivers.With earnings rising in recent years, it has been pushing to pay down around $1 billion outstanding debt left over from various missteps before and after the global financial crisis nearly a decade ago. ($1 = 0.8773 euros) (Reporting by Jason Hovet, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/central-euro-ma-idUSL8N1K10TW'|'2017-07-10T09:54:00.000+03:00'
'51257e0347b56ebd8d1e5a99deca854b7cc5abe0'|'Statoil drills dry wells off Canada''s Newfoundland'|'Commodities  50am EDT Statoil drills dry wells off Canada''s Newfoundland Norwegian oil company''s Statoil logo is seen at their headquarters in Fornebu, Norway, June 1, 2017. REUTERS/Ints Kalnins OSLO Norway''s Statoil ( STL.OL ) and Canada''s Husky Energy ( HSE.TO ) have hit dry wells in a prospect off Newfoundland for which they had high hopes, Statoil said on Monday. The companies have drilled two dry wells in the Flemish Pass geological basin, some 500 km (310 miles) east of Canada''s Newfoundland and Labrador province. "These results are disappointing, as we had hoped to add additional optionality to the near-field area at Bay du Nord," Trond Jacobsen, Statoils''s head exploration in Canada, said in a statement. Bay du Nord is still estimated to hold some 300 million barrels of recoverable oil. A development of that field remains under evaluation, Statoil said. (Reporting by Terje Solsvik, writing by Gwladys Fouche)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-statoil-canada-idUSKBN19V1HT'|'2017-07-10T15:44:00.000+03:00'
'ac44dc5aff97c80045e6df42acd39bb3a8a209e6'|'Germany under new EU pressure to increase spending'|'Business News - Mon Jul 10, 2017 - 4:56pm BST Germany under new EU pressure to increase spending left right Light-emitting diode (LED) street lamps illuminate a road in Langen, Lower Saxony, May 23, 2013. REUTERS/Fabian Bimmer 1/2 left right Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem arrives at Eurozone finance ministers meeting in Brussels, Belgium July 10, 2017. REUTERS/Francois Lenoir 2/2 BRUSSELS European Union''s economic leaders called on Monday for euro zone countries with high growth to spend more, an attempt to persuade Germany to step up its public spending and strengthen the bloc''s economy. Germany is expected to expand by 1.8 percent this year, according to upwardly revised estimates from the International Monetary Fund, while its trade surplus keeps increasing. The solid expansion of the German economy has not, however, been matched by a similar growth in public expenditure, as the country recorded a 0.8 percent fiscal surplus last year. "It would help the economy of the euro zone as a whole if the countries that already have big growth would allow for an expansion of the demand side, in other words increase wages or lower taxes," the head of the Eurogroup of euro zone finance ministers Jeroen Dijsselbloem told reporters before a regular meeting in Brussels. The bloc''s finance ministers will discuss at their monthly meeting the fiscal stance of the euro zone for next year as part of talks aimed at influencing budgetary decisions of the 19 member states. An attempt by the European Commission to aim for a slightly expansionary fiscal policy for the euro zone as a whole this year was met by German opposition and was eventually dropped. Before talks on next year''s policy, Economics Commissioner Pierre Moscovici insisted that the rationale for a fiscal stimulus was still there, even if the euro zone is now growing healthily. He said that to maintain growth the euro zone would still need to use all instruments at its disposal, including the fiscal policy. He insisted that at a certain stage the bloc should have a positive, and not neutral, fiscal policy. (Reporting by Francesco Guarascio @fraguarascio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-budget-dijsselbloem-idUKKBN19V219'|'2017-07-10T18:56:00.000+03:00'
'aff24df673f99a2e7a0a9bb7c8624cce754887da'|'Only politics stands in way of smooth Brexit trade deals - Fox'|'Business   2:46pm BST Only politics stands in way of smooth Brexit trade deals: Fox Britain''s Secretary of State for International Trade, Liam Fox, arrives in Downing Street for a cabinet meeting, in central London, Britain June 27, 2017. REUTERS/Stefan Wermuth By Richard Lough - PARIS PARIS British Trade Minister Liam Fox said on Friday there were no obstacles to replicating the current smooth trading agreements between Britain and the EU after Brexit, unless "politics got in the way of good economics". Fox''s comments came a day after the EU''s chief Brexit negotiator, Michel Barnier, said London''s "red lines" for a future trading relationship meant Britain was definitely leaving the single market and customs union and would carry consequences. Britain responded to Barnier by saying it was still hoping for trade that was "as frictionless as possible". "We''re going into an arrangement with the EU already with zero tariffs, we''re going there with complete regulatory equivalence and with customs systems that already work," Fox told Reuters during a visit to Paris. "The only reason we wouldn''t replicate them would be if politics got in the way of good economics." British Prime Minister Theresa May wants to use Brexit to create a "Global Britain", saying London will be in a stronger position outside the EU to negotiate new trade deals. May has acknowledged Britain may need an implementation period to smooth its exit from the bloc, and business leaders have pressed her to push for Britain to remain within the single market until a final deal is negotiated. Fox said the government "wanted to have minimal disruption and maximum continuity" until it reached a final agreement, adding that it was perfectly reasonable that people should want to have some transitional period. "But we can''t have a perpetual transitional period undermining the concept of Brexit itself," he said. Britain is not allowed to negotiate and conclude new trade agreements with non-EU countries as long as it is a member of the union. Nonetheless, Fox dismissed suggestions that a transitional period might hamper his efforts to reach new accords swiftly. "The most we can do is scope them out at the present time to begin negotiations after we leave. So it''s very unlikely we''d be concluding many of those within that time scale (transition) so it probably makes no difference whatsoever." The EU on Thursday celebrated a far-reaching trade pact with Japan, the world''s fourth biggest economy, raising questions over Britain''s ability to leverage a similar deal once outside the bloc and the future of Japanese manufacturers in Britain. Fox dismissed the concerns. "If the deal is ratified before we leave the EU we would simply transitionally adopt that into UK law," Fox said. "If it''s not ratified ... Clearly now we would have a template, but we would have the ability to tweak it at the edges if that is what was wanted." (Editing by Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-trade-idUKKBN19S1ZL'|'2017-07-07T16:43:00.000+03:00'
'f620a7ad4018266bf25aef29e714b9f211aa3989'|'U.S. Wages May Be Tepid, But Hours and Payrolls Are Firm'|'U.S. Wages May Be Tepid, But Hours and Payrolls Are Firm Americans positioned to buy more By @DoubleTGolle More stories by Vince Golle Wages aren’t the only determinant in Americans’ spending potential. While the 0.2 percent month-over-month gain in June average hourly earnings fell short of estimates, hours worked and payrolls were stronger than forecast, the Labor Department’s jobs report showed on Friday. The agency’s index of aggregate weekly payrolls, which includes the length of the workweek, wages and the number of people on private employer payrolls, has advanced at an annualized 5.3 percent over the last three months, the most since the start of 2015. That explains why economists see the possibility of households spending more. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-07/u-s-wages-may-be-tepid-but-hours-and-payrolls-are-firm'|'2017-07-07T22:40:00.000+03:00'
'524dad10876f2e4de57c466f6f9205300498796c'|'Goldman Sachs is 2017''s worst-selling fund manager with $27 billion in outflows - FT'|'  6:42pm BST Goldman Sachs is 2017''s worst-selling fund manager with $27 billion in outflows - FT FILE PHOTO: A sign is displayed in the reception of the Sydney offices of Goldman Sachs in Australia, May 18, 2016. REUTERS/David Gray/File Photo Investors have pulled an estimated $26.7 billion from Goldman Sachs Asset Management’s mutual funds so far in 2017, according to Morningstar data, the Financial Times reported Sunday, making Goldman the world''s worst-selling fund manager globally. The nearly $27 billion of outflows from GSAM represent more than half of the asset manager’s strategies globally, FT said. Goldman’s outflows were almost twice the level of withdrawals experienced by Federated Investors, the second-worst selling fund house. Revenues at GSAM dropped nearly 7 percent in 2016 and profits fell close to 17 percent. Revenues were down 7 percent in the first quarter of 2017 compared to the previous three-month period. (Reporting by Dion Rabouin; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-goldman-sachs-fund-idUKKBN19U0UL'|'2017-07-09T20:42:00.000+03:00'
'be89e89ffbdd1ecef95f4e59d0d1c843530d593c'|'Risk appetite falls on weak oil and bonds, tightening tension'|'Business News - Fri Jul 7, 2017 - 2:00pm BST Risky assets on pause as U.S. jobs growth underpins hawkish Fed stance left right Picture of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, July 6, 2017. REUTERS/Staff/Remote 1/2 left right People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo 2/2 By Vikram Subhedar - LONDON LONDON World stocks are poised to end the week at six-week lows in the face of oil weakness, a spike in bond yields and expected tighter monetary policy especially in the United States. U.S. job growth surged more than expected in June and employers increased hours for workers, signs of labor market strength that could keep the Federal Reserve on course for a third interest rate increase this year despite mild inflation. However, stubbornly sluggish wage growth remains a concern for investors on worries over whether spending by U.S. consumers will be strong enough to back the U.S. Federal Reserve''s intention to further tighten policy. Bets that the world''s major central banks are moving closer to unwinding ultra-loose monetary policies have roiled markets and European Central Bank minutes released on Wednesday indicate its policymakers are open to further steps. This sent German government bond yields to 18-month highs, lifted the euro EUR= and weighed on stocks. European bonds steadied on Friday though some investors see more room for yields to rise. "Unwinding QE will be a key part of the normalization of rates policy," said Chris Iggo, CIO Fixed Income at AXA Investment Managers. "The significant increase in government bond yields over the last week suggests that markets are starting to price this in. My guess is that it will have quite a bit further to go." The ripple effects are being felt across asset classes. "Bond yields rule," strategists at Morgan Stanley, led by Hans Redeker, said in a note to clients. Bond markets are increasingly affecting FX and equity markets, the strategists said, drawing parallels with moves seen in 2013 during the so-called "taper tantrum," when Fed signals about withdrawing liquidity hit markets. MSCI''s gauge of global stocks .MIWO PUS was at its lowest since late May''s record highs and down 0.6 percent for the week. European shares fell 0.3 percent led lower by financials. Stock futures on Wall Street ESc1 SPc1 pointed to a steady open after a tech-led swoon pulled major U.S. benchmarks sharply lower overnight. The dollar rose against a basket of major currencies .DXY and hit a seven-week high against the yen after the Bank of Japan increased its government bond buying, expanding monetary policy when other central banks are moving toward tightening. The BOJ said it would purchase an unlimited amount of bonds as it sought to put a lid on domestic interest rates pushed higher by the broad sell-off in developed market bonds. In commodity markets, Brent crude futures LCOc1, the international benchmark for oil prices, were trading down 1.2 percent, at $47.55 per barrel. Oil prices are down more than 16 percent this year, muddying the outlook for inflation expectations globally. Weakness in crude prices caused a drag on UK bluechips .FTSE , though a slide in sterling after disappointing economic data helped the exporter-heavy index outperform the region on the day. Sterling slipped to the day''s lows against the dollar, setting it up for its weakest weekly performance in a month, after industrial output data unexpectedly contracted in May, posing fresh challenges for the UK economy. "Given the soft data this week, I think a UK rate hike is increasingly becoming a 2018 story," said Viraj Patel, an FX strategist at ING in London. (Additional reporting by Saikat Chatterjee; Editing by Mark Heinrich) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19S05W'|'2017-07-07T11:10:00.000+03:00'
'94cbb7c8ca5eedc4c5550a235b0fa9225cd1dbe7'|'Campbell Soup to buy Pacific Foods for $700 mln'|'Deals - Thu Jul 6, 2017 - 5:35pm EDT Campbell Soup to buy Pacific Foods to boost health food offerings Cans of Campbell''s brand soups are seen at the Safeway store in Wheaton, Maryland February 13, 2015. REUTERS/Gary Cameron/Files Campbell Soup Co ( CPB.N ) said on Thursday it would buy Pacific Foods, which makes organic soups and broths, for $700 million in cash to boost its health food options amid changing consumer tastes. The world''s largest soupmaker has been reporting weak sales as demand for packaged foods in the United States has taken a hit as consumers increasingly prefer healthier foods, pushing companies to invest in organic and fresh-food businesses. Campbell, which also sells Pepperidge Farm snacks and Prego pasta sauce, created its own fresh-food unit in 2015 to sell carrots, carrot ingredients, refrigerated beverages and salad dressings, but the business has been struggling. The soupmaker said in May it would partner with Chef''d and invest $10 million in the meal-kit company, stepping up its efforts to provide healthier foods. Pacific Foods, which would be part of Campbell''s Americas simple meals and beverages business, had generated about $218 million in net sales in the 12 months ended May 31, Campbell said. Sales in this unit, Campbell''s largest by revenue, dipped 2 percent in the third quarter ended April 30, partly hurt by weak demand for condensed soups and broths as well as V8 vegetable juices. Privately-owned Pacific Foods also makes organic sauces and offers non-dairy beverages, dips, meals and sides. Campbell said it plans to fund the deal through a combination of short- and long-term debt. (Reporting by Arunima Banerjee in Bengaluru; Editing by Martina D''Couto) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-pacific-foods-m-a-campbell-soup-idUSKBN19R2YZ'|'2017-07-06T23:44:00.000+03:00'
'0bef66b5789d9f6890011414ec629f1b43236bbf'|'Booming Business for Recruiters in Tight U.S. Job Market'|'Booming Business for Recruiters in Tight U.S. Job Market Workers are the new hot commodity By @PattyLaya More stories by Patricia Laya It’s one of the best and busiest times to be a recruiter in the U.S. From headhunters engaged in searches for corporate executives to temporary staffing agencies, the industry is benefiting from unemployment at a 16-year low and a record-high number of job openings that are turning workers across all sorts of industries -- from construction to trucking to software engineering -- into hot commodities. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-06/booming-business-for-recruiters-in-tight-u-s-job-market'|'2017-07-06T20:40:00.000+03:00'
'6e92fdcb9584e4915721d220070aeeea44d1ff06'|'Roche, Shire court fight underscores high stakes in hemophilia'|'ZURICH Swiss drugmaker Roche''s ( ROG.S ) bid to take a chunk of the $11 billion haemophilia drug market dominated by Shire ( SHP.L ) took another blow with the Irish company winning a preliminary injunction over its Swiss rival''s medication.Shire said its injunction in a court in Germany, where Roche presented data on its drug emicizumab on Monday, sought to remedy Roche''s "incomplete and misleading" statements about the role of Shire''s drug FEIBA in adverse events in Roche trials.The fight underscores the high stakes of emicizumab''s approaching arrival on the haemophilia A market, with some analysts estimating $5 billion in annual sales. That would poach business from Shire''s older drugs for the condition in which sufferers'' blood does not clot properly.Roche blamed several instances of thromboembolic events, including damage to blood vessels in vital organs, in haemophilia A patients on Shire''s bypassing agent. It recommended doctors avoid using FEIBA, if possible, to treat bleeds that developed in patients, despite getting emicizumab.Shire, which says Roche "unlawfully disparaged" FEIBA, said it aimed "to prevent further dissemination of the inaccurate and misleading characterisation of the serious adverse events" in the Roche trial.While Shire''s drug carries warnings for thromboembolic events, Juliana Dierks, its global haematology franchise head, said Roche has failed to provide adequate data to back up its claim."To imply a cause-and-effect of FEIBA having caused the severe adverse events is misleading," Dierks told Reuters. "We are looking forward to transparency. Give us the data, give us the facts."In the Hamburg court''s order, among other things, Roche was forbidden for now from making promotional statements describing emicizumab it as "well tolerated" or saying that adverse events occurred in four people when they received high doses of Shire''s drug concurrently with Roche''s medication.The court said it had jurisdiction because Roche was preparing to present information about emicizumab at the International Society on Thrombosis and Haemostasis congress this week in Berlin.The injunction is an interim measure and Roche can appeal it. Roche said it was reviewing it after being served on Monday.A spokeswoman said on Monday the Basel-based drugmaker stood "100 percent" behind its statements about emicizumab and guidance for doctors treating bleeds.Roche shares were up 0.5 percent at 1300 GMT, while Shire''s were down 1.6 percent.This is the latest legal battle involving Shire against Roche over emicizumab. Baxalta, which Shire bought in 2016, is suing the Swiss company over patent infringement.Bernstein has said Shire''s share in haemophilia A is expected to fall to 29 percent from 49 percent by 2021 on the combined effect of Roche''s drug and other new medicines.Roche, which has filed emicizumab for European and U.S. approval, said the drug cut the treated bleed rate by 79 percent compared with bypassing agents, according to its latest data.(Reporting by John Miller; editing by Jason Neely and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-roche-shire-haemophilia-idUSKBN19V0HX'|'2017-07-10T09:54:00.000+03:00'
'efd300ceb32363201a84baf2514947d1ca3b2c7c'|'Deutsche Boerse invests in bond trading platform Trumid - sources'|'Business News   11:13am BST Deutsche Boerse invests in bond trading platform Trumid - sources FILE PHOTO: The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo By Anna Irrera - NEW YORK NEW YORK German exchange operator Deutsche Boerse Group ( DB1Gn.DE ) has made a $10 million (7.77 million pounds) investment in Trumid, a New York-based financial technology startup that runs an electronic corporate bond trading platform, people familiar with the deal said. The companies plan to disclose the investment on Monday, said the sources, who spoke on condition of anonymity because they were not authorized to speak publicly. Trumid, which is backed by venture capitalist Peter Thiel and investor George Soros, will also announce that it will collaborate with Deutsche Boerse to develop products and services for the European market, the sources said. Deutsche Boerse''s investment is an add-on to $28 million raised by Trumid earlier this year from investors including Chinese financial firm CreditEase. Founded in 2014, Trumid is one of a spate of electronic bond trading platforms set up in recent years to help ease the liquidity crunch in fixed income markets. Stricter capital requirements imposed in the wake of the 2008 financial crisis have made it more expensive for banks to act as market makers in corporate bonds, making it harder for asset managers to trade. Trumid, which acquired competitor Electronifie earlier this year, hopes to facilitate trading by enabling asset managers and brokers to transact directly and anonymously with one another on its platform. The company plans to expand into Europe to extend its offering to its 350 institutional clients, many of which operate globally, one of the sources said. This is not the first time that Deutsche Boerse has taken an equity stake in a fixed income trading startup, having backed London-based Bondcube in 2014. Bondcube, however, filed for liquidation in July 2015, three months after its launch. Many of the bond trading platforms launched in recent years have struggled to gain significant traction, in part because of their inability to persuade buyside traders to negotiate prices with each other, in a marketplace where they were traditionally used to letting brokers negotiate prices on their behalf. As many of the platforms make money by charging fees on executed trades, their revenues rely on engaged traders and successful negotiations. Roughly $1 billion worth bonds were traded on Trumid in the month of June. (Reporting by Anna Irrera in New York; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-boerse-investment-trumid-idUKKBN19V0ZX'|'2017-07-10T13:13:00.000+03:00'
'ed232f55dde7c1217949ee7d9da6c52db7c17bd6'|'German exports rise more than expected in May'|'July 10, 2017 / 6:21 AM / in 2 hours German exports rise more than expected in May 2 Min Read Cars and containers are pictured at a shipping terminal in the harbour of the German northern town of Bremerhaven, late October 8, 2012. Fabian Bimmer/Files BERLIN (Reuters) - German exports rose more strongly than expected in May, outpacing a solid increase in imports and widening the trade surplus of Europe''s biggest economy, data showed on Monday. Seasonally adjusted exports climbed 1.4 percent - their fifth consecutive monthly increase - while imports were up 1.2 percent, data from the Federal Statistics Office showed. Both figures came in stronger than expected: A Reuters poll had pointed to exports edging up 0.3 percent and imports rising by 0.5 percent. The seasonally adjusted trade surplus edged up to 20.3 billion euros from a revised 19.7 billion euros in April. The May reading was in line with the Reuters consensus forecast of 20.3 billion euros. Germany''s wider current account surplus, which measures the flow of goods, services and investments, rose to 17.3 billion euros after a revised 14.9 billion euros in April, unadjusted data showed. The figures are likely to add fuel to the debate about Germany''s export strength after the International Monetary Fund on Friday repeated its call for Berlin to increase investment as a way to reduce its current account surplus, increase imports and hence support the economic recovery in other countries. Reporting by Michael Nienaber; Editing by Michelle Martin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-economy-trade-idINKBN19V0GJ'|'2017-07-10T09:20:00.000+03:00'
'948b9c7d7cea9a7514091537291f4d572ba5bedd'|'Exclusive - Brazil banking clans may pay $1.1 billion for Havaianas maker, sources say'|'Deals - Sun Jul 9, 2017 - 3:38pm BST Exclusive: Brazil banking clans may pay $1.1 billion for Havaianas maker, sources say Pairs of Brazilian popular Havaianas brand sandals are displayed in Sao Paulo, March 18, 2003. REUTERS/Paulo Whitaker/File Photo By Tatiana Bautzer and Guillermo Parra-Bernal - SAO PAULO SAO PAULO Brazil''s most prominent banking clans could pay between 3.3 billion reais and 3.5 billion reais ($1 billion and $1.1 billion) for a majority stake in Havaianas flip flop maker Alpargatas SA, two people with knowledge of the matter said. Proceeds from a sale of Alpargatas, whose shares are up sharply this year, could help pay down the heavy debt load of the owners, who are also involved in a corruption scandal. Cambuhy Investimentos Ltda and Itaúsa Investimentos SA ( ITSA4.SA ) are working to iron out terms of a deal by as early as next week, when exclusivity talks expire with Alpargatas'' controlling shareholder J&F Investimentos SA, the first person said. Itaúsa oversees the fortune of Brazil''s Villela and Setubal families, who control São Paulo-based Itaú Unibanco Holding SA ( ITUB4.SA ), Latin America''s largest bank by assets. Cambuhy is the family office of Brazil''s billionaire Moreira Salles family, also a major Itaú shareholder. J&F, which owns 86 percent of Alpargatas and oversees the fortune of the billionaire Batista family, must raise cash to pay a 10.3 billion real leniency fine and refinance looming loan maturities, the people said. J&F''s owners Joesley and Wesley Batista signed a leniency deal in May after admitting to bribing almost 1,900 politicians. Common shares of São Paulo-based Alpargatas ( ALPA3.SA ) are up 63 percent this year. The company''s Havaianas flip flops, created in 1962 during Brazil''s Bossa-Nova musical movement, are worn globally by celebrities from Blake Lively to Jennifer Aniston. Alpargatas, which also manages a wide array of Brazilian fashion brands including beachwear brand Osklen, is the first of J&F''s assets lined up for sale in the wake of the Batista family''s involvement in Brazil''s worst-ever corruption scandal. Reuters reported the Cambuhy-led bid on June 16, which the companies confirmed a week later. Proceeds from sale of J&F''s stake in Alpargatas will go to repay a 2.7 billion-real acquisition financing loan the Batistas took with state-controlled lender Caixa Econômica Federal, the first person said. The loan is under investigation by Brazil''s audit court TCU for potential irregularities. J&F, Cambuhy and Itaúsa declined to comment. The people asked not to be identified because talks remain private. PRESSURE FROM CREDITORS The pace of talks between J&F and the Cambuhy-Itaúsa group gained steam in recent days. Creditors have been pressuring the Batistas to renegotiate more than 30 billion reais of debt at J&F and JBS SA ( JBSS3.SA ), the world''s No. 1 meatpacker, which the brothers also control. If the bid for Alpargatas succeeds, Cambuhy and Itaúsa will split equally the Batistas'' stake, both companies said on June 26. The Batistas acquired Alpargatas in December 2015 from construction conglomerate Camargo Correa SA [PMORRC.UL], which was ensnared in the same scandal. J&F''s controlling stakes in dairy producer Fábrica de Produtos Alimentícios Vigor SA and pulpmaker Eldorado Brasil Celulose SA are also on the block and their sale processes advancing, the people said. The sale of Alpargatas, Vigor and Eldorado could raise 10 billion reais and cut J&F debts by another 10 billion reais, one of the people said. Joesley, the youngest of the Batista siblings and a central figure in the family''s leniency deal, is conducting talks to sell Alpargatas himself, the people added. ($1 = 3.2854 reais)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-alpargatas-sa-m-a-exclusive-idUKKBN19U0OJ'|'2017-07-09T17:34:00.000+03:00'
'bfd3044e780d1b6e4c0bdbf5536e415512ebff39'|'Kazakhstan wants gradual exit from oil output cut deal - TASS'|'  5:40pm BST Kazakhstan wants gradual exit from oil output cut deal - TASS A worker walks past infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan, August 21, 2013. REUTERS/Stringer/File Photo MOSCOW Kazakhstan wants a gradual exit from an OPEC-led deal on oil production curbs and a rise in output one or two months after its expiry, Kazakh Energy Minister Kanat Bozumbayev told Russia''s TASS news agency on Sunday. The Organization of the Petroleum Exporting Countries and other producers, including Russia and Kazakhstan, agreed to cut output from January this year until the end of March 2018 to reduce bloated global inventories and support weak oil prices. Bozumbayev was speaking in Istanbul ahead of an energy conference due to start on Monday. (Reporting by Maria Kiselyova; Editint by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-opec-kazakhstan-idUKKBN19U0SK'|'2017-07-09T19:40:00.000+03:00'
'93252018b22f0fdbb77d94ce4f4bd64fce27280e'|'With new Camry, Toyota eyes bigger share of ailing U.S. sedan market'|'Mon Jul 10, 2017 - 12:27pm BST With new Camry, Toyota eyes bigger share of ailing U.S. sedan market left right Toyota Camry sedan is seen at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 1/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, pose with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 2/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, pose with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 3/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, walk after posing with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 4/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, speaks at a news conference for Toyota Camry sedan''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 5/7 left right Masato Katsumata, chief engineer of Toyota''s Camry, speaks at a news conference for Toyota Camry sedan''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 6/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, speaks at a news conference for Toyota Camry sedan''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 7/7 TOKYO Toyota Motor Corp ( 7203.T ) on Monday said it was committed to the ailing U.S. sedan market and that it expected a new model of its Camry, the top-selling passenger car in the United States for decades, to help boost the company''s sales in the segment. The automaker said it was "inconceivable" that mid-size sedans would disappear from the market, and that any move by its rivals to stop selling what was once among the most popular vehicles would allow Toyota to boost its presence. Cheap U.S. gasoline prices have prompted drivers to opt for larger SUVs and pick-up trucks. Automakers have been scrambling to meet this growing demand and, as a result, sedans have been losing their share of the U.S. market for new car sales - at 38 percent now versus around 44 percent in 2015. "If other automakers left the sedan market to focus more on SUVs, that would be an opportunity to expand our market share of the segment," Camry''s chief engineer, Masato Katsumata, said at the launch of the latest Camry model in Japan. Sedans and smaller models are a key U.S. sales segment for Toyota. In the first half of 2017, they accounted for about 43.5 percent of Toyota''s total sales, versus 48.6 percent a year ago. Toyota is targeting monthly U.S. sales of 30,000 Camrys after the new model goes on sale in August. In June, it sold 29,463 units of the current Camry model in the United States, down 9.5 percent from a year ago. "Sedans are not a growth segment these days, but we want the new Camry to rehabilitate the segment," said Moritaka Yoshida, president of Toyota''s in-house mid-size vehicle company. (Reporting by Naomi Tajitsu; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toyota-strategy-idUKKBN19V18R'|'2017-07-10T14:25:00.000+03:00'
'ebe4aa8f962e72582ca888f74df5ae1efe36d493'|'Eddie Lampert says might consider deal with Sears Canada'|'Deals  46am EDT Eddie Lampert says might consider deal with Sears Canada FILE PHOTO - A customers enters the Sears store in North Vancouver, British Columbia February 23, 2011. REUTERS/Andy Clark/File Photo Billionaire Eddie Lampert''s ESL Partners LP and Fairholme Capital Management LLC said they are considering a potential deal with Sears Canada as the retailer looks to restructure itself under bankruptcy protection. Lampert is the chief executive of U.S.-based Sears Holdings Co, from which Sears Canada was spun off in 2012. Sears Canada sought creditor protection last month after suffering a steady decline in sales due to competition from big-box retailers and online merchants. ESL Partners and Fairholme, which together own about two-thirds of Sears Canada, said on Monday they had engaged a legal adviser and were "evaluating, discussing and considering a potential negotiated transaction" with the retailer. The firms did not provide any details on the kind of transaction they were looking at, but said the talks could include financing, purchase and sale, or restructuring transactions. ESL, however, warned that the discussions may not result in a deal. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sears-canada-bankruptcy-eslpartners-idUSKBN19V1U1'|'2017-07-10T17:35:00.000+03:00'
'cb0fb52f80717f92bfa0495befd18b499e9fe7e3'|'Euronext CEO sees growing momentum for new stock listings'|'Sun Jul 9, 2017 - 1:40pm BST Euronext CEO sees growing momentum for new stock listings Stephane Boujnah, CEO of stock market operator Euronext, poses during a photocall at the compagny headquarters in Courbevoie, France, May 4, 2016. REUTERS/Jacky Naegelen - RTX2CTPJ AIX-EN-PROVENCE Euronext''s ( ENX.PA ) chief executive Stephane Boujnah sees a growing momentum for new stock listings in the second half of the year, following the French and Dutch elections, he said on Sunday. Euronext saw 15 companies making their debut on its four stock exchanges over the first half of the year, raising 2.7 billion euros ($3.1 billion). That was the same number as the first half of 2016, with 3.2 billion euros raised. "There are many operations (listings) that have been postponed," the CEO said, citing the French and Dutch elections as the reason. "I am extremely confident over the second-half," Boujnah said in an interview at a business conference in the French southeastern city of Aix-en-Provence. The group, which owns stock exchanges in Paris, Amsterdam, Lisbon and Brussels, has trimmed its costs since its own share listing in 2014 and wants to use its firepower to better compete with bigger rivals London Stock Exchange Group ( LSE.L ) and Deutsche Boerse ( DB1Gn.DE ). "Our ambition is to deploy the balance sheet we have... to make significant acquisitions that would allow to diversify our revenue base," Boujnah said, adding Euronext had the financial leeway to spend between 1 billion to 1.5 billion euros on acquisitions. Earlier this year, Euronext had agreed to buy Paris-based clearing house LCH SA for 510 million euros ($538 million), pending a Deutsche-Boerse-LSE tie-up agreement. The merger between the two stock exchanges fell through and so did the LCH SA acquisition as a result. Euronext has made minor acquisitions this year. It bought FastMatch, an electronic communication network in the spot foreign exchange for $153 million, invested $10 million in the stake of fixed income technology provider, Algomi, and 3.6 million euros ($4.10 million) in Webcast, a Dutch company specialized in professional webcast and webinar services. ($1 = 0.8772 euros) (Reporting by Mathieu Rosemain, Gwenaelle Barzic, Leigh Thomas; Additional reporting by Maya Nikolaeva; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-euronext-ceo-ipo-idUKKBN19U0JH'|'2017-07-09T15:39:00.000+03:00'
'dfe4ec58cfc11a0fd13559162d54ec8a0b3110c1'|'Canon falls to more than two-month low after EU threatens huge fine'|'Business News - Fri Jul 7, 2017 - 4:22am BST Canon falls to more than two-month low after EU threatens huge fine left right FILE PHOTO: A gymnast performs in front of the Canon brand logo at the Canon stall during the CP+ camera and photo trade fair in Yokohama, Japan, February 25, 2016. REUTERS/Thomas Peter/File Photo 1/2 left right FILE PHOTO: A logo of Canon Inc is pictured on a Canon EOS Kiss X50 displayed at an electronics store in Tokyo October 23, 2012. REUTERS/Yuriko Nakao WX/File Photo 2/2 TOKYO, July 7 Shares of Canon Inc dropped to their lowest levels in more than two months on Friday after EU antitrust regulators said they could fine it up to 10 percent of annual revenue if they concluded it had breached merger rules. The regulators said they had reached a preliminary view that Canon breached rules by using a so-called "warehousing" two-step transaction structure involving an interim buyer to acquire Toshiba Medical Systems prior to obtaining the relevant merger approvals. Ten percent of Canon''s annual revenue would be roughly equivalent to $2.9 billion. In early morning trade, Canon fell as much as 3 percent to 3,682 yen, its lowest level since May 1. The stock was the fifth most traded stock by turnover. (Reporting by Ayai Tomisawa; Additional reporting by Ritsuko Ando; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-antitrust-canon-idUKKBN19S09Q'|'2017-07-07T05:18:00.000+03:00'
'16b731f9c01a88b9db89f070b5affdd2be6ba13d'|'Altrad Investment to buy UK oil services firm Cape for 332.2 million pounds'|'Business News - Fri Jul 7, 2017 - 8:37am BST Altrad Investment to buy UK oil services firm Cape for 332.2 million pounds French construction equipment maker Altrad Investment Authority said on Friday it agreed to buy UK oil services company Cape Plc for about 332.2 million pounds ($430.3 million) in cash. Cape''s stock rose as much as 47.8 percent to its highest since May 2015. Altrad''s offer for 265 pence per Cape share represents a premium of 46.2 percent to the stock''s closing price of 181.25 pence on Thursday. The merger would create a "multidisciplinary" industrial services company operating in a wider range of markets, Altrad said in a statement. Altrad, which provides scaffolding and light construction services, said it would fund the deal via a loan from BNP Paribas SA and that Cape''s directors considered the offer "fair and reasonable". Shares in Cape pared some of their early gains to trade up about 45.5 percent at 263.75 pence by 0714 GMT on the London Stock Exchange. As of its last close, Cape stock had fallen 46.6 percent from 335 pence, its 2014 peak just before oil prices collapsed. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cape-m-a-altrad-investment-idUKKBN19S0UH'|'2017-07-07T10:19:00.000+03:00'
'828a28887c287385f558d4b4a1575cdf25c1199d'|'Craft beer in America goes flat'|'JULY 4th is a day to celebrate American independence, first and foremost, but also to grill meat and swill beer. For American beer lovers in particular, the pint-glass runneth over in terms of choice. They had 5,000 breweries to pick from this year; 35 years ago there were under 100. Drinkers can enjoy time-honoured traditions, guzzling Budweiser to wash down all that sizzling beef, and newer ones such as sipping ale “finished with fennel, liquorice and anise” at Tørst, a Brooklyn bar.For the producers of beer, the mood is darker. Though the number of brands has proliferated, the number of drinkers has not. Sales have been flat for a few years and 2017 has been especially slow so far. The volumes of beer sold at stores for the three months to June 17th were 1% lower than in the same period last year, according to Nielsen, a market-research firm. Brewers are now waiting with some anxiety for data about sales during the July 4th holiday. “The start of the year has been as bad as I can remember,” says Trevor Stirling of Sanford C. Bernstein, a research firm.  15 hours ago How   The dip is the result of two problems, one old and one new. First, the consumption of wine and spirits is growing more quickly than that of beer, and has been for nearly 20 years. Women are drinking more booze but often prefer wine and spirits. Men are turning to a wider range of drinks, including whisky and wine.The second difficulty is that after years of effervescent growth, craft beer has gone flat. Volumes grew in 2016, but half as quickly as in 2015 (see chart). In the 13 weeks to June 17th craft-beer sales and volumes both dropped, by 0.7% and 1.5%, respectively. It may be that craft beer has reached its natural limit, both because there are only so many people who want to buy it and because there is only so much shelf-space that stores can provide.Olivier Nicolai of Morgan Stanley, a bank, notes that many distributors and retailers are weary of dealing with a jumble of brands, with some cases of beer going bad before they can be sold. It is hard for retailers to know which beers to stock because consumers, spoiled for choice, have proved fickle. Sales of Saison farmhouse beers, a spicy pale ale, for example, rose by 28% in 2015, according to Nielsen, only to fall in 2016.As the market loses its fizz, debates are intensifying about whether independent beer companies can thrive in the shadow of behemoths such as AB InBev, which controls about half the American beer market. Last year the group, which is backed by 3G Capital, a New York-based private-equity firm, bulked up further by buying Britain’s SABMiller. By some measures AB InBev’s American division, Anheuser-Busch, looks less than intimidating. It is experiencing a much steeper drop in beer demand than craft brewers. In the four weeks to June 17th its Bud Light and Budweiser brands each saw volumes drop by more than 8%, declines not seen since 2009, in the depths of the financial crisis.But small brewers still fret about its scale. It has recently shown interest in buying small brands as well as big ones, downing nine American craft brewers in just the past three years. Some small brewers worry that AB InBev’s craft brands will push aside their own. Bob Pease of the Brewers Association in Boulder, Colorado, which represents independent beer firms, argues that AB InBev’s expanding portfolio of beer makers and its relationships with distributors may mean that few rivals make it onto delivery trucks. His group introduced a new seal in June to help consumers find properly independent brewers.João Castro Neves, head of AB InBev’s American business, disputes the idea that his company has a stranglehold on the market. “There is no way that Anheuser-Busch or anyone else can impose a beer on the consumer,” he insists. Brewers both large and small may find that increasingly hard to contest.This article appeared in the Business section of the print edition under the headline "Half-empty"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21724864-slowing-beer-market-and-might-ab-inbev-has-small-brewers-worried-craft-beer-america?fsrc=rss'|'2017-07-06T22:49:00.000+03:00'
'48c25581d581ed1c2c1e9dd584bd431a285d8671'|'Corrected: Elliott says considering $18.5 billion deal for Oncor'|'July 10, 2017 / 1:12 PM / in 19 minutes Elliott says considering $18.5 billion deal for Oncor 2 Min Read FILE PHOTO - Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach, California, U.S., October 25, 2016. Mike Blake (Reuters) - Elliott Management, the largest creditor of the bankrupt parent of Oncor Electric Delivery Co, said it was putting together an offer that values the utility at about $18.5 billion, including debt. Warren Buffett''s Berkshire Hathaway ( BRKa.N ) made a $9 billion offer on Friday for Oncor''s parent, Energy Future Holdings Corp, valuing the utility at $18.1 billion. Elliott, run by billionaire Paul Singer, said on Monday it was working on a $9.3 billion offer for Energy Future. In a letter to the board of Energy Future, Elliott said it would support a deal with Berkshire or a third party if those bids exceeded the value proposed by the hedge fund. "We fear that the Berkshire transaction does not provide such value," the hedge fund said. Elliott also said any transaction for Oncor other than one led by creditors would increase regulatory risks. ( bit.ly/2u94mMN ) Elliott''s bid would be a rare challenge to Buffett, who avoids auctions for companies and has told his investors he does not like to participate in bidding wars. Dallas-based Oncor delivers power to more than 3.4 million homes and businesses through roughly 122,000 miles (196,000 km) of transmission and distribution lines. Oncor did not immediately comment on Elliott''s letter, while Berkshire was not immediately available. Elliott declined to comment. (This version of the story corrects spelling of "Buffett" in paragraph 2) Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-oncor-m-a-elliott-idINKBN19V1JM'|'2017-07-10T18:34:00.000+03:00'
'1bc28d9544efb0fc4243885de87762d84234bd33'|'Dutch watchdog says Suzuki Vitara, Jeep Grand Cherokee may have violated emissions rules'|'ZOETERMEER, Netherlands Dutch prosecutors said on Monday they will investigate possible misuse of vehicle emissions software by Suzuki ( 7269.T ) and Fiat Chrysler''s ( FCHA.MI ) Jeep.They were responding after the Dutch road authority (RDW) found that the Jeep Grand Cherokee and Suzuki Vitara models produced unacceptably high levels of toxic emissions during road tests. The RDW said in a statement that its tests of more than a dozen car makers in the wake of the Volkswagen emissions scandal had singled out Jeep and Suzuki. It added that other manufacturers were not found to have violated regulations.The Dutch agency has been investigating what it called "impermissible defeat devices" for the past year, following the disclosure in the United States in 2015 that Volkswagen had used software to alter its emissions during testing.The RDW''s investigation was centered on nitrogen oxide emission levels in diesel cars that appeared much higher than legally allowed during road driving rather than under laboratory test conditions.The agency said that in all cases carmakers argued that the reason for the discrepancy was software intended to protect the motor from harm under certain conditions.Such software is permissible under current European law and the agency no longer refers to it as a "defeat device" but uses the term "impermissible software" for when the pollution seems out of proportion with any need to protect the engine."For the 14 other carmakers we were able to get to the core of the matter and ask all the questions that we wanted and got satisfactory answers," said Maarten Balk, Manager for Licensing and Supervision at the RDW. "But not for these two, up to the present." The RDW said Suzuki Vitaras appeared to emit much more nitrogen oxide after a short time on the road. The company has offered a fix and is currently rolling it out for the roughly 8,000 Vitara models on Dutch roads.The Jeep Grand Cherokee appeared to emit higher levels of pollutants when its engine was hot, the RDW said. There are very few of them in the Netherlands, and the model is no longer in production. Jeep has proposed a software fix for the Cherokees this month, but the RDW hasn''t had a chance to evaluate it yet.RDW Director Paul Dietz said that this is the first time his agency has taken such an action. He said the agency has no power to levy fines, that will be up to prosecutors. The RDW will continue to pressure the two firms to offer remedies and follow up to make sure the offending models are retrofitted.European cars in the future will have to comply with a road test, rather than a laboratory test, he said, removing the motive for installing software that tries to beat the test.(Reporting by Toby Steling; additional reporting by Bart Meijer.; Writing by Anthony Deutsch; Editing by Louise Heavens/Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-emissions-netherlands-idUSKBN19V1EL'|'2017-07-10T15:16:00.000+03:00'
'4367ff44774f00e290b1e90d9a0bdc07e825af88'|'With new Camry, Toyota eyes bigger share of ailing U.S. sedan market'|'Autos - Mon Jul 10, 2017 - 7:27am EDT With new Camry, Toyota eyes bigger share of ailing U.S. sedan market left right Toyota Camry sedan is seen at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 1/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, pose with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 2/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, pose with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 3/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, walk after posing with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 4/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, speaks at a news conference for Toyota Camry sedan''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 5/7 left right Masato Katsumata, chief engineer of Toyota''s Camry, speaks at a news conference for Toyota Camry sedan''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 6/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, speaks at a news conference for Toyota Camry sedan''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 7/7 TOKYO Toyota Motor Corp ( 7203.T ) on Monday said it was committed to the ailing U.S. sedan market and that it expected a new model of its Camry, the top-selling passenger car in the United States for decades, to help boost the company''s sales in the segment. The automaker said it was "inconceivable" that mid-size sedans would disappear from the market, and that any move by its rivals to stop selling what was once among the most popular vehicles would allow Toyota to boost its presence. Cheap U.S. gasoline prices have prompted drivers to opt for larger SUVs and pick-up trucks. Automakers have been scrambling to meet this growing demand and, as a result, sedans have been losing their share of the U.S. market for new car sales - at 38 percent now versus around 44 percent in 2015. "If other automakers left the sedan market to focus more on SUVs, that would be an opportunity to expand our market share of the segment," Camry''s chief engineer, Masato Katsumata, said at the launch of the latest Camry model in Japan. Sedans and smaller models are a key U.S. sales segment for Toyota. In the first half of 2017, they accounted for about 43.5 percent of Toyota''s total sales, versus 48.6 percent a year ago. Toyota is targeting monthly U.S. sales of 30,000 Camrys after the new model goes on sale in August. In June, it sold 29,463 units of the current Camry model in the United States, down 9.5 percent from a year ago. "Sedans are not a growth segment these days, but we want the new Camry to rehabilitate the segment," said Moritaka Yoshida, president of Toyota''s in-house mid-size vehicle company. (Reporting by Naomi Tajitsu; Editing by Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toyota-strategy-idUSKBN19V18R'|'2017-07-10T14:27:00.000+03:00'
'77aeeb2e4ecb7d328261e963a25e936831c56e9f'|'U.S. seeks funds tied to North Korea from eight big banks'|'  5:06am EDT U.S. seeks funds tied to North Korea from eight big banks By Jonathan Stempel U.S. authorities have tried to seize millions of dollars associated with several companies that deal with North Korea, including the country''s military, from eight large international banks, according to court filings made public on Thursday. The effort was revealed two days after North Korea tested a long-range missile capable of reaching Alaska, ratcheting up tensions with the United States and adding to worries about North Korea leader Kim Jong Un''s nuclear weapons plans. Thursday''s filings show that Chief Judge Beryl Howell of the federal court in Washington, D.C. on May 22 granted U.S. prosecutors'' applications for "damming" seizure warrants against Bank of America Corp, Bank of New York Mellon Corp, Citigroup Inc, Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co, Standard Chartered Plc and Wells Fargo & Co. Prosecutors believe the banks have processed more than $700 million of "prohibited" transactions on behalf of entities tied to North Korea since 2009, including the period after Donald Trump was elected U.S. president, the filings show. Some of the transactions were processed for Dandong Zhicheng Metallic Material Co and four affiliated "front" companies that prosecutors said tried to evade sanctions through transactions that would benefit North Korean entities, "including the North Korea military and North Korea weapons programs," according to the filings. A person answering the telephone at Dandong Zhicheng Metallic Material Co in northeastern China said the company was not aware of the case, and declined to comment. The company is based in Dandong, a city on the border with North Korea, where the majority of trade between the two countries takes place. On its Alibaba page, the company says annual revenue exceeds $100 million, and it has 12 years of experience in dealing with anthracite, briquettes and graphite. In a 2013 online profile for an industry conference in China, Dandong Zhicheng said it imported 1.8 million tonnes of North Korean anthracite coal, worth about $250 million. Although it did not give a timeframe, that figure makes the company one of the largest suppliers of North Korean coal to major steel producers such as China Minmetels and Hesteel Group. On February 18, China banned the import of North Korean coal for the rest of the year, and in April ordered trading firms, including Dandong Zhicheng, to return their North Korean coal cargoes, sources said at the time. Dandong Zhicheng and the alleged front companies were not the named defendants in the court papers made public. The filings did not say any of the banks knowingly violated sanctions against North Korea. Asked about the issue, Chinese Foreign Ministry spokesman Geng Shuang reiterated that any infringements of U.N. resolutions on North Korea would be dealt with according to Chinese law, and that China opposed "long-armed jurisdiction". In her decision, Howell authorized warrants requiring the eight banks to accept incoming transactions but not allow outgoing transactions involving the five companies for 14 days, and thereafter to seize what they collected. Howell, an appointee of President Barack Obama, overruled a federal magistrate judge''s May 2 refusal to authorize the warrants, saying prosecutors had probable cause to obtain them. She cited a government affidavit describing in "80 pages of detail" how the five companies conduct transactions "designed to conceal the true origin and destination" of funds being wired, "consistent with generalized patterns of North Korean money laundering" identified by multiple sources, including two North Korean defectors. Bank of America, Deutsche Bank, JPMorgan and Wells Fargo declined to comment. The other banks had no immediate comment or did not immediately respond to requests for comment. (Reporting by Jonathan Stempel in New York; additional reporting by Meng Meng and Ben Blanchard in Beijing and Adam Jourdan in Shanghai; Editing by Cynthia Osterman and Clarence Fernandez) A Bank Of America sign is pictured in the Manhattan borough of New York August 21, 2014. REUTERS/Carlo Allegri'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-northkorea-banks-idUSKBN19S014'|'2017-07-07T03:18:00.000+03:00'
'f50ae654269166c6c9b3d482a4763c978b47d85e'|'Air India break-up an option as Modi pushes for quick sale'|'July 9, 2017 / 3:51 PM / 4 hours ago Air India break-up an option as Modi pushes for quick sale Rupam Jain and Tommy Wilkes 5 Min Read An Air India aircraft takes off from the Sardar Vallabhbhai Patel International Airport in Ahmedabad, India, July 7, 2017. Amit Dave NEW DELHI (Reuters) - India is considering selling state-owned Air India in parts to make it attractive to potential buyers, as it reviews options to divest the loss-making flagship carrier, several government officials familiar with the situation said. Prime Minister Narendra Modi''s cabinet gave the go-ahead last month for the government to try to sell the airline, after successive governments spent billions of dollars in recent years to keep the airline going. Air India - founded in the 1930s and known to generations of Indians for its Maharajah mascot - is saddled with a debt burden of $8.5 billion and a bloated cost structure. The government has injected $3.6 billion since 2012 to bail out the airline. Once the nation''s largest carrier, its market share in the booming domestic market has slumped to 13 percent as private carriers such as InterGlobe Aviation''s IndiGo and Jet Airways have grown. Previous attempts to offload the airline have been unsuccessful. If Modi can pull this off, it will buttress his credentials as a reformer brave enough to wade into some of the country''s most intractable problems. His office has set a deadline of early next year to get the sale process underway, the officials said, declining to be named as they were not authorized to speak publicly about the plans. The timeline is ambitious and the process fraught, with opinion divided on the best way forward: should the government retain a stake or exit completely, and should it risk being left with the unprofitable pieces while buyers pick off the better businesses, officials said. Already, a labour union that represents 2,500 of the airline''s 40,000 employees has opposed the idea of a sale even though it is ideologically aligned to Modi''s Bharatiya Janata Party. Officials who have to make it happen are grappling with the sheer scale of the exercise. Air India has six subsidiaries – three of which are loss-making – with assets worth about $4.6 billion. It has an estimated $1.24 billion worth of real estate, including two hotels, where ownership is split among various government entities. No one has properly valued the company''s various businesses and assets before, two officials with direct knowledge of the process said. Earlier this month, about $30 million worth of art, including paintings by artist M. F. Husain, went missing from its Mumbai offices, chairman Ashwani Lohani said. "The exercise is complex and there is no easy way out," said Jitendra Bhargava, operational head of Air India in 1997-2010. "At this juncture, selling even part of Air India is far from certain." Lohani declined to comment on the sale process. The prime minister''s office and the civil aviation ministry also declined to comment. The Air India logo is seen on the facade of its office building in Mumbai, India, July 7, 2017. Danish Siddiqui Back to Tata? A committee of five senior federal ministers, led by Finance Minister Arun Jaitley, is expected to meet this month and begin ironing out the finer details of the plan. Besides deciding about the size of the stake sale, the panel will set the bidding norms. It will also take a call on the carrier''s debt, demerger and divestment of its three profit-making subsidiaries. Modi''s office has said the government has no business being in hospitality and travel, suggesting the prime minister wants to sell as much of Air India as possible, the officials said. Analysts say the government may prefer to keep the airline in Indian hands. At least two potential Indian suitors – the Tata Sons conglomerate and IndiGo - have shown early interest. The Air India logo is seen on top of its office building in Mumbai, India, July 7, 2017. Danish Siddiqui In recent weeks, officials in Modi''s office and from the civil aviation ministry met Ratan Tata, the patriarch of the $100 billion-a-year Tata Sons, to gauge the company’s interest in a deal, a close aide to Modi said. Tata would be an attractive buyer for the government. The company founded and operated Air India before it was nationalised in 1953. "Seems like Tata will come forward and make the best offer," the aide said, adding the government would be keen to see that jobs are not lost. Tata, however, already has two other airline joint ventures in India, and it''s not clear what parts of Air India it would be interested in. A Tata spokeswoman declined to comment. IndiGo said on Thursday it was interested in the international operations and in Air India Express, a low-cost carrier. Modi''s office has told officials to work out exactly how much each of Air India''s subsidiaries are worth to make it easier to break up the carrier if needed, two of the officials said. The government is expected to appoint outside consultants to help with the exercise. Anshuman Deb, aviation analyst at ICICI Securities, said splitting the airline will maximize value for the government. "Let us be realistic. It''s very clear that a single buyer cannot buy an entire state-owned company," said a senior aviation ministry official involved in the process. Reporting by Rupam Jain and Tommy Wilkes, with additional reporting by Manoj Kumar, Aditi Shah and Nidhi Verma; Editing by Paritosh Bansal and Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/air-india-privatisation-idINKBN19U0RH'|'2017-07-09T06:29:00.000+03:00'
'e1295e593a88f09023ded70972a72d2b370d7758'|'Google taps top law firms to fight EU regulatory battles: sources'|'Google has ramped up its legal firepower as it prepares to do battle with EU antitrust regulators after a landmark 2.4-billion-euro ($2.7 billion) fine and the possibility of a second record sanction before the end of the year.Alphabet unit Google, the world''s most popular internet search engine, is drawing on the expertise of at least five top law firms in Brussels to help it deal with its EU regulatory troubles, people familiar with the matter said.The EU competition authority hit the company with a 2.4 billion euro ($2.7 billion) penalty last month for unfairly favoring its shopping service.Antirust regulators are also weighing a record fine against Google over its Android mobile operating system and a third case involves its AdSense for Search platform.The Luxembourg-based General Court, Europe''s second highest, will be the first battleground for Google if, as expected, it challenges the European Commission''s June decision and potentially disruptive changes to its business practices.Cleary Gottlieb, Allen & Overy, Slaughter and May, Garrigues and White & Case have all been tapped by Google.Google did not immediately respond to an email for comment.The company''s decision to rely on a diverse range of lawyers makes sense because of the risks it faces, Ian Giles, a partner at London-based law firm Norton Rose Fulbright, said."Given the potential penalties and damages actions it faces, Google will want to invest in the best possible defense team, and direct legal costs will be a relatively minor consideration," he said."There may be simple capacity reasons as to why they are sharing the workload between a number of law firms, but there is also value to seeking a second opinion, reconsidering strategy, and bringing new ideas to the table," Giles said.Expect fireworks, economist Georgios Petropoulos at think-tank Bruegel said."There has been no similar case in European law in the past. It is a very challenging case and difficult to prove one or the other," he said, referring to issues such as market dominance, definition of the relevant market, among others.Google may also well be preparing for expensive litigation ahead from rivals that do not need to establish its liability following the Commission''s ruling on Google shopping."The (Commission''s mention of a) 45-fold increase in traffic to Google shopping and the 85 percent drop in traffic to some competitor sites suggest there is significant potential for such actions, as does the size of the penalty," Collyer Bristow lawyer Stephen Critchley wrote in a recent note.The legal battles will also provide helpful markers for the fast-moving tech industry and regulators struggling to impose old rules on new markets and dominant social platforms, said Petropoulos."We need some decisions on what is good and what is bad. All these will provide more clarity on how this market works," he said.Cleary Gottlieb is advising on the Google shopping case, Allen & Overy together with Cleary on the Android smartphone case and Slaughter and May on the AdSense case, the sources said.Garrigues and White & Case, which signed up former General Court judge Nicholas Forwood last year, are also providing competition advice.Forwood took part in the Luxembourg court''s 2007 and 2012 rulings on Microsoft, which did battle with the EU in several investigations that ultimately cost it more than 2.2 billion euros in penalties.($1 = 0.8784 euros)(Editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eu-google-lawyers-idUSKBN19V2EM'|'2017-07-10T21:22:00.000+03:00'
'fc895d3a4a92b86e4e2a9217438b6739df1dedab'|'Irish house prices post fastest annual growth in two years'|'July 11, 2017 / 10:18 AM / 26 minutes ago Irish house prices post fastest annual growth in two years Reuters Staff 1 Min Read Construction cranes are seen in the Irish Financial Services Centre in Dublin, Ireland April 24, 2017. Clodagh Kilcoyne DUBLIN (Reuters) - Irish residential property prices climbed 11.9 percent in the year to the end of May, the highest annual growth rate since April 2015, data showed on Tuesday. House price growth has been accelerating amid a chronic lack of supply and a surge in demand for mortgages following an easing of central bank lending rules and the introduction of a new government subsidy. Prices for houses outside of the capital grew 12.8 percent in the year to the end of May compared to annual growth of 11.2 percent in Dublin, the Central Statistics Office said. Reporting by Conor Humphries; Editing by Andrew Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-houseprices-idUKKBN19W0Z2'|'2017-07-11T13:18:00.000+03:00'
'c04a1e755d4c373c5190190e71cee744722bc1ae'|'British banks'' optimism slumps on Brexit uncertainty'|'Business News - Tue Jul 11, 2017 - 12:03am BST British banks'' optimism slumps on Brexit uncertainty The City of London is seen from Canary Wharf, Britain May 17, 2017. REUTERS/Stefan Wermuth - RTX366N3 LONDON Optimism about the business environment among Britain''s financial services firms declined in the second quarter of this year, according to a survey published on Tuesday. The latest quarterly survey of 94 financial services firms by business lobby CBI and consultancy PwC found sentiment about Britain''s overall business climate deteriorating, with banks and life insurers especially pessimistic. The report adds to a string of lacklustre data showing the British economy weakening. Optimism in the financial services sector - Britain''s biggest source of tax revenue - has now declined in five out of the last six quarters. "Whilst business activity is holding up strongly, optimism took another dive, which likely reflected a mix of Brexit uncertainty and concerns that financial market conditions could tighten," said Rain Newton-Smith, CBI chief economist. Britain will have to negotiate new trading terms with the EU and it is unlikely banks will retain access to sell their services and serve clients across the economic bloc. The largest global banks in London plan to move thousands of jobs to the continent in the next two years. Firms expect to cut back on most forms of capital spending, the survey showed. (Reporting by Andrew MacAskill; editing by Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-outlook-idUKKBN19V2TB'|'2017-07-11T02:03:00.000+03:00'
'1e744fa571d235d69caca26bf6f7f41f20b87440'|'BlackRock takes options to calm Brexit nerves despite pound positivity'|'Business News - Tue Jul 11, 2017 - 9:00am EDT BlackRock takes options to calm Brexit nerves despite pound positivity FILE PHOTO - The BlackRock logo is seen at the BlackRock Japan headquarters in Tokyo, Japan, October 20, 2016. REUTERS/Toru Hanai LONDON BlackRock, the world''s biggest asset manager, is taking some exposure to the pound through options markets for fear of what months of messy Brexit talks may bring, although it maintains the currency is fairly valued. Scott Thiel, BlackRock''s Deputy Chief Investment Officer for global fundamental fixed income, said the money manager was buying option "calls", which entitle it to buy at around current levels rather than through spot purchases. "We remain constructive on sterling around current levels as we believe it is fairly valued, though given the headline risks around Brexit negotiations, our positioning is through buying call options," Thiel told Reuters on Tuesday. He declined to specify at what rates BlackRock was buying the options, beyond saying it was at "around current levels". Very low global market volatility has also made buying options on the pound far cheaper than they were last year, when sharp price swings were the norm. GBP1MO= The pound fell by as much as 20 percent in the aftermath of last year''s shock vote to leave the European Union, trading as low as $1.15, but it has steadied in recent months and was trading at around $1.2906 on Tuesday. However, there are still considerable nerves around the currency with surveys showing that major companies have curbed investment plans and consumers spent less on credit cards in anticipation of a rough economic period ahead. A threat by the Bank of England to raise interest rates is also broadly seen as reflecting concerns over the pound''s value. RBC strategists recommended a "short" sterling trade against the U.S. dollar this week, targeting $1.2635, while the latest Commodity Futures Trading Commission data for the week ending July 3 point to still sizeable short bets against the pound. (Reporting by Saikat Chatterjee; editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-britain-sterling-blackrock-idUSKBN19W1FL'|'2017-07-11T16:00:00.000+03:00'
'564bc2565e1b70d713c1f525835cf8e082042a06'|'Asian shares edge up as investors await Yellen testimony'|'Business News - Tue Jul 11, 2017 - 12:17pm EDT Dollar hits four-month high versus yen, stocks slide left right FILE PHOTO: A U.S. five dollar note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo 1/2 left right People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo 2/2 By Herbert Lash - NEW YORK NEW YORK The dollar hit a four-month high against the yen but global equity markets turned lower on Tuesday as investors awaited testimony by Federal Reserve Chair Janet Yellen this week and any signs of tighter U.S. monetary policy. MSCI''s measure of stock performance world-wide stock initially rose, lifted by expectations of robust global growth. U.S. stocks reversed early gains to edge lower after President Donald Trump''s eldest son released an e-mail chain related to a meeting with a Russian lawyer linked to the Kremlin during last year election campaign. "People are worried that it just means more political uncertainty, and sort of a continuation of the stalemate in Washington, a continuation of the delay in trying to get the Trump agenda passed through Congress," said Robert Pavlik, chief market strategist at Boston Private Wealth in New York. Europe''s main bourses earlier had faltered despite a fresh flurry of M&A activity. [.EU] The dollar initially edged higher against a basket of currencies on the back of the past fortnight''s 25 basis-point rise in the yield of benchmark 10-year U.S. Treasury bonds. Interest rates are on the rise globally as the Fed is expected to tighten further this year, the Bank of Canada will likely raise rates this week, comments suggest tighter European Central Bank policy and chatter from the Bank of England. "For the first time in a very long time, you have a number of central banks directionally tightening their monetary policy. So this is putting upward pressure on interest rates and the U.S. dollar," said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. A stronger dollar and rising rates are creating a push and pull in equity market leadership, Arone said. Value-oriented equities and more cyclical sectors are doing well, but when these come under question, more growth-oriented stocks, such as technology, or more income-oriented sectors, like utilities and staples, do well, he said. "You have this real tug of war between these two camps and it''s unclear right now how we''re going to come out of that," he said. MSCI''s all-country world stock index .MIWD PUS fell 0.11 percent, while the pan-European FTSEurofirst 300 index .FTEU3 of leading regional shares slid 0.71 percent to a provisional close of 1,490.15. Wall Street was down, but well off its lows of the session. The Dow Jones Industrial Average .DJI fell 3.72 points, or 0.02 percent, to 21,404.8. The S&P 500 .SPX lost 4.83 points, or 0.20 percent, to 2,422.6 and the Nasdaq Composite .IXIC added 1.99 points, or 0.03 percent, to 6,178.38. The Japanese yen JPY= gained 0.11 percent versus the greenback at 114.16 per dollar. The dollar index .DXY reversed course to fall 0.04 percent, while the euro EUR= rose 0.26 percent to $1.1429. Euro zone bond yields resumed their march upwards as the focus shifted to the pace of monetary tightening and when the U.S. central bank might start unwinding its massive balance sheet. Germany''s 10-year yield edged up 1 basis point to 0.55 percent DE10YT=TWEB, reversing some of a near 4 basis point fall on Monday, its biggest daily drop in around a month. Yields across the bloc fell on Monday, retracing some of a sharp rise seen over the last two weeks in which the benchmark German 10-year yield has more than doubled on the growing view that the European Central Bank will begin reining in its ultra-loose policy sooner rather than later. U.S. Treasuries edged higher in quiet trading, tracking modest gains in Europe, as investors focused on a key testimony from Yellen in Congress, which could shed more light on the pace of U.S. monetary tightening. Yellen will deliver her semi-annual monetary policy testimony before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday. Benchmark 10-year Treasury yields rose to 2.383 percent US10YT=RR from 2.371 percent late on Monday. Crude oil was higher. Benchmark Brent crude LCOc1 rose 31 cents to $47.19 a barrel. U.S. light, sweet crude CLc1 rose 30 cents lower to $44.70. (Reporting by Herbert Lash; Editing by Nick Zieminski)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-global-markets-idUSKBN19W02G'|'2017-07-11T04:56:00.000+03:00'
'ada3e8a02dbcee628ae36dc20be0ac815053a25c'|'Russian oligarch Vladimir Yevtushenkov falls from grace, again'|'HE WAS back in favour, or so it appeared. After spending several months under house arrest in late 2014, Vladimir Yevtushenkov, a Russian oligarch, relinquished control of Bashneft, a midsized oil firm, to the state. “If you like another company tomorrow and want to take it, you are welcome,” he told Vladimir Putin at the time, he later recalled. The president publicly gave his approval to Sistema, Mr Yevtushenkov’s conglomerate, shares in which had plunged. Mr Yevtushenkov subsequently appeared at annual Kremlin receptions and late last year joined a presidential delegation to Crimea.Now he is under pressure again, facing a lawsuit from Rosneft, a state-run oil giant, which is demanding 171bn roubles ($2.8bn) in damages. Rosneft’s boss is Igor Sechin, a Putin confidant, who many in Moscow reckon orchestrated the initial 2014 case against Mr Yevtushenkov as well. (Rosneft and Mr Sechin have denied any involvement in it.) Late last year, Rosneft purchased Bashneft from the state for $5.3bn. It now claims that Sistema inappropriately took assets in a restructuring of Bashneft. a day ago Why The case attests to Rosneft’s appetite for deals, as well as to Mr Sechin’s clout. Since acquiring Bashneft, Rosneft has sold a 19.5% stake in itself to Glencore, a Swiss-based commodities firm, and the Qatar Investment Authority for €10.2bn ($11bn), despite being a target of American sanctions. Mr Sechin also just concluded a deal worth $12.9bn to acquire India’s Essar Oil. A Rosneft spokesman, Mikhail Leontyev, says “there’s nothing personal” about its case against Mr Yevtushenkov’s firm, even if many in Moscow’s business community see the affair as a clash of titans.The assets that Sistema is alleged to have taken from Bashneft include an energy supplier held by a subsidiary. Rosneft also asserts that Bashneft incurred damages as a result of Sistema’s decision to buy out Bashneft’s minority shareholders during the 2013-14 restructuring and because it cancelled some treasury stock in the firm. Sistema calls the case “groundless”. Under its ownership, it notes, Bashneft’s market value rose eightfold and its production of oil rose by nearly half. “Investors were largely happy,” says Andrey Polischuk, an oil-and-gas analyst at Raiffeisen Bank.Investors in Russia will watch the suit closely. It underlines the frailty of property rights, says Oleg Kouzmin, an economist at Renaissance Capital, an investment bank in Moscow. Sistema’s shares lost more than one-third of their value the day after the suit was filed in early May. Late last month a court seized as collateral Sistema’s shares in MTS, Russia’s largest mobile operator; in Medsi, a private medical clinic; and in an electrical company in Bashkiria.The conflict also hints at rising tensions inside Russia’s elite as the economy continues to sputter. The chieftains are fighting each other, observes Mikhail Krutikhin of RusEnergy, a consultancy. Russia’s formal institutions have long had a tendency to falter, but a system of unwritten rules, known as ponyatiya , understood both by local players and foreigners, has helped govern business dealings. Thus Mr Yevtushenkov, who is loyal to the Kremlin and stays out of politics, was widely considered to be in favour before his initial arrest. His reconciliation with Mr Putin was expected to put him back on firmer ground. As Sistema’s CEO, Mikhail Shamolin, said recently, “In terms of ponyatiya , there are no claims to be made against us.”“It is unclear what the rules are now,” laments Konstantin Simonov, head of the National Energy Security Fund, a consultancy. Independent members of Sistema’s board have asked the Kremlin to act as an arbiter, but Mr Putin has largely remained silent on the matter. Some people say the conflict is a new version of the corporate-raiding culture of the 1990s, but carried out with lawyers and court briefs instead of the earlier period’s methods, including henchmen toting Kalashnikovs.This article appeared in the Business section of the print edition under the headline "Russian brawl"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21724865-case-rosneft-against-his-conglomerate-worries-investors-russian-oligarch-vladimir?fsrc=rss'|'2017-07-06T22:49:00.000+03:00'
'b03e220044a606c2edf95af802825d1d9f594ee9'|'Euronext CEO sees growing momentum for new stock listings'|'AIX-EN-PROVENCE Euronext''s ( ENX.PA ) chief executive Stephane Boujnah sees a growing momentum for new stock listings in the second half of the year, following the French and Dutch elections, he said on Sunday.Euronext saw 15 companies making their debut on its four stock exchanges over the first half of the year, raising 2.7 billion euros ($3.1 billion). That was the same number as the first half of 2016, with 3.2 billion euros raised."There are many operations (listings) that have been postponed," the CEO said, citing the French and Dutch elections as the reason."I am extremely confident over the second-half," Boujnah said in an interview at a business conference in the French southeastern city of Aix-en-Provence.The group, which owns stock exchanges in Paris, Amsterdam, Lisbon and Brussels, has trimmed its costs since its own share listing in 2014 and wants to use its firepower to better compete with bigger rivals London Stock Exchange Group ( LSE.L ) and Deutsche Boerse ( DB1Gn.DE )."Our ambition is to deploy the balance sheet we have... to make significant acquisitions that would allow to diversify our revenue base," Boujnah said, adding Euronext had the financial leeway to spend between 1 billion to 1.5 billion euros on acquisitions.Earlier this year, Euronext had agreed to buy Paris-based clearing house LCH SA for 510 million euros ($538 million), pending a Deutsche-Boerse-LSE tie-up agreement. The merger between the two stock exchanges fell through and so did the LCH SA acquisition as a result.Euronext has made minor acquisitions this year.It bought FastMatch, an electronic communication network in the spot foreign exchange for $153 million, invested $10 million in the stake of fixed income technology provider, Algomi, and 3.6 million euros ($4.10 million) in Webcast, a Dutch company specialized in professional webcast and webinar services.($1 = 0.8772 euros)(Reporting by Mathieu Rosemain, Gwenaelle Barzic, Leigh Thomas; Additional reporting by Maya Nikolaeva; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-euronext-ceo-ipo-idUSKBN19U0JH'|'2017-07-09T15:40:00.000+03:00'
'ead25f2143371e802b8952cf2abd712fcc649fff'|'Oil could hit $60 before year-end - Barron''s, citing Citi analyst'|'Business News - Sun Jul 9, 2017 - 6:45pm BST Oil could hit $60 before year-end - Barron''s, citing Citi analyst The word oil is pictured on an oil bank at a recycling yard in London March 2, 2011. REUTERS/Stefan Wermuth Accelerating world oil demand and reduced supply from the Organization of the Petroleum Exporting Countries (OPEC) could push crude prices up to $60 a barrel before the end of the year, according to a report from Barron''s. The report cites research from Citigroup senior energy analyst Eric Lee, who previously called for a bear market in oil when the price was above $100. The decline in recent weeks to a low of just over $44 for Brent crude LCOc1, the international benchmark, has made Lee a short-term bull, Barron''s notes. Lee projects demand of 97.3 million barrels a day in 2017, a record high, up from 96 million in 2016, driven largely by emerging market countries such as China and India. Simultaneously, reduction in supply from OPEC of about 0.7 million barrels a day versus the 2016 average should drive the price up before the end of the fourth quarter. A decline in global oil inventories began after the first quarter, and Lee projects that it will continue at an accelerated rate through the end of this year. Oil prices settled nearly 3 percent lower on Friday as rising U.S. production and an increase in OPEC exports to a 2017 high cast doubt on efforts by producers to curb a persistent glut. [O/R] On Friday Reuters data showed that OPEC production is now at the highest level of the year. [nL8N1JV21D] Matt Smith, director of commodity research at Clipperdata, said OPEC exports were 2 million barrels per day (bpd) higher last month than in June 2016, despite the extension of OPEC''s 1.8 million bpd production cut. Lee notes that oil speculators ignored details of OPEC''s agreement, which ordered cuts to begin at the end of 2016 rather than when the accord was announced. That allowed participants to ramp up production during negotiations, which meant the cuts were struck from a higher base. As for supply from the United States, Lee says continued pumping by producers will keep prices from skyrocketing back towards $100 a barrel, but their presence is unlikely to prevent an upward move in oil for the remainder of the year. Following the jump to $60 Lee expects prices to remain flat heading into 2018, as the supply side catches up with demand. Barring major political disruptions from petroleum-producing nations, he expects the price of crude probably will not rise much above $60. (Reporting by Dion Rabouin; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-oil-prices-idUKKBN19U0UP'|'2017-07-09T20:45:00.000+03:00'
'fd44efc344eaefc83e90a9bae8b0ddb054709d75'|'Asian shares edge up as investors await Yellen testimony'|'July 11, 2017 / 1:03 AM / in 43 minutes Global Markets: Asian shares rise as investors await Yellen testimony Lisa Twaronite 4 Min Read A man walks past an electronic board showing stock prices outside a brokerage in Tokyo, Japan, January 4, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Asian shares extended gains on Tuesday and the dollar notched a four-month high against the yen, as investors awaited testimony from Federal Reserve Chair Janet Yellen for clues on when the central bank would tighten U.S. monetary policy. In Europe, futures for the Eurostoxx 50 and the DAX were both up 0.3 percent, while the FTSE was 0.2 percent higher. MSCI''s broadest index of Asia-Pacific shares outside Japan was up 0.8 percent, with technology-led gains on Wall Street sparking sentiment toward Asian tech shares. Japan''s Nikkei stock index ended up 0.6 percent, buoyed by the weaker yen, while Australian shares erased losses and ended slightly higher. "Except for worries about North Korea, the situation in Asia is calm at the moment, and this is giving some relief to investors," said Kyoya Okazawa, head of global markets, Japan and Korea, at BNP Paribas. "The dollar has risen above the 114 level, and this is lifting Japanese shares," he said. In China, the blue-chip CSI300 index rallied 1 percent in afternoon trade, while the Shanghai Composite Index turned positive and was 0.2 percent higher. The dollar index, which tracks the greenback against a basket of six major rivals, added 0.2 percent to 96.183 ahead of Yellen''s semi-annual monetary policy testimony before Congress on Wednesday and Thursday. San Francisco Federal Reserve President John Williams said Tuesday in Sydney that it was a reasonable view to expect one more rate hike this year, and his own view was to start adjusting the central bank''s balance sheet in the next few months. "Normalisation of monetary policy in the coming months is almost priced in, and the Fed will start shrinking its balance sheet in September, and this does not necessarily mean a delay of rate hikes," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo. "This is supporting the dollar as a positive factor, and limiting its downside at the moment," he said. "I think Yellen will confirm that rate hikes are coming, and that balance sheet shrinkage will come." Against its Japanese counterpart, the dollar added 0.4 percent to 114.47, its highest level since mid-March. The euro inched 0.1 percent lower on the day to $1.1385. The Canadian dollar was down slightly against its U.S. counterpart as investors awaited a Bank of Canada interest rate decision on Wednesday. Forecasters are divided on whether the central bank will raise rates but data from the overnight index swaps market shows that money markets are almost fully priced for an increase, while an 80 percent chance of a second hike has been implied by December. Crude oil prices extended their overnight gains, even as increased drilling activity in the United States and uncertainty over Libyan and Nigerian production cuts clouded the future supply outlook. U.S. crude futures rose 0.2 percent to $44.49 a barrel after adding 0.4 percent on Monday, while Brent crude was also 0.2 percent higher at $46.96. Spot gold edged 0.2 percent lower to $1,212.13 an ounce, moving back toward near four-month lows touched in the previous session. Reporting by Lisa Twaronite; Editing by Sam Holmes and Jacqueline Wong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN19W02M'|'2017-07-11T03:59:00.000+03:00'
'29560c6631ec651658b075d93f1fd2e8e3c2a8aa'|'NRG Energy targets asset sales of up to $4 bln'|'July 12, 2017 / 11:37 AM / an hour ago NRG Energy targets asset sales of up to $4 bln 1 Min Read July 12 (Reuters) - NRG Energy Inc, the largest independent U.S. power producer, said on Wednesday it was targeting asset sales of up to $4 billion, as part of a three-year restructuring effort to cut costs. The sale would include divestiture of 50 to 100 percent of the company''s interest in NRG Yield Inc and its renewables platform, the company said in a statement. NRG had appointed two directors in February and agreed to cut costs and sell assets in a deal with activist investor Elliott Management and private equity firm Bluescape Energy Partners. The funds have an 8.2 percent stake in the company. (Reporting by John Benny in Bengaluru; Editing by Arun Koyyur) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nrg-energy-divestiture-idUSL4N1K33UK'|'2017-07-12T14:35:00.000+03:00'
'7c786c19d6ebc1e994cfefa9535dd182bfd81b6d'|'GM''s judgment day: How two Venezuelan car dealers seized an auto factory'|'July 12, 2017 / 5:16 AM / 37 minutes ago GM''s judgment day: How two Venezuelan car dealers seized an auto factory Brian Ellsworth 8 Min Read FILE PHOTO: The GM logo is seen at the General Motors Assembly Plant in Valencia, Venezuela April 21, 2017. Marco Bello/File Photo CARACAS (Reuters) - Venezuela''s government has seized assets from dozens of foreign corporations in nationalizations by the late President Hugo Chavez and the embattled current government of Nicolas Maduro. The man behind the confiscation of General Motors Co’s $100 million assembly plant in April is a much more obscure figure: Kaled Kansao, the owner of two long-defunct GM dealerships. Kansao convinced a court to seize the plant as the remedy for a relatively small-time business dispute - over GM''s termination of his franchises - that mushroomed into a 17-year court battle. The legal fight that pushed GM out of Venezuela offers a unique case study in the struggles of foreign corporations to keep operations afloat - much less turn a profit - amid the OPEC nation''s economic and political chaos. The seizure stands out because it stems from a dispute with private citizens rather than the government, highlighting yet another risk of doing business in Venezuela – the specter of debilitating legal judgments, said Francisco Martinez, president of Venezuela''s main business organization, Fedecamaras. "It would be impossible to say that the legal proceedings against General Motors had any legal logic," Martinez said. "Venezuela does not provide even the most minimal guarantees with respect to investment or private property." The Venezuelan government''s Information Ministry did not respond to a request for comment. Venezuela ranked 187 out of 190 countries in the World Bank''s 2017 Ease of Doing Business report, which evaluates countries'' regulatory systems. Only Eritrea, Libya and Somalia scored worse. Under Chavez, the socialist firebrand who died in 2013, some asset seizures featured gun-wielding soldiers and live television broadcasts. The GM case had its own less publicized drama, including dueling allegations of courthouse misdeeds; recusals by judges citing security concerns; a dispute over 158 vehicles that GM says "vanished"; and mysterious damage calculations awarding the dealers thousands of cars. GM stopped producing vehicles here in 2015 amid a lack of access to supplies. But the judgment appears to have doused any remaining hopes that it will produce cars again in Venezuela anytime soon. The company terminated the plant''s 2,700 workers after the decision. In its initial announcement in April, GM did not connect the plant seizure to the dealers'' lawsuit, saying only that the facility was "unexpectedly" seized by "public authorities." In response to inquiries from Reuters, the company provided a detailed history of its frustrations with the proceedings, which it called "absurd" and rife with "irregularities." In the end, a civil court in the western state of Zulia granted the dealers'' request to attach GM assets worth up to about $115 million. Venezuelan law requires the court to auction off the factory to satisfy the judgment. In the meantime, it ordered GM to pay the dealers to pay an "occupation fee" that at the time equated to about $36,000 a month - in effect, rent on its own plant. "The illegal and outrageous seizure was the final act of a series of unfortunate events beyond GMV''s control," GM told Reuters, referring to its Venezuela subsidiary. GM did not respond to questions about whether it had any intention of paying the court judgments or trying to regain control of the factory. In a May press statement, Kansao and his business partner, Elena Rodriguez, accused GM of perjury, influence trafficking, and violation of the United States Foreign Corrupt Practices Act, without offering evidence. GM has ignored court rulings because it believes "might is right as a law," Kansao told Reuters. Idled Workers Collect Salaries Back in 2000, Kansao and Rodriguez operated two GM dealerships that had originally been founded by Kansao''s father. In an interview, Kansao said GM arbitrarily stripped him of his franchise, which he said brought "tragedy and calamity" on his family. FILE PHOTO: A water tank with the GM logo is seen at the General Motors Assembly Plant in Valencia, April 21, 2017. Marco Bello/File Photo GM said it terminated the agreement for a range of reasons, including the dealers'' failure to meet a minimum monthly sales average of 25 vehicles. Nearly two decades later, the dealers'' hopes of collecting on the judgment now hinge on whether a court-ordered auction attracts a buyer - an unlikely prospect in a nation where the auto industry has all but collapsed. Chronic shortages of hard currency have left automakers unable to import parts, while triple digit inflation has left would-be customers struggling to buy basics like food and medicine. In 2016, output at Venezuela''s seven biggest auto plants had dropped below 3,000 cars, down from a peak of 172,000 vehicles in 2007 – 79,000 of those from GM, according to auto industry group Cavenez. Labor laws dictate that the dealers would also have to wait behind GM workers - who contend they are owed severance payments - to collect any proceeds from a factory auction. GM did not respond to questions about workers'' severance. The automaker had agreed with union leaders to continue paying workers after the plant stopped making cars, said Adan Tortolero, one of several union leaders at the defunct plant. FILE PHOTO: The GM logo is seen at the General Motors Assembly Plant in Valencia, April 21, 2017. Marco Bello/File Photo GM tried to shed that obligation last year by offering buyouts of about $3,500 per worker, Tortolero said, but workers spurned the offer because it seemed small in comparison to the pay and benefits the workers had previously enjoyed. One lucrative perk was the right to buy two factory cars every year at government-regulated prices that were well below their actual market value. The regulated prices were theoretically available to anyone, but because demand for cars far outstripped supply, most buyers had to get waiting lists – which usually required large under-the-table payments. GM employees had been among the first in line to buy the cars at regulated prices, which allowed them to sell the vehicles at a steep premium. 9,725 Cars In 2007, the Zulia court ordered the automaker to compensate the plaintiffs with 9,725 vehicles, according to the decision, which offered no explanation for that number of cars. It did require the plaintiffs to pay GM for the vehicles, but only after they were sold. Asked to provide evidence that the proceedings had been corrupted, GM pointed out that six judges and two court employees had recused themselves, with most citing "threats and personal security concerns." It also said that the court failed to enforce an order preventing the dealers from selling 158 cars that they seized during the dispute. GM said those vehicles later "vanished," and the dealers never paid for them. Kansao and Rodriguez did not respond to questions about the 158 cars. The case bounced through different courts for the next decade until April 4 of this year, when the Zulia court authorized the plaintiffs to encumber GM assets worth up to 477 billion bolivars - at the time worth about $115 million - as leverage to collect a cash judgment of half that amount. The court based the compensation on the full value of the 9,725 cars - rather than the much smaller profit the dealers would have made selling them, GM said. But the legal victory may have little payoff in reality, just as GM''s losses may be largely symbolic - given that it hasn''t produced or sold cars in Venezuela since 2015. Asked what sort of buyer the factory might attract in a government auction, Kansao responded: "Only God knows that." Additional by Eyanir Chinea and Corina Pons in Caracas; Editing by Brian Thevenot 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-gm-venezuela-idUSKBN19X0FS'|'2017-07-12T08:15:00.000+03:00'
'2afd5fc362b425f288a01b5d8741a028051a55ad'|'Miners, banks lift European shares; Pearson jumps after Penguin stake sale'|'Market News - Tue Jul 11, 2017 - 3:26am EDT Miners, banks lift European shares; Pearson jumps after Penguin stake sale LONDON, July 11 European shares made modest gains for a second session on Tuesday as strength among miners and banks lent a helping hand. The pan-European STOXX 600 edged up 0.3 percent, in line with euro zone stocks and blue-chips, in muted trading punctuated by early earnings updates and more corporate dealmaking activity. Basic resources stocks supported the index, up 1 percent, with Anglo American the top FTSE gainer. Pearson gained 2.6 percent, a top STOXX riser after it sold 22 percent of its stake in publisher Penguin Random House, to bolster its balance sheet and return 300 million pounds ($386 million) to shareholders. Marks & Spencer reported a rise in full-price sales, but its shares fell 0.6 percent, partly on the back of underwhelming food sales. Rivals Tesco and Morrisons rose more than 1 percent. Construction equipment company Travis Perkins was lifted by a positive update from peer Galliford Try, which said it saw full-year profit at the top end of guidance. Broker notes also spurred some moves, with semiconductor makers STMicro and AMS top gainers after JP Morgan raised the Italian semiconductor maker to ''overweight''. Among the top individual drags on the STOXX 600 were Randstad and Adecco, targeted by Deutsche Bank in a note on staffing firms. Analysts at Deutsche cut ratings for the world''s two largest staffing firms, saying current employment levels in the U.S. and Europe were associated with peaking 12-month investor returns. (Reporting by Helen Reid, Editing by Vikram Subhedar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1K20ZO'|'2017-07-11T10:26:00.000+03:00'
'd7042b5314842a97afeae8202becfea0b17cb2d4'|'Siemens rethinks some Russian business after turbines moved to Crimea - source'|'Edition United States July 11, 2017 / 12:08 PM / a minute ago Siemens rethinks some Russian business after turbines moved to Crimea: source Reuters Staff 3 Min Read Siemens AG logo is seen during official opening of headquarters in Munich, Germany, June 24, 2016. Michaela Rehle MUNICH, Germany (Reuters) - Siemens ( SIEGn.DE ) is rethinking some of its business connections in Russia after two of its gas turbines turned up in Crimea, a region subject to EU sanctions on energy technology, a company source familiar with the matter told Reuters on Tuesday. The German industrial group supplied the turbines for a project in Russia but said on Monday that at least two of them had been moved to Crimea without its knowledge and against its will, confirming an exclusive Reuters report. Russia annexed the Black Sea peninsula from Ukraine in 2014 in what the European Union considers a breach of international law. "We have to think what this means for our relations to Russia," the company source said, asking not to be named because of the delicacy of the matter. "We can''t simply go back to business as usual." "One has to keep a cool head but act responsibly," the person said on Tuesday. "There must be a certain effect on particular connections." The source declined to say whether this could affect Siemens'' joint venture with Russian Power Machines, Siemens Gas Turbine Technologies LLC, which built the turbines that have ended up in Crimea. A spokesman for Siemens declined to comment. Germany''s ambassador said that Russia will have seriously hurt its prospects for investment if it is confirmed that the Siemens-made turbines have been delivered to Crimea, Interfax news agency reported. Siemens said on Monday it would press criminal charges over the moving of its turbines from Russia to Crimea, and would seek to have them returned to Taman, their original destination. "Siemens insists categorically on full compliance with all export control restrictions for itself and also at its partners and customers. In addition, Siemens is evaluating what additional actions are possible," it said. Siemens made about 1.2 billion euros ($1.4 billion) in sales in Russia last year, roughly 2 percent of its total revenue. It is active primarily in energy and transportation and has said it indirectly employs 48,000 people in the country. Chief Executive Joe Kaeser met President Vladimir Putin several times in his first year after becoming CEO in 2013, and attracted wide criticism for a visit just after Russia''s 2014 annexation of Crimea. At the time, he reaffirmed his commitment to Russia, where Siemens has been present for almost 170 years and has invested about a billion euros ($1.14 billion) in the past decade, saying the relationship would not be sidetracked by "short-term turbulence". Reporting by Alexander Huebner; Writing by Georgina Prodhan; Editing by Sabine Wollrab and Philippa Fletcher 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ukraine-crisis-crimea-siemens-idUKKBN19W1AG'|'2017-07-11T15:03:00.000+03:00'
'd4325ec9719cdf3fed996c665ab732a8c79d02df'|'German economy to grow at accelerated pace in the second-quarter - EconMin'|'July 13, 2017 / 8:01 AM / 36 minutes ago German economy to grow at accelerated pace in the second-quarter - EconMin Reuters Staff 2 Min Read Containers are pictured at a loading terminal in the port of Kiel, Germany, January 25, 2017. Fabian Bimmer BERLIN (Reuters) - The German economy will continue to enjoy solid growth in the second quarter, driven by soaring private consumption and higher construction activity while net foreign trade is unlikely to add to the expansion, the Economy Ministry said in Thursday. Europe''s biggest economy grew by 0.6 percent in the first quarter - faster than in the prior quarters - and analysts expect gross domestic product (GDP) to grow at least by the same rate in the April-June period. "The German economy is continuing its accelerated upswing - in the second quarter too," the ministry said in its monthly report. "German exports are currently benefiting from a revival of world trade. But they are likely to grow less sharply in adjusted terms than imports, which are also heading upwards," the ministry added. This showed how the current account surplus was continuing its slow downward trend, which started in mid-2016, it said. Industrial output has risen for five months in a row since the beginning of the year and sentiment indicators such as the closely watched Ifo index suggest that business morale has reached record highs, the ministry said. "Consumer prices continue to rise significantly. Still, consumer spending keeps on increasing in real terms," it said, adding that employment levels were rising, albeit at a slower pace. Reporting by Michael Nienaber; Editing by Paul Carrel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-report-idUKKBN19Y0PM'|'2017-07-13T11:00:00.000+03:00'
'2c85d6972bea624fa21eab20a86e5f1639823cb3'|'Rise in credit card default rate adds to concerns over household finances - Money'|'The number of people defaulting on their credit card bills and personal loans jumped in the three months to the end of June, according the Bank of England , underlining the pressure on household budgets as prices rise faster than wages.Default rates “increased significantly” between April and June, and lenders expect rates to increase further on credit card lending in the third quarter, the Bank said in its latest credit conditions survey.It comes as family finances are put under increasing strain by a sustained period of falling real pay, as inflation outpaces wage growth , shrinking disposable incomes. The sharp fall in the value of the pound since the Brexit vote a year ago has driven up the cost of goods imported from abroad and led to higher prices in the shops.UK pay squeeze intensifies as real wages continue to fall Read more The survey also revealed that banks were planning to reduce credit availability this summer as lenders adopt a more cautious approach about approving new loans, reflecting caution over Britain’s economic prospects.Lenders reported they would offer less “secured credit”, such as mortgages, over the next quarter. This will particularly affect people who only have a small deposit for their house.Howard Archer, the chief economic adviser to forecasting group EY Item Club, said it was crucial that banks acted responsibly at a time when consumer finances were stretched. “The Bank of England will likely see the report as indicating that lenders are moving in the right direction in their lending to consumers, but that pressure must be maintained on banks to act responsibly especially given the weakened economic outlook and squeeze on consumers’ finances,” he said.The Bank said: “The availability of secured credit to households was reported to have increased in the three months to mid-June 2017, driven by lenders’ market share objectives. But lenders expect availability to fall slightly over the next three months to mid-September, reflecting a changing appetite for risk.“Lenders expect that slight reduction in availability to affect only borrowers with loan-to-value ratios of more than 75%, and in particular those with a LTV ratio of more than 90%.”The Bank last month told banks they must hold more capital on their balance sheets to put them in a stronger position to deal with the potential fallout from a surge in consumer debt, which has been driven by higher levels of credit card borrowing, car finance and personal loans.Archer said both banks and consumers needed to prepare for higher UK interest rates, which were last raised in July 2007 before the global financial crisis took hold. Rates are currently at an all-time low of 0.25%, but the debate has picked up in recent weeks about the appropriate timing of a rate hike . “Lenders and consumers both need to take on board the increased possibility that the Bank of England could shortly raise interest rates,” Archer said. “While any interest rate hike would be small with further increases some way off, even small increases could cause problems for many consumers given high borrowing levels.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jul/13/rise-in-credit-card-default-rate-adds-to-concerns-over-household-finances'|'2017-07-13T21:00:00.000+03:00'
'f5cc55db3afbbd05b48b8295bd8b77dcca21c0dc'|'Eurofer ups EU steel demand forecast, warns on ''disastrous'' U.S. tariff plan'|'Business News - Mon Jul 10, 2017 - 9:15am EDT Eurofer ups EU steel demand forecast, warns on ''disastrous'' U.S. tariff plan FILE PHOTO - Steel rolls are pictured at the Renault SA car factory in Flins, near Paris, France, February 23, 2017. REUTERS/Benoit Tessier By Maytaal Angel - LONDON LONDON European steel association Eurofer raised its 2017 EU steel demand forecast on Monday but said isolationist measures such as a U.S. plan to levy steel tariffs on national security grounds could be disastrous for global trade flows. Eurofer said apparent EU steel demand, which includes inventory changes, will rise 1.9 percent this year to 159 million tonnes. It previously forecast demand, seen as a gauge of regional economic health, would rise 1.3 percent in 2017. Despite the raised forecast, the association issued its starkest warning yet about potential import distortions, saying regions mills could again fail to benefit from demand growth and instead lose market share to imports. "With no structural solutions for the underlying problem of global overcapacity in sight, the number of protectionist and even isolationist measures look set to increase," Eurofer director general Axel Eggert said in a statement. "In particular, measures potentially stemming from the U.S. section 232 investigation may lead to a proliferation of disastrous global trade flow distortions." The United States launched a "section 232" probe in April into whether imports of steel, the second biggest industry in the world after oil and gas, posed a risk to national security. Though the move is aimed primarily at top global steel producer China, Eurofer fears EU countries will bear the brunt of the measures because Chinese steel is already largely subject to U.S. restrictions. It is also concerned that steel headed for U.S. shores will be re-routed to the EU. Invoking national security in peacetime is seen by trade experts as a move that risks undermining the global rules-based trading system by sparking retaliatory action around the world in products beyond steel. At a weekend summit in Germany, leaders from the world''s 20 leading economies set an August deadline for an OECD-led global forum to compile information about steel overcapacity, with a report on potential solutions due in November. Eurofer expects apparent EU steel demand to moderate to a 1 percent growth rate next year, as the impact of economic stimulus measures fade. The association previously forecast demand would grow 1.2 percent next year. European steel prices ST-MBEUDNHRC-MB ST-MBEDSHRC-MB ST-MBEDNREB-MB ST-MBEDSREB-MB fell some 10 percent in the second quarter thanks to high inventories and increased import pressure. Prices rose some 50 percent in 2016. Although China cut some 65 million tonnes of steel capacity in 2016 and aims to cut another 50 million tonnes this year, its trading partners say much of the cuts cover already idled capacity and that the problem of unfairly traded steel remains. Chinese steel exports [MTL/CHINA3] fell 25.7 percent in the first five months of this year. However, the country still accounts for about a quarter of global steel exports and about half of the world''s spare steelmaking capacity. (Reporting by Maytaal Angel, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-steel-eu-demand-idUSKBN19V1G1'|'2017-07-10T15:37:00.000+03:00'
'5781b052a8fdf5023972a9273f907a65590782ce'|'Buyout firm Apollo to buy golf course operator ClubCorp for $1.1 billion'|'Deals - Sun Jul 9, 2017 - 4:05pm EDT Buyout firm Apollo to buy golf course operator ClubCorp for $1.1 billion Leon Black, Chairman and CEO Apollo Global Management, LLC in California April 29, 2014. REUTERS/Kevork Djansezian By Greg Roumeliotis Private equity firm Apollo Global Management LLC ( APO.N ) said on Sunday it had agreed to acquire ClubCorp Holdings Inc ( MYCC.N ), one of the largest owners and operators of private golf and country clubs in the United States, for $1.1 billion. The deal comes three months after ClubCorp announced the retirement of is CEO Eric Affeldt and said it had decided not to pursue a "strategic transaction," after efforts to explore a sale did not result in any offer for the entire company. However, the Dallas-based company had kept the strategic review committee of its board of directors in place, and had yet to announce Affeldt''s successor. It has struggled to turn a profit, as its strategy of boosting its golf club memberships through promotions, refurbishments and acquisitions has proved costly. Apollo said it will pay $17.12 per share in cash for ClubCorp, a 30.7 percent premium over its closing price on Friday, but less than the 12-month high of $17.50 the shares reached in February, on investor expectations that a sale process first reported by Reuters in January would be successful. ClubCorp also declared on Sunday a one-time dividend of 13 cents per share to be paid later this month. It said the sale to Apollo is expected to close in the fourth quarter of 2017. Founded in 1957, ClubCorp operates more than 200 properties, including golf and country clubs, business clubs and sports clubs across the United States, Mexico and China, serving more than 430,000 members. In May, the company reached a settlement with activist investor FrontFour Capital Group LLC to add two independent directors to its board. FrontFour had called for exploring several options, including a sale. ClubCorp has been a serial acquirer in the golf course industry, buying dozens of courses in the last three years. It has sought to buy locally owned golf courses and refurbish them by adding or improving amenities such as up-scale dining and event rooms. KSL Capital, another private equity firm, acquired ClubCorp for $1.8 billion in October 2006 and took it public in 2013. Jefferies LLC and Wells Fargo acted as financial advisers ClubCorp and Simpson Thacher & Bartlett LLP is its legal counsel. Citigroup is acting as lead financial adviser to Apollo, with RBC Capital Markets LLC, Barclays, Credit Suisse and Deutsche Bank also advising. Paul, Weiss, Rifkind, Wharton & Garrison LLP is Apollo''s legal counsel. (Reporting by Greg Roumeliotis in New York; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-clubcorp-m-a-apolloglobal-idUSKBN19U0Y0'|'2017-07-09T23:05:00.000+03:00'
'8307c4f27218069a0d7ba7e1db3983a7d920ce98'|'UK economy will cool amid living standards squeeze, says S'|'Standard & Poor''s UK economy will cool amid living standards squeeze, says S&P Ratings agency predicts interest rates will be on hold for next two years, and outlook could be worse if Brexit talks go badly S&P said the better-than-predicted performance of the economy last year was the result of ‘extraordinarily robust consumer spending’. Photograph: Toby Melville/Reuters Standard & Poor''s UK economy will cool amid living standards squeeze, says S&P Ratings agency predicts interest rates will be on hold for next two years, and outlook could be worse if Brexit talks go badly View more sharing options Tuesday 11 July 2017 13.51 BST First published on Tuesday 11 July 2017 13.46 BST Britain’s economy will lose momentum both this year and next as the squeeze on living standards caused by higher inflation outweighs the benefits for exports of a cheaper pound, one of the world’s leading rating agencies has predicted . Standard & Poor’s said that after holding up much better than predicted in the period immediately after the June 2016 EU referendum, the UK’s growth rate would slow from 1.8% in 2016 to 1.4% in 2017 and 0.8% in 2018. The rating agency warned that the outlook for the economy might be even worse than it was predicting if the Brexit talks between the UK and the EU went badly. Bank of England''s Broadbent warns of Brexit trade threat, but avoids rate hints - live Read more The report followed the release of several pieces of weak official data from the Office for National Statistics, showing industrial production and construction output down and the trade deficit widening. Despite speculation of an increase in interest rates from the Bank of England next month , S&P said the weakness of the economy would result in borrowing costs being left on hold at 0.25% for another two years. The agency’s senior economist, Boris Glass, said: “Given demand weakness, the temporary nature of imported inflation, moderate domestic wage pressures, and Brexit uncertainties, we expect the Bank of England’s current ultra-accommodative stance to continue over the medium term and expect a first rate hike to occur only in mid-2019.” S&P said the better-than-predicted performance of the economy in 2016 had been the result of “extraordinarily robust consumer spending” but added that the pressure on households from prices rising more rapidly than wages was likely to persist for the rest of 2017 and into 2018. Figures due out on Wednesday will show whether the lowest unemployment since the 1970s has started to have an upward effect on earnings, which are currently growing by just over 2% a year. Inflation as measured by the consumer prices index is running at 2.9%, while the retail prices index is 3.7% . The depreciation of the pound would make UK exports more competitive but would only add between 0.2 and 0.3 percentage points to growth from 2017 to 2020. S&P said a study of the data showed that some UK exporters had taken advantage of the fall in sterling to raise their prices rather than to break into new markets. The agency said that while the price increases were to some extent a matter of choice, they were likely to have been necessary for firms that relied on imports which had become more expensive as a result of the falling exchange rate. With firms making Brexit contingency plans, investment was being shelved rather than given the go-ahead. “Our forecasts for slower growth are subject to considerable downside risks, stemming mainly from Brexit uncertainties,” Glass said. “For example, the staging of the negotiations, with the ‘divorce’ settlement being negotiated before any future relationship with the EU is addressed, means that should the separation negotiations stall, there would be less time left for negotiating the future trade relationship, risking a cliff edge. “In general, should negotiations stall for an extended period, this could translate into a further significant depreciation of sterling and a consequent rise in inflation.” Ben Broadbent, one of the Bank of England’s deputy governors, said a sharp drop in UK trade with the EU after Brexit would be bad for the economy. In a speech in Aberdeen that focused on the benefits of international trade, Broadbent said: “Put simply, a significant curtailment of trade with Europe would force the UK to shift away from producing things it’s been relatively good at, and therefore export to the EU, and towards the things it currently imports and is relatively less good at.” A number of MPC members – including the governor, Mark Carney, and the Bank’s chief economist, Andy Haldane – have given their views on the outlook for borrowing costs in recent months. Broadbent voted for official interest rates to remain on hold at the MPC’s last meeting in June and his failure to mention monetary policy was seen by the City as a sign that he will vote the same way again in August. The pound fell slightly after Broadbent’s speech and closed in London at $1.2850. Topics'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/2017/jul/11/uk-economy-living-standards-squeeze-s-and-p-interest-rates-brexit'|'2017-07-11T15:51:00.000+03:00'
'f59582026cde97e76d3818132ca4154e643fec20'|'Southern rail: unions say £13.4m fine is ‘less than a slap on the wrist’ - Business - The Guardian'|'  11.03 BST First published on   08.45 BST Southern rail’s owner has been fined £13.4m by the government, prompting a Commons clash with Labour over whether the company or unions were primarily to blame for two years of disruption to services between London and Brighton . The long-awaited ruling over whether Govia Thameslink Railway (GTR) breached its contract by failing to run services was described as a fair outcome by the company, but denounced as “less than a slap on the wrist” by unions. Labour said it meant the government was “finally coming clean” over GTR’s role in Southern’s troubles. However, Southern trains are now set to be stopped for three further days in August by a fresh drivers’ strike, after members of Aslef voted to reject a pay deal, in a ballot result announced hours after GTR’s fine. The fine handed down by the Department for Transport (DfT) effectively means the government holds GTR partly responsible for the past two years of cancellations and delays on Southern, but accepts its arguments that industrial action and unusual levels of staff sickness were the major reasons for failing to run an adequate service. The announcement comes on the final day of a high court-imposed deadline for Chris Grayling, the transport secretary, to respond to GTR’s claim of “force majeure”, prompted by legal action from the Association of British Commuters, which was seeking a judicial review of ministers’ handling of the franchise. GTR’s claim was lodged more than a year ago as it became clear that Southern’s performance fell well short of its contractual obligations, prompting calls for the company to be stripped of the franchise . Writing to GTR, Grayling said that DfT officials had determined that, while strikes had affected Southern, “that does not fully explain the poor service that passengers received,” and added that performance was still not good enough. The £13.4m will be spent by the DfT and GTR on a package of improvements to its franchise, including 50 more onboard staff. Charles Horton, the company’s chief executive , said: “We are pleased that this issue has been concluded, and accept and are sorry that our service levels haven’t been good enough for passengers.” Horton added that the franchise was the most congested on the UK rail network and had been operating while stations were being rebuilt and new infrastructure and trains introduced, and the impact of such extensive work was underestimated. But he said trade union action had been the biggest cause of disruption. In the Commons, Labour’s shadow transport secretary, Andy McDonald, said that the fine showed GTR and the government could no longer blame others for Southern’s failures. He said: “With the record fine imposed today, such nonsense has been totally blown out of the water. “Ministers ... have had to come clean and accept that Southern rail is simply not fit for purpose.” He challenged Grayling: “Doesn’t he now accept that continuing to tolerate such ineptitude, expecting a rail service to rely on workers’ overtime and compromising safety accessibility simply won’t wash any longer, and he now has to call time on GTR?” However, Grayling said he had for months accepted there were many reasons, but added: “I’m also very clear – and so was Chris Gibb’s report – that the prime responsibility for the trouble on that network in the last few months has come from trade unions fighting the battles of 30 years ago.” The Gibb report was written in December and belatedly released by the DfT last month under pressure from campaigners. While Gibb said union action was the “primary cause” of the Southern’s meltdown, he highlighted a range of problems including the need for an immediate £300m investment in infrastructure to keep services running. Grayling added that the Aslef ballot was an example of what was disrupting Southern. He said: “This is a politically motivated set of threats of action and it should stop, and the Labour party should stop supporting it.” Aslef announced its drivers would strike on Tuesday 1 August, Wednesday 2 August and Friday 4 August, after rejecting a five-year pay deal. In the parallel dispute about driver-only operation of trains - the main row affecting Southern - the union has taken a total of six days’ strike action, on which days none of the company’s trains ran at all. It is also continuing an overtime ban. Drivers voted by 62%-38% for a strike, and by almost four to one in favour of action short of a strike. Mick Whelan, general secretary of Aslef, said: “Now is the time for Chris Grayling and the Department for Transport to step in and assist in finding a resolution to a problem they caused.” The RMT denounced the ruling. Its general secretary, Mick Cash, said: “This latest whitewash of the Southern rail shambles by the government is hardly a surprise when they’ve been up to their necks in this fiasco right from day one. This pathetic response to the abject failure by GTR to deliver on their contract doesn’t even stack up to a slap on the wrist.” Sadiq Khan, the mayor of London , repeated his call to take over suburban routes on Southern. He said: “This fine will be absolutely no consolation for hard-pressed commuters who have been forced to suffer a litany of appalling service and spiralling fares. “Ministers need to break up this failing licence now and allow TFL to take over the suburban routes to ensure passengers are given the service they truly deserve.” GTR’s owner, Go-Ahead Group, which operates other rail franchises including Southeastern, said the fine was in line with its forecasts and resolved financial uncertainty. The amount could yet be increased, or softened, by up to £5m as the company discusses other aspects of its “contractual variations” with the DfT, including revised timetables and how quickly new trains were introduced. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/13/sothern-rail-unions-say-134m-fine-is-less-than-a-slap-on-the-wrist'|'2017-07-13T15:45:00.000+03:00'
'9facd60cc6886731fdbfdf77cb677b36f8b254aa'|'MIDEAST STOCKS-Banking shares lead Middle East higher ahead of Fed testimony'|'Market News - Tue Jul 11, 2017 - 9:32am EDT MIDEAST STOCKS-Banking shares lead Middle East higher ahead of Fed testimony * Saudi banks mixed as investors focus on Q2 results * United Electronics surges again on CEO bullish comments * Egypt reclaims all time high By Celine Aswad DUBAI, July 11 Blue-chip banks pushed Middle East stock markets slightly higher on Tuesday, a day ahead of the testimony from Federal Reserve Chair Janet Yellen for clues on when the central bank would tighten U.S. monetary policy. Yellen''s semi-annual monetary policy testimony before Congress will be on Wednesday and Thursday. San Francisco Federal Reserve President John Williams said on Tuesday in Sydney that it was a reasonable view to expect one more rate hike this year, and his own view was to start adjusting the central bank''s balance sheet in the next few months. Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, United Arab Emirates and Qatar. In Doha, the majority of the listed banks were firm with the largest of them, Qatar National Bank adding 1.2 percent. The index rose 0.4 percent. In the United Arab Emirates, Abu Dhabi Commercial Bank added 1.6 percent and Union National Bank inched up 0.4 percent, helping take the index 0.2 percent higher. In neighbouring Dubai, Dubai Islamic Bank added 1.4 percent and the index rose 0.6 percent. Saudi Arabian banks were mixed as some investors turned their focus to upcoming second quarter results. Heavyweight National Commercial Bank edged up 0.2 percent after rising as much as 1.4 percent earlier in the day. Analysts at Riyad Capital expect net income for the sector to be flat in the second quarter from the year ago period as provisions may continue to weigh on performance - which they have been for the last several quarters - and because of a dip in credit demand. Nevertheless, they predict operating margins to witness some improvement. "While SAIBOR (the interbank lending rate) has been flat in the quarter, we believe cost of funds have declined given rising non-interest bearing deposits combined with some growth in advances," said the note by Riyad Capital. Mobile phones and home appliances retailer United Electronics Company (Extra) surged 8.1 percent in heavy trade to its highest close since November 2015 after its chief executive, Mohamed Fahmy, told financial news website, Argaam, on Monday that Extra aims to boost sales through its online portal, and strengthen partnerships with suppliers and brand offerings. Its shares soared by their 10 percent daily limit on Monday after reporting a near quadrupling in second quarter net income from a year earlier and a 15 percent growth in sales. The index added a small 0.1 percent. In Egypt, the index gained 1.5 percent to 13,684 points, reclaiming the all-time high hit on June 8. Shares of private equity firm Qalaa Holding jumped 5.2 percent in high volumes. On Saturday the company reported a narrowing first quarter net loss of 384 million Egyptian pounds ($21.54 million). Analysts at Naeem Brokerage expect positive operating trends in the coming quarters, although they "still anticipate losses" mainly because of higher debt servicing costs. Orascom Telecom, the most traded stock of the day, jumped 5.9 percent, its second straight session of strong gains. On Monday the company reported a huge leap in its first quarter net profit. HIGHLIGHTS * The index added 0.1 percent to 7,245 points. DUBAI * The index added 0.6 percent to 3,440 points. ABU DHABI * The index rose 0.2 percent to 4,409 points. QATAR * The index gained 0.4 percent to 9,030 points. EGYPT * The index climbed 1.5 percent to 13,684 points. KUWAIT * The index added 0.5 percent to 6,779 points. BAHRAIN * The index edged up 0.3 percent to 1,312 points. OMAN * The index rose 0.2 percent to 5,171 points. ($1 = 17.8700 Egyptian pounds) ($1 = 3.7501 riyals) ($1 = 17.8300 Egyptian pounds) (Editing by Pritha Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1K22XM'|'2017-07-11T16:32:00.000+03:00'
'bd83bc84312ab2afbfae94f4984f853d269cad75'|'Insight: GM''s judgment day - How two Venezuelan car dealers seized an auto factory'|'July 12, 2017 / 5:25 AM / in 25 minutes Insight: GM''s judgment day - How two Venezuelan car dealers seized an auto factory Brian Ellsworth 8   The GM logo is seen at the General Motors Assembly Plant in Valencia, April 21, 2017. Marco Bello/File Photo CARACAS (Reuters) - Venezuela''s government has seized assets from dozens of foreign corporations in nationalizations by the late President Hugo Chavez and the embattled current government of Nicolas Maduro. The man behind the confiscation of General Motors Co’s $100 million assembly plant in April is a much more obscure figure: Kaled Kansao, the owner of two long-defunct GM dealerships. Kansao convinced a court to seize the plant as the remedy for a relatively small-time business dispute - over GM''s termination of his franchises - that mushroomed into a 17-year court battle. The legal fight that pushed GM out of Venezuela offers a unique case study in the struggles of foreign corporations to keep operations afloat - much less turn a profit - amid the OPEC nation''s economic and political chaos. The seizure stands out because it stems from a dispute with private citizens rather than the government, highlighting yet another risk of doing business in Venezuela – the specter of debilitating legal judgments, said Francisco Martinez, president of Venezuela''s main business organization, Fedecamaras. "It would be impossible to say that the legal proceedings against General Motors had any legal logic," Martinez said. "Venezuela does not provide even the most minimal guarantees with respect to investment or private property." The Venezuelan government''s Information Ministry did not respond to a request for comment. Venezuela ranked 187 out of 190 countries in the World Bank''s 2017 Ease of Doing Business report, which evaluates countries'' regulatory systems. Only Eritrea, Libya and Somalia scored worse. Under Chavez, the socialist firebrand who died in 2013, some asset seizures featured gun-wielding soldiers and live television broadcasts. The GM case had its own less publicized drama, including dueling allegations of courthouse misdeeds; recusals by judges citing security concerns; a dispute over 158 vehicles that GM says "vanished"; and mysterious damage calculations awarding the dealers thousands of cars. GM stopped producing vehicles here in 2015 amid a lack of access to supplies. But the judgment appears to have doused any remaining hopes that it will produce cars again in Venezuela anytime soon. The company terminated the plant''s 2,700 workers after the decision. In its initial announcement in April, GM did not connect the plant seizure to the dealers'' lawsuit, saying only that the facility was "unexpectedly" seized by "public authorities." In response to inquiries from Reuters, the company provided a detailed history of its frustrations with the proceedings, which it called "absurd" and rife with "irregularities." In the end, a civil court in the western state of Zulia granted the dealers'' request to attach GM assets worth up to about $115 million. Venezuelan law requires the court to auction off the factory to satisfy the judgment. In the meantime, it ordered GM to pay the dealers to pay an "occupation fee" that at the time equated to about $36,000 a month - in effect, rent on its own plant. "The illegal and outrageous seizure was the final act of a series of unfortunate events beyond GMV''s control," GM told Reuters, referring to its Venezuela subsidiary. GM did not respond to questions about whether it had any intention of paying the court judgments or trying to regain control of the factory. In a May press statement, Kansao and his business partner, Elena Rodriguez, accused GM of perjury, influence trafficking, and violation of the United States Foreign Corrupt Practices Act, without offering evidence. GM has ignored court rulings because it believes "might is right as a law," Kansao told Reuters. Idled Workers Collect Salaries Back in 2000, Kansao and Rodriguez operated two GM dealerships that had originally been founded by Kansao''s father. In an interview, Kansao said GM arbitrarily stripped him of his franchise, which he said brought "tragedy and calamity" on his family. FILE PHOTO: The GM logo is seen at the General Motors Assembly Plant in Valencia, Venezuela April 21, 2017. Marco Bello/File Photo GM said it terminated the agreement for a range of reasons, including the dealers'' failure to meet a minimum monthly sales average of 25 vehicles. Nearly two decades later, the dealers'' hopes of collecting on the judgment now hinge on whether a court-ordered auction attracts a buyer - an unlikely prospect in a nation where the auto industry has all but collapsed. Chronic shortages of hard currency have left automakers unable to import parts, while triple digit inflation has left would-be customers struggling to buy basics like food and medicine. In 2016, output at Venezuela''s seven biggest auto plants had dropped below 3,000 cars, down from a peak of 172,000 vehicles in 2007 – 79,000 of those from GM, according to auto industry group Cavenez. Labor laws dictate that the dealers would also have to wait behind GM workers - who contend they are owed severance payments - to collect any proceeds from a factory auction. GM did not respond to questions about workers'' severance. The automaker had agreed with union leaders to continue paying workers after the plant stopped making cars, said Adan Tortolero, one of several union leaders at the defunct plant. The GM logo is seen at the General Motors Assembly Plant in Valencia, April 21, 2017. Marco Bello GM tried to shed that obligation last year by offering buyouts of about $3,500 per worker, Tortolero said, but workers spurned the offer because it seemed small in comparison to the pay and benefits the workers had previously enjoyed. One lucrative perk was the right to buy two factory cars every year at government-regulated prices that were well below their actual market value. The regulated prices were theoretically available to anyone, but because demand for cars far outstripped supply, most buyers had to get waiting lists – which usually required large under-the-table payments. GM employees had been among the first in line to buy the cars at regulated prices, which allowed them to sell the vehicles at a steep premium. 9,725 Cars In 2007, the Zulia court ordered the automaker to compensate the plaintiffs with 9,725 vehicles, according to the decision, which offered no explanation for that number of cars. It did require the plaintiffs to pay GM for the vehicles, but only after they were sold. Asked to provide evidence that the proceedings had been corrupted, GM pointed out that six judges and two court employees had recused themselves, with most citing "threats and personal security concerns." It also said that the court failed to enforce an order preventing the dealers from selling 158 cars that they seized during the dispute. GM said those vehicles later "vanished," and the dealers never paid for them. Kansao and Rodriguez did not respond to questions about the 158 cars. The case bounced through different courts for the next decade until April 4 of this year, when the Zulia court authorized the plaintiffs to encumber GM assets worth up to 477 billion bolivars - at the time worht about $115 million - as leverage to collect a cash judgment of half that amount. The court based the compensation on the full value of the 9,725 cars - rather than the much smaller profit the dealers would have made selling them, GM said. But the legal victory may have little payoff in reality, just as GM''s losses may be largely symbolic - given that it hasn''t produced or sold cars in Venezuela since 2015. Asked what sort of buyer the factory might attract in a government auction, Kansao responded: "Only God knows that." Additional by Eyanir Chinea and Corina Pons in Caracas; Editing by Brian Thevenot 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/gm-venezuela-idINKBN19X0FY'|'2017-07-12T08:23:00.000+03:00'
'7056d032a9442ce22549a38f74c82e205b991d32'|'London''s new electric cabs to make foreign debut in Amsterdam next year'|'July 11, 2017 / 11:12 AM / 5 hours ago New electric London cabs to make foreign debut in Amsterdam Costas Pitas 4 Min Read FILE PHOTO: Taxis are displayed at The London Taxi Company''s new plant near Coventry, Britain March 22, 2017. Darren Staples/File Photo LONDON (Reuters) - A new electric version of London''s classic black cabs will be exported to Amsterdam next year, its first overseas market, and the firm could source the batteries in Britain, the head of the Chinese-owned London Taxi Company (LTC) told Reuters on Tuesday. LTC, which will formally change its name to the London EV Company later this year, is undergoing a rapid expansion since it was bought by China''s Geely in 2013, opening a central English plant in Coventry, earlier this year. By the turn of the decade it hopes to sell to overseas markets 50 percent of the roughly 10,000 vehicles to be produced each year, including a van which could begin production in 2019, and has been showing the new electric plug-in hybrid taxi in a number of European cities. Chief Executive Chris Gubbey said the firm had picked the Netherlands as its first export market due to its receptiveness to new technology and the new model''s compatibility with the needs of disabled people, including its ramp and high roof. "It is a city that is very progressive in terms of protecting and improving its air quality," he told Reuters. "They just recognise what the product can do for their market: the accessibility, the ease of getting in and out," he said. Dutch firm RMC is buying 225 vehicles which Amsterdammers will not be able to hail but will be instead used as a part of a service to transport the elderly and disabled, including to and from hospital, and could soon also be used in Rotterdam. The TX model will go into full production later this year, ready to reach the first customers in around November, with a third of components British and the rest built abroad, including a Korean battery and Chinese engine. The British car industry has boosted local content in recent years, reaching 44 percent, but the level remains short of the 55 percent stipulated in the kinds of bilateral trade agreements Britain will need to strike as it leaves the European Union. The country is currently deficient in battery and electric vehicle production capacities compared with other major markets but ministers are pushing to boost infrastructure and could shortly approve its first electric car battery hub. Gubbey, who was at an industry event in May where the proposals were made to Britain''s business minister, said the firm could source batteries locally if such schemes came to fruition. "There are opportunities to move batteries towards the UK," he told Reuters. "The government is very focussed on that, even local to us, with the technology park that they are talking of putting in a manufacturing capability," he said. As the firm grows and with fellow Geely-owned brand Volvo raising 5 billion Swedish crowns ($590 million) from a group of investors in a step towards a share market flotation, Gubbey told Reuters there were no plans at present for the cab-maker to also move in the direction of a share listing. "We have no definitive timing or plan to pursue an IPO at this stage," he said. "In the future, if that proves the right thing to do, I''m sure it''s what Geely will look at." (This version of the story was refiled to remove redundant word ''which'' in paragraph 8) Editing by Greg Mahlich '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-autos-taxi-idUKKBN19W14V'|'2017-07-11T14:02:00.000+03:00'
'02e3e39335ffd1a5ad9ac8a9e0a5dff962234525'|'BRIEF-CIT BANK enters into strategic partnership with Allstate'|' 52pm EDT BRIEF-CIT BANK enters into strategic partnership with Allstate July 10 CIT Bank: * CIT Bank (not cit group inc) - CIT Northbridge will be a financial partner for middle-market companies * CIT Bank enters into strategic partnership with Allstate * CIT Bank - joint venture will provide revolving, term-loan commitments from $15 million to $100 million to middle-market companies across various industries, business cycles * CIT Bank - CIT Asset Management LLC will serve as investment advisor to the joint venture Source text for Eikon: [ID: nPn7ZzR5Va ]   (Reporting by Indranil Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cit-bank-enters-into-strategic-par-idUSL8N1K166G'|'2017-07-10T23:52:00.000+03:00'
'ecc63ddf58422d5d3450e22b71c0aa1eeefb39cc'|'MIDEAST STOCKS-Saudi gets a boost from retail, banking shares following Q2 profit, dividends'|'DUBAI, July 10 Shares of Saudi Arabia''s United Electronics surged in early trade on Monday after reporting a quadrupling in its second quarter net income and its first dividend distribution since 2015, while the region''s banking shares were also strong.Shares of United Electronics Company (Extra) surged by their 10 percent daily limit in the first 10 minutes of trade after reporting a second quarter net income of 43.4 million riyals ($11.57 million), up 287.5 percent from the prior year period.In a separate statement, the board approved a cash dividend of 0.75 riyal per share for first half of 2017, the company''s first dividend distribution since 2015.The positive mood spilled into other consumer related shares with electronics and bookstore operator Jarir adding 0.6 percent.Analysts have been anticipating the retail sector to show signs of improvement in the second quarter from the previous year period because of the government''s decision to reinstate civil servants'' allowances and because of the Muslim month of Ramadan, which typically sees a rise in sales.The Riyadh index was up 0.6 percent with all but one 12 of the listed banks rising. Banque Saudi Fransi surged 8.0 percent after the board recommended a cash dividend distribution of 1.05 riyals per share for the first half of this year.Dubai''s index was up 0.7 percent as shares of developer Union Properties climbed 2.1 percent in heavy trade. Eighteen other shares rose while only five declined.The top two most valuable companies in Abu Dhabi helped lift the index 0.2 percent higher; First Abu Dhabi Bank was up 0.5 percent and telecommunications operator Etisalat rose 0.6 percent.Banking shares were the top gainers in Doha, with heavyweight Qatar National Bank rising 1.0 percent. The index was up 0.3 percent.($1 = 3.7500 riyals) (Reporting by Celine Aswad)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1K118D'|'2017-07-10T10:35:00.000+03:00'
'0215295c1c7cff263c28d9c499a4faeb97f1d9b6'|'French PM says government aims to make Paris Europe''s top finance hub'|'July 11, 2017 / 11:58 AM / 8 minutes ago France seeks to make Paris Europe''s leading finance hub Leigh Thomas and Maya Nikolaeva 4 Min Read PARIS (Reuters) - France will use "all means" to make Paris Europe''s main post-Brexit financial capital, Prime Minister Edouard Philippe said on Tuesday, while international bankers said they wanted to see if such pro-business reforms would stick over time. Eager to attract banking jobs leaving London, Philippe has pledged to reduce the cost of employing financial services staff in France and also committed to keeping the regulatory burden on finance companies competitive. "The message I want to share with you is clear and it is simple: the French government is committed to boost Paris'' attractiveness by all means," Philippe told a banking conference in Paris, presenting the package of reforms which includes a cut to payroll tax on high-earning bankers. "We want Paris to become Europe''s new number one financial hub after Brexit," Philippe said, speaking in English to an audience of financial executives. Since the election in May of former investment banker Emmanuel Macron as president, the French government is pushing hard to catch up with Frankfurt to attract finance jobs moving from London to retain EU single market access after Brexit. Paris, Frankfurt and other big European cities are all trying to woo banks based in the City of London financial center and some have already made plans to move. In addition to the new measures aimed at the finance industry, the government also has plans to reduce the scope of France''s wealth tax to just real estate, while also setting a tax on all capital income at a flat rate of 30 percent. In other business-friendly measures, the government has committed to cutting France''s corporate tax rate to 25 percent from 33 percent over time and aims to overhaul its labor code in the coming months. French Prime Minister Edouard Philippe delivers a speech at the Paris Europlace International Financial Forum in Paris, France, July 11, 2017. Gonzalo Fuentes Bank executives welcomed such measures, but France has its work cut out to convince businesses that these changes are for the long term after decades of high taxes and strict labor laws. "It''s important to have consistency, the rule of law, stability, steadfast ... it''s not just important for banks, but for all economies," JPMorgan Chase & Co ( JPM.N ) Chief Executive Jamie Dimon told the conference. "I think this government has made an enormous leeway, we are here to listen to them," Dimon said. Slideshow (4 Images) Among the big international banks, only HSBC ( HSBA.L ) has so far said it would shift a large number of jobs to Paris with plans to move 1,000 posts if Britain opts for a hard Brexit. Among French banks, Societe Generale ( SOGN.PA ) told Reuters it could move up to 400 investment banking jobs to Paris out of the 2,000 it currently has in London. HSBC''s Chief Executive Stuart Gulliver, also speaking at the conference, welcomed Philippe''s latest measures as a positive step "if enacted", but also wondered whether they would stay at least through two five-year presidential cycles. "It''s very early within the presidency and people still have the impression in their minds of president Hollande declaring finance is the enemy, there were demonstrations, there was a very high tax rate," Gulliver said. "Are we now on the verge of 10 years, because large companies like ours need to plan for a long period time," Gulliver said, questioning in particular whether the labor law reform would stick. Dimon said that JP Morgan would probably use its existing bank in Frankfurt to domicile its European operations in the EU, but that jobs could be spread among Paris, the Netherlands and other cities. Editing by Michel Rose and Jane Merriman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-banks-idUKKBN19W19H'|'2017-07-11T14:58:00.000+03:00'
'1894b058d4be01ecb0a68f8acc97bfd6b696a992'|'Swiss, French to resume tax data exchange after resolving concerns'|'July 12, 2017 / 6:57 PM / 31 minutes ago Swiss, French to resume tax data exchange after resolving concerns Joshua Franklin 2 Min Read ZURICH (Reuters) - Switzerland and France have smoothed over concerns which had blocked the exchange of tax data between the two countries, a boost to French efforts to pursue cash hidden from the taxman. The way in which data sent over by Switzerland was used in a French legal case involving UBS ( UBSG.S ), Switzerland''s biggest bank, had raised concerns for the Swiss that the two countries differed in their understandings of their double taxation agreement (DTA). DTAs are in place to try to prevent double taxation and also set ground rules for administrative assistance in tax matters. Switzerland was waiting to clarify the situation before exchanging further information. The relevant Swiss and French authorities have now resolved these concerns, the Swiss Federal Tax Administration (FTA) said on Wednesday, without disclosing what issues had been clarified. "They are now in a position to pursue the exchange of information upon request in all pending and future cases effectively," the FTA said in a statement. France''s budget minister, Gerald Darmanin, welcomed the progress saying "a difference of understanding regarding procedure" had hampered the exchange of information in recent months but that this was now resolved. "Exchanges between the two countries have resumed on this basis and will enable France to conduct the necessary work on investigations underway and those in the future," the minister said in a statement. Since the financial crisis, cash-strapped governments around the world have clamped down on tax evasion, with authorities investigating Swiss banks in Germany, France and the United States. Switzerland''s tradition of banking secrecy has helped to make it the world''s biggest offshore financial centre, with more than $2 trillion in foreign wealth kept with the country''s banks. Additional reporting by Emmanuel Jarry and Richard Lough in Paris, editing by Pritha Sarkar and Richard Balmforth 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-france-taxation-idUKKBN19X2MD'|'2017-07-12T21:56:00.000+03:00'
'47f109bad58764893f45d836620d880196d91bb8'|'Fed''s Yellen says rate and portfolio plans on track, cautions on inflation'|'July 12, 2017 / 12:35 PM / 16 minutes ago Fed''s Yellen says rate and portfolio plans on track, cautions on inflation Howard Schneider 5 Min Read FILE PHOTO - Federal Reserve Board Chairwoman Janet Yellen holds a news conference after the Fed released its monetary policy decisions in Washington, U.S., June 14, 2017. WASHINGTON (Reuters) - The U.S. economy is healthy enough for the Fed to move forward with plans to raise rates and begin winding down its massive bond portfolio, though low inflation and a low neutral rate may leave the central bank with diminished leeway, Fed Chair Janet Yellen said on Wednesday. In what may be one of her last appearances before Congress, Yellen depicted an economy that, while growing slowly, continued to add jobs, benefited from steady household consumption and a recent jump in business investment, and was now being supported as well by stronger economic conditions abroad. The Fed "continues to expect that the evolution of the economy will warrant gradual increases in the federal funds rate over time," Yellen said in her prepared testimony. Reductions in the Fed''s portfolio of more than $4 trillion in securities are likely to begin "this year," she said. But she also noted that given current estimates, the federal funds rate "would not have to rise all that much further" to reach a neutral level that neither encourages nor discourages economic activity. The Fed still feels the economy needs loose, or accommodative, monetary policy, so a lower neutral rate means the Fed may feel compelled to slow the pace of rate hikes down the road. But for now, Yellen told members of the House Committee on Financial Services that the economy remains strong enough for the Fed to continue its plans to gradually tighten policy. A question and answer session with lawmakers follows her prepared remarks. Related Coverage Instant View: Yellen - Economy healthy enough for gradual rate rises Yellen''s past appearances before the House panel have sometimes involved sharp exchanges with lawmakers who think the Fed''s influence over the economy has grown too strong, and who want policymakers to be guided more closely by a mathematical rule for setting interest rates. In a report released last week the Fed compared its current policy to that prescribed by a variety of such rules. It pointed out that the choice of a rule itself involved judgments that would lead to vastly different outcomes. Committee Chair Jeb Hensarling, an advocate of "rules-based" monetary policy, said including the rules discussion in the semiannual report was "very helpful." Yellen, in her testimony, referred House lawmakers specifically to that section of the report. Her appearance comes as the Trump administration mulls whether to replace her when her term ends in February. Following her remarks, U.S. stocks rose while yields on Treasury bonds fell and the dollar declined against a basket of currencies. According to her testimony the economy is on an even keel, near or beyond full employment and the Fed is steadily moving rates higher. The reduction in the balance sheet, which will begin slowly as the Fed reinvests only a portion of the holdings that mature each month, will mark the final exit from crisis-related policies. One potential issue is that the Fed may be approaching a "neutral" rate even as it hopes to continue accommodating the recovery. Estimates of the inflation-adjusted neutral rate have been falling, and by some accounts may be near zero. Yellen has said the Fed expects estimates of the neutral rate to rise over time. But unless that happens, or inflation picks up, the Fed may have only a few rate increases left before it hits a level that is no longer felt to be encouraging spending and investment. A recent dip in inflation has been of concern among Fed officials who want to see surer progress toward the central bank''s 2 percent inflation goal. Yellen, however, ascribed it to "a few unusual reductions in certain categories of prices" that would eventually drop out of the calculation. The current situation "raises the stakes" for upcoming inflation data, said Jim Vogel, interest rate strategist for FTN Financial in Memphis, Tennessee. "People are going to be very anxious if that was just a statistical glitch...or if it is going to continue." Otherwise, Yellen said, the economy appeared to be in a virtuous loop of hiring, spending and investment that "should increase resource utilization somewhat further, thereby fostering a stronger pace of wage and price increases." Reporting by Howard Schneider; Additional reporting by Karen Brettell in New York; Editing by Andrea Ricci and Chizu Nomiyama 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-yellen-idUKKBN19X1MX'|'2017-07-12T18:08:00.000+03:00'
'a7e337ecd86a738dbc196ecec153bda6e12e7e64'|'Tale of two factories: hope, anguish ahead of Trump''s steel tariff call'|'July 13, 2017 / 2:08 PM / 5 hours ago Tale of two factories: hope, anguish ahead of Trump''s steel tariff call David Lawder 7 Min Read Idled blast furnaces at U.S. Steel Corp''s Granite City Works in Granite City, Illinois, U.S. on on July 5, 2017. David Lawder GRANITE CITY, Ill. (Reuters) - The blast furnaces and slab casters at United States Steel Corp''s Granite City Works have been idle for 18 months, and laid-off workers here are pinning their hopes on President Donald Trump imposing broad new restrictions on imported steel. Yet just across the Mississippi River, some manufacturers worry that new tariffs and curbs Trump is weighing under a "Section 232" national security review will raise their cost and make it harder to compete with foreign rivals. The inherent conflict between suppliers and buyers is at the heart of a debate inside the administration that lobbyists and lawmakers say could delay or weaken any protections recommended by the U.S. Commerce Department. The review''s findings, originally expected by the end of June, could be unveiled in the coming weeks. The Cold War-era law that allows the president to restrict imports of goods deemed critical to national defense pits an iconic industry that has been struggling with imports for decades against those that have benefited from China flooding the world steel market with excess production. (Graphic: tmsnrt.rs/2oPeo1z ) According to Bureau of Labor Statistics data compiled by the libertarian Cato Institute, steel mills and steel product factories now employ about 140,000 people, compared to 6.5 million at steel-reliant manufacturers ranging from autos and appliances to machinery. Hopes and Concerns In Granite City, where about 1,200 of the U.S. Steel plant''s 1,800 workers remain laid off despite the recent restart of some rolling mill operations, there is an air of keen anticipation. "We''re waiting on the 232 to get us back to work," said Chris Bragg, who was laid off in November 2015 when steel imports surged and oil prices cratered, slashing demand for the mill''s main product, hot-rolled steel for oil and gas drilling pipe. The 46-year-old father of three has been working in home construction since then, making less than half of the $55,000 he earned in his last year working on U.S. Steel''s basic oxygen furnace, which melts iron and alloys into steel. There were few dinners out, no vacations and no high school graduation presents for Bragg''s twin sons last year. TJ''s Place, a bar across the street from a plant gate, canceled its fish fries and taco nights and could close if more workers are not called back, said bartender Diane Valerius. "If that mill shuts down, this town is dead." Idled steelworkers Reuters interviewed in this factory suburb see the "Section 232" probe as a key test of Trump''s commitment to campaign promises to revive U.S. manufacturing and curb imports from China and South Korea. "I voted for Trump because the Democratic Party was going to kill the coal industry and the steel industry in one fell swoop," said Bill Wiley, 50, a laid-off apprentice millwright. "Somebody has to stick up for us. We’re just asking for a level playing field." Across the Mississippi in north St. Louis, factory managers at Bachman Machine Co worry new tariffs and curbs could raise steel prices, putting the 90-year-old maker of stamped steel auto parts at a disadvantage against Mexican suppliers. "Anything that is out of the norm in terms of a price change is going to be a negative factor for us. If we can''t pass that on, then that hurts us," said Jerry Ernsky, Bachman''s head of sales and marketing. The 100-employee company buys from steel distributors and often does not know the origin of the steel it uses to make parts for seats, airbags, door mechanisms and other components, Ernsky said. These are sold to larger auto suppliers such as Toyoda Gosei in Perryville, Missouri, and ultimately find their way to the U.S. assembly plants of Toyota, Honda, Ford and other automakers. U.S. Steel Corp administrative offices for its Granite City Works in Granite City, Illinois, U.S. on July 5, 2017. U.S. President Donald Trump is considering imposing import restrictions based on a national security review of the steel industry. David Lawder Kei Pang, chief executive of Ferguson, Missouri-based Nidec Motor Corp, the former Emerson Electric motors unit now owned by Japan''s Nidec Corp, warned Commerce Secretary Wilbur Ross in a letter that import curbs on certain electrical steels "would cause serious and material harm to our companies, our employees, and our customers." AK Steel is the only remaining U.S. manufacturer of electrical steel, a specialty product with precise magnetic properties used in transformers and motors. It has argued that it needs protection because domestic supplies are needed to safeguard the U.S. electrical grid. Tubular Target In similar public comments, U.S. Steel has called for import restrictions on tubular goods for the oil and gas industry as a way of safeguarding U.S. energy independence, a critical national security goal. Foreign steelmakers now supply half the oil and gas drilling and extraction pipe used in the United States. Direct imports from China were largely cut off by successful anti-dumping cases in recent years, only to be replaced by pipe imports from South Korea, which since April have been subject to increased duties. But as U.S. energy firms boost production, foreign-made steel pipes are still flooding into U.S. ports. Based on June import permit data, The American Iron and Steel Institute estimates that imports of steel pipes for the oil and gas industry are up 237 percent in the first half of 2017 from a year earlier. Ross, the Commerce chief, has indicated he might support protection for U.S. makers of pipes and their suppliers. He told a congressional hearing in June that steel was a "genuine national security issue" and pointed out how a U.S. tubular mill made the body of the massive conventional bomb dropped on Islamic State militants in Afghanistan in April. The 79-year-old billionaire is best known for his work restructuring several bankrupt U.S. steel companies in the early 2000s, selling them to what is now Arcelor Mittal. He is formulating trade policy alongside U.S. Trade Representative Robert Lighthizer, a veteran trade lawyer who represented U.S. Steel in anti-dumping cases. On the other side of the argument, steel users have enlisted dozens of industry trade groups to make the case against broad steel import restrictions. The American Petroleum Institute and 10 other oil and gas trade groups urged Commerce to narrowly define national security and "to consider the potential negative effects of U.S. tariffs or quotas or other measures that would raise the cost of steel inputs for the oil and natural gas industry." It remains unclear what actions Ross will recommend, whether Trump will implement that. U.S. Steel has not indicated how the Trump administration''s review may alter its production plans, saying in a statement that it was "interested to review the results of the 232 investigation." Idled workers say the uncertainty is gnawing at them. "There''s nothing that Trump''s done as of yet" for steelworkers, said Paul Morris, 55. "All we can do is sit back and wait." Reporting by David Lawder; Editing by David Chance and Tomasz Janowski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trade-steel-idINKBN19Y1PK'|'2017-07-13T17:05:00.000+03:00'
'b5a6d62890619555bef3791e9c4ded09789d60a2'|'FTSE down in the dumps as defensives, Pearson and M&S fall'|'July 11, 2017 / 9:29 AM / an hour ago FTSE down as defensives, Pearson and M&S fall; Carillion crumbles Kit Rees 4 Min Read FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. Suzanne Plunkett/File Photo LONDON (Reuters) - Britain''s top share index retreated on Tuesday as falls in defensive stocks as well as Pearson and Marks & Spencer overshadowed gains in miners. Mid-cap Carillion extended losses further. The blue chip FTSE 100 .FTSE index was down 0.6 percent at 7,329.76 points at its close, while mid caps .FTMC were 0.7 percent lower. Defensive firms and dollar earners were among the biggest weights on the index. They included Vodafone ( VOD.L ), British American Tobacco ( BATS.L ), AstraZeneca ( AZN.L ) and Diageo ( DGE.L ), as well as financials Prudential ( PRU.L ) and Lloyds Bank ( LLOY.L ). Education publisher Pearson ( PSON.L ) was the biggest faller, down more than 5 percent and giving up early gains after agreeing to sell a 22 percent stake in book publisher Penguin Random House for around $1 billion in a bid to boost its balance sheet and return cash to shareholders. Investors initially reacted positively to the news but others saw the move as insufficient. Pearson''s shares have fallen around 20 percent this year, struggling after a string of profit warnings as the group battles to get to grips with the rise of digital learning. "Pearson is stripping back from their core businesses, and are they selling the family china?" Jonathan Roy, advisory investment manager at Charles Hanover Investments, said. "What this is doing is degenerating their core revenue generation model. So, yes, in the short term you''ve got some capital, but how are you going to earn money going forward?" Marks & Spencer ( MKS.L ) was also punished after a trading update, tumbling 4.7 percent, on rising concern about food sales. Though the retailer said its recovery plan was on track and it stuck to its guidance for its 2017-18 financial year, analysts were disappointed by a 0.1 percent dip in like-for-like M&S food sales in its fiscal first quarter. "With Clothing & Home in line, the concern now relates to (Marks & Spencer''s) Food business, which has underperformed the industry for the second quarter in a row," analysts at Investec said in a note. Among risers, mining firms Glencore ( GLEN.L ), Anglo American ( AAL.L ), and Rio Tinto ( RIO.L ) enjoyed gains after the underlying price of copper rose. [MET/L] Among mid-caps, construction company Carillion ( CLLN.L ) continued to suffer fallout after its CEO stepped down amidst a full-year profit warning on Monday. It sank another 33.5 percent, taking losses over the past two days to 60 percent as worries around a possible rights issue intensified. "Carillion''s share price has reflected balance sheet concerns for some time, but this news is materially worse than expected," analysts at Numis said in a note. "The scope to address this issue is limited and there are risks which we believe make a major equity issuance a probability." Reporting by Kit Rees; Editing by Jeremy Gaunt 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19W0UE'|'2017-07-11T12:29:00.000+03:00'
'e0f47f4caa3625e6b982f860850cfeaa236d8551'|'Denmark charges OW Bunker''s Singapore head with fraud'|'July 13, 2017 / 12:33 PM / 9 minutes ago Denmark charges OW Bunker''s Singapore head with fraud Reuters Staff 3 Min Read COPENHAGEN (Reuters) - Denmark''s state prosecutor charged the former manager of OW Bunker''s Singapore subsidiary with fraud on Thursday but cleared the Danish management of the failed marine fuel oil supplier of any criminal wrongdoing. OW Bunker filed for bankruptcy in Denmark in November 2014 after losses at its Singapore business Dynamic Oil Trading, a marked change of fortunes for a firm valued at $1 billion when it listed in March that year. The prosecutor said the former manager, a Danish citizen, has been charged with committing fraud of agent by granting credit outside his mandate worth more than 800 million Danish crowns (95 million pounds). The prosecutor did not wish to name the defendant but said no reporting restrictions had been imposed. The former head of Dynamic Oil Trading was Lars Moller. His lawyer, Arvid Andersen, could not immediately be reached by Reuters on Thursday for comment. Andersen told Danish publication Shippingwatch on Thursday that there had been no criminal activity, reiterating what he has previously told Reuters. The prosecutor said it had not found any legal grounds for the criminal prosecution of other members of management within the OW Bunker group. "In Singapore, this manager of the subsidiary has single-handed committed these credit exaggerations," state prosecutor for serious economic and international crime, Niels Vejlby Hansen, told Reuters. "There had been several suspects in the mother company but our investigation shows that this has happened in the subsidiary," he said. The bankruptcy of OW Bunker sent shockwaves through the global shipping industry and left investors and business partners scrambling to cover their losses. Hansen said claims for damages could be put forward as part of the trial though the judge could reject claims if they became "too complicated" and instead refer the matter to a civil court. A group of 26 institutional investors, including two of the largest pension funds in Denmark, ATP and PFA, is also waging a legal campaign against the former management of OW Bunker for allegedly misleading them in its 2014 initial public offering. One PFA executive said he did not think Thursday''s decisions by the state prosecutor affected their legal battle. "I don''t think it weakens our case, if he is sentenced or imprisoned. On the contrary, we think there is a civil responsibility, and that is what we''re pursuing in regard to the board," said Rasmus Bessing, chief operating officer at PFA Asset Management. Reporting by Stine Jacobsen and Jacob Gronholt-Pedersen; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ow-bunker-fraud-idUKKBN19Y1FL'|'2017-07-13T15:32:00.000+03:00'
'1ccdeb10050d2a2b5727e608bc473a112ccf2718'|'Uber says it will improve conditions for UK drivers'|'July 11, 2017 / 11:56 AM / 6 minutes ago Uber says it will improve conditions for UK drivers Reuters Staff 2 Min Read FILE PHOTO - A man arrives at the Uber offices in Queens, New York, U.S. on February 2, 2017. Brendan McDermid/File Photo LONDON (Reuters) - Taxi app Uber said it will be improving an offer to drivers and would welcome greater legal clarity about different types of employment in Britain, in response to a government review into the gig economy published on Tuesday. The review calls for a new category of worker called a "dependent contractor" meaning that those Britons working for companies such as Uber and Deliveroo would receive more benefits. Uber, which operates in a sector which thrives off self-employed people working simultaneously for different employers without fixed contracts, said its drivers already earned on average more than the living wage of 7.50 pounds an hour but it would go further. "We know drivers want more security too which is why we’re already investing in discounted illness and injury cover, and will be introducing further improvements soon," said Andrew Byrne, Head of Policy for Uber in the UK. "We would welcome greater clarity in the law over different types of employment status," he said. Reporting by Costas Pitas; editing by Michael Holden 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-politics-uber-idUKKBN19W193'|'2017-07-11T15:05:00.000+03:00'
'49f2b69c35d6d5c2a3eda3ac9991955619001b93'|'Halcon Resources to sell certain Williston assets for $1.4 bln'|'Deals - Tue Jul 11, 2017 - 11:04am EDT Halcón pivots to Permian with $1.4 billion Bakken deal By Ernest Scheyder Shale oil producer Halcón Resources Corp said on Tuesday it would sell most of its North Dakota operations for $1.4 billion cash, part of a plan to shift its focus to Texas'' Permian Basin, the largest U.S. oilfield. The deal with privately held Bruin E&P Partners LLC focuses Halcón on the most-active area in the U.S. oil industry and marks a stunning turnaround for Chief Executive Floyd Wilson, who formed the company in 2011 before having to usher it through bankruptcy in 2016 after oil prices plunged. The news sent Halcón shares up more than 35 percent in morning trading. The deal also highlights the ability of U.S. shale producers to survive and reinvent themselves, despite sliding crude prices in the past two years. "The sale of our Williston Basin operated assets transforms Halcón into a single-basin company focused on the Delaware Basin where we have more than 41,000 net acres," Wilson said in a statement. Houston-based Halcón will sell its operated North Dakota assets, which produce about 29,000 barrels per day (bpd). Halcón will keep its non-operated interest in wells across the state and said it may sell them in the future. After the sale, Halcón will produce about 7,500 bpd and run two drilling rigs in the Permian. By the end of the year, Halcón expects to pump about 13,000 bpd. The deal is expected to close by August. If it collapses, Halcón would pay Bruin $42 million. Bruin E&P Partners, which is backed by private equity firm Arclight Capital Partners LLC, did not immediately respond to a request for comment. Halcón entered the Permian in January in several deals worth more than $1.2 billion, acquiring acreage in the western part of the region known as the Delaware Basin. Focusing on the Permian could help Wilson achieve his long-held dream of selling Halcón to the highest bidder. Investors and analysts have been eager to see if Wilson can replicate the feat he pulled off in 2011 when he sold Petrohawk Energy to BHP Billiton Plc for $12.1 billion, a 65 percent premium over the share price before the sale was announced. Wilson had predicted in 2012 that a sale of Halcón would take place by 2015. But in 2013, with Halcón''s debt load mounting, he changed that time frame, saying any potential sale could come within "a few years." (Reporting by John Benny in Bengaluru and Ernest Scheyder in Houston; Editing by Shounak Dasgupta and Meredith Mazzilli) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-halcon-resources-divestiture-idUSKBN19W18Y'|'2017-07-11T14:49:00.000+03:00'
'b5d59a571b9984b06412e3acdf0e32d2c0930cf8'|'Giving up the ghost - investors bail on Snap'|'July 11, 2017 / 5:10 PM / 7 minutes ago Giving up the ghost - investors bail on Snap Anya George Tharakan and Lewis Krauskopf 4 Min Read FILE PHOTO - A man takes a photograph of the front of the New York Stock Exchange (NYSE) with a Snap Inc. logo hung on the front of it shortly before the company''s IPO in New York, U.S., March 2, 2017. Lucas Jackson (Reuters) - Here one minute, gone the next. While that is the premise of Snap Inc’s popular messaging platform, investors also saw any gains from its red-hot IPO disappear when shares plunged far below their initial sale price on Tuesday. Morgan Stanley, a lead underwriter on the company''s initial public offering, slapped a price target of $16 on the stock - a buck below its March IPO price. Analyst Brian Nowak wrote in the note that "we have been wrong about Snap''s ability to innovate and improve its ad product this year." Snap shares got slammed, slumping nearly 9 percent in heavy trading volume to close at $15.47. It was a 47 percent bump down from the $29.44 intraday high they hit the day after the IPO. “There’s a lot of people betting that this stock is going down and I think this analyst is just adding fuel to the fire,” King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco, said of Morgan Stanley''s downgrade. The bank cut its rating to "equal-weight" from "outperform" and slashed its price target to $16 from $28, below the median target of $19.50. The ratings move was a rarity by a lead underwriter so soon after a listing. Goldman Sachs, another lead underwriter, still has a "buy" rating on the stock and an unchanged $27 price target. Related Coverage Investors pay top dollar to short Snap "We have been wrong about Snap''s ability to innovate and improve its ad product this year and user monetization as it works to move beyond "experimental" ad budgets into larger branded and direct response ad allocations," Nowak wrote. Nowak raised concerns about Snapchat parent''s ability to compete with Facebook Inc''s Instagram. Snap''s user growth trends have been modestly weaker than expected. In the downgrade report, Morgan Stanley also cut its estimates for Snap''s 2017 revenue by 6.9 percent to $897 million and lowered its expectations for daily active users by 1.6 percent to 182 million. Snap and Morgan Stanley declined to comment on the downgrade. Longs vs Shorts Short-sellers were placing bets on Tuesday that Snap would continue to fall, representing about 2.4 percent of trading volume in the stock by midday despite it being one of the most expensive to borrow on Wall Street. A fresh round of selling could follow the July 29 expiry of the stock''s lockup period, after which certain insider investors will be allowed to unload their shares. Snapchat is popular with users under 30, but many on Wall Street have long been critical of Snap''s lofty valuation and slowing growth. The company''s current market value was about $18.3 billion. Facebook, which once made a $3 billion bid for Snapchat, has made the camera central to its own apps and offers Snapchat-like features on its Instagram and WhatsApp platforms. In June, Instagram said its Stories feature had 250 million users, compared with 166 million users for Snapchat at the end of the first quarter. "You have a one, two, three punch here: Slowing growth, advertisers are still favoring established platforms and a very, very threatening competitor," said Philippe Collard, founder of management consulting firm Yabusame Partners, which specializes in the tech industry. "Probably, people are sitting on the sideline saying, ''What do I do with Snap, is it going to be another Twitter?''" Shares of Twitter, which went public in 2013, now trade about 30 percent below their IPO price. Some big names took stakes in Snap during the first quarter, including billionaire George Soros'' hedge fund, activist hedge fund Jana Partners, Daniel Loeb''s Third Point and Daniel Och''s Och-Ziff Capital Management. Reporting by Anya George Tharakan in Bengaluru and Lewis Krauskopf in New York; additional reporting by Rodrigo Campos, Sheila Dang and Jessica Toonkel in New York; Editing by Meredith Mazzilli, Megan Davies and Dan Burns 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-snap-stocks-idUKKBN19W25S'|'2017-07-12T02:47:00.000+03:00'
'32ba40ea196920f2a00079ffc741466850037263'|'Muted inflation, wages keep Fed policymakers cautious'|'July 11, 2017 / 9:30 PM / 9 minutes ago Muted inflation, wages keep Fed policymakers cautious 3 Min Read The Federal Reserve building in Washington September 1, 2015. Kevin Lamarque (Reuters) - A day ahead of Federal Reserve Chair Janet Yellen''s testimony to Congress on the state of the U.S. economy, two of her colleagues cited low wage growth and muted inflation as reasons for caution on further interest rate increases. In recent months U.S. inflation has moved further below the Fed''s 2 percent target even as the labour market, as measured by a 4.4 percent unemployment rate, has strengthened. That disconnect has vexed policymakers, but Yellen has said the retreat in price pressures is likely temporary and signalled she is prepared to continue with rate hikes and a plan to start trimming the Fed''s $4.5 trillion balance sheet later this year. The Fed raised rates last month to a range of 1 percent to 1.25 percent. Fed Governor Lael Brainard supported the June rate rise and on Tuesday embraced the plan to reduce the balance sheet "soon," but suggested her support for any future rate increases will depend in part on how inflation shapes up. "I will want to monitor inflation developments carefully, and to move cautiously on further increases in the federal funds rate, so as to help guide inflation back up around our symmetric target," Brainard said, adding that she believes rates may need to top out near 2 percent, which would give the Fed little room to raise them further. At a separate event on Tuesday, Minneapolis Federal Reserve Bank President Neel Kashkari said he finds it hard to believe that the U.S. economy is in danger of overheating when wage growth is so low. FILE PHOTO - Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S. on March 1, 2017. Brian Snyder/File Photo Government data on Friday showed wage growth of just 2.5 percent annually in June. "I am looking for that wage growth as an indicator that, okay, maybe the economy’s overheating, maybe now we are going to start seeing inflation, maybe that’s going to lead us to need to raise interest rates," Kashkari told the Minnesota Women''s Economic Roundtable. Kashkari this year voted against each of the Fed''s rate hikes. "It can’t be that bad to find workers because if you really were having to compete with other companies to find the scarce talent, we would see wages climbing, and we are not seeing wages climbing very quickly," he said. Kashkari said that when businesses tell him they cannot find skilled workers, he tells them to provide training and to pay more. "The bottom line from my perspective is if there are good opportunities for your business, you will raise wages you will attract workers and you will grow your company," he said. The Fed''s next policy meeting is on July 25-26. Reporting by Lindsay Dunsmuir and Richard Leong; Editing by Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-brainard-idUKKBN19W2OJ'|'2017-07-12T00:29:00.000+03:00'
'8d596c6dfbbd0dfc444f5b8e42a24e0b0d2c6b7e'|'China June trade beats expectations on robust demand, but headwinds eyed'|'July 13, 2017 / 6:12 AM / a few seconds ago China June trade beats expectations on robust demand, but headwinds eyed Yawen Chen and Ryan Woo 4 Min Read FILE PHOTO: A container area is seen at the Yangshan Deep Water Port, part of the newly announced Shanghai Free Trade Zone, south of Shanghai September 26, 2013. Carlos Barria/File Photo BEIJING (Reuters) - China posted stronger-than-expected June trade figures on Thursday, bolstered by firm global demand for Chinese goods and robust appetite for construction materials at home, but local curbs on lending could weigh on imports later this year. Exports from the world''s second largest economy rose 11.3 percent from a year earlier, while imports expanded 17.2 percent, both beating analysts'' expectations, official data showed. While exports benefited from solid demand for electronics and industrial goods, a growing trade surplus, particularly with the United States, may add to trade tensions as U.S. President Donald Trump seeks to boost activity in his country''s manufacturing sector. An increase in trade between China and nuclear-armed North Korea in the first half of the year could also add to diplomatic pressures between Beijing and Washington. Meanwhile, analysts say economic and political risks could undermine much of the strong trade momentum seen in the first half of this year. "Looking ahead, we expect export growth to slow on uncertainties in external demand due to rising geopolitical risks and the stronger yuan-U.S. dollar exchange rate in the first half of 2017," Nomura researchers said in a note after the data release. China posted a trade surplus of $42.77 billion in June, slightly above analyst forecasts for a surplus of $42.44 billion and wider from May''s $40.81 billion. Analysts polled by Reuters had anticipated June shipments from the world''s largest exporter to have risen 8.7 percent, in line with May''s growth. Imports were forecast to have climbed 13.1 percent, easing from the unexpectedly strong 14.8 percent jump in May. The country''s demand for imports, particularly for industrial commodities such as iron ore and coal used to feed a construction boom, has remained robust in recent months. This is thanks mostly to resilient real estate demand in smaller Chinese cities with lax property rules as authorities are keen to clear a housing glut. However, analysts say a slowdown in demand for materials from abroad may already be taking place. "Looking ahead, exports should continue to do well given the relatively positive outlook for China''s main trading partners," Julian Evans-Pritchard, China Economist at Capital Economics, said in a note. "But we are sceptical that the current pace of imports can be sustained for much longer given the increasing headwinds to China''s economy from policy tightening." Many economists still expect Beijing''s intensifying crackdown on unscrupulous lending and a cooling property market to translate to slower growth after a surprisingly optimistic first quarter. Heightened Trade Tensions? China''s trade surplus with the United States was $25.4 billion in June, up from $22.0 billion in May, official data showed, and its widest since October 2015, according to a Reuters calculation. While U.S. demand remains robust, concerns of possible trade frictions between the United States and China appear to be back on the radar. Trump has described the trade imbalances between the two countries as a "very, very big issue" that he would address. Washington is also investigating aluminium imports from China under the rarely used section 232 of the Trade Expansion Act of 1962 that allows restrictions on imports for reasons of national security. The administration is conducting a separate investigation into steel. The world''s two biggest economies started their 100 days of trade talks in April and agreed in May to take action by mid-July to increase access for U.S. financial firms and expanding trade in beef and chicken among other steps. Senior U.S. and Chinese officials will hold a U.S.-China Comprehensive Economic Dialogue in Washington on July 19, which will be the first covering economic and trade issues in a new format for U.S.-China dialogue. Additional reporting by Beijing Monitoring Desk; Editing by Sam Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-idINKBN19Y0GX'|'2017-07-13T08:47:00.000+03:00'
'35ed199eddc5b2dcdd917c29b3414cead1a655f6'|'Analysis: Singapore penthouse on sale for over $72 million, a test for luxury market''s recovery'|'July 13, 2017 / 8:13 AM / 30 minutes ago Analysis: Singapore penthouse on sale for over $72 million, a test for luxury market''s recovery Aradhana Aravindan and Masayuki Kitano 6 Min Read GuocoLand Ltd''s mixed-use Tanjong Pagar Centre (R), soon to be the tallest building in the city-state, towers over other buildings in the central business district of Singapore February 29, 2016. Edgar Su/File Photo SINGAPORE (Reuters) - The asking price for a new three-storey Singapore penthouse, complete with a private pool on the 64th floor, has reached a dizzying S$100 million ($72.6 million). Due to be formally unveiled later this year, Wallich Residence''s penthouse is in the tallest building in Singapore, the island of well-heeled stability that attracts the super-rich from its less-developed Southeast Asian neighbours, as well as multi-millionaires from mainland China. The ''bungalow in the sky'' penthouse in the GuocoLand-developed Tanjong Pagar Centre, is likely to become Singapore''s most expensive apartment. It will test the endurance of demand for luxury property in the city-state – the part of the market that has taken the biggest hit from measures aimed at cooling down property prices in recent years. Prices for luxury homes in Singapore have fallen 15-20 percent from a 2013 peak, according to JLL consultancy, part of the Jones Lang LaSalle global property services group. But JLL is now starting to see the prospects of a turnaround – at least at the top end of the market – and is forecasting a 3-5 percent increase in luxury prices this year, citing demand from both locals and foreigners who feel the market is bottoming out. JLL said the volume of transactions in the first four months of the year in Singapore''s core central region, which is popular among wealthy foreigners and includes the Orchard Road shopping area and Sentosa island, was 35 percent higher than in the same period last year. "A lot of people think Singapore is value for money because it''s been downhill all the way - such a long winter," said Chandran VR, managing director at a real estate agency specialising in high-end homes. "Now they feel it is the right time to come in," he said. By contrast, he noted that Hong Kong apartment prices have been soaring, adding that "sensible investors will come here," instead. GuocoLand Singapore Group Managing Director Cheng Hsing Yao said buying by foreigners has picked up since the start of the year at the developer''s high-end Leedon Residence project, near the 150-year-old Singapore Botanic Gardens. GuocoLand is part of Malaysian conglomerate Hong Leong Group, headed by billionaire Quek Leng Chan. "In absolute numbers, it may not be that huge, but the ticket sizes are actually quite significant for some of them," Cheng said. Some foreigners were buying homes worth S$8-12 million in the project, he said. The recent tightening of property market controls elsewhere, such as in Hong Kong and Australia, has played a part in attracting foreign demand to Singapore''s luxury property this year, Cheng said. City Developments Ltd (CDL), one of the largest Singapore developers, also said the average sales price at its high-end Gramercy Park project has risen to more than S$2,800 per square feet in recent months, up 8 percent from a year ago, and foreign buyers accounted for three-quarters of the project so far. CDL''s billionaire Chairman Kwek Leng Beng is a cousin of the Malaysian developer Quek. Plenty of Tools Still, Singapore''s broader residential market remains subdued, having fallen for 15 straight quarters to log its longest losing streak since official records began in 1975. "We are forecasting for prices to come down between 1 to 5 percent this year before reaching an inflection point in 2018," said Eli Lee, an analyst for OCBC Investment Research. While prices in Hong Kong tripled and Sydney''s doubled over the past decade, Singapore prices rose just 29 percent. Singapore introduced property price cooling measures to curb speculation as did many other "hot property" cities in the region. While some measures were relaxed slightly this year, the authorities warned last month there would be no more rolling back for now. Singapore is not short of policy tools to ward off speculators. Most of the island''s apartment blocks were built and then managed by the government, though the vast majority of the units have been sold to citizens. This allows it to keep control of some speculative activity, and therefore prices. Initial buyers of government apartments, for example, are largely prevented from flipping a property through a fast resale. The high home ownership rate, at about 90 percent, also makes it easier for policymakers to craft measures targeting speculative demand when the market is overheated. All home buyers have to pay a stamp duty at a progressive rate of up to 3 percent, but foreigners have to pay an additional 15 percent for their purchases. Singaporeans also have to pay an extra stamp duty of 7-10 percent when they make second and subsequent purchases. "With tightening measures taken in other countries, that could lead investors to shift funds back here. So we just have to watch that very closely," Ravi Menon, managing director ofthe Monetary Authority of Singapore, said last month. New home sales more than doubled in March from a year earlier, reaching their highest level in nearly four years. And developers, led by Chinese companies, are paying record sums to secure land. Shenzhen-based developer Logan Property and its partner Nanshan Group recently paid a record S$1 billion at a government land auction. That was almost 50 percent more than the previous record set in 1997. "The strong winning bid...signals developers'' strong confidence in the Singapore residential market and their belief that prices could return to growth soon," said Christine Li, research director at Cushman and Wakefield in Singapore. Editing by Miyoung Kim and Martin Howell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/singapore-property-luxury-idINKBN19Y0Q4'|'2017-07-13T11:09:00.000+03:00'
'0e208fc55f5d1bd77796dd7e6356086512ad4757'|'Kremlin says turbines being installed in Crimea are of Russian origin'|'July 13, 2017 / 11:05 AM / 15 minutes ago Kremlin says turbines being installed in Crimea are of Russian origin Reuters Staff 1   Saftey helmets are piled up for media representatives at the Siemens AG gas turbine factory hall in Berlin, Germany, November 8, 2012. Tobias Schwarz/File Photo MOSCOW (Reuters) - The Kremlin said on Thursday that gas turbines being installed in Crimea were of Russian origin after German engineering firm Siemens said earlier this week that two of its turbines had been delivered there against its wishes and without its knowledge. Russia seized the region from Ukraine in 2014 and it is now subject to European sanctions on energy technology. When asked about the row with Siemens, Kremlin spokesman Dmitry Peskov told a conference call with reporters: "We do not have anything to add to what we have said earlier. Equipment related to the power sector is indeed being installed there (in Crimea). The equipment being installed there is of Russian origin." Siemens has filed a lawsuit against Russian state firm Technopromexport requiring it to return the turbines to their original destination in southern Russia, which is not subject to sanctions. Reporting by Denis Pinchuk; Editing by Andrew Osborn 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-crisis-crimea-siemens-turbine-idUKKBN19Y16I'|'2017-07-13T14:06:00.000+03:00'
'9b8f4cc979062ef3bf86a1d9fba5112dd7858224'|'ECB may announce QE wind down in Sept -Wall Street Journal'|'July 13, 2017 / 11:59 AM / a minute ago ECB may announce QE wind down in September: Wall Street Journal 3 Min Read The headquarters of the European Central Bank (ECB) are pictured in Frankfurt, Germany June 10, 2017. Ralph Orlowski FRANKFURT (Reuters) - The European Central Bank is likely to signal in September that its bond-buying scheme will be gradually wound down next year and ECB chief Mario Draghi could give the next clue on the plans in late August, the Wall Street Journal said on Thursday. Financial markets overwhelmingly expect the ECB to decide in September on the future of its stimulus policy beyond the end of this year. Some investors expect an extension with a one-off reduction while others see a gradual but steady wind-down, known as tapering. ECB President Mario Draghi opened the door last month to tweaks to the bank''s stimulus policy, arguing that growth is providing the 19-nation euro zone economy with support so the ECB could scale back stimulus to maintain the overall level of accommodation. Central bank officials who spoke to Reuters recently have pointed to September or, at the latest, October as a likely time for a decision but stressed this depended on economic data and market conditions. Draghi is scheduled to speak at the Federal Reserve''s Jackson Hole symposium just two weeks before the ECB''s Sept. 7 meeting. He will be returning to the conference for the first time in three years, when he laid the foundations for the ECB''s massive asset purchase program. "The direction and timing of the communication would make sense to us," ABN Amro economist Nick Kounis said in a note. "Indeed, our base case is that the ECB will announce a tapering of its asset purchases from January 2018 onwards at the September meeting. At the same time, we think the ECB will try to sweeten the pill by making tapering slow and signaling that rate hikes are a long way off." In stark contrast with the Wall Street Journal report, Latvian central bank chief Ilmars Rimsevics, considered a moderate hawk on the Governing Council, argued that asset buys may go on for years to come, given recent inflation forecast cuts. "This (projection cut) shows that the medium-term inflation target of 2 percent is not met, which means that this program could continue for at least a couple of years," Rimsevics told Latvian public radio on Thursday. Bond yields moved slightly higher on the Journal report but the euro was little changed. The ECB confirmed that Draghi will speak at Jackson Hole but declined to comment on the rest of the Journal story. Reporting by Francesco Canepa; editing by Mark Heinrich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-ecb-policy-bonds-idINKBN19Y1BJ'|'2017-07-13T19:52:00.000+03:00'
'79483a4295999c2cee37f3f2b7b11120ca651ac9'|'UK election jitters push house price rises to 11-month low - RICS'|'July 12, 2017 / 11:21 PM / 5 hours ago UK election jitters push house price rises to 11-month low - RICS Reuters Staff 2 Min Read A Union flag hangs across a street of houses in London, Britain June 3, 2015. Suzanne Plunkett LONDON (Reuters) - British house price inflation slowed last month to its weakest since just after last year''s Brexit vote, but this time domestic political worries played the greatest role, a property industry body said on Thursday. The Royal Institution of Chartered Surveyors (RICS) said its monthly house price index dropped to +7 in June from +17 in May, its lowest since July last year and below all forecasts in a Reuters poll of economists. "The term ''uncertainty'' is featuring more heavily in the feedback we are receiving," RICS chief economist Simon Rubinsohn said. "This seems to be exerting itself on transaction levels, which are flatlining and may continue to do so." RICS asked its members about the main reason for slowing property sales. Some 44 percent blamed domestic political uncertainty after Prime Minister Theresa May unexpectedly failed to win a parliamentary majority in a June 8 election. Just 27 percent cited Britain''s looming departure from the EU. But Brexit and property taxes were a bigger factor in London, where luxury property in the centre continued to see widespread price falls. Prices also dropped slightly in surrounding areas of southeast England, but rose strongly in most of the rest of England, as well as in Scotland, Wales and Northern Ireland. "The latest results demonstrate the danger, however tempting, of talking about a single housing market across the country," Rubinsohn said. A shortage of homes for sale remained a problem, too, he said. The number of houses being put up for sale fell for a 16th consecutive month, and estate agents had a record-low amount of property to sell. Reporting by David Milliken, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-houseprices-rics-idUKKBN19X33F'|'2017-07-13T02:21:00.000+03:00'
'538c1505168337bfab1a66698b8e055025bb60b5'|'AstraZeneca holds FTSE back, Carillion loses last ''buy'' rating'|'July 13, 2017 / 9:38 AM / an hour ago AstraZeneca holds FTSE back, Carillion loses last ''buy'' rating Helen Reid 4 Min Read FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. Suzanne Plunkett/File photo LONDON (Reuters) - British shares underperformed in Europe on Thursday, with AstraZeneca weighing on the healthcare sector and BP ( BP.L ) and Royal Dutch Shell ( RDSa.L ) tracking crude prices lower. Retailers and BT ( BT.L ) made gains but the FTSE 100 .FTSE inched up just 0.1 percent, lagging Europe''s 0.5 percent rise. Troubled construction services company Carillion ( CLLN.L ), which has seen 70 percent of its market value wiped out since a profit warning and the exit of its CEO on Monday, slipped another 3.3 percent as JPMorgan slashed its "overweight" rating to "neutral". Investors shunned AstraZeneca ( AZN.L ) shares, which slid 4.3 percent to the bottom of the FTSE after a media report claimed Chief Executive Pascal Soriot could be preparing to defect to Israel-based Teva Pharmaceutical Industries ( TEVA.TA ). Some analysts questioned whether reports of a move suggested the results of the company''s MYSTIC trial of a lung cancer candidate could fail. "We find it hard to believe a Soriot departure would have direct read-across to [key lung cancer trial] Mystic, and would favour remuneration and the UK mood music as at least a key part of the explanation," said Liberum analyst Roger Franklin. "Any significant fall today could therefore be a buying opportunity for long-term investors," he added. The company declined to deny the report. BT led blue-chip gainers and Europe''s telecoms sector .SXKP, up 3.2 percent after UK broker Numis started covering the company with a ''buy'' rating. "Earlier this year the company and [regulator] Ofcom gave many BT shareholders much heartache, but at current levels we believe the share price discounts some incredible assumptions," Numis analysts wrote. Retailers Marks & Spencer ( MKS.L ) and Next ( NXT.L ) made solid gains, as investors read across from stronger results reported by French supermarket Casino ( CASP.PA ), lifting retailers across Europe .SXRP. N Brown ( BWNG.L ) slid as much as 9 percent, the worst mid-cap faller, after the plus-size fashion retailer said it would incur an exceptional charge of up to 40 million pounds ($52 million) for potential customer redress on flaws in products sold between 2006 and 2014. Helping support the mid-cap index, however, were Ocado ( OCDO.L ), up 2.2 percent after Credit Suisse raised its target price on the stock, predicting the online grocer would expand margins through automation. "Whereas we think the market has tended to view Ocado''s latest-generation facility as the endpoint of the investment case, we believe this platform will allow Ocado to drive widespread automation and monetise its intellectual property," analysts at the Swiss bank wrote. Barclays said fears of the impact on housebuilders from potential interest rate rises were ''overblown'', upping its ratings on some firms. McCarthy & Stone ( MCS.L ) fell 1.9 percent, however, after the broker cut it to ''underweight'' because of its greater reliance on the second-hand market. Reporting by Helen Reid; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19Y0YO'|'2017-07-13T12:38:00.000+03:00'
'3639e529653b3056ed68eb1ca32f573a64ae1eba'|'AstraZeneca''s CEO Soriot to join Israeli drugs company Teva - report'|'July 13, 2017 / 1:03 AM / 6 hours ago AstraZeneca''s CEO Soriot to join Israeli drugs company Teva - report Reuters Staff 2 Min Read Pascal Soriot leaves after appearing at a commons science committee hearing at Portcullis House in London May 14, 2014. Luke MacGregor TEL AVIV (Reuters) - Israel-based Teva Pharmaceutical Industries ( TEVA.TA ) is expected to name Anglo-Swedish group AstraZeneca''s ( AZN.L ) Chief Executive Pascal Soriot as Teva''s next CEO, the Calcalist financial news website said on Wednesday. Soriot has met with Teva''s ( TEVA.N ) search committee and its chairman and expressed his agreement to serve as its next CEO, Calcalist said. Teva was left without a permanent CEO in February after Erez Vigodman stepped down, leaving new management to try to restore confidence in the world''s biggest generic drugmaker after a series of missteps. Chief Financial Officer Eyal Desheh also resigned at the end of June. Soriot is expected to earn twice as much as Vigodman and receive a bonus upon signing the contract, estimated at about $20 million, Calcalist said, adding that the financial terms were still being discussed. Shares in Teva were up 3.4 percent at $32.02 in late New York trade, while AstraZeneca''s shares in New York ( AZN.N ) were up 0.03 percent at $33.25. "We don’t comment on rumour and speculation," an AstraZeneca spokeswoman said. Teva also said it did not comment on market rumours. The company''s chairman, Sol Barer, said in May his top priority was the continuing global search to identify a candidate with "deep and broad pharmaceutical experience" to serve as Teva''s permanent CEO. Then chairman Yitzhak Peterburg replaced Vigodman on a temporary basis. When asked whether Teva might waive its requirement for the CEO to be based in Israel, Barer said in May: "We are looking around the world for the best candidate. We are committed once we find that candidate to do what it takes to bring that candidate to Teva." The French born Soriot, 58, has been AstraZeneca''s CEO since 2012. AstraZeneca has been active in Israel since 2009. Reporting by Tova Cohen; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-teva-pharm-ind-astrazeneca-ceo-idUKKBN19Y028'|'2017-07-13T04:02:00.000+03:00'
'fd275c27b8a0e93c8dc886c83f900377c5add09e'|'Carillion shares slip again as JPMorgan ditches ''overweight'' rating'|'July 13, 2017 / 7:23 AM / 22 minutes ago Carillion shares slip again as JPMorgan ditches ''overweight'' rating Reuters Staff 1 Min Read LONDON (Reuters) - Carillion shares were poised for another choppy trading session on Thursday after the troubled construction services firm lost its last "buy" rating when JPMorgan analysts cut the stock to "neutral" and slashed its price target. The firm has seen 70 percent of its market value wiped since a profit warning and CEO exit on Monday while its bondholders have braced for "painful" talks as a pile-up of receivables and debt spooked investors. In its downgrade, JPMorgan said its analysis suggests a further provision against the receivables may be required, suggesting Carillion may face difficulties recovering money owed to it by its customers. Those views were echoed by analysts at Morgan Stanley who added that for now the balance sheet overshadows operating performance and a further deleveraging from a combination of asset sales, cost cutting and potential capital raises via equity may be required. Shares were last down 3.6 percent in relatively heavy volumes in early trading. Reporting by Vikram Subhedar, Editing by Helen Reid 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-carillion-stocks-idUKKBN19Y0ML'|'2017-07-13T10:23:00.000+03:00'
'93a25f812baca1e225b11db9a3613dce5043874e'|'U.S. weekly jobless claims drop; producer prices unexpectedly rise'|'July 13, 2017 / 1:18 PM / an hour ago U.S. weekly jobless claims drop; producer prices unexpectedly rise Lucia Mutikani 4 Min Read A woman walks past a "help wanted" sign on a restaurant in Los Angeles, California. U.S., July 5, 2017. Mike Blake WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell last week for the first time in a month and producer prices unexpectedly rose in June, likely keeping the Federal Reserve on track for a third interest rate increase this year. Persistently low layoffs point to a buoyant labor market that is sustaining economic growth, while the uptick in producer prices suggests a recent moderation in inflation was likely temporary. Initial claims for state unemployment benefits dropped 3,000 to a seasonally adjusted 247,000 for the week ended July 8, the Labor Department said on Thursday Claims have now been below 300,000, a threshold associated with a healthy labor market, for 123 straight weeks. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at 4.4 percent. The drop in first-time applications for jobless benefits came on the heels of data last week showing the economy created 222,000 jobs last month, the second biggest payrolls increase this year. The number of Americans on unemployment rolls dropped 20,000 to 1.95 million in the week ended July 1. The so-calledcontinuing claims have now been below 2 million for 13straight weeks, pointing to shrinking labor market slack. A Fed survey of the economy published on Wednesday showed "labor markets tightened further for both low and high-skilled positions, particularly in the construction and IT sectors." Prices for U.S. Treasuries fell, with the yield on the 30-year government bond hitting a session high. The dollar was trading slightly lower against a basket of currencies. Producer Prices Nudge Up In another report, the Labor Department said its producer price index for final demand edged up 0.1 percent last month after being unchanged in May. In the 12 months through June the PPI increased 2.0 percent, slowing after May''s 2.4 percent advance as last year''s energy-driven rise drops out of the calculation. Economists polled by Reuters had forecast the PPI being unchanged last month and rising 1.9 percent from a year ago. A key gauge of underlying producer price pressures that excludes food, energy and trade services increased 0.2 percent last month. The so-called core PPI fell 0.1 percent in May. The core PPI increased 2.0 percent in the 12 months through June after climbing 2.1 percent in May. Fed officials are closely watching inflation, which has remained below the U.S. central bank''s 2 percent target for five years. They have largely viewed the recent retreat in price pressures as transitory. Labor market strength and signs of an uptick in inflation could bolster expectations that the Fed will raise interest rates in December for a third time this year and announce in September a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities. Fed Chair Janet Yellen told lawmakers on Wednesday that the economy was healthy enough for the central bank to raise rates and begin winding down its massive bond portfolio. Last month, prices for services gained 0.2 percent, accounting for almost 80 percent of the increase in the PPI. Services were lifted by a 0.3 percent rise in the index for final demand trade services, excluding transportation and warehousing. It was the fourth straight monthly increase in services and followed a 0.3 percent gain in May. The cost of healthcare services were unchanged after dipping 0.1 percent in May. Those costs feed into the Fed''s preferred inflation measure, the core personal consumption expenditures price index. Energy prices fell 0.5 percent after declining 3.0 percent in May. Food prices jumped 0.6 percent in June following a 0.2 percent drop the prior month. Reporting By Lucia Mutikani; Editing by Andrea Ricci 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-economy-idINKBN19Y1J0'|'2017-07-13T16:14:00.000+03:00'
'14788cbb1bd40e52c27aa90d80703ecd52514853'|'British Chambers of Commerce says business growth static, urges Brexit clarity'|'July 12, 2017 / 11:21 PM / 9 hours ago British Chambers of Commerce says business growth static, urges Brexit clarity Reuters Staff 3 Min Read FILE PHOTO - Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. Eddie Keogh/File Photo LONDON (Reuters) - The British Chambers of Commerce said on Thursday that consumer-facing businesses had suffered in the face of higher inflation over the past three months and that a better outlook for exporters was too little to compensate. Whether stronger exports can offset a squeeze on consumer demand is the key question for Britain''s economy as it grapples with the effect of last year''s sharp fall in sterling following the vote to leave the European Union. The Bank of England predicts the overall effect will be modest, and could raise interest rates for the first time in a decade later this year if that continues to be the case. But the BCC - which carries out Britain''s biggest quarterly survey of businesses - said economic activity was subdued in the three months to the end of June. "For many businesses growth is static at best, and at worst, beginning to slow," BCC director-general Adam Marshall said. "The subdued growth picture underlines the importance of getting as much clarity on the Brexit transition as possible, as quickly as possible over the coming months," he added. Overall, the BCC data fit the pattern of other business surveys in the past week, which have shown weakening investment plans and slowing business activity. British quarterly economic growth tumbled to 0.2 percent in the first three months of this year, and the NIESR economic think tank estimated last week that growth only edged up to 0.3 percent during the second quarter. Despite the gloomy outlook, some measures in the BCC''s survey were robust. Manufacturers reported the fastest export growth in three years, while the services sector enjoyed the biggest increase in foreign sales in more than a year. The two sectors were more upbeat about the outlook for total sales over the next 12 months than at any time since last year''s vote to leave the EU. However, the BCC said services businesses that relied on British consumers suffered from inflation, which is its highest in nearly four years. Overall, services businesses'' domestic sales slipped, as did investment and hiring intentions. "While the manufacturing sector enjoyed a solid quarter, the improvements are from a low base, and the longer-term trends suggests that the sector''s contribution to overall UK growth will not be enough to offset weaknesses elsewhere," the BCC''s head of economics, Suren Thiru, said. Reporting by David Milliken; Editing by Hugh Lawson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-economy-bcc-idUKKBN19X33L'|'2017-07-13T02:12:00.000+03:00'
'353f78f2c02241cb498015b489f4b1d0012311c2'|'One in three Burberry shareholders vote against executive pay deal - Business - The Guardian'|'A third of Burberry’s shareholders have failed to back the luxury brand’s remuneration report in a protest over high pay.Investors representing just over 32% of voting shares rejected the report with more investors withholding their votes despite recent attempts to appease their anger by reducing overall pay deals.The rebellion was the biggest since 2014, when more than half of shareholders voted against director pay at the British fashion house.At Burberry’s annual meeting in central London on Thursday morning, the chairman, John Peace, defended the pay packages for key executives including Christopher Bailey, who was joint chief creative director and chief executive until last week, and the new chief operating officer and finance officer, Julie Brown. Bailey’s total remuneration last year rose from £1.9m to £3.5m. While he waived his entitlement to any annual bonus for the year, his total was boosted by a £1.4m payout from an award of shares from a 2014 plan.This month he will also receive shares worth £10.5m – 600,000 of the 1m shares he was awarded in 2013, when the company was concerned that he might be poached by a rival.Brown, who joined from medical supplies group Smith & Nephew, was paid £4.7m between January and March 2017, including a golden hello of £4.5m consisting of £4m in shares and £550,000 in cash. However, she handed £1.6m of the award back after complaints from shareholder advisory groups. Peace, who has signalled he will step down by the end of next year , said after the AGM: “My job is to work with the board and remuneration committee to do what’s right for the longer term. My job is to get the best we can for the company and I think in Julie we have an absolute star.”Fabiola Arredondo, the former Yahoo executive, who now heads Burberry’s remuneration committee, said that since she took over in August last year the committee had been actively engaging with shareholders and addressing concerns.The row over pay came as shareholders got their first chance to meet Marco Gobetti, who last week took over from Bailey as chief executive. Bailey will now focus on his creative role under the title of president.The new appointment followed pressure from shareholders concerned that Bailey was struggling to handle his dual role in a luxury goods market faced with slowing sales across key markets such as China and the Middle East.Speaking after the meeting, Gobetti said both he and Bailey were used to working in partnership. “Christopher is one of the reasons I came to this company. We have the same vision and same values,” he said.Bailey told shareholders the partnership would let him “redouble my focus on design and creating experiences that will energise the brand”.Gobetti said he would spend time talking to shareholders, customers and people inside the business around the world, particular outside Asia, where he has been working for Burberry since January due to restrictions under his contract with former employer, the French brand Céline.Gobetti also reiterated Burberry’s commitment to manufacturing in Leeds and said that dropping the option on developing the listed Temple Mill building, as revealed on Wednesday , simply meant dropping one option for the project. “There are others,” he said.'|'theguardian.com'|'http://www.theguardian.com/business/retail/rss'|'https://www.theguardian.com/business/2017/jul/13/burberry-shareholders-vote-against-executive-pay-deal-christopher-bailey'|'2017-07-13T23:37:00.000+03:00'
'd9d91926d1c4707c4e84cf08f0e357181060be82'|'Preview: BOJ may concede delay in hitting price goal, but hold off on easing'|'July 13, 2017 / 11:39 AM / 3 hours ago Bank of Japan may concede delay in hitting price goal, but hold off on easing 5 Min Read People walk past the Bank of Japan building in Tokyo, Japan June 16, 2017. Toru Hanai TOKYO (Reuters) - The Bank of Japan is set to raise its economic growth forecasts but cut its rosy inflation outlook next week, sources say, reinforcing expectations it will lag well behind major global central banks in dialing back its massive stimulus program. The BOJ is expected to hold off from expanding stimulus at its two-day rate review ending next Thursday, as robust exports and private consumption heighten prospects of a moderate economic expansion. The central bank''s nine-member board is split between those who expect a strengthening economy to start pushing up inflation, and those who believe inflation will remain subdued well into next year given Japan''s sticky deflationary mindset. If the pessimists prevail, the BOJ may push back again the timing for hitting its ambitious 2 percent inflation target, sources familiar with its thinking say, in a fresh blow to Governor Haruhiko Kuroda''s radical monetary experiment aimed at putting a sustained end to deflation. "It''s taking longer than expected for inflation to pick up," one of the sources said. "Sizable cuts in the price forecasts may be inevitable," another source said, adding a delay in the projected timing for hitting the target "can''t be ruled out." Two other sources expressed a similar view, warning that the underlying weakness in inflation could hamper the BOJ''s efforts to change public perceptions that deflation will persist. Kuroda is likely to remind markets of the BOJ''s resolve to maintain its ultra-easy policy until inflation is sustainably above 2 percent. Joachim Fels, global economic adviser at PIMCO, expects the BOJ to maintain its yield targets well into next year. "The Federal Reserve is exiting, the European Central Bank will taper its bond purchases next year, but I think the yield target in Japan will stay in place for quite some time." Strong Growth, Weak Inflation The BOJ is set to slash its consumer inflation forecast for the year ending in March 2018 to around 1.0 percent from the current 1.4 percent estimate made in April, the sources said. The central bank is also seen cutting next fiscal year''s inflation forecast to 1.5 percent or below, from the current projection of 1.7 percent, they said. Depending on how big the cut in next year''s forecast will be, the BOJ may push back the timing for hitting its target from the current estimate of "around fiscal 2018," the sources said. In a testament to the improving economy, the BOJ will slightly revise up its economic growth forecasts for the current and following fiscal years, the sources said. The central bank will also offer a more upbeat assessment of the economy than last month to signal its growing conviction that it is expanding moderately, they said. [nL3N1J32XI] In its current forecasts, the BOJ expects gross domestic product (GDP) to expand 1.6 percent in the current fiscal year and 1.3 percent in the following year. The disparity between strong growth and low inflation will be a key topic of debate at next week''s rate review, when the BOJ issues its quarterly report with new long-term projections. The board is divided between those who blame structural factors for keeping inflation weak, and those who feel a tightening job market will soon push up wages and prices. Some policymakers say companies still have room to cut back on services and streamline operations, instead of luring more employees with higher pay. Only when firms run out of areas to cut costs would they start raising wages and prices, they argue. The BOJ''s report is likely to offer an analysis on why the strength in the economy hasn''t translated into higher wage and price growth, the sources said. Japan''s economy grew at an annualized 1.0 percent in the first quarter on solid exports and private consumption. But core consumer prices in May rose just 0.4 percent from a year earlier, well below the BOJ''s 2 percent target. Tokyo inflation, a leading indicator of nationwide prices, was flat in June from a year earlier, stunning BOJ officials who expected a stronger reading given a recent pick-up in consumption. Additional reporting by Sumio Ito and Yoshifumi Takemoto; Editing by Jacqueline Wong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-japan-economy-boj-idINKBN19Y19M'|'2017-07-13T14:21:00.000+03:00'
'acf59562d02bd8f86f4ef64e15b995a2a953677b'|'China stocks regulator approves nine IPOs to raise $620 million'|'July 15, 2017 / 3:03 AM / 9 hours ago China stocks regulator approves 9 IPOs to raise $620 mln Reuters Staff 1 Min Read SHANGHAI (Reuters) - China''s securities regulator said it has approved nine initial public offerings (IPOs) that aim to raise a combined total of up to 4.2 billion yuan ($620 million). Four of the approved IPOs are on the Shanghai bourse, one on the Shenzhen small and medium enterprise (SME) board, and four on the start-up ChiNext board, the China Securities Regulatory Commission (CSRC) said in a statement on its official microblog late on Friday. Reporting by Adam Jourdan; Editing by Jacqueline Wong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-ipo-idUKKBN1A003O'|'2017-07-15T05:56:00.000+03:00'
'94cdba82f308983273ac8e90ef116a026e5b29e0'|'Puerto Rico board approves liquidation of Government Development Bank'|'July 15, 2017 / 1:31 AM / 7 hours ago Puerto Rico board approves liquidation of Government Development Bank 3 Min Read The Government Development Bank (GDB) is seen in San Juan, November 30, 2015. Reuters/Alvin Baez/File Photo (Reuters) - Puerto Rico''s financial oversight board late on Friday approved a plan to wind down the island''s Government Development Bank (GDB), bringing the defunct fiscal agent a step closer to settling more than $5 billion in debt. The oversight board, appointed by federal lawmakers to steer Puerto Rico through a historic crisis, said in a joint statement with government leaders it endorsed the plan to restructure GDB debts under Title VI of PROMESA, a federal Puerto Rico rescue law passed by the U.S. Congress last year. GDB officials lauded the deal, which will split GDB''s assets among depositors and lenders in an effort to avoid a protracted bankruptcy. "Today''s development represents an important step forward in the restructuring of GDB," Christian Sobrino, the bank''s president, said in the joint statement. "It also represents significant progress in Puerto Rico’s economic recovery." Once the primary fiscal agent for Puerto Rico, in charge of holding deposits from government agencies and municipalities, GDB has been a shell entity since the U.S. territory''s former governor declared a state of emergency in April 2016. Its wind-down could mean losses of as much as 45 percent for some bondholders. The bank''s plight is a microcosm of broader strife on the island, which in May filed the largest bankruptcy in U.S. municipal history. It has nearly $72 billion in debt and a $50 billion pension gap, to go along with a 45 percent poverty rate and near-insolvent public health systems. GDB''s liquidation is not a done deal. Creditors must now vote on the plan, though the bank announced in June it had secured support from a majority of stakeholders. A federal court would then need to approve the deal under PROMESA and Puerto Rican lawmakers would have to pass legislation effecting the deal. The plan would split the bank''s assets between two entities. The first, holding $5.3 billion in GDB assets, would issue three tranches of debt with different protections in exchange for varying principal reductions. Beneficiaries would include municipal depositors and bondholders like Avenue Capital Management, Brigade Capital Management, and Fir Tree Partners. The second entity, funded with public entity loans and $50 million in cash, would benefit all other depositors. Reporting by Nick Brown in New York; Editing by Daniel Bases and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/puertorico-debt-gdb-restructuring-idINKBN1A0014'|'2017-07-15T04:31:00.000+03:00'
'68b7a6cf0c9a7ee7a89e1236ffd1c7a072077d27'|'Spain''s King Felipe says Brexit barriers to trade should be minimal'|'July 13, 2017 / 10:20 AM / 20 minutes ago Spain''s King Felipe says Brexit barriers to trade should be minimal Reuters Staff 1 Min Read FILE PHOTO - Spain''s King Felipe delivers a speech at the Palace of Westminster in London, Britain July 12, 2017. Hannah McKay LONDON (Reuters) - Spain''s King Felipe said Britain''s planned departure from the European Union was creating uncertainty for Spanish companies and barriers to investment and trade should be kept to a minimum. "We cannot deny that the scenario originated by the U.K. decision to leave the EU has generated uncertainty and doubts for our companies," Felipe said during a state visit to Britain. "We must make sure that the current negotiations reduce this uncertainty to the minimum," he said. "It is extremely important that the future framework of our relations establishes the conditions for a close economic relationship trying to minimize future obstacles and barriers." Reporting by Kylie MacLellan; Writing by William Schomberg; Editing by Andrew MacAskill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-spain-idUKKBN19Y125'|'2017-07-13T13:14:00.000+03:00'
'2b294fb7856d459a4b8d6c6ae23c6781da15c2c2'|'Wall Street Journal adds top jobs in digital push'|'July 12, 2017 / 9:08 PM / 10 hours ago Wall Street Journal adds top jobs in digital push Sheila Dang 2 Min Read Gerard Baker welcomes participants to the Wall Street Journal''s CEO Council annual meeting in Washington November 18, 2013. Jonathan Ernst (Reuters) - The Wall Street Journal said on Wednesday it was adding more than a dozen new senior positions in a newsroom revamp to deliver news faster, with more visuals, as readers increasingly rely on smartphones. Deputy Editor in Chief Matt Murray will be promoted to executive editor, and editors for digital content strategy and strategic initiatives will be added, the Journal said in internal memo to employees reviewed by Reuters. It is also streamlining its editing process, building a newsroom focused on mobile content and promoting diversity. The total newsroom headcount will remain "roughly stable," it added. The reorganization is part of the paper''s WSJ 2020 initiative announced in October by Dow Jones & Co, the News Corp ( NWSA.O ) subsidiary that also owns The Wall Street Journal. The Journal, which News Corp Executive Chairman Rupert Murdoch bought in 2007, offered all news employees a buyout as part of the plan. In Wednesday''s memo, Journal Editor in Chief Gerard Baker emphasized the need for more diversity in the newsroom. "If we are to thrive in the competitive environment newspapers face, we must ensure that we are hiring and promoting the best people," the memo stated. In February, Rebecca Blumenstein resigned as deputy editor in chief to join the New York Times as deputy managing editor. Reporters and editors at the Journal signed a letter to Baker and Murray in March voicing concerns about the lack of gender and racial diversity among the staff, according to the letter reviewed by Reuters. In November, the Journal folded the Greater New York section into another section of the print newspaper and merged other sections like Business & Tech and Money & Investing. News Corp reported a 5.1 percent increase in third-quarter advertising revenue, partially offset by weak print advertising. Additional reporting by Jessica Toonkel; Editing by Anna Driver and Richard Chang 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-news-corp-wall-street-journal-reorgan-idUSKBN19X2VR'|'2017-07-13T00:12:00.000+03:00'
'b410866c525af957913ef561906e4f152a67d270'|'Asian FX rise as Yellen''s unhurried tightening stance dents dollar'|'July 13, 2017 / 6:02 AM / 7 hours ago Asian FX rise as Yellen''s unhurried tightening stance dents dollar 3 Min Read A Rupee note is seen in this illustration photo June 1, 2017. Thomas White/Illustration (Reuters) - Asian currencies were higher on Thursday as the dollar took a knock after Federal Reserve Chair Janet Yellen signalled further rate increases in the United States will be gradual at best. The dollar index, which measures the U.S. currency against six major rivals, was down 0.2 percent to 95.609 at 0506 GMT. Yellen said on Wednesday the U.S. economy is healthy enough for the Fed to raise rates, though low inflation and a low neutral rate may leave the central bank with diminished leeway. "Some may argue that her remarks overnight were dovish, but we argue that they are rather balanced to some extent," said Christopher Wong, senior FX strategist for Maybank. The Philippine peso gained 0.2 percent, recovering a little from fresh eleven year lows it had hit this week, partly due to a widening goods trade deficit. The Taiwan dollar rose as much as 0.6 percent, posting its biggest intraday percentage gain in three months, while the Indonesian rupiah tacked on 0.3 percent, its biggest intraday percentage gain since April 25. The Indian rupee was up 0.2 percent, it highest in more than three weeks on rising expectations of an interest rate increase. Inflation data out on Wednesday showing benign price pressures left the door open for a 25-basis-point cut by the Reserve Bank of India. The next focus for markets will be Yellen''s testimony to the Senate Banking Panel and U.S. inflation data on Friday. Chinese Yuan The Chinese yuan rose 0.2 percent, reflecting a broadly weaker dollar and a higher mid-point set by the People''s Bank of China. There was muted reaction to solid Chinese trade numbers released earlier in the day, although the data reinforced a growing view that the world''s second-biggest economy is holding its own even though the outlook has dimmed somewhat on the back of Beijing''s crackdown on debt risks. South Korean Won The won gained the most in the region, up 0.8 percent, its highest in more than two weeks. South Korea''s central bank held its policy rate at a record-low 1.25 percent for a 13th straight month on Thursday, a widely expected decision as policy makers seek to boost subdued private consumption and keep any thoughts of tightening off the table for now. Stephen Innes, senior trader from Oanda sees this as good sign as "it will keep the equity markets in a pretty good mood. A rate hike could have tampered equity markets as much of the inflow in South Korea has been predicated on the back of low equity valuations." The benchmark South Korea stock index was up 1.2 percent. Reporting by Susan Mathew in Bengaluru 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-forex-emerging-idINKBN19Y0G6'|'2017-07-13T09:00:00.000+03:00'
'7255a46e25020777e75b59647237a657c8fbf4f9'|'Delta''s passenger unit revenue rises, but profit tumbles'|'July 13, 2017 / 12:25 PM / 2 hours ago Delta''s passenger unit revenue rises, but profit tumbles 2 Min Read A Delta Air Lines Airbus A330 aircraft takes off at the Charles de Gaulle airport in Roissy, France, August 9, 2016. Jacky Naegelen (Reuters) - Delta Air Lines Inc ( DAL.N ) on Thursday reported an increase in quarterly passenger unit revenue, a closely watched metric, but higher costs weighed on its bottom line. Breaking a losing streak that has plagued much of the industry for the last two years, Delta posted a 2.5 percent increase in passenger unit revenue, which measures sales relative to flight capacity, on 0.4 percent higher capacity in the second quarter of 2017. But the company''s net income fell 20.8 percent to $1.22 billion, or $1.68 per share, in the quarter ended June 30, from $1.55 billion, or $2.03 per share, a year earlier. On an adjusted basis, the No. 2 U.S. airline by passenger traffic earned $1.64 per share, compared to the analyst consensus forecast of $1.67, according to Thomson Reuters I/B/E/S. Shares of the No. 2 U.S. airline by passenger traffic fell as much as 2.4 percent to $54.13 in early trading. Delta said operating expenses climbed during the quarter on higher salaries and fuel costs, its two biggest components. The airline paid an additional $338 million towards 2017 profit sharing with employees. "The June quarter represented the peak for non-fuel cost pressures this year and we expect our CASM (cost per available seat mile) trajectory to moderate to approximately 2 percent for the September quarter," Delta Chief Financial Officer Paul Jacobson said in a statement. Aircraft fuel related expenses rose 18 percent to $1.45 billion during the quarter, while salary costs were up 9 percent to $2.62 billion. Delta said the June quarter marked a return to quarterly unit revenue growth after two and a half years, and it expects continued positive growth in the September quarter. Delta''s operating margin, excluding special items, rose slightly to 18.4 percent, compared to 17.4 percent last year. Total operating revenue rose 3.3 percent to $10.79 billion. Reporting by Alana Wise in New York and Arunima Banerjee in Bengaluru; Editing by Bernard Orr and Saumyadeb Chakrabarty 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-delta-air-results-idUSKBN19Y1EN'|'2017-07-13T15:56:00.000+03:00'
'f8fb970190f952d3959df9c09e2d66e6430bcf77'|'French government to appeal pro-Google court tax ruling'|'July 13, 2017 / 11:11 AM / 10 minutes ago French government to appeal pro-Google court tax ruling Reuters Staff 1   A Google search page is reflected in sunglasses in this photo illustration taken in Brussels May 30, 2014. Francois Lenoir/Illustration/File photo PARIS (Reuters) - The French government said on Thursday it would appeal against a court ruling in Google''s favour with regard to 1.1 billion euros ($1.25 billion) in tax. "We will appeal this judgement in defence of the interests of the state," budget minister Gerald Darmanin said in answer to a parliamentary question on Wednesday''s ruling. The Paris administrative court said Google, the main business of U.S.-based Alphabet Inc ( GOOGL.O ), was not liable for the tax demand, in line with a court adviser''s recommendation made in June. Reporting by Emile Picy; Writing by Andrew Callus; Editing by Sudip Kar-Gupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-alphabet-tax-idUKKBN19Y17H'|'2017-07-13T14:10:00.000+03:00'
'a64f68492d8a421b1a0cc056935f5cb48136595e'|'Generali puts 44 billion euro German life insurance business Generali Leben up for sale - sources'|'July 12, 2017 / 4:21 PM / 11 minutes ago Generali puts 44 billion euro German life insurance business Generali Leben up for sale - sources Reuters Staff 1 Min Read FRANKFURT (Reuters) - Italian insurer Generali ( GASI.MI ) has put its 44 billion euro (38.96 billion pounds) German life insurance business Generali Leben up for sale as it seeks to restructure its European footprint, several people close to the matter said. The insurer has tasked Morgan Stanley ( MS.N ) with evaluation options including a sale of Generali Leben, which ceased underwriting new business in 2015, while it continues to offer life insurance in the country under different brands, the sources said. "A sale of certain portfolios within the German perimeter could be just one of several strategic options we said we would evaluate," a Generali spokesman said on Wednesday. Morgan Stanley declined to comment. Reporting by Arno Schuetze, Pamela Barbaglia and Alexander Huebner. Editing by Andreas Cremer. 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-generali-asset-sales-idUKKBN19X2A3'|'2017-07-12T19:20:00.000+03:00'
'5310aa496cfdfebe3f042408b20d5a4b6a2e7466'|'Uber shareholders discuss stock sale to SoftBank, others - Bbg'|'July 14, 2017 / 9:43 PM / 16 hours ago Uber shareholders discuss stock sale to SoftBank, others: Bloomberg 2 Min Read FILE PHOTO - A man arrives at the Uber offices in Queens, New York, U.S. on February 2, 2017. Brendan McDermid/File Photo (Reuters) - Uber Technologies Inc''s shareholders and its board, led by venture capital firm Benchmark, have discussed selling some of their stock to Masayoshi Son''s SoftBank Group Corp ( 9984.T ) and other potential investors, Bloomberg reported on Friday, citing people familiar with the matter. The deal could include investment of new money into the startup, Bloomberg reported, adding that details about the valuation of shares or how much SoftBank or other investors would buy were unclear. However, a CNBC report said Softbank was not in discussions to buy stock in the ride-hailing service. Uber, Softbank and Benchmark did not immediately respond to requests for comment. The reports came after the Wall Street Journal earlier in the day said Uber''s biggest rival in Southeast Asia, Grab, was posed to raise as much as $2 billion in funding from SoftBank and China''s top ride-hailing firm Didi Chuxing. Uber has been facing a number of setbacks, including accusations of a sexist work culture and driver protests, that culminated in the departure of co-founder and Chief Executive Travis Kalanick last month. Benchmark partner Bill Gurley, who is one of Uber''s largest shareholders, along with other investors including First Round Capital and Lowercase Capital, all pressed Kalanick to quit. Reporting by Aishwarya Venugopal; Additional reporting by Ishita Palli in Bengaluru; Editing by Anil D''Silva and Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-uber-equity-idINKBN19Z2FY'|'2017-07-15T00:33:00.000+03:00'
'9e5d745e8b9f52cd7306526225a340d6e8dbc92f'|'U.S. judge postpones decision in bid to block Toshiba memory unit sale'|'July 14, 2017 / 9:18 PM / in 4 hours U.S. judge postpones decision in bid to block Toshiba memory unit sale Stephen Nellis 3 Min Read FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company''s headquarters in Tokyo, Japan, February 14, 2017. Toru Hanai/File Photo (Reuters) - A U.S. judge did not reach a decision Friday in Western Digital Corp''s bid to temporarily block Toshiba Corp from selling its flash memory business in an $18 billion (14 billion pounds) deal but proposed requiring Toshiba to give Western Digital two weeks'' notice before closing. Toshiba is scrambling to sell its flash memory unit to cover losses from its nuclear reactor business. In late June, Toshiba announced its preferred bidder was a group made up of Bain Capital, South Korean chip maker SK Hynix and Japanese-government backed banks that offered $18 billion. Western Digital, which is also bidding, sued Toshiba in San Francisco County Superior Court in mid-June, saying it believed a joint venture with Toshiba means Toshiba needs its consent to sell the flash business. Western Digital''s joint venture with Toshiba helps finance equipment at Toshiba''s plants in exchange for some of their output. Separately from the California lawsuit, Western Digital is also contesting its consent rights in an international arbitration tribunal. Western Digital filed its lawsuit in San Francisco to prevent Toshiba from closing the sale of its memory unit before arbitration has a chance to play out. At the hearing, Judge Kahn proposed requiring Toshiba to give Western Digital two weeks notice if it believed it would close the sale before the arbitration finished. Toshiba''s attorney said they were concerned about agreeing to be bound by the San Francisco court''s jurisdiction. Toshiba has argued that because it is a Japanese company and the deal is taking place mostly in Japan, the court should not have jurisdiction. Attorneys for Western Digital subsidiary SanDisk, which is formally party to the case, expressed concern that any order in which Toshiba did not agree to the court''s jurisdiction would not be enforceable. The two sides could not agree, so Judge Kahn instructed them to come up with final language for his proposed order and set a new hearing for July 28, when a related dispute between the two will be heard. In a statement, Western Digital CEO Steve Milligan called the proposed order and postponement a "victory." "Our entire goal was to preserve and protect our rights through the binding arbitration process, and that’s precisely what the court has done today," Milligan said. Toshiba called Judge Kahn''s proposed order "a ''finessed'' alternative to issuing a preliminary injunction" and confirmed it agreed not to close a sale before July 28. Reporting by Stephen Nellis; Editing by Leslie Adler and Cynthia Osterman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-western-digital-idUKKBN19Z2ET'|'2017-07-15T00:36:00.000+03:00'
'246f605d0220181704eeaa2141b72cf17e9c5eba'|'PRESS DIGEST- New York Times business news - July 13'|'July 13, 2017 / 4:28 AM / 2 hours ago PRESS DIGEST- New York Times business news - July 13 2 Min Read July 13 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Uber drivers have won a tentative victory in their legal battle to be classified as employees rather than independent contractors. nyti.ms/2tOWwVE - Google won its latest legal battle in Europe, after a French court said the company did not have to pay $1.3 billion in back taxes. nyti.ms/2t5qZll - Apple Inc said that it would open its first data center in China, in response to a strict new law in China that requires companies to store users'' data in the country. nyti.ms/2uTeWEN - A Food and Drug Administration panel unanimously recommended that the Food and Drug Administration approve the first-ever treatment that genetically alters a patient''s own cells to fight cancer. nyti.ms/2sS5tfK - Representative Steve Scalise, who was critically injured during a mass shooting that took place at a congressional baseball practice, was moved from the intensive care unit of a Washington hospital. nyti.ms/2tgtyw3 Compiled by Bengaluru newsroom '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1K421M'|'2017-07-13T07:28:00.000+03:00'
'fb81ebd00b69ee204126097393c0db1715f9d871'|'Who is writing politicians’ letters complaining about the Gulf carriers?'|'CONGRESS is sick and tired of unfair competition to America’s airlines from the three big Gulf carriers, Emirates, Etihad and Qatar Airways. So on June 28th, 17 representatives from the state of Illinois wrote a letter to the secretaries of State, Transportation and Commerce complaining about the subsidies these airlines receive from the United Arab Emirates and Qatar. Illinois is home to one of the America’s biggest hubs, O’Hare International in Chicago. Nearly 25,000 people in the state are employed by American Airlines, United and Delta.The letter followed similar ones from congressional delegations in several other states. In it, the members wrote that “every time a US airline loses or foregoes [sic] a long-haul route as a result of subsidised Gulf carrier competition, American jobs are lost.” 4 Or at least they appeared to write those words. Their signatures certainly appeared at the bottom. But the phrasing did not originate from the halls of Congress. Instead, they came from a lobbyist for United Airlines.This revelation, reported by Politico , is not exactly earth-shattering. Lobbyists are well known to have a strong hand in crafting all sorts of language employed by lawmakers. But according to Politico , the letter is “almost identical” to a draft written by the United lobbyist—and it sheds further light on the extent to which the political battle against the Gulf airlines is driven by the business concerns of America’s big carriers.The merit of the airlines’ complaints, which centre on the allegation that the UAE and Qatar are violating their Open Skies agreement with America that prevents government subsidies inhibiting competition, is a point of much contention. The Gulf carriers, of course, deny it, saying they benefit from favourable geography, limited financial and policy support from the governments, and low wages in the region—and that anyway, Chapter 11 protection in America amounts to the same kind of government backing. In 2015, a fellow Gulliver reviewed the facts and found the Gulf carriers’ argument wanting, concluding that “the Gulf carriers enjoy clear financial advantages over their American and European rivals, affording them a safety net which permits them to operate unprofitable services in order to gain market share.” The travel and aviation blogger Gary Leff has consistently made the opposite case , arguing that America’s airlines are so deeply subsidised by, and intertwined with, the government that their complaint is hypocritical, and that “the push for government action against Etihad, Emirates, and Qatar is pure self-interest at the expense of US consumers.”Even in the absence of the Open Skies enforcement the airlines are seeking, America has done much in recent months to squash the competition from the Gulf airlines. President Trump’s administration has banned nationals of several countries in or near the Middle East from entering the United States (a stuttering process, as courts have alternately halted and allowed the bans), prohibited laptops and tablets in the cabins of planes coming from Middle Eastern airports, and supported an embargo on Qatar that has complicated flight routes for airlines in that country. All of this has put substantial pressure on the region’s airlines. Emirates cut service to America by 20% after the electronics ban, and repercussions from the Qatar embargo will likely prove worse.The Gulf carriers are fighting back, both with legalistic responses to the airlines’ allegations and less formal rhetoric. Last week, the Qatar Airways boss took aim at his American competitors, calling them “crap” and comparing their flight attendants to “grandmothers”. (His own cabin crew, he boasted, has an average age of 26.) If America does not take retaliatory action against the Gulf carriers for violating the Open Skies agreement, perhaps it could instead do so for violating basic human decency. But members of Congress would be well advised to write their condemnation in their own words.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/07/united-stand?fsrc=rss'|'2017-07-12T22:12:00.000+03:00'
'0ebe6b81ae2b1d5938eaa0bb3d2babaf451c45f0'|'Exclusive: Ant Financial refiles for U.S. approval of MoneyGram deal - sources'|'Ant Financial, the affiliate of China''s Alibaba Group Holding Ltd ( BABA.N ) that agreed to buy money transfer company MoneyGram International Inc ( MGI.O ) for $1.2 billion, has resubmitted the deal for U.S. review, people familiar with the matter said.The deal is the latest and most high-profile transaction to be refiled this year with the Committee on Foreign Investment in the United States (CFIUS), a secretive government panel which reviews acquisitions by foreign entities for potential national security risks.Ant Financial and MoneyGram refiled after they were unable to secure clearance from CFIUS within the maximum time of 75 days that is awarded for assessing applications, the sources said on Tuesday. Refiling resets the clock and gives up to another 75 days for the companies to complete the national security review and try to resolve potential issues."We are not commenting on the CFIUS process, but we are continuing to work with the various regulatory agencies and remain focused on closing the transaction by the end of the year," Ant Financial said in a statement. MoneyGram declined to comment.A CFIUS refile does not necessarily mean that a deal will be rejected, although it does indicate increased government scrutiny. More deals have had to be refiled with CFIUS following the inauguration of U.S. President Donald Trump in January, as several key positions at several government departments remain vacant or have taken too long to be filled.CFIUS did not respond to a request for comment.CFIUS had accepted notices of more than 120 transactions as of June 23, on pace to set a record, according to estimates by law firm Covington & Burling LLP. By comparison, CFIUS had received notices of just 97 transactions in all of 2013.Ant Financial finalized its deal to buy Dallas-based MoneyGram in April, after it sweetened its bid by over a third to beat a rival offer from U.S.-based Euronet Worldwide Inc ( EEFT.O ).MoneyGram''s global remittance channels for sending money overseas would help Ant Financial, formerly known as Alipay, build a cross-border network after a string of recent investments in Asia.Some U.S. lawmakers, including Republican Senators Pat Roberts and Jerry Moran, have written to Treasury Secretary Steven Mnuchin, who also serves as chairman of CFIUS, to express concern that Ant Financial''s acquisition of MoneyGram could pose national security threats, arguing that the information of U.S. citizens, including military personnel, could be compromised.Ant Financial has said that MoneyGram''s data infrastructure will remain in the United States, with personal information encrypted or held in secure facilities on U.S. soil. It has also pointed to existing U.S. regulations that call for such protections. CFIUS approved a previous deal by Ant Financial, its acquisition last year of Kansas City-based EyeVerify, the company behind a mobile eye verification technology. In addition to CFIUS, at least 46 U.S. states must have granted money transmitter licenses before the deal closes. Ant Financial is already approved for money transfers in 23 U.S. states, according to analysts at Elevation LLC. (Reporting by Greg Roumeliotis in New York; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-moneygram-m-a-antfinancial-exclusive-idUSKBN19X025'|'2017-07-12T03:30:00.000+03:00'
'252b3d02df16acdbf4e0b3e58f2c258c28fcba7b'|'BoE''s Broadbent says not ready to hike rates - Press and Journal newspaper'|'July 12, 2017 / 6:05 AM / 3 hours ago BoE''s Broadbent says not ready to hike rates - Press and Journal newspaper 2 Min Read FILE PHOTO: Deputy Governor of the Bank of England Ben Broadbent poses for a portrait in his office in London, Britain September 23, 2015. Neil Hall/File Photo LONDON (Reuters) - Top Bank of England official Ben Broadbent is not ready to raise interest rates just yet, he said in a newspaper interview published on Wednesday, substantially lessening the chances that borrowing costs will rise soon. Deputy Governor Broadbent said the mood among businesses was central to his analysis and that it was "very difficult" for the bank''s Monetary Policy Committee to judge whether there had been a significant improvement. "In my opinion, it is a bit tricky at the moment to make a decision (to raise rates). I am not ready to do it yet," Broadbent told the Press and Journal newspaper during a trip to the Scottish city of Aberdeen. Investors have keenly awaited Broadbent''s thoughts on rates, because he has not commented publicly since the Monetary Policy Committee came unexpectedly close to raising interest rates for the first time in a decade last month. Several analysts have said the views of Broadbent - who is deputy governor for monetary policy - would be key to assessing the chances of a first BoE rate hike in a decade. Broadbent said economic growth had been "okay" during the last six to 12 months and pointed to rising employment and inflation. "There is reason to see the committee moving in that direction (higher interest rates) – but there are still a lot of imponderables," he said. The Press and Journal quoted Broadbent as saying that many companies would remain nervous about their prospects while they were "one or two years down the road" of knowing what Brexit means. On Tuesday, Broadbent said in a speech that a reduction in trade between Britain and the European Union would harm both economies and causes prices to rise. New MPC member Silvana Tenreyro, who replaced rate-increase advocate Kristin Forbes this month, has yet to speak on policy. Reporting by Andy Bruce, editing by Larry King 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-boe-broadbent-idINKBN19X0II'|'2017-07-12T09:04:00.000+03:00'
'7e786e4b1a896cd5676cd8429d9b8c73a740154d'|'Carillion''s two-day slide wipes out half of company''s value'|'July 11, 2017 / 11:03 AM / 16 minutes ago Carillion''s two-day slide wipes out half co''s value Reuters Staff 1 Min Read LONDON (Reuters) - Shares of UK construction services firm Carillion ( CLLN.L ) slumped again on Tuesday with a profit warning, suspension of dividends and a CEO departure now wiping out half the company''s value in two sessions. A build-up in accounts receivable - or money owed to the company by clients - along with a burgeoning pension deficit and a bloated balance sheet have soured sentiment on Carillion and made it one of the UK''s most heavily shorted stocks. Stifel, one of the last remaining brokers with a "buy" rating on the stock cut its rating to "hold" warning, however, that its rating "requires belief that assets and liabilities are now fairly stated". A stretched balance sheet suggests any capital shortfall will likely be met by a dilutive equity capital raise. Reporting by Vikram Subhedar, Editing by Helen Reid 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-carillion-stocks-idUKKBN19W136'|'2017-07-11T13:53:00.000+03:00'
'ed9e8fe5c6c5b40f049f69f919c5d1bcb565bdba'|'Buffett donates $3.17 billion to Gates charity, four others'|'July 10, 2017 / 10:07 PM / 11 hours ago Buffett donates $3.17 billion to Gates charity, four others Jonathan Stempel 2 Min Read FILE PHOTO - Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska, U.S. on May 3, 2015. Rick Wilking/File Photo (Reuters) - Warren Buffett on Monday donated roughly $3.17 billion (2.4 billion pounds) of Berkshire Hathaway Inc ( BRKa.N ) stock to the Bill & Melinda Gates Foundation and four family charities, his largest contribution in a more than decade-long plan to give away his fortune. The billionaire investor''s 12th annual donation to the five charities comprised 18.63 million Class "B" shares of Berkshire, valued at $170.25 each as of Monday''s market close. Berkshire said Buffett, 86, has made $27.54 billion in donations since 2006 to the five charities, including roughly $21.9 billion to the Gates Foundation. Buffett still owns about 17 percent of Berkshire, the Omaha, Nebraska-based conglomerate he has run since 1965, despite having donated more than 40 percent of his holdings. The Gates Foundation, which focuses on improving health, reducing poverty and aiding education, is receiving about $2.42 billion of Monday''s donations. Buffett also donated to the Susan Thompson Buffett Foundation, named for his late first wife, and the Howard G. Buffett, Sherwood and NoVo Foundations, respectively overseen by his children, Howard, Susan and Peter. Following Monday''s donation, Buffet remained the world''s fourth-richest person, according to Forbes magazine. Before the donations were announced, Forbes estimated Buffett''s net worth at $76.3 billion, trailing Microsoft Corp ( MSFT.O ) co-founder Bill Gates'' $89.4 billion, Amazon.com Inc ( AMZN.O ) founder Jeff Bezos'' $84.8 billion, and Spanish retailing magnate Amancio Ortega''s $81.8 billion. Gates is a close friend of Buffett and a Berkshire director. Buffett typically reduces the number of shares he donates by 5 percent from the prior year. The charities usually sell the Berkshire shares to finance their activities, reflecting Buffett''s desire that his money be spent. Buffett also makes smaller donations to other charities. Reporting by Jonathan Stempel in New York; Editing by Riham Alkousaa 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-buffett-charities-idUKKBN19V2RC'|'2017-07-11T01:07:00.000+03:00'
'6af1c16bb5c8ed6566a23459be96ed42a7d74fb4'|'Western Digital says it matched rivals'' bids for Toshiba chip unit'|'July 11, 2017 / 12:28 AM / in 7 hours Western Digital says it matched rivals'' bids for Toshiba chip unit Stephen Nellis 3 Min Read FILE PHOTO: A Western Digital office building under construction is shown in Irvine, California, U.S., January 24, 2017. Mike Blake/File Photo (Reuters) - Western Digital Corp ( WDC.O ) said it matched rival bidders'' offers to acquire Japanese conglomerate Toshiba Corp''s ( 6502.T ) flash memory unit ahead of a court hearing on Friday over whether to halt the auction process. Western Digital, in court documents filed July 7, said it has made six proposals since February, including a proposal on June 27 matching the best offer. On June 21, Toshiba said its preferred bidder was a consortium of Bain Capital and Japanese government investors offering $18 billion. Since February, Toshiba has been scrambling to sell its memory chip business, the second largest in the industry after Samsung Electronics Co Ltd ( 005930.KS ), to cover losses from its ailing nuclear reactor division. But suitor Western Digital sued Toshiba in San Francisco County Superior Court for an injunction to stop the sale, arguing that a joint-venture it has with Toshiba at a plant in Japan means the chipmaker cannot sell without its consent. In a filing on July 7, Mark Long, the chief financial officer of Western Digital, said the company''s most recent offer on June 27, made with private equity firm KKR, "is in line with the highest competing bids for (Toshiba''s chip unit) that have been reported in the press." The actual dollar figure of Western Digital''s offer is redacted from the document. Western Digital declined to comment. Toshiba did not immediately respond to a request for comment. Toshiba has asked the court in San Francisco to dismiss Western Digital''s attempt to stop the sale, arguing that the U.S. court does not have proper jurisdiction over a business that is based primarily in Japan and that an injunction would cause it irreparable harm. A hearing is scheduled for Friday. Aaron Rakers, a managing director with Stifel, said in a note to clients on Sunday that the new filings suggest the two parties could reach a deal before the court hearing. "Given that some negotiations between (Western Digital) and Toshiba on proposed acquisition terms started over the past month, we think a resolution could be possible prior to the (July 14) hearing," Rakers wrote. Reporting by Stephen Nellis in San Francisco; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-western-digital-toshiba-idINKBN19W01B'|'2017-07-11T03:23:00.000+03:00'
'19e424f262ee103140a843a25e1cf53e1333f4f6'|'Uber says it will improve conditions for UK drivers'|'Market News   7:51am EDT Uber says it will improve conditions for UK drivers LONDON, July 11 Taxi app Uber said it will be improving an offer to drivers and would welcome greater legal clarity about different types of employment in Britain, in response to a government review into the gig economy published on Tuesday. The review calls for a new category of worker called a "dependent contractor" meaning that those Britons working for companies such as Uber and Deliveroo would receive more benefits. Uber, which operates in a sector which thrives off self-employed people working simultaneously for different employers without fixed contracts, said its drivers already earned on average more than the living wage of 7.50 pounds ($9.68) an hour but it would go further. "We know drivers want more security too which is why we’re already investing in discounted illness and injury cover, and will be introducing further improvements soon," said Andrew Byrne, Head of Policy for Uber in the UK. "We would welcome greater clarity in the law over different types of employment status," he said. ($1 = 0.7747 pounds) (Reporting by Costas Pitas; editing by Michael Holden)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-politics-uber-idUSU8N19T01M'|'2017-07-11T14:51:00.000+03:00'
'90404887e18c176500ef07e36f394e795bebd5e8'|'MIDEAST STOCKS - Factors to watch - July 13'|'July 13, 2017 / 3:33 AM / 4 hours ago MIDEAST STOCKS - Factors to watch - July 13 3 Min Read DUBAI, July 13 (Reuters) - Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy. International/Regional * GLOBAL MARKETS-Shares, bonds rally as markets bet on glacial Fed * MIDEAST STOCKS-Confidence in banking sector ahead of Fed testimony supports Middle East * Oil prices dip as OPEC expects less demand for its crude * PRECIOUS-Gold steady after Yellen hints at only gradual tightening * Middle East Crude-Sept light crude trade at premiums * U.S. Democrats introduce new bill on Russia and Iran sanctions * Top U.S. diplomat ends talks in Gulf; no sign Qatar crisis resolved * UK government declines to publish review on funding of extremism * S&P warns more sovereign downgrades likely this year * Sudan halts talks with U.S. after decision on lifting sanctions postponed * As Qatar row smoulders, world markets tot up dependence on Gulf petrodollars * Global sovereign credit cycle seen improving - Fitch Egypt * U.S. confirms it has lifted laptop ban on EgyptAir flights * Egypt to halt flour subsidy and cut wheat imports by up to 10 pct * Egypt''s Eastern Co raises cigarette prices on higher import costs * Fitch: Egypt''s Budget, Energy Price Rises Show Fiscal Commitment Saudi Arabia * Saudi Ma''aden to develop Mansourah, Massarah gold mine- sources * Saudi crown prince discusses defence ties with Turkish minister * Saudis to cut Aug oil exports to lowest level this year - source United Arab Emirates * ADNOC stalls diesel term talks because of fuel uncertainty after Qatar spat * Goldman, JPMorgan, HSBC vie for lead roles in listing UAE''s ADNOC unit -sources * TABLE-UAE''s Fujairah oil inventory data for week ended July 10 * TABLE-Dubai Q2 earnings estimates * TABLE-Abu Dhabi Q2 earnings estimates Qatar * American Airlines says Qatar Airways refiles for clearance to buy stake * Qatargas asks suppliers to set up local offices amid Arab boycott * France''s Le Drian to visit Gulf states, seeks to help ease Qatar tensions * Turkey sent some 200 cargo planes to Qatar since dispute began - minister * TABLE-Qatar Q2 earnings estimates * Kuwaiti lessor ALAFCO seeks $300 million loan –sources * TABLE-Kuwait Q2 earnings estimates * Fitch Upgrades GFH to ''B''; Outlook Positive Oman * TABLE-Oman Q2 earnings estimates (Compiled by Dubai Newsroom) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL8N1K403K'|'2017-07-13T06:32:00.000+03:00'
'c71178d421ff40d2ef791a74ccd645b9276b5abd'|'Reckitt Benckiser denies avoiding taxes in developing world'|'Edition United States July 12, 2017 / 9:31 PM / a few seconds ago Reckitt Benckiser denies avoiding taxes in developing world Reuters Staff 2 Min Read FILE PHOTO: Products made by Reckitt Benckiser stand on a shelf in a store in Brighton, England, July 21, 2010. Luke MacGregor/File Photo LONDON (Reuters) - British consumer goods giant Reckitt Benckiser Group ( RB.L ) said its tax structure and practices were in line with other global businesses, denying allegations of tax avoidance in developing countries which it said had been leveled against it by the charity group Oxfam. The Oxfam report is due to be published on Thursday. The maker of Durex condoms and Lysol cleaners said in a statement that its tax policy is "totally legal and the norm for the majority of global businesses", adding its 2016 effective tax rate of 23 percent compared favorably with peers. Reckitt said it "strongly refuted" that its 2012 move to locate regional headquarters in the Netherlands, Dubai and Singapore was driven principally by tax avoidance. It said the decision was motivated by a desire to ensure its business was organized to be close to its customers and consumers. "We similarly strongly refute any link between our tax structure and the assertion that we seek to avoid taxes in developing countries that could otherwise have been invested in public health and education," Reckitt said in advance of the Oxfam report. "None of our business operations are in any way linked to tax avoidance in developing countries," it added. The company said it supports efforts to increase trust and understanding of tax systems around the world and supports OECD guidelines on tax and transparency and will fully comply. Reporting by Martinne Geller; editing by Alexander Smith and G Crosse 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-reckitt-benc-grp-taxavoidance-idUKKBN19X2XV'|'2017-07-13T00:29:00.000+03:00'
'0188081d6bba08db4138a4a59e941cd85dd24552'|'US STOCKS-Wall St rises on Yellen''s dovish rate hike view'|'July 12, 2017 / 3:17 PM / 4 hours ago US STOCKS-Wall St rises on Yellen''s dovish rate hike view 3 Min Read * Rates won''t have to rise too much to reach neutral level - Yellen * Temporary factors appear to be holding down inflation - Yellen * Fed to release Beige Book at 2 p.m. ET * Indexes up: Dow 0.69 pct, S&P 0.67 pct, Nasdaq 0.83 pct (Adds details, changes comment, updates prices) By Sweta Singh and Tanya Agrawal July 12 (Reuters) - U.S. stocks were higher in late morning trading on Wednesday, with the Dow hitting a record, after Federal Reserve Chair Janet Yellen said interest rates hikes would be gradual and will not have to rise much further to reach the neutral rate. Yellen, in a prepared testimony delivered to Congress, said the economy is healthy enough to absorb further gradual rate increases and the slow wind down of the Fed''s massive bond portfolio. The testimony depicted an economy that, while growing slowly, continued to add jobs, benefited from steady household consumption and a recent jump in business investment. Investors and some Fed officials, concerned with the recent dip in inflation, have been wanting to see a surer progress toward the central bank''s goal of 2 percent inflation. Yellen said some temporary factors appear to be at work in holding down inflation but the Fed was focused on achieving the target. "It was a little bit more dovish than most had thought," said Richard Scalone, co-head of foreign exchange at TJM Brokerage in Chicago. "She said rates won''t have to rise much further to get to neutral, I thought that was key. She said inflation response to economy is a key uncertainty, alluding to the inflation again, part of the dovishness." The U.S. central bank will also issue its Beige Book at 2 p.m. ET, a compendium of anecdotes on the health of the economy. The Fed''s next policy meeting is on July 25-26. At 10:47 a.m. ET (1447 GMT), the Dow Jones Industrial Average was up 146.9 points, or 0.69 percent, at 21,555.97. It had hit a record of 21580.79. The S&P 500 was up 16.48 points, or 0.67 percent, at 2,442.01 and the Nasdaq Composite was up 51.59 points, or 0.83 percent, at 6,244.89. All 11 major S&P 500 sectors were higher, with the defensive utilities index''s 0.91 percent rise leading the advancers. The financial index, which is sensitive to rate hikes, pared early losses to trade little changed. Chances of an interest rate hike at the Fed''s December meeting fell to 53 percent from 60 percent after the release of Yellen''s testimony, according to CME Group''s FedWatch tool. Investors will be keeping an eye on second-quarter earnings reports on Friday from big U.S. banks including JPMorgan Chase , Wells Fargo and Citigroup. Stocks of Amazon.com edged up 0.7 percent after the online retailer said its Prime Day sale was the biggest shopping event by sales in its history. The stock was among the biggest boosts on the Nasdaq. Advancing issues outnumbered decliners on the NYSE by 2,416 to 376. On the Nasdaq, 2,088 issues rose and 565 fell. (Reporting by Sweta Singh and Tanya Agrawal in Bengaluru, Additional reporting by Sinead Carew in New York; Editing by Arun Koyyur) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1K34K7'|'2017-07-12T18:15:00.000+03:00'
'4cf58028f19bb65577117f06c8cd13276f1c2c4b'|'Germany eyes effective emission control from diesel cars'|'July 15, 2017 / 2:14 PM / 2 hours ago Germany eyes effective emission control from diesel cars Reuters Staff 3 Min Read FILE PHOTO: Emissions well out of an exhaust in downtown Berlin, Germany, on March 23, 2005. Tobias Schwarz/File Photo FRANKFURT (Reuters) - Germany is considering "effective measures" to cut pollution from diesel engines, the transport ministry said on Saturday, reacting to a media report saying planned goals were unambitious. German magazine Der Spiegel reported that, after pressure from the auto industry, Berlin was planning to allow car makers to shut off emission control technology once outside temperatures fall below 10 degrees. Germany''s annual average temperature was 9.4 degrees in 2016. The transport ministry said in an emailed statement that no decisions had been taken though discussions were continuing. "The reporting by Spiegel is wrong," it added. Germany is working on a national plan to cut pollution from diesel engines and set up a new organization to test vehicles to try to restore consumer confidence after Volkswagen''s ( VOWG_p.DE ) emissions scandal. The moves come as the German government faces growing pressure ahead of national elections on Sept. 24 to reduce emissions or see some cities ban diesel cars themselves. Last month, the transport ministry and the environment ministry announced the creation of a "national diesel forum" to work with the auto industry and regional governments to cut emissions, with the first meeting set for Aug. 2. The German auto industry hopes a plan under discussion with the government to reduce pollution from older diesel cars will avert planned bans in German cities that are deterring consumers from buying diesel cars. Government sources have told Reuters that software updates to reduce emissions could cost 1.5 billion to 2.5 billion euros, but HSBC analysts said hardware might be needed that could mean costs of up to 10 billion euros. Sales of diesel cars have been falling since the Volkswagen scandal, but have dropped even faster since cities, including Stuttgart and Munich, have considered banning some diesel vehicles, blaming emissions for increased respiratory disease. European governments had in the past promoted diesel cars as part of efforts to fight climate change as they produce less carbon dioxide than petrol cars, although environmental groups have cast doubt over how much less they produce and have focused instead on the levels of toxic nitrogen oxides they emit. Reporting by Thomas Seythal and Arno Schuetze; Editing by Richard Balmforth 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-emissions-idUKKBN1A00H4'|'2017-07-15T17:04:00.000+03:00'
'3eec2401c063e17e4f032a47d589244ab12463a0'|'UPDATE 1-BAE says unfazed by Franco-German fighter project, sees future role'|'July 14, 2017 / 11:52 AM / 8 minutes ago UPDATE 1-BAE says unfazed by Franco-German fighter project, sees future role 3 Min Read (Adds quotes, background) RAF FAIRFORD, England, July 14 (Reuters) - The head of military aviation at UK defence contractor BAE Systems said on Friday he did not feel threatened by Franco-German plans to develop a new European fighter and predicted Britain would end up participating in some way. France and Germany unveiled plans on Thursday for a new European fighter to tighten defence and security cooperation. The two countries currently compete for sales, with Germany and Britain both part of the Eurofighter consortium. "I welcome it. I don''t feel threatened by it. I would like to see how it matures," Chris Boardman, BAE''s managing director of Military Air and Information, said, adding BAE was always willing to collaborate in Europe, America and elsewhere. "I am sure it would happen over time and I am absolutely convinced that we, the UK, and we, BAE Systems, will one way or another have an involvement," Boardman told a news conference at the Royal International Air Tattoo, a major military air show. "If you ask me what that will be and when it will be, I can''t answer those questions, but I understand what the general trend in the world is," he said. However, he drew a contrast between Franco-German plans to look at a replacement for the Eurofighter and France''s Rafale aircraft and two separate fighter projects already under way between Britain and Turkey and Britain and Japan, in which BAE is involved. "My comment on Europe is ''fantastic''. Europe has now recognised what the rest of the world is doing," he said. Britain and Turkey signed a deal in January to develop Turkish fighter jets. Britain and Japan are looking at the potential development of a new stealth fighter under a technology deal reached in March. Boardman also said there had been no let-up in efforts by France and Britain to develop an unmanned aerial combat demonstrator. BAE is working on the project with France''s Dassault Aviation, which also builds the Rafale fighter jet and is expected to represent France in the new Franco-German project. France and Germany said on Thursday they would look at a new "combat air system," suggesting it could involve both manned and unmanned components. Referring to the Anglo-French combat drone project, Boardman said, "We are now working very closely with Dassault to take that to the next stage of commitment ... at the end of this year. There is nothing that I see which is stopping the pace of that discussion (or) the partnership that we have developed". (Reporting by Tim Hepher; Editing by Greg Mahlich) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-britain-bae-idUSL8N1K52AQ'|'2017-07-14T14:51:00.000+03:00'
'e7accbf97ce1efd1453dc9194e57944bcc919b25'|'J.C. Penney''s CFO Edward Record to step down'|'Big Story 10 - Mon Jul 10, 2017 - 5:47pm EDT J.C. Penney''s CFO Edward Record to step down Department store operator J.C. Penney Co Inc said Chief Financial Officer Edward Record would step down, effective July 11, and that its second-quarter sales are expected to "significantly improve" from the previous quarter. Record, who joined J.C. Penney as CFO in March 2014, will remain in an advisory role until Aug. 7 to assist with the transition while a search for his replacement is conducted, the company said. "We continue to expect to report significantly improved top-line results this quarter versus the first quarter," Chief Executive Marvin Ellison said in a statement. The company also named Chief Accounting Officer Andrew Drexler as its interim CFO. J.C. Penney had reported first-quarter sales of $2.71 billion, a 3.7 percent drop from the year-earlier period. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Anil D''Silva) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-jc-penney-moves-cfo-idUSKBN19V2QA'|'2017-07-11T00:30:00.000+03:00'
'6d209fbc3d122e90a84994adbbab79333b85ac31'|'EU watchdog says regulators should ban ''letter-box'' investment firms'|'July 13, 2017 / 10:48 AM / an hour ago EU watchdog says regulators should ban ''letter-box'' investment firms 3 Min Read LONDON (Reuters) - Regulators should prevent investment firms from setting up shop in one jurisdiction to avoid stricter controls in their home state, the European Union''s markets watchdog said on Thursday. EU supervisory authorities are concerned about a "race to the bottom" as financial services firms shift operations after Britain leaves the bloc in 2019. National securities regulators should "mitigate the risk of letter-box entities and ensure that any relocation is effective", the European Securities and Markets Authority (ESMA) said in an ''opinion'', or formal guidance. Regulators should ensure senior management are based in the home jurisdiction of the firm and that "board members and senior managers in the EU27 have effective decision-making powers, even where the investment firm is part of a group", ESMA said. If regulators believe that investment firms, including the trading arms of investment banks, are not genuinely operating in their home jurisdiction, "this may provide grounds for not granting or withdrawing authorisation", ESMA said. In a separate opinion on secondary trading, ESMA said decision-making for designing, controlling and monitoring trading systems'' operations should not be outsourced outside the EU. The broker-dealer trading arms of banks in Britain have previously asked EU regulators whether their entities in the other 27 EU states will still be allowed to outsource operations to London once Britain leaves the bloc. "ESMA considers it necessary that conditions for outsourcing activities to UK-based entities do not generate regulatory and supervisory arbitrage risks," the watchdog said. In a third opinion, ESMA said regulators should also prevent asset managers from setting up letter-box operations, bringing them into line with rules applying to hedge funds. "It is a big development because the ‘letter-box’ concept is only a...hedge fund idea," said Leonard Ng, co-head of the EU financial services regulatory group at law firm Sidley Austin, adding that legislation for other asset managers "has not previously been as prescriptive". Reporting by Carolyn Cohn and Maiya Keidan; Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-investmentfirms-idINKBN19Y14S'|'2017-07-13T13:45:00.000+03:00'
'afad9048e17b8f404f2e29f7380016d7dfa6a140'|'German, French ministers to present tax harmonisation plan - Handelsblatt'|'July 12, 2017 / 6:22 PM / an hour ago German, French ministers to present tax harmonization plan: Handelsblatt 1 Min Read German Finance Minister Wolfgang Schaeuble attends an European Union finance ministers meeting in Brussels, Belgium, July 11, 2017. Francois Lenoir BERLIN (Reuters) - The finance ministers of Germany and France plan to present a roadmap for the harmonization of their countries'' corporate taxes at a joint meeting of their governments on Thursday, the German business newspaper Handelsblatt reported. Citing sources involved in the negotiations, Handelsblatt said the roadmap envisaged presenting a proposal by mid-September on how to align the basis for assessing corporation tax. The plan would be finalised by December and could then be adopted next year, Handelsblatt added. Writing by Paul Carrel, editing by Larry King 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-germany-france-tax-idINKBN19X2JK'|'2017-07-12T21:09:00.000+03:00'
'3bf125c95b8acb8300098cdcb4909e01ad471c0d'|'France, Germany eye tax convergence as ministers meet in Paris'|'July 13, 2017 / 12:07 PM / 7 minutes ago France, Germany eye tax convergence as ministers meet in Paris Reuters Staff 3 Min Read German Chancellor Angela Merkel, French President Emmanuel Macron and French Prime Minister Edouard Philippe attend a meeting as part of a Franco-German joint cabinet meeting at the Elysee Palace in Paris, France, July 13, 2017. Julien de Rosa/Pool PARIS (Reuters) - When the French and German governments meet on Thursday in a joint cabinet meeting in Paris, the big prize will be any progress harmonising their tax systems as advances on broader euro zone reform look unlikely. The two countries are due to launch a 1 billion euro ($1.14 billion) fund to finance digital investments, President Emmanuel Macron said in an interview with regional newspaper L''Ouest France. There are also plans for support research and development nanotechnologies and batteries, he said. However, real progress on economic integration could be achieved if the two euro zone heavyweights agree on concrete steps for harmonising the way corporate taxes are assessed. France and Germany have long pushed for convergence in the way taxes are calculated in the euro zone, but have made little progress even agreeing among each other. German business newspaper Handelsblatt said finance ministers from both countries would present a roadmap by mid-September on how to align the basis for assessing corporate tax. The plan would be finalised by December and could then be adopted next year, Handelsblatt added, citing sources involved in the negotiations. Going beyond taxes, broader economic convergence in the euro zone could prove tricky. Macron told regional daily L''Ouest France that changes to the EU''s governing treaties were needed, a process that has in the past proved a tortuous endeavour. The emergence of big internet companies that reduce their tax bills by domiciling their EU tax bases in countries with the lowest rates has given a new impetus to efforts to harmonise taxation. A French court struck down on Wednesday the tax administration''s demand for Google to pay backtaxes worth 1.1 billion euros, ruling that Google Ireland Limited was not subject to corporate and value-added taxes for the period under consideration, from 2005-2010. Budget Minister Gerald Darmanin told lawmakers on Thursday the government would appeal the ruling. "The fact that each EU country has different tax rates is a permanent invitation to groups to locate in places where they pay the least tax," Prime Minister Edouard Philippe said on France Culture radio. "In a well-functioning union, we would ideally have similar tax systems, if not identical at least better harmonised than today," Philippe added. Finance Minister Bruno Le Maire said on Sunday that the European Union had to ensure big U.S. internet companies such as Google paid their share of taxes. Reporting by Leigh Thomas; Editing by Richard Lough and Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-germany-idUKKBN19Y1CX'|'2017-07-13T15:06:00.000+03:00'
'6d9169d55258298af99b61296c36267868754cdc'|'Areva says French state completes two billion-euro capital increase'|'July 12, 2017 / 8:22 PM / an hour ago Areva says French state completes two billion-euro capital increase Reuters Staff 2 Min Read A logo is seen on the Areva Tower, the headquarters of the French nuclear reactor maker Areva, by architects Roger Saubot et Francois Jullien at La Defense business and financial district in Courbevoie near Paris, France, June 1, 2017. Charles Platiau PARIS (Reuters) - Areva ( AREVA.PA ) said on Wednesday the French state had completed its 2 billion-euro (2 billion pounds) capital increase in the company, an important step in the restructuring of the French nuclear group. The reorganisation of the company, nearly entirely state-owned, involves the sale of Areva''s nuclear reactor business as New Areva NP to power utility EDF ( EDF.PA ) by the end of this year. Its uranium mining, nuclear fuel production and decommissioning activities will be transferred to a new company, NewCo. Areva and France''s finance ministry also said the state would also inject 2.5 billion euros into NewCo by July 31, while Japan''s MHI ( 7011.T ) and JNFL would put in capital totalling 500 million euros by the end of the month. "These capital increases, which represent an extraordinary mobilisation of resources by the state, is a key component and the last phase in the restructuring of the nuclear group, before exclusive control of New Areva NP is handed over to EDF," Finance Minister Bruno Le Maire said in a statement. The decision in 2015 to reorganise Areva SA came after the company was hit by low demand for nuclear power after the Fukushima disaster in Japan 2011. Le Maire said the past management of Areva had been "scandalous" but the government was regaining confidence in its leadership. After the sale of New Areva NP to EDF and the creation of NewCo, Areva SA will be left with managing the EPR OL3 nuclear power plant construction project in Finland, a project which has been beset by a series of delays and extra costs. ($1 = 0.8762 euros) Reporting by Jean-Michel Belot; writing by Richard Lough; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-arevasa-capital-idUKKBN19X2QS'|'2017-07-12T23:22:00.000+03:00'
'42cfa8dee62bd719d91cd77bc8f815d252c4a4a4'|'UK pay growth lags further behind inflation, but jobless rate drops to 1975 lows'|'July 12, 2017 / 2:26 PM / 2 hours ago UK pay growth lags further behind inflation, but jobless rate drops to 1975 lows 3 Min Read LONDON (Reuters) - British pay growth lagged further behind inflation in the three months to May, according to official data that may cause Bank of England officials to think twice about the need to raise interest rates. The data also showed the unemployment rate in the period between March and May fell to its lowest since 1975 at 4.5 percent, below the average forecast of 4.6 for Wednesday''s figure in a Reuters poll of economists. But the figures on wage growth showed the challenge facing Prime Minister Theresa May and her new government, with growing signs that households are feeling the strain of rising prices since last year''s Brexit vote. "Despite the strong jobs picture ... there has been another real-terms fall in total earnings, with the growth in weekly wages low and inflation still rising," said Matt Hughes, senior statistician at the Office for National Statistics. Inflation hit an almost four-year high of 2.9 percent in May, official data showed last month, a bigger increase than economists had expected. The ONS said pay including bonuses, adjusted for inflation, fell 0.7 percent in the three months to May - the sharpest drop since mid-2014. In nominal terms, total earnings rose by an annual 1.8 percent, the weakest increase since the three months to November 2014 and compared with 2.1 percent in the period to April. This was in line with the Reuters poll consensus. Excluding bonuses, earnings in nominal terms rose by 2.0 percent year-on-year against expectations for a 1.9 percent rise. The Bank of England is watching wage growth closely as it gauges whether the increase in inflation is creating longer-lasting pressure on prices. It expects wages to rise by 2 percent this year before picking up in 2018 and 2019. Bank of England Deputy Governor Ben Broadbent said he was not yet ready to vote for higher interest rates, substantially lessening the chances there will be a rise in borrowing costs next month, according to an interview published on Wednesday. The number of people in work rose by 175,000 in the three months to May, taking the employment rate to a record high of 74.9 percent, the ONS said. So far the central bank believes there is little pressure on most employers to raise pay sharply which could feed a more permanent inflation problem. The ONS said the number of unemployment benefit claimants rose by 5,900 to 814,500 in June. Economists taking part in the Reuters poll had expected the number of benefit claimants - which is considered to be a potential early warning sign of an economic downturn - to rise by 10,000. Reporting by Andy Bruce and Alistair Smout 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-economy-idINKBN19X1WB'|'2017-07-12T20:36:00.000+03:00'
'7d4a8ef042c8de4d4293bbc6d38118aa63aef17b'|'UK shoppers spend more on essentials as inflation rises'|'July 10, 2017 / 11:06 PM / 2 hours ago UK shoppers spend more on essentials as inflation rises Reuters Staff 3 Min Read Shoppers browse aisles in a supermarket in London, Britain April 11, 2017. Neil Hall LONDON (Reuters) - British households spent more money on food and other essentials last month but held back on less urgent purchases as they faced rising prices, two sets of industry figures showed on Tuesday. The data is likely to add to concerns that consumer demand has slowed further after a weak first quarter, as the effect of the fall in the pound after last year''s vote to leave the European Union increasingly makes itself felt. Payments company Barclaycard said year-on-year consumer spending growth slowed to a 15-month low of 2.5 percent in June from 2.8 percent in May, as spending on household goods and entertainment slowed. The British Retail Consortium said its measure of retail spending growth rose to 2.0 percent last month from 0.2 percent in May, above its average of 1.4 percent in the past six months. But the BRC''s chief executive, Helen Dickinson, said the pick-up reflected a temporary boost from warmer weather lifting clothing sales, as well as the higher cost of food. "Rising food prices are responsible for the main component of growth and have prompted more cautious spending towards discretionary non-food items," she said. On a like-for-like basis, which strips out changes in store size, the BRC said sales increased by 1.4 percent year-on-yaer after a 0.4 percent drop in May. The Barclaycard and BRC figures are not adjusted for inflation, which is running at a near four-year high of 2.9 percent according to the consumer prices index. As a result, consumer spending''s contribution to second-quarter economic growth - which is adjusted for inflation - may be limited. Bank of England Governor Mark Carney has said that the extent to which consumer spending slows - and whether stronger exports and investment can compensate for this - will be important in determining if the BoE starts to raise rates. Three policymakers voted last month for a rate rise, and both Carney and his chief economist Andy Haldane have said they could vote for a rate rise later this year. But weakening business surveys over the past week have made many economists doubt the BoE will press ahead with its first rate rise in a decade at a time when the shape of Britain''s Brexit deal is highly uncertain. Barclaycard said its data showed shoppers were increasingly going to discount supermarkets and looking for bargains online as they "come to terms with a ''new normal'' of subdued wage growth and creeping inflation". Spending on necessities had outpaced non-essentials for most of this year, in contrast to previous years. The BRC said sales of clothing, beauty products and outdoor toys were strong last month - reflecting warm weather and the Muslim festival of Eid al-Fitr. But spending on home furnishings dropped, possibly reflecting a slowing housing market. Reporting by David Milliken, editing by Andy Bruce 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-retail-idUKKBN19V2TH'|'2017-07-11T02:05:00.000+03:00'
'b6c397dc7a70ad1670ab9076bcb85eb037a3fee2'|'Labour market data soothes sterling as Brexit challenges mount'|'July 12, 2017 / 1:46 PM / 17 minutes ago Labour market data soothes sterling as Brexit challenges mount Patrick Graham and Jemima Kelly 4 Min Read FILE PHOTO: A one pound coin lies on a Union Flag in this picture illustration shot on May 3, 2017. Darren Staples/Illustration/File Photo LONDON (Reuters) - Slightly better than expected wages and jobs data saved Britain''s pound from another downward lurch on Wednesday, offsetting a series of political and economic warning signs as talks on leaving the European Union get going in earnest. Ratings agency Moody''s said in a statement late on Tuesday that the United Kingdom''s creditworthiness was under pressure following last year''s vote to leave the EU and the ongoing uncertainty over the outcome of negotiations with Brussels. That comes at a time when the Conservative government is under pressure, following the shock loss of its majority last month. The likely next leader of the pro-EU Liberal Democrats, Vince Cable, said on Tuesday that Britain was heading towards a new economic crisis which could raise popular support for anti-Brexit parties. At the same time, indicators have suggested the British economy is already struggling to gain momentum after a sluggish start to the year, while consumer and business sentiment has soured. Amid the resulting falls in the pound, several of the Bank of England''s monetary policy panel members have stepped in to warn that they may raise rates soon, temporarily lifting the currency before it slipped back. "I really have not liked sterling for a while," said State Street''s head of macro strategy for Europe, the Middle East and Africa, Tim Graf. "The consumer is not taking up the slack as... previously." "The only thing that has been supporting the pound is the idea that the BoE might hike rates. If we continue to see (weak data), I can''t see how they can." August Hike "Unrealistic"? BoE Deputy Governor Ben Broadbent said in a newspaper interview published on Wednesday he was "not ready" to raise rates yet, driving sterling to a two-week low against the dollar and 8-month low against the euro in early trade before the labour market report improved the mood. The data showed British workers saw their pay fall further behind inflation in the three months to May, though wages rose marginally more than had been expected. "For anyone who had any expectation of an August hike - that is clearly looking very unrealistic now," said MUFG analyst Lee Hardman, while adding: "He does reinforce that they are moving towards a hike. That will help keep alive expectations for a move later this year." By 1430 GMT, the pound was trading 0.4 percent stronger on the day at $1.2889, having earlier weakened to $1.2812. It jumped as high as $1.2910 briefly after U.S. Federal Reserve Chair Janet Yellen dampened expectations of more than one interest rate hike for the rest of the year, before easing back. It also gained almost 1 percent to hit 88.39 pence per euro, recovering from an eight-month low against the single currency. Sterling fell back as low as $1.26 in the two weeks after Prime Minister Theresa May unexpectedly lost her parliamentary majority in last month''s snap election, but it remains some 10 cents above lows hit in a flash crash last October. Top executives at five of the largest banks in London told Reuters a staggered deal on leaving the EU is only likely to be agreed late on in talks with Brussels, meaning they have already begun relocating staff. With those sorts of Brexit-related blows potentially in store for the months ahead, many economists say the British economy is far from ready to deal with higher interest rates and much recent data continues to weigh against the pound. However, Nomura strategist Jordan Rochester, one of the market''s most prominent sterling bulls, predicted the currency would reach $1.37 by the end of this year. He said Broadbent''s words still left room for officials to opt at the August meeting to remove the extra emergency stimulus given to the economy after the Brexit vote last year. That would prod interest rates back to 0.5 percent and offer some support to the pound.   Abhinvan Ramnarayan and Saikat Chatterjee; Editing by Gareth Jones 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-sterling-idINKBN19X1RU'|'2017-07-12T20:07:00.000+03:00'
'8bcc54a8c739f6411fa1148d82cec1215c6060ff'|'Asian shares shrug off Trump controversy, look to Yellen'|'July 12, 2017 / 12:55 AM / 20 minutes ago Global stocks rally, dollar gains on Yellen''s remarks Herbert Lash 4 Min Read NEW YORK (Reuters) - Global equity markets rallied, with the Dow hitting a new high, the dollar gained and bond yields tumbled on Wednesday after Federal Reserve Chair Janet Yellen dampened growing expectations of more than one interest rate hike later this year. In remarks to the House Committee on Financial Services, Yellen said the U.S. economy is strong enough to absorb further gradual rate increases and the slow wind down of the Fed''s massive bond portfolio. The testimony depicted an economy that is growing, albeit slowly, and continues to add jobs as it benefits from steady household consumption and a recent jump in business investment. Given current estimates, the federal funds rate "would not have to rise all that much further" to reach a neutral level that neither encourages nor discourages economic activity, Yellen said in her prepared testimony. Equities markets rose on the view the Fed''s monetary policy is not going to be as aggressive as some had anticipated, said Larry Hatheway, chief economist at asset management firm GAM. "The Fed isn''t really going to upset the apple cart," Hatheway said. "There''s some softening here of what the Fed is going to do at least around rates. It doesn''t necessarily answer the question around its balance sheet." MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.90 percent while the pan-European FTSEurofirst 300 index of leading regional shares .FTEU3 rose 1.64 percent and emerging market stocks rose 1.10 percent. . On Wall Street, the Dow Jones Industrial Average .DJI rose 130.65 points, or 0.61 percent, to 21,539.72, above a high set July 3. The S&P 500 .SPX gained 16.44 points, or 0.68 percent, to 2,441.97 and the Nasdaq Composite .IXIC added 57.55 points, or 0.93 percent, to 6,250.86. Bond yields, which move in reverse of price, fell sharply. The Federal Reserve Board Chairwoman Janet Yellen testifies before a House Financial Services Committee hearing covering monetary policy on Capitol Hill in Washington, U.S., July 12, 2017. Aaron P. Bernstein The benchmark 10-year Treasury yield fell to 2.302 percent US10YT=RR, its lowest in two weeks, before paring some gains to trade at 2.3141. At the front-end of the curve, the two-year yield US2YT=RR dropped as low as 1.331 percent from 1.379 percent on Tuesday and last traded at 1.3470 percent. Germany''s 10-year government bond yield fell to 0.515 percent DE10YT=TWEB. The dollar, which fell against the euro soon after the release of Yellen''s prepared remarks, reversed course and was trading near session highs against the common currency, as government bond yields in the euro area fell. People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. Suzanne Plunkett The dollar index .DXY rose 0.11 percent, with the euro EUR= down 0.42 percent to $1.1417. The Japanese yen strengthened 0.64 percent to trade at 113.20 per dollar. Spot gold XAU= was up 0.23 percent at $1,220.11 an ounce. Oil futures pared gains despite a bigger-than-expected decline in U.S. crude stocks as the drawdown was not as big as reported by the American Petroleum Institute on Tuesday. U.S. crude inventories fell 7.6 million barrels last week, the U.S. Energy Information Administration (EIA) said, much more than the 2.9 million-barrel crude draw forecast but slightly less than the 8.1 million-barrel decline reported by the API. U.S. crude CLcv1 rose 1.02 percent to $45.50 per barrel and Brent LCOcv1 was last at $47.80, up 0.59 percent on the day. Reporting by Herbert Lash; Editing by Chizu Nomiyama 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN19X03O'|'2017-07-12T03:51:00.000+03:00'
'3c47c7953ff4d730d6d8bd0ffd46200902e26bfd'|'Google wins challenge against 1.1 billion-euro French tax bill'|'July 12, 2017 / 9:52 PM / 8 minutes ago Google wins challenge against 1.1 billion-euro French tax bill Laurence Frost and Emmanuel Jarry 1 Min Read A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. Regis Duvignau PARIS (Reuters) - A French court ruled on Wednesday that Google ( GOOGL.O ) was not liable to pay 1.1 billion euros (1 billion pounds) in back taxes demanded by the French authorities. The Paris administrative court ruled that Google Ireland Limited was not subject to corporate and value-added taxes for the period 2005-2010, striking down the tax administration''s demands for back payments. The ruling in favour of Google, now part of Alphabet Inc ( GOOGL.O ), followed a court adviser''s recommendation that Google did not have a "permanent establishment" or sufficient taxable presence to justify the bill. In a statement, the French finance ministry said it was considering an appeal, which must be lodged within two months. ($1 = 0.8762 euros) Reporting by Laurence Frost and Emmanuel Jarry 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-alphabet-tax-idUKKBN19X29U'|'2017-07-13T00:52:00.000+03:00'
'2aa49644209dbfc07cbe73318889f19226b386ad'|'Futures higher after Yellen''s rate hike view'|'July 13, 2017 / 11:44 AM / an hour ago Wall Street edges up ahead of Yellen''s Day-2 testimony Ankur Banerjee and Tanya Agrawal 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 12, 2017. Brendan McDermid (Reuters) - U.S. stocks were slightly higher in early trading on Thursday, ahead of Federal Reserve Chair Janet Yellen''s second day of testimony and a day after she signaled a dovish stance on interest rates. Yellen''s comments were part of her two-day semi-annual monetary policy testimony before Congress. She will resume her testimony at 10 a.m. ET (1400 GMT). Investor cheered Yellen''s view of gradual increase in rates on Wednesday, with world shares hitting their fourth all-time high in less than a month on Thursday. The Dow rose to a record high close while U.S. stocks kept their upward momentum on Wednesday following Yellen''s comments. The U.S. economy is healthy enough for the Fed to raise rates and begin winding down its massive bond portfolio, though low inflation and a low neutral rate may leave the central bank with diminished leeway, Yellen said. The U.S. economy grew at a "slight to moderate" pace over the last several weeks across all regions of the country, with wage pressures reported for both low- and high-skilled jobs, the Federal Reserve reported on Wednesday in its latest compendium of regional economic activity. "Her speech was labeled as dovish due to no signs of any aggressive rate hikes or having a firm plan in relation to scaling down their balance sheet," said Naeem Aslam, chief market analyst at Think Markets UK. At 9:38 a.m. ET (1338 GMT), the Dow Jones Industrial Average .DJI was up 20.67 points, or 0.1 percent, at 21,552.81, the S&P 500 .SPX was up 3.25 points, or 0.13 percent, at 2,446.50. The Nasdaq Composite .IXIC was up 9.88 points, or 0.16 percent, at 6,271.05. Six of the 11 major S&P 500 sectors were higher, with the technology index''s .SPLRCT 0.33 percent rise leading the advancers. Data showed U.S. producer prices unexpectedly rose in June as sustained increases in the cost of services offset declining energy prices, suggesting a recent moderation in inflation was likely temporary. In the 12 months through June the producer level inflation, or PPI, increased 2.0 percent, above the 1.9 percent rise expected. Data from the U.S. Labor Department showed jobless claims falling last week for the first time in a month. Initial claims for state unemployment benefits dropped to 247,000 for the week ended July 8, from 248,000. On the stocks, Delta shares ( DAL.N ) were down 2.3 percent, after the No.2 U.S. airline''s quarterly profit missed analysts'' expectations. Target ( TGT.N ) rose 3.8 percent after the retailer said it expects a "modest" increase in second-quarter comparable sales, the first rise in five quarters. Yandex ( YNDX.O ) jumped 16.5 percent after the company and Uber agreed to combine their Russian ride-sharing businesses. Advancing issues outnumbered decliners on the NYSE by 1,388 to 1,101. On the Nasdaq, 1,146 issues fell and 1,069 advanced. Reporting by Ankur Banerjee and Tanya Agrawal in Bengaluru; Editing by Arun Koyyur 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN19Y1A7'|'2017-07-13T14:43:00.000+03:00'
'662c75878945afa24694a9726c22d3374920e325'|'U.S. appeals court blocks release of HSBC money laundering report'|'Edition United States July 12, 2017 / 2:15 PM / 2 minutes ago U.S. appeals court blocks release of HSBC money laundering report Reuters Staff 2 Min Read A man walks past a logo of HSBC outside a branch at the financial Central district in Hong Kong, China June 2, 2015. Bobby Yip/File Photo NEW YORK (Reuters) - A U.S. appeals court on Wednesday blocked the release of a report discussing HSBC Holdings Plc''s ( HSBA.L ) progress in improving its controls against money laundering, reversing a judge''s order that the report be made public. The 2nd U.S. Circuit Court of Appeals in Manhattan said U.S. District Judge John Gleeson abused his discretion in finding that the public had a constitutional right of access to the report under the First Amendment. HSBC agreed to a monitor in December 2012 when it agreed to pay a $1.92 billion fine and enter a five-year deferred prosecution agreement to resolve U.S. Department of Justice charges it had become a preferred bank for Mexican drug cartels and other money launderers, and conducted transactions barred by U.S. sanctions. Wednesday''s decision was a victory for HSBC and the Justice Department, which said releasing the report could compromise efforts to fight money laundering, including for terrorism, and discourage cooperation with law enforcement. It was also a defeat for Hubert Dean Moore, a Pennsylvania man who was an HSBC mortgage customer before filing for bankruptcy and who sought the report''s release to assess whether there were still problems in HSBC''s business practices. HSBC, the Justice Department and Moore did not immediately respond to requests for comment. Gleeson, who sat in Brooklyn, is now in private practice. The case is U.S. et al v. Moore, 2nd U.S. Court of Appeals, No. 16-308. Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum and Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-hsbc-moneylaundering-idUKKBN19X1VS'|'2017-07-12T17:32:00.000+03:00'
'e23805693be9fc6044d78ae6dc196360bced2dc3'|'US STOCKS SNAPSHOT-Wall St opens higher on Yellen''s rate comments'|'July 12, 2017 / 1:37 PM / 3 hours ago US STOCKS SNAPSHOT-Wall St opens higher on Yellen''s rate comments 1 Min Read July 12 (Reuters) - Wall Street opened higher on Wednesday after Federal Reserve Chair Janet Yellen said rates hikes would be gradual and will not have to rise all that much further to reach neutral level. The Dow Jones Industrial Average rose 106.47 points, or 0.5 percent, to 21,515.54. The S&P 500 gained 12.81 points, or 0.52 percent, to 2,438.34. The Nasdaq Composite added 46.80 points, or 0.76 percent, to 6,240.11. Reporting by Tanya Agrawal; Editing by Arun Koyyur 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1K34BY'|'2017-07-12T16:36:00.000+03:00'
'4b724eb23b1835f45a8fc3690352d22cf5064489'|'Diarrhoea, vomiting, sudden death ... cholera''s nasty comeback - Global Development Professionals Network'|'Global development professionals network Diarrhoea, vomiting, sudden death ... cholera''s nasty comeback Eradicated for a century in some parts of the world, Alexandra Ossola looks at the history of a disease that has infected 246,000 people in Yemen in eight months Citizens of Marseille dance around a fire lit to destroy the pestilence during the city’s cholera epidemic in 1865. Photograph: Universal History Archive/UIG via Getty Images Global development professionals network Diarrhoea, vomiting, sudden death ... cholera''s nasty comeback Eradicated for a century in some parts of the world, Alexandra Ossola looks at the history of a disease that has infected 246,000 people in Yemen in eight months Supported by Alexandra Ossola Wednesday 12 July 2017 10.39 BST Mohammad Shubo is motionless when he is wheeled into the clinic. He had started experiencing diarrhoea and vomiting that morning; by evening, he had no pulse. In an effort to rehydrate him quickly, the nurses give Shubo an IV of saline solution. His reanimation seems almost uncanny – within half an hour he is able to sit up and speak. He spends the next two days at the hospital to rehydrate and convalesce before returning to his cramped quarters. If Shubo had arrived at the clinic just 10 minutes later he would have died, a nurse says. For those who have been fortunate enough not to see the effects of cholera first hand, David Sack, a professor of international health at the Johns Hopkins University Bloomberg School of Public Health, says Shubo’s case, which appears on a 2011 Al Jazeera documentary , gives “a good sense of the disease”. Thousands of patients develop the same symptoms as Shubo did, though not all are as lucky. Sack recalls a case from Uganda in which a woman was hospitalised with symptoms of cholera, but the hospital staff didn’t diagnose her properly, even though there was a cholera treatment facility on the hospital grounds. She was not closely monitored and died of dehydration overnight. Cases like this should never happen, Sack says. But clearly they do. John Snow, the doctor who traced the source of cholera outbreaks in London in 1854. Photograph: Alamy In some parts of the world, including Europe and the US, cholera is so rare that it seems to have been eradicated. Some may see it as an “old world” disease, gone the way of the plague and smallpox. But it continues to devastate communities elsewhere, sometimes to pandemic proportions – an outbreak is raging in Yemen , where more than 246,000 casesand 1,500 deaths have been reported. “Cholera is a brutal infection,” says Jason Harris, an associate professor of pediatrics at Massachusetts General Hospital. “Patients can go from looking healthy to dying quickly with cholera. It’s a scary disease.” In the mid-1800s, as cholera swept across nearly every continent and killed thousands, scientists rushed to understand the disease. In 1854, a British doctor, John Snow, undertook the first epidemiological study that determined water from a pump on Broad Street was sickening Londoners with cholera (he didn’t discover the true reason why, however – at the time the disease was thought to be spread by miasma , not microbes). Then in 1884, a German researcher, Robert Koch , studied the intestines of deceased cholera patients in Egypt and India, concluding that the comma-shaped bacteria Vibrio cholerae he found there was the cause of the disease. The Duke of Orleans visits the sick at L’Hotel-Dieu during France’s cholera epidemic in 1832. Photograph: Print Collector/Getty Images In the years since, scientists have figured out a lot more about the biology of cholera. Snow was correct: Vibrio cholerae is transmitted through contaminated water. Within as little as 12 hours or as long as five days, some people who have ingested the bacteria will start to show symptoms – uncontrollable vomiting and diarrhoea. But 80% of those who ingest the bacteria do not, possibly because of an existing immunity. The scariest part of the disease, Harris says, is the sheer speed with which a patient can decline. If the condition isn’t treated quickly, people can die of dehydration within hours of showing symptoms. German researcher Robert Koch (seated) with his assistant, Richard Pfeiffer. Photograph: Bettmann Archive “The amount of fluid loss from diarrhoea and vomiting [in patients] is shocking. It’s hard to believe unless you see it,” Harris says. It can be up to a litre per hour. And more people excreting the bacteria into water sources means more get infected, and it’s not hard to see how just a handful of cases could quickly balloon into an outbreak (there have been seven pandemics over the past two centuries), which can last decades. The last pandemic started in Indonesia in the 1960s and spread across Asia and Africa before coming to Europe in 1973. By 1991, it had spread to Latin America, which had been free of cholera for more than a century. Around 400,000 reported cases and 4,000 deaths were reported in 16 countries of the Americas that year. These days the disease does not have to be a death sentence. Doctors know how to treat cholera effectively. If a patient can reach a clinic in time, the treatment is fairly straightforward. With a rapid infusion of fluids and antibiotics, they are usually back to normal in a few days. There is also a vaccine, which is taken orally and can prevent infection in about 60% of people. But this apparent simplicity is deceptive; all this knowledge isn’t the same as stopping the disease. “The map of cholera cases is pretty much a map of poverty,” says Dominique Legros, the team lead of the cholera group at the World Health Organization. “We still have cholera in places like Yemen because people don’t have access to safe water.” People living in poverty may know that drinking polluted water can get them sick, but they don’t have an alternative. “Because of inequality and a lack of access to safe water and sanitation, more than a billion people are still at risk [of cholera],” Harris says. So outbreaks continue. In some places, such as Zambia and Uganda , they are predictable, starting every year with the rainy season. But often, outbreaks can’t be anticipated. There are factors that can make an outbreak more likely – natural disasters can scatter infected people to contaminate more water sources and war can close clinics that might have helped citizens receive treatment or inhibit the import of necessary medication. An engraving by William Heath showing a lady discovering the quality of the Thames’s water. By the 1820s, public concern was growing at the increasingly polluted water supply. Photograph: Science & Society Picture Library/Getty Images But these factors are hardly predictive. After the 2010 earthquake, for example, American epidemiologists concluded that Haiti was at low risk of a cholera outbreak; just a few months later, an epidemic was raging, in part because UN peacekeeping forces accidentally introduced the bacteria. Years of political turmoil are fuelling the epidemic in Yemen. The situation is dire – the WHO estimates that nearly 250,000 people had been infected by the end of June, almost doubling previous estimates based on academic models. WHO officials are working with other non-profits and what remains of the national healthcare system to bring treatment to rural clinics to help people get treatment more quickly. This week, the International Coordinating Group allocated one million cholera vaccines to be sent to Yemen. A girl is treated for a suspected cholera infection in Sanaa, Yemen. Photograph: Hani Mohammed/AP These strategies, along with education campaigns so people at risk of cholera know how to treat their water (by boiling, or with chlorine tablets), can reduce the incidence of the disease. But these advances don’t address the main problem: a lack of access to clean water. So the solution to eradicating cholera then, doesn’t lie in the health sector. “Yes, you need to treat patients and prevent death,” Legros says. “But the long-term solution is in the development sector – giving people long-term access to sanitation.” There are some countries in which this may soon be possible. But in others, such as South Sudan and Somalia, the prospect of bringing safe water to the entire population seems remote. Until the day when everyone has access to clean water and sanitation, researchers will work to answer more questions about the disease. One that remains is how – or if – Vibrio cholerae persists in the environment. “In places like Chad or on the western African coast, we see almost no cholera cases for several years, then there’s a big outbreak. It’s difficult to explain,” Legros says. “Some people say there is a reservoir in the environment that is maintained over years, though we don’t know how, and suddenly it erupts again, though again we don’t know how.” Harris also wonders about how the evolution of Vibrio cholerae may have affected its virulence and ability to cause pandemics. Somalians fill jerrycans with water from a well. In Somalia, where cholera has killed hundreds, the looming famine threatens 6.2 million people, more than half the population. Photograph: NurPhoto via Getty Images As researchers work to answer these questions, and as nations move slowly towards improved infrastructure, public health officials will have to combat new outbreaks. “I would hope that people appreciate how significant and serious a threat [cholera] is,” Harris says. “For people who think it’s a historical disease, they should know that it is still an important cause of morbidity and mortality around the world.” Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jul/12/diarrhoea-vomiting-sudden-death-choleras-nasty-comeback'|'2017-07-12T17:39:00.000+03:00'
'f1ad10bbdd8775485da78c0f424ee33473025877'|'Japan''s GPIF expects to raise ESG allocations to 10 percent - FTSE Russell CEO'|'July 14, 2017 / 10:27 AM / 5 minutes ago Japan''s GPIF expects to raise ESG allocations to 10 percent: FTSE Russell CEO Junko Fujita and Takashi Umekawa 3 Min Read The sign of Japan''s Government Pension Investment Fund (GPIF) is seen after a news conference in Tokyo, Japan, April 1, 2016. Thomas Peter/File Photo TOKYO (Reuters) - Japan''s Government Pension Investment Fund (GPIF), the world''s largest pension fund with $1.3 trillion under management, plans to raise its allocation to environmentally and socially responsible investments to 10 percent of its stock holdings from 3 percent now, the head of FTSE Russell said. GPIF said this month it had allocated 1 trillion yen ($8.9 billion) or 3 percent of its stocks portfolio to companies that have strong environmental, social and governance (ESG) practices using a new ESG index created by FTSE Russell. Raising that allocation target to 10 percent based on the pension fund''s updated financials, should see GPIF pour a total of 3.5 trillion yen ($29 billion) into ESG-related investments, in a big boost for ESG investing globally. "They have been very bold. They''ve said they are putting 3 percent of their investment into ESG related investments and they have said they will increase that to 10 percent over time," Mark Makepeace, chief executive for FTSE Russell told Reuters during a trip to Tokyo on Friday. "I think that gives us opportunities to improve the ESG practices of companies in Japan," he added. GPIF has selected FTSE Blossom Japan index, a new index compiled by FTSE Russell for the Japanese pension fund, as well as MSCI Japan ESG Select Leaders index and MSCI Japan Empowering Women index. A spokesman for GPIF said on Friday the pension fund had not yet set a formal ESG allocation target, but confirmed that GPIF President Norihiro Takahashi had said publicly the fund was planning to raise its allocation to 10 percent without elaborating on the timeline. ESG investing is gaining momentum globally, especially in the United States and Europe, amid growing evidence companies with stronger environmental and governance practices deliver higher returns over a five- to 10-year investment horizon. GPIF''s move is expected to prompt smaller Asian corporate and public pension funds, which have so far been slow to adopt ESG investments, to allocate more into such stocks. "GPIF is very influential not just in Japan but across the region and internationally," said Makepeace. "I think the activities of GPIF will be very, very important. They are watched by other investors." Reporting by Junko Fujita and Takashi Umekawa; Editing by Michelle Price and Jacqueline Wong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-gpif-esg-idUKKBN19Z11Y'|'2017-07-14T13:22:00.000+03:00'
'9dcf17ca08f97e3b3de485392de998558c11342d'|'Berlin - Daimler told German emissions inquiry it hadn''t breached rules'|'July 14, 2017 / 10:12 AM / 34 minutes ago Berlin: Daimler told German emissions inquiry it hadn''t breached rules Reuters Staff 1 Min Read FILE PHOTO - Journalists wait for the arrival of Daimler AG CEO Dieter Zetsche before the car maker''s annual news conference in Stuttgart, Germany, February 2, 2017. Michaela Rehle BERLIN (Reuters) - Daimler told a German government committee investigating whether carmakers had sold cars with excessive emissions that it had not broken the law, a Transport Ministry spokesman said on Friday. The Stuttgart-based carmaker was summoned for a meeting on Thursday to address allegations that it had sold more than a million cars with excessive emissions in Europe and the United States. The Transport Ministry spokesman added that the German Federal Motor Transport Authority (KBA) was inspecting Daimler cars for possible excessive emissions. "Daimler said during the meeting on Thursday that it had acted in accordance with the law," the spokesman said during a regular government news conference. Reporting by Markus Wacket; Writing by Joseph Nasr; Editing by Michelle Martin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-daimler-emissions-germany-idUKKBN19Z0ZQ'|'2017-07-14T13:08:00.000+03:00'
'bbd49fbc86bf27dc0186a58cb372359d9ba6ef20'|'Analysis: First tech, now financing - U.S. shale firms get creative to pump more oil'|'July 13, 2017 / 11:19 AM / 3 hours ago First tech, now financing: U.S. shale firms get creative to pump more oil Ernest Scheyder 6 Min Read FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Picture taken May 3, 2017. Ernest Scheyder/File Photo HOUSTON (Reuters) - U.S. shale producers survived an oil price crash and confounded OPEC''s efforts to drain a global glut by employing innovative drilling and production techniques. Now, some of these producers are turning to creative investments to pump more oil. Drilling joint ventures, called "DrillCos" for short, combine cash from investors like Carlyle Group LP ( CG.O ) with drillable-but-idle land already owned by producers. Investors get a pledge of double-digit returns within a few years, while producers can raise productivity without spending more of their own money. The total raised by these ventures - at least $2 billion in the last 24 months - is a small part of overall shale financing. But they represent another way for Wall Street and shale producers to increase the flow of oil, and frustrate plans by the Organization of the Petroleum Exporting Countries to prop up prices. Private equity this year has showered more than $20 billion on U.S. energy ventures. Driven by shale expansion, U.S. oil production this year is forecast to increase by 570,000 barrels per day (bpd) to 9.9 million bpd, the U.S. Energy Information Administration estimates. No Balance-Sheet Risk Drillcos take control of drillable land and generally turn over 100 percent of the cash flow from oil and gas production to investors until they earn a 15 percent return. At that point, control reverts to the producer, with the investor''s stake shrinking to about 10 percent of remaining production. "It''s a type of surgical, temporary capital," Mark Stoner a partner at private equity fund Bayou City Energy LP, said in an interview. Bayou City committed $256 million to an Oklahoma drillco with privately held Alta Mesa Holdings LP [ALMEH.UL] last year. "We get exposure to great, prolific oil basins, but don''t have to take on balance sheet risk." Companies such as EOG Resources Inc ( EOG.N ), one of the financially strongest U.S. shale producers, are turning to drillcos. Two months ago, EOG struck a $400 million deal with Carlyle to finance wells in Oklahoma. The investment lets EOG focus its own cash on the Permian Basin, the largest U.S. oilfield, and lifts its production without increasing its spending. The venture also allows EOG to double or triple the value of land it held on its books, Lloyd Helms, EOG''s head of exploration and production, said an industry conference in May. Legacy Reserves LP ( LGCY.O ), Exco Resources Inc ( XCO.N ), Alta Mesa and EOG are among 34 oil producers that since 2015 have formed drillcos worth more than $2.05 billion. The money has come from investors including Blackstone Group ( BX.N ), Carlyle, KKR & Co ( KKR.N ), and others, according to 1Derrick Ltd, which tracks oilfield land deals. Putting Idle Land to Use Historically, one way producers wrung more cash from financiers was to pledge future output for cash payments to finance drilling. There was no swap of land and no guaranteed return. Drillcos differ in that investors get control of land until a double-digit rate of return is met, providing insurance against a default. For producers, these ventures also help boost the total amount of oil they can eventually recover. Wall Street is rewarding those with strong production with share price gains at a time when OPEC and its allies have agreed to pull 1.8 million bpd off the global market. "This helped us drill acreage that we wouldn''t otherwise have been able to drill right away," Mike McCabe, Alta Mesa''s chief financial officer, said in an interview. For investors, the potentially high rates of return, compared with commercial loan rates running about 5 percent to 7 percent, have spurred interest despite crude prices CLc1 under $50 a barrel. "There''s a lot of money seeking a home, especially in this low interest rate environment," Mingda Zhao of Vinson & Elkins LLP, a law firm that has negotiated drillco agreements, said in an interview. Drillcos are not risk free. If oil prices tumble, investors'' ability to grab high returns within a few years fades. Shale producers also must be willing to provide more information on the land than they would under more common loan agreements. Such detailed information "gives us well-level insight into what''s going on in a basin," said Bayou City''s Stoner. For Carlyle, one of the world''s largest private equity funds, the drillco with EOG was a relatively low-risk way to invest in U.S. shale. "We were looking for very specific types of assets and drilling deals to make the risk-return work for us," David Albert, co-head of Carlyle''s Energy Mezzanine Opportunities funds, said in an interview. The funds, with more than $4 billion under management, can still make money on its drillco investment even after oil prices CLc1 slipped below $45 per barrel this month on oversupply concerns. "Even with current oil prices, there are still economic opportunities to be had out there," Albert said. Reporting by Ernest Scheyder; Editing by Gary McWilliams and Marguerita Choy 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-shale-drillco-analysis-idINKBN19Y17R'|'2017-07-13T14:12:00.000+03:00'
'e64e437ccb3faa3eac5f35051cf6335b87c5ef6c'|'Westar Energy, Great Plains Energy amend merger agreement'|' 46am EDT Westar Energy, Great Plains Energy amend merger agreement July 10 Utility companies Westar Energy Inc and Great Plains Energy Inc said they amended terms of their previous merger agreement to form a company with a combined equity value of about $14 billion. Westar and Great Plains Energy said on Monday the deal would be a merger of equals with no premium, transaction debt or exchange of cash. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/westar-energy-ma-gt-plains-energy-idUSL4N1K13H5'|'2017-07-10T13:46:00.000+03:00'
'70bec4e5c651ba4b405d39dd71d283a87f6990a5'|'Stuttgart prosecutor investigates Porsche for fraud, false advertising'|'Autos - Mon Jul 10, 2017 - 10:18am EDT German prosecutor investigating employees at VW''s Porsche A Porsche logo is seen at the 2017 New York International Auto Show in New York City, U.S. April 13, 2017. REUTERS/Lucas Jackson FRANKFURT The Stuttgart prosecutor''s office said on Monday employees at German sports car maker Porsche AG and a U.S.-based subsidiary were being investigated for suspected fraud and false advertising related to diesel emissions. The probe is the latest twist in a sweeping investigation of automakers and their emissions after Volkswagen ( VOWG_p.DE ), which owns the Audi, VW and Porsche brands, admitted systematic cheating of diesel engine tests in 2015. In a statement, Stuttgart prosecutor Jan Holzner said there were grounds to suspect potential fraud and false advertising by Porsche employees, while declining to elaborate given the ongoing nature of the probe. Porsche said it was fully cooperating with authorities and had proactively sought contact with prosecutors even before a formal probe was launched. Illegal software has been found in VW, Audi and Porsche cars equipped with diesel engines. Some Porsche models are equipped with 3 liter diesel engines supplied by Audi. Prosecutors in Munich are separately investigating Audi about its role in designing the 3 liter diesel engine. Last week prosecutors arrested Giovanni Pamio, an Audi ( NSUG.DE ) employee, on suspicion of fraud and false advertising. Pamio, who is in custody, is being sought by the U.S. Justice Department for his alleged role directing Audi employees to design software to cheat U.S. emissions tests. (Reporting by Edward Taylor; Editing by Tom Sims and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-porsche-idUSKBN19V1P0'|'2017-07-10T16:45:00.000+03:00'
'387f2abedd4238ea34f9301ece9f02692ed7a391'|'Audi seeks to eclipse emissions scandal with new technology-packed A8 car'|'Innovation and Intellectual Property - Tue Jul 11, 2017 - 10:41am EDT Audi seeks to eclipse emissions scandal with new technology-packed A8 car left right Audi Chief Executive Rupert Stadler presents the new Audi A8 at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 1/23 left right Audi Chief Executive Rupert Stadler presents the new Audi A8 at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 2/23 left right Attendees view the new Audi A8 after its presentation at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 3/23 left right Attendees view the new Audi A8 after its presentation at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 4/23 left right The new Audi A8 is seen during a presentation at the Audi Summit in Barcelona, Spain, July 11, 2017. REUTERS/Albert Gea 5/23 left right Attendees view the new Audi A8 after its presentation at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 6/23 left right Attendees view the Audi A8 at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 7/23 left right A futuristic concept car Audi RSQ is seen during a presentation at the Audi Summit in Barcelona, Spain, July 11, 2017. REUTERS/Albert Gea 8/23 left right Attendees view the interior of the Audi A8 at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 9/23 left right A blueprint of an Audi A8 is seen at the Audi Summit in Barcelona, Spain, July 11, 2017. REUTERS/Albert Gea 10/23 left right A man views the interior of the Audi A8 at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 11/23 left right Attendees view the Audi A8 at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 12/23 left right An Audi A8 engine is seen on display at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 13/23 left right A woman takes a picture of an Audi A8 engine on display at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 14/23 left right People attend a presentation at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 15/23 left right The engine of an Audi A8 is seen on display at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 16/23 left right People view the frame of an Audi A8 at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 17/23 left right People view the frame of an Audi A8 at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 18/23 left right People view the frame of an Audi A8 at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 19/23 left right People view the frame of an Audi A8 at the Audi Summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 20/23 left right Attendees check in at the registration desk at the Audi Summit prior to the presentation of the Audi A8 in Barcelona, Spain, July 11, 2017. REUTERS/Albert Gea 21/23 left right People perform on stage during a presentation at the Audi summit in Barcelona, Spain July 11, 2017. REUTERS/Albert Gea 22/23 left right A robotic waiter serves a beer at the the Audi Summit in Barcelona, Spain, July 11, 2017. REUTERS/Albert Gea 23/23 By Andreas Cremer and Irene Preisinger - BARCELONA BARCELONA Battered by its emissions scandal, Audi launched its latest technology-packed A8 luxury saloon on Tuesday, aimed at overtaking rivals Mercedes-Benz and BMW as it struggles to overcome its biggest-ever corporate crisis. Last week Munich prosecutors arrested an Audi employee in connection with "dieselgate", the latest setback to Volkswagen''s ( VOWG_p.DE ) luxury car arm and main profit driver, after the German government a month earlier had accused Audi of cheating on emissions tests. On Tuesday Audi shifted the focus back to its products with its top management hosting 2,000 guests in Barcelona to unveil the new A8, whose Level-3 self-driving technology enables the car to completely control driving at up to 60 kilometers (37 miles) per hour, beating the Mercedes S-Class and the BMW 7-Series. Having slipped behind its two German rivals on global sales last year, Audi has risked stalling without innovation and needed a new prestige product, said Stefan Bratzel, head of the Center of Automotive Management think-tank near Cologne. "Innovation is key in premium car-making," Bratzel said. "The new A8 will polish the brand''s image and line-up at a critical time." Even Audi acknowledged that amid ongoing investigations, persistent pressure on its chief executive for his crisis management and analysts'' criticism of Audi''s ageing vehicle design, the new A8 creates an opportunity for a clean break. "It''s gratifying that we are able to set a positive sign for real ''Vorsprung durch Technik'', advancement through technology," R&D chief Peter Mertens said. Mercedes and BMW have accelerated their autonomous-driving development programs with Mercedes owner Daimler joining forces with car parts maker Robert Bosch [ROBG.UL] in April and BMW collaborating with other firms including U.S. parts maker Delphi and chipmaker Intel. Featuring a more distinctive design and a foot massager for rear-seat passengers, the new A8 heralds the start of a series of redesigns and new model launches at Audi including an electric sport-utility vehicle (SUV) to take on Tesla''s Model X, the all-new Q4 and Q8 SUVs and redesigned A6 and A7 model lines. A source at Audi said development of the A8, which took about five years, suffered from changes at the brand''s research and development department, though assiduous work by division heads helped ensure that delays were kept in check. The A8 will reach German dealerships in the fourth quarter. Audi is on its third development chief since dieselgate broke in late 2015, with Mertens, who took office in May, the brand''s fifth R&D boss since 2012. "The top brass at VW group and Audi are so preoccupied with the diesel issue that the company''s management is lastingly distracted," said Christian Strenger, a supervisory board member at Deutsche Bank''s retail asset management arm DWS. With the new A8''s retail price up almost 8 percent on its predecessor at 90,600 euros ($103,000), Audi will also struggle to narrow the gap with its traditional rivals, research firm IHS Markit said. A8 sales in the core markets of Europe, China and the Americas may climb 3.2 percent to 35,571 cars by 2025 from 34,468 next year, IHS said. By comparison, IHS expects deliveries of BMW''s 7-Series to fall 7.6 percent to 52,238 cars by 2025 and deliveries of Mercedes'' S-Class to jump 24 percent to 85,389 cars. S-Class and 7-Series prices start at 88,447 euros and 78,100 euros respectively, according to company data. (Editing by Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-audi-emissions-strategy-idUSKBN19W19P'|'2017-07-11T14:53:00.000+03:00'
'9be561ec53e04c0975116832442c4a9972fb6f29'|'UPDATE 2-Temasek portfolio hits record, but slows investments on caution'|'Retail - Tue Jul 11, 2017 - 7:57am EDT Temasek portfolio hits record, but slows investments on caution FILE PHOTO - A woman passes a logo of state investor Temasek Holdings at their office in Singapore July 8, 2014. REUTERS/Edgar Su/File Photo By Anshuman Daga and Murali Anantharaman - SINGAPORE SINGAPORE Temasek Holdings [TEM.UL] reported a record portfolio value for last year as rallying global stocks helped rake in positive returns, but the Singapore state investor also nearly halved its new investments reflecting a cautious approach to markets. Temasek joined bigger state fund GIC [GIC.UL] and Chinese sovereign wealth fund China Investment Corp [CIC.UL] in flagging intense competition from global funds for deals, which is pushing up valuations and threatening to drag down returns. "Looking ahead, we remain cautiously positive on global growth. But we are also cognizant of risks in valuations, liquidity and politics," Michael Buchanan, Temasek''s head of strategy, said at an annual news conference on Tuesday. Temasek''s assets rose 14 percent to S$275 billion ($199 billion) in the year ended March, after falling 9 percent a year ago. Its long-held investments in financials, such as China Construction Bank ( 0939.HK ), DBS Group ( DBSM.SI ) and Standard Chartered ( STAN.L ), paid off last year as equity markets surged. MSCI''s Asia shares ex-Japan index .MIAPJ0000PUS jumped about 15 percent last year. Temasek''s one-year total shareholder return swung to 13.4 percent, from a negative 9 percent for the prior year. However, given "the valuation consideration as well as perhaps more competition for transactions, we reduced our pace of investments quite a fair bit", said Chia Song Hwee, joint head of Temasek''s investment group. Temasek invested S$16 billion in the year that just ended, versus S$30 billion in each of the past two years, and divested S$18 billion - resulting in a net divestment position for the first time since the year to March 2009. Its investments are mostly in equities and it is the top investor in a third of companies in Singapore''s benchmark index .STI . The city-state and China represent the largest share in Temasek''s portfolio by underlying exposure. Under CEO Ho Ching, the wife of Singapore Prime Minister Lee Hsien Loong, Temasek has expanded to become a global investor. In the last few years, it has poured cash into faster-growing sectors such as technology, life sciences and healthcare. STRETCHED VALUATIONS It invested $800 million in Verily Life Sciences and expanded its investment in Singapore Telecommunications Ltd ( STEL.SI ) over the year to March 2017. Among divestments, Temasek sold its S$2.3 billion stake in shipper Neptune Orient Lines. It also pared its stakes in China Construction Bank ( 0939.HK ), Alibaba ( BABA.N ) and Univar but retains significant exposure to these companies. Company executives said they expect to clinch more private and negotiated deals. Currently, unlisted assets account for about 40 percent of Temasek''s portfolio. Temasek, however, struck a cautious note and said high market valuations meant it was finding it tougher to strike deals that would make enough returns to hit internal targets, echoing a similar view from GIC earlier this week. GIC, which reported a higher portfolio return over the five years to March 31, expects returns to slow over the next decade, due to high valuations, uncertainty over monetary policy and modest economic growth. CIC also cited rising uncertainties of global politics and policies as potential risks to the outlook for this year. "For most of the markets, the forward price-to-earnings ratio is currently pretty close to the historical 5-year maximum levels, suggesting that valuations are a bit stretched relative to their recent history," said Temasek''s Buchanan. (Reporting by Anshuman Daga and; Muralikumar Anantharaman; Editing by Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-temasek-results-idUSKBN19W199'|'2017-07-11T14:49:00.000+03:00'
'455123b8d11bba3b1b9e0051465835fd7b7264bc'|'S&P warns more sovereign downgrades likely this year'|'July 12, 2017 / 3:25 PM / a minute ago S&P warns more sovereign downgrades likely this year 2 Min Read A view shows the Standard & Poor''s building in New York''s financial district February 5, 2013. Brendan McDermid LONDON (Reuters) - More governments are likely to see their sovereign credit ratings cut this year, S&P Global said on Wednesday. An average of more than one country a week has had its rating cut by the big rating agencies - S&P, Moody''s and Fitch - since the start of 2014. A new report from S&P showed it had 30 sovereigns on downgrade warnings, or "negative outlooks" in rating firm parlance, at the start of the month, compared with just six on positive outlooks. "This outlook distribution suggests that negative rating actions are likely to continue to outnumber positive actions over the coming 12 months," S&P said in a mid-year review of its rating moves. "More downgrades are likely this year" that section of the report was titled. Some of the big economies with negative outlooks on their ratings include Brexit-bound Britain, which last year became the first AAA country to be cut by two rating notches at once, and still triple-A Australia. South Africa, which is being hit by political uncertainty and weak growth, is also on the list alongside other emerging market heavyweights such as Mexico, Turkey and Brazil. Over the past six months, S&P''s ratings balance has been relatively unchanged in the regions around the world. There has been a marginal deterioration in Asia-Pacific and Europe, it said, somewhat countered by an improvement in Latin America and no change in the Middle East, the Commonwealth of Independent States, and Africa. The outlook balance in the latter remains very high, but has somewhat improved from its trough at the end of 2015. This contrasts with Asia-Pacific and Latin America, where the outlook balance has deteriorated sharply over that period. Just over half of all rated sovereigns are investment grade (''BBB-'' or above). "This ratio is the lowest it has ever been," S&P said. Reporting by Marc Jones; Editing by Larry King and Hugh Lawson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ratings-sovereigns-downgrade-s-p-idUKKBN19X24G'|'2017-07-12T19:33:00.000+03:00'
'7d8e3d3346b29db51e3493d57f11d2e4ec14b4ca'|'Macron says European financial transaction tax must make sense'|'July 13, 2017 / 11:42 AM / 16 minutes ago Macron says European financial transaction tax must make sense Reuters Staff 2 Min Read French President Emmanuel Macron and French Prime Minister Edouard Philippe attend a meeting with German Chancellor Angela Merke (not seen) as part of a Franco-German joint cabinet meeting at the Elysee Palace in Paris, France, July 13, 2017. Julien de Rosa/Pool PARIS (Reuters) - French President Emmanuel Macron said in a newspaper interview published on Thursday he would push for a European financial transaction tax (FTT) as long as it made sense and was effective. France and Germany had led efforts to create the tax, which was supposed to help recover public funds used to bail out banks in the financial crisis and to curb speculative trading. But the talks have dragged on since 2011 as countries struggle to agree what instruments should be covered and at which rate. Banks and other opponents of the tax argue that it only makes sense if it covers many countries or else transactions will shift towards financial centres not covered by it. Macron said that he would "go all the way" on the tax, adding: "I am in no way pulling back on this subject" after some EU lawmakers and NGOs accused him of just that. However, he added that it depended on whether Britain had access to EU financial markets after Brexit, because otherwise firms would move to London where the tax will not apply. "I want an FTT that can be applied in a coherent space, makes sense and is effective," Macron told Ouest France newspaper. Ten countries - Germany, France, Italy, Austria, Belgium, Greece, Portugal, Slovakia, Slovenia and Spain - have signed up in principle for the tax. A minimum of nine is needed under EU rules. Macron''s government is pushing hard to attract finance jobs from London and promised last week to axe an tax on intra-day financial transactions that lawmakers added to the last budget bill, much to the fury of French finance firms. Reporting by Leigh Thomas; editing by Richard Lough 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-tax-ftt-idUKKBN19Y19W'|'2017-07-13T14:41:00.000+03:00'
'b9ccba81e6a66dcce61fdb896ff227856e26109f'|'UK budget watchdog warns of long-term Brexit risk for public finances'|'July 13, 2017 / 10:48 AM / 27 minutes ago UK budget watchdog warns of long-term Brexit risk for public finances Reuters Staff 2   Britain''s Chancellor of the Exchequer Philip Hammond leaves Downing Street in London, Britain June 28, 2017. Stefan Wermuth/File Photo LONDON (Reuters) - Britain will need to curb public spending further or raise taxes if leaving the European Union does long-term damage to economic growth, underscoring the importance of the country striking new trade deals, the government''s budget watchdog said on Thursday. The Office for Budget Responsibility said ensuring robust trade agreements was more significant for the long-run health of Britain''s public finances than the size of any ''divorce bill'' to settle one-off liabilities with the EU. "While some numbers mooted for it are very large, a one-off hit of this sort would not pose a big threat to fiscal sustainability. More important are the implications of whatever agreements are reached with the EU ... for the long-term growth of the UK economy," the OBR said. Just a 0.1 percentage-point fall in the annual growth rate of the economy and tax revenues would cause Britain''s debt-to-GDP ratio to be 50 percentage points higher after 50 years, if public spending plans remained unchanged, the public body added. A continuation of Britain''s recent weak productivity would also make tax rises or spending cuts more likely, the OBR said. Chancellor Philip Hammond said the report was "a stark reminder of why we must deliver on our commitment to deal with our country''s debts". Reporting by David Milliken; Editing by William Schomberg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-debt-idUKKBN19Y14X'|'2017-07-13T13:52:00.000+03:00'
'843063760cfbb5d93c0b40c54cab16df2653a0d2'|'Snapchat sinks below IPO price for first time - Jul. 10, 2017'|'Snapchat sinks below IPO price for first time by Seth Fiegerman @sfiegerman July 10, 2017: 5:02 PM ET Pondering Snap''s IPO over laser tag and paintball All of Snapchat''s stock gains since going public have officially disappeared. Snap ( SNAP ) , the parent company of Snapchat, closed below its $17 IPO price on Monday for the first time since its shares went public in early March. The stock had previously flirted with that psychologically-important level last month, closing at exactly $17 on June 15. It fell to as low as $16.95 on Monday. Snap faces concerns about its disappointing user growth, mounting losses and the upcoming end of a stock lock-up period, which will open the door for insiders to sell their shares. The young company posted a staggering $2.2 billion loss in its first earnings report in May, and added just 8 million new daily active users during the quarter. Its stock fell as much as 25% overnight following that report. Snap is now trading 42% below its peak of $29 in March. Related: Meet Snapchat''s billionaires and millionaires In an investor note last month, Nomura Instinet analyst Anthony DiClemente sounded an alarm that third-party app download data suggests Snapchat''s daily active user growth will continue to slow down this quarter. Instagram, on the other hand, continues to grow. "Instagram''s strategy of replicating key aspects of Snap''s use case is bearing fruit, limiting Snap''s ability to attract new users," DiClemente wrote. Facebook ( FB , Tech30 ) has aggressively competed with Snapchat in recent months by launching copycat features in Messenger, WhatsApp, Instagram and its flagship app. Once the lockup period expires later this month, Snap''s employees and early investors will be able sell their stock, potentially flooding the market with more Snap shares. That, according to DiClemente, may only push the stock lower. CNNMoney (New York) First published July 10, 2017: 5:02 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/07/10/technology/business/snapchat-stock-ipo-price/index.html'|'2017-07-11T01:02:00.000+03:00'
'0abf50ce0a503c32d46d18103c1f36825d7a73ba'|'LME launches bid for slice of $5 trillion London gold market'|'July 11, 2017 / 8:53 AM / 8 minutes ago LME launches bid for slice of $5 trillion London gold market Jan Harvey and Peter Hobson 4 Min Read FILE PHOTO: A worker checks gold granulate at a plant of gold refiner and bar manufacturer Valcambi SA in the southern Swiss town of Balerna December 20, 2012. Michael Buholzer/File Photo LONDON (Reuters) - More than two tonnes of gold were traded through the London Metal Exchange''s new LMEprecious spot contract on its first day as the exchange launched its bid to take a slice of the world''s biggest over-the-counter (OTC) gold market. The LMEprecious suite of gold and silver contracts was developed with a group of backers including banks Goldman Sachs and Morgan Stanley, which then set up EOS Precious Metals to promote trade in the contracts and benefit from a 50:50 revenue-sharing deal with the LME. The LME launched its contracts at 0000 GMT on Monday, though volumes did not pick up until the start of the European trading day at 0700 GMT. By close of business on Monday, 75,500 ounces (2.3 tonnes) of gold had traded on the LMEprecious spot contract, exchange data showed. That is worth some $91.3 million at current spot prices. "Typical interbank trade between one party and another would be 5,000-10,000 ounces in a single trade," said Ross Norman, chief executive of bullion trader Sharps Pixley. "It will be nice to see what the trend is -- if (it picks up), you''d begin to think, here we go." Market makers were quoting prices on spreads between contracts out to June 2022. A source at one of the EOS partners said: "At this early stage players are finding their feet. It may be a while until people start trading in size." As well as Goldman and Morgan Stanley, the EOS partnership includes banks ICBC Standard Societe Generale and Natixis, proprietary trader OSTC and the World Gold Council, an industry market development body. All the banks except Natixis are general clearing members of LMEPrecious, along with brokers Marex Financial and BOCI Global Commodities (UK). OSTC, XTX Markets and Morgan Stanley''s commodities unit are non-clearing members, while Natixis is an individual clearing member. London''s gold trade is dominated by over-the-counter (OTC) business conducted bilaterally among networks of brokers, banks and traders. The LME''s new contracts aim to capitalise on increasing regulatory scrutiny that is raising costs for banks trading gold over the counter. U.S. exchanges CME Group and ICE have also launched London gold contracts this year, hoping to lure business from the traditional OTC market, which is estimated to be worth $5 trillion a year. Liquidity Split? Both the LME, owned by Hong Kong Exchanges and Clearing, and ICE are in the running to take over as operators of the global silver benchmark, the LBMA Silver Price, when incumbents Thomson Reuters and CME Group step down. On the gold front, meanwhile, CME Group''s introduction of a spot spread contract in London this year and ICE''s launch of a futures contract in January have led market participants to suggest that market liquidity could be fractured. "We will be monitoring volumes and comparing with LBMA to see how LME impinges on OTC volume," Rhona O''Connell, head of research and forecasts at GFMS, told the Reuters Global Gold Forum on Monday. "With the wings of the regulators beating ever closer with respect to transparency, then some OTC business may well move onto the exchange." Increased scrutiny of London''s financial markets since the LIBOR benchmark interest rate scandal has led to tighter regulatory capital requirements, increasing the push for trades that were once routinely carried out between counterparties to be performed on the exchanges. Clearing, where an exchange acts as an intermediary to settle trades, is seen by some as an inevitable progression for the gold market. "The clearing aspect, especially for the market makers, reduces capital charges," one market participant said. Editing by Veronica Brown, David Goodman and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/lme-precious-launch-idINKBN19W0R2'|'2017-07-11T11:53:00.000+03:00'
'beec9c0be9740cd52bcba65b822e463d7840923b'|'M&S says recovery ''on track'' as full-price sales rise'|'July 11, 2017 / 6:25 AM / 17 minutes ago Dip in food sales knocks M&S, as clothing shows signs of recovery James Davey 4 Min Read LONDON (Reuters) - A surprise dip in underlying food sales knocked shares in Marks & Spencer on Tuesday, though the British retailer said its recovery was still on track thanks to a second consecutive quarterly increase in full-price clothing sales. M&S, one of Britain''s best know store chains, is battling to turn round its fortunes after falling out of fashion over the last decade. Its task is being complicated by a squeeze on consumer spending as inflation rises and wages growth falters. Chief Executive Steve Rowe, a 27-year company veteran who took over in April 2016, said his strategy of reducing promotions in clothing, cutting prices for entry-level ranges and improving fit, availability and service was bearing fruit. In clothing and homeware, the firm said full-price sales - a key guide to profitability - rose 7 percent in the 13 weeks to July 1, its fiscal first quarter, reflecting 27 fewer promotions in the quarter versus a year earlier and no clearance sale. "I''m delighted with where we are (on clothing) ... We''re absolutely on track with what we said (last year}," Rowe told reporters. "We''ve gained full price market share, volume market share, (and) market share in stores," he added. However, same-store sales in M&S''s upmarket food business fell 0.1 percent, below analysts'' average forecast for a 0.6 percent rise. "The concern now relates to its food business, which has underperformed the industry for the second quarter in a row," said Investec analyst Kate Calvert, who has a "sell" rating on the stock. "(The M&S share price) valuation is not compelling enough given near-term uncertainty on consumer spending and poor earnings visibility," she added. Rowe said the UK consumer was "volatile ... very much shopping for now and cautious with their spend." M&S shares were down 4.4 percent to 324 pence at 0925 GMT. FILE PHOTO: Pedestrians walk past an M&S shop in northwest London, Britain July 8, 2014. Suzanne Plunkett/File Photo The stock recently got a boost following the appointment of retail veteran Archie Norman as its next chairman. He will succeed Robert Swannell, who is hosting his last annual shareholder meeting on Tuesday and will retire in September after six years in the role. Becoming Positive Part of Rowe''s turnaround plan is to switch some UK shop floor space from clothing to food. M&S said in November it would close about 30 UK stores selling clothing, homewares and food and downsize or convert another 45 into food stores over five years. Six stores were identified for closure in April and one has closed so far. FILE PHOTO: Steve Rowe, CEO of Marks and Spencer, poses for a photograph at the company head office in London, Britain, November 30, 2016. Toby Melville/File Photo Traditionally lower margin, food contributes over half of the group''s revenue and about a third of its profits, but it has been faring better recently than a clothing business hit by competition from the likes of Next, H&M and Primark. Despite the dip in underlying food sales, Rowe said M&S was still winning share in that market. He added the opening of new food stores had affected sales in some nearby outlets, which had weighed on the like-for-like numbers. He also kept the group''s financial guidance for its full 2017-18 fiscal year unchanged. Like-for-like clothing and homeware sales fell 1.2 percent in the quarter - better than analysts'' average forecast for a fall of 1.3 percent and a 5.9 percent decline in the previous quarter. Rowe said the lack of a sale knocked about 2 percent off the like-for-like number, though Easter gave a boost of 0.6 percent. "I would expect to see us start to move a little bit more towards a positive (like-for-like clothing) number later on in the year," he said. Halfords boss Jill McDonald will join M&S in the autumn to run its clothing business. Editing by Kate Holton and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-m-s-outlook-idUKKBN19W0FS'|'2017-07-11T09:25:00.000+03:00'
'715b2506be66afd27a681551cef1716135136ad1'|'Oil rises on firm short-term demand outlook; overall market still weak'|'July 11, 2017 / 2:17 AM / 2 hours ago Oil rises on firm short-term demand outlook; overall market still weak Henning Gloystein 3 Min Read FILE PHOTO: A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. Essam Al-Sudani/File Photo SINGAPORE (Reuters) - Oil prices edged up early on Tuesday, lifted in part by a strong demand outlook for the coming weeks, but overall market conditions remain weak on the back of ample supplies and a more subdued outlook for long-term demand. Brent crude futures were at $47.13 per barrel at 0147 GMT, up 25 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $44.64 per barrel, up 24 cents, or 0.5 percent. Traders said the uptick in prices was in part due to healthy demand expected in the coming weeks. Weekly U.S. gasoline demand data "compares favorably to the five-year average and miles driven also continue to grow year-on-year," Bank of America Merrill Lynch said. However, beyond the seasonal strength, "U.S. gasoline demand may have peaked in absolute terms last year", it said, adding that there was no structural tightness in sight once the peak demand summer season finishes. Crude prices are still about 17 percent below their 2017 opening levels despite a deal led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production from January. "Traders are worried that increasing supply from Nigeria and Libya, both of which are recovering from internal conflict, will continue and further undermine the output caps agreed to by OPEC and Russia," said William O''Loughlin, investment analyst at Australia''s Rivkin Securities. OPEC along with some other producers like Russia, but excluding the United States, agreed to hold back around 1.8 million barrels per day (bpd) of production between January this year and March 2018. However, an over 10 percent jump since mid-2016 in U.S. production to 9.34 million bpd, as well as rising output from Nigeria and Libya, OPEC-members who were exempt from cutting, have undermined efforts to tighten the market. OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd more than in May and 1.9 million bpd more than a year earlier. "The simple truth is that OPEC and Russia have to contend with the fact that there is output growth elsewhere diluting their efforts at reducing supply," French bank BNP Paribas said. "We thus have made deep cuts to our crude oil price forecasts. We now see the price of WTI averaging $49 per barrel 2017 (-$8/barrel revision) and that of Brent $51 per barrel (-$9/barrel revision). We also revise downwards 2018 with WTI averaging $45 per barrel (-$16 per barrel) and Brent $48 per barrel (-$15/barrel revision)," BNP said. Reporting by Henning Gloystein; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19W05Y'|'2017-07-11T05:02:00.000+03:00'
'717618aa802e80550bc0cc10b455697623773caa'|'Siemens files lawsuits against its own Russian JV and Russian state firm'|'Business News - Tue Jul 11, 2017 - 11:49am EDT Siemens says Crimea turbines claims only against TPE FILE PHOTO: New Siemens AG headquarters are seen in Munich, Germany, June 14, 2016. REUTERS/Michaela Rehle/File Photo MOSCOW/FRANKFURT German engineering firm Siemens ( SIEGn.DE ) has filed lawsuits against a Russian state firm to which it sold turbines, while a Russian Siemens joint venture was only named in court documents for technical reasons, a Siemens spokesman said. Court documents seen by Reuters listed state firm Technopromexport (TPE) as a defendant, along with Siemens Gas Turbine Technologies LLC (SGTT), a St Petersburg-based turbine-making joint venture in which Siemens has a majority stake. TPE is the firm that originally bought the turbines, saying it intended to install them in a power station in Taman, southern Russia. It is also building two power stations in Crimea for which the Siemens-made turbines are intended, according to three sources close to the project. EU firms are forbidden by sanctions from selling energy technology to Crimea. The Siemens spokesman said: "All claims in substance go against TPE. However, since we sued as Siemens AG and not as SGTT (who is party to the Taman contract) our Russian legal experts came to the conclusion that technically we also needed to name SGTT." The lawsuits were filed on Tuesday in the Moscow city arbitration court, according to the documents seen by Reuters. The documents did not include any details on the reason for the lawsuits. (Reporting by Oksana Kobzeva, Gleb Stolyarov, Anastasia Lyrchikova and Georgina Prodhan; Writing by Christian Lowe and Georgina Prodhan; Editing by Dmitry Solovyov and Victoria Bryan) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ukraine-crisis-crimea-siemens-court-idUSKBN19W1EW'|'2017-07-11T15:56:00.000+03:00'
'fd649752046de249942c03a112ee1a9610452211'|'Metro food, electronics units go their separate ways'|'July 13, 2017 / 7:44 AM / 5 minutes ago Metro food, electronics units go their separate ways Reuters Staff 3 Min Read Olaf Koch, Chairman of the Board of German retailer METRO, rings a bell during the public offering of their separated food and consumer electronics units at the Frankfurt stock exchange in Frankfurt, Germany July 13, 2017. Ralph Orlowski FRANKFURT (Reuters) - German retailer Metro MEOG.DE completed its split into two companies on Thursday as its food business and consumer electronics division started trading independently on the Frankfurt and Luxembourg stock exchanges. Metro hopes the split will allow the independent companies to pursue more acquisitions and trigger a revaluation of the stock as Metro has traded at a discount to other pure wholesale retailers such as Sysco ( SYY.N ) and Britain''s Booker ( BOK.L ). "We welcome the split as it is likely to unlock value for investors," Equinet analysts Christian Bruns and Mark Josefson, who rated the combined company a "buy", wrote in a note. However, the companies have warned that trading is likely to be volatile in the early days, especially as the split means adjustments are needed in the German mid-cap index .MDAXI in which Metro was listed. Shares in the Metro food business ( B4B.DE ) traded at 19.47 euros by 0735 GMT, while those of the consumer electronics business, to be renamed Ceconomy ( CECG.DE ) were at 9.33 euros, together slightly below the 29.185 euros for the combined group at the close of trading on Wednesday. Bankers had spent the last few weeks meeting investors, informing them about the two companies and drumming up demand for the shares. Olaf Koch, Chairman of the Board of German retailer METRO attends the public offering of their separated food and consumer electronics units at the Frankfurt stock exchange in Frankfurt, Germany July 13, 2017. Ralph Orlowski "The work was about the same as for a normal IPO," a person close to the deal said. Metro, a sprawling conglomerate, has spent several years restructuring and selling non-core businesses such as its Kaufhof department stores, to focus on its cash-and-carry business and Media-Saturn electronics chain. Olaf Koch, Chairman of the Board of German retailer METRO, attends the public offering of their separated food and consumer electronics units at the Frankfurt stock exchange in Frankfurt, Germany July 13, 2017. Ralph Orlowski The new food business comprises wholesale stores, which serve hotels, restaurants and independent retailers, along with Real hypermarkets in Germany. Together they had 2015-16 sales of 37 billion euros ($42.4 billion) and operate in 35 countries. Ceconomy is Europe''s biggest consumer electronics business ahead of Dixons Carphone ( DC.L ), running more than 1,000 stores in 15 European countries, with sales of 22 billion euros in 2015/16. "We remain cautious on Metro''s perennial problems. It remains to be seen to what extent the new combined businesses will be able to finally reduce the high exceptional charges and optimise the tax rate," said Bernstein analyst Bruno Monteyne. Monteyne noted that the Metro food business, which makes the bulk of its profit in Russia, will be more exposed to the volatile rouble than the combined group and called on the company to disclose more details on the Russian and German businesses in future. ($1 = 0.8734 euros) Reporting by Alexander Huebner and Arno Schuetze; Writing by Emma Thomasson; Editing by Victoria Bryan and Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-metro-split-idUKKBN19Y0OB'|'2017-07-13T10:58:00.000+03:00'
'2d0af2bf8ce56e79ed51196e4a0d2615a5008003'|'Tesla steps up auto service as Model 3 debut nears'|'Edition United States July 11, 2017 / 1:13 PM / 5 minutes ago Tesla steps up auto service as Model 3 debut nears 3 Min Read A Tesla car showroom is seen in west London, Britain, March 21, 2017. Toby Melville SAN FRANCISCO (Reuters) - Tesla Inc ( TSLA.O ) said it is expanding its auto service centers and adding 350 mobile service vans as it gears up to support its Model 3 sedan, a mass-market car that is expected to drive a 500 percent increase in the electric car company''s sales. A senior executive speaking on behalf of the company told Reuters that Tesla would be able to triple its global service capacity by increasing efficiency, adding to mobile service, and adding 100 service centers to its current total of more than 150. Tesla is adding 1,400 technicians this year, and the company plans to continue expanding mobile and service center capacity at a similar pace over then next few years. Tesla needs to expand service quickly to be able to handle the increase in sales and as the electric car company transforms itself from a luxury vehicle maker into a competitor with mainstream cars. Expectations for a smooth roll out are particularly high among investors. Tesla has been challenging General Motors ( GM.N ) for the title of biggest U.S. automaker by market capitalization, even though its output is a fraction of GM''s. The $35,000 Model 3 is designed for easy production, creating lower service needs, the executive said. Tesla''s last launch was the Model X SUV in 2015, which had a number of production issues. Model 3 production began in the last few days and is expected to reach 20,000 per month in December. The first deliveries are expected on July 28. Tesla had fielded 373,000 Model 3 reservations as of April 2016, the latest date at which it announced a figure. The company has learned from previous problems including issues with seatbelt latches, seats and a 53,000-vehicle parking break recall earlier this year, the executive said. Tesla said it has improved service time by automating paperwork, using cars'' wireless connections to diagnose problems, and expanding mobile support. Tesla deployed mobile vans to company charging stations to fix the seatbelt latch and cut the procedure to less than 20 minutes. About 80 percent of fixes on its vehicles do not require a lift and can be done by one of its mobile technicians, which frequently can handle an appointment in less than an hour. Reporting By Marc Vartabedian Editing by Peter Henderson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tesla-service-idUKKBN19W1GS'|'2017-07-11T16:02:00.000+03:00'
'af690a7b7380046ae0bf50c91cf8f5a7e26f0b3c'|'Economists now see Bank of Canada hiking rates this week - Reuters poll'|'July 12, 2017 / 1:03 AM / 12 minutes ago Economists now see Bank of Canada hiking rates this week - Reuters poll Reuters Staff 3 Min Read A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. Chris Wattie OTTAWA/BENGALURU (Reuters) - The Bank of Canada is now expected to raise interest rates for the first time in nearly seven years this week, according to a Reuters poll on Tuesday that showed some analysts bringing forward forecasts for a hike after strong economic data and hawkish comments from policymakers. The median consensus in the poll showed the bank will hike rates by 25 basis points to 0.75 percent on Wednesday, compared with expectations that a hike would come in the fourth quarter in a poll published just last week. Expectations for a rate hike have been building since last month when policymakers shifted to a hawkish stance, saying that rate cuts put in place in 2015 have done their job. Combined with recent data, including strong jobs figures, the hawkish tone prompted six of the 31 economists polled by Reuters to change their view since the last poll. "It just seemed like all the ducks were in a row for a hike," said Silvana Dimino at JPMorgan, which changed its forecast on Friday. Markets in comparison are pricing in an about 88 percent chance of a rate hike on Wednesday. BOCWATCH Still, economists see a rate increase as a case of one and done for the Bank of Canada this year. The median forecast is for the central bank to hold at 0.75 percent through the rest of 2017 before raising rates again in the first quarter of 2018. Economists will be focused on the language of the central bank''s statement, as well as their updated economic projections, to get a sense of how quickly the tightening cycle could unfold. It would be the first rate move for the bank since it cut rates twice in 2015 to offset the hit to the economy from a slump in the price of oil, a major export. The bank as recently as January had said rate cuts are still on the table and the hawkish shift caught many by surprise. Despite moving his forecast forward to include a hike in July and October, HSBC economist David Watt said he expects the central bank to hold steady in 2018 as it waits for a pickup in wage growth and core inflation and sustained improvement in business investment. Reporting by Leah Schnurr in Ottawa, Anu Bararia in Bengaluru; Editing by Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-canada-rates-poll-idUKKBN19X04C'|'2017-07-12T04:02:00.000+03:00'
'8003400c16377f79a70139cad879454a87cc6026'|'Oil rises 2.5 percent after surprisingly large U.S. crude stock draw'|'July 11, 2017 / 2:02 AM / 30 minutes ago Oil rises 2.5 percent after surprisingly large U.S. crude stock draw 4 Min Read A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. Stringer/File Photo NEW YORK (Reuters) - Oil prices climbed more than 2.5 percent on Tuesday along with rising heating oil futures on reports showing cuts in U.S. oil production and declines in U.S. crude and European product stockpiles. U.S. crude stocks plunged almost three times more than forecast in the latest week, while gasoline inventories decreased unexpectedly and distillate stocks built, industry group the American Petroleum Institute said Tuesday. Crude inventories fell by 8.1 million barrels in the week to July 7 to 495.6 million, compared with analysts'' expectations for a decrease of 2.9 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2 million barrels, API said. Benchmark Brent LCOc1 futures rose 64 cents, or 1.4 percent, to settle at $47.52 a barrel. U.S. West Texas Intermediate crude CLc1 also rose 64 cents, or 1.4 percent, to settle at $45.04 per barrel. After the close and the supportive API data, Benchmark Brent LCOc1 futures rose $1.25, or 2.7 percent, to $48.12 a barrel. U.S. West Texas Intermediate crude CLc1 rose $1.31, or 2.9 percent, to settle at $45.71 per barrel. U.S. heating oil HOc1 futures, meanwhile, gained 1.6 percent on Tuesday, boosting the products crack spread CL321-1=R, a measure of refinery margins, to the highest since late May. European refineries increased crude oil intake in June, but stocks of oil products, particularly diesel, slid, Euroilstock data showed on Tuesday. "That tells you demand globally is a lot stronger than people thought it was going to be and that is having a net positive effect on heating prices," said Scott Shelton, energy specialist at energy brokerage ICAP in Durham, North Carolina. In a separate report on Tuesday, EIA projected U.S. crude oil production in 2018 will rise by less than previously expected. Traders noted Tuesday''s crude price declines were mitigated by reports Saudi Arabia exceeded its OPEC production target and notes from banks lowering oil price forecasts for this year and 2018. BNP Paribas slashed its forecasts for Brent by $9 to $51 a barrel for 2017 and by $15 to $48 for 2018. Barclays cut its 2017 and 2018 Brent forecasts to $52 a barrel for both years from $55 for 2017 and $57 for 2018. Crude prices remain about 16 percent below 2017 opening levels despite a deal led by the Organization of the Petroleum Exporting Countries to cut production from January. OPEC agreed with Russia and some other major exporters to cut output about 1.8 million barrels per day until March 2018. But production elsewhere has risen as OPEC has held back. U.S. oil production C-OUT-T-EIA has jumped more than 10 percent over the last year to 9.34 million bpd. Nigeria and Libya, OPEC members exempt from production limits, have also increased output. Saudi Arabia''s oil production in June rose to 10.07 million bpd, putting it about 12,000 bpd over its OPEC output target. Without a significant fall in oil inventories or a decline in U.S. drilling and production, Goldman Sachs said U.S. crude could drop below $40 per barrel. Additional reporting by Scott Disavino in New York, Christopher Johnson in London and Henning Gloystein in Singapore; Editing by Diane Craft and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19W05Q'|'2017-07-12T04:11:00.000+03:00'
'b3ca94b4ce6fd4be6b6526c869a98335ce9b6326'|'Burberry boost, energy strength send FTSE higher'|'July 12, 2017 / 9:58 AM / 2 hours ago FTSE has best day since April on Burberry gains, dovish Yellen; Carillion collapses Helen Reid 4 Min Read FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. Suzanne Plunkett/File photo LONDON (Reuters) - British shares recovered on Wednesday, touching a two-week high, as oil and gas stocks gained and luxury retailer Burberry jumped. Mid-cap Carillion plunged to a record low. The blue-chip FTSE 100 .FTSE index ended the day up 1.2 percent, with mining stocks leading the gains. Comments from Federal Reserve Chief Janet Yellen interpreted as dovish helped British stocks, sealing the FTSE''s best day since April 24. Slower rate rises boost stocks, which benefit from a higher yield relative to bonds. Oil stocks supported the index as crude prices rose above $48 after a drop in U.S. fuel inventories raised hopes a supply glut was easing. Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) were up 1.8 percent each, among the top FTSE gainers. Spending by Chinese tourists making the most of a devalued pound boosted luxury trenchcoat maker Burberry ( BRBY.L ), whose shares rose 2.5 percent after its like-for-like sales rose by double the rate expected by analysts. "This is an encouraging performance from Burberry, which looks to be at long last pulling out of the doldrums," said Steve Clayton, manager of the Hargreaves Lansdown select UK growth fund. Micro Focus ( MCRO.L ) was among the stocks falling the most, dropping 7.4 percent. Disappointing full-year results cast doubts over its planned deal to acquire HP''s ( HPE.N ) software assets. "Micro Focus shares have been soggy since the May 9 news of poor trading at HPE Software, and now there are growing concerns about the expected U.S. flowback," Stifel analysts said in a note. But shareholder Colin McLean, of SVM Asset Management, said, "We are still holding. We are not concerned on integration issues, there''s bound to be hiccoughs." Shares in education publisher Pearson ( PSON.L ) slid again, hitting a three-month low on investor concern over a lower dividend guidance and Liberum''s downgrade of the stock. Mediclinic ( MDCM.L ) shares jumped 4.7 percent. The South-Africa exposed private healthcare company was helped by a strengthening rand ZAR= , and boosted by merger and acquisition speculation. Market rumour blog Wall Street Wires speculated that Mediclinic might bid for Spire Health ( SPI.L ), whose shares rose 4 percent. Reuters has not verified whether the companies are in talks. Outsourcer Carillion ( CLLN.L ) fell as much as 29 percent to a record low, taking its losses over the past three sessions to 70 percent as worries over a potential rights issue caused another broker downgrade. Marshall Wace led among hedge funds cashing out their short positions on Carillion. But holders of Carillion bonds were more downbeat, bracing for potential restructuring talks. Amec Foster Wheeler ( AMFW.L ) bucked the trend among oil and gas stocks, falling 5.5 percent after the oil services group said the Serious Fraud Office was investigating it over allegations of bribery and corruption. Wood Group ( WG.L ), which agreed to buy Amec Foster Wheeler in a 2.2 billion-pound deal, fell 6.5 percent. Analysts said the merger would go ahead and should be completed in the fourth quarter. Small-cap Premier Oil ( PMO.L ) shot up 36 percent after the company made an oil discovery off the shores of Mexico. Reporting by Helen Reid; editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19X15E'|'2017-07-12T12:58:00.000+03:00'
'72564fcd6c6310f5439ca9fc17613cd162f60c11'|'Fed''s Yellen says rate and portfolio plans on track, cautions on inflation'|'July 12, 2017 / 3:09 PM / 9 minutes ago Fed''s Yellen says rate and portfolio plans on track, cautions on inflation Howard Schneider 5 Min Read WASHINGTON (Reuters) - The U.S. economy is healthy enough for the Fed to raise rates and begin winding down its massive bond portfolio, though low inflation and a low neutral rate may leave the central bank with diminished leeway, Fed Chair Janet Yellen said on Wednesday. In what may be one of her last appearances before Congress, Yellen depicted an economy that, while growing slowly, continued to add jobs, benefited from steady household consumption and a recent jump in business investment, and was now being supported by stronger economic conditions abroad. The Fed "continues to expect that the evolution of the economy will warrant gradual increases in the federal funds rate over time," Yellen said in her prepared testimony. Reductions in the Fed''s portfolio of more than $4 trillion in securities are likely to begin "this year," she said. But she also noted that given current estimates, the federal funds rate "would not have to rise all that much further" to reach a neutral level that neither encourages nor discourages economic activity. The Fed still feels the economy needs loose, or accommodative, monetary policy, so a lower neutral rate means the Fed may feel compelled to slow the pace of rate hikes down the road. But for now, Yellen told members of the House Committee on Financial Services, the economy remains strong enough for the Fed to continue to gradually tighten policy. In response to questions from lawmakers, she said she expects the gradual run down of the balance sheet will "play out smoothly" in markets. The reduction in the balance sheet, which will begin slowly as the Fed reinvests only a portion of the holdings that mature each month, will mark the final exit from crisis-related policies. Economy on Even Keel Yellen''s past appearances before the House panel have sometimes involved sharp exchanges with lawmakers who think the Fed''s influence over the economy has grown too strong. Such lawmakers want policymakers to be guided more closely by a mathematical rule for setting interest rates. This session was a more sedate meeting, with Committee Chair Jeb Hensarling, an advocate "rules-based" monetary policy, complimenting the Fed for including comparisons of its monetary policy with some of the more common formulas. The Federal Reserve Board Chairwoman Janet Yellen testifies before a House Financial Services Committee hearing covering monetary policy on Capitol Hill in Washington, U.S., July 12, 2017. Aaron P. Bernstein Her appearance, coming as the Trump administration mulls whether to replace her when her term ends in February, broke little new ground in terms of policy or regulatory changes. "We have a relatively light regulatory agenda at this point," Yellen said. She confirmed the Fed was reviewing some of the requirements imposed on bank boards of directors following the financial crisis, with any eye towards possibly easing some of them. She also repeated the Fed''s strong opposition to proposals that policymakers worry could give elected officials influence over what are supposed to be independent Fed interest rate decisions. Slideshow (2 Images) According to her testimony the economy is on an even keel, near or beyond full employment. U.S. stocks rose, while yields on Treasury bonds fell and the dollar was little changed against a basket of currencies. In a separate release, the Fed''s latest beige book of reports from regional Fed banks showed "slight to moderate" economic growth across the country. A recent dip in inflation has been of concern among Fed officials who want to see surer progress toward the central bank''s 2 percent inflation goal. Yellen, however, ascribed it to "a few unusual reductions in certain categories of prices" that would eventually drop out of the calculation. The current situation "raises the stakes" for upcoming inflation data, said Jim Vogel, interest rate strategist for FTN Financial in Memphis, Tennessee. "People are going to be very anxious if that was just a statistical glitch...or if it is going to continue." Otherwise, Yellen said, the economy appeared to be in a virtuous loop of hiring, spending and investment that "should increase resource utilization somewhat further, thereby fostering a stronger pace of wage and price increases." Reporting by Howard Schneider; Additional reporting by Karen Brettell in New York; Editing by Chizu Nomiyama and Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-yellen-idUKKBN19X22T'|'2017-07-13T00:54:00.000+03:00'
'36df0b8576c36f04000e1cfe36ac966bbafa00ab'|'SAP opens probe into South African unit kickback reports'|'Edition United States July 12, 2017 / 8:40 PM / 36 minutes ago Exclusive: SAP opens probe into South African unit kickback reports Eric Auchard 5 Min Read FILE PHOTO: The logo of German software group SAP is pictured in Vienna, Austria, July 25, 2016. Leonhard Foeger/File Photo FRANKFURT (Reuters) - Europe''s top technology company, SAP ( SAPG.DE ), has put four senior managers in South Africa on leave and begun a probe into reports that have dragged the company into an influence peddling scandal involving friends of President Jacob Zuma. South African media reported on Tuesday that SAP paid alleged kickbacks in the form of sales commissions to a firm linked to the politically connected Gupta family, helping SAP clinch a deal worth 1 billion rand ($76 million) with rail and logistics company Transnet and other state-owned firms. The ruling African National Congress party has been damaged by leaked emails appearing to show fraud in the awarding of state contracts. "We''ve obviously seen the claims in the media. And we''re taking these extremely, very, very seriously." Adaire Fox-Martin, co-president for global customer operations, told Reuters in an exclusive interview on Wednesday. Fox-Martin said SAP was putting the executives on administrative leave, pending the outcome of internal and external investigations that the company has initiated. The German company has hired an independent international law firm based in the United States to conduct an external investigation and also will run its own, internal probe using SAP''s compliance organization, she said. SAP declined to name the four management-level employees, or their job titles. Reuters has not been able to independently verify the allegations. AmaBhungane, a non-profit investigative reporting group that has a strong record of exposing corruption, named SAP in a story based on leaked emails and documents that it says show how the Gupta family unduly influences the awarding of government contracts worth hundreds of millions of dollars. The Guptas, Indian-born South Africans, and Zuma have previously denied wrongdoing. Seeking response to the fresh allegations involving SAP, a Gupta family spokesman and Zuma''s spokesman did not respond to calls and emails for comment. Fox-Martin, who was named to SAP''s global executive board two months ago and is the executive in charge of overseeing sales and customers service operation across Africa, Greater China, Europe and the Middle East, is traveling to South Africa to meet with customers and employees. "As a company we''re initiating a very thorough and very vigorous investigation," she said. Transparency SAP, the world''s largest supplier of business planning software that multinationals use to manage far-flung operations, is acting quickly to limit reputational damage for a company that is a leading supplier of compliance software and services, among its many products. It also must ward off repercussions from regulators for possible U.S. foreign corrupt practice violations after it was hit last year with a $3.9 million fine by the Securities and Exchange Commission. The company, whose stock is dual-listed in Frankfurt and New York, was found by the SEC to have failed to maintain sufficient internal controls to prevent a bribery scheme by a former sales executive who won lucrative contracts with the Panamanian government. ( reut.rs/2vcPOIp ) "We feel that a fast reaction to this, indicating that we are working to get to the bottom of this, will actually indicate the seriousness with which SAP takes these allegations and our intention to conduct a fully transparent investigation on this," Fox-Martin said. She said the results of the investigation will be made public. Carmaker Volkswagen ( VOWG_p.DE ) of Germany, embroiled in an emissions-test cheating affair for almost two years, also commissioned an independent lawyers'' investigation but did not publish the results as it had indicated it would. German industrial giant Siemens ( SIEGn.DE ) - which battled its own foreign bribery scandal a decade ago - has been swept up in a fresh scandal in which two of its gas turbines sold for use in Russia turned up in Crimea in violation of European Union sanctions. Siemens filed a suit on Tuesday against a Russian state firm, saying the Russian company had moved the turbines "against its will". On Wednesday, South African Deputy President Cyril Ramaphosa criticized corruption he said had damaged his ruling party under President Jacob Zuma, opening a divide in the African National Congress ahead of a leadership contest set for later this year. Zuma''s business friends, the Guptas, have been accused by ANC politicians and the opposition of using their close relationship with Zuma and his allies to influence the awarding of government contracts worth hundreds of millions of dollars. ( reut.rs/2uaeyV4 ) Ramaphosa called for a judicial inquiry into the allegations. ($1 = 13.2263 rand) Reporting By Eric Auchard; Additional reporting by Joe Brock and Olivia Kumwenda-Mtambo in Johannesburg; Editing by Kirsti Knolle and Robin Pomeroy 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-safrica-corruption-sap-idUKKBN19X2U0'|'2017-07-13T00:09:00.000+03:00'
'a7696eef008ebb179962dffa5c0875494cb482e6'|'Oil prices dip as OPEC expects less demand for its crude'|'July 13, 2017 / 3:27 AM / 10 minutes ago Oil dips on glut but Chinese and U.S. data supports Christopher Johnson 3 Min Read A flame shoots out of a chimney at a petro-industrial factory in Kawasaki near Tokyo December 18, 2014. Thomas Peter/Files LONDON (Reuters) - Oil prices dipped on Thursday on worries about oversupply, but strong Chinese imports and signs that U.S. storage tanks were gradually being drained offered some support. Brent crude fell 20 cents to $47.54 a barrel by 0730 GMT and U.S. light crude was down 15 cents at $45.34. Oil inventories remain near record levels in many areas despite efforts to control output over the past six months and International Energy Agency Chief Economist Laszlo Varro said on Thursday that markets face a supply surplus. "There is no doubt in the short term the market is oversupplied," Varro told Reuters in Tokyo, adding that this was partly because of rising output from Kazakhstan''s giant Kashagan oilfield. The Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that the world would need only 32.2 million barrels per day (bpd) of its crude next year, down 60,000 bpd from this year and about 400,000 bpd less than it pumped in June. OPEC said its output rose by 393,000 bpd in June to 32.611 million bpd, thanks to extra output from Nigeria and Libya. That came despite a pledge by OPEC to curb production by about 1.2 million bpd between January this year and March 2018, while Russia and other non-OPEC producers say they will hold back half as much. Despite the ongoing supply overhang, there are signs of a gradual reduction in the global glut. China imported 8.55 million bpd in the first six months of the year, up 13.8 percent on the same period in 2016, customs data showed on Thursday, making China the world''s biggest crude importer ahead of the United States. "We are definitely seeing robust demand growth (in China)," said Neil Beveridge, senior oil analyst at Sanford C. Bernstein, citing low oil prices and increasing demand for SUVs. The world''s biggest oil market, in the United States, could also be tightening. U.S. crude oil inventories last week registered their biggest decline in 10 months. Crude inventories fell by 7.6 million barrels to 495.35 million barrels in the week to July 7. While U.S. crude inventories remain far above their five-year average, stocks have fallen 7 percent since record levels from late March. Additional reporting by Henning Gloystein in Singapore and Aaron Sheldrick in Tokyo; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN19Y083'|'2017-07-13T06:23:00.000+03:00'
'fa1038296b3c3219d1f6365a683703e5796f94aa'|'American airlines ending code share agreements with Qatar, Etihad Airlines'|'July 12, 2017 / 8:56 PM / in 3 hours American Airlines says Qatar Airways refiles for clearance to buy stake Alana Wise and David Shepardson 3 Min Read FILE PHOTO - American Airlines aircraft are parked at Ronald Reagan Washington National Airport in Washington, U.S., August 8, 2016. Joshua Roberts/File Photo (Reuters) - American Airlines Inc ( AAL.O ) said on Wednesday that state-owned Qatar Airways has revised its antitrust filing with U.S. regulators seeking clearance to buy up to a 10 percent stake in the U.S. carrier, but there were no details provided on the new filing. Separately, American said it is ending code-share agreements with both Qatar Airways and Abu Dhabi''s Etihad Airways amid a trade dispute with the two Middle Eastern carriers. American, the largest U.S. carrier, in a filing with the Securities and Exchange Commission said that Qatar Airways, which last month expressed interest in buying up to 10 percent of American, had withdrawn its previous antitrust filing with the Federal Trade Commission and submitted a new filing on Monday. Representatives for Qatar Airways could not be reached for comment. The chief executive of Qatar Airways, Akbar al-Baker, said last week that the carrier would push on to buy shares on the open market despite American''s opposition. The FTC did not comment. The agency typically does not disclose details of requests for antitrust approval filed by companies seeking to acquire stakes in rivals. American Airlines'' own rules require advance approval from its board for the purchase of a stake of 4.75 percent or more. The airline last month also noted that "there are foreign ownership laws that limit the total percentage of foreign voting interest to 24.9 percent." FILE PHOTO: Qatar Airways aircraft at Hamad International Airport in Doha, Qatar June 12, 2017. Naseem Zeitoon/File Photo "Illegal Subsidies" American''s decision to cancel code-share agreements, which allow airlines to book passengers on each other''s flights, ramps up an acrimonious dispute between U.S. carriers and Gulf competitors. American and other U.S. carriers have charged that Qatar Airways, Etihad and Emirates Airline[EMIRA.UL] get an unfair competitive edge from state subsidies that allow them to offer lower fares and more amenities to long-haul, international travellers. The U.S. carriers are pressing the United States government to curb the Middle Eastern carriers'' access to U.S. airports, and the White House is considering their request, according to government officials and airline executives who have spoken to the White House. The Middle Eastern carriers have rejected the complaints about subsidies. The decision to cancel code-sharing deals with the two carriers would not have a material financial impact on American, the carrier said, and "is an extension of our stance against the illegal subsidies that these carriers receive from their governments." Etihad Airways is a flag carrier and the second-largest airline of the United Arab Emirates (UAE), based in Abu Dhabi. Qatar Airways is the state-owned flag carrier of Qatar. Reporting by David Shepardson and Alana Wise; Editing by Leslie Adler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/american-airline-codesharing-idINKBN19X2VC'|'2017-07-12T23:56:00.000+03:00'
'f6bacfc5a2003cc7d0e5e6284ef9d515704ba49a'|'ASOS sees full-year sales growth at upper end of range'|'July 13, 2017 / 7:26 AM / 15 minutes ago ASOS sees full-year sales growth at upper end of range Reuters Staff 2 Min Read FILE PHOTO: A model walks on an in-house catwalk at the ASOS headquarters in London April 1, 2014. Suzanne Plunkett LONDON (Reuters) - British online fashion retailer ASOS ( ASOS.L ) on Thursday forecast sales growth for the full 2016-17 year at the upper end of its 30-35 percent guided range, as it reported continued strong trading both in its home market and overseas. Established in 2000 for fashion-conscious twenty-somethings, ASOS was an early e-commerce success story, but is seeing growing competition from the likes of British rival Boohoo ( BOOH.L ) and Germany''s Zalando ( ZALG.DE ) as well as from traditional store-based chains who have invested heavily in their online offerings. Shares in ASOS, which listed at 20 pence in 2001, have increased 30 percent over the last year, as the depreciation of sterling versus the U.S. dollar and euro post the Brexit vote has allowed the retailer to reduce prices and drive sales in its international markets. The stock was down 1.5 percent at 5,721 pence at 0714, reflecting some disappointment the guidance on sales was not accompanied by a profit upgrade. ASOS has a market capitalisation of 4.76 billion pounds - not far behind Marks & Spencer''s ( MKS.L ) 5.12 billion pounds. ASOS said total retail sales rose 32 percent to 660.1 million pounds in the four months to June 30, with UK sales up 16 percent and international sales up 44 percent. The retail gross margin was flat versus the prior year. “Strong first half sales momentum has continued through the third period supported by our ongoing investment in our customer proposition and in price," Chief Executive Nick Beighton said. ASOS said it expected full-year pretax profit to be in line with the market consensus of 79.4 million pounds, up from 63.7 million pounds in 2015-16. Reporting by James Davey; editing by Kate Holton and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-asos-outlook-idUKKBN19Y0MT'|'2017-07-13T10:30:00.000+03:00'
'82fba15168a55be4cc1cb39420aa927e1ee94947'|'First tech, now financing - U.S. shale firms get creative to pump more oil'|'Edition United States July 13, 2017 / 11:15 AM / 19 minutes ago First tech, now financing: U.S. shale firms get creative to pump more oil Ernest Scheyder 6 Min Read FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Picture taken May 3, 2017. Ernest Scheyder/File Photo HOUSTON (Reuters) - U.S. shale producers survived an oil price crash and confounded OPEC''s efforts to drain a global glut by employing innovative drilling and production techniques. Now, some of these producers are turning to creative investments to pump more oil. Drilling joint ventures, called "DrillCos" for short, combine cash from investors like Carlyle Group LP ( CG.O ) with drillable-but-idle land already owned by producers. Investors get a pledge of double-digit returns within a few years, while producers can raise productivity without spending more of their own money. The total raised by these ventures - at least $2 billion in the last 24 months - is a small part of overall shale financing. But they represent another way for Wall Street and shale producers to increase the flow of oil, and frustrate plans by the Organization of the Petroleum Exporting Countries to prop up prices. Private equity this year has showered more than $20 billion on U.S. energy ventures. Driven by shale expansion, U.S. oil production this year is forecast to increase by 570,000 barrels per day (bpd) to 9.9 million bpd, the U.S. Energy Information Administration estimates. No Balance-Sheet Risk Drillcos take control of drillable land and generally turn over 100 percent of the cash flow from oil and gas production to investors until they earn a 15 percent return. At that point, control reverts to the producer, with the investor''s stake shrinking to about 10 percent of remaining production. "It''s a type of surgical, temporary capital," Mark Stoner a partner at private equity fund Bayou City Energy LP, said in an interview. Bayou City committed $256 million to an Oklahoma drillco with privately held Alta Mesa Holdings LP [ALMEH.UL] last year. "We get exposure to great, prolific oil basins, but don''t have to take on balance sheet risk." Companies such as EOG Resources Inc ( EOG.N ), one of the financially strongest U.S. shale producers, are turning to drillcos. Two months ago, EOG struck a $400 million deal with Carlyle to finance wells in Oklahoma. The investment lets EOG focus its own cash on the Permian Basin, the largest U.S. oilfield, and lifts its production without increasing its spending. The venture also allows EOG to double or triple the value of land it held on its books, Lloyd Helms, EOG''s head of exploration and production, said an industry conference in May. Legacy Reserves LP ( LGCY.O ), Exco Resources Inc ( XCO.N ), Alta Mesa and EOG are among 34 oil producers that since 2015 have formed drillcos worth more than $2.05 billion. The money has come from investors including Blackstone Group ( BX.N ), Carlyle, KKR & Co ( KKR.N ), and others, according to 1Derrick Ltd, which tracks oilfield land deals. Putting Idle Land to Use Historically, one way producers wrung more cash from financiers was to pledge future output for cash payments to finance drilling. There was no swap of land and no guaranteed return. Drillcos differ in that investors get control of land until a double-digit rate of return is met, providing insurance against a default. For producers, these ventures also help boost the total amount of oil they can eventually recover. Wall Street is rewarding those with strong production with share price gains at a time when OPEC and its allies have agreed to pull 1.8 million bpd off the global market. "This helped us drill acreage that we wouldn''t otherwise have been able to drill right away," Mike McCabe, Alta Mesa''s chief financial officer, said in an interview. For investors, the potentially high rates of return, compared with commercial loan rates running about 5 percent to 7 percent, have spurred interest despite crude prices CLc1 under $50 a barrel. "There''s a lot of money seeking a home, especially in this low interest rate environment," Mingda Zhao of Vinson & Elkins LLP, a law firm that has negotiated drillco agreements, said in an interview. Drillcos are not risk free. If oil prices tumble, investors'' ability to grab high returns within a few years fades. Shale producers also must be willing to provide more information on the land than they would under more common loan agreements. Such detailed information "gives us well-level insight into what''s going on in a basin," said Bayou City''s Stoner. For Carlyle, one of the world''s largest private equity funds, the drillco with EOG was a relatively low-risk way to invest in U.S. shale. "We were looking for very specific types of assets and drilling deals to make the risk-return work for us," David Albert, co-head of Carlyle''s Energy Mezzanine Opportunities funds, said in an interview. The funds, with more than $4 billion under management, can still make money on its drillco investment even after oil prices CLc1 slipped below $45 per barrel this month on oversupply concerns. "Even with current oil prices, there are still economic opportunities to be had out there," Albert said. Reporting by Ernest Scheyder; Editing by Gary McWilliams and Marguerita Choy 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-shale-drillco-analysis-idUKKBN19Y17R'|'2017-07-13T14:26:00.000+03:00'
'1354d4cf868117a94f6564701f67023b4ea86e99'|'Massive copper mine tests Trump''s push to slash regulation'|'July 13, 2017 / 5:20 AM / 2 hours ago Massive copper mine tests Trump''s push to slash regulation Emily Flitter 9 Min Read SUPERIOR, Arizona (Reuters) - Rio Tinto''s proposed Resolution Copper Mine in Arizona would tunnel 7,000 feet underground, where rocks radiate heat from the earth’s molten core. It would suck up enough water to supply a city and leave a crater a mile and a half wide and 1,000 feet deep. Planned for more than a decade, the project would be a prototype for a looming era of more invasive U.S. mines as companies run out of easy-to-reach deposits, geologists say. It is also the project President Donald Trump''s Commerce Secretary, Wilbur Ross, had in mind as he began crafting a "hit list" of regulations that should be killed to speed industrial permitting. "A company shouldn''t have to be hundreds of millions of dollars into risk money without knowing whether there is a real chance it is going to get approved," Ross told Reuters in a May 9 interview, referring to the mine. The massive project - which would be among the world''s largest copper mines - underscores the dangers of weakening America''s rigorous permitting process at a time mining endeavors are becoming increasingly complex and environmentally risky. And Ross''s citation of Resolution as a poster child for suffocating regulation reflects how far the Trump administration is willing to go to advance economic growth. Sorting out the mine''s potentially negative impacts is anything but simple, and many local residents, along with Native American and environmental groups, say Resolution is exactly the kind of development that cries out for intense public scrutiny - no matter how long it takes. "The companies have to mitigate their risks - mitigate what people are losing," said Mila Besich-Lira, the mayor of Superior, the town closest to the project. A federal government review of the project has drawn about 130,000 comments from concerned constituents - more than 10 times the number who gave input on the smaller Rosemont Copper Mine nearby. The Resolution mine would also give the region a big economic boost, employing 1,400 people and injecting $20 billion into public coffers, Rio Tinto ( RIO.L ) estimates. It could supply the United States with a quarter of its copper, putting this small town at the epicenter of the global metals market. Trump has vowed sweep away regulations he says cost America trillions of dollars with no public benefit. The regulatory review by Ross, due for release as soon as this month, is one of several parallel efforts to slash red tape. Trump has also started dismantling Obama-era climate change regulations through executive orders, for example, and directed agencies to kill two rules for every one they create. In the meantime, Congress could set the tone. A Republican bill introduced early this year - and supported by Rio Tinto - would set a two-and-a-half-year deadline on mine permitting, a standard similar to that seen in Australia and Canada. Deeper, Hotter, Bigger Rio Tinto - along with the Australian mining company BHP Billiton ( BLT.L ), which owns a 45 percent stake in Resolution - says it has spent 16 years and $1.3 billion on the project, including a decade acquiring acreage in the Tonto National Forest overlying the copper deposit. It is now four years into the federal regulatory review to approve new mines, a process that can take seven to 10 years. Victoria Peacey, a senior manager for environmental permitting at Rio Tinto, said the mine up probably won''t begin operating for another decade. Rio Tinto acknowledges the vast scope and sensitivity of its plans. "There are mines this deep; there are mines this hot; and there are mines this big; but there are no other mines this deep, this hot and this big all together," said Carl Hehnke, a geologist for Resolution. Resolution will take copper from a zone where temperatures run 180 degrees Fahrenheit. With help from remotely controlled machines, miners will set off explosions to shatter sections of the deposit. The ore will be milled with a combination of sulfuric acid and as much as 6.5 billion gallons of water a year - enough to supply more than half the homes in the Phoenix suburb of Tempe. It would eventually render more than 2,400 acres of what is now the Tonto National Forest off limits to visitors. Roger Featherstone of the Arizona Mine Reform Coalition points to the Resolution Copper mine in the Oak Flat area near Superior, Arizona, June 13, 2017. Nancy Wiechec Under the forest, in a process called "block cave mining," Rio Tinto will excavate material from underground, making the material above sink and creating the expected one-and-a-half-mile-wide crater. That area will include a site considered sacred to the San Carlos Apache Tribe, which has been holding annual protests against the project. Years of Scrutiny If Resolution''s copper deposit had been discovered under private land – and not a national forest – Rio Tinto might have been spared the federal review and faced only state regulators. Instead, the U.S. Forest Service is leading the study, which will consider jobs, recreation, public health and wildlife. Despite its substantial economic benefits to the nearby town of Superior, where many homes and businesses are boarded up, residents still have their concerns. "What am I going to tell my great-grandkids - how this place was totally destroyed?" said Anna Jeffries, a Superior resident, during an April 2016 public meeting with Forest Service officials at Superior High School. Mining industry lobbyists counter that they are only seeking an efficient and reasonable approval process. Slideshow (24 Images) "We are not talking in any way, shape or form about any environmental rollbacks here," said Katie Sweeney, general counsel for the National Mining Association, a trade group. "We''re talking about bureaucracy." The NMA wants to see deadlines for permitting, along with rules requiring agencies to conduct studies simultaneously rather than consecutively. The NMA and Rio Tinto back the bill - introduced in January by Republican Congressman Mark Amodei of Nevada - that would give regulators the two-and-a-half year deadline to approve or reject mining projects. Mining companies in Canada and Australia applaud similar time limits in those countries, but a May 2016 report by a government watchdog in the Canadian province of British Columbia found Canada''s mine regulation had "major gaps in resources, planning and tools" that led to "inadequate" inspections and "increasing environmental risks." Commerce Secretary Ross told Reuters in a June 23 phone message he believed the U.S. Forest Service was doing "a good job in terms of Rio Tinto." But he added, "The rest of the process has been so abysmal that Rio Tinto actually testified before the U.S. Congress [about] how bad the process was." Ross and his spokesman did not respond to additional questions seeking examples of problems that occurred between Resolution and permit-issuing agencies. But his office said he was referring to Congressional testimony given by Rio Tinto’s Managing Director for Copper and Diamonds, Nigel Steward, in March. Steward called the U.S. permitting process "inefficient" and said it "presents a major barrier to the domestic sector''s ability to perform to its full potential." Rio Tinto is advocating for more certainty in permitting timelines and improved coordination among agencies involved - along with more money for agencies "to ensure that experienced and highly skilled people are devoted to complex technical aspects of permitting," said Todd Malan, Rio Tinto''s vice president for external affairs and communications for the Americas. While the company supports permitting deadlines, at least one Rio Tinto official acknowledges that it would be hard to address the issues raised by the Resolution mine in less than years. "I''m not necessarily saying time frames would not be helpful, but three years? ... That''s a tight time frame," said Peacey. While uncertain permitting timeframes raise financial risks for Rio Tinto, she said, the sometimes lengthy process also protects the public. "Those are people''s rights," she said. (This version of the story was refiled to add dropped word "to" in paragraph 9) Editing by Richard Valdmanis and Brian Thevenot 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-regulation-mining-idUSKBN19Y0D7'|'2017-07-13T08:45:00.000+03:00'
'2081eeb28d4a2f02dfe33f3c69e6bc7d91e2d48b'|'BoE says banks plan to cut back lending to consumers on worries about economy'|'July 13, 2017 / 8:39 AM / 19 minutes ago BoE says banks plan to cut back lending to consumers on worries about economy Reuters Staff 2   The Bank of England is seen through the columns on the Royal Exchange building in London, Britain August 4, 2016. Neil Hall/File Photo LONDON (Reuters) - British banks expect to cut back lending to consumers in the coming months as they turn more cautious about the economy, the Bank of England said on Thursday. The central bank''s quarterly Credit Conditions Survey also found that banks planned to tighten their credit standards further in the July-September period for credit cards and other unsecured borrowing. "A changing appetite for risk was reported to be an important driver of this in Q2 and Q3, with a changing economic outlook also affecting expectations for Q3," the Bank said. The BoE said last week it wanted banks and other lenders to show that they are not being too complacent about risks to their balance sheets in case Britain''s economy slows, raising the risk of higher loan losses. Britain''s economy slowed sharply in early 2017 as consumers felt the inflationary pinch from the fall in value of the pound since last year''s Brexit vote. Thursday''s survey also showed banks expected to provide fewer mortgages to highly indebted home-buyers in the third quarter. The BoE survey was conducted between May 22 and June 9, mostly covering the period before Britain''s inconclusive national election on June 8. Reporting by William Schomberg; editing by David Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-credit-idUKKBN19Y0SY'|'2017-07-13T11:39:00.000+03:00'
'fa8a97a18e33ff03ecdb270e14879c987e488f0c'|'Shares, bonds rally as markets bet on glacial Fed'|'July 13, 2017 / 12:41 AM / 2 hours ago Asian shares, bonds rally as markets bet on glacial Fed Wayne Cole 3 Min Read A man looks at an electronic board showing stock information at a brokerage house in Beijing, China, December 17, 2015. Kim Kyung-Hoon SYDNEY (Reuters) - Asian shares scaled a two-year top on Thursday as investors wagered policy tightening   would be glacial at best, lifting Wall Street to record peaks and lowering bond yields almost everywhere. The star performer was the Canadian dollar, which rocketed to 11-month highs after the country''s central bank hiked rates for the first time in seven years and left the door wide open to further moves. Yet the overall mood was one of relief that Federal Reserve Chair Janet Yellen had not sounded more hawkish in her appearance before Congress, a green light for risk taking. MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.45 percent to its highest since mid-2015. Japan''s Nikkei firmed 0.4 percent and Australia''s main index jumped 1 percent. On Wall Street, the Dow rose 0.57 percent, while the S&P 500 gained 0.73 percent and the Nasdaq 1.10 percent. The rate-sensitive S&P 500 real estate index jumped 1.3 percent, its biggest gain in about four months. Equities were underpinned by a drop in bond yields as Yellen sounded cautious on inflation and noted the Fed would not need to raise rates "all that much further" to reach current low estimates of the neutral funds rate. "The market did perceive a greater degree of anxiety over inflation – at the margin," said Westpac''s U.S. economist, Elliot Clarke. "To our mind, this is unlikely to get in the way of another hike this year." "Two further hikes in 2018 will likely be justified by conditions. However, the case for additional hikes thereafter is nowhere near being made." Indeed, markets doubt even that modest tightening will ensue and imply only a 50-50 chance of a rise by December <0#FF:>. Treasuries rallied in reaction, with yields on two-year notes falling to three-week lows, as did bonds in Europe. The odd man out was Canada, where yields hit their highest since late 2013 after the Bank of Canada raised rates a quarter point saying the economy no longer needed as much stimulus. The Canadian dollar notched its biggest percentage gain since March 2016 and was last trading near one-year peaks at C$1.2748. Moves elsewhere were mixed, with the dollar gaining ground on the euro only to lose on the yen. In early trading Thursday, the euro had steadied at $1.1418 while the dollar sat at 113.32 yen. Against a basket of currencies, the dollar was holding just above nine-month lows at 95.793. The drop in U.S. yields benefited gold, which pays no interest, and nudged the precious metal up to $1,218.35 and away from its recent trough of $1,204.45. Oil prices faded as a report showing hefty drawdowns in U.S. crude inventories was offset by data pointing to lackluster gasoline demand. Brent crude futures were off 13 cents at $47.61 a barrel, while U.S. crude lost 10 cents to $45.39. Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19Y01F'|'2017-07-13T03:37:00.000+03:00'
'fdf018690012b5306aafc306e0c16ec18666d9d9'|'Fed''s Yellen says rate and portfolio plans on track, cautions on inflation'|'July 12, 2017 / 12:36 PM / 7 hours ago Fed''s Yellen says rate and portfolio plans on track, cautions on inflation Howard Schneider 5 Min Read WASHINGTON (Reuters) - The U.S. economy is healthy enough for the Fed to raise rates and begin winding down its massive bond portfolio, though low inflation and a low neutral rate may leave the central bank with diminished leeway, Fed Chair Janet Yellen said on Wednesday. In what may be one of her last appearances before Congress, Yellen depicted an economy that, while growing slowly, continued to add jobs, benefited from steady household consumption and a recent jump in business investment, and was now being supported by stronger economic conditions abroad. The Fed "continues to expect that the evolution of the economy will warrant gradual increases in the federal funds rate over time," Yellen said in her prepared testimony. Reductions in the Fed''s portfolio of more than $4 trillion in securities are likely to begin "this year," she said. But she also noted that given current estimates, the federal funds rate "would not have to rise all that much further" to reach a neutral level that neither encourages nor discourages economic activity. The Fed still feels the economy needs loose, or accommodative, monetary policy, so a lower neutral rate means the Fed may feel compelled to slow the pace of rate hikes down the road. But for now, Yellen told members of the House Committee on Financial Services, the economy remains strong enough for the Fed to continue to gradually tighten policy. In response to questions from lawmakers, she said she expects the gradual run down of the balance sheet will "play out smoothly" in markets. The reduction in the balance sheet, which will begin slowly as the Fed reinvests only a portion of the holdings that mature each month, will mark the final exit from crisis-related policies. Economy on Even Keel Yellen''s past appearances before the House panel have sometimes involved sharp exchanges with lawmakers who think the Fed''s influence over the economy has grown too strong. Such lawmakers want policymakers to be guided more closely by a mathematical rule for setting interest rates. This session was a more sedate meeting, with Committee Chair Jeb Hensarling, an advocate "rules-based" monetary policy, complimenting the Fed for including comparisons of its monetary policy with some of the more common formulas. FILE PHOTO: The Federal Reserve Board Chairwoman Janet Yellen speaks during a discussion at The British Academy President''s Lecture in London, Britain, June 27, 2017. Hannah McKay/File Photo Her appearance, coming as the Trump administration mulls whether to replace her when her term ends in February, broke little new ground in terms of policy or regulatory changes. "We have a relatively light regulatory agenda at this point," Yellen said. She confirmed the Fed was reviewing some of the requirements imposed on bank boards of directors following the financial crisis, with any eye towards possibly easing some of them. She also repeated the Fed''s strong opposition to proposals that policymakers worry could give elected officials influence over what are supposed to be independent Fed interest rate decisions. According to her testimony the economy is on an even keel, near or beyond full employment. U.S. stocks rose, while yields on Treasury bonds fell and the dollar was little changed against a basket of currencies. In a separate release, the Fed''s latest beige book of reports from regional Fed banks showed "slight to moderate" economic growth across the country. A recent dip in inflation has been of concern among Fed officials who want to see surer progress toward the central bank''s 2 percent inflation goal. Yellen, however, ascribed it to "a few unusual reductions in certain categories of prices" that would eventually drop out of the calculation. The current situation "raises the stakes" for upcoming inflation data, said Jim Vogel, interest rate strategist for FTN Financial in Memphis, Tennessee. "People are going to be very anxious if that was just a statistical glitch...or if it is going to continue." Otherwise, Yellen said, the economy appeared to be in a virtuous loop of hiring, spending and investment that "should increase resource utilization somewhat further, thereby fostering a stronger pace of wage and price increases." Reporting by Howard Schneider; Additional reporting by Karen Brettell in New York; Editing by Chizu Nomiyama and Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-fed-yellen-idINKBN19X1N1'|'2017-07-13T02:16:00.000+03:00'
'0d5dd7c6528ee4518b190b99c610a9684bbb5fb8'|'American airlines ending code share agreements with Qatar, Etihad Airlines'|'July 12, 2017 / 8:57 PM / 3 hours ago Qatar Airways still pursuing American Airlines stake after code share hitch Alana Wise , David Shepardson and Tom Finn 4 Min Read Qatar Airways Chief Executive Akbar al-Baker speaks to reporters after unveiling a commemorative signing wall in support of Qatar’s Emir Sheikh Tamim Bin Hamad Al-Thani in Doha, Qata, July 13, 2017. Naseem Zeitoon (Reuters) - Qatar Airways said it will go ahead with plans to buy a stake in American Airlines Inc ( AAL.O ) even though the U.S. carrier is ending their code-share agreement. American announced on Wednesday that it was cancelling code-share agreements with Qatar Airways and Etihad Airways as "an extension of our stance against the illegal subsidies that these carriers receive from their governments." Both Middle East airlines deny they are state subsidized. American''s decision to end the agreements which allow airlines to book passengers on each other''s flights, ramps up an acrimonious dispute between U.S. carriers and Gulf competitors over competitive advantages. Qatar Airways Chief Executive Akbar al-Baker said on Thursday he was disappointed by the decision, but it would not affect the Middle East carrier''s plans to buy up to a 10 percent stake in American, announced last month. "Our stock purchase request and filing is going ahead as normal. We had to clarify certain questions of the regulator, which we compiled with," al-Baker told reporters in Doha. Qatar Airways sent a revised antitrust filing to U.S. regulators on Wednesday seeking clearance to buy up to a 10 percent stake in the U.S. carrier, according to the filing. A stake in American would add to Qatar Airways'' investment portfolio, which already includes a 20 percent stake in British Airways-owner International Airlines Group ( ICAG.L ) and 10 percent of South America''s LATAM LAN.SN. American Airlines CEO Doug Parker, however, said in a letter to his employees last month that "We aren''t particularly excited about Qatar''s outreach" and that it was puzzling given the U.S. carrier''s very public stance on state support given to Gulf carriers. "Anti-Consumer" Qatar Airways Chief Executive Akbar al-Baker is seen during a commemorative signing wall event in support of Qatar’s Emir Sheikh Tamim Bin Hamad Al-Thani in Doha, Qatar, July 13, 2017. Naseem Zeitoon American and other U.S. carriers have charged that state subsidies allow Qatar Airways, Etihad and Emirates [EMIRA.UL] to offer lower fares and more amenities to long-haul, international travelers. They are pressing the United States government to curb the Middle Eastern carriers'' access to U.S. airports, and the White House is considering their request, according to government officials and airline executives who have spoken to the White House. Al-Baker said American''s decision to end the code-share agreement was "not in the spirit of the one world alliance" and that Qatar Airways had other partners in the United States "who want to work with us." Slideshow (3 Images) Qatar Airways, American Airlines, IAG''s British Airways, Iberia and LATAM are all members of the one world airline alliance. Al-Baker previously said Qatar Airways would buy American shares on the open market before formally seeking board approval from the U.S. carrier to increase its ownership. [nL8N1JX389] The U.S. airline''s own rules require advance approval from its board for the purchase of a stake of 4.75 percent or more. American said on Wednesday that cancelling code-sharing agreements with Qatar Airways and Etihad would not have a material financial impact for the U.S. carrier. Etihad, which flies to six U.S. cities, accused American of being “anti-competitive” and “anti-consumer" and said it was disappointed with the decision. An interline relationship between Etihad and American, which allows customers from two airlines to buy connecting flights on one ticket, would remain in place to connect passengers to secondary markets, an Etihad spokeswoman said. Reporting by David Shepardson and Alana Wise, Reporting by Tom Finn in Doha; Additional reporting by Alexander Cornwell in Dubai; Editing by Leslie Adler and Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-american-airline-codesharing-idUSKBN19X2V3'|'2017-07-13T00:00:00.000+03:00'
'784b19e0e6cedfee83f2ff7e6b5709eccffa5354'|'EU watchdog says regulators should ban letter-box investment firms'|'July 13, 2017 / 9:51 AM / 3 minutes ago EU watchdog says regulators should ban letter-box investment firms Reuters Staff 1 Min Read LONDON (Reuters) - Regulators should not authorise investment firms seeking to set up in one jurisdiction in order to avoid stricter controls in their home state, the European Union''s markets watchdog said on Thursday. EU supervisory authorities are concerned about a "race to the bottom" as financial services firms move operations after Britain leaves the bloc. National securities regulators should "mitigate the risk of letter-box entities and ensure that any relocation is effective", the European Securities and Markets Authority (ESMA) said in an ''opinion'', or formal guidance. If regulators believe that firms are not genuinely operating in their home jurisdiciton, "this may provide grounds for not granting or withdrawing authorisation", ESMA said. In a separate opinion on trading platforms, ESMA said decision-making for the trading firms'' operation should not be outsourced outside the European Union. Reporting by Carolyn Cohn, editing by Maiya Keidan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-investmentfirms-idUKKBN19Y0ZE'|'2017-07-13T12:50:00.000+03:00'
'a4c94c83b1a8e209fed7f819075990cbaf048b18'|'BoE''s McCafferty urges for early unwinding of bank''s quantitative easing - Times'|'July 12, 2017 / 10:21 PM / 7 hours ago BoE''s McCafferty urges early unwinding of quantitative easing - Times Reuters Staff 2 Min Read Ian McCafferty, Monetary Policy Committee member of the Bank of England speaks during a Reuters interview at the Bank of England in London February 24, 2014. Suzanne Plunkett (Reuters) - The Bank of England should consider unwinding its 435 billion pound quantitative easing programme earlier than planned, BoE policymaker Ian McCafferty told the Times in an interview. The BoE''s current policy dictates not starting to reverse QE until interest rates are materially higher than at present. No other serving BoE policy maker apart from McCafferty has proposed changing this. The BoE views interest rates as a more precise monetary tool than QE. Even a partial reversal of QE would involve a commitment to sell gilts back to the market over many months. McCafferty, who voted to raise interest rates in June, was looking to vote for a quarter-point rate rise again in August, the newspaper said. He cited strong jobs data and 42-year-low unemployment as factors supporting a rate increase. On Wednesday, the Bank of England''s top official Ben Broadbent said in an interview he was not ready to raise interest rates just yet. On inflation, McCafferty said it would likely "peak at over 3 percent", and that "consumer growth will slow". Reporting by Sangameswaran S in Bengaluru and David Milliken in London; Editing by Chris Reese and Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-mccafferty-idUKKBN19X30U'|'2017-07-13T01:21:00.000+03:00'
'780142b8d9348abce465124ba62328e395489af9'|'Australia to pay China''s Shenhua $200 million to buy back mining licence'|'July 12, 2017 / 5:30 AM / 35 minutes ago Australia to pay China''s Shenhua $200 million to buy back mining licence 3   A company logo of China Shenhua Energy Co Ltd is displayed at a news conference in Hong Kong, China March 16, 2010. Bobby Yip/File Photo SYDNEY (Reuters) - Australia''s New South Wales state said on Wednesday it would buy back half of a coal exploration licence from China Shenhua Energy Co Ltd, bowing to pressure from farmers and environmentalists opposed to mining on prime agricultural land. The government of Australia''s most populous state said it had agreed to pay A$262 million ($200 million) to buy back 51.4 percent of Shenhua''s exploration licence on the Liverpool Plains 400 kms (250 miles) northwest of Sydney. "Under this government there will be no more exploration and no mining on the fertile black-soil plains of the Liverpool Plains," NSW Minister for Resources Don Harwin told reporters in Sydney. "The ridges are areas where exploration can continue but the fertile black soil of the Liverpool Plains will be protected from mining as a result of us buying back the exploration licence today." Anti-mining activists vowed to continue campaigning for a complete ban on mining in the region, including a coal mine proposed by Korea Electric Power Corp (Kepco). "This buyback does little to address the impact of the large coal pit that will still be built (by Shenhua) to mine coal," said Phil Laird, the national coordinator for environmental group Lock the Gate Alliance. "We will continue to campaign to have all mining there stopped." The exploration licence for Shenhua''s A$1 billion Watermark mine, granted in 2008, sparked a public backlash and split Australia''s conservative ruling coalition into pro-mining and pro-farming camps. Development has been delayed by assessments and modifications in response to concerns raised by farmers, and mining has not yet begun. Shenhua said in an emailed statement it was disappointed by the government''s move and would have mined the area responsibly, but added the buyback was an "acceptable financial outcome". Kepco is facing renewed resistance from farmers after the state''s planning department endorsed its project, saying the impact on water supplies was outweighed by the economic benefits a mine would bring. Last year, New South Wales agreed to buy back BHP Billiton''s licence for the Caroona coal mine on the Liverpool Plains for A$220 million, ending a decade-long fight by farmers to shut down the project. Another open-cut coal project in NSW''s Hunter Valley, south of the Liverpool Plains, was sold by Anglo American in May amid opposition from racehorse breeders in the area. The buyer, Malabar Coal, promised to proceed with an underground mine. ($1 = 1.3070 Australian dollars) Reporting by Tom Westbrook and James Regan; Editing by Stephen Coates 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/australia-coal-licence-idINKBN19X0GN'|'2017-07-12T08:28:00.000+03:00'
'28a43016d863e8c8a1c67c01c5850fc4e93b605a'|'UK fintech start-up Revolut raises $66 million, adds bitcoin'|'July 11, 2017 / 11:06 PM / 6 hours ago UK fintech start-up Revolut raises $66 million, adds bitcoin 4 Min Read Men check their mobile phone as two women talk in Manchester, Britain July 7, 2017. Phil Noble LONDON (Reuters) - The "global banking alternative" Revolut has raised $66 million in a fund-raising round, the start-up said on Wednesday, in the latest sign that London is so far weathering Brexit to remain a global financial-technology center. Led by Europe- and San Francisco-based venture capital fund Index Ventures, the fund-raising round was one of the biggest ever Series B rounds in Europe. It should provide some comfort to the British capitol as it jostles to hold onto its reputation as Europe''s leading hub for the nascent fintech sector. The investment dwarfs the 19.5 million pounds ($25 million) raised by London-based rival Monzo in its Series B round earlier this year. Revolut, which has around 700,000 customers, over 400,000 of them based in Britain, provides payment cards that can be used abroad to pay for goods and services at the exchange rate used by banks anywhere that Mastercard ( MA.N ) is accepted. Other start-ups, such as Monzo and Germany''s N26, offer similar products, but Revolut says it is distinctive in offering interbank exchange rates, zero-fee international money transfers, and in allowing customers to hold and exchange up to 16 different currencies in their app-based accounts. Revolut was set up in July 2015 by Russian-born Nikolay Storonsky, who first moved to London in 2007 to work for Lehman Bros as a derivatives trader and later also worked for Credit Suisse. If he were starting the company now, as Britain heads out of the European Union, Storonsky would still choose London as its base, he said. "I don’t see any problems with Brexit," he told Reuters. "London is much more international than anywhere else in Europe, (and) in terms of regulation, it’s a great place to be." Some fintech firms are worried about losing "passporting" rights, which give companies licenced in one EU country the right to trade freely in any other. But Storonsky, whose firm has a UK e-money license, said if that happens it would only take a few months to get such a license for the rest of the EU. Storonsky, 34, said he wanted to set up a business that acted like a bank but had less bureaucracy. "I just don''t like banks," he said. "They''re so bureaucratic, with so many managers not really doing anything ... If you fired 80 percent of bankers, nothing would change." Bitcoin Bet Revolut also announced that it is adding digital currency bitcoin BTC=BTSP to its app in response to high demand from customers. Users will now be able to hold, exchange, spend and transfer bitcoin the same way they use other currencies. Rival cryptocurrencies Ether and Litecoin will soon be added. Revolut, whose license does not allow it to invest clients'' money, gets revenue from commissions paid by merchants, from users who change more than 5000 euros ($5,736) per month and from add-ons such as insurance, which is provided by third parties through the app. It is not yet profitable, but that does not worry its founder. "It’s normal at this point for a start-up – this is how billion-dollar companies are being made now," Storonsky said. The firm had intended on breaking even by November, but it now says that will take longer, because it is using the extra funding to expand the company into the United States and Asia. Revolut also secured more money from London-based Balderton Capital and Californian Ribbit Capital. The latest cash injection takes its total investment so far to $83 million. It will run a further $5 million crowdfunding campaign this month. ($1 = 0.7785 pounds) Reporting by Jemima Kelly, editing by Larry King 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-fintech-revolut-idUSKBN19W2U0'|'2017-07-12T02:00:00.000+03:00'
'2d44b6d4b1b24dbe36074652857ccac81ce2ee90'|'Price comparison website Gocompare sees 22 percent jump in H1 profit'|'July 11, 2017 / 6:33 AM / 40 minutes ago Price comparison website Gocompare sees 22 percent jump in H1 profit Reuters Staff 1 Min Read (Reuters) - Price comparison website operator Gocompare.Com Group Plc said it expected to report a jump in adjusted operating profit for the first half, as it remained confident about the outlook for the full year. The company, which demerged from British insurer esure Group Plc in November, said adjusted operating profit for the six months ended June was expected to have risen 22 percent to 17.5 million pounds. Revenue in the period rose about 4 percent to 75.8 million pounds, said Gocompare, which allows customers to compare rates of insurance policies, financial products and energy tariffs. Net debt reduced to 1.5 times adjusted EBITDA from 2.8 times at the time of the demerger, Gocompare said. Gocompare also said it had bought a minority stake in Mortgage Gym, a digital mortgage robo-adviser, which plans to launch its platform in September. Gocompare will report results for the period ended June on Aug. 1. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gocompare-com-outlook-idUKKBN19W0G6'|'2017-07-11T09:32:00.000+03:00'
'6749f6f8c7a6dddea51e4eb8e34bf5152d2bc2b6'|'Watchdog warns on "letter box" companies as firms prepare for Brexit'|'July 11, 2017 / 9:18 AM / 12 minutes ago Watchdog warns on ''letter box'' companies as firms prepare for Brexit Reuters Staff 3 Min Read FRANKFURT (Reuters) - Europe''s insurance watchdog warned national regulators on Tuesday not to undercut one another in their attempts to attract firms moving from London because of Britain''s exit from the European Union. London-based financial services firms have been making plans to set up operations in the EU to maintain access to its single market after Brexit and there is fierce competition among major European cities to attract them. As a result, the EU regulator is concerned about the risks of new "letter-box" companies springing up in the EU that delegate key operations to parents in London. It has said that any countries offering such flexible solutions to attract business could undermine stability. Any regulatory leeway at the national level "is not a means for lowering standards or for disregarding prudential requirements," the European Insurance and Occupational Pensions Authority (EIOPA) said. "Sound supervision demands appropriate location of management and key functions," EIOPA Chairman Gabriel Bernardino wrote in a statement accompanying a seven-page guidance document. "Empty shells or letter boxes are not acceptable." EIOPA said regulators should ensure that firms setting up shop in the European Union should exhibit "an appropriate level of corporate substance, proportionate to the nature, scale and complexity of the planned business." This includes a reasonable level of local staff, it said. Regulators must also allow sufficient time for the application process and not take shortcuts. EIOPA warned against an automatic recognition of a firm because it was granted by another supervisor in another member state. It also said that companies moving into the EU might be tempted to try to limit the impact of relocation by outsourcing functions and activities. The watchdog said that such outsourcing must not "deplete the corporate substance of the EU entities with repercussions on the adequacy of their management and on the effectiveness of supervision by the EU27 supervisors." Reporting by Tom Sims; Editing by Georgina Prodhan and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-insurance-idUKKBN19W0T1'|'2017-07-11T14:16:00.000+03:00'
'd84a167ab0c48818dfa51737c4d0b10fcbcb148c'|'Fosun says still eyeing stake in France''s Compagnie des Alpes'|'July 11, 2017 / 9:44 PM / 26 minutes ago Fosun says still eyeing stake in France''s Compagnie des Alpes Dominique Vidalon   A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. Bobby Yip/File Photo PARIS (Reuters) - Chinese conglomerate Fosun ( 0656.HK ) is still in talks to buy a stake in French ski resorts and amusement parks operator Compagnie des Alpes ( CDAF.PA ) and also has a few French consumer goods companies on its radar, Senior Vice-President Jim Jiannong Qian said on Tuesday. "Yes, we are talking with them (Compagnie des Alpes). We are still interested," said Qian, who also heads Fosun''s tourism business. Qian, who was speaking to Reuters on the sidelines of a Paris forum on Franco-Chinese investments, declined to discuss the size of the stake Fosun was looking for nor timing for a possible deal. Fosun already owns French holiday resorts group Club Med while Compagnie des Alpes (CDA) operates 11 ski resorts in France and 13 leisure parks and tourist attractions in Europe, including Parc Asterix and the Grevin waxworks museum in Paris. It is also seeking partners to expand overseas in high-growth markets such as China. "Compagnie des Alpes is a very good company," Qian said. "In China the ski business is booming now and in 2022 we are launching the winter Olympics. For Compagnie des Alpes it would be a good chance to come to China and it will also help their business in France," he said. "The Chinese customer is very interested in ski, like 10 years ago the Chinese people started to drink wine," he added. In May the head of Compagnie des Alpes said more favourable economic and political conditions in France after the election of Emmanuel Macron, made him hopeful of reaching a deal this year to sell a stake in the company to Fosun and other potential investors. Qian also told the investment forum that Fosun''s successful alliance with Club Med made his group "confident about France". He would not discuss other possible investment targets in France but said, "We are in contact with consumer goods companies". Tourism is key to China''s shift towards more consumer-driven economic growth, with companies including Fosun, Dalian Wanda Group Co and HNA Group increasing their bets on the sector. China will account for 14 percent of total global outbound travel by 2020 from 10 percent now, brokerage CLSA has forecast, with the number of Chinese overseas trips expected to rise to 200 million a year by then from 125 million in 2015. Editing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fosun-france-idUKKBN19W2PG'|'2017-07-12T00:44:00.000+03:00'
'04630e5a07a5e94d5660df09126ae0f877000915'|'Tech firms protest proposed changes to U.S. net neutrality rules'|'July 12, 2017 / 3:35 PM / 4 hours ago Tech firms protest proposed changes to U.S. net neutrality rules Angela Moon and David Shepardson 3 Min Read NEW YORK/WASHINGTON, July 12 (Reuters) - Facebook, Twitter, Alphabet Inc and dozens of other major technology companies are participating in an online protest on Wednesday to oppose proposed changes to U.S. net neutrality rules that prohibit broadband providers from giving or selling access to certain internet services over others. In support of the "Internet-Wide Day of Action to Save Net Neutrality," more than 80,000 websites are displaying alerts, ads and short videos to urge the public to oppose the overturn of the landmark 2015 net neutrality rules. Net neutrality is a broad principle that prohibits broadband providers from giving or selling access to speedy internet, essentially a "fast lane," to certain internet services over others. The rule was implemented by the Obama administration in 2015. The changes are being proposed by the head of the U.S. Federal Communications Commision, Ajit Pai, appointed by President Donald Trump in January. The public will have until mid-August to send comments to the FCC before the final vote. Pai wants the commission repeal the rules that reclassified internet service providers as if they were utilities. He thinks the open internet rules adopted under former President Barack Obama, a Democrat, were unnecessary and harm jobs and investment. Twitter and Google, part of Alphabet Inc, expressed in blog posts their support for the existing net neutrality rules, encouraging users to participate in the online protest. Twitter was also promoting the hashtag #NetNeutrality throughout the day. "Net Neutrality is foundational to competitive, free enterprise, entrepreneurial market entry – and reaching global customers. You don’t have to be a big shot to compete. Anyone with a great idea, a unique perspective to share, and a compelling vision can get in the game," Twitter said. Popular online forum Reddit displayed a slow-loading logo and a pop-up notice warning its users of the risks associated with repealing net neutrality rules. One of the top posts on the forum was "Your online gaming is once again at risk. Net Neutrality needs your help." Others like Netflix and Amazon Inc displayed banners on top of their home pages or posted short videos explaining net neutrality, urging consumers to send comments to the FCC. Internet provider AT&T Inc also joined the big protest even though the wireless giant in the past has disagreed with staunch net neutrality advocates over how to enforce it. The Internet Association, a group representing Facebook Google and others, has said the rules were working and that reversing them "will result in a worse internet for consumers and less innovation online." Reporting by Angela Moon; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-fcc-neutrality-idUSL1N1K311F'|'2017-07-12T18:34:00.000+03:00'
'fe1d63fec82705a7dc310e9546b67f2434f08ffa'|'The rehabilitation of RBS is painful, costly – and nowhere near over - Nils Pratley - Business - The Guardian'|'Wednesday 12 July 2017 19.53 BST Last modified on Wednesday 12 July 2017 20.13 BST T here goes £4.2bn from our (mostly) state-owned bank, Royal Bank of Scotland, to cover the first of two big settlements with US authorities for mis-selling toxic mortgage bonds in the bad old days. The sum to be dispatched to the US Federal Housing Finance Agency is roughly the size RBS had expected, which at least shows that today’s directors are good at judging how severely their predecessors’ mistakes will be punished. Throw in another billion, or two, or three, to settle later with the US Department of Justice, and one of RBS’s many disgraceful chapters will close. So, yes, if one takes the cheerful view, another “legacy issue” – as the bank’s chief executive, Ross McEwan, calls them – is being resolved. RBS to pay $5.5bn fine over US loan misselling scandal Read more Bring on the dividends for us shareholders, then? Unfortunately not – or not yet. The depressing reality is that RBS still can’t say confidently when it will pay a dividend. McEwan offered a four-point checklist of necessary conditions, and RBS can’t put a firm tick against any. On mortgage-backed securities, the bank is waiting for the DoJ, which moves at its own speed. Meanwhile, the UK Treasury is trying to extract RBS from its commitment to the EU to sell 300 branches, but the plan is already five months old. Then RBS has to pass this year’s stress tests on banks’ capital buffers at a time when regulators are in a fretful mood. And the bank has to make a profit, which we already know won’t happen this year. The City hopes that profits will appear in 2018 for the first time in a decade, to allow a dividend to be paid in 2019. One wishes McEwan luck, but we’ve learned from experience with RBS to believe it only when we see it. Not for the first time, one is left with the sinking feeling that rehabilitating RBS would have been easier to manage if the bank had been split between its good and bad parts at the moment of bailout in 2008. Too late now. BT is stuck on the auditing merry-go-round One in five shareholders in BT can’t wait to get rid of PricewaterhouseCoopers as auditor. The firm has already been told it will be fired, to be replaced by KPMG, but the effective date is next year, not this. Some 21% of investors voted against PwC anyway. You can’t blame them. The thumping £530m provision to cover “improper” practices and “financial irregularities” in BT’s Italian division came to light in January, after a whistleblower, rather than PwC, spotted the mismanagement. That shouldn’t happen at a large FTSE 100 company. For good measure, all four members of BT’s audit committee received a minor kick in the form of votes against ranging from 8% to 12%. That’s fair, too, especially as the chair, Nick Rose, found it easier in his report to shareholders to describe the committee’s “substantial disappointment” about events in Italy than to apologise for them. BT tops complaints league for broadband and pay-TV users Read more Why, though, couldn’t PwC be dismissed instantly? BT says it wanted to “accelerate” the appointment of a new auditor in March, but was told by the Financial Reporting Council this was not possible under “auditor independence and tender rules”. Translation: other big auditing firms had done non-auditing work for BT in the recent past and had to wait to be considered independent. Second translation: the FTSE 100 auditing world, dominated by just four big firms, is an uncompetitive stitch-up. SFO’s Amec investigation could alter Wood Group’s intentions Wood Group , the oil services firm, prides itself on being a conservative Aberdonian outfit that would not rush into a deal without assessing the risks. One hopes this self-image is justified. Amec Foster Wheeler, the rival Wood is in the process of buying for £2.2bn, said late on Tuesday that it was being investigated by the Serious Fraud Office. In itself, that development was not a surprise, since the risk, arising from the SFO’s investigation into Unaoil , the Monaco-based energy consultant, was signalled in the merger document. The deal is still on, both sides say. One assumes that Wood is sincere and won’t try to back out. But the wording of its warning to shareholders is stark: “It is not possible to estimate reliably what effect the outcome of this matter may have on Amec Foster Wheeler.” Would you really want to proceed when you have to say that? Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jul/12/rbs-us-federal-housing-finance-agency-bt-pwc-wood-group-amec'|'2017-07-12T03:00:00.000+03:00'
'c691087b8a38c7faf924e7327714c0ed84b33cc4'|'City regulator plans rule change to allow Aramco flotation in London - Business'|'The City regulator is proposing to water down stock market rules in a move regarded as an attempt to attract the world’s biggest ever flotation – of Saudi Aramco , the Gulf kingdom’s state oil company – to London.The proposals by the Financial Conduct Authority come as Aramco weighs up which financial centre to pick for the sale of 5% of its shares. The company could be valued at $2tn – a huge price tag that would also generate hundreds of millions of dollars in fees for investment bankers, lawyers and other professional firms involved in stock market flotations.However, investors immediately warned that the FCA’s proposal to create a new category for firms controlled by a shareholder that is a sovereign country could damage London’s reputation for protecting shareholders in companies that have dominant owners.While its consultation document did not name any companies, the FCA’s proposal was widely regarded as being framed to address some of problems that Saudi Aramco faces in seeking a listing on the London Stock Exchange.The UK is keen to lure the Saudi company. The prime minister, Theresa May, and Xavier Rolet, the head of the LSE, v isited Riyadh in April to meet Aramco’s chief executive Khalid al-Falih, who is also the kingdom’s energy minister.The FCA’s proposals would allow state-owned companies to qualify for a premium listing – which has more onerous corporate governance rules – without having to meet two criteria. One relates to how the company and the controlling shareholder conduct deals with each other, and the second allows investors a vote on independent directors.Chris Cummings, the chief executive of the Investment Association, which represents the City’s biggest fund managers, said: “Investors believe a premium listed segment without these investor protections is not a premium segment and will not provide the protections that investors expect.”But Andrew Bailey, the chief executive of the FCA, justified the changes on the basis that sovereign owners behave differently to other sorts of companies. “Sovereign owners are different from private sector individuals or companies – both in their motivations and in their nature. Investors have long recognised this and capital markets are well adapted to assess the treatment of other investors by sovereign countries,” Bailey said.This explanation did not convince everyone. Nicholas Holmes, the equity capital markets partner at law firm Ashurst , said that while sovereign owners may have different motivations, this is did not reduce the need for proper scrutiny. “The risk is a dilution of the premium listing brand,” said Holmes.Ashley Hamilton Claxton, the corporate governance manager at Royal London Asset Management, said: “If the proposals in this consultation document are implemented, it will be bad news for London and will reverse the progress we have made in recent years to uphold strong governance and protect minority shareholders,” she added.The proposals are being made at a time when London is keen to promote its status as a leading financial centre in the wake of the Brexit vote. Miles Celic, the chief executive of lobby group TheCityUK, said: “It is positive that our regulator takes an open-minded approach to regulatory change. This will become ever more critical as we come closer to Brexit and beyond.”A spokesperson for LSE also welcomed the changes: “We support initiatives that enable UK markets to function well and in an orderly and internationally competitive manner, with a high level of investor protection, meeting the demands of both issuers and global investors for a range of options to realise their capital raising and investment needs”.Despite its size, Saudi Aramco would not quality for an entry in the FTSE 100 stock market index, which would require major City investors to buy the shares to enable them to run their tracker funds.Chris Woods, a managing director at FTSE Russell, said: “The index ground rules include the requirement to have a premium listing in London, an assigned nationality of UK, and minimum free floats of 25% for UK incorporated companies and 50% for non-UK incorporated companies. All these requirements will remain unchanged.”Topics Aramco Energy industry Oil Commodities Saudi Arabia Middle East and North Africa'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/13/city-regulator-plans-rule-change-to-allow-aramco-flotation-in-london'|'2017-07-14T01:45:00.000+03:00'
'f6243a256734185a40720f7fac7b67a30c6246c8'|'Engie head of exploration to leave after Neptune takeover'|'Deals - Tue Jul 11, 2017 - 2:11am EDT Engie head of exploration to leave after Neptune takeover By Karolin Schaps - ISTANBUL ISTANBUL Maria Moraeus Hanssen, chief executive of French Engie''s exploration and production business, said she will vacate her position following the $3.9 billion takeover of the unit by private equity-backed Neptune Oil & Gas. Moraeus Hanssen, a petroleum engineer and economist, has headed Engie''s E&P business since October 2015 and oversaw the unit''s sale to Neptune, part of Engie''s strategy to sell 15 billion euro worth of assets until 2018 as it shifts focus to energy grids and services. "I''m not going to stay on. We''ll have to see what I''m going to do," Moraeus Hanssen told Reuters in an interview on the sidelines of an industry conference in Istanbul. The deal is set to close in late 2017 or early next year. Neptune declined to comment. New owner Neptune, which is backed by private equity funds The Carlyle Group and CVC Capital Partners, will likely mean a return to more daring exploration investments for the business, Moraeus Hanssen said. "The good news for E&P employees is now they have dedicated owners who want to invest in E&P," she said. Engie''s E&P business was loss-making in 2015 and 2016, hit hard by writedowns on the back of weak oil prices like its peers in the business. As a result of poor returns in the business and Engie''s strategy shift, the group has been investing less in its oil and gas business, with total capital expenditure on the unit dropping below 1 billion euros ($1.14 billion) last year. Engie''s E&P business, which mainly consists of assets in the Norwegian, British and Dutch parts of the North Sea, has lately focused on finding fresh resources in areas close to existing fields. "We will go deeper and we will look at maybe things that we left behind, like the tighter and deeper zones," Moraeus Hanssen said, highlighting a wider industry trend of dropping riskier frontier exploration in favor of nearfield oil searches since prices started falling three years ago. Growth for the business lies within expanding organically like this but also within acquiring new assets in areas where Engie is present, like Britain''s gas-rich southern North Sea basin, Moraeus Hanssen said. "We would be looking at stuff that will be where we already are. This is Europe, North Africa and southeast Asia." (Reporting by Karolin Schaps; Editing by Stephen Coates) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-engie-e-p-idUSKBN19W0EW'|'2017-07-11T10:11:00.000+03:00'
'34236f878b4c7935ee4f3c4139ea365c743aa4d1'|'Ulta Is A Retailer And That''s OK'|'From Photographer: Brian Ach/Getty Images This summer''s steep selloff in shares of Ulta Beauty Inc. shows that investors still don''t understand the beauty-supply chain. It was just last month that Ulta closed at an all-time high of $313.73 a share, but it didn''t stay up there for long. The stock tumbled 18 percent in the short time since then, erasing nearly all of its gains for the year. Investors could have avoided this roller-coaster ride. Ulta may be one of the fastest-growing publicly traded retailers in America, but it''s still a retailer. At its high, the stock was priced at 35 times estimated earnings for the future 12-month period, which is simply too rich a valuation in this highly competitive industry. Then all of the sudden, the dread of getting squashed by Amazon.com Inc. -- which has dragged down a swath of stocks lately with its Whole Foods Market Inc. takeover announcement and the success of Prime Day -- came over Ulta shareholders, too. For now, that concern is mostly misplaced, which I''ll explain later. But it at least had the effect of returning Ulta to a more reasonable valuation. That means shareholders shouldn''t expect a big recovery until earnings start to catch up. The company still reaps less than 10 cents in net income on every dollar of sales. And as growth inevitably slows, profitability will become increasingly important to justify the stock price. Even though Ulta is a 27-year-old business, its popularity has skyrocketed in just the last few years and so investors are still trying to get a read on how sustainable its success will be. The chain has a footprint of nearly 1,000 locations, up from less than 200 a decade ago. But also, I''m probably not going too far out on a limb to say another reason investors misunderstand Ulta is that Wall Street is simply such a male-dominated community. If you''re not a consumer of matte lipstick and BB creams, the space is difficult to get a handle on. The same could be said for women''s fashion, but shoppers are even more particular about their beauty products than their clothing. Investors need to know that this is an advantage for Ulta, though -- customers tend to be stickier and are less fickle with makeup, skin care and hair products. Will Amazon eventually break some of that loyalty? Yes, and Ulta will have to keep investing in its e-commerce business, but it isn''t going away. Ulta already has a great website with the feel of being an Amazon of cosmetics (though the free shipping on purchases over $50 is probably hurting it some). Even so, for the next couple of years Ulta''s toughest competition will continue to come from Sephora, department-store beauty counters and even drug-store chains such as CVS Health Corp. and Walgreens Boots Alliance Inc. Ulta is the only one that carries a full spectrum of brands, from the more affordable ones like Maybelline to higher-end names such as MAC and Becca. Ulta and Sephora have also both hooked shoppers with two things: product-testing before you buy and enticing rewards programs. Visiting their stores is an experience in a way that apparel retail just isn''t, and that''s a challenge for Amazon as it makes any push into cosmetics. Even the difficulty of being able to see the shades and hues well enough on a device screen can turn off a shopper. While larger items such as flat irons and perfume can usually be sent back to Amazon rather easily if the customer isn''t satisfied, makeup and skin care isn''t quite as simple. Ulta''s growth prospects are still strong and investors need not be too concerned about the threat of Amazon yet. But they do need to maintain realistic expectations about what Ulta can accomplish because it is a retailer, after all, not some high-flying tech startup. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-14/ulta-is-a-retailer-and-that-s-ok'|'2017-07-14T21:00:00.000+03:00'
'e35d452d77998843ab2c7e55650ee903fef97def'|'China central bank to play bigger role managing financial risk - state TV'|'July 15, 2017 / 1:25 PM / 3 hours ago China central bank to play bigger role managing financial risk: state TV Reuters Staff 3 Min Read FILE PHOTO: A staff member walks in front of the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing, June 25, 2013. Jason Lee/File Photo SHANGHAI (Reuters) - China''s central bank will take on a beefed up role managing systemic risk in the country''s financial markets, state broadcaster China Central Television said on Saturday, citing President Xi Jinping. Speaking at the National Financial Work Conference, Xi said China would set up a financial stability committee under the State Council, boost the People''s Bank of China''s (PBOC) role managing financial risks and create more cohesive regulation. "We will strengthen the PBOC''s role in macro-prudential management and in averting systemic risk," Xi said, adding the country would increase the accountability of regulators and the supervision over regulatory bodies. Ahead of the closed-door event, economists had widely expected the meeting to focus on how the central bank could better coordinate with the country''s three main financial regulators to manage risk in the financial system. China''s financial regulators are gathered in Beijing in a once-in-five-years huddle to discuss how better to tackle weakness in the financial system. The most recent meeting in 2012 yielded no significant policy change. The main regulators include the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission and the China Insurance Regulatory Commission. Ahead of a leadership reshuffle in the autumn, Beijing has zeroed in on the stability of the economy and financial system, cracking down on risky behavior by insurers and lenders, as well as targeting high levels of corporate debt. Investors have long supported the idea of a unified body to oversee the regulators that oversee the different parts of China''s financial system, though there is little sign that a super-merger of the regulators is imminent. In 2015, a poorly coordinated response to a stock market crash in China drew scrutiny on the government''s response. Premier Li Keqiang openly criticized the financial regulators as not responding sufficiently. In March this year, the new CBRC chief Guo Shuqing said the banking regulator was collaborating with other regulators to create a framework to close loopholes in rules for cross-market financial products. Reporting by Adam Jourdan; Editing by Dale Hudson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-finance-idUKKBN1A00FR'|'2017-07-15T16:08:00.000+03:00'
'96a438b080ad67f44e327e225315e3814f9fc165'|'Germany summons Daimler to address diesel allegations'|'July 13, 2017 / 11:50 AM / 2 hours ago Germany summons Daimler to address emissions allegations 2 Min Read Sign shows to Daimler AG headquarter near Mercedes museum in Stuttgart, Germany, January 31, 2017. Michaela Rehle BERLIN (Reuters) - A German government committee investigating carmakers has summoned Daimler ( DAIGn.DE ) for a meeting on Thursday to address allegations it sold cars with excessive emissions, the transport ministry said. German newspaper Sueddeutsche Zeitung, citing a search warrant issued by a Stuttgart court, reported on Wednesday that Daimler had been accused of selling over a million cars with excessive emissions in Europe and the United States. Daimler said it would comply with the request from the transport ministry''s expert panel, but declined to say whether Chief Executive Dieter Zetsche would attend the meeting. "We have always supported the work of the authorities in the past and will continue to do so in the future," a spokesman said by email. "This is why we are, of course, also available for discussions with the Federal Ministry of Transportation." The transport ministry set up its investigation committee after Volkswagen ( VOWG_p.DE ) admitted in September 2015 that it had installed secret software in its diesel cars in the United States to cheat nitrogen oxide emission tests. Two months ago, Stuttgart prosecutors searched Daimler sites in Germany following allegations of false advertising and the possible wrongful manipulation of exhaust gas treatment systems in diesel cars. Reporting by Markus Wacket; Additional reporting by Edward Taylor; Writing by Paul Carrel and Andreas Cremer; Editing by Madeline Chambers and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-daimler-emissions-germany-idUSKBN19Y1AP'|'2017-07-13T14:49:00.000+03:00'
'2488c4ba5b01c3ff0aa8dbb0ac0da0550b1cfa52'|'Fashion M&A, like a crop top, is hard to pull off'|' 32am BST Fashion M&A, like a crop top, is hard to pull off A person carries a bag from the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. REUTERS/Andrew Kelly By Lauren Hirsch - NEW YORK NEW YORK Mergers and acquisitions for fashion retailers are like a crop top t-shirt: a risk best braved by a select few and avoided after a certain age. Abercrombie & Fitch Co ( ANF.N ), the teen brand with a 125-year heritage, became the latest to demonstrate that on Monday, ending talks about a potential sale after failing to agree terms with potential suitors. Successful deals in the mercurial world of U.S. fashion are rare, and now look even less likely to succeed as sales dip across the board. Cost savings can be counterproductive if it means squeezing money out of marketing and design, and buyers are taking a risk on a style that can easily go out of favour. As a result, established brands like Abercrombie are having problems finding a saviour. "Often, as well as spending the money to buy the brand or business, you then have to spend more to do something strategic that will propel growth, and that means paying out twice before getting a return," said Neil Saunders, managing director of market research firm GlobalData Retail. Five of the 20 companies involved in the biggest private equity apparel deals of the last decade have been restructured or gone bankrupt. All struggled under the debt load of a leveraged buyout. The biggest acquisition, Apollo Global Management''s roughly $3.1 billion leveraged buyout of Claire''s Stores Inc, restructured in 2016. The second-largest acquisition, J. Crew Group Inc, which TPG Capital and Leonard Green & Partners bought for about $3 billion, is now being restructured. Gymboree Corp filed for bankruptcy last month, seven years after Bain Capital''s $1.8 billion purchase. MOUNTING PRESSURE Many U.S. fashion bosses are finding they have no option but to consider a sale as pressure mounts from more affordable fast-fashion chains from Europe such as Zara ( ITX.MC ) and H&M ( HMb.ST ), and customers abandon malls in favour of Amazon.com Inc ( AMZN.O ) and other online retailers. Outerwear brand Eddie Bauer, for example, is exploring a sale while also seeking relief from its debt load, sources have told Reuters. Teen brand American Apparel explored a sale last year before ultimately filing for bankruptcy. As Abercrombie''s experience shows, finding a willing buyer at the right price is difficult. "Public company board members are reticent about green-lighting large-scale mergers and acquisitions because it''s hard to find a good example of a business that has been rewarded by the equity market for doing so," said Rohit Singh, who specializes in retail at UBS Investment Bank, not speaking specifically about Abercrombie. Struggling retailers are a tough sell to potential acquirers. Merging with another company risks double the trouble – more brands falling flat and more stores bereft of customers. Most fashion retailers are locked into store leases, and as landlords watch their malls empty out, they are increasingly unwilling to give their tenants and easy path out. "Perhaps the reason the Abercrombie deal didn’t get done was that they’ve got way too many stores in way too many malls that don’t make any money, and the cost to unwind those pieces and get out of those stores is just too great to compensate for the upside," said Mark Belford, a retail specialist at KPMG Corporate Finance. After failing to strike a deal, Abercrombie now has no choice but to go it alone. On Monday, the New Albany, Ohio-based retailer said it will focus on its growing surf-wear brand Hollister and try to reposition its flagship brand, which has reported falling quarterly sales since 2014. SINKING ROCKS The most successful acquisitions have been those of younger brands, which have room for growth and have yet to develop expensive supply chains and costly, little-used store bases. Gap Inc''s ( GPS.N ) $150 million purchase of athletic and yoga clothing line Athleta Inc in 2008, for example, gave it a foothold in a growing fashion trend. The acquisition helped save Gap when sales of its jeans slowed as shoppers shifted to leggings. Apparel retailers which bought rivals in the hope of finding growth or eliminating competition have found little payoff. “Oftentimes, the companies themselves aren''t growing, so it doesn''t solve the underlying challenge," said Josh Chernoff, managing director, retail at consultant Parthenon-EY. "If you tie two rocks together, they sink just as fast or faster." The changing winds of fashion derailed Wolverine Worldwide’s $1.2 billion acquisition of boat shoe maker Sperry and other brands in 2012, several of which Wolverine tried to sell this year. Shoppers’ addiction to discounting crushed Men''s Wearhouse Inc''s $1.8 billion acquisition of rival Jos. A. Bank, the value of which was almost written off. The suit retailer''s sales plunged after it abandoned its famous "buy-one-get-three-free" specials in the wake of the 2014 merger. Ascena Retail Group Inc ( ASNA.O ), one of the few serial acquirers in U.S. apparel, has been laid low by its roughly $2.1 billion acquisition of Ann Inc, parent of work-wear line Ann Taylor. The 2015 acquisition was meant to give it a full portfolio of womenswear brands and enable it to cut $150 million over three years in costs as it centralized the different lines’ internet infrastructure, distribution and manufacturing. But sales for all its brands have dropped, most recently a combined 8 percent in the third quarter of 2017. Ascena''s market value is now $400 million, roughly 85 percent lower than before the deal. "Fashion is not something you can solve with math," said Belford. "Fashion – you either get it or you don’t, and it either sells or it sits on the shelf." (Reporting by Lauren Hirsch in New York; Additional reporting by Richa Naidu in Chicago; Editing by Carmel Crimmins and Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-m-a-fashion-idUKKBN19W01L'|'2017-07-11T03:32:00.000+03:00'
'0f182bb8e1d8b30daf575561c0335b6c4b558d72'|'Bankers push Britain''s new City Minister on Brexit impact'|'July 12, 2017 / 4:10 PM / 11 minutes ago Bankers push Britain''s new City Minister on Brexit impact Anjuli Davies and Andrew MacAskill 4 Min Read LONDON (Reuters) - Top bankers quizzed Britain''s new financial services minister on Wednesday about what the government is doing to meet their demands for a smooth departure from the European Union. Stephen Barclay attended a private meeting in the Canary Wharf financial district with senior industry leaders as the government attempts to repair fractured ties with the sector. Banks fear losing their right to sell services across the EU and the potential shock to business if there is no transitional deal to cushion the impact of leaving the bloc. This was the first time Barclay, a 45-year-old former banker, has met privately with a group of senior City figures since he was appointed last month and comes amid a more conciliatory tone towards business after last month''s election. Barclay spoke at a meeting of the advisory council of TheCityUK, the financial services lobby group, which meets three times a year, according to people who attended. He reiterated that Britain''s finance ministry would prioritise four main points - transition, immigration, trade and regulatory co-operation - before taking questions from bankers. "Barclay was impressive as City Minister, with a good grasp of the issues, acknowledged the importance of the sector and its priorities, and was keen to hear practitioner views," the chairman of Barclays Plc ( BARC.L ) John McFarlane, who also chairs the CityUK, told Reuters. The Treasury declined to comment, while The CityUK declined to comment on the private gathering. Gets the Point Britain''s financial sector employs 2.2 million people and its executives say the industry deserves to be a priority in the Brexit negotiations because it is the country''s largest exporter and accounts for about 12 percent of its tax revenues. Britain''s banking industry see the Treasury and finance minister Philip Hammond as their most powerful ally in government and bankers were worried when it appeared he might lose his job in the run-up to the election. But Hammond''s reinforced influence and the appointment of key lieutenants like Barclay has been received positively. Barclay told the group that the debate within government about whether there should be a transitional deal has been won and the question now centres around how long it should last and what it should look like, according to a person who attended. "Barclay was clear that he got the transition point," said another person who attended and asked not to be named. The performance was in contrast with that of his predecessor, Simon Kirby, who was criticised for having too little knowledge of finance after a similar meeting with senior finance executives in November at which he made jokes about a former City minister appearing on "Strictly Come Dancing". "That was a car crash. This was completely different," said one person who was present at both meetings. However, any thawing in relations between two pillars of Britain''s establishment may have arrived too late to prevent bank jobs moving from London overseas. Top executives at five of the largest banks in the capital told Reuters a staggered deal on leaving the EU is only likely to be agreed late on in talks with Brussels, meaning they have already begun relocating staff. Reporting by Anjuli Davies and Andrew MacAskill; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN19X28X'|'2017-07-12T19:10:00.000+03:00'
'56de691cd20e5b216ca0f0e6a66a5463477e3700'|'Exclusive - Ant Financial refiles for U.S. approval of MoneyGram deal: sources'|'July 12, 2017 / 12:35 AM / 4 hours ago Exclusive: Ant Financial refiles for U.S. approval of MoneyGram deal - sources Greg Roumeliotis 4 Min Read A logo of Ant Financial is displayed at an event of the company in Hong Kong, China November 1, 2016. Bobby Yip (Reuters) - Ant Financial, the affiliate of China''s Alibaba Group Holding Ltd ( BABA.N ) that agreed to buy money transfer company MoneyGram International Inc ( MGI.O ) for $1.2 billion, has resubmitted the deal for U.S. review, people familiar with the matter said. The deal is the latest and most high-profile transaction to be refiled this year with the Committee on Foreign Investment in the United States (CFIUS), a secretive government panel which reviews acquisitions by foreign entities for potential national security risks. Ant Financial and MoneyGram refiled after they were unable to secure clearance from CFIUS within the maximum time of 75 days that is awarded for assessing applications, the sources said on Tuesday. Refiling resets the clock and gives up to another 75 days for the companies to complete the national security review and try to resolve potential issues. "We are not commenting on the CFIUS process, but we are continuing to work with the various regulatory agencies and remain focused on closing the transaction by the end of the year," Ant Financial said in a statement. MoneyGram declined to comment. A CFIUS refile does not necessarily mean that a deal will be rejected, although it does indicate increased government scrutiny. More deals have had to be refiled with CFIUS following the inauguration of U.S. President Donald Trump in January, as several key positions at several government departments remain vacant or have taken too long to be filled. CFIUS did not respond to a request for comment. CFIUS had accepted notices of more than 120 transactions as of June 23, on pace to set a record, according to estimates by law firm Covington & Burling LLP. By comparison, CFIUS had received notices of just 97 transactions in all of 2013. Ant Financial finalized its deal to buy Dallas-based MoneyGram in April, after it sweetened its bid by over a third to beat a rival offer from U.S.-based Euronet Worldwide Inc ( EEFT.O ). MoneyGram''s global remittance channels for sending money overseas would help Ant Financial, formerly known as Alipay, build a cross-border network after a string of recent investments in Asia. Some U.S. lawmakers, including Republican Senators Pat Roberts and Jerry Moran, have written to Treasury Secretary Steven Mnuchin, who also serves as chairman of CFIUS, to express concern that Ant Financial''s acquisition of MoneyGram could pose national security threats, arguing that the information of U.S. citizens, including military personnel, could be compromised. Ant Financial has said that MoneyGram''s data infrastructure will remain in the United States, with personal information encrypted or held in secure facilities on U.S. soil. It has also pointed to existing U.S. regulations that call for such protections. CFIUS approved a previous deal by Ant Financial, its acquisition last year of Kansas City-based EyeVerify, the company behind a mobile eye verification technology. In addition to CFIUS, at least 46 U.S. states must have granted money transmitter licenses before the deal closes. Ant Financial is already approved for money transfers in 23 U.S. states, according to analysts at Elevation LLC. Reporting by Greg Roumeliotis in New York; Editing by Leslie Adler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-moneygram-m-a-antfinancial-exclusive-idINKBN19X025'|'2017-07-12T03:25:00.000+03:00'
'18112e4e448e1ac1bc416314ceef1d795d0f3368'|'German envoy says Siemens row could hurt investment in Russia: report'|'July 11, 2017 / 10:04 AM / 40 minutes ago German envoy says Siemens row could hurt investment in Russia: report Reuters Staff 1 Min Read A logo of Siemens is pictured on a building in Mexico City, Mexico, May 16, 2017. Edgard Garrido MOSCOW (Reuters) - Russia will have seriously hurt its prospects for attracting investment if it is confirmed Siemens-made ( SIEGn.DE ) power turbines have been delivered to Crimea, the German ambassador to Moscow was quoted as saying by Interfax news agency. Siemens said on Monday at least two of its gas turbines had been moved against its will from Russia to Crimea, a region subject to sanctions barring EU firms providing it with energy technology. "There are all grounds to believe that if what has happened is true, Siemens was seriously deceived, and it was a violation of a contract, a serious blow to trust and a very serious blow to investments in Russia," Interfax quoted Rudiger von Fritsch as saying. He added "it was up to the Russian authorities to investigate," when asked if Germany would initiate a probe. Reporting by Maria Kiselyova; Editing by Christian Lowe 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ukraine-crisis-crimea-power-kremlin-idUKKBN19W0XE'|'2017-07-11T13:04:00.000+03:00'
'41640e36ebca601365d438efc16f68f90ee56dcf'|'Germany to protect firms from foreign takeovers - report'|'July 11, 2017 / 10:15 PM / 28 minutes ago Germany to protect firms from foreign takeovers - report Reuters Staff 1 Min Read German Minister for Economic Affairs and Energy, Brigitte Zypries speaks during an interview with Reuters in Berlin, Germany June 16, 2017. Stefanie Loos BERLIN (Reuters) - The German cabinet is set to discuss plans on Wednesday that will make it easier to intervene to stop the sale of strategic firms to foreign investors, a newspaper reported. The Sueddeutsche Zeitung daily said it had obtained a copy of new regulations proposed by the economy ministry which will allow the government to block takeovers if they could endanger critical infrastructure. The move comes after the takeover of German robotics maker Kuka ( KU2G.DE ) by China''s Midea ( 000333.SZ ) sparked controversy, amid fears that China is taking control of key technologies while protecting its own companies against foreign takeovers. Earlier this year, the German economics ministry withdrew approval for Fujian Grand Chip Investment Fund (FGC) to buy chip equipment maker Aixtron ( AIXGn.DE ), citing security concerns. Reporting by Emma Thomasson; editing by Andrew Roche 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-m-a-idUKKBN19W2QX'|'2017-07-12T01:14:00.000+03:00'
'ae2b9615c5b4c4997afb46d43c9a40775a934c25'|'Losing business as Vodafone cuts off a company phone line - Money'|'Vodafone erroneously disconnected the phone line of our company finance director when we upgraded the account four weeks ago.Since then we have called it more than 30 times, tweeted, emailed, visited Vodafone shops, all to no avail – despite us having been customers for more than 20 years.It’s causing severe detriment to our business and Vodafone refuses to address the issue. DW, Bonnybridge, StirlingshireIt’s so heartening that the day I contacted Vodafone, you were called by the director’s office and assured the line would be up and running within 24 hours. Which it was – five weeks after it was disconnected.Vodafone blames a “technical glitch” for the disconnection but offers no explanation as to why your complaints fell on deaf ears. “We should have resolved this quickly and we will address the matter with the advisers involved,” said a spokesperson.It has offered you £1,500 as compensation, which you have accepted reluctantly as you reckon your losses are nearer £4,000.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number.Topics Internet, phones & broadband Your problems with Anna Tims Vodafone Telecommunications industry Consumer affairs Consumer rights features'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jul/13/vodafone-cut-company-phone-line-losing-business'|'2017-07-13T08:00:00.000+03:00'
'e39f2304a93205270a40c2bb4e76d337d6fc277d'|'Australia to compel technology firms to provide access to encrypted missives'|'July 14, 2017 / 2:47 AM / 2 hours ago Australia to compel technology firms to provide access to encrypted missives Colin Packham 3 Min Read SYDNEY, July 14 (Reuters) - Australia on Friday proposed new laws to compel companies such as U.S. social media giant Facebook and device manufacturer Apple to provide security agencies access to encrypted messages. The measures will be the first in an expected wave of global legislation as pressure mounts on technology companies to provide such access after several terror suspects used encrypted applications ahead of attacks. Australia, a staunch U.S. ally, is on heightened alert for attacks by home-grown radicals since 2014 and authorities have said they have thwarted several plots, although Prime Minister Malcolm Turnbull said law enforcement needed more help. "We need to ensure the internet is not used as a dark place for bad people to hide their criminal activities from the law," Turnbull told reporters in Sydney. "The reality is, however, that these encrypted messaging applications and voice applications are being used obviously by all of us, but they''re also being used by people who seek to do us harm." Australia''s proposal will require device manufacturers and technology companies to help its law enforcement agencies intercept and read messages sent by suspects. The proposal, to be introduced when parliament resumes in August, could be adopted within months, lawmakers have said. But the plan sets the scene for a clash between Australia''s government and some of the world''s biggest technology companies. Apple, which declined a request by Reuters to comment on the proposal, has previously resisted sharing such information, citing privacy concerns. A Facebook spokesman did not immediately respond to requests for comment. While Australia is poised to become the first country to adopt laws on encrypted messages, other nations have said they will introduce similar laws. Several European nations, including France and Britain, have committed to new laws requiring access to encrypted messages, a key issue in this month''s talks among the "Five Eyes" intelligence-sharing network. (Reporting by Colin Packham; Editing by Clarence Fernandez) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-security-messages-idUSL4N1K5130'|'2017-07-14T05:46:00.000+03:00'
'8981f7d636ce1b53179737f1dfd98ad2c1858415'|'U.S. retail sales fall for second straight month'|'July 14, 2017 / 12:42 PM / 5 hours ago U.S. retail sales fall for second straight month 1 Min Read A woman walks past a sign advertising a sale in the Old Town shopping area of Pasadena, California, U.S. June 27, 2017. Mario Anzuoni WASHINGTON (Reuters) - U.S. retail sales unexpectedly fell in June for a second straight month, which could temper expectations of strong acceleration in economic growth in the second quarter. The Commerce Department said on Friday retail sales fell 0.2 percent last month, weighed down by declines in receipts at service stations, clothing stores and supermarkets. Americans also cut back on spending at restaurants and bars, as well as on hobbies. May''s retail sales were revised to show a 0.1 percent dip instead of the previously reported 0.3 percent drop. Retail sales rose 2.8 percent year-on-year in June. Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.1 percent last month after being unchanged in May. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Reporting by Lucia Mutikani; Editing by Chizu Nomiyama 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-economy-retail-idUSKBN19Z1CM'|'2017-07-14T15:34:00.000+03:00'
'ae32cc86df4469af126ae145023309e06804e667'|'Singapore penthouse on sale for over $72 million, a test for luxury market''s recovery'|'July 13, 2017 / 4:36 AM / 16 minutes ago Singapore penthouse on sale for over $72 million, a test for luxury market''s recovery Aradhana Aravindan and Masayuki Kitano 6 Min Read FILE PHOTO: GuocoLand Ltd''s mixed-use Tanjong Pagar Centre (R), soon to be the tallest building in the city-state, towers over other buildings in the central business district of Singapore February 29, 2016. Edgar Su/File Photo SINGAPORE (Reuters) - The asking price for a new three-storey Singapore penthouse, complete with a private pool on the 64th floor, has reached a dizzying S$100 million (56.31 million pounds). Due to be formally unveiled later this year, Wallich Residence''s penthouse is in the tallest building in Singapore, the island of well-heeled stability that attracts the super-rich from its less-developed Southeast Asian neighbours, as well as multi-millionaires from mainland China. The ''bungalow in the sky'' penthouse in the GuocoLand ( GUOC.SI )-developed Tanjong Pagar Centre, is likely to become Singapore''s most expensive apartment. It will test the endurance of demand for luxury property in the city-state – the part of the market that has taken the biggest hit from measures aimed at cooling down property prices in recent years. Prices for luxury homes in Singapore have fallen 15-20 percent from a 2013 peak, according to JLL consultancy, part of the Jones Lang LaSalle ( JLL.N ) global property services group. But JLL is now starting to see the prospects of a turnaround – at least at the top end of the market – and is forecasting a 3-5 percent increase in luxury prices this year, citing demand from both locals and foreigners who feel the market is bottoming out. JLL said the volume of transactions in the first four months of the year in Singapore''s core central region, which is popular among wealthy foreigners and includes the Orchard Road shopping area and Sentosa island, was 35 percent higher than in the same period last year. "A lot of people think Singapore is value for money because it''s been downhill all the way - such a long winter," said Chandran VR, managing director at a real estate agency specialising in high-end homes. "Now they feel it is the right time to come in," he said. By contrast, he noted that Hong Kong apartment prices have been soaring, adding that "sensible investors will come here," instead. GuocoLand Singapore Group Managing Director Cheng Hsing Yao said buying by foreigners has picked up since the start of the year at the developer''s high-end Leedon Residence project, near the 150-year-old Singapore Botanic Gardens. GuocoLand is part of Malaysian conglomerate Hong Leong Group, headed by billionaire Quek Leng Chan. "In absolute numbers, it may not be that huge, but the ticket sizes are actually quite significant for some of them," Cheng said. Some foreigners were buying homes worth S$8-12 million in the project, he said. The recent tightening of property market controls elsewhere, such as in Hong Kong and Australia, has played a part in attracting foreign demand to Singapore''s luxury property this year, Cheng said. A view of Guocoland''s Leedon Residences in Singapore June 23, 2017. Edgar Su City Developments Ltd (CDL) ( CTDM.SI ), one of the largest Singapore developers, also said the average sales price at its high-end Gramercy Park project has risen to more than S$2,800 per square feet in recent months, up 8 percent from a year ago, and foreign buyers accounted for three-quarters of the project so far. CDL''s billionaire Chairman Kwek Leng Beng is a cousin of the Malaysian developer Quek. Plenty of Tools Still, Singapore''s broader residential market remains subdued, having fallen for 15 straight quarters to log its longest losing streak since official records began in 1975. "We are forecasting for prices to come down between 1 to 5 percent this year before reaching an inflection point in 2018," said Eli Lee, an analyst for OCBC Investment Research. While prices in Hong Kong tripled and Sydney''s doubled over the past decade, Singapore prices rose just 29 percent. Singapore introduced property price cooling measures to curb speculation as did many other "hot property" cities in the region. While some measures were relaxed slightly this year, the authorities warned last month there would be no more rolling back for now. Singapore is not short of policy tools to ward off speculators. Most of the island''s apartment blocks were built and then managed by the government, though the vast majority of the units have been sold to citizens. This allows it to keep control of some speculative activity, and therefore prices. Initial buyers of government apartments, for example, are largely prevented from flipping a property through a fast resale. The high home ownership rate, at about 90 percent, also makes it easier for policymakers to craft measures targeting speculative demand when the market is overheated. All home buyers have to pay a stamp duty at a progressive rate of up to 3 percent, but foreigners have to pay an additional 15 percent for their purchases. Singaporeans also have to pay an extra stamp duty of 7-10 percent when they make second and subsequent purchases. "With tightening measures taken in other countries, that could lead investors to shift funds back here. So we just have to watch that very closely," Ravi Menon, managing director of the Monetary Authority of Singapore, said last month. New home sales more than doubled in March from a year earlier, reaching their highest level in nearly four years. And developers, led by Chinese companies, are paying record sums to secure land. Shenzhen-based developer Logan Property ( 3380.HK ) and its partner Nanshan Group recently paid a record S$1 billion at a government land auction. That was almost 50 percent more than the previous record set in 1997. "The strong winning bid...signals developers'' strong confidence in the Singapore residential market and their belief that prices could return to growth soon," said Christine Li, research director at Cushman and Wakefield in Singapore. Editing by Miyoung Kim and Martin Howell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-singapore-property-luxury-analysis-idUKKBN19Y0B3'|'2017-07-13T07:36:00.000+03:00'
'1f22878c8af9076993089b92e5a0bde9557ff01d'|'PRESS DIGEST - Wall Street Journal - July 13'|'July 13, 2017 / 4:20 AM / in an hour PRESS DIGEST - Wall Street Journal - July 13 2 Min Read July 13 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Christopher Wray, President Trump''s nominee to lead the FBI, pledged to be an independent leader who wouldn''t let politics interfere with the bureau''s investigations. on.wsj.com/2tODkXV - U.S. President Trump sought to refute allegations that the Russian government tried to help his presidential campaign and damage that of Hillary Clinton, arguing his policies run counter to the Kremlin''s interests. on.wsj.com/2tP6UfS - U.S. Federal Reserve chair Janet Yellen told a House panel she expects forces holding down prices to fade in coming months, allowing the Fed to stick to plans for gradual rate increases. on.wsj.com/2tOSL2k - Berkshire Hathaway Energy is racing to get Texas regulators to sign off on its takeover of Oncor in an effort to outpace hedge fund Elliott Management. on.wsj.com/2tOIeo7 - Alphabet''s Google won a reprieve from one of its biggest legal battles in Europe when a Paris court threw out a $1.27 billion bill that France''s tax authority has sought from the search giant. on.wsj.com/2tOB6YI - The German government called on Siemens to explain how gas turbines it had sold for use at a Russian power plant got diverted to Crimea, possibly violating EU sanctions in the wake of Moscow''s annexation of the Ukrainian peninsula. on.wsj.com/2tOtky6 - Apple will begin storing all cloud data for its customers in China with a government-owned company, a move that means relinquishing some control over its data. on.wsj.com/2tP77ja Compiled by Bengaluru newsroom '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1K420A'|'2017-07-13T07:19:00.000+03:00'
'c415186d5db9f4441c7abe0d1293f606ab689292'|'EU watchdog says regulators should ban letter-box investment firms'|'July 13, 2017 / 9:49 AM / 2 hours ago EU watchdog says regulators should ban letter-box investment firms 1 Min Read LONDON, July 13 (Reuters) - Regulators should not authorise investment firms seeking to set up in one jurisdiction in order to avoid stricter controls in their home state, the European Union''s markets watchdog said on Thursday. EU supervisory authorities are concerned about a "race to the bottom" as financial services firms move operations after Britain leaves the bloc. National securities regulators should "mitigate the risk of letter-box entities and ensure that any relocation is effective", the European Securities and Markets Authority (ESMA) said in an ''opinion'', or formal guidance. If regulators believe that firms are not genuinely operating in their home jurisdiciton, "this may provide grounds for not granting or withdrawing authorisation", ESMA said. In a separate opinion on trading platforms, ESMA said decision-making for the trading firms'' operation should not be outsourced outside the European Union. (Reporting by Carolyn Cohn, editing by Maiya Keidan) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-investmentfirms-idUSL8N1K41ZB'|'2017-07-13T12:47:00.000+03:00'
'577fcead54e3ccbb3ec64f32378aa27aa0d78257'|'Gold rises after Yellen hints at only gradual tightening'|'July 13, 2017 / 4:22 AM / an hour ago Gold prices ease in choppy trade as dollar, stocks advance Chris Prentice and Maytaal Angel 3 Min Read A customer looks at gold ornaments on display inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi April 21, 2015. Sivaram V/Files NEW YORK/LONDON (Reuters) - Gold retreated from earlier gains on Thursday as the U.S. dollar turned higher and global stocks gained on upbeat data, even as investors wagered that policy tightening in the United States would be glacial at best. Denting gold''s safe-haven appeal, the MSCI world index hit a record high for the fourth time in less than a month as investors took Yellen''s remarks as a green light for risk-taking. [MKTS/GLOB] China posted stronger-than-expected June trade figures, bolstering the U.S. dollar, which advanced against a currency basket .DXY. The greenback earlier hit its lowest since last October after U.S. Federal Reserve Chair Janet Yellen struck a less hawkish than expected tone in testimony before Congress on Wednesday. [FRX/] A stronger U.S. currency weighs on gold, making the dollar-priced commodity more expensive for non-U.S. investors. [FRX/] Spot gold XAU= was down 0.1 pct at $1,218.59 per ounce by 1:51 p.m. EDT (1751 GMT), off Monday''s near four-month low of months at $1,204.45 this week. U.S. gold futures for August delivery GCcv1 settled down $1.80, or 0.15 percent, at $1,217.30 per ounce. The U.S. economy is healthy enough for the Fed to raise interest rates, though low inflation and a low neutral rate could leave the central bank with diminished leeway, Yellen said on Wednesday. "Without inflation pressure, Yellen won''t likely do anything until 2018. The gold market can take a breather," said Eli Tesfaye, senior market strategist for brokerage RJO Futures in Chicago. "The $1,200 (per ounce) level is good support, but it could be tested," he said. The comments, part of Yellen''s two-day monetary policy testimony, prompted a rally in treasuries, with yields on two-year notes US2YT=RR falling. Lower yields reduce the opportunity cost of holding non-yielding bullion. "The consolidation around $1,220 should be viewed as positive for near-term pricing, with the relatively light long positioning instilling confidence in the market that the metal is open to further top-side moves," MKS said in a note. "Geopolitical concerns out of the Korean peninsula are likely to supportive for the broader precious complex, while the very fluid Trump-Russia collusion story continues to create uncertainty across markets." Silver prices XAG= fell 0.94 pct to $15.73 per ounce. "(T)he gold/silver ratio is approaching 80, meaning that silver is very inexpensive compared with gold," said Gregor Gregersen at Singapore-based Silver Bullion Pte. Palladium <XPD= fell to 1.24 percent to $852.80 per ounce while platinum XPT= was down 1.58 percent at $902, giving back nearly all of the previous day''s gain, the largest since June 2. Additional reporting by Nithin Prasad and Arpan Varghese; Editing by Marguerita Choy 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN19Y0AG'|'2017-07-13T07:21:00.000+03:00'
'b82d71aed6ec638a4f8571ec45e0e240ae5a5735'|'Investor says Martin Shkreli reminded him of ''Rain Man'''|' 35am BST Investor says Martin Shkreli reminded him of ''Rain Man'' FILE PHOTO: Martin Shkreli, former chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, departs after a hearing at U.S. Federal Court in Brooklyn, New York, U.S., June 26, 2017. REUTERS/Lucas Jackson/File Photo By Brendan Pierson An investor in Martin Shkreli''s hedge fund testified on Monday that the former drug company executive, now on trial for securities fraud in federal court in New York, reminded him of Dustin Hoffman''s autistic character in the movie "Rain Man." Schuyler Marshall, chairman of the board of the real estate company Rosewood Corp, said under cross-examination by Shkreli''s lawyer, Benjamin Brafman, that he was not claiming Shkreli was autistic. "The reference here was that this was just an intensely focused, bright guy who knew his stuff," Marshall told jurors. Hoffman''s character in the 1988 film is an autistic savant with exceptional mental abilities but difficulty relating to other people. Shkreli, 34, gained notoriety in 2015 when he raised the price of a life-saving drug by 5,000 percent as the chief executive officer of Turing Pharmaceuticals, sparking outrage among patients and U.S. lawmakers and earning him the nickname "pharma bro." The charges he is on trial for stem not from his time at Turing, but from his management of hedge fund MSMB Capital Management, another fund called MSMB Healthcare and drug company Retrophin between 2009 and 2014. Prosecutors say he deceived investors in the funds and eventually repaid them with money stolen from Retrophin, which Shkreli founded in 2011 but was ousted from as CEO in 2014. Marshall''s testimony fit into the picture that Brafman painted in his fiery opening argument of Shkreli as a socially awkward "nerd" who was bullied and manipulated by others. Like other investors who have testified in the trial, Marshall, who invested more than $200,000 in MSMB Capital, said that while Shkreli misled him about the fund''s operations, he did not lose money. At one point, Marshall testified, he even used the phrase "no harm, no foul" in a communication with Shkreli. "He paid back my investment and then some," Marshall said. The trial, now in its seventh day, is expected to last up to six weeks. (Reporting By Brendan Pierson in New York; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-crime-shkreli-idUKKBN19W01V'|'2017-07-11T03:35:00.000+03:00'
'033d8852d8adc32279e1d830a24dbc9ffa75f95e'|'U.S. says 2.7 million additional Takata inflators to be recalled'|'Market News - Tue Jul 11, 2017 - 12:25pm EDT U.S. says 2.7 million additional Takata inflators to be recalled WASHINGTON, July 11 The U.S. National Highway Traffic Safety Administration said Tuesday that new testing is prompting Takata Corp to declare 2.7 million air bag inflators defective in Ford Motor Co, Nissan Motor Co and Mazda Motor Corp vehicles. Takata air bag inflators are already linked to 17 deaths and more than 180 injuries worldwide and will eventually cover more than 100 million inflators. The auto safety agency said new testing is prompting the recall of some driver-side air bags built from 2015 through 2012. (Reporting by David Shepardson) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/takata-recall-idUSFWN1K20IN'|'2017-07-11T20:25:00.000+03:00'
'0f7b57e4cc0fd4d7e29b9ff4ca99963ba6afab31'|'EU says Greece public finances back in order, closer to market return'|'July 12, 2017 / 4:26 PM / 4 hours ago EU says Greece public finances back in order, closer to market return Francesco Guarascio 3 Min Read European Economic and Financial Affairs Commissioner Pierre Moscovici holds a news conference at the EU Commission headquarters in Brussels, Belgium, July 12, 2017. Francois Lenoir BRUSSELS (Reuters) - Greece''s fiscal position has improved and the European Union should end disciplinary procedures against it over its excessive deficit, the EU commission said on Wednesday, paving the way for the country to return to international bond markets. EU fiscal rules oblige member states to keep their budget deficits below 3 percent of their economic output or face sanctions that could entail hefty fines, although so far no country has received a financial penalty. Greece recorded a 0.7 percent surplus last year and is expected to have a deficit of only 1.2 percent in 2017. "Our recommendation to close the excessive deficit procedure for Greece is another positive signal of financial stability and economic recovery in the country," EU Commission Vice President Valdis Dombrovskis said in a statement. Ending the procedure - a step that must still be confirmed by EU states - would further reduce the pressure on Athens after euro zone creditors unblocked new loans to it worth 8.5 billion euros ($9.6 billion) last week as part of its 86 billion euro bailout programme. Greek Prime Minister Alexis Tsipras welcomed the commission''s recommendation and said the economy was "steadily returning to European normality," according to a statement released by his office on Wednesday. "The government will continue focusing on exiting once and for all the bailout programme in August 2018," he said. Ending the disciplinary procedure, which was widely expected, should help Greece in issuing new bonds in the coming weeks or months. With the exception of two bonds in 2014, Athens has been absent from the markets since the start of the euro zone debt crisis in 2009. The EU''s economics commissioner, Pierre Moscovici, said the prospect of Greece borrowing in the market again was becoming "more credible" and said it had become a "more and more reliable country". The Greek economy is expected to grow 2.1 percent this year, above the euro zone average, according to commission forecasts, although its unemployment rate remains the highest in the EU at 21.7 percent in April. Returning to the markets would help Greece smoothly end its latest bailout programme, the third since 2010, which is due to end in August 2018. Euro zone creditors are encouraging Greece to test the markets before the conclusion of the financial aid programme. Investors and bankers told Reuters on Tuesday that Greece could return to markets in the next few weeks. As the bloc''s economy is firmly on a recovery path, only France, Spain and Britain remain under the fiscal disciplinary procedure for their excessive deficit. The French government has reassured Brussels of its intention to bring its deficit below 3 percent of output from 3.4 percent last year. Reporting by Francesco Guarascio and Robert-Jan Bartunek in Brussels; additional reporting by Michele Kambas and Renee Maltezou in Athens; Editing by Hugh Lawson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-greece-idINKBN19X29M'|'2017-07-12T19:23:00.000+03:00'
'e0450ce815bd6176bc63df6604f07d42d38d2e43'|'LPC-Diversey’s US$2.65bn buyout loan set for sell down'|'Intel - Tue Jul 11, 2017 - 11:42am EDT LPC-Diversey’s US$2.65bn buyout loan set for sell down By Claire Ruckin - LONDON, July 11 LONDON, July 11 A US$2.65bn financing backing Bain Capital’s buyout of Sealed Air Corp''s cleaning and chemicals systems division and its food care division is set to launch for syndication, banking sources said. Sealed Air Corp said in March it would sell Diversey Care and its food hygiene business to Bain Capital for about US$3.2bn, as it focuses on its higher margin businesses. The two divisions will be put together and called New Diversey. The large cross-border financing backing the buyout is set to launch for syndication to US and European investors later this week, with a bank meeting expected to follow, the sources said. The financing comprises a US$1.8bn term loan and US$600m of unsecured bonds, with around 50% of it expected to be denominated in euros. There is also US$250m of undrawns facilities. Credit Suisse and Goldman Sachs are leading the financing, alongside Bank of America Merrill Lynch, Barclays, Citigroup, HSBC, Jefferies, RBC and SunTrust. Charlotte, North Carolina-based Sealed Air acquired Diversey in 2011 from its controlling shareholders, the Johnson family and private equity firm Clayton, Dubilier & Rice LLC, in a US$4.3bn cash-and-stock deal. Sealed Air said it would use the proceeds to repay debt, repurchase shares, maintain its net leverage ratio in the range of 3.5-4.0 times and fund core growth initiatives. (Editing by Christopher Mangham) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/diversey-loans-idUSL8N1K24K2'|'2017-07-11T19:42:00.000+03:00'
'd165db8bf3d64fa4373670c1019f40e362887840'|'Key Bank of England policymaker ''not ready'' for interest rate rise - Business - The Guardian'|'Interest rates Key Bank of England policymaker ''not ready'' for interest rate rise Ben Broadbent says ‘imponderables’ in UK economy include being a year or more away from knowing what Brexit means The Bank of England’s deputy governor for monetary policy, Ben Broadbent. Photograph: Neil Hall/Reuters Interest rates Key Bank of England policymaker ''not ready'' for interest rate rise Ben Broadbent says ‘imponderables’ in UK economy include being a year or more away from knowing what Brexit means View more sharing options Wednesday 12 July 2017 19.55 BST First published on Wednesday 12 July 2017 18.45 BST The Bank of England should resist increasing interest rates while the direction of the economy remains unclear, according to one of the central bank’s senior policymakers, an announcement that reduces the chances of a rate hike this year. Ben Broadbent, a close ally of BoE governor Mark Carney , said he was not ready to raise interest rates while the the bank’s monetary policy committee (MPC) found it “very difficult” to judge whether there had been a significant improvement. “In my opinion, it is a bit tricky at the moment to make a decision [to raise rates]. I am not ready to do it yet,” the deputy governor said. His comments contrasted with those made by the head of the US central bank, Janet Yellen, who said the US economy was strong enough for rates to continue increasing, though to a historically low natural rate, thought to be between 2% and 3%. Yellen’s remarks to Congress sent global stock markets soaring, with the Dow Jones Industrial index reaching a fresh all-time high of 21,535 while the UK’s FTSE 100 index jumped 83 points to 7,416. The German Dax and French CAC leapt by more than 1.5%. Joshua Mahony, a market analyst at spread betting firm IG, said Yellen’s comments were seen as dampening expectations of a steep rise of US rates. “Stocks are back in the swing of things, with the Dow hitting new record highs in the wake of a dovish testimony from Janet Yellen in Washington,” he said, in an interview with the Aberdeen Press and Journal . “To some extent Yellen provided a relatively hawkish statement given her declaration that rate hikes should continue despite falling inflation. However, in speculating that it would not take many more hikes for the Fed funds rate to be neutral, Yellen has essentially signalled that there will be a finite amount of rate rises around the corner. Markets are now looking for a December rate hike at the earliest, and crucially just one rate rise in 2018.” The US and UK have experienced strong jobs growth, but relatively weak increases in average wage growth. The Federal Reserve has pushed ahead with four increases since 2015 that have raised the base rate by 1%, while the UK base rate remains at 0.25%. British policymakers came close last month to raising interest rates for the first time in a decade after three members of the MPC voted for an increase. Investors have keenly awaited Broadbent’s stance on rates, after chief economist Andy Haldane, who voted to keep rates on hold, later hinted that he might switch to the hawkish camp later in the year. Several analysts have said the views of Broadbent – deputy governor for monetary policy – would be key to assessing the chances of a first BoE rate hike in a decade. Broadbent said economic growth had been “OK” during the last six to 12 months and pointed to rising employment and inflation. “There is reason to see the [monetary policy] committee moving in that direction [towards higher interest rates] – but there are still a lot of imponderables,” he said. Broadbent said many companies would remain nervous about their prospects while they were “one or two years down the road” from knowing what Brexit means. On Tuesday, he said in a speech that a reduction in trade between Britain and the EU would harm both economies and causes prices to rise. New MPC member Silvana Tenreyro, who replaced rate-increase advocate Kristin Forbes this month, has yet to speak on policy. Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/12/key-bank-of-england-policymaker-not-ready-for-interest-rate-rise'|'2017-07-12T03:00:00.000+03:00'
'e7f7a6951b01df33087f1bf0e7d2727f5dd2e090'|'UPDATE 2-U.S. appeals court blocks release of HSBC money laundering report'|'July 12, 2017 / 2:32 PM / 4 hours ago CORRECTED-UPDATE 2-U.S. appeals court blocks release of HSBC money laundering report 3 Min Read (Corrects judge''s first name in paragraph 10 to Robert from John) By Jonathan Stempel NEW YORK, July 12 (Reuters) - A U.S. appeals court on Wednesday blocked the release of a report discussing HSBC Holdings Plc''s progress in improving its controls against money laundering, reversing a judge''s order that the report be made public. By a 3-0 vote, the 2nd U.S. Circuit Court of Appeals in Manhattan said U.S. District Judge John Gleeson abused his discretion in finding that the public had a constitutional right of access to the report under the First Amendment. HSBC agreed to a monitor in December 2012, when it accepted a $1.92 billion fine and five-year deferred prosecution agreement (DPA) to resolve a U.S. Department of Justice probe. The department said HSBC had become a preferred bank for Mexican drug cartels and other money launderers, and conducted transactions in several countries barred by U.S. sanctions. Wednesday''s decision was a victory for HSBC and the Justice Department, which have said releasing the report could compromise efforts to fight money laundering, including for terrorism, and discourage cooperation with law enforcement. It was a defeat for Hubert Dean Moore, a Pennsylvania man who was an HSBC mortgage customer before filing for bankruptcy, and sought the report''s release to identify whether there remained problems in HSBC''s business practices. The report was kept under seal during the appeal. HSBC, the Justice Department, Moore and Moore''s lawyer did not immediately respond to requests for comment. In a January 2016 ruling, Gleeson said the HSBC report by Michael Cherkasky, a former New York prosecutor and now executive chairman of compliance company Exiger, implicated "matters of great public concern" and justified its release. But in Wednesday''s decision, Chief Judge Robert Katzmann said it is the Justice Department''s responsibility to oversee how DPAs are implemented, while judges lack "freestanding supervisory power" to do so even if they suspect problems. "In resting its exercise of supervisory authority on hypothesized scenarios of egregious misconduct, the district court turned this presumption on its head," Katzmann wrote. The court concluded that Cherkasky''s report was not a "judicial document" deserving of public access. Gleeson, who sat in Brooklyn and is now a partner at law firm Debevoise & Plimpton, had no immediate comment. Twenty-five media outlets also urged the release of the HSBC report. They said the release of such documents, especially if fraud or executive branch conduct are at issue, helps the public hold the government accountable and understand how courts work. The case is U.S. et al v. Moore, 2nd U.S. Circuit Court of Appeals, No. 16-308. (Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum and Jonathan Oatis) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hsbc-moneylaundering-idUSL1N1K30QR'|'2017-07-12T18:27:00.000+03:00'
'7df6cbc4062d6b4bd56148863dbe5696a18f417b'|'Engie head of exploration to leave after Neptune takeover'|'July 11, 2017 / 6:21 AM / an hour ago Engie head of exploration to leave after Neptune takeover Karolin Schaps 3 Min Read The logo of French gas and power group Engie is seen on the company tower June 1, 2017 at La Defense business and financial district in Courbevoie near Paris, France. Charles Platiau ISTANBUL (Reuters) - Maria Moraeus Hanssen, chief executive of French Engie''s ( ENGIE.PA ) exploration and production business, said she will vacate her position following the $3.9 billion (3.03 billion pounds) takeover of the unit by private equity-backed Neptune Oil & Gas. Moraeus Hanssen, a petroleum engineer and economist, has headed Engie''s E&P business since October 2015 and oversaw the unit''s sale to Neptune, part of Engie''s strategy to sell 15 billion euro worth of assets until 2018 as it shifts focus to energy grids and services. "I''m not going to stay on. We''ll have to see what I''m going to do," Moraeus Hanssen told Reuters in an interview on the sidelines of an industry conference in Istanbul. The deal is set to close in late 2017 or early next year. Neptune declined to comment. New owner Neptune, which is backed by private equity funds The Carlyle Group ( CG.O ) and CVC Capital Partners, will likely mean a return to more daring exploration investments for the business, Moraeus Hanssen said. "The good news for E&P employees is now they have dedicated owners who want to invest in E&P," she said. Engie''s E&P business was loss-making in 2015 and 2016, hit hard by writedowns on the back of weak oil prices like its peers in the business. As a result of poor returns in the business and Engie''s strategy shift, the group has been investing less in its oil and gas business, with total capital expenditure on the unit dropping below 1 billion euros ($1.14 billion) last year. Engie''s E&P business, which mainly consists of assets in the Norwegian, British and Dutch parts of the North Sea, has lately focused on finding fresh resources in areas close to existing fields. "We will go deeper and we will look at maybe things that we left behind, like the tighter and deeper zones," Moraeus Hanssen said, highlighting a wider industry trend of dropping riskier frontier exploration in favour of nearfield oil searches since prices started falling three years ago. Growth for the business lies within expanding organically like this but also within acquiring new assets in areas where Engie is present, like Britain''s gas-rich southern North Sea basin, Moraeus Hanssen said. "We would be looking at stuff that will be where we already are. This is Europe, North Africa and southeast Asia." Reporting by Karolin Schaps; Editing by Stephen Coates 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-engie-e-p-idUKKBN19W0F5'|'2017-07-11T09:20:00.000+03:00'
'0dd0b087eb119278ae88d774305b8c42347c791a'|'JP Morgan: we''ll only move jobs from UK after Brexit if EU forces us - Business'|'The worldwide boss of JP Morgan said on Tuesday that the Wall Street bank would only have to move thousands of jobs out the UK in response to Brexit if ordered to do so by the EU.In the run-up last year’s referendum, Jamie Dimon had warned that up to 4,000 roles would be at risk in the event of a vote to leave. Speaking at a conference in Paris, Dimon said the initial response would require several hundred jobs to go – but the final number would depend on the demands imposed by the EU’s regulators and politicians.France steps up effort to woo London banks planning Brexit move Read more Some 16,000 staff are employed by JP Morgan in the UK – including 4,000 in Bournemouth – and around 75% of the business they conduct is for EU companies, Dimon said.Dimon said JP Morgan had to be ready for hard Brexit – whether it was likely to happen or not. “It’s easy we plan for that ... all it means is that several hundred jobs have to legally be done through an EU sub[sidiary],” he added. He said JP Morgan could handle most of its activities this through its existing operations in the EU in Dublin, Frankfurt and Luxembourg .The bank is buying a landmark office block in Dublin that could house 1,000 staff, double its current workforce in the Irish capital.Dimon said: “People should focus more on the second step ... What happens next is totally up to the EU. It’s not up to Britain.“If the EU determines over time that they want to move a lot more jobs out of London into the EU, they can simply dictate that. The regulators can dictate it, the politicians can dictate it,” he said.“If regulators say one day ‘we’re not comfortable with your risk people, your lawyers, your compliance being in the UK,’ they can make us move it. ” Dimon was speaking on a panel alongside Stuart Gulliver, the chief executive of HSBC, who confirmed the bank’s plan to move 1,000 roles to Paris – out of 43,000 – in the event of a hard Brexit.The conference – in which Paris is making a pitch for financial services business – is being held just days before the Bank of England’s deadline for hundreds of banks and fund management firms to submit plans for how they would cope with a hard Brexit.Topics JP Morgan Banking Financial sector EU referendum and Brexit European Union news'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/jul/11/jp-morgan-jobs-uk-brexit-eu'|'2017-07-12T00:35:00.000+03:00'
'319e68cf980f8fc119ddb13a07819b2be3791ad9'|'China June trade beats expectations on robust demand, but headwinds eyed'|'July 13, 2017 / 5:52 AM / 10 minutes ago China June trade beats expectations on robust demand, but headwinds eyed Yawen Chen and Ryan Woo 4 Min Read FILE PHOTO: A container area is seen at the Yangshan Deep Water Port, part of the newly announced Shanghai Free Trade Zone, south of Shanghai September 26, 2013. Carlos Barria/File Photo BEIJING (Reuters) - China posted stronger-than-expected June trade figures on Thursday, bolstered by firm global demand for Chinese goods and robust appetite for construction materials at home, but local curbs on lending could weigh on imports later this year. Exports from the world''s second largest economy rose 11.3 percent from a year earlier, while imports expanded 17.2 percent, both beating analysts'' expectations, official data showed. While exports benefited from solid demand for electronics and industrial goods, a growing trade surplus, particularly with the United States, may add to trade tensions as U.S. President Donald Trump seeks to boost activity in his country''s manufacturing sector. An increase in trade between China and nuclear-armed North Korea in the first half of the year could also add to diplomatic pressures between Beijing and Washington. Meanwhile, analysts say economic and political risks could undermine much of the strong trade momentum seen in the first half of this year. "Looking ahead, we expect export growth to slow on uncertainties in external demand due to rising geopolitical risks and the stronger yuan-U.S. dollar exchange rate in the first half of 2017," Nomura researchers said in a note after the data release. China posted a trade surplus of $42.77 billion in June, slightly above analyst forecasts for a surplus of $42.44 billion and wider from May''s $40.81 billion. Analysts polled by Reuters had anticipated June shipments from the world''s largest exporter to have risen 8.7 percent, in line with May''s growth. Imports were forecast to have climbed 13.1 percent, easing from the unexpectedly strong 14.8 percent jump in May. The country''s demand for imports, particularly for industrial commodities such as iron ore and coal used to feed a construction boom, has remained robust in recent months. This is thanks mostly to resilient real estate demand in smaller Chinese cities with lax property rules as authorities are keen to clear a housing glut. However, analysts say a slowdown in demand for materials from abroad may already be taking place. "Looking ahead, exports should continue to do well given the relatively positive outlook for China''s main trading partners," Julian Evans-Pritchard, China Economist at Capital Economics, said in a note. "But we are sceptical that the current pace of imports can be sustained for much longer given the increasing headwinds to China''s economy from policy tightening." Many economists still expect Beijing''s intensifying crackdown on unscrupulous lending and a cooling property market to translate to slower growth after a surprisingly optimistic first quarter. Heightened Trade Tensions? China''s trade surplus with the United States was $25.4 billion in June, up from $22.0 billion in May, official data showed, and its widest since October 2015, according to a Reuters calculation. While U.S. demand remains robust, concerns of possible trade frictions between the United States and China appear to be back on the radar. Trump has described the trade imbalances between the two countries as a "very, very big issue" that he would address. Washington is also investigating aluminium imports from China under the rarely used section 232 of the Trade Expansion Act of 1962 that allows restrictions on imports for reasons of national security. The administration is conducting a separate investigation into steel. The world''s two biggest economies started their 100 days of trade talks in April and agreed in May to take action by mid-July to increase access for U.S. financial firms and expanding trade in beef and chicken among other steps. Senior U.S. and Chinese officials will hold a U.S.-China Comprehensive Economic Dialogue in Washington on July 19, which will be the first covering economic and trade issues in a new format for U.S.-China dialogue. Additional reporting by Beijing Monitoring Desk; Editing by Sam Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-idINKBN19Y0FQ'|'2017-07-13T08:47:00.000+03:00'
'f975aacd31cc1f4eb31e93fe292a7732bda124a0'|'Peugeot sales tumble in China and Europe, while Iran fares better'|'July 13, 2017 / 5:47 AM / 31 minutes ago Peugeot sales tumble in China and Europe, while Iran fares better 2 Min Read FILE PHOTO: An old Peugeot 403 is pictured in Marjayoun village, southern Lebanon June 2, 2017. Aziz Taher/File Photo PARIS (Reuters) - PSA Group said its vehicle sales rose 2.3 percent in the first half, as the French carmaker''s formal return to the Iranian market helped offset a continuing sales plunge in China as well as a weak European performance. The maker of Peugeot, Citroen and DS cars said on Thursday it had recorded 1.58 million sales globally in January-June, up from 1.54 million a year earlier. But PSA''s Chinese woes continued, with sales plunging by another 49 percent to just 152,380 vehicles in the period. The year-long slide has prompted a management and distribution shake-up in the region, as well as pledges by Chief Executive Carlos Tavares to rush out more SUVs. In Europe, PSA''s home region as well as its biggest, sales also dropped by 1.9 percent to 1.04 million vehicles, essentially weighed down by a sharp decline in upscale DS brand sales, which slumped 45 percent. Iran, however, was a bright spot in the first-half numbers. The resumption of consolidated sales in the country helped PSA more than triple its Middle East and Africa sales to 277,971 vehicles. Reporting by Laurence Frost; Editing by Sudip Kar-Gupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/peugeot-sales-idINKBN19Y0FI'|'2017-07-13T08:45:00.000+03:00'
'24678846532bd976d28f686e224868a3a7170e40'|'UPDATE 2-American Airlines says Qatar Airways refiles for clearance to buy stake'|'July 12, 2017 / 10:50 PM / in an hour UPDATE 2-American Airlines says Qatar Airways refiles for clearance to buy stake 4 Min Read (Adds Etihad Airways comment) By Alana Wise and David Shepardson July 12 (Reuters) - American Airlines Inc said on Wednesday that state-owned Qatar Airways has revised its antitrust filing with U.S. regulators seeking clearance to buy up to a 10 percent stake in the U.S. carrier, but there were no details provided on the new filing. Separately, American said it is ending code-share agreements with both Qatar Airways and Abu Dhabi''s Etihad Airways amid a trade dispute with the two Middle Eastern carriers. The American-Etihad code-share, which started in 2009, would end on March 25, 2018, an Etihad spokeswoman said in a statement. American, the largest U.S. carrier, in a filing with the Securities and Exchange Commission said that Qatar Airways, which last month expressed interest in buying up to 10 percent of American, had withdrawn its previous antitrust filing with the Federal Trade Commission and submitted a new filing on Monday. Representatives for Qatar Airways could not be reached for comment. The chief executive of Qatar Airways, Akbar al-Baker, said last week that the carrier would push on to buy shares on the open market despite American''s opposition. The FTC did not comment. The agency typically does not disclose details of requests for antitrust approval filed by companies seeking to acquire stakes in rivals. American Airlines'' own rules require advance approval from its board for the purchase of a stake of 4.75 percent or more. The airline last month also noted that "there are foreign ownership laws that limit the total percentage of foreign voting interest to 24.9 percent." "Illegal Subsidies" American''s decision to cancel code-share agreements, which allow airlines to book passengers on each other''s flights, ramps up an acrimonious dispute between U.S. carriers and Gulf competitors. American and other U.S. carriers have charged that Qatar Airways, Etihad and Emirates get an unfair competitive edge from state subsidies that allow them to offer lower fares and more amenities to long-haul, international travelers. The U.S. carriers are pressing the United States government to curb the Middle Eastern carriers'' access to U.S. airports, and the White House is considering their request, according to government officials and airline executives who have spoken to the White House. The Middle Eastern carriers have rejected the complaints about subsidies. The decision to cancel code-sharing deals with the two carriers would not have a material financial impact on American, the carrier said, and "is an extension of our stance against the illegal subsidies that these carriers receive from their governments." Etihad, which flies to six U.S. cities, accused American of being “anti-competitive” and “anti-consumer” and said it was disappointed with the decision to end the code-share agreement. "We are committed to the U.S. market and American consumers, and are taking all possible measures to ensure that the flying public is not harmed by this decision," an Etihad spokeswoman said. An interline relationship between Etihad and American, which allows customers from two airlines to buy connecting flights on one ticket, would remain in place to connect passengers to secondary markets, the spokeswoman said. State-owned Etihad is the second-largest airline of the United Arab Emirates (UAE). Qatar Airways is the state-owned flag carrier of Qatar. Reporting by David Shepardson and Alana Wise; Additional reporting by Alexander Cornwell in Dubai; Editing by Leslie Adler and Stephen Coates 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/american-airline-codesharing-idUSL1N1K329X'|'2017-07-13T06:01:00.000+03:00'
'f95c140c4c0f717dd8d5a94d4b8e2b02f45dd51b'|'What''s strangest thing you''ve been asked to do on work experience? - Business'|'Southern What''s the strangest thing you''ve been asked to do on work experience? We’d like to hear from readers who’ve had out of the ordinary work experience days like “Eddie” – who has been running the the Southern rail Twitter account A young intern was asked not to drive a train, but to control Twitter for a day. Photograph: Kirsty O''Connor/PA Southern What''s the strangest thing you''ve been asked to do on work experience? We’d like to hear from readers who’ve had out of the ordinary work experience days like “Eddie” – who has been running the the Southern rail Twitter account View more sharing options Wednesday 12 July 2017 16.50 BST Last modified on Wednesday 12 July 2017 16.53 BST A 15-year-old student was apparently allowed to run the Twitter account of Southern Rail this week, fielding questions and often taking part in quite surreal exchanges . How Eddie the intern became the likable face of Southern Rail Read more Brands interacting with their customers – and responding to thousands of complaints – on Twitter is nothing new , but asking a young intern to take over seems to have been a PR win for Britain’s worst performing rail company , most often in the news for infrastructure problems and staff strikes. Southern (@SouthernRailUK) July 12, 2017 While most users seem to have responded well to the teenager, Twitter is not always a positive experience – and potentially putting him in the line of fire for often irate customers has brought some criticism . Have you ever had a similar experience to “ Eddie ”? Maybe you felt things spiralled out of control but even so you were able to rise to the challenge? Perhaps you were asked do do something that made you feel uncomfortable. Were you glad of the experience – or did things go too far? Share your experiences You can share your stories of work experience days that turned a little surreal with us using the form below – anonymously if you wish. Let us know what happened to you and we’ll feature some of your stories on the Guardian site. Please share as much detail as you can, be careful about naming a specific company, particularly if you wish to remain anonymous. Only the Guardian has access to your submissions. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/12/whats-the-strangest-thing-youve-been-asked-to-do-on-work-experience'|'2017-07-12T23:50:00.000+03:00'
'82a35bda490a97a1d601f42188e0d9afe381d60f'|'BlackRock supports effort to boost number of women board members'|'July 14, 2017 / 3:21 AM / 10 hours ago BlackRock supports effort to boost number of women board members Trevor Hunnicutt 3 Min Read The BlackRock logo is seen outside of its offices in New York January 18, 2012. B Shannon Stapleton/File Photo NEW YORK (Reuters) - BlackRock Inc ( BLK.N ) voted for eight proposals pushing U.S. and Canadian companies to adopt policies boosting their boards'' diversity during the most recent quarter, the world''s largest asset manager said on Thursday. BlackRock said it supported the shareholder motions to press companies to develop or disclose policies geared to promote gender diversity. It did not name the companies it pushed but said the "majority" had boards of directors lacking women. "We''ve been particularly focused on increasing the number of women on U.S. boards because progress in the U.S. has been slower than in many other markets," BlackRock said in a report it distributed. "Board diversity, particularly in terms of gender, is important from a sustainable investment perspective, given that diverse groups have been demonstrated to make better decisions," it added. "This appears to be because they are better able to consider, where appropriate, alternatives to current strategies - a proposition that can ultimately lead to sustained value creation." Women hold about a fifth of board seats in the S&P 500 .SPX index, according to Catalyst Inc, an advocacy group. BlackRock said it also voted against board members at five companies who sat on nominating committees but failed to respond to investors'' concerns about diversity. It was the first year the company "decided to vote against members of the nomination committee of men-only boards in a more systematic manner," a spokesman said, although it had engaged on the topic of gender diversity for "many years." The New York-based company manages more than $5.4 trillion in assets, many in index funds that buy broad swaths of the market, making it a top shareholder in most public companies. It has been pressured by activists and investors to back shareholder-fronted propositions and vote against obstinate boards to prompt better corporate citizenship. Chief Executive Larry Fink has encouraged executives to adjust their behavior to focus on generating long-term value for shareholders, rather than meeting short-term earnings targets. Breaking with prior practice, BlackRock this year publicly disclosed opposition to practices at oil company Exxon Mobil Corp ( XOM.N ), drugmaker Mylan NV ( MYL.O ) and other firms over climate change, compensation and other policies. BlackRock''s own board includes 17 members, four of whom are women. Reporting by Trevor Hunnicutt; Editing by Clarence Fernandez 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-blackrock-women-idUSKBN19Z09C'|'2017-07-14T06:21:00.000+03:00'
'4448b8302815d0fcbb19085c062a0ff1abb21b1c'|'Tariff fight roils Argentina’s shale patch as Macri opens trade'|'July 12, 2017 / 5:09 AM / 3 hours ago Tariff fight roils Argentina’s shale patch as Macri opens trade Luc Cohen 6 Min Read Trucks unload water to be used in the shale oil and gas extraction fracking process in the Loma Campana Vaca Muerta shale oil and gas drilling site, own by Argentina''s state-controlled energy company YPF, in the Patagonian province of Neuquen, Argentina June 22, 2017. Juliana Castilla BUENOS AIRES (Reuters) - Argentina needs oil rigs to develop its vast shale oil and gas resources. The United States has plenty of idle equipment laying around after its own unconventional drilling boom cooled. But moving that machinery from the plains of Texas to the windswept Patagonian desert is proving complex and costly for global oil majors who say Argentina''s protectionist past is slowing efforts to spark its own shale revolution. A move by Argentina''s government to cut import taxes on used oil-field equipment has sparked fierce opposition from local manufacturers, who are lobbying the government to include protections for them in a measure they fear will destroy their livelihoods. Among them is Adrian Ramos, president of QM Equipment, a manufacturer of drilling and fracking equipment located in the Argentine coastal city of Mar del Plata. "We got in touch with [the Production Ministry] and let them know it was totally impossible for us to survive this," Ramos told Reuters in a telephone interview. Negotiations with Ramos and others have slowed the rollout of tariff reductions. President Mauricio Macri in April had promised oil executives the changes would be coming within "weeks." The previously unreported talks with local manufacturers underscore the challenges faced by Macri, who came to power in 2015 on a wave of popular discontent that ended 12 years of leftist rule. The market-friendly former businessman has pledged to revive Argentina''s moribund, inflation-racked economy by reducing trade barriers and wooing foreign investment. But he has gotten blowback from industries and unions that have benefited from protectionist policies. With mid-term elections approaching in October, popular opposition to rising imports and factory layoffs has become a vulnerability for Macri''s "Let''s Change" coalition. Big oil firms, meanwhile, are fuming too. Vaca Muerta, a Belgium-sized shale formation located in the western Patagonian province of Neuquen, is seen as the most promising unconventional oil and gas field outside of North America, the birthplace of the shale revolution. Already burdened with pricey labor and transport costs in Argentina, companies have grown frustrated with delays in the equipment import reform. Speaking at an industry event in Buenos Aires in late June, Richard Spies, chief executive of Pan America Energy, an Argentine subsidiary of BP PLC, called on government officials to hit the accelerator. "Get these things done," Spies said. "We need that equipment that''s idle in the United States moved down here to facilitate the developments that are coming in Vaca Muerta." In an emailed response to questions from Reuters, a Production Ministry spokesman said the import proposal was advancing and a decree would be passed by the executive branch in the coming weeks. It would not need congressional approval, the spokesman said. Bringing The "Dead Cow" to Life A drilling rig is seen at the Loma Campana Vaca Muerta shale oil and gas drilling site, own by Argentina''s state-controlled energy company YPF, in the Patagonian province of Neuquen, Argentina June 22, 2017. Juliana Castilla Argentina is one of many resource-rich Latin American countries that have struggled to develop abundant oil and mineral reserves. Rules aimed at protecting domestic players and guaranteeing large revenues for government have chased away some foreign investors. New right-leaning governments in the region have introduced business-friendly policies to lure them back. Brazil''s Congress in 2016 opened the nation''s deepwater pre-salt fields to foreign operators. This year Peru lowered air-quality standards to attract mining investment. Spurring development of Vaca Muerta - Spanish for ''Dead Cow'' - is one of Macri''s major priorities as he tries to unwind regulations put in place by his predecessor Cristina Fernandez. Argentina holds the world''s second-largest shale gas reserves, but it imports a quarter of its energy needs, one reason for the country''s $7-billion current account deficit. Macri has promised rail and pipeline projects to connect remote Vaca Muerta to markets and ports. Most crucially, he struck a deal with unions in January to reduce notoriously high labor costs. Still, production costs remain well above those of global competitors. Prices at the Loma Campana field, jointly operated by state-run oil company YPF SA and Chevron Corp exceed $43 per barrel, compared with $32 in the Niobrara in Colorado and Wyoming. (For a look at Argentine shale activity, see tmsnrt.rs/2uPm98U ) Used oil equipment can currently be imported at tariffs ranging from 7 percent to 28 percent, with imports of some types of machinery banned, the Energy Ministry said in an emailed statement to Reuters. The proposed change would eliminate the bans, lower tariffs to between 0 percent and 7 percent and provide a form of compensation for companies that buy locally produced equipment, the Ministry said. It added that it has been meeting with drillers, oil services companies and local manufacturers about the rule. "Evidently this dialogue process has taken time," a ministry spokesman wrote. "We expect the decree to be signed soon." Compete or ''Disappear'' Local companies fear the changes could be devastating. Everaldo Santa Cruz is head of the oil and gas business at HTI SA, a maker of drilling and hydraulic fracturing equipment in Canuelas, Buenos Aires province. He said HTI has invested heavily in building frac pumps to supply drillers in Vaca Muerta, and that the $1.2 million price tag is comparable with that of U.S. manufacturers. But Santa Cruz said he worries he will never get to fully develop that part of his business if the decree is passed. HTI doesn''t stand a chance if his customers are allowed to import equipment they already own from the United States, paying only transport costs and the lowered tariffs, he said. "We understand that it can speed up production to an extent," Santa Cruz said. "But there''s a risk that companies like ours that try to develop local solutions to support the industry simply disappear." Additional reporting by Maximilian Heath; Juliana Castilla; Hugh Bronstein in Buenos Aires and Liz Hampton and Marianna Parraga in Houston; Editing by Caroline Stauffer and Marla Dickerson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-argentina-shale-idUSKBN19X0FM'|'2017-07-12T08:09:00.000+03:00'
'2d155b572a84ea91e5bfce1b0e700aa61844de48'|'Heathrow night flights to continue until third runway is built - UK news'|'Heathrow airport Heathrow night flights to continue until third runway is built Transport secretary says new rules on noise show government is tackling issue, but campaigners lament ‘business as usual’ Chris Grayling says he supports a six-and-a-half hour window without flights once the third runway is built. Photograph: Steve Parsons/PA Heathrow airport Heathrow night flights to continue until third runway is built Transport secretary says new rules on noise show government is tackling issue, but campaigners lament ‘business as usual’ View more sharing options   13.54 BST Last modified on   14.21 BST Night flights from Heathrow will continue until the airport is expanded, the government has confirmed, as it published new rules to encourage quieter aircraft across London’s three biggest airports. The transport secretary, Chris Grayling, said efforts to reduce the total noise permitted from flights at Heathrow, Gatwick and Stansted showed the government was taking the issue very seriously, but residents’ groups said the proposals were “business as usual”. Grayling said that although he supported a six-and-a-half hour nightly window without flights once Heathrow’s third runway was built, he had to strike a balance between the economic benefits of flying and the impact on local residents. He confirmed that a parliamentary vote on Heathrow expansion would not be held until at least 2018, rather than the winter of 2017-18, as previously stated . Grow Heathrow runway protest community given 14 days to leave site Read more The measures will ensure that all flights, including smaller and quieter planes, are counted within quotas on movements and lower overall noise limits. However, the rules reflect a trend towards much quieter, more modern planes and are unlikely to affect airlines’ operations significantly. In a written statement to parliament, Grayling said caps had not kept pace with technology, but the new measures would “lock in the benefits”. “I am fully aware that noise is a major concern for those living near these airports and that night noise is widely regarded as the most disturbing impact of aviation,” he said. The five-year caps on noise come after a consultation launched in January on the night flight regime, with the government rejecting calls from campaigners for a clampdown on night noise. Grayling said: “This decision strikes a balance between managing the impacts on local communities by locking in the benefits offered by recent technological developments, with the economic benefits of night flights.” Residents remained sceptical. John Stewart, the chair of campaigning group Hacan, said: “Today’s statement shows that the government recognises how important night flights are to local communities, but essentially they are proposing business as usual.” Hard Brexit could halt Heathrow expansion plans, says Lord Adonis Read more Campaigners for communities around Gatwick said the government’s response was disappointing and warned that the quotas allowed for more night flights in winter than currently operated by the airport. A spokesperson for Heathrow said the airport welcomed the government’s efforts, adding: “We know this is an issue that is particularly important to our local communities and we have already been working with our airlines to reduce the number of late-running flights.” In the statement, Grayling acknowledged that the general election last month would lead to further delays on the parliamentary vote on expansion, which would now take place in the “first half of 2018”. The transport select committee will also need to restart its inquiry into the policy, which is unlikely to begin until after the parliamentary summer and conference recesses. Theresa May’s loss of her majority is unlikely to significantly affect the chances of the vote passing through the House of Commons. Although the Labour leader, Jeremy Corbyn, and the shadow chancellor, John McDonnell, whose constituency borders the airport, are personally opposed to third runway expansion, a majority of the party’s MPs are in favour. Labour’s manifesto says it “recognises the need for additional airport capacity in the south-east”. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/uk-news/2017/jul/13/heathrow-night-flights-to-continue-until-third-runway-is-built'|'2017-07-13T20:54:00.000+03:00'
'd1144b8a09af7934f13159fa7b7229c62f0bdcdd'|'Eurozone needs joint budget to help members in crisis - ESM''s Regling'|'July 13, 2017 / 6:53 AM / in 30 minutes Euro zone needs joint budget to help members in crisis: ESM''s Regling 3 Min Read European Stability Mechanism Managing Director Klaus Regling attends a conference in Nicosia, Cyprus November 1, 2016. Yiannis Kourtoglou BERLIN (Reuters) - The euro zone should have a limited joint fiscal capability to support individual member states in case of a sudden crisis, the head of the bloc''s rescue fund was quoted as saying ahead of a meeting between the French and German leaders on Thursday. Asked if German Chancellor Angela Merkel should back French President Emmanuel Macron''s call for a single euro zone finance minister and a common budget, Klaus Regling told German business daily Handelsblatt that he did not want to lecture Merkel. "But I think that we need a limited fiscal capacity in the euro zone in order to support single member states in case of sudden crisis," said Regling, a German who heads the European Stability Mechanism. Such a "rainy day fund" should be roughly equivalent 1-2 percent of the euro zone''s gross domestic product (GDP), Regling added. That would be roughly 100 to 200 billion euros ($115 billion to $229 billion) at present. The European Commission has also suggested that the euro zone might need to issue collective debt and run a joint budget among ideas for deeper European integration around the single currency after Britain leaves the EU in 2019. Regling said the introduction of such ''European Safe Bonds'' or ''Safe Assets'' would be "a huge step forwards" in principle. "With that, we would get a market in Europe that would be as deep and liquid as the one for U.S. government bonds," Regling told the paper. "But this will only work if we partly pool government debt in the euro zone, and for this I don''t see a realistic possibility in the foreseeable future," he added. Regling backed a proposal by German Finance Minister Wolfgang Schaeuble that the International Monetary Fund should not take part in any future euro zone bailout, and said European Central Bank participation was no longer needed either. Turning to Greece, Regling said Athens should no longer need ESM aid loans after its current third bailout program ends in mid-2018 as long as it sticks to agreed reform measures. Regling''s comments followed a fresh push from Macron who said the EU remained an incomplete project and would require changes to its treaties that bring greater convergence between euro zone member states. Reporting by Michael Nienaber; Editing by Paul Carrel and Catherine Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-eurozone-esm-regling-idINKBN19Y0K0'|'2017-07-13T09:56:00.000+03:00'
'ec49b1beb6d81c272d00c9f5e15a07d328c7cfaa'|'U.S. SEC chairman signals plans to scale back corporate disclosure rules'|'July 12, 2017 / 7:01 PM / in 16 minutes U.S. SEC chairman signals plans to scale back corporate disclosure rules Sarah N. Lynch and John McCrank 4 Min Read Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (S.E.C.) speaks to the Economic Club of New York in New York City, U.S., July 12, 2017. Brendan McDermid (Reuters) - Wall Street''s top U.S. regulator on Wednesday signalled his support for potentially scaling back the scope and breadth of disclosure rules and compliance costs imposed on public companies, in an effort to entice more corporations to list on the stock market. In his first major address since becoming chairman of the U.S. Securities and Exchange Commission (SEC) earlier this year, Jay Clayton laid out his regulatory philosophy for how he plans to run the agency and said the SEC staff was working to prepare proposals aimed at reforming the rules on disclosure. In the speech, delivered at the Economic Club of New York, details about the specific regulations that he would like to adopt or amend were scant. But his comments broadly called for efforts to scale back unnecessary corporate disclosures, reduce compliance burdens on small- and mid-sized companies, ramp up the enforcement division''s focus on protecting retail investors from run-of-the-mill frauds, and taking better care to retrospectively review SEC rules to ensure they are having the desired effect. Such efforts would be in line with steps the SEC took late last month, when it moved to allow all public companies to file paperwork confidentially for initial public offerings. "While there are many factors that drive the decision of whether to be a public company, increased disclosure and other burdens may render alternatives for raising capital, such as the private markets, increasingly attractive to companies that only a decade ago would have been all but certain candidates for the public markets," he said. Clayton''s comments on Wednesday are likely to be seen as welcome news to corporate lobbying groups such as the U.S. Chamber of Commerce, which has long criticized an array of SEC disclosure rules for cluttering up corporate filings with unnecessary information. The Chamber has often sued the SEC over rules requiring disclosures that it said were not material, and has staunchly lobbied Congress to beat back other measures championed by pension funds, unions and progressive-leaning groups. Clayton appeared on Wednesday to echo some of their concerns generally, lamenting that lawmakers and regulators have "significantly expanded the scope of required disclosures beyond the core concept of materiality." He also urged companies to apply to the SEC for requests to modify what they are required to include in their routine financial reporting, a process that is allowed under current SEC rules. Clayton''s plan to scale back unnecessary disclosures could spark concerns among progressive groups pushing for new rules, particularly those who support requiring public companies to provide investors with information about their political spending. A petition submitted to the SEC in 2011 calling for a political spending rule garnered a record number of signatures, but to date, the agency has not acted on it. Lisa Gilbert, the vice president of legislative affairs for Public Citizen, a non-profit watchdog group in support of the rule, said Clayton''s interest in expanding the menu of public investment options for retail investors means she hopes he will be open to considering it. "I assume he will remain open-minded to what people are asking his agency to do," she said. In addition to his comments on public company requirements, Clayton also said he plans to have the SEC launch a new fixed income market structure advisory committee to scrutinize the current rules and identify potential reforms. Clayton said the SEC will also consider a pilot program in coming months to study the impact of the fees and rebates that exchanges charge and provide to brokers. Editing by Chris Reese, G Crosse 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-sec-regulation-idINKBN19X2ML'|'2017-07-12T21:56:00.000+03:00'
'46b9760db37f937926651c9173b75e7527526e96'|'Toshiba regains access to credit line but tough conditions applied: sources'|'July 12, 2017 / 9:41 AM / 5 hours ago Toshiba regains access to credit line but tough conditions applied: sources Taiga Uranaka and Taro Fuse 2 Min Read The logo of Toshiba Corp is seen behind cherry blossoms at the company''s headquarters in Tokyo, Japan April 11, 2017. Toru Hanai TOKYO (Reuters) - Crisis-hit Toshiba Corp has regained access to a crucial $6 billion credit line after stumping up shares in its chip unit as collateral but its lenders have imposed tough conditions, banking sources with direct knowledge of the matter said. Hit by massive cost overruns at its now bankrupt U.S. nuclear unit, Toshiba needs billions of dollars in fresh loans to tide it over before it can complete the $18 billion sale of the memory chip unit, which has currently stalled. Its banks, which include Sumitomo Mitsui Banking Corp and Mizuho Bank, had denied Toshiba access to an agreed commitment line of 680 billion yen earlier this year after its credit ratings were slashed due to writedowns for the nuclear unit, Westinghouse. Toshiba was allowed to withdraw 100 billion yen ($880 million) in loans late last month but must reseek permission every week from creditors to extend the loan, the sources said, declining to be identified as they were not authorized to discuss the matter publicly. A Toshiba spokeswoman declined to comment. SMBC and Mizuho officials were not immediately available for comment. Toshiba has told creditors it will need 1 trillion yen in fresh loans during the current financial year through March, banking sources have said previously. Western Digital Corp, Toshiba''s joint venture partner for its flash memory chip business, is seeking a U.S. court injunction to stop any sale of the unit without its consent and is also opposed to the use of the unit''s shares as collateral. After a long period of deliberation, Toshiba and its lenders concluded they can use the unit''s shares as collateral even without Western Digital''s consent, the sources said. Reporting by Taiga Uranaka and Taro Fuse; Additional reporting by Makiko Yamazaki; Editing by Edwina Gibbs 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-banks-idUSKBN19X140'|'2017-07-12T12:41:00.000+03:00'
'b3c1fe80a96491ba476c2b5fdb8d739ea5c5e990'|'Wells Fargo trims auto loans as market cools, risk overhaul kicks in'|'July 12, 2017 / 5:13 AM / 3 hours ago Wells Fargo trims auto loans as market cools, risk overhaul kicks in Dan Freed 6 Min Read FILE PHOTO: A man walks by a bank machine at the Wells Fargo & Co. bank in downtown Denver, Colorado, U.S. April 13, 2016. Rick Wilking/File Photo NEW YORK (Reuters) - Wells Fargo & Co ( WFC.N ) is scaling back and remolding its auto lending business in response to growing stress in the market, as well as a bank-wide push for more centralized risk controls. Wells, which was the No. 2 U.S. provider of auto loans less than a year ago, has already cut quarterly originations by nearly 30 percent over the nine months leading into March 31, according to a May 11 company presentation. It has also begun consolidating the collections operation in a move that people familiar with the business say could eliminate hundreds of jobs, after a new head of auto finance took the reins in April. Wells Fargo joins other lenders in reducing exposure to the rapidly cooling U.S. auto market. Bankers, auto industry executives, analysts and regulators have been warning since 2014 that the auto loan market could overheat after being fueled for years by low interest rates and easy financing terms. Chasing growth, some lenders, including Wells Fargo, began to embrace borrowers with shaky credit. In late 2015, however, auto default rates began creeping above other types of consumer debt, according to data compiled by Cox Automotive, prompting some lenders to tighten standards and edge away from the market. Wells Fargo began curtailing its auto exposure beginning last year. It cut the share of subprime loans in the auto portfolio to 8 over percent in the first quarter from over 11 percent a year earlier, according to a company presentation. Analysts expect to see higher delinquency and default rates when Wells Fargo reports results on Friday. "The general view, which they''ve been pretty clear about, is that loan growth will be negative for next two to three quarters," said Brian Foran, an analyst at Autonomous Research. He expects the auto pullback to shave roughly one percentage point off Wells Fargo''s net interest income growth over time. The bank''s executives have acknowledged that tightening of standards comes at a price. "Wells Fargo is willing to give up volume and share in order to protect its balance sheet from credit risk," Franklin Codel, the bank''s head of consumer lending, told the bank''s investor day in May. At the same event, Chief Executive Officer Tim Sloan singled out auto loans as the business with the biggest potential for a "negative credit event." A Wells Fargo spokeswoman declined to comment for this story beyond what executives have already said about auto lending. As Wells Fargo''s auto loan originations have dropped, it has slipped to No. 7 from No. 2 among top U.S. auto lenders, according to Experian Automotive. The bank also began a revamp of its auto business early this year as part of a broad overhaul following a sales scandal that has roiled the third-largest U.S. bank by assets. In April, Laura Schupbach took over management of the auto business, months after her predecessor, Dawn Martin Harp, announced plans to leave. Schupbach is a 22-year Wells Fargo veteran who most recently ran its insurance business after various roles in finance and expenses, according to her corporate biography. Weeks later, the bank began the process of moving collections staff from 57 locations across the country to three central hubs in Raleigh, North Carolina, Irving, Texas and Chandler, Arizona, according to an internal memo viewed by Reuters. People with knowledge of the business say hundreds of positions will likely be eliminated. A bank spokeswoman declined to say how many jobs might be lost, and would not authorize an interview with Schupbach. Martin Harp could not be reached. Less Independence The auto lending shake-up, some details of which were first reported by Auto Finance News, is the latest indication that Wells Fargo''s top management is seeking greater control over businesses that traditionally operated with much independence. In interviews, three people who have worked inside the auto lending operation raised questions about what impact the abandoning of the "run it like you own it" philosophy will have in the long term. In recent years auto lending delivered nearly twice as much in revenue per dollar of expenses as the overall bank, according to people familiar with the numbers. They attributed the performance to tight cost controls and the operational independence that was once a source of pride for Wells Fargo. But that business model has come under scrutiny after revelations that thousands of branch employees created as many as 2.1 million accounts to hit aggressive sales targets. Following an internal investigation, Wells Fargo''s directors released a report in April recommending tighter and more centralized risk management. Since then, Wells has begun moving 5,200 risk employees from business units to one "corporate risk" division. Although the changes could make businesses less nimble, tighter controls were inevitable, said Marty Mosby, analyst at Vining Sparks. "It was hard for them to give up that last piece of who they really were," he said. "That''s what made them more profitable than the other bank." Reporting by Dan Freed; Editing by Lauren Tara LaCapra and Tomasz Janowski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-wells-fargo-autos-idUSKBN19X0FQ'|'2017-07-12T08:12:00.000+03:00'
'6609e92b3add001c8004d7c7c52edb44c37d0287'|'FCA warns it may intervene as millions take pension cash early - Money'|'Pensions FCA warns it may intervene as millions take pension cash early Report by regulator flags up widespread withdrawal under pension freedoms, as TUC says millions could face financial insecurity Many savers are apparently moving money out of pension pots into other savings vehicles, which could be ‘disastrous’. Photograph: Andrew Brookes/Getty Images/Cultura RF Pensions FCA warns it may intervene as millions take pension cash early Report by regulator flags up widespread withdrawal under pension freedoms, as TUC says millions could face financial insecurity View more sharing options   13.33 BST Last modified on   13.34 BST The TUC has warned that millions of workers risk being “plunged into insecurity in old age” after an official report revealed a surge of people grabbing their pension cash early without taking advice. More than two years after the government brought in a range of pension freedoms, the Financial Conduct Authority concluded that accessing pension pots early had become “the new norm”. The regulator warned that early intervention may be needed to ensure this multibillion-pound market worked well. British workers are missing out on ‘buy one, get one free’ pension offer Read more The FCA’s study of the retirement market also found that in more than half of the cases where all the money was taken out of a pension pot, the cash was not spent on cars or holidays, etc; instead it was shifted into other savings or investments, partly because of a “mistrust of pensions”. For many people the freedoms introduced in April 2015 effectively abolished the requirement to convert a pension pot into an annuity – a product that provides an income for life. Instead, older people are free to do whatever they like with their retirement cash – although those withdrawing large sums may well incur a considerable tax bill. Earlier this year it emerged that the reforms had raised five times more tax for the Treasury’s coffers than was originally forecast, suggesting that people were withdrawing larger sums than expected. The FCA found that almost three-quarters (72%) of the pots accessed since the freedoms came in were held by people under 65. Most are choosing to take lump sums rather than a regular income. Meanwhile, more than half (53%) of the pots accessed had been fully withdrawn. “Several factors motivated consumers to access their savings early, including a perception that ‘everyone is doing it’ and a general climate of mistrust,” stated the report. Meanwhile, moving cash from a pension into another savings or investment vehicle “can result in consumers paying too much tax, missing out on investment growth or losing out on other benefits”. Workers facing insecurity in their working lives now risk being plunged into insecurity in old age Frances O’Grady, TUC The report also found that income drawdown, which allows savers to take out regular amounts of money while the majority of their savings remain invested, had become much more popular. However, the proportion of drawdown plans bought without advice leapt from 5% before the freedoms to 30% now. “Drawdown is complex … There is a question about whether further support and protection is needed to manage drawdown effectively,” said the FCA. Responding to the findings , Frances O’Grady, the TUC’s general secretary, said: “This is a damning verdict on so-called ‘pensions freedom’. Workers who are facing insecurity in their working lives now risk being plunged into insecurity in old age. Savers are increasingly dipping into their pots early. And others are following the path of least resistance and risk buying rip-off products.” Moving retirement cash into other investments “can have disastrous long-term consequences”, said investment firm Old Mutual Wealth. Another firm, Retirement Advantage, said that to do this was “frankly bonkers”. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jul/12/fca-intervention-pension-freedoms-workers-financial-insecurity-tuc'|'2017-07-12T20:33:00.000+03:00'
'bc741acc3a077dcdb468d11910bccb14265d9053'|'JPMorgan hires new head of global government relations'|'July 12, 2017 / 2:56 PM / 3 hours ago JPMorgan hires new head of global government relations 1 Min Read A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. Mike Segar/Files (Reuters) - JPMorgan Chase & Co ( JPM.N ) has hired a former chief of staff to majority leaders of the U.S. House of Representatives as its new head of global government relations, according to an internal memo the bank provided on Wednesday. Tim Berry will replace Nate Gatten, who left in May after nearly nine years at the bank to become head of government relations for American Airlines ( AAL.O ). Berry, who worked on Republican legislative agendas, will also assist JPMorgan Chief Executive Jamie Dimon in his role as chairman of the Business Roundtable, according to the memo from Peter Scher, head of corporate responsibility for JPMorgan. Reporting by David Henry in New York; Editing by Bill Rigby 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-jpmorgan-moves-idUSKBN19X20W'|'2017-07-12T17:54:00.000+03:00'
'ff94683c189e14629e3a308c3eaf9a690e2c29dc'|'Derivatives costs to rise if euro clearing moved from London - ICMA'|'July 12, 2017 / 9:35 AM / 3 hours ago Derivatives costs to rise if euro clearing moved from London - ICMA John Geddie 2 Min Read FILE PHOTO: Euro and Pound banknotes are seen in front of BREXIT letters in this picture illustration taken April 28, 2017. Dado Ruvic/Illustration/File Photo LONDON (Reuters) - The cost of using financial derivatives is likely to increase if euro-denominated clearing is relocated from London to the European Union after Brexit, trade association ICMA said on Wednesday. The EU plans to give itself powers to move the multi-trillion euro clearing business away from Europe''s biggest financial centre, where the bulk of euro clearing is currently carried out. "Mandatory relocation would involve costs and risks for users of capital markets," said Paul Richards of the International Capital Market Association in its quarterly report. "This is likely to increase costs for end-users of the derivatives market, given current economies of scale in London from pooling liquidity in several currencies, which allow multilateral netting of transactions and a reduction in the collateral needed." Bank of England Governor Mark Carney sent out a similar message last month, saying splitting the market could bump up costs and lead to fragmentation that is "in no one''s economic interest". Both ICMA and the Bank of England argue that cooperation between regulators should help avoid the need for forced relocation. Reporting by John Geddie; Editing by Dhara Ranasinghe 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-clearing-icma-idUKKBN19X13G'|'2017-07-12T13:19:00.000+03:00'
'3998ac5ae1eae44c0b5d901c4d6ee5dfed764323'|'HSBC, UBS settle U.S. rate-rigging cases; 10 banks paying $408.5 million'|'July 11, 2017 / 5:49 PM / 5 hours ago HSBC, UBS settle U.S. rate-rigging litigation; 10 banks'' total payout tops $408 million Jonathan Stempel 3 Min Read FILE PHOTO: The headquarters of HSBC bank in London''s Canary Wharf financial district in slight morning mist early March 11, 2016. Russell Boyce NEW YORK (Reuters) - HSBC Holdings Plc ( HSBA.L ) and UBS Group AG ( UBSG.S ) have each agreed to pay $14 million (11 million pounds) to settle private U.S. litigation accusing them of rigging an interest rate benchmark used in the $483 trillion derivatives market. The preliminary settlements were disclosed in filings on Tuesday in the U.S. District Court in Manhattan and require a judge''s approval. They boost the total payout from 10 settling banks to $408.5 million. HSBC and UBS denied wrongdoing. Several pension funds and municipalities had accused 14 banks of conspiring to rig the ISDAfix benchmark for their own gain from at least 2009 to 2012. Companies and investors use ISDAfix to price swaps transactions, commercial real estate mortgages and structured debt securities. The eight earlier settlements have won preliminary approval. Payouts include $56.5 million from Goldman Sachs Group Inc ( GS.N ); $52 million from JPMorgan Chase & Co ( JPM.N ); $50 million from each of Bank of America Corp ( BAC.N ), Credit Suisse Group AG ( CSGN.S ), Deutsche Bank AG ( DBKGn.DE ) and Royal Bank of Scotland Group Plc ( RBS.L ); $42 million from Citigroup Inc ( C.N ) and $30 million from Barclays Plc ( BARC.L ), court papers showed. BNP Paribas SA ( BNPP.PA ), Morgan Stanley ( MS.N ), Nomura Holdings Inc ( 8604.T ) and Wells Fargo & Co ( WFC.N ) have not settled, the papers showed. The private litigation is among many lawsuits in the Manhattan court accusing banks of conspiring to rig rate benchmarks, securities prices or commodities prices. The case is Alaska Electrical Pension Fund et al v. Bank of America Corp et al, U.S. District Court, Southern District of New York, No. 14-07126. Reporting by Jonathan Stempel in New York; Editing by Phil Berlowitz and Cynthia Osterman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-banks-rigging-settlement-idUKKBN19W27O'|'2017-07-11T23:12:00.000+03:00'
'4015e96b89deb32e0736b7b4868fdbc00bb457f3'|'Western Digital says it matched rivals'' bids for Toshiba chip unit'|'July 11, 2017 / 12:50 AM / 2 hours ago Western Digital says it matched rivals'' bids for Toshiba chip unit Stephen Nellis 3 Min Read FILE PHOTO: A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017. Mike Blake/File Photo (Reuters) - Western Digital Corp ( WDC.O ) said it matched rival bidders'' offers to acquire Japanese conglomerate Toshiba Corp''s ( 6502.T ) flash memory unit ahead of a court hearing on Friday over whether to halt the auction process. Western Digital, in court documents filed July 7, said it has made six proposals since February, including a proposal on June 27 matching the best offer. On June 21, Toshiba said its preferred bidder was a consortium of Bain Capital and Japanese government investors offering $18 billion (14 billion pounds). Since February, Toshiba has been scrambling to sell its memory chip business, the second largest in the industry after Samsung Electronics Co Ltd ( 005930.KS ), to cover losses from its ailing nuclear reactor division. But suitor Western Digital sued Toshiba in San Francisco County Superior Court for an injunction to stop the sale, arguing that a joint-venture it has with Toshiba at a plant in Japan means the chipmaker cannot sell without its consent. In a filing on July 7, Mark Long, the chief financial officer of Western Digital, said the company''s most recent offer on June 27, made with private equity firm KKR, "is in line with the highest competing bids for (Toshiba''s chip unit) that have been reported in the press." The actual dollar figure of Western Digital''s offer is redacted from the document. Western Digital declined to comment. Toshiba did not immediately respond to a request for comment. Toshiba has asked the court in San Francisco to dismiss Western Digital''s attempt to stop the sale, arguing that the U.S. court does not have proper jurisdiction over a business that is based primarily in Japan and that an injunction would cause it irreparable harm. A hearing is scheduled for Friday. Aaron Rakers, a managing director with Stifel, said in a note to clients on Sunday that the new filings suggest the two parties could reach a deal before the court hearing. "Given that some negotiations between (Western Digital) and Toshiba on proposed acquisition terms started over the past month, we think a resolution could be possible prior to the (July 14) hearing," Rakers wrote. Reporting by Stephen Nellis in San Francisco; Editing by Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-western-digital-toshiba-idUKKBN19W020'|'2017-07-11T03:49:00.000+03:00'
'f30cbe4f5a25bbfd98e8d0e2264aaa9629f7bba5'|'Reckitt Benckiser denies Oxfam claims of avoiding millions in taxes'|'July 12, 2017 / 11:22 PM / 7 hours ago Reckitt Benckiser denies Oxfam claims of avoiding millions in taxes 3 Min Read FILE PHOTO: Products made by Reckitt Benckiser stand on a shelf in a store in Brighton, England, July 21, 2010. Luke MacGregor/File Photo LONDON (Reuters) - British consumer goods giant Reckitt Benckiser Group ( RB.L ) said on Wednesday its tax structure and practices were in line with other global businesses, denying allegations of tax avoidance in developing countries, after charity group Oxfam levelled charges against it. Oxfam said on Thursday in a report that Reckitt funnelled intra-company transactions through the "low-tax jurisdictions" of Netherlands, Dubai and Singapore, so that more profit accumulates there, rather than in countries where the company has its core business, and where tax rates are higher. It went on to add that a significant business reason for the relocation was to save tax. It said that Reckitt restructured its transfer pricing model to avoid taxes. Reckitt said it "strongly refuted" that its 2012 move to locate regional headquarters in the Netherlands, Dubai and Singapore was driven principally by tax avoidance. It said the decision was motivated by a desire to ensure its business was organised to be close to its customers and consumers. The maker of Durex condoms and Lysol cleaners said in a statement that its tax policy is "totally legal and the norm for the majority of global businesses", adding its 2016 effective tax rate of 23 percent compared favourably with peers. Oxfam said Reckitt avoided taxes of 66.2 million pounds ($85.33 million) in France, 71.3 million pounds in Australia, 22.0 million pounds in Belgium and 7.4 million pounds in New Zealand in between 2013 and 2015. It also said evidence suggested that Reckitt took advantage of specific tax deals agreed with the Luxembourg government, and did not pay 17 million pounds in tax between 2010 and 2015. "We similarly strongly refute any link between our tax structure and the assertion that we seek to avoid taxes in developing countries that could otherwise have been invested in public health and education," Reckitt said in advance of the Oxfam report. "None of our business operations are in any way linked to tax avoidance in developing countries," it added. The company said it supports efforts to increase trust and understanding of tax systems around the world and supports OECD guidelines on tax and transparency and will fully comply. ($1 = 0.7758 pounds) Reporting by Martinne Geller and Sangameswaran S; editing by Alexander Smith, G Crosse and Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/reckitt-benc-grp-taxavoidance-idINKBN19X33J'|'2017-07-13T02:20:00.000+03:00'
'34f0cd2ba224460c96985171401949df45a63e4b'|'PepsiCo''s quarterly profit beats estimates'|'July 11, 2017 / 10:34 AM / 15 minutes ago PepsiCo''s quarterly profit beats on higher pricing 3 Min Read Pepsi products are displayed in a supermarket in New York City, U.S. February 15, 2017. Brendan McDermid (Reuters) - PepsiCo Inc''s ( PEP.N ) quarterly profit beat estimates as higher pricing of sodas and snack foods in North America paid off and as the company sold its minority stake in British bottler Britvic Plc ( BVIC.L ). PepsiCo said on Tuesday that sales in its North America beverage unit, the company''s largest, rose 2 percent to $5.24 billion in the second quarter ended June 17. While volume sales were flat, net pricing was up 1 percent. PepsiCo and rival Coca-Cola Co ( KO.N ) have focused on selling smaller, higher-margin packs in developed markets while pulling back on promoting large discount packs as they look to cushion the impact of falling demand for fizzy drinks. Revenue from PepsiCo''s Frito-Lay North America business rose 3 percent, helped by a 1 percent rise in volume and a 3 percent rise in net pricing. The company said in May it would sell its 4.5 percent stake in British bottler Britvic for an undisclosed amount. Net income attributable to PepsiCo rose to $2.11 billion, or $1.46 per share, from $2.01 billion, or $1.38 per share, a year earlier. Excluding items, the company earned $1.44 per share, according to Thomson Reuters I/B/E/S. Revenue rose 2.1 percent to $15.71 billion. Analysts on average had expected earnings of $1.40 per share on revenue of $15.60 billion, according to Thomson Reuters I/B/E/S. However, gross margins fell 50 basis points in the quarter, compared with a 115 basis points expansion in the year-earlier quarter. The company had said in April it expected margins to remain under pressure in the second quarter as it passes on higher commodity prices to consumers. PepsiCo raised its adjusted profit forecast for 2017 to $5.13 per share from $5.09, citing lower impact from unfavorable foreign exchange. PepsiCo''s shares were little changed in premarket trading on Tuesday. (This version of the story corrects adjusted profit to $1.44 per share from $1.50 in paragraph 7) Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Martina D''Couto 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-pepsico-results-idINKBN19W10A'|'2017-07-11T14:00:00.000+03:00'
'320852a6a75dc3851045b5c63fbee781ff393160'|'Irish consumer sentiment surges in June to post-Brexit vote high'|'Business  18am BST Irish consumer sentiment surges in June to post-Brexit vote high By Conor Humphries - DUBLIN DUBLIN Irish consumer sentiment surged to its highest level in 16 months in June, a survey showed on Tuesday. It followed strong Irish economic data and signs that support in next-door Britain for a hard exit from the European Union may have weakened. Ireland''s economy has been the best performing in Europe for the last three years, dramatically cutting unemployment, but households have complained the wealth has not trickled down and Brexit -- to which Ireland is particularly vulnerable -- has hit confidence about the country''s future. The KBC Bank Ireland/ESRI Consumer Sentiment Index surged to 105.0 in June from 100.5 in May, its highest level since February last year, though well below the 15-year high of 108.6 posted in January 2016. The survey showed 52 percent of consumers expect the Irish economy to strengthen in the year ahead, the first time a majority of consumers have expressed this opinion since the British referendum last year. KBC chief economist Austin Hughes described the surge in the main index as "slightly surprising". "The scale of the improvement ... may reflect relief that the threat of a hard Brexit is seen as reduced because of the outcome of the recent UK election as well as reassurance from the continued strength of recent Irish economic indicators," Hughes said. Britain''s election in June deprived Conservative Prime   of a majority in Britain''s parliament, making it harder for her to get legislation through, including on Brexit. Irish unemployment fell to 6.3 percent in June, down from 15 percent five years ago, while the government collected 4 percent more tax in the first half of the year than in the same period last year. The election last month of Ireland''s youngest ever prime minister, Leo Varadkar, could also have had an impact on sentiment, the survey''s authors said. But while confidence around the wider economy is high, only 28 percent of consumers feel their own financial circumstances will improve in the coming year. "This hints at a potentially troublesome disconnect between the perceptions of consumers and recent warnings about an overheating Irish economy," Hughes said. (Reporting by Conor Humphries)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-consumersentiment-idUKKBN19V2U6'|'2017-07-11T02:18:00.000+03:00'
'6c090b7b6e2b1dd53e68c969af174b77f5bcddf5'|'Amtrak considering tighter airline-style economy class seating: executive'|'July 12, 2017 / 8:42 PM / 7 minutes ago Amtrak considering tighter airline-style economy class seating: executive David Shepardson 4 Min Read FILE PHOTO: Charles (Wick) Moorman, chief executive of Norfolk Southern Corporation, speaks during an interview during the Business Council meeting of U.S. Executives in Cary, North Carolina, October 15, 2009. Jason Arthurs/File Photo WASHINGTON (Reuters) - Outgoing Amtrak Co-chief Executive Wick Moorman said on Wednesday the money-losing U.S. passenger rail system is considering a less comfortable economy class of seats that could allow it to pack in more passengers. "We are looking at doing some creative things in terms of creating an economy class," Moorman said at the National Press Club talk in Washington. He said that seat pitch - the distance between the seatback and the seat in front of it - would be tighter like in airline seats. "There will be some other things that just don''t make it quite as comfortable," Moorman said. Moorman told reporters the railroad is studying the idea and has not made any final decisions. Amtrak fares can be higher than airline fares but its trains currently offer much more leg room than an economy-class airplane seat. "We compete very well with the airlines," Moorman said, noting trains on its heavily traveled New York-Washington route do not have middle seats and allow passengers to avoid New York''s LaGuardia Airport and lengthy airport security lines. Amtrak had a record 31.3 million passengers last year, with more than one-third of them in the Northeast Corridor. It operates an average of 300 trains a year on 21,300 miles of tracks, serving 500 destinations in 46 states. Amtrak struggles to pay for itself. For the year ending Sept. 30, it posted its highest ever total revenue of $3.2 billion. Its unaudited operating loss of $227 million was the smallest since 1973. Amtrak scored a victory on Monday when a U.S. House Appropriations Committee panel rejected massive budget cuts proposed by the Trump administration that would have ended $630 million in subsidies for Amtrak to operate long-distance train service. The House panel instead approved $1.4 billion for Amtrak, about what it received last year. It also backed an additional $900 million in new funding for the $24 billion planned Gateway rail project to build a new train tunnel under the Hudson River near New York City. The funding also will pay to repair the existing, century-old tunnel between New York and New Jersey before it becomes unusable in the next decade. On Wednesday Richard Anderson, a former Delta Air Lines chief, became president and co-CEO on Wednesday, just two days after Amtrak launched a major renovation of its busiest U.S. hub, New York City''s Pennsylvania Station, following years of disruptions and delays along the Northeast Corridor. Anderson and Moorman, who became CEO in September and recruited Anderson, will share the top job until Moorman steps down on Dec. 31. The Penn Station repairs, expected to cost $30 million to $40 million over several years, was expedited after recent derailments and other problems from decaying infrastructure caused delays for thousands of commuters throughout the greater New York City area. It is expected to cause major service disruptions across the metropolitan region this summer. The project has caused a rift between Amtrak, the station owner, and the two states that use most of the hub''s track space, New York and New Jersey. Moorman said he is confident the repairs will be completed by early September, or it will finish them on weekends. Reporting by David Shepardson; Editing by Bill Trott 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-amtrak-idUSKBN19X2UJ'|'2017-07-12T23:42:00.000+03:00'
'c68b326a3475eb8389843235f0c2dafc24456134'|'Gold on track for first weekly gain in three'|'July 14, 2017 / 1:24 AM / 39 minutes ago Gold on track for first weekly gain in three Nithin ThomasPrasad 3 Min Read 24 karat gold bars are seen at the United States West Point Mint facility in West Point, New York June 5, 2013. Shannon Stapleton BENGALURU (Reuters) - Gold prices were largely unchanged on Friday as the dollar steadied ahead of key U.S. economic data, but the metal remained on course for its first weekly gain in three. "Most of the downside in gold this morning was largely due to profit-taking, but more importantly, market sentiment is still on the rosy side and in a more positive environment," said OCBC analyst Barnabas Gan. Spot gold was nearly flat at $1,216.58 per ounce at 0403 GMT, but is up 0.3 percent for the week so far. U.S. gold futures for August delivery fell 0.14 percent to $1,215.60 per ounce. "I''m still bearish on my gold forecasts, but I think there are still some upside risks in the short-term, simply because there''s still some uncertainty on the horizon," said Gan. "The rate hike and the balance sheet tapering should inject a more positive growth outlook ... globally and that should push gold prices down to our $1,200 an ounce estimate by the end of the year." The number of Americans filing for unemployment benefits fell last week for the first time in a month and producer prices unexpectedly rose in June, likely keeping the U.S. Federal Reserve on course for a third interest rate increase this year. "We remain neutral on gold at this point as the dollar''s short-term trend is inconclusive, allowing higher yields to fill the space and throttle any gold rallies," said INTL FCStone analyst Edward Meir. The dollar was little changed against a group of peers early on Friday, as currency investors remained cautious ahead of U.S. inflation data due later in the session. A stronger greenback would weigh on gold, making the dollar-priced commodity more expensive for investors holding other currencies. Global stocks scaled record highs on Friday, with Asian equities rising for the fifth straight session, boosted by signs the Fed will pursue a gradual rate tightening path and hopes for a strong earnings season. Meanwhile, holdings at the SPDR Gold Trust, the world''s largest gold-backed exchange-traded fund fell 0.43 percent to 828.84 tonnes on Thursday from 832.39 tonnes on Wednesday. Among other precious metals, silver prices dropped 0.4 percent to $15.60 per ounce. Palladium advanced 0.4 percent to $855.49 per ounce, set to end the week almost 2 percent higher. Platinum rose 0.6 percent to $906.70 per ounce. Reporting by Nithin Prasad and Arpan Varghese in Bengaluru; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN19Z04K'|'2017-07-14T07:36:00.000+03:00'
'7b894db5395c10215b2c71d4de1ff3a6a19294ea'|'Credit market a bigger systemic risk than during 2008 crisis - BoE'|'July 12, 2017 / 2:55 PM / 5 hours ago Credit market a bigger systemic risk than during 2008 crisis: Bank of England Simon Jessop 3 Min Read A general view shows the Bank of England in the City of London, Britain April 19, 2017. Hannah McKay LONDON (Reuters) - European corporate bond markets could prove a bigger source of market instability during the next big shock than during the 2008 financial crisis, a study by the Bank of England showed. The study is the first to try to model how non-bank lenders would react in a stressed market environment, with the BoE particularly concerned about the effect on corporate funding rates and their impact on the real economy. The need to model the risk has arisen because capital markets have provided a bigger slice of corporate funding since the financial crisis and many of the often-illiquid bonds are held in mutual funds offering daily exits to investors. With dealers at banks making markets in bonds operating under tougher capital rules and therefore more sensitive to risk than before the crisis, the Bank of England is concerned that they may not be able to absorb panic-selling by investors. The study found that weekly mutual fund redemptions of 1 percent of assets under management -- a level seen during the 2008 crisis -- could increase corporate bond interest rates for companies with high credit ratings by about 40 basis points. But the ability of dealers to absorb those sales could be tested if redemptions are only a third higher, in what the study described as "an unlikely, but not impossible, event". "It is a first -- pilot -- step and so is an incomplete exercise, focusing on one type of stress scenario, one market and simple models of the behavior of important parts of the system," the central bank said in the report. "Nevertheless, it has allowed a scenario to be explored in which large-scale redemptions from open-ended investment funds trigger sales by those funds, with resulting spillover effects to dealers and hedge funds." The Bank said it would follow up by examining the role played by pension funds and insurance companies, and would feed into work carried out by peers globally. The results could inform future policy action, though none was recommended. Asset management companies have long argued that they are safe individually and not in need of stress tests such as those in the banking sector because the risk of losses is contained within a fund and borne by investors alone. The Bank of England agreed with that assessment but said the study showed how changes in market structure, coupled with investors'' tendency to sell into a falling market, could create a feedback loop between individually safe parts of the market that amplified the shock. Reporting by Simon Jessop and David Milliken; Editing by David Goodman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-boe-financial-stability-idUKKBN19X20G'|'2017-07-12T17:46:00.000+03:00'
'2ded73bfc6ed1c89765fb88e4c1ed528367b2e11'|'Burberry reports 3 percent underlying growth in first quarter'|'Edition United States July 12, 2017 / 6:19 AM / 2 hours ago Rebound in Chinese demand boosts Burberry sales Paul Sandle 3 Min Read LONDON (Reuters) - Luxury brand Burberry reported better than expected same-store sales in its first quarterly report under new CEO Marco Gobbetti, helped by a rebound in Chinese demand and another good performance in its home British market. Shares in the group, known for its trench coats lined in its camel, red and black check, topped the FTSE 100 index on Wednesday, as analysts said a 4 percent rise in like-for-like sales was double the expected rate. The stock was up 2.8 percent at 1,624 pence at 0841 GMT. Chief Financial Officer Julie Brown said Chinese consumer confidence had rebounded, resulting in stronger growth in mainland China and Hong Kong. In Europe, Britain led the way, although growth has slowed as the group lapped the fallout from Britain''s vote to leave the European Union last year, she said. "We continued to see strength in UK domestics and it even rose as we went through the quarter," Brown said, contrasting with the somber mood of many mass-market retailers as consumer spending is squeezed by higher prices and subdued wages growth. "Customers responded positively to our new DK88 bag," she said. "We continued to have great success with our new tropical gabardine trench coat, with models such as the Haughton selling out in some geographies." FILE PHOTO: A model presents a creation from the Burberry catwalk show at the "London Collections: Men" Autumn/Winter 16 in London, Britain, January 11, 2016. Neil Hall/File Photo Gobbetti took over from Christopher Bailey as chief executive this month, charged with strengthening the brand while improving efficiency and boosting the performance of its stores, where it delivers lower sales per square foot than rivals. Some investors have been unhappy about the pay of executives, including Brown and Bailey, who continues to be Burberry''s creative driving force. Shareholder Royal London is planning to vote against the company''s remuneration report at its annual shareholder meeting on Thursday. Brown said questions about pay should be directed to the remuneration committee, but added the group would continue engaging with shareholders. She also said Burberry would not pursue an option to combine its manufacturing in Yorkshire, north England, in a new facility. "We are taking some time to assess options during the course of the next year or so," she said. Burberry reported retail revenue of 478 million pounds ($613 million) for the three months to the end of June. It said its guidance for full-year pretax profit was unchanged, although exchange rates were forecast to have a 25 million pound adverse impact, an improvement on its previous forecast of a 30 million pound hit. Analysts'' average pretax profit forecast was 456 million pounds before Wednesday''s update. Editing by Kate Holton and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-burberry-group-results-idUKKBN19X0J0'|'2017-07-12T09:15:00.000+03:00'
'9276941d54d3407c32f2c379c183452882ab3934'|'CANADA STOCKS-Futures rise ahead of BoC interest rate decision'|'July 12, 2017 / 11:29 AM / an hour ago CANADA STOCKS-Futures rise ahead of BoC interest rate decision 3 Min Read July 12 (Reuters) - Stock futures pointed to a higher opening for Canada''s main stock index on Wednesday as investors await an interest rate decision by the Bank of Canada. The median consensus, according to analysts polled by Reuters on Tuesday, showed the central bank will increase rates by 25 basis points to 0.75 percent, the first hike in nearly seven years. Interest rate data is due at 10:00 a.m. ET. September futures on the S&P TSX index were up 0.2 percent at 7:15 a.m. ET. Canada''s main stock index rose on Tuesday as higher commodity prices boosted the shares of resource companies, while investors awaited the Bank of Canada''s interest rate decision on Wednesday. Dow Jones Industrial Average e-mini futures were up 0.15 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.15 percent and Nasdaq 100 e-mini futures were up 0.25 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) Top Stories Canadian lender Home Capital Group Inc appointed Yousry Bissada as its chief executive, bringing to an end a search it started in March after it terminated the employment of former CEO Martin Reid. The Bank of Canada is widely expected to raise interest rates on Wednesday for the first time since 2010, following the Federal Reserve in a bid to inch rates back towards normal after the global financial crisis a decade ago. Analyst Research Highlights Aveda Transportation: Canaccord Genuity starts coverage with "speculative buy" rating Sun Life Financial Inc: Barclays raises target price to C$53 from C$52 COMMODITIES AT 7:15 a.m. ET Gold futures: $1,218.3; +0.39 pct US crude: $45.76; +1.60 pct Brent crude: $48.18; +1.39 pct LME 3-month copper: $5,919; +0.75 pct u.s. Economic Data Due on Wednesday 1100 TR IPSOS PCSI for Jul: Prior 62.77 For Canadian Markets News, Click on Codes: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.29) Reporting by Riniki Sanyal in Bengaluru; Editing by Sriraj Kalluvila 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL4N1K33TM'|'2017-07-12T14:29:00.000+03:00'
'1f3904d4365dd1b386708897e27bd6ff8da5cd9e'|'IMF sees trouble ahead for emerging Europe'|'July 11, 2017 / 10:43 AM / a few seconds ago IMF sees trouble ahead for emerging Europe Igor Ilic and Balazs Koranyi 3 Min Read The International Monetary Fund logo is seen during the IMF/World Bank spring meetings in Washington, U.S., April 21, 2017. Yuri Gripas DUBROVNIK, Croatia (Reuters) - Emerging Europe is facing increasing economic stresses that threaten to unwind some of the political progress made over the of past decades, a top International Monetary Fund official said on Tuesday. Poul Thomsen, the head of the IMF European Department said central and eastern Europe''s economic growth potential has halved in the past decade and the rapid outflow of skilled workers is an increasing drag. He noted at a conference in Dubrovnik that some governments in the region are even questioning the benefits of European integration. With Europe struggling through a decade of crisis and economic malaise, convergence between the core Western countries and the Eastern periphery has slowed or stopped. This has raised domestic questions about the validity of painful economic and political reform. "This is a timely reminder to all of us not to fool ourselves into believing that governance and institutional progress are inevitable; not to believe that such progress is an unstoppable outcome, a steady evolution. It is not," Thomsen said. "Going forward, headwinds will grow stronger," the Danish economist said. Thomsen, who has led IMF programs with countries such as Greece and Portugal, also noted that the exceptional support from a benign global growth environment that benefited the region when it is initially emerged from Communism, was unlikely to be replicated. Meanwhile, the outflow of skilled workers to Western Europe is a top issue for the region. The IMF estimates that 20 million people have left central and eastern Europe in the past decades -- roughly 5-6 percent of the population. Half of Hungarian and a quarter of Polish manufacturing firms now claim that a shortage of workers is limiting production and inhibiting investment, surveys showed. Eu Tensions On a political note, Thomsen pointed to increased tensions between some of the EU''s eastern members and the European Commission as a key concern. The EU is at loggerheads with Poland about rule-of-law issues and has clashed with Hungary over refugees, among other issues. The turmoil of the past decade has also put into doubt the value of EU membership for countries still outside the bloc. He added that another concern is that given the disappointments of the past decade, some countries may reverse the political and institutional reforms that were meant to solidify democracy and support long term growth. "Some of the threats of (governance) reversal... are evident in some of the most advanced countries of the region," Thomsen said. "There is clearly one area where we at the Fund are concerned: central bank independence," Thomsen said. "In a number of countries central bank independence is under threat." Reporting by Balazs Koranyi and Igor Ilic Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-cee-economy-imf-idUKKBN19W11I'|'2017-07-11T13:24:00.000+03:00'
'1fc7fb344937905ceb90a81cf87726196c4a61e5'|'Fashion M&A, like a crop top, is hard to pull off'|'July 10, 2017 / 11:03 PM / 4 hours ago Fashion M&A, like a crop top, is hard to pull off Lauren Hirsch 6 Min Read Signage is seen at the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. Andrew Kelly NEW YORK (Reuters) - Mergers and acquisitions for fashion retailers are like a crop top t-shirt: a risk best braved by a select few and avoided after a certain age. Abercrombie & Fitch Co ( ANF.N ), the teen brand with a 125-year heritage, became the latest to demonstrate that on Monday, ending talks about a potential sale after failing to agree terms with potential suitors. Successful deals in the mercurial world of U.S. fashion are rare, and now look even less likely to succeed as sales dip across the board. Cost savings can be counterproductive if it means squeezing money out of marketing and design, and buyers are taking a risk on a style that can easily go out of favor. As a result, established brands like Abercrombie are having problems finding a savior. "Often, as well as spending the money to buy the brand or business, you then have to spend more to do something strategic that will propel growth, and that means paying out twice before getting a return," said Neil Saunders, managing director of market research firm GlobalData Retail. Five of the 20 companies involved in the biggest private equity apparel deals of the last decade have been restructured or gone bankrupt. All struggled under the debt load of a leveraged buyout. The biggest acquisition, Apollo Global Management''s roughly $3.1 billion leveraged buyout of Claire''s Stores Inc, restructured in 2016. The second-largest acquisition, J. Crew Group Inc, which TPG Capital and Leonard Green & Partners bought for about $3 billion, is now being restructured. Gymboree Corp filed for bankruptcy last month, seven years after Bain Capital''s $1.8 billion purchase. Mounting Pressure Many U.S. fashion bosses are finding they have no option but to consider a sale as pressure mounts from more affordable fast-fashion chains from Europe such as Zara ( ITX.MC ) and H&M ( HMb.ST ), and customers abandon malls in favor of Amazon.com Inc ( AMZN.O ) and other online retailers. Outerwear brand Eddie Bauer, for example, is exploring a sale while also seeking relief from its debt load, sources have told Reuters. Teen brand American Apparel explored a sale last year before ultimately filing for bankruptcy. As Abercrombie''s experience shows, finding a willing buyer at the right price is difficult. "Public company board members are reticent about green-lighting large-scale mergers and acquisitions because it''s hard to find a good example of a business that has been rewarded by the equity market for doing so," said Rohit Singh, who specializes in retail at UBS Investment Bank, not speaking specifically about Abercrombie. Struggling retailers are a tough sell to potential acquirers. Merging with another company risks double the trouble – more brands falling flat and more stores bereft of customers. Most fashion retailers are locked into store leases, and as landlords watch their malls empty out, they are increasingly unwilling to give their tenants and easy path out. "Perhaps the reason the Abercrombie deal didn’t get done was that they’ve got way too many stores in way too many malls that don’t make any money, and the cost to unwind those pieces and get out of those stores is just too great to compensate for the upside," said Mark Belford, a retail specialist at KPMG Corporate Finance. After failing to strike a deal, Abercrombie now has no choice but to go it alone. On Monday, the New Albany, Ohio-based retailer said it will focus on its growing surf-wear brand Hollister and try to reposition its flagship brand, which has reported falling quarterly sales since 2014. Sinking Rocks The most successful acquisitions have been those of younger brands, which have room for growth and have yet to develop expensive supply chains and costly, little-used store bases. Gap Inc''s ( GPS.N ) $150 million purchase of athletic and yoga clothing line Athleta Inc in 2008, for example, gave it a foothold in a growing fashion trend. The acquisition helped save Gap when sales of its jeans slowed as shoppers shifted to leggings. Apparel retailers which bought rivals in the hope of finding growth or eliminating competition have found little payoff. “Oftentimes, the companies themselves aren''t growing, so it doesn''t solve the underlying challenge," said Josh Chernoff, managing director, retail at consultant Parthenon-EY. "If you tie two rocks together, they sink just as fast or faster." The changing winds of fashion derailed Wolverine Worldwide’s $1.2 billion acquisition of boat shoe maker Sperry and other brands in 2012, several of which Wolverine tried to sell this year. Shoppers’ addiction to discounting crushed Men''s Wearhouse Inc''s $1.8 billion acquisition of rival Jos. A. Bank, the value of which was almost written off. The suit retailer''s sales plunged after it abandoned its famous "buy-one-get-three-free" specials in the wake of the 2014 merger. Ascena Retail Group Inc ( ASNA.O ), one of the few serial acquirers in U.S. apparel, has been laid low by its roughly $2.1 billion acquisition of Ann Inc, parent of work-wear line Ann Taylor. The 2015 acquisition was meant to give it a full portfolio of womenswear brands and enable it to cut $150 million over three years in costs as it centralized the different lines’ internet infrastructure, distribution and manufacturing. But sales for all its brands have dropped, most recently a combined 8 percent in the third quarter of 2017. Ascena''s market value is now $400 million, roughly 85 percent lower than before the deal. "Fashion is not something you can solve with math," said Belford. "Fashion – you either get it or you don’t, and it either sells or it sits on the shelf." Reporting by Lauren Hirsch in New York; Additional reporting by Richa Naidu in Chicago; Editing by Carmel Crimmins and Bill Rigby 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-m-a-fashion-idINKBN19V2SX'|'2017-07-11T01:59:00.000+03:00'
'6d645a4692f3f6c66e59cfb678120d71c3a6d5b9'|'PepsiCo''s quarterly profit beats estimates'|'July 11, 2017 / 10:33 AM / a minute ago PepsiCo''s quarterly profit beats estimates Reuters Staff 2 Min Read Pepsi products are displayed in a supermarket in New York City, U.S. February 15, 2017. Brendan McDermid (Reuters) - PepsiCo Inc ( PEP.N ) reported a better-than-expected quarterly profit on Tuesday, helped by higher pricing of its sodas and snack foods sold in North America and the sale of its minority stake in British bottler Britvic Plc ( BVIC.L ). Revenue in PepsiCo''s North America beverage business, the company''s biggest, rose 2 percent to $5.24 billion in the second quarter ended June 17. While volume sales were flat, net pricing was up 1 percent, the company said. Revenue from its Frito-Lay North America business rose 3 percent, helped by a 1 percent rise in volume and 3 percent rise in net pricing. PepsiCo and rival Coca-Cola Co ( KO.N ) have focused on selling smaller, higher-margin packs in developed markets while pulling back on promoting large discount packs as they look to cushion the impact of falling demand for fizzy drinks. PepsiCo said in May it would sell its 4.5 percent stake in British bottler Britvic for an undisclosed amount. Net income attributable to PepsiCo rose to $2.11 billion, or $1.46 per share, from $2.01 billion, or $1.38 per share, a year earlier. Excluding items, the company earned $1.50 per share. Revenue rose 2.1 percent to $15.71 billion. Analysts on average had expected earnings of $1.40 per share on revenue of $15.60 billion, according to Thomson Reuters I/B/E/S. Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Martina D''Couto 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-pepsico-results-idUKKBN19W10A'|'2017-07-11T13:26:00.000+03:00'
'06569809dbc38ac748eff5ab7faf068dab0f591d'|'Homebuilder Galliford sees full-year profit at top end of forecast'|'July 11, 2017 / 7:12 AM / 7 hours ago Homebuilder Galliford sees full-year profit at top end of forecast Reuters Staff 1 Min Read A builder assembles scaffolding as he works on new homes, in south London June 3, 2014. Andrew Winning/Files (Reuters) - British housebuilder Galliford Try, which pulled out of a 1.2 billion pound attempt to buy rival Bovis in April, said it expects full-year profit to come in at the top end of analysts'' forecasts. Galliford said that it saw a strong performance across all of its businesses, with revenue growth accelerating in the second half at its Linden Homes division. It said it was sticking to its forecasts for 2018. Analysts forecast profit before tax for the year ending June 30 to be 46 million pounds to 59 million pounds, the company said. "As we enter the new financial year, we are cautious about the impact of the current political uncertainty following the general election and the medium-term outlook for the macro economy," Galliford cautioned. Shares in the company were up 3.5 percent at 1,212.8 pence at 0705 GMT (8.05 a.m. BST), placing them second on the FTSE Mid Cap index gainers list. Reporting by Rahul B in Bengaluru 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-galliford-outlook-idUKKBN19W0J3'|'2017-07-11T10:19:00.000+03:00'
'9abe8d9dcc9728d1bd76f74e6c4d2bcced300c07'|'Amec Foster Wheeler under investigation by Serious Fraud Office'|'July 11, 2017 / 7:24 PM / an hour ago Amec Foster Wheeler under investigation by Serious Fraud Office Reuters Staff 1 Min Read (Reuters) - British oil and gas services company Amec Foster Wheeler ( AMFW.L ) and individuals associated with the business are under investigation by the Serious Fraud Office (SFO), the company said on Tuesday. The investigation is focusing on the past use of third parties, bribery, corruption and related offences, Amec said in a statement, adding that it is cooperating fully with the British fraud agency. The SFO confirmed the investigation in a statement on its website ( bit.ly/2tb9Xxn ). Amec Foster Wheeler said the investigation is not expected to have an impact on completion of its planned 2.2 billion pound takeover by John Wood Group ( WG.L ). Reporting by Sangameswaran S in Bengaluru; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-amec-foster-sfo-idUKKBN19W2G0'|'2017-07-11T22:23:00.000+03:00'
'f4f15e22dda040bf4d86503adf333edd388eba42'|'Special report: Inside Philip Morris'' campaign to subvert the global anti-smoking treaty'|'July 13, 2017 / 11:33 AM / in 2 hours Special Report - Inside Philip Morris'' campaign to subvert the global anti-smoking treaty Aditya Kalra , Paritosh Bansal , Duff Wilson and Tom Lasseter 29 Min Read FILE PHOTO: Philip Morris International''s operational headquarters are pictured in Lausanne August 19, 2009. To match Special Report PMI-WHO/FCTC Denis Balibouse/File Photo NEW DELHI/LAUSANNE, Switzerland (Reuters) - A group of cigarette company executives stood in the lobby of a drab convention centre near New Delhi last November. They were waiting for credentials to enter the World Health Organization''s global tobacco treaty conference, one designed to curb smoking and combat the influence of the cigarette industry. Treaty officials didn''t want them there. But still, among those lined up hoping to get in were executives from Japan Tobacco International and British American Tobacco Plc. There was a big name missing from the group: Philip Morris International Inc. A Philip Morris representative later told Reuters its employees didn''t turn up because the company knew it wasn''t welcome. In fact, executives from the largest publicly traded tobacco firm had flown in from around the world to New Delhi for the anti-tobacco meeting. Unknown to treaty organizers, they were staying at a hotel an hour from the convention centre, working from an operations room there. Philip Morris International would soon be holding secret meetings with delegates from the government of Vietnam and other treaty members. The object of these clandestine activities: the WHO''s Framework Convention on Tobacco Control, or FCTC, a treaty aimed at reducing smoking globally. Reuters has found that Philip Morris International is running a secretive campaign to block or weaken treaty provisions that save millions of lives by curbing tobacco use. In an internal document, the company says it supported the enactment of the treaty. But Philip Morris has come to view it as a "regulatory runaway train" driven by "anti-tobacco extremists" – a description contained in the document, a 2014 PowerPoint presentation. Confidential company documents and interviews with current and former Philip Morris employees reveal an offensive that stretches from the Americas to Africa to Asia, from hardscrabble tobacco fields to the halls of political power, in what may be one of the broadest corporate lobbying efforts in existence. Details of those plans are laid bare in a cache of Philip Morris documents reviewed by Reuters, one of the largest tobacco industry leaks ever. Reuters is publishing a selection of those papers in a searchable repository, The Philip Morris Files. ( reut.rs/2sT51xF ) Dating from 2009 to 2016, the thousands of pages include emails between executives, PowerPoint presentations, planning papers, policy toolkits, national lobbying plans and market analyses. Taken as a whole, they present a company that has focused its vast global resources on bringing to heel the world''s tobacco control treaty. Targeting the Treaty Philip Morris works to subvert the treaty on multiple levels. It targets the FCTC conferences where delegates gather to decide on anti-smoking guidelines. It also lobbies at the country level, where the makeup of FCTC delegations is determined and treaty decisions are turned into legislation. The documents, combined with reporting in 14 countries from Brazil to Uganda to Vietnam, reveal that a goal of Philip Morris is to increase the number of delegates at the treaty conventions who are not from health ministries or involved in public health. That''s happening: A Reuters analysis of delegates to the FCTC''s biennial conference shows a rise since the first convention in 2006 in the number of officials from ministries like trade, finance and agriculture for whom tobacco revenues can be a higher priority than health concerns. Philip Morris International says there is nothing improper about its executives engaging with government officials. "As a company in a highly regulated industry, speaking with governments is part of our everyday business," Tony Snyder, vice president of communications, said in a statement in response to Reuters'' findings. "The fact that Reuters has seen internal emails discussing our engagement with governments does not make those interactions inappropriate." In a series of interviews in Europe and Asia, Philip Morris executive Andrew Cave said company employees are under strict instructions to obey both the company''s own conduct policies and local law in the countries where they operate. Cave, a director of corporate affairs, said that while Philip Morris disagrees with some aspects of the FCTC treaty and consults with delegates offsite during its conferences, ultimately the delegations "make their own decisions." "We''re respectful of the fact that this is their week and their event," said Cave in an interview in New Delhi, as the parties to the treaty met last November. Asked in an earlier interview whether Philip Morris conducts a formal campaign targeting the treaty''s biennial conferences, Cave gave a flat "no." Health Impact When the FCTC delegates gather, lives hang in the balance. Decisions taken at the conferences over the past decade, including a ban on smoking in public places, are saving millions of lives, according to researchers at Georgetown University Medical Center. Between 2007 and 2014, more than 53 million people in 88 countries stopped smoking because those nations imposed stringent anti-smoking measures recommended by the WHO, according to their December 2016 study. Because of the treaty, an estimated 22 million smoking-related deaths will be averted, the researchers found. According to the WHO, though, tobacco use remains the leading preventable cause of death – and by 2030 will be responsible for eight million deaths a year, up from six million now. There was jubilation among anti-smoking advocates when the treaty was adopted in 2003. The treaty, which took effect in 2005, made it possible to push for measures that once seemed radical, such as smoke-free bars. About 90 percent of all nations eventually joined. A big holdout is the United States, which signed the treaty but has yet to ratify it. Since the FCTC came into force, it has persuaded dozens of nations to boost taxes on tobacco products, pass laws banning smoking in public places and increase the size of health warnings on cigarette packs. Treaty members gather every two years to consider new provisions or strengthen old ones at a meeting called the Conference of the Parties, or COP, which first convened in 2006 in Geneva. But an FCTC report shows that implementation of important sections of the treaty is stalling. There has been no further progress in the implementation of 7 out of 16 "substantive" treaty articles since 2014, according to a report by the FCTC Secretariat in June last year. A key reason: "The tobacco industry continues to be the most important barrier in implementation of the Convention." ''More Powerful Than Ever'' Indeed, the tobacco industry has weathered the tighter regulation. There has been only a slight 1.9 percent decline in global cigarette sales since the treaty took effect in 2005, and more people smoked daily in 2015 than a decade earlier, studies show. The Thomson Reuters Global Tobacco Index, which tracks tobacco stocks, has risen more than 100 percent in the past decade, largely due to price increases. "Some people think that with tobacco, you''ve won the battle," said former Finnish Health Minister Pekka Puska, who chaired an FCTC committee last year. "No way," he said. "The tobacco industry is more powerful than ever." With 600 corporate affairs executives, according to a November 2015 internal email, Philip Morris has one of the world''s biggest corporate lobbying arms. That army, and $7 billion-plus (£5.4 billion) in annual net profit, gives Philip Morris the resources to overwhelm the FCTC. The treaty is overseen by 19 staff at a Secretariat office hosted by the WHO in Geneva. The Secretariat spends on average less than $6 million a year. Even when buttressed by anti-smoking groups, the Secretariat is outgunned. Its budget for this year and last year for supporting the treaty clause on combating tobacco company influence is less than $460,000. Vera Luiza da Costa e Silva, head of the FCTC treaty Secretariat, is the person tasked with preventing the industry from neutering the agreement. In two interviews at her Geneva office, da Costa e Silva, a medical doctor who holds a PhD in public health and has a dyed pink streak in her hair, explained why the FCTC banned attendance by any member of the public at the 2014 biennial conference in Moscow. The ban came in response to efforts by tobacco executives to use public badges to get inside the venue, she said, adding that industry representatives then started borrowing badges from delegates they knew to gain entry. "It''s a real war," said da Costa e Silva. But she had only a partial picture of the forces ranged against her. She wasn''t aware of the fact that Philip Morris had a large team operating throughout the convention in Moscow, or the details of its activities in New Delhi last November. "This is so disgusting. These are the forces against which we have to work," da Costa e Silva said in May after being told about the Philip Morris documents. "I think they want to implode the treaty." Tobacco Outrage The idea of a global tobacco treaty had been discussed among health advocates since at least 1979, when a WHO committee suggested the possibility. Gro Harlem Brundtland, a former prime minister of Norway who became director-general of the WHO in 1998, made it happen. She was aided by outrage over documents that surfaced as part of the landmark 1998 Master Settlement Agreement, in which the four largest U.S. tobacco companies agreed to pay more than $200 billion to 46 U.S. states. The internal communications showed that tobacco executives lied for years about their knowledge of the deadly nature of cigarettes. A 1989 document revealed one company''s plan to fight threats to the industry. "WHO''s impact and influence is indisputable," the document said. It went on to contemplate "countermeasures designed to contain/neutralize/re-orient the WHO." That company was Philip Morris. In 2008, Altria Group Inc split up its Philip Morris business. Philip Morris USA, which remains a subsidiary of Altria, sells Marlboro and other brands in the United States. Philip Morris International was spun off, and handles business abroad. Since the split, Philip Morris International shares have more than doubled and Altria''s have more than tripled. Philip Morris International''s operational headquarters are in Lausanne, Switzerland, down the street from a patch of Gallo-Roman ruins, in a sleek building with a cafeteria, gym and a patio facing Lake Geneva. From there, the company is working to hobble the treaty. Internal company communications reveal the scope of Philip Morris'' operation during the 2014 FCTC treaty meeting in Moscow. The company set up a "Coordinating Room" that could seat 42 people, according to the 2014 PowerPoint presentation, titled "Corporate affairs approach and issues." Leading the operation was executive Chris Koddermann. Formerly a lawyer and lobbyist in Canada, Koddermann joined Philip Morris in 2010. He is now a director of regulatory affairs in Lausanne. The PowerPoint describes the ideal corporate affairs executive as someone who is able to "play the political game." Koddermann previously worked for federal and provincial cabinet ministers in Canada, according to his LinkedIn profile. Reached on his cell phone in March, Koddermann said he wouldn''t be able to meet and that any questions should be directed to Philip Morris International. Congratulatory Email At the end of the Moscow meeting, on Oct. 18, 2014, Koddermann sent an email congratulating a 33-person Philip Morris team on their success in diluting or blocking measures intended to strengthen tobacco controls and reduce cigarette sales. The gains he touted at the end of the week-long conference were the culmination of a two-year effort, his email said. The documents shed light on one key objective in Philip Morris'' FCTC campaign: Keep tobacco within the ambit of international trade deals, so that the company has a way to mount legal campaigns against tobacco regulations. In Moscow, one proposal initially called for carving out tobacco from trade pacts. International trade treaties often include provisions, such as the protection of trademarks, that Philip Morris has used to challenge anti-smoking measures. If tobacco were taken out of the treaties, as suggested by the proposal, Philip Morris could be deprived of many such legal arguments. An early draft asked parties to support efforts to exclude tobacco from trade pacts and to prevent the industry from "abusing" trade and investment rules. In the end, the proposal was watered down. The final decision only reminded parties of "the possibility to take into account their public health objectives in their negotiation of trade and investment agreements." There was no mention of excluding tobacco. Koddermann, in his email to colleagues on the last day of the conference, declared victory, describing the change as "a tremendous outcome." Overall, the company achieved its "trade related campaign objectives," including "avoiding a declaration of health over trade" and "avoiding the recognition of the FCTC as an international standard," he wrote. The win was significant. A former Philip Morris employee said the company has routinely used trade treaties to challenge tobacco control laws. The aim, he said, was "to scare governments away from doing regulatory changes." Even though the tobacco industry has lost a series of major legal battles, its suits have served to discourage the implementation of regulations that curb smoking. Those delays can yield years of unimpeded sales. As the Philip Morris PowerPoint presentation from 2014 put it: "Roadblocks are as important as solutions." ''Watered Down'' One roadblock was a campaign to stop the 2011 introduction of rules in Australia banning logos and distinctive colouring on cigarette packs. The company''s litigation and arbitration against the measure ultimately were dismissed – but not before five countries filed complaints against Australia on the same subject at the World Trade Organization. The global trade body has yet to announce a decision in the matter. Cigarettes and a health warning label are seen in this May 24, 2017 illustration photo. Thomas White/Illustration The attempt to undo Australia''s regulations has had a chilling effect elsewhere. It slowed the introduction of plain-packaging rules in New Zealand. Citing the risk that tobacco companies may "mount legal challenges," the government announced in 2013 that it was postponing the move and waiting to "see what happens with Australia''s legal cases." The legislation is now scheduled to go into effect next year. In his Moscow conference email, Koddermann also expressed pleasure at the fate of a proposal on farmers. Initial language would have recommended that countries restrict support for tobacco growers. The proposal was "significantly watered down," he wrote. "This is a very positive result." Gustavo Bosio, at the time a manager for international trade, chimed in a few days after the conference in an email: "These excellent results are a direct consequence of the remarkable efforts of all PMI regions and markets during the past two years and throughout the intense week in Moscow." Philip Morris isn''t alone in seeking to weaken the treaty. Ahead of the 2012 FCTC conference, in Seoul, four cigarette giants – Philip Morris, British American Tobacco (BAT), Japan Tobacco International and Imperial Brands Plc – formed an "informal industry Working Group" to oppose various proposals on tobacco taxation, according to an internal BAT document reviewed by Reuters. The 45-page paper, whose existence hasn''t been previously reported, noted that the group would coordinate "to the extent that these issues do not raise any anti-competitive concerns." The paper outlined a global campaign planned by BAT to counter the FCTC, which was "increasingly going beyond" its mandate. And it listed objectives, including a bid to block discussions around the introduction of a minimum 70 percent tax on tobacco. BAT declined to answer questions about the industry working group. Both Imperial and Japan Tobacco International said they didn''t want to comment on a document from a competitor. Japan Tobacco International said its tax experts met with counterparts from other tobacco companies to discuss treaty guidelines on taxation ahead of the 2012 conference. Philip Morris did not comment on the document. Wooing Delegates The Philip Morris emails and documents don''t explicitly detail how the company pulled off the victories in Moscow. But they provide insight into the importance it places on wooing delegates. The FCTC traditionally makes decisions by consensus, and so influencing a single national delegation can have an outsized impact. The treaty has a key clause meant to keep the industry from unduly influencing delegations. Article 5.3, as it''s known, says nations should protect their public health policies from tobacco interests. Guidelines that accompany Article 5.3 recommend that countries interact with the industry only when "strictly necessary." But the article – a single sentence – contains a loophole Philip Morris has exploited. The sentence ends with the words "in accordance with national law," opening the door to arguments by pro-tobacco forces that any lobbying that''s legal in a certain country is permissible when interacting with that country''s representatives. They also argue that a sentence in a related document, the guidelines for Article 5.3, allows for such interactions to take place as long as they are conducted transparently. One of the company''s targets has been Vietnam. The day the Moscow meeting ended, Koddermann received an email from his colleague Nguyen Thanh Ky, a leading corporate affairs executive for Vietnam. Ky said he had a "debrief lunch" with the Vietnamese delegation and had a good outcome to report: The delegation was in favour of "moderate and reasonable measures" to be implemented over a "practical timeline," he wrote. He did not specify which measures they discussed. The Vietnamese delegation spoke up often during the Moscow meeting. A review of notes compiled by tobacco-control groups accredited as observers showed Vietnam''s interjections frequently mirrored Philip Morris'' positions on tobacco-control regulations. Just like the tobacco giant, the Vietnamese said a higher tax on cigarettes would lead to more illicit sales. Like Philip Morris, they said the FCTC should stay out of trade disputes. And like Philip Morris, they opposed proposals to set uniform parameters for the legal liability of tobacco companies. The FCTC guidelines on taxation did ultimately include a WHO recommendation for a minimum tax of 70 percent – something Philip Morris opposed. But the proposal to give the treaty more sway over trade disputes was weakened, and measures to strengthen the legal liability of cigarette companies were delayed. Vietnam''s foreign ministry did not respond to questions from Reuters. Secret Rendezvous As soon as the conference ended, the documents show, Philip Morris turned to the next one: the 2016 meeting in India. Slideshow (12 Images) The 2014 PowerPoint presentation outlined the need to identify ways to gather intelligence during the Delhi conference. In a separate 2015 planning document, the company talks about the arrangement of farmer protests in the run-up to the meeting. Such protests did take place – including one in front of WHO offices in New Delhi. Reuters couldn''t determine whether Philip Morris was behind those demonstrations. While other major tobacco companies also sent people to Delhi in November, Philip Morris was distinguished by its stealth. Executives from the company did not sign in with their tobacco industry colleagues at the FCTC convention centre and stayed at a hotel about an hour''s drive away. The anonymity and distance helped Philip Morris approach delegates covertly. On the second day of the conference, a white Toyota van pulled away from the front of the Hyatt Regency hotel – where Philip Morris had its operations room – and headed for the FCTC treaty venue. The van was carrying Ky, its corporate affairs executive from Vietnam. Ky''s driver talked his way past police at the barricade outside the conference centre, where FCTC-issued credentials were checked, explaining that he was driving "VIPs," the driver later told Reuters. A few minutes later, a man in a dark suit walked out of the conference centre, passed the van and stopped at a street corner. The van did a U-turn, and a Reuters reporter saw the man in the suit quickly climb in. He was a senior member of Vietnam''s delegation to the FCTC conference: Nguyen Vinh Quoc, a Vietnamese government official. The driver, Kishore Kumar, said in an interview that he dropped the two men off at a local hotel. Kumar said that on several other occasions that week, he took Ky to pick up people from the Hotel Formule1, a budget lodging where Vietnam''s delegation was staying during the conference. Ky and Quoc did not respond to requests for comment. Asked by Reuters about the interaction between Ky and the Vietnam representatives, Philip Morris executive Andrew Cave thumped on the table in a bar at the hotel where company representatives were staying. Reuters should focus, he said, on efforts by the industry to develop so-called reduced-risk products – those that deliver nicotine without the burning of tobacco and which the company says reduce harm. When pressed about the meetings with Vietnam, Cave thumped the table again: "I''m angry that you''re focusing on that, rather than the real issues that matter to real people." In a subsequent email, Cave said: "Representatives from Philip Morris International met with delegates from Vietnam" during the Delhi conference "to discuss policy issues and this complied fully with PMI''s internal procedures and the laws and regulations of Vietnam." Delegates, Cave said in separate interviews, are reluctant to meet openly with Philip Morris because they are afraid of being "named and shamed" by anti-smoking groups. ''Slavery Ended a Long Time Ago'' Some delegates questioned the extent to which Philip Morris shaped the decisions made at the Moscow conference, saying attendees genuinely disagreed on certain issues. Nuntavarn Vichit-Vadakan, a Thai delegate, oversaw many discussions as the chair of an FCTC committee at the Moscow conference. She said delegates differed over the regulation of e-cigarettes, for instance, and any lobbying the company carried out would not have determined the outcome. The Philip Morris documents leave questions unanswered. In some cases, the documents show the company hatching plans to change an anti-smoking regulation or to monitor activists, but don''t always make clear to what extent or how the plans were executed, if at all. The 2014 PowerPoint presentation called for "achieving scrutiny" of tobacco control advocates and said a "global project team" had been established for this purpose. It did not list what means would be used. In some instances, Philip Morris'' lobbying plainly failed. In July 2015, the Ugandan parliament passed sweeping new anti-tobacco laws inspired by the treaty. All that was needed was President Yoweri Museveni''s signature, and the small African nation would become a leader on the continent in implementing a strict interpretation of the FCTC. Philip Morris sent an executive, a younger white man, to tell the septuagenarian president, who long ago had helped topple dictator Idi Amin, why the tobacco act was a bad idea. Sheila Ndyanabangi, Uganda''s lead health official for tobacco issues who was present at the meeting, described the executive''s approach as lecturing the statesman. "He said, ''Ugandan tobacco will be too expensive'' and ''it will not be competitive,''" Ndyanabangi said. Her account was confirmed by a senior Ugandan government official who was also present. Museveni stared for a moment at the Philip Morris executive and a representative from a major tobacco buyer who''d come with him. The president then declared: "Slavery ended a long time ago." There was a long silence in the room, recalled Ndyanabangi. Museveni said Uganda didn''t need tobacco, and the meeting was over. The president signed the bill that September. Museveni''s office did not respond to requests for comment. Changing the Delegations Over time, however, the industry''s lobbying has slowed the treaty''s progress. At the biennial conferences, the discussions have changed. In Moscow, for instance, there was a strong focus on trade and taxes. "You could see from the floor that interventions were very, very, very much focusing on the trade aspects, many times even putting trade over health," the FCTC''s da Costa e Silva said in an interview last year. The composition of FCTC delegations sent by governments has changed to include more members who aren''t involved in health policy. That''s in line with what Philip Morris and other tobacco companies want: Philip Morris, as well as British American Tobacco, has sought to move the balance of the membership away from public health officials and toward ministries like finance and trade. Such agencies, said the former Philip Morris executive, benefit from tobacco tax revenues and attach less weight to health concerns. "The health department would just want tobacco to be banned, while for the finance ministry it''s more like how can we leverage or get as much money as we can," he said. The object of Philip Morris'' efforts, according to the 2014 PowerPoint on corporate affairs, is to "move tobacco issues away" from health ministries and demonstrate there are broader public interests at play – that "it''s not about tobacco." Cave, the Philip Morris corporate affairs executive, confirmed the company tries to persuade governments to change the composition of delegations. Health officials, he said, aren''t equipped to handle the intricacies of issues such as taxation. "You''re looking at illicit trade, you''re looking at tax regimes, you''re looking at international law," he said. "Now each of these areas, it''s logical, if you want to really tackle the trade and tobacco smuggling, illicit trade, who would you go to? You wouldn''t go to the health ministry." Reuters analysed the rosters of the almost 3,500 accredited delegation members who have attended the seven FCTC conferences since 2006. The analysis found that there were more than six health delegates for every finance-related delegate in 2006. In Delhi last year, that ratio had fallen to just over three health delegates for every finance delegate. The number of delegates from finance, agriculture and trade fields has risen from a few dozen in 2006 to more than 100 in recent years. Vietnam''s delegation, for example, has changed markedly. At the first FCTC conference in 2006, none of its four delegates were from finance or trade ministries. By 2014, in Moscow, there were 13 delegates, with at least four from finance-related ministries, including the chief delegate. Vietnam''s foreign ministry did not respond to questions about the delegation. Da Costa e Silva isn''t opposed to having delegates from trade ministries, but she says their primary focus needs to be on health. And she was concerned by the makeup of the Vietnamese delegation. In a letter to the Vietnamese prime minister in late 2015, she asked that tobacco industry employees be excluded from the delegation. If they weren''t, she wrote, Vietnam might be "unable to play a full part in discussions." In 2016, Vietnam brought 11 delegates to the conference, of whom six were from health agencies, including the chief representative. Some tobacco-control activists who attended the Delhi meeting in November say it was the worst so far in terms of passing new anti-smoking provisions. Matthew Myers, who heads the Campaign for Tobacco-Free Kids, said multiple countries came prepared to consciously block action. He said he heard delegates making arguments "I haven’t heard in 25 years." A Nigerian delegate, for instance, asked to remove a reference to "the tobacco epidemic" from a draft proposal on liability for tobacco-related harm, according to notes taken by anti-smoking groups. Asked for comment, Christiana Ukoli, head of the delegation in Delhi, said the "Nigerian delegation strongly dissociates itself from [that] statement." The Delhi conference ended as it began, with treaty Secretariat officials not knowing where Philip Morris had been or what it had done. The company had flown in a team of executives, used a squad of identical vans to ferry officials in New Delhi, and then left town without a trace. Reporting by Aditya Kalra, Paritosh Bansal, Duff Wilson and Tom Lasseter. Additional reporting by Joe Brock in Johannesburg, Ami Miyazaki in Tokyo, Mai Nguyen, My Pham and Minh B. Ho in Hanoi, Elias Biryabarema in Kampala, Enrico Dela Cruz in Manila, Stephen Eisenhammer and Anthony Boadle in Brasilia, Alexis Akwagyiram and Ulf Laessing in Lagos, and Patturaja Murugaboopathy in Bengaluru. Edited by Peter Hirschberg. 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/uk-pmi-who-fctc-special-report-idINKBN19Y18V'|'2017-07-13T14:37:00.000+03:00'
'8c2b99c1f6fc39a0cddd8cb49e25adcf628929b1'|'S&P warns more sovereign downgrades likely this year'|'July 12, 2017 / 3:21 PM / 3 hours ago S&P warns more sovereign downgrades likely this year 2 Min Read A view shows the Standard & Poor''s building in New York''s financial district February 5, 2013. Brendan McDermid LONDON (Reuters) - More governments are likely to see their sovereign credit ratings cut this year, S&P Global said on Wednesday. An average of more than one country a week has had its rating cut by the big rating agencies - S&P, Moody''s and Fitch - since the start of 2014. A new report from S&P showed it had 30 sovereigns on downgrade warnings, or "negative outlooks" in rating firm parlance, at the start of the month, compared with just six on positive outlooks. "This outlook distribution suggests that negative rating actions are likely to continue to outnumber positive actions over the coming 12 months," S&P said in a mid-year review of its rating moves. "More downgrades are likely this year" that section of the report was titled. Some of the big economies with negative outlooks on their ratings include Brexit-bound Britain, which last year became the first AAA country to be cut by two rating notches at once, and still triple-A Australia. South Africa, which is being hit by political uncertainty and weak growth, is also on the list alongside other emerging market heavyweights such as Mexico, Turkey and Brazil. Over the past six months, S&P''s ratings balance has been relatively unchanged in the regions around the world. There has been a marginal deterioration in Asia-Pacific and Europe, it said, somewhat countered by an improvement in Latin America and no change in the Middle East, the Commonwealth of Independent States, and Africa. The outlook balance in the latter remains very high, but has somewhat improved from its trough at the end of 2015. This contrasts with Asia-Pacific and Latin America, where the outlook balance has deteriorated sharply over that period. Just over half of all rated sovereigns are investment grade (''BBB-'' or above). "This ratio is the lowest it has ever been," S&P said. Reporting by Marc Jones; Editing by Larry King and Hugh Lawson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-ratings-sovereigns-downgrade-s-p-idINKBN19X24G'|'2017-07-12T19:38:00.000+03:00'
'06aa029bf2f4d5cdf17f31e4c7e40aee46036ecd'|'AstraZeneca slumps on report CEO is heading to Teva'|'July 13, 2017 / 9:13 AM / an hour ago AstraZeneca slumps on report CEO is heading to Teva 4 Min Read Chief Executive of AstraZeneca Pascal Soriot leaves after appearing at a commons science committee hearing at Portcullis House in London May 14, 2014. Luke MacGregor LONDON (Reuters) - Shares in AstraZeneca fell more than 5 percent on Thursday after the company declined to deny a media report that Chief Executive Pascal Soriot was about to defect to Israel-based Teva Pharmaceutical Industries. Soriot, who has led the Anglo-Swedish company since 2012, met with Teva''s search committee and its chairman to express his agreement to serve as its next CEO, the Calcalist financial news website said late on Wednesday. Both companies said they did not comment on market rumors. Teva was left without a permanent CEO in February after Erez Vigodman stepped down, leaving new management to try to restore confidence in the world''s biggest generic drugmaker after a series of missteps. Chief Financial Officer Eyal Desheh also resigned at the end of June. AstraZeneca''s shares fell to a two-month low of 49.21 pounds on Thursday. Teva''s shares traded up 4 pct to 114.5 shekels in Tel Aviv. Moving to a generics drugmaker, albeit the world''s largest, would be a big change in direction for French-born Soriot, 58, who had made research-based pharma his whole aim at AstraZeneca. During his five years at the company he successfully defended Astra against a $118 billion takeover approach from Pfizer. He has rebuilt AstraZeneca''s drugs pipeline, both through research and acquisitions, to replace lost revenue from a wave of patent expiries on many of its blockbuster medicines in recent years. Soriot is now waiting for all-important data from a MYSTIC trial of a lung cancer candidate, which Goldman Sachs has said will be one of the year''s most important clinical readouts. The report of Soriot''s departure unnerved some investors and prompted analysts to question whether reports of a move suggested that the results could fail. "Such a move only makes sense if Mystic is expected to disappoint," said Trinity Delta analyst Mick Cooper. However UBS analysts, who described Soriot as well-regarded, said they did not see a readacross. "We do not see the reports, even if true, as any indication of the specific results of the MYSTIC trial," they said. "If Astra knew the results, they would have announced them." UBS said one positive interpretation of the report could be that Soriot believes a lot of the restructuring is done. Calcalist said Soriot was expected to earn twice as much as Vigodman and receive a bonus upon signing the contract, estimated at about $20 million. It said the financial terms were still being discussed. Teva''s chairman, Sol Barer, said in May his top priority was the continuing global search to identify a candidate with "deep and broad pharmaceutical experience" to serve as Teva''s permanent CEO. Then chairman Yitzhak Peterburg replaced Vigodman on a temporary basis. When asked whether Teva might waive its requirement for the CEO to be based in Israel, Barer said in May: "We are looking around the world for the best candidate. We are committed once we find that candidate to do what it takes to bring that candidate to Teva." AstraZeneca has been active in Israel since 2009. Reporting by Paul Sandle, Ben Hirschler and Tova Cohen; Editing by Jane Merriman and Susan Fenton 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-teva-pharm-ind-astrazeneca-ceo-idUSKBN19Y0WC'|'2017-07-13T12:11:00.000+03:00'
'f387f524b7673e7a31fb8ab777a35fa4c7e5cd73'|'UPDATE 1-S.Korea cenbank holds rates at record low to boost domestic consumption'|'July 13, 2017 / 1:11 AM / in 7 hours South Korea central bank holds rates at record low to boost domestic consumption Cynthia Kim and Christine Kim 3 Min Read The logo of the Bank of Korea is seen on the top of its building in Seoul, South Korea, March 8, 2016. Kim Hong-Ji/File Photo/File Photo SEOUL (Reuters) - South Korea''s central bank held its policy rate at a record-low 1.25 percent for a 13th straight month on Thursday, a widely expected decision as policy makers seek to boost subdued private consumption and keep any thoughts of tightening off the table for now. The Bank of Korea''s monetary policy committee held its base rate KROCRT=ECI steady, a media official said without elaborating. Governor Lee Ju-yeol is due to hold a news conference from 11:20 a.m. (0220 GMT) All 20 economists surveyed in a Reuters poll had forecast the central bank would stand pat, noting that weak private consumption and tepid job growth are taking some of the shine off steady gains in exports. A majority of analysts see the central bank on hold for the rest of this year, and expect any move to normalize rates to happen next year. The BOK will release quarterly revisions to its economic forecasts later in the day. "It would be difficult to raise rates in the second half but raising it in the first half of 2018 would be unavoidable," said Oh Chang-sob, fixed-income strategist, Korea Investment and Securities, noting that higher U.S. interest rates raises the risk capital outflows from South Korea. Markets shrugged off the policy decision, with the won KRW= and stocks .KS11 up slightly and futures on three-year treasury bonds KTBc1 rising 0.02 points to trade at 109.17. After five years of accommodative policy, most analysts expect the BOK to take a hawkish turn next year in a more gradual approach to exiting low rates than some of its counterparts in Europe and Canada. Indeed, while exports grew at a double-digit rate for the sixth month in a row in June, lukewarm jobs growth and subdued private consumption argue against a rush to tighten rates. South Korea''s consumer price inflation has cooled from the peak of 2.2 percent in March to 1.9 percent in June, slightly below the BOK''s target of 2 percent. It''s too early for the BOK to join global counterparts in talking up policy tightening, said Kim Yu-mi, an economist at Kiwoom Securities. "The BOK needs to confirm soaring exports leads to stronger domestic demand before it can rise interest rates," Kim said before the rate decision. The Federal Reserve has already raised rates twice this year and is expected to tighten again before year-end, while the European Central Bank is preparing markets for tapering its massive stimulus possibly as early as 2018. Reporting by Cynthia Kim and Christine Kim; Editing by Shri Navaratnam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-southkorea-economy-rates-idUSKBN19Y02E'|'2017-07-13T04:23:00.000+03:00'
'8fc856cce1c88fc18908b06fd8dc98d8dd18bf84'|'Cash no longer king as contactless payments soar in UK stores - Money - The Guardian'|'Contactless payments Cash no longer king as contactless payments soar in UK stores Landmark moment as cards now account for more than half of all purchases, according to British Retail Consortium The end for cash? There are more than 108m contactless cards in issue in the UK. Photograph: Bloomberg via Getty Images Contactless payments Cash no longer king as contactless payments soar in UK stores Landmark moment as cards now account for more than half of all purchases, according to British Retail Consortium View more sharing options Rupert Jones   06.01 BST Is this the tipping point that signals the beginning of the end for cash? For the first time, notes and coins have been toppled from their position as the UK’s number one payment method. Cards now account for more than half of all retail purchases, according to the main body representing shops. The new figures from the British Retail Consortium show that 10 years after their introduction in the UK, and following an initially lukewarm reaction, contactless payment cards have finally won over the British public. Contactless cards – also known as “wave and pay” and “tap and go” – now account for about a third of all card purchases, up from 10% as recently at October 2015. But perhaps shops have good reason to be crowing about how Brits are embracing the contactless revolution, if you subscribe to the theory that these cards make it too easy to spend money. M&S investors spooked by slowdown in food sales Read more A London Business School professor, Niro Sivanathan, recently claimed that parting with cash is “psychologically painful” , but that paying for items with a contactless card “anaesthetises the psychological pain that accompanies payment, seducing us into splashing out”. And the Bank of England last month suggested that the popularity of contactless cards was helping to fuel the rapid growth in consumer debt . In its latest annual payments survey, the BRC said debit, credit and charge cards had “firmly established their place as the dominant payment method in retail”, and were “increasingly displacing cash for lower-value payments”. For years, cards have accounted for the majority of retail spending by value, but 2016 was the first year they also accounted for more than 50% of all transactions. It is also the first time that debit cards have overtaken cash. They now account for 42.6% of all transactions, putting them a whisker ahead of notes and coins, which fell almost five percentage points to 42.3%. “One of the biggest drivers has been the increasing use of contactless payments,” said the BRC. More than two-thirds of staffed payment terminals in shops are now able to accept contactless cards, up from less than half a year ago. Contactless cards were introduced in the UK in 2007, and initially the public was slow to embrace the technology. In the early days this payment revolution was largely confined to coffee shops and sandwich chains, but recently the number of wave and pay outlets has mushroomed. The technology has reached into almost every aspect of our lives. Music fans attending this month’s British Summer Time concerts in London’s Hyde Park were able to pay for a pint with a tap of their plastic, while the Church of England is trialling electronic collection plates in about 40 churches that will have handheld terminals to swipe for donations. There are more than 108m contactless cards in issue in the UK , and the maximum limit for a single transaction is £30 – a figure that has not changed since autumn 2015 . So could the UK end up going cash-free? Perhaps, but Sweden is expected to become the world’s first truly cashless society. A study by Stockholm’s KTH Royal Institute of Technology has predicted cash could be history there by 2030. Victoria Cleland, chief cashier and director of notes at the Bank of England,reckons the folding stuff and loose change will be around in the UK for some time yet. “Cash is very much alive and kicking,” she said in a speech last month . The value of Bank of England notes in circulation peaked in the run-up to Christmas 2016, reaching more than £70bn for the first time. Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jul/12/cash-contactless-payments-uk-stores-cards-british-retail-consortium'|'2017-07-12T03:00:00.000+03:00'
'63628b38104363459a4eb8b259e9d41c8efb29d2'|'Telecom Italia CEO denies rumours he may leave'|'July 11, 2017 / 10:03 PM / 10 minutes ago Telecom Italia CEO denies rumours he may leave Reuters Staff 3 Min Read FILE PHOTO: Telecom Italia Chief Executive Officer Flavio Cattaneo looks on during a meeting in Rome, Italy November 18, 2016. Remo Casilli/File Photo ROME/MILAN (Reuters) - Telecom Italia ( TLIT.MI ) Chief Executive Flavio Cattaneo on Tuesday sought to quash speculation he might soon leave the phone group due to disagreements with top shareholder Vivendi ( VIV.PA ) as sources said tensions remained. Cattaneo took over as CEO a little more than a year ago, earning praise from the French media group and other investors for cutting costs at the heavily indebted firm. But in recent weeks he has engaged in a heated exchange with government officials over the rollout of ultrafast broadband across Italy, ruffling feathers at Vivendi. Speaking to reporters on the sidelines of an event in Rome, Cattaneo denied there were any tensions with Telecom Italia''s shareholders, its board or the group''s chairman Arnaud de Puyfontaine, who is also Vivendi''s chief executive. Cattaneo said rumours he might leave were false and said he would remain at Telecom Italia until the end of his mandate in 2020. However, a source familiar with the matter said tensions with Vivendi persisted. A second source said the situation might soon be coming to a head. Telecom Italia declined to comment. ASATI, an association of small investors in Telecom Italia, on Tuesday urged the company to make its position clear. "Should such rumours turn out to be true ... the company should speak up as soon as possible through its chairman," ASATI said in a note. Telecom Italia shares fell 1.8 percent on Monday with traders citing speculation about the governance clash as a reason for the fall. The stock closed down 0.3 percent on Tuesday, in line with the market. Cattaneo, 54, was appointed last year after his predecessor resigned over strategy clashes with Vivendi. The French firm, controlled by billionaire Vincent Bollore, backed Cattaneo''s promotion to CEO from board member. Telecom Italia has been at loggerheads with Rome over the roll out of superfast internet in so-called non-economically viable areas. The phone group''s decision not to invest in areas where it said it could not guarantee a return on its investment forced Rome to hold state subsidised tenders from which utility Enel ( ENEI.MI ) emerged as the government''s broadband partner. But Telecom Italia later said it would invest its own money in some of those areas, arguing the market had changed. This shift angered Rome, which claimed it undermined the state tenders. Reporting by Alberto Sisto, Giancarlo Navach and Paola Arosio; Editing by David Evans and Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vivendi-telecom-italia-ceo-idUKKBN19W2QN'|'2017-07-12T01:02:00.000+03:00'
'3be22c2e6e4826b7a13b904b05c27b31d8147123'|'Britain seeks looser IPO rules to lure Saudi Aramco float'|'July 13, 2017 / 9:08 AM / 4 hours ago Britain seeks looser IPO rules to lure Saudi Aramco, worries investors Dasha Afanasieva and Clara Denina 6 Min Read FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference in Manama, Bahrain, March 7, 2017. Hamad I Mohammed/File Photo LONDON (Reuters) - Britain wants to loosen rules on listing state companies in a move that could help London win the lucrative IPO of oil giant Saudi Aramco IPO-ARMO.SE but which has raised fears for minority investors. The Financial Conduct Authority''s proposals on Thursday would create a new listing category for companies controlled by sovereign states and come as exchanges vie to win the Aramco initial public offering, which is set to be the largest ever. But they met with criticism from British fund managers, who have already expressed concerns about Aramco''s governance. "Investors believe a premium listed segment without these investor protections is not a premium segment and will not provide the protections that investors expect," Chris Cummings, chief executive at the Investment Association said. Reuters reported earlier this year that the London Stock Exchange ( LSE.L ) was working on a new type of structure that would make the bourse more attractive for Aramco. "No decision has been made on the venue yet," a source close to Aramco told Reuters following Thursday''s proposals, which come as the government and City of London are trying to keep Britain''s financial markets attractive to international investors and companies after it leaves the European Union. The FCA is proposing a new "premium" stock market listing category that will exempt companies controlled by sovereign states from certain requirements and also be available to companies listed in London using depositary receipts, financial instruments used to represent a foreign company''s shares. Companies including Russian state firms Gazprom ( GZPRI.MM ) and Rosneft ( ROSN.MM ) use depositary receipts on the LSE. Related Coverage UK fund trade body says listing rule changes could hurt investor protection "Refining the listing regime in this way would make UK markets more accessible whilst ensuring that the protections afforded by our premium listing regime are focused and proportionate," FCA chief executive Andrew Bailey said. But Ashley Hamilton Claxton, Corporate Governance Manager at Royal London Asset Management said this may reverse progress made on governance and protecting minority shareholders. "It looks like the FCA is consulting on amending the existing listing rules to accommodate the peculiarities of one company, which is not a very effective strategy for regulating the market as a whole," Hamilton Claxton said. The London Stock Exchange has made winning the listing of Aramco a priority, with the firm''s chief executive Xavier Rolet joining Prime Minister Theresa May on a trip to Saudi Arabia in April. The pair met jointly with the kingdom''s sovereign wealth fund, which will play a major role in the listing decision. The FCA''s Bailey told Reuters he had not discussed the proposal with the government. FILE PHOTO: Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. Ali Jarekji/File Photo "It was not instigated by the government or the LSE which we regulate," he said. The New York Stock Exchange, which is also competing for the Aramco listing, has not offered any such regulatory changes, a source familiar with talks between NYSE and Aramco said. However, it already has certain features that would attract Aramco, including not setting any minimum requirement for the proportion of a company''s stock that has to be listed. London usually requires a "free float" of at least a quarter of a company''s shares, although under the proposals a sovereign-backed company could circumvent this if it issued depository receipts representing a small proportion of the overall firm. Bridging the Gulf Under the plans, sovereign-controlled companies will be able to get a "premium" listing without complying with certain rules on related party transactions and controlling shareholders. The changes are likely to make London more attractive to state-controlled companies as several Gulf countries, including Oman and Abu Dhabi, are considering listing oil assets. "This is a clever solution to the dilemma of Aramco, which does not meet the general requirements regarding free-float and corporate governance," Edward Bibko, head of capital markets in Europe, Middle East and Africa at law firm Baker McKenzie, said. At present companies which do not meet Britain''s "premium" listing requirements must take a standard listing which is seen as second best as it has lower corporate governance requirements and does not qualify for entry into most stock indices. The FCA said sovereign owners were different "in both their motivations and their nature" from private ones so it was legitimate to grant them an exemption from some of the requirements for private companies. "We believe that investors and the market are sufficiently able to assess the additional risks arising from sovereign ownership," it said in the consultation document. The FCA has set a deadline of Oct 13 for comment on the proposals, which are part of a wider review it is undertaking into Britain''s listing rules but were brought forward because it said it thought there was a gap in its current rules. Additional reporting by Simon Jessop in London and Katie Paul in Riyadh; Editing by Rachel Armstrong and Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-britain-regulation-ipos-idINKBN19Y0VG'|'2017-07-13T14:22:00.000+03:00'
'f07b2a7dff6b7c9917b0db11afaa87cc9159fec9'|'Shell to sell stake in Corrib gas field in Ireland for $1.23 billion'|'July 12, 2017 / 1:29 PM / 16 minutes ago Shell to sell stake in Corrib gas field in Ireland for $1.23 billion Reuters Staff 2 Min Read FILE PHOTO - Filled oil drums are seen at Royal Dutch Shell Plc''s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. Sergei Karpukhin/File Photo (Reuters) - Royal Dutch Shell Plc ( RDSa.L ) said it would sell its 45 percent stake in the Corrib gas venture to a unit of Canada Pension Plan Investment Board (CPPIB) for up to $1.23 billion, marking the oil company''s exit from the upstream business in Ireland. The deal includes an initial consideration of $947 million and additional payments of up to $285 million between 2018-2025, subject to gas price and production, Shell said on Wednesday. The Anglo-Dutch company is on track to sell assets of about $30 billion by 2018 to cut debt following its $54 billion acquisition of BG Group. Shell has also been working to mitigate climate change risks that have upset some investors. The development of the Corrib gas field, discovered in 1996, has faced protests since 2005 by residents concerned that the laying of a high-pressure pipeline to bring gas onshore could pollute their water supply. CPPIB, Canada''s biggest public pension fund, and Vermilion Energy Inc ( VET.TO ) will become the new operator of the gas field off the north-west coast of Ireland. For CPPIB, the deal is another step in its pursuit to diversify beyond domestic markets. The fund''s most recent deal in the energy sector was to invest up to $1 billion to acquire U.S. oil and gas assets. The transaction will result in an impairment charge of around $350 million in Q2 2017, Shell said. The transaction, which is subject to partner and regulatory approval, is expected to complete in the second quarter of 2018, the company said. Norway''s Statoil ( STL.OL ), which owns a 36.5 per cent stake in the Corrib gas field venture, did not immediately respond to a request for comment. Shares in Shell were up 1.3 percent at 2071 pence at 1157 GMT. Reporting by Rahul B and Yashaswini Swamynathan in Bengaluru and Gwlady Fouche in Norway; Editing by Jane Merriman and Shounak Dasgupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shell-divestiture-ireland-idUKKBN19X1S2'|'2017-07-12T16:28:00.000+03:00'
'8dec34bdec1bae02fae4bd1c161961bbeba03c08'|'Amazon sales of Echo devices on Prime Day ahead of last year'|'July 11, 2017 / 8:02 PM / an hour ago Amazon sales of Echo devices on Prime Day ahead of last year Reuters Staff 1 Min Read The amazon echo is seen on display at the Amazon Books store in the Time Warner Center at Columbus Circle in New York City, New York, U.S., May 25, 2017. Shannon Stapleton (Reuters) - Amazon.com Inc ( AMZN.O ) said on Tuesday it has sold more than three times as many Echo family devices worldwide partway through its Prime Day sale than for the entire event in 2016, an early sign of its performance on one of its biggest business days of the year. Amazon is selling the voice-controlled Echo speaker at half price, or $89.99, for members of its Prime shopping club, with other discounts for related devices. Getting more speakers into homes is a top initiative at Amazon, which wants to encourage shopping by voice command and gather more user data to improve Echo''s voice technology. Reporting by Jeffrey Dastin in San Francisco; Editing by Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-amazon-com-prime-day-idUKKBN19W2IZ'|'2017-07-11T23:01:00.000+03:00'
'dd8110a3225250d5c7008981c19bcf66a3a85e18'|'Altice aims to grow business in Portugal after Media deal'|'July 14, 2017 / 1:45 PM / 16 minutes ago Altice aims to grow business in Portugal after Media deal Patricia Vicente Rua 3 Min Read FILE PHOTO: The logo of cable and mobile telecoms company Altice Group is seen during a news conference in Paris, France, March 21, 2017. Philippe Wojazer/File Photo LISBON (Reuters) - Netherlands-based Altice ( ATCA.AS ) has agreed to buy Portuguese firm Media Capital, the owner of TVI television channel, and said it wanted to expand its business in Portugal where it already owns the largest telecom operator PT. Altice Chief Executive Michel Combes, speaking on Friday after the 440 million euro ($502 million) deal to buy Media Capital from Spain''s Prisa ( PRS.MC ) was announced, said his firm wanted to grow its digital platforms and content. The Media Capital purchase has raised expectations of further acquisitions in Portugal''s media sector, prompting a 14 percent jump in the shares of Impresa ( IMPA.LS ), which owns SIC television channel. Analysts say PT''s main rivals NOS ( NOS.LS ) and Vodafone Portugal might now try to buy Impresa and its rival Cofina ( CFN.LS ), owner of CMTV. Cofina shares were up around 2 percent. The Media Capital deal still needs approvals by regulators in Portugal. But Combes said he expected that to run smoothly. Portuguese Prime Minister Antonio Costa has criticised the sale of PT, the former state telecoms monopoly, and has said he was concerned Altice would break up the firm, leading to layoffs in a nation with a jobless rate of about 10 percent. Altice, founded and controlled by Franco-Israeli tycoon Patrick Drahi, bought PT in 2015. Combes did not comment directly on the prime minister''s concerns but when asked about plans for PT and Media Capital, he said: "We are not laying off people at PT ... We have no intention to lay off workers at Media Capital. It''s all about growing business, that''s where we are going to concentrate our efforts," he told a joint news conference with PT CEO Paulo Neves. The firm wants Media Capital to launch new television channels and export content like soap operas mainly to France and the United States. This is part of Altice''s global strategy that is being implemented in those two countries and in Israel. "We have presented a strong industrial project for (Portugal)," Combes said, adding that this involved expanding the company''s Portuguese digital business. Altice stocks were little changed. Prisa shares in Madrid rose around 20 percent after the deal was announced. Writing by Andrei Khalip; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-altice-media-capital-idUKKBN19Z1IL'|'2017-07-14T16:44:00.000+03:00'
'4d7c76f043f7546d2b7e26736c1a8cd0e0d94f2d'|'EU mergers and takeovers (July 14)'|'July 14, 2017 / 3:57 PM / in 23 minutes EU mergers and takeovers (July 14) 7 Min Read BRUSSELS, July 14 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: Approvals and Withdrawals -- Universities Superannuation Scheme Limited (USSL) and U.S. bank Goldman Sachs to acquire joint control of Spanish energy company Redexis Gas (approved July 13) New Listings First-Stage Reviews by Deadline July 17 -- U.S. travel search site The Priceline Group to acquire U.S. peer Momondo Group (notified June 12/deadline July 17) July 19 -- French utility group Suez SA to acquire U.S. conglomerate General Electric''s water and process technologies business (notified June 14/deadline July 19) July 20 -- Lithuanian mobile network operator Bite Lietuva, Swedish mobile operator Tele2 and Sweden''s Telia to set up a joint venture (notified June 15/deadline July 20) July 24 -- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline extended to July 24 from July 7 after Knorr-Bremse offered concessions) July 26 -- Swedish carmaker Volvo to acquire Swedish car rental company First Rent A Car AB (notified June 20/deadline July 26) -- British asset manager Intermediate Capital Group to acquire nursing home operator Domusvi Group (notified June 20/deadline July 26/simplified) -- Anglo-Swiss chemicals company Ineos to acquire British oil company BP''s Forties Pipeline System (notified June 20/deadline July 26/simplified) -- German conglomerate Harng Central Department Store Ltd and prOperty developer Signa Prime to acquire joint control of German property developer Berlin, Passauer Straße 1-3 Immobilien GmbH & Co. KG (notified June 20/deadline July 26/simplified) July 27 -- U.S. chemicals company DuPont to acquire U.S. pesticide maker FMC''s health and nutrition business (notified June 7/deadline extended to July 27 from July 12 after DuPont offered concessions) July 28 -- U.S. pesticide maker FMC to acquire U.S. chemicals company DuPont''s crop protection business (notified June 8/deadline extended to July 28 from July 13 after FMC offered concessions) July 31 -- Shipping terminal operator PSA International Pte Ltd and Terminal Investment Ltd Sarl, which is indirectly and jointly controlled by Swiss container line MSC (Mediterraneann Shipping Company), to jointly acquire Belgian container terminal operator PSA DGD (notified June 23/deadline July 31) Aug 1 -- Property developer Bouygues Immobilier and hotel group Accor to jointly acquire French company Nextdoor which is now solely controlled by Bouygues Immobilier (notified June 26/deadline Aug. 1/simplified) Aug 2 -- Czech energy company EPH to acquire two UK gas-fired power plants from British energy supplier Centrica (notified June 27/deadline Aug. 2/simplified) Aug 3 -- U.S. industrial company Deere & Co to acquire German road construction company Wirtgen (notified June 28/deadline Aug. 3) Aug 4 -- Japan''s Toray Industries and Japanese industrial conglomerate Mitsui Co Ltd to jointly acquire Japanese fragrance and chemicals maker Soda Aromatic Co Ltd (notified June 29/deadline Aug. 4/simplified) -- Private equity firms CCMP Capital and MSD Aqua Partners to jointly acquire swimming pool equipment maker Hayward Industries (notified June 29/deadline Aug. 4/simplified) -- Credit rating agency Moody''s to acquire Dutch business intelligence statistics provider Bureau van Dijk Electronic Publishing (notified June 29/deadline Aug. 4/simplified) -- UK property developer Segro plc and Canada''s Public Sector Pension Investment Board (PSPIB) to jointly acquire French logistics asset Morgane Portfolio (notified June 29/deadline Aug. 4/simplified) -- Austrian construction company WIG Wietersdorfer Holding GmbH and Saudi Arabian Amiantit to set up a joint venture (notified June 29/deadline Aug. 4) Aug 7 -- French luxury goods group LVMH and Italian spectacles maker Marcolin to set up a joint venture (notified June 30/deadline Aug. 7/simplified) -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline Aug. 7) Aug 8 -- Intervias, which is the holding company of fuel station operator Euro Garages Ltd, to acquire a business unit from Italy fuel station operator Esso Italiana (notified July 3/deadline Aug. 8/simplified) Aug 9 -- French carmaker Peugeot and French bank BNP Paribas to acquire joint control of U.S. carmaker General Motors'' financing subsidiaries and branches (notified July 4/deadline Aug. 9) Aug 10 -- Swiss vending services provider Selecta, which is controlled by private equity firm KKR, to acquire Dutch peer Pelican Rouge (notified July 5/deadline Aug. 10) Aug 11 -- Chinese chemicals company China National Bluestar (Group) Co. Ltd and Japanese fibres and chemicals company AKC to set up a joint venture (notified July 6/deadline Aug. 11/simplified) Aug 14 -- U.S. communications infrastructure company Digital Bridge Holdings, Public Sector Pension Investment Board (PSPIB) and Teachers Insurance and Annuity Association of America (TIAA) to jointly acquire U.S. data centre operator Vantage Data Centres (notified July 7/deadline Aug. 14/simplified) Aug 16 -- Chinese car parts maker Hubei Aviation Precision Machinery Technology Co. Ltd and Canadian peer Magna International to set up a joint venture (notified July 10/deadline Aug. 16/simplified) Aug 17 -- Private equity group Ardian, the Netherlands'' APG Asset Management and Dutch pension fund PGGM to jointly acquire control of LBC tank terminals (notified July 11/deadline Aug. 17/simplified) Deadline Suspended -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended on June 28 after the companies failed to provide relevant information) Guide to Eu Merger Process Deadlines: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days. Simplified: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-ma-idUSL8N1K54BM'|'2017-07-14T18:54:00.000+03:00'
'839953593b93d773c9aaee67f9df67d818486cb6'|'METALS-London copper, aluminium supported by China demand hopes'|'July 14, 2017 / 8:07 AM / 13 minutes ago CORRECTED-METALS-London copper, aluminium supported by China demand hopes 3 Min Read (Corrects first bullet point to show prices were recorded in late afternoon in Asia, not at 0211 GMT) By Melanie Burton MELBOURNE, July 14 (Reuters) - London copper and aluminium were marking time near recent highs on Friday, underpinned by encouraging economic reports from China and the prospect of aluminium production cuts. China''s fiscal spending jumped 19.1 percent in June from a year earlier, quickening sharply from a 9.2 percent rise in May and signalling government efforts to cushion a gradual slowdown in the world''s second-largest economy. "(Aluminium) prices are up on talk of further (smelting) capacity cuts in China ... We really will not know whether or not these cuts will materialize until later this year when they are supposed to start," INTL FCStone said in a report. "There remains considerable ''wiggle room'' for producers to evade production cuts and this could result in only a slight decline in overall output, or more likely, a more moderate pace in the rate of production growth compared to what we are currently seeing." Fundamentals * LME COPPER: London Metal Exchange copper had eased 0.1 percent to $5,869 a tonne by late afternoon in Asia, extending small losses from the previous session. Prices have failed at the $5,930-$5,970 band five times in the past fortnight, reflecting formidable chart-based resistance at this level. Support is seen at the 100-day moving average at $5,761 a tonne. * SHFE COPPER: Shanghai Futures Exchange copper slipped 0.3 percent to 47,160 yuan ($6,955) a tonne. * OTHER METALS: Zinc and lead fell by around half a percent in London and by about 1.5 percent in Shanghai, weighed down by falls in steel prices. LME aluminium edged up by 0.3 percent. * U.S. ECONOMY: The number of Americans filing for unemployment benefits fell last week for the first time in a month and producer prices unexpectedly rose in June, likely keeping the Federal Reserve on course for a third interest rate increase this year. * CHINA ECONOMY: China posted stronger-than-expected June trade figures on Thursday, bolstered by firm global demand for Chinese goods and robust appetite for construction materials at home, but local curbs on lending could weigh on imports later this year. * ANTOFAGASTA: Workers at the Zaldivar copper mine in Chile, owned by Antofagasta Plc and Barrick Gold Corp , will resume talks with Antofagasta after voting to strike earlier this week, the union said on Thursday. * LME STORAGE: The LME is trying to revamp its digital metal storage system LMEshield, which registers material stored in non-exchange warehouses to guard against fraud, after scant uptake since it was launched over a year ago. Prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1K52PZ'|'2017-07-14T11:06:00.000+03:00'
'59f0f34bc97d16d1d20566ede9b51a9e0c2811c0'|'TUI sheds its stake in Hapag-Lloyd to focus on tourism'|'FRANKFURT Europe''s largest tourism group TUI Group said on Monday it had sold its stake in container shipper Hapag-Lloyd ( HLAG.DE ), bringing to a close plans for the sale of non-core businesses in order to focus on its tourism operations.TUI Group has been investing in more of its own hotels and cruise ships since it was formed from the merger of TUI AG and TUI Travel in 2014."The proceeds will be reinvested in the transformation of TUI as the world''s leading integrated tourism business, focused on own hotel and cruise brands, and to further strengthen TUI''s balance sheet," TUI said.TUI said it had agreed on the disposal of its remaining 8.5 million shares at a price near the day''s closing share price of Hapag, which was 29.50 euros.Monday''s sale comes on top of the sale of 6 million shares since March.Combined, TUI has earned about 395 million euros from the sale of the entire stake, a spokesman said.(Reporting by Victoria Bryan; Writing by Tom Sims, editing by David Evans)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/tui-disposal-idUSKBN19V2CM'|'2017-07-10T22:06:00.000+03:00'
'46954cc8d9d5017ffb2ddf768ae83ae109460398'|'Pay-per-mile road tax plan scoops Wolfson prize'|'A graduate transport planner has won a £250,000 prize for a plan to improve Britain’s ailing roads with a proposal to scrap fuel and vehicle taxes and replace them with a pay-per-mile charging scheme.The scheme would reward users of lighter, cleaner vehicles and ensure a steady stream of revenue to the exchequer (pdf), with the £27bn received annually from fuel duty now jeopardised by electric vehicles.Gergely Raccuja, 27, said that allocating 20% of funds directly for road repair would raise enough money to eradicate the UK’s potholes in five years, persuading the judges of the 2017 Wolfson Economics Prize , which asked for proposals for funding better, safer roads in a fair way while benefitting the economy and the environment.Raccuja’s proposal argued that abolishing fuel duty and vehicle excise duty in favour of a simple distance-based charge, with heavier and more polluting vehicles paying more, would be fairer and restore trust between government and motorists. It would also ensure revenues in an era of electric and autonomous vehicles. The charge would be collected by insurers, based on mileage and model, potentially monthly using telematics or as an annual charge.The founder of the prize, Next fashion chain boss Lord Simon Wolfson, said it was a “groundbreaking, yet simple” solution. Raccuja beat competition including a proposal for tradeable road miles from the economist Deirdre King and her husband Edmund , head of the AA motoring organisation. Other shortlisted entries suggested rewarding people for changing their driving habits to beat congestion, and using different technologies to impose variable charges for journeys.Raccuja said: “The key to our entry was to keep things simple, yet come up with an answer that was sophisticated enough to deal with an upheaval in cars and road transport which hasn’t been seen since the introduction of the motor car well over a century ago. I hope I can persuade our politicians too that everything to do with our roads could be better.”Steve Gooding, the director of the RAC Foundation, which provided input to Raccuja’s final submission, said the clock was ticking for policymakers as existing models of tax and spending on roads faced becoming redundant: “The common themes of several entries have been both the pressing need for change and the belief there is a better option to balance what drivers contribute to the finances of the country and what they get in return.”Topics Wolfson Economics Prize Transport Transport policy Tax Tax and spending Motoring (Money)'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/13/pay-per-mile-road-tax-plan-scoops-wolfson-economics-prize'|'2017-07-14T03:00:00.000+03:00'
'eb91523317b45ad516cd486556d70c8d88b96f84'|'US ''will become one of the world''s top gas exporters by 2020'' - Business'|'The American shale gas revolution will enjoy a second wind as rapid growth in domestic production sees the US join the world’s club of top gas exporters, a leading energy authority has predicted.Fracking has already opened up US shale oil and gas deposits , leading to a fall in gas prices and a drop in greenhouse gas emissions as power generation switches from coal to gas, as well as reducing America’s historical reliance on fossil fuel imports. But an increase in US gas production over the next five years will cause another revolution as the country begins liquefying and shipping gas to Asia, Europe and the Middle East, the International Energy Agency said.In a report published on Thursday, the IEA forecast the US would generate almost 40% of the rise in global gas output between 2016 and 2022. Come 2022, the US will produce more than a fifth of the world’s gas, putting it on the same level as top gas exporters such as Russia and Norway, the agency predicted. As an exporter of liquefied natural gas (LNG), it would become second biggest in five years, behind Australia but above Gulf state Qatar.“The US is already the largest gas producer in the world and will increase production more than any other country over the next five years,” said Keisuke Sadamori, director for energy markets and security at the IEA. “US gas production will grow by nearly 3% a year.” No fracking, drilling or digging: it’s the only way to save life on Earth - George Monbiot Read more More than half of that new production will be turned into liquefied natural gas for exports, he added. Three major LNG terminals are being built on the Texas coast by Houston-based firms, at a cost of tens of billions of dollars, to export the gas. Last weekend, the first shipment of LNG imported from the US arrived in the UK, to provide about half of the country’s gas needs this summer. That came just weeks after the first US LNG shipment to central Europe , in a delivery to Poland, which is trying to reduce its reliance on Russian gas.However, the big demand growth is predicted to come from Asia. China is anticipated to account for 40% of global demand growth, driven by government policies to tackle the dangerous levels of air pollution in many cities , which is largely caused by coal power stations.“Especially in China, and more and more other Asian countries, gas is being used in order to reduce the coal and address the local pollution issue,” said Fatih Birol, executive director at the IEA.India would lead growth in the rest of Asia, the report forecast. While Japan is already a big importer of LNG, the IEA said that Seoul’s decision to switch away from coal and nuclear power could see South Korea increase its appetite for LNG too.The sources of demand in those countries will also change, with industry taking over from the power sector as the “main engine of demand growth”. The IEA cited the examples of the growing use of gas in the chemicals sector and in fertilisers in India.By 2022, the agency said the three giant LNG exporters would be the US, Australia and Qatar, which is undergoing a blockade that the IEA said served as “a reminder that security of gas supply cannot be taken for granted”.Last month, a giant floating LNG vessel set off from a South Korean shipyard to work on Shell’s Prelude gas field off Western Australia, where production is expected to begin in 2018. The report did not assess the impact of Qatar’s recent announcement that it would increase LNG production by 30% within the next seven years. The UK relies on Qatar for nearly a third of its gas imports .Overall, Sadamori said the key factor in the gas market in coming years would be production growth in the US and its emerging role as an exporter.“The ability of the gas fields in the US to provide large quantities at competitive prices will be the most important feature [of the gas market], not only to keep gas competitive for US power generation and industry customers, but also to further increase pipelines exports to Mexico, Canada and deliver LNG to the global market.”Topics Gas Commodities Fracking Energy Fossil fuels Gas (Environment) news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/13/us-worlds-top-gas-exporter-2020-iea-russia-norway'|'2017-07-13T15:00:00.000+03:00'
'f07eef9dbe97bddd7ac55ef92d52cded2082e7cc'|'S.African central bank: Still oppose watchdog findings on bank bailout'|'Market News - Tue Jul 11, 2017 - 4:25am EDT S.African central bank: Still oppose watchdog findings on bank bailout JOHANNESBURG, July 11 The South African Reserve Bank (SARB) said on Tuesday it is proceeding with its legal challenge to the Public Protector''s findings over an apartheid-era bailout of a bank subsequently bought by Absa, now a unit of Barclays Africa Group. "The SARB will proceed with a separate application for the review of the Public Protector’s report and evidential factual inaccuracies therein," the bank said in a statement. The central bank, however, said it was consulting its legal team on how to proceed with its challenge to Public Protector Busisiwe Mkhwebane''s recommendation that the bank''s constitutional mandate be changed, after she decided not to oppose such a challenge. (Reporting by Olivia Kumwenda-Mtambo; Editing by Hugh Lawson) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-cenbank-idUSJ8N1JJ017'|'2017-07-11T11:25:00.000+03:00'
'cae6d014e9bc011f3f2533b452aea864dcb7287b'|'PageGroup boosted by overseas growth, but UK weakens again'|'July 11, 2017 / 7:05 AM / 4 hours ago Brexit uncertainty to prolong UK hiring market weakness - PageGroup Esha Vaish 3 Min Read (Reuters) - Weakness in the recruitment market in Britain could extend over the next two years as uncertainty around Brexit dampens sentiment, the head of PageGroup said on Tuesday. The company, which mainly finds candidates to fill permanent jobs, reported a record second-quarter gross profit that beat expectations, but its shares fell 2 percent to 479.1 pence by 0900 GMT (10.00 a.m. BST) because of a further decline in the British market. Concern about political stability following last month''s election had compounded the uncertainty caused by the Brexit vote a year ago, Chief Executive Steve Ingham said. "I think we can assume without clarity it will continue to remain a challenging market for as long as it takes and if that''s two years, then it''s two years," Ingham told Reuters. "Clearly we''re still doing a lot of work, but to assume that we might start to grow, I don''t see it myself," he said, adding he had seen a particular reluctance to hire from multinationals, which accounted for 20 percent of PageGroup''s UK business. The group reported a 4.5 percent fall in British gross profit to 36.6 million pounds for the three months to June 30, accelerating from a marginal fall in the previous quarter. Britain generates around a fifth of group profit. PageGroup said financial services hiring fell 15 percent in Britain and the Easter holiday in April hurt temporary hiring. No Financial Jobs Bonanza The group had not seen any significant increase in the number of financial jobs in continental Europe, even though a number of financial companies had committed to moving some operations to continue serving clients in the single market. "The large volume back-office restructuring has largely been done and a lot of that has already been moved to places like India or Eastern Europe," he said. "What companies are talking about is moving registered offices and very small teams of people. At the moment... we''ve not really seen any significant large volume new initiatives." Although PageGroup said it also remained cautious due to elections in Germany and Brazil''s economic challenges, it forecast full-year operating profit in line with current consensus of 111.5 million pounds. Growth in Americas and continental Europe mean that group gross profit grew 7.7 percent at constant currency to 182 million pounds, topping analysts expectations of 6.4 percent growth. PageGroup rival Hays, another large financial recruiter, will report results on Thursday. Reporting by Esha Vaish in Bengaluru; editing by Jason Neely and Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-pagegroup-outlook-idUKKBN19W0IY'|'2017-07-11T10:04:00.000+03:00'
'ac08edbe85f12655b4bd1ede90dac71713964775'|'Electric vehicles could lift UK peak power demand by 3.5 GW by 2030 - National Grid'|'July 12, 2017 / 11:31 PM / 18 hours ago Electric vehicles could lift UK peak power demand by 3.5 GW by 2030 - National Grid Reuters Staff 3 Min Read Workers paint an electricity pylon near Lymm, northern England February 18, 2015. Phil Noble LONDON (Reuters) - The growing use of electric vehicles could increase electricity peak demand by 3.5 gigawatts (GW) in Britain by 2030, National Grid said on Thursday. In its annual Future Energy Scenarios report, the grid operator said it saw a sharp rise in the number of electric vehicles, with sales expected to be more than 90 percent of all cars by mid-century. READ MORE: Platinum demand faces massive impact from electric car growth - IPMI As a result, electricity demand will increase, driven initially by electric vehicles and later on by heat demand as the pace picks up to decarbonise the heating sector. Peak electricity demand could even rise by as much as 8 GW by 2030 without "smart charging" during off-peak hours and 18 GW by 2050, National Grid said. Peak electricity demand in Britain is currently around 50-55 GW in winter. The 18 GW increase in peak demand would happen in a world which is quite wealthy, where consumers would charge their vehicles at peak times, ignoring electricity tariffs that are cheaper during off-peak hours. In a world where cutting greenhouse gas emissions is a top priority, shared driverless vehicles could potentially make up 50 percent of electric vehicles, National Grid said. READ MORE: After dieselgate, VW loosens reins on carmaking empire With vehicle sharing and off-peak charging patterns, demand might only rise by 6 GW by 2050, it added. "The scenarios are not predictions but they aim to be a catalyst for debate, decision making and change, and provide transparency to the wider industry," said Marcus Stewart, head of energy insights at National Grid. "This new era of network operation is exciting and manageable, but it''s important there is investment in smart technologies and electricity infrastructure and a coordinated approach across the whole electricity system," he added. Reporting by Nina Chestney; Editing by Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nationalgrid-energy-idUKKBN19X33X'|'2017-07-13T02:30:00.000+03:00'
'6874bc8f7a2045c86f3791aed99c5064d7735f6b'|'GM''s judgement day: How two Venezuelan car dealers seized an auto factory'|'Edition United States July 12, 2017 / 5:19 AM / an hour ago GM''s judgment day: How two Venezuelan car dealers seized an auto factory Brian Ellsworth 8 Min Read FILE PHOTO: The GM logo is seen at the General Motors Assembly Plant in Valencia, Venezuela April 21, 2017. Marco Bello/File Photo CARACAS (Reuters) - Venezuela''s government has seized assets from dozens of foreign corporations in nationalizations by the late President Hugo Chavez and the embattled current government of Nicolas Maduro. The man behind the confiscation of General Motors Co’s $100 million assembly plant in April is a much more obscure figure: Kaled Kansao, the owner of two long-defunct GM dealerships. Kansao convinced a court to seize the plant as the remedy for a relatively small-time business dispute - over GM''s termination of his franchises - that mushroomed into a 17-year court battle. The legal fight that pushed GM out of Venezuela offers a unique case study in the struggles of foreign corporations to keep operations afloat - much less turn a profit - amid the OPEC nation''s economic and political chaos. The seizure stands out because it stems from a dispute with private citizens rather than the government, highlighting yet another risk of doing business in Venezuela – the specter of debilitating legal judgments, said Francisco Martinez, president of Venezuela''s main business organization, Fedecamaras. "It would be impossible to say that the legal proceedings against General Motors had any legal logic," Martinez said. "Venezuela does not provide even the most minimal guarantees with respect to investment or private property." The Venezuelan government''s Information Ministry did not respond to a request for comment. Venezuela ranked 187 out of 190 countries in the World Bank''s 2017 Ease of Doing Business report, which evaluates countries'' regulatory systems. Only Eritrea, Libya and Somalia scored worse. Under Chavez, the socialist firebrand who died in 2013, some asset seizures featured gun-wielding soldiers and live television broadcasts. The GM case had its own less publicized drama, including dueling allegations of courthouse misdeeds; recusals by judges citing security concerns; a dispute over 158 vehicles that GM says "vanished"; and mysterious damage calculations awarding the dealers thousands of cars. GM stopped producing vehicles here in 2015 amid a lack of access to supplies. But the judgment appears to have doused any remaining hopes that it will produce cars again in Venezuela anytime soon. The company terminated the plant''s 2,700 workers after the decision. In its initial announcement in April, GM did not connect the plant seizure to the dealers'' lawsuit, saying only that the facility was "unexpectedly" seized by "public authorities." In response to inquiries from Reuters, the company provided a detailed history of its frustrations with the proceedings, which it called "absurd" and rife with "irregularities." In the end, a civil court in the western state of Zulia granted the dealers'' request to attach GM assets worth up to about $115 million. Venezuelan law requires the court to auction off the factory to satisfy the judgment. In the meantime, it ordered GM to pay the dealers to pay an "occupation fee" that at the time equated to about $36,000 a month - in effect, rent on its own plant. "The illegal and outrageous seizure was the final act of a series of unfortunate events beyond GMV''s control," GM told Reuters, referring to its Venezuela subsidiary. GM did not respond to questions about whether it had any intention of paying the court judgments or trying to regain control of the factory. In a May press statement, Kansao and his business partner, Elena Rodriguez, accused GM of perjury, influence trafficking, and violation of the United States Foreign Corrupt Practices Act, without offering evidence. GM has ignored court rulings because it believes "might is right as a law," Kansao told Reuters. Idled Workers Collect Salaries Back in 2000, Kansao and Rodriguez operated two GM dealerships that had originally been founded by Kansao''s father. In an interview, Kansao said GM arbitrarily stripped him of his franchise, which he said brought "tragedy and calamity" on his family. FILE PHOTO: A water tank with the GM logo is seen at the General Motors Assembly Plant in Valencia, April 21, 2017. Marco Bello/File Photo GM said it terminated the agreement for a range of reasons, including the dealers'' failure to meet a minimum monthly sales average of 25 vehicles. Nearly two decades later, the dealers'' hopes of collecting on the judgment now hinge on whether a court-ordered auction attracts a buyer - an unlikely prospect in a nation where the auto industry has all but collapsed. Chronic shortages of hard currency have left automakers unable to import parts, while triple digit inflation has left would-be customers struggling to buy basics like food and medicine. In 2016, output at Venezuela''s seven biggest auto plants had dropped below 3,000 cars, down from a peak of 172,000 vehicles in 2007 – 79,000 of those from GM, according to auto industry group Cavenez. Labor laws dictate that the dealers would also have to wait behind GM workers - who contend they are owed severance payments - to collect any proceeds from a factory auction. GM did not respond to questions about workers'' severance. The automaker had agreed with union leaders to continue paying workers after the plant stopped making cars, said Adan Tortolero, one of several union leaders at the defunct plant. FILE PHOTO: The GM logo is seen at the General Motors Assembly Plant in Valencia, April 21, 2017. Marco Bello/File Photo GM tried to shed that obligation last year by offering buyouts of about $3,500 per worker, Tortolero said, but workers spurned the offer because it seemed small in comparison to the pay and benefits the workers had previously enjoyed. One lucrative perk was the right to buy two factory cars every year at government-regulated prices that were well below their actual market value. The regulated prices were theoretically available to anyone, but because demand for cars far outstripped supply, most buyers had to get waiting lists – which usually required large under-the-table payments. GM employees had been among the first in line to buy the cars at regulated prices, which allowed them to sell the vehicles at a steep premium. 9,725 Cars In 2007, the Zulia court ordered the automaker to compensate the plaintiffs with 9,725 vehicles, according to the decision, which offered no explanation for that number of cars. It did require the plaintiffs to pay GM for the vehicles, but only after they were sold. Asked to provide evidence that the proceedings had been corrupted, GM pointed out that six judges and two court employees had recused themselves, with most citing "threats and personal security concerns." It also said that the court failed to enforce an order preventing the dealers from selling 158 cars that they seized during the dispute. GM said those vehicles later "vanished," and the dealers never paid for them. Kansao and Rodriguez did not respond to questions about the 158 cars. The case bounced through different courts for the next decade until April 4 of this year, when the Zulia court authorized the plaintiffs to encumber GM assets worth up to 477 billion bolivars - at the time worth about $115 million - as leverage to collect a cash judgment of half that amount. The court based the compensation on the full value of the 9,725 cars - rather than the much smaller profit the dealers would have made selling them, GM said. But the legal victory may have little payoff in reality, just as GM''s losses may be largely symbolic - given that it hasn''t produced or sold cars in Venezuela since 2015. Asked what sort of buyer the factory might attract in a government auction, Kansao responded: "Only God knows that." Additional by Eyanir Chinea and Corina Pons in Caracas; Editing by Brian Thevenot 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-gm-venezuela-idUKKBN19X0FS'|'2017-07-12T08:22:00.000+03:00'
'566414c3f95047c532d449b2c91e514c4f0ffc2c'|'Siemens'' Crimea predicament tests limits of EU sanctions'|'July 12, 2017 / 1:34 PM / 11 minutes ago Siemens'' Crimea predicament tests limits of EU sanctions 6 Min Read FILE PHOTO: New Siemens AG headquarters are seen in Munich, Germany, June 14, 2016. Michaela Rehle/File Photo BRUSSELS (Reuters) - The delivery of turbines made by the German company Siemens to Crimea shows the limits of policing European Union sanctions on Russia as no EU enforcement authority exists, officials and experts said. The European Union''s sanctions, painfully negotiated by all 28 EU governments in 2014 and so far renewed every six months, are the bloc''s toughest response to Russia''s annexation of Crimea and its support for separatists in eastern Ukraine. But it is up to each EU government to enforce them and they do not apply to companies'' Russian subsidiaries, making any possible wrongdoing very hard to prove. Reuters reported on July 5 that two electricity turbines made by Siemens were shipped to the Black Sea peninsula of Crimea, which is subject to EU sanctions that ban EU firms from supplying energy technology there. Siemens said the turbines were transferred to Crimea without its knowledge and against its will. "Implementation and enforcement of EU restrictive measures rests with the member states," a spokesman for the European Commission said in response to the Siemens case. "The Commission is in touch with the German competent authorities on this particular case," the spokesman said, referring to Siemens. Still, economic sanctions on Russia, including those on Crimea, have deterred many EU firms from doing business there. EU exports to Russia fell by 40 percent between 2013 and 2016 to 72 billion euros ($82.09 billion), according to the EU''s statistics office Eurostat. Direct investment by the European Union''s 28 countries into Russia fell 18 percent to 162 billion euros between 2013 and 2015, the latest data available. "The reputational damage of a potential sanctions breach can be enormous," said Maya Lester, a London-based barrister and author of a European sanctions website. "One practical effect of imposing sanctions can be about sending a message, as well as the restrictions themselves, and compliance is a big issue too." Overall, the European Union has imposed sanctions banning most EU business with Crimea, has frozen the assets and prohibited travel for Russians linked to the Ukraine crisis and has limited EU investment in Russia''s defence and energy sectors. Financing to Russian banks is severely restricted. Unlike the United States, which has robust economic and trade sanctions enforcement through its Office of Foreign Assets Control at the U.S. Department of the Treasury, the European Union has no single such agency. While the EU''s institutions in Brussels are instrumental in drawing up the legal language for the punitive regime and drumming up diplomatic support for them, the few dozen experts who help design them do not have the resources to enforce them. "Theatrical rhetoric is not matched by enforcement," said Tom Keatinge, director of financial crime studies at RUSI think-tank in London. "They have become symbolic," he said, saying not enough was done to update sanctions to avoid both EU and Russian companies circumventing them. A Sept. 2016 investigation by Reuters showed that at least two European retailers, Auchan and Metro, were active on the Crimean market through Russian subsidiaries, shipping there from Russia via a ferry and port that are subject to EU sanctions. Furthermore, France last year granted Russian Agriculture Minister Alexander Tkachev a visa even though he has been banned from entering the EU since 2014 because of Crimea. No Database In April, Britain moved to a U.S.-style enforcement policy to allow civil fines of at least 1 million pounds ($1.28 million) on breaches of financial sanctions. However, Britain has not so far prosecuted any company for any potential breach of sanctions, Lester said. It was not immediately clear if other EU countries have brought criminal proceedings because no public database exists of sanctions breaches. Many EU countries rely on different agencies, from the central bank to the export licensing authority, to enforce measures. Refusal of licenses can be challenged in court, while customs offices and the public prosecutor are responsible for violations of export controls. EU officials have designed sanctions to be as specific as possible to avoid hurting the wider population, making loopholes easier to find. EU companies are expected to adhere to what EU officials call "the spirit" of the sanctions regime but it does not apply directly to their subsidiaries incorporated in Russia. "If the sanctions are too wide ranging, they may be too disruptive to the EU, or contribute to a financial crisis," said Erica Moret, chair of the Geneva International Sanctions Network at the Graduate Institute Geneva. "The human costs of blanket sanctions have been too great in the past." EU governments also want the measures to be able to be lifted quickly in case of a rapprochement with Russia. Defence, energy and financial sanctions could be removed if all sides implement the Minsk peace deal involving the withdrawal of troops and weaponry from eastern Ukraine. Russian denies any direct involvement in the conflict that has killed more than 10,000 people since April 2014. Additional reporting by Alissa de Carbonnel; editing by Philippa Fletcher 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-crisis-siemens-eu-idUKKBN19X1SL'|'2017-07-12T16:33:00.000+03:00'
'92c7e562473a1f35c0d8fe41adfe0c397eb225d3'|'Apple sets up China data centre to meet new cybersecurity rules'|'July 12, 2017 / 4:38 AM / 3 hours ago Apple sets up China data centre to meet new cyber-security rules Reuters Staff 3 Min Read FILE PHOTO: A 3D printed Apple logo is seen in front of a displayed cyber code in this illustration taken March 22, 2016. Dado Ruvic/Illustration/File Photo BEIJING (Reuters) - Apple Inc ( AAPL.O ) on Wednesday said it is setting up its first data centre in China, in partnership with a local internet services company, to comply with tougher cyber-security laws introduced last month. The U.S. technology company said it will build the centre in the southern province of Guizhou with data management firm Guizhou-Cloud Big Data Industry Co Ltd (GCBD). An Apple spokesman in Shanghai told Reuters the centre is part of a planned $1 billion investment into the province. "The addition of this data centre will allow us to improve the speed and reliability of our products and services while also complying with newly passed regulations," Apple said in a statement to Reuters. "These regulations require cloud services be operated by Chinese companies so we''re partnering with GCBD to offer iCloud," it said, referring to its online data storage service. Apple is the first foreign firm to announce amendments to its data storage for China following the implementation of a new cyber-security law on June 1 that requires foreign firms to store data within the country. Overseas business groups said the law''s strict data surveillance and storage requirements are overly vague, burdening the firms with excessive compliance risks and threatening proprietary data. The Apple logo is pictured on an iPhone in an illustration photo taken in Bordeaux, France, February 1, 2017. Regis Duvignau Authorities say the law is not designed to put foreign firms at a disadvantage and was drafted in reaction to the threat of cyber attacks and terrorism. Apple also said it had strong data privacy and security protections in place. "No backdoors will be created into any of our systems," it said. In April, China also announced a law requiring businesses transferring over 1,000 gigabytes of data outside China to undergo yearly security reviews, with potential blocks on exporting economic, technological and scientific data. Earlier this week, Apple said it planned to open a new data centre in Denmark. An earlier centre in the country, announced in 2015, will come online this year, it said. The new laws come as Chinese cloud firms are expanding rapidly in foreign markets. Alibaba Group Holding Ltd ( BABA.N ) has 17 data centres across China, the United States, Europe, Australia, Southeast Asia and the Middle East. Other foreign firms that oversee cloud businesses, including Amazon.com Inc ( AMZN.O ) and Microsoft Corp ( MSFT.O ), already have data centres in China. Reporting by Cate Cadell; Writing by Brenda Goh; Editing by Himani Sarkar and Christopher Cushing 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-apple-idUKKBN19X0DA'|'2017-07-12T08:13:00.000+03:00'
'565fb6948505715a7f0eaba10597a934fdcff18c'|'BT chairman defends handling of ''perfect storm'' at feisty AGM'|'July 12, 2017 / 12:13 PM / 2 hours ago BT chairman defends handling of ''perfect storm'' at feisty AGM Reuters Staff 3 Min Read FILE PHOTO: The logo for the British Telecom group is seen outside of offices in the City of London, Britain, January 16 , 2017. Toby Melville/File Photo LONDON (Reuters) - The outgoing chairman of BT ( BT.L ) was forced to defend his handling of a "perfect storm" of troubles that hit the British company this year, saying he had battled to stabilise the business and prevent damage from spreading. Britain''s biggest telecoms group was rocked in January when it cut profit forecasts due to an Italian accounting scandal and a slowdown in key government work, wiping 8 billion pounds off its value in just one day. The disclosure weakened BT as it fought a bitter standoff with the British regulator over its management of the country''s core broadband network, giving the impression that it was fighting battles on multiple fronts and not properly in control of its sprawling business. Investors used the company''s annual meeting on Wednesday to demand answers as to why the company had not seen the crisis coming. At 289 pence, BT shares remain below the 303 pence level to which they fell on the day of the January profit warning. "(I am) deeply disappointed in regard to the share price," Chairman Mike Rake told shareholders. "Unfortunately we have had a perfect storm as regards the share price," he said, citing issues such as the impact from last year''s Brexit vote, the accounting scandal and the company''s pension deficit. Since January BT has struck a deal with regulator Ofcom to legally separate its national network from the rest of the business - avoiding the threat of a full breakup - and has announced plans to tackle the source of the Italian scandal by cutting 4,000 jobs and replacing its Global Services boss. Rake, who will be replaced later this year by Jan du Plessis, chairman of the world''s second-biggest miner Rio Tinto ( RIO.AX ), said he had sought to avoid inflicting further harm when asked why more people had not taken responsibility for the scandal. "You cannot take steps that would further damage the company in a crisis," said Rake, who will step down after 10 years in the role. The twin shocks to the business, which brought an abrupt halt to BT''s gradual recovery since the 2008 downturn, have also forced it to rein in its dividend growth forecasts and cut management pay. Chief Executive Gavin Patterson did not get a bonus after a difficult year, meaning his total pay package fell in 2016/17 to 1.3 million pounds, down by 4 million pounds on the year before. Reporting by Paul Sandle; writing by Kate Holton; editing by 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bt-agm-idUKKBN19X1KO'|'2017-07-12T15:13:00.000+03:00'
'14f2e4f53f825e0259a5acd065327aca10ba8a33'|'Oil prices rise on falling U.S. fuel inventories, lower production outlook'|'July 12, 2017 / 3:10 AM / 2 hours ago Oil prices jump on falling U.S. fuel inventories, lower production outlook Henning Gloystein 3 Min Read A flame shoots out of a chimney at a petro-industrial factory in Kawasaki near Tokyo December 18, 2014. Thomas Peter/Files SINGAPORE (Reuters) - Oil prices rose more than 1 percent on Wednesday, extending gains from the previous day as the U.S. government cut its crude production outlook for next year and as fuel inventories plunged. Brent crude futures were up 60 cents, or 1.3 percent, at $48.12 per barrel by 0657 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $45.72 per barrel, up 68 cents, or 1.5 percent. Both settled about 1.4 percent higher on Tuesday. "The oil price ... climbed sharply overnight as the Energy Information Agency cut its forecast for U.S. production in 2018 and API data showed another large inventory drawdown," said William O''Loughlin, investment analyst at Australia''s Rivkin Securities. U.S. crude oil inventories fell by 8.1 million barrels in the week to July 7 to 495.6 million, according to the American Petroleum Institute (API), in an indictor that a long-standing fuel supply overhang is starting to draw down. "Brent and WTI spot staged an impressive ... rally ... as the American Petroleum Institute reported a massive 8.1 million barrel drawdown in inventories," said Jeffrey Halley, senior market analyst futures brokerage OANDA in Singapore. "All eyes will now turn to the official U.S. crude inventories number this evening," he added. The weekly petroleum status report by the U.S. Energy Information Administration (EIA) is scheduled to be released after 1030 Eastern Time (1430 GMT) on Wednesday. Also adding to the upward price pressure, the EIA said late on Tuesday that it expected 2018 crude oil output to rise to 9.9 million barrels per day (bpd) from 9.3 million bpd this year, a 570,000 bpd increase. This was down from last month''s forecast 680,000 bpd year-over-year increase. Despite the slight downward revision, U.S. production is still set to break the 9.61 million bpd record from June 2015. At the same time, output from the Organization of the Petroleum Exporting Countries (OPEC) remains high despite a pledge led by the producer group to cut supplies between January of this year and March 2018 in order to tighten the market and prop up prices. Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN19X09Q'|'2017-07-12T06:08:00.000+03:00'
'ab6c495daebf4d7e3a71226a79e9dad83a8074a9'|'U.S. index providers to consult investors on telecom index revamp'|'Market News  54pm EDT U.S. index providers to consult investors on telecom index revamp NEW YORK, July 11 Two major U.S. stock index providers on Tuesday said they plan to consult investors on changes that could result in the reclassification of telecommunication companies in widely used equity benchmarks. S&P Dow Jones Indices and MSCI Inc, which together manage the Global Industry Classification Standard (GICS) industry taxonomy for indexes, said in a joint statement that the changes could include renaming an existing sector or creating a new industry grouping altogether. (Reporting by Trevor Hunnicutt; Additional reporting by Caroline Valetkevitch; Editing by Sandra Maler) Trump seen replacing Yellen at Fed with NEC''s Cohn -Politico WASHINGTON, July 11 President Donald Trump is increasingly unlikely to nominate Federal Reserve Chair Janet Yellen next year for a second term and National Economic Council Director Gary Cohn is the leading candidate to succeed her, Politico reported on Tuesday, citing four people close to the process. WASHINGTON, July 11 U.S. officials on Tuesday were investigating the cause of a military transport plane crash that killed 16 service members including elite special operations forces a day earlier, leaving a miles-long trail of wreckage in rural northern Mississippi. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-telecoms-index-idUSL1N1K21TW'|'2017-07-12T00:54:00.000+03:00'
'eb794f70c4d38a196e0afb542f28e4622ffd0e1e'|'Asian shares shrug off Trump controversy, look to Yellen'|'July 12, 2017 / 12:51 AM / 20 minutes ago Stocks rally, dollar gains on Yellen''s remarks Herbert Lash 4 Min Read NEW YORK (Reuters) - Global equity markets rallied, with the Dow hitting a new high, the dollar gained and bond yields tumbled on Wednesday after Federal Reserve Chair Janet Yellen dampened growing expectations of more than one interest rate hike later this year. In remarks to the House Committee on Financial Services, Yellen said the U.S. economy is strong enough to absorb further gradual rate increases and the slow wind-down of the Fed''s massive bond portfolio. The testimony depicted an economy that is growing, albeit slowly, and continues to add jobs as it benefits from steady household consumption and a recent jump in business investment. Given current estimates, the federal funds rate "would not have to rise all that much further" to reach a neutral level that neither encourages nor discourages economic activity, Yellen said in her prepared testimony. Equities rose on the view the Fed''s monetary policy is not going to be as aggressive as some had anticipated, said Larry Hatheway, chief economist at asset management firm GAM. "The Fed isn''t really going to upset the apple cart," Hatheway said. "There''s some softening here of what the Fed is going to do at least around rates. It doesn''t necessarily answer the question around its balance sheet." MSCI''s gauge of stocks across the globe .MIWD PUS gained 1.01 percent while the pan-European FTSEurofirst 300 index of leading regional shares .FTEU3 closed 1.61 percent higher at 1,514.59 and emerging market stocks .MSCIEF rose 1.39 percent. On Wall Street, the Dow Jones Industrial Average .DJI rose 146.04 points, or 0.68 percent, to 21,555.11, above a high set on July 3. The S&P 500 .SPX gained 19.88 points, or 0.82 percent, to 2,445.41 and the Nasdaq Composite .IXIC added 68.93 points, or 1.11 percent, to 6,262.23. Bond yields, which move in reverse of price, fell sharply. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid The benchmark 10-year U.S. Treasury note yield fell to 2.302 percent US10YT=RR, its lowest in two weeks, before paring some gains to trade at 2.3231. At the front end of the curve, the two-year yield US2YT=RR dropped as low as 1.331 percent from 1.379 percent on Tuesday and last traded at 1.3510 percent. Germany''s 10-year government bond yield fell to 0.511 percent DE10YT=TWEB. The dollar, which fell against the euro soon after the release of Yellen''s prepared remarks, reversed course and was trading near session highs against the common currency, as government bond yields in the euro area fell. The Federal Reserve Board Chairwoman Janet Yellen testifies before a House Financial Services Committee hearing covering monetary policy on Capitol Hill in Washington, U.S., July 12, 2017. Aaron P. Bernstein The dollar index .DXY rose 0.1 percent, with the euro EUR= down 0.43 percent to $1.1416. The Japanese yen strengthened 0.6 percent to trade at 113.24 per dollar JPY= . Spot gold XAU= was up 0.23 percent at $1,220.09 an ounce. U.S. gold GCcv1 futures for August delivery settled up $4.40 at $1,219.1 per ounce. Oil futures pared gains despite a bigger-than-expected decline in U.S. crude stocks as the drawdown was not as big as reported by the American Petroleum Institute on Tuesday. U.S. crude inventories fell 7.6 million barrels last week, the U.S. Energy Information Administration said, much more than the 2.9 million-barrel crude draw forecast but slightly less than the 8.1 million-barrel decline reported by the API. [EIA/S]ENERGYUSA U.S. crude CLcv1 rose 45 cents to settle at $45.49 per barrel and Brent LCOcv1 settled up 22 cents at $47.74. Reporting by Herbert Lash; Editing by Chizu Nomiyama and James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN19X03E'|'2017-07-12T03:51:00.000+03:00'
'8c66d69995636f5269087a0b08446fdca5da08c8'|'Oil majors face downgrades if crude prices don''t pick up - S'|'July 12, 2017 / 2:14 PM / 2 minutes ago Oil majors face downgrades if crude prices don''t pick up - S&P   FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. Toru Hanai LONDON (Reuters) - Big oil firms would face increased credit rating downgrade pressures if crude prices stayed below $50 a barrel on average until the end of 2018 and they did not compensate by cutting costs, S&P Global said on Wednesday. S&P currently has downgrade warnings - or negative outlooks in rating agency parlance - on ExxonMobil XOM.n, Chevron Corp ( CVX.N ) and Total ( TOTF.PA ), while the other so-called ''majors'' include Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ). Slideshow (2 Images) "If oil prices persistently trend below our price assumptions ($50/bbl on average until the end of 2018), downgrade pressure for many ratings would increase without material and sufficient further cost and capex efficiencies, disposals, or other countermeasures against weak credit metrics for a sustained period," S&P said in a report. It added that moderately higher oil prices would help credit metrics, but that for most of the big firms -with the exception of Shell- it "remains to be seen" whether they could see upgrades without a strong and sustained rebound in crude prices. Brent oil was trading at $48.34 a barrel on Wednesday. Oil majors'' debt levels have ballooned with aggregate debt reaching nearly $300 billion in 2014, up from just under $200 billion in 2009 according to S&P''s estimates. Reporting by Marc Jones; editing by Yumna Mohamed 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ratings-oil-majors-s-p-idUKKBN19X1VY'|'2017-07-12T17:13:00.000+03:00'
'9c10cd66c74156eb4a5e7c366e934479af73cb75'|'How Eddie the intern became the likable face of Southern Rail - Business'|'Pass notes How Eddie the intern became the likable face of Southern Rail The rail firm’s woes over driver action, late-running trains and its reduced service were forgotten as a 15-year-old on work experience took over its Twitter account Wednesday 12 July 2017 13.31 BST Last modified on Wednesday 12 July 2017 16.57 BST Name: @SouthernRailUK. Age: Joined July 2010. Appearance: A green logo, a picture of the London Eye with the sun glinting through it, and a blue tick. What is it, an advert? It’s the Twitter account of Southern Rail, AKA Eddie. Eddie? Who is Eddie? He is, or was temporarily, the voice of the account, who introduced himself by tweeting: “Hi, Eddie here! Here on Work Experience and ready to answer your questions! [smiley face].” When did this happen? On Tuesday, at 2.39pm. How old is Eddie? He is 15. Is this normal, using an unpaid teen as your social media interface? No, this is a new thing. Things must be going well, then. It’s like putting your junior players on at half time because you are winning 9-0. Yeah, things aren’t quite like that at Southern. Are they not? The rail firm has been under fire for more than a year over constant delays, cancelled trains and industrial disputes . It is running a reduced service because of action by drivers from the Aslef union. Imagine putting a kid in the firing line like that. I dread to think what questions the account’s 162k followers bombarded him with. Among the first was: “Would you rather fight 1 horse-sized duck or 100 duck-sized horses?” That is tricky. Another person asked: “What’s the air velocity of a swallow?” Oh, my. The answer to that won’t be on the amended timetable. Eddie Googled it. “Hi, for an unladen swallow, it is 50-65mph,” he replied, instantly spawning hashtags such as #askEddie. So, wait, people were nice to him? Overwhelmingly, across nearly 700 replies. Eddie gave as good as he got, was unfailingly polite and even answered the occasional question about trains. Hire Eddie! During his stint he was offered other placements, but promised to return the next day. How uncomplicatedly heartwarming. What’s in it for the embattled Southern Rail? Let’s put it this way: nobody was talking about calls for operator Govia Thameslink to be stripped of the franchise yesterday. Eddie was the story. So it’s all a cynical ploy? #AskEddie. Do say: “100 duck-sized horses. A horse-sized duck would be pretty scary! You? ^Eddie”. Don’t say: “Due to a fault on a train between East Croydon and Horsham, all lines are blocked.” Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/shortcuts/2017/jul/12/how-eddie-the-intern-became-the-likable-face-of-southern-rail'|'2017-07-12T20:31:00.000+03:00'
'3b00829035f5f57c2dc750021c05cfd6fb25a3ef'|'RBS to pay $5.5 billion to resolve major U.S. mortgage probe'|'July 12, 2017 / 12:43 PM / 3 hours ago RBS to pay $5.5 billion to resolve major U.S. mortgage probe Andrew MacAskill and Jonathan Stempel 3 Min Read LONDON/NEW YORK (Reuters) - Royal Bank of Scotland will pay $5.5 billion (4.27 billion pounds) to settle one of the two major U.S. investigations into allegations it mis-sold mortgage-backed bonds that it needs to resolve before the British government can sell its shares. The Edinburgh-based lender on Wednesday said it agreed to settle the lawsuit with the U.S. Federal Housing Finance Agency (FHFA) that accuses it of mis-selling $32 billion of mortgage-backed securities before the global financial crisis. Analysts had previously estimated RBS would have to pay between $3.5 to $5 billion to settle the case with the FHFA. "Today''s announcement is an important step forward in resolving one of the most significant legacy matters," RBS Chief Executive Ross McEwan said in a statement. McEwan has been trying to clean up RBS''s balance sheet and end an array of legal cases so the government can sell its more than 70 percent stake in the bank after a 46 billion pound ($59.6 billion) bailout during the financial crisis. RBS said it will get a reimbursement of about $754 million from other parties and the fine is largely covered by existing provisions. The bank said it will record a charge of 151 million pounds in next month''s result related to the fine. FILE PHOTO: People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. Neil Hall/File Photo Its shares traded almost 2 percent higher at 1255 GMT. The case against RBS is the biggest and last of 18 lawsuits the FHFA filed in 2011 over about $200 billion in mortgage-backed securities that various banks sold to U.S. mortgage giants Fannie Mae and Freddie Mac. The FHFA previously recovered $17.87 billion to resolve most of those lawsuits, including $5.83 billion from Bank of America Corp and $4 billion from JPMorgan Chase & Co. The FHFA contended that in buying the mortgage-backed securities from RBS, Fannie Mae and Freddie Mac relied on false and misleading statements contained in offering documents, leading them to suffer massive losses. In September 2008, the U.S. government appointed the FHFA as conservator for Fannie Mae and Freddie Mac after seizing the mortgage financiers. Lehman Brothers Holdings Inc went bankrupt one week after that seizure. The British government has said it will not resume selling its stake until the bank settles its U.S. fines and resolves its state aid requirements. Taxpayers currently face a 29.2 billion pound loss on the value of the government''s shares in RBS, according to the Office for Budget Responsibility, Britain''s independent budget watchdog. Reporting by Andrew MacAskill; editing by Simon Jessop/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rbs-probe-idUKKBN19X1NR'|'2017-07-12T15:43:00.000+03:00'
'd55db0b69f137a4dcc09ac25fc7432696f56f1a4'|'U.S. says 2.7 million additional Takata air bag inflators to be recalled'|'July 11, 2017 / 11:52 PM / 23 minutes ago U.S. says 2.7 million additional Takata air bag inflators to be recalled David Shepardson 3 Min Read FILE PHOTO: Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. Toru Hanai/File Photo WASHINGTON (Reuters) - The U.S. National Highway Traffic Safety Administration said Tuesday that new testing is prompting Takata Corp ( 7312.T ) to declare 2.7 million air bag inflators defective in Ford Motor Co ( F.N ), Nissan Motor Co ( 7201.T ) and Mazda Motor Corp ( 7261.T ) vehicles. Takata air bag inflators are already linked to 17 deaths and more than 180 injuries worldwide, and the recalls will eventually cover about 125 million inflators. The auto safety agency said new testing is prompting the recall of some driver-side air bags built from 2015 through 2012. Nissan said it will recall 627,000 Versa cars from 2007-2012 model years, including 515,000 in the United States "out of an abundance of caution." It will notify owners within 60 days with additional instructions. Ford spokesman John Cangany said the issue covers about 2.2 million Ford vehicles, and the company has five days to respond to the Takata filing. The automaker is "aware of Takata’s submission, and we have been in regular contact with the agency on the issue. Importantly, we aren’t aware of any incidents, and test data doesn’t suggest any issues," he said. Mazda said the new recall impacts just 6,000 B-series trucks. More than 65 percent of 46.2 million previously recalled Takata airbag inflators in the United States have not been repaired. The issue is the largest ever auto safety recall covering 17 automakers. Takata filed for bankruptcy protection in June. Takata inflator ruptures occur after long-term exposure to high humidity, NHTSA has said. Prior Takata recalls have involved air bag inflators without a drying agent. The new 2.7 million air bag inflators being recalled involve a drying agent, but Takata said testing showed ruptures could still take place. "Takata has told the public that their line of air bag inflators with moisture absorbent was safe. This recall now raises serious questions about the threat posed by all of Takata’s ammonium nitrate-based airbags," U.S. Senator Bill Nelson said in a statement. "If even more are found to be defective, it will take us from the biggest recall ever to something that could become mind-boggling." Honda Motor Co ( 7267.T ) said Monday it had confirmed an 11th U.S. death involving one of its vehicles tied to a faulty Takata air bag inflator. Takata expects to recall by 2019 about 125 million vehicles worldwide, including more than 60 million in the United States, Scott Caudill, chief operating officer of TK Holdings, Takata''s U.S. unit, said in June. Reporting by David Shepardson; Editing by Cynthia Osterman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-takata-recall-idUKKBN19W2WQ'|'2017-07-12T02:51:00.000+03:00'
'788ea1735bf0d70ab7d5ca7be915bf238baba152'|'U.S. tells South Korea it plans to start talks to amend trade pact'|'July 12, 2017 / 8:27 PM / 17 minutes ago U.S. tells South Korea it plans to start talks to amend trade pact 1 Min Read U.S. Trade Representative Robert Lighthizer (L) speaks with a delegate from South Korea''s delegation at the end of a joint press conference held on the sideline of the Asia-Pacific Economic Cooperation (APEC)''s 23rd Ministers responsible for Trade Meeting being held in Hanoi, Vietnam May 21, 2017. Reuters/Hoang Dinh Nam/Pool WASHINGTON (Reuters) - The United States said on Wednesday it had notified South Korea that it is seeking negotiations to make amendments to a five-year-old free trade agreement to remove barriers to U.S. trade. "Since KORUS went into effect, our trade deficit in goods with Korea has doubled from $13.2 billion to $27.6 billion, while U.S. goods exports have actually gone down," U.S. Trade Representative Robert Lighthizer said in a statement, referring to the U.S.-Korean trade agreement. He said a meeting of the joint committee, chaired by USTR and South Korea''s trade ministry, will meet in Washington in August to discuss the next steps. Reporting by Lesley Wroughton; Editing by Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-trade-southkorea-idINKBN19X2SZ'|'2017-07-12T23:26:00.000+03:00'
'0c3ad06988a4d9a61f7b6b51cc87aa4d6cebda5a'|'Dollar pressured by Trump Jr. emails, focus on Yellen testimony'|'July 12, 2017 / 1:00 AM / 10 minutes ago Dollar pressured by Trump Jr. emails, focus on Yellen testimony Lisa Twaronite 4 Min Read FILE PHOTO: A U.S. five dollar note is seen in this illustration photo June 1, 2017. Thomas White/Illustration/File Photo TOKYO (Reuters) - The dollar wobbled in early Asian trading on Wednesday as investors, already wary ahead Federal Reserve Chair Janet Yellen''s testimony, digested emails released by President Donald Trump''s eldest son suggesting he welcomed Russia''s help in last year''s election campaign. Yellen will give her semi-annual monetary policy testimony before Congress later on Wednesday and on Thursday, and investors will be parsing it for or clues on when the Fed will start reducing its massive balance sheet. The dollar index, which measures the U.S. currency against a basket of six major rivals, was slightly lower on the day at 95.641 .DXY. Against its Japanese counterpart, the dollar slipped 0.2 percent to 113.675 yen JPY= , moving away from a four-month high of 114.495 yen marked on Tuesday. Emails released by Donald Trump Jr. on Tuesday showed he agreed last year to meet a woman he was told was a Russian government lawyer who might have damaging information about Democratic White House rival Hillary Clinton as part of Moscow''s official support for his father. Investors'' mood turned more hopeful later in the session after U.S. Senate Republican leader Mitch McConnell announced a two-week delay in the Senate''s August recess to provide more time to work on legislation and approve nominees, which could lead to progress on tax reform and fiscal stimulus. Even after the news of the longer session, "the U.S. dollar did not return to beginning-of-the-day levels," said Bill Northey, chief investment officer at U.S. Bancorp Wealth Management in Helena, Montana. While the dollar was buffeted by the political headlines on Tuesday, it remains underpinned against the yen by divergent monetary policy expectations for the Federal Reserve and the Bank of Japan, he said. "Central banks around the globe seem to be either removing their accommodation or talking about removing their accommodation, except for the BOJ," said Northey. Ahead of Yellen''s remarks, Fed Governor Lael Brainard said the central bank should soon begin reducing its balance sheet, as long as economic data on U.S. jobs and growth holds up. But she wasn''t as hawkish as some investors hoped, saying that once balance sheet reduction is under way, she will assess inflation before deciding on further interest rate increases. Philadelphia Fed President Patrick Harker, a voter on the Federal Open Market Committee, said in an interview with the Wall Street Journal on Tuesday that if inflation did not move toward the Fed''s 2 percent target, then this would be a reason to hold off raising rates. The euro added 0.1 percent to $1.1473 EUR= , within sight of the previous session''s 14-month high of $1.1480. The Canadian dollar CAD= was slightly higher against its U.S. counterpart as investors awaited a Bank of Canada interest rate decision later on Wednesday. While forecasters remain divided on whether the central bank will raise rates, data from the overnight index swaps market showed that money markets have priced in a hike, as well as a second hike before the end of the year. Editing by Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-forex-idINKBN19X03Y'|'2017-07-12T03:58:00.000+03:00'
'cd2b69b6a18f0ebac4410906733fde1972df3953'|'Thousands of drivers suffer loss of power following VW emissions ''fix'' - Money - The Guardian'|'Motoring Thousands of drivers suffer loss of power following VW emissions ''fix'' 41,000 owners are bringing a class action against the manufacturer citing poor performance, worse fuel consumption – and no compensation A Volkswagen is tested for diesel emissions … but the ‘fix’ appears to have made matters worse for many. Photograph: Patrick Pleul/AFP/Getty Images Motoring Thousands of drivers suffer loss of power following VW emissions ''fix'' 41,000 owners are bringing a class action against the manufacturer citing poor performance, worse fuel consumption – and no compensation View more sharing options   16.02 BST Last modified on   18.32 BST More than half of VW, Audi and Skoda owners who had their cars “fixed” following the “ diesel-gate” emissions scandal have subsequently suffered poor performance and worse fuel consumption, according to a legal firm behind a class action against VW. Up in smoke: the VW emissions ‘fix’ has left our car undriveable Read more Around 41,000 owners have so far joined the action by Harcus Sinclair UK. VW has recalled 1.2m cars in the UK after it was caught cheating emissions tests two years ago , but growing numbers of owners are refusing to have the free work done because of the alleged post-fix problems. Harcus Sinclair says its survey found that 53%, or 2,706 drivers, had reported reduced fuel efficiency following the “fix”. More than 40% suffered reduced power and acceleration, while 739 reported a sudden loss of power as the car went into “limp home” mode. VW has so far refused to compensate those affected in the UK and has vowed to fight the legal action. Last month it also faced fresh allegations that the the “fix” for affected cars may not make a difference in the real world, following a leak of internal documents in German media. Damon Parker, head of litigation at Harcus Sinclair UK, said: “These results show that the ‘fix’ intended to reduce NOx emissions may, in fact, have a detrimental impact on the car’s performance and running costs. It has been almost two years since the scandal was exposed and the only thing that UK consumers have been offered is a so-called ‘fix’. A survey of our clients suggests it has caused other mechanical problems, leading to greater inconvenience, anxiety over their cars’ safety and additional cost to them.” Affected cars include VW, Audi, SEAT and Škoda with 1.2, 1.6 and 2.0 EA 189 diesel engines manufactured between 2009 and 2015. Most require a simple software upgrade, but some – those with the 1.6 litre diesel engine – have needed major work. Parker says the legal case will likely focus on whether the cars should have been certified as fit for sale as they allegedly produced higher emissions of NOx than the rules allowed due to their engines being fitted with a “defeat device”. The UK government has supported the “fix” which, for most vehicles, has been approved by German regulators. Transport minister, John Hayes, said in April that he was calling on VW to offer a compensation package to UK consumers. The Department for Environment, Food & Rural Affairs has said NOx emissions cause 23,000 premature deaths in the UK each year. In March, the Guardian featured the case of James Harrison who claimed that the “fix” had ruined his family’s 2010 Golf 1.6 diesel. Following the work the car began to stall and was difficult to restart. Other VW owners have reported that components from the exhaust gas recirculation system and the diesel particulate filter are commonly in need of being replaced after the “fix” is applied. In some cases VW has paid for the work, but in others it has left the owner with large £1,000+ bills. A spokesman for VW said: “This survey has been designed by a law firm to support the claim it is bringing for compensation against Volkswagen. We have serious misgivings about its impartiality and methodology. It is limited to the law firm’s clients who are likely to have different characteristics from the population of affected vehicle owners in the UK as a whole. Even among that interested group the survey response rate was less than 25%, and only half the respondents reported any problem. “In stark contrast, in the UK Volkswagen has implemented the technical measures in over 720,000 vehicles and in over 5m vehicles across Europe. There is no systemic problem. The overwhelming majority of our customers have been fully satisfied. Put another way, around 5m customers have not reported any problems with the technical measures.” He added: “We also want to stress that the technical measures do not affect the performance or safety of a vehicle. Implementation of the technical measures does not cause limp home mode to engage nor does it increase the incidence of limp home mode occurring.” An investigation by the BBC’s Watchdog programme into cars losing power is on BBC 1 tonight at 8pm. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jul/12/drivers-loss-of-power-vw-emissions-fix-class-action'|'2017-07-12T23:02:00.000+03:00'
'47a65bad414927730e51cec5984a8aa38c539a9b'|'UK''s new customs system might not be ready in time for Brexit - watchdog'|'July 12, 2017 / 11:25 PM / 8 hours ago UK''s new customs system might not be ready in time for Brexit - watchdog Sarah Mills 3 Min Read LONDON (Reuters) - Britain''s planned new customs system might not be ready in time for Brexit, according to a report by the government''s spending watchdog. HMRC, the government department responsible for tax collection, began setting up a new Customs Declaration Service (CDS) in 2013 to replace the existing system for collecting about 34 billion pounds in annual duty on imports from countries outside the European Union. That was before Britain voted last year to leave the EU. The National Audit Office (NAO) warned significant work was needed to complete the development of the CDS by the planned date of Jan. 2019. "There is a risk that HMRC will not have the full functionality and scope of CDS in place by March 2019 when the UK plans to leave the EU," the NAO said in the report released on Thursday. "In 2015 nearly 700 billion pounds of goods crossed the border. The continued smooth operation of these crossings is critical to the UK economy." Britain is set to leave the EU''s customs union when it exits the bloc. Its current customs system processed around 55 million pounds'' worth of import and export customs declarations in 2015-16, and HMRC predicts that once Britain is out of the customs union that figure will rise to 255 million pounds. "The programme is ... currently operating with some uncertainty due to the unknown outcome of the UK/EU negotiations, and no changes have yet been made to the scope of the CDS programme following the UK''s decision to leave the EU," the NAO said. It said any changes required because of Brexit would increase the risk of additional cost or delay. However, HMRC said the CDS was on track for delivery on time. "We took the decision to bring in a new declaration system before the EU referendum, but the service remains fully capable of dealing with how the UK''s exit from the EU will impact on customs declarations at the border," a spokesman said. Opposition lawmakers and businesses voiced concern at the NAO''s findings. Mike Cherry, National Chairman of the Federation of Small Businesses, said the government needed a "Plan B" in case the CDS was not ready. "It''s extremely concerning that the UK’s new customs system may not be ready in time for Brexit, potentially resulting in massive delays to trade and leaving thousands of businesses in the lurch," he said. Editing by Andrew Roche'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-customs-idUKKBN19X33R'|'2017-07-13T02:25:00.000+03:00'
'9ec22aed8860cbe68615d8d356da813429e96b61'|'PRESS DIGEST- New York Times business news - July 11'|'Market News - Tue Jul 11, 2017 - 12:40am EDT PRESS DIGEST- New York Times business news - July 11 July 11 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Dalian Wanda Group said it would sell its theme parks as part of a $9.3 billion deal with the property developer Sunac China Holdings Ltd, that includes 76 hotels and a major chunk of 13 tourism projects. nyti.ms/2u2CdXh - Germany''s Siemens said a Russian customer had illegally shipped two power plant turbines to Crimea instead of their intended destination in southern Russia. nyti.ms/2u2V58J - Abercrombie & Fitch said it would end talks to sell itself. The company said it would instead focus on carrying out its own strategic plan as a stand-alone company. nyti.ms/2tIp2IA - President Trump on Monday named Randal K. Quarles, a former Treasury Department official, to serve as the Federal Reserve''s top watchdog overseeing Wall Street and to play a leading role in the administration''s plans to reduce financial regulation. nyti.ms/2u7qwym - Microsoft Corp plans to announce on Tuesday that it is harnessing the unused channels between television broadcasts, known as white spaces, to help get more of rural America online. nyti.ms/2tCinkF (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1K21YG'|'2017-07-11T07:40:00.000+03:00'
'1f27123f3626bae8e1ef2e8a64cea9f52e111a80'|'Venezuela''s PDVSA says could seek to renegotiate October debt payment'|'Business News - Tue Jul 11, 2017 - 4:37am EDT Venezuela''s PDVSA says could seek to renegotiate October debt payment FILE PHOTO: The corporate logo of the state oil company PDVSA is seen at a gas station in Caracas, Venezuela April 12, 2017. REUTERS/Marco Bello/File Photo ISTANBUL Venezuelan state oil producer PDVSA could seek to renegotiate a looming October bond payment given low oil prices, Hector Andrade, PDVSA''s managing director for planning, said on Tuesday. "I guess there are a lot of chances of that," Andrade said when asked about a possible payment renegotiation. "Right now it''s not just about the cooperation between producers... (but) cooperation between producer and consumer." The firm also expects to invest $50 billion over the next 7 years to raise capacity by 1 million barrels per day, Andrade told reporters on the sidelines of an energy conference in Istanbul. Venezuela currently produces about 2 million barrels per day. Struggling under triple-digit inflation and Soviet-style product shortages as its socialist economy unravels, Venezuela has been hit hard by low prices for oil, its economic lifeline. The OPEC nation''s oil output has slipped and PDVSA is struggling to maintain investment in its oilfields, which hold the world''s largest crude reserves. (Reporting by David Dolan; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-venezuela-oil-debt-idUSKBN19W0PQ'|'2017-07-11T11:37:00.000+03:00'
'52d5bbdc80b8fc90a584aee046da452c4a2738ad'|'MOVES-Nomura appoints Fred Jallot as head of global markets EMEA'|'Market News - Tue Jul 11, 2017 - 8:34am EDT MOVES-Nomura appoints Fred Jallot as head of global markets EMEA July 11 Japan''s Nomura said on Tuesday it appointed Fred Jallot as head of Global Markets Europe, Middle East and Africa (EMEA). Jallot, who most recently served as the EMEA head of trading and structuring at Citigroup Inc, is based in London. (Reporting by Vibhuti Sharma; Editing by Arun Koyyur) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nomura-moves-fred-jallot-idUSL4N1K2420'|'2017-07-11T15:34:00.000+03:00'
'2cde8ffc7643fd40e7abbc342fddf429df8edab3'|'Oil prices rise on falling U.S. fuel inventories, lower production outlook'|'July 12, 2017 / 2:14 AM / 3 hours ago Oil pares gains despite U.S. drawdowns as stocks still high Scott DiSavino 3 Min Read A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, around 100 miles east of Aberdeen in Scotland February 24, 2014. Andy Buchanan/pool NEW YORK (Reuters) - Oil futures rose more than 1 percent on Wednesday, but backed off session highs despite hefty drawdowns in U.S. crude and gasoline inventories as government data also showed stocks were still above average and demand lacklustre. U.S. crude inventories fell 7.6 million barrels last week, its biggest weekly plunge in 10 months, the U.S. Energy Information Administration (EIA) said. That was much more than the 2.9 million-barrel crude draw forecast in a Reuters poll but was slightly less than the 8.1 million-barrel decline reported by the American Petroleum Institute (API) on Tuesday. But at 495.4 million barrels, U.S. crude oil inventories were in the upper half of the average range for this time of year. U.S. gasoline stocks USOILG=ECI fell 1.6 million barrels, compared with analysts'' expectations for a 1.1 million-barrel gain, but were in the upper half of the average range, the EIA said. "U.S. gasoline demand remains lacklustre and gasoline stocks are still above the five-year average, which will cap gains in crude and gasoline prices," said Abhishek Kumar, Senior Energy Analyst at Interfax Energy’s Global Gas Analytics in London. Brent crude futures LCOc1 were up 44 cents, or 0.9 percent, at $47.96 a barrel by 12:33 p.m. EDT (1633 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 was up 63 cents, or 1.4 percent, at $45.67 per barrel. That bigger gain in U.S. crude, pressured the premium of front-month Brent futures over WTI to $2.12 per barrel, the lowest so far this month. Before EIA released the storage report, Brent was up 1.9 percent and WTI was up 2.4 percent. Traders noted suggestions from the Organization of the Petroleum Exporting Countries (OPEC) that the oil market will see a surplus next year also weighed on Wednesday''s price gains. OPEC said its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more, pointing to a market surplus in 2018 despite an OPEC-led output cut. The cartel said the world will need 32.20 million barrels per day (bpd) of crude from its members next year, down 60,000 bpd from this year. The OPEC-led production cuts, in place since the start of the year, have lent prices some support, but in recent weeks rising output from Libya and Nigeria - OPEC members exempt from the output reduction deal - has pushed supply higher. "We remain very optimistic ... (about) helping the market to rebalance itself," OPEC Secretary-General Mohammad Barkindo said at an industry conference in Istanbul. A Saudi industry source said that Riyadh planned to reduce shipments in August by more than 600,000 bpd, taking exports for that month to their lowest this year. Additional reporting Alex Lawler and Ahmad Ghaddar in London and Henning Gloystein in Singapore; Editing by Dale Hudson and Marguerita Choy 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19X07K'|'2017-07-12T05:13:00.000+03:00'
'4b36b5917c9d5141d7ba232c433a4369dd09a80e'|'OPEC sees lower demand for its oil in 2018, points to surplus'|'July 12, 2017 / 11:40 AM / 4 hours ago OPEC sees lower demand for its oil in 2018, points to surplus Alex Lawler 4 Min Read FILE PHOTO - OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. Ramzi Boudina/File Photo LONDON (Reuters) - OPEC said on Wednesday its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more, pointing to a market surplus in 2018 despite an OPEC-led output cut. Giving its first 2018 forecasts in a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.20 million barrels per day (bpd) of crude from its members next year, down 60,000 bpd from this year. OPEC said its oil output in June rose above the demand forecast, led by gains in Libya and Nigeria, two members exempt from the cut aimed at eliminating excess supply. OPEC officials nonetheless remain upbeat on the outlook. "We remain very optimistic ... (about) helping the market to rebalance itself," OPEC Secretary-General Mohammad Barkindo said at an industry conference in Istanbul. Oil LCOc1 rose above $48 a barrel on Wednesday as a U.S. report of falling inventories in the United States raised hopes that the glut is easing. OPEC referred to an "ongoing rebalancing" of the market. Under the supply deal, OPEC is curbing output by about 1.2 million bpd, while Russia and other non-OPEC producers are cutting half as much, until March 2018. OPEC production has increased in recent weeks, in part due to the recovery in Libya and Nigeria, which were exempted from the supply cut as domestic conflict had curbed their output. OPEC said its output rose by 393,000 bpd in June to 32.611 million bpd, according to figures from secondary sources the organization uses to monitor supply. The gain was led by Nigeria and Libya, with extra barrels also from Saudi Arabia and Iraq. The figures mean OPEC has complied 96 percent with the cutback pledge, according to a Reuters calculation, down from more than 100 percent in May but still high by OPEC standards. "We are fully satisfied that member countries are maintaining a very high level of conformity," Barkindo said. Saudi, Others Pump More The report also said Saudi Arabia, which earlier this year voluntarily cut production to below its OPEC goal, boosted output to 10.07 million bpd in June, slightly above target. Supply is rising outside the group as well. OPEC estimated supply from all non-OPEC producers next year will rise by 1.14 million bpd, a sizeable increase from growth of 800,000 bpd this year led by the United States. Next year''s growth in non-OPEC supply is almost as much as the 1.26 million bpd rise that OPEC expects in global demand, and is even more if OPEC output of natural gas liquids - a type of supply not restricted by OPEC quotas - is included. The United States is expected to contribute the largest non-OPEC supply gain next year, OPEC said, even though cost inflation and a decline in well productivity will curb shale oil activity. Canada and Brazil are also expected to boost output. Should OPEC keep pumping at similar levels to June, the market could remain in surplus next year, the report indicates. The Nigerian and Libyan recovery has prompted talk among producers about asking them to join the supply deal. Barkindo downplayed expectations this would be addressed soon, saying a meeting on July 24 in Russia of some OPEC and non-OPEC ministers would discuss Nigerian and Libyan output only at a technical level. OPEC production figures in the report are for the now 14-member group. Equatorial Guinea joined in late May. Additional reporting by Olesya Astakhova in Istanbul; Editing by Dale Hudson and Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-opec-oil-demand-idUKKBN19X1GV'|'2017-07-12T16:30:00.000+03:00'
'45a87f08be4b378148de9eafb01a4873e1d260cd'|'Gold inches lower as market awaits rate hike cues'|'July 11, 2017 / 1:08 AM / 6 hours ago Gold inches lower as market awaits rate hike cues 3 Min Read FILE PHOTO - Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London, Britain July 21, 2015. Neil Hall/File Photo BENGALURU (Reuters) - Gold edged lower early Tuesday on a firmer dollar after touching near four-month lows in the previous session as the market waits for cues from the central bank on the path of U.S. interest rate hikes. Fundamentals * Spot gold XAU= fell 0.2 percent to $1,212.01 per ounce at 0043 GMT. It hit a low of $1,204.45 in the previous session, its lowest since March 15. * U.S. gold futures GCcv1 for August delivery rose 0.3 percent to $1,212.80 per ounce. * Traders were looking ahead to Wednesday and Thursday, when U.S. Federal Reserve Chair Janet Yellen will address Congress. * The U.S. dollar climbed to a two-month high against the yen on Monday and global equity markets rallied, lifted by robust economic data from Germany and renewed interest in U.S. technology stocks spurred by an Amazon online sale event. [USD/] * U.S. Treasury yields slipped on Monday, in line with weak European markets, as sharp gains following Friday''s strong U.S. non-farm payrolls report prompted investors to consolidate positions. [US/] * More than two tonnes of gold were traded through the London Metal Exchange''s new LMEprecious spot contract by late afternoon on its first day as the exchange began its bid to take a slice of the world''s biggest over-the-counter (OTC) gold market. * Consumers expect to boost spending in the months ahead and voiced confidence they are more likely to find a job and less likely to lose one in a strong labour market, the New York Federal Reserve reported Monday in its latest monthly survey of consumer expectations. * Investors expect euro zone bonds to be pummelled in the coming months as the European Central Bank starts turning off the money taps after years of unprecedented largesse, a Sentix poll showed on Monday. * Holdings at SPDR Gold Trust ( GLD ), the world''s largest gold-backed exchange-traded fund fell 0.35 percent to 832.39 tonnes on Monday from 835.35 tonnes on Friday. * The French government will push ahead with tax cuts promised by President Emmanuel Macron, sources said on Monday, rowing back on comments from the prime minister that some could wait. Reporting by Nithin Prasad in Bengaluru 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN19W02Y'|'2017-07-11T04:05:00.000+03:00'
'f136f347d30eade99f91fae73fe295113c5b9b6a'|'China could field nearly half of new electric car models by 2020 - study'|'July 12, 2017 / 4:11 AM / 3 hours ago China could field nearly half of new electric car models by 2020 - study Joseph White 3 Min Read FILE PHOTO: Electric cars are seen at a parking lot of an automobile factory in Xingtai, Hebei province, China April 26, 2016. Stringer/File Photo DETROIT (Reuters) - Chinese automakers are on track to produce 49 of the 103 new electric car models that will be launched globally by 2020, as part of China''s push to accelerate the switch to battery power from oil, according to a new forecast released on Wednesday. U.S. consulting firm AlixPartners also said China is aiming to have nearly two-thirds of the world''s manufacturing capacity for lithium-ion batteries by 2021, and is investing to support current sales of domestic-brand electric vehicles in the world''s largest car market. Already, Chinese automakers account for 96 percent of the electric vehicles sold in the country, AlixPartners said. Automakers sold about 350,000 electric vehicles in China in 2016 - still less than 2 percent of total vehicle sales. By 2025, electric vehicle batteries should be close to even with internal combustion engines in terms of production costs, AlixPartners forecast. Lower battery costs could help boost consumer acceptance. John Hoffecker, the firm''s global vice chairman, told reporters at the Automotive Press Association in Detroit on Tuesday that other factors, such as a significant reduction of the time it takes to recharge electric car batteries, will be critical to efforts to win over reluctant consumers. AlixPartners also cautioned that many of the roughly 50 companies it counts as contestants in the race to develop self-driving cars won''t go the distance. "It''s impossible to believe there will be 50 successful autonomous vehicle companies," Hoffecker said. In the United States, AlixPartners said automakers will have to contend with funding investments in new technology against deep-pocketed technology industry players such as Apple Inc ( AAPL.O ) and Alphabet Inc ( GOOGL.O ), even as sales of cars and light trucks slide into a cyclical trough. AlixPartners is forecasting that U.S. car and light lorry sales will fall to 15.2 million vehicles in 2019, down 13 percent from the 2016 peak. Other U.S. analysts also predict a slowdown in vehicle sales during the next two to three years. Reporting by Joe White; Editing by Muralikumar Anantharaman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autos-electricvehicles-study-idUKKBN19X0CC'|'2017-07-12T07:11:00.000+03:00'
'81e0d6e3f6fee0b1ba0e9bbe384c8e08d25a09ee'|'UPDATE 1-Nichicon to plead guilty in U.S. to price-fixing, pay $42 mln fine'|'Technology  26pm EDT Nichicon to plead guilty in U.S. to price-fixing, pay $42 million fine By Diane Bartz - WASHINGTON WASHINGTON Japan''s Nichicon Corp will plead guilty to fixing the prices of electrolytic capacitors sold in the United States and elsewhere, and will pay a $42 million fine, the U.S. Justice Department said on Tuesday. The price-fixing conspiracy ran from September 1997 to 2014, and Nichicon participated from about 2001 to 2011, the Justice Department said in its complaint, filed in federal court in San Francisco. Electrolytic capacitors are used in a range of electronic products, including computers, televisions and car engines, to store and regulate electric current Nichicon is the seventh company to be charged with price-fixing in the industry while 10 people have been charged, according to Marvin Price, director of the Antitrust Division''s criminal enforcement unit. A spokesperson for Nichicon was not immediately available for comment. Other companies that have pleaded guilty to fixing the prices of capacitors include Matsuo Electric, Hitachi Chemical and Elna Co Ltd. (Reporting by Diane Bartz; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nichicon-pricefixing-idUSKBN19W2OF'|'2017-07-12T00:24:00.000+03:00'
'25f0cd40418b362eb9f9fd908e18bfe41fe8ce94'|'Qatar Airways to go ahead with American Airlines stake buy despite codeshare ending'|'July 13, 2017 / 5:57 AM / an hour ago Qatar Airways to go ahead with American Airlines stake buy despite codeshare ending 1 Min Read Qatar Airways Chief Executive Akbar al-Baker speaks to reporters after unveiling a commemorative signing wall in support of Qatar’s Emir Sheikh Tamim Bin Hamad Al-Thani in Doha, Qata, July 13, 2017. Naseem Zeitoon DOHA (Reuters) - Qatar Airways Chief Executive said on Thursday the airline still planned to buy a stake in American Airlines despite the U.S. carrier ending a code-share agreement between the two companies. Slideshow (3 Images) American Airlines on Wednesday said it was ending its code-share agreements with Qatar Airways and Etihad Airways. Separately, it said Qatar Airways had withdrawn and refiled its notification to buy a stake in the U.S. carrier. "Our stock purchase request and filing is going ahead as normal. We had to clarify certain questions of the regulator, which we compiled with," Qatar Airways Chief Executive Akbar al-Baker told reporters in Doha. Reporting by Tom Finn in Doha, writing by Alexander Cornwell; Editing by Amrutha Gayathri 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-qatar-airways-airlines-american-airli-idINKBN19Y0G2'|'2017-07-13T08:55:00.000+03:00'
'cfa61ec65092c40bf6cafe85946fc6f66efc47aa'|'Kushners seek new plan for flagship NY office after failed Qatar deal'|'July 11, 2017 / 9:44 PM / 2 hours ago Kushners seek new plan for flagship NY office after failed Qatar deal Herbert Lash 3 Min Read FILE PHOTO: The building at 666 Fifth Avenue, owned by Kushner Companies, rises above pedestrians in New York, U.S., March 30, 2017. Lucas Jackson/File Photo NEW YORK (Reuters) - Kushner Cos, the realty company once headed by President Donald Trump''s son-in-law, said on Tuesday it is reassessing how to finance the redevelopment of its flagship New York City property after failed talks with a former Qatari prime minister. Talks that began more than two years ago to invest in 666 Fifth Avenue, located in the heart of Manhattan, with Qatar''s Sheikh Hamad bin Jassim al-Thani were "recently terminated," a Kushner spokesman, James Yolles, said in a statement to Reuters. Kushner Cos "is currently reassessing the financing structure of the overall project. The company remains in active discussions with a number of potential investors around the property''s redevelopment," Yolles said. Sheikh Hamad agreed to invest $500 million on condition that the company, recently headed by Jared Kushner, Trump''s son-in-law and now one of his senior advisers, obtain the rest of a multi-billion-dollar refinancing elsewhere, The Intercept publication reported on Monday. Jared, who is married to Trump''s daughter Ivanka, sold his interests in the company to a family trust in January. Sheikh Hamad was Qatar''s prime minister from 2007 to 2013 and was foreign minister for more than 20 years. FILE PHOTO: A building at 666 Fifth Avenue, owned by Kushner Companies, rises above the street in New York, U.S., March 30, 2017. Lucas Jackson/File Photo President Trump in early June accused Qatar of being a "high level" sponsor of terrorism, days after four Arab states cut ties with the Gulf nation over its alleged support of terrorism. Kushner Cos in March said it ended talks with China''s Anbang Insurance Group to redevelop the 39-story marquee property it bought in 2006 for $1.8 billion, at the time a record for a Manhattan office building. Talks had centred on Anbang providing as much as half of $2.5 billion in equity in a plan that called for stripping the building down to its steel columns and adding about 40 floors, according to media reports. A $1.2 billion loan used to buy the property was later refinanced and comes due in February 2019. The company also said in March that advanced talks were ongoing with other investors to redevelop the tower, valued for its proximity to St. Patrick''s Cathedral and Rockefeller Center. Kushner Cos has a joint venture in the 60-year-old tower with Vornado Realty Trust ( VNO.N ), a major city property owner. Reporting by Herbert Lash; Editing by Daniel Bases and Leslie Adler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-property-kushner-qatar-idINKBN19W2PC'|'2017-07-12T00:43:00.000+03:00'
'7bc9bcbf5207f65d4f9880911fd626b95d7531de'|'Twin slump in sugar, oil puts pressure back on Brazilian mills'|'July 12, 2017 / 7:26 PM / 17 minutes ago Twin slump in sugar, oil puts pressure back on Brazilian mills Marcelo Teixeira 6 Min Read SAO PAULO (Reuters) - A steep decline in sugar and oil prices over the last six months has diminished the hope of financial recovery for a number of Brazilian mills, and could put new dealmaking in the sector on hold, according to industry experts. Raw sugar prices in New York SBc1 were hovering around 13 cents per pound, down around 40 percent since the fourth quarter of 2016 to a level analysts and millers say is close to production costs in Brazil''s centre-south. At the same time, an ongoing slump in oil prices CLc1 LCOc1 has led state-controlled oil firm Petrobras ( PETR4.SA ) to repeatedly cut gasoline prices domestically. That has in turn pressured ethanol producers to follow suit since the two fuels were sold side by side at the pump. The price pressure on sugar and ethanol could cut short a nascent financial recovery for many Brazilian mills during a global sugar supply deficit in 2015 and 2016. It could also slow down talks between millers and potential investors and lead to more closures of indebted firms. "We can''t deny that the current situation strongly impacts our liquidity," said Tony Rivera, a director at Renuka do Brasil SA, the local unit of Indian sugar maker Shree Renuka Sugars ( SRES.NS ). Renuka has four mills in Brazil and is one of dozens of companies that have filed for bankruptcy protection. The company has plans to sell two of its mills to pay debt and raise working capital to continue operations in the country, even at a smaller scale. But Rivera says falling sugar and ethanol prices also impact that plan. "The current outlook is a problem, because on one side it scares those who are not fully convinced to invest in the sector. And on the other side, it brings down the price investors are willing to pay for the plants," he said. Havoc A combination of weak sugar and ethanol prices in Brazil from 2010 to 2014 wreaked havoc on the sugar industry, triggering the closure of dozens of mills and leading many others to seek bankruptcy protection, a process that is ongoing. At the time, the government kept gasoline prices artificially low to fight inflation, consequently cutting margins on ethanol sales, while a multi-year global sugar surplus depressed sugar values. Cane industry group Unica said 80 plants have been idled in Brazil since 2010. The closings reduced spare cane crushing capacity, limiting growth in the industry. According to Unica, sugar output was 35.6 million tonnes last season, up only slightly from 33.5 million tonnes in 2010/11. Some of the hardest-hit firms have been snapped up by players with stronger capital structures. Last November, Glencore Plc ( GLEN.L ) bought the Guararapes mill to add a second plant to its operations in the main cane belt of Sao Paulo state, in a judicial auction. Raízen, a joint venture of Cosan SA Industria e Comercio ( CSAN3.SA ) and Royal Dutch Shell Plc ( RDSa.L ), acquired two mills last month from Tonon Bioenergia [TONONB.UL] in a similar auction. Renuka will try to sell its Brejo Alegre mill in a judicial auction as well on Sept. 4. Rivera said there were companies looking at data provided before the auction, but he declined to name them. Dario Gaeta, chief executive officer at Tietê Agroindustrial, the firm managing the two mills bought in 2015 by Cargill''s Black River Asset Management LLC from distressed group Ruette, believed dozens of mills were up for sale, but that willing buyers were scarce. "Some mills are so heavily indebted that they would need to sell themselves for 1 dollar and hope banks will accept a large haircut to allow new owners to invest and revamp operations." Debt, Funding Brazilian investment bank Itaú BBA said 15 percent of Brazil''s mills were struggling with excessive debt loads. Sao Paulo-based Archer Consulting estimates the sector''s total debt at 86 billion reais ($26.4 billion). "For those firms still struggling with non-operational difficulties, the new market situation certainly does not help," Pedro Barreto, Itaú BBA''s Agribusiness director, said in an interview. Fitch Ratings questioned the chances for troubled mills to recover, such as the ones under bankruptcy protection. "Positive outcomes depend largely on a successful operating environment, higher sugar and ethanol prices, and unhindered access to funding given the capital-intensive nature of the business," the debt rating agency said in a research note. International bond markets are unlikely to offer much in the way of alternatives for Brazilian mills, and funding from the domestic capital market is not a realistic option for most companies in the sector, Fitch added. Itaú BBA''s Barreto sees merger and acquisition talks cooling under the current situation, since the distance between what sellers want for assets and what buyers are willing to pay tends to increase as sugar prices fall. Additional reporting by Luciano Costa and José Roberto Gomes; Editing by Christian Plumb and Bernadette Baum 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/brazil-sugar-restructuring-analysis-idINKBN19X2O9'|'2017-07-12T22:21:00.000+03:00'
'b3272e88b1bcdea5c316a35b012f8a913c7143b7'|'Metro food, electronics units go their separate ways'|'July 13, 2017 / 7:19 AM / an hour ago Metro food, electronics units go their separate ways Reuters Staff 3 Min Read Olaf Koch, Chairman of the Board of German retailer METRO, rings a bell during the public offering of their separated food and consumer electronics units at the Frankfurt stock exchange in Frankfurt, Germany July 13, 2017. Ralph Orlowski FRANKFURT (Reuters) - German retailer Metro completed its split into two companies on Thursday as its food business and consumer electronics division started trading independently on the Frankfurt and Luxembourg stock exchanges. Metro hopes the split will allow the independent companies to pursue more acquisitions and trigger a revaluation of the stock as Metro has traded at a discount to other pure wholesale retailers such as Sysco and Britain''s Booker. "We welcome the split as it is likely to unlock value for investors," Equinet analysts Christian Bruns and Mark Josefson, who rated the combined company a "buy", wrote in a note. However, the companies have warned that trading is likely to be volatile in the early days, especially as the split means adjustments are needed in the German mid-cap index in which Metro was listed. Shares in the Metro food business traded at 19.47 euros by 0735 GMT, while those of the consumer electronics business, to be renamed Ceconomy were at 9.33 euros, together slightly below the 29.185 euros for the combined group at the close of trading on Wednesday. Bankers had spent the last few weeks meeting investors, informing them about the two companies and drumming up demand for the shares. Olaf Koch, Chairman of the Board of German retailer METRO attends the public offering of their separated food and consumer electronics units at the Frankfurt stock exchange in Frankfurt, Germany July 13, 2017. Ralph Orlowski "The work was about the same as for a normal IPO," a person close to the deal said. Metro, a sprawling conglomerate, has spent several years restructuring and selling non-core businesses such as its Kaufhof department stores, to focus on its cash-and-carry business and Media-Saturn electronics chain. FILE PHOTO: Shopping carts of Germany''s biggest retailer Metro AG are lined up at a Metro cash and carry market near the city of Bonn. Wolfgang Rattay/File Photo - RTX38BX1 The new food business comprises wholesale stores, which serve hotels, restaurants and independent retailers, along with Real hypermarkets in Germany. Together they had 2015-16 sales of 37 billion euros ($42.4 billion) and operate in 35 countries. Ceconomy is Europe''s biggest consumer electronics business ahead of Dixons Carphone, running more than 1,000 stores in 15 European countries, with sales of 22 billion euros in 2015/16. "We remain cautious on Metro''s perennial problems. It remains to be seen to what extent the new combined businesses will be able to finally reduce the high exceptional charges and optimize the tax rate," said Bernstein analyst Bruno Monteyne. Monteyne noted that the Metro food business, which makes the bulk of its profit in Russia, will be more exposed to the volatile rouble than the combined group and called on the company to disclose more details on the Russian and German businesses in future. Reporting by Alexander Huebner and Arno Schuetze; Writing by Emma Thomasson; Editing by Victoria Bryan and Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-metro-split-idUKKBN19Y0M5'|'2017-07-13T10:58:00.000+03:00'
'38a33886e2b1105a763822921c917873001f962c'|'Reckitt Benckiser denies Oxfam claims of avoiding millions in taxes'|'July 12, 2017 / 9:29 PM / 4 hours ago Reckitt Benckiser denies Oxfam claims of avoiding millions in taxes Reuters Staff 3 Min Read LONDON (Reuters) - British consumer goods giant Reckitt Benckiser Group ( RB.L ) said on Wednesday its tax structure and practices were in line with other global businesses, denying allegations of tax avoidance in developing countries, after charity group Oxfam levelled charges against it. Oxfam said on Thursday in a report that Reckitt funnelled intra-company transactions through the "low-tax jurisdictions" of Netherlands, Dubai and Singapore, so that more profit accumulates there, rather than in countries where the company has its core business, and where tax rates are higher. It went on to add that a significant business reason for the relocation was to save tax. It said that Reckitt restructured its transfer pricing model to avoid taxes. Reckitt said it "strongly refuted" that its 2012 move to locate regional headquarters in the Netherlands, Dubai and Singapore was driven principally by tax avoidance. It said the decision was motivated by a desire to ensure its business was organised to be close to its customers and consumers. The maker of Durex condoms and Lysol cleaners said in a statement that its tax policy is "totally legal and the norm for the majority of global businesses", adding its 2016 effective tax rate of 23 percent compared favourably with peers. Oxfam said Reckitt avoided taxes of 66.2 million pounds ($85.33 million) in France, 71.3 million pounds in Australia, 22.0 million pounds in Belgium and 7.4 million pounds in New Zealand in between 2013 and 2015. It also said evidence suggested that Reckitt took advantage of specific tax deals agreed with the Luxembourg government, and did not pay 17 million pounds in tax between 2010 and 2015. "We similarly strongly refute any link between our tax structure and the assertion that we seek to avoid taxes in developing countries that could otherwise have been invested in public health and education," Reckitt said in advance of the Oxfam report. "None of our business operations are in any way linked to tax avoidance in developing countries," it added. The company said it supports efforts to increase trust and understanding of tax systems around the world and supports OECD guidelines on tax and transparency and will fully comply. ($1 = 0.7758 pounds) Reporting by Martinne Geller and Sangameswaran S; editing by Alexander Smith, G Crosse and Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-reckitt-benc-grp-taxavoidance-idUKKBN19X2XL'|'2017-07-13T02:32:00.000+03:00'
'a5b92ed673c0f700a1f9ba8168d431f1fb63af7c'|'Resolving regulatory probe of NSE is top priority: CEO'|'July 17, 2017 / 3:16 PM / 5 hours ago Resolving regulatory probe of NSE is top priority: CEO 3 Min Read A man walks past the NSE (National Stock Exchange) building in Mumbai, India July 11, 2017. Danish Siddiqui MUMBAI (Reuters) - The new chief executive of India''s embattled National Stock Exchange (NSE) said on Monday his immediate priority was to resolve a regulatory investigation facing the country''s largest bourse and improve relations with stakeholders. Vikram Limaye took over the NSE on Monday, with the exchange facing a probe from market regulator the Securities and Exchange Board of India (SEBI) about whether company employees provided unfair access to co-location servers to select brokers. Co-location servers are placed at the site of exchanges to speed up algorithmic trading. The probe has delayed a much-anticipated initial public offering (IPO) of the NSE that bankers had said could raise up to $1 billion. Limaye, a 50-year-old finance industry veteran who was previously CEO of infrastructure lender IDFC Ltd, also has to face regulatory scrutiny after NSE suffered a technological glitch that caused widespread disruptions in trading last week. "The immediate priorities for me are to resolve the co-location issue with SEBI," Limaye told Reuters in an interview on Monday. "Then, we need to obviously improve various stakeholder relationships whether it''s with SEBI, government, clients, media, employees," he added. Limaye said the NSE was in talks with SEBI to settle the issue of unfair access to brokers. "That we believe will be the fastest way to resolve this," Limaye said. "We will have to file an official application for consent in order to start that process." Sources told Reuters last month that the NSE was in talks with the market regulator to settle the issue, in an effort to move ahead with its listing, and accept a penalty. SEBI has not said whether it would be open to a settlement. Limaye said he had "no visibility" on when the exchange could go public, as the regulatory probe had to be resolved first. He said he would also focus on better communication to fix the bourse''s image. "Unfortunately, what we haven''t done a good job (at), historically, is communicating," he said. "So, I firmly believe even the co-location issue could have been managed a lot better." A number of high-profile executives have left the NSE, including co-founders and former CEOs Chitra Ramkrishna and Ravi Narain. Limaye is the first chief executive to come from outside the exchange''s founding team since it was set up in 1992. Reporting by Abhirup Roy; Editing by Rafael Nam and Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-nse-ceo-idINKBN1A21MQ'|'2017-07-17T18:16:00.000+03:00'
'314da126f383bbd8a5c87a7fd20700d5d8158552'|'N Brown to incur exceptional charge for flawed insurance products'|'July 13, 2017 / 7:32 AM / 24 minutes ago N Brown to incur exceptional charge for flawed insurance products   (Reuters) - British plus-size fashion retailer N Brown Group expects to incur an exceptional charge of up to 40 million pounds for potential customer compensation related to insurance sold between 2006 and 2014. N Brown, which a has a financial services arm that provides customers credit to pay for purchases, said it identified flaws in certain general insurance products that had been provided by a third-party underwriter. "The vast majority of these products were sold to the group''s customers in the period leading up to and including 2011. Sales of the relevant products ceased in early 2014," N Brown said in a statement. A company spokesman said the products were general insurance policies to cover goods being purchased. N Brown said it expects to incur an exceptional cost in this year''s income statement in the range of 35 million pounds to 40 million pounds. The company added that there may be mitigating actions to reduce the overall net cost and that the matter will not affect underlying operations, the risk profile of its customers or debtor balances. Shares in N Brown were down 7.3 percent at 282 pence in early trading. Reporting by Rahul B in Bengaluru; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-n-brown-outlook-idUKKBN19Y0NE'|'2017-07-13T10:35:00.000+03:00'
'bc4fcdd4ba9105266fbeb7e56bcf7bb926cf26c6'|'Microsoft vows to bring broadband to millions of rural Americans'|'July 11, 2017 / 9:01 PM / 6 hours ago Microsoft vows to bring broadband to millions of rural Americans Salvador Rodriguez 3 Min Read A Microsoft logo is seen a day after Microsoft Corp''s $26.2 billion purchase of LinkedIn Corp, in Los Angeles, California, U.S. June 14, 2016. Lucy Nicholson WASHINGTON (Reuters) - Microsoft Corp ( MSFT.O ) on Tuesday announced an initiative to bring high-speed internet to millions of rural Americans through unused television airwaves in a long-term bet for user growth. The Redmond, Washington, technology company proposed using spectrum typically reserved for TV stations to broadcast high-speed internet to underserved U.S. locations. To start, Microsoft will commit to a five-year effort to bring broadband connectivity to 2 million underserved rural Americans. Microsoft, whose products include the Windows operating system, Office 365 productivity suite and Skype video service, hopes other companies and the government will support what it has dubbed the Rural Airband Initiative. However, the plan has attracted opposition from broadcasters who are reluctant to share the airwaves. “This is really all about getting everybody online in rural communities,” Brad Smith, Microsoft’s chief legal officer, told Reuters. “That includes consumers, it includes businesses, it includes farmers and agricultural enterprises and it includes schools.” Reaching all 23 million underserved rural Americans would cost as much as $12 billion, Microsoft said. Smith said the company will spend whatever it takes to reach the targeted 2 million people. It plans to launch at least 12 projects across 12 states within the next 12 months, and has partnerships with telecom companies including CenturyLink Inc( CTL.N ) in Washington state, and hopes for more partners, Smith said. “Our goal is to work with as many people as possible,” he said, adding he hopes the Trump Administration will consider government funding for the project as part of an infrastructure bill expected in the fall. “My sense is that they are focused on a full range of infrastructure needs, including 21st century infrastructure like broadband,” Smith said. “We welcome the dialogue.” Costly equipment is among the challenges. Microsoft bets costs will come down, but that is not guaranteed. Opposition from broadcasters is also a concern. “Policymakers should not be misled by slick Microsoft promises,” said Dennis Wharton, vice president of communications for the National Association of Broadcasters, in a statement. Forrester analyst James McQuivey called the plan a low-risk, high-reward effort for Microsoft, which might have to spend money in a lobbying fight with broadcasters, but stands to gain millions of new users. “It would only be valuable to Microsoft if the company uses that engagement to build a branded relationship with the customer, moving them to Bing as a search engine, encouraging them to use Office 365, Outlook, and Skype,” McQuivey said. Reporting by Salvador Rodriguez; Editing by David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-microsoft-broadband-idUSKBN19W2ML'|'2017-07-11T23:51:00.000+03:00'
'51e8ee68f48c58ca7dcb7b1d230608a4694772e7'|'Britain hails Spanish investment as sign of confidence in economy'|'July 12, 2017 / 11:21 PM / 6 hours ago Britain hails Spanish investment as sign of confidence in economy Kylie MacLellan 3 Min Read Queen Elizabeth II and King Felipe VI of Spain during the State Banquet at Buckingham Palace, London for the King''s State Visit to the UK Wednesday July 12, 2017. Dominic Lipinski/PA Wire/Pool LONDON (Reuters) - Spanish companies will commit millions of pounds of investment to Britain on Thursday, the British government said, as it seeks to limit the economic impact of leaving the European Union. The investment plans, which include building trains and trams in Britain, coincide with a three-day state visit to Britain by Spain''s King Felipe and Queen Letizia. King Felipe and British trade minister Liam Fox are due to address a UK-Spain business forum in London on Thursday, before the Spanish monarch holds bilateral talks with Prime Minister Theresa May at her Downing Street residence. Britain said the investments would include Spanish manufacturer CAF ( CAF.MC ) committing 30 million pounds ($39 million) to build trains and trams at a new factory in Wales, creating 300 jobs, and Spanish infrastructure company Sacyr ( SCYR.MC ) unveiling plans for a new office in London. Bilateral trade between the two countries was worth 40 billion pounds in 2015, and more than 400 Spanish companies are registered in Britain, the government said. "The sheer scale of Spanish investment in Britain demonstrates Spain''s continued confidence in the strength of the UK economy, and shows that we can and will maintain the closest possible relationship," May said in a statement. The government also highlighted more than 100 million pounds which is being invested in the expansion of Luton Airport, majority owned Spanish airport operator AENA ( AENA.MC ), and the construction of a 26 million pound factory in the West Midlands by Spanish steel producer Gonvarri Steel Services. Britain''s Prince Charles, Camilla, Duchess of Cornwall, Spain''s King Felipe and Queen Letizia pose for a photograph in Clarence House in central London, Britain July 12, 2017. Spain''s King Felipe and Queen Letizia started a state visit to Britain on Wednesday. Chris J Ratcliffe/Pool Away from the financial deals, the Spanish royal visit comes amid tensions over the post-Brexit future of the British territory of Gibraltar, which Spain wants back. The future of Gibraltar, a rock on the southern tip of Spain captured by Britain in 1704, and its 30,000 inhabitants, is set to be a major point of contention in the Brexit talks. Slideshow (2 Images) During an address to members of both houses of parliament in London on Wednesday, Felipe said he was confident that Spain and Britain could work towards an acceptable arrangement over Gibraltar. The EU and Britain have also yet to agree on guarantees for EU citizens living in the UK and British expats living in other EU countries. More than 300,000 Britons live in Spain, while more than 130,000 Spaniards live in Britain. On Wednesday, Felipe said these citizens had "a legitimate expectation of decent and stable living conditions" and urged the British and Spanish governments to work to ensure the Brexit agreement provided sufficient assurance and certainty. May''s office said that during her talks with Felipe she would welcome the contribution that Spanish citizens make to Britain''s economy and society. ($1 = 0.7774 pounds) Reporting by Kylie MacLellan; editing by Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-spain-trade-idUKKBN19X33H'|'2017-07-13T02:05:00.000+03:00'
'89d338b0740e1e8b9ac82acf6f0fd937b031dc7a'|'U.S. weekly jobless claims drop; producer prices unexpectedly rise'|'July 13, 2017 / 12:35 PM / 5 minutes ago U.S. weekly jobless claims drop; producer prices unexpectedly rise Lucia Mutikani 4 Min Read FILE PHOTO - A sign marks the entrance to a job fair in New York October 24, 2011. Shannon Stapleton WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell last week for the first time in a month and producer prices unexpectedly rose in June, likely keeping the Federal Reserve on track for a third interest rate increase this year. Persistently low layoffs point to a buoyant labor market that is sustaining economic growth, while the uptick in producer prices suggests a recent moderation in inflation was likely temporary. Initial claims for state unemployment benefits dropped 3,000 to a seasonally adjusted 247,000 for the week ended July 8, the Labor Department said on Thursday Claims have now been below 300,000, a threshold associated with a healthy labor market, for 123 straight weeks. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at 4.4 percent. The drop in first-time applications for jobless benefits came on the heels of data last week showing the economy created 222,000 jobs last month, the second biggest payrolls increase this year. The number of Americans on unemployment rolls dropped 20,000 to 1.95 million in the week ended July 1. The so-called continuing claims have now been below 2 million for 13straight weeks, pointing to shrinking labor market slack. A Fed survey of the economy published on Wednesday showed "labor markets tightened further for both low and high-skilled positions, particularly in the construction and IT sectors." Prices for U.S. Treasuries fell, with the yield on the 30-year government bond hitting a session high. The dollar was trading slightly lower against a basket of currencies. Producer Prices Nudge Up In another report, the Labor Department said its producer price index for final demand edged up 0.1 percent last month after being unchanged in May. In the 12 months through June the PPI increased 2.0 percent, slowing after May''s 2.4 percent advance as last year''s energy-driven rise drops out of the calculation. Economists polled by Reuters had forecast the PPI being unchanged last month and rising 1.9 percent from a year ago. A key gauge of underlying producer price pressures that excludes food, energy and trade services increased 0.2 percent last month. The so-called core PPI fell 0.1 percent in May. The core PPI increased 2.0 percent in the 12 months through June after climbing 2.1 percent in May. Fed officials are closely watching inflation, which has remained below the U.S. central bank''s 2 percent target for five years. They have largely viewed the recent retreat in price pressures as transitory. Labor market strength and signs of an uptick in inflation could bolster expectations that the Fed will raise interest rates in December for a third time this year and announce in September a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities. Fed Chair Janet Yellen told lawmakers on Wednesday that the economy was healthy enough for the central bank to raise rates and begin winding down its massive bond portfolio. Last month, prices for services gained 0.2 percent, accounting for almost 80 percent of the increase in the PPI. Services were lifted by a 0.3 percent rise in the index for final demand trade services, excluding transportation and warehousing. It was the fourth straight monthly increase in services and followed a 0.3 percent gain in May. The cost of healthcare services were unchanged after dipping 0.1 percent in May. Those costs feed into the Fed''s preferred inflation measure, the core personal consumption expenditures price index. Energy prices fell 0.5 percent after declining 3.0 percent in May. Food prices jumped 0.6 percent in June following a 0.2 percent drop the prior month. Reporting By Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-unemployment-idUKKBN19Y1FF'|'2017-07-13T16:11:00.000+03:00'
'0c045276339ceec51d5d7998efd5c5376f3b7bc2'|'Italy government wins confidence vote on Veneto banks'|'July 12, 2017 / 2:08 PM / 8 minutes ago Italy government wins confidence vote on Veneto banks   A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. Alessandro Bianchi ROME (Reuters) - The Italian government won a parliamentary vote of confidence on Wednesday on its plan to wind down two troubled local banks in the northern Veneto region. The lower house Chamber of Deputies voted 318 in favour and 178 against. The measure now goes to the upper house Senate for final approval before it becomes law. Last month, the government approved an emergency decree handing over the best assets of the two banks - Banca Popolaredi Vicenza and Veneto Banca - to Intesa Sanpaolo ( ISP.MI ), while their soured debts will be transferred to a bad bank. According to the text of the bill submitted to parliament, the state expects to recover 9.9 billion euros ($11.30 billion)from a total of 17.8 billion euros of gross soured debts it is taking on as part of the deal. Another 1.7 billion euros should come from the sale of financial stakes held by the two banks, the document said, bringing total expected proceeds to 11.6 billion euros, compared to 10.9 billion euros of funds committed by the state. Reporting By Philip Pullella'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-veneto-idUKKBN19X1VM'|'2017-07-12T17:07:00.000+03:00'
'ab1f3097d2bc66180f5210c1de0cff1604a9f5da'|'Canada''s fund managers target growth stocks as rates rise'|'July 14, 2017 / 10:07 PM / in 16 hours Canada''s fund managers target growth stocks as rates rise Fergal Smith 4 Min Read TORONTO, July 14 (Reuters) - Canada''s fund managers are set to plow more money into shares of cyclical, industrial and technology companies as the Bank of Canada hikes interest rates, and to allocate a greater share of their bond portfolio to short-term corporate debt. The Bank of Canada raised interest raised interest rates on Wednesday for the first time in seven years. Investors say that higher rates will weigh on bonds. But they expect a combination of only gradual rate increases and solid economic growth to support stocks. "Stronger growth and slowly rising interest rates creates positive value for equities ... it''s at the root of our preference for equities over fixed income," said Candice Bangsund, vice president, global asset allocation at Fiera Capital Corporation. She is buying energy, materials and financials, which together make up nearly two-thirds of the S&P/TSX composite index. Canada''s benchmark index has doubled from its financial crisis trough in 2009 even after it has underperformed many other major markets this year as prices of oil, one of the country''s major exports, fell. Still, investors say that the rally in stocks can continue and look to those sectors that will benefit most from a rosy growth outlook. "We have quite a few information technology names ... the valuations can look scary but the growth really has been impressive, said Ian Scott, equity analyst at Manulife Asset Management. Scott likes Kinaxis Inc and Shopify Inc whose fast growth and international expansion leave them less sensitive to higher rates. The Bank of Canada has projected that Canada''s economy will expand by 2.8 percent this year and that global economic growth will pick up to 3.4 percent. The improved growth outlook can help support Canadian industrials, said Shailesh Kshatriya, director, Canadian strategies at Russell Investments Canada, who is most bullish on overseas stocks due to attractive valuations. But companies with high debt loads and a lot of refinancing to do in the next couple of years should be avoided, said David Rosenberg, chief economist & strategist at Gluskin Sheff & Associates Inc. He is also wary of sectors of the economy that could be hurt by a stronger Canadian dollar, such as exporters of auto parts and transportation. The loonie has surged more than 6 percent since the Bank of Canada turned hawkish in June. A rising rate environment tends to increase net interest margins of banks. But some investors say that a slowdown in Canada''s housing market will weigh on bank shares. "We do think that real estate is at the point now of inflection," said Sadiq Adatia, chief investment officer at Sun Life Global Investments. "We think that the rate hike will be a damaging (for the economy) at some point down the road." Adatia favors increased allocation to international stocks and is buying bonds to add some defensiveness to his portfolio. He favors debt with a shorter maturity, which tends to be less sensitive to movement in interest rates, but also likes to take the extra risk of owning corporate rather than government debt because global economic growth is solid and it enhances return. (Reporting by Fergal Smith; editing by Grant McCool) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-funds-idUSL1N1K41BK'|'2017-07-15T01:04:00.000+03:00'
'89b15bc3e90cce716247b8f681291e078575985e'|'Uber shareholders discuss stock sale to SoftBank, others - Bloomberg'|'July 14, 2017 / 9:34 PM / 5 minutes ago Uber shareholders discuss stock sale to SoftBank, others: Bloomberg Reuters Staff 2 Min Read FILE PHOTO - A man arrives at the Uber offices in Queens, New York, U.S. on February 2, 2017. Brendan McDermid/File Photo (Reuters) - Uber Technologies Inc''s shareholders and its board, led by venture capital firm Benchmark, have discussed selling some of their shares to Masayoshi Son''s SoftBank Group Corp ( 9984.T ) and other potential investors, Bloomberg reported, citing people familiar with the matter. The deal could include investment of new money into the startup, Bloomberg reported, adding that details about the valuation of shares or how much SoftBank or other investors would buy were unclear. bloom.bg/2uj2v7U The news follows a Wall Street Journal report earlier in the day that the company''s biggest rival in Southeast Asia, Grab, was raising as much as $2 billion in funding from SoftBank and China''s top ride-hailing firm Didi Chuxing. Uber has been facing a number of setbacks, including accusations of a sexist work culture and driver protests, that culminated in the departure of co-founder and Chief Executive Travis Kalanick last month. Benchmark''s partner Bill Gurley, who is one of Uber''s largest shareholders, along with other investors including First Round Capital and Lowercase Capital, all pressed Kalanick to quit. Uber, Softbank and Benchmark did not immediately respond to requests for comment. Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-equity-idUKKBN19Z2FY'|'2017-07-15T00:33:00.000+03:00'
'38255e553c64900bfd8759a42b59edf40c0c4932'|'German food-processing machinery maker GEA cuts 2017 profit guidance'|'July 15, 2017 / 11:59 AM / in 19 minutes German food-processing machinery maker GEA cuts 2017 profit guidance Reuters Staff 1 Min Read FRANKFURT (Reuters) - German food-processing machinery maker GEA ( G1AG.DE ) cut its 2017 profit guidance following a weak second quarter with depressed sales volumes and margins, as well as costs related to a bottling product line it has already stopped making. GEA said on Saturday it now targets 2017 earnings before interest, tax, depreciation and amortisation of 600-640 million euros, compared to an earlier guidance of 620-670 million. The company confirmed its 2017 revenue target of moderate growth. In the second quarter, GEA''s operating EBITDA decreased to 122 million, from 145 million euros in the year-earlier period, while order intake was flat at 1.2 billion euros. Full second quarter results are due on July 26. Reporting by Arno Schuetze; Editing by Andrew Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gea-group-results-idUKKBN1A00CV'|'2017-07-15T14:59:00.000+03:00'
'e26837527d5acb3a010bca07e7f68988e0726e11'|'Is paying off the mortgage a better bet than saving? - Money'|'Q We are a family with some savings – around £70,000 – but are worried they might be worth less once Brexit is decided: ie, the pound will go downhill.So if we want to put the savings into something, is it best to pay off a big lump sum on a mortgage of £135,000 with 12 years to run, or use the money to buy another property to let out? Or do both?The mortgage on our home is a two-year interest-only deal that expires in June. We save £1,000 a month to pay off lump sums each time we switch fixed-rate deals. How to be on the winning side as mortgage war hots up Read more A Your savings are already worth less than they were before the Brexit vote, because the sharp fall in the value of the pound pushed inflation (as measured by the consumer prices index) to a four-year high of 2.9% in May 2017.Unlike when the UK crashed out of the European exchange rate mechanism back in 1992, the Bank of England did not hike interest rates in an attempt to push the value of sterling back up, which would have been brilliant for savers. Instead it cut the base rate to 0.25%, which makes keeping cash in a savings account a distinctly unattractive proposition. So your instinct to use your money to pay off a large part of your mortgage is a good one, as the interest you save on your mortgage payments is likely to be a lot more than the interest you are earning on your cash, which at best could be in the region of 1%.Next time you switch mortgage deals, as well as paying off part of your mortgage you might also want to consider changing from an interest-only deal to a repayment one, so it is guaranteed to be paid off in full in 12 years’ time. As you can currently afford to save £1,000 a month, you should be able to cope with the larger monthly mortgage payments of a repayment mortgage because they include repayment of capital as well as interest.As to whether you should invest in property to let out, there is no clear cut answer. To compare the return on the investment with other forms of saving you need to calculate the rental yield.To do this you need to know how much rent you could get each year and then subtract costs such as mortgage repayments (you’re unlikely to be able to buy a property outright), maintenance costs and possible agent’s fees. Divide this figure by your buying costs – including your cash deposit, legal fees and the higher rate of stamp duty land tax that you pay on buy-to-let properties – and multiply the result by 100 to get the percentage yield.But even if this looks good on paper, you should ask yourself if you are genuinely up for being a landlord with all the extra work and responsibility it entails.'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jul/13/is-paying-off-the-mortgage-better-than-saving'|'2017-07-13T08:00:00.000+03:00'
'b69cf31fc3e6348abe3e61e88795c26136a83744'|'HMRC keeps chasing me for my late father’s tax bill, but I’ve paid it - Money'|'Your problems with Anna Tims HMRC keeps chasing me for my late father’s tax bill, but I’ve paid it I’ve had to send the sum again with interest and fees, despite proof from the Post Office of my original payment Costly bill ... paying HMRC a second time as it insists it hasn’t got the first payment. Photograph: Alamy Your problems with Anna Tims HMRC keeps chasing me for my late father’s tax bill, but I’ve paid it I’ve had to send the sum again with interest and fees, despite proof from the Post Office of my original payment View more sharing options Anna Tims   07.00 BST I paid a £735.84 tax bill pertaining to my late father’s estate via my local Post Office, but 18 months on, HMRC still says it has not received it. Throughout 2016 I received demands from HMRC despite having a receipt from the Post Office showing I had paid it. The latter told me to contact its bank to trace the missing payment. But the bank would not talk to me about the account and referred me back to the Post Office, which said it was closing the complaint. I’ve since had to pay HMRC the sum again, plus interest and fees. It’s bad enough to lose my adored father without this additional worry. SS, Forfar, Angus This saga took weeks to resolve, partly because data protection rules forbid HMRC and the Post Office from talking to each other about your account. The Post Office admitted to me that it accepted your payment and processed it in the usual way, but that when it reached HMRC’s clearing bank it could not be matched to your account. “Although the payment was made at one of our branches, data protection regulations require that only the receiving bank can discuss this matter with HMRC, so unfortunately we were unable to resolve this matter on his behalf,” said a spokesperson. HMRC eventually discovered that the payment was received without a reference number so it went into limbo. It has now refunded you the second payment and the interest, but you reckon you would still be out of pocket if you had not contacted the media. If you need help email Anna Tims at or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jul/12/hmrc-chasing-me-tax-bill-paid'|'2017-07-12T14:00:00.000+03:00'
'0ffd610614b9238968a2e16510ba88be2984a28c'|'Western Digital gets U.S. court order to access Toshiba databases, chip samples'|'July 11, 2017 / 7:56 PM / 7 hours ago Western Digital gets U.S. court order to access Toshiba databases, chip samples Stephen Nellis 2 Min Read FILE PHOTO: A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017. Mike Blake/File Photo (Reuters) - Western Digital Corp ( WDC.O ) won a temporary U.S. court order on Tuesday saying that Toshiba Corp ( 6502.T ) must allow Western Digital''s employees to access databases and chip samples as part of a joint venture with Toshiba around flash memory chip plants in Japan. Toshiba is scrambling to sell its flash memory business and Western Digital is among the bidders. In a sign of high tensions around the deal, Toshiba threatened to lock Western Digital out of shared databases and quit sending chip samples. Western Digital sued Toshiba in San Francisco County Superior Court saying that its joint venture with Toshiba means Toshiba must get its consent for a sale. It asked the court for two separate orders: An injunction to stop the sale, and a temporary restraining order forcing Toshiba to give its workers access to shared databases. A judge granted the temporary order for access to the shared databases Tuesday and set a further hearing on July 28. "We welcome the decision of the court, which we believe validates our position," Western Digital said in a statement. Toshiba plans to appeal the ruling, which it believes essentially provides Western Digital access to technical information until the July 28, the company said in a statement. "This is a proceeding with many rounds and many rulings, and while we are disappointed with the judge''s ruling, it doesn''t forecast the outcome of this proceeding or those to come," Toshiba said in the statement. A hearing on the injunction to stop the sale is set for Friday. Despite the legal tensions between them, Toshiba and Western Digital resumed talks this week. Toshiba also returned to talks with a group led by Taiwan''s Foxconn. The renewed negotiations come after a potential $18 billion sale to Bain Capital and South Korea''s SK Hynix Inc ( 000660.KS ) stalled out. Reporting by Stephen Nellis in San Francisco; editing by Lisa Shumaker and Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-western-digital-toshiba-idUSKBN19W2IL'|'2017-07-11T23:36:00.000+03:00'
'6b744fbf3d208cbe1505d1897f56deef0c5c4735'|'German discounter Aldi to create 4,000 jobs in Britain'|'July 11, 2017 / 9:17 AM / an hour ago German discounter Aldi to create 4,000 jobs in Britain Reuters Staff 2 Min Read A staff member stacks shelves at the Aldi store in Atherstone, Britain February 9, 2017. Darren Staples LONDON (Reuters) - German discount grocer Aldi [ALDIEI.UL] plans to create 4,000 jobs in Britain in its biggest ever recruitment drive, as it steps up its expansion plans in order to match rising sales, it said on Tuesday. Discounters Aldi and Lidl [LIDUK.UL] have grown rapidly in Britain in recent years, putting the squeeze on the major four supermarkets - market leader Tesco ( TSCO.L ), Sainsbury''s ( SBRY.L ), Asda ( WMT.N ) and Morrisons ( MRW.L ). Aldi currently has over 700 stores in Britain and said it remains on course to open 1,000 stores by 2022. The grocer said the jobs would be as store assistants and deputy store managers, and would help to meet an increase in sales after the group attracted nearly a million new customers in the last year. "The success of Aldi in the UK is due to the hard work and commitment of our employees, and they are crucial to our future expansion plans," said Matthew Barnes, Chief Executive Officer for Aldi UK and Ireland. Reporting by Alistair Smout, editing by James Davey 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aldi-jobs-britain-idUKKBN19W0SY'|'2017-07-11T12:17:00.000+03:00'
'06eef66bf41ac75dd49c317d2f0a13f486df38a1'|'Tide turns for sulphur-rich oil in a sea of light crude'|'July 13, 2017 / 12:53 PM / an hour ago Tide turns for sulphur-rich oil in a sea of light crude Libby George and Amanda Cooper 3 Min Read An area of the mile long Ekofisk oil and gas field development complex in the middle of the North Sea at a point two hundred miles from Norway, the British Isles, and Germany, is pictured in this undated handout photo. Eon/Handout/File Photo LONDON (Reuters) - The world is awash with oil, but in pockets of the market lower-quality, sulphur-rich crude is limited and buyers are competing for cargoes. Lacklustre gasoline demand growth, particularly in the United States, and fears of a repeat of last year''s poor summer gasoline profits, led refineries in the Atlantic Basin to skew their yields in favour of distillates, by running heavier oil. Strong profits for fuel oil has also encouraged refineries to run sour crudes. This has compounded supply cuts, which were concentrated in heavier oils, to keep sulphur-rich crudes, normally shunned for lighter, easier-to-process alternatives, at the top of the heap. Since OPEC-organised cuts began siphoning some 1.8 million bpd from the market in January – nearly all of it medium and heavy oil – the so-called "heavy" or "sour" grades have become the most sought-after barrels. Normally, refineries would snap up easier to process light grades before the summer, when they aim to run the gasoline-rich crude so they can sell the fuel to holidaying drivers. But now, in the middle of July, sour grades are still so sought after that differentials are hitting multi-year highs. "Sour grades are like gold dust at the moment," one oil trader said. "There''s a need to fill in more sour grades heading to the U.S. and there is huge demand from the East." Differentials for Urals, a sour grade exported from the Baltics and the Black Sea, are trading at their highest level versus dated Brent in two years, while light grades nearby such as CPC Blend and Azeri are at two-year lows. North Sea Ekofisk, a light crude coveted for its high gasoline yield, is also trading at its largest discount to sour Forties in two years, as are differentials for Angola''s Cabinda. Despite a summer slowdown in loadings for China, a key buyer of Angolan oil, U.S. and Indian loadings rose to their highest in roughly a year, according to Reuters tracking. "It''s an oversupplied sweet market, but a tight medium and heavy sour market," said Ehsan Ul-Haq, director of crude oil and refined products at Resource Economist Ltd. Most of the oversupply – including millions of barrels from Libya and Nigeria which are exempt from the OPEC production cuts, and output from U.S. shale – is light crude oil. At the same time new and sophisticated refineries in India and China – designed to run sulphur-rich crudes – are ramping up production. India''s IOC bought its first sour crude oil cargo from the U.S. last week. Ul-Haq added that since refineries are poised to start producing heating oil for winter demand, refineries could look for even more sour oils, threatening more tightness. Still, Ul-Haq added, the sour premiums are limited comfort to those selling the oil, including Saudi Arabia, Venezuela and Angola. "The Saudis should be happier than Nigerians but a price below $60 per barrel is still a headache," he said. Benchmark Brent crude was below $48 a barrel on Thursday. Reporting by Libby George and Amanda Cooper; additional reporting by Florence Tan in Singapore and Julia Payne in London; editing by Susan Thomas 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/opec-cuts-grades-idINKBN19Y1HB'|'2017-07-13T15:51:00.000+03:00'
'4bac88294a1b81eaac9a1676dc48d5fd07c2972b'|'UK regulator proposes new listing rules for sovereign state companies'|'July 13, 2017 / 9:08 AM / 33 minutes ago UK regulator proposes new listing rules for sovereign state companies Clara Denina 2 Min Read The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. Chris Helgren LONDON (Reuters) - Britain''s financial watchdog is proposing new rules that will create a new listing category for companies controlled by sovereign states on the country''s stock markets. The proposals come just as exchanges around the world are trying to win the listing of state-controlled oil giant Saudi Aramco, which is expected to be the largest initial public offering (IPO) in history. Reuters reported in May that the London Stock Exchange was working on a new type of listing structure that would make it more attractive for Aramco to join the bourse. The Financial Conduct Authority (FCA) said on Thursday that currently there is a gap in the Britain''s listing rules for companies controlled by sovereign companies. It said it is proposing a new "premium" stock market listing category that will exempt companies controlled by sovereign states from certain requirements. Under the FCA''s proposals, sovereign-controlled companies will be able to obtain a "premium" listing on the London Stock Exchange without complying with certain rules on related party transactions and controlling shareholders. Currently companies which do not meet Britain''s "premium" listing requirements have to take a standard listing. These are seen as less attractive for investors and companies as they have lower corporate governance requirements, do not qualify for entry into most stock indices and have connotations of being second best. Reporting by Clara Denina; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-regulation-ipos-idUKKBN19Y0VX'|'2017-07-13T12:08:00.000+03:00'
'e8af1a40434911622bfcf7df48ee216ef9891b6d'|'Oil rises on firm short-term demand outlook; overall market still weak'|'July 11, 2017 / 3:43 AM / in 14 minutes Oil rises on firm short-term demand outlook; overall market still weak 3 Min Read A ship passes a petro-industrial complex in Kawasaki near Tokyo December 18, 2014. Thomas Peter/Files SINGAPORE (Reuters) - Oil prices edged up early on Tuesday, lifted in part by a strong demand outlook for the coming weeks, but overall market conditions remain weak on the back of ample supplies and a more subdued outlook for long-term demand. Brent crude futures were at $47.13 per barrel at 0147 GMT, up 25 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $44.64 per barrel, up 24 cents, or 0.5 percent. Traders said the uptick in prices was in part due to healthy demand expected in the coming weeks. Weekly U.S. gasoline demand data "compares favorably to the five-year average and miles driven also continue to grow year-on-year," Bank of America Merrill Lynch said. However, beyond the seasonal strength, "U.S. gasoline demand may have peaked in absolute terms last year", it said, adding that there was no structural tightness in sight once the peak demand summer season finishes. Crude prices are still about 17 percent below their 2017 opening levels despite a deal led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production from January. "Traders are worried that increasing supply from Nigeria and Libya, both of which are recovering from internal conflict, will continue and further undermine the output caps agreed to by OPEC and Russia," said William O''Loughlin, investment analyst at Australia''s Rivkin Securities. OPEC along with some other producers like Russia, but excluding the United States, agreed to hold back around 1.8 million barrels per day (bpd) of production between January this year and March 2018. However, an over 10 percent jump since mid-2016 in U.S. production to 9.34 million bpd, as well as rising output from Nigeria and Libya, OPEC-members who were exempt from cutting, have undermined efforts to tighten the market. OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd more than in May and 1.9 million bpd more than a year earlier. "The simple truth is that OPEC and Russia have to contend with the fact that there is output growth elsewhere diluting their efforts at reducing supply," French bank BNP Paribas said. "We thus have made deep cuts to our crude oil price forecasts. We now see the price of WTI averaging $49 per barrel 2017 (-$8/barrel revision) and that of Brent $51 per barrel (-$9/barrel revision). We also revise downwards 2018 with WTI averaging $45 per barrel (-$16 per barrel) and Brent $48 per barrel (-$15/barrel revision)," BNP said. Reporting by Henning Gloystein; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN19W07C'|'2017-07-11T06:39:00.000+03:00'
'f8ef9eb7f4fbc21c7c580d4f6e5abdc39e1bec79'|'UAE''s Dana Gas describes UK court decisions on sukuk as favourable'|'July 16, 2017 / 7:16 AM / in 30 minutes UAE''s Dana Gas describes UK court decisions on sukuk as favourable Reuters Staff 2 Min Read A view shows UAE''s Dana Gas building in Cairo November 2, 2012. Mohamed Abd El Ghany DUBAI (Reuters) - Abu Dhabi-listed Dana Gas ( DANA.AD ) described decisions by the High Court of Justice in London as favourable, as the company seeks to restructure $700 million (534.27 million pounds) of outstanding sukuk on the grounds that the instruments have become unlawful in the UAE. On July 5 a High Court judge upheld an injunction blocking holders of the bonds, which are due to mature in October, from enforcing claims related to the securities against Dana. But he also imposed restrictions on asset sales by Dana and its ability to raise more debt or pay dividends. He ordered Dana to cancel an injunction in a court in the emirate of Sharjah, where it has been trying to have the sukuk declared unlawful, and to seek a stay of proceedings there. In a statement on Sunday responding to the London court decisions, the company said: "Dana Gas succeeded on all the legal arguments upon which it relied, and the Court continued the injunction, until a trial scheduled for September 2017. "The English Judge found, on the two key tests for the continuation of an injunction under English law, that Dana Gas has a ''seriously arguable case'' and that the balance of justice was in favour of the Company. Dana Gas was also not required to fortify the injunction." Dana noted that it had been ordered to lift its injunction in the UAE court and to stay proceedings there; it said this was "in order to avoid duplication in multiple jurisdictions". The company remains keen to engage with sukuk holders and reach an agreement on a consensual basis, which is not prevented by the injunctions in place, Dana added. Reporting by Davide Barbuscia; Editing by Andrew Torchia and Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dana-gas-sukuk-idUKKBN1A106Y'|'2017-07-16T10:15:00.000+03:00'
'8c3a6628f58a902909800e81bfee54749cc9553d'|'AstraZeneca says CEO Pascal Soriot will host earnings call'|'July 14, 2017 / 10:15 AM / 2 hours ago AstraZeneca says CEO Pascal Soriot will host earnings call Kate Holton and Paul Sandle 4 Min Read FILE PHOTO: A sign is seen at an AstraZeneca site in Macclesfield, central England May 19, 2014. Phil Noble/File Photoo LONDON (Reuters) - Anglo-Swedish pharmaceutical firm AstraZeneca ( AZN.L ) said on Friday its chief executive, Pascal Soriot, would host a results call with reporters on July 27, after refusing to comment on speculation this week that he was leaving the firm. A report on Wednesday on Israeli financial news website Calcalist said Soriot was in talks to join Israel''s Teva Pharmaceutical Industries ( TEVA.TA ), the world''s biggest generic drugmaker. Shares in AstraZeneca, after falling on Thursday following the Israeli report, rose 4.6 percent on Friday to close at $33.87 on the New York Stock Exchange. Before announcing the earnings call, AstraZeneca had cited a policy of not commenting on market rumour or speculation. The cost of the two days of silence in terms of the company''s market capitalisation had been more than 3 billion pounds ($3.9 billion). An invitation sent to reporters after Friday''s market close in Europe said Soriot would be hosting the usual financial results call on July 27. "You are invited to participate in a media teleconference hosted by Pascal Soriot, CEO, to discuss the results," it said. In London, AstraZeneca shares lost 3.5 percent on Thursday and fell further on Friday to close at 48.75 pounds. The timing of the news report alarmed investors, coming as the company waits for all-important data from a lung cancer drug trial which is seen as a game-changer for Astra. The company is hoping to secure a substantial slice of a multibillion-dollar market by proving its combination of two immunotherapy drugs, durvalumab and tremelimumab, can help previously untreated patients with advanced lung cancer. The results of the major trial, called MYSTIC, are due any day now. One top 20 shareholder said there had been a "newsflow vacuum". "It''s hard because companies cannot be seen to be responding to every newspaper article because once you start you cannot stop. But as we all agree, if true, then timing is ''interesting''," the shareholder said, on condition of anonymity. Moving to a generics drugmaker would be a big change in direction for French-born Soriot, 58, who made research-based pharmaceuticals his whole drive at AstraZeneca. Analysts at Leerink, an investment bank that specialises in healthcare, said Soriot''s exit would come as a major surprise, if true, and leave AstraZeneca rudderless at a key time. "We spoke with the company, who simply stated that it does not comment on rumours; however it did not outright deny the report," they said. "If true, the optics around his departure would be terrible ahead of the MYSTIC readout." AstraZeneca has already been shaken by the departure of the head of its European business, Luke Miels, who defected to rival GlaxoSmithKline GSK., and there have been a number of other senior management departures. During his five years at AstraZeneca, Soriot successfully defended the company against a $118 billion takeover approach from Pfizer ( PFE.N ). He also rebuilt AstraZeneca''s drugs pipeline through research and acquisitions to replace revenue lost from a wave of patent expiries on many of its blockbuster medicines. The Calcalist report said Soriot had met Teva''s search committee and its chairman to express his agreement to serve as its next CEO. It said he was expected to earn twice as much as former boss Erez Vigodman and receive a signing bonus estimated at about $20 million. It said the financial terms were still being discussed. ($1 = 0.7717 pounds) Reporting by Kate Holton, Simon Jessop and Paul Sandle, additional reporting by Deena Beasley; editing by Robin Pomeroy and Tom Brown 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/astrazeneca-ceo-idINKBN19Z0ZU'|'2017-07-14T23:33:00.000+03:00'
'7cbdbe0ad11c8a20e1e89eb5e09192a1e54ef66d'|'Cut-price school uniforms, plus do you know who owns your leasehold? - Money'|'Cut-price school uniforms, plus do you know who owns your leasehold? Also, British teens appear to be going off driving, and cool properties with swimming pools Sign up to receive Money Talks each week View more sharing options   15.24 BST Last modified on   18.02 BST Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Money news Joanne Darbyshire’s dream home has ‘been traded from one offshore company to another’. Photograph: Matthew Lloyd for the Guardian In pictures A five-bedroom property with heated swimming pool in Milhac-de-Nontron, Dordogne. Photograph: Leggett In the spotlight Statistics show an 18% drop over 10 years in the number of teens taking driving tests – but closer inspection suggests the trend is in reverse. Simon Usborne asks whether British teenagers have really stopped learning to drive Is the tradition of 17-year-old learner drivers running out of fuel? Photograph: SolStock/Getty Images/iStockphoto Consumer champions'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jul/13/cut-price-school-uniforms-who-owns-leasehold'|'2017-07-13T22:24:00.000+03:00'
'b15995d8dfe95698797c7623e67bbeb50f06ed40'|'If you care so much, Coke, why aren''t your bottles 100% recycled? - Guardian Sustainable Business'|'John Sauven is the executive director of Greenpeace UK   13.31 BST Last modified on   16.02 BST Coca-Cola’s grand announcement on plastic packaging is a lot of PR fizz. But when you look at the detail, it’s all a bit flat. The news that the company is to increase the amount of recycled plastic in its bottles to 50% shows a startling lack of ambition from the soft-drinks giant to tackle one of the greatest environmental challenges facing us: the plastic pollution choking our oceans. If you drop plastic in the ocean, where does it end up? Read more Coverage for the announcement was whipped up by Coca-Cola’s new hire, PR firm Edelman, called on to help the company tell a better story on plastics. Turns out when Coca-Cola’s distinctive bottles turn up on beaches, and contribute to the rubbish truck of plastic (pdf) entering the ocean every minute, that isn’t so good for brand image. Earlier this year Greenpeace revealed Coca-Cola is responsible for selling more than 100bn single-use plastic bottles across the globe every year – that’s more than 3,000 every second. The soft drinks giant has come under attack for its meagre recycled content and failure to move away from single-use packaging that is devastating marine life. This new plan is no game changer. Limited to operations in the UK, Coca-Cola’s plans amount to increasing its existing target for recycled content by a mere 10%, launching yet another public awareness campaign to keep the focus on litterers, and trialling what appears will be little more than a promotional scheme for buying more Coca-Cola bottles. The company’s plans, which it says it will reveal later this year, may feature a money-off voucher scheme to reward customers returning small Coca-Cola bottles to shops. This would be a cheap gimmick to try and move the story on from Coca-Cola’s major U-turn on deposit return schemes after Greenpeace revealed the company had been lobbying against these in Holyrood, Westminster and Brussels. If the vouchers can be redeemed on yet more plastic Coca-Cola bottles, this will only boost the already staggering global plastic bottle sales of a million a minute. It’s also worth pointing out that Coca-Cola’s mildly higher goal to source 50% recycled content should be taken with a pinch of salt given the company’s history of failing to keep its promises. Coca-Cola got less than half way to meeting its global 2015 target to source 25% of its plastic bottles from recycled or “renewable” material, for example plant-based plastics. Globally the company reached a pitiful 7% recycled material. Even putting these doubts aside, is reaching 50% recycled content in three years’ time significant? The truth is that 100% recycled bottles are feasible and have been rolled out for a number of soft drinks products over the past decade. In 2007, for example, Suntory’s Ribena became the first major UK soft drink brand to use 100% recycled plastic. Coca-Cola, the world’s biggest soft drinks company, is lagging far behind. The madness of drinking bottled water shipped halfway round the world Read more Nearly half of the more than 35m plastic bottles bought in the UK every day are not recycled. We need governments to step up and introduce what we know already works around the world. Deposit return schemes have a proven track record internationally for increasing collection rates of drinks containers. After concerted campaigning, we now have clear political processes in motion for governments in Holyrood and Westminster to consider introducing well-designed deposit return schemes that can cover all drinks containers. To help these succeed, we need major players like Coca-Cola to get fully behind these processes to deal with the problem at scale. Coca-Cola has previously claimed (pdf): “We are interested in innovations that deliver genuine, measurable long-term advancements toward sustainability and not just eye-grabbing marketing slogans that will earn us public relations points in the near term.” The company’s new plastic packaging strategy is far from genuinely innovative. As the biggest drinks company on the planet, that’s not good enough. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jul/13/coca-cola-plastics-pollution-oceans-bottles-packaging-recycling-pr-fizz-greenpeace-john-sauven'|'2017-07-13T20:31:00.000+03:00'
'ee8a5f80bdb87af9b435421611ec9387dfed60f5'|'Investors bullish on financials ahead of bank earnings'|'July 13, 2017 / 8:13 PM / 3 hours ago Investors bullish on financials ahead of bank earnings Saqib Iqbal Ahmed 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. Brendan McDermid NEW YORK (Reuters) - Over the last seven trading days, investors have more than doubled the amount of cash invested in a key financial sector fund, in a bet that second-quarter bank earnings will be robust. Big U.S. banks start reporting quarterly results on Friday and according to data from State Street, the Financial Select Sector SPDR Fund ( XLF.P ), which tracks the S&P 500 Financials sector .SPSY, has pulled in a net $662 million of inflows, bringing the year-to-date inflows to nearly $1.5 billion. Year-to-date, the Financial Select ETF is up 7.6 percent to $25.01. "There is good reason for investors to be optimistic about the financial sector," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. "We just had two rounds of stress tests that every single bank passed with flying colors. In general, the banking industry is in very good shape right now," he said. Shares in the biggest U.S. banks rose at the end of June after they unveiled buyback and dividend plans that topped analyst expectations after the U.S. Federal Reserve approved capital proposals in its annual stress test program. Some of the fund''s top holdings, JPMorgan Chase & Co ( JPM.N ), Citigroup Inc ( C.N ) and Wells Fargo & Co ( WFC.N ), report results on Friday and others, including Goldman Sachs Group Inc ( GS.N ), Morgan Stanley ( MS.N ) and Bank of America Corp ( BAC.N ) will post results next week. Analysts estimate second-quarter earnings for S&P 500 financial companies rose 7 percent, the third-best growth for a sector after energy and technology, according to Thomson Reuters data. "The financial earnings are going to probably be better-than-expected because we have seen a tick up in the yield curve, and that is going to be better for net interest income," said Karyn Cavanaugh, senior market strategist at Voya Investment Management in Charleston, South Carolina. Longer-dated Treasury yields have jumped so far this month while shorter-dated yields have either inched higher or fallen, resulting in a so-called "steepening" of the yield curve. A steeper yield curve benefits bank profitability since it allows banks to borrow at lower short-term rates and lend at higher long-term rates. "Financials have managed to make money no matter what gets thrown at them. Regulations, zero interest rates, they still come through. So I think that we''re going to see a positive surprise," Cavanaugh said. Traders in the options market appear to expect the fund''s shares to rise in the near term. For XLF options contracts expiring on July 21, which will cover results from the largest banks, there are 1.2 calls open for each open put. For contracts expiring after this date, the measure stands at 0.77 calls per open put, a significantly more defensive stance. Calls convey the right to buy shares at a fixed price in the future and usually are used to place bets on shares rising, while put options give the right to sell shares at a certain price in the future. Options on the SPDR S&P Bank ETF ( KBE.P ) and individual bank stocks including Bank of America Corp also show a similar bullish bias in near-term contracts. On Thursday, trading in XLF''s options leaned toward bullish bets, according to options analytics firm Trade Alert. Reporting by Saqib Iqbal Ahmed; additional reporting by Sam Forgione and; Trevor Hunnicutt; Editing by Daniel Bases and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-financials-options-idUSKBN19Y2PE'|'2017-07-13T23:13:00.000+03:00'
'17bf2c8c5ebf33c644f7a019eee0e0435490fe06'|'Jaguar Land Rover to produce first car entirely outside of Britain'|'Edition United States July 13, 2017 / 7:21 PM / 9 hours ago Jaguar Land Rover to produce first car entirely outside of Britain Reuters Staff 2 Min Read A Jaguar Land Rover logo is seen on the building inside the Chery Jaguar Land Rover plant in Changshu, Jiangsu province, October 21, 2014. Aly Song LONDON (Reuters) - Britain''s biggest carmaker Jaguar Land Rover (JLR) ( TAMO.NS ) said on Thursday it is to build its new E-PACE compact sport utility vehicle in Austria and China, the first of its cars only to be manufactured outside of its home market. JLR said its three British plants were either full or at near capacity but the decision will spark fears the firm is looking to boost its output by using overseas operations, rather than invest in greater capacity at home. The British company, owned by India''s Tata Motors ( TAMO.NS ), is rapidly expanding its production levels and model line-up and decided in 2015 to build a major new plant in Slovakia, rather than expand its operations in Britain. Like much of the British car industry, JLR is also worried that Brexit could leave its car exports facing lengthy customs delays and tariffs of up to 10 percent, risking the viability of production in Britain. Austrian contract carmaker Magna Steyr, a unit of Magna International ( MG.TO ), and JLR''s plant in China, which is a joint partnership with Chinese automaker Chery, will produce the E-PACE. "With plans already in place to take Jaguar Land Rover’s three vehicle manufacturing plants in the UK close to their operating capacity, the creation of overseas manufacturing facilities delivers additional volumes needed to support the company’s future strategy," the firm said in a statement. "It allows Jaguar Land Rover to offer its customers even more exciting new vehicles, to protect against currency fluctuations and to build a globally competitive business." Magna will also produce the firm''s previously announced first electric model, the I-PACE, from 2018, although JLR has said it wants to build low-emissions vehicles in Britain if certain conditions are met. Reporting by Costas Pitas; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-jaguarlandrover-epace-idUKKBN19Y2KX'|'2017-07-13T22:07:00.000+03:00'
'c54f710eb5c6b761c93ece2da6dc9405350bff9a'|'ICICI Lombard files for first Indian IPO by a non-life insurer'|'July 14, 2017 / 3:10 PM / in 4 hours ICICI Lombard files for first Indian IPO by a non-life insurer Devidutta Tripathy 2 Min Read MUMBAI (Reuters) - ICICI Lombard General Insurance Co Ltd has filed for an initial public offering (IPO) of shares in what would be the first IPO by a non-life insurance company in Asia''s third-largest economy. ICICI Lombard''s two main shareholders - ICICI Bank Ltd and Fairfax Financial Holdings Ltd - will sell a combined 19 percent stake in the insurer in the IPO, according to the filing released on Friday. ( bit.ly/2uqYrTh ) Bankers estimate the IPO could raise 60 billion rupees ($932 million), making it one of the biggest Indian IPOs in recent years. India''s IPO market has been on a roll with companies raising $2.6 billion in the first half of 2017, after $4 billion in 2016, the best year for IPOs in six years. ICICI Bank, India''s third-biggest lender by assets which owns about 63 percent of ICICI Lombard, plans to sell up to a 7 percent stake, or 31.8 million shares, in the IPO. Fairfax, led by Canadian billionaire Prem Watsa, is selling about 12 percent, or 54.5 million shares, in ICICI Lombard, the largest private sector non-life insurer in India. It owns about 22 percent of the insurer, after it sold a 12.2 percent stake in May to investors including Warburg Pincus. That deal had valued ICICI Lombard at 203 billion rupees. Fairfax, which is setting up a new insurance joint venture in India, needs to bring its stake in ICICI Lombard to below 10 percent to comply with regulations. SBI Life Insurance Co Ltd is also gearing up for an IPO this year which bankers have said could raise as much as $1 billion. Non-life insurance companies owned by the Indian government also have plans to go public in 2017-18. Bank of America Merrill Lynch, ICICI Securities, IIFL Holdings are leading six banks on the ICICI Lombard IPO. CLSA, Edelweiss and JM Financial are the other banks on the deal. ($1 = 64.3850 rupees) Reporting by Devidutta Tripathy; editing by David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/icicilombard-ipo-idINKBN19Z1PL'|'2017-07-14T18:08:00.000+03:00'
'fc252282e9f7d7f440eef8850ac2ad0698677d42'|'AstraZeneca''s silence on CEO helps wipe out 3 billion pounds'|'Edition United States July 14, 2017 / 10:17 AM / 4 hours ago AstraZeneca''s silence on CEO helps wipe out 3 billion pounds Kate Holton 4 Min Read A sign is seen at an AstraZeneca site in Macclesfield, central England May 19, 2014. Britain''s Prime Minister David Cameron said the government would continue to talk to both Pfizer and AstraZeneca after the British drugmaker on Monday rejected a sweetened offer from the U.S. company. Phil Noble (BRITAIN - Tags: BUSINESS HEALTH) - RTR3PT61 LONDON (Reuters) - Uncertainty over the future of AstraZeneca ( AZN.L ) Chief Executive Pascal Soriot drove the Anglo-Swedish drugmaker''s shares lower again on Friday, taking the cost of two days of silence to more than 3 billion pounds ($3.9 billion). AstraZeneca has repeatedly declined to comment on an Israeli media report on Wednesday that said the well-regarded Soriot was in talks to join Israel''s Teva Pharmaceutical Industries ( TEVA.TA ), the world''s biggest generic drugmaker. AstraZeneca shares closed 3.5 percent lower on Thursday and were down 2.5 percent on Friday at a two-month low after the company said it would not comment on rumors or speculation. One top 20 shareholder said there had been a "newsflow vacuum". "It''s hard because companies cannot be seen to be responding to every newspaper article because once you start you cannot stop. But as we all agree, if true, then timing is ''interesting''," the shareholder said, on condition of anonymity. The fall in shares since Wednesday has wiped 3.2 billion pounds off AstraZeneca''s market value, leaving it at 62 billion pounds, or $80 billion. Moving to a generics drugmaker would be a big change in direction for French-born Soriot, 58, who had made research-based pharmaceuticals his whole drive at AstraZeneca. The timing of the report has alarmed investors, coming as the company waits for all-important data from a lung cancer drug trial which is seen as a game-changer for Astra. The company is hoping to secure a substantial slice of a multibillion-dollar market by proving its combination of two immunotherapy drugs, durvalumab and tremelimumab, can help previously untreated patients with advanced lung cancer. The eagerly awaited results of the major trial, called MYSTIC, are due any day now. Analysts at Leerink, an investment bank that specializes in healthcare, said Soriot''s exit would come as a major surprise, if true, and leave AstraZeneca rudderless at a key time. "We spoke with the company, who simply stated that it does not comment on rumors; however it did not outright deny the report," they said. "If true, the optics around his departure would be terrible ahead of the MYSTIC readout." AstraZeneca has already been shaken by the departure of the head of its European business, Luke Miels, whose defection to rival GlaxoSmithKline GSK. was a blow, and there have been a number of other senior management departures. During his five years at AstraZeneca, Soriot successfully defended the company against a $118 billion takeover approach from Pfizer ( PFE.N ). He also rebuilt AstraZeneca''s drugs pipeline through research and acquisitions to replace revenue lost from a wave of patent expiries on many of its blockbuster medicines. The Israeli Calcalist financial news website said Soriot had met Teva''s search committee and its chairman to express his agreement to serve as its next CEO. It said he was expected to earn twice as much as former boss Erez Vigodman and receive a signing bonus estimated at about $20 million. It said the financial terms were still being discussed. Reporting by Kate Holton and Simon Jessop; editing by Guy Faulconbridge and David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-astrazeneca-ceo-idUKKBN19Z10E'|'2017-07-14T13:05:00.000+03:00'
'b30cfe9a24057d26d27b3d9e2280c85172ad088f'|'Chinese buyout group wins $11.6 billion bid to buy Global Logistic Properties'|'July 14, 2017 / 7:31 AM / 22 minutes ago Chinese buyout group wins $11.6 billion bid to buy Global Logistic Properties Anshuman Daga and Elzio Barreto 5 Min Read SINGAPORE/HONG KONG (Reuters) - A leading Chinese private equity consortium backed by senior executives from Global Logistic Properties (GLP) ( GLPL.SI ) won a bid to acquire GLP for S$16 billion ($11.6 billion), marking Asia''s largest private equity buyout in a buoyant sector. GLP, which is Asia''s biggest warehouse operator and boasts a $41 billion portfolio of assets spread across China, Japan, Brazil and the United States, is benefiting from rising demand logistics facilities driven by a boom in e-commerce from clients such as Amazon.com Inc ( AMZN.O ) and JD.com Inc ( JD.O ). The winning bid of China''s Hopu Investment Management, Hillhouse Capital Group, real estate developer Vanke Group ( 2.SZ ) ( 2202.HK ) and the financial service investment arm of Bank of China was backed by GLP CEO Ming Mei, which trumped an offer by a Warburg Pincus-led consortium - the only other short-listed bidder. The group is offering S$3.38 in cash per share, representing an 81 percent premium over its 12-month volume weighted average price and a 25 percent premium over its last full trading day before the announcement. Surprisingly, the acquisition is not conditional on getting antitrust approvals or a green light from the Committee on Foreign Investment in the United States (CFIUS), among others, at a time when regulators are vetting takeovers more closely. Singapore sovereign wealth fund GIC [GIC.UL], which owns 37 percent of GLP and is its biggest shareholder, is supporting the transaction but is free to accept an unmatched superior offer. "GIC played hard to get a decent offer," said a person with direct knowledge of the deal. "There''s a good premium with very few strings attached." Related Coverage Vanke says deal to buy out GLP will help its logistics property business Last year, GIC nudged GLP to start a strategic review of its business after its shares tumbled over a period of two years starting in 2015. GLP then hired JPMorgan as its financial adviser and Allen & Gledhill as its legal adviser to work on the review. The seven-month auction for GLP was marred by complaints from some potential bidders about a lack of transparency and the perceived advantages of the Chinese consortium through their business ties. GLP then formed a committee of independent directors and said it took measures to alleviate potential conflicts of interest. It said on Friday that it chose the Chinese consortium because it had more deal certainty and "limited conditionality", reducing "execution risk". GLP shares soared 22 percent on Friday to a record high. Before Friday''s jump, the shares had surged nearly 50 percent since late last year when GIC requested the strategic review. Booming Sector Investors including Carlyle Group LP ( CG.O ), Canada Pension Plan Investment Board (CPPIB) and Warburg Pincus [WP.UL] have splashed more than $12 billion on the logistics sector in China since 2013, betting a surge in online shopping will spur demand for delivery and warehousing services. Analysts said GLP, which earns the majority of its revenue from China, was especially well positioned to benefit from the e-commerce boom. "Their substantial footprint in some of the largest global economies make them well positioned to leverage improving global industrial trade and services, including the rapidly rising share of e-commerce in global retail," said Priyaranjan Kumar, regional executive director of Cushman & Wakefield''s Asia Pacific capital markets group. "To build a similar platform would take many years and present its own set of economic challenges," he said. The bid for GLP stands out at a time when China''s outbound M&A volumes nearly halved in the first six months of 2017 following Beijing''s crackdown on capital outflows, data showed, and its new scrutiny of acquisitive groups is set to dampen Asian deal flow further. The proposed acquisition will be done by way of a scheme of arrangement and the Chinese group plans to delist and take the Singapore-listed firm private. Citigroup, Goldman Sachs and Morgan Stanley were the lead joint financial advisers for the consortium and are providing the financial resources confirmation related to the purchase. DBS Bank and China International Capital Corporation also advised the consortium. Goldman and Citi are putting up $5 bln to help fund the deal, sources said. Goldman and Citi declined comment. Additional reporting by Kane Wu in HONG KONG; Editing by Edwina Gibbs and Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-glp-m-a-idUKKBN19Z0N2'|'2017-07-14T12:57:00.000+03:00'
'9e040e1d64a19891c83cf9e7e7890ce91e43476a'|'LME favourite to clear for new base metals platform NFEx - sources'|'July 12, 2017 / 5:33 PM / 8 minutes ago LME favourite to clear for new base metals platform NFEx - sources Pratima Desai 4 Min Read FILE PHOTO: Traders and clerks react on the floor of the London Metal Exchange in the City of London February 14, 2012. Luke MacGregor/File Photo LONDON (Reuters) - The London Metal Exchange is the favourite to clear trades for the new base metals platform NFEx as it would be the most efficient option for those wanting to use both venues, sources familiar with the matter said. The new exchange, which will offer trading in base metals such as copper and aluminium, is aiming to go live by the end of the first quarter of 2018 with contracts that mimic the LME''s. NFEx is talking to the LME, Intercontinental Exchange ( ICE.N ), SGX ( SGXL.SI ) and CME Group ( CME.O ), sources said. "We are in commercial negotiations with several leading commodity clearing Houses, some of these discussions are further progressed than others," NFEx''s chief operating officer Mark Bradley said. ICE, SGX and CME declined to comment. The LME said: "We welcome new initiatives that encourage more volume to the market. As with any potential business opportunity we would always be willing to discuss possible areas where we believe mutual growth could be achieved." Before launch, Britain''s Financial Conduct Authority (FCA) needs to authorise NFEx as a multilateral trading facility (MTF). FCA approval is conditional on NFEx having a capital base of 730,000 euros, which sources say it has, and enough cash to operate for at least two years. It is expected to apply for FCA approval by early August. Clearing arrangements can be agreed at a later date, but will be key to gaining traction. Netting margin requirements -- typically a deposit required for a futures or forward contract for individual metals -- for commodity futures is possible to some extent on all exchanges. But metals brokers prefer LME Clear, which could help clear the way for NFEx to use LME settlement prices. It would also mean those seeking to trade on the LME and NFEx would not have to pay into two default funds, which protect clearing members in the event one firm cannot honour its trades. Different Contracts "The market wants (NFEx''s) clearing to be done by the LME. The margining and administration would make it easier for brokers that want to use both," a head of a metals brokerage said. "NFEx wants to capture the business that went OTC (over-the-counter), that the LME lost." An economic slowdown in China, the world''s largest consumer of industrial metals, and a massive 31 percent fee hike at the start of January 2015 saw volumes at the LME drop 4.3 percent in 2015 and 7.7 percent in 2016. The resulting drop in revenues could be partly offset by clearing for NFEx, an idea the LME is open to so long as the new exchange does not try to invade its territory, meaning the contracts would have to be different in some way, sources said. One difference is that NFEx is planning cash-settled contracts, while the LME''s are physically deliverable. Another distinguishing feature could be NFEx using "request-for-quote" as an execution venue, a process which offers all participants the opportunity to quote for a specific trading strategy or contract, a source familiar with the matter said. "If the LME wants to launch its own OTC platform, it won''t want to clear someone else''s OTC trades," a trader at a copper producer said. "But they could go with NFEx, save their money and absorb it at a later date if it works." One idea in the LME''s discussion paper launched in April was an OTC or "permissioned dealer-to-client platform separate" to LMESelect, the exchange''s electronic trading system. "ICE is the other name that keeps coming up," a source at a futures exchange said. "ICE could clear for NFEx and in the agreement include an option to take a stake." ICE lost a bidding war for LME in 2012. It was beaten to the finish by Hong Kong Exchanges & Clearing ( 0388.HK ), which paid $2.2 billion for the world''s largest and oldest metals market. Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lme-nfex-clearing-idUKKBN19X1IU'|'2017-07-12T20:32:00.000+03:00'
'e8960843ae4e7d687ad887156349f4c4d3ae6401'|'US STOCKS-Wall St opens higher on Yellen''s rate hike comments'|'July 12, 2017 / 1:57 PM / in an hour US STOCKS-Wall St opens higher on Yellen''s rate hike comments 3 Min Read * Yellen''s prepared testimony says future rate hikes will be gradual * Yellen to testify before Congress at 10 a.m. ET * Fed to release Beige Book at 2 p.m. ET * Indexes up: Dow 0.62 pct, S&P 0.66 pct, Nasdaq 0.80 pct (Updates to open) By Sweta Singh and Tanya Agrawal July 12 (Reuters) - U.S. stocks opened higher on Wednesday after Federal Reserve Chair Janet Yellen said interest rates hikes would be gradual and will not have to rise much further to reach neutral rate. Yellen, in a prepared testimony to be delivered to Congress at 10 a.m. ET (1400 GMT), said the economy is healthy enough to absorb further gradual rate increases and the slow wind down of the Federal Reserve''s massive bond portfolio. The testimony depicted an economy that, while growing slowly, continued to add jobs, benefited from steady household consumption and a recent jump in business investment. Investors and some Fed officials, concerned with the recent dip in inflation, have been wanting to see a surer progress toward the central bank''s goal of 2 percent inflation. Yellen ascribed the inflation drop to "a few unusual reductions in certain categories of prices" and said it would eventually drop out of the calculation. "I''m not very surprised by Yellen''s comments. She''s been pretty steadfast that we''re raising rates... The market is liking the fact that she''s seeing economic growth," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "What the Fed''s doing and she''s doing is continuing the case for raising rates." The U.S. central bank will also issue its Beige Book at 2 p.m. ET, a compendium of anecdotes on the health of the economy. The Fed''s next policy meeting is on July 25-26. At 9:38 a.m. ET, the Dow Jones Industrial Average was up 133.61 points, or 0.62 percent, at 21,542.68, the S&P 500 was up 16.18 points, or 0.66 percent, at 2,441.71. The Nasdaq Composite was up 49.85 points, or 0.8 percent, at 6,243.16. Ten of the 11 major S&P 500 sectors were higher, with the energy index''s 0.97 percent rise leading the advancers. The financial index was the only laggard and fell 0.15 percent. Investors will also be keeping an eye on second-quarter earnings reports on Friday from big U.S. banks including JPMorgan Chase, Wells Fargo and Citigroup. U.S. stocks closed flat on Tuesday after clawing back from a fall as emails suggested Donald Trump Jr. welcomed Russian help against Hillary Clinton in the 2016 presidential campaign. On the stocks, Ocular Therapeutix shares were down 23.5 percent after U.S. FDA rejected the company''s post operative eye pain drug. Advancing issues outnumbered decliners on the NYSE by 2,382 to 265. On the Nasdaq, 1,848 issues rose and 466 fell. (Reporting by Sweta Singh and Tanya Agrawal in Bengaluru, Additional reporting by Sinead Carew in New York; Editing by Arun Koyyur) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1K34CX'|'2017-07-12T16:55:00.000+03:00'
'd51b2680f60f417c14cb5a25d8763237a98d4456'|'REPEAT-UPDATE 2-Demand at Mexico onshore oil and gas auction spurs output hopes'|'July 13, 2017 / 4:08 AM / an hour ago REPEAT-UPDATE 2-Demand at Mexico onshore oil and gas auction spurs output hopes 4 Min Read (Repeats to change story keyword used by media customers) (Updates with results from second auction) By David Alire Garcia MEXICO CITY, July 13 (Reuters) - Mexico auctioned 21 of 24 onshore oil and gas blocks on offer on Wednesday to investors from North America and Asia including tycoon Carlos Slim and Mexican newcomer Jaguar, anticipating a substantial boost for natural gas output. Monterrey-based Jaguar Exploracion y Produccion de Hidrocarburos took a stake in over half the areas awarded, which the oil industry regulator said would eventually yield around $2 billion in investments over the 30-year lifespan of the contracts. A tie-up of Canada''s Sun God Energia and Jaguar won six out of 10 areas available in the first of two tenders on Wednesday, the sixth and seventh auctions since a 2013-14 energy reform. There were no bidders for three of the areas. Bidding alone, Jaguar also scooped up another five areas in the second tender of 14 blocks, all of which were auctioned. Sun God Resources is based in Calgary, Alberta, while Jaguar is a Monterrey-based firm whose chief executive is Dionisio Garza, a well-known Mexican businessman. A consortium made up of Iberoamericana de Hidrocarburos Servicios and PJP4 de Mexico won one block in the initial auction and two in the second for a total of three. The second auction also saw a fresh push into Mexico by Asian investors, with a consortium of China''s Shandong Kerui Oilfield Service Group with Mexico''s Sicoval MX and Nuevas Soluciones Energeticas A&P securing three areas. Slim''s Carso Oil and Gas claimed two of the areas in the second tender, which saw a number of fields won by cash offers after more than one company made the maximum possible bid. Newpek, a unit of Mexican conglomerate Alfa, teamed up with U.S. firm Verdad Exploration Mexico to win two areas. The auctions are part of a constitutional reform to open up production and exploration to private investors with the aim of reversing a steady decline in oil output since 2004 and boosting anemic economic growth. The reform is starting to bear fruit. Juan Carlos Zepeda, head of the oil regulator known as the CNH, told a news conference that including the $2 billion he expected the new contracts to generate eventually, the reform had now secured projected investments of around $60 billion. The 21 areas should yield an extra 79,000 barrels per day (bpd) in crude production by 2025 as well as 378 million cubic feet per day of additional natural gas output, Zepeda said. That production should start coming online in 2019, he added. Deputy energy minister Aldo Flores forecast the new blocks would generate about 20,500 jobs in the next seven years. Earlier, Britain''s Premier Oil said it had found potentially more than 1 billion barrels of oil off the coast of Mexico in the first shallow-water offshore well drilled by the private sector in the country since the reform. The areas on offer on Wednesday were discovered by state oil company Pemex, but have been stymied by underinvestment as the former monopoly focuses on mostly shallow and less-costly water oil and gas fields. They range from areas rich in natural gas in the Burgos basin in northern Mexico to fields that hold promise further south in the Gulf states of Veracruz and Tabasco. Winners are determined based on a weighted formula that takes into account an additional royalty offered to the government as well as an extra investment commitment in the exploration phase of each 30-year contract. (Editing by Dave Graham and Lisa Shumaker) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-oil-idUSL4N1K41Z6'|'2017-07-13T07:04:00.000+03:00'
'2ec715588e13dce8e3d3cfde44c8795a1adbc17a'|'Exclusive - Washington Companies in talks to buy Canada''s Dominion Diamond: sources'|'July 14, 2017 / 4:12 PM / 8 minutes ago Exclusive: Washington Companies in talks to buy Canada''s Dominion Diamond -sources Susan Taylor and John Tilak 3 Min Read TORONTO (Reuters) - Dominion Diamond Corp of Canada, the world''s third-largest diamond producer by market value, is in advanced and friendly talks with the Washington Companies on a sweetened cash takeover bid, sources told Reuters this week. Negotiations are currently focused on the two sides settling on a price, said the sources, who declined to speak publicly on the matter. A deal could be announced within weeks, they said. Trade in Dominion shares on the Toronto Stock Exchange was halted pending news. The stock had gained as much as 4.74 percent following Reuters'' report on the talks. The U.S.-listed shares soared as much as 6 percent to $13.60, before edging back to $13.44, or up 5.3 percent, in early afternoon trade in New York. It was unclear how much Washington Companies had increased its initial unsolicited cash proposal, of $13.50 a share, which was the catalyst for Dominion to formally put itself up for sale in March. At $13.50 a share, the acquisition would be worth nearly $1.09 billion (C$1.38 billion). Dominion, which owns a majority stake in the Ekati mine and a minority share of the nearby Diavik mine in Canada''s Northwest Territories, had rejected Washington''s initial advance, saying it undervalued the company and that the terms of proposed talks were unacceptable. Washington Companies is a group of privately held North American mining, industrial and transportation businesses founded by industrialist and entrepreneur Dennis Washington. Washington Companies declined to comment, while Dominion was not immediately available for comment. Washington and other interested parties signed confidentiality agreements to review company data, Dominion said on May 1. The sales process, a rarity in the tightly-controlled global diamond industry, attracted the Canada Pension Plan Investment Board (CPPIB), sources told Reuters. CPPIB, Canada''s biggest public pension fund, was joined in the data room by small Canadian producer Stornoway Diamond. It was unclear if Stornoway, which held merger talks with Dominion earlier this year, or CPPIB had submitted formal bids. CPPIB looked at Dominion''s books in 2015, sources said, when the miner worked with investment bank Rothschild & Co to consider ways to boost shareholder value, including a potential sale. There has been ongoing market speculation that diversified global miners Rio Tinto and Anglo American were also eying Dominion. Rio operates and holds a 60 percent stake in Diavik, while Anglo''s De Beers unit operates the Gahcho Kue diamond mine in the Northwest Territories. Dominion hired Toronto-Dominion Bank earlier this year to run the sales process. Reporting by Susan Taylor and John Tilak; editing by Denny Thomas, G Crosse 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-dominion-diamond-m-a-washingtoncompan-idUKKBN19Z1VO'|'2017-07-14T19:51:00.000+03:00'
'384c8e344fd5f4ffc932616ea21785f46d3aafc5'|'UPDATE 1-Brazil congressional panel votes against putting Temer on trial'|'July 13, 2017 / 9:15 PM / a minute ago UPDATE 1-Brazil congressional panel votes against putting Temer on trial 2 Min Read (Adds context, background) BRASILIA, July 13 (Reuters) - A Brazilian congressional committee on Thursday voted against sending a corruption charge against President Michel Temer to the Supreme Court for the leader to be put on trial. The vote is non-binding and the full house must still vote on the charge, which would only be approved if two-thirds of legislators vote for it. Temer was charged last month in connection with a graft scheme involving the world''s largest meatpacker, JBS SA . General Prosecutor Rodrigo Janot accused Temer of arranging to receive a total of 38 million reais ($11.85 million) in bribes from JBS in the next nine months. The full house may vote on Friday, though it looks increasingly likely that lawmakers may wait until early August, after a two-week recess. Though Temer''s support has waned, he is widely expected to survive the full house vote. Janot has said he expects to level at least two new graft charges against Temer in the coming weeks, however. Several lawmakers have told Reuters in recent weeks that if they were forced into multiple votes to protect the deeply unpopular president from a trial, the chances of one of the charges being accepted by the lower house would greatly increase. Temer, who replaced impeached President Dilma Rousseff last year, would be removed from office for at least 180 days if he were forced to stand trial in the Supreme Court. $1 = 3.2072 reais Reporting by Brad Brooks; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-temer-idUSL1N1K41WO'|'2017-07-14T00:14:00.000+03:00'
'cd495d79db182ac263a36db1f470179eb75b06ef'|'AT&T to run wireless, media as separate units - source'|'July 15, 2017 / 12:00 AM / 7 hours ago AT&T to run wireless, media as separate units - source David Shepardson and Anjali Athavaley 3 Min Read Chairman and CEO of AT&T Randall Stephenson speaks at the "What''s Next?" conference in Chicago, Illinois, U.S., October 4, 2016. Jim Young (Reuters) - AT&T Inc will run its wireless and DirecTV satellite television businesses separately from Time Warner Inc''s media assets following its $85.4 billion (65 billion pounds) acquisition of the entertainment group, a source told Reuters on Friday. Buying Time Warner gives AT&T control of cable TV channels HBO and CNN, film studio Warner Bros and other coveted media assets. AT&T''s post-merger plans were earlier reported by Bloomberg News. The deal, announced in October, is seen as a bold move by the telecommunications giant to acquire content to stream over its network. AT&T hopes the programming will give it a competitive edge in a saturated wireless market. The deal also brings a wealth of user data for more targeted advertising. The reorganization will leave AT&T executives in charge of the combined company. John Stankey, who currently leads DirecTV and other entertainment businesses, will head up the media division and John Donovan, AT&T''s chief strategy officer who oversees technology and operations, will run the wireless business, the source said. AT&T Chief Executive Officer Randall Stephenson will remain chairman and CEO of the combined company after the deal closes, an AT&T spokesman said. In an emailed statement, AT&T spokesman Fletcher Cook said no decisions on an organizational structure have been finalised and that Stephenson and Time Warner CEO Jeff Bewkes were still working on them. Time Warner did not immediately respond to a request for comment. Bob Quinn, AT&T senior executive vice president of external and legislative affairs, told reporters this week that the company expects to close the merger by the end of the year. “We are just working through the process,” Quinn said, noting it also needs approvals from some international agencies and the U.S. Justice Department. “All indications are that end of the year is definitely in reach.” He declined to weigh in on whether the White House could seek to intervene in the merger as some reports have suggested, citing anonymous White House aides. U.S. President Donald Trump has been critical of Time Warner''s news division CNN in recent months, calling the outlet "fake news". He had also expressed opposition to the merger during his election campaign. A group of Senate Democrats including Bernie Sanders, Elizabeth Warren and Al Franken had also urged the Justice Department last month to closely scrutinize the deal. Reporting by David Shepardson in Washington and Anjali Athavaley and Jessica Toonkel in New York; Additional reporting by Kanishka Singh, Parikshit Mishra and Narottam Medhora in Bengaluru and; editing by Shounak Dasgupta, Jeffrey Benkoe and David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-time-warner-m-a-at-t-idUKKBN19Z2K1'|'2017-07-15T02:59:00.000+03:00'
'5bb6e497059fb4639026fe708433d1a3405e8bff'|'Doha mall''s $1 billion-plus loan refinancing frozen amid Qatar boycott - sources'|'Edition United States July 16, 2017 / 12:32 PM / 4 hours ago Doha mall''s $1 billion-plus loan refinancing frozen amid Qatar boycott: sources 4 Min Read Stores are seen inside Doha Festival City mall in Doha, Qatar, July 13, 2017. Stringer DUBAI/DOHA (Reuters) - The refinancing of a $1 billion loan by Doha Festival City, a retail and hospitality complex in Qatar, has been indefinitely postponed as a diplomatic crisis deters regional banks from doing new Qatari business, bankers said. The refinancing, coordinated by Doha-based investment bank QInvest, was marketed earlier this year to both Qatari and regional banks, including institutions in the United Arab Emirates. It was to have been larger in size than the original loan - perhaps around $1.2 billion, bankers said. But Saudi Arabia, the UAE, Egypt and Bahrain cut diplomatic and transport ties with Qatar on June 5, accusing it of supporting terrorism, and the proposed deal has been put on hold, the sources said. Two Qatari bankers involved in the deal told Reuters that the diplomatic crisis was the main reason for the deal being postponed, as it had reduced banks'' appetite for the transaction. The sanctions against Qatar meant non-Qatari banks would not participate, a senior banker in Doha said. "Originally, the refinancing included some of the original lenders plus big banks from the UAE. Now it is not clear that the deal is going to happen," he said, speaking on condition of anonymity as the matter is private. "After the sanctions, the deal became more and more unlikely - politics didn''t improve things." Another banker said Qatari banks looked at the refinancing when market interest rates were lower, but they were no longer keen on it now the crisis had tightened liquidity in the local market. The three-month Qatar interbank offered rate QAQAR3MD= has jumped more than 50 basis points since early June. The logo of Doha Festival City mall is seen in Doha, Qatar, July 13, 2017. Stringer "Now it''s definitely not a priority. Banks, and their shareholders, have other things to worry about," the second banker said. The boycotting countries'' central banks have stopped short of explicitly asking commercial banks under their jurisdiction to stop lending to Qatar. But unofficial guidance by their governments has caused most regional banks to freeze new loan transactions for Qatari borrowers since last month. Doha Festival City, which includes the world''s biggest store under the brand name of French retailer Monoprix, is owned and developed by Bawabat Al-Shamal Real Estate Co, a joint venture comprising Dubai-based Al-Futtaim Real Estate Services, Qatar Islamic Bank ( QISB.QA ), Aqar Real Estate Investment Co and a private Qatari investor. Slideshow (4 Images) It raised some 3.7 billion Qatari riyals ($1.02 billion)in 2012 through a 10-year syndicated loan to finance development of the project, which had an estimated total cost of around 6 billion riyals. That loan, comprising conventional and Islamic tranches, was led by QInvest with Commercial Bank of Qatar and Barwa Bank as mandated lead arrangers. Ahli Bank, Doha Bank, International Bank of Qatar, Al Khaliji Commercial Bank, Qatar International Islamic Bank and Qatar National Bank also participated. Doha Festival City''s shopping mall opened last April after a months-long delay which the owners attributed to issues with supporting infrastructure. Many of the mall''s stores have not yet opened to the public. Mall and hotel owners in Qatar have expressed concern about a dwindling customer base after government bodies fired thousands of expatriates in recent years amid declining global oil and gas prices. The sanctions against Qatar could worsen that situation, although because of Doha''s huge financial reserves, analysts do not expect an economic crisis. Editing by Andrew Torchia and David Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-doha-mall-refinancing-idUKKBN1A10HM'|'2017-07-16T15:20:00.000+03:00'
'3bb7771c1fbf0248b29dd368f521ff1ecc21db0a'|'France must define possible scenarios to reduce nuclear -minister'|'July 16, 2017 / 9:03 AM / 9 hours ago France must define possible scenarios to reduce nuclear -minister 3 Min Read French Minister of Ecological and Social Transition Nicolas Hulot speaks during the questions to the government session at the National Assembly in Paris, France, July 12, 2017. Charles Platiau PARIS (Reuters) - France should define a clear roadmap to fulfill its pledge to cut the share of nuclear power in its electricity generation to 50 percent by 2025, French ecology minister said in an interview in the Sunday edition of regional daily Ouest-France. A 2015 law requires France to reduce in eight years the share of atomic power generation to 50 percent from over 75 percent currently, and include more renewable wind and solar generation. Nicolas Hulot said in a radio interview on Monday that for France to meet that target, it might have to shut down up to 17 of its 58 nuclear reactors operated by state-controlled utility EDF. His comments drew questions from observers on how nuclear-dependent France, a net power exporter in Europe, could possibly shut down 17 reactors and continue to guarantee adequate power supply. Hulot clarified in the Ouest-France interview that he did not say 17 reactors must close, but that if the 2015 law were respected, the reactors would have to close. Newly elected French President Emmanuel Macron has maintained the target of cutting French nuclear production by 2025. "We have to define realistic and possible scenarios, otherwise it will be brutal," Hulot told Ouest-France. Hulot, an environmental campaigner who was appointed ecology minister by Macron, said that since the 2015 law was passed, little had been done and there was no clear strategy on how France would meet the 50 percent target. "I want to engage in planned course of action, especially on a social and economic level," Hulot said. "Nuclear power plants can not be closed without taking into account the reality of jobs. We must model scenarios and build a roadmap." The closure of the nuclear plants is a hot-button issue in France with trade unions and some political parties saying the plan would cripple the French nuclear sector. Hulot also said that EDF would have to accelerate its development into renewable energies. The French authorities could stimulate the development of these energies by implementing tax incentives, easing regulatory processes and cutting the length of potential litigations, he said. Reporting by Bate Felix and Mathieu Rosemain; Editing by Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/france-power-nuclearpower-idINKBN1A109R'|'2017-07-16T12:01:00.000+03:00'
'afdd8c108a36cce7bf85c15e8c1fb62bbdf8a4cb'|'Yandex and Uber to merge in Russia and five other countries'|'July 13, 2017 / 10:10 AM / 18 minutes ago Yandex and Uber to merge in Russia and five other countries 4 Min Read A man exits the Uber offices in Queens, New York, U.S., February 2, 2017. Brendan McDermid FRANKFURT (Reuters) - Yandex, the "Google of Russia", and Uber have agreed to merge their ride-sharing businesses in Russia and five neighboring markets with Yandex as leading partner, the companies said on Thursday. The deal marks another pullback from Uber''s breakneck global expansion, coming a year after its exit from China. In a joint statement, Yandex and Uber said they will join forces in Russia, Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan to create a new company operating in some 127 cities, in a deal expected to close in the fourth quarter. As part of the deal, Uber will contribute its UberEATS food delivery business in the six-country region to the new venture. Diversified internet giant Yandex is the dominant player in Web search, maps and mobile navigation in the region. San Francisco-based Uber has agreed to invest $225 million while Yandex has agreed to invest $100 million into a new joint company in which Yandex will own 59.3 percent, Uber hold 36.6 percent and employees having a 4.1 percent stake. Uber said that the merger in Eastern Europe does not imply a strategy of further retrenchment elsewhere. Indeed, financial terms of the deal make it a lucrative one, it said. "This is an exciting opportunity in a unique situation and our operations in other countries will not be affected," Pierre-Dimitri Gore-Coty, the head of Uber in Europe, the Middle East and Africa, said in a blog post addressed to Uber employees. Gore-Coty said Uber''s 36.6 percent stake is worth $1.4 billion, based on an agreed valuation of $3.725 billion for the combined company. That marks a sizeable gain on the $170 million Uber invested since entering the region three-and-a-half years ago, even with the new $225 million investment. Uber sold its Chinese business to far larger local rival Didi Chuxing a year ago in return for Uber receiving a 17.5 percent stake in Didi which was then valued at $35 billion. A man walks outside the headquarters of Yandex company in Moscow, September 14, 2015. The sign (R) reads: "Yandex." Maxim Zmeyev While Uber no longer exists in China, the paper value of its stake in Didi has risen to around $8 billion from $6.1 billion, based on Didi''s recent funding round valued at $50 billion. Improved Driving Conditions The unified business in Russia and surrounding markets also helps Uber become more sustainable, he said, by helping it cut losses as part of a global drive toward eventual profitability. Uber reported in late May that its net loss, excluding employee stock options and other items, narrowed in the first quarter to $708 million from $991 million in the fourth quarter. The ownership stakes reflect how Yandex.Taxi is roughly twice the size of Uber in the region. As of June, Yandex.Taxi had an annual run rate of 285 million rides and gross bookings of $1.01 billion, while Uber had 134 million rides and $566 million in bookings, the companies said. Yandex and Uber compete in Russia with rivals including Fasten-owned Rutaxi and Saturn, Maxim and Gett, the Israeli startup backed by German automaker Volkswagen ( VOWG_p.DE ). Yandex.Taxi, which was founded in 2011, is active in 127 cities across the region. Uber, founded in 2009, is active in 16 cities in Russia and five cities in Azerbaijan, Belarus and Kazakhstan. Uber does not now operate in Armenia or Georgia. Following the closing of the deal, passengers will be able to continue to use either Yandex or Uber apps. The driver apps of the two companies will be integrated into a single app for greater efficiency, they said. Yandex.Taxi Chief Executive Tigran Khudaverdyan will become the CEO of the combined business and Yandex will consolidate the new company''s results in its financial statements. Yandex will hold four board seats, while Uber holds three, they said. Uber operates in nearly 600 cities worldwide. Reporting by Eric Auchard in Frankfurt and Anastasia Teterevleva in Moscow; Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-tech-m-a-yandex-idUKKBN19Y10V'|'2017-07-13T13:19:00.000+03:00'
'448d357bd6c25e73578ad7d7868e181d482407c4'|'Citigroup to pick Frankfurt as EU base this week - sources'|'July 17, 2017 / 6:45 PM / an hour ago Citigroup to pick Frankfurt as EU base this week - sources Alexander Hübner and Anjuli Davies 2 Min Read FILE PHOTO - People walk beneath a Citibank branch logo in the financial district of San Francisco, California, U.S. on July 17, 2009. Robert Galbraith/File Photo FRANKFURT/LONDON (Reuters) - U.S. bank Citigroup Inc ( C.N ) is set to become the latest Wall Street bank to pick Frankfurt as its European Union base this week in preparation for when Britain leaves the European Union, two sources told Reuters on Monday. Citi had earlier said it would choose Frankfurt to become its hub for sales and trading in the EU and move "a couple of hundred" jobs outside of London after Brexit. Citi''s European base move was reported on Monday by Sky News. British finance minister Philip Hammond said this month that the country should push for a transitional deal to help businesses, as the government held its first high level meeting with corporate leaders to discuss Brexit. Global banks have said they could move thousands of jobs out of Britain to prepare for the country''s planned EU exit. Financial services firms need a regulated subsidiary in an EU country to offer products across the bloc, which could prompt some to move jobs out of Britain if it loses access to the European single market. The Association of Foreign Banks in Germany expects 3,000 to 5,000 new jobs in Frankfurt over the next two years as a result of Brexit, its head Stefan Winter of UBS ( UBSG.S ) told German newspaper Welt am Sonntag in June. Deutsche Bank AG ( DBKGn.DE ), BNP Paribas SA ( BNPP.PA ), Barclays Plc ( BARC.L ) and Bank of America Corp ( BAC.N ) are among the banks contemplating shifting some operations after Brexit. Citi declined to comment. Reporting by Abinaya Vijayaraghavan in Bengaluru; editing by Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-citigroup-idINKBN1A220K'|'2017-07-17T21:44:00.000+03:00'
'ecdcf90fc52aac9a1d5afbc2f621c784dd55d487'|'METALS-Copper steady after overnight exit on supply signs'|'SYDNEY, July 11 Copper held largely steady in Asia on Tuesday amid modest support from investors after losing ground overnight on fresh signs of oversupply."We are seeing little of the selling that occurred in London (on Monday)," a commodities trader in Perth said. "Steady, with a slant to the downside is the way I would phrase it."Stocks in LME warehouses rose by 4,900 tonnes to 319,975 on Monday and have ballooned 32 percent since June 28, showing supplies are adequate.FUNDAMENTALS* Three-month copper on the London Metal Exchange stood $1 lower at $5,823 a tonne by 0100 GMT, extending losses from the previous session.* The most-traded copper contract on the Shanghai Futures Exchange was down 0.09 percent to 46,820 yuan ($6,882.66) a tonne.* COPPER STRIKE: Workers at the Zaldivar copper mine in Chile, owned by Antofagasta and Barrick Gold Corp , voted to approve a strike on Monday after talks with the company failed.* NORSK HYDRO: Norwegian metals firm Norsk Hydro will take full ownership of aluminium products maker Sapa by buying a 50 percent stake from conglomerate Orkla* Steel related LME base metals nickel and zinc were each down about 0.03 percent, despite a China steel futures trading higher.* For the top stories in metals and other news, click orMARKETS NEWS* Asian shares and the dollar cautiously edged higher on Tuesday, as investors awaited testimony from Federal Reserve Chair Janet Yellen for clues on when the central bank would tighten U.S. monetary policy.DATA AHEAD (GMT)1000 U.S. Small business confidence index Jun1255 U.S. Job openings (JOLTS) May1400 U.S. Wholesale inventories MayPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.8026 Chinese yuan)(Reporting by James Regan; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1K219E'|'2017-07-11T04:39:00.000+03:00'
'd3768b47ff02da9b77c5391bae42158677fe4558'|'Buffett, Malone explore investment in Sprint - sources'|'July 14, 2017 / 6:48 PM / an hour ago Buffett, Malone explore investment in Sprint: sources 4 Min Read Masayoshi Son attends a news conference in Tokyo, Japan, February 8, 2017. Toru Hanai (Reuters) - Warren Buffett''s Berkshire Hathaway Inc and John Malone''s Liberty Media Corp are exploring an investment of between $10 billion and $20 billion in U.S. wireless carrier Sprint Corp, people familiar with the matter said. Masayoshi Son, the chief executive of Japan''s SoftBank Group Corp, which controls Sprint, met Buffett and Malone separately this week at an annual gathering of business and media moguls in Sun Valley, Idaho, the sources said on Friday, confirming a report in The Wall Street Journal. Sprint CEO Marcelo Claure is also involved in the negotiations, the sources said. Berkshire Hathaway is considering an investment of up to $20 billion in Sprint, while the amount that Liberty Media is looking to invest is not yet known, the sources said. Talks are in the early stages and could still fall apart, the people added. Shares of Sprint closed up 4.3 percent at $8.55 on Friday. The company has a market cap of $32.75 billion. Sprint and SoftBank declined to comment. Berkshire Hathaway and Liberty Media did not immediately respond to Reuters requests for comment. A significant cash infusion in Sprint would give the debt-laden company flexibility and resources to continue its turnaround and invest in its network, the sources said, which could help it better compete in the fierce U.S. wireless industry. It would also relieve pressure from it having to strike a deal with T-Mobile US Inc, a unit of Germany''s Deutsche Telekom AG, which it held talks with earlier this year, sources said. Despite regulatory hurdles, investors have long expected a deal between T-Mobile and Sprint, the third- and fourth-largest U.S. wireless service providers, anticipating cost cuts and other synergies. T-Mobile shares closed up 0.5 percent to $61.24 on Friday. Sources said last month that Sprint had entered into a two-month period of exclusive negotiations with Malone''s Charter Communications Inc and Comcast Corp, which has put Sprint''s merger talks with T-Mobile US on hold until the end of July. Comcast and Charter in May agreed to a partnership that bars either company from entering into a material transaction in the wireless space for a year without the other company’s consent. But that agreement does not prevent Malone from engaging in discussions. Unlike Malone, Comcast CEO Brian Roberts has shown little interest in his company investing in Sprint, the sources said. Malone, the chairman of Liberty Media, in January raised the possibility that major cable companies could get together and buy a wireless carrier. Berkshire has never made telecommunications a major focus, and in 2016 it unloaded its stake in AT&T Inc that it had held for less than a year after that company bought DirecTV, a Berkshire investment. Investing in or lending money to Sprint could help Buffett generate a higher return on some of Berkshire''s cash and equivalents, which totaled $96.5 billion on March 31. Berkshire has invested with Malone since 2011, when it took a stake in Liberty Media. As of March 31, Berkshire owned more than $5.4 billion of stock in three Malone companies: Liberty Media, international cable company Liberty Global Plc and Charter. Greg Maffei, Liberty Media''s chief executive, is also chairman of Sirius XM Holdings Inc, in which Berkshire held $887 million of stock as of March 31. It is unclear whether Buffett or his deputies, Todd Combs and Ted Weschler, oversee those stakes. Reporting by Liana B. Baker and Anjali Athavaley; Additional reporting by Jonathan Stempel in New York, Rishika Sadam in Bengaluru; Editing by Steve Orlofsky and Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-sprint-corp-investment-idUKKBN19Z263'|'2017-07-14T23:51:00.000+03:00'
'a6bff8ff07ad0521f6bbe816ae306d2a5d41af0f'|'Exclusive - Toyota made UK investment decision after Brexit reassurances: sources'|'July 14, 2017 / 4:06 PM / 6 minutes ago Exclusive - Toyota made UK investment decision after Brexit reassurances: sources Costas Pitas 5 Min Read FILE PHOTO: New cars are parked at Toyota''s Burnaston plant near Derby, central England February 18, 2009. Darren Staples/File Photo LONDON (Reuters) - The British government helped to secure a more than 240-million pound investment from Toyota ( 7203.T ) in its English plant with a letter reassuring the Japanese carmaker over post-Brexit trading arrangements, two sources told Reuters. Toyota said on March 16 it would install its new car platform at its Burnaston plant. One source, who is familiar with the letter, said that Toyota delayed the decision due by the end of December while it weighed up a number of factors including Brexit. The business ministry has confirmed the existence of a letter but refused to release it. The source said the letter was similar to one sent to Japanese carmaker Nissan ( 7201.T ) last year when it decided to build two new models at its northern English plant. The document sparked public and lawmaker concern about secretive deals. The source, who did not say when the letter was sent, said it contained several reassurances. "They received a similar set of warm words as Nissan on electric vehicles, commitment to further training and to ensure the competitiveness of the UK automotive industry," the source said. A Toyota spokesman declined to comment on whether it had received such a letter. He referred to the company''s March 16 statement which said the British government was providing funding for training and research and development. Toyota also said at the time that "continued tariff-and-barrier free market access... will be vital for future success." Britain said in March it would back up the investment from Toyota, which builds roughly 10 percent of Britain''s 1.7 million cars, by spending 21.3 million pounds to support skills and training, research and development and innovation, subject to an independent assessment. A spokesman at the business ministry declined to provide any comment for this story. Business minister Greg Clark said last year that assurances offered to Nissan were available to other firms. Reuters made a freedom of information (FOI) request to the business ministry to see documentation relating to the investment decision, which the ministry said included a letter. In its response, an official at the ministry refused to release the letter and a company briefing note, saying the information was "both highly commercially sensitive" and "would be likely to cause harm to the company''s commercial interests if disclosed." Clark has refused to publish the Nissan letter. He said he will release the information when it is no longer commercially confidential. FILE PHOTO: A man works on the production line at the Toyota factory in Derby, central England, March 7, 2011. Darren Staples/File Photo Many of the world''s biggest car firms are worried about the long-term viability of their British plants and are using their upcoming investment decisions to push for promises to maintain free trade after Britain''s exit from the EU, which is due to take place in March 2019. Redacted Emails Toyota finalised its decision at a meeting between its Europe President and Chief Executive Johan van Zyl and Clark on March 15, the day before the official announcement, a third source, who is close to the company told Reuters. In response to the FOI request, the business ministry said there were three documents relating to discussions between the firm and top government officials since Clark was appointed in July last year: a letter, a confidential company briefing and an email exchange. It initially refused to publish all three but after Reuters appealed the decision, the department released a redacted email exchange. Reuters asked for correspondence between the company and Clark, a special advisor, a junior minister and the ministry''s automotive team. The email exchange included three messages which were written after a meeting between Clark and van Zyl. The emails are redacted so that it is not possible to know who received them. "We picked up from the recent meeting with Greg Clark that Toyota has a significant investment decision coming up before the end of the year, for a new European ''architecture plant''," according to official correspondence dated Sep. 9. "Dr Zyl noted that uncertainties over future trade arrangements are a worry, and SofS (Secretary of State Clark) sought to reassure on the alignment of company and HMG (Her Majesty''s government) goals." "It would (be) great to understand more about the decision, and if there are any ways in which HMG could help," the email from the official said. Clark had meetings with Toyota officials in September, November and March, according to an official government log. Japan''s Nissan ( 7201.T ), Toyota and Honda ( 7267.T ) account for around half of British car output. Japanese Prime Minister Shinzo Abe met with British Prime Minister Theresa May in April and called for a smooth Brexit to allow Japanese firms to continue to operate. Toyota has yet to say which models it will build in Burnaston over the next decade. ($1 = 0.7713 pounds) Editing by Guy Faulconbridge and Anna Willard 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-toyota-idUKKBN19Z1VK'|'2017-07-14T19:05:00.000+03:00'
'a95b3a1f3282317c1e2326a15efa38bb66f90cc4'|'Ireland to slightly increase budget space for 2018 - Varadkar'|'July 16, 2017 / 10:48 AM / 42 minutes ago Ireland to slightly increase budget space for 2018 - Varadkar Reuters Staff 2 Min Read Ireland''s Leo Varadkar arrives at a EU leaders summit in Brussels, Belgium, June 22, 2017. Julien Warnand/Pool DUBLIN (Reuters) - Ireland will be able to modestly increase the 300 million euros (262.56 million pounds) currently available to cut tax and increase spending in 2018 when the government introduces its budget in October, Prime Minister Leo Varadkar was quoted as saying on Sunday. Ireland has limited room to stimulate its booming economy next year as it seeks to balance its budget for the first time in a decade and having already pre-committed a significant chunk of funds, include in a new public sector pay deal agreed in May. "It''s going to be tight. Any spending increases and tax cuts are going to be modest. But it''ll be more than 300 million euros," Varadkar told the Sunday Independent in an interview. "For example, if unemployment continues to fall, and we anticipate it will, there will be savings in jobseekers'' allowance. There''s also the possibility of revenue-raising measures. It''s pretty normal in budgets now to put 10 or 20 or even 50 cents on cigarettes and that brings in revenue too." Reporting by Padraic Halpin, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-budget-idUKKBN1A10E2'|'2017-07-16T13:47:00.000+03:00'
'bc754aa4c11286fc6604cd5bf8eb74158bc646c2'|'China cbank to play bigger role managing financial risk - state TV'|'July 15, 2017 / 1:27 PM / an hour ago China cbank to play bigger role managing financial risk - state TV 3 Min Read FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People''s Bank of China, the Chinese central bank, in Beijing, April 3, 2014. Petar Kujundzic/File Photo SHANGHAI (Reuters) - China''s central bank will take on a beefed up role managing systemic risk in the country''s financial markets, state broadcaster China Central Television said on Saturday, citing President Xi Jinping. Speaking at the National Financial Work Conference, Xi said China would set up a financial stability committee under the State Council, boost the People''s Bank of China''s (PBOC) role managing financial risks and create more cohesive regulation. "We will strengthen the PBOC''s role in macro-prudential management and in averting systemic risk," Xi said, adding the country would increase the accountability of regulators and the supervision over regulatory bodies. Ahead of the closed-door event, economists had widely expected the meeting to focus on how the central bank could better coordinate with the country''s three main financial regulators to manage risk in the financial system. China''s financial regulators are gathered in Beijing in a once-in-five-years huddle to discuss how better to tackle weakness in the financial system. The most recent meeting in 2012 yielded no significant policy change. The main regulators include the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission and the China Insurance Regulatory Commission. Ahead of a leadership reshuffle in the autumn, Beijing has zeroed in on the stability of the economy and financial system, cracking down on risky behaviour by insurers and lenders, as well as targeting high levels of corporate debt. Investors have long supported the idea of a unified body to oversee the regulators that oversee the different parts of China''s financial system, though there is little sign that a super-merger of the regulators is imminent. In 2015, a poorly coordinated response to a stock market crash in China drew scrutiny on the government''s response. Premier Li Keqiang openly criticised the financial regulators as not responding sufficiently. In March this year, the new CBRC chief Guo Shuqing said the banking regulator was collaborating with other regulators to create a framework to close loopholes in rules for cross-market financial products. Reporting by Adam Jourdan; Editing by Dale Hudson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-finance-idINKBN1A00G3'|'2017-07-15T16:26:00.000+03:00'
'e2c79a34d98379676c1e86b6b80a51db7a1cba57'|'Global Logistic Properties agrees to be bought by China group for $11.6 billion'|'July 14, 2017 / 8:20 AM / in 2 hours Global Logistic Properties agrees to be bought by China group for $11.6 billion 2 Min Read SINGAPORE (Reuters) - Global Logistic Properties (GLP), Asia''s biggest warehouse operator, said it had agreed to be acquired by a Chinese private equity consortium backed by senior GLP executives for roughly S$16 billion ($11.6 billion). The deal is set to be Asia''s largest buyout by a private equity group. "After an extensive evaluation of all final proposals received, the Special Committee decided on the proposed Scheme, which we believe is compelling and value-enhancing for all shareholders," Seek Ngee Huat, chairman of GLP''s Board said in a statement. The Chinese group is offering S$3.38 in cash per share, representing 81 percent premium over its 12-month volume weighted average price. China''s Hopu Investment Management and Hillhouse Capital Group were supported by GLP CEO Ming Mei in their bid, which trumped an offer by a Warburg Pincus-backed consortium. The proposed acquisition will be done by way of a scheme of arrangement and the Chinese group plans to delist and take the Singapore-listed firm private. GLP is currently 37 percent owned by Singapore sovereign wealth fund GIC. GIC said it is supportive of the transaction. ($1 = 1.3733 Singapore dollars) Reporting by Anshuman Daga; Editing by Edwina Gibbs 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/glp-m-a-idINKBN19Z0QD'|'2017-07-14T11:18:00.000+03:00'
'216bd03e75d2f942b5d8e29a003334a488bdc203'|'U.S.-China trade talks sputtering at 100-day deadline'|'July 16, 2017 / 9:07 AM / 9 hours ago U.S.-China trade talks sputtering at 100-day deadline Andrew Galbraith and Dominique Patton 6 Min Read FILE PHOTO - U.S. President Donald Trump and Chinese President Xi Jinping (R) shake hands prior to a meeting on the sidelines of the G20 Summit in Hamburg, Germany, July 8, 2017. Saul Loeb/ Pool/File Photo SHANGHAI/BEIJING (Reuters) - Bilateral talks aimed at reducing the U.S. trade deficit with China have yielded some initial deals, but U.S. firms say much more needs to be done as a deadline for a 100-day action plan expires on Sunday. The negotiations, which began in April, have reopened China''s market to U.S. beef after 14 years and prompted Chinese pledges to buy U.S. liquefied natural gas. American firms have also been given access to some parts of China''s financial services sector. More details on the 100-day plan are expected to be announced in the coming week as senior U.S. and Chinese officials gather in Washington for annual bilateral economic talks, rebranded this year as the "U.S.-China Comprehensive Economic Dialogue." "We hope to report further progress on the 100-day deliverables next week," a U.S. Commerce Department spokesman said on Saturday. "That will be the basis for judging the extent of progress." The spokesman declined to discuss potential areas for new agreements since a May 11 announcement on beef, chicken, financial services and LNG. Earlier in April, when Chinese President Xi Jinping met U.S. President Donald Trump for the first time at his Florida resort, Xi agreed to a 100-day plan for trade talks aimed at boosting U.S. exports and trimming the U.S. trade deficit with China. The U.S. goods trade deficit with China reached $347 billion last year. The gap in the first five months of 2017 widened about 5.3 percent from a year earlier, according to U.S. Census Bureau data. "It is an excellent momentum builder, but much more needs to be done for U.S.-China commercial negotiations to be considered a success," said Jacob Parker, vice president of China operations at the U.S.-China Business Council (USCBC) in Beijing. There has been little sign of progress in soothing the biggest trade irritants, such as U.S. demands that China cut excess capacity in steel and aluminum production, lack of access for U.S. firms to China''s services market, and U.S. national security curbs on high-tech exports to China. The Trump administration is considering broad tariffs or quotas on steel and aluminum on national security grounds, partly in response to what it views as a glut of Chinese production that is flooding international markets and driving down prices. North Korea has cast a long shadow over the relationship, after Pyongyang tested what some experts have described as an intercontinental ballistic missile on July 4. Trump has linked progress in trade to China''s ability to rein in North Korea, which counts on Beijing as its chief friend and ally. "Trade between China and North Korea grew almost 40 percent in the first quarter. So much for China working with us - but we had to give it a try!" Trump said on Twitter after the North Korean missile test. Trading Meat American beef is now available in Chinese shops for the first time since a 2003 U.S. case of "mad cow" disease, giving U.S. ranchers access to a rapidly growing market worth around $2.6 billion last year. More beef deals were signed during an overseas buying mission by the Chinese last week. "There are hopes there will be even more concrete results," Chinese Foreign Ministry spokesman Geng Shuang told a daily news briefing in Beijing on Friday. He did not elaborate. Critics of the 100-day process said China had already agreed to lift its ban on U.S. beef last September, with officials just needing to finalize details on quarantine requirements. China, meanwhile, has delivered its first batch of cooked chicken to U.S. ports after years of negotiating for access to the market. But unlike the rush by Chinese consumers for a first taste of American beef, Chinese poultry processors have not had a flurry of orders for cooked chicken. Demand should improve once China is allowed to ship Chinese grown, processed and cooked chicken to the United States, said Li Wei, export manager at Qingdao Nine Alliance Group, China''s top exporter of processed poultry. Biotech Crops Other sectors in China under U.S. pressure to open up have moved more slowly. Beijing had only approved two of the eight biotech crops waiting for import approval, despite gathering experts to review the crops on two occasions in a six-week period. U.S. industry officials had signalled they were expecting more approvals. U.S. executives say the review process still lacks transparency. Financial services is another area where little progress has been made, U.S. officials say. USCBC''s Parker said it is unclear how long it will take for foreign credit rating agencies to be approved, or whether U.S.-owned suppliers of electronic payment services will be able to secure licenses. The bilateral talks have also not addressed restrictions on foreign investment in life insurance and securities trading, or "the many challenges foreign companies face in China''s cybersecurity enforcement environment," Parker said. In an annual report released Thursday, the American Chamber of Commerce in Shanghai said China remained a "difficult market". Additional reporting by David Lawder in WASHINGTON, Ben Blanchard in BEIJING and Beijing Newsroom; Editing by Ryan Woo and Bill Tarrant 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-china-trade-idUKKBN1A109V'|'2017-07-16T12:03:00.000+03:00'
'cac245fda5e81251de41e55638e5d1f56054d9e1'|'BoE''s Carney says Libor should be replaced by ''transaction rates'''|'July 17, 2017 / 1:44 PM / 2 hours ago Bank of England wants less Libor-centric financial world Huw Jones 3 Min Read FILE PHOTO - Britain''s Bank of England Governor, Mark Carney, speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. Jonathan Brady/Pool LONDON (Reuters) - Interest rates used to price financial contracts worth trillions of dollars globally should in future be based on actual market transactions and not banks'' judgments, Bank of England Governor Mark Carney said in minutes of a meeting released on Monday. The pricing of financial contracts based on the London Interbank Offered Rate (Libor) led the BoE and other central banks to look at alternatives based on actual market transactions to make them harder to manipulate. Libor is based on submissions from banks of interest rates they believe they would be charged by other banks for borrowing money. Banks were fined billions of dollars for trying to rig Libor and its continental European counterpart, Euribor. Libor had been compiled by a UK banking industry body, which was stripped of this role. The benchmark is now run by an independent firm regulated by the Financial Conduct Authority, but Carney''s comments signal that such reforms won''t be enough. He told industry representatives attending the BoE''s Roundtable on Sterling Risk-Free Reference Rates on July 6 that controls on Libor rate submissions from banks were now much tighter. But, according to the minutes, Carney said a situation where "a judgment-based benchmark underpinned an estimated $350 trillion-worth of contracts was not desirable." "The Governor finished by noting that a shift towards robust, fully transaction-based reference rates was necessary and, over time, would happen," the minutes said. The BoE is developing its own "risk free" benchmark known as SONIA, but widespread adoption could only proceed with broad support from benchmark users, Carney said. Major dealers said in April they would back wider use of SONIA and the BoE is now sounding out if there is wider support. Unnecessary Vulnerability Chris Salmon, the BoE''s executive director for markets, told the meeting that in many cases Libor was not the most appropriate reference rate "Put simply, we want to see a transition to a less Libor-centric world," Salmon said in comments released on Monday. The system-wide dependence on Libor "fixings" as currently compiled is an "unnecessary vulnerability", he added. "Derivatives markets in particular could be more effective if there were liquidity in alternative reference rates." The BoE has already taken over responsibility for administering SONIA or the sterling unsecured overnight interest benchmark, and is strengthening it. Its next step is to sketch out how SONIA could be used more widely. The European Central Bank said in May it was ready to work on its own index of bank-to-bank lending after an industry-led revamp of Euribor failed. The New York Federal Reserve and U.S. Office of Financial Research are also developing three benchmark rates based on overnight repurchase agreements. Reporting by Huw Jones; Editing by Rachel Armstrong and Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-boe-carney-libor-idUKKBN1A21EC'|'2017-07-17T16:35:00.000+03:00'
'f7be19f4254cb108d96fc17bf8e0e89c38db3c74'|'Going Cashless? Bad for Tax Cheats, Privacy, Poor'|'Going Cashless? Bad for Tax Cheats, Privacy, Poor By @SriniSivabalan More stories by Srinivasan Sivabalan Cash is out. Indranil Mukherjee/Getty Images Do we need cash? Humans have used all sorts of things to exchange items of economic value -- rare metals, strings of shells and even sunken boulders . Those objects have gotten more ephemeral, with paper money replacing most coins, and digital forms increasingly supplanting paper. Could physical cash go away entirely? Economists see great payoffs in a cashless society: lower transaction costs, new tools to manage economic growth and an end to tax evasion and money laundering. Critics see an end to privacy, frightening new powers for tyrants and costs that would fall disproportionately on the poor. The giant, if unintended, experiment that followed India’s attempt to withdraw 86 percent of cash in circulation showed one thing clearly : The end of cash is not likely to be a neat or simple process. 1. How much of money is cash? Not that much, at least in terms of economic activity. According to the Switzerland-based Bank for International Settlements, there was a combined $4.54 trillion worth of cash circulating in the countries of the euro zone and 17 other major economies at the end of 2015. That accounted for only 8.9 percent of their combined gross domestic product, a figure that crept up about 70 basis points since 2011 because of more per-capita cash in the U.S. and euro zone. The U.S. had the most notes being used, at $1.42 trillion, but Japan had the highest banknotes-to-GDP ratio, at 19.4 percent. Of course, each dollar, yen, euro or kronor changes hands several times a year, creating a multiplier effect on the amount of money. 2. What would it mean to go cashless? With a swipe of a card, a click of a mobile-phone app or an impress of your forefinger, you’d have instant access to your entire wealth. Invisible networks connecting banks, shops, governments and businesses would handle the flow of transactions, changing the face of banking forever. A glimpse of this future is already evident in India, where 255 million people use Paytm , a seven-year-old startup backed by China’s Alibaba Group Holding Ltd., to make payments through a virtual wallet. 3. Who’s gone the furthest? In the homeland of ABBA, the band whose "Money, Money, Money" made waves in the 1970s, cash is vanishing. Sweden is the most cashless society on the planet, with banknotes and coins accounting for just 1.7 percent of its GDP. Even God has gone digital there, as churches accept donations via mobile phones. Nigeria has signed up with MasterCard Inc. to deploy a new national-identity card with a prepaid payment system. 4. Who’s in favor of going cashless? A wide range of institutions, including: Governments. With every financial transaction recorded, they can tax us better, choke the financing routes of bad guys and make transactions like drug trafficking easier to track. Direct transfers to beneficiaries of official programs can be more efficient by cutting out middlemen. Central banks. Records that don’t miss any financial activities are more useful in devising appropriate monetary policies. Businesses. The costs and risks of storing cash will be eliminated and payment bottlenecks in the supply chain will be history. Technology providers. Imagine the power that comes from running the economic backbone of a society. Credit-card companies. They’re already pushing merchants to Numismatists. Their coin collections would be that much rarer. 5. How would cash-free economies be easier to manage? Some digital-society proponents say economies will be healthier without paper money. After the financial crisis of 2008, many central banks cut interest rates to near zero to stimulate the economy, with limited success. The European Central Bank and the Bank of Japan pushed rates slightly below zero to nudge banks into lending rather than sitting on their reserves. More deeply negative rates, which some economic models say are needed, are hard to impose if people and businesses can hoard cash. In a cashless society, a central bank could force spending by in effect imposing a tax on savings. The theory is not validated yet. And a tax on savings could face enormous opposition. 6. What are the risks? All sorts of things. In a digital-only economy, governments and banks could take control of your financial life; with a flick of a switch, they could leave you without a penny. Networks can fail. You could lose your mobile phone. And everybody could be vulnerable to a cyber attack or power outage, which is why the U.S. government encourages citizens to keep some cash on hand for emergencies. 7. How would the switch affect the poor? Billions of poor people in the developing world depend on cash to buy goods for very small amounts, often mere cents. It may be too costly to host those transactions on a network. That could create a second-class citizenry of people who don’t have equal access to banking services. In India, millions of new savings accounts opened under a financial-inclusion plan remain inactive, because banks find ways to cap free transactions and charge the poor for the services. Even in the U.S., cash is used for more than 60 percent of purchases under $10, according to the Federal Reserve . On the other hand, services like Paytm in India and mobile-phone networks such as Kenya’s M-Pesa show how the poor can benefit. People in remote villages, who have never entered a bank branch in their lives, are embracing the digital economy, going beyond day-to-day transactions to try out newer services like micro-business loans. 8. How else might digital-only money change things? It might make us dumber, or at least less thrifty. Behavioral economists have shown that spending cash imposes a psychological “pain” on the consumer that helps them to be prudent. Credit and debit cards took us one step away from that pain. Economists and some data suggest that an even more frictionless digital economy could make us even more reckless. Good for some retailers, maybe, but not helpful for bank accounts. 9. What’s happened in India? The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up On Nov. 8, 2016, India announced that it would withdraw all 500-rupee ($7.70) and 1,000-rupee notes, representing 86 percent of currency in circulation, to counter tax dodgers and counterfeiters. Citizens had less than two months to exchange their bills for new ones. But with a paucity of currency notes, most were forced to deposit their money in bank accounts. That choked the informal economy in a country where 93 percent of workers are hired without any paperwork. Even companies struggled to pay salaries and contractors couldn’t get work. Millions of poor people couldn’t buy food or pay for medical care. Within six days of the cash ban, at least 25 people died, either collapsing in the lengthy queues in front of banks or having been turned away by hospitals. Economic growth slowed to a two-year low. 10. How did that end? The government retreated. By the end of June 2017, the Reserve Bank of India had restored 87 percent of the currency supply, and newspapers reported the central bank planned to introduce new denominations. Whether the touted benefits materialized remains a question. New deposits in banks failed to live up to initial projections, while everyday corruption in government offices continues. 11. What does that mean for the cashless idea? India now aims to be a “less cash” society rather than a “cashless” one, according to Finance Minister Arun Jaitley. The so-called demonetization exercise drew lots of criticism, including from Steve Forbes, the editor-in-chief of Forbes magazine, who called the cash ban “massive theft of people’s property” and “breathtaking in its immorality.” The cashless idea, however, isn’t going to go away . In Australia, Citibank stopped accepting cash at its branches after most of its customers embraced digital transactions. The European Central Bank is considering withdrawing the 500 euro note to counter terrorist financing. The Reference Shelf '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-17/going-cashless-bad-for-tax-cheats-privacy-poor-quicktake-q-a'|'2017-07-17T07:00:00.000+03:00'
'34f91e83f054c575d7186d76b92dea42b80d7192'|'PRESS DIGEST- New York Times business news - July 17'|'July 17, 2017 / 5:02 AM / 16 minutes ago PRESS DIGEST- New York Times business news - July 17 2 Min Read July 17 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - China''s economy had expanded 6.9 percent in the second quarter, unchanged from the year-on-year growth rate in the first quarter. nyti.ms/2twiNFM - Barclays chief executive John Varley and three other former top managers are expected back in court on Monday to answer charges that they, along with the bank, misrepresented arrangements with the Persian Gulf nation of Qatar when the bank raised money to weather the financial crisis in 2008. nyti.ms/2tvMFCb - Securities and Exchange Commission upheld dismissal of an administrative case against a former Wells Fargo trader after two commissioners split on whether the evidence proved he had engaged in insider trading. nyti.ms/2twfYEF - John Cornyn of Texas, a top Senate Republican, vowed to bring the party''s health care bill to a vote as soon as possible. Detractors said they would use a delay caused by the absence of Senator John McCain to mobilize further opposition to the measure. nyti.ms/2tvGIFB Compiled by Bengaluru newsroom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1K8232'|'2017-07-17T08:01:00.000+03:00'
'f7924d0fe32395556c998510335d2e8d1b859749'|'China second-quarter GDP growth beats expectations on strong factory output'|'July 17, 2017 / 2:39 AM / 3 minutes ago China second-quarter GDP growth tops forecasts on strong investment, consumption Elias Glenn and Kevin Yao 4 Min Read FILE PHOTO: New properties are seen near a square in Zhengzhou, Henan province, China, September 23, 2016. Yawen Chen/File Photo BEIJING (Reuters) - China''s economy grew faster than expected in the second quarter as industrial output and consumption picked up and investment remained strong, though analysts expect slower growth over the rest of the year as policymakers seek to reduce financial risk. The economy grew 6.9 percent in the second quarter from a year earlier, the same rate as the first quarter, the National Bureau of Statistics said on Monday. Analysts polled by Reuters had expected the economy to expand 6.8 percent in the April-June quarter. On a quarterly basis, growth picked up to 1.7 percent from 1.3 percent in the first quarter, in line with expectations. Strength in retail sale and industrial output data helped offset a weak start for China stocks, which may have been linked to talk of tighter financial regulations. Growth in China''s economy this year has beaten expectations as exports recover and property construction remains strong, though many analysts expect the world''s second-largest economy to lose steam later in the year as policy measures to rein in red-hot housing prices and a rapid build-up in debt take a greater toll on growth. "Overall, the economy continued to show steady progress in the first half...but international instability and uncertainties are still relatively large, and the domestic long-term buildup of structural imbalances remains," the statistics bureau said in a statement with the data. The government is aiming for growth of around 6.5 percent in 2017, slightly lower than last year''s actual 6.7 percent, which was the weakest pace in 26 years. China''s factory output grew 7.6 percent in June from a year earlier, the fastest pace in three months, while fixed-asset investment expanded 8.6 percent in the first six months of the year, both beating forecasts. Retail sales rose 11.0 percent in June from a year earlier, the fastest pace since December 2015 and beating analysts'' expectations for a 10.6 percent rise. FILE PHOTO: A lion sculpture is seen in front of office towers at the financial Central district in Hong Kong, China May 25, 2017. Bobby Yip/File Photo An upturn in global demand for Chinese products could be a boon for the country''s leaders as they seek to contain a dangerous build-up in debt that has ballooned to 277 percent of GDP. "(The new data) is encouraging for global growth as well because China is the second largest economy on the planet," said Craig James, chief economist at Commonwealth Securities in Sydney. "Based on this data, there is no need for easing and no need really for tightening either because inflationary pressures are very much contained. So I think the People''s Bank of China just continues to be watchful." China''s steel output rose 5.7 percent in June to a record 73.23 million tonnes, as mills in the world''s top producer ramp up production due to fat profits from rallying prices. This comes despite authorities pushing forward supply-side reforms to cut excess capacity in steel and coal sectors. Data last week showed both China''s exports and imports rose faster-than-expected in June from a year earlier, which could offset weakness in other parts of economy in the second quarter. Beijing''s more modest growth target of around 6.5 percent for 2017 theoretically offers more wiggle room for reforms after the economy grew 6.7 percent in 2016 - the weakest pace in 26 years. China''s economic growth is expected to cool further to 6.6 percent in 2017, according to a Reuters poll of analysts, with the pace of expansion slowing steadily in the third- and fourth-quarter. The PBOC shifted to a modest tightening bias at the start of this year, guiding market interest rates higher during the first quarter, including immediately after the U.S. Federal Reserve raised rates in March. But the central bank injected substantial liquidity last month to help avoid an end-quarter cash crunch as Beijing tightened regulations to force banks to deleverage. Reporting by Kevin Yao; Writing by Elias Glenn; Editing by Sam Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-gdp-idINKBN1A205R'|'2017-07-17T05:35:00.000+03:00'
'aa207c47bd84d65bcd8427331f30856f63c3babb'|'China central bank told by Xi to play bigger role in managing financial risk'|'July 16, 2017 / 9:03 AM / an hour ago China central bank told by Xi to play bigger role in managing financial risk 4 Min Read A Chinese national flag flutters outside the headquarters of the People''s Bank of China, the Chinese central bank, in Beijing, April 3, 2014. Petar Kujundzic/Files BEIJING/SHANGHAI (Reuters) - China''s central bank will take on a bigger role in macro-prudential management and in averting systemic risk in the financial system, President Xi Jinping said at a once-in-five-years government work conference that ended on Saturday. Financial security is a vital part of national security, Xi said at the fifth National Financial Work Conference, adding that China will strengthen the Communist Party''s leadership in the financial sector. A Financial Stability and Development Committee will also be set up under the State Council, or cabinet, state media cited Xi as saying. No details were given on the committee and on how the role of the People''s Bank of China (PBOC) will be strengthened. Fragmented oversight of China''s financial sector has led authorities to worry about "giant crocodiles", a term that regulators have started using to describe law-breaking tycoons who circumvent regulations to grab control of other companies. As a result, funds are illegally spent on buyouts and acquisitions and are not being used by companies to spur growth in the real economy. Earlier this year, the China Insurance Regulatory Commission (CIRC) banned the chairman of Foresea Life from the insurance business for 10 years, citing violations of rules in the firm''s use of insurance funds. CIRC separately also restricted Evergrande Life''s stock trading activities for one year, after accusing the insurance firm of engaging in irregular investment activities. Blood and Pulse Finance is the "blood and pulse" of the economy, and it is the sector''s "divine vocation" to serve the real economy, the official Xinhua News Agency quoted Xi as saying. Xi called for greater accountability for financial regulators at the meeting, saying it would be "negligence of duty" if regulators fail to identify risks in time, and it would be "malfeasance" if they fail to report and contain the identified risks. The main financial regulators include the China Banking Regulatory Commission, the China Securities Regulatory Commission (CSRC) and CIRC. In 2015, a poorly coordinated response to a stock market crash in China spurred scrutiny on the government''s response. Premier Li Keqiang openly criticised financial regulators as not responding sufficiently. Xi said on Saturday that regulators must share industry data within their jurisdictions and coordinate their financial regulations. The financial work conference comes ahead of a once-in-five-year congress of the Communist Party in the autumn, where Xi is expected to further consolidate his hold on power. "Traditionally the (financial) conference is presided by the premier, but this time, not only was the big boss (Xi) there, people from the anti-corruption watchdog and the parliament advisory body were there too," said a person who follows Chinese regulatory developments. At the conference, Premier Li Keqiang said China will maintain prudent monetary policy and an appropriate credit growth rate while keeping liquidity basically stable. Xi said Beijing will also strictly control new local government debt and strengthen oversight of internet financing. "China''s plans to ameliorate systemic risk, while laudable, are also significantly driven by the desire for an unblemished 19th Party Congress," said Brock Silvers, managing director of Kaiyuan Capital, a Shanghai-based investment advisory firm. "Regulators have yet to announce detailed steps, and probably won''t do so prior to the Congress," he said. "In the interim I don''t expect major changes, such as the creation of a unified super-regulator." Reporting by Stella Qiu in BEIJING and Adam Jourdan in SHANGHAI; Additional reporting by Benjamin Lim in BEIJING and Engen Tham in SHANGHAI; Additional writing by Ryan Woo; Editing by Dale Hudson and Richard Borsuk 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-finance-idINKBN1A109N'|'2017-07-16T11:59:00.000+03:00'
'4056c109b466196e38e109d07d856dfe35daac22'|'Banks begin London exodus as hopes of transitional deal fade'|'July 11, 2017 / 3:24 PM / an hour ago Banks begin London exodus as hopes of transitional deal fade Andrew MacAskill and Anjuli Davies 4 Min Read LONDON (Reuters) - Britain may have left it too late to convince major banks that it can strike a deal to soften the impact of Brexit before they start shifting jobs from London. Top executives at five of the largest banks in the capital told Reuters a staggered deal on leaving the European Union is only likely to be agreed late on in talks with Brussels, meaning they have already begun relocating staff. And a more conciliatory government tone towards business, having largely refrained from engaging with corporate leaders about Brexit ahead of last month''s election, may be too late. "The timeframe for when we wanted a transitional deal has already passed," an executive at one global bank said, adding it had taken a decision to move hundreds of roles to continental Europe regardless of what the government does. Finance minister Philip Hammond said last week that Britain should push for a transitional deal to help businesses, while the government held its first high level meeting with corporate leaders in months to discuss Brexit. But James Bardrick, the UK head of U.S. bank Citi, said the government has been too slow to get any early deals with Europe and banks will have to be ready by September 2018. "There''s been a lot of talk and not a lot of action for a long time. I am anxious it is all a bit late," Bardrick said. Executives say the timetable to relocate staff and operations is tighter than it looks because it could take longer than eighteen months to set up new buildings, get licences, hire or relocate staff and build up the capital of EU divisions. The chairman of one of Britain''s largest banks told Reuters he recently resisted pressure from staff to enact his company''s contingency plan, but he will probably have to give the go-ahead by the end of the summer. "Every single day I have people coming into my office asking me to press the button on contingency plans," he said. Carney Ultimatum People stand in Canary Wharf during a minute''s silence held for the victims of the attack on London Bridge and Borough Market, London, Britain, June 6, 2017. Dylan Martinez/Files Bank of England Governor Mark Carney has also previously said that banks will have to begin relocating activities to other countries by September. Carney has asked banks to show by Friday how they can avoid their customers being abruptly cut off after Brexit, which bankers say may inadvertently speed up the departure of jobs from Britain. The Department for Exiting the European Union did not immediately respond to a request for comment. The Canary Wharf financial district is seen at dusk in London, Britain November 7, 2014. Toby Melville/Files The British government is yet to ask for a transitional deal and any plans are likely to face opposition from eurosceptic British lawmakers who view it as delaying exiting the EU. Executives are pessimistic about Britain getting a bridging period until late in the talks - if at all - because they say it must first agree with the EU its exit terms, notably the rights of expatriate citizens and any money it owes. An executive at a large British bank said many Britons are not prepared to pay an exit bill, which is likely to lead to a protracted row that will delay agreement on other measures. Only then can Britain move on to discuss a future deal and possible transitional arrangements and any deal is likely to be complicated because Prime Minister Theresa May has rejected the authority of the European Court of Justice. "Jobs are moving out of the City by the day. Even by the turn of the year, a transition agreement will be too late." James Palmer, a senior partner at law firm Herbert Smith Freehills, said many banks have accelerated plans to relocate parts of their businesses after the inconclusive results of last month''s general election because it has increased the likelihood that Britain walks away without a deal. "Therefore getting a transition committed now is absolutely fundamental," Palmer said, adding that if politicians did not take this on board they "will have failed, and will have failure on their tombstones as their legacies". Editing by Alexander Smith '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-banks-idINKBN19W1UP'|'2017-07-11T18:20:00.000+03:00'
'f7828fbb1d9528084b5031f15c4cf8bac4d859ab'|'Tesla steps up auto service as Model 3 debut nears'|'Business News - Tue Jul 11, 2017 - 12:31pm EDT Tesla steps up auto service as Model 3 debut nears A Tesla car showroom is seen in west London, Britain, March 21, 2017. REUTERS/Toby Melville By Marc Vartabedian - SAN FRANCISCO SAN FRANCISCO Tesla Inc ( TSLA.O ) said it is expanding its auto service centers and adding 350 mobile service vans as it gears up to support its Model 3 sedan, a mass-market car that is expected to drive a 500 percent increase in the electric car company''s sales. A senior executive speaking on behalf of the company told Reuters that Tesla would be able to triple its global service capacity by increasing efficiency, adding to mobile service, and adding 100 service centers to its current total of more than 150. Tesla is adding 1,400 technicians this year, and the company plans to continue expanding mobile and service center capacity at a similar pace over then next few years. Tesla needs to expand service quickly to be able to handle the increase in sales and as the electric car company transforms itself from a luxury vehicle maker into a competitor with mainstream cars. Expectations for a smooth roll out are particularly high among investors. Tesla has been challenging General Motors ( GM.N ) for the title of biggest U.S. automaker by market capitalization, even though its output is a fraction of GM''s. The $35,000 Model 3 is designed for easy production, creating lower service needs, the executive said. Tesla''s last launch was the Model X SUV in 2015, which had a number of production issues. Model 3 production began in the last few days and is expected to reach 20,000 per month in December. The first deliveries are expected on July 28. Tesla had fielded 373,000 Model 3 reservations as of April 2016, the latest date at which it announced a figure. The company has learned from previous problems including issues with seatbelt latches, seats and a 53,000-vehicle parking brake recall earlier this year, the executive said. Tesla said it has improved service time by automating paperwork, using cars'' wireless connections to diagnose problems, and expanding mobile support. Tesla deployed mobile vans to company charging stations to fix the seatbelt latch and cut the procedure to less than 20 minutes. About 80 percent of fixes on its vehicles do not require a lift and can be done by one of its mobile technicians, which frequently can handle an appointment in less than an hour. (This version of the story was refiled to fix spelling in paragraph 9) (Reporting By Marc Vartabedian Editing by Peter Henderson) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-tesla-service-idUSKBN19W1GS'|'2017-07-11T16:09:00.000+03:00'
'66abbe787901519e7e8366ee2fb1b8861874c363'|'Fate of Telecom Italia CEO uncertain over tensions with Vivendi'|'July 14, 2017 / 8:06 PM / 11 hours ago Fate of Telecom Italia CEO uncertain over tensions with Vivendi Reuters Staff 2 Min Read Telecom Italia Chief Executive Officer Flavio Cattaneo gestures as he arrives to attend a meeting in Rome, Italy November 18, 2016. Remo Casilli MILAN (Reuters) - The fate of Telecom Italia''s chief executive Flavio Cattaneo was unclear on Friday after a report said there were irreconcilable differences between him and the firm''s top shareholder Vivendi.. Cattaneo, who previously won praise from Vivendi for cutting costs at the indebted Italian firm he has led for just over a year, has been embroiled in a row with Italy''s government over rollout of ultrafast broadband. The French firm had told Cattaneo to end the row, sources said last week. But sources said this week that tensions persisted, forcing Cattaneo on Tuesday to deny speculation that he might soon leave. But his position was unclear on Friday. One source close to him told Reuters the CEO had not received any proposal from Vivendi about his position and his departure was not imminent. Another source said he could leave as soon as the weekend. Shares in Telecom Italia fell 2.7 percent on Friday, which one trader said followed a Bloomberg News report that cited irreconcilable differences between Cattaneo and Vivendi. When Cattaneo took the helm at the phone group, the 54-year-old negotiated a special award package that could allow him to claim up to 48 million euros if he were asked to leave before the end of his contract in 2020. Vivendi, which owns a 24 percent stake in the Italian group, has appointed its CEO Arnaud de Puyfontaine as Telecom Italia''s chairman. Replacing Cattaneo with a Vivendi manager could be another source of discomfort in Italy after the French media group came under scrutiny for taking shareholdings in Telecom Italia and private broadcaster Mediaset. Sources have also said Vivendi was working to place its senior manager Amos Genish in a top role at the Italian phone group in a move to curb Cattaneo''s powers. Reporting by Paola Arosio and Giancarlo Navach; Writing by Francesca Landini; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vivendi-telecom-italia-idUKKBN19Z2B6'|'2017-07-14T23:05:00.000+03:00'
'27b1a01a967adc47335af468fbc2b709af3324e9'|'CANADA STOCKS-TSX little changed as miners offset modest gains'|'July 13, 2017 / 9:00 PM / 4 hours ago CANADA STOCKS-TSX little changed as miners offset modest gains 3 Min Read (Adds portfolio manager quotes and details; updates prices) * TSX down 8.99 points, or 0.06 percent, to 15,135 * Half of index''s 10 main industry groups end lower By Fergal Smith TORONTO, July 13 (Reuters) - Canada''s benchmark stock index was near flat on Thursday for a second straight session, as gains by Manulife Financial Corp offset losses for interest-rate-sensitive shares a day after the Bank of Canada raised rates. The Toronto Stock Exchange''s S&P/TSX composite index closed down 8.99 points, or 0.06 percent, at 15,135. Shares of Manulife rose 1.9 percent to close at C$25.22 after The Wall Street Journal reported it is looking to list or spin off its U.S. unit John Hancock Financial Services. Overall, the financials group rose just 0.2 percent. "People are waiting to see the housing picture settle before they step in and buy the banks," said Ian Scott, equity analyst at Manulife Asset Management. Investors worry that higher interest rates could weigh on Canada''s economy just as the country''s red-hot housing market shows some signs of slowing down. The yield on Canada''s 10-year bond rose to its highest since December 2014 at 1.948 percent as investors braced for additional rate hikes from the central bank. The International Monetary Fund said on Thursday that while Canada''s economy has regained momentum, housing imbalances have increased and uncertainty surrounding trade negotiations with the United States could hinder the recovery. Some of the country''s major bank stocks gained ground on Thursday, but Brookfield Asset Management Inc lost 0.9 percent to C$49.74. The reluctance of Renova Energia SA''s largest shareholder to give up management of the debt-laden Brazilian renewable power firm threatens to derail takeover talks with Brookfield three people familiar with the matter said. Half of the index''s ten main sector groups ended lower. The utilities group dipped 0.3 percent and telecoms lost nearly 0.5 percent. It is difficult for telecoms to rally when rates are rising because "they rely on debt financing," Scott said. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.5 percent. Gold edged lower as gains on Wall Street offset wagers that policy tightening in the United States would be glacial at best. Losses for gold stocks were tempered by gains for fertilizer companies. Potash Corporation of Saskatchewan Inc rose 1.9 percent to C$22.20. The energy group eked out a 0.2 percent gain, as oil prices rose after much stronger demand in China overshadowed a downbeat report by the International Energy Agency. U.S. crude oil prices settled 59 cents higher at $46.08 a barrel. (Additional reporting by Solarina Ho, editing by G Crosse) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1K41BY'|'2017-07-13T23:59:00.000+03:00'
'b6c6f4f6d15c7af5ed8f0606b4a9b218c7948155'|'Poland - Factors to Watch July 14'|'July 14, 2017 / 6:16 AM / 6 minutes ago Poland - Factors to Watch July 14 2 Min Read Following are news stories, press reports and events to watch that may affect Poland''s financial markets on Friday. ALL TIMES GMT (Poland: GMT + 2 hours): Data The central bank is due to publish May current account data at 1200 GMT. Play Ipo Price The offer price in Play Communication''s initial public offering has been set at 36 zlotys ($9.72) per share for both retail and institutional investors, Play said. New Taxes The Polish government is planning to introduce new taxes including a special new tax on fuels and electric energy, a new payment for television and radio services, a recycling payment as well as potentially a new tax on shopping centres and e-cigarettes, which could amount to 25 billion zlotys ($6.75 billion) per year in total, Rzeczpospolita daily reported. Alibaba AliExpress, the online marketplace belonging to China''s Alibaba, has become the third most popular such platform in Poland following Allegro and Ceneo, Rzeczpolita daily reported. Polenergia Energy firm Polenergia is in advanced talks with six or seven potential partners to construct windfarms on the Baltic Sea, Puls Biznesu daily reported without naming its sources. The potential partners include Statoil, Vattenfall , Dong and Innogy. ****Reuters has not verified stories reported by Polish media and does not vouch for their accuracy.**** For other related news, double click on: Polish equities E.Europe equities Polish money Polish debt Eastern Europe All emerging markets Hot stocks Stock markets Market debt news Forex news For real-time index quotes, double click on: Warsaw WIG20 Budapest BUX Prague PX ($1 = 3.7028 zlotys) (Reporting by Warsaw Bureau) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/poland-factors-idUSL8N1K44QC'|'2017-07-14T09:13:00.000+03:00'
'ef66176354bfbb6a080353316bb70fb40156a44e'|'Arconic is sued in U.S. over fatal London tower fire'|'July 13, 2017 / 9:29 PM / 7 hours ago Arconic sued in United States over fatal London tower fire Jonathan Stempel 3 Min Read NEW YORK (Reuters) - A shareholder of Arconic Inc ( ARNC.N ) on Thursday filed a lawsuit accusing the company of defrauding shareholders over its supply of cladding panels used at Grenfell Tower, the London high-rise where at least 80 people died in a fire last month. In his proposed class-action complaint, Michael Brave is seeking to recoup "significant" shareholder losses stemming from Arconic''s failure prior to the June 14 blaze to properly disclose its use of "highly flammable" Reynobond PE panels. The shareholder lawsuit filed in the federal court in Manhattan, where Arconic is based, may be the first in the United States tied to the fire that gutted the 24-story Grenfell Tower, in London''s North Kensington section. Arconic''s share price fell 21 percent between June 14 and June 27, the day after the company once known as Alcoa said it would stop selling the panels for use in high-rises. That decline reduced Arconic''s market value by more than $2.5 billion, according to Reuters data. Arconic declined to comment on the lawsuit. Brave also named former Chief Executive Klaus Kleinfeld and current Chief Financial Officer Kenneth Giacobbe as defendants. Extensive damage is seen to the Grenfell Tower block which was destroyed in a disastrous fire, in north Kensington, West London, Britain June 16, 2017. Hannah McKay The complaint seeks to allow Arconic shareholders from Feb. 28 to June 26 to sue as a group. Brave said shareholders were deceived by Arconic''s inadequate disclosures regarding the cladding panels, and that their use significantly increased the risk of property damage, injury or death in buildings containing them. FILE PHOTO: Firefighters use a hydraulic lift to inspect the Grenfell Tower block that was destroyed by fire, in north Kensington, West London, Britain June 16, 2017. Hannah McKay/File Photo He said Arconic''s public statements were "materially false and misleading at all relevant times," and that Kleinfeld and Giacobbe should also be held liable for their contents. It is common for shareholders to sue companies in the United States over unexpected stock price declines that they believe could have been averted. Shares of Arconic closed Thursday up 26 cents at $24.45. They had closed at $21.84 on June 27. The case is Brave v Arconic Inc et al, U.S. District Court, Southern District of New York, No. 17-05312. Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-arconic-lawsuit-idUSKBN19Y2U8'|'2017-07-14T00:28:00.000+03:00'
'8dc83eccc5c13d67e58269f46df2d7a365e76786'|'China may match or beat America in AI'|'AT THE start of this year, two straws in the wind caught the attention of those who follow the development of artificial intelligence (AI) globally. First, Qi Lu, one of the bosses of Microsoft, said in January that he would not return to the world’s largest software firm after recovering from a cycling accident, but instead would become chief operating officer at Baidu, China’s leading search engine. Later that month, the Association for the Advancement of Artificial Intelligence postponed its annual meeting. The planned date for the event in January conflicted with the Chinese new year.These were the latest signals that China could be a close second to America—and perhaps even ahead of it—in some areas of AI, widely considered vital to everything from digital assistants to self-driving cars. China is simply the place to be, explains Mr Lu, and Baidu the country’s most important player. “We have an opportunity to lead in the future of AI,” he says.Latest updates Trumpcare, version three Democracy in America an hour ago Turkey 2 hours 3 hours ago Does 11 a day ago Rugby Other evidence supports the claim. In October 2016 the White House noted in a report that China had overtaken America in the number of published journal articles on deep learning, a branch of AI. PwC, a consultancy, predicts that AI-related growth will boost global GDP by $16trn by 2030; nearly half of that bonanza will accrue to China, it reckons. The number of AI-related patent submissions by Chinese researchers has increased by nearly 200% in recent years, although America is still ahead in absolute numbers (see chart).To understand why China is so well placed, consider the inputs needed for AI. Of the two most basic, computing power and capital, it has an abundance. Chinese firms, from giants such as Alibaba and Tencent to startups such as CIB FinTech and UCloud, are building data centres as fast as they can. The market for cloud computing has been growing by more than 30% in recent years and will continue to do so, according to Gartner, a consultancy. In 2012-16 Chinese AI firms received $2.6bn in funding, according to the Wuzhen Institute, a think-tank. That is less than the $17.9bn that poured into their American peers, but the total is growing quickly.Yet it is two other resources that truly make China a promised land for AI. One is research talent. As well as strong skills in maths, the country has a tradition in language and translation research, says Harry Shum, who leads Microsoft’s AI efforts. Finding top-notch AI experts is harder in China than in America, says Wanli Min, who oversees 150 data scientists at Alibaba. But this will change over the next couple of years, he predicts, because most big universities have launched AI programmes. According to some estimates, China has more than two-fifths of the world’s trained AI scientists.The second advantage for China is data, AI’s most important ingredient. In the past, software and digital products mostly obeyed rules laid down in code, giving an edge to those countries with the best coders. With the advent of deep-learning algorithms, such rules are increasingly based on patterns extracted from reams of data. The more data are available, the more algorithms can learn and the smarter AI offerings will be.China’s sheer size and diversity provide powerful fuel for this cycle. Just by going about their daily lives, the country’s nearly 1.4bn people generate more data than almost all other nations combined. Even in the case of a rare disease, there are enough examples to teach an algorithm how to recognise it. Because typing Chinese characters is more laborious than Western ones, people also tend to use voice-recognition services more often than in the West, so firms have more voice snippets with which to improve speech offerings.The Saudi Arabia of dataWhat really sets China apart is that it has more internet users than any other country: about 730m. Almost all go online from smartphones, which generate far more valuable data than desktop computers, chiefly because they contain sensors and are carried around. In the big coastal cities, for instance, cash has all but disappeared for small purchases: people settle with their devices using services such as Alipay and WeChat Pay.Chinese do not seem to be terribly concerned about privacy, which makes collecting data easier. The country’s bike-sharing services, which have taken big cities by storm, for example, not only provide cheap transport but are what is known as a “data play”. When riders hire a bicycle, some firms keep track of renters’ movements using a GPS device attached to the bike.Young Chinese appear particularly keen on AI-powered services and relaxed about use of their data. Xiaoice, an upbeat chatbot operated by Microsoft, now has more than 100m Chinese users. Most talk to it between 11pm and 3am, often about the problems they had during the day. It is learning from interactions and becoming cleverer. Xiaoice no longer just provides encouragement and tells jokes, but has created the first collection of poems written with AI, “Sunshine Lost Its Window”, which caused a heated debate in Chinese literary circles over whether there can be such a thing as artificial poetry.Another important source of support for AI in China is the government. The technology figures prominently in the country’s current five-year plan. Technology firms are working closely with government agencies: Baidu, for example, has been asked to lead a national laboratory for deep learning. It is unlikely that the government will burden AI firms with over-strict regulation. The country has more than 40 laws containing rules about the protection of personal data, but these are rarely enforced.Entrepreneurs are taking advantage of China’s talent and data strengths. Many AI firms got going only a year or two ago, but plenty have been progressing more rapidly than their Western counterparts. “Chinese AI startups often iterate and execute more quickly,” explains Kai-Fu Lee, who ran Google’s subsidiary in China in the 2000s and now leads Sinovation Ventures, a venture-capital fund.As a result, China already has a herd of AI unicorns, meaning startups valued at more than $1bn. Toutiao, a news aggregator based in Beijing, employs machine learning to recommend articles using information such as a reader’s interests and location; it also uses AI to filter out fake information (which in China mainly means dubious health-care announcements). Another AI startup, iFlytek, has developed a voice assistant that translates Mandarin into several languages, including English and German, even if the speaker uses slang and talks over background noise. And Megvii Technology’s face-recognition software, Face++, identifies people almost instantaneously.Skynet livesAt Megvii’s headquarters, visitors are treated to a demonstration. A video camera in the lobby does away with the need for showing ID: employees just walk in without showing their badges. Similar devices are positioned all over the office and their feeds are shown on a video wall. When a face pops up on the wall, it is immediately surrounded by a white rectangle and some text giving information about that person. In the upper right-hand corner of the screen big letters spell “Skynet”, the name of the AI system in the Terminator films that seeks to exterminate the human race. The firm already enables Alipay and Didi, a ride-hailing firm, to check the identity of new customers (their faces are compared with pictures held by the government).Reacting to the success of such startups, China’s tech giants, too, have begun to invest heavily in AI. Baidu, Alibaba and Tencent, collectively called BAT, are working on many of the same services, including speech- and face-recognition. But they are also trying to become dominant in specific areas of AI, based on their existing strengths.Tencent has so far kept the lowest profile; it established its AI labs only in recent months. But it is bound to develop a big presence in AI: it has more data than the other two. Its WeChat messenger service has nearly 1bn accounts and is also the platform for thousands of services, from payments and news to city guides and legal help. Tencent is also a world-beater in games with blockbusters such as League of Legends and Clash of Clans, which have more than 100m players each globally.Alibaba is already a behemoth in e-commerce and is investing billions to become number one in cloud computing. At a conference in June in Shanghai it showed off an AI service called “ET City Brain” that uses video recognition to optimise traffic in real time. It uses footage from roadside cameras to predict the behaviour of cars and can adjust traffic lights on the spot. In its home town of Hangzhou, Alibaba claims, the system has already increased the average speed of traffic by 11%. Alibaba is also planning to beef up what it calls “ET Medical Brain”, which will offer AI-powered services to discover drugs and diagnose medical images. It has signed up a dozen hospitals to get the data it needs.But it is Baidu whose fate is most tied to AI, in part because the technology may be its main chance to catch up with Alibaba and Tencent. It is putting most of its resources into autonomous driving: it wants to get a self-driving car onto the market by 2018 and to provide technology for fully autonomous vehicles by 2020. On July 5th the firm announced a first version of its self-driving-car software, called Apollo, at a developer conference in Beijing.Getting Apollo right will not only involve cars safely navigating the streets, but managing a project that is open to outsiders. Rivals such as Waymo, Google’s subsidiary, and Tesla, an electric-car firm, jealously guard their software and the data they collect. Baidu is planning not only to publish the recipe for its programs (making them “open-source”, in the jargon), but to share data. The idea is that carmakers that use Baidu’s technology will do the same, creating an open platform for data from self-driving cars—the “Android for autonomous vehicles”, in the words of Mr Lu.Drive like a BeijingerIt remains to be seen how successful Chinese firms will be in exporting their AI products—for now, only a tiny handful are used abroad. In theory they should travel well: a self-driving car trained on China’s chaotic streets ought to have no problem navigating the more civilised traffic in Europe (in contrast, a vehicle trained in Germany may not get far beyond the first intersection in Beijing). But consumers in the West may hesitate to use self-driving cars that have been trained in a laxer safety environment that is more tolerant of accidents. Chinese municipalities are said to be falling over themselves to be testing grounds for autonomous vehicles.There is another risk. Data are the most valuable input for AI at the moment, but their importance may yet diminish. AI firms have started to use simulated data, including those from video games. New types of algorithms may be capable of getting smart with fewer examples. “The danger is that we stop innovating in algorithms because of our advantage in data,” warns Gansha Wu, chief executive of UISEE, a Beijing startup which is developing self-driving technology. For now, though, China looks anything but complacent. In the race for pre-eminence in AI, it will run America close.This article appeared in the Business section of the print edition under the headline "The algorithm kingdom"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725018-its-deep-pool-data-may-let-it-lead-artificial-intelligence-china-may-match-or-beat-america?fsrc=rss'|'2017-07-15T08:00:00.000+03:00'
'1e8bdfe6f7abf883806f723e462a8ae0c56e25e4'|'Exclusive: ECB wary of putting end-date on QE: sources'|'July 14, 2017 / 9:40 AM / 25 minutes ago Exclusive: ECB wary of putting end-date on QE: sources Balazs Koranyi 5 Min Read FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the "Luminale, light and building" event in Frankfurt, Germany, March 12, 2016. EUTERS/Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - The European Central Bank is keen to keep its asset purchases open-ended rather than setting a potentially distant date on which bond-buying will stop, to retain flexibility in case the outlook sours, three sources familiar with the discussion said. By not saying when its net bond purchases will fall to zero, the ECB hopes to underline that there is no preset course for its stimulus programme, and that any changes remain dependent on economic data, with a special focus on wages, the sources added. They held up the Federal Reserve''s exit from its asset buying in 2014 as a potential blueprint, noting the U.S. central bank''s unwillingness to publicly target an end-date. "The Fed has done the most successful exit so it''s the example for us to study," said a source who asked not to be named. "The important thing is not to pre-commit and keep it very gradual." ECB President Mario Draghi sent a shockwave through markets earlier this month when he opened the door to potential tweaks to the quantitative easing programme. That left investors scrutinizing any potential clues to the bank''s next move, which is expected to come at its Sept. 7 meeting. ECB policymakers also meet next Thursday. Half of analysts polled by Reuters now expect the ECB to announce in September that it will gradually wind down its asset buying, a process known as tapering, while a quarter see a one-off reduction and another quarter expect no change. So far, the ECB has said its purchases are intended to run at their current pace until December 2017 "or beyond, if necessary" and that there would be winding-down phase after that. The biggest challenge could be convincing markets that tapering, once started, may still be subject to change. While the Fed emphasized the open-ended nature of its bond purchases, it scaled back the amount it bought by $10 billion at each meeting, creating the perception that it was on a preset course even if that notion was taboo. The Fed announced its first reduction in December 2013 and ended buys the following October. Its policymakers keenly avoided the discussion of an end-date throughout the tapering process, even if markets inferred it and were eventually proven right. The sources noted that adopting a similar strategy risked entrapping the ECB by making it difficult to deviate from a presumed schedule without generating undue market volatility. The ECB declined to comment. The sources added that no decision has been made and the debate remains open, with new staff forecasts due in September expected to provide a key piece of the puzzle. Wages "How can I decide in September what we''re going to do next June?" another source said. "It''s got to be data-dependent and we need to preserve the flexibility." Of particular importance for policymakers will be German wage negotiations around the start of next year and they are keen to have flexibility to respond, particularly if the results again disappoint. While growth is accelerating and unemployment is falling quicker than expected, wage growth is anaemic, partly because unions tend to look at past inflation when tabling demands, making it difficult to escape a low inflation environment. "Next year''s German wage deals will be very important," a third source said. "I think unions are not aggressive enough in making their demands given rising corporate profitability." The ECB''s problem is that even as euro zone economic growth is on its best run in a decade, inflation is expected to remain weak, and well short of the ECB''s target of almost 2 percent, at least through 2019. In a possible clue about the sort of move the ECB may contemplate, Executive Board member Benoit Coeure pointed to the bank''s decision last December when it cut its asset buys by a quarter but extended the timetable by nine months. "We scaled back our asset purchases without undermining the support given to the economy," Coeure said in a recent interview. "So, I would argue that we have already adjusted our monetary policy ... This adjustment has been done in a very careful way, as a number of factors continue to weigh on inflation." If the ECB is confident its previous move was correct, it may again consider a one-off reduction with a term extension before revisiting the subject later. Draghi argued earlier this month that with growth alone providing more accommodation, the ECB could tighten policy somewhat to keep the broad level of stimulus unchanged. Additional reporting by Francesco Canepa; Editing by Catherine Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ecb-policy-idINKBN19Z0W2'|'2017-07-14T12:35:00.000+03:00'
'b8116308f8cbdefae1ad2dedaf12e8882a0c0df7'|'Loan growth, better spreads fail to impress U.S. bank investors'|'July 14, 2017 / 3:31 PM / 29 minutes ago Loan growth, better spreads fail to impress U.S. bank investors David Henry and Dan Freed 4 Min Read NEW YORK (Reuters) - U.S. banks are starting to see some long-awaited benefits of higher interest rates, with four of the largest lenders beating analysts'' quarterly profit expectations on Friday by raising loan prices without paying much more for deposits. But shares of JPMorgan Chase & Co ( JPM.N ), Wells Fargo & Co ( WFC.N ), Citigroup Inc ( C.N ) and PNC Financial Services Group Inc ( PNC.N ) were down in afternoon trading. Investors had wanted to see even better results and hear a sunnier outlook from executives, analysts said. "Bank stocks were due for a breather," Edward Jones analyst Shannon Stemm told Reuters. "They had a lot of optimism priced into the shares as investors got excited about rising interest rates and the prospect for regulatory reform. However, the fundamental picture is more mixed." JPMorgan, for instance, reported loan growth, deposit growth and higher net interest income, which measures the difference between its cost of funding and the revenue it generates from those funds. Overall, its earnings rose 13 percent. However, management now expects net interest income to rise by $4 billion this year, down from a previous outlook of $4.5 billion, due to a combination of mortgage adjustments, weakness in markets-related income, and unexpected "downward pressure" on 10-year bonds. As JPMorgan''s stock dropped 1.1 percent to $92.05, Citigroup bank stock analyst Keith Horowitz said investors were disappointed by the gloomier outlook, and had "a high bar priced into the stock." Related Coverage Factbox: Big U.S. banks start earnings on a tepid note The Federal Reserve has raised rates three times since the second quarter of last year, with the latest increase coming in June. Rising rates are generally good for banks, but because there have been uneven movements in short- and long-term rates, lenders have not seen income grow as quickly as investors expected. Wells Fargo, Citigroup and PNC each reported year-over-year increases in their loan books. Wells and PNC said the spread between what they pay for deposits and charge for loans had grown, thanks to higher rates. They all beat analysts'' average estimates for earnings per share. But Wells Fargo''s revenue came in shy of expectations, and analysts questioned executives about elevated expenses on a conference call. Its shares were down 1.2 percent at $54.94. The J.P.Morgan logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. Reinhard Krause Citigroup''s picture was muddied by the nature of its business. The bank relies less on deposits from consumers, who have not demanded higher rates as quickly as institutional customers. A big chunk of its loan growth came from credit cards that do not carry balances, meaning it does not earn interest from those loans. Chief Financial Officer John Gerspach encouraged analysts to think not just about income tied directly to those loans, but other business it generates from underlying customers. Slideshow (2 Images) "But we like the business that we''ve been putting on," he said. "We certainly would rather have loan growth than non-loan growth." Citi shares were down 0.7 percent at $66.54. PNC showed particular strength in commercial loans, and its net interest income rose 5 percent as deposit costs rose less than the yields it earned. The bank plans to expand its corporate lending business, and stuck with its prior forecast that its loan book will grow in the mid-single digits for the full year. But even that positive outlook generated some surprise. Its shares were down 0.4 percent in afternoon trading at $126.78. "You maintained the full year ''17 guidance," Evercore ISI analyst John Pancari said on a conference call with management. "Why not up?" Management is "still comfortable" with the guidance offered earlier in the year, Chief Financial Officer Robert Reilly said. Reporting by David Henry and Dan Freed; Additional Reporting by Olivia Oran and Sweta Singh; Writing by Lauren Tara LaCapra; editing by Bernard Orr 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-banks-results-idINKBN19Z1QY'|'2017-07-14T18:22:00.000+03:00'
'ee3e771782faa9766c2e0eafad188fa35590fbcd'|'After dieselgate, VW loosens reins on carmaking empire'|'Edition United States July 12, 2017 / 10:45 AM / 21 minutes ago After dieselgate, Volkswagen loosens reins on empire Andreas Cremer 10 Min Read Worker shows the cover for a TDI diesel Volkswagen engine in this photo illustration of second-hand car parts in Jelah, Bosnia and Herzegovina, September 26, 2015. Dado Ruvic WOLFSBURG, Germany (Reuters) - When Volkswagen boss Matthias Mueller vowed to reform the carmaker after its emissions scandal, decentralizing power from its Wolfsburg headquarters in Germany was a top priority. That commitment is now being put to the test in one of the company''s most important international projects: building a low-cost car for India. Mueller said in March he was giving the job to the group''s Czech brand Skoda, which is now leading partnership talks with India''s Tata Motors ( TAMO.NS ). Skoda has been authorized to take "incremental" decisions, while keeping Wolfsburg informed, a source at the brand said. The move, the first major international project led by Skoda since Volkswagen (VW) took full control of it in 2000, is a sign of how the different divisions and regions within the 12-brand VW ( VOWG_p.DE ) empire are gaining influence, the source added. Mueller''s nine-member management team has also started to hold regular meetings outside of its northern German home, with the first one abroad held in Shanghai in April. Sharing out power is important because many people both inside and outside VW believe the company''s traditional authoritarian management structure created the environment that led to engineers installing illegal software to cheat diesel emissions tests in millions of cars worldwide. With staff focused on meeting targets set by remote bosses and too fearful to highlight problems, VW was plunged into the biggest business crisis in its 80-year history when the cheating was exposed in September 2015 - a crisis that has so far cost it more than $25 billion in fines, compensation and vehicle refits. Some VW investors say there were other causes of the crisis - in particular that the company was not open enough to outside scrutiny. They want it to appoint more independent directors to oversee executives, and hire more managers from outside the group, rather than filling top jobs with company veterans. So far Mueller, who has been at VW for 40 years and became CEO a week after the emissions scandal erupted, has rejected calls to overhaul its supervisory and management boards. VW has also not, as originally promised, published the report it commissioned from a U.S. law firm into the emissions scandal, saying there are no written findings and it is unable to do so under the terms of a settlement with U.S. authorities. But Mueller''s decentralization drive may help to win over some investors - particularly if it boosts financial results. The Rewards of Change Analysts say Wolfsburg''s grip over the world''s biggest carmaker has been responsible for some of its failings in key markets. These include the United States, where VW has struggled to adapt to local tastes, and also building a budget car for emerging markets, where Wolfsburg engineers steeped in technical excellence missed cost targets, VW sources have said. VW''s low-cost Lupo model was dropped from production after less than a decade due to weak demand worldwide, while a small car partnership with Suzuki Motor Corp. ( 7269.T ) collapsed. Skoda, which built cheap runabouts during the Czech Republic''s Communist era, is studying whether it can adapt a low-cost production platform developed by Tata Motors, the Skoda source said. The firms are also looking at potential joint development of components, he added. A Tata Motors spokesperson said the companies were "evaluating the potential cooperation," without elaborating. If it can succeed, a budget car for India would tap into a lucrative part of one of the world''s fastest growing auto markets, and would be a big boost in VW''s battle for global industry leadership with Japan''s Toyota ( 7203.T ). But it''s early days, and the project won''t be easy. Rival General Motors (GM) ( GM.N ) has decided to stop selling cars altogether in India due to cut-throat competition. There are also question marks over whether VW has entirely cast off its old centralizing habits. For example, when the company''s factory in Tennessee had problems ramping up production of its new U.S. SUV, the Atlas, Wolfsburg vetoed a contract extension for the head of the plant, according to one VW source. VW last month said only that he was returning to Germany after completing his assignment. The biggest brake on Mueller''s decentralization drive may come from VW''s home state of Lower Saxony and powerful labor unions, which together dominate the supervisory board that decides on plant closures, asset sales and executive posts. Home to six VW plants with over 100,000 workers, Lower Saxony has the most to lose from a dispersal of power to VW''s regions. Its leadership supports Mueller''s reforms, but with reservations, saying employees should be involved and changes should not be implemented in a top-down way. "A culture change can only succeed together with all participants," Lower Saxony prime minister Stephan Weil told Reuters. An assortment of Volkswagen Passat vehicles sit for sale at a Volkswagen dealership in San Diego, California, September 21, 2015. Mike Blake Taking Responsibility Many of Mueller''s reforms are aimed at engaging and empowering staff, while breaking down barriers with executives. Some changes have been symbolic, such as selling VW''s corporate Airbus jet or opening up the executive dining room at Wolfsburg to factory workers; others, more fundamental, such as empowering senior engineers to control budgets and deadlines, according to company sources. Mueller is also reducing the number of the group''s corporate committees by a third, and staff have noticed a difference. "Before the crisis, top management was aloof," said an employee who has worked in administration at Wolfsburg for 15 years. "Now there is a refreshing sense of normality." To encourage innovation and risk-taking, VW is considering raising the pay of its 20,000 managers worldwide, said group human resources boss Karlheinz Blessing. Blessing himself is trying to lead the change in culture by shunning the executive car park and riding a bicycle on factory grounds. "We encourage people to take responsibility," he said in an interview. "But that will take time. First there needs to be confidence that you won''t be raked over the coals if you make a wrong decision." Slideshow (4 Images) There are hopes this more hands-off management style will also improve company performance. Elmar-Marius Licharz, one of four new model-line chiefs at the VW brand, said designers and engineers working on the VW Golf 2019 model were about two months ahead of target, suggesting the pace of product development had picked up with fewer top managers intervening in the process. "Involving the CEO in development of each model creates a lot of time limitations," he said. "It''s all about collaboration and self-reliance now." Herculean Task For all Mueller''s reforms within VW, however, corporate governance experts say there has not been enough progress in opening up the company to outside scrutiny. The executive hired for a newly created management board position for integrity and legal affairs quit in January after only a year in the job, with VW citing unspecified differences with management. A new appointment has been made. That compares with GM which, after its own scandal over safety defects, appointed a vice president for vehicle safety and publicly stated that if there were any obstacles to solving a safety issue the executive "has the authority to clear them." A labor union source said VW''s compliance efforts were in their infancy, with only about 65 compliance officers and 25 or so integrity experts at a new unit responsible for the group''s 620,000 workers. VW declined to comment. That compares with the several hundred of compliance officers and experts that German industrial group Siemens has employed since a 2006 corruption scandal. For Christian Strenger, a supervisory board member at Deutsche Bank''s ( DBKGn.DE ) retail asset management arm DWS, VW''s reforms will fall short until it improves the oversight of top executives and brings in new leaders to replace the likes of Mueller and Chairman Hans-Dieter Poetsch, another VW veteran. He has filed a lawsuit against VW''s entire management and supervisory boards to try to reverse the 2016 appointments of Poetsch and three other supervisory board members. He wants them replaced with independent directors. "Without substantial changes, neither customers, investors, the public nor the media will be convinced by this cultural change," Strenger, a former corporate governance adviser to the German government, told Reuters. There is no sign that VW''s leadership, backed by the group''s Porsche-Piech founding families which own a controlling stake in the business, is ready to comply. "We consider this lawsuit to be completely unfounded," a VW spokesman in Wolfsburg said. So the battle over reform at VW looks set to rage on. "The cultural overhaul is a Herculean task and will take 10-15 years to materialise," predicted Stefan Bratzel, head of the Center of Automotive Management think-tank near Cologne. Additional reporting by Aditi Shah in New Delhi and Joe White in Detroit; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-culture-insight-idUKKBN19X1A2'|'2017-07-12T13:40:00.000+03:00'
'24847fe20bf42ebd8849f25b12ce2cb1b9740bda'|'Brazil clears Petrobras, advisors of wrongdoing in 2010 share offer'|'Business News - Tue Jul 11, 2017 - 4:21pm EDT Brazil clears Petrobras, advisors of wrongdoing in 2010 share offer The logo of state-run oil company Petrobras is pictured in the company headquarters in Vitoria, Espirito Santo, Brazil, February 10, 2017. REUTERS/Paulo Whitaker RIO DE JANEIRO Brazil''s securities industry watchdog on Tuesday cleared Petroleo Brasileiro SA ( PETR4.SA ), former management and financial advisors of wrongdoing over alleged irregularities relating to the state-controlled oil company''s $70 billion share offering in September 2010. The watchdog known as CVM had been investigating whether Petrobras deceived minority shareholders by presenting misleading information to them in the offer -- the world''s largest ever follow-on stock offering. (Reporting by Marta Noguiera; Writing by Alexandra Alper; Editing by Sandra Maler) Trump seen replacing Yellen at Fed with NEC''s Cohn: Politico WASHINGTON President Donald Trump is increasingly unlikely to nominate Federal Reserve Chair Janet Yellen next year for a second term and National Economic Council Director Gary Cohn is the leading candidate to succeed her, Politico reported on Tuesday, citing four people close to the process. Kushners seek new plan for flagship NY office after failed Qatar deal NEW YORK Kushner Cos, the realty company once headed by President Donald Trump''s son-in-law, said on Tuesday it is reassessing how to finance the redevelopment of its flagship New York City property after failed talks with a former Qatari prime minister. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-petrobras-offering-ruling-idUSKBN19W2KB'|'2017-07-11T23:21:00.000+03:00'
'0c6d096074e4e2301cef05293bfa381c3d0c64d5'|'Tale of two factories - hope, anguish ahead of Trump''s steel tariff call'|'Edition United States July 13, 2017 / 2:05 PM / a few seconds ago Tale of two factories: hope, anguish ahead of Trump''s steel tariff call David Lawder 7 Min Read Historic building exterior at U.S. Steel Corp''s Granite City Works in Granite City, Illinois, U.S. on July 5, 2017. David Lawder GRANITE CITY, Ill. (Reuters) - The blast furnaces and slab casters at United States Steel Corp''s Granite City Works have been idle for 18 months, and laid-off workers here are pinning their hopes on President Donald Trump imposing broad new restrictions on imported steel. Yet just across the Mississippi River, some manufacturers worry that new tariffs and curbs Trump is weighing under a "Section 232" national security review will raise their cost and make it harder to compete with foreign rivals. The inherent conflict between suppliers and buyers is at the heart of a debate inside the administration that lobbyists and lawmakers say could delay or weaken any protections recommended by the U.S. Commerce Department. The review''s findings, originally expected by the end of June, could be unveiled in the coming weeks. The Cold War-era law that allows the president to restrict imports of goods deemed critical to national defense pits an iconic industry that has been struggling with imports for decades against those that have benefited from China flooding the world steel market with excess production. (Graphic: tmsnrt.rs/2oPeo1z ) According to Bureau of Labor Statistics data compiled by the libertarian Cato Institute, steel mills and steel product factories now employ about 140,000 people, compared to 6.5 million at steel-reliant manufacturers ranging from autos and appliances to machinery. Hopes and Concerns In Granite City, where about 1,200 of the U.S. Steel plant''s 1,800 workers remain laid off despite the recent restart of some rolling mill operations, there is an air of keen anticipation. "We''re waiting on the 232 to get us back to work," said Chris Bragg, who was laid off in November 2015 when steel imports surged and oil prices cratered, slashing demand for the mill''s main product, hot-rolled steel for oil and gas drilling pipe. The 46-year-old father of three has been working in home construction since then, making less than half of the $55,000 he earned in his last year working on U.S. Steel''s basic oxygen furnace, which melts iron and alloys into steel. There were few dinners out, no vacations and no high school graduation presents for Bragg''s twin sons last year. TJ''s Place, a bar across the street from a plant gate, canceled its fish fries and taco nights and could close if more workers are not called back, said bartender Diane Valerius. "If that mill shuts down, this town is dead." Idled steelworkers Reuters interviewed in this factory suburb see the "Section 232" probe as a key test of Trump''s commitment to campaign promises to revive U.S. manufacturing and curb imports from China and South Korea. "I voted for Trump because the Democratic Party was going to kill the coal industry and the steel industry in one fell swoop," said Bill Wiley, 50, a laid-off apprentice millwright. "Somebody has to stick up for us. We’re just asking for a level playing field." Across the Mississippi in north St. Louis, factory managers at Bachman Machine Co worry new tariffs and curbs could raise steel prices, putting the 90-year-old maker of stamped steel auto parts at a disadvantage against Mexican suppliers. "Anything that is out of the norm in terms of a price change is going to be a negative factor for us. If we can''t pass that on, then that hurts us," said Jerry Ernsky, Bachman''s head of sales and marketing. The 100-employee company buys from steel distributors and often does not know the origin of the steel it uses to make parts for seats, airbags, door mechanisms and other components, Ernsky said. These are sold to larger auto suppliers such as Toyoda Gosei in Perryville, Missouri, and ultimately find their way to the U.S. assembly plants of Toyota, Honda, Ford and other automakers. Chris Bragg, 46, a laid-off steelworker at U.S. Steel Corp''s Granite City Works, outside the mill''s idled basic oxygen furnace complex, in Granite City, Illinois, U.S. on July 6, 2017. David Lawder Kei Pang, chief executive of Ferguson, Missouri-based Nidec Motor Corp, the former Emerson Electric motors unit now owned by Japan''s Nidec Corp, warned Commerce Secretary Wilbur Ross in a letter that import curbs on certain electrical steels "would cause serious and material harm to our companies, our employees, and our customers." AK Steel is the only remaining U.S. manufacturer of electrical steel, a specialty product with precise magnetic properties used in transformers and motors. It has argued that it needs protection because domestic supplies are needed to safeguard the U.S. electrical grid. Tubular Target In similar public comments, U.S. Steel has called for import restrictions on tubular goods for the oil and gas industry as a way of safeguarding U.S. energy independence, a critical national security goal. Foreign steelmakers now supply half the oil and gas drilling and extraction pipe used in the United States. Slideshow (7 Images) Direct imports from China were largely cut off by successful anti-dumping cases in recent years, only to be replaced by pipe imports from South Korea, which since April have been subject to increased duties. But as U.S. energy firms boost production, foreign-made steel pipes are still flooding into U.S. ports. Based on June import permit data, The American Iron and Steel Institute estimates that imports of steel pipes for the oil and gas industry are up 237 percent in the first half of 2017 from a year earlier. Ross, the Commerce chief, has indicated he might support protection for U.S. makers of pipes and their suppliers. He told a congressional hearing in June that steel was a "genuine national security issue" and pointed out how a U.S. tubular mill made the body of the massive conventional bomb dropped on Islamic State militants in Afghanistan in April. The 79-year-old billionaire is best known for his work restructuring several bankrupt U.S. steel companies in the early 2000s, selling them to what is now Arcelor Mittal. He is formulating trade policy alongside U.S. Trade Representative Robert Lighthizer, a veteran trade lawyer who represented U.S. Steel in anti-dumping cases. On the other side of the argument, steel users have enlisted dozens of industry trade groups to make the case against broad steel import restrictions. The American Petroleum Institute and 10 other oil and gas trade groups urged Commerce to narrowly define national security and "to consider the potential negative effects of U.S. tariffs or quotas or other measures that would raise the cost of steel inputs for the oil and natural gas industry." It remains unclear what actions Ross will recommend, whether Trump will implement that. U.S. Steel has not indicated how the Trump administration''s review may alter its production plans, saying in a statement that it was "interested to review the results of the 232 investigation." Idled workers say the uncertainty is gnawing at them. "There''s nothing that Trump''s done as of yet" for steelworkers, said Paul Morris, 55. "All we can do is sit back and wait." Reporting by David Lawder; Editing by David Chance and Tomasz Janowski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trade-steel-idUKKBN19Y1PF'|'2017-07-13T17:04:00.000+03:00'
'ed9bd05c650d5123bc52eba3be9c7b081ac90f2a'|'EMERGING MARKETS-Brazil markets extend gains after Lula found guilty of corruption'|'July 12, 2017 / 9:08 PM / 5 hours ago EMERGING MARKETS-Brazil markets extend gains after Lula found guilty of corruption 5 Min Read (Adds closing prices) By Bruno Federowski SAO PAULO, July 12 (Reuters) - Brazil''s stocks and currency further strengthened on Wednesday after former President Luiz Inácio Lula da Silva was convicted of corruption charges, which reduced trader fears that he could return to office next year and challenge the pro-business agenda of incumbent President Michel Temer. Lula, who was sentenced to 9-1/2 years in prison, would be barred from office if his guilty verdict is upheld by an appeals court, which is expected to take at least eight months to rule. Many traders worry that Lula, a leftist who has consistently led voting polls for the 2018 presidential elections, could overturn Temer''s efforts to curb public debt growth and implement sweeping structural reforms. "This makes traders hopeful that the government''s market-friendly platform may extend beyond 2018," Renascença brokerage trader Thiago Castro said. "Still, there''s a long way to go before we see a ruling by the appeals court." The Brazilian real gained as much as 1.5 percent to its strongest since May 17, when news of a corruption scandal threatening to derail Temer''s agenda drove the currency sharply lower. The benchmark Bovespa stock index rose to a session high, supported by a rally in shares of state-controlled oil company Petróleo Brasileiro SA. Brazilian markets traded higher throughout the day after an overhaul of the country''s labor laws won Senate approval by a wider margin than expected, suggesting lawmaker support for Temer''s reform agenda remained strong despite the corruption scandal. Many investors see the overhaul, part of a package of structural reforms that also includes measures to streamline the country''s bloated pension system, as crucial to Brazil''s long-term growth. Other Latin American markets advanced after Federal Reserve Chair Janet Yellen indicated that the U.S. central bank may raise interest rates less than traders had expected. Yellen said in testimony to the U.S. Congress that rates "would not have to rise all that much further" to reach what the Fed considers a neutral rate. A slower pace of hikes and lower rates would increase the allure of high-yielding emerging market assets. The Mexican peso surged to a more than one-year high, bolstered by growing confidence that U.S. President Donald Trump will not pull out of NAFTA, as well as a major oil discovery. Expectations that Trump will not shred the North American Free Trade Agreement have fed demand for the Mexican peso and helped make it the top-performing emerging-markets currency this year, with a 17 percent gain. On Wednesday it was 3 percent stronger than just before Trump won the election. Latin American stock indexes and currencies at 20:47 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1,029.90 +1.15 +19.44 MSCI LatAm 2,661.33 +1.78 +13.70 Brazil Bovespa 64,835.55 +1.57 +7.65 Mexico S&P/BVM IPC 50,809.77 +0.59 +11.32 Chile IPSA 4,956.95 +1.27 +19.40 Chile IGPA 24,734.33 +1.12 +19.29 Argentina MerVal 22,262.64 +0.61 +31.59 Colombia IGBC 11,121.66 +1.16 +9.81 Venezuela IBC 124,511.78 -1.10 +292.72 Currencies daily % YTD % change change Latest Brazil real 3.210 -0.11 +1.21 Mexico peso 17.788 0.68 +16.62 Chile peso 662.850 +0.55 +1.18 Colombia peso 3,048.150 +0.86 -1.53 Peru sol 3.251 +0.15 +5.01 Argentina peso (interbank) 16.945 +0.37 -6.31 Argentina peso (parallel) 17.450 -0.17 -3.61 (Reporting by Bruno Federowski; Additional reporting by Noel Randewich; Editing by Jonathan Oatis and Steve Orlofsky) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1K325Z'|'2017-07-13T00:05:00.000+03:00'
'af8919c31133661e0c4326dfd8ad29d21ac3bfe7'|'America Movil audits Guatemalan unit amid corruption probe'|'July 17, 2017 / 7:24 PM / 19 minutes ago America Movil audits Guatemalan unit amid corruption probe Julia Love 2 Min Read FILE PHOTO: The logo of America Movil is pictured on the wall of a reception area in the company''s corporate offices in Mexico City, Mexico, May 18, 2017. Edgard Garrido/File Photo MEXICO CITY (Reuters) - Mexican billionaire Carlos Slim''s telecoms company America Movil said on Monday it was auditing its Guatemalan unit, which has become embroiled in a probe into suspected money laundering and illicit election financing by a former government minister. Guatemalan police on Friday arrested 17 people on suspicion of involvement in a corruption racket allegedly directed by the country''s former communications minister Alejandro Sinibaldi, who has been on the run since June 2016. During the probe by a U.N.-backed anti-corruption body in Guatemala known as the CICIG, investigators found evidence of payments from Telecomunicaciones de Guatemala S.A. (Telgua), a subsidiary of America Movil ( AMXL.MX ), in Sinibaldi''s account. "Guatemalan law permits these contributions," a spokesman for America Movil said over the phone. "What we are trying to find out is why these contributions were made without observing the norms and requirements that Guatemalan law establishes." Interviews with a former Telgua executive revealed that the payments were intended to secure the company favorable treatment in a dispute with a Tigo, a local rival, CICIG said. The former Telgua executive took responsibility for the payments, and the company did not benefit from them, the America Movil spokesman said. "The commercial dispute between Telgua and Tigo was resolved through a private agreement ... without any intervention from the Guatemalan government." A spokeswoman for Tigo did not immediately respond to a request for comment. Sinibaldi served under former President Otto Perez, who fell from power in 2015 following a CICIG-led investigation into his alleged involvement in a lucrative corruption racket. Sinibaldi created a series of shell companies to launder money he collected in bribes to authorized state building companies, and some of that money also was intended to finance Perez Molina''s right-wing Patriot Party, the CICIG said. Reporting by Julia Love; Editing by Richard Chang 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-guatemala-corruption-americamovil-idUSKBN1A222M'|'2017-07-17T22:23:00.000+03:00'
'ff5c87a1f4382265c2fc2659f772e0dd591770b3'|'BRIEF-Trian to launch proxy fight against P&G- WSJ, citing sources'|'July 17, 2017 / 4:12 AM / 8 minutes ago BRIEF-Trian to launch proxy fight against P&G- WSJ, citing sources 1 Min Read July 17 (Reuters) - * Trian to launch proxy fight against P&G- WSJ, citing sources * Investor Nelson Peltz plans to launch a fight for a board seat at Procter & Gamble- WSJ, citing sources Source on.wsj.com/2u00JpD 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-trian-to-launch-proxy-fight-agains-idUSFWN1K700O'|'2017-07-17T07:11:00.000+03:00'
'ee76aaf9da000582ffebb4f1e71942117361fbad'|'Oaktree takes stake in Australian driller DDH1'|'July 17, 2017 / 1:47 AM / 4 hours ago Oaktree takes stake in Australian driller DDH1 2 Min Read (Reuters) - Oaktree Capital Management placed an investment stake in Australian drilling services company DDH1 Drilling Pty Ltd, the drilling company announced in a statement on Sunday. DDH1 describes its business as a provider of deep directional mineral drilling services used to identify and extend resources, reserves and mining plans for Australia''s exploration and mining industry. The terms of the investment were not disclosed. Los Angeles-based Oaktree Capital is a global asset management firm that specializes in distressed debt and corporate debt with $100 billion of assets under management, according to the company''s website. DDH1 co-founders Murray Pollock and Matt Thurston will remain in their roles as chief executive and chief operating officer, respectively, according to a statement released by the company. "Throughout the recent mining downturn, there has been significant underinvestment in the capacity of the Australian drilling services industry due to low demand, competitive pricing and numerous insolvencies," said Byron Beath, managing director at Oaktree. "During this period, DDH1 has continued to invest in its capacity and has consolidated its market-leading position in its targeted service. Oaktree''s investment will further enable DDH1 to grow to meet the demand from its customers." Reporting by Dion Rabouin; Editing by Sandra Maler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oaktree-investment-idUSKBN1A2038'|'2017-07-17T04:37:00.000+03:00'
'1393a40c7583f9fcf4f87405fbd6c4c048b30f77'|'Wall Street set to open flat in run-up to big earnings'|'July 17, 2017 / 11:26 AM / 19 minutes ago Wall St. opens flat as investors await big earnings Tanya Agrawal 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 17, 2017. Brendan McDermid (Reuters) - U.S. stocks opened little changed and held steady at record levels on Monday as investors turned their focus to a busy earnings week from big U.S. companies. Microsoft ( MSFT.O ), IBM ( IBM.N ) and Johnson and Johnson ( JNJ.N ) are scheduled to report results this week. Netflix ( NFLX.O ), which will report results after the market close on Monday, rose 0.8 percent in early trading. Analysts estimate second-quarter earnings for the S&P 500 companies rose 8.1 percent from a year earlier. First-quarter earnings posted their best performance since 2011, according to Thomson Reuters data. Earnings will be closely watched to see if high valuations are justified in the face of tepid inflation and a recent patch of mixed economic data. The S&P 500 has been trading at about 18 times earnings estimates for the next 12 months, compared with the long-term average of 15 times. "The U.S. market isn''t cheap right now," said Phil Guarco, global investment specialist at J.P. Morgan Private Bank. "Earnings are going to take an important role. We''re in a situation where the corporate profits and the profits they are going to deliver in the future will be of keen interest." At 9:40 a.m. ET (1340 GMT), the Dow Jones Industrial Average .DJI was down 6.09 points, or 0.03 percent, at 21,631.65, the S&P 500 .SPX was down 0.37 points, or 0.01 percent, at 2,458.90. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 17, 2017. Brendan McDermid The Nasdaq Composite .IXIC was up 3.02 points, or 0.05 percent, at 6,315.48. Seven of the 11 major S&P sectors were higher, with the telecommunications index''s .SPLRCL 0.28 percent rise leading the advancers. The financial sector .SPSY led the laggards with a 0.43 percent fall after results and forecasts on Friday by big banks such as JPMorgan ( JPM.N ), Citigroup ( C.N ) and Wells Fargo ( WFC.N ) failed to excite investors. Slideshow (2 Images) Bank of America ( BAC.N ), Morgan Stanley ( MS.N ), Goldman Sachs ( GS.N ) will report results later this week. The Dow and the S&P hit record highs on Friday after weak economic data dulled prospects of more interest rate hikes this year. Last week, investor sentiment got a boost after Federal Reserve Chair Janet Yellen said future rate hikes could be gradual in the face of persistently low inflation. The Fed will meet next on July 25-26. Shares of BlackRock ( BLK.N ) fell 3 percent after the world''s biggest asset manager''s quarterly profit came in below expectations. General Cable ( BGC.N ) jumped 7.2 percent after the cable manufacturer announced on Sunday a review of strategic alternatives that could include a potential sale of the company. Declining issues outnumbered advancers on the NYSE by 1,329 to 1,213. On the Nasdaq, 1,340 issues fell and 1,032 advanced. Reporting by Tanya Agrawal; Editing by Arun Koyyur 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-stocks-idINKBN1A212A'|'2017-07-17T15:50:00.000+03:00'
'e3661de542ba1e137bcc3cb2c591f2503c159328'|'UPDATE 1-Chinese buyout group wins $11.6 bln deal to buy Global Logistic Properties'|'July 14, 2017 / 7:31 AM / 21 minutes ago Chinese buyout group wins $11.6 billion deal to buy Global Logistic Properties Anshuman Daga 3 Min Read SINGAPORE (Reuters) - Global Logistic Properties (GLP) ( GLPL.SI ) agreed to be acquired by a Chinese private equity consortium backed by senior GLP executives for about S$16 billion ($11.6 billion), choosing it over a rival bid in Asia''s largest private equity buyout. The seven-month auction for Asia''s biggest warehouse operator was marred by complaints from some potential bidders about a lack of transparency and the perceived advantages of the Chinese consortium through their business ties. The winning group of China''s Hopu Investment Management, Hillhouse Capital Group, Vanke Group ( 2.SZ ) and Bank of China Group Investment was supported by GLP Chief Executive Ming Mei in its bid, which trumped an offer by a Warburg Pincus-led consortium - the only other short-listed bidder. GLP formed a committee of independent directors and said it had taken measures to alleviate potential conflicts of interest. It said on Friday that it chose the Chinese consortium because it had more deal certainty and "limited conditionality", reducing the "execution risk". "After an extensive evaluation of all final proposals received, the Special Committee decided on the proposed scheme, which we believe is compelling and value-enhancing for all shareholders," Seek Ngee Huat, chairman of GLP''s board, said in a joint statement with the winning consortium. The acquisition is not conditional on getting antitrust approvals or a green light from the Committee on Foreign Investment in the United States (CFIUS), among others. Singapore sovereign wealth fund GIC [GIC.UL], which owns 37 percent of GLP, said it supports the transaction. Last year, GIC nudged GLP to start a strategic review of its business. GLP then hired JPMorgan as its financial adviser and Allen & Gledhill as its legal adviser. GLP''s shares have since soared nearly 50 percent to their highest levels in more than three years. The Chinese group is offering S$3.38 in cash per share, representing 81 percent premium over its 12-month volume weighted average price and a 25 percent premium over its last full trading day before the announcement. The proposed acquisition will be done by way of a scheme of arrangement and the Chinese group plans to delist and take the Singapore-listed firm private. Citigroup, Goldman Sachs and Morgan Stanley acted as lead joint financial advisers for the consortium and are providing the financial resources confirmation related to the purchase. DBS Bank and China International Capital Corporation also advised the consortium. Reporting by Anshuman Daga; Additional reporting by Elzio Baretto in HONG KONG; Editing by Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-glp-m-a-idUSKBN19Z0N2'|'2017-07-14T10:28:00.000+03:00'
'eef0d46bc20fb38534b88abf394c290c46a5ef59'|'UK house prices stabilise, but buyers still wary - Rightmove'|'July 16, 2017 / 11:28 PM / 8 hours ago UK house prices stabilize, but buyers still wary: Rightmove Reuters Staff 3 Min Read An apartment block is constructed behind a row of traditional properties in central London December 11, 2014. Luke MacGregor/Files LONDON (Reuters) - Asking prices for houses and apartments in England and Wales stabilized after a drop in June, but home-buyers remain cautious as wage growth falls behind inflation, a survey by property website Rightmove showed on Monday. The figures were based on property advertised between June 11 and July 8, covering the weeks after Prime Minister Theresa May unexpectedly lost her majority in parliament, creating uncertainty for investors who were already on edge about Britain''s exit from the European Union. Rightmove said average asking prices for property sold on its website increased by a monthly 0.1 percent in July, a month that usually sees slight falls in prices. In annual terms, prices were up 2.8 percent compared with a 1.8 percent rise in June. Other house price measures have shown a slowdown in growth this year, mirroring a weakening of the economy as consumers feel the pinch of rising inflation. Rightmove director Miles Shipside said the market remained very price sensitive with some properties hitting a price ceiling. He also said that an eventual rise in mortgage costs would be a shock to buyers. The Bank of England has is considering when to raise interest rates although most of its top officials have suggested now is not the time. "Price rises are muted despite high housing demand, indicating we have left the stage of the cycle where price rises exceed the rate of inflation," Shipside said. A jump in inflation to nearly 3 percent has hurt the spending power of many people in Britain, contributing to a slowdown in the economy and in house price rises. Rightmove said asking prices in most of England fell, but the overall average inched up due to gains in London contrasting with a sharp fall in June in the capital. Rightmove says more than 90 percent of British estate agents use its website to advertise property. Separately, a survey showed British consumer confidence suffered its biggest fall in more than two years in the second quarter of 2017, mirroring other recent measures of consumer sentiment. Accountancy firm Deloitte, which published the survey on Monday, linked the fall to the squeeze on living standards. Reporting by Arese Joe-Oshodi; Writing by William Schomberg; Editing by David Milliken 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-houseprices-rightmove-idUKKBN1A10Z7'|'2017-07-17T02:03:00.000+03:00'
'bd429287a03dd0068cce009cae1ac57523ef31ee'|'Tesco takes the cherry as bumper British crop leads to lower prices - Business'|'Tesco Tesco takes the cherry as bumper British crop leads to lower prices Supermarket to sell large 1kg trays for £4 this summer after buying extra stock from Kent and Herefordshire Tesco said it would ‘support our British farmers’ by buying up the bumper crop of cherries. Photograph: Sarah Lee for the Guardian Tesco Tesco takes the cherry as bumper British crop leads to lower prices Supermarket to sell large 1kg trays for £4 this summer after buying extra stock from Kent and Herefordshire View more sharing options Friday 14 July 2017 14.29 BST Last modified on Friday 14 July 2017 15.24 BST Shoppers are likely to benefit from a bumper cherry crop this summer as warm weather drives yields up and prices down. Tesco has announced it will take excess produce from its suppliers, in line with an existing agreement, and begin selling large 1kg trays of cherries at a lower price per unit than usual. Nigel Slater’s cherry pie and cake recipes Read more “We want to support our British farmers and stop any cherries from going to waste on farms. So, to help our homegrown suppliers, Tesco has bought an extra 80 tonnes per week of British cherries to help growers use the bumper crop of fruit created,” the firm said. It will sell the 1kg trays for £4 each, significantly less per unit than the £10 per kg rate of its usual 200g punnets and the usual £7.50 per kg rate of its 400g ones. Tesco said the offer would be available for eight weeks. Tesco said it has an agreement with suppliers to take crops from them throughout the year, meaning it is obliged to increase its orders when there is a bumper harvest. The extra stock is coming from Kent and Herefordshire. “This is another example of Tesco working with our farmers and suppliers to give customers the best British fresh produce, at the best prices,” the spokeswoman claimed. Tesco faces in-depth investigation into £3.7bn Booker takeover Read more Tesco said it was keen to ensure that “no edible food goes to waste” and has also taken on greater supplies of raspberries, strawberries, carrots, cauliflowers, lettuce and celery in the last 12 months. It said the agreement meant “everyone wins”. It was not clear, however, whether the firm paid the same price per unit to suppliers for the excess stock as it normally would. Vernon Mascarenhas, sales director of the wholesaler First Choice, said that, in his experience, prices had remained stable from last year, meaning that wholesalers were able to benefit from increased orders. He said that technological advancements and improvements in agricultural techniques had made British cherries cheaper and easier to harvest in recent years, adding: “The demand from the restaurants I supply, every year, it gets higher.” He said that cherry prices had not risen in line with other fruits, meaning that wholesalers were “turning over more money” with increased orders, but not necessarily making more profits. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/14/tesco-cherry-british-crop-prices-kent-herefordshire'|'2017-07-14T21:29:00.000+03:00'
'2bc2941b4d61bde319e6505327d775344bc3e567'|'UK market regulator raises competition concerns in FirstGroup, MTR contract'|'July 11, 2017 / 7:36 AM / 8 hours ago UK market regulator raises competition concerns in FirstGroup, MTR contract Reuters Staff 1 Min Read (Reuters) - UK market regulator Competition and Markets Authority raised concerns on Tuesday about the lack of competition on one train route, between London and Exeter, which is part of the new South Western franchise awarded to FirstGroup and Hong Kong''s MTR. The CMA said there could be fare hikes, or worsening of services due to a lack of competition on the route as FirstGroup already operates the Great Western Railway franchise, which runs the only other train service between London and Exeter. "The CMA believes that without its intervention, FirstGroup may be able to increase fares for passengers between London and Exeter, as it will be the only rail operator running all services on this route," the regulator said in a statement. FirstGroup and MTR will have to submit proposals to address these concerns to the regulator, whose approval would enable the companies to avoid an in-depth phase-2 investigation. Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-firstgroup-railway-cma-idUKKBN19W0L6'|'2017-07-11T10:39:00.000+03:00'
'3caddeb5bd9cdb165d379467835525773665af91'|'Carillion bondholders brace for painful talks as shares plunge'|'July 12, 2017 / 3:05 PM / 2 hours ago Carillion bondholders brace for painful talks as shares plunge Abhinav Ramnarayan and Alasdair Pal 3 Min Read LONDON (Reuters) - Carillion''s ( CLLN.L ) lenders are preparing for potentially painful restructuring talks if the British construction company is unable to stabilise its business and plunging share price, sources familiar with the company and its investors said. Carillion, which has worked on projects ranging from London''s Tate Modern gallery to the Twickenham Rugby stadium, announced huge provisions on problem contacts on Monday, leading its chief executive to step down and its shares to plummet by more than two thirds in three days. The stock hit a new low of 57.25 pence on Wednesday on speculation the company, which employs around 48,500 people, may seek to raise money via a big share sale. If that proves too difficult, or insufficient, Carillion might have to consider a debt restructuring, bankers and analysts said. The company, which was demerged from the Tarmac group in 1999 and went on to buy construction firm Alfred McAlpine, has said it is considering all options to cut debt. Owners of Carillion''s convertible bonds - debt instruments that can be swapped into shares under certain conditions - could demand a cash payment in exchange for forgiving some of the company''s debt, said a banker who was among the arrangers of the original bond sale. "Investors are more shocked at the moment than anything. Eventually if the situation doesn''t stabilise, they will look to sell, but who will buy it?" said the banker. "In the end, a write off of the debt in exchange for getting part of the nominal value in cash is the most likely outcome, assuming the situation with the company does not stabilise." In an extreme case, they may even push to convert the bonds into shares in order to recoup at least some of their investment, he added. "They will have losses, but at least they can monetise shares, whereas the convertible bonds will be very difficult to get rid of," he said. Carillion''s average net borrowing in the first of the year was 695 million pounds ($896 million), substantially higher than its current market value. The company sold 170 million pounds of five-year convertible bonds in December 2014, paying out a coupon of 2.50 percent and making up more than half of its outstanding bonds, according to Reuters data. If converted, the bonds would represent about 11 percent of the company''s outstanding shares. Sources close to the situation pointed to French oil services firm CGG ( GEPH.PA ) as a recent example of a debt restructuring involving convertible bonds. In March, CGG started talks with the bondholders to try and agree a proposal that involves conversion of bonds into shares and a rights issue thereafter. < bit.ly/2vcoqds > ($1 = 0.7760 pounds) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-carillion-bonds-idUKKBN19X22F'|'2017-07-12T18:04:00.000+03:00'
'c7902adb1d43eca5811c7a809128cf027d1300db'|'Brazil''s Petrobras board approves IPO for fuel distribution unit'|'Market  19pm EDT Brazil''s Petrobras board approves IPO for fuel distribution unit RIO DE JANEIRO, July 11 Brazil state oil company Petróleo Brasileiro SA said on Tuesday its board has approved an initial public offering of shares for its fuel distribution unit Petrobras Distribuidora on the Sao Paulo stock exchange. In a regulatory filing, the company known as Petrobras also said the offering will be exclusively secondary, in which current shareholders sell part of their stakes. The company said the listing will be on the Novo Mercado segment, in which companies have higher governance standards and are only allowed to have common shares. (Reporting by Alexandra Alper; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-distribuidora-ipo-idUSE6N1FG04S'|'2017-07-12T01:19:00.000+03:00'
'8f7d10aef49af745e974db7b6f9e641418298a6e'|'H&E Equipment to buy Neff for about $1.2 bln'|'July 14, 2017 / 1:51 PM / 16 minutes ago H&E Equipment to buy Neff for about $1.2 billion 1 Min Read (Reuters) - H&E Equipment Services Inc ( HEES.O ) said on Friday it would buy construction equipment rental chain Neff Corp ( NEFF.N ) for about $1.2 billion, including debt. The cash offer of $21.07 per share represents a 7 percent premium to Neff''s Thursday close. Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-neff-m-a-h-e-equipment-idUSKBN19Z1IT'|'2017-07-14T16:46:00.000+03:00'
'4c081f976c501100e14c73b6896c5e7ffa6f6fba'|'UPDATE 1-Tennessee restricts use of Monsanto pesticide as problems spread'|'July 13, 2017 / 10:45 PM / 3 hours ago CORRECTED-UPDATE 1-Tennessee restricts use of Monsanto pesticide as problems spread 4 Min Read (Corrects date of glyphosate introduction to 1970s instead of 1990s, paragraph 11) By Karl Plume CHICAGO, July 13 (Reuters) - Tennessee on Thursday imposed restrictions on the use of dicamba, a flagship pesticide for Monsanto Co, becoming the fourth state to take action as problems spread over damage the weed killer causes to crops not genetically modified to withstand it. Dicamba is sprayed by farmers on crops genetically modified to resist it but it has drifted, damaging vulnerable soybeans, cotton and other crops across the southern United States. Farmers have fought with neighbors over lost crops and brought lawsuits against dicamba producers. Arkansas banned its use last week and Missouri, which initially halted dicamba spraying, has joined Tennessee with tight restrictions on when and in what weather spraying can be done. Kansas is investigating complaints. Monsanto, which said it has spent years working to make dicamba stickier and limit drift when it is sprayed, is campaigning to overturn the bans. It blames early-adoption headaches similar to wind drift and cross-contaminated farm equipment problems the company faced when it launched its popular Roundup Ready glyphosate-resistant crops two decades ago. "In almost every technology in that first year there are kinks that you need to work out," Robb Fraley, Monsanto''s chief technology officer, said on a news media call. He said many of the dicamba issues are caused by farmers not following application labels, using contaminated equipment or buying older formulations of dicamba that are cheaper but more prone to drift. The company, together with BASF SE and DuPont , which also produce dicamba-based weed killers, has agreed to additional safeguards for product use, Missouri Director of Agriculture Chris Chinn said in a statement. The dicamba problem is the latest regulatory woe for Monsanto after California last month announced it would list glyphosate as a probable carcinogen in the state. "It''s not good for Monsanto - if anything, this is more likely to lead to lawsuits rather than additional sales," Jonas Oxgaard, an analyst with asset management firm Bernstein, said regarding the dicamba launch woes. Dicamba is key to Monsanto''s biggest-ever biotech seed launch, which occurred last year. Its Xtend line of soybeans and cotton are designed to tolerate the weed killer, which replaces earlier products that contained only glyphosate. Some weeds have developed resistance to glyphosate, which Monsanto introduced in the 1970s. Crop seeds such as corn, soybeans and cotton are genetically modified to survive the pesticide while yield-sapping weeds die. Dicamba has long been used to kill weeds before crops are planted, but its use has spiked this season across the United States after regulators last year approved it for crops that are already growing. Monsanto sells a new dicamba formulation under the name Xtendimax. The company says that Xtendimax drifts less than older versions. BASF and DuPont also sell less drift-prone formulations. New restrictions in Tennessee include allowing application only from 9 a.m. to 4 p.m. to limit potential pesticide drift. "I''m confident that we can address this issue as we have in other cases to ensure the safe and effective use of these tools," Tennessee Agriculture Commissioner Jai Templeton said in a statement. In Monsanto''s home state of Missouri, state Farm Bureau President Blake Hurst commended the quick action to update guidelines on dicamba use. "The Special Local Need label is designed to provide additional protection for neighboring landowners and still allow the application of Dicamba to control weed problems," he said in a statement. (Reporting by Karl Plume in Chicago; editing by Riham Alkousaa) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tennessee-grains-monsanto-idUSL1N1K41VT'|'2017-07-14T01:45:00.000+03:00'
'c6461970e5063fe3b6c7026cd98c35e5b105a852'|'U.S. lawmaker calls for hearing on Amazon purchase of Whole Foods'|'July 14, 2017 / 2:22 PM / an hour ago U.S. lawmaker calls for hearing on Amazon''s Whole Foods deal 4 Min Read A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. Carlo Allegri WASHINGTON/NEW YORK (Reuters) - The top Democrat on the U.S. House of Representatives'' antitrust subcommittee has voiced concerns about Amazon.com Inc''s ( AMZN.O ) $13.7 billion plan to buy Whole Foods Market Inc ( WFM.O ) and is pushing for a hearing to look into the deal''s potential impact on consumers. The deal announced in June marks the biggest acquisition for the world’s largest online retailer. Amazon has not said what it will do with Whole Foods'' stores and other assets, but analysts and investors worry the move could upend the landscape for grocers, food delivery services and meal-kit companies. U.S. Representative David Cicilline requested the hearing on Thursday in a letter to the chair of the House Judiciary Committee and the subcommittee chairman. Shares of Amazon were up 0.3 percent in mid-morning trading on Friday. "Amazon’s proposed purchase of Whole Foods could impact neighborhood grocery stores and hardworking consumers across America," Cicilline said in a statement. "Congress has a responsibility to fully scrutinize this merger before it goes ahead." The deal must be approved by U.S. antitrust enforcers, in this case most likely the Federal Trade Commission. Congress plays no formal role in that process but hearings are often used to highlight the possible impact of deals on consumers. The hearing is unlikely to happen without Republican support. Amazon and Whole Foods declined to comment. Also this week, hedge fund manager Douglas Kass from Seabreeze Partners Management Inc said he was shorting shares of the retailer because of concern about Amazon in Washington. Amazon.com''s logo is seen at Amazon Japan''s office building in Tokyo, Japan, August 8, 2016. Kim Kyung-Hoon/File Photo Kass said he had heard rumblings on Capitol Hill regarding concern about Amazon''s size and clout but did not specify what the concerns were. "I am shorting Amazon today because I have learned that there are currently early discussions and due diligence being considered in the legislative chambers in Washington, D.C.," he wrote in a note to investors late on Wednesday. "If I am correct, word of this could lower Amazon''s shares by 10 percent overnight." Kass said in emailed comments to Reuters on Friday that he has what he called a “core” short position in Amazon, meaning a sizeable bet based on a long-term outlook. "This has the potential of being the biggest business news story of year,” he said. Kass declined to comment when asked for more details about pressure from Capitol Hill. Kass is followed for his bets on declines in companies'' share prices. He shorted Marvel Entertainment in 1992 when its shares were in the high $60s, and the company went bankrupt 1-1/2 years later. He also bet against big U.S. banks leading into the 2007-2009 financial crisis, shorting Bank of America, MGIC, Citigroup and several other financials that ultimately averaged a 98 percent price decline by the time they bottomed in 2009. While antitrust experts have said they expect Amazon''s bid to win regulatory approval, some critics argue the deal should be blocked because it gives the retailer a big head start towards domination of online grocery delivery. They argue the Whole Foods acquisition will give Amazon an unfair advantage over traditional grocers and new players that might emerge in the market, potentially grounds for the deal to be blocked for antitrust reasons. Reporting by Diane Bartz and Jennifer Ablan; Editing by Meredith Mazzilli and Chris Sanders 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-wholefoods-m-a-amazon-com-idUSKBN19Z1LI'|'2017-07-14T17:26:00.000+03:00'
'bf900cbb9d3b8b1ae09028f4d2867f61da56a610'|'Antofagasta reaches wage agreement with Centinela mine supervisors'|'July 14, 2017 / 3:57 PM / 23 minutes ago Antofagasta reaches wage agreement with Centinela mine supervisors 2 Min Read SANTIAGO, July 14 (Reuters) - Chilean mining company Antofagasta said on Friday it had reached a new wage agreement with supervisors at its Centinela copper mine, defusing the risk of a strike amid a volatile labor landscape in the South American country. The supervisors'' union voted to strike in early July, but instead of downing tools immediately, entered a new round of government-mediated negotiations with the company as required by law. During those talks, the supervisors agreed to a new 36-month contract. "The agreement, which was reached during the mediation phase, will be formalized today, July 14," Antofagasta said in a statement. Antofagasta is currently in government-mediated negotiations with workers at the nearby Zaldivar copper mine. New labor laws have emboldened miners throughout Chile, the world''s top copper exporter, while low prices for the red metal have made contract offers less generous than in past years. (Reporting by Fabian Cambero; Writing by Gram Slattery; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/antofagasta-centinela-idUSL1N1K50ZO'|'2017-07-14T18:53:00.000+03:00'
'825e203b1bc9cef373c90b276af2f453f5a202cd'|'AstraZeneca shares fall for a second day over CEO uncertainty'|'July 14, 2017 / 7:47 AM / 2 hours ago AstraZeneca shares fall for a second day over CEO uncertainty Reuters Staff 2 Min Read FILE PHOTO: Chief Executive of AstraZeneca Pascal Soriot leaves after appearing at a commons science committee hearing at Portcullis House in London May 14, 2014. Luke MacGregor LONDON (Reuters) - Shares in AstraZeneca ( AZN.L ) fell for a second day on Friday as uncertainty over the future of Chief Executive Pascal Soriot weighed on the Anglo-Swedish company ahead of a crucial period. Shares in Astra closed down 3.5 percent on Thursday and were trading down a further 2.5 percent on Friday, at a two-month low, following an Israeli report late on Wednesday that Soriot was in talks to join Teva Pharmaceutical Industries ( TEVA.TA ). Moving to a generics drugmaker, albeit the world''s largest, would be a big change in direction for French-born Soriot, 58, who had made research-based pharma his whole aim at AstraZeneca. The timing of the rumour has alarmed investors, coming as the company waits for an all-important data from a MYSTIC trial of a lung cancer drug which is seen as a game-changer for Astra. Analysts at Leerink, an investment bank that specialises in healthcare, said the move would come as a major surprise, if true, and leave AstraZeneca rudderless at a key time. "If true, the optics around his departure would be terrible ahead of the MYSTIC readout ... which are expected any day now." No one at AstraZeneca was immediately available to comment. Reporting by Kate Holton, editing by David Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-astrazeneca-ceo-idUKKBN19Z0OC'|'2017-07-14T10:47:00.000+03:00'
'e03198d004f0f4309cfb31a4ebf0d22358bff48f'|'JPMorgan reports 13 percent rise in quarterly profit'|'July 14, 2017 / 11:02 AM / an hour ago JPMorgan posts higher profit; shares dip on net interest income view David Henry and Sweta Singh 4 Min Read A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. Mike Segar/Files (Reuters) - JPMorgan Chase & Co ( JPM.N ) reported a better-than-expected quarterly profit on Friday due to strong loan growth and higher interest rates, but said net interest income for the year would be lower than expected, sending its shares down about 2 percent. The bank''s borrowing business increased across residential mortgages, business loans, credit cards, and even auto loans, an area where some lenders have been pulling back. However, on a call with analysts, Chief Financial Officer Marianne Lake said net interest income for the full year would increase by $4 billion, rather than a $4.5 billion estimate given in April. This is due to mortgage adjustments and a change in the alignment of interest rates, Lake said. Overall, JPMorgan''s net income rose 13 percent to $7.03 billion, or $1.82 per share, from $6.2 billion, or $1.55 per share, in the year-ago quarter. ( bit.ly/2tQ630n ) This was driven by JPMorgan''s average core loan book, which grew 8 percent in the second quarter compared with the same period a year earlier. Higher interest rates helped JPMorgan earn more money on these loans. Related Coverage Excluding a gain from a legal settlement, the bank earned $1.71 per share, topping the average analyst estimate of $1.58, according to Thomson Reuters I/B/E/S. The stock was down 1.7 percent at $91.55 in morning trade. The Federal Reserve lifted interest rates for the second time this year in June. Rising rates are usually good for banks, allowing them to increase how much they charge for loans faster than they boost how much they pay for deposits. Chief Financial Officer Marianne Lake called rate movements "a tale of two cities," in which Wall Street businesses change quickly, but Main Street customers are not yet demanding more money for their deposits. "While there have been changes in the industry and CDs, there''s been nothing in checking or savings," said Lake. The bank expects the Fed to hike rates again in December, she said. As JPMorgan''s loan book has expanded, it has also set aside more money for borrowers who do not repay their debts. In credit cards, where it has been growing aggressively, the bank built loan-loss reserves by $252 million as the charge-off rate ticked above 3 percent, an increase from both the prior and year-ago periods. JPMorgan executives have told investors to expect credit card loss rates to go up as the company makes more loans. On newer card accounts, the bank sees charge-off rates of about 4.5 percent, Gordon Smith, head of consumer banking, said at an investor conference in June. Trading revenue was a dark spot for JPMorgan as volatility hit multi-year lows. But executives across Wall Street have been warning investors to look for declines because the year-ago quarter benefited from a surge in trading around the UK''s Brexit vote. JPMorgan''s markets revenue dropped 14 percent to $3.22 billion, mostly due to fixed income trading. It was the first decline in five quarters. Wells Fargo & Co ( WFC.N ) and Citigroup Inc ( C.N ) also reported results on Friday. Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Jeffrey Benkoe and Bernard Orr 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-jpmorgan-results-idUSKBN19Z14K'|'2017-07-14T14:03:00.000+03:00'
'e719546227a694cce3c0c82f5b6f0e245440159a'|'GLOBAL MARKETS-Cautious Fed sends stocks to record highs, dollar dips'|'July 14, 2017 / 8:37 AM / 2 minutes ago GLOBAL MARKETS-Cautious Fed sends stocks to record highs, dollar dips 5 Min Read * Global stocks hit all-time high * European stock markets open slightly higher * Moderate Fed, earnings optimism propelling risk appetite * Oil edges lower on high fuel inventories * Dollar close to nine-month lows * Graphic: World FX rates in 2017 tmsnrt.rs/2egbfVh By Jemima Kelly LONDON, July 14 (Reuters) - Global stocks scaled record highs on Friday, capping their best week in over two months as the dollar stayed close to nine-month lows, with bets on a gradual U.S. Federal Reserve rate hike path and hopes for a strong earnings season boosting risk appetite. After a scare at the end of last month, when stock markets skidded on the view that the era of easy money might be coming to an end across the globe, investors have been soothed by a run of more dovish comments from central bankers. Dallas Fed President Robert Kaplan on Thursday advocated a go-slow approach to further tightening after two hikes so far this year, saying he first wants to see more evidence that inflation is heading back up to the Fed''s 2-percent goal. Fed Chair Janet Yellen also said on Thursday that the central bank''s further rate hikes could be gradual, given persistently low inflation despite an improving economy. European shares were poised for their best week since late April as investors piled back into equities, though moves on indexes on Friday were muted as investors hunkered down ahead of earnings reports from major U.S. banks including JPMorgan and Citigroup later in the day. The pan-European STOXX 600 index inched up 0.1 percent, adding to earlier gains on stock markets in Asia that took MSCI''s world stock index to an all-time high. "(The Fed comments) add to our conviction that no further Fed hike should be expected for the rest of the year, which should prove reassuring for markets concerned about excessive tightening risk globally," Mizuho''s head of euro rates strategy Peter Chatwell said in London. Carry Trades in Favour The signals from the Fed drove the dollar to a nine-month low against its broad index on Thursday and it stayed close to that trough, inching down 0.1 percent on the day. The yen, meanwhile, was on the back foot against high-yielding currencies such as the Australian dollar as the VIX index, a gauge of asset volatility, drifted lower and provided a boost to carry trades. "The latest comments from Yellen and others suggest that interest rates will rise very gently, and that is supportive for high-yielding currencies for now," said Viraj Patel, an FX strategist at ING Bank in London. The recent caution from central bankers has also taken the sting out of a sell-off in the bond market, which had been gathering steam over the past few weeks in the euro zone on rising expectations that the European Central Bank is set to wind down its asset purchase programme. The bloc''s benchmark German 10-year yield fell some 3 basis points when European trading started on Friday to 0.50 percent, moving away from an 18-month high hit earlier this week of 0.583 percent. Earlier, Japan''s Nikkei added 0.2 percent, poised for a weekly rise of just over 1 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan advanced 0.3 percent to its highest level in two years. Wall Street had also edged higher on Thursday though it was set for a slightly weaker open ahead of key earnings reports. "The U.S. profit reporting season looks likely to be a key market driver over the next couple of weeks," Ric Spooner, chief market analyst at CMC Markets in Sydney, wrote in a note. "Full valuations suggest that the market is yet again going into this reporting season anticipating results to outperform consensus analyst expectations." The euro was up 0.1 percent at $1.1410 and was set to end the week flat. The ECB is likely to signal in September that its bond-buying scheme will be wound down gradually next year, but President Mario Draghi could give the next clue on the plans in late August, the Wall Street Journal said on Thursday. The Canadian dollar remained near its strongest in over a year after the Bank of Canada this week raised interest rates for the first time since 2010, with further tightening expected this year. In commodities, oil markets edged lower amid high fuel inventories and improving industry efficiency, but remained on track for a solid weekly gain. Brent crude futures, the international benchmark for oil prices, were down 19 cents, or 0.4 percent, at $48.23 per barrel. Gold was steady at $1,217.32 an ounce, heading for a half-percent gain for the week. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Additional reporting by Nichola Saminather and Shinichi Saoshiro in Singapore, and John Geddie, Saikat Chatterjee and Kit Rees in London; Editing by Jon Boyle) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL8N1K517E'|'2017-07-14T11:36:00.000+03:00'
'59f9cdd4699322473d8da037de3537000a406b7c'|'You''re hired - UK ''Apprentice'' star Brady to chair Philip Green''s company'|'July 17, 2017 / 2:25 PM / in 2 hours You''re hired - UK ''Apprentice'' star Brady to chair Philip Green''s company Reuters Staff 2 Min Read FILE PHOTO: British business woman Karren Brady delivers her speech at the annual Conservative party conference in Manchester, northern England September 30, 2013. Toby Melville/File Photo LONDON (Reuters) - Karren Brady, a star judge on "The Apprentice" TV show and chief executive of West Ham United soccer club, has been appointed by Philip Green to chair his Taveta holding company, the retail billionaire said on Monday. Brady, 48, who has been a non-executive director of Taveta since 2010, has assumed the role of non-executive chairman with immediate effect, succeeding Anthony Grabiner, who has been with the company for 15 years. Taveta owns the Arcadia business, which runs fashion retailers Topshop, Topman, Wallis, Miss Selfridge, Dorothy Perkins, Evans, Burton and Outfit. Arcadia employs over 24,000 people and has an annual turnover in excess of 2 billion pounds. Green''s reputation was damaged after he was blamed by British lawmakers last year for the demise of the BHS department store chain. He owned BHS for 15 years before he sold the loss-making retailer to Dominic Chappell, a serial bankrupt with no retail experience, for one pound in 2015. In February, Green paid 363 million pounds to plug a hole in BHS''s pension schemes. However, some lawmakers still want Green to be stripped of his knighthood, awarded in 2006 for services to retail. “It is a privilege to have been invited to chair the board and I look forward to working with my colleagues as we concentrate on driving the Arcadia brands forward on their global expansion," said Brady. She was ennobled in 2014 by the then Prime Minister David Cameron. Reporting by James Davey; Editing by Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-philip-green-moves-idUKKBN1A21JK'|'2017-07-17T17:30:00.000+03:00'
'9bf77cf3eeafd9be89f2b7ad23b7d4581e2f8af9'|'Volvo attracts KNDS, CMI bids for Renault Trucks Defence - sources'|'July 17, 2017 / 1:53 PM / in 32 minutes Volvo attracts KNDS, CMI bids for Renault Trucks Defence: sources   The logo of Swedish truck maker Volvo is pictured at the IAA truck show in Hanover, September 22, 2016. Fabian Bimmer FRANKFURT (Reuters) - Swedish truck maker Volvo ( VOLVb.ST ) has attracted two bidders for its armored vehicles maker Renault Trucks Defence (RTD) worth roughly 500 million euros ($573 million), people close to the matter said. The company put the unit up for sale late last year as it sheds non-core assets to reduce complexity across a group built through a series of large acquisitions. It has already sold its aerospace unit and external IT operations as well as a large real estate portfolio. French-German tank maker KNDS, which evolved from the merger of Nexter and Krauss-Maffei Wegmann, is expected to hand in an offer for RTD by a July 24 deadline, as is Belgian group CMI, the sources told Reuters. Private equity groups which initially expressed interest in RTD are not expected to take part in the auction, which is organized by Rothschild, they added. The French government favors an industrial buyer rather than a financial investor, a source close to the defense ministry told Reuters last month. Volvo, KNDS and Rothschild declined to comment. A CMI spokesman said the company is interested in RTD. "Eighty percent of our group is owned by Bernard Sarin, a French businessman, and we have many French subsidiaries. We are a Belgo-French group that would integrate another French company and we would have synergies between Belgium and France. We are talking about more and more cooperation between the French and Belgian armies," he said. Volvo may reap less than initially expected from the sale of RTD after a slump in recent trading, people familiar with the matter said. RTD recently adjusted its business plan and now expects less than 80 million euros in 2018 earnings before interest, tax, depreciation and amortization, one of them said. "Earnings are less important than the order backlog," another of them said, adding he would expect the group to sell for about 7 times its estimated core earnings. Reporting by Arno Schuetze; Additional reporting by Robert-Jan Bartunek, Cyril Altmeyer, Niklas Pollard; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volvo-divestiture-idUKKBN1A21FG'|'2017-07-17T16:50:00.000+03:00'
'9a813e37e71bc9947133296a5ed47711d321703c'|'Greenlight Capital takes stake in Toshiba, says its funds fell 4 pct in Q2'|'July 15, 2017 / 1:14 AM / 13 hours ago Greenlight Capital takes stake in Toshiba, says its funds fell 4 percent in second quarter 2 Min Read Toshiba Corp logo is seen at the company''s headquarters in Tokyo, Japan March 29, 2017. Issei Kato (Reuters) - Hedge fund Greenlight Capital said on Friday that it had added a stake in Toshiba Corp as it expects the stock to rise once the Japanese company resolves uncertainties around its bankrupt Westinghouse unit and the sale of its memory business. The Japanese conglomerate, whose stock closed at 231.6 yen per share on Friday, may be worth as much as 400 yen per share once it exits a legal dispute with Western Digital Corp over the sale of its flash memory business, Greenlight said. Toshiba sold the unit to help cover losses from Westinghouse''s nuclear reactor business. In a letter to its investors seen by Reuters, Greenlight said Toshiba''s position would stabilize once it exits money-losing contracts related to the bankruptcy, adding that this should help the company to extract value from the subsidiary''s profitable business. The hedge fund, run by David Einhorn, also said on Friday its funds dropped 4 percent during the second quarter, calling the quarter a bit of a "head-scratcher." Greenlight reported a year-to-date loss of 2.8 percent, compared with a 9.3 percent gain for the S&P 500. The hedge fund said companies among its long stock holdings exceeded expectations, while short positions mostly disappointed, leading to losses during the quarter. Greenlight''s five largest equity longs include Bayer AG , AerCap Holdings NV, Consol Energy Inc, General Motors Co and Mylan NV. It said the short book "proved more costly." The stocks in its "bubble basket", including Amazon.com Inc, Tesla Inc , Netflix Inc and athenahealth Inc, gained significantly in the quarter. Also, the hedge fund said it exited a large number of positions, including long positions in Altice NV, InterActive Corp, Liberty Global Plc and Time Warner Inc. Short position exits included Mallinckrodt Plc and the credit-rating agencies, the hedge fund said. Reporting by Rishika Sadam in Bengaluru; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-greenlight-toshiba-idUSKBN1A000Q'|'2017-07-15T04:06:00.000+03:00'
'495c8d5eba51cb6c0ed7bc94d0286a24c9d87cde'|'UniCredit closes $20 billion bad loan sale with Fortress, Pimco'|'Edition United States July 17, 2017 / 4:35 PM / in 16 minutes UniCredit closes $20 billion bad loan sale with Fortress, Pimco Reuters Staff 3 Min Read The headquarters of UniCredit bank is seen in Milan, Italy, in this February 8, 2016 file photo. Stefano Rellandini MILAN (Reuters) - Italian bank UniCredit ( CRDI.MI ) has signed a final agreement with U.S. funds Fortress ( FIG.N ) and Pimco on the sale of bad loans worth 17.7 billion euros ($20 billion) in Italy''s biggest such deal so far. UniCredit has led clean-up efforts among Italian banks which have been left with billions of euros of bad loans following the country''s deep recession. The total amount of impaired debt is equivalent to around 15 percent of total lending, three times the European average. Morgan Stanley analysts estimated on Monday that at the current rate of rundown it would take Italian banks some 10 years to lower the share of soured debt over total loans to 5 percent. UniCredit first announced the deal in December and went on to raise 13 billion euros in a share issue to offset the hit to its balance sheet from loan writedowns that paved the way for the sale. Rival Monte dei Paschi di Siena ( BMPS.MI ) had to seek state help after failing to tap markets for cash. The Tuscan bank this month agreed a bailout that will allow it to offload 26 billion euros in bad debts. UniCredit booked 8 billion euros in loan losses in the fourth quarter partly because it wrote down the bad debt to be sold to just 13 cents to the euro. This represented a lower-than-average price which the Bank of Italy said should not be seen as a benchmark. The loans have been transferred to vehicles that can sell them repackaged as securities and in which Pimco and Fortress have taken majority stakes. UniCredit said on Monday the sale would have a negative effect of 30 basis points on its core capital as the positive impact of cutting problem assets was more than offset by the need to re-evaluate the riskiness of its loan book in light of the loss suffered on the portfolio sold. Bad loan specialist Banca IFIS ( IF.MI ) estimated in a report published on Monday that UniCredit'' deal would help to bring overall sales of impaired bank debts in Italy to 104 billion euros this year, after sales totaling 36 billion euros in 2015-2016. Reporting by Valentina Za. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-italy-banks-unicredit-npl-idUKKBN1A21SU'|'2017-07-17T19:30:00.000+03:00'
'e3d53d6419932e14e653cb6ed65c226f1d394e2a'|'EU approves Priceline''s acquisition of Momondo'|'July 17, 2017 / 2:23 PM / in 36 minutes EU approves Priceline''s acquisition of Momondo 1 Min Read BRUSSELS (Reuters) - EU antitrust regulators approved on Monday U.S. online travel company Priceline''s planned acquisition of Momondo Group without conditions. The European Commission said it had concluded that the two companies'' travel comparison metasearch sites were geographically largely complementary and that the merged entity would still face competition from other operators such as Trivago, TripAdvisor or Google. "The Commission therefore concluded that the proposed transaction would raise no competition concerns on any of the markets examined," the Commission said in a statement. Priceline operates online travel agents and travel comparison metasearch sites such as booking.com, Kayak rentalcars and Opentable, while Momondo is primarily active in metasearch sites such as Cheapflights and Momondo. Priceline announced in February that it planned to buy Momondo for $550 million. Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-momondo-m-a-priceline-eu-idUSKBN1A21J5'|'2017-07-17T17:20:00.000+03:00'
'f9ab4fb4905c2ddb5c807a63c245fc88cd6db280'|'India''s HDFC Life revives IPO plan as Max Life deal struggles'|'July 17, 2017 / 6:10 PM / 2 hours ago India''s HDFC Life revives IPO plan as Max Life deal struggles 2 Min Read MUMBAI (Reuters) - India''s HDFC Standard Life Insurance Co Ltd said on Monday it had revived a planned initial public offering, as it struggles to get regulatory approval to buy smaller rival Max Life. Indian mortgage lender Housing Development Finance Corp Ltd ( HDFC.NS ) and its joint venture partner Britain''s Standard Life Plc ( SL.L ) plan to sale a combined maximum of 20 percent in HDFC Life, according to a regulatory filing. HDFC Life agreed in August to take over smaller rival Max Life Insurance in an all-stock deal that would have created the nation''s top private life insurer. As part of the deal, Max Life was to be merged into its listed parent Max Financial Services ( MAXI.NS ), which in turn would have combined its life insurance business with HDFC Life. The deal, however, did not win approval from India''s insurance regulator. Both sides have previously said they remain committed to the deal and were evaluating various options. On Monday, HDFC Life said if the parties are able to obtain approval from the regulator, the company and its main shareholders would be willing to re-evaluate a deal with Max Life in "due course". "At the present time, no (deal) structure prior to an IPO of HDFC Life has been identified which satisfies shareholders'' requirements," it said. Standard Life also confirmed the HDFC statement. IFR, a Thomson Reuters publication, earlier on Monday reported that HDFC Life has short-listed Credit Suisse and Morgan Stanley, Nomura and Haitong Securities for managing its planned IPO, with more banks set to be added this week. Before it agreed to the Max Life deal, HDFC Life had planned to go public via an IPO. HDFC Life''s rival SBI Life Insurance Co Ltd, a unit of top lender State Bank of India ( SBI.NS ), on Monday filed for an initial public offering of shares that bankers have said could raise more than $1 billion. Reporting by Devidutta Tripathy; editing by Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hdfc-standard-ipo-idINKBN1A21YO'|'2017-07-17T21:08:00.000+03:00'
'22a9cf2f6cf1d399573198d9fb6fac9185157361'|'Britain''s easyHotel to expand into Iran'|'July 17, 2017 / 3:07 PM / 15 minutes ago Britain''s easyHotel to expand into Iran Alistair Smout 3 Min Read LONDON (Reuters) - Britain''s easyHotel has reached an agreement with developers to open more than 500 rooms in Iran, joining other foreign chains that have moved into the country since the lifting of sanctions. The budget chain, which was launched by easyJet ( EZJ.L ) founder Stelios Haji-Ioannou in 2004, now operates in Britain, six other European countries and the United Arab Emirates. "There are a number of hotel companies that are looking to expand into Iran. We''re looking to develop in the Middle East, and it made sense for us to take this opportunity," easyHotel Chief Executive Guy Parsons told Reuters. Other chains to have moved into Iran since the lifting of sanctions include France''s Accor ( ACCP.PA ), Spain''s Melia Hotels International ( MEL.MC ) and several hotel companies based in the Gulf. "We''re comfortable that now is the right time to go ... But we''re going to keep monitoring the situation and discussing it with the franchisee and developer in Iran," he said. Relations between Iran and Britain have often been fraught though there has been a gradual improvement in recent years, helped by Iran''s nuclear deal with major world powers that led to international economic sanctions being lifted in 2016. Iranian protesters stormed the British embassy in 2011, prompting London to expel Iranian diplomats, and the countries only resumed diplomatic relations in 2014. Iran is the 33rd largest tourism market in the world, according to the World Travel and Tourism Council, and the government hopes to attract 20 million tourists a year by 2025. Parsons said easyHotel in Iran would be managed by a franchisee, meaning much of the running of the hotels would be subcontracted to local staff, allowing the firm to expand without risking direct capital investment. He also said most of its customers would probably be "Iranians in Iran" and the company was not necessarily targeting a large growth in travel from Europe or Britain. Additional reporting by Noor Zainab Hussain; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-iran-easyhotel-idUKKBN1A21MI'|'2017-07-17T18:07:00.000+03:00'
'03be1b3d0bf21ba42e0cb51c443f9f2f152cdc02'|'Citigroup to pick Frankfurt as EU base this week - sources'|'July 17, 2017 / 6:50 PM / in 13 minutes Citigroup to pick Frankfurt as EU base this week - sources Alexander Hübner and Anjuli Davies 2 Min Read A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. Mike Segar/Files FRANKFURT/LONDON (Reuters) - U.S. bank Citigroup Inc ( C.N ) is set to become the latest Wall Street bank to pick Frankfurt as its European Union base this week in preparation for when Britain leaves the European Union, two sources told Reuters on Monday. Citi had earlier said it would choose Frankfurt to become its hub for sales and trading in the EU and move "a couple of hundred" jobs outside of London after Brexit. Citi''s European base move was reported on Monday by Sky News. British finance minister Philip Hammond said this month that the country should push for a transitional deal to help businesses, as the government held its first high level meeting with corporate leaders to discuss Brexit. Global banks have said they could move thousands of jobs out of Britain to prepare for the country''s planned EU exit. Financial services firms need a regulated subsidiary in an EU country to offer products across the bloc, which could prompt some to move jobs out of Britain if it loses access to the European single market. The Association of Foreign Banks in Germany expects 3,000 to 5,000 new jobs in Frankfurt over the next two years as a result of Brexit, its head Stefan Winter of UBS ( UBSG.S ) told German newspaper Welt am Sonntag in June. Deutsche Bank AG ( DBKGn.DE ), BNP Paribas SA ( BNPP.PA ), Barclays Plc ( BARC.L ) and Bank of America Corp ( BAC.N ) are among the banks contemplating shifting some operations after Brexit. Citi declined to comment. Reporting by Abinaya Vijayaraghavan in Bengaluru; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-citigroup-idUKKBN1A220Y'|'2017-07-17T21:50:00.000+03:00'
'ce98f25e07827294b5f6c1d909f7461e088a5b90'|'METALS-London copper supported by China imports'|'July 14, 2017 / 2:46 AM / 2 hours ago METALS-London copper supported by China imports Melanie Burton 3 Min Read MELBOURNE, July 14 (Reuters) - London copper was marking time on Friday at the top of its recent range, with encouraging import data from China and improved prospects for the global economy supporting prices. Fundamentals * London Metal Exchange copper had eased 0.1 percent to $5,869 a tonne by 0211 GMT, extending small losses from the previous session. Prices have failed at the $5,930-$5,970 band five times in the past fortnight, reflecting formidable chart-based resistance at this level. Support is seen at the 100-day moving average at $5,761 a tonne. * Shanghai Futures Exchange copper slipped 0.6 percent to 47,030 yuan ($6,933) a tonne. * Zinc and lead fell by around half a percent in London and by around 2 percent in Shanghai, weighed down by falls in steel prices. * The number of Americans filing for unemployment benefits fell last week for the first time in a month and producer prices unexpectedly rose in June, likely keeping the Federal Reserve on course for a third interest rate increase this year. * China posted stronger-than-expected June trade figures on Thursday, bolstered by firm global demand for Chinese goods and robust appetite for construction materials at home, but local curbs on lending could weigh on imports later this year. * Workers at the Zaldivar copper mine in Chile, owned by Antofagasta Plc and Barrick Gold Corp, will resume talks with Antofagasta after voting to strike earlier this week, the union said on Thursday. * The LME is trying revamp its digital metal storage system LMEshield, which registers material stored in non-exchange warehouses to guard against fraud, after scant uptake since it was launched over a year ago. * For the top stories in metals and other news, click or Markets News * Global stocks scaled record highs on Friday, with Asian equities rising for the fifth straight session, as signs the Federal Reserve will pursue a gradual rate tightening path and hopes of a strong earnings season lifted appetite for risk assets. Data Ahead (Gmt) 0600 Germany Final consumer prices Jun 0645 France Consumer prices (INSEE) Jun 1230 U.S. Producer prices Jun 1230 U.S. Jobless claims weekly 1000/1400 U.S. Fed Chair Janet Yellen delivers her 2nd day of semiannual monetary policy testimony before the Senate Banking Committee Prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1K51FP'|'2017-07-14T05:42:00.000+03:00'
'cd2f84d87250768c74481dff64e699ce3be0d6f8'|'Battered Carillion appoints HSBC as financial adviser, broker'|'July 14, 2017 / 7:00 AM / 8 hours ago Battered Carillion turns to HSBC amid rights issue talk Reuters Staff 2 Min Read A Carillion sign can be seen on a van in Manchester, Britain July 13, 2017. Phil Noble (Reuters) - Crisis-hit Carillion ( CLLN.L ) hired HSBC ( HSBA.L ) as joint financial adviser and joint corporate broker on Friday, fuelling speculation that the construction and support services company was preparing a rights issue. Carillion, which had seen 70 percent wiped off its market value this week, is reviewing "all options" after it booked a 845 million pound writedown on Monday against customer payments it no longer expected to be able to collect. Analysts believe Carillion might have to raise at least 500 million pounds via a share sale or that a debt-for-equity swap could be on the cards to shore up the balance sheet. Its average net borrowing in the first half of the year rose to 695 million pounds from 586.5 million over 2016. Shares bounced 9 percent to 60.65 pence by 0735 GMT, valuing the company at only about 250 million pounds. Carillion shares have been in freefall following the profit warning and exit of its chief executive at the start of the week. Its bondholders have braced for "painful" talks as a pile-up of receivables and debt spooked investors. HSBC, which has been part of Carillion''s banking group in the past, joins Morgan Stanley and Stifel as Carillion''s existing corporate brokers and Lazard as its financial adviser. A source said HSBC would complement Carillion''s existing advisor line up. "With (HSBC) having a long-standing relationship with Carillion, they''re quite supportive at this time," the source said. HSBC, which was Carillion''s adviser on its failed attempt to take over peer Balfour Beatty ( BALF.L ), relaunched its corporate broking in January 2013, and has since been targetting more mandates. Carillion was demerged from the Tarmac group in 1999 and went on to buy construction firm Alfred McAlpine. The company has worked on projects ranging from London''s Tate Modern gallery to the Twickenham rugby stadium. Reporting by Esha Vaish in Bengaluru; editing by Jason Neely/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-carillion-broker-idUKKBN19Z0K9'|'2017-07-14T09:59:00.000+03:00'
'c290fd0155e34dad24f8322fffc452755494c97b'|'Loan growth, better spreads fail to impress U.S. bank investors'|'July 14, 2017 / 11:55 PM / 14 hours ago Loan growth, better spreads fail to impress U.S. bank investors David Henry and Dan Freed 4 Min Read NEW YORK (Reuters) - U.S. banks are starting to see some long-awaited benefits of higher interest rates, with four of the largest lenders beating analysts'' quarterly profit expectations on Friday by raising loan prices without paying much more for deposits. But shares of JPMorgan Chase & Co ( JPM.N ), Wells Fargo & Co ( WFC.N ), Citigroup Inc ( C.N ) and PNC Financial Services Group Inc ( PNC.N ) were down in afternoon trading. Investors had wanted to see even better results and hear a sunnier outlook from executives, analysts said. "Bank stocks were due for a breather," Edward Jones analyst Shannon Stemm told Reuters. "They had a lot of optimism priced into the shares as investors got excited about rising interest rates and the prospect for regulatory reform. However, the fundamental picture is more mixed." JPMorgan, for instance, reported loan growth, deposit growth and higher net interest income, which measures the difference between its cost of funding and the revenue it generates from those funds. Overall, its earnings rose 13 percent. However, management now expects net interest income to rise by $4 billion this year, down from a previous outlook of $4.5 billion, due to a combination of mortgage adjustments, weakness in markets-related income, and unexpected "downward pressure" on 10-year bonds. As JPMorgan''s stock dropped 1.1 percent to $92.05, Citigroup bank stock analyst Keith Horowitz said investors were disappointed by the gloomier outlook, and had "a high bar priced into the stock." The Federal Reserve has raised rates three times since the second quarter of last year, with the latest increase coming in June. Rising rates are generally good for banks, but because there have been uneven movements in short- and long-term rates, lenders have not seen income grow as quickly as investors expected. Wells Fargo, Citigroup and PNC each reported year-over-year increases in their loan books. Wells and PNC said the spread between what they pay for deposits and charge for loans had grown, thanks to higher rates. They all beat analysts'' average estimates for earnings per share. But Wells Fargo''s revenue came in shy of expectations, and analysts questioned executives about elevated expenses on a conference call. Its shares were down 1.2 percent at $54.94. The J.P.Morgan logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. Reinhard Krause Citigroup''s picture was muddied by the nature of its business. The bank relies less on deposits from consumers, who have not demanded higher rates as quickly as institutional customers. A big chunk of its loan growth came from credit cards that do not carry balances, meaning it does not earn interest from those loans. Chief Financial Officer John Gerspach encouraged analysts to think not just about income tied directly to those loans, but other business it generates from underlying customers. Slideshow (2 Images) "But we like the business that we''ve been putting on," he said. "We certainly would rather have loan growth than non-loan growth." Citi shares were down 0.7 percent at $66.54. PNC showed particular strength in commercial loans, and its net interest income rose 5 percent as deposit costs rose less than the yields it earned. The bank plans to expand its corporate lending business, and stuck with its prior forecast that its loan book will grow in the mid-single digits for the full year. But even that positive outlook generated some surprise. Its shares were down 0.4 percent in afternoon trading at $126.78. "You maintained the full year ''17 guidance," Evercore ISI analyst John Pancari said on a conference call with management. "Why not up?" Management is "still comfortable" with the guidance offered earlier in the year, Chief Financial Officer Robert Reilly said. Reporting by David Henry and Dan Freed; Additional Reporting by Olivia Oran and Sweta Singh; Writing by Lauren Tara LaCapra; editing by Bernard Orr 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-banks-results-idUKKBN19Z2JS'|'2017-07-15T02:54:00.000+03:00'
'28b533864f10a90a47b96df928db07373005fe04'|'Norwegian might still transform long-haul flying'|'A DECADES-old dream of many low-cost carriers (LCCs), to break into the market for long-haul flights, has also been a long-standing nightmare for executives at full-service airlines, who earn their corn chiefly on such routes. So a series of setbacks for Norwegian, the latest LCC to try its hand at long-haul flights, has set off a round of Schadenfreude at established airlines across Europe. On July 13th, Norwegian revealed a disappointing set of results for the three months to June. A week earlier its chief financial officer of 15 years, Frode Foss, resigned with immediate effect, sending the share price down by 8%. Over the past year the shares have lost a third in value, as investors grow nervous.The worries go back to Norwegian’s decision to begin long-haul flights. Founded in 1993 by Bjørn Kjos, still its CEO and biggest shareholder, it took over some domestic routes in Norway from a bankrupt charter airline, Busy Bee. Then in 2002 it went into short-haul flights in Europe, becoming the continent’s third-largest LCC. After a few years of decent profits, in 2012 Norwegian ordered 222 new planes that together cost several times its own value, and announced its new “no-frills” long-haul routes to America and Asia.Latest updates Trumpcare, version three Democracy in America 7 minutes ago Turkey 31 2 hours 10 See all updates Investors were sceptical. Many LCCs have gone under trying to enter the long-haul market (see table), or had to admit defeat. The pioneer of no-frills transatlantic flights in the 1970s, Sir Freddie Laker, could not make his ventures work. Mr Kjos sees Laker as an inspiration; this spring Norwegian painted his face on one of its jets.Yet changes in aircraft technology, consumer tastes and workers’ benefits mean that the long-haul low-cost model has a better chance of working today. Andrew Charlton of Aviation Advocacy, a consultancy, notes that new, fuel-efficient aircraft, such as the Boeing 787 and 737MAX aircraft purchased by Norwegian, mean it is now possible to fly smaller numbers of passengers over long distances at relatively low cost. Passengers have grown accustomed to low-cost carriers (LCCs)—which fly more than two-fifths of all passengers within Europe each year—and are more willing than in the past to try out no-frills airlines on longer routes, too. A third factor helping low-cost long-haul travel is that airlines are less encumbered by generous labour contracts and unfunded pension costs than before. Some LCCs, such as Scoot, owned by Singapore Airlines and Jetstar, owned by Australia’s Qantas, using similar tactics to Norwegian, are making a fist of low-cost long-haul flights.In the case of Norwegian, however, investors worry that the investment it has made in its long-haul business could swamp its balance-sheet, says Ross Harvey of Davy, a stockbroking firm in Dublin. It is more highly leveraged than other European airlines—shareholders’ equity accounted for 11% of its assets last year, compared with 35% for Ryanair, Europe’s largest LCC, and 49% for easyJet, the second-biggest. It also has relatively low cash reserves and fairly thin profit margins.That may make it difficult to withstand the shocks that regularly beset the aviation sector. An event such as a terror attack that reduces passenger numbers or a sudden increase in fuel prices would hit Norwegian hard. An approaching crunch over the next year, when Norwegian has to pay for 19 new A320neo jets that it cannot currently use or lease because they have engine problems, may explain the CFO’s sudden departure, says Bjorn Fehrm of Leeham Company, a consultancy: “he would not want to be around to sort this mess.” In a statement Mr Kjos said it was understandable that Mr Foss would wish to concentrate on “other tasks” after 15 years at Norwegian.If Norwegian gets into trouble, there is at least an obvious solution: a takeover by a rival with deeper pockets. Ryanair and easyJet are not interested because they do not want to complicate their business models. But Willie Walsh, the boss of IAG, a London-based group made up of several flag-carriers, seems eager to take on Mr Kjos in the low-cost long-haul market. British Airways, one IAG airline, has started to run cheap long-haul flights on the same routes as Norwegian from London’s Gatwick. In March IAG launched Level, a long-haul LCC, in Barcelona, to fight off Norwegian’s new long-haul hub there. The gossip among analysts is that IAG is readying itself to snap up its rival if it weakens further. If full-service airlines can’t beat LCCs, the answer may be to join them.This article appeared in the Business section of the print edition under the headline "The little airline that could"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725031-its-shares-are-down-and-its-cfo-has-suddenly-left-norwegian-might-still-transform-long-haul?fsrc=rss%7Cbus'|'2017-07-13T23:21:00.000+03:00'
'9ae6fe5dba98791efc0146a3591121bdd0a7c793'|'Wells Fargo trims auto loans as market cools, risk overhaul kicks in'|'July 12, 2017 / 5:20 AM / 15 minutes ago Wells Fargo trims auto loans as market cools, risk overhaul kicks in Dan Freed 6 Min Read FILE PHOTO: A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. Jim Young/File Photo NEW YORK (Reuters) - Wells Fargo & Co is scaling back and remolding its auto lending business in response to growing stress in the market, as well as a bank-wide push for more centralized risk controls. Wells, which was the No. 2 U.S. provider of auto loans less than a year ago, has already cut quarterly originations by nearly 30 percent over the nine months leading into March 31, according to a May 11 company presentation. It has also begun consolidating the collections operation in a move that people familiar with the business say could eliminate hundreds of jobs, after a new head of auto finance took the reins in April. Wells Fargo joins other lenders in reducing exposure to the rapidly cooling U.S. auto market. Bankers, auto industry executives, analysts and regulators have been warning since 2014 that the auto loan market could overheat after being fueled for years by low interest rates and easy financing terms. Chasing growth, some lenders, including Wells Fargo, began to embrace borrowers with shaky credit. In late 2015, however, auto default rates began creeping above other types of consumer debt, according to data compiled by Cox Automotive, prompting some lenders to tighten standards and edge away from the market. Wells Fargo began curtailing its auto exposure beginning last year. It cut the share of subprime loans in the auto portfolio to over 8 percent in the first quarter from over 11 percent a year earlier, according to a company presentation. Analysts expect to see higher delinquency and default rates when Wells Fargo reports results on Friday. "The general view, which they''ve been pretty clear about, is that loan growth will be negative for next two to three quarters," said Brian Foran, an analyst at Autonomous Research. He expects the auto pullback to shave roughly one percentage point off Wells Fargo''s net interest income growth over time. The bank''s executives have acknowledged that tightening of standards comes at a price. "Wells Fargo is willing to give up volume and share in order to protect its balance sheet from credit risk," Franklin Codel, the bank''s head of consumer lending, told the bank''s investor day in May. At the same event, Chief Executive Officer Tim Sloan singled out auto loans as the business with the biggest potential for a "negative credit event." A Wells Fargo spokeswoman declined to comment for this story beyond what executives have already said about auto lending. As Wells Fargo''s auto loan originations have dropped, it has slipped to No. 7 from No. 2 among top U.S. auto lenders, according to Experian Automotive. The bank also began a revamp of its auto business early this year as part of a broad overhaul following a sales scandal that has roiled the third-largest U.S. bank by assets. In April, Laura Schupbach took over management of the auto business, months after her predecessor, Dawn Martin Harp, announced plans to leave. Schupbach is a 22-year Wells Fargo veteran who most recently ran its insurance business after various roles in finance and expenses, according to her corporate biography. Weeks later, the bank began the process of moving collections staff from 57 locations across the country to three central hubs in Raleigh, North Carolina, Irving, Texas and Chandler, Arizona, according to an internal memo viewed by Reuters. People with knowledge of the business say hundreds of positions will likely be eliminated. A bank spokeswoman declined to say how many jobs might be lost, and would not authorize an interview with Schupbach. Martin Harp could not be reached. Less Independence The auto lending shake-up, some details of which were first reported by Auto Finance News, is the latest indication that Wells Fargo''s top management is seeking greater control over businesses that traditionally operated with much independence. In interviews, three people who have worked inside the auto lending operation raised questions about what impact the abandoning of the "run it like you own it" philosophy will have in the long term. In recent years auto lending delivered nearly twice as much in revenue per dollar of expenses as the overall bank, according to people familiar with the numbers. They attributed the performance to tight cost controls and the operational independence that was once a source of pride for Wells Fargo. But that business model has come under scrutiny after revelations that thousands of branch employees created as many as 2.1 million accounts to hit aggressive sales targets. Following an internal investigation, Wells Fargo''s directors released a report in April recommending tighter and more centralized risk management. Since then, Wells has begun moving 5,200 risk employees from business units to one "corporate risk" division. Although the changes could make businesses less nimble, tighter controls were inevitable, said Marty Mosby, analyst at Vining Sparks. "It was hard for them to give up that last piece of who they really were," he said. "That''s what made them more profitable than the other bank." Reporting by Dan Freed; Editing by Lauren Tara LaCapra and Tomasz Janowski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/wells-fargo-autos-idINKBN19X0FW'|'2017-07-12T08:19:00.000+03:00'
'988962e49cb6c521638299e78686684068ce2adb'|'EMERGING MARKETS-Brazil stocks edge up ahead of labor reform vote'|'Market  33pm EDT EMERGING MARKETS-Brazil stocks edge up ahead of labor reform vote (Updates prices, adds details on Mexican stocks) SAO PAULO, July 11 Brazilian stocks rose on Tuesday as traders bet lawmakers would approve President Michel Temer''s plans to revamp labor regulations despite an ongoing political crisis, while Mexican stocks slipped back from a record high. The planned labor reform, which investors see as critical to boost long-term economic growth, is expected to clear a final Senate vote later in the day. Traders said the vote will serve as a gauge of lawmaker''s support for Temer''s reform platform, which came under pressure in recent months after he was caught on tape allegedly condoning bribes to silence a key witness in Brazil''s largest-ever corruption scandal. Brazil''s benchmark Bovespa stock index gained nearly 1.3 percent, as rising prices of crude and iron ore lifted shares of state-controlled oil company Petróleo Brasileiro SA and miner Vale SA. Shares of planemaker Embraer SA also advanced following strong second-quarter delivery figures. Mexico''s S&P BMV IPC stock index touched a fresh intraday record high but ended a bit down. Stocks have been supported by forecasts for solid second-quarter earnings. Shares of Grupo Televisa shrugged off early losses to close up even after the Mexican media heavyweight reported a dip in second-quarter revenue as viewers and advertisers turning to online rivals. Investors have closely followed U.S. economic indicators in search of clues over the pace of U.S. interest rate hikes next year. Concerns that higher rates could drive capital away from risky assets hammered wider emerging market currencies earlier in the day, with the South African rand tumbling more than 1 percent. Latin American stock indexes and currencies at 20:18 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,018.47 +0.91 +17.05 MSCI LatAm 2,613.67 +0.87 +10.71 Brazil Bovespa 63,832.15 +1.28 +5.99 Mexico S&P/BVM IPC 50,510.23 -0.21 +10.66 Chile IPSA 4,885.29 -0.34 +17.68 Chile IGPA 24,417.25 -0.31 +17.76 Argentina MerVal 22,122.63 +0.76 +30.76 Colombia IGBC 10,993.84 +0.66 +8.55 Venezuela IBC 125,901.22 +1.26 +297.10 Currencies Latest Daily YTD pct pct change change Brazil real 3.2517 0.22 -0.08 Mexico peso 17.936 0.14 +15.66 Chile peso 666.500 -0.06 +0.63 Colombia peso 3,075.510 -0.43 -2.41 Peru sol 3.256 -0.03 +4.85 Argentina peso (interbank) 17.000 +0.00 -6.62 Argentina peso (parallel) 17.370 -0.40 -3.17 (Reporting by Bruno Federowski; Editing by James Dalgleish) Our Standards: The Thomson Reuters Trust Principles Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1K21KT'|'2017-07-12T00:33:00.000+03:00'
'6182b0143b26a22f4a4c7ccb0ebe6f2c36cd423b'|'Coal plan sparks ire as Myanmar struggles to keep lights on'|'July 11, 2017 / 11:27 PM / 11 minutes ago Coal plan sparks ire as Myanmar struggles to keep lights on Shoon Naing and Yimou Lee 5 Min Read People sit by candlelight in their home in Dala township, outside Yangon, Myanmar February 6, 2017. Picture taken February 6, 2017. Soe Zeya Tun - RTX3B1ZQ YANGON (Reuters) - Opposition to a planned $3 billion coal-fired power plant in eastern Myanmar is highlighting the challenges facing Aung San Suu Kyi''s government in crafting a coherent energy policy in one of Asia''s poorest and most electricity-starved countries. With only a third of the country''s 60 million people connected to the grid and major cities experiencing blackouts, finding investors is tough for Myanmar and it is now looking at options, from coal to deep-sea gas, to boost its power supply. Myanmar has reserves of natural gas, but most existing offshore production is exported under agreements struck during the junta era, while new blocks will not come on stream for some years. Coal would be one of the quickest ways to ramp up power generation but, as protests against the proposed 1,280 megawatts (MW) project in the eastern Kayin state show, the option is unpopular in Myanmar. More than 100 activist groups across the country have signed a joint statement calling for the project to be cancelled and urging the government to look at renewable energy instead. "They are worried about their land and water, which would be affected by the coal-fired plant," said Kayin-based activist Nan Myint Aung, referring to residents in the area who mostly depend on agriculture. Attracting investment is crucial for Suu Kyi, who has made job creation one of her top priorities. Foreign direct investment has fallen 30 percent from the previous year to $6.6 billion in 2016/17 due to sluggish progress on retooling the economy after decades of military rule. Myanmar aims a more than fourfold increase in its electricity generation of over 23,500 MW by 2030 to meet rising demand, a target experts said will be difficult to achieve - particularly, they say, if policy remains confused. Uncertainty Over Energy Mix The Kayin state project, which is still awaiting approval from the authorities, is among the 11 planned coal-fired plants in Myanmar and, by itself, would increase the country''s current electricity production by 25 percent, official data shows. But it is uncertain how many of those projects will go ahead. The former quasi-civilian government led by President Thein Sein had to stall more than 10 coal projects across the country due to opposition on environmental grounds. Some western experts advising the government also oppose the solution, arguing that importing coal - which is not abundant in Myanmar - would mean an outflow of dollars from a country with tiny reserves of hard currency. A woman stands near a generator used at a tea shop in Dala township, outside Yangon, Myanmar February 6, 2017. Picture taken February 6, 2017. Soe Zeya Tun Officials have previously said they were looking to increase the share of hydro power in the country''s energy mix. Most of its 49 planned hydropower projects have stalled, however, amid a lengthy dispute with China over the building of the Myitsone mega dam. An electricity master plan has been under review since last year, but the government has yet to reveal details. Several energy officials said the share of coal and gas could be increased at the expense of hydro. "International investors would like to see more clarity on energy policy. It is presently very difficult to say exactly what Myanmar''s energy plans are," said Jeremy Mullins, researcher at Yangon-based consulting firm Frontier Myanmar. Slideshow (7 Images) "Dilemma of Coal" Kayin''s energy minister, Soe Hlaing, told Reuters that the government would go ahead with the project if there was "enough public support." He did not elaborate. Residents and environmentalists say the risks the plant in Kayin could pose to the environment and the livelihoods of local people are not being properly investigated. A feasibility study on the environmental and social impact will be ready later this year before the final decision from the energy ministry, local authorities said. Thailand-based TTCL Public Company Ltd ( TTCL.BK ), developer of the project, said it would build a high-efficiency low-emissions station with advanced "clean coal" technology to mitigate environmental impact. Coal currently generates just 1 percent of Myanmar''s electricity. Win Htein, one of the top leaders from Suu Kyi''s National League for Democracy, said alternatives such as hydropower would take time and coal was ideal for the country''s urgent energy demand. "If we have to choose between the dilemma of coal and the development of the country, we prioritise the development," he said. Reporting By Shoon Naing and Yimou Lee; Editing by Alex Richardson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-myanmar-energy-idUKKBN19W2V7'|'2017-07-12T02:24:00.000+03:00'
'9ab6b491350f9c5ba36e0e2e3833988fdf1a552b'|'Brussels opens door to more budget flexibility for Italy'|'July 12, 2017 / 7:31 PM / 11 minutes ago Brussels opens door to more budget flexibility for Italy Reuters Staff 3 Min Read FILE PHOTO: European Commission Vice-President Valdis Dombrovskis addresses a news conference at the EU Commission headquarters in Brussels, Belgium May 22, 2017. Francois Lenoir ROME (Reuters) - The European Commission signalled on Wednesday it may again grant Italy some flexibility around its deficit-cutting commitments for next year but warned that the national debt must fall, an official letter showed. Stubbornly slow-growing Italy proposed in June to cut its structural budget deficit by 0.3 percent of gross domestic product next year, sharply reducing a previous pledge and potentially dodging an unpopular sales tax hike. In a letter addressed to Economy Minister Pier Carlo Padoan on Wednesday, European Commission Vice President Valdis Dombrovskis and Economics Commissioner Pierre Moscovici suggested the rules could be bent in some circumstances. "The Commission may in some cases consider as adequate a fiscal adjustment somewhat below the requirement prescribed by the matrix," the letter posted on the Italian Treasury''s website said. The EU''s executive will also take into account the need to support Italy''s economic recovery, it said, while adding that the government must still deliver "a significant fiscal adjustment," and ensure a fall in the public debt. The assessment of Italy''s 2018 budget, to be presented by mid-October, would "primarily" take into account whether it cuts public spending net of debt servicing costs, the letter said. Italy, whose debt of around 133 percent of GDP is the highest in the euro zone after Greece''s, has repeatedly tussled with the Commission over its budget goals. Last month the government of Prime Minister Paolo Gentiloni passed a mini-budget demanded by Brussels to rein in the 2017 deficit, which is now targeted at 2.1 percent of GDP. The Commission''s letter was "good news", Gentiloni told reporters at a news conference in the northern city of Trieste. Italy''s June proposal backtracked on a previous plan to cut the structural deficit, which excludes one-off items and the effects of the business cycle, by 0.8 percent of output in 2018. The ruling Democratic Party (PD) is anxious to avoid severe belt-tightening measures ahead of a national election next Spring. PD leader Matteo Renzi ruffled feathers in Brussels this week by proposing that Italy should actually raise its deficit to 2.9 percent of GDP and hold it at that level for five years, to allow for tax cuts to try to boost growth. Reporting by Isla Binnie and Gavin Jones; Editing by Crispian Balmer and Robin Pomeroy 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-budget-eu-idUKKBN19X2P6'|'2017-07-12T22:31:00.000+03:00'
'fe1fb40efd736acc893082f695b44c567dd5ec69'|'BAE sees eventual UK role in Franco-German fighter project'|'July 14, 2017 / 10:51 AM / 4 hours ago BAE says unfazed by Franco-German fighter project, sees future role Reuters Staff 3 Min Read A sign adorns a hangar at the BAE Systems facility at Salmesbury, near Preston, northern England March 10, 2016. Phil Noble RAF FAIRFORD, England (Reuters) - The head of military aviation at UK defence contractor BAE Systems ( BAES.L ) said on Friday he did not feel threatened by Franco-German plans to develop a new European fighter and predicted Britain would end up participating in some way. France and Germany unveiled plans on Thursday for a new European fighter to tighten defence and security cooperation. The two countries currently compete for sales, with Germany and Britain both part of the Eurofighter consortium. "I welcome it. I don''t feel threatened by it. I would like to see how it matures," Chris Boardman, BAE''s managing director of Military Air and Information, said, adding BAE was always willing to collaborate in Europe, America and elsewhere. "I am sure it would happen over time and I am absolutely convinced that we, the UK, and we, BAE Systems, will one way or another have an involvement," Boardman told a news conference at the Royal International Air Tattoo, a major military air show. "If you ask me what that will be and when it will be, I can''t answer those questions, but I understand what the general trend in the world is," he said. However, he drew a contrast between Franco-German plans to look at a replacement for the Eurofighter and France''s Rafale aircraft and two separate fighter projects already under way between Britain and Turkey and Britain and Japan, in which BAE is involved. "My comment on Europe is ''fantastic''. Europe has now recognised what the rest of the world is doing," he said. Britain and Turkey signed a deal in January to develop Turkish fighter jets. Britain and Japan are looking at the potential development of a new stealth fighter under a technology deal reached in March. Boardman also said there had been no let-up in efforts by France and Britain to develop an unmanned aerial combat demonstrator. BAE is working on the project with France''s Dassault Aviation ( AVMD.PA ), which also builds the Rafale fighter jet and is expected to represent France in the new Franco-German project. France and Germany said on Thursday they would look at a new "combat air system," suggesting it could involve both manned and unmanned components. Referring to the Anglo-French combat drone project, Boardman said, "We are now working very closely with Dassault to take that to the next stage of commitment ... at the end of this year. There is nothing that I see which is stopping the pace of that discussion (or) the partnership that we have developed". Reporting by Tim Hepher; Editing by Greg Mahlich 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-britain-bae-idUKKBN19Z142'|'2017-07-14T13:50:00.000+03:00'
'4c78d144172e1c40bf6c6b951d4899a460fa6bc7'|'BlackRock supports effort to boost number of women board members'|'July 14, 2017 / 3:23 AM / 4 hours ago BlackRock supports effort to boost number of women board members Trevor Hunnicutt 3 Min Read FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. Brendan McDermid/File Photo NEW YORK (Reuters) - BlackRock Inc voted for eight proposals pushing U.S. and Canadian companies to adopt policies boosting their boards'' diversity during the most recent quarter, the world''s largest asset manager said on Thursday. BlackRock said it supported the shareholder motions to press companies to develop or disclose policies geared to promote gender diversity. It did not name the companies it pushed but said the "majority" had boards of directors lacking women. "We''ve been particularly focused on increasing the number of women on U.S. boards because progress in the U.S. has been slower than in many other markets," BlackRock said in a report it distributed. "Board diversity, particularly in terms of gender, is important from a sustainable investment perspective, given that diverse groups have been demonstrated to make better decisions," it added. "This appears to be because they are better able to consider, where appropriate, alternatives to current strategies - a proposition that can ultimately lead to sustained value creation." Women hold about a fifth of board seats in the S&P 500 index, according to Catalyst Inc, an advocacy group. BlackRock said it also voted against board members at five companies who sat on nominating committees but failed to respond to investors'' concerns about diversity. It was the first year the company "decided to vote against members of the nomination committee of men-only boards in a more systematic manner," a spokesman said, although it had engaged on the topic of gender diversity for "many years." The New York-based company manages more than $5.4 trillion in assets, many in index funds that buy broad swaths of the market, making it a top shareholder in most public companies. It has been pressured by activists and investors to back shareholder-fronted propositions and vote against obstinate boards to prompt better corporate citizenship. Chief Executive Larry Fink has encouraged executives to adjust their behaviour to focus on generating long-term value for shareholders, rather than meeting short-term earnings targets. Breaking with prior practice, BlackRock this year publicly disclosed opposition to practices at oil company Exxon Mobil Corp, drugmaker Mylan NV and other firms over climate change, compensation and other policies. BlackRock''s own board includes 17 members, four of whom are women. Reporting by Trevor Hunnicutt; Editing by Clarence Fernandez 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-blackrock-women-idUKKBN19Z09G'|'2017-07-14T06:23:00.000+03:00'
'152a4854f743ffcb929f925d4036f53a7028eb89'|'U.S. lawmaker calls for hearing on Amazon purchase of Whole Foods'|'July 14, 2017 / 2:22 PM / 34 minutes ago U.S. lawmaker calls for hearing on Amazon''s Whole Foods deal Reuters Staff 2 Min Read A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. Carlo Allegri WASHINGTON (Reuters) - U.S. Representative David Cicilline, the top Democrat on the House of Representatives Judiciary Committee''s antitrust panel, has urged the subcommittee to hold a hearing on Amazon.com Inc''s ( AMZN.O ) plan to buy Whole Foods Market Inc ( WFM.O ). The $13.7 billion deal announced in June would help the online retailer make inroads into the grocery sector and brick-and-mortar retail space. Cicilline requested the hearing on Thursday in a letter to the chair of the House Judiciary Committee and the subcommittee chairman. Shares of Amazon were down 0.2 percent in mid-morning trading on Friday. "Amazon’s proposed purchase of Whole Foods could impact neighborhood grocery stores and hardworking consumers across America," Cicilline said in a statement. "Congress has a responsibility to fully scrutinize this merger before it goes ahead." Amazon.com''s logo is seen at Amazon Japan''s office building in Tokyo, Japan, August 8, 2016. Kim Kyung-Hoon/File Photo Amazon declined to comment. The deal must be approved by U.S. antitrust enforcers, in this case most likely the Federal Trade Commission. Congress plays no formal role in that process but hearings are often used to highlight the possible impact of deals on consumers. Also this week, hedge fund manager Douglas Kass from Seabreeze Partners Management Inc said he was shorting shares of the retailer because of concern about Amazon in Washington. Kass said that he had heard rumblings on Capitol Hill regarding concern about Amazon''s size and clout but did not specify what they were. "I am shorting Amazon today because I have learned that there are currently early discussions and due diligence being considered in the legislative chambers in Washington, D.C.," he wrote in a note to investors late on Wednesday. "If I am correct, word of this could lower Amazon''s shares by 10 percent overnight." Reporting by Diane Bartz; Editing by Meredith Mazzilli 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-wholefoods-m-a-amazon-com-idUKKBN19Z1LI'|'2017-07-14T17:15:00.000+03:00'
'f871c1c04ca4190978bd8c0c5376db26644c48ae'|'U.S. consumer prices unchanged; retail sales fall again'|'July 14, 2017 / 1:31 PM / 4 minutes ago U.S. consumer prices unchanged; retail sales fall again Lucia Mutikani 5 Min Read FILE PHOTO: A customer exits after shopping at a Macy''s store in the Brooklyn borough of New York, U.S., on May 11, 2017. Brendan McDermid/File Photo WASHINGTON (Reuters) - U.S. consumer prices were unchanged in June and retail sales fell for a second straight month, pointing to tame inflation that could diminish prospects of a third interest rate increase from the Federal Reserve this year. The soft domestic demand could also temper expectations of strong acceleration in economic growth in the second quarter. The Labor Department said on Friday that the unchanged reading in its Consumer Price Index came as the cost of gasoline and mobile phone services declined further. The CPI''s drop of 0.1 percent in May and the lack of a rebound in June could trouble Fed officials who have largely viewed the recent moderation in price pressures as transitory. Policymakers are confronted with benign inflation and a tight a labour market as they weigh a third rate hike and announcing plans to start reducing the central bank''s $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities. In the 12 months through June, the CPI increased 1.6 percent - the smallest gain since October 2016 - after rising 1.9 percent in May. The year-on-year CPI has been softening steadily since February, when it hit 2.7 percent. Economists had forecast the CPI edging up 0.1 percent last month and climbing 1.7 percent from a year ago. The so-called core CPI, which strips out food and energy costs, edged up 0.1 percent in June, rising by the same margin for three straight months. The core CPI increased 1.7 percent year-on-year after a similar gain in May. The Fed has a 2 percent inflation target and tracks a measure which is currently at 1.4 percent. The dollar extended losses against a basket of currencies on the data while prices for U.S. government bonds rose. Fed Chair Janet Yellen told lawmakers on Wednesday that the recent cool off in inflation was the result of "a few unusual reductions in certain categories of prices" that would eventually drop out of the calculation. Broad Weakness Last month, gasoline prices fell 2.8 percent after tumbling 6.4 percent in May. Food prices were unchanged after rising for five straight months. The cost of cellular phone services fell 0.8 percent, extending their decline amid price competition among service providers. There were also declines in airline fares and prices for apparel, household furnishings, new motor vehicles, and used cars and trucks. Rental costs rose 0.3 percent, matching May''s gain. Owners'' equivalent rent of primary residence increased 0.3 percent after advancing 0.2 percent in May. In a separate report, the Commerce Department said retail sales fell 0.2 percent last month, weighed down by declines in receipts at service stations, clothing stores and supermarkets. Americans also cut back on spending at restaurants and bars, as well as on hobbies. May''s retail sales were revised to show a 0.1 percent dip instead of the previously reported 0.3 percent drop. Retail sales rose 2.8 percent year-on-year in June. Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.1 percent last month after being unchanged in May. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Tepid consumer spending and a moderate pace of inventory investment restricted economic growth to a 1.4 percent annualised rate in the first quarter. The Atlanta Federal Reserve is forecasting GDP to have risen at a 2.6 percent annualised rate in the second quarter. Last month, auto sales edged up 0.1 percent after rising 0.9 percent in May. Receipts at service stations dropped 1.3 percent, reflecting lower gasoline prices, after declining 3.0 percent in May. Sales at building material stores rose 0.5 percent. Receipts at clothing stores fell 0.1 percent. Department store sales tumbled 0.7 percent. They are being undercut by online retailers, led by Amazon.com ( AMZN.O ). That has led to some retailers, including Macy''s ( M.N ), Sears ( SHLD.O ) and Abercrombie & Fitch ( ANF.N ) to announce shop closures. Sales at online retailers rose 0.4 percent last month after increasing 0.8 percent in May. Receipts at restaurants and bars fell 0.6 percent, the biggest drop in six months. Food and beverage store sales declined 0.4 percent, also the largest fall in six months. Sales at sporting goods and hobby stores decreased 0.6 percent. Editing by Chizu Nomiyama'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN19Z1H8'|'2017-07-14T16:31:00.000+03:00'
'2e888ac8248646d75127300aee0effd4ad7e0ac5'|'CEO of Martin Shkreli''s old company likens him to ''Pied Piper'''|'July 13, 2017 / 9:34 PM / 3 hours ago CEO of Martin Shkreli''s old company likens him to ''Pied Piper'' Brendan Pierson 3 Min Read Martin Shkreli, former chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, departs after a hearing at U.S. Federal Court in Brooklyn, New York, U.S., June 26, 2017. Lucas Jackson (Reuters) - The CEO of Retrophin Inc, the drug company that Martin Shkreli founded and is now accused of conspiring to defraud, compared Shkreli to the Pied Piper on Thursday as he tried to explain to jurors why he stuck with the company in its early days despite misgivings. Stephen Aselage, who was hired by Shkreli in October 2012, testified in Brooklyn federal court that he worried about not always getting "straight answers" from Shkreli, but decided to stay on the company''s board of directors because he was so impressed with the young entrepreneur. "He''s a brilliant intellect, visionary," Aselage said after Assistant U.S. Attorney Alixandra Smith asked why he stayed. "I had one of my senior managers describe him as the Pied Piper – he tells a story, sings a song, and everyone just wants to follow him." Aselage testified that Shkreli originally hired him to serve as chief executive officer, a position he held for only about two months before giving it back to Shkreli. Aselage then served on Retrophin''s board of directors, became chief operating officer in mid-2014 and finally became CEO again after Shkreli was ousted in September 2014. Shkreli, 34, became famous as the "pharma bro" in 2015 after founding another company, Turing Pharmaceuticals, acquiring a life-saving anti-infection drug and hiking its price by 5,000 percent. The charges he now faces are not related to Turing but stem instead from his management of Retrophin and two hedge funds, MSMB Capital and MSMB Healthcare, between 2009 and 2014. Prosecutors say Shkreli lied to investors in the funds to conceal huge losses, and eventually paid them back with money he stole from Retrophin, through sham settlement and consulting agreements between the company and the investors. Shkreli has denied the charges. Aselage testified Thursday that Retrophin''s board of directors was not given settlement agreements between the company and MSMB investors to review and approve. "There were no discussions" about the settlements, he said. He also said he found the role of several MSMB investors hired by Retrophin as consultants "unclear," and that he found it difficult to get information about the company''s finances. Aselage is expected to continue testifying on Friday, and Shkreli''s lawyers will have a chance to cross-examine him. Several MSMB investors have testified in the trial, now in its third week. All have said that while Shkreli lied to them, they came out ahead in the end. Reporting by Brendan Pierson in New York 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-crime-shkreli-idINKBN19Y2UI'|'2017-07-14T00:32:00.000+03:00'
'f40cb126ce9c9dd7ca6b5eb38172942cea9052d4'|'U.S. farm lobby turns up heat on Trump team as NAFTA talks near'|'July 14, 2017 / 5:17 AM / 4 minutes ago U.S. farm lobby turns up heat on Trump team as NAFTA talks near Richard Cowan 7 Min Read FILE PHOTO - U.S. Trade Representative Robert Lighthizer speaks during a ceremony at the White House in Washington, U.S. on May 15, 2017. Kevin Lamarque/File Photo WASHINGTON (Reuters) - With talks to renegotiate the NAFTA trade pact just weeks away, U.S. farm groups and lawmakers from rural states are intensifying lobbying of President Donald Trump''s administration with one central message: leave farming out of it. Trump blames the North American Free Trade Agreement - the "worst trade deal ever" in his words - for millions of lost manufacturing jobs and promises to tilt it in America''s favor. But for U.S. farmers the 23-year old pact secures access to stable, lucrative markets in Mexico and Canada that now account for over a quarter of U.S. farm exports. (Graphic: tmsnrt.rs/2tNMtlc ) Now they fear this access could become a bargaining chip in efforts to get a better deal for U.S. manufacturers. "Perhaps some other sectors of our economy are given better terms and in exchange for that agriculture tariffs would be reintroduced," said Joe Schuele, a spokesman for the U.S. Meat Export Federation in Denver, Colorado. Another concern is that the mere uncertainty of open-ended trade talks could drive Mexico to alternative suppliers of grains, dairy products, beef and pork. Mexico became even more crucial after Trump''s pullout from a vast Pacific Rim trade pact negotiated under Barack Obama dashed farmers'' hopes of free access to more markets. Next week, U.S. Trade Representative Robert Lighthizer is due to outline the administration''s goals for the NAFTA talks to Congress and the farm lobby has turned up the heat in the past weeks to ensure that its interests will make Lighthizer''s list. Operating under the umbrella of the U.S. Food and Agriculture Dialogue for Trade, more than 130 commodity groups and agribusiness giants since Trump''s inauguration have been bombarding the new administration with phone calls and letters, public comments to USTR and face-to-face meetings with top officials who have Trump''s ear. "Our first ask is to do no harm," said Cassandra Kuball, the head of the umbrella group. Lobbyists said that Lighthizer, Agriculture Secretary Sonny Perdue and Commerce Secretary Wilbur Ross have been receptive, but the wild card is how Trump ultimately will come down on the talks. They also wonder what concessions Mexico will seek from Washington in the talks due to start in mid-August. Among the groups involved are the American Soybean Association, Corn Refiners Association and National Grain and Feed Association and firms such as Land O''Lakes, Inc., Tyson Foods( TSN.N ), Inc., Louis Dreyfus Company North America, Archer Daniels Midland Co. and others. For example, U.S. cotton producers, marketers and shippers in mid-June warned the Trump administration that any weakening of NAFTA "would threaten the health of the U.S. industry and the jobs of the 125,000 Americans employed by it." Quadrupling Exports Annual U.S. farm exports to Mexico have grown from about $4 billion in 1994, when NAFTA began, to an estimated $18.5 billion this year. With Canada included, that number is forecast to reach $40 billion, quadrupling under NAFTA. FILE PHOTO - Secretary of Agriculture nominee Sonny Perdue arrives at his confirmation hearing before the Senate Agriculture Committee on Capitol Hill in Washington, DC, U.S. on March 23, 2017. Aaron P. Bernstein/File Photo Republican lawmakers from rural states that have backed Trump in the 2016 election have sought to leverage their political clout to press farmers'' case at a time when they struggle with low crop prices. Pat Roberts, Republican senator from Kansas, who chairs the Senate Agriculture Committee, said he used an unexpected invitation for a private White House meeting with Trump to plug in agriculture''s cause in NAFTA and beyond. "He (Trump) wanted to know what was happening in farmland," Roberts said. "I told him we went through a very rough patch and if we did not have a strong, robust, predictable trade policy, it''s going to make life much more difficult in farm country," Roberts said of the 45-minute meeting in late June. In May, 18 Republican senators, mainly from pro-Trump farming states, wrote the administration about the "tremendous growth" in U.S. trade with Mexico and Canada as a result of NAFTA. "Efforts to abandon the agreement or impose unnecessary restrictions on trade with our North American partners will have devastating economic consequences," they warned. Slideshow (3 Images) Trump''s pledges to crack down on immigration and calls for a wall along the border with Mexico also vex farm state lawmakers. "What I really need is a good, solid immigration system,” South Dakota Republican Senator Mike Rounds said. Given his state''s low unemployment rate of just around 2.8 percent, farmers and ranchers need better access to legal foreign labor, he said. Storm Over Sunny Slope Agriculture Secretary Perdue got a taste of farmers'' angst when met cattle ranchers in Nebraska on May 20. The event was held shortly after Washington agreed with China to resume beef exports, but some 60 ranchers who gathered at U.S. Senator Deb Fischer''s Sunny Slope Ranch quickly turned to NAFTA. "If the president wants to renegotiate that agreement with our neighbors and partners in Mexico and Canada please leave the ag portion of that discussion out," said Pete McClymont, executive vice president of Nebraska Cattlemen, summarizing the discussion. While lobbying in Washington, some Republican lawmakers have also met with Mexico''s ambassador and U.S. farming representatives traveled south to assure their partners unsettled by Trump''s "America First" mantra. "The common comment is: ''why are you here? The problem is not with us. The problem is in Washington. Why are you talking to us?''" said Tom Sleight, president and CEO of the U.S. Grains Council. "The new normal is that feed buyers, millers, grain buyers are actively looking at alternative sources," he said. It will take months to find out how effective the lobbying was. Meantime, some are willing to give Trump the benefit of the doubt. Daryl Haack, a corn and soybean farmer from Primghar in northwest Iowa, like others fears retaliation from either Canada or Mexico, but is optimistic it will not come to that. "I think President Trump is a negotiator," he said. "I think he runs bluffs. A lot of negotiators will do that." Reporting By Richard Cowan, Additional reporting by Mark Weinraub, Karl Plume and Theopolis Waters in Chicago; Editing by Caren Bohan and Tomasz Janowski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-nafta-farming-idUKKBN19Z0DU'|'2017-07-14T08:04:00.000+03:00'
'14512fe1c5abf3239679709a46ca5df448d1067d'|'U.S. growth fund managers still bullish on Tesla after shares tumble'|'July 14, 2017 / 6:45 AM / in 7 hours U.S. growth fund managers still bullish on Tesla after shares tumble David Randall 4 Min Read First production model of Tesla Model 3 out the assembly line in Fremont, California , U.S. is seen in this undated handout photo from Tesla Motors obtained by Reuters July 10, 2017. Tesla Motors/Handout via REUTERS NEW YORK (Reuters) - Growth fund managers who have long held shares in Tesla Inc said they were still confident in the electric car maker even after production problems sent the stock diving more than 15 percent from its all-time high. Fund managers from Janus Henderson, Baron, and Tanaka said they still believed in Tesla, whose pricey valuation and 51 percent gain for the year to date have made it a target of noted short-sellers such as Greenlight Capital''s David Einhorn and Kynikos Associates'' Jim Chanos. The stock tumbled from its record high of $386.99 after the company said July 3 that it had experienced production delays and delivered about 47,100 vehicles in the first half of the year, at the low end of its own forecasts. Tesla shares fell to $323.41 on Thursday. "This is not the first nor the last quarterly Tesla disappointment or miss," said David Chung, a portfolio manager at Denver-based Janus Henderson funds. "I think longer-term investors like us recognize that we are still early in this sector and this is a truly special company and exceptional CEO." Chung said the stock valuation remained reasonable based on his estimates of the company''s 2020 fiscal year, in which its Model 3 sedan, now in production, will be fully ramped up. Chung said he expected the company would sometimes miss estimates sometimes, but Musk has earned the benefit of the doubt given the quality of existing models. The company is well on track to have a significant mass market presence within the next three years, Chung added. The first Model 3 rolled off Tesla''s assembly line a few days ago, though the company has yet to announce when it will begin regular shipments of pre-ordered vehicles. Tesla investors have high hopes for the $35,000 sedan, the company''s first foray into the mass market and a key indicator of whether its electric vehicles can become popular enough to displace established rivals like General Motors Co and Ford Motor Co. The company expects the Model 3 to help it deliver 6 times its annual volume and turn a profit. Yet the company has also been plagued by production delays that prompted it to miss previous forecasts, leading some analysts to cut their outlook. "We continue to be cautious relative to the potential for a slower than guided start to Model 3 assembly, and newly believe that the potential for Model3 pre-orders cancellations may increasingly become a point of investor concern," noted Ryan Brinkman, an analyst at JPMorgan, who has an underweight rating on the company and a $190 price target on its shares. Short sellers have targeted Tesla, which analysts expect to turn its first full-year profit in 2019. Approximately 17 percent of its shares are now being shorted, according to Thomson Reuters data, a level that has remained level throughout the year even as short sellers annual losses have topped $3.8 billion. "In terms of conviction, they seem to be very strong because they are taking it on the chin and keep on going on," said Ihor Dusaniwsky, head of research at S3 Partners, a financial analytics firm in New York. Graham Tanaka, portfolio manager of the New York-based Tanaka Growth fund, said Tesla short sellers were not factoring in potential improvements and growth of the battery division. The company began production of Model 3 batteries at its Gigafactory in Nevada in January, which should reduce costs and improve the lifespan of batteries with greater scale of production, Tanaka said. "They''re going to be making better batteries at a cheaper price than any of the competition," he said. Additional reporting by Noel Randewich; Editing by Jennifer Ablan and David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-funds-tesla-idINKBN19Z0J1'|'2017-07-14T09:44:00.000+03:00'
'c99164b31211a6e88fd859bde6ce668f9f8ec77a'|'Oil prices dip on high supplies, improving industry efficiency'|'July 14, 2017 / 1:58 AM / 4 hours ago Oil prices dip on high supplies, improving industry efficiency Henning Gloystein 2 Min Read A worker at an oil field owned by Bashneft, Bashkortostan, Russia, in this January 28, 2015 file photo. Sergei Karpukhin/Files SINGAPORE (Reuters) - Oil markets dipped on Friday, pulled down by high fuel inventories and improving industry efficiency, but were still on track for a solid weekly gain. Brent crude futures LCOc1, the international benchmark for oil prices, were down 8 cents, or 0.2 percent, at $48.34 per barrel at 0151 GMT, but up 3.5 percent for the week. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $45.98 per barrel, down 10 cents, or 0.2 percent, but up around 4 percent for the week. Crude prices are around levels in late November last year, when a group of oil producers including Russia and Organisation of the Petroleum Exporting Countries (OPEC) pledged to withhold around 1.8 million barrels per day (bpd) of production between January this year and March 2018 in order to tighten the market. Oil analysts at research and brokerage firm Sanford C. Bernstein said that global oil stocks remain high. "For the first half of 2017, OECD inventories are likely to finish higher, rather than lower... The most plausible explanation is that OPEC compliance has been not as high as has been suggested," Bernstein said. "OPEC will have to cut deeper and for longer if it wants to eliminate the inventory overhang and prices to rise," Bernstein said. It added that the upside for oil prices looked limited even if OPEC took more action due to high U.S. shale production. Goldman Sachs said that the crude oil price outlook remained weak, largely due to rising cost efficiency from U.S. shale drillers. "We see potential for shale to breakeven at $45... (and) we see $45-$55 per barrel annual WTI range," the U.S. investment bank said. Reporting by Henning Gloystein; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19Z05V'|'2017-07-14T04:57:00.000+03:00'
'102d569d88ff3b0a4669a8de24dfe9b4c5f39514'|'John Lewis says demand for big ticket items dented by confidence fall'|'July 13, 2017 / 11:53 PM / 4 hours ago John Lewis says demand for big ticket items dented by confidence fall James Davey 3 Min Read A worker scans a washing machine in John Lewis'' new distribution facility in Milton Keynes, Britain, September 6, 2016. Darren Staples LONDON (Reuters) - John Lewis, Britain''s largest department store operator, has seen a drop in demand for big ticket items as consumer confidence wanes, but trade in more spontaneous categories, such as beauty, was holding up, its boss said on Thursday. British shoppers are feeling the impact of subdued wage growth and creeping inflation, and recent surveys have shown a sharp drop in consumer confidence. "I would have preferred to start my first year as managing director of John Lewis in slightly more benign conditions," Paula Nickolds said at a media dinner, highlighting the squeeze on consumers'' disposable income, an inconclusive national election and concerns over Britain''s exit from the European Union. Nickolds, a 23-year John Lewis veteran and the first woman to run the 152-year old, employee-owned chain, succeeded Andy Street as managing director in January. Street, MD for a decade, quit the post to contest the election of the mayor of the West Midlands, a region of central England, for the ruling Conservative Party. He won in May. "The backdrop is very uncertain and it was made worse by the tragic events that happened across British cities over the last few months," Nickolds said in reference to multiple terror attacks in London and Manchester. Nickolds said the John Lewis customer was not immune: "They feel uncertain and worried about what the circumstances will mean for their future financial prosperity." John Lewis'' has reported sales rose 1.2 percent in the 23 weeks to July 8, which analysts estimate equates to a like-for-like sales fall of about 0.5 percent. "It''s the more considered categories, the arguably deferrable spend, that we''re seeing most affected by the uncertainty in the macro conditions - so those big ticket categories are currently trading just behind last year," said Nickolds. However, she said trading in spontaneous categories was holding up robustly, with beauty sales up 7 percent on last year and womenswear up 4.4 percent. "We believe those (numbers) to be significantly ahead of the market," she said. "Perhaps (it''s) the lipstick effect as we might have called it back in the recession (of 2008)." John Lewis typically makes more than 40 percent of its annual profit in the five weeks that run into Christmas. "So there is still all to play for," said Nickolds. Editing by Cynthia Osterman'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-john-lewis-outlook-idUKKBN19Y30Q'|'2017-07-14T02:52:00.000+03:00'
'94328294a4bd39bfbac1f53c33f1ff1d3f8a6b20'|'Cautious Fed lifts stocks to record high, investors eye earnings boost'|'July 14, 2017 / 12:55 AM / 11 minutes ago Global Markets: ''Gradual and patient'' Fed sends stocks to new highs, dollar dips Jemima Kelly 4 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, July 11, 2017. Staff/Remote LONDON (Reuters) - Global stocks scaled record highs on Friday, capping their best week in over two months as the dollar stayed close to nine-month lows, with bets on a gradual U.S. Federal Reserve rate hike path and hopes for a strong earnings season boosting risk appetite. Wall Street was set for a broadly flat open, with shares in JP Morgan and Wells Fargo dipping in pre-market trade after the U.S. banks released mixed earnings reports, offsetting some of the central bank-fuelled optimism. After a scare at the end of last month, when stock markets skidded on the view that the era of easy money might be coming to an end across the globe, investors have been soothed by a run of more dovish comments from central bankers. Dallas Fed President Robert Kaplan on Thursday advocated a "gradual and patient" approach to further tightening after two hikes so far this year, saying he first wanted to see more evidence that inflation is heading back up to the Fed''s 2-percent goal. Fed Chair Janet Yellen also said on Thursday that the central bank''s further rate hikes could be gradual, given persistently low inflation despite an improving economy. European shares were poised for their best week since late April as investors piled back into equities, though moves on indexes on Friday ahead of the U.S. open. The pan-European STOXX 600 index inched up 0.1 percent, adding to earlier gains on stock markets in Asia that took MSCI''s world stock index to an all-time high. "Yellen''s cautious testimony - and the dovish tones of her deputies - may have given risk-taking a new lease of life," said BNY Mellon currency strategist Neil Mellor in London. "Perhaps with the exception of Monday''s figures from China, there appears to be nothing on next week''s schedule that may seriously alter the market''s current view of the world." As the dollar dipped towards a nine-month low reached on Thursday, high-yielding currencies such as the Australian dollar and Mexican peso benefited from the risk-on mood, with the latter touching 14-month highs as the VIX index, a key gauge of asset volatility, drifted lower. Reassured Markets The recent caution from central bankers has also taken the sting out of a sell-off in the bond market, which had been gathering steam over the past few weeks in the euro zone on rising expectations that the European Central Bank is set to wind down its asset purchase programme. The bloc''s benchmark German 10-year yield fell some 3 basis points when European trading started on Friday to 0.50 percent, moving away from an 18-month high hit earlier this week of 0.583 percent. "(The Fed comments) add to our conviction that no further Fed hike should be expected for the rest of the year, which should prove reassuring for markets concerned about excessive tightening risk globally," Mizuho''s head of euro rates strategy Peter Chatwell said. Earlier, Japan''s Nikkei added 0.2 percent, poised for a weekly rise of just over 1 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan advanced 0.3 percent to its highest level in two years. The euro was up 0.2 percent at $1.1410 and was set to end the week flat. The ECB is keen to keep its asset purchases open-ended rather than setting a potentially distant date on which bond-buying will stop, to retain flexibility in case the outlook sours, three sources familiar with the discussion told Reuters. The Canadian dollar remained near its strongest in over a year after the Bank of Canada this week raised interest rates for the first time since 2010, with further tightening expected this year. In commodities, oil prices edged higher and were on track for solid weekly gains following positive demand signals, production issues in Nigeria and a reported decline in stocks. Brent crude futures, the international benchmark for oil, were up 43 cents at $48.85 per barrel. Gold was up 0.3 percent at $1,217.32 an ounce, heading for more than half-percent gain for the week Additional reporting by Nichola Saminather and Shinichi Saoshiro in Singapore, and John Geddie, Saikat Chatterjee and Kit Rees in London; Editing by Gareth Jones 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN19Z02Z'|'2017-07-14T07:34:00.000+03:00'
'08507c68100a00ebebdfafb8d8ba94de26b3162c'|'U.S. lawmaker calls for hearing on Amazon purchase of Whole Foods'|'July 14, 2017 / 2:16 PM / 15 minutes ago U.S. lawmaker calls for hearing on Amazon purchase of Whole Foods Reuters Staff 1 Min Read FILE PHOTO - Customers leave the Whole Foods Market in Boulder, Colorado, U.S. on May 10, 2017. Rick Wilking/File Photo WASHINGTON (Reuters) - U.S. Representative David Cicilline, the top Democrat on the House of Representatives Judiciary Committee''s antitrust panel, urged the panel to hold a hearing on Amazon''s ( AMZN.O ) plan to buy Whole Foods ( WFM.O ). The $13.7 billion (10.49 billion pounds) deal was announced last month, and Cicilline requested the hearing on Thursday in a letter to the chair of the House Judiciary Committee and the subcommittee chairman. "Amazon’s proposed purchase of Whole Foods could impact neighbourhood grocery stores and hardworking consumers across America," Cicilline said in a statement. "Congress has a responsibility to fully scrutinize this merger before it goes ahead." The deal must be approved by U.S. antitrust enforcers, in this case most likely the Federal Trade Commission. Congress plays no formal role in that process but hearings are often used to highlight the possible impact of deals on consumers Reporting by Diane Bartz; Editing by Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wholefoods-m-a-amazon-com-idUKKBN19Z1KY'|'2017-07-14T17:15:00.000+03:00'
'b6f1f64cb59262c1ca98596ff6ecb073ccead812'|'CANADA STOCKS-TSX rises, bolstered by gold miners, energy stocks'|'July 14, 2017 / 2:57 PM / 18 minutes ago CANADA STOCKS-TSX rises, bolstered by gold miners, energy stocks 2 Min Read * TSX up 29.61 points, or 0.2 percent, to 15,164.61 * Six of the TSX''s 10 main groups are up * Energy stocks up 0.5 percent, materials rise 0.9 percent TORONTO, July 14 (Reuters) - Canada''s main stock index rose on Friday as gold stocks, burnished by stronger gold prices, and energy firms, helped lead the market. Barrick Gold was the most influential mover on the index, rising 1.9 percent to C$20.36. Late on Thursday, a union representing workers at the Zaldivar copper mine in Chile, owned by Barick and Antofagasta Plc, said talks would resume after voting to strike earlier this week. Goldcorp advanced 1.9 percent to C$16.69. The U.S. dollar fell and bolstered the price of gold, which touched its highest level in nearly two weeks, following weak U.S. inflation and retail sales data. Gold futures rose 0.9 percent to $1,226.7 an ounce. The materials group, which encompasses miners and fertilizer producers, added 0.9 percent. The energy group was up 0.5 percent on the back of firmer oil prices, which gained on signs of greater demand. U.S. crude prices were up 1.2 percent to $46.61 a barrel. Encana Corp added 1.2 percent to C$11.90. At 10:29 a.m. ET (1429 GMT), the Toronto Stock Exchange''s S&P/TSX composite index rose 29.61 points, or 0.2 percent, to 15,164.61, after a brief turn into negative territory. Six of the 10 main index groups rose. Tempering gains was a 0.1 percent loss by the influential financials group, weighed by small dips among Canada''s biggest banks. Consumer discretionaries also retreated, sliding 0.1 percent. Advancing issues outnumbered declining ones on the TSX by 165 to 77, for a 2.14-to-1 ratio on the upside. (Reporting by Solarina Ho; Editing by Phil Berlowitz) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1K50SN'|'2017-07-14T17:54:00.000+03:00'
'9fa071c7df1ee2fe4475f2f21bb22ae25ef1f05e'|'The United States of debt'|'POLITICS in America may be an arena of mutual incomprehension with few settled facts, but the debate about the health of American firms’ balance-sheets is, if anything, even more bewildering. Ranged on one side are those who complain that America Inc is hoarding $2trn of idle cash and that this acts as a powerful drag on the economy. On the other are those, including the IMF, who yell that firms are bingeing on debt, with borrowing hitting an all-time high of $8.4trn last year. As a result firms are simultaneously accused of being timid wimps and reckless idiots.In fact, the numbers show that they are by and large a sensible bunch (especially compared with the country’s bankers and politicians). What is more, the debate over debt, as framed, misses the most intriguing thing about their balance-sheets. These have been radically reshaped to adapt to three national economic sicknesses—a financial system that companies still mistrust after the crisis; a broken tax code; and monopoly profits.Latest updates Trumpcare, version three Democracy in America 7 minutes ago Turkey 31 2 hours 10 See all updates Measuring a firm’s balance-sheet leverage involves a few moving parts, which may explain some of the muddle over borrowing. There is debt, cash and the profits that go to making interest payments. For the current members of the S&P 500 index, excluding financial firms, all three measures have soared in the past decade. Debt has risen by 114% and cash by 162%; gross operating profits are 51% higher. It is easy to cherry-pick from among these figures to make contradictory claims.What matters, however, is the size of firms’ net debts (debts less cash) relative to profits. Comparing these is rather like deducting the cash in your bank account from your debts and comparing the net amount to your salary. The ratio for S&P 500 members, adding up all their accounts, is a reasonable 1.5 times, slightly higher than a decade ago and lower than in Europe and Asia. Some firms are more “geared” than others. But the share of total debt owed by highly leveraged firms has been fairly stable over time. Although figures for the S&P 500 capture only big, listed firms, national-accounts data include all of them and indicate similar trends, with the net-debt ratio flat compared to 2006.That does not necessarily please central banks in rich countries, which since the financial crisis have kept interest rates low, in part to try to persuade companies to go on investment splurges funded by cheap debt. But companies do not work in the way that some economists would like. They invest in line with their long-term strategies, using tried-and-tested rules of thumb to gauge the attractiveness of new projects.Even if American firms have spent a decade ignoring the Federal Reserve, they have altered their behaviour in response to the economy’s three ills. First, their suspicion of the financial system means they carry a bigger buffer of cash and liquid assets. Before the collapse of Lehman Brothers in 2008 firms assumed they could always tap the money markets or borrow from banks. Now they do not entirely trust either. For every dollar of total gross profits that the present constituents of the S&P 500 earn, they carry $1.25 of cash, compared with 72 cents a decade ago.The second change is that firms have had to adapt to a decrepit tax code that is stuck in the 1980s, before business globalised. Companies must pay a levy if they try to bring foreign profits home, and as a result many do not bother. About half of the cash of S&P 500 firms remains offshore. Many multinationals now divide their balance-sheets according to geography. They build up cash abroad and borrow in America. Apple, for example, issues bonds at home to pay for its share buy-backs, rather than tapping the $240bn it has stashed abroad. So though America Inc’s consolidated balance-sheet, which adds up the domestic and foreign parts, is prudently leveraged, it is more complex than before.The last change is that companies’ profits have soared, which partly reflects a decline in competition in the economy and the rise of oligopolies in many industries. Firms are implicitly assuming that this is a permanent change. They have allowed their net debts to rise roughly in line with their rising profits (using these bumper earnings and borrowings to finance share buy-backs).Established oligopolists such as AT&T and Kraft Heinz now boast both massive profits and high levels of net debt, reflecting the fact that their managers do not expect much competition. Likewise, America’s airlines have increased debt as their profits have shot up. Younger monopolies such as Alphabet and Facebook have net cash positions, largely because the money has only just started pouring in. Eventually they may gear up, too.God help AmericaBoth arguments, that America Inc has either lost its nerve or become reckless, are wrong. But the corporate world’s revamped balance-sheet does carry risks. One is that the liquidity buffer of $2trn might be invested unwisely. Every company insists that it parks its spare money in safe banks and low-risk bonds, but this is an area where disclosure is poor, and it would be no surprise if a few corporate treasurers were making dangerous speculative bets. Another risk is that a geopolitical or financial shock could make it harder for capital to cross borders. America Inc’s geographically divided balance-sheet would be harder to manage.A final risk is that abnormally high profits could fall, making it harder to service debts. Antitrust watchdogs could get tougher with telecoms and cable-TV firms, for example, pushing earnings down. Or the labour market could tighten, pushing wages up and prompting the Fed to raise interest rates. That would squeeze companies’ near-record margins and lift their interest costs.That is clearly not what many CEOs expect. The message that is buried in balance-sheets is not that American firms are behaving stupidly in response to today’s business climate. It is that they think the disappointing status quo of high profits, muffled competition, sluggish wage growth and dysfunctional political and financial systems will continue for a long time to come.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725010-hidden-message-american-companies-balance-sheets-united-states-debt?fsrc=rss%7Cbus'|'2017-07-13T23:21:00.000+03:00'
'6fe094f90709f1b9cfc70a9df3470b08024e3d17'|'Upgrade with a dab of TPP may be U.S. recipe for NAFTA revamp'|'July 14, 2017 / 6:06 PM / in an hour Upgrade with a dab of TPP may be U.S. recipe for NAFTA revamp Lesley Wroughton 6 Min Read FILE PHOTO: Employees work at a wire harness and cable assembly manufacturing company that exports to the U.S., in Ciudad Juarez, Mexico, April 27, 2017. Jose Luis Gonzalez/File Photo WASHINGTON (Reuters) - Some provisions of the Trans-Pacific Partnership President Donald Trump quit as part of his pledge to protect American workers from "bad trade deals" may still serve to shape a revised NAFTA trade pact, U.S. officials and trade experts say. Trump threatened to ditch the 1994 North American Free Trade Agreement too, but eventually decided to renegotiate the pact in talks with Mexico and Canada due to begin in mid-August. On Monday U.S. Trade Representative Robert Lighthizer will offer first insights into the administration''s strategy when he presents Congress its objectives for the NAFTA negotiations. Several U.S. administration officials, speaking on condition of anonymity, said the Lighthizer will outline plans for updating NAFTA rather than seek a major overhaul of the agreement. While the administration has said it hopes to complete NAFTA negotiations by the end of the year, the strategy will not set a timeline, they say. Thus far, the Trump administration offered few specifics, other than expressing its desire to modernize the pact to account for digital trade that was in its infancy in the early 1990s and to tackle festering issues on labor, environment, intellectual property rights and state-owned enterprises. Since those areas have already been addressed in the TPP negotiated under Democratic President Barack Obama and agreed by Canada and Mexico, the pact provides a useful template that could help speed up the NAFTA negotiations, U.S. officials say. They warn, however, that no final decision has been made on using TPP language. TPP requires members, for example, to allow independent unions, set working hours and safety standards and deter forced labor and has set higher environment standards than any other previous U.S. trade deal. Related Coverage The pact also set a 70-year copyright term and eight years of patent protection for costly biologic drugs, significantly less than the 12 years applied in the United States. More Ambitious Deal Lawmakers from the U.S. industrial heartland particularly want to see enforceable labor standards that would lift Mexico''s chronically low wages, which they blame for U.S. factories migrating south of the border. "A lot of the negotiators were just in the room a few years ago doing this stuff. They know where the bodies are buried," said one business executive with knowledge of NAFTA deliberations. Some lawmakers want a more ambitious deal than TPP. "Donald Trump promised to get a better deal than TPP, and Americans are going to be deeply disappointed if he doesn’t follow through on NAFTA negotiations," said Senator Ron Wyden of Oregon, the ranking Democrat on the Senate Finance Committee and an influential voice on trade matters. In particular, Canada and Mexico should be able to agree to U.S. proposals on digital trade and environment that got watered down in the final TPP text, Wyden told Reuters. "This is a once-in-a-generation chance to rewrite NAFTA. Trump can’t squander this opportunity." The demands the Trump administration makes in the talks could have far-reaching implications for U.S. trade relations across the globe, with China keen to make inroads with Mexico and Canada if the United States is seen to be pulling back. One area to watch will be the so-called rules of origin that determine how much regional content a product must have to be exempt from tariffs. U.S. Commerce Secretary Wilbur Ross has frequently said NAFTA needed to tighten those rules to prevent China from using the trade bloc as a tariff-free "back door" to the U.S. market. Analysts say any U.S. demands for more specifically U.S. rather than broadly North American content for autos or other manufactured goods would be a tough sell, though Mexico has indicated it could be ready for some concessions to strengthen the region''s defenses against Asian competition. Christopher Padilla, former U.S. under secretary for international trade at the U.S. Commerce Department now at IBM, believes that merely "tweaking" the rules of origin would be enough to satisfy Trump''s political agenda, but it still may require companies to alter their supply chains. The clarion call from U.S. business groups in the lead-up to the talks is "do no harm." U.S. and international companies have invested hundreds of billions of dollars building integrated North American supply networks and Trump rang alarm bells in corporate boardrooms in April when he threatened to terminate the pact. Trump backed off after a furious lobbying effort, but analysts say he may still choose a "hard exit" if the talks fail to achieve his goal of shrinking the U.S. trade deficit with Mexico. NAFTA has quadrupled trade between the three countries, surpassing $1 trillion in 2015. Over a decade through to 2010, however, the United States lost nearly 6 million manufacturing jobs, a figure that resonates with Trump. U.S. trade balance with Mexico also swung from a small surplus in 1994 to deficits that have exceeded $60 billion for most of the past decade. (Graphic: tmsnrt.rs/2oYClp2 ) Fred Bergsten, a senior fellow at the Peterson Institute for International Economics, said the administration would risk derailing the talks if it focused on reducing the trade imbalance with Mexico, like it has threatened to do. "We''re talking about an imbalance of $60 billion and there is no way under the sun that Mexico can eliminate that or even make a big dent in that without doing some really massive uneconomic distortion of trade flows." Additional reporting by David Lawder and Jeffrey Dastin; Editing by David Chance and Tomasz Janowski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-trade-nafta-idINKBN19Z22Y'|'2017-07-14T22:03:00.000+03:00'
'b7185e69d4c8fcd4893bc6cb346a7a7b73786cfe'|'BRIEF-ICICI Lombard General Insurance files for IPO'|'July 14, 2017 / 1:26 PM / in 5 minutes BRIEF-ICICI Lombard General Insurance files for IPO 1 Min Read July 14 (Reuters) - ICICI Lombard General Insurance Company Limited : * ICICI Lombard General Insurance Company Limited files for IPO * Says IPO to comprise of an offer for sale of up to 31.8 million shares by ICICI Bank Limited * Says IPO to also include sale of up to 54.5 million shares by FAL Corporation * Has received an ‘in-principle’ approval from BSE and NSE for listing of the equity shares * CLSA India, Edelweiss Financial Services, JM Financial Institutional Securities are book running lead managers to IPO * Bank Of America Merrill Lynch, ICICI Securities, IIFL Holdings are global coordinators and bookrunning lead managers Source text ( bit.ly/2taG9Wm ) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-icici-lombard-general-insurance-fi-idUSFWN1K50C4'|'2017-07-14T16:24:00.000+03:00'
'558c91cfb66a179f6cf8a94cc50b6f94cf12c012'|'FTSE falters, but set for weekly gain; Carillion sees relief'|'July 14, 2017 / 9:21 AM / an hour ago FTSE falters, narrowing weekly gain; Carillion sees small bounce Helen Reid 4 Min Read FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. Suzanne Plunkett/File photo LONDON (Reuters) - Britain''s major share index faltered on Friday, cutting its weekly gain from a global rally after U.S. Fed officials hinted monetary policy tightening would go ahead at a slower pace. The FTSE 100 .FTSE fell 0.5 percent, underperforming mid-caps .FTMC and taking weekly gains to a narrow 0.2 percent. The more defensives-heavy index suffers when expectations of monetary policy tightening dampen. European stocks on the other hand enjoyed their best week in more than two months. Defensive housebuilding stocks such as Barratt Development ( BDEV.L ) and Persimmon ( PSN.L ) were among the top blue-chip fallers. Drugmaker AstraZeneca ( AZN.L ) continued Thursday''s slide, down 1.6 percent due to uncertainty around reports that CEO Pascal Soriot was preparing to leave the company. As spokespeople declined to comment on the report, the combined two-day share drop wiped more than 3 billion pounds off Astra''s market value. Firmer metals prices underpinned gains on mining stocks, with Anglo American ( AAL.L ) and Fresnillo ( FRES.L ) top of the blue-chips. Anglo American, with considerable South Africa exposure, also benefited from the country suspending implementation of a new mining law which analysts had said could negatively impact firms. Royal Mail ( RMG.L ) shares fell 2.4 percent after it replaced its pension plan, giving employees a choice between defined benefit or contribution pension scheme after opposition from trade unions. Among mid-caps, Carillion ( CLLN.L ) saw a small relief bounce from heavy losses this week, rising 1.3 percent after the crisis-hit construction and support services contractor hired HSBC as joint financial adviser and corporate broker, amid speculation it is preparing a rights issue. Despite the slight relief, the firm was left with 70 percent less market value than at the start of the week. "A lot of our clients cut their positions on the first day and we haven''t seen further flows in the stock after that," said a trader. Property firm Derwent London ( DLN.L ) was among top European gainers, up 3.4 percent after Exane BNP Paribas raised the stock to an "outperform" rating, citing the firm''s "defensive" rents and strong pipeline. It expressed optimism about the prospects for a sector seen as particularly vulnerable to Brexit. "Values in the London office market have barely moved post-Brexit [vote] thanks to abundant investment market liquidity (particularly from Asia) and resilient take-up," its analysts said in a note, adding that firms have recycled capital, deleveraged and payed special dividends. Exane analysts forecast an average 8 percent decline in London office rents by 2019 - "a gradual weakening rather than a sharp correction", as they put it. Emerging markets-focused asset manager Ashmore ( ASHM.L ) fell after reporting a 5 percent rise in its fourth-quarter assets, boosted by new client cash. Despite the results being in line with forecasts, the shares slid 2.2 percent to the bottom of the mid-caps. "This was Ashmore''s second consecutive quarter of inflows, marking the first time since 2013," UBS analysts said in a note. "That said, due to the increase in the GBP/USD rate during the quarter, the growth of assets under management measured in sterling was a more moderate 1.1 percent quarter-on-quarter." Reporting by Helen Reid; Editing by Jon Boyle 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19Z0V1'|'2017-07-14T12:21:00.000+03:00'
'03fb955bf67a12f8b1d04720c02ad18dde328282'|'Spain''s Santander says to compensate retail clients hit by Popular rescue'|'July 13, 2017 / 5:17 PM / an hour ago Spain''s Santander says to compensate retail clients hit by Popular rescue Jesús Aguado 3 Min Read FILE PHOTO: A woman walks past a Banco Popular and Santander banks offices in Barcelona, Spain June 7, 2017. Albert Gea/File Photo MADRID (Reuters) - Spain''s Banco Santander ( SAN.MC ) said on Thursday it would offer perpetual bonds as part of a commercial offer to compensate some retail clients who acquired shares and subordinated debt of Banco Popular and were wiped out when the bank was wound down. Popular was taken over by Santander on June 7 for the symbolic price of one euro after European authorities stepped in to prevent its collapse. The lender estimated the maximum cost of its initiative at 680 million euros (599 million pounds) and said its plan would have no impact on the group''s earnings nor additional capital impact. As part of its acquisition, Santander has launched a 7.1 billion euro rights issue. Santander said that it had taken the decision given the "exceptional circumstances" and also for commercial reasons and to foster customer loyalty. As part of the initiative, Santander said it was planning to issue up to 980 million euros nominal value of perpetual bonds. Santander did not detail how many shareholders would be affected by its offer. A source with knowledge of the offer said more than 110,000 retail investors of Popular could benefit, around a third of its minority stakeholders. Some retail investors and junior bond investors, affected by Popular''s rescue, have already begun filing lawsuits to determine who was responsible. Spanish and European authorities said that Popular needed to be rescued due its weak liquidity situation after a bank run. In order to benefit from the offer, customers would be required to waive the right to pursue legal actions against Santander, the lender said. Santander said that the plan excluded institutional investors and was directed at retail clients who acquired shares from May 26 to June 21 of 2016, during the period of Banco Popular''s last capital increase of around 2.5 billion euros. It would also include retail clients who acquired subordinated obligations computable as Tier 2 of the July 29, 2011 and Oct. 14, 2011 issues of Popular. In both cases, the plan would apply to customers who had their investments deposited in any of the retail networks of the Popular or Santander at the time of the resolution. Santander said that those who invested up to 100,000 euros would receive the total amount of the investment, which was the case of 99 percent of Popular clients and employees who bought shares during Popular''s capital rights issue in 2016. Members of the board of directors of Popular and major shareholders would be excluded from this plan, Santander said. Banco Santander said it would register shortly a prospectus of the detailed bond offer with Spain''s stock market regulator. ($1 = 0.8777 euros) Reporting By Jesús Aguado; Editing by Emma Pinedo and Hugh Lawson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-santander-compensation-popular-idUKKBN19Y2AA'|'2017-07-13T23:10:00.000+03:00'
'448c28038dcd1f16541260d61c18d2d18a6f2dbc'|'AstraZeneca''s silence on CEO helps wipe out 3 billion pounds'|'July 14, 2017 / 10:13 AM / 5 hours ago AstraZeneca''s silence on CEO helps wipe out 3 billion pounds Kate Holton 4 Min Read A sign is seen at an AstraZeneca site in Macclesfield, central England May 19, 2014. Britain''s Prime Minister David Cameron said the government would continue to talk to both Pfizer and AstraZeneca after the British drugmaker on Monday rejected a sweetened offer from the U.S. company. Phil Noble (BRITAIN - Tags: BUSINESS HEALTH) - RTR3PT61 LONDON (Reuters) - Uncertainty over the future of AstraZeneca ( AZN.L ) Chief Executive Pascal Soriot drove the Anglo-Swedish drugmaker''s shares lower again on Friday, taking the cost of two days of silence to more than 3 billion pounds ($3.9 billion). AstraZeneca has repeatedly declined to comment on an Israeli media report on Wednesday that said the well-regarded Soriot was in talks to join Israel''s Teva Pharmaceutical Industries ( TEVA.TA ), the world''s biggest generic drugmaker. AstraZeneca shares closed 3.5 percent lower on Thursday and were down 2.5 percent on Friday at a two-month low after the company said it would not comment on rumors or speculation. One top 20 shareholder said there had been a "newsflow vacuum". "It''s hard because companies cannot be seen to be responding to every newspaper article because once you start you cannot stop. But as we all agree, if true, then timing is ''interesting''," the shareholder said, on condition of anonymity. The fall in shares since Wednesday has wiped 3.2 billion pounds off AstraZeneca''s market value, leaving it at 62 billion pounds, or $80 billion. Moving to a generics drugmaker would be a big change in direction for French-born Soriot, 58, who had made research-based pharmaceuticals his whole drive at AstraZeneca. The timing of the report has alarmed investors, coming as the company waits for all-important data from a lung cancer drug trial which is seen as a game-changer for Astra. The company is hoping to secure a substantial slice of a multibillion-dollar market by proving its combination of two immunotherapy drugs, durvalumab and tremelimumab, can help previously untreated patients with advanced lung cancer. The eagerly awaited results of the major trial, called MYSTIC, are due any day now. Analysts at Leerink, an investment bank that specializes in healthcare, said Soriot''s exit would come as a major surprise, if true, and leave AstraZeneca rudderless at a key time. "We spoke with the company, who simply stated that it does not comment on rumors; however it did not outright deny the report," they said. "If true, the optics around his departure would be terrible ahead of the MYSTIC readout." AstraZeneca has already been shaken by the departure of the head of its European business, Luke Miels, whose defection to rival GlaxoSmithKline GSK. was a blow, and there have been a number of other senior management departures. During his five years at AstraZeneca, Soriot successfully defended the company against a $118 billion takeover approach from Pfizer ( PFE.N ). He also rebuilt AstraZeneca''s drugs pipeline through research and acquisitions to replace revenue lost from a wave of patent expiries on many of its blockbuster medicines. The Israeli Calcalist financial news website said Soriot had met Teva''s search committee and its chairman to express his agreement to serve as its next CEO. It said he was expected to earn twice as much as former boss Erez Vigodman and receive a signing bonus estimated at about $20 million. It said the financial terms were still being discussed. Reporting by Kate Holton and Simon Jessop; editing by Guy Faulconbridge and David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-astrazeneca-ceo-idUSKBN19Z10E'|'2017-07-14T13:13:00.000+03:00'
'4a4263e99d92e1aa8b6ac21a3449e9cf9a5945df'|'Trump says he is considering quotas, tariffs on Chinese steel dumping'|'July 13, 2017 / 7:19 PM / in 2 hours Trump says he is considering quotas, tariffs on Chinese steel dumping Ayesha Rascoe 2 Min Read U.S. President Donald Trump reacts as he attends a joint news conference with French President Emmanuel Macron at the Elysee Palace in Paris, France, July 13, 2017. Kevin Lamarque (Reuters) - U.S. President Donald Trump said he is considering quotas and tariffs to deal with the "big problem" of steel dumping from China and others. "They''re dumping steel and destroying our steel industry, they''ve been doing it for decades, and I''m stopping it. It''ll stop," he told reporters on Air Force One during a flight from the United States to France. "There are two ways: quotas and tariffs. Maybe I''ll do both," he said. Steel stocks rallied on the news, recovering some of the year-to-date declines in the sector. The S&P 1500 steel sector index .SPCOMSTEEL added as much as 3 percent shortly after Trump''s remarks. The index rallied nearly 40 percent in the weeks following the Nov. 8 election, but so far this year it was down 6.6 percent at Wednesday On Thursday, the VanEck Vectors steel exchange-traded fund ( SLX.P ) rose 0.6 percent after being down 1 percent before Trump''s remarks. AK Steel shares ( AKS.N ) gained 7.9 percent, Nucor ( NUE.N ) gained 2.6 percent and US Steel ( X.N ) added 4.0 percent. Trump''s action on steel is a part of a campaign pledge he made to help revive U.S. manufacturing. The administration''s decision on steel could be unveiled in the coming weeks. Trump also said he would invite Russian President Vladimir Putin to the White House. "I don’t think this is the right time, but the answer is yes, I would," Trump said when asked if he would extend such an invitation to the Russian leader. Reporting by Ayesha Rascoe; additional reporting by Rodrigo Campos; writing by Jeff Mason; Editing by Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/france-usa-russia-idINKBN19Y2KT'|'2017-07-13T22:54:00.000+03:00'
'67e44ec11ee074be25ec929d3f0f33ba52d7e3cf'|'Australia in final stages of mulling loan for Adani Enterprises'|'July 14, 2017 / 5:19 AM / in 8 hours Australia in final stages of mulling loan for Adani Enterprises Tom Westbrook 3 Min Read FILE PHOTO: Coal falls from a stacker/reclaimer to a stockpile at the coal port in Newcastle June 6, 2012. Daniel Munoz/File Photo SYDNEY (Reuters) - Adani Enterprises'' $4 billion Carmichael coal mine in Australia''s north is one of five projects that have been shortlisted for potential government funding, a source with direct knowledge of the matter said on Friday. Adani''s proposed Carmichael mine in Queensland state has faced years of delays amid opposition from environment groups who argue it will contribute to global warming and damage the Great Barrier Reef, leading some banks to rule out any role in funding. The Northern Australia Infrastructure Facility (NAIF), a federal agency, said on Friday that it has selected five projects out of 124 loan applications for due diligence. It did not name the projects and declined to provide further detail. However, a source with direct knowledge of the matter, who was not authorised to speak publicly, told Reuters that Carmichael was one of those five. An Adani spokesman in India did not immediately respond to a request for comment. Adani is hoping to receive a concessional loan of around A$900 million ($700 million) from NAIF to help build a 380 km (236 mile) rail link into its controversial Carmichael project located in the remote Galilee Basin. The 247,000 square-km (95,000 square mile) expanse in the central outback is touted as having the potential to become Australia''s largest coal-producing region. Adani, a business group with interests in power and ports, has said the project would not threaten the reef. Of the $4 billion required for the first phase, Adani will have to raise about $2.5 billion in debt, the company said in March, adding it had already invested $3.3 billion in the project. Slides from a presentation made by NAIF chief executive Laurie Walker in Brisbane on Thursday show due diligence is the penultimate stage of the body assessing a loan proposal. Sydney-listed Genex Power Ltd said in a statement to the Australian stock exchange on Thursday that its solar and pumped hydro project in North Queensland was also in the due diligence phase. NAIF said the five projects in due diligence were among 50 loan applications that remain under active consideration from the total 124. ($1 = 1.2922 Australian dollars) Reporting by Tom Westbrook; Additional reporting by Promit Mukherjee in MUMBAI; Editing by Jane Wardell and Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/australia-adani-ent-idINKBN19Z0E9'|'2017-07-14T08:19:00.000+03:00'
'6e5a18268da1559d5bb83fbd1a76c3e6ff7ad717'|'Trump seen replacing Yellen at Fed with NEC''s Cohn - Politico'|'July 11, 2017 / 9:58 PM / 6 hours ago Trump seen replacing Yellen at Fed with NEC''s Cohn: Politico Reuters Staff 4 Min Read Director of the White House National Economic Council Gary Cohn arrives prior to U.S. President Donald Trump announced his decision to withdraw from the Paris Climate Agreement, at the White House in Washington, U.S., June 1, 2017. Joshua Roberts WASHINGTON (Reuters) - President Donald Trump is increasingly unlikely to nominate Federal Reserve Chair Janet Yellen next year for a second term, and National Economic Council Director Gary Cohn is the leading candidate to succeed her, Politico reported on Tuesday, citing four people close to the process. Politico said sources in the White House, the Treasury Department and on Capitol Hill said that if Cohn decides he wants the job, he is likely to get it. "It''s Gary''s if he wants it, and I think he wants it," Politico quoted one Republican whom it said was close to the selection process as saying. A few Senate Republicans may express reservations about Cohn but he would probably receive widespread support, a senior congressional Republican aide said, according to Politico. In response to a query from Reuters, White House spokeswoman Natalie Strom said: “Gary is focused on his responsibilities at the NEC.” Cohn, a Democrat and former Goldman Sachs president, did not work on Trump''s campaign and only got to know him after the November election. Yellen took over from Ben Bernanke as Fed chair in February 2014 with the U.S. economic recovery from the 2008 financial crisis still on shaky ground. She has made no secret she puts a priority on growth in jobs and wages and a broad recovery in U.S. household wealth. Yellen begins two days of congressional testimony on Wednesday on the Fed''s semi-annual report on the state of the U.S. economy. Under her leadership the Fed has pared the massive stimulus it put in place to counteract the 2007-2009 financial crisis and begun raising interest rates. Later this year Yellen expects to begin trimming the Fed''s $4.5 trillion balance sheet in a gradual and predictable manner. The Federal Reserve Board Chairwoman Janet Yellen speaks during a discussion at The British Academy President''s Lecture in London, Britain, June 27, 2017. Hannah McKay "I do think the Fed''s trying to set a course toward normalization that won''t be knocked out by a new Fed chair," said Eric Stein, co-director of global income at Eaton Vance. Still, Cohn would be a very different kind of leader than Yellen or her immediate predecessor, Ben Bernanke, both of whom hold doctorates in economics. Cohn began his career at Goldman as a commodities trader in 1990. "He has more knowledge of financial markets than almost any Fed chair would have and less of a monetary policy background," Stein said. During last year''s election campaign, Trump accused Yellen of accepting orders from then-President Barack Obama to keep interest rates low for political reasons, and he said he would replace her as Fed chair because she is not a Republican Party member. But in an interview with The Wall Street Journal in April, Trump said Yellen was "not toast" and that he respected her. A Fed spokeswoman had no comment on the Politico story. Yellen has said she plans to serve out her full four-year term as chair, which runs through Feb. 3. Cohn would join several other Goldman alumni around the Fed policymaking table, including New York Fed President William Dudley, Minneapolis Fed President Neel Kashkari and Dallas Fed President Robert Kaplan. Reporting by Eric Beech; Editing by David Alexander and Leslie Adler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-cohn-idUKKBN19W2Q2'|'2017-07-12T01:26:00.000+03:00'
'06afffaed1d2eb376afa4f0db830b0d8ec5331a7'|'Japan Tobacco in talks to buy assets of Philippines'' Mighty Corp for $890 mln'|'July 12, 2017 / 11:32 AM / an hour ago Japan Tobacco in talks to buy assets of Philippines'' Mighty Corp for $890 mln 2 Min Read MANILA, July 12 (Reuters) - Japan Tobacco Inc is in talks over a 45 billion peso ($890 million) deal to buy the assets of a Philippines cigarette maker accused of evading billions of pesos in taxes, the world''s third-biggest tobacco company said on Wednesday. Mighty Corp has offered to pay the Philippines government 25 billion pesos this month and will fund the tax settlement with a 45 billion peso sale of its assets to JT International Philippines, a local subsidiary of Japan Tobacco, the Philippines'' Department of Finance said in a statement, quoting a letter from Mighty President Oscar Barrientos. A Japan Tobacco spokeswoman in Tokyo confirmed that the company is in talks with Mighty to buy its manufacturing and distribution assets but declined further comment. Officials at Mighty, the second-largest tobacco company in the Philippines, were not immediately available for comment. Mighty has been charged with avoiding 37.88 billion pesos in tax payments. In May Japan Tobacco said it was looking for mergers and acquisitions in emerging markets such as Southeast Asia, Africa and Latin America. The potential acquisition by Japan Tobacco, which sells the Winston, Mild Seven and Camel brands in the Philippines, would help it to challenge the dominance of PMFTC Inc, a joint venture of the Philippines unit of Philip Morris International and unlisted Fortune Tobacco Corp, in the Southeast Asian country''s cigarette market. ($1 = 50.5840 Philippine pesos) Reporting by Neil Jerome Morales in Manila and Taiga Uranaka in Tokyo; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mighty-corp-ma-japan-tobacco-idUSL4N1K33U1'|'2017-07-12T14:31:00.000+03:00'
'00844df6102029a99923d55488372599516b6b84'|'UK fintech start-up Revolut raises $66 million, adds bitcoin'|'July 11, 2017 / 11:05 PM / 33 minutes ago UK fintech start-up Revolut raises $66 million, adds bitcoin Jemima Kelly 4 Min Read LONDON (Reuters) - The "global banking alternative" Revolut has raised $66 million (51 billion pounds) in a fund-raising round, the start-up said on Wednesday, in the latest sign that London is so far weathering Brexit to remain a global financial-technology centre. Led by Europe- and San Francisco-based venture capital fund Index Ventures, the fund-raising round was one of the biggest ever Series B rounds in Europe. It should provide some comfort to the British capitol as it jostles to hold onto its reputation as Europe''s leading hub for the nascent fintech sector. The investment dwarfs the 19.5 million pounds raised by London-based rival Monzo in its Series B round earlier this year. Revolut, which has around 700,000 customers, over 400,000 of them based in Britain, provides payment cards that can be used abroad to pay for goods and services at the exchange rate used by banks anywhere that Mastercard ( MA.N ) is accepted. Other start-ups, such as Monzo and Germany''s N26, offer similar products, but Revolut says it is distinctive in offering interbank exchange rates, zero-fee international money transfers, and in allowing customers to hold and exchange up to 16 different currencies in their app-based accounts. Revolut was set up in July 2015 by Russian-born Nikolay Storonsky, who first moved to London in 2007 to work for Lehman Bros as a derivatives trader and later also worked for Credit Suisse. If he were starting the company now, as Britain heads out of the European Union, Storonsky would still choose London as its base, he said. "I don’t see any problems with Brexit," he told Reuters. "London is much more international than anywhere else in Europe, (and) in terms of regulation, it’s a great place to be." Some fintech firms are worried about losing "passporting" rights, which give companies licenced in one EU country the right to trade freely in any other. But Storonsky, whose firm has a UK e-money license, said if that happens it would only take a few months to get such a license for the rest of the EU. Storonsky, 34, said he wanted to set up a business that acted like a bank but had less bureaucracy. "I just don''t like banks," he said. "They''re so bureaucratic, with so many managers not really doing anything ... If you fired 80 percent of bankers, nothing would change." Bitcoin Bet Revolut also announced that it is adding digital currency bitcoin BTC=BTSP to its app in response to high demand from customers. Users will now be able to hold, exchange, spend and transfer bitcoin the same way they use other currencies. Rival cryptocurrencies Ether and Litecoin will soon be added. Revolut, whose license does not allow it to invest clients'' money, gets revenue from commissions paid by merchants, from users who change more than 5000 euros ($5,736) per month and from add-ons such as insurance, which is provided by third parties through the app. It is not yet profitable, but that does not worry its founder. "It’s normal at this point for a start-up – this is how billion-dollar companies are being made now," Storonsky said. The firm had intended on breaking even by November, but it now says that will take longer, because it is using the extra funding to expand the company into the United States and Asia. Revolut also secured more money from London-based Balderton Capital and Californian Ribbit Capital. The latest cash injection takes its total investment so far to $83 million. It will run a further $5 million crowdfunding campaign this month. Reporting by Jemima Kelly, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-fintech-revolut-idUKKBN19W2TT'|'2017-07-12T02:05:00.000+03:00'
'707172299ffa466adfd52dc5081d0739ba62d24e'|'''No whistling, just ticking'': EU pushes on Brexit talks'|'July 12, 2017 / 5:06 PM / 3 hours ago ''No whistling, just ticking'': EU pushes on Brexit talks Alastair Macdonald and Robert-Jan Bartunek 4 Min Read European Union''s chief Brexit negotiator Michel Barnier addresses a news conference at the EU Commission headquarters in Brussels, Belgium, July 12, 2017. Francois Lenoir BRUSSELS (Reuters) - The EU''s negotiator pressed Britain on Wednesday to offer more post-Brexit rights to European expats and accept it will pay a hefty sum on leaving if it wants a quick start to talks on a future trading relationship. Michel Barnier, who holds a first full round of talks next week, betrayed impatience with London during a Brussels news conference. Britain had yet to respond to detailed proposals from him on many issues, he said, and had fallen short on what it has offered on citizens'' rights, as well as on what it owes. Asked his view on Foreign Secretary Boris Johnson''s remark on Tuesday that Brussels could "go whistle" if it thought Britain would pay what Johnson called "extortionate" demands, Barnier showed no desire to join in any cross-Channel banter: "I''m not hearing any whistling, just the clock ticking," the Frenchman said, echoing his refrain of the past year that time is tight to conclude terms for an exit in March 2019 that can limit disruption for businesses and millions of people. Barnier said he wants detailed proposals from the British next week to match those made by the EU on issues they want settled in a withdrawal treaty. These include the rights of expats left on either side of a new EU-UK border, a methodology for calculating how much Britain will owe to cover commitments to the EU and how to manage the new border, notably on Ireland. Only if there is progress on all three of these would EU leaders agree to open negotiations on a future free trade deal. For now, however, 3 million Europeans in Britain would have fewer rights under London''s proposal than Britons on the continent, notably in the matter of being able to bring in relatives, he said. And those rights in Britain would not be guaranteed by the treaty or ultimately by the EU''s judges in Luxembourg. Negotiating Positions Even some EU governments concede that the demand for much of the relations between Britain and the bloc to be under ultimate scrutiny by the European Court of Justice - anathema to many of those who voted for Brexit a year ago - is a "maximalist" position and may have to be moderated in negotiations. An early indication of how far apart the two sides really are will come from Monday, when British officials are due in Brussels for the first of four, week-long, monthly rounds of negotiations which they hope can show enough progress to see EU leaders agree at a summit in mid-October to open trade talks. Barnier urged London to be clear on its willingness to pay a bill, which the EU executive have put at potentially 60 billion euros ($70 billion), if it wants to win the Union''s trust. He dismissed suggestions from Brexit supporters that the EU was holding Britain to "ransom" and stressed that he was open to negotiating the amount "line by line" but first the British had clearly to take responsibility for their share of EU budgets. "I cannot imagine that a very great country like the United Kingdom is not a country that takes responsibility," he said. In a sign of the domestic dramas that have delayed Britain''s response, three leaders will separately see Barnier on Thursday: the first ministers of Wales, which backed Brexit, and Scotland, which did not, as well as opposition leader Jeremy Corbyn. With May hobbled by losses in a miscued snap election last month, Corbyn''s Labour party and the devolved governments are pushing her to modify her Brexit plans - though Barnier stressed he would only be negotiating with British ministers. Additional reporting by Francesco Guarascio and Foo Yun Chee; Editing by Andrew Roche 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-barnier-idINKBN19X2DG'|'2017-07-12T20:05:00.000+03:00'
'be88786cbf62e0949579e552645cf59d7053c162'|'Italy minister says row with Telecom Italia boss is over'|'July 15, 2017 / 4:31 PM / 2 hours ago Italy minister says row with Telecom Italia boss is over Reuters Staff 2 Min Read Italy''s Minister of Economic Development, Carlo Calenda, speaks during a news conference hosted by Israel''s Energy minister Yuval Steinitz with his European counterparts, in Tel Aviv, Israel April 3, 2017. Amir Cohen ROME (Reuters) - A spat between Rome and Telecom Italia''s (TIM) chief executive over the rollout of ultrafast broadband has been resolved, Italian industry minister Carlo Calenda said in an interview published on Saturday. The row had threatened to poison relations between the former state monopoly and the government, prompting TIM''s top shareholder Vivendi ( VIV.PA ) to ask Chief Executive Flavio Cattaneo to soften his tone, sources close to the matter said. In an interview with Il Sole 24 Ore newspaper, Calenda said he considered Cattaneo, who has cut costs in just over a year at the helm of the indebted firm, "an excellent manager". "When he took an inappropriate tone in dealing with the government I pointed this out to him, he apologised and the story ended there," Calenda said. Sources said this week that Cattaneo and Vivendi still disagreed over the issue, throwing his future at the firm into doubt. Cattaneo said there was no such tension, and that he would remain at Telecom Italia until the end of his mandate in 2020. Reporting by Isla Binnie; Editing by Dale Hudson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-telecomitalia-ceo-government-idUKKBN1A00IG'|'2017-07-15T19:31:00.000+03:00'
'6b1dffed0b030208148e2dbd66e5c669893e9cac'|'AT&T CEO will keep title after Time Warner deal close - spokesman'|'July 14, 2017 / 2:27 PM / 4 minutes ago AT&T CEO will keep title after Time Warner deal close - spokesman 1 Min Read NEW YORK, July 14 (Reuters) - AT&T Inc Chief Executive Officer Randall Stephenson will remain chairman and CEO of the company following its $85.4 billion acquisition of Time Warner Inc, an AT&T spokesman said on Friday. Bloomberg News reported earlier that Stephenson would move to the role of executive chairman and oversee a pair of CEOs who will independently manage the company''s telecommunications and media businesses. ( bloom.bg/2ukPwC2 ) (Reporting by Anjali Athavaley; Editing by Jeffrey Benkoe) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL1N1K50PZ'|'2017-07-14T17:24:00.000+03:00'
'cdd1102e221a3ed85a8fe8e9b06329c01606f39e'|'Norwegian might still transform long-haul flying'|'A DECADES-old dream of many low-cost carriers (LCCs), to break into the market for long-haul flights, has also been a long-standing nightmare for executives at full-service airlines, who earn their corn chiefly on such routes. So a series of setbacks for Norwegian, the latest LCC to try its hand at long-haul flights, has set off a round of Schadenfreude at established airlines across Europe. On July 13th, Norwegian revealed a disappointing set of results for the three months to June. A week earlier its chief financial officer of 15 years, Frode Foss, resigned with immediate effect, sending the share price down by 8%. Over the past year the shares have lost a third in value, as investors grow nervous.The worries go back to Norwegian’s decision to begin long-haul flights. Founded in 1993 by Bjørn Kjos, still its CEO and biggest shareholder, it took over some domestic routes in Norway from a bankrupt charter airline, Busy Bee. Then in 2002 it went into short-haul flights in Europe, becoming the continent’s third-largest LCC. After a few years of decent profits, in 2012 Norwegian ordered 222 new planes that together cost several times its own value, and announced its new “no-frills” long-haul routes to America and Asia. 41 minutes Investors were sceptical. Many LCCs have gone under trying to enter the long-haul market (see table), or had to admit defeat. The pioneer of no-frills transatlantic flights in the 1970s, Sir Freddie Laker, could not make his ventures work. Mr Kjos sees Laker as an inspiration; this spring Norwegian painted his face on one of its jets.Yet changes in aircraft technology, consumer tastes and workers’ benefits mean that the long-haul low-cost model has a better chance of working today. Andrew Charlton of Aviation Advocacy, a consultancy, notes that new, fuel-efficient aircraft, such as the Boeing 787 and 737MAX aircraft purchased by Norwegian, mean it is now possible to fly smaller numbers of passengers over long distances at relatively low cost. Passengers have grown accustomed to low-cost carriers (LCCs)—which fly more than two-fifths of all passengers within Europe each year—and are more willing than in the past to try out no-frills airlines on longer routes, too. A third factor helping low-cost long-haul travel is that airlines are less encumbered by generous labour contracts and unfunded pension costs than before. Some LCCs, such as Scoot, owned by Singapore Airlines and Jetstar, owned by Australia’s Qantas, using similar tactics to Norwegian, are making a fist of low-cost long-haul flights.In the case of Norwegian, however, investors worry that the investment it has made in its long-haul business could swamp its balance-sheet, says Ross Harvey of Davy, a stockbroking firm in Dublin. It is more highly leveraged than other European airlines—shareholders’ equity accounted for 11% of its assets last year, compared with 35% for Ryanair, Europe’s largest LCC, and 49% for easyJet, the second-biggest. It also has relatively low cash reserves and fairly thin profit margins.That may make it difficult to withstand the shocks that regularly beset the aviation sector. An event such as a terror attack that reduces passenger numbers or a sudden increase in fuel prices would hit Norwegian hard. An approaching crunch over the next year, when Norwegian has to pay for 19 new A320neo jets that it cannot currently use or lease because they have engine problems, may explain the CFO’s sudden departure, says Bjorn Fehrm of Leeham Company, a consultancy: “he would not want to be around to sort this mess.” In a statement Mr Kjos said it was understandable that Mr Foss would wish to concentrate on “other tasks” after 15 years at Norwegian.If Norwegian gets into trouble, there is at least an obvious solution: a takeover by a rival with deeper pockets. Ryanair and easyJet are not interested because they do not want to complicate their business models. But Willie Walsh, the boss of IAG, a London-based group made up of several flag-carriers, seems eager to take on Mr Kjos in the low-cost long-haul market. British Airways, one IAG airline, has started to run cheap long-haul flights on the same routes as Norwegian from London’s Gatwick. In March IAG launched Level, a long-haul LCC, in Barcelona, to fight off Norwegian’s new long-haul hub there. The gossip among analysts is that IAG is readying itself to snap up its rival if it weakens further. If full-service airlines can’t beat LCCs, the answer may be to join them.This article appeared in the Business section of the print edition under the headline "The little airline that could"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725031-its-shares-are-down-and-its-cfo-has-suddenly-left-norwegian-might-still-transform-long-haul?fsrc=rss'|'2017-07-13T23:21:00.000+03:00'
'bd9930104e7ce83a8d673ca46522b74094b8cdca'|'Vanguard CIO Buckley to take over as CEO from McNabb Jan. 1'|'July 13, 2017 / 8:47 PM / 6 hours ago Vanguard CIO Buckley to take over as CEO from McNabb on January 1 Ross Kerber 4 Min Read FILE PHOTO - Bill McNabb is pictured in the board room at the Vanguard Headquarters in Valley Forge, Pennsylvania, December 2, 2010. Tim Shaffer BOSTON (Reuters) - Vanguard Group, the world''s largest mutual fund manager, said on Thursday Chief Executive Bill McNabb will step down at year end and be replaced by Chief Investment Officer Tim Buckley, betting on the internal successor to oversee rapid growth. McNabb, 60, who took the CEO job in 2008, will remain chairman of the Pennsylvania company where he oversaw massive inflows to its low-cost products, including index funds, after steering the company through the financial crisis. Vanguard now manages about $4 trillion, up from about $1.25 trillion at the start of McNabb''s reign and far eclipsing rivals like Fidelity Investments and T. Rowe Price Group ( TROW.O ) that are better known for their actively managed mutual funds. Vanguard has also suffered a string of technical glitches since last year and responded by adding staff. Software engineers make up about a quarter of its workforce of about 15,000 people. "The goal is that we not only lead on investment returns, we lead on our level of service to clients," Buckley, 48, said in an interview. Buckley also aims to continue Vanguard''s overseas expansion. Another concern has been that index funds could lose their appeal in a market downturn, which could favour some active fund managers. While Vanguard also offers active funds, Buckley said the concern is misplaced. "There''s no good environment for high costs," he said. "Markets will humble you, and volatility will return. You''ve got to stay disciplined," he said. McNabb said the timing seemed right to step back from the top job, and that there were no other internal or external candidates to succeed him after working closely with Buckley on Vanguard''s executive committee more than 16 years. Buckley will become the fourth CEO of privately held Vanguard, which began operations in 1975 under founder John C. Bogle, who remains affiliated with the company but is no longer in senior leadership. Buckley joined Vanguard in 1991 as an assistant to Bogle. He later headed Vanguard''s information technology division and its retail investor group. Buckley was also named president and a director of Vanguard. Greg Davis, 46, head of fixed income, will take over as chief investment officer. Vanguard named two other new directors, Sarah Bloom Raskin, a former U.S. Treasury official, and Deanna Mulligan, CEO of The Guardian Life Insurance Co of America. Industry observers noted that these director appointments and that of Davis, an African-American, diversify Vanguard''s leadership. They "make Vanguard look more like its client base," said Dan Wiener, who edits a newsletter for Vanguard investors. Although Vanguard''s structure makes operations more opaque than those at some publicly traded rivals, it will seek investor approval of these appointments. At a meeting set for Nov. 15 in Scottsdale, Arizona, according to a securities filing, Vanguard will ask investors to elect Buckley, Raskin and Mulligan and other nominees to a board that oversees its mutual funds. It will also seek approval for other changes, including giving funds the ability to hire external managers without shareholder permission, and to change investment objectives of two index funds. Vanguard also faces shareholder proposals including one seeking review of its tendency not to support proxy measures related to climate change. According to a securities filing, Vanguard recommends investors vote against this proposal, saying it uses behind-the-scenes talks to influence company executives on climate issues. Reporting by Ross Kerber; Editing by Richard Chang and David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vanguard-buckley-idUKKBN19Y2R7'|'2017-07-13T23:47:00.000+03:00'
'00ab49d911365c2f6471f078314a3531d7cc4091'|'Woodford equity income fund sells BAT stake, keeps Imperial Brands'|'July 14, 2017 / 11:13 AM / 16 minutes ago Woodford equity income fund sells BAT stake, keeps Imperial Brands Reuters Staff 1 Min Read LONDON (Reuters) - Veteran UK investor Neil Woodford''s 10 billion pound equity income fund has sold its stake in British American Tobacco ( BATS.L ) after strong performance, although it has kept its stake in Imperial Brands ( IMB.L ), the fund said. "We have recently disposed of the holding at over 50 pounds per share," the fund said in a blog published on Friday, adding that tobacco has been the best performing sector in the UK stock market in the last 20 years. The fund was keeping its position in Imperial Brands as it said it remains undervalued, while "the valuation opportunity elsewhere in the sector has largely played out". The fund said its portfolio overall "reflects our caution on the global economic outlook and our growing confidence in the prospects of the UK economy". Reporting by Carolyn Cohn; editing by Maiya Keidan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brit-am-tobacco-woodford-idUKKBN19Z15K'|'2017-07-14T14:12:00.000+03:00'
'f6ce9a2d616c42e5348318344c60e47925aa2acd'|'China revises GDP calculation method to add health care, ''new economy'''|'July 14, 2017 / 8:29 AM / 23 minutes ago China revises GDP calculation method to add healthcare, ''new economy'' Reuters Staff 2 Min Read FILE PHOTO - Injectable drugs are pictured inside an injection room at a hospital in Shanghai May 4, 2014. Aly Song BEIJING (Reuters) - China''s statistics bureau said on Friday that it has revised the way it calculates the country''s gross domestic product by including contributions from healthcare, tourism and "new economy". On Monday, the government is announcing second-quarter GDP data, and it was not clear if the new method would have any impact on that data. The National Bureau of Statistics said the new method will take effect "from now on". It said full implementation is expected to be a "gradual process", as some proposed changes have not yet met the conditions to materialize, such as measures to reflect the development of non-profit organizations. The revision aims to accommodate "new changes" in China''s economic activity and better align its calculation method with international standards, the National Bureau of Statistics (NBS) said in a Q&A published on its website. The last time China revised its GDP calculation method was in 2002. Some changes in calculations as part of the new framework have been announced previously. In 2016, China decided to add research and development spending to its gross domestic product figures. This move increased the total of 2015 GDP by 1.3 percent to 68.55 trillion yuan ($10.3 trillion), but that year''s growth rate was only marginally amended and basically remained 6.9 percent. China''s economic growth for 2017 is expected to be on a slowing trajectory to 6.6 percent, a Reuters poll showed, down from the 6.7 percent reported for 2016 - the slowest pace in 26 years. For the first quarter, China reported surprisingly solid 6.9 percent annual growth, buoyed by a gravity-defying property boom and higher government infrastructure spending which helped boost industrial output by the most in over two years. Reporting by Beijing Monitoring Desk and Yawen Chen; Editing by Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-growth-idUKKBN19Z0QZ'|'2017-07-14T13:19:00.000+03:00'
'fcfc0df68b024cc78e9887524b9761001e6f723e'|'Ex-Suzuki employee pleads guilty to Clean Air Act violation'|'July 14, 2017 / 7:36 PM / 4 hours ago Ex-Suzuki employee pleads guilty to Clean Air Act violation 3 Min Read WASHINGTON (Reuters) - A former employee of Suzuki Motor Corp''s U.S. operations pleaded guilty on Friday to filing a false report and violating the Clean Air Act over excess emissions in more than 23,000 2012 model year motorcycles, court documents showed. The case is the latest in a series of civil and criminal actions the U.S. Environmental Protection Agency and the Justice Department have pursued to crack down on automakers that cheat on pollution tests in an attempt to avoid paying the costs of compliance. The Justice Department said Wayne Powell, while serving as a government relations analyst based at Suzuki Motor''s U.S. headquarters in Brea, California, submitted a report to the Environmental Protection Agency in September 2013 that said the automaker had credits to offset any excess tailpipe emissions from its motorcycles. The EPA informed Powell that the company did not have any banked credits, however. Powell submitted a second report in 2014 that said Suzuki''s motorcycles did not exceed emissions limits and said he had corrected some mistakes due to a computer software problem. But the Justice Department said he had falsified the numbers in his report. Under a plea agreement made public Friday in U.S. District Court in Detroit, Powell faces up to two years in prison.Volkswagen AG ( VOWG_p.DE ) in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests and pleaded guilty in March in a U.S. court to three felonies in connection with the scandal. Last week, the government charged a former Audi manager with directing employees at the company, a division of Volkswagen, to design software to cheat U.S. emissions tests in thousands of Audi diesel cars and previously charged seven other current and former VW employees. In May, the Justice Department filed a civil lawsuit on accusing Fiat Chrysler Automobiles NV of illegally using software to bypass emission controls in 104,000 U.S.diesel vehicles sold since 2014. Reporting by David Shepardson; Editing by Tom Brown 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-suzuki-motor-emissions-idINKBN19Z29K'|'2017-07-14T23:11:00.000+03:00'
'ba2f6b36ca354d83e88c1208a4b77c9f2b329df2'|'Why you might not be getting what you paid for - Money'|'A re you really getting a litre of petrol at station forecourts? The pumps used to be checked once every six months. Now a petrol station is checked only once every two years. Is the weight printed on the side of a tin really what you get on the plate? Is the baggage weighing machine at the airport check-in really giving the right answer before someone demands extra cash from you?You may think someone’s checking on these things, just like you thought someone was checking on the cladding used on Grenfell Tower. But in a slow attrition that favours big business, the regime for weights and measures in the UK is heading into crisis.One sharp-eyed Guardian reader contacted us about John West tuna. A strict follower of the 5:2 diet, he weighs his food almost religiously – and over 18 months found he was getting much less than stated on the side of the tin. As Miles Brignall reports elsewhere today, our own tests found that four out of 10 tins were underweight, one by almost 18%, although four were actually higher than the advertised amount. Of course, our tests were hardly in perfect scientific conditions, but the results are enough to raise a warning flag.What emerges is how rarely anything is officially tested. In 1963 when there were far fewer consumer goods sold in the UK, there were 880 full-time weights and measures inspectors. By 2014 this had fallen to just 257 – and they’re expected to cover many more areas, such as online scams.The inspection regime dates back to a time when food producers and retailers were largely local. Today’s giant supermarket chains and globalised food companies are supposed to be supervised by the guy from the local council where the factory happens to sit.Astonishingly, the new Consumer Rights Act 2015 has given local authorities fewer rights to inspect dodgy goings-on. Businesses now have to be given two days’ notice of an inspection, thus ending the automatic right of Trading Standards officers to swoop unannounced.This is a £622bn sector in the UK, yet it is monitored by just a couple of hundred people. If we all bought just one underweight pack of cheese, crisps, bananas and strawberries in a year, the detriment to UK consumers, says Trading Standards, would add up to £856m.Budget cuts have left the testing regime “crumbling around our ears”, according to one Trading Standards veteran who claims that “little weights and measures work is being done”. David Templeton is lead officer for Metrology (the scientific study of measurement) for the Chartered Trading Standards Institute. He told the profession’s in-house journal: “Back in the 1960s, 70s and 80s we had a surveillance system, keeping traders on their toes. But in the 90s our role got extended – without additional resources – and so we task staff to do other things. Then technology changes and new equipment comes in, but traders might not be competent to set it up or – because they haven’t seen an inspector for years – think they can shave off a few grams here or millilitres there without anyone noticing.”Prosecutions are very rare. In 2015, Tesco was forced to withdraw 70,000 packs of garlic bread slices after an investigation found some were 20% underweight. The value of the products removed, made by Bakkavor, was £93,000. Templeton doesn’t accuse the likes of Bakkavor of deliberately deceiving consumers, but says that if there are innocent mistakes they can continue for a long time – and on huge production runs – without getting picked up.What’s needed, he says, is an overhaul of the current highly fragmented system, perhaps moving to regional rather than local supervision. In the meantime, if you have doubts about what it says on the tin, he pleads that you still contact local trading standards. And let us know, too.Topics Consumer rights On reflection Consumer affairs comment'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/blog/2017/jul/15/might-not-get-what-you-pay-for-cuts-trading-standards'|'2017-07-15T14:00:00.000+03:00'
'6f1db9baabd862301f459557132d420abaf9b7d1'|'Airbus says row over Austria Eurofighter order harming industry'|'Edition United States July 13, 2017 / 7:56 PM / 2 hours ago Airbus says row over Austria Eurofighter order harming industry Reuters Staff 3 Min Read FILE PHOTO: The logo of Airbus Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. Regis Duvignau/File Photo VIENNA (Reuters) - Airbus ( AIR.PA ) has said a row over Austria''s deal to buy Eurofighter planes was undermining the reputation of suppliers to Europe''s aerospace industry and any effort to criminalize their work was unacceptable. Austria''s Defence Ministry filed legal charges against Airbus and the Eurofighter consortium in February, alleging deception and fraud linked to the 2003 purchase. Airbus and the consortium, which includes Britain''s BAE Systems ( BAES.L ) and Italy''s Leonardo ( LDOF.MI ), have denied the accusations. Austria said last week it planned to end its $2 billion Eurofighter program early and replace it with a cheaper alternative. In a letter to Austrian Economics Minister Harald Mahrer dated July 11 and seen by Reuters, Airbus said efforts to criminalize business deals linked to the order threatened the reputation of aerospace suppliers. Airbus also defended Austria''s Economics Ministry which had agreed to so-called "offset" deals associated with the order. Such deals, which are common practice in big international defense orders, seek to generate work for local firms. "The tendency to criminalize suppliers and their partners in such an internationally important order is not acceptable for us as an industry," Airbus management representative for Austria, Peter Denker, said in the letter. He said "false allegations" undermined the reputation of the Economics Ministry and supplier industry. The Economics Ministry confirmed it had received the letter on Thursday but declined to comment. The letter keeps alive the row between Airbus and Austria over the fraud investigation, which has widened to include individuals including Airbus chief executive Tom Enders. In April, Enders described the handling of the allegations a "politically-motivated abuse of the legal system" and accused Austria''s centrist coalition of using Airbus as an electoral "punching bag". Austria holds a parliamentary election in October. Some defense industry officials said the German CEO had overreacted and urged Airbus to take a less confrontational approach. Airbus could not immediately be reached to comment on the letter or a parliamentary inquiry, which was launched into how contracts were awarded. The inquiry ended on Wednesday and a final report is expected next week. In the letter, Airbus said: "For Airbus, our former parent company Daimler ( DAIGn.DE ), the other Eurofighter partners and the engine industry, the current politically motivated election campaign has long exceeded reasonable levels." Greens lawmaker Peter Pilz, who initiated the parliamentary probe, said the inquiry had showed companies, including Airbus and Daimler ( DAIGn.DE ), should be prosecuted for possible fraud. ($1 = 0.8771 euros) Reporting by Kirsti Knolle, with additional reporting by Tim Hepher; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airbus-austria-inquiry-idUKKBN19Y2OC'|'2017-07-13T22:51:00.000+03:00'
'314fcd2946511ce24e35a64a96304a9b6b16a01d'|'Richemont watches boss makes surprise early departure'|'July 14, 2017 / 11:47 AM / 11 minutes ago Richemont watches boss makes surprise early departure Brenna Hughes Neghaiwi 4 Min Read FILE PHOTO: A visitor looks at new models on the Montblanc stand at the "Salon International de la Haute Horlogerie" (SIHH) watch fair in Geneva January 19, 2015. Denis Balibouse/File Photo ZURICH (Reuters) - Georges Kern, tipped as a potential chief executive of Richemont ( CFR.S ), left the luxury goods group abruptly on Friday just four months after taking over as head of its watchmaking division. The departure of Kern, who had been at Richemont for 17 years, is a blow after the maker of Cartier, IWC, Montblanc and other top brands recently moved to a new management structure that split the top role between a handful of heir-apparents to the post. Swiss newspaper Le Temps reported that Kern had taken a stake in rival Swiss watchmaker Breitling and planned to try to revive that brand. Breitling declined to comment on the report. "Georges has been offered an interesting opportunity to become an entrepreneur," Chairman Johann Rupert said in a statement. "He has had a very successful career at IWC Schaffhausen and we wish him well." Kern, who steered watchmaker IWC Schaffhausen for 15 years, was previously seen going head-to-head for the CEO job with former Montblanc executive Jerome Lambert. "Kern was touted as a potential future CEO of the group but the company has recently moved to a committee structure after Richard Lepeu retired as CEO," Kepler Cheuvreux analyst Jon Cox said. "He may have just thought the structure wasn''t for him." In a reshuffle announced last November, Lambert assumed responsibility for all businesses outside jewellery and watchmaking, while Kern was appointed head of watchmaking, marketing and digital. They assumed their new roles just under four months ago. Richemont''s other brands include Jaeger-LeCoultre, Van Cleef & Arpels and Piaget. Luxury watchmakers have been struggling with dwindling demand in their biggest markets, Hong Kong and the United States, and growing competition from the likes of Apple. Change at the Top The unconventional move to abolish the top executive role came as part of chairman and leading investor Rupert''s efforts to refresh the Geneva-based group''s ageing management team and board. Rene Weber, a luxury specialist at Swiss bank Vontobel, said rumours had been circulating about Kern''s possible departure for months, making his resignation only "half a surprise". "We recognised (Kern) as a strong leader and an emotional person, who could also sometimes cause friction," Zuercher Kantonalbank analysts said in a note on Friday. "Apparently, the new role didn''t allow him to fulfil his potential." The group has been hard hit by a severe and prolonged watch industry downturn, which saw Richemont''s timepiece sales - accounting for just under half of group revenue - plummet 15 percent last year. Despite some recovery in recent months, Richemont in May struck a cautious note, citing worries over volatile geopolitical and trading climates. Analysts said they didn''t see Kern''s departure as a reflection of any underlying problems with the watchmaking division. "We don''t assume the abrupt shift is related to any deterioration in the watch business," Zuercher Kantonalbank analysts said, pointing to recent improvements in Richemont''s watch sales. Watchmaking -- as well as marketing and digital activities -- will now report directly to the senior executive committee, Richemont said. Reporting by Brenna Hughes Neghaiwi; editing by Susan Fenton and Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-richemont-watchmaking-idUKKBN19Z18V'|'2017-07-14T14:46:00.000+03:00'
'50bf02aba183ff2caa5f59b9763e379347ffeec3'|'Berlin: Daimler told German emissions inquiry it hadn''t breached rules'|'July 14, 2017 / 10:09 AM / 3 hours ago Berlin: Daimler told German emissions inquiry it hadn''t breached rules 1 Min Read FILE PHOTO - Journalists wait for the arrival of Daimler AG CEO Dieter Zetsche before the car maker''s annual news conference in Stuttgart, Germany, February 2, 2017. Michaela Rehle BERLIN (Reuters) - Daimler told a German government committee investigating whether carmakers had sold cars with excessive emissions that it had not broken the law, a Transport Ministry spokesman said on Friday. The Stuttgart-based carmaker was summoned for a meeting on Thursday to address allegations that it had sold more than a million cars with excessive emissions in Europe and the United States. The Transport Ministry spokesman added that the German Federal Motor Transport Authority (KBA) was inspecting Daimler cars for possible excessive emissions. "Daimler said during the meeting on Thursday that it had acted in accordance with the law," the spokesman said during a regular government news conference. Reporting by Markus Wacket; Writing by Joseph Nasr; Editing by Michelle Martin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-daimler-emissions-germany-idUSKBN19Z0ZQ'|'2017-07-14T13:09:00.000+03:00'
'83847261b1f8519411950f9546da980f0563def6'|'Morning News Call - India, July 14'|'July 14, 2017 / 3:21 AM / 2 hours ago Morning News Call - India, July 14 6 Min Read To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:00 am: Reserve Bank of India Deputy Governor S.S. Mundra to speak at India Banking Reforms Conclave in Mumbai. 10:00 am: Farm Minister Radha Mohan Singh and NITI Aayog Member Ramesh Chand at National Summit on agriculture marketing solutions in New Delhi. 10:30 am: Hero Motocorp annual shareholders meeting in New Delhi. 12:00 pm: Transport Minister Nitin Gadkari to meet committee set up to study redevelopment of port hospitals on PPP basis in New Delhi. 12:00 pm: Government to release June wholesale inflation data in New Delhi. 2:50 pm: Railways Minister Suresh Prabhu and Telecom Minister Manoj Sinha to launch passenger and freight business initiatives in New Delhi. 5:00 pm: Reserve Bank of India to release weekly foreign exchange data in Mumbai. 5:30 pm: Telecom Minister Manoj Sinha at IPTV Society anniversary event in New Delhi. LIVECHAT - QUIZ EAST The first of our Friday quizzes focuses on Asia and the week''s top news. Tests your wits and googling speed. To join the conversation at 11:00 am IST, click on the link: here INDIA TOP NEWS • Tata Consultancy upbeat on client spending after Q1 profit dip Top Indian software services exporter Tata Consultancy Services said on Thursday it was optimistic about client spending on technology even as a cautious global environment and a stronger rupee dented first-quarter profit. • Floods in India''s northeast kill 40; endanger rare one-horned rhinos Floods in northeast India that have killed at least 40 people and displaced nearly 1.5 million have also inundated a national park that is home to the world''s largest concentration of one-horned rhinoceros. • Jaguar Land Rover to produce first car entirely outside of Britain Britain''s biggest carmaker Jaguar Land Rover said on Thursday it is to build its new E-PACE compact sport utility vehicle in Austria and China, the first of its cars only to be manufactured outside of its home market. GLOBAL TOP NEWS • Chinese dissident Liu Xiaobo dies in custody, struck by liver cancer Chinese Nobel Peace Prize laureate Liu Xiaobo, a prominent dissident since the 1989 Tiananmen Square pro-democracy protests, died on Thursday after being denied permission to leave the country for treatment for late-stage liver cancer. • New U.S. Senate Republicans healthcare bill already in trouble Senate Republican leaders released on Thursday a revised plan to dismantle the Obamacare law, but it drew criticism from senators on both sides of the political divide within the Republican party, indicating a treacherous path for the bill. • Fitch affirms China''s A+ rating with stable outlook Fitch Ratings on Friday maintained its A+ rating on China with a stable outlook, citing the strength of the country''s external finances and macroeconomic record. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 9,903.50, up 0.09 percent from previous close. • The Indian rupee will likely be little changed against the dollar in early trade, as traders stay cautious and shift focus to upcoming U.S. inflation data for cues on trajectory and pace of interest rate hikes in the world’s biggest economy. • Indian government bonds are likely to open little changed as investors may defer purchases from the secondary market ahead of a weekly debt auction. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.44 percent-6.49 percent band. GLOBAL MARKETS • Wall Street posted slight gains on Thursday and the Dow hit another record high close, with financials rising ahead of profit reports due Friday from several big U.S. banks. • Global stocks scaled record highs, with Asian equities rising for the fifth straight session, as signs the Federal Reserve will pursue a gradual rate tightening path and hopes of a strong earnings season lifted appetite for risk assets. • The dollar trod water against a group of peers, as currency investors remained cautious ahead of U.S. inflation data due later in the session, which is expected to set the greenback''s near-term direction. • U.S. Treasury yields rose on Thursday after falling for three straight days, tracking gains in German bond yields with solid U.S. economic data supporting their trend higher. • Oil markets dipped, pulled down by high fuel inventories and improving industry efficiency, but were still on track for a solid weekly gain. • Gold was little changed after snapping three days of gains in the previous session, and was set for its first weekly rise in three weeks as the dollar and equities steadied. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.44/64.47 July 13 -- -$31.87 mln 10-yr bond yield 6.84 pct Month-to-date -$134.30 mln $1.44 bln Year-to-date $8.46 bln $19.44 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.44 Indian rupees) (Compiled by Benny Thomas in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL4N1K51BN'|'2017-07-14T06:18:00.000+03:00'
'5ed4e06553b39efce251a1de8a2ec7933d3ff919'|'Carlyle to buy airfield lighting group ADB Safegate - sources'|'July 15, 2017 / 4:40 PM / in an hour Carlyle to buy airfield lighting group ADB Safegate: sources Dasha Afanasieva and Arno Schuetze 2 Min Read FILE PHOTO: A general view of the lobby outside of the Carlyle Group offices in Washington, U.S., May 3, 2012. Jonathan Ernst/File Photo LONDON/FRANKFURT (Reuters) - Buyout group Carlyle has agreed to buy airfield lighting group ADB Safegate at a valuation of about 900 million euros ($1 billion) including debt, sources familiar with the matter said. Belgium-based ADB Safegate supplies visual guidance solutions from landing to parking for airplanes, including lighting systems for airport runways as well as docking and tower systems. Private equity group PAI Partners bought ADB from peer investor Montagu in 2013 for 208 million euros and last year acquired docking guidance systems specialist Safegate International for an undisclosed sum. It merged the two groups to form ADB Safegate. The sale values the company whose products are installed at 2,500 airports globally at more than 10 times its expected 2017 earnings before interest, tax, depreciation and amortization of 70-80 million euros, one of the sources said. ADB was founded in 1920 by Belgian businessman Adrien de Backer, initially as a supplier of flood lights for theaters and sports grounds. It diversified into airfield lighting from 1947 and was acquired by Siemens in 1987, which eventually sold the company on to Montagu in 2009. Credit Suisse and Rothschild advised PAI on the deal while Citi and Lazard advised Carlyle. Carlyle, PAI and the banks declined to comment or were not immediately available for comment. Editing by Stephen Powell '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-paipartners-adbsafegate-idUKKBN1A00MG'|'2017-07-15T19:36:00.000+03:00'
'eeb12e73436c818ac06e206cf7cb82601626319b'|'Ashley Madison parent settles website users'' data breach lawsuit'|'July 14, 2017 / 9:29 PM / 17 hours ago Ashley Madison parent in $11.2 million settlement over data breach Jonathan Stempel 2 Min Read A photo illustration shows the Ashley Madison website displayed on a smartphone in Toronto, August 20, 2015. Mark Blinch (Reuters) - The owner of the Ashley Madison adultery website said on Friday it will pay $11.2 million to settle U.S. litigation brought on behalf of roughly 37 million users whose personal details were exposed in a July 2015 data breach. Ruby Corp, formerly known as Avid Life Media Inc, denied wrongdoing in agreeing to the preliminary class-action settlement, which requires approval by a federal judge in St. Louis. Ashley Madison marketed itself as a means to help people, primarily men, cheat on their spouses, and was known for its slogan "Life is short. Have an affair." But the breach cost privately held Ruby more than a quarter of its revenue, and prompted the Toronto-based company to spend millions of dollars to improve security and user privacy. Last December, Ruby agreed to pay $1.66 million to settle a probe by the U.S. Federal Trade Commission and several states into lax data security and deceptive practices, also without admitting liability. According to Friday''s settlement, users with valid claims can recoup up to $3,500 depending on how well they can document their losses attributable to the breach. Layn Phillips, a former federal judge who mediated the settlement, said in a court filing that the accord offered "a valuable recovery for the class in the face of many obstacles," including Ruby''s preference that victims arbitrate their claims. Lawyers for Ashley Madison users may receive up to one-third of the $11.2 million payout to cover legal fees, court papers show. The case is In re: Ashley Madison Customer Data Security Breach Litigation, U.S. District Court, Eastern District of Missouri, No. 15-md-02669. Reporting by Jonathan Stempel in New York; Additional reporting by Solarina Ho in Toronto; editing by G Crosse and David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ashleymadison-settlement-idUSKBN19Z2F0'|'2017-07-15T00:28:00.000+03:00'
'fc01225001683ce8eeace2d369055aef3c8b8c9d'|'Irish first quarter GDP falls 2.6 percent quarter-on-quarter'|'July 14, 2017 / 10:04 AM / 9 minutes ago Irish first quarter GDP falls 2.6 percent quarter-on-quarter Reuters Staff 3 Min Read DUBLIN (Reuters) - Ireland''s gross domestic product fell by 2.6 percent quarter-on-quarter in the first three months of the year but still stood 6.1 percent higher than a year ago after data for the previous quarter was revised up sharply, data showed on Friday. Irish GDP has outperformed anywhere else in Europe for the last three years but the relevance of using the conventional measure for economic growth was called into question a year ago when 2015 growth was adjusted up to 26 percent after a massive revision to the stock of capital assets. While not as dramatic, quarterly GDP growth for the final three months of 2016 was revised up to 5.8 percent from an already strong 2.5 percent, although growth for the year as a whole was nudged down to 5.1 percent from 5.2 percent. That had a knock on effect on the quarterly comparison for January to March, with the quarter-on-quarter dip contrasting with Ireland''s fastest pace of jobs growth since the financial crisis achieved over the same period. "I think you have to take into account the fact that Q4 was so strong, that to some extent explains the negative result (for Q1 2017)," said Michael Connolly, senior statistician at the Central Statistics Office (CSO). While a swathe of other data, from retail sales and business surveys, have also pointed to a sharp recovery continuing into the first quarter, the skewed GDP figures - dubbed "leprechaun economics" by U.S. economist Paul Krugman - forced the state statistics office last year to consider new measures. The phasing in of "Modified Gross National Income" - or "GNI*" - which strips out the effects of multinational firms re-domiciling, relocating or depreciating their capital assets - began on Friday and will be fully phased in by the end of 2018. It showed that Ireland''s debt as a percentage of GNI* stood at 106 percent at the end of 2016 compared to 73 percent of GDP, putting Irish debt levels closer to those of Spain and Cyprus than Germany and the Netherlands, as implied by debt-to-GDP. Reporting by Padraic Halpin; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-gdp-idUKKBN19Z0Z2'|'2017-07-14T13:02:00.000+03:00'
'8f12fbda7f17358d4703236de0b9e896bfe73647'|'Exclusive: Toyota made UK investment decision after Brexit reassurances - sources'|'July 14, 2017 / 4:06 PM / in 3 hours Exclusive: Toyota made UK investment decision after Brexit reassurances - sources Costas Pitas 5 Min Read FILE PHOTO: New cars are parked at Toyota''s Burnaston plant near Derby, central England February 18, 2009. Darren Staples/File Photo LONDON (Reuters) - The British government helped to secure a more than 240-million ($310 million) pound investment from Toyota in its English plant with a letter reassuring the Japanese carmaker over post-Brexit trading arrangements, two sources told Reuters. Toyota said on March 16 it would install its new car platform at its Burnaston plant. One source, who is familiar with the letter, said that Toyota delayed the decision due by the end of December while it weighed up a number of factors including Brexit. The business ministry has confirmed the existence of a letter but refused to release it. The source said the letter was similar to one sent to Japanese carmaker Nissan last year when it decided to build two new models at its northern English plant. The document sparked public and lawmaker concern about secretive deals. The source, who did not say when the letter was sent, said it contained several reassurances. "They received a similar set of warm words as Nissan on electric vehicles, commitment to further training and to ensure the competitiveness of the UK automotive industry," the source said. A Toyota spokesman declined to comment on whether it had received such a letter. He referred to the company''s March 16 statement which said the British government was providing funding for training and research and development. Toyota also said at the time that "continued tariff-and-barrier free market access... will be vital for future success." Britain said in March it would back up the investment from Toyota, which builds roughly 10 percent of Britain''s 1.7 million cars, by spending 21.3 million pounds to support skills and training, research and development and innovation, subject to an independent assessment. A spokesman at the business ministry declined to provide any comment for this story. Business minister Greg Clark said last year that assurances offered to Nissan were available to other firms. Reuters made a freedom of information (FOI) request to the business ministry to see documentation relating to the investment decision, which the ministry said included a letter. In its response, an official at the ministry refused to release the letter and a company briefing note, saying the information was "both highly commercially sensitive" and "would be likely to cause harm to the company''s commercial interests if disclosed." Clark has refused to publish the Nissan letter. He said he will release the information when it is no longer commercially confidential. FILE PHOTO: A man works on the production line at the Toyota factory in Derby, central England, March 7, 2011. Darren Staples/File Photo Many of the world''s biggest car firms are worried about the long-term viability of their British plants and are using their upcoming investment decisions to push for promises to maintain free trade after Britain''s exit from the EU, which is due to take place in March 2019. Redacted Emails Toyota finalised its decision at a meeting between its Europe President and Chief Executive Johan van Zyl and Clark on March 15, the day before the official announcement, a third source, who is close to the company told Reuters. In response to the FOI request, the business ministry said there were three documents relating to discussions between the firm and top government officials since Clark was appointed in July last year: a letter, a confidential company briefing and an email exchange. New Toyota cars are transported from their manufacturing facility in Burnaston, Britain March 16, 2017. Darren Staples It initially refused to publish all three but after Reuters appealed the decision, the department released a redacted email exchange. Reuters asked for correspondence between the company and Clark, a special advisor, a junior minister and the ministry''s automotive team. The email exchange included three messages which were written after a meeting between Clark and van Zyl. The emails are redacted so that it is not possible to know who received them. "We picked up from the recent meeting with Greg Clark that Toyota has a significant investment decision coming up before the end of the year, for a new European ''architecture plant''," according to official correspondence dated Sep. 9. "Dr Zyl noted that uncertainties over future trade arrangements are a worry, and SofS (Secretary of State Clark) sought to reassure on the alignment of company and HMG (Her Majesty''s government) goals." "It would (be) great to understand more about the decision, and if there are any ways in which HMG could help," the email from the official said. Clark had meetings with Toyota officials in September, November and March, according to an official government log. Japan''s Nissan, Toyota and Honda account for around half of British car output. Japanese Prime Minister Shinzo Abe met with British Prime Minister Theresa May in April and called for a smooth Brexit to allow Japanese firms to continue to operate. Toyota has yet to say which models it will build in Burnaston over the next decade. Editing by Guy Faulconbridge and Anna Willard 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-toyota-exclusive-idUSKBN19Z1VG'|'2017-07-14T19:05:00.000+03:00'
'f699d9882b9b29e0d4493435cea792a804698343'|'Russia detains CEO of turbine maker Power Machines - report'|'July 13, 2017 / 9:44 PM / 3 hours ago Russia detains CEO of turbine maker Power Machines - report 2 Min Read MOSCOW (Reuters) - Russian authorities have detained the chief executive of Russian electricity turbine maker Power Machines on suspicion of attempted divulgence of state secrets, TASS news agency reported on Thursday citing a law enforcement source. Power Machines is controlled by Russian steel tycoon Alexei Mordashov and has a joint venture with Germany''s Siemens ( SIEGn.DE ) which has come under scrutiny because of a disputed turbine delivery to Crimea. No charges have been brought against Roman Filippov, the CEO of Power Machines, yet, TASS reported. It was not immediately clear if his detention was linked to the Crimea turbine affair. Interfax news agency cited an unidentified source as saying Filippov was questioned as part of a criminal case into the dissemination of a state secret and released. Power Machines and a spokeswoman for Mordashov declined to comment. Filippov''s mobile phones were switched off when Reuters tried to reach him on Thursday night. Reporting by Polina Devitt and Anastasia Lyrchikova; Writing by Maria Kiselyova; Editing by Chris Reese 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ukraine-crisis-siemens-crimea-idINKBN19Y2V1'|'2017-07-14T00:40:00.000+03:00'
'90364f5862379826e6a31255b6b21f53e955078b'|'AstraZeneca shares fall for a second day over CEO uncertainty'|'July 14, 2017 / 7:46 AM / 25 minutes ago AstraZeneca shares fall for a second day over CEO uncertainty 2 Min Read LONDON, July 14 (Reuters) - Shares in AstraZeneca fell for a second day on Friday as uncertainty over the future of Chief Executive Pascal Soriot weighed on the Anglo-Swedish company ahead of a crucial period. Shares in Astra closed down 3.5 percent on Thursday and were trading down a further 2.5 percent on Friday, at a two-month low, following an Israeli report late on Wednesday that Soriot was in talks to join Teva Pharmaceutical Industries. Moving to a generics drugmaker, albeit the world''s largest, would be a big change in direction for French-born Soriot, 58, who had made research-based pharma his whole aim at AstraZeneca. The timing of the rumour has alarmed investors, coming as the company waits for an all-important data from a MYSTIC trial of a lung cancer drug which is seen as a game-changer for Astra. Analysts at Leerink, an investment bank that specialises in healthcare, said the move would come as a major surprise, if true, and leave AstraZeneca rudderless at a key time. "If true, the optics around his departure would be terrible ahead of the MYSTIC readout ... which are expected any day now." No one at AstraZeneca was immediately available to comment. Reporting by Kate Holton, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/astrazeneca-ceo-idUSL8N1K51BE'|'2017-07-14T10:44:00.000+03:00'
'265394182f61d6d84d7aaee9d22d359d0735c3c7'|'"Hard works starts now": Brexit bargaining to begin'|'July 14, 2017 / 4:21 PM / 3 hours ago "Hard works starts now": Brexit bargaining to begin Alastair Macdonald 5 Min Read FILE PHOTO: Flags are arranged at the EU headquarters as Britain and the EU launch Brexit talks in Brussels, June 19, 2017. Francois Lenoir/File Photo BRUSSELS (Reuters) - EU officials hope the British government shows more sense of urgency about a Brexit deal when its negotiators come to Brussels on Monday for a first full round of talks aimed at smoothing Britain''s departure. "The hard work starts now," the European Union''s chief negotiator Michel Barnier said on Wednesday, again sounding a note of alarm that London has yet to provide detailed proposals on a range of key issues, with barely a year left for bargaining. A year after the referendum vote to leave the bloc propelled her to power, Prime Minister Theresa May still faces a complex task in finding consensus at home on what kind of Brexit Britain wants -- a job made all the harder by losing her parliamentary majority in an election last month. Her Brexit minister, veteran anti-EU campaigner David Davis, is expected to meet Barnier, a French former cabinet minister, at the European Commission''s Berlaymont headquarters on Monday morning. They and their teams will then spend up to four days in a mixture of smaller working groups and plenary sessions, with the priority being to identify areas of accord and discord on a set of issues agreed on during an initial day of talks on June 19. These issues, notably the rights of expatriate citizens, how much Britain may owe to the EU budget and how to manage the new EU-UK border, especially with Ireland, are ones both sides want to settle in a withdrawal treaty. Barnier says this must be ready by about October next year if it is to be ratified on both sides of the Channel before Britain leaves in March 2019. "The clock is ticking," he said on Wednesday, displaying a degree of impatience with British ministers who continue to dismiss EU demands that they first must agree in principle that London will owe the Union a hefty amount -- probably in the tens of billions of euros -- to cover its existing commitments. "The first serious test of the negotiations will be them agreeing to pay the bill," a senior EU official said, describing the coming week as a vital moment to establish rapport among the senior civil servants who will handle what is arguably the most convoluted and far-reaching diplomatic deal of modern times. Progress Required Without "significant progress" on all three priority areas of the divorce package, Barnier warns, EU leaders will not let Davis open talks on a free trade relationship, which May and much of British business want to have ready by the time Britain leaves. For now, the EU says May''s offer to guarantee the rights of 3 million Europeans in Britain falls short. It is also unhappy at Britain''s refusal to accept EU judges as the ultimate arbiters of disputes -- an issue that could get an early airing as London seeks a quick fix to prevent its withdrawal from the Euratom pact disrupting its nuclear industry and medical imaging. Committed to keep all 27 other EU governments informed and on board with a process in which all have differing interests, the Commission negotiators are insisting on publishing negotiating documents and holding regular news conferences -- a cause of some discomfort in London. EU officials expect Barnier and Davis to brief reporters again on Thursday, partly to nail down the week''s achievements. "It''s important to describe our progress," the senior EU official said, likening the Brexit process to trade negotiations that the Commission more typically runs with other governments. "If you don''t cash the week''s progress in public, by having both sides talk to the media, you never know if your partner will go back later on what they promised to agree." EU leaders hold a regular quarterly summit in mid-October and could use that moment to instruct Barnier to prepare trade negotiations; but that will require good progress next week and in three further week-long rounds of talks. On that timetable, Barnier reckons, a broad political deal on the outlines of a new, open trading relationship could be in place by late next year, allowing for a transitional phase of up to a few years after Brexit to negotiate all the details. Editing by Kevin Liffey '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-negotiations-idINKBN19Z1WY'|'2017-07-14T19:21:00.000+03:00'
'63c736900616a901938f6395e7530ad2a5631a64'|'Russia detains CEO of turbine maker Power Machines -report'|'July 13, 2017 / 9:41 PM / 29 minutes ago Russia detains CEO of turbine maker Power Machines -report Reuters Staff 2 Min Read MOSCOW (Reuters) - Russian authorities have detained the chief executive of Russian electricity turbine maker Power Machines on suspicion of attempted divulgence of state secrets, TASS news agency reported on Thursday citing a law enforcement source. Power Machines is controlled by Russian steel tycoon Alexei Mordashov and has a joint venture with Germany''s Siemens ( SIEGn.DE ) which has come under scrutiny because of a disputed turbine delivery to Crimea. No charges have been brought against Roman Filippov, the CEO of Power Machines, yet, TASS reported. It was not immediately clear if his detention was linked to the Crimea turbine affair. Interfax news agency cited an unidentified source as saying Filippov was questioned as part of a criminal case into the dissemination of a state secret and released. Power Machines and a spokeswoman for Mordashov declined to comment. Filippov''s mobile phones were switched off when Reuters tried to reach him on Thursday night. Reporting by Polina Devitt and Anastasia Lyrchikova; Writing by Maria Kiselyova; Editing by Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ukraine-crisis-siemens-crimea-idUKKBN19Y2V4'|'2017-07-14T00:41:00.000+03:00'
'6aa97005e29a1c02f21f0265db526472e50f3c42'|'LPC: CLO volume jumps 100% in first half of 2017'|'July 14, 2017 / 2:27 PM / 4 minutes ago LPC: CLO volume jumps 100% in first half of 2017 Kristen Haunss 3 Min Read NEW YORK, July 14 (Reuters) - The US$52.4bn of US Collateralized Loan Obligation (CLO) funds issued in the first six months of 2017 was 100% higher than a year earlier, comfortably exceeding analysts’ forecasts and brushing off concerns that regulations would temper volume. Only US$26.2bn of CLOs was issued in the same period of 2016, according to Thomson Reuters LPC Collateral data, amid higher market volatility. Only two US CLOs were arranged in January 2016 and six in February, compared to 26 CLOs arranged in June 2017. Dodd-Frank risk-retention rules, which came into effect in December and force managers to hold 5% of their funds, did not curb issuance as expected as managers entered 2017 ready to issue compliant CLOs after working on solutions. “Experience has shown that risk retention has been a project to solve and there has been, for most part, good solutions implemented and there seems to be plenty of capital willing to participate in risk-retention vehicles,” said Bjarni Torfason, a CLO analyst at Deutsche Bank. “While [risk retention] definitely creates bumps in the road and slows down the process and creates extra transaction costs, it looks like the market is comfortable solving it.” JP Morgan, Morgan Stanley, Wells Fargo and Deutsche Bank increased their 2017 CLO forecasts in June, with JP Morgan and Deutsche Bank raising their predictions to as much as US$95bn, according to research reports. If volume hits that target, 2017 will be one of the top five biggest years of US CLO issuance ever. Forecasts initially ranged from US$50bn to US$70bn. Citigroup was the top arranger of US CLOs by volume in the first half of the year with US$8.9bn of issuance, according to LPC Collateral data. Morgan Stanley was second and Bank of America Merrill Lynch was third. Citigroup was also the most active arranger by volume in the second quarter with US$6.3bn of issuance, according to the data. Bank of America Merrill Lynch was second and Natixis third. “We’ve made a significant effort to build the broadly syndicated CLO business to complement our existing middle-market CLO platform,” Kevin Alexander, Natixis’ head of global markets and investment banking, Americas, said in a statement. In the first quarter of 2017, Wells Fargo was the most active arranger with US$3.4bn of volume. The bank was in 10th place in the second quarter. Citigroup was also the most active arranger of US CLO resets in the second quarter with US$4.1bn of volume, according to LPC Collateral. In a reset, the maturity of the CLO is extended to allow the deal to remain outstanding for longer. JP Morgan was the second most active arranger of resets and Wells Fargo was the third most active. Spokespeople for Citigroup, Morgan Stanley, Bank of America Merrill Lynch and Wells Fargo all declined to comment. (Reporting by Kristen Haunss; Editing By Tessa Walsh and Michelle Sierra) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usclo-volume-idUSL1N1K50PR'|'2017-07-14T17:26:00.000+03:00'
'c5f2a323fc650e2a7c64f858c089756019d3370e'|'Three bidders picked for bad loans of four rescued Italian banks - sources'|'July 14, 2017 / 3:38 PM / a minute ago Three bidders picked for bad loans of four rescued Italian banks - sources Reuters Staff 2 Min Read MILAN (Reuters) - U.S. funds Fortress Investment Group ( FIG.N ), Bain Capital and Blackstone ( BX.N ) have been picked to submit binding bids for a 1 billion euro ($1.1 billion) Italian bad loan portfolio, two sources said. As part of Italy''s rescue of Banca Marche, Banca Etruria, CariFerrara and CariChieti in November 2015, gross bad debts from the four banks worth 10.3 billion euros were spun off into a separate vehicle, dubbed REV-Gestione Crediti. REV, which is being advised by KPMG, has shortlisted the three U.S. funds after receiving more than two dozen expressions of interest in the portfolio, which is mainly backed by property assets, the sources said. The three funds will have to submit binding proposals in October, the sources said, adding that a fourth bidder, Starwood Capital Group, may still be allowed to join the race. All interested parties either declined to comment or were not immediately available for a comment. Italian banks are under regulatory pressure to shed soured debts that rose to a total of 349 billion euros during a harsh recession and international investors have increasingly set their sights on a market that is still underdeveloped. Consultancy PWC said bad loan sales in Italy could top 60 billion euros this year, driven by balance-sheet clean-ups at Monte dei Paschi di Siena ( BMPS.MI ) and UniCredit ( CRDI.MI ). The two lenders alone are set to offload 44 billion euros in bad debts. UniCredit has been able to tap markets to offset the hit from the disposal but Monte dei Paschi failed to raise capital from investors and is being bailed out by the state. Mid-sized regional lender Creval ( PCVI.MI ) said late on Thursday it had sealed a 1.4 billion euro bad loan sale, sending its shares higher. Reporting by Massimo Gaia; writing by Valentina Za; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-italy-banks-bad-loans-idUKKBN19Z1SU'|'2017-07-14T18:34:00.000+03:00'
'88f0b00dd21a5f1c1859fabc7a4252c100fc4002'|'JP Morgan chief blasts US dysfunction: ''It''s almost an embarrassment being American'' - Business'|'Friday 14 July 2017 16.42 BST Last modified on Friday 14 July 2017 17.43 BST JP Morgan just had the most profitable 12 months ever for a US bank – but it wasn’t enough for Jamie Dimon, the bank’s boss. “It’s almost an embarrassment being an American traveling around the world and listening to the stupid shit Americans have to deal with in this country,” Dimon told journalists after the bank released its latest quarterly results on Friday. JP Morgan: we''ll only move jobs from UK after Brexit if EU forces us Read more The world’s largest bank reported a profit of $7.03bn for the second quarter, 13% higher than last year. It has made $26.5bn over the past 12 months, a record profit for a US bank. But Dimon, who last year turned down Donald Trump’s offer to become treasury secretary, seemed more concerned about low rates of growth in the US and the health of the American body politic. He blamed bad policy for “holding back and hurting the average American” and financial journalists for concentrating on the bank’s trading results when they should be focusing on policy. “Who cares about fixed-income trading in the last two weeks of June? I mean, seriously,” Dimon said after a reporter asked about the health of the bonds markets. “That is the weather,” he said of changes in the markets. “It goes up and down, this and that, and that’s 80% of what you guys focus on.” Dimon said financial journalists would be better off concentrating on the “bad policies” that are hurting average Americans. “It’s almost an embarrassment being an American traveling around the world and listening to the stupid shit Americans have to deal with,” he said. “At one point, we would have to get our act together, do what we’re supposed to do to the average American.” Dimon, who also heads the Business Roundtable lobbying group, which has been lobbying for tax reform and more infrastructure spending, set out policy areas he would like to see addressed. “We need infrastructure reform,” he said. “We need corporate tax reform. We need better skills and education. If we don’t focus on these things, we are hurting average Americans every day. “The USA has to start to focus on policy which is good for all Americans, and that is regulation, tax, education, we have to get those things done. You guys [journalists] should be writing a lot more about that stuff. That is holding it back and hurting the average American citizen if we don’t do it. “It’s not a Republican issue, it’s not a Democratic issue. Why you guys don’t write about it every day is totally beyond me. “I just got back from Israel, Ireland and France – three countries that deeply recognise the importance of having a business tax scheme for jobs and wage growth. We don’t have that.” Dimon lamented US failure to build an airport in the last 10 years and the opiate addiction epidemic. The JP Morgan chief has become increasingly outspoken on political issues since the election. In his letter to shareholders, released in April, he took some subtle – and some not so subtle – swings at the Trump administration. While Dimon clearly favours cuts to regulation, he argued: “Some regulations quite clearly create a common good (eg clean air and water).” Dimon’s letter was written as Trump began his attempts to dismantle Barack Obama’s legacy of environmental protections. Dimon also worried about the impact of “poorly conceived anti-trade policies” and wrote that it was “alarming” that so many talented immigrants were unable to stay in the US. “We are forcing great talent overseas by not allowing these young people to build their dreams here,” he wrote. The bank’s shares dipped slightly after the results were released but are still up close to 33% since the election of Trump. The results came as Citigroup and Wells Fargo also released better than expected quarterly results. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/14/jp-morgan-chief-jamie-dimon-american'|'2017-07-14T23:42:00.000+03:00'
'2558d98cfd4e477f09eadfe8c01abcea02301594'|'Exclusive: Toyota made UK investment decision after Brexit reassurances - sources'|'July 14, 2017 / 4:10 PM / 3 hours ago Exclusive: Toyota made UK investment decision after Brexit reassurances - sources Costas Pitas 5 Min Read An employee works under a Toyota Motor Corp logo at the company''s showroom in Tokyo, Japan February 5, 2016. Toru Hanai/Files LONDON (Reuters) - The British government helped to secure a more than 240-million ($310 million) pound investment from Toyota in its English plant with a letter reassuring the Japanese carmaker over post-Brexit trading arrangements, two sources told Reuters. Toyota said on March 16 it would install its new car platform at its Burnaston plant. One source, who is familiar with the letter, said that Toyota delayed the decision due by the end of December while it weighed up a number of factors including Brexit. The business ministry has confirmed the existence of a letter but refused to release it. The source said the letter was similar to one sent to Japanese carmaker Nissan last year when it decided to build two new models at its northern English plant. The document sparked public and lawmaker concern about secretive deals. The source, who did not say when the letter was sent, said it contained several reassurances. "They received a similar set of warm words as Nissan on electric vehicles, commitment to further training and to ensure the competitiveness of the UK automotive industry," the source said. A Toyota spokesman declined to comment on whether it had received such a letter. He referred to the company''s March 16 statement which said the British government was providing funding for training and research and development. Toyota also said at the time that "continued tariff-and-barrier free market access... will be vital for future success." Britain said in March it would back up the investment from Toyota, which builds roughly 10 percent of Britain''s 1.7 million cars, by spending 21.3 million pounds to support skills and training, research and development and innovation, subject to an independent assessment. A spokesman at the business ministry declined to provide any comment for this story. Business minister Greg Clark said last year that assurances offered to Nissan were available to other firms. Reuters made a freedom of information (FOI) request to the business ministry to see documentation relating to the investment decision, which the ministry said included a letter. In its response, an official at the ministry refused to release the letter and a company briefing note, saying the information was "both highly commercially sensitive" and "would be likely to cause harm to the company''s commercial interests if disclosed." Clark has refused to publish the Nissan letter. He said he will release the information when it is no longer commercially confidential. Many of the world''s biggest car firms are worried about the long-term viability of their British plants and are using their upcoming investment decisions to push for promises to maintain free trade after Britain''s exit from the EU, which is due to take place in March 2019. Redacted Emails Toyota finalised its decision at a meeting between its Europe President and Chief Executive Johan van Zyl and Clark on March 15, the day before the official announcement, a third source, who is close to the company told Reuters. In response to the FOI request, the business ministry said there were three documents relating to discussions between the firm and top government officials since Clark was appointed in July last year: a letter, a confidential company briefing and an email exchange. It initially refused to publish all three but after Reuters appealed the decision, the department released a redacted email exchange. Reuters asked for correspondence between the company and Clark, a special advisor, a junior minister and the ministry''s automotive team. The email exchange included three messages which were written after a meeting between Clark and van Zyl. The emails are redacted so that it is not possible to know who received them. "We picked up from the recent meeting with Greg Clark that Toyota has a significant investment decision coming up before the end of the year, for a new European ''architecture plant''," according to official correspondence dated Sep. 9. "Dr Zyl noted that uncertainties over future trade arrangements are a worry, and SofS (Secretary of State Clark) sought to reassure on the alignment of company and HMG (Her Majesty''s government) goals." "It would (be) great to understand more about the decision, and if there are any ways in which HMG could help," the email from the official said. Clark had meetings with Toyota officials in September, November and March, according to an official government log. Japan''s Nissan, Toyota and Honda account for around half of British car output. Japanese Prime Minister Shinzo Abe met with British Prime Minister Theresa May in April and called for a smooth Brexit to allow Japanese firms to continue to operate. Toyota has yet to say which models it will build in Burnaston over the next decade. ($1 = 0.7713 pounds) Editing by Guy Faulconbridge and Anna Willard 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-toyota-idINKBN19Z1VM'|'2017-07-14T19:08:00.000+03:00'
'edca1e1819a7d78632e9abebc02a32b0c0a54e4f'|'Millions of things will soon have digital twins'|'THE factory of the future will be a building stuffed full of robots making robots. A factory in Amberg, a small town in Bavaria, is not quite that, but it gets close. The plant is run by Siemens, a German engineering giant, and it makes industrial computer-control systems, which are essential bits of kit used in a variety of automated systems, including the factory’s own production lines.The Amberg plant is bright, airy and squeaky clean. It produces 15m units a year—a tenfold increase since opening in 1989, and without the building being expanded or any great increase in the 1,200 workers employed in three shifts. (Production is about 75% automated, as Siemens reckons some tasks are still best done by humans.) The defect rate is close to zero, as 99.9988% of units require no adjustment, a remarkable feat considering they come in more than 1,000 different varieties.Latest updates Trumpcare, version three Democracy in America 5 minutes ago Turkey 28 an hour 10 See all updates Such achievements are largely down to the factory’s “digital twin”. For there is another factory, a virtual version of the physical facility that resides within a computer system. This digital twin is identical in every respect and is used to design the control units, test them, simulate how to make them and program production machines. Once everything is humming along nicely, the digital twin hands over to the physical factory to begin making things for real.The digital twin is not a new invention. The concept of pairing traces its roots to the early days of space travel, when NASA built models to help monitor and modify spacecraft that, once launched, were beyond their physical reach. As computer power increased, these analogue models turned into digital ones.The powerful systems that have since emerged bring together several elements—software services in computer-aided design and engineering; simulation; process control; and product life cycle management. Some digital twins are gaining artificial intelligence and virtual-reality capabilities, too. They can also help to monitor remotely and provide after-service for products that have been sold. “It is a digital twin of the entire value chain,” says Jan Mrosik, the chief executive of Siemens’s Digital Factory Division.Siemens is not alone in equipping its factories with digital twins. Its American rival, GE, is doing the same. Both companies also sell their digital-twin software, along with firms such as Dassault Systèmes, a French specialist in the area. Customers come from industries ranging from aerospace and defence to automotive, consumer products, energy, heavy machinery and pharmaceuticals.One motivation for twinning is to bring products to market faster and at a lower cost. The digital twin allows endless design iterations to be tried in the virtual world without having to stop the production line to see how they can be made, says Mr Mrosik. The twin can also model people working in a factory to improve their ergonomics. In one example, Maserati, which is part of Fiat Chrysler Automobiles (whose chairman is a director of The Economist ’s parent company), used a digital twin to put its Ghibli sports saloon into production in Grugliasco, Italy, in just 16 months instead of the typical 30 months.The spread of digital twins could shake up supply chains. For example, suppliers could be asked to submit a digital twin of their product so that it can be tested in a manufacturer’s virtual factory before an order is placed. It is already a requirement at the Amberg plant for suppliers to deliver a digital twin along with their product to help installation.Twins will become more responsive still as products are increasingly fitted with sensors that relay data to the internet. Formula 1 cars are full of such sensors; racing teams use these data to create digital twins of their cars so that they can rapidly design, test and manufacture parts needed to make hundreds of changes in the week or two between races. GE creates digital twins of its wind turbines and jet engines to monitor their performance and carry out preventive maintenance. Data transmitted from a jet engine while planes are in the air can provide 15-30 days’ advance notice of potential failures.Even mass-produced goods that are far less complex are likely to end up having digital siblings. This would help with product tracking and verification, which is increasingly important in food manufacturing and pharmaceutical production. Just about any product could have a unique identifier that links to production data, if not a full digital twin, reckons Thomas Körmendi, the chief executive of Kezzler, a Norwegian company that produces secure product codes using an algorithm.The firm’s codes can be scanned with a smartphone, which then connects over the internet so that information can be exchanged with a digital twin on things like a product’s location and use. A consumer in London checking the provenance of a bottle of fine wine, for example, could confirm the vintage, or be alerted to the possibility of counterfeiting if the bottle had actually been dispatched to a different country. That’s something everyone can raise a glass to.This article appeared in the Business section of the print edition under the headline "The Gemini makers"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725033-factories-cars-range-consumer-products-millions-things-will-soon-have-digital?fsrc=rss%7Cbus'|'2017-07-13T23:21:00.000+03:00'
'67741a3de3b2db61e7a22ada2a2121634aec3550'|'MIDEAST STOCKS-Region mixed; Dubai tests chart barrier, poor earnings hit Oman'|'July 16, 2017 / 2:25 PM / 4 hours ago MIDEAST STOCKS-Region mixed; Dubai tests chart barrier, poor earnings hit Oman 3 Min Read * Dubai index closes on April peak * Abu Dhabi''s Ajman Bank rises after Q2 earnings * Qatar National Bank pulls back after last week''s surge * Foreigners'' buying and selling almost balanced in Qatar * Omantel, Bank Dhofar among Omani losers after earnings By Andrew Torchia DUBAI, July 16 (Reuters) - Stock markets in the Gulf were mixed on Sunday with the global uptrend in equities pushing Dubai''s index up to test technical resistance but weak corporate earnings hurting Oman. The Dubai index gained 1.0 percent in modest trading volume to close on its April peak of 3,573 points. Eight of the 10 most heavily traded stocks rose, with the most active, Union Properties, edging up 0.3 percent. Abu Dhabi added 0.2 percent as Ajman Bank gained 2.6 percent despite reporting a moderate fall in second-quarter net profit. Its operating income actually rose slightly. The Saudi index climbed 0.5 percent in a broad-based rally. Banque Saudi Fransi added 1.4 percent and a few second- and third-tier stocks surged in unusually heavy trade; Saudi Printing and Packaging soared 8.5 percent. Qatar''s index fell 1.3 percent with Qatar National Bank, the biggest lender, falling by the same margin. The bank had surged 4.2 percent on Thursday after it reported a 3.6 percent increase in its second-quarter profits earlier in the week. Exchange data showed foreign investors'' buying and selling of Qatari stocks roughly balanced on Sunday while non-Qatari Gulf investors were almost inactive, though they were sellers on a net basis. Some Gulf funds fear sanctions imposed by neighbouring Arab states could eventually force them to pull out of the country entirely. Oman dropped 1.1 percent as a string of weak earnings showed the strain that low oil prices and government austerity measures have placed on the economy. Raysut Cement slipped 0.8 percent after reporting that first-half net profit shrank by nearly two-thirds from a year earlier, with turnover also dropping. Oman Telecommunications sank 3.3 percent after reporting a 39 percent fall in first-half profit, with revenue stagnant. Bank Dhofar lost 3.2 percent after first-half consolidated net profit shrank 13 percent, and National Gas plunged 8.0 percent in very thin trade after it said first-half profit more than halved. Highlights * The index gained 0.5 percent to 7,349 points. Dubai * The index rose 1.0 percent to 3,573 points. Abu Dhabi * The index edged up 0.1 percent to 4,524 points. Qatar * The index dropped 1.3 percent to 9,344 points. Egypt * The index edged down 0.05 percent to 13,816 points. Kuwait * The index rose 0.3 percent to 6,809 points. Bahrain * The index fell 0.3 percent to 1,314 points. Oman * The index dropped 1.1 percent to 5,064 points. (Reporting by Andrew Torchia; editing by Susan Thomas) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1K708L'|'2017-07-16T17:22:00.000+03:00'
'394a56d4b5cb304d97f0c8abf5461c8e19e892b7'|'The fashion industry pays attention to plus-size women'|'A GOOD fit is everything, stylists often counsel, but in assessing its market America’s fashion business appears to have mislaid the measuring tape. A frequently-cited study done a few years ago by Plunkett Research, a market-research firm, found that 67% of American women were “plus-size”, meaning size 14 or larger. That figure will not have changed much, but in 2016, only 18% of clothing sold was plus-size, according to NPD Group, another research firm.Designers and retailers have long thought of the plus-size segment as high-risk. Predicting what these customers will buy can be difficult, as they tend to be more cautious about styles. Making larger clothes is more expensive; higher costs for fabric cannot always be passed on to consumers. In turn, plus-size women shopped less because the industry was not serving them well. “We have money but nowhere to spend it,” says Kristine Thompson, who runs a blog called Trendy Curvy and has nearly 150,000 followers on Instagram, a social-media site. 41 minutes At last, that is changing. Fast-fashion brands, including Forever 21 and a fashion line sold in partnership with Target, a giant retailer, have expanded their plus-size collections. Lane Bryant, a plus-size retailer, and Prabal Garung, a designer, have done the same. In March Nike extended its “X-sized” sportswear range.Revenue in the plus-size category increased by 14% between 2013 and 2016, compared with growth of 7% for all apparel. Takings were $21.3bn last year. Social media has played an important role in changing attitudes in the fashion business, says Madeline Jones, editor and co-founder of PLUS M odel Magazine .Nonetheless, designer brands still hold back (Walmart sells the most plus-size apparel). Some brands, such as Michael Kors, do sell plus-size ranges but do not advertise them or display them on websites. For those that are willing to take a chance, several internet startups that deliver personally styled outfits to individuals, including plus-size women, offer data to “straight-size” designers. Gwynnie Bee, Stitch Fix and Dia & Co, for example, share information with designers on preferred styles and fits. Tracy Reese, a designer known for creating Michelle Obama’s dress for the Democratic National Convention in 2012, is one brand that recently enlisted Gwynnie Bee’s help to create a new plus-size collection. Gwynnie Bee prompted the label to create bigger patterns and more appealing designs.Not all plus-size shoppers are convinced. Laura Fuentes, a hairstylist from Abilene, Texas, says that many upmarket department stores still keep their plus-size clothing sections poorly organised, badly stocked and dimly lit, if they stock larger clothes at all. Yet such complaints should be taken with a pinch of salt, says Ms Thompson. “We’re nowhere near where we should be but we’ve made progress,” she says.This article appeared in the Business section of the print edition under the headline "The forgotten majority"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725029-revenue-category-outstripping-total-clothing-sales-fashion-industry-pays?fsrc=rss'|'2017-07-13T23:21:00.000+03:00'
'ce8924bf65c38856d45aeea12abed141ea869afb'|'Novartis stocks drug cabinet with "Big-3" arthritis blockbusters'|'July 14, 2017 / 11:51 AM / 7 minutes ago Novartis stocks drug cabinet with "Big-3" arthritis blockbusters John Miller 4 Min Read A sign marks a building on Novartis'' campus in Cambridge, Massachusetts, U.S., February 28, 2017. Picture taken February 28, 2017. Brian Snyder ZURICH (Reuters) - Switzerland''s Novartis is stocking up cheaper versions of the world''s top-selling arthritis medicines, hoping a broad portfolio gives it an edge on rivals with narrower offerings. Novartis''s near-copy of Amgen''s Enbrel won European approval last month. It will submit versions of Johnson & Johnson''s Remicade and AbbVie''s Humira for regulators'' blessing later this year. These name-brand drugs raked in $32 billion in 2016, though sales have lost momentum as copies hit the market. Novartis generics unit Sandoz contends having knock-offs of all three big "anti-TNF" drugs against disorders such as psoriasis, rheumatoid arthritis and ankylosing spondolitis will raise its portfolio''s allure for cash-strapped health care systems. Novartis, which releases half-year results on Tuesday, is counting on biosimilars helping it kick-start lagging growth starting in 2018. "We can leverage resources across multiple products when commercializing and can offer disease management solutions based on the full portfolio, rather than just product-specific offerings," Carol Lynch, Sandoz''s biosimilars development head, said in an email. South Korea''s Samsung Bioepis has similarly broad aims, with its own Remicade, Enbrel and Humira imitations. While these drugs seem to be targeting the same patients, experts said disease variation, doctor preference and payer practices in heterogeneous markets may underpin having a so-called multi-drug "portfolio offering". In Nordic countries, where biosimilar adoption has been rapid, government-set pricing may favor one medicine one year, another the next. In Switzerland, rheumatology needs are mainly served by small private practices without infusion facilities. That has made self-injectable Enbrel and Humira more popular than Remicade infusions, Dr. Axel Finckh of the Geneva University Hospital said. "You find a different trend in the U.S., where Remicade and other infusion therapies can be favored by the rheumatologists, who make money by administering these therapies in their offices," he said. The trial-and-error process of finding the right drug for individual patients may also underpin a multiple-drug strategy. "Within 1 1/2 years, half of patients will have switched," Finckh said. Rheumatologists are counting on biosimilars -- near-copies of patent-expired, name-brand biologics that cannot be exactly replicated but demonstrate the same efficacy -- to expand patient options. In Germany, for instance, high costs have weighed on Humira, Enbrel and Remicade uptake, Dr. Stefan Schewe, a German Rheumatology League board member, said. Though price erosion has been unsatisfactory so far, he said, the arrival of more copies, in particular of Humira, should help. "Therapy decisions are increasingly driven by economics," Schewe said. "A price cut would give significantly more patients access to more-effective medicines." As Sandoz''s Lynch talks up her expanding portfolio, Novartis is hawking its new billion-dollar seller Cosentyx as better than Enbrel in some arthritis indications. Lynch downplayed the threat of internal competition between her unit''s drugs and Cosentyx. "Anti-TNFs continue to be a cornerstone in the treatment of immune diseases," Lynch said. "Having all the major products in the portfolio supports the (company''s) leadership position in immunology." Reporting by John Miller; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-novartis-biosimilars-arthritis-idUSKBN19Z191'|'2017-07-14T14:44:00.000+03:00'
'153238d5311fac38efa47ba1b9533d82ac398191'|'Strongest week since May for European shares as Fed tone spurs relief'|'July 14, 2017 / 4:02 PM / 17 minutes ago Strongest week since May for European shares as Fed tone spurs relief 4 Min Read * STOXX 600 up 0.1 pct * Steelmakers boost basic resources * Construction stocks drop, banks wilt * Nordic stocks in focus as Gjensidige, Skanska fall * SEB leads banks after Q2 beat (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets) By Kit Rees and Helen Reid LONDON, July 14 (Reuters) - European shares had their strongest week in more than two months as investors piled back into equities on signs that the world''s major central banks would likely not tighten monetary policy as quickly as some had feared. The move on indexes on Friday was more muted as investors digested disappointing earnings reports from major U.S. banks including JPMorgan and Citigroup, which sent banking stocks lower. The pan-European STOXX 600 index inched up 0.1 percent while euro zone bluechips fell 0.2 percent. "In Europe, we''re still not dealing with any higher interest rates, which should be benefiting the U.S. (banks) slightly in terms of net interest margin," Mike van Dulken, head of research at Accendo Markets, said. "That said we''ve still got the supportive QE helping, but yields are still low, which is not great for the banks." Flows data showed investors rushed back into equities this week as the Fed''s tone rekindled their enthusiasm for riskier assets. Firmer metals prices underpinned gains on mining stocks on Friday. Miners were led to a three-month high by steel firms Outokumpu, ArcelorMittal, and Tenaris which rose after U.S. President Donald Trump said that he was considering quotas and tariffs on Chinese steel dumping. Analysts at Barclays said they remained positive on the European mining sector, which has gained just 4 percent so far this year after rallying more than 60 percent in 2016. "Chinese rates are falling, demand indicators across the economy appear healthy, industry capex discipline is holding, M&A is generally off the agenda, and resulting strong cashflows are being utilised for balance sheet reconstruction and distributions to shareholders," Barclays analysts said in a note. While a rise in bond yields has hit rate-sensitive sectors such as utilities, banking stocks have benefited. On Friday, however, the sector was under pressure as earnings from major U.S. banks disappointed, and CPI data indicated inflation in the U.S. was slowing, potentially putting a dampener on the Fed''s monetary policy tightening plans. Banks gain when interest rates rise, widening their margins. Euro zone banks fell 0.7 percent, leaving them unchanged on the week after a strong performance last week. Swedish lender SEB jumped 1.3 percent after its second-quarter profit topped forecasts. Other Nordic stocks were also in focus as Norwegian insurer Gjensidige slumped 6.5 percent to the bottom of the STOXX 600 after its second quarter results came in below forecasts. It was joined by Swedish construction group Skanksa , which dropped nearly 5 percent after it warned that its second-quarter profit would be hit by project writedowns in the U.S. and Britain. European earnings get underway in earnest later this month. Overall, analysts are calling for about 9 percent year-on-year earnings growth for top European firms, compared to about 8 percent for the U.S., according to Thomson Reuters I/B/E/S. Reporting by Kit Rees, Editing by Vikram Subhedar/Toby Chopra/Ken Ferris 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1K53M0'|'2017-07-14T19:02:00.000+03:00'
'465c7dbb62ee3e312b41c0fe6011752b7e4809d9'|'Nerves over ECB''s pain threshold keeps euro in check'|'Edition United States July 14, 2017 / 1:44 PM / 6 minutes ago Nerves over ECB''s pain threshold keeps euro in check Patrick Graham 5 Min Read FILE PHOTO - The head quarter of the European Central Bank (ECB) is illuminated with a giant euro sign at the start of the "Luminale, light and building" event in Frankfurt, Germany, March 12, 2016. Kai Pfaffenbach LONDON (Reuters) - Many stars would seem to be aligned for further euro appreciation against the dollar, but there is an absence of properly bullish forecasts. This owes more to European Central Bank sensitivities than market dynamics or economic drivers. Forward-looking pricing from the options market EURVOL= and investor positioning against the dollar are the strongest in years and show a head of steam building for a significant euro rally. Yet strategists plotting the currency''s path over the coming year are far more cautious. Of the 65 economists and bank strategists polled by Reuters recently, only one -- HSBC -- was prepared to predict the euro would reach $1.20 this year, just five percent higher than it is now, while the median in the poll was $1.13. That contrasts starkly with the euro''s surge to close to $1.15 since a speech two weeks ago by European Central Bank President Mario Draghi that itself spurred an almost 2.5 percent jump. Many analysts say the disconnect is down to nerves over the ECB''s reaction to any further strength. "They (the ECB) are sensitive to financial conditions and if it is just the currency going up by 2-3 percent then I don''t think they have a problem," said Richard Benson, co-head of portfolio investment with Millennium Global in London. "But above $1.20 that is clearly another story. If it coincides with European equity weakness and higher spreads to the periphery then that is a bigger issue." The United States'' convincing upturn since 2011 has benefited the dollar, weakened the euro and aided the euro zone''s broader export-led bounce. So how much currency appreciation the ECB will be willing to tolerate during a likely slow plod back to policy normality is now the biggest question facing forecasters. In trade-weighted terms the euro has gained 7.6 percent in the past 18 months and 3 percent in the past 12, but the surge in the last quarter alone is more than 4 percent, taking it to its highest since the launch of quantitative easing in early 2015. State Street''s European head of macro strategy Tim Graf says that figure is not worrying yet, but that a similar rise in the months ahead would raise the stakes. "If you look at any chart of REER (real effective exchange rate), it still looks super cheap. They probably are even happy with this bit of strength because it shows the economy is improving," he said. "If it were to double, maybe they would have something to thing about." Hawk Eyes At the heart of the market thinking is the concern which the ECB itself has signaled about the euro. It took less than 24 hours for officials at the bank to step in and try to moderate Draghi''s message on June 27 with background briefings; most analysts read that as a response to the scale of the surge of the euro. Although the ECB has no exchange rate target, sources close to discussions say that board members closely watch market developments, particularly during periods of turmoil, like Draghi’s speech. In 2014 Draghi said that every 10 percent of gains for the currency was liable to knock 0.4-0.5 percentage points off headline inflation. His language on the impact when the euro was falling dramatically in 2015 was more vague and ECB staff projections currently provide for an alternative scenario where the euro is weaker over the next two years, not stronger. While any big euro firming is watched with concern, the sources also say that policymakers are focused more on bond yields than the currency, viewing the bank’s asset purchase program as the key policy transmission tool and worried any blowout in yields could unravel its work. Executive Board member Benoit Coeure recently argued that currency depreciation during the early phase of the bank’s 2.3 trillion euro asset buying scheme was a side-effect and not the objective. "Far from ''beggaring its neighbors'', monetary policy easing by the ECB has added to global demand and thereby stabilized the global economy, in particular after the euro area had been a major drag on global growth for many years," Coeure said. It is just that markets don''t quite believe it. "It is an issue for the ECB. In the past when the euro was where it is today, we have seen them intervening to talk the currency down," said Athanasios Vamvakidis, head of G10 FX strategy with Bank of America Merrill Lynch in London. "It is above what they are assuming in their inflation forecast. If you are at $1.20 you at an equilibrium which is supposed to happen when policy has been normalized. So taking the business cycle into account, the euro would be overvalued at $1.20." < Euro Trade Weighted Index (ECB) reut.rs/2tmCXSV'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-europe-markets-euro-idUKKBN19Z1IJ'|'2017-07-14T16:37:00.000+03:00'
'd2ea571fbcea96bf70c9f292d8e216bd28a8947e'|'German government says sees no signs Mercedes used illegal software'|'July 14, 2017 / 12:28 PM / 12 minutes ago German government says sees no signs Mercedes used illegal software Reuters Staff 2 Min Read FILE PHOTO: Dr. Dieter Zetsche, chairman of Daimler and head of Mercedes-Benz Cars, attends the Mercedes-Benz new E-Class launch prior to the opening of the North American International Auto Show in Detroit, January 10, 2016. Gary Cameron/File Photo FRANKFURT (Reuters) - German officials probing carmaker Mercedes-Benz, which is owned by Daimler ( DAIGn.DE ), have found no signs so far that the carmaker made use of illegal software to manipulate emissions, a government spokesman said on Friday. Daimler said based on current information available to the carmaker they would fight allegations about using an illegal software defeat device with all legal means. The Stuttgart-based carmaker was summoned for a meeting on Thursday to address allegations that it had sold more than a million cars with excessive emissions in Europe and the United States. German magazine Der Spiegel on Friday said, without citing sources, that officials from Germany''s vehicle certification authority KBA believe Mercedes-Benz may have diesel cars equipped with an illegal defeat device, and that KBA is optimistic it can deliver proof. Upon being asked about the article in Der Spiegel, a KBA spokesman said, "We need to wait for the results of investigation to be published." KBA reports to Germany''s transport ministry. Reporting by Markus Wacket and Edward Taylor; Editing by Arno Schuetze 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-daimler-emissions-germany-idUKKBN19Z1BS'|'2017-07-14T15:27:00.000+03:00'
'f724e35457159478a10314d9cedd2295512a629a'|'China may match or beat America in AI'|'AT THE start of this year, two straws in the wind caught the attention of those who follow the development of artificial intelligence (AI) globally. First, Qi Lu, one of the bosses of Microsoft, said in January that he would not return to the world’s largest software firm after recovering from a cycling accident, but instead would become chief operating officer at Baidu, China’s leading search engine. Later that month, the Association for the Advancement of Artificial Intelligence postponed its annual meeting. The planned date for the event in January conflicted with the Chinese new year.These were the latest signals that China could be a close second to America—and perhaps even ahead of it—in some areas of AI, widely considered vital to everything from digital assistants to self-driving cars. China is simply the place to be, explains Mr Lu, and Baidu the country’s most important player. “We have an opportunity to lead in the future of AI,” he says.Latest updates Turkey 22 an hour 9 The Big Mac index Graphic detail a day ago See all updates Other evidence supports the claim. In October 2016 the White House noted in a report that China had overtaken America in the number of published journal articles on deep learning, a branch of AI. PwC, a consultancy, predicts that AI-related growth will boost global GDP by $16trn by 2030; nearly half of that bonanza will accrue to China, it reckons. The number of AI-related patent submissions by Chinese researchers has increased by nearly 200% in recent years, although America is still ahead in absolute numbers (see chart).To understand why China is so well placed, consider the inputs needed for AI. Of the two most basic, computing power and capital, it has an abundance. Chinese firms, from giants such as Alibaba and Tencent to startups such as CIB FinTech and UCloud, are building data centres as fast as they can. The market for cloud computing has been growing by more than 30% in recent years and will continue to do so, according to Gartner, a consultancy. In 2012-16 Chinese AI firms received $2.6bn in funding, according to the Wuzhen Institute, a think-tank. That is less than the $17.9bn that poured into their American peers, but the total is growing quickly.Yet it is two other resources that truly make China a promised land for AI. One is research talent. As well as strong skills in maths, the country has a tradition in language and translation research, says Harry Shum, who leads Microsoft’s AI efforts. Finding top-notch AI experts is harder in China than in America, says Wanli Min, who oversees 150 data scientists at Alibaba. But this will change over the next couple of years, he predicts, because most big universities have launched AI programmes. According to some estimates, China has more than two-fifths of the world’s trained AI scientists.The second advantage for China is data, AI’s most important ingredient. In the past, software and digital products mostly obeyed rules laid down in code, giving an edge to those countries with the best coders. With the advent of deep-learning algorithms, such rules are increasingly based on patterns extracted from reams of data. The more data are available, the more algorithms can learn and the smarter AI offerings will be.China’s sheer size and diversity provide powerful fuel for this cycle. Just by going about their daily lives, the country’s nearly 1.4bn people generate more data than almost all other nations combined. Even in the case of a rare disease, there are enough examples to teach an algorithm how to recognise it. Because typing Chinese characters is more laborious than Western ones, people also tend to use voice-recognition services more often than in the West, so firms have more voice snippets with which to improve speech offerings.The Saudi Arabia of dataWhat really sets China apart is that it has more internet users than any other country: about 730m. Almost all go online from smartphones, which generate far more valuable data than desktop computers, chiefly because they contain sensors and are carried around. In the big coastal cities, for instance, cash has all but disappeared for small purchases: people settle with their devices using services such as Alipay and WeChat Pay.Chinese do not seem to be terribly concerned about privacy, which makes collecting data easier. The country’s bike-sharing services, which have taken big cities by storm, for example, not only provide cheap transport but are what is known as a “data play”. When riders hire a bicycle, some firms keep track of renters’ movements using a GPS device attached to the bike.Young Chinese appear particularly keen on AI-powered services and relaxed about use of their data. Xiaoice, an upbeat chatbot operated by Microsoft, now has more than 100m Chinese users. Most talk to it between 11pm and 3am, often about the problems they had during the day. It is learning from interactions and becoming cleverer. Xiaoice no longer just provides encouragement and tells jokes, but has created the first collection of poems written with AI, “Sunshine Lost Its Window”, which caused a heated debate in Chinese literary circles over whether there can be such a thing as artificial poetry.Another important source of support for AI in China is the government. The technology figures prominently in the country’s current five-year plan. Technology firms are working closely with government agencies: Baidu, for example, has been asked to lead a national laboratory for deep learning. It is unlikely that the government will burden AI firms with over-strict regulation. The country has more than 40 laws containing rules about the protection of personal data, but these are rarely enforced.Entrepreneurs are taking advantage of China’s talent and data strengths. Many AI firms got going only a year or two ago, but plenty have been progressing more rapidly than their Western counterparts. “Chinese AI startups often iterate and execute more quickly,” explains Kai-Fu Lee, who ran Google’s subsidiary in China in the 2000s and now leads Sinovation Ventures, a venture-capital fund.As a result, China already has a herd of AI unicorns, meaning startups valued at more than $1bn. Toutiao, a news aggregator based in Beijing, employs machine learning to recommend articles using information such as a reader’s interests and location; it also uses AI to filter out fake information (which in China mainly means dubious health-care announcements). Another AI startup, iFlytek, has developed a voice assistant that translates Mandarin into several languages, including English and German, even if the speaker uses slang and talks over background noise. And Megvii Technology’s face-recognition software, Face++, identifies people almost instantaneously.Skynet livesAt Megvii’s headquarters, visitors are treated to a demonstration. A video camera in the lobby does away with the need for showing ID: employees just walk in without showing their badges. Similar devices are positioned all over the office and their feeds are shown on a video wall. When a face pops up on the wall, it is immediately surrounded by a white rectangle and some text giving information about that person. In the upper right-hand corner of the screen big letters spell “Skynet”, the name of the AI system in the Terminator films that seeks to exterminate the human race. The firm already enables Alipay and Didi, a ride-hailing firm, to check the identity of new customers (their faces are compared with pictures held by the government).Reacting to the success of such startups, China’s tech giants, too, have begun to invest heavily in AI. Baidu, Alibaba and Tencent, collectively called BAT, are working on many of the same services, including speech- and face-recognition. But they are also trying to become dominant in specific areas of AI, based on their existing strengths.Tencent has so far kept the lowest profile; it established its AI labs only in recent months. But it is bound to develop a big presence in AI: it has more data than the other two. Its WeChat messenger service has nearly 1bn accounts and is also the platform for thousands of services, from payments and news to city guides and legal help. Tencent is also a world-beater in games with blockbusters such as League of Legends and Clash of Clans, which have more than 100m players each globally.Alibaba is already a behemoth in e-commerce and is investing billions to become number one in cloud computing. At a conference in June in Shanghai it showed off an AI service called “ET City Brain” that uses video recognition to optimise traffic in real time. It uses footage from roadside cameras to predict the behaviour of cars and can adjust traffic lights on the spot. In its home town of Hangzhou, Alibaba claims, the system has already increased the average speed of traffic by 11%. Alibaba is also planning to beef up what it calls “ET Medical Brain”, which will offer AI-powered services to discover drugs and diagnose medical images. It has signed up a dozen hospitals to get the data it needs.But it is Baidu whose fate is most tied to AI, in part because the technology may be its main chance to catch up with Alibaba and Tencent. It is putting most of its resources into autonomous driving: it wants to get a self-driving car onto the market by 2018 and to provide technology for fully autonomous vehicles by 2020. On July 5th the firm announced a first version of its self-driving-car software, called Apollo, at a developer conference in Beijing.Getting Apollo right will not only involve cars safely navigating the streets, but managing a project that is open to outsiders. Rivals such as Waymo, Google’s subsidiary, and Tesla, an electric-car firm, jealously guard their software and the data they collect. Baidu is planning not only to publish the recipe for its programs (making them “open-source”, in the jargon), but to share data. The idea is that carmakers that use Baidu’s technology will do the same, creating an open platform for data from self-driving cars—the “Android for autonomous vehicles”, in the words of Mr Lu.Drive like a BeijingerIt remains to be seen how successful Chinese firms will be in exporting their AI products—for now, only a tiny handful are used abroad. In theory they should travel well: a self-driving car trained on China’s chaotic streets ought to have no problem navigating the more civilised traffic in Europe (in contrast, a vehicle trained in Germany may not get far beyond the first intersection in Beijing). But consumers in the West may hesitate to use self-driving cars that have been trained in a laxer safety environment that is more tolerant of accidents. Chinese municipalities are said to be falling over themselves to be testing grounds for autonomous vehicles.There is another risk. Data are the most valuable input for AI at the moment, but their importance may yet diminish. AI firms have started to use simulated data, including those from video games. New types of algorithms may be capable of getting smart with fewer examples. “The danger is that we stop innovating in algorithms because of our advantage in data,” warns Gansha Wu, chief executive of UISEE, a Beijing startup which is developing self-driving technology. For now, though, China looks anything but complacent. In the race for pre-eminence in AI, it will run America close.This article appeared in the Business section of the print edition under the headline "The algorithm kingdom"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725018-its-deep-pool-data-may-let-it-lead-artificial-intelligence-china-may-match-or-beat-america?fsrc=rss%7Cbus'|'2017-07-15T08:00:00.000+03:00'
'5dec2caa152b1757d27cce5ff90b26f70acf2f57'|'UK Stocks-Factors to watch on July 14'|'July 14, 2017 / 5:26 AM / an hour ago UK Stocks-Factors to watch on July 14 3 Min Read July 14 (Reuters) - Britain''s FTSE 100 index is seen opening 11 points higher at 7,424.7 on Friday, according to financial bookmakers. * SKY/Twenty-First Century Fox: Rupert Murdoch is unlikely to offer any new concessions to protect the editorial independence of Sky, increasing the chance that the $15 billion takeover deal goes to a lengthy investigation, a person familiar with the situation said. * ANTOFAGASTA: Workers at the Zaldivar copper mine in Chile, owned by Antofagasta Plc and Barrick Gold Corp, will resume talks with Antofagasta after voting to strike earlier this week, the union said on Thursday. * JOHN LEWIS: John Lewis , Britain''s largest department store operator, has seen a drop in demand for big ticket items as consumer confidence wanes, but trade in more spontaneous categories, such as beauty, was holding up, its boss said on Thursday. * The UK blue chip index ended the session 0.1 percent lower at 7,413.44 points on Thursday, with AstraZeneca weighing on the healthcare sector and BP and Royal Dutch Shell tracking crude prices lower. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Newriver Reit PLC Q1 Trading Statement Release Hays PLC Q4 Trading Statement Release Workspace Group PLC Q1 Interim Management Statement Release Ashmore Group PLC Q4 Asset Under Management Statement Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Esha Vaish in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1K523T'|'2017-07-14T08:22:00.000+03:00'
'ec35c0905697c06ebb0fe5122f7594b8ba6d95d8'|'Honda recalls 2.1 million vehicles worldwide over fire risk'|'Edition United States July 14, 2017 / 2:18 PM / 2 minutes ago Honda recalls 2.1 million vehicles worldwide over fire risk David Shepardson 2 Min Read FILE PHOTO - People are reflected on a Honda Motor car outside the company''s headquarters in Tokyo, Japan February 2, 2017. Toru Hanai WASHINGTON (Reuters) - Honda Motor Co ( 7267.T ) said on Friday it would recall about 2.1 million vehicles worldwide to replace battery sensors due to the risk of fire. Chris Martin, a spokesman for the Japanese automaker said the recall would include 1.15 million Honda Accord vehicles from the 2013-2016 model years in the United States, and nearly 1 million elsewhere, to replace a 12-volt battery sensor. The company said it had received four reports of engine compartment fires in the United States and at least one in Canada, in areas that use significant amounts of road salt during the winter. There have been no reported injuries. The automaker has received 3,972 U.S. warranty claims relating to the issue. The battery sensors may not be sufficiently sealed against moisture intrusion, Honda said. Over time, moisture may introduce road salt or other material into the battery sensor, leading to rust and eventual electrical shorting of the sensor. Due to the large size of the recall, Honda said dealers would initially adopt a temporary fix by applying an adhesive to prevent moisture intrusion, and then later replace the sensor. The company first received a claim of an engine compartment fire from Canada in 2015 and began investigating the issue. In early 2016, it received a claim of a similar fire in China. Honda introduced a redesigned battery sensor in June 2016. After an investigation of the China incident, the automaker said it initially believed the "future occurrence rate was estimated to be low," but continued to probe the matter after receiving additional reports of fires. Editing by Bernadette Baum'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-honda-recall-idUKKBN19Z1L0'|'2017-07-14T17:34:00.000+03:00'
'd7999045ea1a8539d6b2aa44f0f0278b483509ce'|'BP ships diesel from the U.S. to Australia in unusual move'|'July 13, 2017 / 9:00 AM / 13 minutes ago BP ships diesel from the U.S. to Australia in unusual move Jessica Jaganathan 3 Min Read FILE PHOTO: A BP logo is seen at a petrol station in London, Britain, January 15, 2015. Luke MacGregor/File Photo SINGAPORE (Reuters) - Oil major BP Plc ( BP.L ) is shipping diesel from the United States to Australia in an unusual shipping flow, several industry sources told Reuters on Thursday. The Jupiter Express carrying about 35,000 tonnes of diesel loaded from BP''s Cherry Point, Washington refinery on June 29 and is currently headed to Botany Bay, New South Wales in Australia, shipping data on Thomson Reuters Eikon showed. BP declined to comment. Australia imports most of its diesel requirements from Singapore, South Korea and Japan but several refineries undergoing maintenance and prompt demand from India has tightened supply of the fuel in Asia, traders said. "The decision was (likely) made due to far east premium strength, Singapore (cash premium) strength versus bringing a vessel down," a trader with a North Asian refiner said. The cash differential for diesel with 10-parts-per-million (ppm) sulphur, a grade imported by Australia, rose to a six-month high in early July, Reuters data showed. GO10-SIN-DIF BP last shipped diesel from the United States to Australia in December, a shipbroker said, though such cargo movements were unheard of before that. United States usually ships most of its diesel exports to Europe than Asia due to cheaper freight rates, traders said. But a rise in Singapore cash premiums for diesel has attracted the unusual reverse arbitrage flow of diesel from Europe to Asia, they added. BP has chartered the long-range Nan Lin Wan and Front Antares tankers for loading out of the Amsterdam-Rotterdam-Antwerp storage and refining hub in mid-July, headed to Asia, traders and shipbrokers said. This could also be prompting the unusual flow of diesel cargo from the United States to Australia, the traders added. "I think going forward, it''s going to be more and more common to see this kind of reverse flows as Asian demand for oil products like jet fuel and diesel is growing phenomenally," a Singapore-based trader said. But the unusual diesel imports could ease in the third quarter as refineries are expected to return from maintenance and as India''s imports of the fuel taper off due to the start of monsoon rains which typically reduce the need of the fuel in irrigation pumps. Reporting by Jessica Jaganathan; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asia-diesel-arbitrage-idUKKBN19Y0UI'|'2017-07-13T12:00:00.000+03:00'
'16933f414ec31bf881c78536701ae84073f2e8fe'|'Exclusive - Russia appears to deliver more turbines to Crimea: Reuters witnesses'|'July 12, 2017 / 10:00 PM / 6 hours ago Exclusive - Russia appears to deliver more turbines to Crimea: Reuters witnesses Anton Zverev 5 Min Read A still image taken from a video footage shows blue tarpaulins covering equipment at the port of Feodosia, Crimea July 11, 2017. Video footage taken July 11, 2017. Staff FEODOSIA, Crimea (Reuters) - Two more gas turbines appear to have been delivered to Russian-controlled Crimea, according to two Reuters reporters who saw the equipment at the port of Feodosia, potentially deepening a row over sanctions compliance in which Germany''s Siemens has become embroiled. Reuters has no independent confirmation the equipment on the dock was Siemens-made turbines. It comprised four cylindrical objects, several metres long, and covered with blue and grey tarpaulins. Their dimensions and shape match publicly-available photographs of Siemens gas turbine systems, which each consist of two major components: the turbine itself and a generator. Siemens said earlier this week that at least two of a total of four turbines it sold to Russian state firm Technopromexport had been delivered to Crimea against its wishes and without its knowledge. Russia seized the region from Ukraine in 2014 and it is now subject to European sanctions on energy technology. The German company filed a lawsuit against Technopromexport in Moscow on Tuesday requiring it to return the turbines to their original destination, Taman, Munich-based spokesman Wolfram Trost said. Taman, in southern Russia, is not subject to sanctions. On Wednesday, Yashar Azad, a spokesman for Siemens at its Bavarian headquarters, said the company was still trying to establish all the facts, including the location of the two other turbines and had nothing to add to its previous statements. Technopromexport, the Russian state company building the Crimean power plants, and Russia''s energy ministry, declined to comment. Asked if the pieces of equipment at the port were Siemens turbines, a government official in Crimea told Reuters: "Come on, we can''t talk about that. You understand: sanctions, Siemens." "Of course, this whole story is going to come out, but let it come out without us," said this source, who did not want to be identified because of the sensitivity of the issue. If the equipment seen by Reuters reporters at the quayside in Feodosia are Siemens-made, it would show that Russia is pressing ahead with its plan despite the Siemens lawsuit and a warning this week from the German government that the use of Siemens turbines in Crimea could harm future German investment in Russia. A still image taken from a video footage shows blue tarpaulins covering equipment at the port of Feodosia, Crimea July 11, 2017. Video footage taken July 11, 2017. Staff The turbines affair has shone a harsh spotlight on how serious the European Union, its member states, and European companies are about enforcing the sanctions, imposed on Russia after it annexed Crimea from Ukraine in 2014. Siemens said on Monday it did everything possible to ensure compliance with sanctions. Special Cargo Russia needs four turbines in total for new power stations on the Crimean peninsula, which Ukraine cut from its electricity grid after it lost control, according to three people close to the project who spoke to Reuters. Slideshow (3 Images) Two of the turbines are for a power plant under construction in the city of Sevastopol, and the other two for a plant being built in Simferopol, they said. On Tuesday, workers could be seen around the equipment at Feodosia port dressed in blue uniforms. Reuters reporters had observed the same uniforms on workers at Crimea''s Simferopol and Sevastopol power stations, where, according to the three sources, Siemens-made turbines are to be installed. Armed men stood at the entrance to the port and prevented the Reuters reporters from entering. On Wednesday evening, a large convoy of police cars and jeeps arrived at the port and one of the sets of equipment was then driven out under escort. President Vladimir Putin promised the region''s residents last year that he would ensure a stable power supply. Siemens has said the two turbines it has confirmed had been transferred to Crimea had been among four sold to Technopromexport for use in a power plant in Taman. Taman is on the Russian mainland 10 km (8 miles) east of Crimea across the Kerch Strait. A source close to the Crimea power plants project told Reuters last week, on condition of anonymity, that the plan was to deliver the second set of two turbines produced by Siemens to Feodosia port this month. (The story corrects headline to make clear equipment appeared to be turbines) Additional reporting by Anastasia Lyrchikova and Gleb Stolyarov in MOSCOW and Georgina Prodhan in FRANKFURT; Writing by Christian Lowe; Editing by Philippa Fletcher 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-crisis-crimea-siemens-turbine-idUKKBN19X2ZD'|'2017-07-13T01:32:00.000+03:00'
'4e61c2596de052a603f3ebdd47bb8d89ce8acaea'|'The United States of debt'|'POLITICS in America may be an arena of mutual incomprehension with few settled facts, but the debate about the health of American firms’ balance-sheets is, if anything, even more bewildering. Ranged on one side are those who complain that America Inc is hoarding $2trn of idle cash and that this acts as a powerful drag on the economy. On the other are those, including the IMF, who yell that firms are bingeing on debt, with borrowing hitting an all-time high of $8.4trn last year. As a result firms are simultaneously accused of being timid wimps and reckless idiots.In fact, the numbers show that they are by and large a sensible bunch (especially compared with the country’s bankers and politicians). What is more, the debate over debt, as framed, misses the most intriguing thing about their balance-sheets. These have been radically reshaped to adapt to three national economic sicknesses—a financial system that companies still mistrust after the crisis; a broken tax code; and monopoly profits. 41 minutes Measuring a firm’s balance-sheet leverage involves a few moving parts, which may explain some of the muddle over borrowing. There is debt, cash and the profits that go to making interest payments. For the current members of the S&P 500 index, excluding financial firms, all three measures have soared in the past decade. Debt has risen by 114% and cash by 162%; gross operating profits are 51% higher. It is easy to cherry-pick from among these figures to make contradictory claims.What matters, however, is the size of firms’ net debts (debts less cash) relative to profits. Comparing these is rather like deducting the cash in your bank account from your debts and comparing the net amount to your salary. The ratio for S&P 500 members, adding up all their accounts, is a reasonable 1.5 times, slightly higher than a decade ago and lower than in Europe and Asia. Some firms are more “geared” than others. But the share of total debt owed by highly leveraged firms has been fairly stable over time. Although figures for the S&P 500 capture only big, listed firms, national-accounts data include all of them and indicate similar trends, with the net-debt ratio flat compared to 2006.That does not necessarily please central banks in rich countries, which since the financial crisis have kept interest rates low, in part to try to persuade companies to go on investment splurges funded by cheap debt. But companies do not work in the way that some economists would like. They invest in line with their long-term strategies, using tried-and-tested rules of thumb to gauge the attractiveness of new projects.Even if American firms have spent a decade ignoring the Federal Reserve, they have altered their behaviour in response to the economy’s three ills. First, their suspicion of the financial system means they carry a bigger buffer of cash and liquid assets. Before the collapse of Lehman Brothers in 2008 firms assumed they could always tap the money markets or borrow from banks. Now they do not entirely trust either. For every dollar of total gross profits that the present constituents of the S&P 500 earn, they carry $1.25 of cash, compared with 72 cents a decade ago.The second change is that firms have had to adapt to a decrepit tax code that is stuck in the 1980s, before business globalised. Companies must pay a levy if they try to bring foreign profits home, and as a result many do not bother. About half of the cash of S&P 500 firms remains offshore. Many multinationals now divide their balance-sheets according to geography. They build up cash abroad and borrow in America. Apple, for example, issues bonds at home to pay for its share buy-backs, rather than tapping the $240bn it has stashed abroad. So though America Inc’s consolidated balance-sheet, which adds up the domestic and foreign parts, is prudently leveraged, it is more complex than before.The last change is that companies’ profits have soared, which partly reflects a decline in competition in the economy and the rise of oligopolies in many industries. Firms are implicitly assuming that this is a permanent change. They have allowed their net debts to rise roughly in line with their rising profits (using these bumper earnings and borrowings to finance share buy-backs).Established oligopolists such as AT&T and Kraft Heinz now boast both massive profits and high levels of net debt, reflecting the fact that their managers do not expect much competition. Likewise, America’s airlines have increased debt as their profits have shot up. Younger monopolies such as Alphabet and Facebook have net cash positions, largely because the money has only just started pouring in. Eventually they may gear up, too.God help AmericaBoth arguments, that America Inc has either lost its nerve or become reckless, are wrong. But the corporate world’s revamped balance-sheet does carry risks. One is that the liquidity buffer of $2trn might be invested unwisely. Every company insists that it parks its spare money in safe banks and low-risk bonds, but this is an area where disclosure is poor, and it would be no surprise if a few corporate treasurers were making dangerous speculative bets. Another risk is that a geopolitical or financial shock could make it harder for capital to cross borders. America Inc’s geographically divided balance-sheet would be harder to manage.A final risk is that abnormally high profits could fall, making it harder to service debts. Antitrust watchdogs could get tougher with telecoms and cable-TV firms, for example, pushing earnings down. Or the labour market could tighten, pushing wages up and prompting the Fed to raise interest rates. That would squeeze companies’ near-record margins and lift their interest costs.That is clearly not what many CEOs expect. The message that is buried in balance-sheets is not that American firms are behaving stupidly in response to today’s business climate. It is that they think the disappointing status quo of high profits, muffled competition, sluggish wage growth and dysfunctional political and financial systems will continue for a long time to come.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725010-hidden-message-american-companies-balance-sheets-united-states-debt?fsrc=rss'|'2017-07-13T23:21:00.000+03:00'
'9e45c9dd1808c11febd9e00670f21a636f7803b5'|'China''s Yanlord Land, Perennial to acquire Singapore property group for $1.3 billion'|'July 13, 2017 / 12:26 PM / 4 minutes ago China''s Yanlord Land, Perennial to acquire Singapore property group for $1.3 billion Reuters Staff 2 Min Read SINGAPORE (Reuters) - Singapore''s Oversea-Chinese Banking Corporation (OCBC) ( OCBC.SI ) and its insurance arm are selling their stakes in property firm United Engineers ( UTES.SI ) and a subsidiary to a group led by China''s Yanlord Land Group YLNG.SI and Perennial Real Estate Holdings ( PERE.SI ). The deal, which was announced by the companies late on Thursday, values the two targets at roughly S$1.83 billion ($1.3 billion) in one of the biggest property takeover deals in the city state in recent years. "As a key global financial center, Singapore''s real estate market continues to present a good value proposition for developers such as ourselves seeking to develop stable and recurring revenue streams," Zhong Sheng Jian, Chairman and CEO of Yanlord said in a joint statement with Perennial. Yanlord, Perennial and other investors are buying out OCBC and its group companies'' roughly one-third stake in United Engineers at S$2.6 per United Engineers'' share, which will trigger a mandatory offer for the remaining shares. The consortium is also buying out OCBC and its group firms'' 29.9 percent stakes in property firm WBL Corp, a closely-held subsidiary of United Engineers. United Engineers has property businesses, mainly in Singapore and China. Yanlord and Perennial also mainly own and manage sizeable portfolios in the same countries. Credit Suisse is advising OCBC and its group firms on the strategic review of their stakes in United Engineers. United Overseas Bank is the financial adviser to the consortium. An earlier attempt by OCBC and its group firms to sell their stakes in United Engineers had failed in 2014. Reporting by Anshuman Daga and Aradhana Aravindan; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-united-eng-m-a-idUKKBN19Y1EV'|'2017-07-13T15:23:00.000+03:00'
'03cd905fc62e68a229554d3789ad06f674cb6f9e'|'Mortgage investors unfazed as Fed balance sheet plan looms'|'July 14, 2017 / 7:16 PM / 5 hours ago Mortgage investors unfazed as Fed balance sheet plan looms Richard Leong 5 Min Read FILE PHOTO: Flags fly over the Federal Reserve Headquarters on a windy day in Washington, U.S., May 26, 2017. Kevin Lamarque/File Photo NEW YORK (Reuters) - The Federal Reserve''s plan for shrinking its massive balance sheet envisions a future with no holdings of mortgage bonds, a prospect that could present a significant headwind for an $8 trillion market the U.S. central bank now dominates. Mortgages have modestly underperformed a slow-moving bond market this year, and the sector has seen a steady trickle of outflows of investor dollars, but no stampede for the exits. Investors in the sector by and large remain sanguine, and big players are confident the Fed''s glacial pace of portfolio normalization - and willingness to resume bond purchases if needed - will limit their downside. "For now, it simply means that MBS investors should not be concerned about a sudden or drastic change to the Fed''s willingness and ability to hold a sizable position of MBS for the foreseeable future and beyond," Walt Schmidt, manager of mortgage research at FTN Financial in Chicago. Fed officials have signaled they plan soon to begin reducing the bank''s $4.24 trillion portfolio of Treasuries and MBS, and market participants expect the process to begin this fall. Fed officials, including Chair Janet Yellen, have stated a preference for holding only Treasuries in the future, in part to escape criticism that MBS ownership equates to picking winners and losers in markets and the economy. That means that nearly $1.8 trillion of mortgage bonds, roughly 30 percent of the $6 trillion of securities backed by government-sponsored mortgage companies Fannie Mae, Freddie Mac and Ginnie Mae, could run off the Fed''s portfolio over the next decade. It is a delicate maneuver that the Fed intends to ease into at a snail''s pace. Abandoning MBS altogether might send mortgage rates soaring and roil the housing market, a critical plank in the economy. So far, though, plans telegraphed by the Fed have produced no sign of disruption even as mortgage interest rates have edged up. A Risky Short MBS have produced a 1.45 percent total return so far in 2017, lagging the 2.24 percent generated by all investment-grade U.S. debt, according to indexes compiled by Bloomberg and Barclays Capital. Against that weak performance and the prospect of a slowdown in Fed purchases, some investors might be tempted to bet against the sector, but bond managers at some of the biggest U.S. investment firms caution against it. "In our view, unless they can size and time short positions perfectly - tough to do - investors are unlikely to make money shorting agency MBS at current levels," according to Daniel Hyman, co-head of agency MBS portfolio management at Newport Beach, California-based PIMCO, which has $1.51 trillion in assets. Indeed, one measure of underperformance signals MBS are already substantially discounted relative to Treasuries. The spread, or yield premium, on MBS over Treasuries has widened this year, reaching its widest in nearly two years in late June at 33 basis points. It has narrowed modestly since. So a modest rise in MBS supply on the open market as the Fed buys less should be well absorbed among investors who are seeking low-risk bonds that offer higher yield than Treasuries, fund managers said. "There''s virtually no credit risk and you get a lot more yield," said Bonnie Wongtrakool, portfolio manager at Western Asset Management Co. in Pasadena, California, with $432.7 billion in assets. No Tantrum Repeat, So Far When it kicks off the portfolio reduction, the Fed initially plans to slow its MBS purchases by just $4 billion a month and take a year to reach its maximum reduction pace of $20 billion a month, according to plans published recently by the Fed. At that rate, it would take nearly eight years for all of the $1.77 trillion of mortgage securities to roll off. So far, the Fed''s announced intentions have managed to ward off a repeat of the 2013 "taper tantrum" when, with the final QE program still in full swing, then-Fed Chairman Ben Bernanke surprised markets by signaling the bank was contemplating a reduction of its bond purchases. Spooked investors dumped bonds, resulting in a widespread spike in mortgage rates and other long-term borrowing costs. MBS spreads shot to levels twice as wide as they are now. This time, a run of weaker-than-expected U.S. economic data, notably a softening in inflation, have kept a lid on bond yields despite the Fed signaling further rate increases in the coming months. "We think the balance sheet unwind is fully priced in and don''t expect significant market reaction when the Fed starts the process," said Brian Quigley, portfolio manager at the fixed-income group at Malvern, Pennsylvania-based Vanguard which manages $4.4 trillion in assets. (N.Y. Fed updated balance sheet projections - nyfed.org/2uiBscP ) (N.Y. Fed blog on Fed''s MBS holding - nyfed.org/2tN24A1 ) (To view a graphic on MBS vs Other Bonds, click reut.rs/2tnDPq0 ) Reporting by Richard Leong; Editing by Dan Burns and Chizu Nomiyama 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-fed-mortgages-analysis-idINKBN19Z28E'|'2017-07-14T22:11:00.000+03:00'
'07b831a9c83d55ae5eebbb705bfe63ca097ed7d6'|'Delta refunds $30 to Ann Coulter after her Twitter rant'|'July 17, 2017 / 4:36 AM / 9 hours ago Delta refunds $30 to Ann Coulter after her Twitter rant Daniel Trotta 3 Min Read FILE PHOTO: Commentator Ann Coulter addresses the Conservative Political Action conference (CPAC) in Washington, February 12, 2011. Jonathan Ernst/File Photo (Reuters) - Delta Air Lines Inc. said it would refund $30 to conservative commentator Ann Coulter after she unleashed a Twitter tirade over being reassigned to a seat with less leg room, and the airline called her string of insults "unacceptable and unnecessary". "We''re sorry you did not receive the preferred seat you paid for and will refund your $30," the airline told Coulter on Twitter. "Additionally, your insults about our other customers and employees are unacceptable and unnecessary," Delta said in a second tweet. Delta appeared to have deleted its tweets after they were posted on Sunday afternoon, but not before they were shared thousands of times. Coulter, one of America''s best-known and most provocative pundits on the political right, ripped the airline with a series of tweets on Saturday and Sunday, saying she was "kicked out of a carefully pre-booked seat to a less desirable seat, without explanation, apology, etc". She also directed her ire at the "dachshund-legged woman" who took her seat with extra leg room, posting a picture of her. Coulter, who has 1.6 million followers, likened Delta employees to Nurse Ratched, the heartless villain in "One Flew Over the Cuckoo''s Nest", called Delta the "worst airline in America", and suggested the ideal job for a Delta employee would be prison guard, animal handler or an East German policeman. The incident generated some social media sympathy from people dissatisfied with airline service, a topic that went viral in April when a man was dragged off a United flight to make room for a flight crew in transit. But some of the sentiment turned on Coulter when Delta revealed that the upgrade she was denied was worth only $30. "Only people like Ann Coulter could make one take the side of the airline. I will book my next flight with @Delta," said Twitter user Mark Curtis. Delta representatives did not immediately respond to a request for comment. Coulter responded on Twitter by saying she was still waiting for an explanation why her seat assignment was changed. Reporting by Daniel Trotta; Editing by Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airlines-delta-coulter-idUSKBN1A20AF'|'2017-07-17T07:28:00.000+03:00'
'2f0ce12e287dd25ee744878efa45c01d87a9b3f1'|'MIDEAST STOCKS- Gulf markets up on Fed hopes; Qatar index at highest since sanctions'|'July 13, 2017 / 8:44 AM / 2 hours ago MIDEAST STOCKS- Gulf markets up on Fed hopes; Qatar index at highest since sanctions 2 Min Read DUBAI, July 13 (Reuters) - Gulf stocks advanced on Thursday, with Qatar leading the way as investors turned positive on financial earnings and also took heart from U.S. Federal Reserve Chair Janet Yellen''s overnight comments hints of a more gradual monetary tightening. Financial and property stocks were leading gainers across the region''s stock markets, with the Qatari index at its highest since Saudi Arabia, Bahrain, the United Arab Emirates and Egypt cut diplomatic ties and severed transport links with Qatar in early June. Qatar stocks were up 1.96 percent in early trade, led by Qatar National Bank''s 4.9 percent gain and a 7.9 percent jump for Qatar Electricity and Water Co. "Qatar National bank came out with a decent result and in its conference call it came out with a positive outlook, and that is affecting the market," said Chiro Ghosh, senior analyst at Securities & Investment Company (SICO). He said investors are gearing up for Saudi earnings and are cheered by higher than expected dividend announcements from banks such Banque Saudi Fransi and Al Rajhi Banking & Investment. Al Rajhi was up 2.6 percent in morning trade, outperforming a 0.55 percent gain for the Riyadh index. Consumer cyclicals were also buoyant. In Dubai, property developers and financials pushed the index 1.1 percent higher, with Damac Properties up 4.7 percent. Abu Dhabi''s index gained 0.9 percent, with Union National Bank up 2.8 percent after its second-quarter net profit rose by almost 7 percent, beating analysts'' forecasts. (Reporting by Saeed Azhar; Editing by David Goodman) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL4N1K42VO'|'2017-07-13T11:44:00.000+03:00'
'05a300914cd0b1c9ebfd73a9d458ea131b64796d'|'London Won''t Let Rules Get In Way Of Its Aramco Love-In'|'Photographer: Simon Dawson/Bloomberg Oh Saudi Aramco, how do I court thee? Let me count the ways. London has a new weapon in the battle to bag what could be the world''s largest initial public offering, the expected $100 billion listing of Saudi Arabian Oil Co., known as Aramco. The plan, a new listing category for state-owned companies, is a depressing sign that the City of London, faced with the threat of Brexit, is willing to dilute its standards to keep luring cash from overseas. The new category proposed by the Financial Conduct Authority unashamedly courts government-backed companies, offering them a premium label, the symbol of gold-plated U.K. corporate governance. It also puts them on the road to inclusion in the FTSE indexes, even if the regulator has punted the final decision to the benchmark''s owner, London Stock Exchange Group Plc. The FCA''s rules would grant companies exemptions, too. Restrictions on controlling shareholders and related-party transactions would be lifted. The requirement that a minimum 25 percent of a company''s be freely traded would still be there -- but with enough wriggle-room to avoid snagging Aramco. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up Regulators are clearly doing some fancy footwork to strike a balance between dogmatic adherence to the rules and a bonfire of corporate governance standards. The former would have restricted Aramco''s access to London''s deep capital markets, relegating it to a standard listing or even one for the junior AIM market. The latter would have simply waved Aramco through with no new category, likely drawing the ire of fund managers worried about the quality of governance and oversight in London. So, happy days for fee-hungry IPO bankers, but is the rule change really worth it? It''s a half-way house that still risks weakening the standards of the London market. These state-controlled companies could still be included in the benchmark indexes. Creating a new category is one way of saying buyer beware, but the point becomes moot if index trackers are forced to buy them anyway. And tailoring a solution around a company like Aramco raises a dangerous precedent if other firms start to extract their own concessions. It''s a difficult balance. More broadly, it''s still not clear exactly what London has to fear from its own rule-book when it comes to attracting companies from abroad. London and New York have each raised about $70 billion in overseas IPOs since 2007, according to Bloomberg data. That suggests there isn''t an obvious gap that needs filling. If anything, the bigger proportion of domestic IPOs taking place in London during that time suggests the British corporate ecosystem is one that needs looking after. The needs of start-ups and small firms, especially ahead of Brexit, surely deserve more attention than the needs of wealthy oil-rich governments. But it''s this tiny aspect of the FCA''s review that has been fast-tracked. London is open for business and is open for Aramco. That much is clear. But the City needs to take care that a race to compete doesn''t become a race to the bottom. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-13/london-won-t-let-rules-get-in-way-of-its-aramco-love-in'|'2017-07-13T15:23:00.000+03:00'
'd504b1330b09233c8ba21deaf7434a2bfa1d8a72'|'GM teams up with Uber to expand Maven programme to Australia'|'July 15, 2017 / 7:19 AM / 7 hours ago GM teams up with Uber to expand Maven program to Australia Reuters Staff 2 Min Read A sign for General Motors Co. car-sharing operation, Maven hangs on the facade of the New York Stock Exchange (NYSE) in New York, U.S., May 15, 2017. Brendan McDermid SYDNEY (Reuters) - General Motors Co ( GM.N ) said on Saturday it was testing its car-sharing operation, Maven, in Australia through a pilot program with ride-hailing company Uber Technologies Inc [UBER.UL]. The leasing agreement will allow Uber drivers to rent cars produced by GM''s Australian manufacturer GM Holden, the company said. "We are testing the adoption of one Maven product – Maven Gig – in Australia through a pilot program in Sydney renting Holden cars to Uber drivers," Sean Poppitt, communications director at GM Holden, said in a statement. GM''s Maven Gig program is aimed at helping drivers rent a car on demand for independent gigs such as package delivery, food or grocery delivery, and ridesharing, at a time when more people are expected to take up freelance work. It is currently operational in San Diego and set to be launched in San Francisco and Los Angeles later this year, GM said in May. GM announced a similar North American partnership with Uber in November last year. A spokesman for Uber was not immediately available for comment. Reporting by Harry Pearl; Editing by Jacqueline Wong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-gm-uber-idUKKBN1A006L'|'2017-07-15T10:14:00.000+03:00'
'8ab309829ba220d7b234d791fd9a1b9c2a8b2368'|'U.S. judge postpones decision in bid to block Toshiba memory unit sale'|'July 14, 2017 / 9:16 PM / 15 minutes ago U.S. judge postpones decision in bid to block Toshiba memory unit sale Stephen Nellis 3 Min Read FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company''s headquarters in Tokyo, Japan, February 14, 2017. Toru Hanai/File Photo (Reuters) - A U.S. judge did not reach a decision Friday in Western Digital Corp''s bid to temporarily block Toshiba Corp from selling its flash memory business in an $18 billion deal. Toshiba is scrambling to sell its flash memory unit to cover losses from its nuclear reactor business. In late June, Toshiba announced that its preferred bidder was a group made up of Bain Capital, South Korean chip maker SK Hynix and Japanese-government backed banks that offered $18 billion. Western Digital, which is also bidding, sued Toshiba in San Francisco County Superior Court in mid-June, saying it believed a joint venture with Toshiba means Toshiba needs its consent to sell the flash business. Judge Harold Kahn heard arguments from both sides in a hearing but did not give a ruling. A new hearing was set for July 28. Toshiba''s talks with the Bain group have stalled over SK Hynix''s desired terms. That has brought Toshiba back to the table with both Western Digital and a consortium involving iPhone assembler Foxconn. Western Digital''s join venture with Toshiba helps finance equipment at Toshiba''s plants in exchange for some of their output. Separately from its lawsuit in California, Western Digital is also contesting its consent rights in an international arbitration tribunal. Toshiba''s reply in that case is expected in late July, and proceedings could begin in early August. Western Digital filed its lawsuit in San Francisco to prevent Toshiba from closing the sale of its memory unit before the arbitration proceedings have a chance to play out. At the hearing Judge Kahn proposed an order that would require Toshiba to give Western Digital two weeks notice if it believed it would close the sale before the arbitration proceedings finished. Toshiba''s attorney said they were concerned about agreeing to be bound by the San Francisco court''s jurisdiction. Toshiba has argued that because it is a Japanese company and the deal is taking place mostly in Japan, the San Francisco court should not have jurisdiction. For its part, attorneys for Western Digital subsidiary SanDisk, which is formally party to the case, expressed concern that any order in which Toshiba did not agree to the court''s jurisdiction would not be enforceable if Toshiba broke its word. The two sides could not agree, so Judge Kahn instructed them to come up with proposed language for an order and set a new hearing for July 28, when a related dispute between the two will be heard. Reporting by Stephen Nellis; Editing by Leslie Adler and Cynthia Osterman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-toshiba-accounting-western-digital-idINKBN19Z2EL'|'2017-07-15T00:32:00.000+03:00'
'45b6a3f48d90b6e0ec1fe8094ef62a87818874fb'|'Mexico industry eyes NAFTA changes to find common ground with Trump'|'July 14, 2017 / 5:21 AM / an hour ago Mexico industry eyes NAFTA changes to find common ground with Trump Dave Graham 4 Min Read FILE PHOTO -   shakes hands with Mexico''s President Enrique Pena Nieto during the their bilateral meeting at the G20 summit in Hamburg, Germany July 7, 2017. Carlos Barria/File Photo MEXICO CITY (Reuters) - Mexican industry is exploring revising trade rules to ensure U.S. workers benefit from a renegotiated North American Free Trade Agreement (NAFTA) to address head-on  ''s biggest beef with the treaty. With talks due to start next month between the United States, Mexico and Canada, Mexican officials have stressed the need to craft a new deal that would strengthen the region against competitors, particularly in Asia. Trump has threatened to ditch NAFTA if he cannot rework it to the benefit of the United States, arguing it has fueled a trade deficit with Mexico and cost thousands of U.S. jobs. Mexican officials say a revamped NAFTA must further integrate the region and are awaiting U.S. negotiating objectives, due to be published on or around Sunday. They point to sectors like autos, where U.S. inputs make up some 40 percent of the value of products imported into the United States from Mexico, while Chinese exports contain only 4 percent, according to the U.S. Center for Automotive Research. "If we integrate further and make Mexico more competitive versus China ... even if our exports rise, U.S. jobs will rise, because when we export (to the United States), they''re exporting too (via U.S. content)," said Jaime Serra, a former trade minister who led the initial NAFTA negotiations for Mexico. However, mindful that Trump needs to be able to claim a more obvious win from the shake-up, they are also looking at rules governing how much of a product is made in the region. NAFTA rules of origin stipulate that to qualify for tariff-free access, some products need to be sourced to a certain degree regionally. Cars, a recurring point of attack for Trump, must meet a threshold of 62.5 percent. Because raising that threshold would not automatically benefit U.S. workers - firms could just expand capacity in Mexico - Trump''s trade team want to have some national content rules within the regional framework, Mexican officials say. ''A Tricky Issue'' FILE PHOTO: Employees work at a wire harness and cable assembly manufacturing company that exports to the U.S., in Ciudad Juarez, Mexico, April 27, 2017. Jose Luis Gonzalez/File Photo Moises Kalach, head of the international negotiating arm of Mexico''s CCE business lobby, which is coordinating the private sector''s role in the renegotiation, said they may explore domestic content rules on certain products. "It''ll be a tricky issue, and we''ll have to see case by case," he said. Kalach declined to say what goods might be eligible. In May, he said a revamped NAFTA might source more work for future product lines from the region. The Mexican electronics industry wants to increase regional production of some components to reduce reliance on Asia, said Cesar Castro, vice president of electronics industry group Canieti. Slideshow (2 Images) About 70 percent of content in electronic goods exported by Mexico to the United States is sourced from Asia, he said, highlighting products that would have a big slice of Chinese content even if manufactured by U.S. companies. To boost North American output, Canieti is considering a proposal that could see regional content in certain products raised from 5 percent to 50 percent over 10 years, Castro said. Bargaining Chips If Mexico''s arguments fall flat, however, and Trump threatens to impose punitive tariffs on Mexican-made goods, the sizeable U.S. surplus in services with Mexico could end up as a bargaining chip. That could complement Mexican efforts to target the big U.S. agricultural surplus with Mexico, which the Trump administration is already feeling pressure to preserve. Mexico could insist companies such as Amazon.com Inc ( AMZN.O ) and Netflix Inc ( NFLX.O ) build servers in the country, said a former Mexican official familiar with discussions, speaking on condition of anonymity. "As the U.S.''s second biggest market, it''s clear we can hit back," said Andres Rozental, a former deputy foreign minister. "(Services are worth) more and more every day." Reporting by Dave Graham; Editing by Christian Plumb and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trade-mexico-nafta-idUSKBN19Z0EB'|'2017-07-14T09:59:00.000+03:00'
'736e637b178839cb74ea6596c0700234509b7f05'|'Barclays talking with regulators about Dublin unit post-Brexit'|'July 14, 2017 / 12:44 PM / 12 minutes ago Barclays talking with regulators about Dublin unit post-Brexit Reuters Staff 1 Min Read The Barclays logo is seen in front of displayed stock graph in this illustration taken June 21, 2017. Dado Ruvic/Illustration LONDON (Reuters) - Barclays ( BARC.L ) is talking with regulators about extending its activities in Dublin in preparation for when Britain leaves the European Union, the British bank said in a statement on Friday. Barclays already has a licensed entity in Dublin, Barclays Bank Ireland, with around 100 people and intends to use that so it can continue serving clients once Britain leaves the bloc. "Barclays intends to utilise an existing licensed EU-based bank subsidiary to continue passported activity," the bank said. "Barclays Bank Ireland, which has a banking licence and which we have operated for almost 40 years, provides a natural base and we are engaging with our regulators in discussions to extend its activities." Barclays chief executive Jes Staley met with Irish Taoiseach Leo Varadkar in Dublin on Monday, the bank added. Reporting By Anjuli Davies; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-barclays-idUKKBN19Z1CQ'|'2017-07-14T15:43:00.000+03:00'
'12179d6352b75277ef633e783fb53755eae7ad4c'|'Liam Fox says Brexit transition period acceptable with time limits'|'July 16, 2017 / 10:45 AM / 6 hours ago Liam Fox says Brexit transition period acceptable with time limits Reuters Staff 2 Min Read Britain''s Secretary of State for International Trade, Liam Fox leaves Downing Street, London, Britain July 11, 2017. Peter Nicholls LONDON (Reuters) - Trade minister Liam Fox said on Sunday he would be happy to accept a transitional period when Britain leaves the European Union but that it must be within a time limit and give Britain the freedom to negotiate its own trade deals. Earlier on Sunday, Chancellor Philip Hammond had said senior British government ministers were becoming convinced of the need for transitional arrangements to reduce disruption as Britain leaves the EU. "I don’t have a problem with the transition period as long as is time-limited," Fox, who supported leaving the EU at last year''s referendum, told BBC TV. "I want in a transitional period to be able to negotiate agreements at that point, what we can''t have is a putting off of the point where we have freedom to negotiate our trade agreements." Fox also said it would be "foolish" to go into the Brexit negotiations without being prepared to walk away, saying Britain''s negotiating partners needed to believe Britain would do so rather than accept a bad deal. Reporting by Kylie MacLellan; Editing by Louise Ireland 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-fox-idUKKBN1A10DW'|'2017-07-16T13:44:00.000+03:00'
'9c24491208c62fadd4f48c8f4bff6b80b55b1dfd'|'Here is how to end austerity and still keep deficit low, says IFS - Business - The Guardian'|'Philip Hammond would need to spend an extra £33bn a year to “end austerity” according to a leading tax and spending watchdog.The Institute for Fiscal Studies (IFS) said the chancellor could use his autumn budget to reverse major cuts scheduled to hit public spending and still keep the government’s spending deficit at 2.4% of GDP by 2021.To meet a target of balancing the budget in the middle of the next decade, the IFS warned that the Treasury would need to return to its spending squeeze if the economy, as expected, only grows modestly in the aftermath of leaving the European Union, limiting the growth of tax receipts.The analysis has been released as ministers prepare to battle with the chancellor to protect their departments before the autumn budget.The chancellor has warned that government finances remain vulnerable in the event of another financial shock and the Treasury’s task must remain to bring down the deficit over the next parliament.Carl Emmerson, deputy director of the IFS, said: “An ‘end to austerity’ – as defined by no further net tax rises, benefit cuts or cuts to spending on public services – would require a very sharp change of direction.“It would imply a £17bn boost to planned spending on public services alongside a £5bn net tax cut and an £11bn increase in planned benefit spending – ie a giveaway of £33bn a year. [That] would, on current forecasts, leave us with a deficit at its current level – 2.4% of GDP – in 2021-22.”Emmerson said relaxing the spending squeeze was “an option in a way that it was not an option back in 2010”. But he warned that it would leave the chancellor with “less room for manoeuvre” if growth stalled as a result of Brexit.Revisions to figures for the public deficit, which soared to 9.9% of national income in 2009-10 after the financial crisis, have shown it fell to 2.4% last year and is the lowest it has been since 2003-04.Labour has argued that a deficit of 2.4% is low enough to continue to bring down the overall debt-to-GDP ratio.Emmerson, who unveiled his analysis at the Institute for Government in London, appeared to agree when he said: “We could choose to continue to run deficits of around the current level over the longer term. If the economy were to grow as expected, this would be sufficient to see debt fall as a share of national income over the longer term.“It would mean that over the next few years household incomes could be better supported and a greater quality and quantity of public services could be enjoyed. But it would also involve planning to live with elevated public sector debt for longer.“It could give the chancellor less room for manoeuvre if the economy were to suffer badly, for Brexit-related or other reasons, over the next few years. And it would almost certainly require the abandonment of the pledge to eliminate the deficit in the mid-2020s.”Topics Austerity Institute for Fiscal Studies Thinktanks Economics Budget news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/12/heres-how-end-austerity-keep-deficit-low-ifs'|'2017-07-13T05:47:00.000+03:00'
'15d36c20b29a0fbbf443829d3bea3beca544aad2'|'U.S. Federal Reserves fines BNP Paribas $246 million for foreign exchange fixing'|'July 17, 2017 / 5:51 PM / in 30 minutes U.S. Federal Reserves fines BNP Paribas $246 million for foreign exchange fixing Pete Schroeder 2 Min Read FILE PHOTO: A man is seen in silhouette as he walks behind the logo of BNP Paribas in a building in Issy-les-Moulineaux, near Paris, France, April 5, 2017. Gonzalo Fuentes/File Photo WASHINGTON (Reuters) - The Federal Reserve announced Monday it was fining BNP Paribas ( BNPP.PA ) $246 million (188.40 million pounds) for "unsafe and unsound" practices in its foreign exchange markets. The regulator said it found deficiencies in the bank’s oversight and internal controls of its traders, and in particular failed to detect and address those traders use of electronic chatrooms to talk with competitors about trading positions. The fine marks the latest action taken by the U.S. central bank as part of a long-running crackdown on price-fixing across foreign exchange markets, in which several banks have already pleaded guilty to conspiring to manipulate currency prices. In January, the Fed permanently barred one of the bank’s former traders, Jason Katz, from participating in the industry in the future over manipulation of FX prices. The Fed also is barring the bank from re-hiring any of the people involved in the activity that led to the fines. Katz, who also spent time at Barclays, pleaded guilty to participating in a price-fixing conspiracy in January. In addition to the fine, the Fed ordered BNP Paribas to overhaul how its senior management conducts oversight, and heighten controls on its FX trading. Reporting by Pete Schroeder; editing by Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-banks-fed-idUKKBN1A21XD'|'2017-07-17T20:51:00.000+03:00'
'c3932edb623ced01a82e24c127c4e7cfe6cfa321'|'China may match or beat America in AI'|'AT THE start of this year, two straws in the wind caught the attention of those who follow the development of artificial intelligence (AI) globally. First, Qi Lu, one of the bosses of Microsoft, said in January that he would not return to the world’s largest software firm after recovering from a cycling accident, but instead would become chief operating officer at Baidu, China’s leading search engine. Later that month, the Association for the Advancement of Artificial Intelligence postponed its annual meeting. The planned date for the event in January conflicted with the Chinese new year.These were the latest signals that China could be a close second to America—and perhaps even ahead of it—in some areas of AI, widely considered vital to everything from digital assistants to self-driving cars. China is simply the place to be, explains Mr Lu, and Baidu the country’s most important player. “We have an opportunity to lead in the future of AI,” he says.  11   Other evidence supports the claim. In October 2016 the White House noted in a report that China had overtaken America in the number of published journal articles on deep learning, a branch of AI. PwC, a consultancy, predicts that AI-related growth will boost global GDP by $16trn by 2030; nearly half of that bonanza will accrue to China, it reckons. The number of AI-related patent submissions by Chinese researchers has increased by nearly 200% in recent years, although America is still ahead in absolute numbers (see chart).To understand why China is so well placed, consider the inputs needed for AI. Of the two most basic, computing power and capital, it has an abundance. Chinese firms, from giants such as Alibaba and Tencent to startups such as CIB FinTech and UCloud, are building data centres as fast as they can. The market for cloud computing has been growing by more than 30% in recent years and will continue to do so, according to Gartner, a consultancy. In 2012-16 Chinese AI firms received $2.6bn in funding, according to the Wuzhen Institute, a think-tank. That is less than the $17.9bn that poured into their American peers, but the total is growing quickly.Yet it is two other resources that truly make China a promised land for AI. One is research talent. As well as strong skills in maths, the country has a tradition in language and translation research, says Harry Shum, who leads Microsoft’s AI efforts. Finding top-notch AI experts is harder in China than in America, says Wanli Min, who oversees 150 data scientists at Alibaba. But this will change over the next couple of years, he predicts, because most big universities have launched AI programmes. According to some estimates, China has more than two-fifths of the world’s trained AI scientists.The second advantage for China is data, AI’s most important ingredient. In the past, software and digital products mostly obeyed rules laid down in code, giving an edge to those countries with the best coders. With the advent of deep-learning algorithms, such rules are increasingly based on patterns extracted from reams of data. The more data are available, the more algorithms can learn and the smarter AI offerings will be.China’s sheer size and diversity provide powerful fuel for this cycle. Just by going about their daily lives, the country’s nearly 1.4bn people generate more data than almost all other nations combined. Even in the case of a rare disease, there are enough examples to teach an algorithm how to recognise it. Because typing Chinese characters is more laborious than Western ones, people also tend to use voice-recognition services more often than in the West, so firms have more voice snippets with which to improve speech offerings.The Saudi Arabia of dataWhat really sets China apart is that it has more internet users than any other country: about 730m. Almost all go online from smartphones, which generate far more valuable data than desktop computers, chiefly because they contain sensors and are carried around. In the big coastal cities, for instance, cash has all but disappeared for small purchases: people settle with their devices using services such as Alipay and WeChat Pay.Chinese do not seem to be terribly concerned about privacy, which makes collecting data easier. The country’s bike-sharing services, which have taken big cities by storm, for example, not only provide cheap transport but are what is known as a “data play”. When riders hire a bicycle, some firms keep track of renters’ movements using a GPS device attached to the bike.Young Chinese appear particularly keen on AI-powered services and relaxed about use of their data. Xiaoice, an upbeat chatbot operated by Microsoft, now has more than 100m Chinese users. Most talk to it between 11pm and 3am, often about the problems they had during the day. It is learning from interactions and becoming cleverer. Xiaoice no longer just provides encouragement and tells jokes, but has created the first collection of poems written with AI, “Sunshine Lost Its Window”, which caused a heated debate in Chinese literary circles over whether there can be such a thing as artificial poetry.Another important source of support for AI in China is the government. The technology figures prominently in the country’s current five-year plan. Technology firms are working closely with government agencies: Baidu, for example, has been asked to lead a national laboratory for deep learning. It is unlikely that the government will burden AI firms with over-strict regulation. The country has more than 40 laws containing rules about the protection of personal data, but these are rarely enforced.Entrepreneurs are taking advantage of China’s talent and data strengths. Many AI firms got going only a year or two ago, but plenty have been progressing more rapidly than their Western counterparts. “Chinese AI startups often iterate and execute more quickly,” explains Kai-Fu Lee, who ran Google’s subsidiary in China in the 2000s and now leads Sinovation Ventures, a venture-capital fund.As a result, China already has a herd of AI unicorns, meaning startups valued at more than $1bn. Toutiao, a news aggregator based in Beijing, employs machine learning to recommend articles using information such as a reader’s interests and location; it also uses AI to filter out fake information (which in China mainly means dubious health-care announcements). Another AI startup, iFlytek, has developed a voice assistant that translates Mandarin into several languages, including English and German, even if the speaker uses slang and talks over background noise. And Megvii Technology’s face-recognition software, Face++, identifies people almost instantaneously.Skynet livesAt Megvii’s headquarters, visitors are treated to a demonstration. A video camera in the lobby does away with the need for showing ID: employees just walk in without showing their badges. Similar devices are positioned all over the office and their feeds are shown on a video wall. When a face pops up on the wall, it is immediately surrounded by a white rectangle and some text giving information about that person. In the upper right-hand corner of the screen big letters spell “Skynet”, the name of the AI system in the Terminator films that seeks to exterminate the human race. The firm already enables Alipay and Didi, a ride-hailing firm, to check the identity of new customers (their faces are compared with pictures held by the government).Reacting to the success of such startups, China’s tech giants, too, have begun to invest heavily in AI. Baidu, Alibaba and Tencent, collectively called BAT, are working on many of the same services, including speech- and face-recognition. But they are also trying to become dominant in specific areas of AI, based on their existing strengths.Tencent has so far kept the lowest profile; it established its AI labs only in recent months. But it is bound to develop a big presence in AI: it has more data than the other two. Its WeChat messenger service has nearly 1bn accounts and is also the platform for thousands of services, from payments and news to city guides and legal help. Tencent is also a world-beater in games with blockbusters such as League of Legends and Clash of Clans, which have more than 100m players each globally.Alibaba is already a behemoth in e-commerce and is investing billions to become number one in cloud computing. At a conference in June in Shanghai it showed off an AI service called “ET City Brain” that uses video recognition to optimise traffic in real time. It uses footage from roadside cameras to predict the behaviour of cars and can adjust traffic lights on the spot. In its home town of Hangzhou, Alibaba claims, the system has already increased the average speed of traffic by 11%. Alibaba is also planning to beef up what it calls “ET Medical Brain”, which will offer AI-powered services to discover drugs and diagnose medical images. It has signed up a dozen hospitals to get the data it needs.But it is Baidu whose fate is most tied to AI, in part because the technology may be its main chance to catch up with Alibaba and Tencent. It is putting most of its resources into autonomous driving: it wants to get a self-driving car onto the market by 2018 and to provide technology for fully autonomous vehicles by 2020. On July 5th the firm announced a first version of its self-driving-car software, called Apollo, at a developer conference in Beijing.Getting Apollo right will not only involve cars safely navigating the streets, but managing a project that is open to outsiders. Rivals such as Waymo, Google’s subsidiary, and Tesla, an electric-car firm, jealously guard their software and the data they collect. Baidu is planning not only to publish the recipe for its programs (making them “open-source”, in the jargon), but to share data. The idea is that carmakers that use Baidu’s technology will do the same, creating an open platform for data from self-driving cars—the “Android for autonomous vehicles”, in the words of Mr Lu.Drive like a BeijingerIt remains to be seen how successful Chinese firms will be in exporting their AI products—for now, only a tiny handful are used abroad. In theory they should travel well: a self-driving car trained on China’s chaotic streets ought to have no problem navigating the more civilised traffic in Europe (in contrast, a vehicle trained in Germany may not get far beyond the first intersection in Beijing). But consumers in the West may hesitate to use self-driving cars that have been trained in a laxer safety environment that is more tolerant of accidents. Chinese municipalities are said to be falling over themselves to be testing grounds for autonomous vehicles.There is another risk. Data are the most valuable input for AI at the moment, but their importance may yet diminish. AI firms have started to use simulated data, including those from video games. New types of algorithms may be capable of getting smart with fewer examples. “The danger is that we stop innovating in algorithms because of our advantage in data,” warns Gansha Wu, chief executive of UISEE, a Beijing startup which is developing self-driving technology. For now, though, China looks anything but complacent. In the race for pre-eminence in AI, it will run America close.This article appeared in the Business section of the print edition under the headline "The algorithm kingdom"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21725018-its-deep-pool-data-may-let-it-lead-artificial-intelligence-china-may-match-or-beat-america?fsrc=rss'|'2017-07-15T08:00:00.000+03:00'
'199956844601a7a363bc29a3601667023c5544fe'|'DIARY-U.S. refinery operations-Valero Memphis gasoline unit boosting output after restart-sources'|'July 13, 2017 / 4:58 AM / 9 hours ago DIARY-U.S. refinery operations-Valero Memphis gasoline unit boosting output after restart-sources 33 Min Read July 13 (Reuters) - The following is a list of refinery incidents reported in the United States on July 12: * CVR Wynnewood, Okla. refinery reports emissions on July 7 * HollyFrontier reports emissions at Tulsa West refinery * Phillips 66 says planned work underway at Rodeo, Calif. refinery * Total Port Arthur refinery hydrotreater shut -sources * Valero Memphis gasoline unit boosting output after restart-sources * Phillips 66 Borger, Texas refinery reports flaring * Exxon reports flaring at Beaumont, Texas refinery REFINERY INCIDENTS: (LISTED BY REGION, WITH MOST RECENT INCIDENTS FIRST) Company Location Capacity* Timing Reason/Notes Unit Cap Link EAST COAST: PHILLIPS 66 Bayway, NJ 241 June 23 Flange leak June 23 No planned work underway PES Philadelphia,PA 310 June 23 Unit startup PES Philadelphia,PA 310 June 22 Emissions June 20 865 distillate hydrotreater shut PES Philadelphia,PA 335 June 16 FCCU emissions PHILLIPS 66 Bayway, NJ 238 June 13 Restart of SRUs after trip PHILLIPS 66 Bayway, NJ 238 June 7 Planned work under way MONROE ENERGY Trainer, PA 190 June 5 Refinery wide shutdown in 2018 MONROE ENERGY Trainer, PA 190 June 1 Alky unit shutdown PES Philadelphia,PA 335 May 26 Restart of DHT May 18 Crude unit start-up on May 16 May 12 Cuts production on crude unit at Point Breeze May 12 Unit 231 restart on May 7 May 2 Flange fire put out at Point Breeze PES Philadelphia,PA 335 April 29 Power interruption at Girard Point PBF Delaware City 182.2 April 28 Unit malfunction PES Philadelphia,PA 335 April 28 Unit startup April 21 Unit startup PBF Delaware City 182.2 April 18 FCC restart next week PES Philadelphia,PA 335 April 5 Unit startup PHILLIPS 66 Bayway, NJ 238 April 3 Normal ops after weekend fire April 3 Crude unit restarted GULF COAST: EXXON Beaumont 363.30 July 12 Flaring PHILLIPS 66 BORGER, TX 146 July 12 Flaring TOTAL Port Arthur, TX 222.5 July 12 Hydrotreater shut EXXON Beaumont 363.30 July 11 Flaring SHELL Convent, LA 227.6 July 11 Gasoline, alky unit rates minimum EXXON Beaumont 363.30 July 10 HCU shut due to leak July 10 Control valve malfunction MARATHON Texas City, TX 86 July 10 Gasoline unit shut for repair July 10 FCC regenerator work TOTAL Port Arthur, TX 222.5 July 10 Reformer shut for repair SHELL Convent, LA 227.6 July 10 Restart of gasoline, alky units EXXON Beaumont 363.30 July 9 Flaring July 7 HCU weekend restart July 6 Electrical substation trip EXXON Baytown, TX 560.50 July 7 HCU work to finish in August MOTIVA Port Arthur 603 July 6 Hydrocracker restarted EXXON Beaumont 363.30 June 6 Hydrocracker shut for repairs SHELL Convent, LA 227.6 July 6 Units restart near end VALERO Port Arthur,TX 335 July 5 Hydrotreater returned to production SHELL Convent, LA 227.6 July 5 FCCU, alky units restart MOTIVA Port Arthur 603 July 5 FCCU production rates cut TOTAL Port Arthur, TX 222.5 July 3 Compressor trip ALON Big Spring 70 June 30 Diesel hydrotreater shut TOTAL Port Arthur, TX 222.5 June 28 Sulfur unit startup EXXON Beaumont 363.30 June 26 Flaring TOTAL Port Arthur, TX 222.5 June 26 Ops normal after malfunction June 25 Weather related malfunction EXXON Beaumont 363.30 June 25 FCCU shutdown PHILLIPS 66 BORGER, TX 146 June 23 Process upset June 23 No planned work EXXON Baytown, TX 560.50 June 23 Pipe repair, minimal impact SHELL Deer Park, TX 285.5 June 20 Process unit upset EXXON Baton Rouge, LA 502.5 June 20 Likely to restart CDU after repairs DELEK Tyler, TX 60 June 16 Boiler emissions TOTAL Port Arthur, TX 222.5 June 16 Prouction reduced MOTIVA Port Arthur 603 June 16 Hydrotreater to be back by Wed VALERO McKee, TX 168 June 16 FCCU snag SHELL Norco, LA 238 June 16 Crude unit, HCU work on schedule VALERO Sunray,TX 168 June 15 Gasoline unit out of production MOTIVA Port Arthur 603 June 15 Cuts back HTU for repair SHELL Norco, LA 238 June 14 Crude unit, HCU shut for overhaul EXXON Baytown, TX 560.50 June 13 HCU overhaul Planned work underway Operations normal EXXON Baytown, TX 560.50 June 12 Planned FCCU overhaul completion VALERO Meraux, LA 125 June 12 Ops normal after upset VALERO McKee, TX 168 June 11 Instrumentation failure, emissions SHELL Deer Park, TX 285.5 June 11 Onsite leak VALERO McKee, TX 168 June 9 Wet gas compressor snag SHELL Deer Park, TX 285.5 June 8 Process unit upset ALON Big Spring 70 June 7 Multiple unit upset SHELL Deer Park, TX 285.5 June 7 Release onsite SHELL Convent, LA 235 June 7 Ups output on ULSD hydrotreater June 7 Maintenance under way June 7 To restart hydrotreater furnace MOTIVA Port Arthur 603 June 7 HCU back to normal ops LYONDELL Houston, TX 263.8 June 5 Units back after malfunction Problems at offsite facility Flaring SHELL Deer Park, TX 285.5 June 5 Process unit startup underway SHELL Deer Park, TX 285.5 June 1 No impact from onsite leak Leak onsite FLINT HILLS Corpus Christi 295.6 June 1 Sulfolane unit shutdown EXXON Baton Rouge, LA 502.5 May 31 Coker overhaul complete CITGO Corpus Christi,TX 157.5 May 30 FCCU upset, power blip SHELL Convent, LA 235 May 30 Isomerization unit restart VALERO Port Arthur,TX 335 May 30 Hydrotreater overhaul from June PHILLIPS 66 Alliance, LA 247 May 30 No planned work underway PHILLIPS 66 Sweeny, TX 247 June 2 No planned work underway June 2 Transformer trip May 30 CDU, FCCU overhaul in 2018-19 VALERO Sunray,TX 168 May 30 FCCU, alky unit overhaul from Sept. MARATHON Galveston Bay,TX 459 June 6 Hydrotreater restart May 29 Unit upset ALON Big Spring 70 May 26 Propane deasphalting unit shut TOTAL Port Arthur, TX 222.5 May 26 Emissions from unit 871 EXXON Baytown, TX 560.50 June 6 Caustic oxidation unit emissions June 2 FCCU emissions May 26 Compressor shutdown CITGO Corpus Christi,TX 157.5 May 25 CDU restart complete EXXON Baytown, TX 560.50 May 25 Compressor trip SHELL Convent, LA 235 May 25 Completes alky unit restart VALERO Corpus Christi,TX 293 May 25 Process unit trip SHELL Convent, LA 235 May 24 Preparing alky unit restart SHELL Convent, LA 235 May 23 Hydrocracker completes restart TOTAL Port Arthur, TX 222.5 May 23 Shuts residual unit after fire CALUMET San Antonio, TX 16.8 May 22 Refinery shut down TOTAL Port Arthur, TX 222.5 May 22 Ops nomal after upset VALERO Port Arthur,TX 335 May 19 Process unit upset SHELL Convent, LA 235 May 19 To restart HCU on Tuesday night CITGO Corpus Christi,TX 157.5 May 19 Unit repairs continue EXXON Baton Rouge, LA 502.5 May 18 Returns CDU to full production CITGO Corpus Christi,TX 157.5 May 18 Repairing gasoline unit Shell Convent, LA 235 May 17 Restarting HCU expected to resume production early next week FLINT HILLS Corpus Christi 290 May 16 SRU upset at west plant PHILLIPS 66 BORGER, TX 146 May 16 SRU snag, equipment restarted CITGO Corpus Christi,TX 157.5 May 16 FCCU shut after leak Shell Convent, LA 235 May 16 To restart HCU on Tuesday night EXXON Baton Rouge, LA 502.5 May 16 Boosting crude unit production TOTAL Port Arthur, TX 222.5 May 15 Completes SRU restarts MOTIVA Port Arthur 603 May 15 Repairs naphtha complex leak EXXON Beaumont 344.60 May 15 Restarts large crude unit Shell Convent, LA 235 May 15 Prepares hydrocracker restart Repairs to continue at least 2 wks EXXON Baton Rouge, LA 502.5 May 12 Ops unhurt from severe weather TOTAL Port Arthur, TX 222.5 May 12 Emissions from Unit 871 Restarting sulfur units MOTIVA Port Arthur 603 May 12 Working to stop hydrogen leak FLINT HILLS Corpus Christi 290 May 9 HCU shutdown PHILLIPS 66 BORGER, TX 146 May 8 FCCU ESP work underway TOTAL Port Arthur, TX 222.5 May 5 Restarting coking unit EXXON Baton Rouge, LA 502.5 May 5 Extends work at crude unit VALERO Port Arthur,TX 335 May 5 Gasoline unit increasing production SHELL Deer Park, TX 285.5 May 5 Flaring due to process unit upset VALERO Port Arthur,TX 335 May 4 Gasoline unit remains shut Shell Convent, LA 235 May 4 HCU to resume output over weekend SHELL Deer Park, TX 285.5 May 4 All-clear issued after unit upset May 4 Process unit upset MOTIVA Port Arthur 603 May 4 To boost HCU production over weekend CITGO Corpus Christi,TX 157.5 May 4 Unit restarted after malfunction EXXON Beaumont 344.60 May 1 Coker back MOTIVA Port Arthur 603 April 28 Hydrocracker to run at reduced rates through weekend PHILLIPS 66 Lake Charles, LA 260 April 28 Developing new isomerization unit MARATHON Galveston Bay,TX 451 April 28 Leak in a tank EXXON Baton Rouge, LA 502.5 April 25 Flaring due to operational issue Crude unit shut for work ALON Big Spring 70 April 25 HDS shut for repairs after leak SHELL Deer Park, TX 285.5 April 25 Restarting hydrocracker PETROBRAS Pasadena, TX 112.2 April 25 Operating at planned rates April 24 Reformer shutdown CITGO Corpus Christi,TX 157.5 April 24 FCCU back in production VALERO Corpus Christi,TX 293 April 23 Upset at Complex 7 EXXON Beaumont, TX 344.60 April 22 Large CDU to resume production by early May April 21 May finish coker work next week CITGO Corpus Christi,TX 157.5 April 24 ESP shutdown on April 22 MOTIVA Norco, LA 238 April 20 Hydrocracker restart completed EXXON Beaumont, TX 344.60 April 20 Boiler restarted after trip MARATHON Galveston Bay,TX 451 April 20 Ultracracker 3 HCU overhaul in 2018 PHILLIPS 66 BORGER, TX 146 April 20 No planned work underway PHILLIPS 66 BORGER, TX 146 April 19 SRU emissions, equipment restart PETROBRAS Pasadena, TX 112.2 April 19 Ops normal SHELL Deer Park, TX 285.5 April 18 Oil sheen contained TOTAL Port Arthur, TX 222.5 April 18 Overhaul of cogen, SRUs, DHT units April 18 Leak during planned unit shutdown MOTIVA Norco, LA 238 April 18 Repairing shut hydrocracker PETROBRAS Pasadena, TX 112.2 April 17 All clear April 17 Ops normal April 17 Process unit upsets MOTIVA Norco, LA 238 April 17 Hit by CDU fire, HCU outage April 17 Crude unit in production after fire April 17 Minor repairs underway after small incident April 17 All clear after fire April 17 Fire, no injuries April 17 Hydrocracker shut for repair MOTIVA Convent, LA 235 April 17 Hydrocracker shut into July VALERO Port Arthur,TX 335 April 12 Restarting hydrocracker April 12 Process unit upset on April 11 PHILLIPS 66 BORGER, TX 146 April 12 Process upset TOTAL Port Arthur, TX 222.5 April 12 Benzene leak stopped, line isolated VALERO Texas City,TX 225 April 12 Loss of boiler feed water flow LYONDELL Houston, TX 263.8 April 11 Compressor trip April 11 Gasoline unit restart complete PHILLIPS 66 BORGER, TX 146 April 11 Gasoline unit restart VALERO Three Rivers, TX 79 April 10 Power loss LYONDELL Houston, TX 263.8 April 7 Gasoline unit return on schedule VALERO Port Arthur,TX 335 April 7 Gasoline unit malfunction April 6 Hydrocracker at full output SHELL Deer Park, TX 285.5 April 8 Leak onsite EXXON Beaumont, TX 344.60 April 7 Compressor trip April 7 Hydrocracker shut VALERO Houston 100 April 6 Planned work EXXON Baytown, TX 560.5 Arpil 6 Gasoline unit work continues, HCU restarts LYONDELL Houston, TX 263.8 April 6 Gasoline unit may resume production next week CITGO Corpus Christi,TX 157.5 April 4 SRU shut for 2-week planned work PETROBRAS Pasadena, TX 112.2 April 4 Process unit upsets MOTIVA Port Arthur 603 April 4 HCU production cut back Planned work VALERO Port Arthur,TX 335 April 3 HCU normal after restart MOTIVA Convent, LA 235 April 3 HCU restart within 2 weeks VALERO Houston, TX 100 Jan. 4 New alky unit startup in H1, 2019 TOTAL Port Arthur,TX 225.5 Aug. 23 Delays FCC work until Sept. 2017 MIDCONTINENT: VALERO Memphis, TN 190 July 12 Gasoline unit boosting output Hollyfrontier Tulsa West, OK 85 July 12 Emissions VALERO Memphis, TN 190 July 11 Gasoline unit boosting output 190 July 11 Gasoline unit restart July 10 Gasoline unit restart Mon/Tues July 7 Gasoline unit repairs CVR ENERGY Wynnewood, OK 70 July 7 Emissions EXXON Joliet, IL 238.6 July 6 Equipment malfunction VALERO Memphis, TN 190 July 6 Unit repairs may take longer VALERO Memphis, TN 190 July 5 FCCU shut for repairs EXXON Joliet, IL 238.6 July 4 FCCU restarted after repairs EXXON Joliet, IL 238.6 July 3 Production unit restarted PBF Toledo, OH 80 June 30 Plans large shutdown in March MARATHON Detroit, MI 130 June 29 To shut crude unit Sept. ''18 Husky Energy Lima, OH 155 June 29 Multiple shutdowns late 2018 EXXON Joliet, IL 238.6 June 28 Confirms flaring CVR ENERGY Coffeyville, Kansas 115 June 25 Process upset VALERO Ardmore, OK 86 June 24 FCCU emissions Marathon Robinson, IL 212 June 20 Sulphur plant online after shutdown EXXON Joliet, IL 238.6 June 20 Confirms leak on production unit EXXON Joliet, IL 238.6 June 19 Confirms FCCU not shut BP Whiting, IN 413.5 June 15 Output unaffected Citgo Lemont, IL 175.9 June 12 Unspecified maintenance shutdown BP Whiting, IN 413.5 June 12 Ops normal after flaring CVR ENERGY Coffeyville, Kansas 115 June 11 Emissions, planned work BP Whiting, IN 413.5 June 5 Production unaffected after flaring VALERO Memphis, TN 190 May 31 Unaffected by outage in vicinity Husky Energy Lima, OH 155 May 31 Plant-wide shutdown in Oct-2018 TESORO Mandan, ND 75 May 30 Refinery restart delayed CVR ENERGY Wynnewood, OK 70 May 22 Oil discharge due to thunderstorm BP Whiting, IN 413.5 May 18 Ops normal despite flaring Marathon Catlettsburg,KY 242 May 11 Shuts crude unit HOLLYFRONTIER El Dorado, KS 138 May 11 Restarts hydrotreater EXXON Joliet, IL 238.6 May 5 Unit startup BP Whiting, IN 413.5 May 1 CDU back in production BP Whiting, IN 413.5 April 28 Four employees injured CDUs seen back to normal Fri CVR ENERGY Wynnewood, OK 70 April 19 Malfunction on April 15 WESTERN St. Paul Park, MN 88.9 April 11 Acid leak on Saturday, 5 treated BP Whiting, IN 413.5 April 6 Crude unit back to normal ops PHILLIPS 66 Wood River, IL 336 April 4 Planned work BP Whiting, IN 413.5 April 4 Crude unit back in 24-48 hours Crude unit (11C CDU) production cut VALERO Memphis, TN 190 April 3 Production near full capacity HUSKY ENERGY Lima,OH 155 Dec. 13 5-wk turnaround in Q4, 2017 Citgo Lemont, IL 175.9 Oct. 7 Planned CDU overhaul in 2017 ROCKY MOUNTAINS: Phillips 66 Billings, MT 59 June 15 No planned work underway Phillips 66 Billings, MT 59 May 26 Planned work Phillips 66 Billings, MT 59 April 17 Planned work WEST COAST PHILLIPS 66 Rodeo, CA 120.2 July 12 Planned work PBF Torrance, CA 151.3 July 11 Planned flaring July 10 Emissions SHELL Martinez, CA 156.4 July 10 Pipe leak on July 7 VALERO Benicia, CA 145 July 6 Controlled unit shutdown VALERO Benicia, CA 145 June 30 Files lawsuit over May outage TESORO Los Angeles, CA 380 June 28 Minor leak contained VALERO Wilmington, CA 80.8 June 28 Equipment issue SHELL Martinez, CA 156.4 June 28 Ops stable after unit upset TESORO Carson, CA 257.3 June 28 Unplanned flaring PBF Torrance, CA 151.3 June 28 Restarting several units CHEVRON Richmond, CA 245.3 June 26 Shuts heavy hydrocracker CHEVRON Richmond, CA 245.3 June 26 Unit shutdown H2S leak PBF Torrance, CA 151.3 June 26 Unplanned flaring SHELL Martinez, CA 156.4 June 26 Ops normal after unit steam leak June 26 Unit steam leak CHEVRON Richmond, CA 245.3 June 25 Unit startup VALERO Benicia, CA 145 June 23 Flaring BP Cherry Point, WA 227 June 21 WESP snag, emissions SHELL Martinez, CA 156.4 June 21 Ops normal after flaring PBF Torrance, CA 151.3 June 21 Planned flaring SHELL Puget Sound, WA 145 June 20 SRU trip BP Cherry Point, WA 225 June 19 Scheduled maintenance TESORO Martinez, CA 166 June 19 Planned work underway TESORO Martinez, CA 166 June 18 Boiler trip VALERO Benicia, CA 145 June 18 Flaring PBF Torrance, CA 151.3 June 15 Unplanned flaring SHELL Martinez, CA 156.4 June 15 Process upset PBF Torrance, CA 151.3 June 14 Planned flaring PBF Torrance, CA 151.3 June 14 Unplanned flaring PBF Torrance, CA 151.3 June 13 Hydrotreater shutdown BP Cherry Point, WA 225 June 6 Planned work CHEVRON Richmond, CA 245.3 June 6 Plant upset PBF Torrance, CA 151.3 June 5 Equipment trip Hydro-treater unit snag Hydrogen plant shutdown Unplanned flaring VALERO Benicia, CA 145 May 31 Equipment start-up BP Cherry Point, WA 225 May 27 Planned work, flaring BP Cherry Point, WA 225 May 27 Upset, emissions BP Cherry Point, WA 225 May 19 Upset, emissions SHELL Puget Sound, WA 145 May 18 Reports shutdown TESORO Martinez, CA 166 May 18 No off site impact from leak Leak at exchanger Unit shut down PHILLIPS 66 Carson, CA 139 May 18 No planned work underway May 17 Unplanned flaring, breakdown PBF Torrance, CA 151.3 May 11 Ops normal after minor fire Fire outside tank May 8 Crude unit maintenance VALERO Benicia, CA 145 May 5 Power outage BP Cherry Point, WA 225 April 29 Scheduled maintenance BP Cherry Point, WA 225 April 28 Hydrocracker shutdown PBF Torrance, CA 151.3 Jan. 4 Plans 2Q turnaround'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/energy-refinery-idUSL4N1K4257'|'2017-07-13T07:57:00.000+03:00'
'4b36ed8f72a7c5ced3f1ba2d8ae0c1c40792697b'|'China says concerned over tighter German curbs on takeovers'|'July 14, 2017 / 10:11 AM / 31 minutes ago China says concerned over tighter German curbs on takeovers Reuters Staff 2 Min Read The logo of Swiss agrochemicals maker Syngenta is seen on a farm in the village of Geispitzen, France June 27, 2017. Arnd Wiegmann BEIJING (Reuters) - China expressed concern on Friday after Germany became the first European Union country to tighten its rules on foreign corporate takeovers, following a series of Chinese deals giving access to Western technology and expertise. The new regulations will allow the German government to block takeovers if there is a risk of critical technology being lost abroad. They will take effect shortly with no need for parliamentary approval in a bid to protect critical infrastructure, including power grids and hospitals. The move reflects pressure across Europe to limit takeovers by Chinese state-backed groups of prized European assets. "We are concerned about the relevant moves of Germany and Europe," Chinese Foreign Ministry spokesman Geng Shuang told a daily news briefing. China''s trade and business links with Germany and the European Union have brought real benefits to the peoples and companies of both sides and promoted economic growth, he added. China hopes that Germany and the EU can avoided being affected by protectionist tendencies, and not send a "confused, negative" message to the rest of the world, Geng said. The purchase last year of German robotics maker Kuka ( KU2G.DE ) by Chinese company Midea ( 000333.SZ ) raised concern that China was gaining too much access to key technologies while shielding its own companies from foreign takeovers. State-owned ChemChina''s $43 billion (33.16 billion pounds) purchase of Swiss pesticides and seeds group Syngenta, China''s biggest overseas acquisition to date, has increased pressure in Europe to curb foreign takeovers in strategically important sectors. Reporting by Ben Blanchard; Editing by Robert Birsel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-m-a-china-idUKKBN19Z100'|'2017-07-14T13:10:00.000+03:00'
'204059e4f4ad2363077fed06274751ac48092e18'|'Oil dips on ample supply despite OPEC pledge to cut output'|'July 14, 2017 / 5:24 AM / 31 minutes ago Oil firm as signs of higher demand outweigh worries of excess Libby George 3 Min Read Offshore oil platforms are seen at the Bouri Oil Field off the coast of Libya August 3, 2015. Darrin Zammit Lupi/Files LONDON (Reuters) - Oil prices edged higher on Friday and were on track for solid weekly gains following positive demand signals, production issues in Nigeria and a reported decline in stocks. Brent crude futures, the international benchmark for oil, were up 43 cents at $48.85 per barrel at 1111 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $46.45 per barrel, up 37 cents. Shell declared force majeure on exports of Nigeria''s Bonny Light crude oil due to the closure of one of its two export pipelines, boosting both benchmarks. The contracts had already been trading some 5 percent above the week''s lows, boosted by a report from the International Energy Agency (IEA) that demand growth is accelerating, from China that crude imports grew significantly and from the U.S. Energy Information Administration (EIA) that oil stocks had fallen. "Those who wanted confirmation about global oil demand had it" in Chinese import figures, said Tamas Varga, an analyst with PVM Oil Associates. He added surging stock markets had added a "feel-good factor" to oil. China''s crude oil imports over the first six months of 2017, hit 212 million tonnes, up 13.8 percent on the same period in 2016, customs data showed. This added to an IEA report raising its demand estimate. Analysts at Commerzbank said the subsequent reduction in the developed world''s oil stocks was likely to continue "so long OPEC does not significantly increase its output any further". Asian traders are selling oil products out of tanks amid soaring demand, while the EIA reported the largest drop in U.S. crude oil inventories in the week to last week in 10 months. Still, oil stocks remained comfortably above the five-year average, and prices are more than 16 percent below their 2017 highs, despite an extension to March 2018 of output cuts of 1.8 million barrels per day (bpd) coordinated by the Organization of the Petroleum Exporting Countries. OPEC''s rebalancing effort has been stymied in part by rising output from Libya and Nigeria, which were exempt from cuts and were producing close to 700,000 bpd more than at the time of the initial November OPEC cut agreement, according to U.S. investment bank Jefferies. Despite force majeure, Bonny Light exports continued via a second pipeline. U.S. oil production has also risen by more than 10 percent over the past year to 9.4 million bpd. "It''s not too long before the market starts looking at the supply situation...which is anything but encouraging," Varga said. Additional reporting by Henning Gloystein and Aaron Sheldrick in Singapore, editing by David Evans and Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN19Z0DD'|'2017-07-14T08:21:00.000+03:00'
'19dd14d7062d317a63c3401bf47a15d06fc71940'|'Sensex, Nifty fall; TCS drags'|'July 14, 2017 / 6:45 AM / in 4 hours Nifty ends slightly lower after breaching 9,900 level for first time 1 Min Read A broker trades on his computer terminal at a stock brokerage firm in Mumbai, India, January 20, 2016. Shailesh Andrade/Files REUTERS - The Nifty ended slightly lower on Friday after breaching the 9,900 level for the first time as investors booked profits after our straight sessions of gains, while Tata Consultancy Services Ltd fell on disappointing earnings. However, both the indexes posted their biggest weekly gains since mid-March. The Nifty gained 2.28 percent this week, while the Sensex rose 2.10 percent. The Nifty ended down 0.05 percent at 9,886.35 on Friday, while the Sensex closed 0.05 percent lower at 32,020.75. Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Subhranshu Sahu 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-sensex-nifty-stocks-idINKBN19Z0IV'|'2017-07-14T09:45:00.000+03:00'
'cbee2d7bb04d0d1eee6ac895ad087ac5f1761a40'|'U.S. attorney general urged to consider blocking AT&T deal for Time Warner'|'July 13, 2017 / 9:09 PM / 5 hours ago U.S. attorney general urged to consider blocking AT&T deal for Time Warner Diane Bartz 2 Min Read An AT&T logo is seen at a AT&T building in New York City, October 23, 2016. Stephanie Keith WASHINGTON (Reuters) - Seven consumer advocacy groups wrote to Attorney General Jeff Sessions on Thursday to ask him to consider blocking AT&T''s plan to buy Time Warner on the grounds that it will lead to higher prices and slow innovation in showing video online. Common Cause, Consumer Federation of America, Consumers Union, Public Knowledge and other groups echoed other critics of the deal, including some lawmakers, who say that the $85.4 billion deal would give AT&T ( T.N ), owner of DirecTV, the ability to withhold Time Warner''s ( TWX.N ) content from other outlets and hurt the move to show television shows and movies on the Internet. The groups argued that after buying Time Warner, owner of HBO and TNT, AT&T would have the incentive to restrict sales of that programming to cable and online channels. That could hurt DirecTV''s rivals as well as AT&T''s competitors in providing video online, the letter said. The groups also worried that the deal would create incentives for AT&T to refrain from showing independent programmers. The groups said that the deal "poses ... grave dangers to consumers and creators in mature and emerging markets" and urged the government to consider stopping it. "If you conclude, as appears to us from the available information, that conditions and piecemeal divestitures will not be sufficient, then we hope you will challenge the merger in its entirety," the groups said in their letter to Sessions. Aside from the Justice Department''s antitrust review, the deal is at the center of a controversy over allegations that White House advisers considered using the probe as political leverage. Time Warner owns news station CNN, which President Donald Trump has criticized. AT&T did not immediately respond to a request for comment. The Justice Department declined comment on the letter. Reporting by Diane Bartz; Editing by Cynthia Osterman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-time-warner-m-a-at-t-critics-idUSKBN19Y2SN'|'2017-07-14T00:03:00.000+03:00'
'1c7b01c7b77360a2da12dbe686626bcd93a9580c'|'Uber rival Grab raising $2 billion from SoftBank, China''s Didi: WSJ'|'July 14, 2017 / 2:08 PM / in 12 minutes Uber rival Grab raising $2 billion from SoftBank, China''s Didi: WSJ 2 Min Read A Grab motor driver is seen in a street in Jakarta, Indonesia, February 13, 2017. Beawiharta (Reuters) - Grab, Uber Technologies Inc''s [UBER.UL] biggest rival in Southeast Asia, is raising as much as $2 billion in funding from Japan''s SoftBank Group ( 9984.T ) and China''s top ride-hailing firm Didi Chuxing, the Wall Street Journal reported on Friday. The deal, which could close in the next few weeks, would value Singapore-based Grab at more than $5 billion, the Journal reported, citing people familiar with the matter. The reported funding comes amid efforts by Grab to transform into a consumer technology firm that also offers loans, electronic money transfer and money-market funds. Grab declined to comment, while SoftBank and Didi did not immediately respond to Reuters requests for comment. Grab, which operates its ride-hailing platform in 55 cities across seven countries, raised $750 million in a funding round in September, with sources then valuing the five-year-old startup at over $3 billion. The reported deal also comes at a time when San Francisco-based Uber, the world''s largest ride-hailing service, faces setbacks at home ranging from accusations of a sexist work culture and driver protests. Uber''s challenges have culminated in the departure of co-founder and CEO Travis Kalanick, who stepped down under investor pressure last month. Reporting by Laharee Chatterjee in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-grab-funding-idUSKBN19Z1K5'|'2017-07-14T17:08:00.000+03:00'
'aecfd3ec612043a8f770a87f23bb39a269b9961c'|'Draghi to speak softly after startling big stick at Sintra'|'July 14, 2017 / 2:23 PM / 4 hours ago Draghi to speak softly after startling big stick at Sintra Catherine Evans 5 Min Read FILE PHOTO: European Central Bank (ECB) President Mario Draghi arrives for a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. Kai Pfaffenbach/File Photo LONDON (Reuters) - No big changes are expected from the European Central Bank when it meets on Thursday, but a bit of tweaking may be on the cards. Policymakers are likely to calibrate the language they use as they edge towards normalising policy after years of huge post-crisis stimulus. The bank may drop a reference to its readiness to increase the size or duration of its asset-purchase programme before announcing in the autumn how and when it will start winding down its bond-buying. But after the reaction to his June 27 speech in Sintra, Portugal, hinting at the possibility of changes to the central bank''s aggressive stimulus, ECB President Mario Draghi will be wary of sparking another "taper tantrum". His comments in Sintra sent the euro and bond yields sharply higher, and prompted some rowing back. "We expect the gradual adjustments in Draghi''s communication to continue next week," Nordea analysts said in a note. "So far the ECB has had an implicit bias towards increasing the size of the asset-purchase programme, but this stance could change to a more neutral one, as the ECB will try to smooth the communication path towards the next tapering announcement in the fall." Noting the nervous response to Draghi''s Sintra speech and recent adjustments to the U.S. Federal Reserve''s language, they added: "It will be just as interesting to see the market reactions before and after the meeting ... Draghi will need to pave the way for a tapering announcement later on without scaring the bond markets too much." Half of analysts polled by Reuters now expect the ECB to announce in September that it will gradually wind down its asset buying, a process known as tapering, while a quarter see a one-off reduction and the remainder expect no change. The Sept. 7 meeting will include new inflation and growth forecasts by the ECB''s own staff. FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the "Luminale, light and building" event in Frankfurt, Germany, March 12, 2016. Kai Pfaffenbach/File Photo Reuters reported on Friday that three sources had said the ECB is reluctant to set a firm date on which asset purchases will fall to zero so it can retain flexibility in case economic variables, particularly wage growth, fall short of expectations. So far, the ECB has said its purchases are intended to run at their current pace until December 2017 "or beyond, if necessary", with a winding-down phase to follow. Inflation Not Playing While euro zone growth is on its best run since the start of the global financial crisis a decade ago and unemployment is falling faster than expected, anaemic wage growth continues to anchor inflation well below the ECB''s near 2 percent target. Current forecasts suggest inflation will remain weak at least until the end of 2019. Analysts at Bank of America Merrill Lynch said the ECB would increasingly have to distinguish between extraordinary stimulus and regular interest rate policy in its communications, emphasising waning deflation risks to justify winding down its asset purchases but keeping rates low to reflect weak inflation. "We think that to further habituate the market to this approach, next week Draghi will need to "assume Sintra", i.e. to continue to prepare the market for tapering -- in practise by removing the easing bias on QE as well -- while making it clear that "patience","persistence" and sustained monetary stimulus will still be needed," they wrote. Bank of Japan policymakers meet on Wednesday and Thursday and are expected to keep monetary policy settings unchanged, reflecting a gradual economic uptick that is likely to see the bank''s growth forecasts revised upwards. Trade data on Thursday is expected to show Japanese exports rising for a seventh consecutive month, aided by a weak yen, underpinning the improvement in growth, although feeble inflation will keep the BoJ''s stimulus measures in place. With Bank of England policymakers split over whether to raise interest rates and at least one arguing for its 435 billion pound ($566.85 billion) quantitative easing programme to be unwound early, UK inflation figures on Tuesday will be closely scrutinised. Retail sales figures on Thursday should also give an indication of whether consumers, whose wages have not matched a surge in inflation cased largely by the plunge in sterling following last year''s Brexit vote, are feeling the squeeze. 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN19Z1LS'|'2017-07-14T17:23:00.000+03:00'
'484ffd404f6ee4950c8134500a6c96c52fef3f6c'|'Nikkei edges up, marks weekly gain ahead of holiday'|'July 14, 2017 / 6:47 AM / 8 minutes ago Nikkei edges up, marks weekly gain ahead of holiday 3 Min Read * Investors grow cautious ahead of long weekend * U.S. earnings and inflation data awaited * Fast Retailing''s drop weighs on Nikkei TOKYO, July 14 (Reuters) - Japan''s Nikkei share average edged up on Friday as disappointing earnings from Fast Retailing, the world''s third largest apparel retailer, offset gains made after Wall Street pushed higher. The Nikkei index finished up 0.1 percent at 20,118.86 and a robust 1 percent higher for the week, though investors grew cautious ahead of a long holiday weekend. Weighing on the Nikkei, market giant Fast Retailing Co , the owner of clothing chain Uniqlo, saw its shares skid 4.6 percent after it reported a quarterly operating profit of 49.9 billion yen ($440.07 million) for the three months through May late Thursday. That fell short of a 52.85 billion yen Thomson Reuters Starmine SmartEstimate based on estimates of six analysts. The broader Topix added 0.4 percent to 1,625.48, for a 1.1 percent rise for the week. The JPX-Nikkei Index 400 also added 0.4 percent, to 14,472.36, marking a 1.1 percent weekly gain. "Fast Retailing''s performance pushed the Nikkei down and limited its gains, but overall market sentiment was stable," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Major U.S. indexes marked modest gains overnight, with the Dow Jones Industrial Average edging up to a record close, as investors warily awaited earnings and U.S. inflation data. The U.S. quarterly earnings season revs up on Friday with big U.S. banks JPMorgan Chase, Wells Fargo and Citigroup all reporting results. The U.S. core consumer price index (CPI) is forecast to have risen only 1.7 percent year-on-year in June after a similar gain in May. On a month-on-month basis, the core CPI is expected to rise 0.2 percent after a 0.1 percent increase the previous month. "The U.S. CPI figures will come out later, so the market is waiting for this," said Yutaka Miura, a senior technical analyst at Mizuho Securities in Tokyo. "Ahead of a three-day weekend in Japan, investors have no incentive to extend their positions," he said. Markets in Japan will be closed for a holiday on Monday and will resume trading on Tuesday. Shares of industrial materials maker JSR Corp rose 2.9 percent. The company''s operating profit is estimated to have surged to 10 billion yen in the April-June quarter from 5.6 billion yen a year earlier, business daily Nikkei reported. Shares of Japanese recruitment company Persol Holdings Co added 0.3 percent. It made a A$778 million ($600 million) takeover bid for Australian recruiter Programmed Maintenance Services Ltd PRG.AX, the target company said on Friday. (Reporting by Lisa Twaronite; Editing by Richard Borsuk and Sam Holmes) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1K52DC'|'2017-07-14T09:47:00.000+03:00'
'2ae7a3c8d86f957de91c38267c20e584f5faedbb'|'JPMorgan second-quarter profit beats estimates on loan growth, higher rates'|'July 14, 2017 / 2:08 PM / 25 minutes ago JPMorgan posts higher profit; shares dip on net interest income view David Henry and Sweta Singh 4 Min Read A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. Mike Segar/Files (Reuters) - JPMorgan Chase & Co ( JPM.N ) reported a better-than-expected quarterly profit on Friday due to strong loan growth and higher interest rates, but said net interest income for the year would be lower than expected, sending its shares down about 2 percent. The bank''s borrowing business increased across residential mortgages, business loans, credit cards, and even auto loans, an area where some lenders have been pulling back. However, on a call with analysts, Chief Financial Officer Marianne Lake said net interest income for the full year would increase by $4 billion, rather than a $4.5 billion estimate given in April. This is due to mortgage adjustments and a change in the alignment of interest rates, Lake said. Overall, JPMorgan''s net income rose 13 percent to $7.03 billion, or $1.82 per share, from $6.2 billion, or $1.55 per share, in the year-ago quarter. ( bit.ly/2tQ630n ) This was driven by JPMorgan''s average core loan book, which grew 8 percent in the second quarter compared with the same period a year earlier. Higher interest rates helped JPMorgan earn more money on these loans. Excluding a gain from a legal settlement, the bank earned $1.71 per share, topping the average analyst estimate of $1.58, according to Thomson Reuters I/B/E/S. The stock was down 1.7 percent at $91.55 in morning trade. The Federal Reserve lifted interest rates for the second time this year in June. Rising rates are usually good for banks, allowing them to increase how much they charge for loans faster than they boost how much they pay for deposits. Chief Financial Officer Marianne Lake called rate movements "a tale of two cities," in which Wall Street businesses change quickly, but Main Street customers are not yet demanding more money for their deposits. "While there have been changes in the industry and CDs, there''s been nothing in checking or savings," said Lake. The bank expects the Fed to hike rates again in December, she said. As JPMorgan''s loan book has expanded, it has also set aside more money for borrowers who do not repay their debts. In credit cards, where it has been growing aggressively, the bank built loan-loss reserves by $252 million as the charge-off rate ticked above 3 percent, an increase from both the prior and year-ago periods. JPMorgan executives have told investors to expect credit card loss rates to go up as the company makes more loans. On newer card accounts, the bank sees charge-off rates of about 4.5 percent, Gordon Smith, head of consumer banking, said at an investor conference in June. Trading revenue was a dark spot for JPMorgan as volatility hit multi-year lows. But executives across Wall Street have been warning investors to look for declines because the year-ago quarter benefited from a surge in trading around the UK''s Brexit vote. JPMorgan''s markets revenue dropped 14 percent to $3.22 billion, mostly due to fixed income trading. It was the first decline in five quarters. Wells Fargo & Co ( WFC.N ) and Citigroup Inc ( C.N ) also reported results on Friday. Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Jeffrey Benkoe and Bernard Orr 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jpmorgan-results-idUKKBN19Z1KA'|'2017-07-14T17:08:00.000+03:00'
'fc5be9e1ae2bd80103620b9f535dfffbb0423e73'|'Weir Group benefits from strong North American drilling activity'|'July 17, 2017 / 7:27 AM / in an hour Weir Group benefits from strong North American drilling activity 1 Min Read July 17 (Reuters) - Weir Group Plc said it expected its oil and gas unit''s full-year revenue and operating profit to be above analysts'' expectations due to strong North American drilling activity. Shares in the company rose as much as 7.95 pct to their highest since May. They were trading at 1949 pence at 0711 GMT on the London Stock Exchange. The company, which makes pipes and valves for energy and mining industries, said it had benefited from higher fleet utilisation levels and tightening of production capacity. Weir Group expects operating margins for its oil and gas unit to be in the low teens through the second half. "Updated outlook for the group''s full-year performance is now for strong constant currency revenue and profit growth," the company said in a statement. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/weir-group-outlook-idUSL3N1K82Q5'|'2017-07-17T10:26:00.000+03:00'
'875c1e0fc78ad2146637c0838213c87148b01129'|'UPDATE 1-UK Stocks-Factors to watch on July 17'|'July 17, 2017 / 6:51 AM / 2 hours ago UPDATE 1-UK Stocks-Factors to watch on July 17 4 Min Read (Adds company news items and futures) July 17 (Reuters) - Britain''s FTSE 100 index is seen opening 13 points higher on Monday, according to financial bookmakers, with futures up 0.3 percent ahead of the cash market open. * BALFOUR BEATTY: Balfour Beatty Plc has been awarded two contracts by Britain''s High Speed 2 railway project worth about 2.5 billion pounds ($3.27 billion), the construction company said on Monday. * ITV: British commercial broadcaster ITV said on Monday it had appointed Carolyn McCall, the boss of airline easyJet, as its next chief executive, replacing Adam Crozier who has already stepped down. * CARILLION: Carillion has appointed accounting firm EY to support its strategic review, with a particular focus on cost cuts and cash collection, the crisis-hit British construction and support services firm said on Monday. * WORLDPAY: French payments company Worldline has agreed to buy Swedish peer Digital River World Payments as merger activity in the payments sector picks up following this month''s takeover of Worldpay. * UK''s FCA: Britain''s markets watchdog set out on Monday the scope of a study into whether the country''s 500 billion pound ($654.20 billion) online funds "supermarkets" sector offers retail investors the best deals. * ASTRAZENECA: Anglo-Swedish pharmaceutical firm AstraZeneca said on Friday its chief executive, Pascal Soriot, would host a results call with reporters on July 27, after refusing to comment on speculation this week that he was leaving the firm. * ITV: British broadcaster ITV is closing in on naming easyJet''s Carolyn McCall as new chief executive, the Guardian reported on Saturday. * UNILEVER: Anglo-Dutch conglomerate Unilever is vying with U.S. canned meat producer Hormel Foods Corp to buy the foods division of British consumer goods maker Reckitt Benckiser, the Sunday Times newspaper reported, citing sources. * BREXIT: Senior members of the government are becoming convinced of the need for a phased British departure from the European Union to help protect the economy, finance minister Philip Hammond said on Sunday. * COPPER: London copper edged up to its highest in two weeks on Monday, supported by a weaker dollar and an upbeat second quarter for China''s economy which brightened demand prospects for metals. * OIL: Oil prices strengthened on Monday, supported by a slowdown in the growth of rigs looking for crude in the United States and because of strong refinery demand from China. * The UK blue chip index FTSE 100 fell 0.5 percent on Friday, cutting its weekly gain from a global rally after U.S. Fed officials hinted monetary policy tightening would go ahead at a slower pace. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets Today''s Uk Papers > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1K82ID'|'2017-07-17T09:50:00.000+03:00'
'c3465699fa89c606eb1b31bc60e801e443c81541'|'Daimler accused of selling over 1 million cars with excess emissions - newspaper'|'July 12, 2017 / 7:09 PM / 20 minutes ago Daimler accused of selling over 1 million cars with excess emissions - newspaper Reuters Staff 2 Min Read Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. Fabian Bimmer/File Photo BERLIN (Reuters) - German carmaker Daimler ( DAIGn.DE ) has been accused of selling over a million cars with excessive emissions in Europe and the United States, Sueddeutsche Zeitung newspaper said on Wednesday, citing a search warrant issued by a Stuttgart court. Two months ago Stuttgart prosecutors searched Daimler sites in Germany following allegations of false advertising and the possible wrongful manipulation of exhaust gas treatment systems in diesel cars. The Stuttgart local court''s search warrant triggered the searches on May 23, Sueddeutsche Zeitung said. According to that document, more than 1 million cars with excessive emissions, including various luxury Mercedes-Benz models, were sold in Europe and the United States between 2008 and 2016, said Sueddeutsche Zeitung, which researched the matter with regional broadcasters WDR and NDR. A spokesman for Stuttgart-based Daimler declined to comment on the continuing investigation by local prosecutors, adding the carmaker was fully cooperating with the authorities. The cars in question are powered by engines codenamed OM 642 and OM 651, with prosecutors examining the possible use of defeat devices to manipulate emission levels during tests, the newspaper said. There is a risk that the vehicles affected in Europe could be banned in the region, the newspaper said, again citing the search warrant. The Daimler spokesman declined to comment on the report, describing it as "speculation", apart from saying the company did not see any danger of its cars being banned. A spokesman for Stuttgart prosecutors declined to comment while Germany''s transport ministry couldn''t be reached for comment. Carmakers across the globe have faced increased regulatory scrutiny over anti-pollution tests since Volkswagen ( VOWG_p.DE ) admitted in September 2015 that it had installed secret software in its diesel cars in the United States to cheat nitrogen oxide emission tests. Reporting by Andreas Cremer, Ilona Wissenbach and Birgit Mittwollen; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-daimler-emissions-idUKKBN19X2NA'|'2017-07-12T22:08:00.000+03:00'
'912b28d6af9079a6f1731cceec2638929473cada'|'France, Germany to map out tech industry oversight plan'|'July 13, 2017 / 11:32 AM / 7 minutes ago France, Germany to map out tech industry oversight plan Reuters Staff 1 Min Read PARIS (Reuters) - France and Germany plan to map out a European Union oversight plan for the digital industry aimed at tackling tax avoidance by the industry''s big players, organising finance for start-ups, and cyber security, the French president''s office said on Thursday. "It will be prepared for the EU digital summit taking place in Tallinn at the end of September," a presidential official said. France and Germany were holding a joint ministerial cabinet meeting in Paris on Thursday. Reporting by Jean-Baptiste Vey; editing by Richard Lough; Editing by Richard Lough 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-germany-tech-idUKKBN19Y19G'|'2017-07-13T14:32:00.000+03:00'
'd8c3f53c56837253c85134ee2710695ad245b05b'|'Amazon sales of Echo devices on Prime Day ahead of last year'|'July 11, 2017 / 7:58 PM / 6 hours ago Amazon.com on pace to break sales record for ''Prime Day'' Jeffrey Dastin 3 Min Read The amazon echo is seen on display at the Amazon Books store in the Time Warner Center at Columbus Circle in New York City, New York, U.S., May 25, 2017. Shannon Stapleton (Reuters) - Amazon.com Inc ( AMZN.O ) said on Tuesday its Prime Day sale was on track to be the biggest shopping event in its history by sales. The world''s largest online retailer said customers ordered more than three times as many Echo-family speakers than during Prime Day 2016, which at the time broke records for Amazon devices. Third-party sellers sold over 50 percent more items on the site by noon local time (1900 GMT) than in the same timeframe last year, Amazon said in a statement. The company has not disclosed sales figures, overall or for the Echo. Analysts estimated last year''s event brought in well over $500 million. The news underscores Amazon''s break-neck pace of growth as more shoppers order online instead of going to brick-and-mortar stores. It also highlights the winning formula of Amazon''s shopping club Prime, the cornerstone of its business. Customers had to join Amazon Prime to get discounts during the 30-hour event. U.S. members of the club pay $99 per year for benefits like two-day shipping, and they tend to buy more goods, more often from Amazon. A timer showing when the deals would expire added further shopping encouragement. Rival retailers like Macy''s Inc ( M.N ) and Best Buy Co Inc ( BBY.N ) took advantage of Prime Day''s hype to launch promotions of their own. Still, Amazon often came out on top. Best Buy was 27 percent more expensive for overlapping technology products excluding Amazon devices, according to retail technology company Boomerang Commerce. Deals on Amazon for the voice-controlled Echo speakers had the promise of boosting its sales indirectly, too. The devices let shoppers re-order products by voice command, removing friction from checkout. Consumer buzz and heavier discounts likely increased orders for the Echo, Echo Dot and Amazon Tap speakers. Amazon offered the Echo at half price in the United States, or $89.99, versus 28 percent off on Prime Day in 2016. "The voice-controlled assistant market is hot right now, and by offering a reasonably priced device that does a lot of things - and the promise of many more skills to come - Amazon is positioning itself as a leader in this market," said eMarketer analyst Victoria Petrock. Beyond shopping on Amazon, people can tell an Echo to play music, order an Uber ride or turn on the house lights. Research firm eMarketer has forecast the number of U.S. consumers actively using voice-controlled devices will more than double this year to 35.6 million. Reporting by Jeffrey Dastin in San Francisco; editing by Diane Craft and Cynthia Osterman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-amazon-com-prime-day-idUSKBN19W2IX'|'2017-07-11T22:58:00.000+03:00'
'ba2563234096391987a593e393410e334a123f8e'|'PRESS DIGEST- Canada-July 14'|'July 14, 2017 / 11:56 AM / 3 minutes ago PRESS DIGEST- Canada-July 14 2 Min Read July 14 (Reuters) - The following are the top stories from select Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Globe and Mail ** Toronto''s Pearson airport is preparing to seek bidders to design a massive regional transit centre as behind-the-scenes talks heat up with Ottawa, the province and potential private investors. tgam.ca/2uYPwFH ** Creditors of Sears Canada Inc are increasingly concerned about the potential for conflict of interest in the insolvent retailer''s sale process. Unsecured creditors, including former and current employees and suppliers, are counting on a sale of all or parts of Sears Canada, which got court protection from its creditors on June 22, to raise as much money as possible. tgam.ca/2ulTp9R ** Ivanhoe Cambridge is buying a portfolio of more than 150 U.S. properties, pushing into the industrial real estate sector after many months of circling the space. tgam.ca/2vkvSUi National Post ** The recent slide in both oil and natural gas prices has hit oilfield services companies particularly hard and has turned the forecast bleak for the sector ahead of quarterly results. bit.ly/2tQd4OM ** The chief executive of licensed marijuana producer Aphria Inc is calling on his competitors to disclose and reduce their production costs well in advance of the coming legal recreational market. bit.ly/2tQaM2a (Compiled by Bengaluru newsroom) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL4N1K5431'|'2017-07-14T14:56:00.000+03:00'
'fafcbd28674ec011b6068826fa82b4caa5eb283b'|'Argentina''s YPF eyes sale of electricity subsidiary stake to GE: media'|'July 14, 2017 / 1:56 PM / an hour ago Argentina''s YPF eyes sale of electricity subsidiary stake to GE: media 1 Min Read The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. Daniel Becerril BUENOS AIRES (Reuters) - Argentina''s state-run oil company YPF SA ( YPFD.BA ) is in talks with General Electric Co ( GE.N ) to sell a 49 percent stake in its electricity generation subsidiary, local newspaper Clarin reported. A YPF spokesman declined to comment, and a GE spokeswoman did not immediately respond to a request for comment. The two companies are partnered on several electricity projects in Argentina, Latin America''s No. 3 economy, including plants in the province of Tucuman and near the Vaca Muerta shale field. Reporting by Luc Cohen; Editing by Jeffrey Benkoe 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-argentina-ypf-ge-idUSKBN19Z1IZ'|'2017-07-14T16:55:00.000+03:00'
'd0ad1a4a64f4c54e93fe472146aad9bee557fc0b'|'Britain says to link business rates tax to consumer prices from 2020'|'July 15, 2017 / 9:43 PM / 10 hours ago Britain says to link business rates tax to consumer prices from 2020 Reuters Staff 1 Min Read LONDON (Reuters) - Britain''s finance ministry will help companies by indexing the business rates tax against consumer prices rather than faster-rising retail prices starting in 2020, a spokesman said on Saturday. Business rates are taxes to help pay for local services, such as police and firefighters, charged on most non-domestic properties, including shops, warehouses, pubs, cafes and restaurants. Traditional retailers have argued the tax unfairly benefits online retailers, as they tend not to have many large properties. "We are committed to switching business rates indexation from RPI (retail price index) to CPI (consumer price index) from 2020 and will introduce legislation in due course," the spokesman said in a telephone call. While consumer price inflation hit an almost 4-year high of 2.9 percent in May, the old retail price inflation gauge rose to 3.7 percent from 3.5 percent. Reporting by Andy Bruce; Editing by Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-tax-idUKKBN1A00S2'|'2017-07-16T00:42:00.000+03:00'
'a968cb84f6465c766397144be2b137d755325c4b'|'Unilever vies with Hormel to buy Reckitt food unit - Sunday Times'|'July 15, 2017 / 11:30 PM / 9 hours ago Unilever vies with Hormel to buy Reckitt food unit: Sunday Times Reuters Staff 1 Min Read The logo of the Unilever group is seen in Saint-Dizier, France, May 4, 2016. Philippe Wojazer/File Photo LONDON (Reuters) - Anglo-Dutch conglomerate Unilever ( ULVR.L )( UNc.AS ) is vying with U.S. canned meat producer Hormel Foods Corp ( HRL.N ) to buy the foods division of British consumer goods maker Reckitt Benckiser, the Sunday Times newspaper reported, citing sources. Unilever and Hormel are front-runners in a deal that is likely to top 2.2 billion pounds ($2.9 billion), the unidentified sources told the Sunday Times. Earlier this month Reckitt ( RB.L ), which owns the French''s mustard brand, trimmed its sales forecasts, becoming one of the first companies to put a cost on a global cyber attack in June that disrupted its manufacturing and distribution. ($1 = 0.7632 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-reckitt-benc-grp-foods-m-a-idUKKBN1A00T8'|'2017-07-16T01:53:00.000+03:00'
'0a47df9ba7d08849ace9661be22fbe6f869ec310'|'Volkswagen considers options for transmissions maker Renk - sources'|'July 17, 2017 / 10:48 AM / 2 hours ago Volkswagen considers options for transmissions maker Renk: sources Arno Schuetze and Edward Taylor 3 Min Read A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters, in Wolfsburg, Germany May 19, 2017. Fabian Bimmer FRANKFURT (Reuters) - Volkswagen ( VOWG_p.DE ) is considering options for majority-owned transmissions maker Renk ( ZARG.F ), as the German carmaker streamlines operations to help fund an overhaul following its emissions scandal, people close to the matter said. Volkswagen (VW) is working with Citi ( C.N ) to decide on the future of Renk, which may result in a sale of the maker of transmissions and bearings used in ships to wind turbines, the sources said. If a formal decision to sell Renk is taken, an auction could be kicked off as early as this autumn and the company could be valued at 600-800 million euros ($687-$916 million), they added. VW and Citi declined to comment. VW is reining in spending, including cutting thousands of jobs at its core passenger-car brand, to help pay for a multibillion-euro shift to embrace electric cars and new mobility services. It has already launched a sale of motorcycle brand Ducati. Renk is 76 percent owned by VW unit MAN ( MANG.DE ) and had 390 million euros in equity and 214 million in cash, according to its 2016 annual report. Last year, Renk posted profit before taxes of 65 million euros and earnings before interest, tax, depreciation and amortization of about 80 million euros on sales of 496 million. Bidders are expected to value the business at about 8-9 times its expected core earnings, a slight discount to peers such as Timken ( TKR.N ), Rexnord ( RXN.N ) and Allison Transmission ( ALSN.N ), which trade at 9-10 times. "Renk may be worth 10 times. But a buyer will need to offer minority shareholders a small premium. That could mean that Volkswagen will get slightly less for its stake," one of the people said. Renk is expected to attract interest from private equity groups such as KKR, CVC, Cinven, Carlyle and Advent, the sources said. Separately, some Renk peers are expected to look at the asset. However, Renk''s exposure to the defense industry will make it hard for non-NATO buyers to acquire Renk, the sources said. "Japanese groups such as Sumitomo Heavy ( 6302.T ), Kawasaki ( 3045.T ) or Mitsubishi ( 7011.T ) may take a look. But U.S. groups like Rexnord or Timken who would mainly be interested in the non-defense related products are unlikely buyers," another person close to the matter said. Renk, founded in 1873, currently employs 2,200 staff. VW has said repeatedly in the past that it wanted to keep the business. Additional reporting by Jan Schwartz; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-unit-sale-idUKKBN1A20YW'|'2017-07-17T13:58:00.000+03:00'
'b3bc73224a1cb4e7406b04fcd626ecd8ed85cb07'|'Unilever vies with Hormel to buy Reckitt food unit - Sunday Times'|'July 15, 2017 / 10:53 PM / in 14 minutes Unilever vies with Hormel to buy Reckitt food unit - Sunday Times Reuters Staff 1 Min Read FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. Brendan McDermid/File Photo - RTX34BKQ LONDON (Reuters) - Anglo-Dutch conglomerate Unilever ( ULVR.L )( UNc.AS ) is vying with U.S. canned meat producer Hormel Foods Corp ( HRL.N ) to buy the foods division of British consumer goods maker Reckitt Benckiser, the Sunday Times newspaper reported, citing sources. Unilever and Hormel are front-runners in a deal that is likely to top 2.2 billion pounds, the unidentified sources told the Sunday Times. Earlier this month Reckitt ( RB.L ), which owns the French''s mustard brand, trimmed its sales forecasts, becoming one of the first companies to put a cost on a global cyber attack in June that disrupted its manufacturing and distribution. Reporting by Andy Bruce'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-reckitt-benc-grp-foods-m-a-idUKKBN1A00SS'|'2017-07-16T01:53:00.000+03:00'
'bb2338d6015d2fe38e2253c36bf5558ecf007098'|'Barclays 2008 Qatar fundraising trial set for January 2019'|'Edition United States July 17, 2017 / 10:19 AM / 3 hours ago Barclays 2008 Qatar fundraising trial set for Jan 2019 Lawrence White 2 Min Read Former Barclays banker, Tom Kalaris, arrives at Southwark Crown Court, in central London, Britain July 17, 2017. Tolga Akmen LONDON (Reuters) - The trial of Barclays ( BARC.L ) and four former top executives charged with fraud over undisclosed payments to Qatari investors as part of a 12 billion pound ($15 billion) emergency fundraising during the 2008 financial crisis has been set for January 9 2019, a judge said on Monday. Slideshow (3 Images) The Serious Fraud Office (SFO) last month charged Barclays Plc, John Varley, Roger Jenkins, Tom Kalaris and Richard Boath with conspiracy to commit fraud by false representation when they negotiated a capital injection for the bank from Qatar. The bank, Varley and Jenkins also face one charge of unlawful financial assistance. In a court hearing in London on Monday that lasted under one hour, Judge Andrew Edis set the date of the trial. Barclays raised around 12 billion pounds in two emergency fundraisings in June and October 2008, mainly from wealthy Gulf investors, that allowed it to avoid being nationalized at the height of the credit crisis. Writing by Anjuli Davies; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-court-barclays-qatar-idUKKBN1A20X5'|'2017-07-17T13:21:00.000+03:00'
'2e5662182df3b3633eca61547bfac5df3b50c8c4'|'First phase of Saudi Aramco''s energy industrial city complete in 2021'|'July 16, 2017 / 8:58 AM / 11 hours ago First phase of Saudi Aramco''s energy industrial city complete in 2021 2 Min Read Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. Hamad I Mohammed/Files KHOBAR, Saudi Arabia (Reuters) - State oil firm Saudi Aramco said the first phase of a new Energy Industrial City in Saudi Arabia will be completed in 2021. Last week, the Saudi government said it approved Saudi Aramco''s plans to set up two new companies that will develop and operate the new Energy Industrial City as the kingdom seeks to expand its industrial base. The city, which will be developed over 50-square km of land allocated for energy-related industries, will complete its first phase that covers almost 12-square km by that date, Aramco said in a statement late on Saturday. The city will be located between Dammam and Ahsa, at the heart of energy operations, the statement said. An earlier report said the city will be close to Abqaiq, which is in the middle of Dammam and Ahsa. Ghawar, the world''s largest onshore oilfield is near al-Ahsa. The Saudi Industrial Property Authority (Modon) which develops industrial cities in Saudi Arabia has started to lay out plans and programmes with Saudi Aramco to develop and operate the city, the statement added. The top oil exporter is trying to lower dependence on oil and build up new industries to speed up job creation for a rapidly rising young population. It plans to list in stock markets up to 5 percent of its shares in Aramco, which will help it invest in other sectors to generate more revenue streams. The city is expected to add 22.5 billion riyals ($6 billion) to gross domestic product (GDP) each year and create thousands of jobs, Khalid al-Falih, the Saudi minister of energy and chairman of Saudi Aramco was quoted as saying. Falih did not give a date for when the project will contribute to GDP. It will support Aramco''s operations, will cut costs of products and services, and meet the needs of Saudi Aramco''s operations, the statement said. It will also provide drilling, exploration and production services and pipe manufacturing. Reporting by Ali Abdellati, Reem Shamseddine, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/aramco-energy-industry-idINKBN1A109L'|'2017-07-16T11:57:00.000+03:00'
'5fa0050b4a53fd5a8e39a9cc3612215ddaeee878'|'Exclusive: ECB wary of putting end-date on quantitative easing - sources'|'July 14, 2017 / 9:22 AM / 4 hours ago Exclusive: ECB wary of putting end-date on quantitative easing - sources 5 Min Read European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. Ralph Orlowski FRANKFURT (Reuters) - The European Central Bank is keen to keep its asset purchases open-ended rather than setting a potentially distant date on which bond-buying will stop, to retain flexibility in case the outlook sours, three sources familiar with the discussion said. By not saying when its net bond purchases will fall to zero, the ECB hopes to underline that there is no preset course for its stimulus program, and that any changes remain dependent on economic data, with a special focus on wages, the sources added. They held up the Federal Reserve''s exit from its asset buying in 2014 as a potential blueprint, noting the U.S. central bank''s unwillingness to publicly target an end-date. "The Fed has done the most successful exit so it''s the example for us to study," said a source who asked not to be named. "The important thing is not to pre-commit and keep it very gradual." ECB President Mario Draghi sent a shockwave through markets earlier this month when he opened the door to potential tweaks to the quantitative easing program. That left investors scrutinizing any potential clues to the bank''s next move, which is expected to come at its Sept. 7 meeting. ECB policymakers also meet next Thursday. Half of analysts polled by Reuters now expect the ECB to announce in September that it will gradually wind down its asset buying, a process known as tapering, while a quarter see a one-off reduction and another quarter expect no change. Related Coverage So far, the ECB has said its purchases are intended to run at their current pace until December 2017 "or beyond, if necessary" and that there would be winding-down phase after that. The biggest challenge could be convincing markets that tapering, once started, may still be subject to change. While the Fed emphasized the open-ended nature of its bond purchases, it scaled back the amount it bought by $10 billion at each meeting, creating the perception that it was on a preset course even if that notion was taboo. The Fed announced its first reduction in December 2013 and ended buys the following October. Its policymakers keenly avoided the discussion of an end-date throughout the tapering process, even if markets inferred it and were eventually proven right. The sources noted that adopting a similar strategy risked entrapping the ECB by making it difficult to deviate from a presumed schedule without generating undue market volatility. The ECB declined to comment. The sources added that no decision has been made and the debate remains open, with new staff forecasts due in September expected to provide a key piece of the puzzle. Wages "How can I decide in September what we''re going to do next June?" another source said. "It''s got to be data-dependent and we need to preserve the flexibility." Of particular importance for policymakers will be German wage negotiations around the start of next year and they are keen to have flexibility to respond, particularly if the results again disappoint. While growth is accelerating and unemployment is falling quicker than expected, wage growth is anemic, partly because unions tend to look at past inflation when tabling demands, making it difficult to escape a low inflation environment. "Next year''s German wage deals will be very important," a third source said. "I think unions are not aggressive enough in making their demands given rising corporate profitability." The ECB''s problem is that even as euro zone economic growth is on its best run in a decade, inflation is expected to remain weak, and well short of the ECB''s target of almost 2 percent, at least through 2019. In a possible clue about the sort of move the ECB may contemplate, Executive Board member Benoit Coeure pointed to the bank''s decision last December when it cut its asset buys by a quarter but extended the timetable by nine months. "We scaled back our asset purchases without undermining the support given to the economy," Coeure said in a recent interview. "So, I would argue that we have already adjusted our monetary policy ... This adjustment has been done in a very careful way, as a number of factors continue to weigh on inflation." If the ECB is confident its previous move was correct, it may again consider a one-off reduction with a term extension before revisiting the subject later. Draghi argued earlier this month that with growth alone providing more accommodation, the ECB could tighten policy somewhat to keep the broad level of stimulus unchanged. Additional reporting by Francesco Canepa; Editing by Catherine Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ecb-policy-idUSKBN19Z0UW'|'2017-07-14T12:22:00.000+03:00'
'9dc1674e3b050bed9ab78589d0f88e5be7583d28'|'WRAPUP 1-U.S. consumer prices unchanged; retail sales fall again'|'July 14, 2017 / 12:47 PM / an hour ago Weak U.S. inflation, retail sales data dim rate hike prospects Lucia Mutikani 6 Min Read FILE PHOTO - Prices are seen on replica Statues of Liberty figures in a shop window in New York City, November 14, 2011. Mike Segar WASHINGTON (Reuters) - U.S. consumer prices were unchanged in June and retail sales fell for a second straight month, pointing to tame inflation and soft domestic demand that diminished prospects of a third interest rate increase from the Federal Reserve this year. Still, the economy likely regained speed in the second quarter after a sluggish performance at the start of the year. Other data on Friday showed industrial production picked up in June, driven by a surge in oil and gas drilling. "Today''s reports imply that the Fed will go very slowly normalizing rates, but it also means that businesses will have to really hustle to find ways to keep earnings growing strongly," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. The Labor Department said the unchanged reading in its Consumer Price Index came as the cost of gasoline and mobile phone services declined further. The CPI dropped 0.1 percent in May and the lack of a rebound in June could trouble Fed officials who have largely viewed the recent moderation in price pressures as transitory. Policymakers are confronted with benign inflation and a tight labor market as they weigh a third rate hike and announcing plans to start reducing the central bank''s $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities. In the 12 months through June, the CPI increased 1.6 percent - the smallest gain since October 2016 - after rising 1.9 percent in May. The year-on-year CPI has been retreating since February, when it hit 2.7 percent, which was the biggest increase in five years. The so-called core CPI, which strips out food and energy costs, edged up 0.1 percent in June, rising by the same margin for three straight months. The core CPI increased 1.7 percent year-on-year after a similar gain in May. The Fed has a 2 percent inflation target and tracks a measure which is currently at 1.4 percent. Financial markets were pricing in a 47 percent chance of a 25 basis point rate hike in December, down from 55 percent before the data, according to CME Group''s FedWatch program. As a result, the dollar fell, briefly touching a 10-month low against a basket of currencies. Prices for U.S. government bonds rose and stocks on Wall Street edged higher. Fed Chair Janet Yellen told lawmakers on Wednesday that the recent cool-off in inflation was partly the result of "a few unusual reductions in certain categories of prices" that would eventually drop out of the calculation. "We expect a little more cautious language from Fed officials on the inflation outlook going forward," said Michael Hanson, chief economist at TD Securities in New York. Broad Weakness A woman walks past a sign advertising a sale in the Old Town shopping area of Pasadena, California, U.S. June 27, 2017. Mario Anzuoni In June, gasoline prices fell 2.8 percent, decreasing for a second straight month. Food prices were unchanged after rising for five consecutive months. The cost of cellular phone services fell 0.8 percent, extending their decline amid price competition among service providers. There were also decreases in airline fares and prices for apparel, household furnishings, new motor vehicles, and used cars and trucks. But rental costs rose, with owners'' equivalent rent of primary residence increasing 0.3 percent after advancing 0.2 percent in May. Americans also paid more for hospital visits and prescription medication, as well as motor vehicle insurance. Low prices are hurting retailers. A second report from the Commerce Department showed retail sales fell 0.2 percent last month, weighed down by declines in receipts at service stations, clothing stores and supermarkets. Sales at restaurants and bars, as well as at sporting goods and hobby stores fell. May''s retail sales were revised to show a 0.1 percent dip instead of the previously reported 0.3 percent drop. Retail sales rose 2.8 percent year-on-year in June. Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.1 percent last month after being unchanged in May. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Despite two straight months of decreasing retail sales, consumer spending likely gained steam in the second quarter after a helping to restrict economic growth to a 1.4 percent annualized rate in the first quarter. However, that could negatively impact third-quarter GDP. "The weak trajectory of consumer spending at the end of second quarter adds some challenges to the third-quarter consumption outlook, which reinforces our view that growth will step down modestly in the current quarter," said Michael Feroli, an economist at JPMorgan in New York. That was supported by a third report showing a measure of consumer sentiment fell to a reading of 93.1 in early July from 95.1 in June. It has declined from a high of 98.5 in January. The Atlanta Federal Reserve lowered its second-quarter growth estimate by two-tenths of a percentage point to a 2.4 percent rate following the inflation and retail sales data. Still, growth in the second quarter likely got a lift from the industrial sector of the economy. In a fourth report on Friday, the Fed said industrial production increased 0.4 percent in June amid robust gains in oil and gas drilling after nudging up 0.1 percent in May. Industrial production increased at a 4.7 percent rate in the second quarter. Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-economy-inflation-idUSKBN19Z1CS'|'2017-07-14T16:22:00.000+03:00'
'e899ffe1cb9a7472f2df4b5805f6011685ff89ce'|'U.S. Democrats renew efforts to link banks, Trump and Russia'|'July 14, 2017 / 1:21 PM / 4 hours ago Democrats renew efforts to link banks, Trump and Russia 3 Min Read FILE PHOTO: A statue is pictured next to the logo of Germany''s Deutsche Bank in Frankfurt, Germany September 30, 2016. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - A small group of Democrat members of the U.S. Congress have renewed their efforts to find possible links between banks such as Germany''s Deutsche Bank ( DBKGn.DE ), U.S. President Donald Trump and Russia. Investigations are being conducted in the United States into possible collusion between Trump''s campaign team and Russia when he was running for president in 2016. The White House and the Kremlin have denied there was any interference in the election. Maxine Waters, ranking Democrat on the House of Representatives Financial Services Committee, told reporters she had filed a resolution of inquiry demanding the U.S. Treasury Secretary hand over documents in his possession, "relating to President Trump''s financial connections to Russia, certain illegal financial schemes, and related information". The resolution asked for any records of loans or credit from a number of banks - including Deutsche Bank and Russian lenders Sberbank ( SBER.MM ) and Gazprombank ( GZPRI.MM ) - to Trump, some of his closest family members and a list of associates. A resolution of inquiry is a legislative tool by which the House can get information from the administration. FILE PHOTO: Congresswoman Maxine Waters addresses people as they take part in a "March for Truth" protest to demand an investigation into Russian interference in the U.S. election, in Los Angeles, California, U.S., June 3, 2017. John Fredricks Waters filed the resolution with the Financial Services Committee, which now has 14 legislative days to address it, either by debating it or voting it down. If the committee, which is chaired and dominated by Republicans, ignores the resolution, it could head to the floor of the broader House. FILE PHOTO: The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. Kai Pfaffenbach/File Photo Waters and four other colleagues have been especially interested in learning more from Deutsche Bank, which is one of Trump''s biggest lenders, according to government ethics disclosures. Deutsche Bank''s lawyers have rejected requests for information, citing privacy laws. Waters asked Federal Reserve Chair Janet Yellen at a hearing on Wednesday whether the U.S. central bank had uncovered anything about Trump in its Deutsche regulatory work. Yellen said they had not looked into it. Reporting by Tom Sims; additional reporting by Pete Schroeder in Washington; editing by David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-deutsche-bank-trump-idUSKBN19Z1G7'|'2017-07-14T16:15:00.000+03:00'
'beca94cb73c0fa6ba9c6c11f5aa65f53dca56a67'|'Draghi to speak softly after startling big stick at Sintra'|'July 14, 2017 / 2:33 PM / 4 minutes ago Draghi to speak softly after startling big stick at Sintra Catherine Evans 5 Min Read FILE PHOTO: European Central Bank (ECB) President Mario Draghi arrives for a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. Kai Pfaffenbach/File Photo LONDON (Reuters) - No big changes are expected from the European Central Bank when it meets on Thursday, but a bit of tweaking may be on the cards. Policymakers are likely to calibrate the language they use as they edge towards normalizing policy after years of huge post-crisis stimulus. The bank may drop a reference to its readiness to increase the size or duration of its asset-purchase program before announcing in the autumn how and when it will start winding down its bond-buying. But after the reaction to his June 27 speech in Sintra, Portugal, hinting at the possibility of changes to the central bank''s aggressive stimulus, ECB President Mario Draghi will be wary of sparking another "taper tantrum". His comments in Sintra sent the euro and bond yields sharply higher, and prompted some rowing back. "We expect the gradual adjustments in Draghi''s communication to continue next week," Nordea analysts said in a note. "So far the ECB has had an implicit bias towards increasing the size of the asset-purchase program, but this stance could change to a more neutral one, as the ECB will try to smooth the communication path towards the next tapering announcement in the fall." Noting the nervous response to Draghi''s Sintra speech and recent adjustments to the U.S. Federal Reserve''s language, they added: "It will be just as interesting to see the market reactions before and after the meeting ... Draghi will need to pave the way for a tapering announcement later on without scaring the bond markets too much." Half of analysts polled by Reuters now expect the ECB to announce in September that it will gradually wind down its asset buying, a process known as tapering, while a quarter see a one-off reduction and the remainder expect no change. [nL4N1K44AV] The Sept. 7 meeting will include new inflation and growth forecasts by the ECB''s own staff. FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the "Luminale, light and building" event in Frankfurt, Germany, March 12, 2016. EUTERS/Kai Pfaffenbach/File Photo Reuters reported on Friday that three sources had said the ECB is reluctant to set a firm date on which asset purchases will fall to zero so it can retain flexibility in case economic variables, particularly wage growth, fall short of expectations. [nL8N1K43T0] So far, the ECB has said its purchases are intended to run at their current pace until December 2017 "or beyond, if necessary", with a winding-down phase to follow. Inflation Not Playing While euro zone growth is on its best run since the start of the global financial crisis a decade ago and unemployment is falling faster than expected, anemic wage growth continues to anchor inflation well below the ECB''s near 2 percent target. Current forecasts suggest inflation will remain weak at least until the end of 2019. Analysts at Bank of America Merrill Lynch said the ECB would increasingly have to distinguish between extraordinary stimulus and regular interest rate policy in its communications, emphasizing waning deflation risks to justify winding down its asset purchases but keeping rates low to reflect weak inflation. "We think that to further habituate the market to this approach, next week Draghi will need to "assume Sintra", i.e. to continue to prepare the market for tapering -- in practice by removing the easing bias on QE as well -- while making it clear that "patience","persistence" and sustained monetary stimulus will still be needed," they wrote. Bank of Japan policymakers meet on Wednesday and Thursday and are expected to keep monetary policy settings unchanged, reflecting a gradual economic uptick that is likely to see the bank''s growth forecasts revised upwards. [nL4N1K4410] Trade data on Thursday is expected to show Japanese exports rising for a seventh consecutive month, aided by a weak yen, underpinning the improvement in growth, although feeble inflation will keep the BoJ''s stimulus measures in place. With Bank of England policymakers split over whether to raise interest rates and at least one arguing for its 435 billion pound ($566.85 billion) quantitative easing program to be unwound early, UK inflation figures on Tuesday will be closely scrutinized. [nL8N1K369Y] Retail sales figures on Thursday should also give an indication of whether consumers, whose wages have not matched a surge in inflation cased largely by the plunge in sterling following last year''s Brexit vote, are feeling the squeeze. $1 = 0.7674 pounds'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-outlook-idUKKBN19Z1MM'|'2017-07-14T17:23:00.000+03:00'
'87fb9c3abbdc0c2ca938e6c2d2cffd4c30053e7c'|'DX Group top bosses to go as business separates into two units'|'July 14, 2017 / 7:09 AM / 2 minutes ago DX Group top bosses to go as business separates into two units Reuters Staff 2 Min Read (Reuters) - British mail delivery company DX Group ( DXDX.L ) said on Friday its chief executive and finance director will step down with immediate effect and it will separate its operations into courier and freight divisions. The reorganisation follows DX''s agreement in June to acquire John Menzies'' ( MNZS.L ) distribution arm via a reverse takeover. DX said it would split its business into DX Express and DX Freight and the reorganisation would give greater flexibility in managing costs. Nick Cullen, its current chief operations officer will head DX Express and Stuart Godman, currently chief commercial officer, will be head of DX Freight, it said. Chief Executive Officer Petar Cvetkovic and Finance Director Daljit Basi will step down from the board   On July 7 the group said it had made changes to internal businesses processes at its collection and delivery service DX Exchange, after a preliminary police investigation last month which was later dropped. "The changes we are making both to the board of directors and to the group''s operational structure are aimed at supporting business transformation," Chairman Bob Holt said in a statement. DX Express will comprise the DX Exchange, DX Secure, the courier operations and mail activities while DX Freight will comprise Logistics, DX 1-Man, and DX 2-Man, the company said. DX is preparing to buy Menzies'' distribution arm in a deal aimed at bolstering DX after a February profit warning that cited a challenging courier market and margin pressure in its freight business. DX is one of several big operators in the crowded parcels market, where DHL-owner Deutsche Post ( DPWGn.DE ) has bulked up by buying UK Mail UKM.L and Amazon ( AMZN.O ) has started its own deliveries. Reporting by Rahul B in Bengaluru; Editing by Susan Fenton and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dx-restructuring-idUKKBN19Z0KF'|'2017-07-14T10:08:00.000+03:00'
'f291318b9ca55e69952ed5cf8fb7a63670f2dd69'|'Japan''s NEC considers buying Civica for $1.2 billion - Sky News'|'July 13, 2017 / 7:50 PM / an hour ago Japan''s NEC considers buying Civica for $1.2 billion: Sky News Reuters Staff 2 Min Read A logo of NEC Corp is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. Toru Hanai (Reuters) - Japanese information technology company NEC Corp ( 6701.T ) is looking at buying British software firm Civica for 900 million pounds ($1.2 billion) and has hired advisors to work on an offer, Sky News reported. An auction for Civica, one of the UK''s biggest public sector software providers, began several weeks ago and has drawn initial offers from three private equity firms - London-based BC Partners, Berkshire Partners and the Swiss-based Partners Group ( PGHN.S ), Sky News said, citing an industry source. A spokesman for NEC said the company is "always considering a wide range of business possibilities, but that nothing has been decided at this time." Representatives for Civica were not immediately available for comment outside regular business hours. OMERS Private Equity acquired Civica from 3i in 2013 for 390 million pounds, according to Thomson Reuters LPC data. Civica provides outsourcing services to government organizations and local authorities around the world, from running most of the UK police force''s automatic number plate recognition system to Singapore''s public library management system. NEC provides a broad range of systems and software services for both the public and private sector. Recent contracts include the provision of its facial recognition system to the UK''s South Wales Police force and one to integrate internal systems for the city of Lisbon. The Japanese firm sold most of its stake in its PC joint venture with Lenovo Group ( 0992.HK ) last year, a part of a broader trend of Japanese companies shedding struggling hardware businesses. NEC shares were flat in morning trade in Tokyo, compared with a 0.1 percent rise in the benchmark Nikkei share price index .N225 . Reporting by Mekhla Raina in Bengaluru and Sam Nussey in Tokyo; Editing by Edmund Blair and Edwina Gibbs 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-civica-m-a-nec-idUKKBN19Y2NN'|'2017-07-14T06:32:00.000+03:00'
'b3a7bce42b33b9292b440a413b2a56a13250e5a1'|'Fiat Chrysler recalls 1.33 million vehicles over fire, air bag risks'|'July 14, 2017 / 9:17 AM / in an hour Fiat Chrysler recalls 1.33 million vehicles over fire, air bag risks David Shepardson 2 Min Read A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. Brendan McDermid WASHINGTON (Reuters) - Fiat Chrysler Automobiles NV ( FCHA.MI ) said on Friday it is recalling 1.33 million vehicles worldwide in two separate campaigns for potential fire risks and inadvertent airbag deployments. The Italian-American automaker said it is recalling about 770,000 sport utility vehicles because of a wiring issue that may lead to inadvertent deployment of the driver-side air bag and is linked to reports of five related minor injuries, but no crashes. The company said wiring could chafe against pieces of steering-wheel trim, potentially causing a short-circuit and ultimately leading to an inadvertent air bag deployment. The issue could also cause unintended windshield wiper operation or inoperable switches. The recall covers 538,000 2011-2015 Dodge Journey vehicles in North America and 233,000 2011-2015 Fiat Freemont crossovers sold elsewhere. Dealers will inspect and replace the wiring, as needed and equip it with additional protective covering. The automaker is also recalling 565,000 vehicles to replace their alternators because of fire risks. The company said hot ambient temperatures could lead to premature diode wear, may result in a burning odor or smoke, could impact the anti-lock braking system or lead to engine stalls. The company said it is aware of two potentially related accidents but no injuries. The recall covers 2011-2014 model year Chrysler 300, Dodge Charger and Dodge Challenger cars and Dodge Durango SUVs and 2012-2014 Jeep Grand Cherokee SUVs. In October, Fiat Chrysler recalled about 86,000 Ram 2500 and 3500 pickup trucks, 3500, 4500 and 5500 chassis cabs from the 2007-2013 model years and 2011-2014 Dodge Charger Pursuit sedans for the same alternator issue. Fiat Chrysler said at the time one minor injury was related to the recall. Dealers will replace the alternators. Reporting by David Shepardson; Editing by Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-fiat-chrysler-recall-idUSKBN19Z0U7'|'2017-07-14T12:17:00.000+03:00'
'02b1f360ecbea5e37133259e3a6d692e5e47b0da'|'EasyJet picks Austria for EU air operator certificate after Brexit'|'July 14, 2017 / 8:25 AM / 6 hours ago UK''s easyJet sets up new airline in Austria to protect flights post-Brexit Reuters Staff 3 Min Read An EasyJet passenger aircraft makes its final approach for landing in Colomiers near Toulouse, Southwestern France, November 24, 2016. Regis Duvignau LONDON (Reuters) - British budget airline easyJet said on Friday it would establish a new airline in Austria to protect its flying rights in the European Union once Britain leaves the bloc. The new airline, easyJet Europe, will be headquartered in Vienna. The budget airline must have a licence and an air operator''s certificate (AOC) in an EU member to allow it to continue flying between and within EU countries after Brexit. The new airline licence in Austria will protect these flights regardless of what happens in negotiations over the status of flights between Britain and the EU after Britain leaves the bloc in March 2019. EasyJet said it will re-register 110 planes to fly under the new AOC and it planned to complete this process before Britain leaves the EU. It has said the process will cost 10 million pounds ($13 million), mainly for the re-registering of aircraft. "The accreditation process is now well advanced and easyJet hopes to receive the AOC and licence in the near future," easyJet said in a statement. The airline reports third-quarter results next Thursday. Related Coverage EasyJet''s move to set up new airline is a commercial decision - PM May''s spokeswoman EasyJet is headquartered in Luton, 30 miles north of London, and said jobs there would be unaffected. The airline already has a Swiss licence and AOC. Lufthansa also selected an Austrian operating licence for its budget unit Eurowings. Lufthansa management drew criticism from German unions for the move which they viewed as a way of avoiding more expensive German labour contracts. EasyJet said it had selected Austria because of its strict implementation of European safety regulations and the fact that it should be able to handle large numbers of planes thanks to its experience with other major airlines. FILE PHOTO: An EasyJet passenger aircraft takes off in Colomiers near Toulouse, Southwestern France, November 24, 2016. Regis Duvignau/File Photo The move will create jobs in Vienna, easyJet said, though most of the roles at the new airline would go to people based in EU countries already. Austria welcomed the airline''s decision. "The quality of the country won in competition with 27 other European countries, not tax dumping. The better one won, not the cheaper one," Austrian Chancellor Christian Kern said in a statement. "This is a victory that was heavily fought for, but which is all the more beautiful for Austria." Brexit poses many challenges for the aviation industry, with Jet2.com owner Dart Group on Thursday saying it would alter its articles of incorporation to ensure shareholder rules on ownership of airlines were met post-Brexit. EasyJet said it was "confident that it will remain majority EU owned post Brexit." Founder Stelios Haji-Ioannou and his family, who account for 33 percent of easyJet''s shares, hold Cypriot passports. The airline reiterated that it would continue to push for a deal between Britain and EU to enable flights to continue and keep the aviation market as open as possible. A spokeswoman for Theresa May said the decision was a commercial one for easyJet, and reiterated that the government would aim to get the best Brexit deal for business. ($1 = 0.7714 pounds) Reporting by Alistair Smout in London, Shadia Nasralla in Vienna and Victoria Bryan in Berlin; editing by Kate Holton and David Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-easyjet-idUKKBN19Z0QG'|'2017-07-14T11:24:00.000+03:00'
'22cf2371ebd761226d8abfcfb77032b0579d293b'|'Euro zone trade booms in May, EU-Russia commerce surges'|'July 14, 2017 / 9:33 AM / 7 hours ago Euro zone trade booms in May, EU-Russia commerce surges Reuters Staff 3 Min Read Containers are pictured at a loading terminal in the port of Kiel, Germany, January 25, 2017. Fabian Bimmer BRUSSELS (Reuters) - Euro zone''s trade boomed in May with both exports and imports of goods to the rest of the world growing markedly, in a new sign that global commerce was in good health. The European Union, the world''s main trader, also saw its trade increase with all its main partners, with a surge of exchanges with Russia despite economic sanctions on Moscow. The European Union statistics office Eurostat said on Friday the 19-country currency area in May exported goods worth 189.6 billion euros (167.08 billion pounds) to the rest of the world, an increase by 12.9 percent on the year. Imports also grew yearly by 16.4 percent for a total volume of 168.1 billion euros, according to data not adjusted for seasonal factors. Both figures were the second highest ever-recorded for the euro zone after the peak reached in March when exports were above 200 billion euros and imports stood at 176 billion euros. The faster growth of imports compared to exports slightly reduced the bloc''s trade surplus which stood at 21.4 billion euros in May, lower than the 23.4 billion surplus recorded in May 2016. Commerce among the 19 euro zone states also increased by 15.3 percent in May on a yearly basis, for a volume of 162.4 billion euros of traded goods. The European Union as a whole also recorded a 15.9 percent surge of exports to the rest of the world in May year-on-year and a 17.2 percent increase of imports, Eurostat said. The 28-country bloc expanded its trade with all its main partners in the period between January and May, with exports to the United States rising on the year 6.6 percent and to China 20.3 percent, while imports increased respectively 4.0 and 6.8 percent. The highest increases were recorded with Russia, which overtook Switzerland as the third main source of imports for the EU. Despite western economic sanctions imposed after Russia''s annexation of Crimea in 2014, EU exports to Russia grew 24.6 percent between January and May, driven by manufactured goods and machinery, while imports, composed principally of oil and gas, surged by 37.6 percent. As a result, EU trade deficit with Russia expanded in May to 29.5 billion euros from 18.9 billions the year earlier. Reporting by Francesco Guarascio @fraguarascio; editing by Philip Blenkinsop 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-trade-idUKKBN19Z0VY'|'2017-07-14T12:33:00.000+03:00'
'121c23a10d1213e01b5489ffb710c3bfd11825c6'|'As car insurance costs rise, the over-65s are urged to switch - Money'|'W ith many drivers seeing big increases in the cost of their car insurance, it’s never been more important to shop around, particularly when they get older. A new analysis by consumer organisation Which? , to be published next week, has found that failing to switch to a cheaper insurer once you hit 65 could cost you as much as £500 a year.Its findings coincide with a series of reports showing that the cost is going through the roof. Average premiums have jumped 8% in just three months, from 1 April-30 June, which is equivalent to a £66 rise, according to the website Confused.com this week. It warns that “there is every possibility prices will be the most expensive on record by the end of the year”.Car insurance in UK hits record high as tax rate on premiums increases Read moreSeveral things are being blamed. One is that the government keeps whacking up insurance premium tax – t o 12% last month , which means it has doubled since 2015. Another is the controversial compensation rules for serious injuries announced in February, which insurers said would “overcompensate” those hurt in car accidents.A third is the fact that motorists appear to be paying the price for advances in technology, as repairs to cameras, sensors and other hi-tech features can run into thousands of pounds.The latest issue of Which? magazine, out on 20 July, features car insurance, and its editor Richard Headland says the premium rises “should serve as a useful reminder to people that they could save money by switching. Of the age ranges we looked at, we found that older drivers are often hit the hardest and face the biggest disparity between the lowest and highest prices they are offered. Car owners should look to switch insurers each year as loyalty to one provider could cost you thousands in the long run”.Which? researchers got Quote: s from 12 leading companies for two fictitious drivers at various ages between 20 and 80. One lived in north-east England and drove an £11,500 Ford Fiesta; the other was in south London and drove a £34,000 Audi A3. Both are accountants, retiring at 65, at which point their annual mileage halves from 10,000 to 5,000.For the Ford driver, Admiral provided the lowest prices when the driver was aged under 30. But between 30 and 60 it was superseded by Aviva. For the Audi driver, Admiral gave the cheapest Quote: s up to age 60, but the Co-op then Quote: d more than £200 cheaper when the driver turned 65.The researchers say they saw a vast array of increases and decreases as the drivers got older. Most premiums dropped when the applicants hit 65 and halved their mileage (Admiral was an exception). However, increases were common during their 70s, and once the drivers hit 80 there were hikes almost across the board. For example, with the Ford driver the difference in premiums between age 65 and 80 was £164 with Aviva, but £528 – more than three times as much – with Saga.Renewing your RAC cover? Don’t let them jack up the price Read moreSo what can you do to keep your costs down? Here are some of the top tips from the Chartered Insurance Institute, Which? and others:• Shop around and switch regularly A few minutes keying your details into one or two price comparison websites could save you hundreds of pounds. However, some big insurers including Aviva and Direct Line tend to steer clear of these sites, so you may want to try these companies separately.• Haggle Tell your insurer that you’ve shopped around and you can get cover for £X less than they are asking for. You will often get a cheaper Quote: .• Consider your job title How you describe your work can impact your premium. If you are given a selection of legitimate descriptions of what you do, check which one works in your favour.• Get a bigger excess Most policies have a compulsory minimum excess – the amount you pay in the event of a claim. Increasing it should reduce the premium.• Avoid small claims If you make a claim you will push up your insurance premium as you will lose some or all of your no claims discount.• Disclose things that might reduce costs For example, a lower-than-average mileage – generally less than 6,000 a year – is often rewarded with a lower premium.• Invest in security Fitting an alarm and/or immobiliser may help.• Add another driver Adding a more experienced parent/partner/spouse to your policy can reduce the cost. But be careful not to mislead your insurer about how the car is used.• Buy in advance Don’t leave sorting out your insurance until the last minute. Buying it a few weeks before you need to can sometimes cut the bill significantly.• Join the black box revolution Younger drivers in particular can cut their costs by opting for a telematics-based policy. Insurers offering these include Admiral, Direct Line and Tesco.• Go easy on the modifications Last year, website Moneysupermarket found that turbo/supercharging your car could result in a 132% increase in the cost of cover, while tinted windows and wider wheels or tyres would typically push up the price by 16% and 18% respectively.• Park your car off road Not always possible, but if you can, then do.Topics Car insurance Motoring Insurance Insurance industry Older people features'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jul/15/cost-car-insurance-rise-over-65s-switch-older-motorists-worst-hit'|'2017-07-15T14:00:00.000+03:00'
'48c93bfc08619555c6fb187018434eb07029fd1c'|'EasyJet''s Carolyn McCall appointed ITV chief executive'|'July 17, 2017 / 6:13 AM / 6 hours ago British broadcaster ITV poaches CEO from airline easyJet Paul Sandle and Victoria Bryan 4 Min Read FILE PHOTO - EasyJet CEO Carolyn McCall attends a news conference during the inauguration ceremony of the company''s new base at Venice airport February 1, 2016. Alessandro Bianchi LONDON (Reuters) - British broadcaster ITV has poached easyJet boss Carolyn McCall to be its next chief executive, hoping she can continue a record of delivering returns for shareholders in the face of intense competition. McCall, who was CEO at newspaper publisher Guardian Media Group before moving to easyJet in 2010, will start at ITV on Jan. 8, replacing Adam Crozier, who has already stepped down. The 55-year-old will join the maker of soap opera Coronation Street and reality show Love Island at a time when advertising revenues are coming under pressure as consumer spending slows and companies shift more of their marketing efforts online. At easyJet, her departure comes at an awkward time as it grapples with the uncertainty over Britain''s departure from the European Union, though the airline said on Monday it expected to report improving revenues in third-quarter results on Thursday. Citi analysts described it as a "good and exciting" appointment for ITV, noting McCall delivered a total shareholder return of 312 percent at easyJet, outperforming the UK market. "We also think her experience within media (at the Guardian) is a key positive," they added. Broker Goodbody said management change at easyJet could provide an opportunity for the airline to cut costs even more aggressively. At 1246 GMT, ITV shares were up 1.7 percent at 178 pence, while easyJet''s were up 0.9 percent at 1,424 pence, reversing earlier losses. McCall will have an annual salary of 900,000 pounds at ITV, plus a bonus worth up to 180 percent of salary and a long-term incentive plan worth up to 265 percent of salary, broadly in line with Crozier''s package, ITV said. Peter Bazalgette is leading the broadcaster as executive chairman until McCall''s arrival, along with finance and operations chief Ian Griffiths. FILE PHOTO: EasyJet Chief Executive Officer Carolyn McCall speaks at a joint news conference with International Airlines Group Chief Executive Officer Willie Walsh, Air France-KLM Chief Executive Officer Alexandre de Juniac, Lufthansa Chief Executive Officer Carsten Spohr and Ryanair Chief Executive Officer Michael O''Leary in Diegem, near Brussels international airport, Belgium, June 17, 2015. Francois Lenoir/File Photo Brexit Island to Love Island Under Crozier, ITV has increased its production operations by acquiring independents including talent show "The Voice" maker Talpa Media and Mammoth Screen, the company behind drama "Poldark", which is screened by ITV''s main rival BBC One. But it still relies on advertising for nearly half of its revenue, and the company retains about 40 percent of the TV ad market despite a proliferation of new digital channels. International cable TV group Liberty Global holds a near 10 percent stake in ITV, and although Liberty has said it is happy with the size of its holding, investors speculate it could eventually buy the broadcaster. At easyJet, McCall expanded its network to focus more on primary airports to compete with traditional carriers rather than low-cost rivals such as Ryanair. She has overseen a trebling in the share price, an increase in passenger numbers and the payment of about 1.2 billion pounds in dividends to shareholders. However, there remains pressure on the carrier to keep costs under control, especially given the additional expense involved in setting up a new airline in Austria to protect post-Brexit flying rights, announced last week. Still, John Grant, director of JG Aviation Consultants, said a new CEO would take over a successful business without the need to do any major "fire-fighting". EasyJet said the search for McCall''s successor had started. In a message to staff seen by Reuters, McCall highlighted the work done by chief operating officer Chris Browne, who joined last year from TUI Travel, and other management including chief commercial officer Peter Duffy, chief information officer Chris Brocklesby and chief financial officer Andrew Findlay. Editing by Kate Holton and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-itv-ceo-easyjet-mccall-idUKKBN1A20ET'|'2017-07-17T09:12:00.000+03:00'
'1c7369efda8cc250d09bbdf1529f8a907c4fa0f6'|'UK senior MPs call on government to release Toyota investment reassurances'|'Edition United States July 17, 2017 / 3:45 PM / an hour ago UK senior lawmakers call on government to release Toyota investment reassurances 3 Min Read New Toyota cars are transported from their manufacturing facility in Burnaston, Britain March 16, 2017. Darren Staples LONDON (Reuters) - Two British parliamentary committees said on Monday that the government should reveal what post-Brexit reassurances it offered Japanese carmaker Toyota ( 7203.T ) ahead of a 240-million pound ($313 million) investment in its English car plant. On Friday, Reuters cited two sources saying that Britain had helped to secure an investment in the firm''s Burnaston car plant with a letter reassuring the Japanese automaker over future trading arrangements. The business ministry has confirmed the existence of a letter but has refused to release it. One of the sources said the letter to Toyota was similar to one sent to Japanese carmaker Nissan ( 7201.T ) last year when it decided to build two new models at its northern English plant. The previous chairman of parliament''s Treasury Select Committee raised questions about the Nissan deal last year. Reuters contacted the new committee chairwoman on Monday for comment on the reported reassurances to Toyota. "To provide clarity to the public, as the assurances may cost the taxpayer money, and to other businesses, who are craving certainty to plan for Brexit, the letters should be published immediately," Nicky Morgan said in an emailed statement. "It remains to be seen what these assurances could have been that were robust enough for them to invest in the UK, but avoided any obligation to report to parliament," she said. A Toyota spokesman referred to the company''s statement from the day of the March 16 investment announcement which said the British government was providing up to 21.3 million pounds in funding for training and research and development. The chairwoman of parliament''s Business Select Committee, opposition Labour lawmaker Rachel Reeves, said it was unacceptable that the government had refused to reveal its private reassurances to Toyota. "It is vital that the government is not seen to be cutting sweetheart deals or granting special favors that could undermine our negotiating position," she said in a statement. "The government needs to swiftly develop an open and inclusive strategy when it comes to its Brexit negotiations that offer all sectors the best chance of success when it comes to creating jobs and securing investment." A business ministry spokesman did not immediately respond to a request for comment. Business minister Greg Clark suggested last year that assurances offered to Nissan were available to other firms. A first full round of Brexit negotiations kicked off on Monday in Brussels amid divisions among British Prime Minister Theresa May''s ministers over what form Britain''s exit from the European Union should take. Major car firms are worried about the long-term viability of their British plants and are using their upcoming investment decisions to push for promises to maintain free trade after Britain''s exit from the EU, which is due to take place in March 2019. Additional reporting by William Schomberg; editing by Guy Faulconbridge 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-toyota-committee-idUKKBN1A21OJ'|'2017-07-17T19:10:00.000+03:00'
'8c3dfc235644e5ef047909b9b0fc3376b9f2fff3'|'ANZ Bank nears deal to sell Malaysian banking stake to pension fund -sources'|'July 13, 2017 / 3:02 AM / 3 hours ago ANZ Bank nears deal to sell Malaysian banking stake to pension fund -sources Liz Lee and Stanley Carvalho 4 Min Read People walk past an ANZ bank branch as the company releases its latest earnings in Sydney, Australia, May 2, 2017. Jason Reed/Files KUALA LUMPUR/ABU DHABI (Reuters) - Australia and New Zealand Banking Group is near a deal to sell its Malaysian banking stake to a pension fund and exit the Southeast Asian nation, sources familiar with the matter said, in a transaction that could be worth around $900 million. ANZ has been pursuing a sale of its 24 percent stake in its Malaysian affiliate AMMB Holdings (AmBank) since early last year as part of a strategy to divest minority stakes in Asia and as AmBank was dragged into a wide-ranging corruption scandal at state fund 1MDB. In June, RHB Bank and AmBank said they were starting merger talks, in Malaysia''s biggest ever banking deal. As part of the all-share deal, valued at about $9 billion, RHB is looking to acquire AmBank and the two banks are in exclusive talks until the end of August. ANZ''s stake is expected to be roughly 10 percent in the merged entity. Sources said ANZ is in talks to sell that stake to Malaysian retirement fund KWAP, which already owns small stakes in both RHB and AmBank. Both firms have "agreed in principle" to the deal at a price equivalent to one time book value of AmBank, said one of the sources. "KWAP has always had an aspiration to hold a significant investment in a financial institution. KWAP had considered purchasing part of ANZ''s stake two years ago but was not agreeable to the pricing," said the source. Last week, Malaysia''s Star newspaper quoted KWAP CEO Wan Kamaruzaman Wan Ahmad as saying the fund was keen on buying ANZ''s stake after the proposed RHB and AmBank merger. KWAP and AmBank declined to comment. "We will decline to comment on market speculation," an ANZ spokesman said. ANZ''s stake is also drawing interest from another Malaysian institutional investor, said the source. The sources declined to be identified as the discussions were private. RHB has indicated to analysts that it would pay AmBank shareholders a one-time multiple of the latter''s book value. 1mdb Shadow ANZ wanted to exit the stake partly after AmBank was dragged into a political scandal linked to state fund 1Malaysia Development Bhd (1MDB) and Prime Minister Najib Razak, sources have previously said. In 2015, AmBank was slapped with a 53.7 million ringgit fine by Malaysian regulators for breaching financial regulations. Najib has been buffeted by allegations of graft, in particular by revelations of the transfer of hundreds of millions of dollars into his AmBank account in 2013. The Prime Minister has denied any wrongdoing. If the RHB-AmBank merger wins the approval of shareholders, the stakes of other key shareholders will also decline in the merged entity. Abu Dhabi''s Aabar Investments, with a 17.8 percent stake in RHB, would hold 10.3 percent, according to a note by Maybank Research. The Abu Dhabi firm, which has been linked to the 1MDB scandal, merged into Mubadala last year. A separate source close to Mubadala said the firm wants to eventually sell Aabar''s stake in RHB, but will wait until it gets a "fair" price. Mubadala declined to comment. Writing by Anshuman Daga; Editing by Praveen Menon and Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/anz-bank-m-a-malaysia-idINKBN19Y075'|'2017-07-13T06:00:00.000+03:00'
'c21437b76ae988383d600117480f9a7b96c7cf3e'|'Target estimates rise in 2nd-qtr comparable sales, higher profit'|'July 13, 2017 / 10:44 AM / 38 minutes ago Target estimates rise in 2nd-qtr comparable sales, higher profit 1 Min Read July 13 (Reuters) - Target Corp said on Thursday it expects a "modest" increase in comparable sales for the second quarter ended July, citing improved traffic and sales trends through the first two months of the quarter. The retailer had previously forecast a low single digit decline in comparable sales. Target also said it expects second-quarter profit to come in above its forecast range of $0.95 to $1.15 per share, also helped by the net tax effect of its global sourcing operations. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/target-outlook-idUSL4N1K43U8'|'2017-07-13T13:43:00.000+03:00'
'3bf4c6b0848f1b0665122f3f4af5bcde0c7b3238'|'Sensex, Nifty hit record high; bonds gain on inflation data'|'July 13, 2017 / 6:33 AM / in 5 hours Sensex, Nifty hit record close for fourth straight day 1 Min Read A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 26, 2016. Shailesh Andrade/Files (Reuters) - India''s main stock indexes closed at record highs for a fourth straight session, with the BSE index ending above 32,000 for the first time, as consumer inflation rate eased to its lowest in five years, cementing hopes for a rate cut. The benchmark BSE Sensex rose 0.73 percent to end at 32,037.38. The broader NSE Nifty ended 0.77 percent higher at 9,891.70, having cleared two major technical resistance levels. Graphic: tmsnrt.rs/2uUe5DM Reporting by Arnab Paul and Gaurav Dogra in Bengaluru; Editing by Gopakumar Warrier 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-sensex-nifty-stock-markets-idINKBN19Y0I3'|'2017-07-13T09:30:00.000+03:00'
'4fa26369334c277b8a546b2d4ba83b296637e5e7'|'Millions of things will soon have digital twins'|'THE factory of the future will be a building stuffed full of robots making robots. A factory in Amberg, a small town in Bavaria, is not quite that, but it gets close. The plant is run by Siemens, a German engineering giant, and it makes industrial computer-control systems, which are essential bits of kit used in a variety of automated systems, including the factory’s own production lines.The Amberg plant is bright, airy and squeaky clean. It produces 15m units a year—a tenfold increase since opening in 1989, and without the building being expanded or any great increase in the 1,200 workers employed in three shifts. (Production is about 75% automated, as Siemens reckons some tasks are still best done by humans.) The defect rate is close to zero, as 99.9988% of units require no adjustment, a remarkable feat considering they come in more than 1,000 different varieties. 44 minutes Such achievements are largely down to the factory’s “digital twin”. For there is another factory, a virtual version of the physical facility that resides within a computer system. This digital twin is identical in every respect and is used to design the control units, test them, simulate how to make them and program production machines. Once everything is humming along nicely, the digital twin hands over to the physical factory to begin making things for real.The digital twin is not a new invention. The concept of pairing traces its roots to the early days of space travel, when NASA built models to help monitor and modify spacecraft that, once launched, were beyond their physical reach. As computer power increased, these analogue models turned into digital ones.The powerful systems that have since emerged bring together several elements—software services in computer-aided design and engineering; simulation; process control; and product life cycle management. Some digital twins are gaining artificial intelligence and virtual-reality capabilities, too. They can also help to monitor remotely and provide after-service for products that have been sold. “It is a digital twin of the entire value chain,” says Jan Mrosik, the chief executive of Siemens’s Digital Factory Division.Siemens is not alone in equipping its factories with digital twins. Its American rival, GE, is doing the same. Both companies also sell their digital-twin software, along with firms such as Dassault Systèmes, a French specialist in the area. Customers come from industries ranging from aerospace and defence to automotive, consumer products, energy, heavy machinery and pharmaceuticals.One motivation for twinning is to bring products to market faster and at a lower cost. The digital twin allows endless design iterations to be tried in the virtual world without having to stop the production line to see how they can be made, says Mr Mrosik. The twin can also model people working in a factory to improve their ergonomics. In one example, Maserati, which is part of Fiat Chrysler Automobiles (whose chairman is a director of The Economist ’s parent company), used a digital twin to put its Ghibli sports saloon into production in Grugliasco, Italy, in just 16 months instead of the typical 30 months.The spread of digital twins could shake up supply chains. For example, suppliers could be asked to submit a digital twin of their product so that it can be tested in a manufacturer’s virtual factory before an order is placed. It is already a requirement at the Amberg plant for suppliers to deliver a digital twin along with their product to help installation.Twins will become more responsive still as products are increasingly fitted with sensors that relay data to the internet. Formula 1 cars are full of such sensors; racing teams use these data to create digital twins of their cars so that they can rapidly design, test and manufacture parts needed to make hundreds of changes in the week or two between races. GE creates digital twins of its wind turbines and jet engines to monitor their performance and carry out preventive maintenance. Data transmitted from a jet engine while planes are in the air can provide 15-30 days’ advance notice of potential failures.Even mass-produced goods that are far less complex are likely to end up having digital siblings. This would help with product tracking and verification, which is increasingly important in food manufacturing and pharmaceutical production. Just about any product could have a unique identifier that links to production data, if not a full digital twin, reckons Thomas Körmendi, the chief executive of Kezzler, a Norwegian company that produces secure product codes using an algorithm.The firm’s codes can be scanned with a smartphone, which then connects over the internet so that information can be exchanged with a digital twin on things like a product’s location and use. A consumer in London checking the provenance of a bottle of fine wine, for example, could confirm the vintage, or be alerted to the possibility of counterfeiting if the bottle had actually been dispatched to a different country. That’s something everyone can raise a glass to.This article appeared in the Business section of the print edition under the headline "The Gemini makers"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725033-factories-cars-range-consumer-products-millions-things-will-soon-have-digital?fsrc=rss'|'2017-07-13T23:21:00.000+03:00'
'f8288cf71d8bc5d61f3619fd9b721cf1108296de'|'Murdoch''s Fox unlikely to offer remedies in Sky deal - source'|'July 13, 2017 / 6:21 PM / 10 hours ago Murdoch''s Fox unlikely to offer remedies in Sky deal - source Reuters Staff 2 Min Read Media mogul Rupert Murdoch leaves his home in London, Britain March 4, 2016. Stefan Wermuth LONDON (Reuters) - Rupert Murdoch is unlikely to offer any new concessions to protect the editorial independence of Sky ( SKYB.L ), increasing the chance that the $15 billion (12 billion pounds) takeover deal goes to a lengthy investigation, a person familiar with the situation said. Murdoch''s Twenty-First Century Fox ( FOXA.O ) was dealt a blow last month when Britain''s media secretary, Karen Bradley, said she was persuaded that the deal could give the Murdochs too much influence over the media, after regulator Ofcom assessed the impact of the transaction. Murdoch also owns the Sun and Times newspapers in Britain. Bradley said she would make a final decision on July 14, giving some investors hope that Fox could avert a full investigation if it offered concessions to protect the editorial independence of Sky''s 24-hour TV news channel, Sky News. A person familiar with the deal said however the company was unlikely to offer any new remedies, opting instead to let the competition watchdog examine the deal. Murdoch, 86, and his family have long coveted full control of Sky, despite the damaging failure of a previous attempt in 2011 when their British newspaper business became embroiled in a phone-hacking scandal which forced them to abandon that bid. Britain''s political leaders have long sought the backing of Murdoch and his newspapers and any attempt to expand his media empire in the country sparks intense political scrutiny. Rupert''s son James, who is chief executive of Fox and chairman of Sky, said in March that worries about his family exerting too much power were unfounded in an era of online providers such as Facebook, Buzzfeed, Netflix and Google. Fox has said any referral for an in-depth probe could mean the deal would not close before next June. Both Sky and Fox declined to comment. Reporting by Kate Holton; Editing by Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sky-m-a-fox-idUKKBN19Y2FS'|'2017-07-13T21:30:00.000+03:00'
'5b750a6c3251fdca40b8c9ae2d687cafd9f1b6e0'|'Malaysia, Indonesia may take EU plan to curb palm oil imports to WTO'|'July 16, 2017 / 8:52 AM / 9 hours ago Malaysia, Indonesia may take EU plan to curb palm oil imports to WTO Reuters Staff 2 Min Read KUALA LUMPUR (Reuters) - Malaysia and Indonesia plan to raise the prospect of European Union curbs on the imports of palm oil with the World Trade Organisation, both countries said in a joint statement on Sunday. A resolution by the European Parliament in April called for the EU to phase out by 2020 the use of vegetable oils in biodiesel that are produced in an unsustainable way leading to deforestation. The resolution includes palm oil, an important commodity for Indonesia and Malaysia, which produce nearly 90 percent of the world''s palm oil. The statement, following a meeting between Malaysia and Indonesia''s trade ministers, said that the two Southeast Asian countries would meet at end-July to "discuss and coordinate" palm oil issues, including organising a joint mission to Europe to "engage with relevant parties and stakeholders." The two nations will coordinate plans via the Council of Palm Oil Producing Countries (CPOPC), a joint initiative by Malaysia and Indonesia to work together in managing stockpiles and supporting prices. "Malaysia and Indonesia will consider taking this issue to the World Trade Organisation (WTO) if the Resolution becomes an EU Directive and discriminatory in nature," said the statement, issued by Malaysia''s Ministry of International Trade and Industry. The palm oil industry has faced widespread criticism in recent years for its links to deforestation and is often accused of annual haze outbreaks in the region due to open burning being used as a cheap way to clear land. France said earlier this month it would take steps to restrict the use of palm oil in producing biofuels. Malaysia has called the move discriminatory and added it would review its trade with France, while Indonesia''s palm oil association said it was concerned it could prompt other European nations to follow suit. Reporting by Emily Chow; Editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-malaysia-indonesia-eu-palmoil-idUKKBN1A109C'|'2017-07-16T11:51:00.000+03:00'
'7ca874a4a75b02b6d0f4c04404344fee7e61df41'|'SBI Life files for IPO; seen raising more than $1 billion'|'July 17, 2017 / 10:20 AM / 9 hours ago India''s SBI Life files for IPO; seen raising more than $1 billion 2 Min Read MUMBAI (Reuters) - India''s SBI Life Insurance Co Ltd, a unit of State Bank of India ( SBI.NS ), on Monday filed for an initial public offering of shares that bankers have said could raise more than $1 billion. SBI, the nation''s top bank by assets, is selling up to 8 percent stake, or 80 million shares, in the unit as part of the IPO, while BNP Paribas Cardif is selling up to 4 percent stake, or 40 million shares, according to a regulatory filing. The filing did not mention how much the IPO would raise, although bankers have previously said it would likely raise more than $1 billion. SBI Life, which is 70 percent owned by SBI and 26 percent by BNP Paribas Cardif, will not receive any proceeds from the IPO. Axis Capital, BNP Paribas, Citi, Deutsche Bank, ICICI Securities, JM Financial, Kotak Investment Banking and SBI Capital Markets are managing the issue. SBI Life will be the second life insurer to go public. ICICI Prudential Life Insurance Co Ltd ( ICIR.NS ) listed on the stock exchanges last year after a more than $900 million IPO. Last week, ICICI Lombard General Insurance Co Ltd filed for an IPO in what is the first initial share sale by a non-life insurance company in India. Reporting by Devidutta Tripathy; Editing by Vyas Mohan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-sbi-life-ipo-idINKBN1A20X8'|'2017-07-17T13:17:00.000+03:00'
'bff512517dfe585a06217f1f89d2e9b53d97e272'|'SodaStream targets organic growth, hopes to employ more Palestinians'|'July 17, 2017 / 1:37 PM / in 5 minutes SodaStream targets organic growth, hopes to employ more Palestinians Martinne Geller 3 Min Read LONDON, July 17 (Reuters) - SodaStream International , whose stock has risen by more than 300 percent in 18 months, is aiming to boost sales of its fizzy drink-making household devices in existing markets. The Israel-based company, which used to market SodaStream with flavours, has switched to focus on turning tap water into sparkling water, which it says is more on trend with young, health-conscious consumers. SodaStream is marketing itself as an environmentally friendly rival to the bottled water businesses of Nestle , Coca-Cola and PepsiCo. It has a relatively strong presence in Nordic countries like Sweden, where about 24 percent of households have one of its namesake devices. But other big markets still offer a lot of room to grow, like Canada where penetration is only about 5 percent and the United States, which is around 1.5 percent. "Our focus is to grow our own core business organically because we''re just at the beginning," Chief Executive Daniel Birnbaum told Reuters in London on Monday. The company has also developed another device called SodaStream Ultimate, which can make single servings of hot and cold drinks using purified water. The product was developed in case Keurig Kold -- a project by Keurig and Coca-Cola -- took off, but that product''s failure last year means SodaStream Ultimate has not yet had to launch. "It''s ready to launch but we have enough growth right now in our existing business model that we chose to wait on that machine right now," Birnbaum said. "I think the market is not ready for it yet. I don''t think single-serve is what consumers need." Palestinian Permits While the main focus is on organic growth, SodaStream is open to possible acquisitions, and could gain scale by adding other appliances or water-related devices, Birnbaum said. "We''re young in the process. It''s not like we''re on an aggressive hunt," he said. SodaStream was in the spotlight several years ago when critics were calling for a boycott over a factory it had in the West Bank. The company has since closed that factory, relocating to a new, much larger facility in southern Israel. The new factory employs some 80 Palestinians, who were given Israeli work permits and Birnbaum said he will ask the government for more permits as the business expands. "It depends on how quickly we grow the business. It''s a matter of need," he said, but estimated SodaStream could employ 150 Palestinians by the end of 2018. The company''s 2017 forecast calls for annual revenue to grow 10 percent to about $524 million, excluding currency moves. (Reporting by Martinne Geller; editing by Alexander Smith) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sodastream-strategy-idUSL1N1K406A'|'2017-07-17T16:35:00.000+03:00'
'928a74088aab459ce6161e24b796b9460593ee23'|'U.S.-China trade talks sputtering at 100-day deadline'|'July 16, 2017 / 9:13 AM / 11 hours ago U.S.-China trade talks sputtering at 100-day deadline Andrew Galbraith and Dominique Patton 6 Min Read U.S. President Donald Trump and Chinese President Xi Jinping (R) shake hands prior to a meeting on the sidelines of the G20 Summit in Hamburg, Germany, July 8, 2017. Saul Loeb/ Pool SHANGHAI/BEIJING (Reuters) - Bilateral talks aimed at reducing the U.S. trade deficit with China have yielded some initial deals, but U.S. firms say much more needs to be done as a deadline for a 100-day action plan expires on Sunday. The negotiations, which began in April, have reopened China''s market to U.S. beef after 14 years and prompted Chinese pledges to buy U.S. liquefied natural gas. American firms have also been given access to some parts of China''s financial services sector. More details on the 100-day plan are expected to be announced in the coming week as senior U.S. and Chinese officials gather in Washington for annual bilateral economic talks, rebranded this year as the "U.S.-China Comprehensive Economic Dialogue." "We hope to report further progress on the 100-day deliverables next week," a U.S. Commerce Department spokesman said on Saturday. "That will be the basis for judging the extent of progress." The spokesman declined to discuss potential areas for new agreements since a May 11 announcement on beef, chicken, financial services and LNG. Earlier in April, when Chinese President Xi Jinping met U.S. President Donald Trump for the first time at his Florida resort, Xi agreed to a 100-day plan for trade talks aimed at boosting U.S. exports and trimming the U.S. trade deficit with China. The U.S. goods trade deficit with China reached $347 billion last year. The gap in the first five months of 2017 widened about 5.3 percent from a year earlier, according to U.S. Census Bureau data. "It is an excellent momentum builder, but much more needs to be done for U.S.-China commercial negotiations to be considered a success," said Jacob Parker, vice president of China operations at the U.S.-China Business Council (USCBC) in Beijing. There has been little sign of progress in soothing the biggest trade irritants, such as U.S. demands that China cut excess capacity in steel and aluminium production, lack of access for U.S. firms to China''s services market, and U.S. national security curbs on high-tech exports to China. The Trump administration is considering broad tariffs or quotas on steel and aluminium on national security grounds, partly in response to what it views as a glut of Chinese production that is flooding international markets and driving down prices. North Korea has cast a long shadow over the relationship, after Pyongyang tested what some experts have described as an intercontinental ballistic missile on July 4. Trump has linked progress in trade to China''s ability to rein in North Korea, which counts on Beijing as its chief friend and ally. "Trade between China and North Korea grew almost 40 percent in the first quarter. So much for China working with us - but we had to give it a try!" Trump said on Twitter after the North Korean missile test. Trading Meat American beef is now available in Chinese shops for the first time since a 2003 U.S. case of "mad cow" disease, giving U.S. ranchers access to a rapidly growing market worth around $2.6 billion last year. More beef deals were signed during an overseas buying mission by the Chinese last week. "There are hopes there will be even more concrete results," Chinese Foreign Ministry spokesman Geng Shuang told a daily news briefing in Beijing on Friday. He did not elaborate. Critics of the 100-day process said China had already agreed to lift its ban on U.S. beef last September, with officials just needing to finalise details on quarantine requirements. China, meanwhile, has delivered its first batch of cooked chicken to U.S. ports after years of negotiating for access to the market. But unlike the rush by Chinese consumers for a first taste of American beef, Chinese poultry processors have not had a flurry of orders for cooked chicken. Demand should improve once China is allowed to ship Chinese grown, processed and cooked chicken to the United States, said Li Wei, export manager at Qingdao Nine Alliance Group, China''s top exporter of processed poultry. Biotech Crops Other sectors in China under U.S. pressure to open up have moved more slowly. Beijing had only approved two of the eight biotech crops waiting for import approval, despite gathering experts to review the crops on two occasions in a six-week period. U.S. industry officials had signalled they were expecting more approvals. U.S. executives say the review process still lacks transparency. Financial services is another area where little progress has been made, U.S. officials say. USCBC''s Parker said it is unclear how long it will take for foreign credit rating agencies to be approved, or whether U.S.-owned suppliers of electronic payment services will be able to secure licenses. The bilateral talks have also not addressed restrictions on foreign investment in life insurance and securities trading, or "the many challenges foreign companies face in China''s cybersecurity enforcement environment," Parker said. In an annual report released Thursday, the American Chamber of Commerce in Shanghai said China remained a "difficult market". Additional reporting by David Lawder in WASHINGTON, Ben Blanchard in BEIJING and Beijing Newsroom; Editing by Ryan Woo and Bill Tarrant 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-china-trade-idINKBN1A109Z'|'2017-07-16T12:10:00.000+03:00'
'e8de22fdff1a596c9058c2c3dca5eec5c50f4f77'|'Credit Suisse CEO flags start of work on 2018-2020 plan'|'Edition United States July 17, 2017 / 3:25 PM / in 16 minutes Credit Suisse CEO flags start of work on 2018-2020 plan Joshua Franklin 3 Min Read FILE PHOTO - CEO Tidjane Thiam (R) of Swiss bank Credit Suisse awaits a news conference to present the bank''s halfyear results in Zurich, Switzerland July 28, 2016. Arnd Wiegmann ZURICH (Reuters) - Credit Suisse begins work this month on planning for its strategic priorities beyond the Swiss bank''s current set of targets, Chief Executive Tidjane Thiam said in a memo to staff. Credit Suisse aims to achieve its current capital, cost and pre-tax income targets by 2018 but Thiam told staff preparation will start in July on its 2018-2020 plan. Thiam, who took over as CEO just over two years ago, sent the memo after a two-day annual strategy break at the end of June attended by the board of directors and executive board. "Looking beyond 2018, we agreed there would continue to be significant value creation opportunities available to a restructured Credit Suisse, and that would translate into a growing valuation of Credit Suisse as we continue to allocate more capital towards businesses that will generate higher returns and are more capital efficient," Thiam said in the memo which was sent to staff on Friday and seen by Reuters on Monday. "Over time, this will increase the size and proportion of our capital allocated to businesses which attract a higher market multiple, driving our valuation higher." Credit Suisse confirmed the memo, which was reported earlier by Bloomberg. Thiam said the board normally holds the strategy away day at the end of August but this year decided to hold it earlier "so that its conclusions could inform the preparation of the 2018-2020 plan, which kicks off in July". Since joining from UK insurer Prudential in mid-2015, Thiam has refocused Credit Suisse away from investment banking, and looked to make wealth management and private banking its core business. He has also cut costs by several billion dollars and raised around 10 billion Swiss francs ($10.4 billion) in fresh capital. "With the progress achieved to date, we believe we are on track to deliver on our strategic ambitions," Thiam said. Since Thiam laid out his strategy blue-print in October 2015, Credit Suisse''s share price is down by around a third with the bank posting a 2.7 billion franc loss last year. For the first quarter of 2017 Credit Suisse reported net profit of 596 million francs, its highest quarterly profit since the restructuring. Zurich-based Credit Suisse, Switzerland''s second-biggest bank after UBS, reports second-quarter results on July 28. Editing by Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-credit-suisse-gp-strategy-idUKKBN1A21ND'|'2017-07-17T18:19:00.000+03:00'
'89c69fa176b4dd4c60c3c36665ecb93219d6db6f'|'UK financial watchdog combines HBOS investigations'|'July 18, 2017 / 10:28 AM / in 5 hours UK financial watchdog links HBOS investigations Reuters Staff 2 Min Read Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, poses for a photo as he arrives at the Reuters offices for an interview in London, Britain, July 6, 2017. Hannah McKay LONDON (Reuters) - Britain''s markets watchdog will link the intelligence it has gathered from two investigations into alleged misconduct at Lloyds Banking Group''s ( LLOY.L ) HBOS division in an effort to tackle a "challenging legacy" from the financial crisis. The first inquiry, set out in January 2016, stems from a report that found that senior managers were responsible for the bank''s collapse in the 2007-09 financial crisis. The second relates to events surrounding the discovery of misconduct within the HBOS Impaired Assets team based in Reading, west of London, which dealt with companies in financial distress. The FCA''s civil investigation was reopened in April after former HBOS bankers were jailed in February. "We are ... joining it with the investigation that we announced in January last year," Financial Conduct Authority Chief Executive Andrew Bailey told the watchdog''s annual meeting on Tuesday. Bailey said that police had recently passed on evidence from the trial to the FCA and the information is now being absorbed by the watchdog. "It will be completed as soon as is possible. I can''t put a date on that," Bailey said. He later clarified to reporters that evidence from the trial would feed into the investigation of senior officials, who have not been named. "There are two cases and the cases remain separate, but the evidence from Reading obviously informs the ongoing case," Bailey told reporters. Bailey said there would be separate outcomes from the two investigations. Reporting by Huw Jones; Editing by Kirstin Ridley and David Goodman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lloyds-regulator-hbos-idUKKBN1A30YW'|'2017-07-18T13:27:00.000+03:00'
'2298a3de66d7bfc27af427699901d21f5092ca72'|'ECB considers special assessment of Deutsche Bank shareholders - paper'|'July 16, 2017 / 7:07 PM / 4 minutes ago ECB considers special assessment of Deutsche Bank shareholders: paper Reuters Staff 2 Min Read FILE PHOTO: The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Europe''s top banking regulator, the European Central Bank (ECB), is considering carrying out a special assessment of Deutsche Bank''s ( DBKGn.DE ) two largest shareholders, a German paper reported on Sunday, citing regulatory sources. The ECB may launch so-called ownership control procedures to scrutinize both the Qatari royal family and China''s HNA ( 0521.HK ), which each own just under 10 percent of the shares of Germany''s flagship lender, Sueddeutsche Zeitung reported in a prereleased version of its Monday edition. The ECB and Deutsche Bank declined to comment. The aim of a such an assessment is to establish whether an investor is trustworthy and financially sound, where the money used for the investment came from, and whether the investor engages in any criminal dealings such as money laundering or terrorist financing. Normally it is only carried out if a shareholder holds more than 10 percent. The HNA Group logo is seen in this illustration photo June 1, 2017. Picture taken June 1, 2017. Thomas White/Illustration The ECB is, however, for the first time considering using a possible exemption to the rule, which it can activate if it establishes that both Qatar and HNA exert significant influence on the bank despite owning a stake of less than 10 percent, the paper said. Qatar, which has been a Deutsche Bank shareholder since 2014, and HNA, which acquired its stake this year, have each been granted a Deutsche Bank board seat. Due to the generally low number of shareholders showing up at annual general meetings the two investors can factually block important decisions. "It looks like both will be treated as if they held more than 10 percent," a source told the paper, which also reported that HNA''s investment in Deutsche Bank shares prompted the ECB''s move. Last week, Germany became the first European Union country to tighten its rules on foreign corporate takeovers, following a series of Chinese deals giving access to Western technology and expertise. Reporting by Arno Schuetze and Balazs Koranyi; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-shareholders-idUKKBN1A10VD'|'2017-07-16T21:59:00.000+03:00'
'8b74cc991839ed0e27b5708b7d95a709652aa2bc'|'China second quarter GDP grows 6.9 percent year on year, beats expectations'|'July 17, 2017 / 2:02 AM / 2 minutes ago China''s strong second-quarter GDP growth paves way for deeper reforms Elias Glenn and Kevin Yao 6 Min Read BEIJING (Reuters) - China''s economy expanded faster-than-expected in the second quarter, setting the country on course to comfortably meet its 2017 growth target and giving policymakers room to tackle big economic challenges ahead of key leadership changes later this year. The boost to growth was in part driven by firmer exports and production, in particular steel, which could heighten trade tensions as the United States and China begin economic talks this week. U.S. President Donald Trump has made the U.S. trade deficit with China a top agenda item in bilateral talks and has also flagged the steel trade as a point of contention. China''s gross domestic product rose 6.9 percent in the second quarter from a year earlier, the same rate as the first quarter, the National Bureau of Statistics said on Monday. That was higher than analysts'' expectations of a 6.8 percent expansion. Economic data from the second quarter has prompted a number of analysts to upgrade their GDP forecasts for China for 2017, although some moderation in growth is expected later this year as policymakers'' efforts to rein in property and debt risks weigh on activity. "In general, we expect GDP growth to remain robust in the second half but slower than the first half, due to the high base," Citi economists said in a research note. "Looking ahead, uncertainty remains on investment and trade." The bank has raised its 2017 annual GDP projection to 6.8 percent on-year from 6.6 percent previously. The robust numbers kept world shares near a record high and briefly helped China''s major stock indexes recoup earlier losses. The second quarter numbers put the economy on a strong footing to meet China''s growth target of around 6.5 percent in 2017, which would give policymakers room to defuse financial risks. Related Coverage China property investment, sales ease in second quarter but remain resilient to curbs While growth in the high-flying property sector has cooled this year, a rebound in exports after several years of decline has helped prevent any broader slowdown in China''s economy. Retail spending and factory output were also bright spots in the first half. Retail sales growth picked up to 10.8 percent in the second quarter from 10.0 percent in the first quarter, a Reuters calculation based on official data showed. Factory output also picked up in the second quarter, though the 6.9 percent growth for the first half was only a slight pickup from recent quarters. Stability Agenda The improving economy is no doubt welcome news ahead of an autumn congress of the ruling Communist Party of China, at which President Xi Jinping is widely expected to tighten his grip on power, with leadership keen to ensure a smooth run-up to the meetings. A man walks at Lujiazui financial district of Pudong in Shanghai, China July 17, 2017. Aly Song A consolidation of power could give Xi more clout to push through what analysts say are long overdue but painful reforms such as restructuring massive state firm debt. The president said at the National Financial Work Conference on the weekend he wanted to give China''s central bank a bigger role in dealing with risks in the financial system. With risks rising in some parts of the economy due to leveraged investments and over-borrowing, officials need to carefully balance support for growth with risk controls. However, analysts say the central bank is likely to sit tight for now. "Based on this data, there is no need for easing and no need really for tightening either because inflationary pressures are very much contained. So I think the PBOC (People''s Bank of China) just continues to be watchful," said Craig James, chief economist for Commonwealth Securities in Sydney. Slideshow (3 Images) The stronger growth also means officials will have more room to address the growing debt problem, as China continues to place controlling risk and deleveraging at the forefront of financial policy this year. The PBOC shifted to a modest tightening bias at the start of this year, guiding market interest rates higher during the first quarter, including immediately after the U.S. Federal Reserve raised rates in March. "Overall, China''s Q2 economic performance provides a favorable backdrop for the authorities to push forward with their structural reforms, including those highlighted at the National Financial Work Conference held over the weekend," ANZ Bank economists said in a note. Trump Tensions Net exports'' contribution to China''s GDP growth in the first half of the year was 3.9 percent, a significant improvement from the same period last year, when net exports were a 10.4 percent drag on growth. With China and the United States set to begin economic talks on Wednesday, simmering trade tensions are sure to be a major topic and firm Chinese export numbers will certainly keep the point of contention elevated. Trump has described the trade imbalances between the two countries as a "very, very big issue" that he would address. The surplus with the United States was $25.4 billion in June, up from $22.0 billion in May, official data showed last week, and its widest since October 2015, according to a Reuters calculation. Meanwhile, data on Monday, which showed China''s steel output hit a record in June, comes amid an investigation by the Trump administration into China''s exports of steel and other metals. Reporting by Kevin Yao; Additional reporting by Swati Pandey in Sydney; Writing by Elias Glenn; Editing by Sam Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-economy-gdp-idUSKBN1A2044'|'2017-07-17T05:08:00.000+03:00'
'6f48b85642cf8b6c16a0eed86799a515c118b965'|'India''s HDFC Life revives IPO plan as Max Life deal struggles'|'July 17, 2017 / 6:13 PM / 12 minutes ago India''s HDFC Life revives IPO plan as Max Life deal struggles Reuters Staff 2 Min Read MUMBAI (Reuters) - India''s HDFC Standard Life Insurance Co Ltd said on Monday it had revived a planned initial public offering, as it struggles to get regulatory approval to buy smaller rival Max Life. Indian mortgage lender Housing Development Finance Corp Ltd ( HDFC.NS ) and its joint venture partner Britain''s Standard Life Plc ( SL.L ) plan to sale a combined maximum of 20 percent in HDFC Life, according to a regulatory filing. HDFC Life agreed in August to take over smaller rival Max Life Insurance in an all-stock deal that would have created the nation''s top private life insurer. As part of the deal, Max Life was to be merged into its listed parent Max Financial Services ( MAXI.NS ), which in turn would have combined its life insurance business with HDFC Life. The deal, however, did not win approval from India''s insurance regulator. Both sides have previously said they remain committed to the deal and were evaluating various options. On Monday, HDFC Life said if the parties are able to obtain approval from the regulator, the company and its main shareholders would be willing to re-evaluate a deal with Max Life in "due course". "At the present time, no (deal) structure prior to an IPO of HDFC Life has been identified which satisfies shareholders'' requirements," it said. Standard Life also confirmed the HDFC statement. IFR, a Thomson Reuters publication, earlier on Monday reported that HDFC Life has short-listed Credit Suisse and Morgan Stanley, Nomura and Haitong Securities for managing its planned IPO, with more banks set to be added this week. Before it agreed to the Max Life deal, HDFC Life had planned to go public via an IPO. HDFC Life''s rival SBI Life Insurance Co Ltd, a unit of top lender State Bank of India ( SBI.NS ), on Monday filed for an initial public offering of shares that bankers have said could raise more than $1 billion. Reporting by Devidutta Tripathy; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hdfc-standard-ipo-idUKKBN1A21YY'|'2017-07-17T21:13:00.000+03:00'
'03a2bd9db4336450176ad346a69197e4a2c3ec29'|'PRESS DIGEST - Wall Street Journal - July 17'|'July 17, 2017 / 4:56 AM / 22 minutes ago PRESS DIGEST - Wall Street Journal - July 17 3 Min Read July 17 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - A Republican push to pass a sweeping health-care law experienced another setback as Senate leaders said they would delay a vote set for this week, sparking fresh doubts about whether congressional leaders can muster support for a marquee GOP policy priority. on.wsj.com/2u02P8L - Investor Nelson Peltz plans to launch a fight for a board seat at Procter & Gamble, in an effort to jolt the consumer-products giant whose sales and profit growth stalled, according to people familiar with the matter. on.wsj.com/2u0rUke - A $2 billion private-equity fund that borrowed heavily to buy oil and gas wells before energy prices plunged is now worth essentially nothing, an unusual debacle that is wiping out investments by major pensions, endowments and charitable foundations. EnerVest Ltd, a Houston private-equity firm that focuses on energy investments, manages the fund. on.wsj.com/2tZZ17F - Iran has handed American academic Xiyue Wang a 10-year prison sentence on spying charges, the news agency for Iran''s judiciary said, the latest in a string of such cases against foreigners that have raised alarm in the U.S. and Europe. on.wsj.com/2u0qQwI - An error by Dow Jones & Co in configuring a cloud-computing service left addresses and other information about subscribers to some of its products, including The Wall Street Journal, exposed to possible unauthorized access. on.wsj.com/2u0eioU - The co-founder of encrypted messaging app Telegram said Sunday that it will put together a team of moderators who are familiar with Indonesia''s language and culture to remove terrorist-linked content after Indonesia''s government limited access to the service and threatened a complete ban. on.wsj.com/2u024N0 - Citigroup Inc is revamping some of the benefits on its Prestige card in an effort to sweeten the deal for coveted affluent consumers who exceed high spending thresholds. on.wsj.com/2u0tbaE Compiled by Bengaluru newsroom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1K8228'|'2017-07-17T07:55:00.000+03:00'
'fe75770201a614bff3ecc255b20994534d6afa87'|'Austria''s BAWAG PSK buys Germany''s Suedwestbank'|'July 17, 2017 / 8:06 AM / in an hour Austria''s BAWAG PSK buys Germany''s Suedwestbank 3 Min Read The logo of BAWAG PSK Bank is pictured on one of its branches in Vienna, Austria, March 2, 2016. Leonhard Foeger VIENNA (Reuters) - BAWAG PSK, the Austrian bank owned by private equity group Cerberus Capital Management, bought German regional lender Suedwestbank for an undisclosed price to expand its network in western Europe, BAWAG said on Monday. Suedwestbank is majority owned by a holding company for twin brothers Andreas and Thomas Struengmann, billionaires from their sale of generics drugmaker Hexal to Novartis in 2005. It has around 100,000 retail and corporate customers in the prosperous Baden-Wuerttemberg province around Stuttgart. Suedwestbank has total assets of more than 7 billion euros ($8.02 billion) and 650 staff in its 28-branch network that combines traditional lending with asset and wealth management. It made a 2016 operating profit before tax of 79 million euros. Unlisted BAWAG, Austria''s fourth-biggest bank, has more than 2.2 million customers and 40 billion euros in assets. It has said for years it was on the lookout for takeovers -- especially in Austria, Germany and Switzerland -- to expand. Reuters reported in May that BAWAG planned to buy the German bank. "The expertise and long-standing tradition of Suedwestbank, which operates in a very strong economic region of Germany, make the bank an ideal partner to help us expand our footprint and customer base," said BAWAG Chief Executive Anas Abuzaakouk. The sale is due to close in 2017 and is subject to regulatory approvals. The banks said they agreed not to disclose the purchase price or any details of the agreement. Cerberus owns 52 percent of BAWAG and GoldenTree Asset Management 40 percent. BAWAG has been on the takeover trail, with five other deals over the past 18 months. In February its easybank direct bank agreed to buy the PayLife commercial card issuing business of SIX Payment Services Austria. Unlike other Austrian banks that expanded heavily in central and eastern Europe, BAWAG focuses on Austria, where it holds two-thirds of its customer loan book. It also does retail, corporate, commercial real estate and portfolio lending in western Europe and the United States. BAWAG is also moving ahead with preparations for an initial public share offer that could value it at up to 5 billion euros. Reporting by Shadia Nasralla; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-suedwestbank-m-a-bawag-psk-idUSKBN1A20MO'|'2017-07-17T11:00:00.000+03:00'
'0a572cb0f620d71d8444b75fcb7a2adb67bffc8f'|'RPT-BRIEF-Wendel: Constantia Flexibles sells Labels business to Multi-Color for €1.15 bln enterprise value'|'July 17, 2017 / 1:12 PM / 9 minutes ago RPT-BRIEF-Wendel: Constantia Flexibles sells Labels business to Multi-Color for €1.15 bln enterprise value 1 Min Read (Repeats to add country code) July 17 (Reuters) - Wendel: * Wendel welcomes today’s announcement by Constantia Flexibles, one of the world’s leaders in flexible packaging, that it has signed an agreement to sell its Labels business to Multi-Color Corporation, for an enterprise value of approximatley €1.15 billion (1.3 billion USD). * Majority of the transaction is payable in cash, while Constantia Flexibles will hold a 16.6% equity holding in Multi-Color, thereby becoming its largest shareholder * Transaction will make a positive contribution to long-term value creation at Constantia Flexibles, which is 60.5% owned by Wendel, its majority shareholder 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1K83Q5'|'2017-07-17T16:12:00.000+03:00'
'da8d7cafcac92aa8b1951cd6e045a7f80c79b71a'|'An illustrious Hong Kong container firm sells to China'|'STONECUTTERS ISLAND in Hong Kong used to be a favoured habitat for poisonous snakes and eye-catching birds such as the white-bellied sea eagle. Thanks to Hong Kong’s rapid development, it is no longer so hospitable. Its sky is full of gantry cranes, stacking 20-foot-long shipping containers in multicoloured tessellations, like giant Lego bricks. A cluster of decorative containers, daubed in graffiti, line the perimeter of container terminal eight, which is partly operated by COSCO, a state-owned Chinese shipping giant. In bright yellow lettering, one slogan instructs passers-by to “Respect Past, Embrace Future”.Few Hong Kong companies have as much to tell about the past as Orient Overseas Container Line (OOCL), the world’s seventh-biggest container shipping line. Its founder, Tung Chao-yung, owned the first Chinese-crewed steamship to travel from Shanghai to France in 1947, and went on to build a shipping empire of over 150 vessels. His eldest son and successor, Tung Chee-hwa, survived the financial strains of the early 1980s (with the help of Chinese money) and became Hong Kong’s first leader after it was handed back to China in 1997.  an hour   13   16   16   16   The future, however, looks uninviting. The world’s shipping fleet, replenished by ever bigger vessels, has grown faster than the globalisation it serves. Reckless expansion by some firms, in an industry which overvalues market share, has hurt more prudent competitors. This has pushed OOCL into the arms of COSCO. On July 9th OOCL’S owners announced its sale to COSCO for $6.3bn, pushing their Chinese rival from fourth into third place among the world’s container-shipping lines.If the merger is approved by antitrust regulators in America and Europe, it will be the latest of a string of big consolidations, including Maersk’s acquisition of Hamburg Süd, a proposed tie-up among Japan’s three biggest carriers, and COSCO’s earlier merger with China Shipping Container Lines. The industry may be the handmaiden of globalisation but it is congealing into regional oligopolies. When the dust settles in 2021, by when the current crop of deals will be concluded and ships under construction delivered, the top seven firms will control roughly three-quarters of all container ships, according to Drewry Maritime Financial Research, compared with 37% in 2005.Consolidation should allow the two firms to remove any unprofitable overlap in their routes and operations. But COSCO’s cost-saving plans do not include cutting people or pay, at least for two years, it has promised. OOCL’s value to COSCO lies in its management talent as well as its tonnage: it is run more efficiently than many rivals. OOCL is also well attuned to global ways of doing things, as befits a company that carries more containers across the Pacific than within Asia. It now refuses to ship whales, sharks and dolphins, and has won plaudits for reducing emissions through the use of battery power in its redevelopment of the Port of Long Beach in Los Angeles.COSCO’s offer price of HK$78.67 ($10.07) per share certainly seems full of respect, valuing OOCL at 40% above its book value. The premium partly reflects a nascent revival in OOCL’s fortunes: revenues increased by 6.4% in the first quarter compared with a year earlier (see chart). The industry is recovering. Thanks to the demolition of many smaller ships, the global container fleet grew more slowly than traffic last year for the first time since 2011, says BIMCO, a shipping association.But OOCL’s chairman, Tung Chee-chen (the founder’s second son), believes the recovery is vulnerable to a variety of dangers, including potential trade frictions and the remaining “supply overhang”. Shipping firms placed few orders for new vessels in 2016, but many older orders have yet to be delivered. More new capacity will be added this year than last, according to BIMCO. Those ships were requested in expectation of a rosy global economy that never arrived. The future would be easier to embrace if it were not so hard to grasp.This article appeared in the Business section of the print edition under the headline "The other handover"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21725035-cosco-will-become-worlds-third-largest-container-line-illustrious-hong-kong-container?fsrc=rss'|'2017-07-15T08:00:00.000+03:00'
'500df32b5e0c43445a28c6b04965312ada6224e4'|'Arconic is sued in U.S. over fatal London tower fire'|'July 13, 2017 / 9:29 PM / in 7 hours Arconic sued in United States over fatal London tower fire Jonathan Stempel 3 Min Read FILE PHOTO: Extensive damage is seen to the Grenfell Tower block which was destroyed in a disastrous fire, in north Kensington, West London, Britain June 16, 2017. Hannah McKay/File Photo NEW YORK (Reuters) - A shareholder of Arconic Inc ( ARNC.N ) on Thursday filed a lawsuit accusing the company of defrauding shareholders over its supply of cladding panels used at Grenfell Tower, the London high-rise where at least 80 people died in a fire last month. In his proposed class-action complaint, Michael Brave is seeking to recoup "significant" shareholder losses stemming from Arconic''s failure prior to the June 14 blaze to properly disclose its use of "highly flammable" Reynobond PE panels. The shareholder lawsuit filed in the federal court in Manhattan, where Arconic is based, may be the first in the United States tied to the fire that gutted the 24-story Grenfell Tower, in London''s North Kensington section. Arconic''s share price fell 21 percent between June 14 and June 27, the day after the company once known as Alcoa said it would stop selling the panels for use in high-rises. That decline reduced Arconic''s market value by more than $2.5 billion, according to Reuters data. Arconic did not immediately respond to requests for comment. Brave also named former Chief Executive Klaus Kleinfeld and current Chief Financial Officer Kenneth Giacobbe as defendants. FILE PHOTO: Firefighters use a hydraulic lift to inspect the Grenfell Tower block that was destroyed by fire, in north Kensington, West London, Britain June 16, 2017. Hannah McKay/File Photo The complaint seeks to allow Arconic shareholders from Feb. 28 to June 26 to sue as a group. Brave said shareholders were deceived by Arconic''s inadequate disclosures regarding the cladding panels, and that their use significantly increased the risk of property damage, injury or death in buildings containing them. He said Arconic''s public statements were "materially false and misleading at all relevant times," and that Kleinfeld and Giacobbe should also be held liable for their contents. It is common for shareholders to sue companies in the United States over unexpected stock price declines that they believe could have been averted. Shares of Arconic closed Thursday up 26 cents at $24.45. They had closed at $21.84 on June 27. The case is Brave v Arconic Inc et al, U.S. District Court, Southern District of New York, No. 17-05312. Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/arconic-lawsuit-idINKBN19Y2U6'|'2017-07-14T00:28:00.000+03:00'
'3bf8479cadad522dbad7d02fddae71a841a5be16'|'Barclays talking with regulators about Dublin unit post-Brexit'|'July 14, 2017 / 12:34 PM / 22 minutes ago Barclays talking with regulators about expanding Dublin unit post-Brexit 3 Min Read A Barclays bank building is seen at Canary Wharf in London, Britain May 17, 2017. Stefan Wermuth LONDON (Reuters) - Barclays ( BARC.L ) is talking with Irish regulators about extending its activities in Dublin in preparation for when Britain leaves the European Union, the British bank said in a statement on Friday. Barclays already has a licensed entity in Dublin, Barclays Bank Ireland, employing around 100 people, which currently has a license to conduct mainly corporate banking activities, and intends to extend the range of that license so it can continue serving clients once Britain leaves the bloc. In January, Reuters reported that Barclays was preparing to make Dublin its EU headquarters post-Brexit as global banks and insurers begin to enact contingency plans on how they will continue to access the European single market. Bank of England Governor Mark Carney has asked banks to show by Friday how they can avoid their customers being abruptly cut off after Brexit, which bankers say may inadvertently speed up the departure of jobs from Britain. "Barclays intends to utilize an existing licensed EU-based bank subsidiary to continue passported activity," the bank said. "Barclays Bank Ireland, which has a banking license and which we have operated for almost 40 years, provides a natural base and we are engaging with our regulators in discussions to extend its activities." Barclays chief executive Jes Staley met with Irish Taoiseach Leo Varadkar in Dublin on Monday, the bank added. Staley has previously said Brexit would be "a wholly manageable challenge" and the bank could shift around 150 staff to Ireland depending on the outcome of negotiations, a source familiar with the matter told Reuters. "In the absence of certainty around the timing and composition of an agreement, we intend to take necessary steps to preserve ongoing market access for our customers," the bank said. In June, Barclays appointed investment banker Kevin Wall as chief executive of its business in Ireland, in a sign it was preparing to potentially expand operations there due to Brexit. This is another win for Dublin after Wall Street bank JPMorgan ( JPM.N ) in May agreed to buy a Dublin building with room for 1,000 staff, with CEO Jamie Dimon also meeting with the Irish Prime Minister earlier this month. Reporting By Anjuli Davies; Editing by Rachel Armstrong and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-barclays-idUSKBN19Z1CC'|'2017-07-14T15:34:00.000+03:00'
'640062e82724fec6dfec89d4551483eed868e628'|'PRESS DIGEST- New York Times business news - July 14'|'July 14, 2017 / 4:11 AM / an hour ago PRESS DIGEST- New York Times business news - July 14 2 Min Read July 14 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Uber said it had formed a partnership with Yandex NV . The companies will combine their ride-hailing businesses in Russia and other Eastern European countries under a new company valued at $3.4 billion. nyti.ms/2ufFvGL - An investment group led by Edwin Eisendrath and the Chicago Federation of Labor announced that it had acquired The Chicago Sun-Times. nyti.ms/2uXBPqF - Saudi Arabia wants to list 5 percent of Aramco, at a valuation of around $2 trillion, a listing that has set stock exchanges around the world competing against one another. nyti.ms/2tRUAMg - Toshiba Corp said that it had resumed talks with other bidders as the company had not reached a final agreement with the buyers it selected last month for the NAND business. nyti.ms/2ukT33s - Vanguard said that its chief executive, F. William McNabb III, would step down. McNabb will be succeeded by Tim Buckley, its chief investment officer. nyti.ms/2ukODtg Reporting by Amy Caren Daniel in Bengaluru 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1K51TV'|'2017-07-14T07:09:00.000+03:00'
'bc03abb152df20b70158ce3841f20345484a170f'|'Axel Springer sells Berlin real estate assets for 755 mln eur'|'July 17, 2017 / 8:51 AM / in 2 minutes Axel Springer sells Berlin real estate assets for 755 million euros 1 Min Read The logo of the German publisher Axel Springer is seen outside its headquarters in Berlin August 7, 2013. Thomas Peter/File Photo FRANKFURT (Reuters) - German publisher Axel Springer ( SPRGn.DE ) on Monday said it sold two Berlin real estate assets for 755 million euros. The new Axel Springer headquarters were sold to a business controlled by Norges Bank Real Estate Management, and the Axel-Springer-Passage was sold to Blackstone Real Estate Partners, the company said. Reporting by Edward Taylor; Editing by Arno Schuetze 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-axel-sprngr-realestate-sale-idUSKBN1A20P7'|'2017-07-17T11:22:00.000+03:00'
'0d97ab515545cf97baf7def7272ce37bdb1f9536'|'UK senior lawmakers call on government to release Toyota investment reassurances'|'July 17, 2017 / 3:50 PM / 2 hours ago UK senior lawmakers call on government to disclose Toyota investment reassurances Costas Pitas and William James 4 Min Read The logo of Japanese car manufacturer Toyota is seen above the entrance of a showroom of Swiss Emil Frey AG in Safenwil, Switzerland, May 31, 2017. Arnd Wiegmann LONDON (Reuters) - The British government should disclose what post-Brexit reassurances it offered Japanese carmaker Toyota ahead of a 240-million pound ($313 million) investment in its English car plant, two parliamentary committee heads said on Monday. On Friday, Reuters cited two sources saying that Britain had helped to secure an investment in the firm''s Burnaston car plant with a letter reassuring the Japanese automaker over future trading arrangements. The business ministry has confirmed the existence of a letter but has refused to release it. One of the sources said the letter to Toyota was similar to one sent to Japanese carmaker Nissan last year when it decided to build two new models at its plant in northern England. The previous chairman of parliament''s Treasury Select Committee raised questions about the Nissan deal last year. Reuters contacted the new committee chairwoman on Monday for comment on the reported reassurances to Toyota. "To provide clarity to the public, as the assurances may cost the taxpayer money, and to other businesses, who are craving certainty to plan for Brexit, the letters should be published immediately," Nicky Morgan said in an emailed statement. "It remains to be seen what these assurances could have been that were robust enough for them to invest in the UK, but avoided any obligation to report to parliament," she said. A Toyota spokesman referred to the company''s statement from the day of the March 16 investment announcement which said the British government was providing up to 21.3 million pounds in funding for training and research and development. The chairwoman of parliament''s business committee, opposition Labour lawmaker Rachel Reeves, said it was unacceptable that the government had refused to disclose its private reassurances to Toyota. "It is vital that the government is not seen to be cutting sweetheart deals or granting special favours that could undermine our negotiating position," she said in a statement. "The government needs to swiftly develop an open and inclusive strategy when it comes to its Brexit negotiations that offer all sectors the best chance of success when it comes to creating jobs and securing investment." A business ministry spokesman did not immediately respond to a request for comment. Business minister Greg Clark suggested last year that assurances offered to Nissan were available to other firms. The opposition Labour Party said "secretive, one-off deals were unfair and showed a lack of coherent strategy. "The government can''t go round making individual deals with some companies whilst leaving others out in the cold," said the party''s business spokeswoman Rebecca Long-Bailey. A first full round of Brexit negotiations kicked off on Monday in Brussels amid divisions among British Prime Minister Theresa May''s ministers over what form Britain''s exit from the European Union should take. Major car firms are worried about the long-term viability of their British plants and are using their upcoming investment decisions to push for promises to maintain free trade after Britain''s exit from the EU, which is due to take place in March 2019. ($1 = 0.7656 pounds) Additional reporting by William Schomberg; editing by Guy Faulconbridge and Richard Balmforth 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-toyota-committee-idINKBN1A21OR'|'2017-07-17T18:48:00.000+03:00'
'b7514d56aa7ac1151445a0df6684e497976c4487'|'The fashion industry pays attention to plus-size women'|'A GOOD fit is everything, stylists often counsel, but in assessing its market America’s fashion business appears to have mislaid the measuring tape. A frequently-cited study done a few years ago by Plunkett Research, a market-research firm, found that 67% of American women were “plus-size”, meaning size 14 or larger. That figure will not have changed much, but in 2016, only 18% of clothing sold was plus-size, according to NPD Group, another research firm.Designers and retailers have long thought of the plus-size segment as high-risk. Predicting what these customers will buy can be difficult, as they tend to be more cautious about styles. Making larger clothes is more expensive; higher costs for fabric cannot always be passed on to consumers. In turn, plus-size women shopped less because the industry was not serving them well. “We have money but nowhere to spend it,” says Kristine Thompson, who runs a blog called Trendy Curvy and has nearly 150,000 followers on Instagram, a social-media site.Latest updates Turkey 25 an hour 10 The Big Mac index Graphic detail a day ago See all updates At last, that is changing. Fast-fashion brands, including Forever 21 and a fashion line sold in partnership with Target, a giant retailer, have expanded their plus-size collections. Lane Bryant, a plus-size retailer, and Prabal Garung, a designer, have done the same. In March Nike extended its “X-sized” sportswear range.Revenue in the plus-size category increased by 14% between 2013 and 2016, compared with growth of 7% for all apparel. Takings were $21.3bn last year. Social media has played an important role in changing attitudes in the fashion business, says Madeline Jones, editor and co-founder of PLUS M odel Magazine .Nonetheless, designer brands still hold back (Walmart sells the most plus-size apparel). Some brands, such as Michael Kors, do sell plus-size ranges but do not advertise them or display them on websites. For those that are willing to take a chance, several internet startups that deliver personally styled outfits to individuals, including plus-size women, offer data to “straight-size” designers. Gwynnie Bee, Stitch Fix and Dia & Co, for example, share information with designers on preferred styles and fits. Tracy Reese, a designer known for creating Michelle Obama’s dress for the Democratic National Convention in 2012, is one brand that recently enlisted Gwynnie Bee’s help to create a new plus-size collection. Gwynnie Bee prompted the label to create bigger patterns and more appealing designs.Not all plus-size shoppers are convinced. Laura Fuentes, a hairstylist from Abilene, Texas, says that many upmarket department stores still keep their plus-size clothing sections poorly organised, badly stocked and dimly lit, if they stock larger clothes at all. Yet such complaints should be taken with a pinch of salt, says Ms Thompson. “We’re nowhere near where we should be but we’ve made progress,” she says.This article appeared in the Business section of the print edition under the headline "The forgotten majority"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725029-revenue-category-outstripping-total-clothing-sales-fashion-industry-pays?fsrc=rss%7Cbus'|'2017-07-13T23:21:00.000+03:00'
'f3d11bcb7cf0a555b1d21e60bc747febe6d52d0a'|'Brazil congressional panel votes against putting Temer on trial'|'July 13, 2017 / 9:08 PM / an hour ago Brazil congressional panel votes against putting Temer on trial 2 Min Read Brazil''s President Michel Temer leaves a ceremony at the Planalto Palace in Brasilia, Brazil July 13, 2017. Adriano Machado BRASILIA (Reuters) - A Brazilian congressional committee on Thursday voted against sending a corruption charge against President Michel Temer to the Supreme Court for the leader to be put on trial. The vote is non-binding and the full house must still vote on the charge, which would only be approved if two-thirds of legislators vote for it. Slideshow (3 Images) Temer was charged last month in connection with a graft scheme involving the world''s largest meatpacker, JBS SA. General Prosecutor Rodrigo Janot accused Temer of arranging to receive a total of 38 million reais ($11.85 million) in bribes from JBS in the next nine months. The full house will vote on August 2, after a two-week recess. Though Temer''s support has waned, he is widely expected to survive the full house vote. Janot has said he expects to level at least two new graft charges against Temer in the coming weeks, however. Several lawmakers have told Reuters in recent weeks that if they were forced into multiple votes to protect the deeply unpopular president from a trial, the chances of one of the charges being accepted by the lower house would greatly increase. Temer, who replaced impeached President Dilma Rousseff last year, would be removed from office for at least 180 days if he were forced to stand trial in the Supreme Court. ($1 = 3.2072 reais) Reporting by Brad Brooks; Additional Reporting by Ricardo Brito; Editing by Tom Brown and Diane Craft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-corruption-temer-idUSKBN19Y2SA'|'2017-07-13T23:59:00.000+03:00'
'9da85b3879e5535b7fbfd3799b064b81e0f08e31'|'Canadian telecom exec Scott to head industry regulator - govt'|'July 18, 2017 / 4:49 PM / 13 minutes ago Canadian telecom exec Scott to head industry regulator - govt Alastair Sharp 2 Min Read TORONTO, July 18 (Reuters) - Canada will name Ian Scott as head of the commission that regulates the telecom and broadcast industries, a spokesman said on Tuesday, tapping an executive who spent years lobbying the body on behalf of one of the country''s biggest telecommunications companies. Scott will be appointed as chairman of the Canadian Radio-television and Telecommunications Commission, or CRTC, for a job he will start on September 5, said Pierre-Olivier Herbert, a spokesman for the minister of Canadian Heritage, Melanie Joly. The news was earlier reported by the National Post newspaper. Scott has served as vice president of government relations for Telus Corp, one of Canada''s biggest wireless companies and a provider of landline phone, internet and video services. He was most recently executive director of government and regulatory affairs at satellite communications company Telesat Holdings Inc. He has also previously worked at both the CRTC and the Competition Bureau. (Reporting by Alastair Sharp; Editing by Jim Finkle and Jonathan Oatis) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-telecom-regulator-idUSL1N1K9127'|'2017-07-18T19:47:00.000+03:00'
'032a46b5e9d9aa9deb13440d5ca729a047bab449'|'Hindustan Unilever quarterly profit rises 9 percent'|'July 18, 2017 / 10:27 AM / 8 hours ago Hindustan Unilever quarterly profit rises 9 percent 1 Min Read FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. Brendan McDermid/File Photo REUTERS - Consumer goods company Hindustan Unilever Ltd ( HLL.NS ) reported a 9 percent rise in quarterly profit, helped by higher sales from its personal care segment. Profit rose to 12.83 billion rupees ($199.45 million) in its first quarter ended June 30, from 11.74 billion rupees a year earlier, the maker of products ranging from the Lakmé cosmetics to Lipton tea said on Tuesday. bit.ly/2u4vVFI Analysts on average had expected the company to post a profit of 11.74 billion rupees, according to Thomson Reuters data. Revenue from sale of products rose about 5 percent to 90.94 billion rupees, while revenue from its personal care segment, which includes brands such as Fair & Lovely, increased 3.5 percent. ($1 = 64.3275 Indian rupees) Reporting by Vishal Sridhar in Bengaluru; Editing by Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hind-unilever-results-idINKBN1A30Z6'|'2017-07-18T13:27:00.000+03:00'
'699d58c9cd2408ace0ec3aa46edd23a7c6c5703e'|'EMERGING MARKETS-LatAm currencies strengthen on U.S. healthcare bill collapse'|'By Bruno Federowski SAO PAULO, July 18 (Reuters) - Latin American currencies strengthened on Tuesday after the collapse of a key U.S. healthcare bill fostered doubts about President Donald Trump''s plans to lift the economy. Trump''s promises to cut taxes and boost spending has triggered expectations of faster inflation that could force the U.S. Federal Reserve to raise interest rates more than expected, potentially draining capital from emerging markets. Trader skepticism over Trump''s pledges grew after a second attempt by U.S. Senate Republicans to pass a healthcare reform bill failed, casting further doubt over the Fed''s plan to hike rates once more this year. Currencies from Brazil, Mexico, Chile and Colombia strengthened between 0.5 percent and 0.7 percent, extending gains last week. Wider emerging market stocks flirted with 27-month highs but Latin American bourses mostly fell as traders feared slower growth could translate into lower U.S. imports from key trading partners in the region. Brazil''s benchmark Bovespa stock index slipped 0.2 percent. Losses were limited by advances in shares of export-oriented companies, such as wood pulp maker Suzano Papel e Celulose SA. Key Latin American stock indexes and currencies at 1650 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1052.50 0.09 21.95 MSCI LatAm 2728.62 0.29 16.24 Brazil Bovespa 65105.99 -0.16 8.10 Mexico S&P/BVM IPC 51100.95 -0.45 11.96 Chile IPSA 5023.71 -0.46 21.01 Chile IGPA 25076.48 -0.38 20.94 Argentina MerVal 20927.04 -1.73 23.70 Colombia IGBC 10964.51 -0.79 8.26 Venezuela IBC 130240.12 -0.12 310.78 Currencies daily % YTD % change change Latest Brazil real 3.1565 0.74 2.94 Mexico peso 17.4965 0.53 18.56 Chile peso 655 0.70 2.40 Colombia peso 3016.4 0.48 -0.49 Peru sol 3.243 0.12 5.27 Argentina peso (interbank) 17.0250 -0.56 -6.75 Argentina peso (parallel) 17.78 -0.34 -5.40 (Editing by Jeffrey Benkoe) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1K915V'|'2017-07-18T20:05:00.000+03:00'
'a0d9747d31ad03b7ed808170e103f25cb257fcbc'|'Doha mall''s $1 bln-plus loan refinancing frozen amid Qatar boycott -sources'|'July 16, 2017 / 12:30 PM / 8 hours ago Doha mall''s $1 billion-plus loan refinancing frozen amid Qatar boycott: sources 4 Min Read Stores are seen inside Doha Festival City mall in Doha, Qatar, July 13, 2017. Stringer DUBAI/DOHA (Reuters) - The refinancing of a $1 billion loan by Doha Festival City, a retail and hospitality complex in Qatar, has been indefinitely postponed as a diplomatic crisis deters regional banks from doing new Qatari business, bankers said. The refinancing, coordinated by Doha-based investment bank QInvest, was marketed earlier this year to both Qatari and regional banks, including institutions in the United Arab Emirates. It was to have been larger in size than the original loan - perhaps around $1.2 billion, bankers said. But Saudi Arabia, the UAE, Egypt and Bahrain cut diplomatic and transport ties with Qatar on June 5, accusing it of supporting terrorism, and the proposed deal has been put on hold, the sources said. Two Qatari bankers involved in the deal told Reuters that the diplomatic crisis was the main reason for the deal being postponed, as it had reduced banks'' appetite for the transaction. The sanctions against Qatar meant non-Qatari banks would not participate, a senior banker in Doha said. "Originally, the refinancing included some of the original lenders plus big banks from the UAE. Now it is not clear that the deal is going to happen," he said, speaking on condition of anonymity as the matter is private. "After the sanctions, the deal became more and more unlikely - politics didn''t improve things." Another banker said Qatari banks looked at the refinancing when market interest rates were lower, but they were no longer keen on it now the crisis had tightened liquidity in the local market. The three-month Qatar interbank offered rate QAQAR3MD= has jumped more than 50 basis points since early June. The logo of Doha Festival City mall is seen in Doha, Qatar, July 13, 2017. Stringer "Now it''s definitely not a priority. Banks, and their shareholders, have other things to worry about," the second banker said. The boycotting countries'' central banks have stopped short of explicitly asking commercial banks under their jurisdiction to stop lending to Qatar. But unofficial guidance by their governments has caused most regional banks to freeze new loan transactions for Qatari borrowers since last month. Doha Festival City, which includes the world''s biggest store under the brand name of French retailer Monoprix, is owned and developed by Bawabat Al-Shamal Real Estate Co, a joint venture comprising Dubai-based Al-Futtaim Real Estate Services, Qatar Islamic Bank ( QISB.QA ), Aqar Real Estate Investment Co and a private Qatari investor. Slideshow (4 Images) It raised some 3.7 billion Qatari riyals ($1.02 billion)in 2012 through a 10-year syndicated loan to finance development of the project, which had an estimated total cost of around 6 billion riyals. That loan, comprising conventional and Islamic tranches, was led by QInvest with Commercial Bank of Qatar and Barwa Bank as mandated lead arrangers. Ahli Bank, Doha Bank, International Bank of Qatar, Al Khaliji Commercial Bank, Qatar International Islamic Bank and Qatar National Bank also participated. Doha Festival City''s shopping mall opened last April after a months-long delay which the owners attributed to issues with supporting infrastructure. Many of the mall''s stores have not yet opened to the public. Mall and hotel owners in Qatar have expressed concern about a dwindling customer base after government bodies fired thousands of expatriates in recent years amid declining global oil and gas prices. The sanctions against Qatar could worsen that situation, although because of Doha''s huge financial reserves, analysts do not expect an economic crisis. Editing by Andrew Torchia and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-doha-mall-refinancing-idUSKBN1A10HM'|'2017-07-16T15:13:00.000+03:00'
'95af77568324881d78edf695e56bee0e3e92cf29'|'FCA sets out terms for retail funds sector probe'|'July 17, 2017 / 6:20 AM / 6 hours ago FCA to probe online retail funds ''supermarkets'' Huw Jones and Simon Jessop 4 Min Read FILE PHOTO - The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. Chris Helgren LONDON (Reuters) - Britain''s markets watchdog will study whether online funds platforms that dominate the retail investment market are doing all they can to offer customers a good deal. The Financial Conduct Authority (FCA) said it will look at how platforms and similar services offered by banks, insurance companies, financial advisers and asset managers compete, and whether they use their bargaining power from pooling money to benefit investors. "Platforms have the potential to generate significant benefits for consumers and we want to ensure consumers are receiving these benefits in practice," Christopher Woolard, FCA executive director for strategy and competition, said in a statement on Monday. The watchdog said six of the 10 largest operators were "vertically integrated" or tied to an asset manager, and such commercial ties have the potential to "distort" competition. The plaforms sector has around 692 billion pounds under management, the FSA says, equivalent to around 78 percent of the retail investment market. The watchdog said its study will look at platforms that do and do not offer advice on investments. Paul McGinnis, analyst at financial group Shore Capital, said he did not see anything surprising in the terms of the study, and early share price reaction among the leading listed platform providers was muted. The study is part of a wider "value for money" push in the funds sector and was flagged in its broader market study of the asset management sector in June. The FCA said Cofunds, Funds Network, Standard Life ( SL.L ) and Old Mutual ( OML.L ) were the largest among "advised" platforms. Hargreaves Lansdown ( HRGV.L ), Barclays Stockbrokers ( BARC.L ), TD Direct Investing and Fidelity Personal Investing led the "non-advised" pack. "We will assess whether investors and advisers can assess the value for money of investment propositions, including investment products and platform services, from the information platforms make available," the FCA said. It will also look if there are barriers for new entrants into the sector, and what are the main drivers of profitability, It aims to publish an interim report by summer 2018 which will set out preliminary conclusions and any potential "remedies" or actions to address concerns. The FCA could introduce new rules, publish guidance for the sector, force individual firms to change their behaviour, and take enforcement action. Shore Capital''s McGinnis said he did not expect Hargreaves Lansdown, the sector''s largest direct to client platform, to be hit hard by the review. Hargreaves was "very explicit in the way in which it negotiates and passes though discounts from fund managers to its customers", he said in a note, flagging a ''buy'' rating and 1,279 pence price target. Bernstein analyst Edward Houghton added that wealth manager St James''s Place "did not look particularly exposed, as the firm does not have a non-advised offering and makes asset allocation and manager selection decisions on behalf of clients". At 0757 GMT, shares in Hargeaves Lansdown were up 0.4 percent, in line with the FTSE 100 .FTSE index of leading shares, while shares in St James''s Place were up 0.9 percent. Editing by Jason Neely and John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-markets-investors-idUKKBN1A20FF'|'2017-07-17T09:20:00.000+03:00'
'f9a6bb3585bf232d3cd74e9588520c21c1f767b6'|'London forex traders plead not guilty to U.S. rigging charges'|'Edition United States July 17, 2017 / 5:14 PM / a few seconds ago London forex traders plead not guilty to U.S. rigging charges Jonathan Stempel 3 Min Read NEW YORK (Reuters) - Three former London-based traders pleaded not guilty on Monday to U.S. charges they conspired to rig prices in the roughly $5 trillion foreign exchange market. Chris Ashton, Rohan Ramchandani and Richard Usher, who worked at Barclays Plc ( BARC.L ), Citigroup Inc ( C.N ) and JPMorgan Chase & Co ( JPM.N ), respectively, entered their pleas through their lawyers before U.S. District Judge Richard Berman in Manhattan. The defendants were charged in January, and agreed last month to appear in Manhattan rather than fight extradition. Bail has been set at $200,000 for Ashton, $1 million for Ramchandani and $650,000 for Usher, each partially secured by cash. The defendants plan to jointly seek dismissal of the case. U.S. prosecutors accuse them of scheming with other traders to share sensitive client order information through phone calls and an electronic chat room known as the "Cartel" to suppress competition. Ashton was Barclays'' global head of spot currency trading, Ramchandani was Citigroup''s head of G-10 spot currency trading, and Usher had a similar role at JPMorgan, according to court papers. Ramchandani and Usher were involved in the conspiracy from roughly December 2007 to January 2013, and Ashton, from December 2011 to January 2013, according to the indictment. The case followed worldwide probes that resulted in about $10 billion in fines for several large banks, and the firing of dozens of traders. Britain''s Serious Fraud Office decided in March 2016 to close its own criminal probe, saying it lacked a "realistic prospect" of obtaining convictions. Three other traders have also been implicated in the U.S. probe. In January, former Barclays trader Jason Katz pleaded guilty to conspiring to fix currency prices, becoming the first person to admit wrongdoing. His sentencing is scheduled for Jan. 5, 2018. U.S. prosecutors also charged two one-time HSBC Holdings Plc ( HSBA.L ) foreign exchange executives last July with fraudulently trading ahead of a client''s $3.5 billion currency trade. One of the executives, Mark Johnson, pleaded not guilty to wire fraud and conspiracy charges, and faces a Sept. 18 trial. The other, Stuart Scott, was arrested by British authorities last month and has denied wrongdoing. The case is U.S. v. Usher et al, U.S. District Court, Southern District of New York, No. 17-cr-00019. Editing by Jeffrey Benkoe'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-forex-manipulation-pleas-idUKKBN1A21VT'|'2017-07-17T20:12:00.000+03:00'
'73dac5b3302495fd63bc11c802c05d6c9dfa266b'|'Gold steady as cloudy U.S. rate hike outlook drags on dollar'|'July 18, 2017 / 1:00 AM / 3 hours ago Gold at 2-week high as cloudy U.S. rate hike outlook drags on dollar 3 Min Read An ounce of gold coin is pictured next to a 250g and a 500g ingots at Jolliet numismatic shop in Geneva November 19, 2014. Denis Balibouse BENGALURU (Reuters) - Gold prices rose to a two-week high on Tuesday as the dollar dipped to multi-month lows amid fading prospects of further rate hikes by the U.S. Federal Reserve this year and doubts whether President Donald Trump would be able to push through healthcare reforms. The U.S. dollar sank to a 10-month low against a basket of major currencies on Tuesday, hobbled by uncertainty over the pace of the Fed''s policy tightening and setbacks to the passage of a U.S. healthcare bill. "With the street repricing its U.S. interest rate outlook following soft data and a dovish Yellen, and with President Donald Trump''s reflationary reforms seemingly lost in the legislative Bermuda Triangle of Congress, a weaker U.S. dollar should continue to support gold," said Jeffrey Halley, a senior market analyst at OANDA. Republicans in the U.S. Congress were in chaos over healthcare legislation after a second attempt to pass a bill in the Senate collapsed late on Monday, with President Donald Trump calling for an outright repeal of Obamacare and others seeking a change in direction toward bipartisanship. Spot gold was up 0.3 percent to $1,237.66 per ounce at 0631 GMT, after touching $1,238.76, the highest since July 3, earlier in the session. U.S. gold futures for August delivery rose 0.3 percent to $1,236.80 per ounce. "At this moment, gold is likely to be in the trading range of $1,200-1,250," said Mark To, head of research at Hong Kong''s Wing Fung Financial Group. Prices of the metal are unlikely to significantly break above these levels since there are no other major drivers, including geopolitical factors, for gold as of now, he added. Spot gold faces a resistance at $1,239 per ounce, and may temporarily hover below this level or retrace towards a support at $1,226, according to Reuters technical analyst Wang Tao. Meanwhile, SPDR Gold Trust, the world''s largest gold-backed exchange-traded fund, said its holdings fell 0.21 percent to 827.07 tonnes on Monday from 828.84 tonnes on Friday. In other precious metals, silver rose 0.4 percent to $16.14 per ounce, after earlier touching its highest in just over two weeks at $16.23. Platinum rose 0.3 percent to $923.80 per ounce. It had touched an over one-month high of $934.40 in the previous session. Palladium was mostly unchanged at $864.98 per ounce. Reporting by Arpan Varghese in Bengaluru; Editing by Sunil Nair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN1A303H'|'2017-07-18T04:00:00.000+03:00'
'8f270829b7632b204c7e78e768dbf53e358d4fbd'|'EU, Britain to present post-Brexit plan to split WTO membership'|'July 17, 2017 / 1:09 PM / 4 hours ago EU and Britain to present post-Brexit plan on WTO membership Tom Miles 3 Min Read Flags are seen at the EU Commission headquarters ahead of a first full round of talks on Brexit, Britain''s divorce terms from the European Union, in Brussels, Belgium July 17, 2017. Yves Herman GENEVA (Reuters) - The European Union and Britain plan to put forward a joint proposal for reform of the terms of their World Trade Organization (WTO) membership in September or October, an EU source said on Monday, as London negotiates to leave the EU. The two sides are also discussing sharing liabilities from trade disputes including WTO litigation over Airbus ( AIR.PA ) subsidies in a long-running case with the United States, the EU source said. “Currently we are in talks with the United Kingdom to come to a joint approach on the matter, on all the aspects of the divorce, with regard to the WTO. And I would think that, come the month of September/October, we will be able to come jointly to the rest of the (WTO) membership,” the EU source said, speaking on condition of anonymity. The joint approach would address aspects of the EU''s WTO membership terms, known as its WTO "schedules", that are not easily split between Britain and the other 27 EU members: agricultural tariff quotas, agricultural subsidies and commitments on services trade. “The plan is (that) we would explain together how we would see the disentanglement of the United Kingdom from the EU commitments and schedules,” the source said. The joint approach would also deal with Britain''s wish to join the WTO''s Government Procurement Agreement, which liberalises access to procurement markets between signatories. The EU is a member of the agreement but Britain is not. Asked how important it was to finalize revision of the WTO terms of membership before the EU and Britain formally divorce, the source said: “I have the impression that the United Kingdom believes that is important.” Britain''s Brexit minister, David Davis, pledged to "get down to work" as he kicked off a first full round of negotiations in Brussels on Monday but, a year after Britons voted to leave the EU, their government seemed at war with itself over the divorce terms. Britain also faces a multi-billion euro bill as it leaves the EU, to cover ongoing commitments. One of those costs may be a provision to cover damages that could be awarded to the United States in the world''s largest trade dispute, the 13-year-old battle over allegedly illegal subsidies to plane giants Airbus and Seattle-based Boeing ( BA.N ). "I think that is also part of the discussion," the EU source said, without giving any details. "I''m not sure that will be clarified already. I think we''re now working first and foremost on schedules." Reporting by Tom Miles; writing by Stephanie Nebehay; Editing by Kevin Liffey 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-wto-idUSKBN1A21AF'|'2017-07-17T15:59:00.000+03:00'
'de4f367bbb5931babb379ab5a8ec7dec902c7be8'|'Unilever vies with Hormel to buy Reckitt food unit -Sunday Times'|'July 16, 2017 / 9:03 AM / 9 hours ago Unilever vies with Hormel to buy Reckitt food unit -Sunday Times 1 Min Read The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. Brendan McDermid/Files LONDON (Reuters) - Anglo-Dutch conglomerate Unilever is vying with U.S. canned meat producer Hormel Foods Corp to buy the foods division of British consumer goods maker Reckitt Benckiser, the Sunday Times newspaper reported, citing sources. Unilever and Hormel are front-runners in a deal that is likely to top 2.2 billion pounds ($2.9 billion), the unidentified sources told the Sunday Times. Earlier this month Reckitt, which owns the French''s mustard brand, trimmed its sales forecasts, becoming one of the first companies to put a cost on a global cyber attack in June that disrupted its manufacturing and distribution. ($1 = 0.7632 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/reckitt-benc-grp-foods-m-a-idINKBN1A109P'|'2017-07-16T12:02:00.000+03:00'
'e542f4ab1b057434214d1e12b87c8bd0ddbeeb4d'|'Citigroup profit beats on smaller drop in trading revenue'|'July 14, 2017 / 11:56 AM / 2 hours ago Citigroup profit beats on smaller drop in trading revenue 3 Min Read A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. Mike Segar/Files (Reuters) - Citigroup Inc ( C.N ) reported a quarterly profit that beat analysts'' estimates as trading revenue held up better than the company''s forecast and loans grew. The lender said markets revenue declined about 7 percent in the second quarter from a year earlier, smaller than the 12 percent drop Chief Financial Officer John Gerspach had projected at a conference two weeks before the end of the quarter. Client trading surged a year earlier around UK''s Brexit vote. The fourth-biggest U.S. bank by assets said on Friday net income fell 3.2 percent to $3.87 billion in the second quarter ended June 30. Earnings per share was $1.28, topping analysts'' average estimate of $1.21, according to Thomson Reuters I/B/E/S. JPMorgan Chase & Co ( JPM.N ), the biggest U.S. bank by assets, also reported a better-than-expected rise in quarterly profit earlier on Friday, helped by higher interest rates and loan growth that cushioned a decline in trading. Citigroup''s total revenue rose 2 percent to $17.90 billion and beat estimates of $17.37 billion. Fixed-income trading revenue fell 6 percent, while equity trading revenue dropped 11 percent. Loans at the end of the period were up about 2 percent from a year earlier, as well from the end of March, indicating a new momentum for lending. Operating expenses rose 1.3 percent to $10.51 billion. But the ratio of expenses to revenue remained at 59 percent. Tangible book value per share increased 6 percent to $67.32. Citigroup''s shares were nearly flat in premarket trading. Up to Thursday''s close, the stock had gained 12.8 percent this year. The shares have climbed toward their tangible book value since mid-April largely in anticipation of the company being allowed by the Federal Reserve to use excess capital to buy back stock. Citigroup got the go-ahead on June to repurchase up to $15.6 billion of common stock over the next year - nearly twice as much as the year before - as well as double its quarterly dividend to 32 cents per share, bringing total payouts to $18.9 billion for the period. Wells Fargo & Co ( WFC.N ), the third-biggest U.S. bank by assets, also reported on Friday. Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Sriraj Kalluvila 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-citigroup-results-idINKBN19Z19F'|'2017-07-14T15:14:00.000+03:00'
'557560870c8dd08e0f0bc4e49d2bbc618ba017d3'|'McCormick to buy Reckitt''s food unit for more than $4 billion - FT'|'July 18, 2017 / 10:01 PM / 38 minutes ago Reckitt cuts the mustard with $4.2 billion food business sale Martinne Geller 4 Min Read FILE PHOTO - Cooking spices manufactured by McCormick & Co. are seen in this illustration photo taken in Adelphi, Maryland March 18, 2016. Jim Bourg LONDON (Reuters) - U.S. spices maker McCormick & Co Inc ( MKC.N ) has won the battle to buy Reckitt Benckiser Group''s ( RB.L ) North American food business, paying a higher than expected $4.2 billion to add extra seasonings and sauces. London-listed Reckitt said in April it was reviewing options for the unit, which includes French''s mustard and Frank''s RedHot sauce, to cut its debt following the $16.6 billion purchase of baby formula maker Mead Johnson. The sale, announced late on Tuesday, will reduce Reckitt''s net debt to EBITDA ratio to 3.3 times from 4.1 times. It will also enable it to focus more closely on its consumer health and home brands, which include Durex condoms and Mucinex cold medicine. It gives McCormick, the maker of Lawry''s and Old Bay seasonings and Billy Bee honey, a leading position in the U.S. condiments category. At $4.2 billion, the price represents a multiple of more than 7 times the annual sales from the business and 20 times its earnings before interest, tax, depreciation and amortization. That is much higher than the long-term average of major deals in the sector, which Bernstein analysts say is 3.3 times sales and 16.2 times EBITDA. Sources had previously estimated that the business, which attracted interest from several strategic U.S. players, would fetch more than $3 billion. They also noted that private equity funds were not invited to the process as they would have had trouble competing on price with industry players. In the final stages of the auction, McCormick competed with Unilever ( ULVR.L ) and Hormel Foods ( HRL.N ), one source said on Wednesday. That source also said that PE funds would have slowed the process due to more lengthy due diligence requirements. Unilever declined to comment, while Hormel   reached. FILE PHOTO: A can of Old Bay Seasoning, one of the premier brands of spices manufactured by McCormick & Co. is seen in this illustration taken in Adelphi, Maryland March 18, 2016. Jim Bourg/File Photo RBC Capital Markets analysts said it "feels to us like a very high price for a US oriented ambient food business". Morgan Stanley analysts said the high price tag confirmed the value placed on unique assets like French''s, which is the world''s leading mustard brand. Reckitt shares were up 1.4 percent at 1100 GMT. Rating agency Moody''s said that the sale was credit positive for Reckitt as "the proceeds will be used to pay down some of the existing debt which will help faster deleverage." Maryland-based McCormick, which expects the hot sauce category to continue seeing robust growth, has been trying to expand through acquisition. Last year it approached Premier Foods ( PFD.L ), the owner of British food brands including Mr Kipling cakes and Oxo stock cubes, but was rebuffed. With this deal, McCormick expects to achieve "meaningful accretion" to margins and adjusted earnings per share, excluding transaction and integration costs. It expects cost synergies of about $50 million, most of which by 2020. McCormick said it had obtained bridge financing and expects to permanently finance the deal through a combination of debt and equity. The combined entity''s 2017 pro forma net sales are expected to be about $5 billion, McCormick said. Credit Suisse advised McCormick on the deal, while Morgan Stanley and Robey Warshaw advised Reckitt. Additional reporting by Sangameswaran S in Bengaluru and Clara Denina in London; Editing by Gopakumar Warrier/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-reckitt-food-mccormick-idUKKBN1A32GQ'|'2017-07-19T01:01:00.000+03:00'
'f862ff587d61a32e9738930215a2b4a2bdad43d3'|'Gold steady near highest in over two weeks on weaker dollar'|'July 19, 2017 / 1:07 AM / 2 hours ago Gold steadies above $1,240/oz as dollar edges off 10-month low 3 Min Read Gold bars are seen in the Austrian Mint (Muenze Oesterreich) headquarters in Vienna April 23, 2013. Leonhard Foeger LONDON (Reuters) - Gold steadied just above $1,240 an ounce on Wednesday as the dollar''s recovery from 10-month lows dampened upward momentum in the metal after three straight sessions of gains. Gold prices had risen 2 percent by late Tuesday from early Friday levels as the collapse of U.S. President Donald Trump''s healthcare bill and waning expectations for further rate hikes from the Federal Reserve this year pressured the dollar. The U.S. currency edged up 0.2 percent against the euro on Wednesday but stayed on the defensive as investors wagered any further tightening in the United States would be slow at best, while optimism on China''s economy underpinned Asian shares and commodities. Spot gold was at $1,241.92 an ounce at 1215 GMT, little changed from late on Tuesday, but off that session''s two-week peak of $1,244.56. U.S. gold futures for August delivery were down 70 cents an ounce at $1,242.20. "Up until today the dollar has been weakening quite a bit, which has been supportive for gold. Today, we''ve seen the dollar a bit stronger, so we''re seeing some weakness," ING analyst Warren Patterson said. The bank has a more optimistic view of gold prices as the year progresses, he said. "We believe a large part of the interest rate hike (and) monetary tightening expectations are already priced in, so we don''t think that should weigh too much more on gold prices." Expectations that U.S. monetary policy is on a tightening path kept gold hemmed into a narrow range in the last quarter after a strong start to the year. Signs that central banks in Europe and elsewhere are also turning away from ultra-loose monetary policies have also weighed on the precious metal. Gold is highly sensitive to rising interest rates, as these increase the opportunity cost of holding non-yielding bullion. Investment appetite for gold showed signs of softness, with holdings of the world''s largest gold-backed exchange-traded fund, SPDR Gold Shares, falling 5.6 tonnes to 821.45 tonnes on Tuesday, a low since early February. Demand in the world''s biggest gold market was quiet overnight, meanwhile, MKS said in a note. "(Traders in) China were net sellers on the day, which took the premium sub-$10 and suppressed the spot price back towards $1,241," it said. Among other precious metals, silver was up 0.2 percent at $16.285 an ounce, after touching its highest in over two weeks in the previous session. Platinum was 0.2 percent higher at $923.50 an ounce after marking its highest since mid-June on Monday, while palladium was up 0.6 percent at $868.75 an ounce. Reporting by Jan Harvey; additional reporting by Nithin Prasad and Arpan Varghese in Bengaluru, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN1A402P'|'2017-07-19T03:59:00.000+03:00'
'2a3754c0e0348c811eaaedb7c456442d3bd948bd'|'Deals of the day-Mergers and acquisitions'|'July 17, 2017 / 10:11 AM / in 10 minutes Deals of the day-Mergers and acquisitions 4 Min Read (Updates EFG, Centrica; Adds Dominion Diamond, Dalian Wanda, Arm & Hammer, Valeant) July 17 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1300 GMT on Monday: ** Canada''s Dominion Diamond Corp , the world''s third-largest diamond producer by market value, said it would be bought by The Washington Companies for $1.2 billion. ** China''s regulators have told banks to stop providing funding for several of Dalian Wanda Group''s overseas acquisitions as Beijing looks to curb the conglomerate''s offshore buying spree, sources familiar with the matter said. ** Arm & Hammer toothpaste maker Church & Dwight Co Inc said it would buy privately held Water Pik Inc, which makes oral hygiene products and shower heads, for about $1 billion in cash. ** U.S. buyout firm Carlyle Group LP said it agreed to buy airfield lighting group ADB Safegate from private equity group PAI Partners. ** French payments company Worldline has agreed to buy Swedish peer Digital River World Payments as merger activity in the payments sector picks up following this month''s takeover of Worldpay. ** Mobile advertising firm Taptica said it agreed to acquire 57 percent of Adinnovation Inc for up to $5.7 million in cash, the first Israeli acquisition of a Japanese mobile ad company. ** German publisher Axel Springer said it sold two Berlin real estate assets for 755 million euros ($864 million). ** San Miguel Corp''s billionaire president said he will buy a majority stake in the Inquirer Group of Companies, one of the Philippines'' biggest media firms and publisher of the country''s most-read broadsheet, the Philippine Daily Inquirer. ** Hong Kong media company Next Digital Ltd, founded by tycoon and outspoken Beijing critic Jimmy Lai, said it plans to sell its flagship magazine and four others to a local businessman for HK$500 million ($64 million). ** Switzerland''s EFG International and Brazil''s BTG Pactual have struck a deal on the final price for BSI Bank at just under 1 billion Swiss francs ($1.04 billion), after billions in outflows at BSI had pushed down the value of the transaction. ** Vodka maker Stock Spirits Group Plc said it would buy a 25 percent stake in the Irish business of Quintessential Brands Group for up to 18.3 million euros in cash, adding Irish whiskey to its offering. ** Ride-hailing firm Careem, a Middle East rival to Uber Technologies Inc, has bought a minority stake in a three-month-old Egyptian start-up that connects commuters with private buses in Cairo. ** BAWAG PSK, the Austrian bank owned by private equity group Cerberus Capital Management, bought German regional lender Suedwestbank for an undisclosed price to expand its network in western Europe, BAWAG said. ** Centrica has agreed with Bayerngas Norge to merge the companies'' North Sea assets, creating the region''s largest non-major oil and gas producer and allowing Centrica access to younger fields and to lower its decommissioning liabilities. ** Cable manufacturer General Cable Corp announced on Sunday a review of strategic alternatives that could include a potential sale of the company. ** Oaktree Capital Management placed an investment stake in Australian drilling services company DDH1 Drilling Pty Ltd, the drilling company announced in a statement on Sunday. ** Valeant Pharmaceuticals International Inc, said it would sell its Obagi Medical Products business to Haitong International Zhonghua Finance Acquisition Fund I LP for $190 million in cash, as part of the Canadian drugmaker''s efforts to cut down its debt. (Compiled by Laharee Chatterjee in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1K83B9'|'2017-07-17T16:12:00.000+03:00'
'9717347c53fd61859adab7cc59a882f7164bb82d'|'Lufthansa lifts profit target on bumper summer bookings'|'July 17, 2017 / 6:24 PM / in 13 minutes Lufthansa lifts profit target on bumper summer bookings Reuters Staff 1 Min Read The logo of German airline Lufthansa is seen before the company''s annual news conference at the airport in Munich, Germany, March 16, 2017. Michaela Rehle/ File Photo BERLIN/FRANKFURT (Reuters) - German airline Lufthansa ( LHAG.DE ) increased its profit target for 2017 after a busy summer for bookings that has been boosted by demand on North American routes and a strong Germany economy. The airline now expects its full-year adjusted earnings before interest and tax (EBIT) to exceed the 2016 level of 1.75 billion euros (1.54 billion pounds), it said in a statement on Monday. Lufthansa previously said it expected adjusted EBIT to fall slightly this year. It is due to report full second quarter results on Aug. 2. Reporting by Victoria Bryan and Maria Sheahan; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lufthansa-results-idUKKBN1A21ZH'|'2017-07-17T21:24:00.000+03:00'
'f54d100c0233264559d86cc63e1134e3f3d0ba6d'|'Telenor, Weir Group lead European shares higher'|'July 17, 2017 / 7:38 AM / an hour ago Telenor, Weir Group lead European shares higher 2 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, July 14, 2017. Staff/Remote LONDON (Reuters) - European shares nudged higher in early deals on Monday, though trading was characterized by thin volumes as a busy few weeks of earnings reports from top regional and U.S. firms gets underway. The pan-European STOXX 600 index rose 0.2 percent, while the blue chips struggled to hold slim gains. Last week, European indices enjoyed their strongest week in more than two months as investors quickly bought the dip spurred by central banks turning slightly hawkish. Second-quarter results season kicked off in the U.S. last Friday with numbers from Citigroup and JPMorgan. Analysts are expecting earnings to grow 9 percent year-on-year for European firms, compared with 8 percent for the U.S., according to Thomson Reuters I/B/E/S. Updates from some Nordic firms spurred some sizeable moves, however, with shares in Norway''s Telenor jumping more than 7 percent. The telecoms firm raised its outlook for 2017 earnings margins after its operating results beat expectations. Likewise shares in British engineer Weir Group rose 6.4 percent after it increased forecasts for its oil and gas units. On the downside, shares in Swedish medical technology firm Getinge dropped nearly 7 percent after its second quarter core profits lagged forecasts. While almost every sector was in positive territory, basic resources were the biggest gainers, up around 1 percent with miners Anglo American, Norsk Hydro and Glencore leading the charge higher after the price of copper hit a three-and-a-half month high following strong Chinese GDP figures, the world''s biggest consumer of metals. Volatile trading continued for trouble UK midcap construction services firm Carillion which appointed EY to help with its strategic review. The stock, which has lost two-third of its value over the past week, rose 7 percent in early trades. Reporting by Kit Rees, Editing by Vikram Subhedar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-europe-stocks-idUSKBN1A20KT'|'2017-07-17T10:30:00.000+03:00'
'427393871076502dbcd790aafdf087f6d5854791'|'GSK looks to sell small UK Horlicks business -source'|'July 19, 2017 / 10:25 AM / 2 hours ago GSK looks to sell small UK Horlicks business -source 1 Min Read LONDON, July 19 (Reuters) - GlaxoSmithKline is planning to sell its small Horlicks business in Britain but will retain the much larger operation in India, where the nutritional brand is growing strongly, a source familiar with the situation said on Wednesday. The move dovetails with another move by new Chief Executive Officer Emma Walmsley to divest the MaxiNutrition sports nutrition brand. The company declined to comment. Reporting by Ben Hirschler; Editing by Keith Weir 0 : 0 '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/gsk-horlicks-idUSL5N1KA2HE'|'2017-07-19T18:25:00.000+03:00'
'465297ee99ae396bc0d5c4ab97b21eb90348e4a0'|'Asia shares rise on accommodative Fed, China stocks narrow losses on strong GDP'|'July 17, 2017 / 2:39 AM / 12 minutes ago World shares hit record as strong China data lifts copper 3 Min Read Floor traders work during afternoon trading at the Hong Kong Stock Exchange November 6, 2013. Bobby Yip/Files NEW YORK (Reuters) - A gauge of world stocks hit a record high on Monday while copper prices surged to their highest levels in more than four months after robust growth data in China. China''s economy expanded at a faster-than-expected 6.9 percent clip in the second quarter, setting the country on course to comfortably meet its 2017 growth target. Commodity prices were also buoyed as the dollar fell to a 10-month low before steadying. MSCI''s broadest index of Asia-Pacific shares outside Japan hit a two-year high, as MSCI''s gauge of stocks across the globe gained 0.13 percent and set a record. Wall Street opened slightly higher as investors braced for a flood of second-quarter earnings reports later in the week. "The market from a big picture perspective is just waiting on earnings," said Walter Todd,   at Greenwood Capital Associates in Greenwood, South Carolina. "Can companies continue to follow through with what was a very good earnings season in Q1? I think that’s what investors are looking for." The Dow Jones Industrial Average rose 10.93 points, or 0.05 percent, to 21,648.67, the S&P 500 gained 2.38 points, or 0.10 percent, to 2,461.65 and the Nasdaq Composite added 3.61 points, or 0.06 percent, to 6,316.08. Shares of BlackRock fell 3.1 pct after the quarterly report from the world''s biggest asset manager fell short of Wall Street''s forecasts. Analysts expect that earnings for S&P 500 companies rose 8.2 percent in the second quarter, according to Thomson Reuters I/B/E/S. Emerging market stocks rose 0.37 percent. The pan-European FTSEurofirst 300 index lost 0.03 percent. Shares of miners Anglo American and Glencore gained, supported by the strong China data and rising copper prices. Copper rose 1.52 percent to $6,016.00 a tonne, touching its highest level since early March. Among other commodities, U.S. crude fell 0.09 percent to $46.50 per barrel and Brent was last at $48.90, down 0.02 percent on the day. Fewer drilling rigs were added in the United States last week, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts. Investors were also digesting U.S. data from Friday pointing to tame inflation and soft domestic demand that diminished prospects of a third interest rate increase from the Federal Reserve this year. U.S. Treasury yields were little changed to slightly higher, trading in narrow ranges, after a fairly volatile week. "We''re still trading off the weak inflation and retail sales data from Friday, although the market is trying to figure what to do next," said Gennadiy Goldberg, interest rates strategist, at TD Securities in New York. Benchmark 10-year notes last fell 3/32 in price to yield 2.3283 percent, from 2.319 percent late on Friday. The dollar was flat against a basket of currencies after falling to a 10-month low earlier in the session. The euro up 0.04 percent at $1.1472.   Gertrude Chavez-Dreyfuss in New York and Marc Jones in London; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1A205O'|'2017-07-17T05:37:00.000+03:00'
'5974230ac32279ea55fbd03fc6196ed4ee32edf4'|'Western Digital CEO meeting Japan officials over Toshiba row - sources'|'July 18, 2017 / 2:31 PM / 16 minutes ago Western Digital CEO meeting Japan officials over Toshiba row: sources Reuters Staff 1 Min Read FILE PHOTO: A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017. Mike Blake/File Photo TOKYO (Reuters) - Western Digital Corp''s top executive is in Japan to meet government officials, aiming to resolve a dispute with Toshiba Corp over the Japanese company''s planned sale of its chip business, sources familiar with the matter said on Tuesday. Toshiba and joint venture partner Western Digital are at loggerheads over the sale of the chip unit - the world''s second-largest producer of NAND chips. Toshiba is counting on the sale to cover billions of dollars in cost overruns at its now bankrupt U.S. nuclear unit Westinghouse, while Western Digital says any deal would require its consent. Western Digital CEO Steve Milligan is meeting with officials who were recently appointed to senior positions at the Ministry of Economy, Trade and Industry (METI) in a reshuffle, the sources said. Reporting by Taiga Uranaka and Makiko Yamazaki; Editing by Ritsuko Ando and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-western-digital-idUKKBN1A31LA'|'2017-07-18T17:29:00.000+03:00'
'8efad58f94e9e5296e9a0cab2107522f1d3fc25f'|'Trump vows to protect ''Made in America'' products'|'July 18, 2017 / 5:20 AM / 2 hours ago Trump vows to protect ''Made in America'' products Roberta Rampton 3 Min Read U.S. President Donald Trump wears a cowboy hat as attends a "Made in America" products showcase event at the White House in Washington, U.S., July 17, 2017. Carlos Barria WASHINGTON (Reuters) - President Donald Trump promised on Monday he would take more legal and regulatory steps during the next six months to protect American manufacturers, lashing out against trade deals and trade practices he said have hurt U.S. companies. Trump climbed into an American-made fire truck parked behind the White House, took a swing with a baseball bat in the Blue Room, and briefly donned a customized Stetson cowboy hat in front of cheering manufacturing company executives from all 50 states gathered to hear him praise their products. "I want to make a pledge to each and every one of you: No longer are we going to allow other countries to break the rules, steal our jobs and drain our wealth," Trump said. He was speaking to a trade show - albeit one with a protectionist bent - organized by the White House to spotlight his efforts to revive the flagging manufacturing sector. Trump''s remarks came as his administration laid out its priorities for revising the North American Free Trade Agreement (NAFTA) with Canada and Mexico. Trump is also reviewing options to restrict steel imports. Trump did not give details about what his administration would do to protect manufacturers, but he railed against tariffs charged by other countries and unfair trade practices. "That includes cracking down on the predatory online sales of foreign goods, which is absolutely killing our shoppers and our shopping centers," he said. "If you look at what is going on with shopping centers and stores and jobs and stores, it’s been very, very tough for them. They’ve have had a very hard time, closing at numbers and records that have never been seen before," he said. It was unclear what Trump meant by stopping "predatory online sales," and the White House did not immediately respond to a request for more information on that subject. Trump spoke in front of a panoply of iconic American-made products: Gibson guitars, Maryland crab pots, a Delaware-made NASA space suit and Cheerwine soda. "Your drivers are very good," Trump said to a representative of Ping, the Arizona-based maker of golf clubs, noting that he had golfed with British pro golfer Lee Westwood, who is a fan. He discussed sales of Sikorsky helicopters - "I have three of them!" he said, lifted horseshoes made with Nucor Corp steel, and strolled past vacuum-sealed Omaha steaks. He told the manufacturers that he was working for a "level playing field" for their wares. "But if the playing field were slanted like a little bit toward us, I''d accept that also," Trump said. Reporting by Roberta Rampton; Editing by Jonathan Oatis 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trade-manufacturing-idINKBN1A30D0'|'2017-07-18T08:20:00.000+03:00'
'175d74b9fda3c89fbfda2249ac26ea9f01c733b6'|'Stretched supply chain curbs Volvo margins as demand for trucks surges'|'Edition United States July 19, 2017 / 5:32 AM / 3 minutes ago Stretched supply chain curbs Volvo margins as demand for trucks surges Niklas Pollard and Johannes Hellstrom 4 Min Read FILE PHOTO - The logo of Volvo is seen on the front grill of a Volvo truck in a customer showroom at the company''s headquarters in Gothenburg, Sweden, September 23, 2008. Bob Strong/File Photo STOCKHOLM (Reuters) - Sweden''s Volvo ( VOLVb.ST ) said on Wednesday that a stretched supply chain and extra costs to meet strong demand for its trucks dented margins in the second quarter, even as it reported a rise in profits and order intake. Shares in Volvo, which competes with Germany''s Daimler ( DAIGn.DE ) and Volkswagen ( VOWG_p.DE ), have risen nearly 40 percent this year on robust demand and better margins following a 10-billion-crown cost-cutting drive. Adjusted operating profit rose to 8.54 billion Swedish crowns ($1.03 billion) from 6.13 billion, just pipping the 8.48 billion forecast of analysts polled by Reuters. But the operating margin in its trucks headline business, which accounts for nearly two thirds of group sales, narrowed to 9.6 percent from 10 percent, weighing on Volvo shares, which were down 5.7 percent by 1030 GMT. Order intake of trucks under brands such as Volvo, Mack and Renault shot up 22 percent in the second quarter, beating the 12 percent increase forecast by analysts. Chief Executive Martin Lundstedt said the extra costs for overtime and express transport had mostly hit its European truck manufacturing and that supplies of components for powertrains - the engine and axle - had been very stretched. He declined to give any figures for the extra costs. "It will cause a number of challenges also during the third quarter, but I think we should see it as something coming with a good situation in demand and primarily then in the European production system," he said on a conference call. In Europe, a strengthening economy has spurred investment by fleet operators which had restrained spending during the eurozone crisis, while in North America demand is picking up as inventories fall and average fleet ages rise. "If you want to point to weaknesses, results in Trucks are softer than expected, above all in terms of the margins," Handelsbanken Capital Markets analyst Hampus Engellau said. "The real positive is that order intake is so strong." Sweden''s biggest company by revenue raised its 2017 sales outlook for the North American heavy truck market to 225,000 trucks from 215,000 and kept its guidance for robust industry-wide sales of 300,000 trucks in Europe. Volvo is the first of Europe''s major truck makers to release second-quarter results. Daimler and Volkswagen, as well as Iveco trucks maker CNH Industrial ( CNHI.MI ) and U.S. company Paccar Inc ( PCAR.O ), whose brands include Peterbilt and Kenworth, all report next week. Volvo is on track to record its highest annual level of profitability since the 1999 sale of its car business, now owned by China''s Zhejiang Geely Holding Group [GEELY.UL]. Gothenburg-based Volvo reported an adjusted operating margin of 9.7 percent in the second quarter, up from 7.8 percent a year ago, in line with analysts'' expectations and helped by a jump in profitability at the group''s construction equipment arm. A recovery in demand in China has helped bolster order intake and profits at Volvo Construction Equipment after several weak years and the company raised its market outlook in the world''s second-biggest economy for a second straight quarter. Reporting by Niklas Pollard and Johannes Hellstrom; editing by Jason Neely and Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volvo-results-idUKKBN1A40C5'|'2017-07-19T13:36:00.000+03:00'
'0f36b996137274d59ed3e5b95a9d9831c1702fad'|'UPDATE 1-UK Stocks-Factors to watch on July 19'|'July 19, 2017 / 6:42 AM / 5 hours ago UPDATE 1-UK Stocks-Factors to watch on July 19 4 Min Read (Adds company news items and futures) July 19 (Reuters) - Britain''s FTSE 100 index is seen opening 26 points higher at 7,416.3 on Wednesday, according to financial bookmakers, with futures FFIc1 up 0.3 percent ahead of the cash market open. * AVIVA: Aviva, Britain''s biggest life insurer, said it would sell Friends Provident International (FPIL), which provides life assurance and investment products in Asia and the Middle East, to a unit of International Financial Group for 340 million pounds ($443 million). * TALKTALK: British broadband operator TalkTalk said on Wednesday it added 20,000 broadband customers on its network in its first quarter while churn fell to 1.2 percent, helped by take-up of its fixed low price plans. * MORGAN SINDALL: British construction company Morgan Sindall expects full-year results to be significantly ahead of its expectations, it said on Wednesday, citing a strong performance by its office installation and refurbishment business. * RPC GROUP: British packaging company RPC Group Plc said first quarter revenue was "well ahead" of last year helped by acquisitions and favourable currency movements. * DRAX: British power producer Drax reported a half-year pretax loss on Wednesday after a one-off hit on foreign exchange hedging. * RECKITT BENCKISER: McCormick & Co Inc said it would buy the food business of British consumer goods conglomerate Reckitt Benckiser Group Plc for $4.2 billion to expand its footprint in the attractive condiments category. * BP: BP Plc is considering an initial public offering of its vast U.S. Midwest and Gulf Coast pipeline assets, the company said on Tuesday, a move that would raise cash. * BHP BILLITON: BHP Billiton''s fiscal fourth quarter iron ore output rose 8 percent from a year ago, enabling the world''s third largest producer to meet its full-year guidance and set a bigger target for the current year. * BHP BILLITON: Vale SA on Tuesday said a Brazilian judge suspended a lawsuit over the miner Samarco Mineração SA''s dam collapse in November 2015. Samarco is owned by Vale and BHP Billiton. * BP: Argentina''s state-run oil firm YPF SA, France''s Total SA , Wintershall Energía SA and BP unit Pan American Energy LLC announced a $1.15 billion joint investment on Tuesday to increase shale gas production. * ANTOFAGASTA: Workers at Chile''s Zaldivar copper mine, owned by Antofagasta Plc, will vote on a new contract offer later this week, the union said on Tuesday, after a vote to strike last week prompted government-mediated negotiations. * GLENCORE: Sanjeev Gupta, the Liberty House metals tycoon whose family owns GFG Alliance, has confirmed that the group has made a bid for Glencore''s Tahmoor coking coal mine in Australia, the Financial Times reported. on.ft.com/2vzW8Kb * BRITAIN INFLATION: British inflation unexpectedly slowed last month for the first time since October, dousing expectations among investors that the Bank of England might soon raise interest rates for the first time in a decade. * OIL: Oil prices fell on Wednesday after a rise in U.S. crude inventories and ongoing high output from OPEC producers revived concerns of a fuel supply overhang. * The UK blue chip index FTSE 100 ended down 0.2 percent at 7,390.22 on Tuesday, after falls in financial stocks outweighed the effect of easing inflation and positive earnings updates from Royal Mail and British Land. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets Today''s Uk Papers > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1KA2DZ'|'2017-07-19T09:41:00.000+03:00'
'08eddfb323b9ab28c957dafafe2447a1dea2333f'|'OPEC governors pick Saudi candidate as research head - sources'|'July 18, 2017 / 12:41 PM / 26 minutes ago OPEC governors pick Saudi candidate as research head - sources 1 Min Read FILE PHOTO: OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. Ramzi Boudina/File Photo DUBAI/LONDON (Reuters) - OPEC''s board of governors has picked Saudi Arabia''s candidate, Ayed al-Qahtani, to be the oil exporter group''s new head of research, two OPEC sources said on Tuesday. Three other members of the Organization of the Petroleum Exporting Countries - Qatar, Iraq and Libya - had also fielded candidates for the position, which is OPEC''s second most senior after the secretary general. Al-Qahtani works at the Saudi Ministry of Energy and is a member of the Saudi OPEC delegation. He has also worked for state oil company Aramco, where he was in charge of its global economic and energy outlooks and scenarios. OPEC governors are meeting at the group''s Vienna headquarters on Tuesday and the talks are continuing, sources said. Reporting by Rania El Gamal and Alex Lawler; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/opec-research-idINKBN1A319Y'|'2017-07-18T15:41:00.000+03:00'
'ef4df3f6fb55a768262dd28dae11a57e6dc90f5f'|'Corporate tax reform negotiators aim above Trump''s 15 percent pledge'|'FILE PHOTO: U.S. President-elect Donald Trump addresses the "Make America Great Again! Welcome Celebration" at the Lincoln Memorial in Washington, U.S., January 19, 2017. Mike Segar/File Photo WASHINGTON (Reuters) - President Donald Trump campaigned on cutting the U.S. corporate tax rate to 15 percent, but administration officials said on Monday negotiators engaged in closed-door talks are now shooting for a little over 20 percent because they realize the super-low rate would balloon the federal deficit. Republican leaders in the House of Representatives and the Senate are unlikely to allow the budget deficit to grow, so officials said they now hope for a corporate tax at the low end of a 20 percent to 25 percent range. "It''s going to be truly deficit neutral," House Ways and Means Committee Chairman Kevin Brady told reporters. "We''re going for permanence. That means our reforms have to balance in the budget." Six months into Trump’s presidency, Republicans who control House, Senate and the White House have yet to agree on important features of a tax code overhaul. Under Senate rules, Republicans who want to take advantage of their simple majority and pass tax legislation without Democratic support must show the new policies will not add to the federal deficit after 10 years. Cutting the corporate tax rate to 15 percent from a current 35 percent would cost more than $2 trillion over a decade, according to independent analysts, and that total would be hard to offset when proposals to raise revenue face broad political opposition. "I don’t think there are $2 trillion of politically saleable offsets on the corporate side of the ledger," said Rohit Kumar, a former aide to Senate Republican leader Mitch McConnell who now serves as a principal in the tax policy group at the consulting and accounting firm PwC LLP. Two House Republican proposals could help pay for such a reduction: a border adjustment tax and a proposed elimination of business deduction of debt interest payments. But these face broad opposition from industry and many Republican lawmakers. Administration officials hope the negotiators will agree on a plan by the end of July, convert it to legislation during August, unveil it in September and have Trump sign it into law well before the end of 2017. Independent analysts and lobbyists say a more likely timeline would see the release of tax legislation in October or November and a vote in early 2018. The negotiators, Brady, Treasury Secretary Steven Mnuchin, White House economic adviser Gary Cohn, House Speaker Paul Ryan, Senate Republican leader Mitch McConnell and Senate Finance Committee Chair Orrin Hatch, have yet to agree on a new corporate tax rate or how to pay for tax cuts. They also have yet to agree on which tax breaks to eliminate or whether to include a controversial border tax on imports. They want to end taxation on the foreign profits of U.S. multinational corporations and must agree on a measure to stop U.S. corporations from moving headquarters and shifting profits overseas. Lobbyists say the group is likely to consider a minimum tax on foreign corporate earnings as an alternative to the border tax. Some Republicans in Congress acknowledge that it will be a challenge to identify tax code changes that can unite party factions now battling over healthcare and a fiscal 2018 budget that includes a legislative tool crucial for passing tax legislation without Democratic votes. "The question is, can we get a framework that has a chance of passage? And the answer to that is, we''ll see," Hatch told reporters after taking part in a principals meeting last week. Reporting by David Morgan; Editing by Chris Sanders and David Gregorio '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-tax-idUSKBN1A22BY'|'2017-07-18T01:47:00.000+03:00'
'70e7519a4c0b50a7bba51b5c87ef148dd0aea443'|'Three buyout funds prepare final bids for Shop Direct - sources'|'LONDON (Reuters) - Three buyout funds are preparing binding offers for British online retailer Shop Direct, a business valued at up to 3 billion pounds ($3.90 billion) by its billionaire owners, twin brothers David and Frederick Barclay, sources familiar with the situation told Reuters.Hellman & Friedman, BC Partners and Apax have made it to the final stages of an auction process which was launched earlier this year by Swiss investment bank UBS ( UBSG.S ), they said.The three private equity investors are putting the finishing touches to their rival offers ahead of a July 19 deadline, the sources said, cautioning that price expectations might be hard to match.The company''s 3 billion pound price tag and its exposure to the consumer credit market, which is facing tighter regulation and a possible spending slowdown after Britain leaves the European Union, have raised concern among prospective bidders that final offers may fall short of expectations, the sources said.Shop Direct, Hellman & Friedman, BC Partners and Apax declined to comment.The Barclay brothers have backed the British retailer for almost 15 years. They first acquired Littlewoods, one of the company''s main brands, in 2002 from the Moores family and went on merging it with home shopping firm, ARG Equation - part of former retail group GUS - to create what now ranks as one of the largest online retailers in Britain.Based in Speke, near Liverpool in north west England, Shop Direct has a number of brands which include shopping sites Very.co.uk, VeryExclusive.co.uk and Littlewoods.com and generates overall annual sales of about 1.9 billion pounds.Last year, the business increased its earnings before interest, tax, depreciation and amortization (EBITDA) by 18 percent to 230.5 million pounds and its owners are aiming for a valuation that represents at least 13 times its EBITDA, the sources said.The sales process initially drew interest from a large number of private equity investors who later walked away amid pricing challenges and growing concern over the future of Shop Direct''s large stream of consumer credit revenues, the sources said.The Barclay brothers have diversified their investment portfolio to include substantial interests in media and property beside retail. The identical twins control The Telegraph Media Group and the Ritz Hotel in London.Reporting By Pamela Barbaglia. Editing by Jane Merriman '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-shop-direct-m-a-idUSKBN1A31RW'|'2017-07-18T18:32:00.000+03:00'
'0106c7bf7ad5e56d73e2404a92719be01be2b02f'|'Toshiba shares jump; no immediate injunction for Western Digital in chip sale'|'July 18, 2017 / 12:35 AM / in 5 hours Toshiba shares surge after Greenlight stake, U.S. court hearing Reuters Staff 2 Min Read FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company''s headquarters in Tokyo, Japan, February 14, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Toshiba Corp shares jumped on Tuesday after a U.S. hedge fund said it had added a stake and after Western Digital Corp did not gain an immediate injunction to block the $18 billion sale of the Japanese conglomerate''s chip unit. Toshiba may be worth as much as 400 yen per share once it resolves a legal dispute with Western Digital over the sale of its chip business, the U.S. hedge fund, Greenlight Capital said on Friday. Toshiba''s shares climbed 6.6 percent in Tuesday morning trade to trade at 246.8 yen. The Tokyo market was closed on Monday for a national holiday. Western Digital, which is Toshiba''s memory chip joint venture partner, sued Toshiba in a U.S. court in mid-June, arguing that Toshiba needs its consent to sell the business. At the hearing on Friday, Judge Harold Kahn postponed a decision on whether to grant an injunction and proposed requiring Toshiba to give Western Digital two weeks notice before closing the sale. Toshiba is scrambling to complete the sale to help cover billions in losses at its now-bankrupt Westinghouse''s nuclear unit. Reporting by Taiga Uranaka; Editing by Chang-Ran Kim and Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN1A302F'|'2017-07-18T03:28:00.000+03:00'
'18edd2a685e32efe900640b9db2b2f518978997c'|'India raises tax on cigarettes'|'July 18, 2017 / 3:57 AM / 5 hours ago India raises tax on cigarettes 1 Min Read A man smokes a cigarette along a road in Mumbai, India, October 26, 2016. Danish Siddiqui/File Photo NEW DELHI (Reuters) - India has raised the total tax on cigarettes resulting in an increase of as much as 792 rupees ($12.31) for every 1,000 cigarettes, adding about 50 billion rupees ($777 million) in revenues for the government, finance minister Arun Jaitley said. The higher rate will be effective from July 18, Jaitley told reporters in New Delhi on Monday. The new tax rate is part of a new Goods and Service Tax (GST) unveiled on July 1 in the country''s biggest tax reform in the 70 years since independence. After GST was rolled out, cigarettes initially became cheaper because the total tax burden had come down by about 6-7 percent. The tax was increased after an uproar from anti-tobacco and several health groups. ($1 = 64.3400 Indian rupees) Reporting by Aditi Shah. Editing by Jane Merriman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-cigarettes-tax-idINKBN1A309K'|'2017-07-17T19:24:00.000+03:00'
'd8ad97d2deda29fb3189db3928417bf5b4851e14'|'London forex traders plead not guilty to U.S. rigging charges'|'July 17, 2017 / 5:12 PM / 5 hours ago London forex traders plead not guilty to U.S. rigging charges Jonathan Stempel 3 Min Read Chris Ashton, (C) former London-based trader for Barclays Plc, exits the U.S. Federal Court in Manhattan following a hearing for conspiring to rig prices in the foreign exchange market in New York City, U.S., July 17, 2017. Brendan McDermid NEW YORK (Reuters) - Three former London-based traders pleaded not guilty on Monday to U.S. charges they conspired to rig prices in the roughly $5 trillion foreign exchange market. Chris Ashton, Rohan Ramchandani and Richard Usher, who worked at Barclays Plc, Citigroup Inc and JPMorgan Chase & Co, respectively, entered their pleas through their lawyers before U.S. District Judge Richard Berman in Manhattan. The defendants were charged in January, and agreed last month to appear in Manhattan rather than fight extradition. According to prosecutors, the defendants schemed with other traders to share sensitive client order information through phone calls and an electronic chat room known as the "Cartel" to suppress competition. Ashton was Barclays'' global head of spot currency trading, Ramchandani was Citigroup''s head of G-10 spot currency trading, and Usher was chief currency spot trader at JPMorgan. Ramchandani and Usher were involved in the conspiracy from roughly December 2007 to January 2013, and Ashton from December 2011 to January 2013, according to the indictment. Bail was set at $200,000 for Ashton, $1 million for Ramchandani and $650,000 for Usher. Berman ordered the defendants to next appear in court on Nov. 9, and set a June 4, 2018 trial date. Chris Ashton, former London-based trader for Barclays Plc, exits the U.S. Federal Court in Manhattan following a hearing for conspiring to rig prices in the foreign exchange market in New York City, U.S., July 17, 2017. Brendan McDermid The case followed worldwide probes that resulted in about $10 billion in fines for several large banks and the firing of dozens of traders. Britain''s Serious Fraud Office decided in March 2016 to close its own criminal probe, saying it lacked a "realistic prospect" of obtaining convictions. In separate statements, lawyers for Ramchandani and Usher said their clients waived extradition to contest the charges and clear their names. A lawyer for Ashton declined to comment. Chris Ashton, former London-based trader for Barclays Plc, exits the U.S. Federal Court in Manhattan following a hearing for conspiring to rig prices in the foreign exchange market in New York City, U.S., July 17, 2017. Brendan McDermid The defendants plan to jointly seek dismissal of the case. Three other traders have also been implicated in the U.S. probe. In January, former Barclays trader Jason Katz pleaded guilty to conspiring to fix currency prices, becoming the first person to admit wrongdoing. His sentencing is scheduled for Jan. 5, 2018. U.S. prosecutors also charged two one-time HSBC Holdings Plc foreign exchange executives, Mark Johnson and Stuart Scott, last July with fraudulently trading ahead of a client''s $3.5 billion currency trade. Johnson pleaded not guilty to wire fraud and conspiracy charges, and faces a Sept. 18 trial. Scott was arrested by British authorities last month and has denied wrongdoing. He has a July 31 hearing in Britain. The case is U.S. v. Usher et al, U.S. District Court, Southern District of New York, No. 17-cr-00019. Editing by Jeffrey Benkoe and Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-forex-manipulation-pleas-idUKKBN1A21VV'|'2017-07-17T22:44:00.000+03:00'
'2a691d05397bf82ac2164833f62aee2b135e865a'|'Fed to announce balance sheet unwind in Sept, hike rates in Q4: Reuters poll'|'July 18, 2017 / 8:01 AM / 9 minutes ago Fed to announce balance sheet unwind in Sept, hike rates in Q4: Reuters poll Shrutee Sarkar 5 Min Read FILE PHOTO: A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. Kevin Lamarque/File Photo BENGALURU (Reuters) - The U.S. Federal Reserve will announce plans to shrink its more than $4 trillion balance sheet in September, according to a Reuters poll of economists who also said the central bank will wait until the fourth quarter before raising rates again. Results in the survey are in line with what Fed officials have hinted at in recent weeks, even as they are split on the outlook for inflation and how the lack of it might affect the future pace of interest rate hikes. "The idea is that they (the Fed) announce balance sheet shrinkage at the September meeting and then hike in December. I think they have almost pre-announced those two decisions," said Ethan Harris, head of global economics at Bank of America Merrill Lynch. In a poll conducted just last month, predictions were for the Fed to raise rates by September. But expectations have now been pushed back by a quarter, with the consensus from the latest poll of over 100 economists predicting the fed funds rate to climb to a range of 1.25-1.50 percent by the end of this year. Financial markets are pricing in only a 43 percent chance of a 25 basis point rate hike in December. That is largely because recent U.S. economic data have been weaker than expected, especially inflation. The dollar too has taken a beating against a basket of currencies and was last trading near a 10-month low. The Fed has raised rates twice so far this year. So while the Fed pauses for the next opportunity to raise rates, about two-thirds of economists say the central bank is expected to announce the course of action it will take to unwind its massive bonds portfolio in September. Most of those who answered another question in the poll said if the Fed does so, it will not be acting too soon. (For a graphic on those expectations: reut.rs/2txiV89 ) But not everyone was convinced. "We are a little bit concerned that the Fed is getting ahead of itself. We don''t agree with the idea that the Fed seems to be selling that balance sheet shrinkage is something we should not be focused on, and it will simply occur in the background," said BofA-ML''s Harris. "In a sense, they are setting aside one of their policy tools on auto-pilot. I don''t think they should be doing that." Only a handful of economists expect the central bank to announce its balance sheet unwinding plan when it meets on July 25-26. The consensus was for the central bank to stand pat on rates too at that meeting. Inflation Outlook Slips The labor market remains strong, with the unemployment rate at 4.4 percent. But weak wage growth and cooling inflation will probably keep the Fed wary of raising rates again soon. The Reuters poll consensus for core PCE inflation, the gauge the Fed closely watches, was 1.5-1.6 percent each quarter from here until the end of the year, slightly lower than 1.6-1.7 percent expected last month. Growth has not picked up as previously thought either and is now expected to be modest at best for this year and next. The economy is forecast to have grown at a 2.7 percent pace in the second quarter and then to advance at an annualized rate of 2.2-2.5 percent each quarter to the end of next year, according to the poll median. Fed Chair Janet Yellen said at a Senate committee hearing last week that it would be "quite challenging" for the United States to reach the 3 percent growth target set by President Donald Trump''s administration. Several Reuters polls this year have been clear that the chances of 3 percent U.S. economic growth this year were low. While the Fed has been more sanguine than markets about inflation picking up, policymakers will move cautiously. "Fed officials believe that market participants are underappreciating the inflation implications of the downtrend in the unemployment rate, and that they have overreacted to some weaker-than-expected inflation data," noted Jim O''Sullivan of High Frequency Economics, the top forecaster for U.S. economic data in Reuters polls in 2016 for the second year in a row. "However, Fed officials will not follow through on their policy projections if the labor market weakens and the recent slowing in core inflation continues," O''Sullivan wrote in a note. (For other stories from the Reuters global long-term economic outlook polls package) Analysis and polling by Indradip Ghosh and Vivek Mishra; Editing by Ross Finley and Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/fed-rates-poll-idINKBN1A30MI'|'2017-07-18T10:57:00.000+03:00'
'ffac78f5807135327a565576782561e8529d0981'|'Property firm British Land plans £300 million buyback'|'July 18, 2017 / 8:50 AM / in 9 minutes Property firm British Land plans £300 million buyback Esha Vaish 3 Min Read (Reuters) - British Land ( BLND.L ) plans to spend up to 300 million pounds to buy back its shares in this financial year, the property developer said on Tuesday, citing limited investment opportunities. The company, which owns the Meadowhall shopping centre in Sheffield and office property at Paddington Central in London, said its shares were trading at a substantial discount to its net asset value, making a buyback a "clear value opportunity". "Investment in the company''s shares at the prevailing discount offers better value than further asset acquisitions," Britain''s second-largest listed property developer said in a statement ahead of its general meeting. The company''s shares were the second-top London .FTSE gainers, up 3 percent at 622 pence by 0824 GMT, but still about 30 percent lower than the firm''s EPRA net asset value of 915 pence per share as of March 31. Rival Land Securities ( LAND.L ) was up 1.5 percent at 1,025 pence. British Land and Land Securities, both large holders of London office property, have seen the value of their assets fall since the country''s vote to leave the European Union last year. The outcome of the referendum has raised concerns that the worth and allure of London property might be hit by the departure of financial companies to Europe. In response, British Land has been reducing the amount of space it was developing before securing tenants. Chief Executive Chris Grigg said on Tuesday that the company had the flexibility to respond to a changing market and was retaining resources to develop its pipeline of opportunities. British Land''s buyback comes a decade after the company''s former chief executive announced a 500 million pound buyback, citing similar market conditions, only to quickly shelve plans. "2017 looks like a rerun of 2007 and Grigg''s gamble of running more leverage risk anticipating an extended real estate cycle is faltering as global bond yields rise," Jefferies analyst Mike Prew said in a note. "We would sell all the stock we could into this liquidity window," said Prew, who has a "underperform" rating and target price of 500 pence on British Land''s stock. Reporting by Esha Vaish in Bengaluru; Editing by David Goodman and Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-british-land-buyback-idUKKBN1A30QB'|'2017-07-18T11:50:00.000+03:00'
'a09aeae452603be75d0497e42251709a002b0c6b'|'Growing pains hold back Zalando in battle with Amazon'|'July 18, 2017 / 9:40 AM / 9 minutes ago Growing pains hold back Zalando in battle with Amazon 4 Min Read A man walks past the logo of fashion retailer Zalando in Berlin, Germany, March 3, 2016. Fabrizio Bensch BERLIN (Reuters) - German online fashion retailer Zalando ( ZALG.DE ) stumbled in its breakneck expansion across Europe in the second quarter due to capacity constraints at new warehouses, sending its shares down 7 percent. Europe''s biggest online-only fashion retailer needs to scale up quickly to compete with e-commerce giant Amazon ( AMZN.O ) but preliminary quarterly sales growth of 19-21 percent undershot the Berlin-based company''s annual target. In a nod to Amazon''s popular Prime service, Zalando on Tuesday announced its own membership scheme. For 19 euros (16.76 pounds) per year, members will get faster delivery, pick-up of returns on demand and personal fashion advice. The "Zet" loyalty programme will start in four German cities. Co-chief executive Rubin Ritter said it will then be rolled out to other countries and Zalando hopes to sign up the most active third of its customers. Zalando has always offered free deliveries and returns and has been trialling free home pick-ups of returns since last year, driven by the belief that this will encourage customers to order more even if higher courier costs might squeeze profits. The company has said heavy investment would keep its earnings before interest and taxation (EBIT) margin this year to 5-6 percent, below original analyst expectations. Zalando, founded in 2008, now delivers 2,000 brands in 15 countries and is expanding deliveries from distribution centres in Germany and France. New warehouses in Poland and Sweden are set to come on stream later this year. Zalando said preliminary second-quarter sales were between 1.091 billion and 1.109 billion euros, compared with an average analyst forecast of 1.1 billion, according to Thomson Reuters SmartEstimates. That marks a slowdown from 23 percent growth in the previous quarter and 26 percent in the fourth quarter of 2016 and is below the 20 to 25 percent growth that Zalando aims to reach on an annual basis. Ritter told Reuters growth in the quarter was also dented by the timing of public holidays and Easter. Zalando shares, which had already taken a hit last month after Amazon launched its push into fashion, were down 7 percent at 0917 GMT, making them the biggest faller on the European retail index .SXRP. Ritter said the company aimed to meet the sales growth target in the full year as a whole. Britain''s ASOS ( ASOS.L ) trades at a premium to Zalando as it is seen as better insulated from Amazon as it is more focussed on a target audience and sells more own-label clothes. Last week ASOS forecast sales growth for the full 2016-17 year at the upper end of its 30 to 35 percent guided range. Driving Growth Zalando last month set a target to double in size by 2020 as it announced new partnerships that underline its ambition to shift from just selling clothes and accessories to providing logistics, technology and marketing services to fashion brands. Ritter said "gross merchandise value", which includes the use of the Zalando site to sell stock owned by others, would become more relevant as a measure of the company''s success over time and should grow faster than direct revenue. Adjusted earnings before interest and taxation (EBIT) were at 80 to 86 million euros, compared with average analyst forecasts for 85 million, to give a margin of 7.3 to 7.8 percent. Amazon last month launched a test programme called Prime Wardrobe to allow selected members of its shopping club to order three or more items without paying for them up front, with a week to decide which to keep. Amazon offers a limited home collection service in Britain but charges for each return. Luxury site Net-a-Porter ( YNAP.MI ) offers a free home pick up service, but it can more easily absorb courier costs with an average order value of over 300 euros - five times that at Zalando. Reporting by Emma Thomasson; Editing by Tom Sims and Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-zalando-results-idUKKBN1A30UA'|'2017-07-18T12:40:00.000+03:00'
'6214f1f91af7fbb7349a89a90693744b2d1882a7'|'Takata''s bankruptcy to pit automakers against air bag victims'|'Edition United States July 17, 2017 / 5:03 AM / an hour ago Takata''s bankruptcy to pit automakers against air bag victims Tom Hals and Tina Bellon 5 Min Read FILE PHOTO: A woman stands next to a logo of Takata Corp at a showroom for vehicles in Tokyo, Japan, November 6, 2015. Toru Hanai/File Photo WILMINGTON, Del./NEW YORK (Reuters) - The global recall of Takata Corp''s defective air bags widened last week and the number of confirmed deaths rose, but legal experts said the bigger worry for car companies caught in the fallout is playing out in a Delaware bankruptcy courtroom. Earlier this month, people injured by the air bags, which degrade over time and can inflate with excessive force, were appointed to their own official committee in the Japanese company''s U.S. bankruptcy, giving them a powerful voice in the proceedings. This unusual committee, which includes people whose cars lost value due to the recall, will be pitted against Honda Motor Co, Toyota Motor Corp , and other automakers. The car companies have been trying to use the bankruptcy to limit their liability for installing the faulty air bags, said Kevin Dean, a Motley Rice attorney who represents injured drivers on the committee. Because the committee has official status, Takata must provide it with funds which can be used to investigate the automakers'' liability or to challenge financial assumptions. Without a committee, plaintiffs'' lawyers would typically have to pay for that themselves. “If I were a plaintiffs’ lawyer, this would be a golden goose for me,” said John Pottow, a professor at the University of Michigan Law School, of the appointment of the special committee. Takata, Honda, Toyota and General Motors Co declined to comment. Other carmakers did not return requests for comment. Bankruptcies typically only have one official creditors committee. In the Takata case, the committee of injured drivers will sit alongside another made up of suppliers and vendors, who are likely more interested in the future of the business than compensation disputes, according to bankruptcy attorneys who are not involved in the case. Both committees were appointed by the U.S. Trustee''s Office, the arm of the U.S. Department of Justice that acts as a bankruptcy watchdog. Seventeen fatalities, including one confirmed last week, and at least 180 injuries have been tied to Takata''s air bags since at least 2009. Last week, the National Highway Traffic Safety Administration widened a global recall of the airbags, which regulators expect to ultimately cover 69 million cars and 125 million inflators. Most defective air bags have not been replaced. In January, Takata entered a settlement with the U.S. Department of Justice, setting aside $125 million to compensate consumers and $850 million in restitution for automakers. Compensation Fund Facing up to $50 billion in liability, Takata filed for bankruptcy in June in Japan and the United States with a plan to sell its non-air bag operations for $1.6 billion to Key Safety Systems, which is owned by China''s Ningbo Joyson Electronic Corp. Its air bag business would continue to make replacements for the 125 million recalled inflators. Takata said in its Chapter 11 filings that it will create a fund to compensate future injuries stemming from the air bags. Companies that wind up bankrupt due to faulty products often set up such funds, and gather contributions from insurers and other potentially liable parties, who in return get shielded from ongoing litigation. Similar funds were set up in and the 1985 bankruptcy of A.H. Robins Co, which sold Dalkon Shield contraceptive devices and the 1995 bankruptcy of Dow Corning, the maker of silicone breast implants. A $161 million fund in the 2012 bankruptcy of Blitz U.S.A. Inc, which made red plastic gas containers, included $23 million from Wal-Mart Stores Inc. In return, the retailer was protected from lawsuits that alleged it knowingly sold defective gas cans. Automakers would likely demand similar legal protections in return for contributing to a Takata fund, and the committee will likely hire experts to challenge those proposals, bankruptcy experts said. The committee''s lawyers will probably also want to investigate what car companies knew about the air bags to help determine their liability and their contributions, the experts said. “If I were an injured person, I wouldn’t want Takata or the carmakers to decide on the size of the fund,” said Steven Todd Brown, a professor at the University at Buffalo School of Law who specializes in compensation funds. Some experts said they expected the parties to avoid protracted legal battles which have marred other product liability bankruptcies like those involving asbestos. Pottow, at the University of Michigan Law School, cautioned that may not be so simple. “We’re in pretty novel terrain here, given the amount of parties and the recall involved.” Reporting by Tom Hals in Wilmington, Delaware and Tina Bellon in New York; Editing by Noeleen Walder and Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-takata-bankruptcy-usa-plaintiffs-idUKKBN1A20BA'|'2017-07-17T08:01:00.000+03:00'
'2a5fe65d839697dcc883b8a5b59ce82a419fa987'|'Eaton Vance fund managers see major upside for healthcare stocks -Barron''s'|'July 16, 2017 / 9:16 PM / 18 hours ago Eaton Vance fund managers see major upside for healthcare stocks: Barron''s 2 Min Read (Reuters) - The portfolio managers of the $1.2 billion Eaton Vance Worldwide Health Sciences fund are expecting big gains from a trio of healthcare stocks. Jason Kritzer and Samantha Pandolfi, co-managers of the fund, highlighted Vertex Pharmaceuticals ( VRTX.O ), Zoetis ( ZTS.N ) and Shire ( SHP.L ) for future outperformance in an article in Barron''s. Kritzer said he expects to see Vertex increase its revenue by at least 20 percent in 2017 and 30 percent in 2018, with per-share profit potentially doubling this year and again next year. He sees the stock price rising to "between $152 and $155." Vertex closed at $130.99 on Friday. Pandolfi says she sees 15 percent upside for drugmaker Zoetis and 40 percent upside for Dublin-based drugmaker Shire.She said Shire''s stock price has been held back by investor concerns the company is losing ground to other manufacturers of hemophilia drugs, which Shire relies on for a large portion of its annual revenue. "If the hemophilia fears persist, it could take two to three years to deliver those returns," she said. "If the fears abate, it will happen sooner." The pair said that the pharmaceutical and biotechnology industries have been proactive in the face of uncertainty surrounding the possible repeal of the Affordable Care Act, noting also that "The leaked draft executive order on drug pricing reads favorably for industries. With repeal and replace [of the Affordable Care Act], depending on how things shake out, hospitals are the big losers long term, due to cuts in Medicaid." Reporting by Dion Rabouin; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eaton-vance-health-fund-idUSKBN1A10XR'|'2017-07-17T00:05:00.000+03:00'
'b0ad379d8646ccdfa7eff540c4b8f41fd95a72a4'|'BNY Mellon names former Visa CEO to top job'|'July 17, 2017 / 4:05 PM / an hour ago BNY Mellon names former Visa CEO to top job Tim McLaughlin 3 Min Read (Reuters) - Bank of New York Mellon Corp on Monday said former Visa chief executive Charles Scharf will take the top job at the world''s largest custody bank, where he will focus on boosting organic growth. Scharf immediately replaces 65-year-old Gerald Hassell, who will remain chairman of BNY Mellon until the end of the year when he retires. Scharf will then become chairman. "The first priority is growing the company organically," Scharf told Reuters. "We already are in places that have tremendous amounts of opportunity." BNY Mellon had $30.6 trillion in assets under custody and administration at the end of March. The bank''s massive platform is a key part of the plumbing that keeps global financial markets flowing. Besides safeguarding the stocks and bonds of large institutions, the bank calculates mutual fund prices, trades foreign currencies and facilitates securities lending to enable short selling by hedge funds, for example. Scharf, who headed Visa from October 2012 to December 2016, played a key role in orchestrating the world''s largest payments network''s reunion with its European affiliate. "It looks to me they got the right guy," said Daniel O''Keefe, who runs the runs the $2.9 billion Artisan Global Value Fund. That fund owned about 2.1 million BNY Mellon shares at the end of June, or 3.7 percent of its net assets. BNY Mellon shares were up 2 percent late Monday morning on Scharf''s appointment as CEO. The stock rose about 145 percent during the last five years of Hassell''s tenure, which began in late August 2011. The S&P 500 Index is up 81 percent over the past five years. In recent years, O''Keefe and other large BNY Mellon investors, including Nelson Peltz''s Trian Partners, pushed for change at the bank. Hassell felt the brunt of the heat, getting support and a rebuke from Trian partner and chief investment officer Ed Garden at the bank''s 2015 annual meeting. Still, O''Keefe said Scharf will run a company that is in good position. "Visa is a platform and a systems business, one of the best in the world," O''Keefe said. "BNY is also effectively a systems and platform business. Its future lies in optimizing those systems and driving out costs." Scharf and Hassell, during an interview with Reuters, agreed that the bank''s ability to wring out costs and keep up with the pace of change in technology will be a key part of its future. Additional reporting by Svea Herbst in Boston and Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila and Marguerita Choy 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bnymellon-ceo-idINKBN1A21Q5'|'2017-07-17T19:02:00.000+03:00'
'1803eab07ce6e64cba890b41eab14ae784a88bfc'|'Trian launches public fight to add Peltz to P&G''s board'|'July 17, 2017 / 10:36 AM / an hour ago Trian takes off the gloves, aiming to put Peltz on P&G''s board Michael Flaherty and Sruthi Ramakrishnan 6 Min Read (Reuters) - Activist investor Nelson Peltz is seeking a seat on Procter & Gamble Co''s ( PG.N ) board, taking public his frustrations with the company''s lagging stock price and railing against its "suffocating bureaucracy." Trian Fund Management LP on Monday announced the nomination of its chief executive and co-founder Peltz, launching the largest proxy fight ever against a $223 billion consumer products juggernaut that sells everything from Tide detergent and Gillette razors to Pampers diapers. Peltz''s nomination comes after five months of behind-the-scenes discussions between Trian and P&G''s top executives and board, according to the company''s proxy filing. At one point, the two sides nearly struck a truce in May that would involve P&G laying out certain performance metrics over the next year. But any sign of an agreement was absent on Monday when both came out swinging. The 180-year-old company, founded on a hand-shake agreement by a soap and a candle maker, issued a statement strongly backing its board and strategic plan. See Breakingviews column: Trian, which owns about $3.3 billion of P&G''s stock, or 1.5 percent of the company, has until an October annual meeting to convince fellow shareholders that Peltz deserves to be voted onto the board. The firm''s campaign website (revitalizepg.com) and press release has few immediate changes proposed for the company other than advocating for a geographic organizational structure that it believes will empower divisional leaders to make faster and better decisions. Shares of P&G were up slightly at $87.72 in afternoon trade. Trian''s previous battle with a consumer goods conglomerate was with PepsiCo Inc ( PEP.N ), where it pressured the company to spin off its beverage business from its snacks division, a campaign that the company never heeded though it did hand the investor a board seat in 2015 to make peace. ( reut.rs/2uvu0ea ) That campaign began with Trian advocating Peltz for Pepsi''s board and ended with industry veteran William Johnson joining as Trian''s representative. In a CNBC interview on Monday, Peltz, 75, talked more about Trian''s track record with companies such as H.J. Heinz than actual operational changes needed at P&G. Peltz railed against the company''s "suffocating bureaucracy," but noted he was on good terms with CEO David Taylor. Trian said it wants P&G to cut costs more efficiently, and that it does not want to replace Taylor, any board directors, or to break-up the company. Since Taylor became CEO in November, 2015, P&G''s stock has gained 0.3 percent. In contrast, the S&P 500 Household Products index .SPLRCPROD, which includes Kimberly-Clark Corp ( KMB.N ) and Clorox Co ( CLX.N ), has risen 12 percent over the same period. P&G''s quarterly organic sales, which excludes acquisitions and divestitures, has fallen just once during his one and half years at the helm. For this year, the consumer goods giant expects a 2-3 percent rise in organic sales growth. Battle Lines FILE PHOTO - Nelson Peltz speaks at the WSJD Live conference in Laguna Beach, California October 25, 2016. Mike Blake The Trian-P&G battle comes as activist investors, emboldened by years of successful campaigns for changes at corporations across the U.S. and abroad, use their growing coffers to seek bigger targets. Trian won two seats on H.J. Heinz''s board in its 2006 proxy fight, and lost its battle to get board representation at industrial conglomerate DuPont ( DD.N ) in 2015. P&G''s proxy filing, disclosed on Monday, shows that Trian''s dialogue with the company goes back to Feb. 16, when Peltz called Taylor shortly after disclosing the stake to make the introduction and set up an in-person meeting. "I am quite surprised and very disappointed because I think David (Taylor) and I have developed a very positive relationship," Peltz told CNBC, when asked if he was surprised that the dialogue had turned into a proxy fight. "I like the man." Trian said in a press release that its bid to get Peltz on the board centers on P&G''s continuing underperformance, costs, complexity and culture. ( bit.ly/2t7h62c ) October Annual Meeting With P&G''s annual meeting usually held in October, the two sides have roughly three months to discuss ways to avoid a shareholder vote on Peltz. If elected, Trian has said it wants P&G to expand the board to 12 members rather than have Peltz replace a sitting director. P&G''s current board has six past or current CEOs, including American Express CEO Kenneth Chenault and Hewlett Packard Enterprise CEO Meg Whitman. "P&G has a best-in-class board of directors that is fully supportive of and actively engaged in overseeing the company’s transformation," the company said on Monday. P&G''s proxy filing noted that last Tuesday, in a meeting between Trian and members of P&G''s board, Trian said it was moving ahead to elect Peltz because the company was not moving fast enough to improve its performance. P&G directors at the meeting said they too were not happy with the performance, but that they felt that Trian’s representation on the board was unnecessary in light of recent initiatives undertaken by the company," the filing said. In a bid to boost profits even as sales remain stagnant, P&G has sold unprofitable brands, including 41 beauty brands to Coty Inc ( COTY.N ), and focused on core brands. However, the efforts have failed to boost the stock much beyond the level where it traded at the beginning of this year. Trian said that P&G''s last cost-cutting plan, launched in 2012, failed to impact profit or sales growth. Barclays noted on Monday that Trian is working with former P&G CFO Clayt Daley, a consultant on the campaign who could become a potential board candidate to replace Peltz as part of the negotiations. Additional reporting by Siddharth Cavale in Bengaluru; Editing by Saumyadeb Chakrabarty and Bernard Orr 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-procter-gamble-stake-trian-fund-idINKBN1A20YA'|'2017-07-17T18:23:00.000+03:00'
'c115e062426ec00f8656a2bdf8fe4e1394d47996'|'Former AVG executives beef up cyber security investment fund'|'July 17, 2017 / 1:06 PM / 3 hours ago Former AVG executives beef up cyber security investment fund Jason Hovet 3 Min Read AVG computer security software is shown for sale at a computer store in San Marcos, California, U.S., May 15, 2017. Mike Blake PRAGUE (Reuters) - A group of former executives and investors from antivirus software maker AVG Technologies ( AVGTF.PK ) have raised an additional $55 million for their fund that invests in cyber security companies, its managing partner said. Evolution Equity Partners, which raised $70 million in its first funding round in 2015, is looking to bulk up its portfolio at a time when cyber attacks and hacks worldwide are surging. Last month, a computer virus dubbed GoldenEye or Petya wreaked havoc on firms in more than 60 countries, disrupting work at ports and factories while causing economic losses estimated in the billions of dollars. [nL8N1JP55N] Managing partner Richard Seewald said the fund would look to add three to five firms to its portfolio of nine companies, which includes Boston-based cyber security group Carbon Black that has been reported to be a potential stock listing. [nL1N1JQ02A] Seewald said the fund, based in New York and Zurich, ultimately wanted to have investments in 18 to 25 companies spanning the United States, Europe and Israel. "The fund is in the portfolio-building phase," he said in a telephone interview. "We are looking at opportunities systematically across all those geographies. Over the next couple of months you will see more activity." Seewald said the cyber security industry was shifting to next-generation technologies utilising artificial intelligence (AI) and machine-learning (ML), and firms developing this offered the biggest growth opportunities. Evolution typically invests in $5 million to $25 million chunks. Its latest deal was leading a $10 million funding round for Danish next-generation security platform provider LogPoint to help the company to expand. Seewald said competition was growing for investments. Research firm CB Insights data showed a record year for the number of deals in cyber security in 2016. At the same time, security spending is rising and should rise almost 8 percent to $90 billion in 2017 before topping $113 billion by 2020, according to information technology research company Gartner. Editing by Michael Kah, Louise Heavens and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cyber-attack-evolutionequity-idUSKBN1A21AR'|'2017-07-17T16:00:00.000+03:00'
'5d644bd65d69ab907c152cbb9ee29027d0ba457a'|'Oil prices firm on signs of U.S. production slowdown'|'July 17, 2017 / 1:43 AM / 2 hours ago Oil edges up toward $49, U.S. drilling slowdown supports Alex Lawler 3 Min Read FILE PHOTO: A man pumps petrol for his car at a petrol station in Hanoi, Vietnam December 20, 2016. Kham/File Photo LONDON (Reuters) - Oil edged up to about $49 a barrel on Monday after fewer drilling rigs were added in the United States last week, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts. U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes ( BHGE.N ) said on Friday. RIG-OL-USA-BHI Rig additions over the past four weeks averaged five, the slowest pace of growth since November. A sharp drop in U.S. crude inventories in the week to July 7 supported prices last week. But crude stocks in industrialized nations remained high, putting a brake on the oil price rally. "The market is not doing too much today - it feels like wait and see," said Olivier Jakob of oil analyst Petromatrix. "There is some rebalancing in products, but overall the layers of stocks are still very large." Brent crude LCOc1, the global benchmark, was up 8 cents at $48.99 a barrel by 1341 GMT. U.S. crude CLc1 traded at $46.57, up 3 cents. Oil prices are less than half their mid-2014 level because of a persistent glut, even after the Organization of the Petroleum Exporting Countries with Russia and other non-OPEC producers cut supplies since January. While OPEC-led cuts have offered prices some support, rising supplies from Nigeria and Libya, two OPEC states exempt from the pact, and increasing U.S. production have weighed on the market. Kuwait said on Friday the market was on a recovery track due to rising demand and said it was premature to cap Nigerian and Libyan output. An OPEC and non-OPEC committee meets in Russia on July 24 to discuss the impact of the deal. In a sign of strong demand, data on Monday showed refineries in China increased crude throughput in June to the second highest on record. OPEC is hoping higher demand in the second half will get rid of excess inventories. "There is almost an agreement that the second half of the year should be tighter than the first half due to significant jumps in demand forecasts," oil broker PVM said. "The net result is a rise in the demand for OPEC oil." Additional reporting by Henning Gloystein; editing by Edmund Blair and David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1A202Z'|'2017-07-17T04:40:00.000+03:00'
'e60de8c6df732aa5db422dda2983e2b61d4d8a00'|'Volvo attracts KNDS, CMI bids for Renault Trucks Defence: sources'|'July 17, 2017 / 1:53 PM / in 38 minutes Volvo attracts KNDS, CMI bids for Renault Trucks Defence: sources 2 Min Read The logo of Swedish truck maker Volvo is pictured at the IAA truck show in Hanover, September 22, 2016. Fabian Bimmer FRANKFURT (Reuters) - Swedish truck maker Volvo ( VOLVb.ST ) has attracted two bidders for its armored vehicles maker Renault Trucks Defence (RTD) worth roughly 500 million euros ($573 million), people close to the matter said. The company put the unit up for sale late last year as it sheds non-core assets to reduce complexity across a group built through a series of large acquisitions. It has already sold its aerospace unit and external IT operations as well as a large real estate portfolio. French-German tank maker KNDS, which evolved from the merger of Nexter and Krauss-Maffei Wegmann, is expected to hand in an offer for RTD by a July 24 deadline, as is Belgian group CMI, the sources told Reuters. Private equity groups which initially expressed interest in RTD are not expected to take part in the auction, which is organized by Rothschild, they added. The French government favors an industrial buyer rather than a financial investor, a source close to the defense ministry told Reuters last month. Volvo, KNDS and Rothschild declined to comment. A CMI spokesman said the company is interested in RTD. "Eighty percent of our group is owned by Bernard Sarin, a French businessman, and we have many French subsidiaries. We are a Belgo-French group that would integrate another French company and we would have synergies between Belgium and France. We are talking about more and more cooperation between the French and Belgian armies," he said. Volvo may reap less than initially expected from the sale of RTD after a slump in recent trading, people familiar with the matter said. RTD recently adjusted its business plan and now expects less than 80 million euros in 2018 earnings before interest, tax, depreciation and amortization, one of them said. "Earnings are less important than the order backlog," another of them said, adding he would expect the group to sell for about 7 times its estimated core earnings. Reporting by Arno Schuetze; Additional reporting by Robert-Jan Bartunek, Cyril Altmeyer, Niklas Pollard; Editing by Maria Sheahan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volvo-divestiture-idUSKBN1A21FG'|'2017-07-17T16:52:00.000+03:00'
'44dd6ef48fa0d9179164a1bd4109445b7eb21fbb'|'Morgan Stanley''s quarterly profit rises 11.4 percent'|'July 19, 2017 / 11:09 AM / 36 minutes ago Morgan Stanley''s quarterly profit rises 11.4 percent Reuters Staff 1 Min Read FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on the company''s world headquarters in New York, U.S. April 17, 2017. Shannon Stapleton/File Photo (Reuters) - Morgan Stanley reported an 11.4 percent rise in quarterly profit on Wednesday, driven by strength in its investment banking and wealth management businesses. Earnings applicable to common shareholders rose to $1.59 billion in the second quarter ended June 30 from $1.43 billion a year earlier. Earnings per share rose to 87 cents from 75 cents. Analysts on average had expected earnings of 76 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the figures were comparable. Investment banking revenue rose 25 percent to $1.53 billion. Arch-rival Goldman Sachs Group Inc ( GS.N ) reported a 40 percent drop in bond trading revenue on Tuesday. Morgan Stanley, the sixth-largest U.S. bank by assets, wraps up the quarterly earnings season for the big lenders. Reporting by Sruthi Shankar in Bengaluru and Olivia Oran in New York 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-morgan-stanley-results-idUKKBN1A410Q'|'2017-07-19T14:09:00.000+03:00'
'd4372f04f3a291e20bbfb5337305aea127d9426b'|'French court refers ''right to be forgotten'' dispute to top EU court'|'July 19, 2017 / 12:47 PM / 19 minutes ago French court refers ''right to be forgotten'' dispute to top EU court Reuters Staff 1 Min Read A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. Regis Duvignau PARIS (Reuters) - EU judges will have to decide whether Google has to remove certain web search results globally to comply with a previous privacy ruling, after France''s supreme administrative court referred the issue to the top EU court on Wednesday. Google has gone head-to-head with the French data protection authority over the territorial scope of the so-called "right to be forgotten" whereby the search engine removes inadequate or irrelevant information from web results appearing under searches for people''s names in response to a 2014 ruling from the Court of Justice of the European Union (ECJ). "With today''s decision, the Council of State believes that the scope of the right to be de-listed poses several serious difficulties of the interpretation of European Union law," the French court said in a press release. Reporting by Mathieu Rosemain and Julia Fioretti in Brussels; Editing by Alissa de Carbonnel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-google-litigation-idUKKBN1A41AS'|'2017-07-19T15:41:00.000+03:00'
'a1a64fe67d3e807477090429f9e2564662d31db1'|'BGC Partners to buy Berkeley Point Financial for $875 mln'|'July 18, 2017 / 6:37 AM / 9 hours ago BGC Partners to buy Berkeley Point Financial for $875 million 1 Min Read Dealers work on a trading floor at BGC Partners in the Canary Wharf business district in London, Britain September 12, 2016. Toby Melville (Reuters) - Brokerage BGC Partners Inc said on Tuesday it would buy mortgage provider Berkeley Point Financial LLC from financial services firm Cantor Fitzgerald for $875 million. BGC also said it would partner with Cantor to set up a commercial real estate business and would invest $100 million in cash for about 27 percent of the business. Cantor will contribute about $267 million of cash and non-cash assets for about 73 percent of the business and will also bear initial losses from the business, if any, up to about $37 million per year. New York-based BGC Partners said it expected the acquisition to increase its revenues and earnings and planned to fund it through debt issuance and cash on hand. Berkeley Point, acquired by an affiliate of Cantor Fitzgerald in April 2014, had a book value of $509 million as of March 31, 2017. Sandler O''Neill & Partners served as financial adviser to BGC on the transaction. Reporting by Parikshit Mishra in Bengaluru; Editing by Amrutha Gayathri 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-berkeley-point-financial-m-a-bgc-part-idUSKBN1A30GP'|'2017-07-18T09:32:00.000+03:00'
'074715da285342118de142c24ae08de782cfdfe8'|'India''s Hindustan Unilever quarterly profit rises 9 pct'|'July 18, 2017 / 10:20 AM / 6 hours ago India''s Hindustan Unilever quarterly profit rises 9 pct 1 Min Read July 18 (Reuters) - Consumer goods company Hindustan Unilever Ltd reported a 9 percent rise in quarterly profit, helped by higher sales from its personal care segment. Profit rose to 12.83 billion rupees ($199.45 million) in its first quarter ended June 30, from 11.74 billion rupees a year earlier, the maker of products ranging from the Lakmé cosmetics to Lipton tea said on Tuesday. bit.ly/2u4vVFI Analysts on average had expected the company to post a profit of 11.74 billion rupees, according to Thomson Reuters data. Revenue from sale of products rose about 5 percent to 90.94 billion rupees, while revenue from its personal care segment, which includes brands such as Fair & Lovely, increased 3.5 percent. ($1 = 64.3275 Indian rupees) (Reporting by Vishal Sridhar in Bengaluru; Editing by Gopakumar Warrier) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hind-unilever-results-idUSL3N1K93MW'|'2017-07-18T13:19:00.000+03:00'
'6bb4ad79f47bbd66a3c3a0067f328333ece5ada1'|'German investor morale falls more than expected in July'|'July 18, 2017 / 9:32 AM / in 18 minutes German investor morale falls more than expected in July Reuters Staff 1 Min Read FILE PHOTO: Steel rolls are pictured at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony, Germany March 3, 2016. Fabian Bimmer/File Photo BERLIN (Reuters) - The mood among German investors worsened for the second consecutive month in July while remaining at a relatively high level, a survey showed on Tuesday. The Mannheim-based ZEW research institute said its monthly survey showed its economic sentiment index fell to 17.5 from 18.6 in June. This undershot a Reuters consensus forecast for a fall to 18.0. A separate gauge measuring investors'' assessment of the economy''s current conditions dropped to 86.4 from 88.0 last month. This compared with the Reuters consensus forecast predicting a stable reading. Reporting by Michael Nienaber; Editing by Madeline Chambers 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-zew-idUKKBN1A30SB'|'2017-07-18T12:31:00.000+03:00'
'52aa6eb77716953e5dc4d197cf14ea04f0f5af70'|'BoE to hold rates along bumpy road to Brexit - Reuters poll'|'July 18, 2017 / 5:50 AM / 9 hours ago Bank of England to hold rates along bumpy road to Brexit: Reuters poll Jonathan Cable 4 Min Read FILE PHOTO: The Bank of England is seen through the columns on the Royal Exchange building in London, Britain August 4, 2016. Neil Hall/File Photo LONDON (Reuters) - Above-target inflation won''t push the Bank of England to tighten monetary policy this year or next as it waits to see if wage increases catch up with price rises and how divorce talks with the European Union pan out, a Reuters poll found. Britons voted just over a year ago to leave the EU and envoys on Monday began a first round of negotiations on the terms of the split before Britain departs - with or without a deal - at the end of March 2019. There is still little lucidity on what tone the talks will take but several Reuters polls over the past few months have concluded that fractious negotiations would be the worst outcome for both Britain''s economy and sterling. "We expect the exit negotiations to be bumpy," economists at Morgan Stanley wrote in a note to clients. "We see MPC action as dependent on economic performance (and) we assume that the economy will slow and keep them on hold despite inflation overshooting the target." The medians in the poll of economists said the Monetary Policy Committee would hold Bank Rate at its record low of 0.25 percent until 2019. Those forecasters gave, on average, a near one-in-three chance of rates rising before this year is out. Financial markets have fully priced in a 25 basis point hike by May 2018 but the poll said rates will not rise until 2019, ending that year at 0.75 percent. Only two of the 80 economists polled in the past few days expect the MPC to tighten policy when it meets on Aug. 3, but they are joined by four others who expect an increase by end-December. The chances of a hike in August are only one-in-five, according the poll. "Weak GDP and wage growth will keep higher interest rates at bay," said Samuel Tombs at Pantheon Macroeconomics. "Households'' real incomes are set to flatline this year." Consumer spending played a large part in Britain''s economic growth last year but workers'' pay fell further behind inflation in the three months to May, even as the unemployment rate hit a new 42-year low. The MPC is watching wage growth closely as it gauges whether the increase in inflation from the fall in the pound becomes more longer-lasting pressure. The BoE expects wages to rise 2 percent this year before picking up in 2018 and 2019. But that will lag price rises as inflation will average 2.7 percent this year, 2.6 percent next and 2.2 percent in 2019, the Reuters poll found. The MPC targets it at 2 percent. Inflation hit an almost four-year high of 2.9 percent in May, a bigger increase than economists had expected. Figures due later on Tuesday will probably show prices rose at the same annual rate in June. Although the predicted recession after Britain voted to leave the bloc never happened, growth slowed sharply at the start of 2017 as consumers felt the hit from rising inflation. GDP growth is forecast between 0.3 and 0.4 percent through to the end of 2018, barely keeping pace with the euro zone. On an annual basis, the forecasts are for 1.6 percent this year and just 1.3 percent in 2018. (This version of the story corrects date in last paragraph to 2018 from 2017) Polling by Sujith Pai and Vartika Sahu; Editing by Ross Finley and Toby Chopra 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-economy-poll-idUKKBN1A30E9'|'2017-07-18T12:15:00.000+03:00'
'2115608f8f8bfef9d6e0a401d794394fd98b88ba'|'UK''s IP Group raises offer for rival Touchstone to 490 million pounds'|'July 18, 2017 / 7:42 AM / in 24 minutes UK''s IP Group raises offer for rival Touchstone to 490 million pounds Reuters Staff 1 Min Read (Reuters) - IP Group ( IPO.L ) sweetened its offer for rival intellectual property firm Touchstone Innovations Plc ( IVO.L ) to about 490 million pounds, IP Group said on Tuesday, sending Touchstone shares up as much as 8 percent. The revised all-share offer values each Touchstone share at 304 pence, representing a premium of 11.1 percent to Touchstone''s closing price of 273.63 pence on Monday. IP Group said it received support for the improved offer from Touchstone shareholders representing about 89.7 percent of Touchstone''s share capital. IP Group said Touchstone shareholders would receive 2.2178 new shares of IP Group for each Touchstone share, compared with 2.1575 new shares under the pervious offer in June. Touchstone shareholders would own about 34 percent of the combined company, one percent higher than under IP Group''s previous offer. Shares of IP Group were down 1.2 percent at 135.3 pence. ($1 = 0.7637 pounds) Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-touchstone-m-a-ip-group-idUKKBN1A30LV'|'2017-07-18T10:42:00.000+03:00'
'fb6ec2e7c6af683c5763ad3adb1684023be5d4c8'|'Prosecutors offer to drop share buying probe into Deutsche Boerse CEO'|'July 18, 2017 / 3:41 PM / 41 minutes ago Prosecutors offer to drop share buying probe into Deutsche Boerse CEO 2 Min Read FILE PHOTO: Carsten Kengeter, CEO of Deutsche Boerse attends the launch of an initial public offering at the stock exchange in Frankfurt, Germany March 1, 2017. Ralph Orlowski/File Photo FRANKFURT (Reuters) - Deutsche Boerse said on Tuesday that Frankfurt''s public prosecutor has offered to drop an investigation into Chief Executive Carsten Kengeter over allegations of insider trading if it accepts two fines totalling 10.5 million euros ($12.2 million). Deutsche Boerse said that it was reviewing the matter, adding it "continues to believe the allegations made are unfounded in all respects". Deutsche Boerse''s board will spend some days reviewing the offer, outlined in a 10-page document that is not publicly available. Acceptance of the offer would lift a cloud over Kengeter, whose reputation has been damaged by his failed attempt to merge with London Stock Exchange. Shares in Deutsche Boerse were trading down 0.6 percent at 94.84 euros at 1511 GMT. Earlier this year, as debate about the LSE merger was raging, police and prosecutors searched Kengeter''s office and home amid concerns over Deutsche Boerse share purchases he made just months before the announcement of merger talks. Kengeter has always denied the allegations, saying the purchases were part of an official Deutsche Boerse compensation plan. "Insider trading goes against everything I stand for," he told shareholders in May. One of the fines against Deutsche Boerse would be for the structure that the company had in place enabling Kengeter''s share purchase. The other fine would be for failing to publicly disclose the merger talks in a timely manner as dictated by German law. "Deutsche Boerse has now been given the opportunity to respond," a spokesman for the public prosecutor''s office said. He added that prosecutors had informed regulators about the status of the case. ($1 = 0.8642 euros) Reporting by Tom Sims and Hans Seidenstuecker; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/deutsche-boerse-insidertrading-idINKBN1A31PJ'|'2017-07-18T18:36:00.000+03:00'
'3dfcb9b06859ed668c5b991109b536bc8465bba1'|'Exclusive: Ahead of privatisation, Air India eyes bumper staff buyout'|'July 18, 2017 / 10:03 AM / 4 hours ago Exclusive: Ahead of privatization, Air India eyes bumper staff buyout Rupam Jain 5 Min Read Air India employees hold placards as they shout slogans during a protest against the proposed privatisation of Air India by the government, in New Delhi, India July 18, 2017. Adnan Abidi NEW DELHI (Reuters) - Air India is drawing up a proposal to offer voluntary buyouts to just over a third of its 40,000 employees, two government officials said, in what would be one of the largest such offers in India''s state sector, as the airline slashes costs ahead of a 2018 sale. The state-owned airline has also put fleet expansion on hold, scrapping a proposal to lease eight Boeing ( BA.N ) 787 wide-body aircraft, said one of the officials, a senior Air India employee who requested anonymity as the plans are not public. Air India''s board approved that proposal in April but nothing further had been done. "Nothing has been finalised but our aim is to make the strategic sale as simple as we can," the company official said, adding that any fresh investment would also be put on hold. Air India spokesman Dhananjay Kumar said the company had not offered employees voluntary buyouts. India''s flag carrier is on the block after Prime Minister Narendra Modi''s cabinet last month approved plans to privatize the loss-making airline by selling part or all of the company and ending decades of state support. Founded in the 1930s and known to generations of Indians for its Maharajah mascot, Air India has a complex fleet, too many staff relative to rivals and $8.5 billion in debt. Since 2012, New Delhi has injected $3.6 billion to keep it afloat. An official in Modi''s office said the prime minister, under pressure to cut spending and boost basic infrastructure such as ports and roads, was in "no mood" to provide fresh monetary assistance to any loss-making public sector company. The two government sources, who are familiar with Air India''s plans, said top officials in the civil aviation ministry and at Air India had been asked to present a report on how a Voluntary Retirement Scheme (VRS) could be offered to some 15,000 of Air India''s 40,000 staff, including contractors. Many of the contractors, including office staff and ground handlers, have worked for the airline for years, and would need to be given buyout offers to prevent protests from them, said the senior company official, who is involved in the airline''s daily operations. Previous attempts to offload the airline have failed mainly because of the scale and complexity of Air India''s problems, as well as its influential unions. If Modi can pull the privatization off it will buttress his credentials as a reformer brave enough to wade into some of the country''s most intractable problems. Separately on Tuesday, Air India Chairman Ashwani Lohani sent a letter to employees assuring them the government and the airline management "would like to safeguard your genuine and valid interests", according to a copy of the letter seen by Reuters. Kumar, the company spokesman, confirmed the letter. Air India employees hold placards as they shout slogans during a protest against the proposed privatisation of Air India by the government, in New Delhi, India July 18, 2017. Adnan Abidi United Front In its heyday, Air India boasted a talent pool that newly founded airlines dipped into. The government will need to convince seven trade unions to accept the plan to make the airline attractive to potential buyers, including buyouts and other efforts to slash costs. Their initial response was not positive. "The government will propose a VRS scheme and we will throw their proposal in the dustbin," said J.B. Kadian, leader of a union that represents 8,000 non-technical Air India staff. FILE PHOTO: An Air India Airlines Boeing 787 dreamliner takes part in a flying display during the 50th Paris Air Show at the Le Bourget airport near Paris, June 14, 2013. Pascal Rossignol/File Photo Kadian said a joint forum of unions representing Air India employees would launch an "agitation" in August if the government pursues its privatization plans. On Tuesday, dozens of members of the Air Corporations Employees'' Union gathered near Delhi airport holding placards and shouting slogans opposing the privatization and demanding the airline''s debt be written off, marking the first protest against the government''s plan. A committee of five senior federal ministers, led by Finance Minister Arun Jaitley, is expected to meet this month and begin ironing out the finer details of the privatization plan. In the meantime, Civil Aviation Minister Ashok Gajapathi Raju said he wanted Air India to begin cutting at all levels. Earlier this month, the airline decided to stop serving non-vegetarian meals in economy class on domestic flights in a bid to save up to 100 million rupees ($1.6 million) over 10 months. The action provoked uproar on social media and was belittled by aviation experts, who argue that Air India''s management needs a massive structural overhaul, tackling thornier issues such as its fleet and staff, rather than meals. The airline is also working to reduce the time its planes spend on the ground and launching direct flights to new international destinations. In July, Air India started a direct flight to Washington and will start flying to Stockholm, Copenhagen and Los Angeles later this year. "Keeping planes in the hangar makes no sense when Air India is trying to find new sources of income. We should optimize the use of all possible resources," Raju said. "The idea is to present a robust company to potential buyers." Additional reporting by Aditi Shah and Adnan Abidi; Editing by Clara Ferreira Marques, Raju Gopalakrishnan and Alex Richardson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-air-india-privatisation-exclusive-idINKBN1A30VS'|'2017-07-18T13:07:00.000+03:00'
'b39c09cbe592040bf36c7ee572279cc4c77df098'|'Campaign urges U.S. public pension funds to divest from owner of Trump hotel'|'July 19, 2017 / 10:08 AM / 3 hours ago Campaign urges U.S. public pension funds to divest from owner of Trump hotel Julia Harte 4 Min Read A sign at California Public Employees'' Retirement System (CalPERS) headquarters in Sacramento, California, U.S. February 14, 2017. Max Whittaker WASHINGTON (Reuters) - Advocacy groups launched petitions and sent letters on Wednesday urging two of the biggest U.S. public pension funds to divest from an investment fund unless it stops paying one of President Donald Trump''s companies to run a New York hotel. Reuters reported on April 26 that public pension funds in at least seven U.S. states periodically send millions of dollars to an investment fund that owns the upscale Trump SoHo Hotel and Condominium in New York City and pays a Trump company to run it, according to a Reuters review of public records. Two legal advocacy groups sent petitions to half a million of their members and letters urging state officials who oversee the California Public Employees'' Retirement System (CalPERS) and the New York State Common Retirement Fund to reconsider their investments in CIM Fund III, which owns the Trump SoHo. "The money used for this investment comes from mandatory deductions from the paychecks of public employees. These employees are thus forced to indirectly subsidize President Trump beyond the Constitution''s mandate of a fixed salary," said the letters from Free Speech for People in Newton, Massachusetts, and Courage Campaign in Los Angeles. Article II of the U.S. Constitution bars the president from receiving additional payments beyond his salary from state governments. The fees that public pension funds pay CIM may fall into that category, several constitutional lawyers have told Reuters. The White House in June rejected the allegation that government payments to Trump''s businesses violated the Constitution and said "partisan politics" had motivated lawsuits challenging Trump''s continued ownership of his businesses. The advocacy groups urged the pension funds either to divest from the CIM fund or work with other investors to demand that CIM end its relationship with the Trump Organization. CalPERS declined to comment, but CalPERS officials disclosed in response to a public records request that the pension fund paid CIM $1,722,418 in management fees for the first three months of 2017. In a statement, a spokesman for New York State Comptroller Thomas DiNapoli noted that the CIM fund was in the process of gradually selling off the properties it owns and said the New York state pension fund "has limited rights as an investor and does not make or control CIM''s investment choices." CIM said in a statement that it "is committed to creating attractive investment opportunities for its investors and then overseeing those investments to produce the best outcomes possible for the funds it manages." It added that the Trump SoHo was underperforming and said it was "working hard to restore its performance before we bring it to market.” The White House and the Trump Organization did not respond to multiple requests for comment. Democratic officials and lawmakers have also raised concerns over the payment chain between the public pension funds and the Trump SoHo. The public pension funds'' investments in CIM Fund III were cited in a June lawsuit that the attorneys general of Maryland and the District of Columbia filed against Trump, alleging that government payments to his businesses violated the Constitution. In May, the top Democrat on the Senate committee overseeing pensions asked the U.S. Office of Government Ethics to assess the constitutionality of the payments. The office said it was not authorized to probe presidential actions. Reporting by Julia Harte; Editing by Jason Szep and Peter Cooney 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-divestiture-idUSKBN1A40VQ'|'2017-07-19T13:08:00.000+03:00'
'd74bfafc62babd98388811b3d8f8f79fab92e932'|'Netflix wins international Crown with original shows'|'July 18, 2017 / 11:59 AM / 7 hours ago Netflix wins international Crown with original shows Supantha Mukherjee 3 Min Read The Netflix logo is pictured on a television in this illustration photograph taken in Encinitas, California, U.S., January 18, 2017. Mike Blake (Reuters) - Twenty years after Reed Hastings co-founded Netflix Inc ( NFLX.O ), and a decade after the company introduced video streaming, it hit another milestone - one that is key to its ability to sustain its scorching pace of growth. International subscriber count increased 8.6 percent to 52.03 million at the end of the June quarter, eclipsing domestic customer numbers of 51.92 million, Netflix said on Monday. The company''s shares jumped as much as 9.7 percent to a record high of $177.44 on Tuesday, on track to add roughly $7 billion to Netflix''s $70 billion market value. Betting on original shows puts Netflix in pole position to win over more millennials who are shunning traditional television, analysts said. Netflix has a new-found ally as well: pay-TV platforms. Several companies such as Comcast Corp ( CMCSA.O ), Virgin Media in UK, and Altice in France are bundling Netflix into their pay-TV offerings, which could rapidly ramp up viewer numbers in younger markets, Morgan Stanley analysts wrote. At least 17 brokerages raised their price targets on Netflix. Morgan Stanley and JP Morgan were the most bullish, each raising their target to $210. The median price target is $192.50. "We believe the rapidly growing content offering led by originals, that in aggregate garnered 91 Emmy nominations last week, drove the stronger new sign-ups," Morgan Stanley analysts wrote in a research note. This year, original TV shows including "Stranger Things", "The Crown" and the latest season of Kevin Spacey-starrer "House of Cards" brought in more customers than Netflix had predicted for the second quarter. Netflix has a long way to go to get more content to please more members, Hastings said on a conference call on Monday, adding that positive returns made him comfortable that the company should continue to invest in original shows. The company has often been criticized for spending too much on content. It said earlier it planned to spend about $6 billion this year for original shows and expected to have negative free cash flow of $2 billion to $2.5 billion. While most analysts backed the company''s strategy favoring scale over profit, a few disagreed. "We think that Netflix is destined to be a cash burning high growth company until it changes its strategy and accepts its fate as a highly profitable slow growth company," said Wedbush analyst Michael Pachter, a long-time critic of the company. He has an "underperform" rating and a $82 price target. Reporting by Supantha Mukherjee in Bengaluru; Additional reporting by Anya George Tharakan; Editing by Sayantani Ghosh 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-netflix-results-research-idUSKBN1A316M'|'2017-07-18T14:58:00.000+03:00'
'ee073d932d2e095b573f60191c18d0db1f1a89a9'|'Kroger to make $1 bln contribution to its benefit plans'|'July 17, 2017 / 1:21 PM / 4 hours ago Kroger to make $1 billion contribution to its benefit plans 2 Min Read FILE PHOTO - A can of Kroger brand mushrooms is displayed in Golden, Colorado September 15, 2009. Rick Wilking (Reuters) - Kroger Co ( KR.N ), the biggest U.S. supermarket operator, said on Monday it would make a contribution of up to $1 billion to its under-funded benefit plans. The company will issue debt to pay for its pension liability, Kroger said in a regulatory filing, adding its overall balance sheet obligations will not change. ( bit.ly/2u0MKRP ) Kroger said contributions to the plan are "strategic opportunities" due to the current interest rate environment and potential changes to the U.S. tax code, among others. Certain benefit balances of the fund could be transferred to other retirement plan options or a lump sum payout. Kroger, which had total debt of $13.44 billion as of May 20, said it would incur a one-time expense following the settlement, but noted that the expense would not affect its 2017 earnings forecast. Last month, Kroger slashed its full-year earnings forecast as inventory accounting charges and labor costs rose amid an intensifying price war. The company, which has been looking for ways to cut costs as it selectively raises wages to retain workers, last month said talks with labor unions would be challenging as it aims to maintain "competitive cost structures". Shares of the grocer were flat in early trading on Monday. Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-kroger-debt-idUSKBN1A21B9'|'2017-07-17T16:11:00.000+03:00'
'16504ac506dd192ec0f8b4586817c767fef28293'|'Didn''t pay your Macy''s bill? Expect a text from Citigroup'|'July 17, 2017 / 5:08 AM / in 3 hours Didn''t pay your Macy''s bill? Expect a text from Citigroup David Henry 6 Min Read NEW YORK (Reuters) - When consumers have trouble making ends meet, bills from retailers that have gone bankrupt or closed tend to go toward the bottom of the pile. The trouble for lenders like Citigroup Inc is that the debt is actually owed to them. Citigroup, the fourth-largest U.S. bank by assets, said on Friday that it is having trouble collecting on store-branded cards, which is leading to higher losses. To reverse that trend, the bank has been stepping up its outreach to shoppers who finance purchases from chains like Macy''s and Sears with Citigroup store-brand credit cards which the bank has stood behind for more than a decade. The bank recently doubled the number of text messages it sends to borrowers. "We''ve begun to see some evidence of progress, but it''s slower than what we had originally targeted," said Chief Financial Officer John Gerspach. He expects to charge-off 4.6 percent of the store-branded credit card portfolio this year, up from an earlier forecast of 4.35 percent. Credit cards is the only major consumer business in the United States that Citigroup has been trying to grow since refashioning itself after the 2008 financial crisis. It is an important lever for Chief Executive Officer Michael Corbat to hit financial targets he has not yet met. Store-branded cards are a special focus for Citigroup because they have generated strong profits lately. Last year, that slice of the card business contributed $1.26 billion worth of profits for Citigroup, some 8.4 percent of income from continuing operations across the entire bank. Investors and analysts have started to worry that Citigroup will experience ripple effects from growing problems in the brick-and-mortar retail sector, where bankruptcies, store closures, emergency financing and distressed acquisitions have become the norm. Citigroup appears to be most at risk from relationships with Macy''s Inc, Sears Holdings Corp, Office Depot Inc and Staples Inc, Moody''s Investors Service said in a recent report. Moody''s expects such chains to be closing stores in coming years. The cards Citigroup issues for those chains often cannot be used elsewhere, so when stores close, customers are likely to spend and borrow less, analysts said. A view of the exterior of the Citibank Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. Mike Segar Another problem: Retailers generally expect banks to lend to less creditworthy customers than they do with general purpose cards. While retailers share in losses, they are ready to take more chances on loans in order to sell more merchandise, especially when they are struggling to generate revenue. People with FICO credit ratings of less than 660, which some consider the bottom for prime borrowers, accounted for 25 percent of money owned to Citigroup on store-branded cards as of the end of March. That was twice the proportion inside the rest of the card portfolio, which carries the Citi brand. Citigroup has been trying to transition some store-brand cards to the type that can be used at other merchants. The broader purpose store cards now represent one-third of the bank''s retail services business, Gerspach said. And while collections have gotten more difficult, Gerspach was optimistic that customers are still shopping, with spending up 2 percent on store-branded cards during the second quarter compared with the year-ago period. Gerspach said the spending increase shows store closings are not affecting the business. Charles Peabody of Compass Point Research & Trading predicts Gerspach will have to raise loss estimates again before year-end. Citigroup''s biggest competitor in private label store cards, Synchrony Financial, now expects losses in the 5-to-low-5 percent range, up from earlier guidance of between 4.75 percent and 5 percent, he noted. Synchrony and Citigroup together have two-thirds of the market as measured by outstanding balances, according to The Nilson Report. ( tmsnrt.rs/2urg19R ) Citigroup''s big bank rivals in general purpose credit cards do not compete in private label store cards. JPMorgan Chase & Co exited the business after headaches from issuing cards for Circuit City, an electronics retailer that went belly up. Citigroup also considered jettisoning its store-branded business as its loss rates hit 12 percent during the Great Recession. But it could not find a buyer at the right price, and within a few years it had started to produce attractive returns again. By 2013, Corbat was bolstering the business by acquiring a loan portfolio pegged to cards used at electronics retailer Best Buy, which is generally seen as coping well with the shift to internet sales. Competition for deals with the more promising retailers has heated up since then. When Citigroup renewed its deal with Home Depot Inc last year, it had to make concessions to the retailer. Income from the business dropped 17 percent in 2016. Picking the right retailer partners can be tricky when even iconic brands are struggling to survive, said Brian Foran, a bank analyst at Autonomous Research. "The broad thing that investors are struggling with," he said, "is the future growth of this business, and what happens when retailers go bankrupt." Reporting by David Henry in New York; editing by Lauren Tara LaCapra and Riham Alkousaa 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-citigroup-cards-retailers-idUSKBN1A20BN'|'2017-07-17T08:00:00.000+03:00'
'95a568f2be2fd7d2d7fa91e9e16b09a4cf7893bf'|'UPDATE 1-Volvo hikes North American outlook after Q2 profit narrowly beats'|'Edition United States July 19, 2017 / 5:31 AM / an hour ago Stretched supply chain curbs Volvo margins as demand for trucks surges Niklas Pollard and Johannes Hellstrom 4 Min Read FILE PHOTO - The logo of Volvo is seen on the front grill of a Volvo truck in a customer showroom at the company''s headquarters in Gothenburg, Sweden, September 23, 2008. Bob Strong/File Photo STOCKHOLM (Reuters) - Sweden''s Volvo ( VOLVb.ST ) said on Wednesday that a stretched supply chain and extra costs to meet strong demand for its trucks dented margins in the second quarter, even as it reported a rise in profits and order intake. Shares in Volvo, which competes with Germany''s Daimler ( DAIGn.DE ) and Volkswagen ( VOWG_p.DE ), have risen nearly 40 percent this year on robust demand and better margins following a 10-billion-crown cost-cutting drive. Adjusted operating profit rose to 8.54 billion Swedish crowns ($1.03 billion) from 6.13 billion, just pipping the 8.48 billion forecast of analysts polled by Reuters. But the operating margin in its trucks headline business, which accounts for nearly two thirds of group sales, narrowed to 9.6 percent from 10 percent, weighing on Volvo shares, which were down 5.7 percent by 1030 GMT. Order intake of trucks under brands such as Volvo, Mack and Renault shot up 22 percent in the second quarter, beating the 12 percent increase forecast by analysts. Chief Executive Martin Lundstedt said the extra costs for overtime and express transport had mostly hit its European truck manufacturing and that supplies of components for powertrains - the engine and axle - had been very stretched. He declined to give any figures for the extra costs. "It will cause a number of challenges also during the third quarter, but I think we should see it as something coming with a good situation in demand and primarily then in the European production system," he said on a conference call. In Europe, a strengthening economy has spurred investment by fleet operators which had restrained spending during the eurozone crisis, while in North America demand is picking up as inventories fall and average fleet ages rise. "If you want to point to weaknesses, results in Trucks are softer than expected, above all in terms of the margins," Handelsbanken Capital Markets analyst Hampus Engellau said. "The real positive is that order intake is so strong." Sweden''s biggest company by revenue raised its 2017 sales outlook for the North American heavy truck market to 225,000 trucks from 215,000 and kept its guidance for robust industry-wide sales of 300,000 trucks in Europe. Volvo is the first of Europe''s major truck makers to release second-quarter results. Daimler and Volkswagen, as well as Iveco trucks maker CNH Industrial ( CNHI.MI ) and U.S. company Paccar Inc ( PCAR.O ), whose brands include Peterbilt and Kenworth, all report next week. Volvo is on track to record its highest annual level of profitability since the 1999 sale of its car business, now owned by China''s Zhejiang Geely Holding Group [GEELY.UL]. Gothenburg-based Volvo reported an adjusted operating margin of 9.7 percent in the second quarter, up from 7.8 percent a year ago, in line with analysts'' expectations and helped by a jump in profitability at the group''s construction equipment arm. A recovery in demand in China has helped bolster order intake and profits at Volvo Construction Equipment after several weak years and the company raised its market outlook in the world''s second-biggest economy for a second straight quarter. Reporting by Niklas Pollard and Johannes Hellstrom; editing by Jason Neely and Susan Thomas 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volvo-results-idUSKBN1A40C5'|'2017-07-19T09:09:00.000+03:00'
'08ae87cefb15d488d14776540aba9375d96468ef'|'Euro zone bond yields a touch lower as markets eye cautious ECB'|'July 19, 2017 / 8:43 AM / 24 minutes ago Euro zone bond yields a touch lower as markets eye cautious ECB Dhara Ranasinghe 3 Min Read LONDON (Reuters) - Borrowing costs in the euro area dipped on Wednesday, with investor sentiment supported by a view that the ECB is unlikely to signal significant policy tweaks when it meets this week, given subdued inflation and a stronger euro. European Central Bank chief Mario Draghi is also expected to use Thursday''s meeting to calm market expectations of a scaling back of stimulus in coming months. Comments he made three weeks ago in Sintra, Portugal were seen opening the door to tapering of asset purchases and sparked a sharp selloff in bonds. Data this week confirmed that euro zone inflation remains tame at 1.3 percent - well below the ECB''s near 2 percent target - while further strength in the single currency could dampen inflation by keeping down import costs. The euro hit its highest level in more than a year against a broadly weaker dollar on Tuesday and is up roughly 3 percent since just before Draghi''s Sintra speech. "It appears that since that speech, ECB policy makers have had a revaluation and will try to limit market reaction to tapering expectations," said Benjamin Schroeder, a rates strategist at ING. "A strong euro has also raised expectations that they will not sound overly hawkish." Most euro zone government bond yields were flat to 1 basis point lower in early Wednesday trade. Germany''s benchmark 10-year Bund yield dipped 0.5 bps to 0.55 percent, off recent 18-month highs. A scaling back of expectations for another rise in U.S. interest rates and weaker-than-expected UK inflation data that dampened prospects of a hike in Britain have also supported bond markets this week. In a test of investor appetite for debt from the euro zone''s benchmark issuer ahead of the ECB meeting, Germany holds a sale of 30-year government bonds on Wednesday. Analysts said they expected the recent market selloff to tempt investors back. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets Reporting by Dhara Ranasinghe; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-bonds-idINKBN1A40OP'|'2017-07-19T11:42:00.000+03:00'
'caf598298937fa0f3f2e29673dec96168e4bb005'|'Daimler to spend $255 million updating diesel cars'|'Edition United States July 18, 2017 / 3:51 PM / a minute ago Daimler to spend $255 million updating diesel cars Reuters Staff 2 Min Read The Mercedes-Benz logo is seen before the company''s annual news conference in Stuttgart, Germany, February 4, 2016. Michaela Rehle/File Photo FRANKFURT (Reuters) - Daimler ( DAIGn.DE ) said its management board had approved measures to cut diesel pollution including an investment of 220 million euros ($255 million) to update over three million Mercedes-Benz diesel engine cars in Europe. The measures come after German lawmakers last week summoned Mercedes-Benz executives to question them about emissions. At the time the carmaker agreed with the Transport Ministry to undergo another round of emissions tests. "The company is investing about 220 million euros. The service actions involve no costs for the customers," Daimler said in a statement on Tuesday, adding that the updates would commence in the coming weeks. Daimler further said it would roll out its new four-cylinder OM 654 diesel engine, first launched in the new E-Class in 2016, across its entire model portfolio. After Volkswagen ( VOWG_p.DE ) confessed to deliberate emissions cheating in 2015, the entire auto industry has come under scrutiny for producing nitrogen oxide emissions in diesel cars, which are blamed for causing respiratory disease. In May, 23 prosecutors and around 230 staff, including police and state criminal authorities, searched Daimler sites in Germany following allegations of false advertising and the possible manipulation of exhaust gas treatment systems in diesel cars. Daimler has said its vehicles are road legal but also warned investors in its quarterly report that steps by U.S. authorities to investigate "functionalities", including some which it said were common in diesel vehicles, could lead to significant penalties and vehicle recalls. Reporting by Edward Taylor; Editng by Victoria Bryan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-daimler-emissions-mercedes-idUKKBN1A31T1'|'2017-07-18T18:55:00.000+03:00'
'399a53c780df81b83f86139cd03b0e5811b6f5dd'|'Chipotle shuts Virginia restaurant due to customer illness, shares fall'|'July 18, 2017 / 4:44 PM / 10 minutes ago Chipotle shuts Virginia restaurant on norovirus worries, shares fall Lisa Baertlein 3 Min Read Signage for a Chipotle Mexican Grill is seen in Los Angeles, California, United States, April 25, 2016. Lucy Nicholson/File Photo (Reuters) - Chipotle Mexican Grill Inc ( CMG.N ) closed a restaurant in Virginia because of a suspected norovirus outbreak among some diners, sending its shares lower on Tuesday. Investors are keenly sensitive to food-safety issues at Chipotle, which is still working to recover fully from a string of sales-crushing E. coli, salmonella and norovirus outbreaks in late 2015. Chipotle''s stock was off $17.50 at $374.50 in late-afternoon trading on Tuesday after falling as low as $362.51. The shares were trading at nearly $750 before the company''s previous food-safety incidents, which battered the chain''s profits and reputation. Chipotle spokesman Chris Arnold said on Tuesday the reported symptoms were consistent with norovirus, a highly contagious virus that can cause severe vomiting and diarrhea. "We plan to reopen the restaurant today," Arnold said. The suspected illnesses were first reported by Business Insider earlier on Tuesday. It cited information from iwaspoisoned.com, a website on which consumers document what they believe are incidents of foodborne illness. "In total, eight reports were made to the website, indicating that at least 13 customers fell sick after eating there from July 14-15," the news site said. Chipotle voluntarily closed the restaurant on Monday, said Victor Avitto, environmental health supervisor for the Loudoun County Public Health Department, which has jurisdiction over the restaurant on Tripleseven Road in Sterling. Test results are expected later this week, Avitto said. Norovirus, known as the "winter vomiting bug," is the leading cause of illness and outbreaks from contaminated food in the United States, according to the Centers for Disease Control and Prevention. It can spread from person to person, as well as through food prepared by an infected person. It often hits closed environments such as daycare centers, schools and cruise ships. Most outbreaks happen from November to April in the United States. Chipotle will report second-quarter results on July 25. Reporting by Lisa Baertlein in Boston; Editing by Matthew Lewis and Peter Cooney 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-chipotle-health-idUSKBN1A31WR'|'2017-07-18T19:44:00.000+03:00'
'c7fbe1686645425cbb28dfc912aa8b6ffaef8934'|'BP considering IPO of U.S. pipeline assets - statement'|'July 18, 2017 / 8:17 PM / in 17 minutes BP considering IPO of U.S. pipeline assets - statement Reuters Staff 1 Min Read FILE PHOTO: A BP logo is seen at a petrol station in London, Britain, January 15, 2015. Luke MacGregor/File Photo (Reuters) - BP is considering spinning off certain U.S. pipeline assets in the U.S. Gulf and Midwest in an initial public offering, the company said in a statement on Tuesday. The potential IPO would structure the assets as a master limited partnership (MLP), a frequently used corporate structure for pipeline companies. Reporting By Jessica Resnick Ault; Editing by Cynthia Osterman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bp-ipo-pipeline-idUKKBN1A32AE'|'2017-07-18T23:24:00.000+03:00'
'ca6ff61549afd85a4bb62622a649a0c3d41bb0ec'|'Safeway to pay $3 million to resolve U.S. drug probe'|'July 18, 2017 / 8:31 PM / 16 minutes ago Safeway to pay $3 million to resolve U.S. drug probe 1 Min Read A man leaves a Safeway supermarket in Tucson, Arizona January 15, 2011. Eric Thayer (Reuters) - Safeway has agreed to pay $3 million to resolve claims that the U.S. supermarket chain failed to promptly report missing or stolen drugs including opioid medications at its pharmacies, the U.S. Justice Department said on Tuesday. U.S. authorities have been fighting a nationwide opioid epidemic, which has focused more attention on companies involved in distribution of prescription painkillers. Reporting by Nate Raymond in Boston; Editing by David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-safeway-probe-idUSKBN1A32BB'|'2017-07-18T23:29:00.000+03:00'
'09a77316ad67ba4823fc446ad6504e37c2cd8129'|'Wall Street set to open lower on tepid earnings, policy gridlock'|'July 18, 2017 / 1:06 PM / 5 minutes ago Goldman Sachs drags Dow lower; Netflix rally buoys Nasdaq Rodrigo Campos 3 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 12, 2017. Brendan McDermid NEW YORK (Reuters) - Major stock indexes were mixed on Tuesday, as Netflix''s rally kept the Nasdaq Composite in the black while Goldman Sachs weighed on the Dow, with earnings taking investors'' focus. Stocks'' reaction to the collapse in the U.S. Senate of a key healthcare bill was muted. Analysts said the expectation for business-friendly legislation out of Washington is all but priced out of the stock market. The Dow was dragged lower by a drop in Goldman Sachs ( GS.N ), which fell 2.4 percent to $223.77 after it reported a worse slump in bond trading revenue than many analysts had expected and posted the weakest commodities results in its history as a public company. Netflix ( NFLX.O ) rose 14.1 percent to $184.43 a day after it crushed Wall Street forecasts by reporting 5.2 million new streaming customers in the second quarter. "Earnings and guidance will move the market more than news out of D.C.. Goldman is more important to the market today, as is Netflix, and that will be the case for the next couple of weeks," said Art Hogan, chief market strategist at Wunderlich Securities in New York. Despite the muted reaction from stocks, news of the healthcare bill''s collapse sent the U.S. dollar to a 10-month low against a basket of major currencies .DXY. The Dow Jones Industrial Average .DJI fell 57.74 points, or 0.27 percent, to 21,571.98, the S&P 500 .SPX gained 0.29 points, or 0.01 percent, to 2,459.43 and the Nasdaq Composite .IXIC added 24.66 points, or 0.39 percent, to 6,339.09. The Nasdaq was on track to post its eighth consecutive session of gains, which would be longest streak since its a 10-day string in February 2015. Other widely held stocks were active after posting results. Harley-Davidson ( HOG.N ) fell 5.8 percent to $49.00 after the motorcycle maker cut its 2017 shipments forecast. Analysts estimate an 8.5 percent rise in second-quarter earnings and 4.7 percent increase in revenue for S&P 500 companies from a year earlier. This follows a robust first quarter when U.S. companies posted the fastest rate of growth in earnings since 2011, according to Thomson Reuters I/B/E/S. Chipotle Mexican Grill ( CMG.N ) was down 5.7 percent after it closed a restaurant in Virginia due to a suspected norovirus outbreak among some diners. Declining issues outnumbered advancing ones on the NYSE by a 1.25-to-1 ratio; on Nasdaq, a 1.31-to-1 ratio favoured decliners. Reporting by Rodrigo Campos; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN1A31DJ'|'2017-07-18T16:05:00.000+03:00'
'c921523866df8ce0f5ae823f11c7ae687f70e71b'|'United Air shares slide on outlook for passenger unit revenue'|'July 19, 2017 / 4:35 PM / 2 hours ago United Air shares slide on outlook for passenger unit revenue Alana Wise 3 Min Read A United Airlines Boeing 787 Dreamliner touches down at San Francisco International Airport, San Francisco, California, in this April 11, 2015, file photo. Louis Nastro/Files NEW YORK (Reuters) - Shares of United Continental Holdings Inc ( UAL.N ) fell more than 5 percent on Wednesday, a day after the airline forecast "disappointing" passenger unit revenue in the third quarter. After the market closed on Tuesday, United said passenger unit revenue, which measures sales relative to flight capacity, would be flat in the third quarter after rising 2.1 percent in the second quarter from a year ago. "Investors were estimating 3Q17 unit revenue would be flat to up 2 (percent); our estimate was up 1.5 (percent), so the guidance is disappointing," Cowen analyst Helane Becker wrote in research note. Major U.S. carriers have just begun to break free from a years-long negative streak in passenger unit revenue, posting increases in the metric after more than 2-1/2 years of depressed performance. Rival Delta Air Lines Inc ( DAL.N ) recorded a 2.5 percent increase in its passenger unit revenue in the second quarter and projected that the measure would continue trending positive into the third quarter, between 2.5 percent and 4.5 percent. United, the No. 3 U.S. airline by passenger traffic, said unit operating costs, excluding fuel, rose more than 3 percent as rising labor costs weighed on the industry. Still, it posted adjusted earnings per share of $2.75, versus analysts'' consensus forecast of $2.67. The solid financial results for the period ended on June 30 came despite consumer outrage over an April incident in which a paying passenger was dragged off a United flight. The company eventually settled with the passenger for an undisclosed amount and promised policy changes in hopes of winning back goodwill. In a Wednesday call with industry analysts and the media, United Chief Executive Oscar Munoz conceded that the airline can at times be "stuck in the past" in its response to social media fallouts, like that from the April 9 dragging, but said updated policies were working to move the company forward. United shares were trading at $74.49 in early afternoon, down about 5.6 percent. Editing by Jeffrey Benkoe and David Gregorio 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ual-results-shares-idUSKBN1A41WG'|'2017-07-19T19:34:00.000+03:00'
'c39e25c68cffcc806d3c6c474599121aff8a1c43'|'PRESS DIGEST- British Business - July 19'|'July 18, 2017 / 11:31 PM / 13 hours ago PRESS DIGEST- British Business - July 19 3 Min Read July 19 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Twenty-First Century Fox Inc has written to the government urging it to reject the "most blatant form of political interference" by Ed Miliband and Sir Vince Cable in its proposed 11.7 billion pound ($15.25 billion) offer for Sky Plc. bit.ly/2uAHwwO Male presenters at the BBC are twice as likely as their female colleagues to earn more than 150,000 pounds ($195,510) a year, the corporation will admit on Wednesday. bit.ly/2uALkhT The Guardian All extra charges added to payments for goods and services made by card are to be outlawed, ending a "rip-off" that costs Britons hundreds of millions of pounds a year, the government has announced. bit.ly/2uAqTBL Financial Conduct Authority chief executive Andrew Bailey said City firms were getting near to the point where they would have to take steps to move staff and other measures to ensure that they can continue to operate seamlessly once the UK leaves the EU in March 2019. bit.ly/2uAhOsD The Telegraph McCormick & Co Inc has reportedly agreed to buy Reckitt Benckiser Group Plc''s food business for more than 3.1 billion pounds ($4.04 billion), a year after the Schwartz spices maker''s efforts to buy Premier Foods Plc were thwarted. bit.ly/2uACnoA BP Plc is considering spinning off certain U.S. pipeline assets in the U.S. Gulf and Midwest in an initial public offering, the company said in a statement late on Tuesday. bit.ly/2uAI2ee Sky News Adam Crozier, the former ITV Plc chief executive, is being lined up to become chairman of the Vue cinema chain as it examines plans for a blockbuster sale or stock market flotation. bit.ly/2uA4Rij Foreign hackers have penetrated the UK''s critical national infrastructure, including parts of the national grid, a leaked document has revealed. bit.ly/2uA4W5B The Independent The divisions tearing apart the Conservative party have been laid bare as backbench members of Parliament told the prime minister she has their backing to sack disloyal cabinet ministers. ind.pn/2uAn4fV ($1 = 0.7672 pounds) (Compiled by Bengaluru newsroom) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL1N1K92A0'|'2017-07-19T02:30:00.000+03:00'
'bc0bd4897821f445703faa1bba0111f5ac100d51'|'U.S. banks pay up for big deposits as consumers get pennies'|'July 18, 2017 / 7:33 PM / an hour ago U.S. banks pay up for big deposits as consumers get pennies Dan Freed and David Henry 3 Min Read FILE PHOTO - A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. Mike Segar (Reuters) - Big U.S. banks are starting to pay corporations, financial firms and rich people more to hold on to their deposits, but ordinary consumers will have to wait longer to see more than a few pennies for every $100 they stash in their accounts. Banks including JPMorgan Chase & Co, Bank of America Corp, Wells Fargo & Co and PNC Financial Services Group lifted rates for sophisticated customers'' deposits during the second quarter, executives said when discussing earnings in recent days. The increases followed the Federal Reserve''s decision in June to lift its key interest rate target for the third time in six months. Main Street depositors are not yet seeing the same benefits, executives said. Those customers have been slower to move money from deposit accounts into products that would pay more, partly because banks, collectively, are not competing with each other for the funds. "It is a tale of two cities," JPMorgan Chief Financial Officer Marianne Lake said, in describing how corporate customers were much quicker to demand higher rates. Bill Demchak, PNC''s chief executive officer, characterized corporate deposits as "hot money" ready to move quickly when interest rates first rise. He predicted the Fed would need to hike rates a couple more times before banks would need to compensate retail consumers more. FILE PHOTO - A Bank of America logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith Several online banks pay rates above 1 percent, but big banks have not budged much since rates fell to near zero during the 2007-2009 financial crisis. The average U.S. checking account now pays 4 cents of interest each year for every $100 in deposits, according to the Federal Deposit Insurance Corp. Even five-year certificates of deposit pay less than 1 percent. FILE PHOTO - A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. Jim Young/File Photo Consumers will benefit when a few banks start paying higher rates, forcing others to keep up to avoid losing customers, bankers said. Wells Fargo will lift rates only as a "defensive" measure, Chief Financial Officer John Shrewsberry said. Analysts say how long the banks can hold out on consumers could determine if lenders meet expectations for net interest income. Bank of America''s consumer deposit rate rose by just one-hundredth of a percentage point, but it had to pay wealth management and corporate customers more. Executives said the earnings hit of the higher rates would appear in third-quarter results. Basic checking accounts "are zero interest and they will remain zero interest because that''s the nature of the beast," Bank of America CEO Brian Moynihan said. Reporting by Dan Freed and David Henry in New York; Additional reporting by Elizabeth Dilts; Editing by Lauren Tara LaCapra and Meredith Mazzilli 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-banks-deposits-idUSKBN1A3274'|'2017-07-18T22:32:00.000+03:00'
'51ccd3abb548fe363e738728e046f7475dd88b19'|'IBM''s second-quarter revenue dips 4.7 percent'|'July 18, 2017 / 8:19 PM / 19 minutes ago IBM''s second-quarter revenue dips 4.7 percent Reuters Staff 1 Min Read FILE PHOTO - The logo of Dow Jones Industrial Average stock market index listed company IBM (IBM) is seen on a computer screen in Los Angeles, California, United States, April 22, 2016. Lucy Nicholson (Reuters) - International Business Machines Corp reported a 4.7 percent decline in quarterly revenue on Tuesday, hurt largely by weak demand in its technology services business. The company''s net income fell to $2.33 billion, or $2.48 per share in the second quarter ended June 30, from $2.50 billion, or $2.61 per share, a year earlier. Revenue fell to $19.29 billion from $20.24 billion. Reporting by Pushkala A in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ibm-results-idUKKBN1A32AI'|'2017-07-18T23:19:00.000+03:00'
'b0ece54d74e3d6669354d19d69bee8f7edb1f955'|'Less not more is key to efficient FX markets, Deutsche Bank finds'|'July 18, 2017 / 3:41 PM / 41 minutes ago Less not more is key to efficient FX markets, Deutsche Bank finds Saikat Chatterjee 3 Min Read FILE PHOTO: The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. Ralph Orlowski/File Photo LONDON (Reuters) - Conventional wisdom has it that as more participants join a market, it leads to better price discovery and therefore greater efficiency. Not so, according to a study of the world''s foreign exchange markets by Roel Oomen, global co-head of electronic FX spot trading at Deutsche Bank, one of the world''s top FX trading banks. Instead, adding more liquidity providers or traders to a platform is ultimately counterproductive for clients, he said in an interview. Banks'' share of the foreign exchange market -- the world''s biggest financial market, with more than $5 trillion changing hands daily -- has fallen in recent years as trading platforms have proliferated. New technology has made it easier for institutional players and retail punters alike to trade at prices previously only available to the major banks. It is now possible, for example, to get the best prices from multiple players in a single order book, a process known as aggregation. While some of the world''s biggest banks have their own trading platforms for clients, such as Citibank''s Velocity, they also offer liquidity on some external trading platforms. But Oomen''s study found that adding more than a certain number of liquidity providers to a platform is unlikely to benefit the client and can result in worse pricing over time. "This is because it appears to increase the probability of ''winner''s curse'', where dealers end up losing money on deals because they have to submit overly aggressive pricing to win transactions," he said. They subsequently gave less competitive prices than they might ordinarily have offered to shield themselves from future potential losses, leading to a drop in liquidity. The study has implications for trading and hedging strategies used by companies and large funds, which increasingly use such technology offered by banks and non-bank participants. The top five banks'' share of FX trading fell to less than half in 2016 from a peak of 60 percent in 2013, according to the latest triennial survey of the market, published by the Bank for International Settlements (BIS) last year. That reflects lower participation by big hedge funds as currency volatility has declined, hitting banks which trade on their behalf. The difficulty of generating a steady income over long periods from carry trades, in which an investor borrows in a low-yielding currency to buy a higher yielding one, while interest rates are low has also sapped trading appetite. Daily volumes on non-bank trading platforms such as XTX Markets, Virtu Financial and Citadel Securities can nowadays run into billions of dollars, according to BIS analysts. Reporting by Saikat Chatterjee; Editing by Catherine Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-forex-trading-idINKBN1A31NG'|'2017-07-18T18:39:00.000+03:00'
'76fdd5056acb64ff639170d8323a378abd603b53'|'UPDATE 1-UK Stocks-Factors to watch on July 18'|'(Adds company news items and futures)July 18 (Reuters) - Britain''s FTSE 100 index is seen opening 15 points lower at 7,389.3 on Tuesday, according to financial bookmakers, with futures down 0.3 percent ahead of the cash market open.* BRITISH LAND: British Land intends to spend up to 300 million pounds to buy back its shares in this financial year, it said on Tuesday, citing limited investment opportunities.* IG GROUP: British online financial trading company IG Group Holdings Plc said on Tuesday that full-year pretax profit rose 3 percent, beating analysts'' estimates.* JUST GROUP: Britain''s Just Group, which specialises in selling financial products for retirement, reported on Tuesday a 3 percent increase in new business sales in the six months to end-June.* RIO TINTO: Global miner Rio Tinto on Tuesday lowered its forecast for shipments of iron ore in calendar 2017 by up to 10 million tonnes due to bad weather and ongoing work to modernise its rail haulage lines.* STANDARD LIFE: India''s HDFC Standard Life Insurance Co Ltd said on Monday it had revived a planned initial public offering, as it struggles to get regulatory approval to buy smaller rival Max Life.* BRITAIN MOTOR INSURANCE: The average price of UK motor insurance hit a record high in the second quarter of the year, driven by new rules for personal injury claims and a rise in the insurance premium tax, the Association of British Insurers (ABI) said.* BRITAIN ECONOMY: London''s economy is wobbling from the early effects of Brexit judging from the capital''s faltering housing market, fewer European Union citizens seeking work and weaker job creation, according to a report from the Centre for London think tank.* BREXIT: British lawmakers said restricting the movement of EU citizens'' data after Brexit would hurt trade and security co-operation, and transitional arrangements should be made by the government to keep information flowing after Britain leaves the bloc.* OIL: Oil prices were stable on Tuesday, supported by strong consumption but weighed by ongoing high supplies from producer club OPEC and also the United States.* The UK blue chip index FTSE 100 closed 0.4 percent higher at 7,404.13 points on Monday, driven by basic resource firms, while a government contract win by crisis-hit construction firm Carillion gave it some respite from heavy losses sustained last week.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsToday''s Uk Papers > Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1K92N5'|'2017-07-18T09:45:00.000+03:00'
'441884b9b392fa23587583190bb31679e656123d'|'Asian shares edge down, dollar skids on circumspect Fed'|'July 18, 2017 / 1:05 AM / an hour ago Asian shares struggle to rise, dollar slips Lisa Twaronite 5 Min Read An investor looks at an electronic board showing stock information at a brokerage house in Nanjing, China May 24, 2017. Stringer TOKYO (Reuters) - Asian shares stepped back from more than two-year highs on Tuesday while the dollar extended losses as passage of a U.S. healthcare bill grew doubtful, and as investors bet the Federal Reserve will be more cautious about raising interest rates. MSCI''s broadest index of Asia-Pacific shares outside Japan fluttered between positive and negative territory and last was slightly higher. But it remained well shy of its loftiest levels since April 2015, scaled in the previous session. Republican Senators Jerry Moran and Mike Lee announced their opposition on Monday to U.S. legislation to dismantle and replace the Affordable Care Act, commonly known as Obamacare, leaving it without enough votes to pass. U.S. S&P stock futures edged down slightly after the news, and were last off 0.1 percent. In Europe, futures for the Eurostoxx 50 and the DAX were both down 0.4 percent, while the FTSE was 0.3 percent lower. Wall Street ended little changed on Monday in low-volume trading, as investors braced for a flood of second-quarter earnings reports later this week. Overall Asian sentiment remained underpinned by solid China data on Monday, which showed its economy expanded at a faster-than-expected 6.9 percent clip in the second quarter, setting the country on course to comfortably meet its 2017 growth target. Chinese shares on Tuesday faced profit-taking as well a sell-off in small-caps. Both both the blue chip CSI300 index and the Shanghai Composite Index were down in the morning, then turned marginally up. "At the end of this month, corporate China has to pay their tax bill, so you have people taking money off the table and liquidating," said Gavin Parry, managing director at Parry International Trading Limited in Hong Kong. The dollar, already down in early trade, extended losses. It slipped 0.5 percent on the day to 112.14 yen, well below its nearly four-month high of 114.495 touched last week. The euro jumped 0.4 percent to $1.1522, after earlier pushing to its highest since May 2016. The Australian dollar surged 1.5 percent to two-year highs after minutes of the last meeting of the country''s central bank showed policymakers turned more upbeat on the economic outlook. The dollar index, which tracks the greenback against a basket of six major rivals, wallowed at 94.791, down 0.2 percent after plumbing its lowest levels since September 2016. "It''s hard to be bullish on the dollar, both from the monetary side and from the U.S. politics side," said Masafumi Yamamoto, chief currency strategist at Mizuho Securities. Fading support for U.S. President Donald Trump was weighing on the dollar, he said, as the U.S. administration struggled to gather enough backers in the Senate to pass the healthcare reform bill, raising doubts about how the rest of its ambitious agenda would fare. "Trump''s falling popularity, although it was not spectacular from the beginning, is another hurdle for pushing for the changes, and that will be negative for the U.S. economy and the dollar," said Yamamoto. Japan''s Nikkei stock index dropped 0.6 percent to end the day a hair below the key 20,000 level, as markets resumed trading after a public holiday on Monday and caught up to the resurgent yen. Fading U.S. rate hike bets also weighed on the dollar. Fed funds futures continue to show less than a 50 percent chance of a rate hike in December after Fed Chair Janet Yellen sounded a cautious tone last week in congressional testimony, and following downbeat U.S. inflation and retail sales data on Friday. "U.S. data is still not strong," said Harumi Taguchi, principal economist at IHS Markit in Tokyo. The combination of that data and the political situation has pressured U.S. Treasury yields, which undermines the dollar, she said. The U.S. 10-year yield stood at 2.303 percent in Asian trading, down from its U.S. close on Monday of 2.309 percent. "We still expect the Fed to hike in December, but unless the market expects the same, I don''t think interest rate differentials are going to widen," Taguchi said. Crude oil futures edged higher, benefiting from the weaker dollar, with U.S. crude was slightly higher at $46.03 per barrel and Brent crude adding 0.1 percent to $48.46. On Monday, crude prices had skidded about 1 percent as investors held out for strong indications that an OPEC-led effort to drain a glut was proving effective. The weaker dollar lifted spot gold which rose 0.3 percent to $1,237.50 per ounce. Reporting by Lisa Twaronite; Editing by Shri Navaratnam and Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1A303L'|'2017-07-18T04:02:00.000+03:00'
'2874a9fdec00739d8d34164db7edeb5de2840eaf'|'BoE rate hike bets fade in markets after weak inflation'|'July 18, 2017 / 4:01 PM / 6 minutes ago BoE rate hike bets fade in markets after weak inflation Reuters Staff 2 Min Read FILE PHOTO: A man speaks on his phone on a sunny morning as he walks past the columns of the Bank of England in the City of London, May 19, 2014. Andrew Winning/File Photo LONDON (Reuters) - Expectations among British government bond investors that the Bank of England might hike interest rates soon faded on Tuesday after an unexpected fall in British inflation, the first since October last year. Gilt yields fell by the largest amount in over a month following the data which showed the consumer price index rose an annual 2.6 percent in June, a lot less than the 2.9 percent increase predicted in a Reuters poll. Five- and 10-year gilt yields GB5YT=RR fell 6 basis points on the day to 0.60 percent and 1.21 percent, marking their lowest levels since June 28. Short sterling interest rate futures also rose after the data, another sign that investors were pushing back their expectations for when the BoE might raise rates. Gilt yields have retraced most of their gains since late June when BoE Chief Economist Andy Haldane said he could soon join a minority of rate-setters who want higher borrowing costs, blowing apart the consensus on Monetary Policy Committee. Since then, economic data have largely come in weaker than expected, raising questions about the likelihood of a rate hike any time soon. The BoE''s next announcement on interest rates is due on Aug. 3. "Today''s inflation figures reinforce our view that the Bank of England will be content to hold policy steady when it meets in August," said Investec economist Victoria Clarke. Overnight index swaps dated to MPC meetings suggested there is now only a roughly 1-in-5 chance of a rate hike by the end of the year, compared with a 1-in-2 chance a couple of weeks ago, according to Reuters calculations. The yield spread between 10-year British GB10YT=RR and German government bonds EU10YT=RR stood at 65.2 basis points, the lowest since around late August 2016 and down around 4 basis points on the day. Editing by Catherine Evans'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-bonds-idUKKBN1A31TT'|'2017-07-18T19:00:00.000+03:00'
'6e17b97b621e942a73a8295d8c6e6331182f59dc'|'''FAANG'' stocks to put overall drag on 2nd quarter earnings'|'July 17, 2017 / 7:54 PM / in a few seconds ''FAANG'' stocks to put overall drag on second quarter earnings Kimberly Chin 3 Min Read (Reuters) - The high-flying "FAANG" stocks are expected to be an overall drag on second quarter earnings growth despite their stock performance bolstering the S&P 500 this year. The S&P 500 index is expected to see earnings growth of 8.2 percent for the second quarter, but if the five FAANG stocks -- Facebook Inc ( FB.O ), Amazon.com Inc ( AMZN.O ), Apple Inc ( AAPL.O ), Netflix Inc ( NFLX.O ) and Alphabet Inc ( GOOGL.O ) -- are excluded, that number rises to 8.4 percent, according to Thomson Reuters data. "A lot of the growth in the S&P is being driven by the energy sector," said David Aurelio, senior research analyst, Thomson Reuters. "FAANG is contributing but energy has such a high growth rate that its pretty hard to compete with that." The overall earnings growth for FAANG stocks is in contrast to their stock performance. The market cap of the FAANGs increased by $119.85 billion during the second quarter, or about 22.2 percent of the overall increase in market cap of the S&P 500. Each of the FAANG stocks has significantly outperformed the S&P 500 this year. The FAANG companies'' earnings growth is expected to be 6 percent for the second quarter. But that is not enough to boost growth overall, Aurelio said. Excluding any segment of the market generating less than the 8.2 percent rate for the S&P as a whole will act as a drag, he said. Amazon is expected to be the biggest drag of the FAANGs, with share-weighted earnings down 20 percent, while Alphabet is expected to be down 2 percent. However, Netflix is expected to be up 73 percent, Apple up 11 percent and Facebook up 16 percent. Still, the group will over-contribute on revenue - expected to be up 15.7 percent while the S&P 500 as a whole will be up 4.6 percent, according to Reuters data. Extra spending on warehouses to ship more goods to shoppers faster has weighed on Amazon''s profit since the second half of 2016, creating tough year-over-year comparisons that only will ease in the third quarter of this year. “They''re an 800 pound gorilla," said Scott Freeze, portfolio manager of AdvisorShares New Tech & Media ETF ( FNG ) in Huntingdon Valley, Pennsylvania, referring to Amazon. "If Amazon does well, it will be good for everyone and it will rise all boats. If they don''t perform as well, you''ll probably see a broad based selloff." Additional reporting by Jeffrey Dastin, Rodrigo Campos and Megan Davies; Reporting by Kimberly Chin; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-faang-idUSKBN1A224C'|'2017-07-17T22:51:00.000+03:00'
'd232606e63b7ea897f1752c50467fea07589d2ec'|'Oil prices firm on strong China demand, signs of U.S. output slowdown'|'July 17, 2017 / 4:15 AM / 30 minutes ago Oil edges up towards $49, U.S. drilling slowdown supports Alex Lawler 3 Min Read A flame shoots out of a chimney at a petro-industrial factory in Kawasaki near Tokyo December 18, 2014. Thomas Peter/Files LONDON (Reuters) - Oil edged up to about $49 a barrel on Monday as fewer drilling rigs were added in the United States, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts. U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes said on Friday. Rig additions in the past four weeks averaged five, the slowest pace since November. Expectations that a long-awaited crude market rebalancing was under way was also bolstered by the sharp drop in U.S. crude inventories in the week to July 7. "The most pronounced inventory reduction in the U.S. in 10 months and the resulting decline in U.S. crude oil stocks to below the 500 million-barrel mark in the last reporting week have clearly prompted a shift in sentiment," said Carsten Fritsch, analyst at Commerzbank. "The oil rig count only rose by two – yet prices would have responded negatively to this just a few weeks ago." Brent crude, the global benchmark, was up 5 cents at $48.96 a barrel by 1219 GMT. U.S. crude traded at $46.49, down 5 cents. Oil prices are less than half their mid-2014 level because of a persistent glut, even after the Organization of the Petroleum Exporting Countries with Russia and other non-OPEC producers cut supplies since January. While OPEC-led cuts have offered prices some support, rising supplies from Nigeria and Libya, two OPEC states exempt from the pact, and increasing U.S. production have weighed on the market. Kuwait said on Friday the market was on a recovery track due to rising demand and said it was premature to cap Nigerian and Libyan output. An OPEC and non-OPEC committee meets in Russia on July 24 to discuss the impact of the deal. In a sign of strong demand, data on Monday showed refineries in China increased crude throughput in June to the second highest on record. OPEC is hoping higher demand in the second half will get rid of excess inventories. "There is almost an agreement that the second half of the year should be tighter than the first half due to significant jumps in demand forecasts," oil broker PVM said. "The net result is a rise in the demand for OPEC oil." Additional reporting by Henning Gloystein; Editing by Louise Heavens and Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN1A20A9'|'2017-07-17T07:15:00.000+03:00'
'6f25a26ef8d812b3944513d791e3c359992a6219'|'IMF says revises 2018 Spanish growth forecast up to 2.5 percent'|'  in 16 minutes IMF says revises 2018 Spanish growth forecast up to 2.5 percent Reuters Staff 1 Min Read MADRID (Reuters) - The Spanish economy will expand by around 2.5 percent in 2018, the International Monetary Fund''s chief of mission for Spain Andrea Schaechter told a news conference on Tuesday, up from a previous IMF forecast of 2.1 percent. The IMF earlier revised its 2017 growth projection upwards to 3.1 percent from 2.6 percent. Reporting by Jesus Aguado, Editing by Sarah White 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-spain-imf-growth-idUKKBN1A31J8'|'2017-07-18T17:04:00.000+03:00'
'f8df66cb05c53563a7ba3ab936a64d7b4c048ca7'|'Fed to announce balance sheet unwind in September, hike rates in fourth quarter: Reuters poll'|'BENGALURU (Reuters) - The U.S. Federal Reserve will announce plans to shrink its more than $4 trillion balance sheet in September, according to a Reuters poll of economists who also said the central bank will wait until the fourth quarter before raising rates again.Results in the survey are in line with what Fed officials have hinted at in recent weeks, even as they are split on the outlook for inflation and how the lack of it might affect the future pace of interest rate hikes."The idea is that they (the Fed) announce balance sheet shrinkage at the September meeting and then hike in December. I think they have almost pre-announced those two decisions," said Ethan Harris, head of global economics at Bank of America Merrill Lynch.In a poll conducted just last month, predictions were for the Fed to raise rates by September.But expectations have now been pushed back by a quarter, with the consensus from the latest poll of over 100 economists predicting the fed funds rate to climb to a range of 1.25-1.50 percent by the end of this year.Financial markets are pricing in only a 43 percent chance of a 25 basis point rate hike in December. That is largely because recent U.S. economic data have been weaker than expected, especially inflation.The dollar too has taken a beating against a basket of currencies and was last trading near a 10-month low.The Fed has raised rates twice so far this year.So while the Fed pauses for the next opportunity to raise rates, about two-thirds of economists say the central bank is expected to announce the course of action it will take to unwind its massive bonds portfolio in September.Most of those who answered another question in the poll said if the Fed does so, it will not be acting too soon. (For a graphic on those expectations: reut.rs/2txiV89 )But not everyone was convinced."We are a little bit concerned that the Fed is getting ahead of itself. We don''t agree with the idea that the Fed seems to be selling that balance sheet shrinkage is something we should not be focused on, and it will simply occur in the background," said BofA-ML''s Harris.FILE PHOTO: A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. Kevin Lamarque/File Photo "In a sense, they are setting aside one of their policy tools on auto-pilot. I don''t think they should be doing that."Only a handful of economists expect the central bank to announce its balance sheet unwinding plan when it meets on July 25-26. The consensus was for the central bank to stand pat on rates too at that meeting.Inflation Outlook Slips The labor market remains strong, with the unemployment rate at 4.4 percent. But weak wage growth and cooling inflation will probably keep the Fed wary of raising rates again soon.The Reuters poll consensus for core PCE inflation, the gauge the Fed closely watches, was 1.5-1.6 percent each quarter from here until the end of the year, slightly lower than 1.6-1.7 percent expected last month.Growth has not picked up as previously thought either and is now expected to be modest at best for this year and next.The economy is forecast to have grown at a 2.7 percent pace in the second quarter and then to advance at an annualized rate of 2.2-2.5 percent each quarter to the end of next year, according to the poll median.Fed Chair Janet Yellen said at a Senate committee hearing last week that it would be "quite challenging" for the United States to reach the 3 percent growth target set by President Donald Trump''s administration.Several Reuters polls this year have been clear that the chances of 3 percent U.S. economic growth this year were low.While the Fed has been more sanguine than markets about inflation picking up, policymakers will move cautiously."Fed officials believe that market participants are underappreciating the inflation implications of the downtrend in the unemployment rate, and that they have overreacted to some weaker-than-expected inflation data," noted Jim O''Sullivan of High Frequency Economics, the top forecaster for U.S. economic data in Reuters polls in 2016 for the second year in a row."However, Fed officials will not follow through on their policy projections if the labor market weakens and the recent slowing in core inflation continues," O''Sullivan wrote in a note.Analysis and polling by Indradip Ghosh and Vivek Mishra; Editing by Ross Finley and Andrea Ricci '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-fed-rates-poll-idUSKBN1A30GT'|'2017-07-18T09:39:00.000+03:00'
'f54ea5edbbc1a8046b56c8ee4b87fbca0cdf11e0'|'Oil dips on rising U.S. crude inventories, high OPEC supplies'|'July 19, 2017 / 1:49 AM / an hour ago Oil dips on rising U.S. crude inventories, high OPEC supplies Henning Gloystein 3 Min Read FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Picture taken May 3, 2017. Ernest Scheyder/File Photo SINGAPORE (Reuters) - Oil prices fell on Wednesday after a rise in U.S. crude inventories and ongoing high output from OPEC producers revived concerns of a fuel supply overhang. Brent crude futures LCOc1, the international benchmark for oil prices, were at $48.81 per barrel at 0259 GMT (3.59 a.m. ET), down 3 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.33 per barrel, down 7 cents. U.S. crude stocks rose last week, adding 1.6 million barrels in the week to July 14 to 497.2 million barrels, industry group the American Petroleum Institute said on Tuesday. Outside the United States, supplies from the Organization of the Petroleum Exporting Countries (OPEC) remained high, largely because of rising output from member-states Nigeria and Libya, despite the club''s pledge to cut production. "Nigeria and Libya have made significant progress in reinstating their oil supply. Production in Libya is currently reported at or above 1 million barrels per day while August loading schedules for Nigeria have risen to just over 2 million barrels per day," French bank BNP Paribas said. "The increment of crude oil supply from Nigeria and Libya in June vs. October 2016 reference production levels comes to 450,000 barrels per day on average. This is almost 40 percent of the 1.25 million barrels per day cut by the OPEC 10 members engaged in supply restraint," the bank said. Nigeria and Libya are exempt from the deal between OPEC and other producers, including Russia, to cut production by around 1.8 million barrels per day between January this year and March 2018 in order to tighten the market and prop up prices. "Talk of capping Nigerian and Libyan output has been growing fast (within OPEC). But it is very unlikely that both countries will acquiesce to a cap so soon after restoring production," BNP said. On the demand side, BMI Research warned that China''s near record refinery use of crude oil in June would likely fall in the second half of the year. "The pace of refining throughput growth in China is set to ease in H2, as the Chinese economy loses steam amid intensifying efforts to curb financial risks, and utilisation rates at the independent private refineries soften amid lower quotas and a tighter regulatory environment," BMI said. Reporting by Henning Gloystein; Editing by Richard Pullin and Tom Hogue 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN1A404K'|'2017-07-19T04:49:00.000+03:00'
'9c67ec37cd280925198810a375042eec944fc7b9'|'GSK looks to sell small UK Horlicks business - source'|'July 19, 2017 / 10:47 AM / 17 minutes ago GSK looks to sell small UK Horlicks business: source Reuters Staff 1   Signage for GlaxoSmithKline is seen on it''s offices in London, Britain, March 30, 2016. Toby Melville/File Photo LONDON (Reuters) - GlaxoSmithKline ( GSK.L ) is planning to sell its small Horlicks business in Britain but will retain the much larger operation in India, where the nutritional brand is growing strongly, a source familiar with the situation said on Wednesday. The move dovetails with another move by new Chief Executive Officer Emma Walmsley to divest the MaxiNutrition sports nutrition brand. The company declined to comment. Reporting by Ben Hirschler; Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-gsk-horlicks-idUKKBN1A40YO'|'2017-07-19T13:41:00.000+03:00'
'818bc35e9731ea9e08e36b04bc4b13b087eab5df'|'Britain''s BBC to publish names of biggest earners'|'July 19, 2017 / 6:42 AM / 5 hours ago Britain''s BBC to publish names of biggest earners 2 Min Read LONDON, July 19 (Reuters) - Britain''s BBC will reveal the salaries of its highest paid employees for the first time on Wednesday in a move imposed by the government to improve transparency and value for money at the public broadcaster. The BBC, funded by a tax on every television-owning household, has for years come under pressure to say how much it pays its biggest names and the obligation to name them was part of its latest 10-year legal settlement with the government. The corporation says it has to compete with commercial broadcasters such as ITV and Sky to recruit top talent and said its approach to pay would not change. "The BBC operates in a competitive market and this will not make it easier for the BBC to retain the talent the public love," Director General Tony Hall said. The corporation will publish the details of anyone earning more than 150,000 pounds ($195,555) a year at 1000 GMT. It has already said that one third of the names on the list are women, prompting Hall to say it must "go further and faster" on gender issues. $1 = 0.7670 pounds Reporting by Kate Holton, editing by Estelle Shirbon 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-bbc-idUSL5N1KA11A'|'2017-07-19T09:42:00.000+03:00'
'3e2ff2f9480e76a1178c6e9fa0cc719e7a731b7e'|'Exclusive: Three sides agree on seven rounds of NAFTA talks - sources'|'July 19, 2017 / 3:33 PM / in 41 minutes Exclusive: U.S., Canada, Mexico agree on fast-paced NAFTA talks - sources Anthony Esposito and David Ljunggren 5 Min Read FILE PHOTO - U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau in Washington, DC, U.S. on February 13, 2017. Kevin Lamarque/File Photo MEXICO CITY/OTTAWA (Reuters) - U.S., Mexican and Canadian officials have agreed to an aggressive timetable to renegotiate the North American Free Trade Agreement (NAFTA), sources said, aiming to conclude early next year to avoid Mexico’s 2018 presidential elections. The plan is to hold seven rounds of talks at three-week intervals, according to two Mexican officials who asked not to be identified because of the sensitivity of the issue. Described by one Mexican official as a "very aggressive calendar," the sources said the goal was to conclude the talks before the electoral campaign was in full swing. Negotiators fear the renegotiation process could become a political punching bag in Mexico due to President Donald Trump''s repeated swipes at Mexico and as Andres Manuel Lopez Obrador from the leftist National Regeneration Movement (MORENA) party leads a number of early polls for next year''s election. Trump has pushed for a renegotiation of NAFTA, threatening to dump it if he cannot rework the accord to the benefit of the United States. He argues it has fueled a trade deficit with Mexico and cost thousands of U.S. jobs. The first round of talks to upgrade the accord underpinning over a trillion dollars of trilateral trade between the United States, Mexico and Canada is due to take place in Washington from Aug. 16-20, U.S. Trade Representative Robert Lighthizer said on Wednesday. The talks will alternate sites among the three countries and the second round is slated to happen in Mexico, one of the Mexican sources said. However, a U.S. Trade Representative spokesperson said the countries have not all agreed to the number of rounds and the frequency of talks. A well-placed Canadian source familiar with discussions said the United States had proposed the "staggering" schedule but could also not confirm whether an agreement had been reached on the timetable. U.S. administration officials said Mexico had asked for the negotiations to be completed by the end of the year before the Mexican presidential election heats up. FILE PHOTO - Robert Lighthizer speaks after he was sworn as U.S. Trade Representative during a ceremony at the White House in Washington, U.S. on May 15, 2017. Kevin Lamarque/File Photo Lighthizer has said he hopes the negotiations could be wrapped up by the end of the year, while noting that he was not prepared to set a deadline for the talks. John Melle, assistant U.S. trade representative for the Western Hemisphere, will lead the day-to-day negotiations of NAFTA for the United States. Lighthizer, who by U.S. rules is the chief NAFTA negotiator, said in June that completing the negotiations by the year end was a "very, very quick time frame and we''re not going to have a bad agreement to save time." Impact on Immigration David MacNaughton, Canada''s ambassador to Washington, told reporters on Tuesday, "Obviously if we could get a clarification of the trading relationship sooner rather than later, it would be better, but having said that, we''re not going to rush into a bad deal." Canadian officials said there is no chance of making substantial changes to NAFTA if talks wrap up by the end of 2017. Modernizing the pact in a serious way will take two years, they forecast. After the United States unveiled on Monday its much-anticipated objectives for the renegotiation, the agenda was generally viewed as fairly limited in scope and greeted as such by Mexico and Canada. A U.S. administration official and a congressional source said there were growing concerns within the Trump administration, on Capitol Hill and in the business community that Trump policies could embolden anti-U.S. populist Lopez Obrador, who has tapped into Mexico''s resentment toward Trump. Some see the series of recent high-level visits by Trump cabinet members to Mexico, including Homeland Security Secretary John Kelly, Secretary of State Rex Tillerson and Energy Secretary Rick Perry, as signs of those concerns. U.S. officials caution that if things go badly on the trade front, Mexico would gain leverage on immigration. It has been praised by U.S. officials for curbing the flow of Central American immigrants through Mexico, but it could decide to reduce its border enforcement. "If the current president of Mexico were to capitulate in any major way to Trump''s unreasonable demands, then it would be a huge bonanza for Lopez Obrador," said Fred Bergsten, a senior fellow at the Peterson Institute for International Economics. Reporting by Anthony Esposito and David Ljunggren; Additional reporting by Dave Graham in Mexico City and Lesley Wroughton in Washington; Editing by Cynthia Osterman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trade-nafta-exclusive-idUSKBN1A41PU'|'2017-07-19T18:35:00.000+03:00'
'f369cd179a25d54700465fccd0c70a200e513864'|'Peugeot in French stand-off over bailout demands for GM'|'July 18, 2017 / 1:38 PM / in 16 minutes Peugeot in French stand-off over bailout demands for GM&S Reuters Staff 2 Min Read Carlos Tavares, Chairman of the Managing Board of French carmaker PSA Group addresses the media during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 7, 2017. Arnd Wiegmann PARIS (Reuters) - French carmaker PSA Group ( PEUP.PA ) is resisting government demands that it raise a bailout offer to struggling supplier GM&S, ahead of a Wednesday bankruptcy hearing that may decide its fate. The threat to GM&S and its 277 jobs is in the political spotlight, as a first industrial policy test for new President Emmanuel Macron''s government. Finance Minister Bruno Le Maire, who took office in May, is pushing for up-front grants of 5 million euros (4.45 million pounds) from PSA as well as rival Renault ( RENA.PA ), with a matching contribution from the French state. Renault has agreed to contribute 5 million euros and commit to another 50 million in parts orders over five years, raising the pressure on PSA, the maker of Peugeot, Citroen and DS cars. "PSA has confirmed to the minister that it did not wish to participate in this financing," Le Maire''s office said in a statement on Monday. The stand-off deepened on Tuesday as PSA reiterated that it would not go beyond its current offer of a 60 million-euro order commitment over the same five-year period. The Paris-based manufacturer also plans to invest 4 million euros in its own tooling for the GM&S plant. "We have already made an enormous effort to advance this rescue plan," a PSA spokesman said. "GM&S is in this situation today because of other clients who cut their orders." In support, PSA circulated a July 17 letter in which autos supplier GMD''s Chief Executive Alain Martineau informed PSA boss Carlos Tavares that the existing offer is "sufficient to support the site''s operations". GMD is proposing to keep "at least 120" of the 277 workers currently employed at GM&S in the economically deprived central Creuse region of central France. Striking workers from the site blocked a Renault logistics hub in Burgundy on Tuesday. The Poitiers commercial court is due to rule on the rescue plan for the company on Wednesday. Reporting by Laurence Frost; Editing by Sudip Kar-Gupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-peugeot-idUKKBN1A31GB'|'2017-07-18T16:38:00.000+03:00'
'885aa0b9b12ec92568fecaa4fc3a0fc6b94c86ea'|'Banks overtake tech stocks as top overweight sector - BAML poll'|'  16 minutes ago Banks overtake tech stocks as top overweight sector: BAML poll Claire Milhench 3 Min Read A combination file photo shows international banks Morgan Stanley, Barclays, Goldman Sachs, JPMorgan, Credit Suisse, Citigroup and Bank of America Merrill Lynch from Reuters archive. File photos LONDON (Reuters) - Banks overtook tech stocks as the most overweight global sector in July, according to a copy of Bank of America Merrill Lynch''s fund manager poll seen by Reuters, with ''long Nasdaq'' deemed the most crowded trade for the third straight month. The survey, which polled 207 asset managers with $586 billion under management, was carried out between July 7 and 13, and showed investors rotating out of technology stocks, which 68 percent of poll participants said were "expensive". Since the 2009 market lows, tech stocks have been the most overweight sector in portfolios 80 percent of the time, but investors have grown uneasy about the valuations. The tech-heavy Nasdaq Composite was again picked as the "most crowded" trade, with 38 percent of poll respondents nominating this, the same as last month. The Nasdaq sold off sharply in June, losing almost 2 percent in the final week, but has rebounded since and is trading back near its previous highs. Cash levels fell to 4.9 percent from last month''s 5 percent, but remain above the 4.5 percent 10-year average. Some 25 percent of investors who are holding higher cash levels are doing so because of their bearish views on markets, the poll indicated. Expectations that global growth would accelerate fell to 38 percent in July, down from 62 percent in January. Investors were also concerned about a crash in global bond markets, with 28 percent choosing this as their top tail risk, just ahead of a policy mistake by the U.S. Federal Reserve or European Central Bank, chosen by 27 percent. Last week, Fed chair Janet Yellen indicated that U.S. rate hikes could be gradual, and weak inflation data on Friday appeared to sharply reduce the chances of a third rate rise this year. Meanwhile, the European Central Bank (ECB) is keen to keep its asset purchases open-ended rather than setting a potentially distant date on which bond-buying will stop, to retain flexibility in case the outlook sours. BAML said the ECB was the most likely central bank to spark a global "risk off" trade, with euro zone exposure high relative to BAML''s global fund manager survey history. Reporting by Claire Milhench; Editing by Kevin Liffey 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-funds-baml-survey-idUKKBN1A31IY'|'2017-07-18T16:57:00.000+03:00'
'4f74421db38dc4983a639d1d9b7d41a348fc6a77'|'United Airlines is testing a novel way to bump passengers'|'IT IS a classic traveller’s dilemma: you are waiting in the boarding area for your flight, and an airline employee asks over the loudspeaker if anyone is willing to be bumped in exchange for a voucher. You like the idea of sacrificing the unimportant meeting you were scheduled to attend in return for a few hundred dollars of travel credit. Then again you do not fancy explaining this to your colleagues, or sitting about in an airport for three hours waiting for the next flight.Now imagine that instead of having to make this decision just before you board, you could do it do it several days in advance, in the comfort of your home. Changes the equation a bit, does it not?  31   United Airlines is contemplating a new scheme along these lines, called the Flex-Schedule Program. If a flight is overbooked, or looking like it might be, United will contact passengers who have signed up to the scheme up to five days ahead of departure. They will be given the option of switching to a less popular flight on the same day between the same airports, in exchange for a travel voucher worth as much as $250.The idea is good news for flyers with flexible travel schedules who prefer to avoid the stress of a last-minute flight change. But it was born of decidedly unhappy events for United and its flyers, most infamously the incident in April in which a passenger who refused to give up his seat to accommodate off-duty airline staff was dragged from the plane and bloodied. That PR disaster, which was compounded when United’s boss initially blamed the customer for his intransigence, forced it into damage-control mode. The carrier quickly made ten policy changes , including ending the practice of bumping passengers without their consent once they have boarded the plane, and increasing the compensation available to bumped flyers to $10,000. (Congress is now working to ban involuntary bumping altogether.)Evidently the airline has no desire to hand over $10,000 to customers, even though it likely that flyers will bite long before that figure is reached. But the new scheme is more than just a cure for involuntary bumping. It is also a way for United to boost its profits. Bloomberg spoke with Azim Barodawala, the chief executive of Volantio, which crafted the technology behind the Flex-Schedule Program. It pitched the scheme to United as a way to free up high-demand seats that could then be sold to people willing to pay more for them. According to Bloomberg , in a meeting between Mr Barodawala and United executives it was posited that the programme could increase profits by over $100m a year.For once, what is good for an airline’s revenue does not seem to be bad for its passengers. United will remove a constraint on the seat-pricing process—namely, that once a person has bought a ticket, the price cannot be changed—and open it up to something closer to the free market. For a leisure traveller who bought a ticket two months in advance, switching to a flight a few hours later might make no difference, other than the $250 voucher he can pocket. But for a business traveller buying a last-minute ticket in order to make an important meeting, getting on that specific flight can be a necessity, well worth paying hundreds of dollars extra for. The airline will not complain if, by playing middleman, it nets the difference between the additional amount the business flyer is willing to pay and the voucher the holidaymaker receives.If all goes as planned, United will not be the only airline to test the idea. According to Bloomberg , Australia’s Tiger Airways will unveil its own programme with Volantio next month, with Alaska Air joining in September and Qantas by October. And Mr Barodawala envisions a similar system for hotels—paying someone to move from one branch of a chain to another nearby, if the former is in high demand for a conference or other event.Generally, the trend toward more stratification in travel has been bad for travellers. (See economy, basic .) But for once—and even if it took a disastrous few months for United to adopt the idea—this move to separate flexible budget-conscious travellers from those with more resources seems like a winner.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/blogs/gulliver/2017/07/sleep-it?fsrc=rss'|'2017-07-18T19:31:00.000+03:00'
'0e10923aa346ccbc7d392d598d16ed97cf1063fa'|'India''s economy set to reclaim top spot for growth this year: Reuters poll'|'July 19, 2017 / 6:32 AM / 8 hours ago India''s economy set to reclaim top spot for growth this year: Reuters poll Vivek Mishra and Anu Bararia 4 Min Read A worker forges a piece of metal in an industrial unit manufacturing automotive spare parts in Mumbai, India May 31, 2017. Shailesh Andrade/Files BENGALURU (Reuters) - India will reclaim its position as the fastest growing major global economy this year, partly propelled by benefits from a new tax system and bolstered by an expected central bank interest rate cut, a Reuters poll showed. Having been in the offing for close to two decades, the goods and services tax (GST), which the government touts as the biggest domestic tax reform since independence, was introduced on July 1 and has bolstered economists'' outlook. The new national tax will replace multiple cascading taxes levied by the central and state governments which economists in the poll were unanimous in saying would have either a positive or very positive effect on long-term GDP growth. The median forecast from the poll of over 35 economists showed India''s economy is expected to expand 7.3 percent in the fiscal year ending March 2018, after slowing sharply at the start of 2017 following last year''s government move to scrap high-value banknotes. While that is a downgrade from the previous poll''s forecast of 7.5 percent, it is better than the International Monetary Fund''s projection of 7.2 percent. It is also stronger than a similar Reuters poll of economists predicting China will grow by 6.6 percent in calendar year 2017. "The GST is likely to add one-two percentage points to GDP growth in the medium to long term with dismantling of tax barriers and by creating a unified market, further improving the competitiveness of exporters and in general, the ease of operating in India," said Tushar Arora, senior economist at HDFC Bank. Indian shares are on the rise for the same reasons. A Kochi Metro train leaves Changampuzha Park station during its trail run in Kochi, India, June 7, 2017. Sivaram V/Files The NSE Nifty hit a record high on Monday. It has surged 20 percent so far this year and a separate recent Reuters poll showed the rally is expected continue over the remainder of the year. Adding to the brighter outlook, monsoon rains this year are forecast to be above average - a boon for the farm sector that accounts for about 15 percent of India''s $2 trillion economy and employs more than half the country''s 1.3 billion people. If the rains are good, that would lead to bumper grain production and a further slide in food prices which economists said could lend support to Asia''s third-largest economy. India''s annual retail inflation eased to 1.54 percent in June, its slowest pace in more than five years, but is expected to begin rising again through to mid-2018. With inflation currently well below its target, the central bank is expected to cut borrowing costs by 25 basis points (bps) at its next meeting on Aug. 2. It last cut rates, by the same amount, to 6.25 percent in October 2016. Having changed its monetary policy stance to neutral from accommodative at the start of the year, the Reserve Bank of India (RBI) softened its position on policy in June in view of the sharp drop in retail inflation. "We believe the RBI has space to undertake some modest easing over the next few months and yet meet its 4 percent target comfortably," noted Pranjul Bhandari, chief economist at HSBC Securities and Capital Markets. After the expected cut in August, analysts believe the RBI will stand pat until at least the end of next year. Polling by Shaloo Shrivastava and Khushboo Mittal; Editing by Ross Finley and Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-economy-poll-gdp-gst-idINKBN1A40C9'|'2017-07-19T09:30:00.000+03:00'
'939285d97f8b1ac820d3aa6c357fdd32d4c23b45'|'Daimler to spend $255 million updating diesel cars'|'The Mercedes-Benz logo is seen before the company''s annual news conference in Stuttgart, Germany, February 4, 2016. Michaela Rehle/File Photo FRANKFURT (Reuters) - Daimler ( DAIGn.DE ) said its management board had approved measures to cut diesel pollution including an investment of 220 million euros ($255 million) to update over three million Mercedes-Benz diesel engine cars in Europe.The measures come after German lawmakers last week summoned Mercedes-Benz executives to question them about emissions. At the time the carmaker agreed with the Transport Ministry to undergo another round of emissions tests."The company is investing about 220 million euros. The service actions involve no costs for the customers," Daimler said in a statement on Tuesday, adding that the updates would commence in the coming weeks.Daimler further said it would roll out its new four-cylinder OM 654 diesel engine, first launched in the new E-Class in 2016, across its entire model portfolio.After Volkswagen ( VOWG_p.DE ) confessed to deliberate emissions cheating in 2015, the entire auto industry has come under scrutiny for producing nitrogen oxide emissions in diesel cars, which are blamed for causing respiratory disease.In May, 23 prosecutors and around 230 staff, including police and state criminal authorities, searched Daimler sites in Germany following allegations of false advertising and the possible manipulation of exhaust gas treatment systems in diesel cars.Daimler has said its vehicles are road legal but also warned investors in its quarterly report that steps by U.S. authorities to investigate "functionalities", including some which it said were common in diesel vehicles, could lead to significant penalties and vehicle recalls.Reporting by Edward Taylor; Editng by Victoria Bryan '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-daimler-emissions-mercedes-idUSKBN1A31T1'|'2017-07-18T18:51:00.000+03:00'
'507ca2303a55ff4c7b29e81a30ae852d001fd72f'|'China''s property market slows, Beijing prices down for first time since 2015'|'July 18, 2017 / 8:51 AM / an hour ago China''s property market slows, Beijing prices down for first time since 2015 Yawen Chen and Ryan Woo 5 Min Read FILE PHOTO: Apartment blocks and villas (bottom) are pictured in Wuqing District of Tianjin, China September 10, 2016. Jason Lee/File Photo BEIJING (Reuters) - Home prices in Beijing fell for the first time in more than two years in June, while Shanghai declined further and Shenzhen stalled, pointing to significant cooling in China''s biggest real estate markets, official data showed on Tuesday. Nationwide, home price growth slowed slightly last month as government restrictions to keep prices in check weighed on larger cities, though smaller cities maintained rapid growth due to less severe checks. Big cities such as Beijing have acted swiftly this year to quell speculative property buying that have shattered price records and fuelled concerns about housing affordability. Worries about growing household leverage have been joined by anxiety over China''s addiction to debt, which authorities have been trying to curb over the past year in an effort to defuse financial risks. The latest data suggests the real estate sector is cooling off at a moderate pace and is unlikely to suffer a steep correction as some had feared. In June, average new home prices in China''s 70 major cities rose 10.2 percent from a year earlier, decelerating from May''s 10.4 percent gain, according to Reuters calculations based on data issued by the National Bureau of Statistics (NBS). On a monthly basis, new home prices rose 0.7 percent in June, the same as the previous month''s reading, the calculations showed. "Sales declines in the biggest cities were quite significant, so prices are certainly not going to rebound," said Rosealea Yao, a property economist with Gavekal Dragonomics. "The mild declining trend will continue through at least the first half of 2018," Yao said. More than 45 cities, most of them top-tier cities with a sizable population, have imposed varying levels of restrictions since last October to curb fast-rising prices, with most of the latest measures introduced in late March. The cooling effect is most visible in China''s the biggest cities. Price growth in Shenzhen, Shanghai and Beijing slowed to 2.7 percent, 8.6 percent and 10.7 percent, respectively, from a year earlier. From a month earlier, prices in Beijing fell 0.4 percent, marking the first fall since February 2015. Shanghai prices slipped by a further 0.2 percent, while Shenzhen prices remained unchanged. Declining Sales The value of new personal home mortgages in Beijing, Shanghai and Shenzhen in the first half of 2017 was equal to 30 percent of the total value of home loans in 2016, a Chinese state newspaper reported. Still, real estate investment and sales growth both sped up in June after slowing in May, most likely due to more robust demand in smaller centres that have been encouraged to reduce inventory and are not subject to the strict curbs at work in bigger cities. Luoyang, a third-tier city in central Henan province, topped the list in June, with prices of new units up 2.3 percent on month, compared with a 1.3 percent gain in May, taking the annual growth to 10.2 percent. That has also been reflected in stronger credit demand in the month from households. Keeping a lid on price fluctuations has become a priority for policymakers in a politically important year, with a major leadership reshuffle expected this autumn. But to make sure the market is neither too hot nor too cold, authorities have increasingly resorted to administrative measures that many analysts warn are anti-market in nature. For example, sales prices for new units in a few cities like Zhengzhou - capital of Henan - are not allowed to be higher than the price level seen last October for new units in the vicinity. Fading Affordability The upsurge in house prices since 2001 in most major Chinese cities has spurred growing concerns about affordability. A typical two-bedroom new home in Beijing now costs around 6 million yuan ($870,000), about 69 times the average per capita disposable income in the city, much higher than the ratio of less than 25 times for New York City. Economists worry that slowing growth in incomes, which had been rising at double-digit rates for decades, will no longer be able to cushion financial risks in an extremely inflated housing market. On average, China''s disposable income was up 8.1 percent on-year for city-dwellers in the first half of the year, official data showed, slower than the 10.2 percent annual property price growth in June. Reporting by Yawen Chen and Ryan Woo; Additional Reporting by Elias Glenn; Editing by Eric Meijer & Shri Navaratnam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-homeprices-idINKBN1A30PV'|'2017-07-18T11:50:00.000+03:00'
'b329f3e81fca48a1e074b85fe82e869128d23de3'|'MIDEAST STOCKS-Region falls; DAMAC hits Dubai, weak earnings dampen Egypt'|'July 18, 2017 / 2:44 PM / an hour ago MIDEAST STOCKS-Region falls; DAMAC hits Dubai, weak earnings dampen Egypt 4 Min Read * Egypt''s Ezz Steel, Domty tumble after quarterly earnings * DAMAC''s pull-back drags down Dubai * But index holds technical support * Saudi Kayan falls despite Q2 earnings beat * Qatari banks flat to lower after earnings By Andrew Torchia DUBAI, July 18 (Reuters) - Middle East stock markets fell on Tuesday as a tumble by real estate developer DAMAC caused Dubai to break a seven-session rising streak and weak corporate earnings helped to pull down Egypt''s bourse. The Egyptian blue chip index, which had closed at a record high on Monday, sank 1.7 percent in rising turnover - a negative technical sign. The broader EGX100 dropped 1.6 percent. Ezz Steel plunged 10 percent after it reported a quarterly consolidated net loss after tax and minority interests of 521 million Egyptian pounds ($29.2 million), versus a loss of 137 million pounds a year ago. The company said it had suffered from a very low rate of capacity utilisation because of a working capital shortage after the devaluation of the Egyptian pound; it expects to cover the working capital gap gradually in coming quarters. Arabian Food Industries (Domty) slid 5.6 percent after reporting a second-quarter net profit of 12 million pounds, below some analysts'' estimates. Large-cap Orascom Telecom Media slipped 4.2 percent as its subsidiary Beltone Financial lost 3.6 percent. In Dubai, the index dropped 0.7 percent to 3,578 points after rising for seven straight sessions through Monday, but it held technical support at 3,573 points, the April peak. DAMAC, which had led the rally, fell back 9.0 percent in heavy profit-taking. The Saudi index slipped 0.5 percent. Saudi Kayan rose in early trade but closed 2.1 percent lower after reporting its second-quarter net profit climbed to 242 million riyals ($64.5 million) from 97.3 million riyals a year ago; analysts had on average predicted 212 million riyals. Qassim Cement fell 0.4 percent after it reported a quarterly profit of 53.2 million riyals versus 113.9 million riyals; analysts had on average expected 66 million riyals. But National Co for Glass Industries jumped its 10 percent daily limit after reporting a 224 percent leap in quarterly net profit, although operating profit actually fell sharply. Jouf Cement gained 4.8 percent after shareholders approved a 10 percent capital increase via an issue of bonus shares, to be paid for with the company''s retained earnings. Qatar''s index slipped 0.5 percent as Masraf Al Rayan , the second-largest bank by market value, dropped 1.4 percent. It reported flat quarterly net profit, in line with analysts'' forecasts, suggesting the impact of Qatar''s diplomatic crisis has so far been minor. Customer deposits were 61.21 billion riyals ($16.8 billion) at the end of June, up 5.9 percent from a year earlier but down 3 percent from the previous quarter. Al Khalij Commercial Bank, which reported flat first-half earnings, slipped 1.8 percent and Ahli Bank, which reported a 3 percent rise in net profit for the first half, closed flat. Highlights * The index dropped 0.5 percent to 7,255 points. Dubai * The index fell 0.7 percent to 3,578 points. Abu Dhabi * The index edged down 0.1 percent to 4,572 points. Qatar * The index dropped 0.5 percent to 9,394 points. Egypt * The index sank 1.7 percent to 13,718 points. Kuwait * The index rose 0.2 percent to 6,813 points. Bahrain * The index was flat at 1,315 points. Oman * The index fell 0.2 percent to 5,064 points. (Reporting by Andrew Torchia; Editing by Alison Williams) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1K91N4'|'2017-07-18T17:43:00.000+03:00'
'86c7d35362f2df79f7e752eb2b7f044d08d6e5c2'|'Owner of Swedish cold containers firm Envirotainer seeks $1 billion sale - sources'|'July 18, 2017 / 4:03 PM / 4 minutes ago Owner of Swedish cold containers firm Envirotainer seeks $1 billion sale - sources Kane Wu and Dasha Afanasieva 2 Min Read HONG KONG/LONDON (Reuters) - European private equity investor AAC Capital is selecting banks to sell Envirotainer, a Swedish company renting cold containers for shipping temperature-sensitive healthcare products, sources familiar with the matter said. Two of the sources familiar with the business, which has 250 employees and was founded in 1985, said it could be worth at least 800 million euros (710.14 million pounds). One of the sources said his more than 800 million-euro enterprise value estimate was "on a solid double-digit multiple" to earnings. The other said its earnings before interest, tax, depreciation and amortisation (EBITDA) was 70 million euros and while AAC wanted an enterprise value multiple of 15 or 16 times EBITDA, a multiple of 12 or 13 was more typical. Another source familiar with the company said its high growth profile resulted in a broad range of valuation expectations for the company. A fourth person said it was not clear whether there had been a formal pitching process to sell the company, but banks were actively seeking the mandate. Eurotainer and AAC, the former UK private equity arm of ABN Amro, declined to comment. AAC Capital Partners Holding has 1.7 billion euros under management and two specialised investment funds, dedicated to mid-market buyouts in northwest Europe. Private equity investment company HarbourVest ( HVPEa.L ) valued its 0.28 percent stake in Envirotainer at $3.6 million at January 31, 2017. Editing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-envirotainer-aac-sale-idUKKBN1A31U3'|'2017-07-18T19:02:00.000+03:00'
'3d79c3eba0c90ef70a152d787fb7ce1eb4538046'|'Workers at VW''s MAN reject sale of transmission maker Renk'|'July 18, 2017 / 9:51 AM / 15 minutes ago Workers at VW''s MAN reject sale of transmission maker Renk Reuters Staff 2   A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo FRANKFURT (Reuters) - Workers at Volkswagen''s MAN ( MANG.DE ) rejected the idea that majority-owned transmission maker Renk ( ZARG.F ) could be sold, with the works council saying a divestment was "not an issue". "We do not see any reason to divest parts of the company. Renk is and will remain part of the MAN family ," MAN''s works council chief Saki Stimoniaris said in a statement on Tuesday. People close to the matter have told Reuters that Volkswagen ( VOWG_p.DE ) was considering options for Renk, as the German carmaker streamlines operations to help fund an overhaul following its emissions scandal. Volkswagen (VW) is working with Citi ( C.N ) to decide on the future of Renk, which may result in a sale of the maker of transmissions and bearings used in ships to wind turbines, the sources said. Renk, founded in 1873, is 76 percent owned by VW unit MAN. It currently employs 2,200 staff. Reporting by Maria Sheahan; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-unit-workers-idUKKBN1A30VI'|'2017-07-18T12:50:00.000+03:00'
'ce948fbc3023dcc86f84caa79a4996b772118795'|'BoE to hold rates along bumpy road to Brexit - Reuters poll'|'July 18, 2017 / 5:48 AM / 12 minutes ago BoE to hold rates along bumpy road to Brexit - Reuters poll Jonathan Cable 4 Min Read FILE PHOTO: A man stands outside the Bank of England in the City of London, Britain April 19, 2017. Hannah McKay/File Photo LONDON (Reuters) - Above-target inflation won''t push the Bank of England to tighten monetary policy this year or next as it waits to see if wage increases catch up with price rises and how divorce talks with the European Union pan out, a Reuters poll found. Britons voted just over a year ago to leave the EU and envoys on Monday began a first round of negotiations on the terms of the split before Britain departs - with or without a deal - at the end of March 2019. There is still little lucidity on what tone the talks will take but several Reuters polls over the past few months have concluded that fractious negotiations would be the worst outcome for both Britain''s economy and sterling. "We expect the exit negotiations to be bumpy," economists at Morgan Stanley wrote in a note to clients. "We see MPC action as dependent on economic performance (and) we assume that the economy will slow and keep them on hold despite inflation overshooting the target." The medians in the poll of economists said the Monetary Policy Committee would hold Bank Rate at its record low of 0.25 percent until 2019. Those forecasters gave, on average, a near one-in-three chance of rates rising before this year is out. Financial markets have fully priced in a 25 basis point hike by May 2018 but the poll said rates will not rise until 2019, ending that year at 0.75 percent. Only two of the 80 economists polled in the past few days expect the MPC to tighten policy when it meets on Aug. 3, but they are joined by four others who expect an increase by end-December. The chances of a hike in August are only one-in-five, according the poll. "Weak GDP and wage growth will keep higher interest rates at bay," said Samuel Tombs at Pantheon Macroeconomics. "Households'' real incomes are set to flatline this year." Consumer spending played a large part in Britain''s economic growth last year but workers'' pay fell further behind inflation in the three months to May, even as the unemployment rate hit a new 42-year low. The MPC is watching wage growth closely as it gauges whether the increase in inflation from the fall in the pound becomes more longer-lasting pressure. The BoE expects wages to rise 2 percent this year before picking up in 2018 and 2019. But that will lag price rises as inflation will average 2.7 percent this year, 2.6 percent next and 2.2 percent in 2019, the Reuters poll found. The MPC targets it at 2 percent. Inflation hit an almost four-year high of 2.9 percent in May, a bigger increase than economists had expected. Figures due later on Tuesday will probably show prices rose at the same annual rate in June. reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/econ-polls?RIC=GBHICY%3DECI Although the predicted recession after Britain voted to leave the bloc never happened, growth slowed sharply at the start of 2017 as consumers felt the hit from rising inflation. GDP growth is forecast between 0.3 and 0.4 percent through to the end of 2018, barely keeping pace with the euro zone. On an annual basis, the forecasts are for 1.6 percent this year and just 1.3 percent in 2017. Polling by Sujith Pai and Vartika Sahu; Editing by Ross Finley and Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-poll-idUKKBN1A30EB'|'2017-07-18T08:48:00.000+03:00'
'4c9ca05794d1edd61c619d3c4359855d2f0ab50d'|'UK inflation surprises with slowdown, easing pressure on Bank of England'|'July 18, 2017 / 4:56 PM / 5 minutes ago UK inflation surprises with slowdown, easing pressure on Bank of England William Schomberg and David Milliken 4 Min Read LONDON (Reuters) - British inflation unexpectedly slowed last month for the first time since October, dousing expectations among investors that the Bank of England might soon raise interest rates for the first time in a decade. Consumer prices rose by 2.6 percent compared with a year earlier, the Office for National Statistics said, down from a nearly four-year high of 2.9 percent in May. Economists had expected the rate to remain unchanged and some of them trimmed their forecasts for price growth to just below 3 percent in 2017 as a whole after Tuesday''s figures. But BoE Governor Mark Carney said the "big picture" for inflation remained the same and the main driver was still the fall in sterling since last year''s Brexit vote. "That''s what''s pushing inflation up, and inflation will be above target for a period of time and today''s figures are consistent with that," he told Sky News. Sterling lost half a cent against the U.S. dollar and British government bond prices jumped as the figures suggested the BoE was under little pressure to raise rates when it next meets in early August, despite concerns among some of its policymakers about rising prices. The fall in inflation was the sharpest between any two months since February 2015, reflecting a fall in global oil prices, and slowing price pressure in factories. "This is going to kill the chances of a rate rise in the short term. We will learn more about the Bank of England''s thinking in a couple of weeks, but we can expect the calls for a rate rise to reduce to a whimper," Lucy O''Carroll, chief economist at fund managers Aberdeen Asset Management, said. However, many economists have said they expect inflation to pick up again soon, adding to the strain on households which are seeing salaries rise more slowly than prices. "There''s lots of pressure still in the tank," Alan Clarke, an economist at Scotiabank, said. Britain''s inflation rate has risen sharply since last year''s referendum decision to leave the European Union which pushed down the value of the pound, making imports more expensive. FILE PHOTO: A woman shops in a supermarket in London, Britain April 11, 2017. Neil Hall/File Photo Boe Likely to Remain Patient The BoE has been taken by surprise by the speed of the increase this year. Its most recent forecasts saw inflation peaking at 2.8 percent later in 2017 while most economists have said they expect inflation to reach at least 3 percent. The BoE did accurately predict that inflation in June would be 2.6 percent. The BoE has so far chosen not to respond by raising rates, saying the Brexit hit to the pound is likely to be temporary. However, three of the eight BoE rate setters voted to raise rates in June. One of the dissenters has since left. Carney has said a rate hike would probably be needed if the economy overcomes its slowdown of earlier this year and wages - which are lagging behind inflation - grow more strongly. The BoE announces its next decision on rates on Aug. 3. A Reuters poll of economists showed the BoE was expected to keep rates on hold throughout 2017 and 2018. The ONS said inflation was pushed down by fuel prices after a fall in global oil prices and a partial recovery in the value of the pound last month. A drop in the cost of computer games and equipment, which rose in May, was also a factor. Data on factory gate prices suggested that the most intense pressure on consumer prices is easing. Output prices rose at their slowest rate since December of last year, up 3.3 percent. Prices paid by factories for materials and energy rose at their slowest rate since September, up 9.9 percent on the year. Writing by William Schomberg; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-inflation-idINKBN1A31XY'|'2017-07-18T19:55:00.000+03:00'
'63efe9b587da003ba2a8411441223c4d0643e8ad'|'Royal Mail says UK letters performance helped by election mail'|'July 18, 2017 / 7:36 AM / 9 hours ago Parcels and politics help to lift Royal Mail revenue Esha Vaish 3 Min Read File Photo: A postal worker carries mail bags from a van at a Royal Mail sorting office in Altrincham northern England, February 10, 2016. Phil Noble/File Photo (Reuters) - Election-related letters and growth from its continental European parcel business helped Britain''s Royal Mail ( RMG.L ) to eke out a 1 percent gain in first-quarter revenue, the resilience boosting its shares. After years of underinvestment, the former monopoly was privatised in 2013 and has since reduced layers of management, upgraded technology and cut its property bill. However, the company was left struggling last year as its domestic parcels business faced stiff competition and as uncertainty following Britain''s vote to leave the European Union worsened the rate of decline in its letters business. Against this backdrop, Royal Mail said on Tuesday that increased revenue from political mail related to Britain''s June 8 general election meant that its postal business helped to limit the damage in the first quarter to June 25. Revenue from the business fell 4 percent in the three months, versus a 3 percent decline a year ago but better than a 5 percent drop over last year as a whole. "Royal Mail has emerged as the one clear winner of last month''s general election, with political mailings helping to slow the inexorable decline in UK letter volumes," Hargreaves Lansdown equity analyst Nicholas Hyett said. File Photo: Royal Mail vans are parked in the Leytonstone post office depot in London, Britain early July 6, 2017. Russell Boyce/File Photo "However, increasingly it''s the international business which will be driving growth long term. The division put in another respectable performance this quarter, with recent acquisitions increasing its importance to the overall business. The pan-European delivery business on Tuesday showed continued growth, with first-quarter revenue rising 6 percent despite some impact from the timing of Easter and other public holidays across Europe. Revenue was up 13 percent a year ago. Royal Mail has been bulking up its GLS delivery business, as it has forecast continued challenging conditions in Britain and now faces an uphill battle negotiating pension arrangements with some of the country''s largest unions. To expand the unit, Royal Mail bought Spain-focused ASM and U.S.-based GSO last year and U.S. overnight delivery company Postal Express in April. "GLS continues to be a driving force for the group. Its ongoing, focussed international expansion is increasing our geographic diversification, scale and reach," Chief Executive Moya Greene said in a statement. The company''s shares were up 3 percent at 411.1 pence at 1030 GMT, making it the second-top gainer on London''s FTSE 100 index .FTSE . The stock has lost over a fifth in value over the past year. Reporting by Esha Vaish in Bengaluru; Editing by Jason Neely/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-royal-mail-outlook-idUKKBN1A30LE'|'2017-07-18T10:36:00.000+03:00'
'540e44088649967d7281a41a9120bbc9058d0e1e'|'How EU reckons Greece can make a successful return to markets'|'Edition United States July 18, 2017 / 2:56 PM / a minute ago How EU reckons Greece can make a successful return to markets Francesco Guarascio 4 Min Read Euro coins are seen in front of a displayed Greece flag in this picture illustration, June 29, 2015. Dado Ruvic/File Photo BRUSSELS (Reuters) - Greece''s imminent return to markets will be a step towards a successful exit from its euro zone-funded bailout program, but it will not be an overnight change. The process, European Union officials say, will require a series of successful bond sales and the build-up of a "sizeable" cash buffer. Euro zone creditors are keen to see Athens develop a strategy to tap the markets well before the end of its current 86-billion-euro financial aid program, so that when the bailout expires in August 2018 the country will be more likely to stand on its own feet. But at the same time, there is concern about potential Greek complacency or backtracking that could necessitate an extension of financial support and continued monitoring of Greece''s reforms. Three EU officials, asking not to be named, told Reuters that Athens'' first task should be to refrain from any hints about retreating from agreed reforms. That would increase instability, especially as the country comes under markets'' close watch again. A return to markets is on the cards soon. Investors expect Greece to raise at least 3 billion euros in five-year bonds once its benchmark borrowing costs drop below 5 percent, a level it is fast approaching GR10YT=TWEB. It would be the country''s first borrowing since 2014 when it briefly returned to markets with two issuances before plunging again into financial trouble. In that sale, it raised in the first issuance 3 billion euros with five-year bonds yielding 4.95 percent. Who buys the bonds will also be key for Greece. To be deemed successful, one euro zone official said, a new sale should attract mostly foreign capital, with minimal participation of Greek banks. Prolonged Monitoring? Even if the issuance is successful in terms of investors interest and yields, euro zone officials also caution that Athens should not relax, because part of the money is meant to be used to build cash buffers. The European Commission has said Greece should set aside around 9 billion euros to cover financing needs for the first 10 months after the end of the bailout program. Part of this money is expected to come from savings and new euro zone loans under the existing program. But a chunk of the buffer should be built also with the funds borrowed from the markets, two of the officials said. To reach the target buffer and fully rebuild its creditor reputation, Greece should tap the markets more than once before August 2018, and with issuances of different, longer maturities, officials added. Backtracking on reforms, even if bond issuances were successful, could increase creditors'' appetite to push Greece to consider a precautionary credit line from the euro zone bailout fund, the European Stability Mechanism (ESM), after the end of its current bailout program, the third since 2010, officials said. Other euro zone countries which received financial aid after the 2010-2012 bloc''s debt crisis, such as Ireland and Portugal, refused to use this facility, which is meant to calm markets with a guarantee of support in exchange for prolonged international monitoring on reforms and savings. Greece would have to ask for this support, a politically unpalatable move in Athens, but a measure seen as useful by creditors to keep control on the country at least until agreed reforms on pensions and tax are implemented in 2019 and 2020. Reporting by Francesco Guarascio @fraguarascio; Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-bonds-idUKKBN1A31MF'|'2017-07-18T17:49:00.000+03:00'
'35d80ea583a854934c605d438c55477a71ae1a4d'|'Italy''s Ansaldo STS looks at small acquisitions - CEO'|'July 19, 2017 / 12:17 PM / in 20 minutes Italy''s Ansaldo STS looks at small acquisitions: CEO Reuters Staff 2 Min Read MILAN (Reuters) - Italian rail signaling company Ansaldo STS ( STS.MI ) is looking for small acquisitions to offset a sector slowdown but does not see a quick solution to a battle with activist fund Elliott, its chief executive told Reuters. Funds led by New York-based Elliott Management, the group''s second largest investor, have engaged in a bitter feud with Ansaldo STS''s controlling shareholder Hitachi ( 6501.T ) since the Japanese bought the group in November 2015. CEO Andrew Barr said the tug-of-war with Elliott had hampered the group''s decision making but added it needed to press on with business. "There is still growth in business, but we see that it is slowing down so we are also looking at... small acquisitions," the 44-year old said in an interview late on Tuesday, adding there were not specific countries the group was looking at. "There is nothing concrete at the moment but we are looking hard across sectors," he said. Barr, who has been at the helm of the group for just over a year, confirmed its guidance for 2017, with new orders of between 1.5-2 billion euros and revenues between 1.35-1.45 billion euros. He said he would give more details on strategy later this year. Reporting by Giulia Segreti and Elisa Anzolin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-italy-ansaldosts-strategy-idUKKBN1A417V'|'2017-07-19T15:16:00.000+03:00'
'296e5ca7fc2ab224557cd2988944b206074b7511'|'U.S. housing starts jump to four-month high'|'July 19, 2017 / 12:38 PM / 36 minutes ago U.S. housing starts, permits rebound in June Reuters Staff 2 Min Read FILE PHOTO - A man works on a building site for a luxury apartment complex in downtown Los Angeles, California March 17, 2015. Lucy Nicholson WASHINGTON (Reuters) - U.S. homebuilding rebounded more than expected in June after declining for three straight months, but construction activity remains constrained by rising lumber prices, labor and land shortages. Housing starts jumped 8.3 percent to a seasonally adjusted annual rate of 1.22 million units, the highest level since February as both single-family and multi-family construction increased, the Commerce Department said on Wednesday. May''s sales pace was revised up to 1.12 million units from the previously reported 1.09 million units. Economists polled by Reuters had forecast groundbreaking activity rising to a rate of 1.16 million units last month. Homebuilding rose 2.1 percent on a year-on-year basis. FILE PHOTO - Men work on a construction site for a luxury apartment complex in downtown Los Angeles, California March 17, 2015. Lucy Nicholson Despite the bounceback, homebuilding has lost momentum after strong gains in both the fourth and first quarters. Economists blame the slowdown on supply bottlenecks. A survey on Tuesday showed confidence among homebuilders hit an eight-month low in July amid complaints about high lumber prices and shortages of building lots and labor. Lumber prices have surged after the government in April imposed anti-subsidy duties on imports of Canadian softwood lumber. Single-family homebuilding, which accounts for the largest share of the residential housing market, surged 6.3 percent to an 849,000 unit-pace last month, also the highest level since February. Single-family construction has lost ground since vaulting to a near 9-1/2-year high in February, despite strong demand for housing. Starts for the volatile multi-family housing segment increased 13.3 percent to a 366,000 unit-pace, after five straight months of declines. Construction had slowed amid a jump in multi-family homes coming on the market. Building permits last month shot up 7.4 percent to a 1.25 million-unit rate, the highest level since March. Single-family home permits rose 4.1 percent after three straight months of declines. Permits for the construction of multi-family homes surged 13.9 percent in June. Reporting By Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-economy-housingstarts-idUKKBN1A419M'|'2017-07-19T15:59:00.000+03:00'
'39382273bbcfb12c89e54b65c5da9d27f6edee18'|'RPT-New life in U.S. housing market not evident in big bank results'|'July 18, 2017 / 10:13 AM / in 6 hours RPT-New life in U.S. housing market not evident in big bank results 4 Min Read (Repeats with no change to text) By Sweta Singh July 18 (Reuters) - The U.S. housing sector has seen prices, sales and financing applications soar lately as more buyers entered the market for the first time, but those trends were hard to see in big banks'' mortgage businesses during the second quarter. Four major U.S. lenders reported an average 33 percent drop in second-quarter mortgage banking revenue on Friday, compared with the same quarter of last year. An ongoing decline in refinancing activity, higher funding costs, tougher competition and a greater portion of business coming from third parties, who generally deliver lower margins, all contributed to the slide. Even so, executives sounded optimistic about the core operation of lending to people who want to buy homes. "I wouldn''t throw in the towel on the mortgage business," Tim Sloan, chief executive officer of Wells Fargo & Co, the biggest U.S. home lender, said on Friday. Wells''s quarterly mortgage banking revenue of $1.4 billion was down 19 percent from the year-ago period. A variety of factors hurt results, including the sale of a legacy portfolio of risky loans, but Wells saw improved credit quality among borrowers, and strong demand for mortgages to purchase new homes. The bank sees "huge opportunities" in growing first and second mortgages, Sloan said. JPMorgan Chase & Co, PNC Financial Services Group Inc and Citigroup Inc also reported mortgage banking revenue declines of 33 to 41 percent last week. Bank of America Corp reports results on Tuesday. Starting in 2009, banks began to benefit from a surge in mortgage refinancing, thanks to rock-bottom interest rates and federal programs to help struggling borrowers. That activity has been trailing off as rates have started to rise and many borrowers who sought lower rates have already gotten fresh loans. It will be difficult to make up for lost refinancing volumes, even though the market for home purchases has been improving, analysts said. New and existing home sales rose in May while prices reached all-time highs, according to federal housing data and the National Association of Realtors (NAR). Weekly mortgage applications shot to a seven-year high at one point during the quarter, according to data from the Mortgage Bankers Association. NAR predicts new single-family home sales will rise 8.4 percent this year. Those improvements in the market may continue for some time, analysts said, since mortgage rates remain low by historical standards and young American millennials have only recently begun to enter the housing market. But banks'' mortgage businesses will only show improvements as comparisons with a previous year become easier, they said. "While we saw some pressure in the second quarter, we think that''s a low point for the year," Marty Mosby, an analyst at Vining Sparks brokerage and asset manager, told Reuters. "We should start to see some pickup in home purchase activity." (Reporting by Sweta Singh in Bengaluru; Additional reporting by Dan Freed and David Henry in New York; Editing by Lauren Tara LaCapra and Phil Berlowitz) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-banks-results-mortgages-idUSL1N1K90AQ'|'2017-07-18T13:12:00.000+03:00'
'36ad7944132efbf3e1c1f1acb49b37d1d8fed34a'|'China bank watchdog to tighten risk control amid regulatory shake-up'|'July 18, 2017 / 12:33 AM / 25 minutes ago China bank watchdog to tighten risk control amid regulatory shake-up Reuters Staff 3 Min Read SHANGHAI (Reuters) - China''s banking regulator will tighten control over risks in the financial markets, work more closely with the central bank and other regulators, and "resolutely follow" the leadership of a newly-formed financial stability committee, it said late on Monday. The China Banking Regulatory Commission''s comments come after President Xi Jinping said on Saturday that the central bank would take a bigger role with a Financial Stability and Development Committee to be set up under the State Council. Beijing sees financial security as a vital part of national security and has been looking to crack down on risky behaviour in the financial markets, such as insurers selling high-risk products and companies taking on excessive debt. The China Banking Regulatory Commission (CBRC) said in the statement on its website it would strengthen controls to avoid financial risks, including those related to liquidity, credit and shadow banking. It said there was a "step-by-step" plan to reduce "chaos" in the market, without giving details. The regulator will also boost cooperation with other bodies, something Beijing sees as key to cutting risks. Regulators now oversee different parts of a complex financial sector, but no single watchdog has a complete picture of the overall system. "CBRC will resolutely follow the leadership of the Financial Stability and Development Committee, actively coordinate with the People''s Bank of China to fulfil macroprudential management duties, and strengthen cooperation with other financial regulators, ministries and local government," it said. The two other main financial regulators are the China Securities Regulatory Commission and the China Insurance Regulatory Commission. The banking watchdog added failure to catch, flag and deal with financial risks in a timely manner would be treated as a dereliction of duty, parroting comments made by Xi at the once-in-five-years government work conference that ended on Saturday. In 2015, a poorly coordinated response to a stock market crash in China led to scrutiny of the government''s response, with Premier Li Keqiang openly criticising financial regulators'' performance. The CBRC will also convene a meeting in the near future with banking regulators from around the country to discuss how to implement measures decided at the work conference. Reporting by Adam Jourdan; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-banking-regulator-idUKKBN1A3020'|'2017-07-18T03:33:00.000+03:00'
'599c9b732c460513e7f7b81ddc0d42b84ba360d9'|'Thyssenkrupp finds no signs of corruption in Israel deal'|'Edition United States July 18, 2017 / 10:16 AM / 31 minutes ago Thyssenkrupp finds no signs of corruption in Israel deal Reuters Staff 2 Min Read FILE PHOTO - The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company''s annual news conference in Essen, Germany, November 24, 2016. Wolfgang Rattay DUESSELDORF/BERLIN (Reuters) - German industrial group Thyssenkrupp ( TKAG.DE ) has not found any evidence of corruption in its handling of a $2 billion contract to sell submarines and naval patrol craft to Israel, it said in a statement on Tuesday. The 2016 deal has been under public scrutiny since it emerged that Israeli Prime Minister Benjamin Netanyahu''s personal lawyer also represented the local agent of ThyssenKrupp Marine Systems, which was set to build the vessels. Thyssenkrupp said its internal probe of the matter was over for now. It said it was limited by not being allowed to conduct its own investigation in Israel and not having the powers that prosecutors or police have. "Based on the investigative measures we were able to carry out, we found no concrete indications of corruption – neither with regard to submarine projects, nor in connection with the procurement of corvettes," it said. "However, these investigation results are explicitly provisional," it added. The steel-to-elevators group declined to comment on Israeli media reports that the signing of the deal by Israel and Germany for the purchase of three submarines had been postponed in the wake of the ongoing corruption investigation in Israel. Officials at both the German chancellery and defense ministry declined comment on the postponement. German government officials have previously declined comment on the investigation and proceedings in Israel, describing it as an internal matter for Israel. Last week, three suspects were remanded in custody and a fourth ordered held under house arrest after Israeli police questioned six public officials and private citizens on suspicion of corruption relating to the deal. Thyssenkrupp has suspended its relationship with its agent for the deal, Mickey Ganor, and is not currently the subject of German or Israeli investigations, it said. Reporting by Tom Kaeckenhoff, Andrea Shalal and Andreas Rinke; Writing by Georgina Prodhan; Editing by Maria Sheahan and Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-israel-corruption-germany-thyssenkrup-idUKKBN1A30XM'|'2017-07-18T13:14:00.000+03:00'
'13f2bdfbc23dfc77d5eaa5effd6104e8144e62b8'|'China''s cyber watchdog orders top tech platforms to increase self-censorship'|'July 19, 2017 / 1:09 PM / an hour ago China''s cyber watchdog orders top tech platforms to increase self-censorship 2 Min Read BEIJING (Reuters) - China''s top cyber authority ordered the country''s top tech firms to carry out "immediate cleaning and rectification" of their platforms to remove content deemed offensive to the Communist Party and the country''s national image, it said on Wednesday. The watchdog held a meeting with representatives from firms including Tencent Holdings Ltd, Baidu Inc and Sohu.com Inc, on Tuesday where it gave them a list of specific errors, the Cyberspace Administration of China (CAC) said in a statement on social media. The violations include distorting Chinese history, spreading fake news, misinterpreting policy directives and failing to block content that subverts public stability. "[The sites] must adhere to the correct political line and moral norms," the statement said. Chinese authorities have recently cracked down on platforms that allow users to share media from outlets that are not sanctioned under state-issued licenses, amid a wider censorship campaign spearheaded by President Xi Jinping. On June 1 the CAC ushered in new regulations requiring all offline and online media outlets to be managed by Party-approved editorial staff. Workers in the approved outlets must receive training from local propaganda bureaus.[nL4N1I42ID] In the wake of the new regulations several sites have been targeted with fines and closures under the watchdog''s orders. In specific examples, the CAC criticised one platform that failed to censor articles that "seriously deviated from socialist values" by saying China benefited from U.S. assistance during conflicts with Japan during World War II. Other examples included a story detailing alleged affairs by party officials, an opinion piece that decried China''s death penalty and an article that urged readers to invest in speculative real estate projects. The CAC said the firms were required to immediately close offending accounts and strengthen "imperfect" auditing systems to avoid future punishment. Reporting by Cate Cadell; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-censorship-idUSKBN1A41CS'|'2017-07-19T15:54:00.000+03:00'
'370eed1e30c0117362432816475315a18ab67463'|'Italy could consider taking small stake in Alitalia - minister'|'July 19, 2017 / 1:38 PM / 8 minutes ago Italy could consider taking small stake in Alitalia - minister Reuters Staff 1 Min Read People walk in the Alitalia departure hall during a strike by Italy''s national airline Alitalia workers at Fiumicino international airport in Rome, Italy July 24, 2015. Max Rossi - RTX1LMNG ROME (Reuters) - Italy could consider taking a small stake in struggling airline Alitalia, Transport Minister Graziano Delrio said on Wednesday. "We are against nationalising (the airline) but the state taking a small stake could be a solution," Delrio told a parliamentary commission. He added that the special administrators appointed to run Alitalia after it filed for bankruptcy could stay in their roles for longer than originally planned. Reporting by Alberto Sisto, writing by Isla Binnie 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-alitalia-idUKKBN1A41GI'|'2017-07-19T16:38:00.000+03:00'
'4bcf767b606608d546105c1b8922c2cdbf669b54'|'GLOBAL MARKETS-World shares hit record as strong China data lifts copper'|'July 17, 2017 / 3:57 PM / 4 hours ago GLOBAL MARKETS-World shares hit record as strong China data lifts copper 4 Min Read (Updates with open of U.S. markets, changes dateline from London) * Wall St holds steady as investors await big earnings * Copper hits 4-1/2 month high after China data * Dollar touches 10-month low against currency basket * U.S. yields flat to slightly higher in thin trading By Lewis Krauskopf NEW YORK, July 17 (Reuters) - A gauge of world stocks hit a record high on Monday while copper prices surged to their highest levels in more than four months after robust growth data in China. China''s economy expanded at a faster-than-expected 6.9 percent clip in the second quarter, setting the country on course to comfortably meet its 2017 growth target. Commodity prices were also buoyed as the dollar fell to a 10-month low before steadying. MSCI''s broadest index of Asia-Pacific shares outside Japan hit a two-year high, as MSCI''s gauge of stocks across the globe gained 0.13 percent and set a record. Wall Street opened slightly higher as investors braced for a flood of second-quarter earnings reports later in the week. "The market from a big picture perspective is just waiting on earnings," said Walter Todd, chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina. "Can companies continue to follow through with what was a very good earnings season in Q1? I think that’s what investors are looking for." The Dow Jones Industrial Average rose 10.93 points, or 0.05 percent, to 21,648.67, the S&P 500 gained 2.38 points, or 0.10 percent, to 2,461.65 and the Nasdaq Composite added 3.61 points, or 0.06 percent, to 6,316.08. Shares of BlackRock fell 3.1 pct after the quarterly report from the world''s biggest asset manager fell short of Wall Street''s forecasts. Analysts expect that earnings for S&P 500 companies rose 8.2 percent in the second quarter, according to Thomson Reuters I/B/E/S. Emerging market stocks rose 0.37 percent. The pan-European FTSEurofirst 300 index lost 0.03 percent. Shares of miners Anglo American and Glencore gained, supported by the strong China data and rising copper prices. Copper rose 1.52 percent to $6,016.00 a tonne, touching its highest level since early March. Among other commodities, U.S. crude fell 0.09 percent to $46.50 per barrel and Brent was last at $48.90, down 0.02 percent on the day. Fewer drilling rigs were added in the United States last week, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts. Investors were also digesting U.S. data from Friday pointing to tame inflation and soft domestic demand that diminished prospects of a third interest rate increase from the Federal Reserve this year. U.S. Treasury yields were little changed to slightly higher, trading in narrow ranges, after a fairly volatile week. "We''re still trading off the weak inflation and retail sales data from Friday, although the market is trying to figure what to do next," said Gennadiy Goldberg, interest rates strategist, at TD Securities in New York. Benchmark 10-year notes last fell 3/32 in price to yield 2.3283 percent, from 2.319 percent late on Friday. The dollar was flat against a basket of currencies after falling to a 10-month low earlier in the session. The euro up 0.04 percent at $1.1472. Additional reporting by Gertrude Chavez-Dreyfuss in New York and Marc Jones in London; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL1N1K80OK'|'2017-07-17T18:56:00.000+03:00'
'8636da3bbc9cb9bb55936f0ae2890bc486896265'|'Italy''s banking fund says 3 billion pounds investment in Veneto banks wiped out'|'  23 minutes ago Italy''s banking fund says 3 billion pounds investment in Veneto banks wiped out   MILAN (Reuters) - Italian banking bailout fund Atlante has effectively lost a 3.4 billion euro (3.05 billion pounds) investment it made in two Veneto-based lenders after the two banks were liquidated by the government, Quaestio, the manager of Atlante, said on Thursday. As a result, Quaestio said in a statement it was now considering winding down Atlante, which was set up in April 2015 with contributions from Italian banks and other financial institutions. Atlante had a total endowment of 4.25 billion euros. It put the 800 million euros that were not invested in the Veneto banks into a spin-off fund, known as Atlante 2, that was created to buy bad loans from ailing banks. With further contributions from other institutions, Atlante 2 built up a firepower of 2.2 billion euros that it has now almost entirely committed to a string of bad loan deals. Reporting by Silvia Aloisi'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-banks-atlante-idUKKBN1A524O'|'2017-07-20T18:51:00.000+03:00'
'07bd3b15cf7664fb4662a97243578edf89670095'|'Citigroup says may need to create 150 jobs in EU due to Brexit'|'July 20, 2017 / 12:40 PM / 39 minutes ago Citigroup says may need to create 150 jobs in EU due to Brexit 1 Min Read FILE PHOTO: A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. Brendan McDermid/File Photo LONDON (Reuters) - U.S. bank Citigroup said on Thursday that it may need to create 150 new jobs in the European Union to deal with the impact of Britain leaving the bloc, as it confirmed it would headquarter its EU trading operations in Frankfurt. In a memo to staff Jim Cowles, the bank''s head of Europe, Middle East and Africa (EMEA), said the bank also planned to build up its private banking, treasury & trade, capital markets and investment banking businesses in the EU. This would be done by "increasing over time our footprint in other key EU cities including Amsterdam, Dublin, Luxembourg, Madrid and Paris," his memo said. He added that the bank''s London office would remain its EMEA headquarters. Reporting by Rachel Armstrong, editing by Maiya Keidan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-citigroup-idINKBN1A51KO'|'2017-07-20T15:38:00.000+03:00'
'96f76c7dbef73cf2539d2816df1875c367cf4fcd'|'Bank of England unveils new 10 pound note featuring Jane Austen'|'July 18, 2017 / 3:14 PM / 6 minutes ago Jane Austen takes pride of place on Britain''s new plastic tenner David Milliken 3 Min Read Britain''s Bank of England Governor, Mark Carney, holds the new £10 note featuring Jane Austen, at Winchester Cathedral, in Winchester, Britain July 18, 2017. Chris J Ratcliffe/Pool WINCHESTER, England (Reuters) - The Bank of England unveiled its first plastic 10 pound note on Tuesday, which features 19th century British novelist Jane Austen and will be available to the public from September. The central bank has printed an initial run of a billion of the new notes, which are known in Britain as "tenners", after last year''s launch of a five pound note made from a polymer film that the BoE said is more durable and harder to forge. Tuesday marks the 200th anniversary of Austen''s death. The writer was buried in Winchester Cathedral in 1817 and completed many of her best-known works such as "Pride and Prejudice" and "Emma" in the nearby village of Chawton. "Ten pounds would have meant a lot to Jane Austen, about the same as 1,000 pounds would mean to us today," BoE Governor Mark Carney said at the launch of the new note in Winchester. Austen received a 10 pound publisher''s advance for her first novel and the new banknote bears a quotation "I declare after all there is no enjoyment like reading!" from her later work, "Pride and Prejudice". The quotation came from a character who in fact had no interest in books and was merely trying to impress a potential suitor. It drew a mix of amusement and criticism in the media when it appeared on an initial design of the note in 2013. People in period costume pose with the new £10 note featuring Jane Austen, at Winchester Cathedral, in Winchester, Britain July 18, 2017. Chris J Ratcliffe/Pool Carney defended the choice on Tuesday. "It captures much of her spirit, at least in my mind," he said. "It draws out some of the essence of some of her social satire and her insight into people''s character. So it works on multiple levels." Slideshow (4 Images) Extinction Looms for Darwin With tactile features to make it easier for blind people to identify, the BoE says each new 10 pound note should last for around five years, compared to around two years for the paper note it is replacing. Existing 10 pound notes, which feature the scientist Charles Darwin, will cease to be legal tender during the first half of next year. Rolling out the new plastic notes has not been without its problems. The five pound note released last year drew criticism from vegetarians and some religious groups for containing trace amounts of animal fats - something which will also be the case for the new 10 pound note. The BoE is working to find an alternative production method in time for when it launches a new 20 pound note in 2020. Reporting by David Milliken; editing by William Schomberg and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-banknote-idUKKBN1A31GV'|'2017-07-18T18:14:00.000+03:00'
'ca3329efcf44177ded7d47a872c0842ddde96b36'|'Argentina gives France''s Total bonds in settlement'|'July 18, 2017 / 5:36 PM / 25 minutes ago Argentina gives France''s Total bonds in settlement   BUENOS AIRES (Reuters) - Argentina''s finance ministry said on Tuesday it gave French oil firm Total SA ( TOTF.PA ) $210 million (161.07 million pounds) of Argentina 2024 sovereign bonds, ending a dispute at the World Bank arbitrator ICSID. Argentine President Mauricio Macri''s presidency has been marked by his country''s return to the international debt markets, after he settled with holdout creditors last year. "This agreements puts an end to the claim of Total and contributes to re-establishing direct investments, particularly of companies from France in the energy sector," the finance ministry said in a statement. State-run oil company YPF SA ( YPFD.BA ) also was also selling up to $500 million in bonds on Tuesday, an amount that could be extended to $750 million, the company said in a filing to regulators. Reporting by Luc Cohen, Eliana Raszewski and Caroline Stauffer; Editing by Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-argentina-total-bonds-idUKKBN1A320V'|'2017-07-18T20:36:00.000+03:00'
'e19e27a03f452fc4daf9e810514dc6ec03f558e6'|'UnitedHealth CEO says national healthcare policy a risk for 2018'|'July 18, 2017 / 1:24 PM / in 3 hours UnitedHealth CEO says national healthcare policy a risk for 2018 1 Min Read NEW YORK, July 18 (Reuters) - UnitedHealth Group Chief Executive Officer Stephen Hemsley said on Tuesday that national and state healthcare policy are a possible drag on profit in 2018, as Republican lawmakers continue to disagree about how to repeal and replace the national health law known as Obamacare. "Certainly, at this stage in the national conversation, speculation about any outcome here would be just that," Hemsley told Wall Street analyst during a conference call to discuss its second-quarter profits. (Reporting by Caroline Humer; Editing by Nick Zieminski) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/unitedhealth-results-ceo-idUSL1N1K90JZ'|'2017-07-18T16:24:00.000+03:00'
'6b4c1db5febeb862258ea088810636da7c02eaaa'|'U.S. makes lower trade deficit top priority in NAFTA talks'|'July 18, 2017 / 1:00 AM / 13 minutes ago U.S. makes lower trade deficit top priority in NAFTA talks Lesley Wroughton and David Lawder 5   car hauler heading for Detroit, Michigan, drives on the lane to Ambassador Bridge in Windsor, Ontario, Canada on April 28, 2017. Rebecca Cook/File Photo WASHINGTON (Reuters) - The United States on Monday launched the first salvo in the renegotiation of the 23-year-old North American Free Trade Agreement (NAFTA), saying its top priority for the talks was shrinking the U.S. trade deficit with Canada and Mexico. In a much-anticipated document sent to lawmakers, U.S. Trade Representative Robert Lighthizer said he would seek to reduce the trade imbalance by improving access for U.S. goods exported to Canada and Mexico under the three-nation pact. For the first time in a U.S. trade deal, the administration also said it wants an "appropriate" provision to deter currency manipulation by trading partners. The move appeared aimed at future trade deals rather than specifically at Canada and Mexico, which are not considered currency manipulators. The 17-page document asserted that no country should manipulate its currency exchange rate to gain an unfair competitive advantage, an often-cited complaint about China in past years. Shortly before the release of the document, President Donald Trump lashed out against trade deals and unfair trade practices, saying he would take more legal and regulatory steps during the next six months to protect American manufacturers. {ID:nL1N1K81D1] Canadian Minister of Foreign Affairs Chrystia Freeland said the U.S. list was "part of its internal process" although a source familiar with Canadian government thinking said the document was "not earth shattering." Trade experts have argued that shrinking the yawning U.S. trade deficit will not be achieved by revising trade deals but rather by boosting U.S. savings. "The first bullet point shows their preoccupation with bilateral trade deficits, and that''s unfortunate," said Chad Brown, a senior fellow and trade expert at the Peterson Institute for International Economics. "There''s not much that trade policy and trade agreements can do to change those. That''s more of a macroeconomic issue." Among the priorities, Lighthizer said the administration would seek to eliminate a trade dispute mechanism that has largely prohibited the United States from pursuing anti-dumping and anti-subsidy cases against Canadian and Mexican firms. There was no mention of active disputes between the United States and Canada over softwood lumber and dairy products, but the document targeted a range of agricultural non-tariff barriers, including subsidies and unfair pricing structures, that are currently at the heart of those standoffs. USTR said it would seek to strengthen NAFTA''s rules of origin to ensure that the pact''s benefits do not go to outside countries and to "incentivise" the sourcing of U.S. goods. It offered no details on such incentives and did not specify how much of a product''s components must originate from NAFTA countries. No date has been announced for the NAFTA talks, but they are expected in mid-August. FILE PHOTO - Robert Lighthizer speaks after he was sworn as U.S. Trade Representative during a ceremony at the White House in Washington, U.S. on May 15, 2017. Kevin Lamarque/File Photo (For a graphic on NAFTA''s effects, click tmsnrt.rs/2oYClp2 ) Automakers Support Stance Matt Blunt, president of the American Automotive Policy Council, a group representing U.S. automakers, welcomed the decision to include in the list of objectives the removal of regulatory barriers and the provision on currency manipulation. A spokesman for Ford Motor Co ( F.N ) said: “Foreign currency manipulation is the 21st century trade barrier, and we strongly support the inclusion of this top-tier issue in the U.S. negotiating objectives for NAFTA. We look forward to working with the administration to achieve this objective by including strong and enforceable currency prohibitions as part of NAFTA." The document also outlined plans to upgrade standards for labour and the environment and govern digital trade. Canada and Mexico have already agreed to upgrade these areas as part of the defunct Trans-Pacific Partnership trade deal. Representative Sander Levin, a Democrat from Michigan, said there was nothing in the document that would change the way Mexico treated its workers. "Mexico has used their workers having no rights and suppressing labour costs as a key part of their industrial policy," he said, "There is nothing in the summary that assures in these vital aspects that a new NAFTA will be different than the old." There was no formal reaction to the letter from Mexican government. Earlier on Monday, AFL-CIO President Richard Trumka said NAFTA had been an "unequivocal failure" and should be completely renegotiated. "We will do everything we can to make this a good agreement and to hold the president at his word and make sure we get a renegotiation," the head of the 12.5-million strong union umbrella group told a conference call with reporters. "If it comes out that it is not a good deal, no deal is better than a bad deal," Trumka said. NAFTA has quadrupled trade among the three countries, surpassing $1 trillion in 2015, but the U.S. trade deficit with Mexico exceeded $63 billion last year. Additional reporting by David Shepardson; Editing by Cynthia Osterman and Howard Goller 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trade-nafta-statement-idUKKBN1A303F'|'2017-07-18T03:59:00.000+03:00'
'6ff2b5c4f04c74ee5a8c539d18c1fc36898f0da9'|'Euro nears two-year high as ECB flags autumn tightening talk'|'July 20, 2017 / 4:24 PM / 2 hours ago Euro nears two-year high as ECB flags autumn tightening talk Patrick Graham and John Geddie 3 Min Read FILE PHOTO: 10 Euro banknotes are pictured under ultraviolet light at the headquarters of Bundesbank in Frankfurt, Germany, May 7, 2014. Ralph Orlowski/File Photo LONDON (Reuters) - The euro jetted to an almost two-year high on Thursday after European Central Bank chief Mario Draghi said officials would discuss possible changes to its bond-buying scheme this autumn. Though Draghi set no date for changes to the scheme and said rate-setters had been unanimous in their decision not to change their guidance on monetary policy, investors reckoned the discussions would lead to monetary tightening next year. That drove an initial rise for the euro to around $1.1570 EUR= , a move analysts said was fuelled by the fact that Draghi did not dwell on the currency''s strength. "In all probability tapering will occur as we head into 2018 and we have seen no substantive challenge to that expectation in today''s meeting. Hence the currency has received some support," Richard McGuire, a senior strategist at Rabobank, said. He added that the euro was also rising probably due to the fact that Draghi noted the single currency’s appreciation had received attention but "provided no pushback to this strengthening despite having the perfect opportunity to do so". The euro gained almost another cent against the dollar in the hour that followed the meeting - helped by a report of a widening inquiry into President Donald Trump''s business affairs - taking it to its highest since August 2015 at $1.1659. "The first leg was about Draghi but the second leg up in the euro has been U.S.-related, given that we''ve had reports of more probes into Trump," said Lisa Scott-Smith, co-head of portfolio management with currency fund Millennium Global in London. Against sterling, the euro climbed 1.4 percent to an eight-month high of 89.76 pence EURGBP=D3. Germany''s 10-year bond yield - the bloc''s benchmark - climbed 2 basis points to a day''s high of 0.56 percent after Draghi''s comments but by 1530 GMT was flat at 0.54 percent. Euro zone stocks were a touch lower on the day .STOXXE "I think a positive outlook of the economy and expectations of stimulus withdrawal in the autumn, and perhaps confirmation of the fact that we will have more explicit tightening then, is driving the euro and bond yields higher," said Alexandra Russell-Oliver, an FX strategist at Caxton FX in London. Markets still expect the ECB to raise rates next year, though they now bet that a hike could come later than initially anticipated. Euro zone money markets price in roughly a 70 percent chance of a 10-basis-point hike in rates by next July, having fully priced in a move a week ago. A rise by October is fully priced in by markets ECBWATCH. Reporting by Jemima Kelly, Patrick Graham, John Geddie and Abhinav Ramnarayan; editing by Mark Heinrich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-markets-ecb-idUKKBN1A528D'|'2017-07-20T19:24:00.000+03:00'
'7042b01694067cd49d892e954f45f8fd96bf600e'|'General Electric awarded contract worth up to $409 mln -Pentagon'|'July 19, 2017 / 9:34 PM / 11 hours ago General Electric awarded contract worth up to $409 million: Pentagon 1 Min Read The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. Daniel Becerril WASHINGTON (Reuters) - General Electric Co ( GE.N ) was awarded a defense contract worth up to $409 million for next-generation thermal, power and controls as part of a government and industry joint effort to develop innovative technologies, the Pentagon said on Wednesday. Reporting by David Alexander; Editing by Eric Beech 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-general-electric-pentagon-idUSKBN1A42JQ'|'2017-07-20T00:29:00.000+03:00'
'846611193ccfa0c97f2928db78688b59ee178828'|'REFILE-Geely''s Volvo posts profit rise as Chinese growth gives boost'|'FILE PHOTO: A Volvo logo is pictured on the stand during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. Denis Balibouse/File Photo STOCKHOLM (Reuters) - Sweden''s Volvo Cars sold more vehicles in Europe and China in the first half that helped drive up earnings 21 percent and said it would set up a joint venture with its Chinese parent to share technology with other brands in the Geely group.Under Chinese ownership since being bought by Zhejiang Geely Holding Group from Ford in 2010, Volvo has taken on larger rivals such as BMW and Daimler''s Mercedes-Benz with new premium models.Volvo Car Group, one of Sweden''s biggest companies by revenue, posted operating earnings of 6.8 billion Swedish crowns ($820 million) for the six months to June 30, against 5.6 billion crowns in the same period last year.Revenues rose to 99.1 billion crowns, up from 84.2 billion crowns, and the company said it remained confident sales this year would exceed the record high set only last year.The company aims to reach sales of 800,000 cars within the next few years. It sold 277,641 Volvos in the first half, up 8.2 percent from a year ago, as strength in China and Europe offset a lingering U.S. slump.Delivery problems have dogged Volvo in the United States this year, contributing to a 7 percent drop in first-half sales there. It does not have a manufacturing base in North America but is building a U.S. plant to boost supply.Volvo said it expected an upturn in the second half of the year and aimed to deliver "solid full-year growth" in the United States as tight global supply of its XC90 model eased and its new XC60 mid-size SUV hit the U.S. market."The demand from customers is really there," Samuelsson told Reuters. "In the second half, we will have the XC60 launched and that is really for the U.S. market an even bigger car."Technology Sharing In a step towards closer ties with other brands controlled by its Chinese owner, Volvo said it was creating a joint venture with Zhejiang Geely to share technology.Volvo, Geely Auto and LYNK & CO, a brand established last year and positioned between Volvo and Geely in price, would share vehicle architecture and engine technology via cross licensing arrangements managed by the venture."We will unlock significant benefits across our portfolio by sharing both technologies and next-generation vehicle architectures," Zhejiang Geely Chairman Li Shufu said in a statement."I am confident these synergies can be achieved while preserving the separate identities and strategic autonomy of our different automotive brands," he said.Samuelsson said the deal would provide Volvo with greater development resources and speed up introduction of new technology in areas such as components for electric vehicles."And, maybe most importantly, we can lower the material cost because we will have a higher volume for the common components and will source them jointly," he told Reuters.With earnings and sales rising, speculation has been growing that an initial public offering (IPO) is on the cards.Last year, Volvo took a step towards listing, raising 5 billion crowns from Swedish institutional investors through the sale of newly issued preference shares. But it said it had no immediate plans for an IPO."We try to act as a listed company, but currently we are not planning an IPO," Samuelsson said.Reporting by Niklas Pollard; Editing by David Goodman and Edmund Blair '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volvocars-geely-results-idUSKBN1A50B2'|'2017-07-20T07:06:00.000+03:00'
'555acca095899c5889d3c4d24e0a8578a620c503'|'Abercrombie investor calls for buybacks after failed sale attempt'|'July 18, 2017 / 9:35 PM / in 14 hours Abercrombie & Fitch investor calls for buybacks after failed sale Lauren Hirsch and Aishwarya Venugopal 3 Min Read Signage is seen at the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. Andrew Kelly (Reuters) - An investor in Abercrombie & Fitch Co ( ANF.N ) on Tuesday called on the U.S. teen apparel retailer to buy back its shares, following the company''s failed attempt to sell itself. SLS Management LLC said Abercrombie was not being "aggressive enough" in efforts to turn itself around amid falling sales at most of its brands. SLS owned 0.84 percent of Abercrombie''s shares outstanding as of March 31, according to Thomson Reuters data. New Albany, Ohio-based Abercrombie operates around 700 stores in the United States and nearly 200 more internationally. SLS, in a letter to the company''s board, laid out two ways for Abercrombie to buy back shares. The retailer could buy back $200 million of stock while slashing its annual dividend to 18 cents from the current 80 cents, SLS said. Alternatively, Abercrombie could sell its real estate assets that make up a "substantial portion" of its market value and use the proceeds from the sale to buy back shares, the investor added. "A repurchase of almost 30 percent of Abercrombie''s shares would be an important illustration of management''s confidence in the turnaround and the attractiveness of the stock at current prices," SLS said. A spokeswoman for Abercrombie said the company "maintains open dialogue with and regularly considers the views of its shareholders, including SLS Management." Abercrombie last week ended talks over a potential sale, dealing another blow to the retail sector that has struggled to cope with low mall traffic and changing consumer tastes. It had announced in May it was "in preliminary discussions with several parties regarding a potential transaction," after having received expressions of interest. Abercrombie received interest from both private equity firms and other retailers, a source familiar with the situation said, requesting anonymity because the conversations were confidential. Mergers and acquisitions in the retail sector are difficult because cost savings can be counterproductive if it means squeezing money out of marketing and design, and buyers are taking a risk on a style that can easily go out of favor. Retailers including Aeropostale, Wet Seal and BCBG Max Azria Group LLC have filed for bankruptcy over the past two years. Shares of Abercrombie were up 2.3 percent at $9.49 in after-hours trading. Through Tuesday, the stock had fallen nearly 23 percent so far this year. Reporting by Aishwarya Venugopal in Bengaluru; editing by Sai Sachin Ravikumar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-abercrombie-slsmanagement-idUSKBN1A32FE'|'2017-07-19T00:36:00.000+03:00'
'58f5a84a92600111294a34e9f3aacfe964420884'|'French court refers ''right to be forgotten'' dispute to top EU court'|'July 19, 2017 / 12:48 PM / in 3 hours French court refers ''right to be forgotten'' dispute to top EU court 3 Min Read A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. Regis Duvignau PARIS (Reuters) - EU judges will have to decide whether Alphabet''s Google has to remove certain web search results globally to comply with a previous privacy ruling after France''s supreme administrative court referred the issue to the top EU court. Google has gone head to head with CNIL, the French data protection authority, over the territorial scope of the so-called "right to be forgotten", which requires the world''s biggest search engine to remove inadequate or irrelevant information from web results under searches for people''s names. Having been fined 100,000 euros ($115,000) by CNIL in March 2016 for not delisting across national borders, Google appealed to France''s supreme administrative court, the Council of State, which on Wednesday passed the matter to the Court of Justice of the European Union (ECJ). The tech giant has argued that a balance should be found between the right to privacy and freedom of expression, saying that such removals should not go beyond Europe and into countries with different laws on the subject. French regulator CNIL, however, says that the removals must be global to uphold Europeans'' right to privacy because experienced Internet users can circumvent the Google domestic domain where the delisting takes place. "With today''s decision, the Council of State believes that the scope of the right to be delisted poses several serious difficulties of the interpretation of European Union law," the French court said. The dispute arose after the ECJ ruled in 2014 that search engines such as Google and Microsoft''s Bing comply with the "right to be forgotten". Though Google did so, it only scrubbed results across its European websites such as Google.de in Germany and Google.fr in France, arguing that to do otherwise would set a dangerous precedent on the territorial reach of national laws. “Since 2014, we’ve worked hard to implement the ‘right to be forgotten’ ruling thoughtfully and comprehensively in Europe," Peter Fleischer, Google''s global privacy counsel, said in a written statement. "We’ve been defending the idea that each country should be able to balance freedom of expression and privacy in the way that it chooses, not in the way that another country chooses." The CNIL declined to comment. Last year Google also started delisting results across all its domains -- including Google.com -- when accessed from the country where the request came from. Reporting by Mathieu Rosemain in Paris and Julia Fioretti in Brussels; Editing by David Goodman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-google-litigation-idUSKBN1A41AS'|'2017-07-19T15:46:00.000+03:00'
'440e891d9fbef3b83ef94865092b3b2f407c4a4a'|'Carillion picks accountants EY to help with strategic review'|'July 17, 2017 / 6:30 AM / 4 hours ago Beleaguered Carillion wins HS2 rail contract, shares jump 4 Min Read FILE PHOTO: A Carillion sign is seen in Manchester, Britain July 13, 2017. Phil Noble/File Photo (Reuters) - A consortium that includes Carillion ( CLLN.L ) won a 1.4 billion pound contract to help build Britain''s High Speed 2 railway on Monday, offering respite as the builder grapples with the aftermath of a battering writedown. The company''s shares rose 21 percent to 67.89 pence by 1200 GMT, after Carillion said it and partners Kier Group ( KIE.L ) and Eiffage ( FOUG.PA ) had won two lots of work for HS2, which is set to link London with the north of England from 2026. The win follows a torrid week for Carillion, which lost 70 percent of its value after parting ways with chief executive Richard Howson and booking an 845 million pound writedown due to problematic construction constructions. Carillion linked the difficulty partly to public partnership construction contracts with governments where builders shoulder the risk of cost overruns. In response, it promised to exit such contracts and focus on growing infrastructure areas such as telecoms and rail. "We expect the UK government''s objective of generating economic growth through investing in infrastructure to continue creating opportunities for us to grow our business," interim CEO Keith Cochrane said in a statement. Chris Grayling, the minister for transport, said he hoped Carillion could overcome the challenges. "We''ve had secure undertakings from all of the members in the consortium that they will deliver that contract," he told Sky News. "My wish is that Carillion get through their current problems but we''ve made sure that it''s not an issue for these contracts." Carillion, which says it is the second largest rail infrastructure services provider in Britain, said stage one of the HS2 contract would run for 16 months and involve a design and a target cost for construction work. FILE PHOTO: A Carillion sign can be seen on a van in Manchester, Britain July 13, 2017. Phil Noble/File Photo Stage two, seen taking four and five years to complete, will involve the bulk of the construction. Given the project start is some way off, it is undecided what work Carillion will undertake. Encouraging Sign "It is encouraging that they can still win government contracts. Our view remains that (Carillion) will survive but the ownership is likely to change significantly," Liberum analysts wrote. The company''s takings from the contract will be roughly one third, which Liberum pegged at about 450 million pounds. A source close to Carillion said the company''s review of "all options" to shore up its cash position would not have an impact on its ability to deliver work for the project. On Monday, Cochrane was speaking to investors amid speculation that Carillion may have to raise at least 500 million pounds, possibly through a rights issue. The company on Friday added HSBC ( HSBA.L ) to its list of financial advisers and has this week hired accounting firm EY to support its strategic review. Carillion said it had found ways to reduce average net borrowing, including cost efficiencies, an increased focus on managing working capital and on recoveries and cash collection. "We are moving forward quickly," said Cochrane said. "Alongside our own efforts, EY will provide support across the business and bring an external perspective to our cost reduction and cash collection challenge." Reporting by Esha Vaish in Bengaluru; editing by Jason Neely and Louise Heavens 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-carillion-outlook-idUKKBN1A20FW'|'2017-07-17T09:29:00.000+03:00'
'c75c267ba5e9bc00d67b5e1dcc5d9b17a4ac8887'|'Qualcomm''s profit slumps amid Apple battle'|'July 19, 2017 / 8:22 PM / 4 hours ago Qualcomm''s profit forecast disappoints as Apple battle takes toll Rishika Sadam 3 Min Read A Qualcomm sign is pictured at one of its many campus buildings in San Diego, California, U.S. April 18, 2017. Mike Blake (Reuters) - Qualcomm Inc ( QCOM.O ) forecast fourth-quarter profit below analysts'' estimates as the company''s escalating patent battle with Apple Inc ( AAPL.O ) continues to take a toll on its licensing business. Shares of the company were down 2.3 percent at $55.40 after the bell on Wednesday. The chipmaker also reported a steep fall in third-quarter profit as Apple''s contract manufacturers withheld royalties that they were expected to pay to Qualcomm. The iPhone maker sued Qualcomm earlier this year, accusing it of overcharging for chips, and had asked its contract manufacturers to withhold license payments from the company while the dispute played out. "We believe that we hold the high ground with regard to the dispute with Apple," Qualcomm Chief Executive Steve Mollenkopf said in a statement. Qualcomm forecast adjusted profit of 75 cents to 85 cents per share and revenue of $5.4 billion to 6.2 billion for the current quarter. The company said the forecast excluded licensing revenue related to the sale of Apple products by contract manufacturers as well as the other unnamed licensee in dispute. Analysts were expecting an adjusted profit of 90 cents per share and revenue of $5.48 billion, according to Thomson Reuters I/B/E/S. "(Forecast) is pretty strong on the revenue front... the chip business is looking good especially in China, where it is getting pretty good traction with Chinese manufacturers," Edward Jones analyst Dave Heger said. Revenue from its Qualcomm CDMA Technologies (QCT) unit, which includes its chip business, rose 5 percent to $4.05 billion. In contrast, revenue from its licensing business fell 42.5 percent to $1.17 billion. Qualcomm did not provide any metrics related to device sales due to the dispute with Apple''s contract manufacturers and the other licensee. Net income attributable to the company fell to $866 million, or 58 cents per share, in the third quarter ended June 25 from $1.44 billion, or 97 cents per share, a year earlier. Revenue fell 11.1 percent to $5.4 billion. ( bit.ly/2uAg96t ) Excluding items, the company earned 83 cents per share. Analysts had expected a profit of 81 cents per share. Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-qualcomm-results-idUKKBN1A42DT'|'2017-07-19T23:46:00.000+03:00'
'3466350211b619ff891e93746aa118328c0da0ed'|'United Airlines is testing a novel way to bump passengers'|'IT IS a classic traveller’s dilemma: you are waiting in the boarding area for your flight, and an airline employee asks over the loudspeaker if anyone is willing to be bumped in exchange for a voucher. You like the idea of sacrificing the unimportant meeting you were scheduled to attend in return for a few hundred dollars of travel credit. Then again you do not fancy explaining this to your colleagues, or sitting about in an airport for three hours waiting for the next flight.Now imagine that instead of having to make this decision just before you board, you could do it do it several days in advance, in the comfort of your home. Changes the equation a bit, does it not? United Airlines is contemplating a new scheme along these lines, called the Flex-Schedule Program. If a flight is overbooked, or looking like it might be, United will contact passengers who have signed up to the scheme up to five days ahead of departure. They will be given the option of switching to a less popular flight on the same day between the same airports, in exchange for a travel voucher worth as much as $250.The idea is good news for flyers with flexible travel schedules who prefer to avoid the stress of a last-minute flight change. But it was born of decidedly unhappy events for United and its flyers, most infamously the incident in April in which a passenger who refused to give up his seat to accommodate off-duty airline staff was dragged from the plane and bloodied. That PR disaster, which was compounded when United’s boss initially blamed the customer for his intransigence, forced it into damage-control mode. The carrier quickly made ten policy changes , including ending the practice of bumping passengers without their consent once they have boarded the plane, and increasing the compensation available to bumped flyers to $10,000. (Congress is now working to ban involuntary bumping altogether.)Evidently the airline has no desire to hand over $10,000 to customers, even though it likely that flyers will bite long before that figure is reached. But the new scheme is more than just a cure for involuntary bumping. It is also a way for United to boost its profits. Bloomberg spoke with Azim Barodawala, the chief executive of Volantio, which crafted the technology behind the Flex-Schedule Program. It pitched the scheme to United as a way to free up high-demand seats that could then be sold to people willing to pay more for them. According to Bloomberg , in a meeting between Mr Barodawala and United executives it was posited that the programme could increase profits by over $100m a year.For once, what is good for an airline’s revenue does not seem to be bad for its passengers. United will remove a constraint on the seat-pricing process—namely, that once a person has bought a ticket, the price cannot be changed—and open it up to something closer to the free market. For a leisure traveller who bought a ticket two months in advance, switching to a flight a few hours later might make no difference, other than the $250 voucher they can pocket. But for a business traveller buying a last-minute ticket in order to make an important meeting, getting on that specific flight can be a necessity, well worth paying hundreds of dollars extra for. The airline will not complain if, by playing middleman, it nets the difference between the additional amount the business flyer is willing to pay and the voucher the holidaymaker receives.If all goes as planned, United will not be the only airline to test the idea. According to Bloomberg , Australia’s Tiger Airways will unveil its own programme with Volantio next month, with Alaska Air joining in September and Qantas by October. And Mr Barodawala envisions a similar system for hotels—paying someone to move from one branch of a chain to another nearby, if the former is in high demand for a conference or other event.Generally, the trend toward more stratification in travel has been bad for travellers. (See economy, basic .) But for once—and even if it took a disastrous few months for United to adopt the idea—this move to separate flexible budget-conscious travellers from those with more resources seems like a winner.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/07/sleep-it?fsrc=rss'|'2017-07-18T19:31:00.000+03:00'
'd5b3f911925f11c7ff4ae973c77a1f3ec032294c'|'Earnings lift European shares as ASML boosts tech, Reckitt jumps'|'July 19, 2017 / 7:32 AM / 5 hours ago Earnings lift European shares as ASML boosts tech, Reckitt jumps 2 Min Read LONDON, July 19 (Reuters) - A slew of upbeat updates from European firms helped regional indexes rise in early deals on Wednesday and recoup some of the previous session''s sharp losses. With almost every sector in positive territory, the pan-European STOXX 600 index rose up 0.3 percent while the blue chips gained 0.2 percent. Dutch semiconductor equipment maker ASML, up 4 percent, boosted the tech sector. The firm beat quarterly earnings estimates thanks to strong demand from manufacturers of memory chips. Likewise strong first-quarter results from British packaging firm RPC Group boosted the stock more than 6 percent to the top of the STOXX, while home appliance maker Electrolux hit a record high after reporting a bigger-than-expected rise in second-quarter earnings and lifting its market forecast for North America. Falls among mining firms weighed on Britain''s FTSE 100 , which declined 0.1 percent, while mid caps were flat in percentage terms as utility Drax Group dropped 6 percent after reporting a first half pretax loss. Cross-border deal-making rolled on with Reckitt Benckiser up 1.6 percent after saying it would sell its food business to U.S. spice and herbs co McCormick & Co Inc for $4.2 bln. Reckitt shares were the biggest boosts on the FTSE 100. (Reporting by Kit Rees, Editing by Vikram Subhedar) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1KA15M'|'2017-07-19T10:32:00.000+03:00'
'19bfa4d7ecd1a31bf20b99f38ce11576bf32ade4'|'Qatar''s $300 billion conundrum: how liquid are its reserves?'|'July 19, 2017 / 11:48 AM / 3 hours ago Qatar''s $300 billion conundrum: how liquid are its reserves? 6 Min Read Qatar''s Central Bank is seen in Doha in this general view taken November 9, 2011. Mohammed Dabbous/Files DUBAI/DOHA (Reuters) - When is $300 billion not enough? That question is key to Qatar''s future as some bankers and hedge funds speculate the super-rich state''s vast financial reserves may not be liquid enough to defend its currency in the long term. Nobody doubts Qatar has a lot of money to resist economic sanctions imposed on it early last month, when Saudi Arabia and three other Arab states cut diplomatic and transport ties. Central bank governor Sheikh Abdullah bin Saud al-Thani said last week that Doha could employ about $340 billion of reserves: some $40 billion plus gold at the central bank, and $300 billion at the Qatar Investment Authority, the sovereign wealth fund. That suggests Qatar could cope comfortably with any capital flight due to the crisis. Bank of America has predicted $35 billion of outflows from the banking system within a year if other Gulf Arab states pull out deposits and loans. But Qatar could face larger net outflows if, for example, prices of its natural gas exports slump again. The issue is that it might only be able to use a fraction of its reserves to defend its currency. Some are domestic assets which could be hard to sell to foreign buyers in crisis conditions, while another portion is tied up in "illiquid" foreign assets that could not be sold quickly to raise cash. The portion in foreign bank accounts, tradable bonds or listed equities that could be liquidated quickly and easily if needed, is a state secret -- and that secrecy is fuelling speculation about Qatar''s real financial strength. A source close to the government told Reuters fewer than a dozen people had access to all details of the QIA''s reserves. The QIA did not respond to a request for comment. "There is basically no information. There is a lot which is hard to sell, either because of size, strategic interest or depressed values," the source said. Liquid The central bank''s net international reserves including gold totalled 126.7 billion riyals ($35 billion) at end-May, official data shows. Sheikh Abdullah said under $6 billion left Qatar in the past month; this implies the reserves could now be near $30 billion. Economic theory suggests maintaining the riyal''s peg to the dollar would require central bank reserves equivalent to Qatar''s monetary base -- $17 billion. So the central bank may have some $13 billion to play with. Qatar''s central bank governor Sheikh Abdullah bin Saoud al-Thani claps during the 58th Gulf Cooperation Council (GCC) Central Bank Governors'' annual meeting in Manama September 18, 2013. Hamad I Mohammed/Files That implies the QIA may need to liquidate a small fraction of its assets fairly soon to rebuild central bank reserves. The $300 billion figure for QIA assets given by Sheikh Abdullah looks reasonable to many analysts. It is near the $320 billion estimated by the U.S.-based Sovereign Wealth Fund Institute, which tracks the industry through public sources and contacts with officials and businessmen. It is also in line with macroeconomic data on Qatar''s build-up of wealth. Adding Qatar''s current account balances since 2000, when it began posting big surpluses due to its gas exports, and assuming an annual investment return of 3 percent on that money gives a total above $300 billion. Earlier this year the QIA transferred over $30 billion of domestic equity holdings to the finance ministry. A Reuters review of its remaining domestic assets, including real estate arm Qatari Diar and Qatar Airways, suggests they could be worth around $50-75 billion -- potentially leaving about $225 billion in foreign assets. The question for financial markets is how much of that sum is liquid and how much is in long-term assets such as London''s Harrods department store and a stake, bought for $622 million, in the owner of New York''s Empire State Building. QIA stakes in big, listed Western firms, such as a roughly 15 percent holding in Volkswagen, may be partially liquid; they could easily be trimmed by sales into the stock market, but divesting them completely without driving down stock prices could take many months. Krisjanis Krustins, associate director at Fitch Ratings, said Fitch''s impression from meetings with Qatari authorities was that only 10-15 percent, or at most 20 percent, of QIA money was in illiquid assets such as private equity or real estate. That could mean the QIA has roughly $180 billion of liquid foreign assets -- in line with an estimate by a Western diplomat monitoring Qatar, who mostly used public information sources. But there are some reasons to think the QIA, with its appetite for foreign trophy assets, may be less liquid than other sovereign funds. U.S. Treasury data shows Qatar''s holdings of long-term U.S. securities such as Treasury bonds at $8.6 billion in April, or under 3 percent of QIA assets. Kuwait''s holdings were $203 billion, or 39 percent of its sovereign fund''s estimated size, and Saudi Arabia''s at $155 billion or 30 percent. The data may understate Qatari investment in liquid U.S. securities if some is routed through offshore centres such as the Cayman Islands. But the uncertainty suggests Qatar''s financial ammunition may not be as plentiful as it appears, argue some hedge fund managers in New York and London, who could gain from market volatility if Qatar''s currency does come under pressure. "Let’s assume 20 to 30 percent of the QIA''s foreign assets are liquid -- that brings liquid assets down to $50-75 billion. All of a sudden, Qatar’s capacity to defend the peg isn’t that strong anymore," said a manager in New York. Additional reporting by Sujata Rao in London Editing by Jeremy Gaunt 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/gulf-qatar-reserves-idINKBN1A4153'|'2017-07-19T14:45:00.000+03:00'
'3f38d405fc9f6ff51d3454dd34cd3768a94b55c9'|'Activist Jana cashes out of Whole Foods following Amazon deal'|'July 19, 2017 / 11:18 PM / 14 hours ago Activist Jana cashes out of Whole Foods following Amazon deal 1 Min Read FILE PHOTO - Customers leave the Whole Foods Market in Boulder, Colorado, U.S. on May 10, 2017. Rick Wilking/File Photo (Reuters) - Activist investor Jana Partners LLC cashed out of its position in Whole Foods Market Inc ( WFM.O ), a regulatory filing showed on Wednesday, after the upscale grocer agreed to be acquired by Amazon.com Inc ( AMZN.O ) in a $13.7 billion deal last month. Jana, which was Whole Foods'' second-largest shareholder with an 8.2 percent stake, made a profit of over $300 million on the sale, according to Reuters calculations. Jana bought 27.9 million shares of the company for $721.2 million in March, and exited its position on Tuesday for a price of more than $1 billion. The investor had heaped pressure on Whole Foods to sell itself after taking a stake in the company, citing the retailer''s lagging sales and stock price. In June, Whole Foods agreed to be bought by Amazon for $13.7 billion in a sector-altering deal that could see the e-commerce giant enter the brick-and-mortar retailing industry. Reporting by Karina Dsouza in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-whole-foods-jana-idUSKBN1A42QI'|'2017-07-20T07:18:00.000+03:00'
'dab0117a162aa0afb2d22aa370f8dbab5398046a'|'UPDATE 1-CEE MARKETS-Forint hits 8-month high as ECB keeps easy money'|'BUDAPEST, July 20 (Reuters) - The forint led east European currencies higher on Thursday, hitting an 8-month high versus the euro after the European Central Bank (ECB) left its ultra easy monetary policy stance unchanged. ECB chief Mario Draghi stressed that the bank''s governing council were unanimous both on the decision to keep its guidance unchanged and to avoid setting a precise date for a discussion of future policy, noting only that it would occur in the autumn. The ECB''s monetary stimulus has also boosted Central Europe''s emerging assets in the past years. However, government bond yields in the region moved higher recently after Draghi raised the prospect of policy tightening last month. Investors in this part of the world focus on the policy of the European Central Bank, but also watch the Fed and U.S. long-term debt yields. Healthy economic growth and stability have underpinned the region''s currencies even though the region''s central banks are unlikely to lift interest rates this year, except for Czechs. "We think the ECB will only change its communication in the autumn after the German elections, making clearer hints about the expected monetary policy steps," said David Nemeth, an analyst at K&H Bank in a note. "We expect the ECB will start downsizing its asset buying programme at the beginning of next year and could even end it by mid-2018," he added. A tapering of the ECB''s stimulus could weaken currencies in eastern Europe, and could drive yields higher. By 1410 GMT the forint firmed more than 0.3 percent to 305.45, levels last seen in November 2016. The Czech crown and the Polish zloty were both 0.1 percent higher. The forint firmed despite sustained rhetoric by the National Bank of Hungary about using unconventional easing tools on top of record low interest rates to loosen monetary conditions further if inflation lastingly stays below its target. The bank kept interest rates unchanged as expected on Tuesday, with any price pressures from strong economic growth seen as unlikely to lift inflation beyond its 3 percent target level this year or next. In Poland, political clouds gathered as the European Union gave Warsaw a week to halt divisive judicial reforms or face punishment for undermining democracy. Stock markets were mostly in the red by the afternoon, giving up earlier gains. Oil and gas group MOL outperformed the wider Budapest market, rising 0.25 percent to 21,675 forints, after it announced a major chemicals investment. The main index of the bourse was down 0.7 percent, with OTP Bank dropping 2.4 percent after recent sharp gains. CEE MARKETS SNAPSHOT AT 1557 CET CURRENCIES Latest Previ Daily Chang ous e bid close change in 2017 Czech crown 26.0420 26.07 +0.14 3.71% 80 % Hungary 305.5200 306.4 +0.32 1.08% forint 850 % Polish zloty 4.2055 4.210 +0.13 4.72% 9 % Romanian leu 4.5655 4.570 +0.11 -0.67 6 % % Croatian 7.4090 7.415 +0.09 1.97% kuna 5 % Serbian 120.4500 120.6 +0.18 2.41% dinar 700 % Note: daily calculated previous close 1800 change from at CET STOCKS Latest Previ Daily Chang ous e close change in 2017 Prague 1007.36 1007. -0.06% +9.3 92 0% Budapest 35545.70 35789 -0.68% +11. .28 07% Warsaw 2364.88 2374. -0.40% +21. 31 41% Bucharest 8364.31 8268. +1.16 +18. 77 % 06% Ljubljana 799.23 801.0 -0.22% +11. 3 38% Zagreb 1870.30 1859. +0.61 -6.24 03 % % Belgrade 706.54 709.2 -0.38% -1.51 7 % Sofia 712.67 710.7 +0.27 +21. 8 % 53% BONDS Yield Yield Spread Daily (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year -0.101 0.1 +055b +11b ps ps 5-year 0.004 -0.02 +016b +0bp 6 ps s 10-year 0.918 0 +039b +1bp ps s Poland 2-year 1.824 -0.01 +248b +0bp ps s 5-year 2.653 -0.01 +281b +1bp ps s 10-year 3.285 0.005 +275b +1bp ps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep <PR 0.47 0.62 0.7 0 IBOR=> Hungary <BU 0.2 0.24 0.31 0.15 BOR=> Poland <WI 1.754 1.782 1.829 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL5N1KB5VM'|'2017-07-20T17:45:00.000+03:00'
'a303039026c844ac1c443c7e921db44fc4b37021'|'An overhaul of Brazilian labour law should spur job creation'|'IN THE litany of bosses’ gripes about Brazil’s inclement business climate, rigid labour laws vie for pride of place with its convoluted tax laws and its licensing rules (on everything from health and safety to protection of cultural heritage). No wonder: Brazil ranks a miserable 117th out of 138 countries on labour-market efficiency, according to the World Economic Forum. Its rigid labour law was transplanted from Benito Mussolini’s Italy in 1943. Employers find it thoroughly unsuited to a modern economy and cheered on July 13th, when the president, Michel Temer, signed into law the biggest overhaul of the unwieldy statute in 50 years.The reform is a big victory for the unpopular Mr Temer, who is under investigation in a corruption scandal (he denies wrongdoing). It introduces more flexible working hours, eases restrictions on part-time work, relaxes how workers can divvy up their holidays and cuts the statutory lunch hour to 30 minutes. It also scraps dues that all employees must pay to their company’s designated union, regardless of whether or not they are members. Just as important, collective agreements between employers and workers will overrule many of the labour code’s provisions.Latest updates The Supreme Court says grandparents are exempt from the travel ban Democracy in America 8 minutes ago “City of Ghosts” is an extraordinary look at journalism in Raqqa Prospero 11 minutes ago A   3   6   6   7   Once the new rules take effect in four months’ time, they will be valid for existing employment contracts, not just new ones. Mr Temer hopes they will dent Brazil’s unemployment rate, stuck above 13% after a three-year recession.Bosses are ecstatic about the changes. The National Confederation of Industry said that the reform represents “longed-for progress”. Banco Santander, a Spanish-owned bank, said it reckons the reform could eventually lead to the creation of 2.3m new jobs.Small firms also have much to gain. The new rules “formalise what we now do informally”, enthuses a São Paulo caterer. The “bank” of actual hours worked by her cooks and waiters, necessary in a business where inflexible nine-to-five contracts make little sense, will now be legal. An executive at a European multinational says that an unofficial spreadsheet that keeps track of his employees’ real time off, which he confesses to maintaining alongside an official tally of employees’ annual 30 vacation days, can also be consigned to the dustbin. (The old law said that leave had to be split into at most two segments, with one holiday lasting at least 20 days.)Such ruses have been common in Brazilian workplaces, but are risky. Employees who leave or are laid off regularly sue employers over the slightest of transgressions of the labour code, spurred on by litigious lawyers. Last year Brazil’s labour courts heard nearly 4m cases (see chart), mostly brought by aggrieved workers. Fines levied on firms totalled 24bn reais ($7bn).The reform ought to reduce such legal risks, which can afflict firms whether they observe the rules or not. Gabriel Margulies, whose company, UnderMe, produces 50,000 pairs of undergarments a month, says he will at last be able to grant requests to staff who would prefer, say, to go home early in exchange for a shorter lunch break. Until now he has declined for fear of losing in court. That has not stopped former employees from suing in the hope that Brazil’s famously worker-friendly judges side with them. Even unsuccessful suits are an unwelcome distraction from running a business, Mr Margulies laments.Maurício Guidi of Pinheiro Neto, a firm of lawyers, observes that the reform might even change this confrontational workplace culture into a more consensual one. But it remains to be seen how the labour unions will react, notes Marcelo Silva, vice-chairman of Magazine Luiza, a big retailer. The main union confederations have condemned the reform. They fume about the loss of revenue from dues. To placate them, Mr Temer has hinted he may amend the reform by decree, which is subject to a simple up-or-down vote in Congress, in order to phase out the obligatory dues gradually (and possibly water down some other provisions). But he cannot go too far. The only way for the scandal-hit president to keep his job may be to help some of his 13.8m unemployed compatriots find work.This article appeared in the Business section of the print edition under the headline "Bye-bye, Benito"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21725321-michel-temers-reform-has-teeth-overhaul-brazilian-labour-law-should-spur-job-creation?fsrc=rss%7Cbus'|'2017-07-20T22:44:00.000+03:00'
'b33a0a12cd13e93ff2bb2e3106049325006e41e1'|'Most Japan firms reluctant to boost shareholder returns further- Reuters poll'|'July 19, 2017 / 11:13 PM / 12 minutes ago Most Japan firms reluctant to boost shareholder returns further- Reuters poll Tetsushi Kajimoto 4 Min Read Tokyo''s downtown is seen before the first sunrise on New Year''s Day from Roppongi Hills observation deck in Tokyo, Japan, January 1, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Less than a third of Japanese firms plan to boost shareholder returns this financial year although nearly half have seen cash on hand climb, a Reuters poll found, underscoring a sharp slowdown in share buyback and dividend growth. As part of major drive to improve corporate governance and make Japanese companies more attractive to foreign investors, Prime Minister Shinzo Abe has urged companies to either return more to shareholders or boost capital spending. That push has yielded strong results with combined shareholder returns for firms listed on the Tokyo bourse''s main board soaring more than 20 percent in each of the three years to end-March 2016 before gains tapered to 2.2 percent in the past financial year, according to Goldman Sachs data. Those gains notwithstanding, Japan Inc''s returns to shareholders trend far below those of their peers in the West. But any investor hopes for a further big jump in shareholder returns may have to wait. The Reuters Corporate Survey, conducted June 30-July 13, showed 69 percent of companies plan to keep shareholder returns flat this year and only 29 percent plan to boost them. Two percent plan to cut returns. "We are saving ample cash on hand against a market crash that is bound to happen sooner or later," wrote a manager at a real estate firm. While a number of firms said they planned to use increases in cash on capital spending, the reply was echoed by many others who cited the need to set aside funds for "uncertainties" - illustrative of what is widely seen as an ingrained bias towards saving rather than spending for Japanese firms. The apparent lack of strong momentum for a further jump in shareholder returns comes despite cash and deposits for Japanese non-financial firms surging to a record 255 trillion yen ($2.3 trillion) as of end-March, according to central bank data. That was up 5.1 percent from a year earlier and represents a leap of 30.9 percent since the end of 2012, shortly after Abe took office. Some 45 percent of Japanese firms said that cash on hand had risen in the past financial year, the Reuters survey showed. Around a quarter said that cash had jumped by 10 percent or more. The need to save for an uncertain future was the most mentioned reason for the increase in cash during the last financial year, cited by 31 percent of companies. A lack of capital spending needs was cited by 28 percent. Firms were allowed to pick multiple reasons for the rise in their replies. According to Goldman Sachs, the ratio of shareholder returns – dividends plus buybacks – to operating cash flow stood at a median 17.5 percent for Japanese firms in 2015. That compares to 50.6 percent in North America and 36.9 percent in Western Europe. Kengo Nishiyama, a strategist at Nomura Securities, said efforts by Japanese firms to improve corporate governance have only hit the half-way mark. They have the leeway to lift shareholder returns and failing to do so could be counterproductive, he added. "If they don''t let cash circulate through the economy, it will remain stagnant, which will make it harder for firms to find investment opportunities, causing a vicious cycle," said Nishiyama, who reviewed the survey results. The poll, conducted monthly for Reuters by Nikkei Research, polled 549 big and mid-sized companies, who reply on condition of anonymity. Between 220 and 250 firms answered questions on cash on hand and returns to shareholders. ($1 = 112.1300 yen) Reporting by Tetsushi Kajimoto; Additional reporting by Izumi Nakagawa; Editing by Malcolm Foster and Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-companies-cash-idUKKBN1A42PY'|'2017-07-20T02:12:00.000+03:00'
'c6fbd7eea48d51b6ba339767ab6780048ae9ab72'|'IBM''s second-quarter revenue dips 4.7 percent'|'July 18, 2017 / 8:15 PM / 10 minutes ago IBM''s second-quarter revenue dips 4.7 percent 1 Min Read FILE PHOTO - The logo of Dow Jones Industrial Average stock market index listed company IBM (IBM) is seen on a computer screen in Los Angeles, California, United States, April 22, 2016. Lucy Nicholson (Reuters) - International Business Machines Corp ( IBM.N ) reported a 4.7 percent decline in quarterly revenue on Tuesday, hurt largely by weak demand in its technology services business. The company''s net income fell to $2.33 billion, or $2.48 per share in the second quarter ended June 30, from $2.50 billion, or $2.61 per share, a year earlier. Revenue fell to $19.29 billion from $20.24 billion. Reporting by Pushkala A in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ibm-results-idUSKBN1A32A2'|'2017-07-18T23:13:00.000+03:00'
'489082509f7af648bf4ac37c8f67842ba8a093d9'|'Audi under fire in China for ad comparing used cars with brides'|'July 19, 2017 / 12:54 PM / 3 hours ago Audi under fire in China for ad comparing used cars with brides 3 Min Read FILE PHOTO - The logo of Audi is pictured at the Auto China 2016 auto show in Beijing, April 25, 2016. Kim Kyung-Hoon/File Photo BEIJING (Reuters) - German luxury carmaker Audi AG ( NSUG.DE ) has come under fire from consumers in China for an advert that compared buying a second-hand car to checking out a bride-to-be. Audi, which is attempting to revive its sales in the world''s biggest car market, said on Wednesday it deeply regretted the advert and that it had been withdrawn. The video, which has gone viral since being aired online and in cinemas this week, showed a mother-in-law examining her son''s bride as the young couple waited at the altar to be married, an attempted play on a common stereotype of fussy Chinese parents. Thousands of Chinese consumers went online to mock the advert, saying it was sexist and demeaning to women. On Tencent Holdings'' ( 0700.HK ) popular chat app WeChat nearly half a million people mentioned "Audi second hand car" on Tuesday. Negative social media reaction in China can have an outsized effect on brands, with hundreds of millions of people using WeChat and rival platform Weibo. Audi, owned by Volkswagen ( VOWG_p.DE ), has seen sales stall in China this year, despite a slight bounce back in June. In the 30-second advert, a serene outdoor wedding is interrupted when the groom''s mother rushes to the podium, checking out the bride''s eyes, before pinching her nose and ears, and pulling open her mouth to check on teeth. A voice over says: "Important decisions must be made carefully ... Only with an official certification can you relax." The advert is for an approved retailer of Audi second hand cars. The video touched a nerve amongst Chinese consumers, with many online saying it objectified women. "This is really low taste. Isn''t this like what people do when trading cattle?" said one under the handle Yaoxiaozi on microblog Weibo. Audi said in a statement the perception created by the advert "does not correspond to the values of our company in any way," adding it was launching an investigation to ensure the mistake didn''t happen again. Premium carmakers are increasingly looking to the Chinese market for growth, as growing personal wealth and the emergence of flourishing private enterprises drive up sales. Reporting by Pei Li; Editing by Adam Jourdan and Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-audi-china-advert-idUSKBN1A419O'|'2017-07-19T15:54:00.000+03:00'
'3a50ea82552fa4a7a2fb5bc27bbccee22e7d3dcb'|'Prosecutors offer to drop share buying probe into Deutsche Boerse CEO'|'July 18, 2017 / 2:47 PM / 11 minutes ago Prosecutors offer to drop share buying probe into Deutsche Boerse CEO Reuters Staff 2 Min Read FILE PHOTO: Carsten Kengeter, CEO of Deutsche Boerse attends the launch of an initial public offering at the stock exchange in Frankfurt, Germany March 1, 2017. Ralph Orlowski/File Photo FRANKFURT (Reuters) - Deutsche Boerse ( DB1Gn.DE ) said on Tuesday Frankfurt''s public prosecutor has offered to drop an investigation into Chief Executive Carsten Kengeter over allegations of insider trading if it agrees to pay two fines amounting to 10.5 million euros (9.36 million pounds). Deutsche Boerse said that it was reviewing the matter, adding it "continues to believe the allegations made are unfounded in all respects". Deutsche Boerse''s board will spend some days reviewing the offer, outlined in a 10-page document that is not publicly available. Acceptance of the offer would lift a cloud over Kengeter, whose reputation has been damaged by his failed attempt to merge with London Stock Exchange ( LSE.L ). Earlier this year, as debate about the LSE merger was raging, police and prosecutors searched Kengeter''s office and home amid concerns over Deutsche Boerse share purchases he made just months before the announcement of merger talks. Kengeter has always denied the allegations, saying the purchases were part of an official Deutsche Boerse compensation plan. "Insider trading goes against everything I stand for," he told shareholders in May. One of the fines against Deutsche Boerse would be for the structure that the company had in place enabling Kengeter''s share purchase. The other fine would be for failing to publicly disclose the merger talks in a timely manner as dictated by German law. Reporting by Tom Sims; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-boerse-insidertrading-idUKKBN1A31MD'|'2017-07-18T17:46:00.000+03:00'
'9b16ca6662c63c5d64c4211eb8d321be8f47046d'|'Carrefour board member Diniz says Brazil IPO shows economy recovering'|'July 20, 2017 / 3:58 PM / in 40 minutes Carrefour''s Diniz hails Brazil IPO, shares slip Aluisio Alves and Bruno Federowski 2 Min Read Abilio Diniz, the third largest Carrefour shareholder, gestures as he attends the company''s IPO at the Sao Paulo Stock Exchange in Sao Paulo, Brazil July 20, 2017. Paulo Whitaker SAO PAULO (Reuters) - Carrefour SA board member Abilio Diniz said on Thursday the initial public offering of the retailer''s Brazilian unit shows the country is overcoming its harshest recession in a century as shares slipped in their market debut. Speaking at an opening bell ceremony in the São Paulo Stock Exchange, the Brazilian retail tycoon and third-largest shareholder of Carrefour said the IPO will help the French retailer reach a "new level globally." Slideshow (2 Images) Still, shares in its Brazilian unit fell as much as 4.3 percent in Thursday trading before paring losses to 0.5 percent, at 14.92 reais in late afternoon trading. The stock had priced at the 15 reais floor of a suggested price range in a deal that raised 5.12 billion reais ($1.6 billion). At that level, it would trade at similar multiples to rival GPA SA ( PCAR4.SA ), which it recently surpassed as Brazil''s largest supermarket chain. "Carrefour overestimated the market''s appetite for its shares," said Marcelo Garbes, head of equity trading at brokerage Tullet Prebon. Analysts said Carrefour Brasil lacks a substantial competitive advantage to its rival that would justify higher share prices. Market share at GPA''s food and staples division increased in the second quarter, though Carrefour Brasil has shown consistently higher profit margins. In a Wednesday note to clients, analysts at UBS Securities set a "sell" recommendation on the stock, citing concerns that the company may be unable to compete on price. ($1 = 3.13 reais) Reporting by Aluisio Alves and Bruno Federowski; Editing by Sandra Maler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-carrefour-brasil-ipo-idUSKBN1A525J'|'2017-07-20T18:54:00.000+03:00'
'576f1195bbcec0b8ac9785d8ab776b41c5aab77f'|'Murdochs warn UK a delay to Sky-Fox deal could hit wider inward investment'|'July 19, 2017 / 12:32 PM / in 31 minutes Murdochs warn UK a delay to Sky-Fox deal could hit inward investment 3 Min Read FILE PHOTO: Media Mogul Rupert Murdoch (C) poses for a photograph with his sons Lachlan (L) and James as they arrive at St Bride''s church for a service to celebrate the wedding between Murdoch and former supermodel Jerry Hall which took place on Friday, in London, Britain March 5, 2016. Peter Nicholls/File Photo LONDON (Reuters) - James and Lachlan Murdoch urged the British government to let their company buy pay-TV group Sky ( SKYB.L ), saying on Wednesday that further delays to the $15 billion deal could sour the climate for foreign investment in Britain after Brexit. The Murdochs'' Twenty-First Century Fox ( FOXA.O ) was dealt a blow last month when Britain''s media secretary, Karen Bradley, said she was persuaded that buying Sky could give the family too much influence over the media. Bradley said she was minded to refer the deal for a lengthy investigation, but has not yet announced her final decision. "While we await the outcome of the regulatory process, important investment decisions will inevitably need to be deferred," the two sons of Rupert Murdoch said in a letter to Bradley, dated July 14 and published on Wednesday. "There is also the broader risk of a potential harmful effect on other companies'' inward investment decisions currently under consideration in the UK." Fox executive chairman Lachlan and chief executive James said the deal was one of the biggest investments in Britain since the country voted to leave the European Union last year. The Sky News logo is seen on the outside of offices and studios in west London, Britain June 29, 2017. Toby Melville "Our proposed transaction will be carefully scrutinized by others keen to gauge the government''s commitment to creating a climate conducive to investment, or in the words of the Prime Minister and several of your fellow ministers, ''open for business''," they told Bradley. Regulator Ofcom has assessed the deal and found it had no concerns about Fox''s genuine commitment to broadcasting standards, a view Bradley said she was minded to endorse. But it was worried about the level of influence the deal could give the Murdoch family over Britain''s news agenda and political process, and said it should be referred to a lengthy review, which could push a final decision well into 2018. Fox said it was "disappointed" by Bradley''s intention to refer the deal, although she still has to confirm her decision after receiving further submissions. The Murdoch family, led by 86-year-old Rupert, has long coveted full control of Sky, despite the damaging failure of a previous attempt in 2011 when their British newspaper business became embroiled in a phone-hacking scandal. The family''s Fox offered $14.6 billion to buy the 61 percent of Britain''s Sky it does not already own in December, re-igniting a debate about their political influence. Lachlan and James urged Bradley to make sure political considerations were not allowed to cloud the decision-making process. Reporting by Kate Holton and Paul Sandle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-sky-m-a-fox-idUSKBN1A4196'|'2017-07-19T15:31:00.000+03:00'
'd134009bf4e9d26083a2d8e3be9314cbd12a9473'|'Bank of America''s quarterly profit rises 11 percent'|'July 18, 2017 / 11:01 AM / 21 minutes ago Bank of America''s quarterly profit rises 11 percent Reuters Staff 1 Min Read FILE PHOTO - The Bank of America building is shown in down town Los Angeles, California, U.S., March 6, 2017. Mike Blake (Reuters) - Bank of America Corp, the second-largest U.S. lender by assets, reported an 11 percent rise in quarterly profit on Tuesday as net interest income increased. Net income attributable to shareholders rose to $4.91 billion in the second quarter ended June 30 from $4.42 billion a year earlier. Earnings per share rose to 46 cents from 41 cents. Analysts on average had expected earnings of 43 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the figures were comparable. Total revenue, net of interest expense, rose 7.2 percent to $22.83 billion. BofA, considered the most interest-rate sensitive among banks, benefited from the Federal Reserve''s move to hike interest rates for the third time since the second quarter of last year. JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc reported better-than-expected profits on Friday, helped by higher interest rates. Reporting by Sruthi Shankar in Bengaluru and Dan Freed in New York; Editing by Saumyadeb Chakrabarty 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bank-of-america-results-idUKKBN1A311E'|'2017-07-18T14:00:00.000+03:00'
'c49e97694747945edc1b5362fa5b6a2cc34e5df2'|'Pace of British construction activity slows as Brexit delays investment - survey'|'July 19, 2017 / 11:14 PM / 17 minutes ago Pace of British construction activity slows as Brexit delays investment -survey Reuters Staff 2 Min Read Construction work is carried out at a site in central London, Britain July 7, 2017. John Sibley (Reuters) - The pace of growth in Britain''s construction industry slowed over the second quarter as investment was delayed by uncertainty over Brexit and the general election, a leading property body reported on Thursday. The quarterly survey from the Royal Institution of Chartered Surveyors showed a reversal from the first quarter, which saw growth accelerate at its strongest pace since the June 23, 2016 referendum on leaving the European Union. A net balance of 21 percent respondents reported an increase in total workload in the second quarter, down from 27 percent recorded in the previous quarter, RICS said. The private commercial and industrial segments felt the sharpest slowdown. The UK property market has been one of the most prominent casualties of the Brexit vote, with many developers tempering construction plans to reduce the risk on the books and given widespread concern that companies will rent less space. Banks have tightened lending criteria as well, making it tougher for smaller builders or those with limited funds to start new projects. The UK RICS Construction and Infrastructure Market survey showed that financial constraints, due to economic uncertainty driven largely by Brexit and the subsequent election, was noted as the most significant impediment to building activity. The survey said 79 percent of all respondents cited it as a concern, marking the highest level in four years. Other reasons included difficulties with access to bank finance and credit and cash flow and liquidity challenges. "Economic and political uncertainty appear to be weighing on sentiment, but all things considered, current conditions and year-ahead workload expectations are holding up rather well relative to the longer-term trend," said Jeffrey Matsu, Senior Economist at RICS. "Given the ongoing nature of Brexit negotiations, it remains to be seen what impact this will have on financial conditions," he added. Reporting by Esha Vaish in Bengaluru Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-economy-construction-idUKKBN1A42Q0'|'2017-07-20T02:04:00.000+03:00'
'8e42ad32b80b9a9a1a2d9ec16f98d2499aa4de21'|'Akzo Nobel says CEO Buechner steps down, cites health reasons'|'July 19, 2017 / 5:19 AM / in 7 hours Akzo Nobel says CEO Buechner steps down, cites health reasons 1 Min Read AMSTERDAM, July 19 (Reuters) - Dutch paintmaker Akzo Nobel on Wednesday said Ton Buechner was stepping down as CEO due to health reasons, and would be replaced by the company''s current Chemicals Division Chief Thierry Vanlancker. Earlier this year, Buechner repelled a takeover attempt from U.S. rival PPG Industries. (Reporting by Toby Sterling; Editing by Himani Sarkar) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/akzo-nobel-ceo-idUSA5N1HS01B'|'2017-07-19T08:18:00.000+03:00'
'5ac8cfd527401b02e0a03f2c73ff6434f4bda23c'|'China Minmetals, China National Gold ''unaware'' of merger talks'|'July 19, 2017 / 2:25 PM / 40 minutes ago China Minmetals, China National Gold ''unaware'' of merger talks 2 Min Read FILE PHOTO - The company logo of Minmetals Resources is displayed outside its headquarters in Hong Kong April 26, 2011. Bobby Yip SINGAPORE (Reuters) - China Minmetals Corp and China National Gold Group are unaware of any merger talks between the two companies, their listed units said on Wednesday, after a Reuters report on a possible deal caused a rally in their shares. Sources with knowledge of the matter told Reuters on Tuesday that China was considering a merger between the two major metals and mining firms as Beijing pushed to consolidate its bloated state-run enterprises to help increase efficiency and competitiveness. "After checking with the company''s owner China Minmetals Group, the group said it was not aware of a merger deal and had not been notified by relevant authorities on the matter," the listed units said in similar statements. The China Minmetals'' subsidiaries that issued statements include China Minmetals Rare Earth Co Ltd ( 000831.SZ ), China Tungsten And Hightech Materials Co Ltd ( 000657.SZ ), Minmetals Development Co Ltd ( 600058.SS ), Minmetals Capital Co Ltd ( 600390.SS ) and Zhuzhou Smelter Group Co Ltd ( 600961.SS ). On Wednesday, the five listed companies'' shares ended up between 4.6 percent and 10 percent. China National Gold''s unit Zhongjin Gold Corp Ltd ( 600489.SS ), whose stock rose 6 percent, also issued similar comments. Reporting by Lee Chyen Yee in Singapore and Meg Shen in Hong Kong; Editing by Adrian Croft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-minmetals-idUSKBN1A41K5'|'2017-07-19T17:25:00.000+03:00'
'd3921186c2a45cb7665a193ade755e065ee7ecbc'|'Fidelity shows how unicorns hurt performance at popular funds'|'July 18, 2017 / 11:17 PM / 4 hours ago Fidelity shows how unicorns hurt performance at popular funds 3 Min Read A sign marks a Fidelity Investments office in Boston, Massachusetts, U.S. September 21, 2016. Brian Snyder/File Photo BOSTON (Reuters) - Fidelity''s bets on unicorn companies, the rare private firm or startup that grows in value to at least $1 billion, put a dent in the stellar performance of some of the company''s most popular mutual funds during the first half of 2017. Fidelity disclosed this week, for example, how content-sharing company Pinterest Inc had an outsize impact on the portfolio performance of Contrafund, its most popular stock fund. It was one of the first times a company that had not yet done an initial public offering (IPO) made a Fidelity fund''s quarterly list of largest contributors and detractors to benchmark performance, Fidelity spokeswoman Nicole Goodnow said. Pre-IPO investments can amplify a fund''s relative performance because they are not included in a comparison benchmark index. And the valuations attached to them by Fidelity and other mutual fund companies have far outpaced the stock market. Fidelity''s $114 billion Contrafund ( FCNTX.O ) disclosed that its small stake in Pinterest shaved 9 basis points off the fund''s relative return versus the S&P 500 Index. Contrafund''s Series E stake in Pinterest was valued at $473.3 million in the first quarter. But at the end of May, that value was marked down by 17 percent, Fidelity disclosures showed. But Pinterest was tied with TJX Companies Inc ( TJX.N ) as Contrafund''s largest detractor in the second quarter, even though the pre-IPO company accounted for only 0.34 percent of the fund''s net assets. Contrafund, which is run by star Fidelity portfolio manager Will Danoff, posted a total second-quarter return of 6.09 percent in the second quarter, easily beating the 3.09 percent total return on the S&P 500 Index. The fund''s year-to-date return of 19.84 percent is better than 75 percent of U.S. large-cap growth mutual funds, according to Morningstar Inc data. Fidelity''s valuation of Contrafund’s Series E stake in Pinterest has more than doubled since an initial investment of $159.4 million in October 2013, compared to Nasdaq''s 62 percent rise. While Pinterest is a relative pipsqueak in the massive Contrafund portfolio, other Fidelity managers have made tech unicorns some of their largest holdings. At the end of May, ride-hailing company Uber was a top 20 stock in Fidelity''s $22 billion Blue Chip Growth Fund ( FBCGX.O ). The fund''s Series D stake in Uber was valued at $251.5 million, or 1.14 percent of net assets. Portfolio manager Sonu Kalra''s Uber stake is bigger than his bet on Starbucks Corp ($202 million) and Bank of America Corp ($157 million). In the first quarter, Uber was among the fund''s largest detractors, shaving 12 basis points off the fund''s relative return. Only Qualcomm Inc and Lululemon Athletica Inc detracted more. Reporting By Tim McLaughlin; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/funds-fidelity-unicorns-idINKBN1A32K2'|'2017-07-19T02:13:00.000+03:00'
'cb9687165a6503d51750334399715d83a89a392c'|'UPDATE 1-U.S. Justice Department drops $3 million Harley-Davidson emissions penalty'|'July 20, 2017 / 5:02 PM / 27 minutes ago UPDATE 1-U.S. Justice Department drops $3 million Harley-Davidson emissions penalty 3 Min Read (Adds comments from environmental group, details of decision, background) By David Shepardson WASHINGTON, July 20 (Reuters) - The Justice Department said on Thursday it had dropped a requirement that Harley-Davidson Inc should spend $3 million to reduce air pollution as part of a settlement that the Obama administration had announced in August. Last year, the Milwaukee-based motorcycle maker agreed to pay a $12 million civil fine and stop selling illegal after-market devices that caused its vehicles to emit too much pollution, and spend about $3 million to retrofit or replace wood-burning appliances with cleaner stoves. In a court filing, the Justice Department cited a new policy by U.S. Attorney General Jeff Sessions and an ongoing review of the penalty by a government auditor in dropping the $3 million penalty from the settlement. Reuters reported that the Justice Department planned to drop the requirement on Wednesday. The revised consent decree needs approval from a federal judge in Washington. The announcement "could herald the start of the Trump EPA’s retreat from a longstanding enforcement practice to offset illegal pollution in American communities," said John Walke, clean air director at the Natural Resources Defense Council. "Instead of allowing this settlement to proceed, EPA is taking the irresponsible step of allowing polluted air to escape remedy," he said. The Harley-Davidson settlement came amid greater scrutiny on emissions and "defeat devices" by U.S. regulators after Volkswagen AG admitted to using illegal software to evade U.S. emissions standards in nearly 600,000 U.S. vehicles in September 2015. Announced in April after a lengthy government investigation, the settlement resolved allegations that Harley sold about 340,000 "super tuners" enabling motorcycles since 2008 to pollute the air at levels greater than what the company certified. According to the government, the sale of such "defeat devices" violated the federal Clean Air Act. Harley did not admit liability, and said previously it disagreed with the government, arguing that the tuners were designed and sold to be used in "competition only." However, the Environmental Protection Agency said last year the vast majority of these tuners were used on public roads. The Justice Department said Harley in February asked it to delay finalizing the agreement until after the government audit report was completed. Harley was also accused of selling more than 12,600 motorcycles that were not covered by an EPA certification governing clean air compliance. The settlement required Harley to stop selling the super tuners by last August, and to buy back and destroy all such tuners in stock at dealerships. (Reporting by David Shepardson; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-harleydavidson-emissions-idUSL1N1KB153'|'2017-07-20T20:01:00.000+03:00'
'501eadb05b88c03c22ae2f164b1ff1d8479f5813'|'Podcast: Goodbye, Benito'|'Brazil’s rigid labour market regulations were transplanted wholesale from Benito Mussolini’s Italy back in 1943. Now President Michel Temer has approved an overhaul. Will it encourage job creation? Also, an exorcist in Paris fighting “bad spirits”. And why President Trump is playing hardball in renegotiating NAFTA. Hosted by Andrew Palmer.  19   23 minutes ago Hawaii   How the nursing home lobby blocked reforms in Louisiana Democracy in America 17 hours ago See all updates'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/blogs/freeexchange/2017/07/money-talks-1?fsrc=rss'|'2017-07-19T21:08:00.000+03:00'
'8121c0ed4be0cb5e95d3b0bae3bbbe4fca27bf31'|'TalkTalk adds 20,000 broadband customers in first quarter'|'July 19, 2017 / 6:19 AM / 16 minutes ago Contract offers help TalkTalk to add 20,000 broadband customers Reuters Staff 2 Min Read FILE PHOTO: A spotlight shines on a company logo at a TalkTalk building in London, Britain October 23, 2015. Stefan Wermuth - RTS5S1E/File PhotoSS LONDON (Reuters) - Britain''s TalkTalk added 20,000 broadband customers to its network over the last three months, helped by take-up of its longer-term fixed price contracts. The company, under the new leadership team of executive chairman Charles Dunstone and chief executive Tristia Harrison, is returning to its roots as a low-cost challenger to BT, Sky and Virgin Media. Harrison said 1.3 million customers were now on the company''s fixed price plans, with most taking 18 or 24 month contracts. "We fully expect momentum to continue, in both consumer and in business," she said. "The price certainty we are giving to consumers, particularly in this economic environment, is playing well." However, group revenue was down 3.2 percent year on year in three months to the end of June, reflecting the cost of switching customers to the new plans and losses in its customer base last year. Harrison said she expected revenue to return to growth as the year progressed. Churn -- the number of existing subscribers leaving the network -- fell to 1.2 percent. Shares in TalkTalk were little changed at 183.9 pence at 0850 GMT and analysts said a second quarter of subscriber growth was reassuring. TalkTalk said it was sticking to its outlook for full-year earnings of 270 million - 300 million pounds ($352-391 million, a range it cut in May when it also halved its annual dividend. Reporting by Paul Sandle; Editing by James Davey/Keith Weir 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-talktalk-tlcm-gp-outlook-idUKKBN1A40FF'|'2017-07-19T09:24:00.000+03:00'
'36e1db12eb80f686d67f8bbf1c41dd5f6f246776'|'Discovery and Scripps in merger talks - sources'|'July 19, 2017 / 1:05 AM / 4 hours ago Discovery and Scripps in merger talks - sources Jessica Toonkel 2 Min Read The Discovery Communications logo is seen at their office in Manhattan, New York, U.S., August 1, 2016. Andrew Kelly (Reuters) - Discovery Communications ( DISCA.O ) and Scripps Networks Interactive Inc ( SNI.O ) are in merger talks, revisiting a deal that was scrapped three years ago, two people familiar with the matter told Reuters on Tuesday. Scripps, whose channels include HGTV, Travel Channel and a majority stake in Food Network, is looking for a buyer at a time when it and other smaller media companies are under pressure to grow to give them negotiating power with cable and satellite companies. Viacom Inc ( VIAB.O ) also has held talks to acquire Scripps, the sources said. Discovery, Scripps and Viacom declined to comment. Scripps has long been considered a takeover target since the Scripps family trust that controlled the company ended five years ago. This is at least the third time that Discovery, whose shareholders include cable magnate John Malone, has held talks to buy Scripps, according to the sources. A deal between Discovery and Scripps would create a $19 billion cable network that specializes in non-scripted shows. Discovery Communications is up 9.8 percent at $28.61 and Scripps Networks is up 13.4 percent at $76.02 in after market trading. Reporting by Gaurika Juneja in Bengaluru; editing by Diane Craft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-scripps-net-int-m-a-discovery-commns-idUKKBN1A402X'|'2017-07-19T04:04:00.000+03:00'
'cf57a59715597637774963e15f625dd5676cf24c'|'With new Takata air bag recalls, automakers may face more liabilities'|'July 19, 2017 / 10:14 AM / 2 minutes ago With new Takata air bag recalls, automakers may face more liabilities Naomi Tajitsu and Maki Shiraki 6 Min Read FILE PHOTO: Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. Toru Hanai/File Photo TOKYO (Reuters) - Takata Corp''s ( 7312.T ) bankruptcy filing last month was meant to draw a line under the auto industry''s biggest safety recall, but last week''s announcement of more air bag inflator recalls suggests automakers could face fresh liabilities in the future. In late-2015, U.S. regulators gave Takata until the end of 2019 to prove that its replacement air bag inflators - which add a drying agent to combat moisture that can set off the ammonium nitrate compound in an inflator, with potentially lethal results - are also safe. If Takata fails that test - and some industry consultants, explosives experts and former employees question whether the workaround guarantees safety over the long-term - the 100 million or so replacement inflators currently being installed may themselves need to be replaced. "Absent proof that the other desiccated inflators are safe, they will also be subject to recall," the U.S. National Highway Traffic Safety Administration (NHTSA) said in a statement last week. The agency declined to comment on the risk that additional inflators may be subject to recall. (Graphics on ''Airbag deployment - tmsnrt.rs/2teGovm ) NHTSA announced last Tuesday that new testing at Takata prompted the Japanese parts firm to declare 2.7 million of the new air bag inflators defective, raising questions about the risk from replacement air bags as moisture can still seep into the propellant of some inflators. Takata''s automaker customers, which have so far borne much of the estimated $10 billion cost of replacing faulty bag inflators, could be on the hook for future liabilities in the event that Takata fails to prove that the desiccant workaround is sufficient. Last week''s recall is the first to involve Takata bag inflators that use a drying agent. Nearly 20 automakers have been affected by the air bag recalls, and some still use Takata inflators for replacements in the recalls. Automakers including Honda Motor Co ( 7267.T ), Toyota Motor Corp ( 7203.T ) and Nissan Motor Co ( 7201.T ) have said they will stop using Takata inflators for new contracts for future models. "If NHTSA in the future raises issues about the safety (of desiccated inflators) we will of course comply with their orders," Nissan''s chief sustainability officer Hitoshi Kawaguchi told Reuters. "At the moment, our focus is on getting replacement inflators to our customers." Toyota said it was "working closely with all stakeholders, including Takata, other suppliers and relevant agencies, to assess any potential impact and take action accordingly" on the recall issue. Honda, Takata''s biggest client, declined to comment. "The automakers... and Takata - they all know that this is a future issue," said Scott Upham, chief executive at Valient Market Research, whose clients include auto parts suppliers. "But I think everybody is concerned about the near-term issues, and the financial arrangements of the bankruptcy." FILE PHOTO: A woman stands next to a logo of Takata Corp at a showroom for vehicles in Tokyo, Japan, November 6, 2015. Toru Hanai/File Photo Takata says it has produced around 100 million replacement inflators containing drying agents: the 2.7 million recalled last week used calcium sulfate, and the rest contain zeolite. "We still have to prove the safety of our desiccated inflators, but we believe those using zeolite are safer than those using calcium sulfate," said spokesman Toyohiro Hishikawa. The company has declined to comment further on the testing process or the NHTSA deadline. Takata is the only global air bag maker to use ammonium nitrate as a propellant in its inflators. The compound''s vulnerability to high temperature and moisture can trigger an explosion that can spew shrapnel inside a vehicle. The defect has been linked to at least 17 deaths, mostly in the United States. ''Lengthening the Fuse'' The new inflators with the added desiccant have not been linked to any deaths or injuries, but the problems with the original inflators typically took five years or more to emerge. Keiichi Hori, who oversees automotive safety components at the Japan Explosives Society, said adding a drying agent can reduce, but not eliminate, the risk of uncontrolled explosions. If the desiccant can prevent all moisture from reaching the inflator propellant, "then it would be possible that the inflators could be used safely," he said. "Otherwise, alternatives should be considered." But Upham, the industry consultant, predicts the recalled parts will themselves eventually be recalled - because ammonium nitrate is fundamentally too volatile - and Takata''s carmaker customers may again have to foot the bill given that Takata is unlikely to be able to cover the costs. "Automakers are hoping and praying that the desiccant solves the problem... (but) this might come back to bite them," Upham said. Former Takata employees involved in manufacturing inflators have said the desiccant may buy Takata time. One told Reuters last year that by adding the desiccant, "you''re just lengthening the fuse, not correcting the problems." Key Safety Systems, a U.S.-based components supplier owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ), has agreed to buy Takata''s good assets such as seat belts and steering wheels, for $1.6 billion. The plan is for Takata''s air bag business to be wound down by March 2020 after making replacement inflators for the ongoing recalls. Reporting by Naomi Tajitsu and Maki Shiraki in Tokyo; Additional reporting by Paul Lienert in Detroit and David Shepardson in Washington; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-takata-bankruptcy-analysis-idUKKBN1A40VX'|'2017-07-19T13:14:00.000+03:00'
'6a1f0ad3a5043948b5df8a2ddeb3b599ae404b61'|'Dollar on defensive, Asia shares make fresh highs'|'July 19, 2017 / 12:59 AM / 35 minutes ago Emerging Asia propels world stocks to new high 5 Min Read A U.S. five dollar note is seen in this picture illustration June 2, 2017. Thomas White/Illustration LONDON (Reuters) - A weak U.S. dollar combined with upbeat Chinese data to lift emerging market and Asian shares to levels not seen in more than two years and global stocks to an all-time high on Wednesday. With the world''s most widely-used currency near 10-month lows, there has been an indirect loosening of financial conditions for emerging markets which also serves to support riskier assets such as equities. After decent gains in Asia on the back of positive signs from global economic powerhouse China this week, MSCI''s world stocks index .MIWD PUS looked set for a ninth day of gains which would mark its longest winning streak since October 2015. "Most emerging markets are doing quite well at the moment, especially in Asia. The figures for China are positive," said Marijke Zewuster, Head EM research, ABN AMRO. "If you look at the underlying figures they are relatively strong at the moment." The U.S. dollar - which dropped sharply on Tuesday after the collapse of a healthcare bill dealt a blow to President Donald Trump''s ability to deliver promised fiscal reforms - could muster little more than tentative gains on Wednesday. Against a basket of other major currencies, it was up 0.3 percent at 94.878, but still down around 7 percent on the year and within sight of Tuesday''s low of 94.476. .DOXY Analysts said the slight gains in the dollar were down to expectations the European Central Bank and the Bank of Japan may strike dovish tones when they meet on Thursday which could dent recent strength in the euro and the Japanese Yen. The ECB is expected to adjust their language but substantive changes to their policy will likely come later in the year. The BOJ is expected to raise its growth forecast but cut its inflation outlook, underlining the cautious tone adopted recently by major central banks. The euro inched down against the dollar EURO=EBBS, having made a 14-month top on Tuesday. A man holding an umbrella walks in front of an electronic stock quotation board outside a brokerage in Tokyo April 7, 2015. Issei Kato/File Photo The diminished prospect of fiscal spending in the U.S. has been a boon to bonds, especially as a run of soft U.S. inflation readings had lessened the risk that the Federal Reserve would need to be aggressive in removing its stimulus. Yields were broadly lower across the euro zone for a second straight day on Wednesday, with U.S. Treasury yields trading near three-week lows. [GVD/EUR] "The question marks over U.S. reform on the one hand, and the underlying economic growth momentum on the other hand are likely to keep the U.S. within its current goldilocks scenario for longer," wrote analysts at Morgan Stanley in a note. "Globally, financial conditions tend to improve when the dollar is weak and vice versa," they added. "The falling dollar – still the globe''s major reserve and funding currency – tends to see risk appetite flourishing." Asian Gains While European stocks made a modest 0.4 percent gain , supported by a slew of upbeat earnings from firms, there were bigger gains in Asia and emerging markets. [.EU] Those gains come on the back of data this week which showed China''s economy expanding at a faster-than-expected 6.9 percent clip in the second quarter, setting the country on course to comfortably meet its 2017 growth target. MSCI''s index of Asia-Pacific shares outside Japan .MIAPJ0000PUS and its index of emerging market shares .MSCI were both up 0.5 percent at their highest since April 2015. Shanghai''s blue-chip CSI300 index .CSI300 rose 1 percent and back toward an 18-month peak, while Australia''s main index added 0.9 percent. The strength of the yen limited Japan''s Nikkei .N225 to a rise of 0.1 percent. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Opener=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets After making decent gains on Tuesday as the dollar dropped, oil prices edged lower after a rise in crude inventories and ongoing high output from OPEC producers revived concerns of a fuel supply overhang. [O/R] Additional reporting by Claire Milhench in London and Wayne Cole in Sydney 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN1A402E'|'2017-07-19T03:52:00.000+03:00'
'41205e5efda37a9b21b033ce5defa8634c01bb7e'|'Trump seeks crackdown on ''Made in America'' fakes'|'July 18, 2017 / 11:44 PM / 13 minutes ago Trump seeks crackdown on ''Made in America'' fakes Reuters Staff 2 Min Read President Trump wears a cowboy hat as attends a "Made in America" products showcase event at the White House. Carlos Barria WASHINGTON (Reuters) - U.S. President Donald Trump is looking for ways to defend American-made products by certifying legitimate U.S. goods and aggressively going after imported products unfairly sporting the "Made in America" label, the White House said on Tuesday. Trump, who campaigned on reviving the U.S. manufacturing sector, vowed on Monday that his administration would crack down on "predatory online sales of foreign goods" hurting U.S. retailers. On Wednesday, Trump will discuss with small- and medium-sized manufacturers how to certify their products and keep out foreign counterfeits, a senior administration official told reporters. Their products include gutter filters, flags and pillows. "There''s just too many examples of foreigners slapping on ''Made in America'' labels to products and the worst insult is when they do it after they have actually stolen the product design," the official said. The United States loses about $300 billion a year to theft of intellectual property ranging from semiconductors to jeans, the official said. In March, Trump signed an executive order that gave customs officials more authority to stop pirated and counterfeit items, the official told reporters. The White House plans to work with the private sector on the new certification and verification system rather than create new regulations or spend taxpayer money, the official said, citing as a model the LEED system used to rate the environmental sustainability of building projects. Reporting by Roberta Rampton and Ayesha Rascoe; Editing by Howard Goller 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trade-counterfeit-idUKKBN1A32LN'|'2017-07-19T02:44:00.000+03:00'
'3a04646e13430bc668d80ba6552a3c13e1a0ae41'|'RPC says revenue up on last year, starts buyback'|'July 19, 2017 / 6:44 AM / 11 minutes ago RPC says revenue up on last year, starts buyback Reuters Staff 2 Min Read (Reuters) - British packaging company RPC Group Plc ( RPC.L ) said first quarter revenue was "well ahead" of last year helped by acquisitions and favourable currency movements. RPC, which generates about 70 percent of its revenue from outside Britain, said revenue for the quarter ending June 30 totalled about 960 million pounds. It did not provide detail on how large a benefit currency movements delivered. RPC has been positioning itself to benefit from a weak sterling since the United Kingdom voted to leave the EU in June 2016. The company has done a number deals recently as the European plastic packaging industry undergoes consolidation to better compete with glass, plastic and aluminium-based packaging. RPC has signed six deals since September for a net consideration of some 850 million pounds, including a deal for Letica Group, a U.S.-based maker of plastic food-packaging products. RPC also announced an inaugural share buyback programme of up to 100 million pounds to be conducted over a period of up to 12 months. The "board of RPC believes the current share price significantly undervalues the performance to date and the Group''s future prospects," the company said. Reporting by Rahul B in Bengaluru; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rpc-group-outlook-idUKKBN1A40GZ'|'2017-07-19T09:44:00.000+03:00'
'4e006647f5e8e9c1c961fa06b2d1aeda05479ce2'|'Average price of UK motor insurance hits record high in second quarter - ABI'|'July 17, 2017 / 11:16 PM / 7 hours ago Average price of UK motor insurance hits record high in second quarter - ABI Reuters Staff 2 Min Read Traffic flows along the M56 motorway as the sun sets near Manchester, northern England February 15, 2016 Phil Noble (Reuters) - The average price of UK motor insurance hit a record high in the second quarter of the year, driven by new rules for personal injury claims and a rise in the insurance premium tax, the Association of British Insurers (ABI) said. Premiums rose to 484 pounds in the quarter, up 4.8 percent on the previous quarter and 11 percent on the same period last year, the fastest year on year rise ever recorded. "The rapid increase follows the recent government decision to drastically cut the personal injury Discount Rate. Insurance Premium Tax also went up from 10 percent to 12 percent on the 1st June," the ABI said, citing its motor premium tracker. A government review earlier this year led to a cut in the discount rate, or Odgen rate, used to calculate personal injury claims payments to minus 0.75 percent from the 2.5 percent in place since 2001, a move that wiped millions off the profits of British insurers. Average premiums rose to 498 pounds in June, from 480 pounds in May, the ABI said. It said the change in the Odgen rate would also lead to reinsurance premiums rising on renewal, adding to insurer''s costs and in turn to the premiums they charge customers. Admiral ( ADML.L ), Direct Line ( DLGD.L ), esure ( ESUR.L ) and Hastings ( HSTG.L ) operate in Britain''s highly competitive motor insurance market. ($1 = 0.7653 pounds) Reporting by Noor Zainab Hussain in Bengaluru; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-motor-insurance-idUKKBN1A22DC'|'2017-07-18T02:15:00.000+03:00'
'd5ecaaaa9fcbf237cdadb05a7e1f47f7c66ead64'|'With new Takata air bag recalls, automakers may face more liabilities'|'Edition United States July 19, 2017 / 10:27 AM / a minute ago With new Takata air bag recalls, automakers may face more liabilities Naomi Tajitsu and Maki Shiraki 6 Min Read FILE PHOTO: Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. Toru Hanai/File Photo TOKYO (Reuters) - Takata Corp''s ( 7312.T ) bankruptcy filing last month was meant to draw a line under the auto industry''s biggest safety recall, but last week''s announcement of more air bag inflator recalls suggests automakers could face fresh liabilities in the future.(For a graphic on air bag inflators click tmsnrt.rs/1JDZ4vq ) In late-2015, U.S. regulators gave Takata until the end of 2019 to prove that its replacement air bag inflators - which add a drying agent to combat moisture that can set off the ammonium nitrate compound in an inflator, with potentially lethal results - are also safe. If Takata fails that test - and some industry consultants, explosives experts and former employees question whether the workaround guarantees safety over the long-term - the 100 million or so replacement inflators currently being installed may themselves need to be replaced. "Absent proof that the other desiccated inflators are safe, they will also be subject to recall," the U.S. National Highway Traffic Safety Administration (NHTSA) said in a statement last week. The agency declined to comment on the risk that additional inflators may be subject to recall. NHTSA announced last Tuesday that new testing at Takata prompted the Japanese parts firm to declare 2.7 million of the new air bag inflators defective, raising questions about the risk from replacement air bags as moisture can still seep into the propellant of some inflators. Takata''s automaker customers, which have so far borne much of the estimated $10 billion cost of replacing faulty bag inflators, could be on the hook for future liabilities in the event that Takata fails to prove that the desiccant workaround is sufficient. Last week''s recall is the first to involve Takata bag inflators that use a drying agent. Nearly 20 automakers have been affected by the air bag recalls, and some still use Takata inflators for replacements in the recalls. Automakers including Honda Motor Co ( 7267.T ), Toyota Motor Corp ( 7203.T ) and Nissan Motor Co ( 7201.T ) have said they will stop using Takata inflators for new contracts for future models. "If NHTSA in the future raises issues about the safety (of desiccated inflators) we will of course comply with their orders," Nissan''s chief sustainability officer Hitoshi Kawaguchi told Reuters. "At the moment, our focus is on getting replacement inflators to our customers." Toyota said it was "working closely with all stakeholders, including Takata, other suppliers and relevant agencies, to assess any potential impact and take action accordingly" on the recall issue. Honda, Takata''s biggest client, declined to comment. "The automakers... and Takata - they all know that this is a future issue," said Scott Upham, chief executive at Valient Market Research, whose clients include auto parts suppliers. "But I think everybody is concerned about the near-term issues, and the financial arrangements of the bankruptcy." Takata says it has produced around 100 million replacement inflators containing drying agents: the 2.7 million recalled last week used calcium sulfate, and the rest contain zeolite. "We still have to prove the safety of our desiccated inflators, but we believe those using zeolite are safer than those using calcium sulfate," said spokesman Toyohiro Hishikawa. The company has declined to comment further on the testing process or the NHTSA deadline. Takata is the only global air bag maker to use ammonium nitrate as a propellant in its inflators. The compound''s vulnerability to high temperature and moisture can trigger an explosion that can spew shrapnel inside a vehicle. The defect has been linked to at least 17 deaths, mostly in the United States. ''Lengthening the Fuse'' The new inflators with the added desiccant have not been linked to any deaths or injuries, but the problems with the original inflators typically took five years or more to emerge. Keiichi Hori, who oversees automotive safety components at the Japan Explosives Society, said adding a drying agent can reduce, but not eliminate, the risk of uncontrolled explosions. If the desiccant can prevent all moisture from reaching the inflator propellant, "then it would be possible that the inflators could be used safely," he said. "Otherwise, alternatives should be considered." But Upham, the industry consultant, predicts the recalled parts will themselves eventually be recalled - because ammonium nitrate is fundamentally too volatile - and Takata''s carmaker customers may again have to foot the bill given that Takata is unlikely to be able to cover the costs. "Automakers are hoping and praying that the desiccant solves the problem... (but) this might come back to bite them," Upham said. Former Takata employees involved in manufacturing inflators have said the desiccant may buy Takata time. One told Reuters last year that by adding the desiccant, "you''re just lengthening the fuse, not correcting the problems." Key Safety Systems, a U.S.-based components supplier owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ), has agreed to buy Takata''s good assets such as seat belts and steering wheels, for $1.6 billion. The plan is for Takata''s air bag business to be wound down by March 2020 after making replacement inflators for the ongoing recalls. Reporting by Naomi Tajitsu and Maki Shiraki in Tokyo; Additional reporting by Paul Lienert in Detroit and David Shepardson in Washington; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-takata-bankruptcy-analysis-idUKKBN1A40X5'|'2017-07-19T13:14:00.000+03:00'
'cfbb28af3d93ef7bf0cd8bc4aee6c862b0ea3e2b'|'Dollar''s decline, China optimism cheer Asia stocks, commodities'|'July 19, 2017 / 12:57 AM / in 2 hours Dollar''s decline, China optimism cheer Asia stocks, commodities 4 Min Read A U.S. five dollar note is seen in this picture illustration June 2, 2017. Thomas White/Illustration SYDNEY (Reuters) - The dollar stayed on the defensive on Wednesday as investors wagered any further tightening in the United States would be slow at best, while optimism on China''s economy underpinned Asian shares and commodities. The U.S. currency was near multi-month lows after the collapse of the Republicans'' push to overhaul healthcare dealt a blow to President Donald Trump''s ability to pass promised tax cuts and infrastructure spending. The diminished prospect of fiscal spending was a boon to bonds, especially as a run of soft U.S. inflation results had lessened the risk that the Federal Reserve would need to be aggressive in removing its stimulus. "The question marks over U.S. reform on the one hand, and the underlying economic growth momentum on the other hand are likely to keep the U.S. within its current goldilocks scenario for longer," wrote analysts at Morgan Stanley in a note. "Globally, financial conditions tend to improve when the dollar is weak and vice versa," they added. "The falling dollar – still the globe''s major reserve and funding currency – tends to see risk appetite flourishing." As a result, yields on 10-year Treasury notes were down at 2.27 percent having fallen 12 basis points in little more than a week. That in turn undermined the U.S. dollar which hit its lowest since September against a basket of currencies. It was up a whisker on Wednesday at 94.735, but still down over 7 percent on the year so far. The euro was firm at $1.1543, having made a 14-month top at $1.1583. Investors were wary of pushing the euro too far in case a European Central Bank policy meeting on Thursday proved less hawkish than bulls were betting on. The dollar also carved out a two-year low on the Australian dollar and a one-year trough on the Swiss franc. Losses have been more limited against the yen as the Bank of Japan has stuck with its massive stimulus campaign and stopped yields there from rising. The dollar was trading at 112.00 on Wednesday, up from a low of 111.685. A man holding an umbrella walks in front of an electronic stock quotation board outside a brokerage in Tokyo April 7, 2015. Issei Kato/File Photo Speculation that the Bank of England might soon tighten was also dealt a blow by surprisingly soft inflation figures at home, giving the dollar a leg up on the pound. Remember China In Asia, investor sentiment has also been supported by a raft of upbeat economic news out of China. MSCI''s broadest index of Asia-Pacific shares outside Japan was up 0.4 percent at its highest since April 2015. Shanghai''s blue-chip CSI300 index rose 1 percent and back toward an 18-month peak, while Australia''s main index added 0.6 percent. The strength of the yen limited Japan''s Nikkei to a rise of 0.1 percent. Wall Street had ended Tuesday mixed after a heavy dose of corporate earnings, with the Dow dragged by Goldman Sachs but the Nasdaq reaching a record high. The Dow fell 0.25 percent, while the S&P 500 gained 0.06 percent and the Nasdaq 0.47 percent. The Nasdaq''s run of gains was saved by Netflix which jumped 13.5 percent on strong customer numbers. IBM, however, fell 2 percent after the bell when its revenue missed forecasts. The drop in the dollar and optimism on Chinese demand helped underpin commodities, with everything from copper to iron ore on the rise. Spot gold also added another 0.1 percent to $1.243.36 per ounce. Oil prices eased after a rise in U.S. crude inventories and ongoing high supplies from producer club OPEC revived concerns of a supply overhang. U.S. crude was last off 18 cents at $46.22 per barrel, while Brent dipped 17 cents to $48.67. Reporting by Wayne Cole; Editing by Eric Meijer & Shri Navaratnam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN1A402E'|'2017-07-19T06:16:00.000+03:00'
'7b70ea5d090fbb853f214bfc11b47fd98b32cec8'|'British Airways'' mixed fleet crew to strike for 14 days more days in August - union'|'July 19, 2017 / 3:26 PM / in an hour British Airways'' mixed fleet crew to strike for 14 days more days in August - union Reuters Staff 1 Min Read FILE PHOTO: A British Airways aircraft taxis at Heathrow Airport near London, Britain October 11, 2016. Stefan Wermuth/File Photo LONDON (Reuters) - Some British Airways cabin crew are to strike for a further 14 days as part of an ongoing dispute over pay, the Unite trade union said on Wednesday. The additional industrial action extends a previously announced walkout which began on Wednesday and means that British Airways "mixed fleet" cabin crew will effectively be on strike for the next four weeks. The mixed fleet serve both short and long-haul routes. The newly announced action will run from August 2 and August 15. The mixed fleet has been on strike on several occasions already this year, including a 16 day walkout at the beginning of July. British Airways has said during previous action that all customers would reach their destinations, with a small number of flights being merged. Reporting by Alistair Smout; editing by Michael Holden 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iag-britishairways-strike-idUKKBN1A41PA'|'2017-07-19T18:26:00.000+03:00'
'db226b6e9193c035f020e7c1a17d226e82bd0e29'|'Most Japanese companies look to raise retirement age - Reuters poll'|'July 19, 2017 / 11:10 PM / in 14 minutes Most Japanese companies look to raise retirement age - Reuters poll Thomas Wilson and Kaori Kaneko 5 Min Read FILE PHOTO: People take a break on bench seats at Tokyo''s Sugamo district, an area popular among the Japanese elderly, in Tokyo August 29, 2014. Issei Kato/File Photo TOKYO (Reuters) - More than half of Japanese companies are planning to raise the retirement age of their workforce, a Reuters poll shows, with many saying it would alleviate the country''s labour shortage and harness the expertise of veteran workers. Most Japanese companies require full-time employees to retire at 60, with an option of a further five years'' work on reduced pay and terms. The system is a keystone of Japan''s traditional jobs-for-life employment structure where workers are virtually guaranteed employment from graduation to retirement. However, a shrinking and ageing population is forcing Japan to change. The government intends to raise the pensionable retirement age to 65 by 2025 to leave more people in the workforce and reduce pressure on a shrivelling tax base and rising social welfare bill. Companies including Suntory Holdings and retailer Aeon Co Ltd ( 8267.T ) have already raised their retirement age to 65 for employees who want to continue working. Others plan to follow suit soon to cope with the highest jobs-to-applicants ratio in more than 40 years. "We decided to raise the retirement age to strengthen our competitive edge and add value through utilising senior workers," said Keisuke Takemasu, a human resources manager at Suntory. "There''s no doubt Japanese companies need to think about employment beyond 65, and I think attention is shifting to that." In the survey, some 60 percent of companies have raised or intend to raise the retirement age for employees, with 46 percent looking to lift the cap to 65 years of age and 6 percent considering an increase to between 66 years and 70 years. Overall, most companies - 62 percent - see raising the retirement age as a positive. Many said it would ease labour shortages and help pass on older workers'' skills and know how. "It''s tough to find younger workers, so we cannot avoid raising the retirement age," a food company manager wrote in another response. The survey showed that 47 percent of companies were already implementing the change, while more than 20 percent said they planned to roll it out over the next three years and nearly a third planned to do it over four or more years. FILE PHOTO: A man produces machine parts inside a factory in Tokyo August 12, 2013. Yuya Shino/File Photo The survey, conducted monthly for Reuters by Nikkei Research, polled 549 big and mid-sized firms that replied anonymously. Between 246-262 companies answered the retirement age questions. Japan''s population is projected to shrink to 88 million from the current 127 million in the next four decades, with the proportion of those over 65 swelling to almost 40 percent from 28 percent, according to the National Institute of Population and Social Security Research. Higher Pay For elderly workers, maintaining regular employment status ensures continued benefits and higher pay than if they became a contract worker. Such higher personnel costs were flagged by 34 percent of companies as a negative and impact on staff development was a greater concern; 55 percent said it could hinder the professional development of young workers, while 52 percent said it may reduce opportunities for younger employees. "We would be unable to balance (raising the retirement age) with the recruitment of fresh graduates," wrote a manager at a retailer. T&D Holdings Inc''s ( 8795.T ) Taiyo Life Insurance in April raised its retirement age to 65 from 60 without cutting pay or terms. It will allow employees to work until 70, on temporary contracts. Daiwa Securities Group Inc ( 8601.T ) has removed curbs on some salespeople working beyond 70. Other countries grappling with ageing populations such as Germany are also raising their pensionable age. Britain abolished its default retirement age of 65 in 2011. Yoshihiro Yamashita, a labour ministry official, said raising the retirement age will help reduce labour shortages but, mindful of the financial burden on companies, the government will not look at compelling firms to raise or abolish retirement ages until after 2020. "Companies'' profitability and financial situations vary, and as the number of employees increase (after lifting retirement age), personnel costs will also go up," he said. Reporting by Thomas Wilson and Kaori Kaneko; Additional reporting by Izumi Nakagawa. Editing by Malcolm Foster and Neil Fullick 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-companies-retirement-age-idUKKBN1A42PQ'|'2017-07-20T02:10:00.000+03:00'
'0e87643145e43dbd2a992f79b4dcca46e11b0960'|'LPC: Conflicting regulations hamper CLO risk retention'|'July 20, 2017 / 2:10 PM / 7 minutes ago LPC: Conflicting regulations hamper CLO risk retention Kristen Haunss and Leela Parker Deo 5 Min Read NEW YORK, July 20 (Reuters) - Two pieces of regulation designed to protect investors could make it more difficult and expensive for funds to lend to mid-sized US companies as managers try to meet rules that require them to hold some of their funds’ risk. Investment managers are trying to navigate their way through an overlapping web of rules and regulations, which were put in place after the credit crisis, some of which have competing demands. Risk-retention rules are part of the Dodd-Frank Act and require managers to hold 5% of their funds. Managers seeking to raise Collateralized Loan Obligation (CLO) funds as part of their strategy to lend to smaller, middle-market companies are finding that their plans to use a Business Development Company (BDC) to hold the retention are falling foul of the Investment Company Act of 1940 that governs the specialized closed-end vehicles. “It’s a material conflict between two regulatory regimes,” said Sean Solis, a partner at law firm Dechert. “The provision in risk retention that allows for a CLO to use the BDC for risk retention conflicts with limitations on affiliate transactions set forth in the” Investment Company Act of 1940. Market participants have asked the Securities and Exchange Commission (SEC) for clarity on the issue, sources said. BDCs, which typically lend to privately-owned US mid-sized companies, have previously used CLOs as a financing mechanism as it is typically cheaper than raising a loan. Under Dodd Frank, a sponsor may allocate risk-retention holdings to the originator of the loans. In this case, the BDC’s external manager may allocate the required retention to the BDC, if the BDC originated at least 20% of the assets in the CLO, Solis said. This provision clashes with the Investment Company Act of 1940, which established the regulatory framework for registered investment companies and funds. Under Section 57 of that rule, an affiliate – in this case the BDC’s external manager – cannot sell securities to the BDC. This means that using the allocation to the originator option is prohibited, Solis said. “For that have traditionally used CLOs as a source of attractive, long-term balance sheet financing for portfolios of middle-market loans, this conflict presents a real issue,” he said. Investment managers have already contacted the SEC. Several are suggesting that the only way that a firm could use its BDC to hold the retention of future CLOs would be if the regulator issues a formal, no-action letter, according to sources. “The combination of the [Investment Company Act of 1940] and the CLO risk-retention rules have, for externally managed BDCs, created a Catch 22 – you can be in compliance with one or the other but not both,” said David Golub, chief executive officer of Golub Capital BDC. “I’m cautiously optimistic the SEC will fix this.” The SEC can issue a no-action letter in response to a request about whether an action would constitute a violation, according to its website. It previously issued a no-action letter to the CLO market in 2015 to allow some funds to refinance without forcing managers to hold risk retention. In 2016 the regulator issued a letter saying a refinancing using a unique CLO feature would not require managers to hold additional retention. An SEC spokesperson declined to comment. The surge in rulemaking following the credit crisis may lead to more discrepancies, as new regulations are layered on existing rules. “You have a lot of regulators pushing the gaps really hard to get regulations out the door, both directed rule-making and discretionary rule-making, and regulators are not always talking to each other,” said Travis Norton, policy advisor and counsel at Brownstein Hyatt Farber Schreck. “That is a byproduct of a view that more regulation is better instead of going back and doing smart regulation in a coordinated way.” The CLO and BDC markets will have to wait for now until the SEC weighs in. (Reporting by Kristen Haunss and Leela Parker Deo; Editing By Tessa Walsh and Michelle Sierra) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/clo-regulation-idUSL1N1KA1JR'|'2017-07-20T17:10:00.000+03:00'
'd08f7bfb954fb0d94e295e75bbd623b2de5573b8'|'The Blockade of Qatar Airways'' Home Base Is Trouble for the World''s No. 1 Airline'|'Business The Blockade of Qatar Airways’ Home Base Is Trouble for the World’s No. 1 Airline The humbled airline is losing traffic at home, but it says it won’t let the diplomatic flap ground it. By More stories by Deena Kamel Illustration: 731 You’d think Qatar Airways , voted the world’s best airline in a passenger survey last month, would have no trouble keeping its seats filled. Instead, it’s had to cancel scores of flights after four neighboring countries barred it from their airspace; it’s also being kicked out of an American Airlines Group Inc. code share agreement that eased access to the crucial U.S. market. On July 12, Qatar Air’s brash chief executive officer, Akbar Al Baker, issued a rare public apology after his description of U.S. flight attendants as “grandmothers” was condemned by other airline executives and labor unions. The carrier has now been pressed into service to fly 4,000 dairy cows into the country on cargo planes to assure fresh milk supplies during the blockade. It’s a humbling turn for an airline that until recently seemed unstoppable. Over the past decade, Qatar Air more than tripled its annual traffic, to 32 million passengers, and bought hundreds of planes, with some $41 billion still on order, to fly travelers through its desert hub in Doha. It took stakes in three other airlines, including 20 percent of British Airways Plc ’s corporate parent, and is angling to buy 10 percent of American Airlines. Qatar Air has become a darling of high-end travelers, thanks to solicitous customer service and in-flight amenities such as suites that convert into private meeting rooms. It was named the world’s best airline by ratings group Skytrax at this year’s International Paris Air Show—the fourth time it’s won the award since 2011. Behind those successes is an extraordinarily deep-pocketed owner, the emirate of Qatar’s $335 billion sovereign wealth fund. But as recent setbacks have highlighted, the relationship carries risks. Saudi Arabia, Bahrain, Egypt, and the United Arab Emirates banned Qatar Air planes from their airspace in early June after accusing the Qatari government of funding terrorism. President Trump endorsed the ban, which forced Qatar Air to cancel some 125 daily flights and reroute others throughout the region. That means higher fuel costs—a flight from Doha to Khartoum, Sudan, for example, now takes about six hours, almost double the preblockade time, with it being diverted hundreds of miles around Saudi Arabia. Qatar Air also is now barred from revenue-rich corporate destinations such as Dammam, near the headquarters of the Saudi national oil company. All told, the blockade could cost the airline 30 percent of its revenue, estimates consulting firm Frost & Sullivan. Al Baker says even if profits are squeezed, Qatar Air can sustain losses for as long as necessary and will continue to expand . The airline plans to spend as much as $2.6 billion to take the 10 percent stake in American, to launch 24 additional routes by the end of 2018, and to open an airline in India with a fleet of 100 planes. “We need for our neighbors to know that this kind of bullying doesn’t work,” he said at a July 13 press conference. Others aren’t so sure. Corrine Png, who runs airline research group Crucial Perspective, reckons Qatar Air “should be able to ride it out if the blockade ends within one year.” However, she says, the airline should scale back plans to expand fleet capacity 20 percent annually over the next two years. While some aircraft from canceled flights can be redeployed to newly opened destinations such as Prague and Kiev, such routes won’t generate profits soon. Qatar Air, which reported $538.7 million in earnings for the fiscal year ended March 31, “could potentially swing into losses” unless it trims expansion now, Png says. State ownership of Qatar Air also lies at the heart of a feud with American and other U.S. carriers, who’ve complained to regulators that the Qatari carrier receives subsidies that allow it to compete unfairly. (They’ve lodged similar complaints against Dubai-based Emirates airline and Abu Dhabi’s Etihad Airways PJSC. ) American, in what it described as “an extension of our stance against illegal subsidies,” informed Qatar Air on June 29 that it will end the code share agreement allowing the carriers to sell tickets for each other. Qatar Air’s unsolicited American Airlines bid is an effort to strengthen its negotiating hand “by essentially buying the affiliation of the largest member of the lobbying group” that represents U.S. carriers in the subsidies dispute, says Diogenis Papiomytis, who heads the aerospace unit at Frost & Sullivan in Dubai. But the bid has drawn a strong rebuke from American, and the union that represents American pilots has called it an act of “financial aggression.” The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up Despite Al Baker’s rhetorical bluster, he’s “a businessman at heart” and is likely to be pragmatic about keeping Qatar Air on course, says John Strickland, director of London-based JLS Consulting. The airline has recently leased some excess single-aisle planes to British Airways, and some analysts say Qatar Air might defer or cancel orders for costlier widebody jets. Qatar Air nixed orders for four Airbus A350 widebodies on July 6 but said the decision was prompted by supplier delays. It still has outstanding orders and options for 210 passenger planes from Boeing Co. and 145 from Airbus SE. Qatar Air could try cutting fares to lure business away from rivals Emirates and Etihad, which also draw much of their business from passengers transiting through the Middle East to and from Asia. Emirates, the region’s dominant carrier, has about twice as much traffic as Qatar Air, which in turn has about twice as much as Etihad. “Qatar could force Emirates into a price war,” says Andrew Charlton of Swiss consulting firm Aviation Advocacy. Even if the blockade adds a bit to travel time on Qatar Air, he says, “it’s amazing what cheap tickets can do.” BOTTOM LINE - Hemmed in by Middle East politics and restricted airspace, Qatar Airways may need to scale back its growth plans. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-20/the-blockade-of-qatar-airways-home-base-is-trouble-for-the-world-s-no-1-airline'|'2017-07-20T16:53:00.000+03:00'
'f4b78c74d937c36179359847ef02e5d5e236c3f5'|'MOVES-KCG electronic trading head Tusar exits firm as Virtu closes deal'|'July 20, 2017 / 3:25 PM / 9 minutes ago MOVES-KCG electronic trading head Tusar exits firm as Virtu closes deal John McCrank 1 Min Read NEW YORK, July 20 (Reuters) - Greg Tusar, an electronic trading pioneer, confirmed that he left KCG Holdings Inc upon the closing of the firm''s $1.4 billion takeover by rival Virtu Financial Inc on Thursday. Tusar was head of electronic execution and platforms at KCG, responsible for sales, products and platforms globally. He joined KCG in 2013 after 13 years at Goldman Sachs, where he was partner and head of electronic equities trading. The 47-year-old said he planned to spend some time tending to his small Bernardsville, New Jersey-based family farm, which has apple orchards and bees, while he decides what do next. Virtu, which announced in April that it would buy rival KCG, bringing together two of the largest U.S. electronic trading and market-making firms, declined to comment. Tusar was eligible for $6.9 million in cash and stock upon termination of his position, according to a KCG regulatory filing dated June 28. (Reporting by John McCrank; Editing by Bernard Orr) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/kcg-hldgs-virtu-fincl-moves-idUSL1N1IR1S8'|'2017-07-20T18:23:00.000+03:00'
'cb5f1ff784b08f9eea488e703245dcc2be91b18a'|'Japan''s June export growth points to sustained economy recovery'|'July 20, 2017 / 12:28 AM / 15 minutes ago Japan''s June export growth points to sustained economy recovery 3 Min Read A laborer works in a container area at a port in Tokyo, Japan July 19, 2017. Toru Hanai TOKYO (Reuters) - Japan''s exports rose for a seventh straight month in June led by shipments of cars and electronics, an indication external demand continues to support a gradual economic recovery and backing the central bank''s upbeat economic view. Ministry of Finance (MOF) data showed on Thursday that exports grew 9.7 percent year-on-year in June, versus a 9.5 percent annual gain expected by economists in a Reuters poll. It followed a 14.9 percent year-on-year rise in the previous month. The data comes hours before the Bank of Japan ends a two-day rate review, at which it is expected to raise its growth forecasts as robust exports and private consumption heighten prospects of a moderate economic recovery. However, the central bank is also likely to cut its price forecasts and hold off from expanding stimulus, highlighting a gap between strong growth and weak inflation. Some analysts say net exports - or exports minus imports - may have trimmed gross domestic product growth in the April-June period as the pace of export growth likely slowed from the previous quarter while imports surged. Japan''s economy grew at an annualised 1.0 percent at the start of this year, posting a fifth straight quarter of growth. Whether it can extend gains depends on the strength of domestic demand, which has been a soft spot in the world''s third largest economy, they say. "The economy likely expanded for a sixth straight quarter in April-June as private consumption and pubic investment probably turned out strong," said Masaki Kuwahara, senior economist at Nomura Securities. By destination, Japan''s exports to the United States rose 7.1 percent in June from a year ago, posting a fifth straight month of gains, due to increased shipments of cars. The trade surplus with the United States fell 4.9 percent to 587.4 billion yen ($5.25 billion) due as imports jumped 19.3 percent in the year to June, led by crude oil and coal. Japan''s trade surplus has been a target of criticism by U.S. President Donald Trump''s administration, which has called for cutting U.S. trade deficit and boosting exports under his "America First" protectionist policies. Exports to China, Japan''s biggest trading partner, increased 19.5 percent year-on-year in June, led by shipments of car parts and semiconductor production equipment. In terms of volume, Japan''s overall exports rose 4.0 percent, up for a fifth consecutive month. Japan''s imports rose 15.5 percent in the year to June, versus the median estimate for a 14.6 percent annual gain, led by coal and liquefied natural gas, bringing the trade balance in a surplus of 439.9 billion yen. Reporting by Tetsushi Kajimoto; Editing by Sam Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-trade-idUKKBN1A502H'|'2017-07-20T03:27:00.000+03:00'
'7935c65c45602844ad6752582a153af7e914da86'|'Morning News Call - India, July 19'|'July 19, 2017 / 3:32 AM / 9 hours ago Morning News Call - India, July 19 8 Min Read To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: UltraTech Cement earnings call in Mumbai. 10:00 am: Central Board of Excise and Customs chairperson Vanaja N Sarna and GSTN officials to be present at an event in New Delhi. 11:00 am: Monsoon session of Parliament continues in New Delhi. 11:00 am: Aviation Minister Ashok Gajapathi Raju to speak at Air Cargo Summit in New Delhi. 2:30 pm: Oil Minister Dharmendra Pradhan to be present at an event in New Delhi. 2:30 pm: New India Assurance CMD G Srinivasan to be present at FICCI policy launch event in Mumbai. 6:00 pm: Canara Bank earnings call in Mumbai. LIVECHAT - OIL FOCUS Strong Chinese demand and signs of a slowdown in U.S. output is keeping crude oil prices supported for now. However, Brent is at similar levels as its average price since 2015, according to Thomson Reuters Eikon data. And, most price changes since 2015 have occurred in the first half, or towards the end, of a year. Overall, the second halves of every year since 2015 have seen relatively little price movement. Oil market veteran Cornelia Meyer, Chairman & Chief Economist, LBV Asset Management, Gasol PLC, joins us at 11:30 am IST to discuss what''s next for oil markets. To join the conversation, click on the link: here INDIA TOP NEWS • Flipkart ups odds of buying Snapdeal with raised bid E-commerce firm Flipkart''s sweetened takeover offer of up to $950 million for Snapdeal has improved the chances of a deal between the two rivals, though some sticking points are still being hashed out, two sources familiar with the matter said. • Ahead of privatisation, Air India eyes bumper staff buyout Air India is drawing up a proposal to offer voluntary buyouts to just over a third of its 40,000 employees, two government officials said, in what would be one of the largest such offers in India''s state sector, as the airline slashes costs ahead of a 2018 sale. • Hindustan Unilever quarterly profit rises 9 percent Consumer goods company Hindustan Unilever reported a 9 percent rise in quarterly profit, helped by higher sales from its personal care segment. • UltraTech Cement June-Qtr consol profit up 15 percent UltraTech Cement reported a 15 percent rise in June-quarter consolidated net profit on Tuesday. • Philip Morris takes aim at young people in India, and health officials are fuming S. K. Arora spent more than three years trudging through the Indian summer heat and monsoon rains to inspect tobacco kiosks across this sprawling megacity, tearing down cigarette advertisements and handing out fines to store owners for putting them up. But as fast as he removed the colorful ads, more appeared. • Indian banks need at least $2.8 billion extra provisioning for bankruptcy cases - India Ratings Indian banks taking 12 of the country''s largest defaulters to bankruptcy court under a central bank directive, will need to make additional provisioning of at least 180 billion rupees, India Ratings and Research said on Tuesday. • Government''s demand for additional tax premature, Reliance Industries says The government''s demand for additional share in the profits and royalty from the contractors of Panna Mukta and Tapti oil and gas fields is "premature", Reliance Industries said in a statement on Tuesday. • Dengue kills 21 in Indian tourist hotspot, crisis looms A dengue outbreak has killed at least 21 people in Kerala in the past three weeks, a government official said, adding that there was a shortage of medicines and health workers to tackle the crisis in the tourist hotspot. GLOBAL TOP NEWS • Republican push to end Obamacare collapses in U.S. Senate Republican efforts to overhaul or repeal Obamacare collapsed in the U.S. Senate on Tuesday, dealing a sharp setback to President Donald Trump and the Republican Party''s seven-year quest to kill former President Barack Obama''s signature healthcare law. • Japan business mood steady at high levels as economy recovers -Reuters Tankan Japanese manufacturers'' and service providers'' business confidence held steady at high levels in July, a Reuters poll found on Wednesday, underlining the central bank''s upbeat view on the economy. • Trump, Putin had previously undisclosed visit at G20 dinner U.S. President Donald Trump and Russian President Vladimir Putin had a previously undisclosed conversation during a dinner for G20 leaders at a summit earlier this month in Germany, a White House official said on Tuesday. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 9,870.00, up 0.12 percent from previous close • The Indian rupee will likely be steady to higher against the dollar in opening trade, underpinned by overnight losses in the greenback after unsuccessful attempts to pass through the U.S. healthcare bill raised concerns over President Donald Trump’s ability to push through other promised economic reforms. • Indian government bonds are likely to open higher tracking overnight gains in U.S. Treasury prices. However, the rise may be capped ahead of fresh supply of notes later this week. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.44 percent-6.49 percent band today. GLOBAL MARKETS • A Netflix rally boosted the Nasdaq Composite to a record high on Tuesday while Goldman Sachs Group dragged the Dow lower as earnings take center stage on Wall Street. • In Asia, investor sentiment was supported by a raft of upbeat economic news out of China. MSCI''s broadest index of Asia-Pacific shares outside Japan was up 0.16 percent in early trade at its highest since April 2015. • The dollar stayed on the defensive as investors wagered any further tightening in the United States would be slow at best, while optimism on China''s economy underpinned Asian shares and commodities. • U.S. Treasury yields fell on Tuesday, as investors grew cautious about the latest political drama in Washington around healthcare legislation, with weak economic data adding to the uncertainty about the pace of future interest rate hikes by the Federal Reserve. • Oil prices fell after a rise in U.S. crude inventories and ongoing high output from OPEC producers revived concerns of a fuel supply overhang. • Gold prices held steady after hitting their highest in over two weeks in the previous session, buoyed as the dollar hovered near ten-month lows. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.31/64.34 July 18 $49.33 mln $19.28 mln 10-yr bond yield 6.83 pct Month-to-date -$5.76 mln $1.63 bln Year-to-date $8.58 bln $19.63 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.32 Indian rupees) (Debanjan Bose in Bengaluru) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1KA1DD'|'2017-07-19T06:32:00.000+03:00'
'f43913a4fddaea769e4546218fdf5edb287cba95'|'Court reinstates Uber ban in second-biggest Czech city'|'July 19, 2017 / 1:16 PM / 2 hours ago Court reinstates Uber ban in second-biggest Czech city 1 Min Read FILE PHOTO - The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. Tyrone Siu PRAGUE (Reuters) - A Czech regional court on Wednesday reinstated its ban preventing ride-hailing service Uber from operating in Brno, the country''s second-largest city, the court spokeswoman said. The court had already issued an injunction in April after the Brno city council argued Uber drivers should have to undergotests and to equip their cars with meters like a regular taxiservice. A regional appeals court dismissed the injunction for having insufficient reasons, returning the case to the same lower court. Uber, formally Uber Technologies [UBER.UL], has been operating in other parts of the Czech Republic, including the capital Prague since 2014. Uber, which expanded into Europe more than fiveyears ago, has come under attack from established taxi companiesand some European Union countries because it is not bound bylocal licensing and safety rules that apply to some of itscompetitors. Reporting by Robert Muller, editing by Louise Heavens 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-czech-idUSKBN1A41DT'|'2017-07-19T15:59:00.000+03:00'
'405616d80a655455429ead60dfc34a1f0358b93f'|'Price range for Landis+Gyr IPO narrows to top end of range: sources'|'FILE PHOTO - The logo of Swiss-based meter maker Landis+Gyr is seen at an office building in the Swiss town of Zug May 19, 2011. Arnd Wiegmann ZURICH (Reuters) - The price range for Landis+Gyr shares has narrowed to 78 to 82 Swiss francs per share driven by high demand ahead of the Swiss tech company’s flotation, two people with knowledge of the situation told Reuters on Tuesday.Enough offers were lodged to the cover the 78 to 82 franc range, the sources said, lifting the price band to the high end of the expected 70 to 82 Swiss franc price range.Institutional investors have until Thursday to lodge their orders for shares, with the smart meter maker''s stock due to start trading on Friday.With a total value of up to 2.4 billion Swiss francs ($2.52 billion), Landis+Gyr is the largest flotation on the Swiss stock market in at least two years.The IPO was triggered after majority owner Toshiba ( 6502.T ) signaled earlier this month it wanted to wanted to sell its 60 percent stake in Landis+Gyr to raise cash. The remaining 40 percent owned by the Innovation Network Corporation of Japan has also been put up for sale.($1 = 0.9540 Swiss francs)Reporting by Rupert Pretterklieber and Oliver Hirt, writing by John Revill; Editing by Adrian Croft '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-landis-gyr-ipo-idUSKBN1A321G'|'2017-07-19T01:53:00.000+03:00'
'2dddece783f17c3f284f55cfc7d3de7f09efdc64'|'French videogame maker Atari reveals its new console'|'(Reuters) - French videogame maker Atari SA provided the first details of its "Ataribox", the iconic company''s first console in more than two decades.The company said "Ataribox" is inspired by its previous consoles, incorporating a raised back and a front panel that can be either of wood or glass. The console will come in two types: a wood, and a black/red version. ( bit.ly/2thDhXU )"Our objective is to create something new, that stays true to our heritage, while appealing to both old and new fans of Atari," the company said. bit.ly/2uyAjh4The company did not provide information on timing, pricing, games or detailed hardware specifications.Atari, founded in 1972, dominated the early videogame market with classic games such as Pong, Asteroids and Missile Command.Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-atari-ataribox-idUSKBN1A31FM'|'2017-07-18T16:25:00.000+03:00'
'fb2cbf528016cc19377a4e3bf4609128e7e0f7c6'|'Deals of the day-Mergers and acquisitions'|'July 18, 2017 / 10:03 AM / 11 minutes ago Deals of the day-Mergers and acquisitions 5 Min Read (Adds Shop Direct, Rowsley, Envirotainer) July 18 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday: ** European private equity investor AAC Capital is selecting banks to sell Envirotainer, a Swedish company renting cold containers for shipping temperature-sensitive healthcare products, sources familiar with the matter said. ** Three buyout funds are preparing binding offers for British online retailer Shop Direct, a business valued at up to 3 billion pounds ($3.9 billion) by its billionaire owners, twin brothers David and Frederick Barclay, sources familiar with the situation told Reuters. ** Rowsley Ltd, a Singaporean real estate firm, said it planned to buy healthcare assets from its controlling shareholder for up to S$1.9 billion ($1.4 billion) to help diversify its portfolio. ** Private equity group BC Partners agreed to buy German managed hosting provider PlusServer from GoDaddy Inc for an enterprise value of 397 million euros ($459 million) and said it was eyeing further acquisitions in the sector. ** Ukraine''s Naftogaz plans to sign natural gas purchase agreements with Trafigura Trading (Europe) Sarl and Vattenfall Energy Trading GmbH as it expands supply from Europe. ** EFG Hermes UAE Limited, owned by Egyptian investment bank EFG Hermes, is to invest $21.5 million in Frontier Investment Management Partners LTD (FIM) as part of plans to expand its asset management business, the bank said. ** Kuwait Finance House (KFH) is looking to merge with Bahrain''s Ahli United Bank, Kuwait''s biggest Islamic lender said in a statement, confirming an earlier media report. ** Banks have lined up around 300 million euros ($347 million) of leveraged loans to back Ontario Teachers'' Pension Plan''s (OTPP) acquisition of Iberian funeral services firm Memora, banking sources said. ** Idemitsu Kosan Co said it would proceed with a $1.1 billion sale of new shares, after a court rejected the founding family''s petition to block the offering, potentially clearing the way for a takeover of Showa Shell Sekiyu. ** The Indonesian unit of ExxonMobil said it "no longer wishes to continue further discussions or activity" involving the country''s East Natuna natural gas block, believed to hold one of the world''s largest reserves of untapped gas. ** Brokerage BGC Partners Inc said it would buy mortgage provider Berkeley Point Financial LLC from financial services firm Cantor Fitzgerald for $875 million. ** IP Group sweetened its offer for rival intellectual property firm Touchstone Innovations Plc to about 490 million pounds ($641 million), IP Group said. ** A consortium of private equity firms TPG Capital Management LP and MBK Partners, and investment manager I Squared Capital Advisors LLC have put in separate bids for the fixed-line phone unit of Hong Kong''s richest man, Li Ka-Shing, said people involved in the matter. ** Tembec Inc''s largest shareholder, Oaktree Capital Management LP, asked other shareholders to reject Rayonier Advanced Materials Inc''s deal to buy the Canadian paper and cellulose pulp maker, saying it was a "flawed" sale process. ** China is considering a merger between China Minmetals Corp, one of the country''s largest miners and metals traders, and China National Gold Group, as Beijing pushes consolidation of its state-run firms, sources with knowledge of the matter said. ** Indian e-commerce firm Flipkart''s sweetened takeover offer of up to $950 million for Snapdeal has improved the chances of a deal between the two rivals, though some sticking points are still being hashed out, two sources familiar with the matter said. ** Pegas Nonwovens shares hit a record high on Tuesday after a bid for the artificial textiles maker, but the company''s biggest shareholder said it was not ready to sell and analysts said a higher offer may be needed. ** The United Food and Commercial Workers Union, which represents retail workers, sent a letter to antitrust enforcers on Monday warning about the dangers of Amazon''s purchase of Whole Foods both to workers and consumers. (Compiled by Laharee Chatterjee and Akankshita Mukhopadhyay in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1K93O5'|'2017-07-18T13:02:00.000+03:00'
'de7ce942dd67ec9d82c231de06d82f514b0bcaaf'|'Citigroup, Deutsche Bank beef up Frankfurt presence in Brexit response'|'July 20, 2017 / 12:35 PM / 2 hours ago Citigroup, Deutsche Bank beef up Frankfurt presence in Brexit response Reuters Staff 4 Min Read FILE PHOTO: A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. Brendan McDermid/File Photo LONDON/FRANKFURT (Reuters) - Two global banks, Citigroup ( C.N ) and Deutsche Bank ( DBKGn.DE ), are beefing up their presence in Frankfurt to deal with the impact of Britain leaving the European Union. U.S. bank Citigroup said on Thursday that it may need to create 150 new jobs in the EU, as it confirmed it would headquarter its EU trading operations in Frankfurt. Deutsche Bank Chief Executive Officer John Cryan said in a video published on Thursday that the German lender expected to add new jobs in Frankfurt, where it will replicate a structure that is interchangeable with its London operations and evolve as Brexit negotiations unfold. Details of banks'' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England. "It’s important not to wait until the 11th hour and 59th minute," Cryan said in the video to staff outlining Deutsche''s Brexit planning strategy. Citi is one of several banks opting to build up a subsidiary in Frankfurt so that its trading operations in the EU can continue without too much disruption when Britain leaves the bloc in March 2019. "Frankfurt is our first choice for headquartering our EU broker-dealer based on the existing infrastructure, and the people and expertise we already have on the ground," Jim Cowles, the bank''s head of Europe, Middle East and Africa (EMEA) said in a memo to staff. He added that the bank also planned to build up its private banking, treasury and trade and investment banking businesses in the EU, while the bank''s London office would remain its EMEA headquarters. This would be done by "increasing over time our footprint in other key EU cities including Amsterdam, Dublin, Luxembourg, Madrid and Paris". Banks have indicated that while they may pick one EU center to be their main regional subsidiary in the bloc, they are likely to spread their operations across several countries. JPMorgan CEO Jamie Dimon said on July 11 that his bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, but that jobs may be put elsewhere as well. Deutsche Bank employs about 9,000 people in Britain and expects London to remain vital to the bank as one of the world''s two most important financial hubs. It currently books most of its business through London. But the Frankfurt-based bank with a London branch is planning for a "hard" Brexit that would entail a loss of so-called passporting rights between Britain and the EU. Cryan termed it a "reasonable worst-case" scenario. The bank''s plans to replicate its London booking operations in Frankfurt will initially mean added jobs to Frankfurt, though it could later result in jobs moving to Frankfurt from London, depending on how Brexit negotiations play out, Cryan said. "We build replicate infrastructure in Frankfurt, and over time if we end up, because of the actual Brexit, rebooking everything into Germany, Frankfurt, then there will be roles in London that get eliminated or moved," Cryan said. "People may not, but the role would move to Frankfurt," he said, without mentioning the number of people or roles. Bank of England Governor Mark Carney warned in April that EU banks’ wholesale branches in Britain may have to convert into subsidiaries after Brexit, which would require banks like Deutsche Bank to put a lot more capital into its London operations. Reporting by Rachel Armstrong and Tom Sims, editing by Maiya Keidan and Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-citigroup-idUKKBN1A51K4'|'2017-07-20T20:29:00.000+03:00'
'c9ffde14982badaea78a9d90116b1789207d5ec4'|'Italian tax police ask Switzerland for details on 10,000 banking clients'|'July 20, 2017 / 10:48 AM / 23 minutes ago Italian tax police ask Switzerland for details on 10,000 banking clients Reuters Staff 2 Min Read MILAN/ZURICH (Reuters) - Italy''s tax police have asked the Swiss authorities for information regarding Italians that deposited a total of 6.7 billion euros (6.1 billion pounds) in the country. The police said in a statement the move, which concerned Italian citizens holding 9,953 financial positions in Switzerland, followed an investigation that last year led to a tax settlement deal between Italy and Credit Suisse AG ( CSGN.S ). The police declined to say whether the people Italy was seeking information on were Credit Suisse''s customers and did not provide further details. The statement said that 3,297 people had already been identified through a national voluntary disclosure tax amnesty scheme, used by the Italian government to encourage tax dodgers to declare funds held abroad in return for immunity from prosecution. In December an Italian judge approved a settlement between Credit Suisse and the country''s authorities under which the Swiss bank agreed to pay 109.5 million euros. The tax investigation, started in 2015, was over an alleged fraudulent system used by the bank to transfer money offshore, mainly through the use of insurance policies. The bank''s local unit Credit Suisse Italy SpA was not involved in that case. "Credit Suisse considers the investigation by the Italian authorities into Credit Suisse''s cross-border business as closed," the bank told Reuters in an emailed statement. "The court approval marked the end of the investigation by Italian authorities into Credit Suisse AG''s Italian cross-border business for the period from 2008 to 2015," the statement added. Switzerland''s Federal Tax Administration declined to comment, pointing to a confidentiality clause that applies to mutual requests for assistance on tax matters. Reporting by Giulia Segreti in Milan and Brenna Hughes Neghaiwi in Zurich; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-switzerland-tax-idUKKBN1A517A'|'2017-07-20T16:14:00.000+03:00'
'9ada92132696df2ee999d1d8f5eb2ea31d59aa23'|'Tower operator Crown Castle to buy Lightower for $7.1 billion'|'July 18, 2017 / 9:47 PM / 5 minutes ago Tower operator Crown Castle to buy Lightower for $7.1 billion 1 Min Read (Reuters) - U.S. telecommunications tower operator Crown Castle International Corp ( CCI.N ) said it would buy Lightower Fiber Networks for about $7.1 billion in cash, doubling its fiber footprint and boosting its presence in the northeast. Crown Castle is buying the company from a group of investors including Berkshire Partners LLC and Pamlico Capital. Lightower''s network spans 32,000 fiber route miles, serving the financial services industry as well as government clients, primarily in top metro markets, including Boston, New York and Philadelphia. Reuters reported last week that Crown Castle had made an offer for Lightower. Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-lightower-m-a-crown-castle-idINKBN1A32G8'|'2017-07-19T00:45:00.000+03:00'
'f206b5190b4e32e23b590dcb87036f0766e7fe00'|'Russia will struggle to turn on Siemens turbines in sanctions-bound Crimea'|'July 19, 2017 / 3:58 PM / in 2 hours Russia will struggle to turn on Siemens turbines in sanctions-bound Crimea Anastasia Lyrchikova , Gleb Stolyarov and Anton Zverev 7 Min Read FILE PHOTO: A still image taken from video footage shows blue tarpaulins covering equipment at the port of Feodosia, Crimea July 11, 2017. Video footage taken July 11, 2017. Staff/File Photo MOSCOW (Reuters) - Russia outfoxed European Union sanctions by delivering gas turbines made by Germany''s Siemens to the annexed Ukrainian region of Crimea. Now for the hard part, switching them on. No Russian company, according to Reuters data, has ever got a Siemens turbine working without the help of the manufacturer. In this case, Siemens said the turbines were shipped to Crimea behind its back and is refusing to be involved, leaving Moscow to work out how to start them up to fulfil President Vladimir Putin''s promise to give Crimea a stable power supply. Siemens has filed a lawsuit against its Russian customer over the delivery of the turbines to Crimea and says it will do everything in its power to block their installation and commissioning. If Russia can somehow get the turbines operating at the two new power plants under construction, having already irked Europe by delivering them, it will again demonstrate its ability to thumb its nose at the sanctions. Ten industry specialists who spoke to Reuters said starting up the turbines without engineers from Siemens or its partners would be a tough test of the country''s engineering resourcefulness, fraught with technical problems, expensive and a legal minefield. "Without Siemens it will be very hard to do it," said an industry source. But the majority of the specialists said it can be done -- even if it has never been attempted before. Hunt for a Contractor A firm involved in building the Crimean power plants had hired a Russian company called Interavtomatika, which is 45.7 percent owned by Siemens, to help turn on the turbines, according to three sources familiar with the project. Since then, Siemens said it has got a written undertaking from Interavtomatika that it will halt any activities connected to Crimea. In an implied threat to pull out of the venture, a company source familiar with the matter has also said Siemens is reviewing its engagement in its Russian businesses. The source declined to say whether that could affect Interavtomatika and Siemens declined to comment. EU companies are banned from transferring energy technology to Crimea under the sanctions, imposed after Moscow seized the peninsula from Ukraine in 2014. But, in a loophole Moscow seems to have exploited, their Russian subsidiaries are not directly liable. When asked if its turbines could be assembled, installed, and commissioned without its cooperation, Siemens said it was unwilling to speculate about future developments and did not want to fuel such speculation. Russia''s Energy Ministry did not respond to a Reuters request for comment. Several of the industry sources said a Russian firm called ROTEK had experience with Siemens turbines. It is part of the Renova conglomerate controlled by billionaire Viktor Vekselberg. The company, along with its partners, services 13 Siemens gas turbines in Russia similar to the model delivered to Crimea, according to ROTEK''s website. The company, asked by Reuters if it has been approached to help with the Crimea turbines, declined to comment. A still image taken from a video footage shows blue tarpaulins covering equipment at the port of Feodosia, Crimea July 11, 2017. Video footage taken July 11, 2017. Staff Some of the Siemens turbines ROTEK services are installed at power stations owned by gas giant Gazprom and ROTEK services those ones with a Gazprom-owned firm called Teploenergoremont-Servis. That company, via a representative in Gazprom''s power division, declined to comment. High Risk Any Russian company that agrees to set up the Crimea turbines must weigh the "very high" risk of sanctions being imposed on any EU or US business it has, according to Artyom Zhavoronkov, partner in the Russian office of law firm Dentons. Renova has assets in the European Union and the United States. Gazprom has assets in the European Union. Russian officials have not acknowledged shipping Siemens turbines to Crimea. They say the turbines were obtained second hand and were Russian-made. Siemens makes turbines at a factory it co-owns in Russia. A still image taken from a video footage shows blue tarpaulins covering equipment at the port of Feodosia, Crimea July 9, 2017. Video footage taken July 9, 2017. Reuters TV Technopromexport, the Russian company building the Crimean power plants, has also not confirmed the turbines are made by Siemens. It declined to go into detail on how they would be serviced, beyond saying it would be "by Russian specialists and contractors". If no firm wants to take on the job, Technopromexport and its partners could instead assemble a team of specialists themselves to get the task done, several of the industry specialists said. One person close to the Crimea power plants project said a recruitment drive was already underway to find people in the Russian power sector who had experience of launching Siemens gas turbines. According to one industry specialist, 18 turbines of the same model now in Crimea have previously been launched in Russian power stations. As a result, there is a pool of people who have at least observed the turbines being commissioned. "In theory you can try to launch them without Siemens," said one industry specialist, who, like all the other people in the sector who spoke to Reuters, requested anonymity because of the sensitivity of the subject. The turbines can be launched if you "gather up the people and the know-how from when these turbines were already used, in Russia and abroad," said the first industry source. The model of Siemens turbines the German firm and the three sources close to the power plant say is now in Crimea -- the SGT5-2000E -- is not the latest word in turbine technology, but is highly sophisticated. It is run by an automatic control system that uses Siemens proprietary software. It contains highly-engineered parts -- such as the blades that turn the turbine -- which up to now have only ever been bought from Siemens or its partners. The blades need to be replaced after between three and four years and no home grown Russian company manufactures blades compatible with the Siemens turbines in Crimea, several of the specialists told Reuters. Workarounds mentioned by people in the industry included sourcing non-original spare parts from manufacturers in China, Russian engineers attempting to replicate the blades themselves or trying to buy them via intermediaries. "There are organisations in Russia that, in principle, can make the blades," said an energy sector source in ex-Soviet Belarus who has experience of working with Siemens equipment. "How reliable they are, that''s another matter." Additional reporting by Andrei Makhovsky in MINSK and Georgina Prodhan in FRANKFURT; Writing by Christian Lowe; Editing by Andrew Osborn and Phillipa Fletcher 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-crisis-crimea-siemens-turbine-idUKKBN1A41SP'|'2017-07-19T18:58:00.000+03:00'
'55532ef2ebfb82edccc70a3c18a91244edfd3fba'|'Valeo profit up 20 percent on LED lights, thermal systems'|'July 20, 2017 / 5:29 PM / 2 hours ago Valeo profit up 20 percent on LED lights, thermal systems Reuters Staff 2 Min Read FILE PHOTO: The company logo of auto parts maker Valeo is pictured on an electric supercharger before the company''s 2015 annual results presentation in Paris, France, February 19, 2016. Benoit Tessier/File Photo PARIS (Reuters) - French car parts maker Valeo ( VLOF.PA ) said first-half profit rose 20 percent as demand for LED lighting and fuel-efficient engine systems helped sales to outpace global auto markets. Net income rose to 506 million euros (453 million pounds) from 422 million a year earlier, the company said in a statement on Thursday. Revenue increased 16 percent to 9.464 billion euros, shy of the 9.558 billion expected by analysts, based on the median of nine estimates in an Inquiry Financial poll for Reuters. Stripping out the effects of acquisitions and currency fluctuations, the like-for-like sales gain was 9 percent, six percentage points ahead of global auto market growth. The results "confirm the growth and profitability potential of our innovations portfolio", Valeo Chief Executive Jacques Aschenbroich said in the statement. Under Aschenbroich, Paris-based Valeo is positioned to benefit from a widespread regulatory emissions crackdown thanks to its push into electric-car and other fuel-saving technologies. It has also become a major supplier of autonomous driving systems in partnership with Israel''s Mobileye ( MBLY.N ). Lighting and thermal systems both recorded 11 percent sales growth in like-for-like terms. Comfort and driving assistance posted 7 percent sales growth, with powertrain up 6 percent. Order intake - which drives future sales - rose 16 percent to 14.9 billion euros, the company said. That excludes 3 billion euros already booked by its new eAutomotive electric-car venture with Germany''s Siemens ( SIEGn.DE ), created last December. Valeo reiterated full-year goals, including sales exceeding global auto demand growth by five percentage points and a slight increase in the group''s operating margin. Reporting by Laurence Frost; Editing by Maya Nikolaeva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-valeo-results-idUKKBN1A52E2'|'2017-07-20T20:28:00.000+03:00'
'63d296edd844a518cf0ece0f4bf937ff3253983c'|'No model for sale of Cedae set with BNDES, Rio governor says'|'July 20, 2017 / 4:36 PM / 2 minutes ago No model for sale of Cedae set with BNDES, Rio governor says 1 Min Read SAO PAULO (Reuters) - There is no model for the sale of Rio de Janeiro state''s water and sewage utility Cia Estadual de Águas e Esgotos SA defined with state development bank BNDES [BNDES.UL], Rio Governor Luiz Fernando Pezão said on Thursday. Reuters reported on Wednesday that BNDES would acquire the control of Cedae, as the utility is known, for 3 billion reais ($957 million) and then resell it. In a news conference, Pezão said the state government is discussing a loan of 3.5 billion reais with BNDES. Reporting by Bruno Federowski'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cedae-m-a-idUSKBN1A529I'|'2017-07-20T19:32:00.000+03:00'
'50b41b51dce813ec903c4551d46468d4c48e7b13'|'Alibaba''s revenue to jump 45-48 pct this year - executive chairman'|'July 20, 2017 / 2:43 PM / an hour ago Alibaba''s revenue to jump 45-48 percent this year: executive chairman 2 Min Read A logo of Alibaba Group is pictured at its headquarters in Hangzhou, Zhejiang province, China, October 14, 2015. Stringer/File photo NAIROBI (Reuters) - China''s Alibaba expects its revenue to expand by 45 to 48 percent in its fiscal year from April as more small businesses join its online community in search of sales, Executive Chairman Jack Ma said on Thursday. Alibaba had revenue of $22.99 billion in its year to the end of March. Slideshow (2 Images) "Our revenue this year, we will still have 45-48 percent growth, the money comes from solving problems for others," Ma told hundreds of senior executives who filled a large ballroom in a five-star hotel to listen to him on his first visit to Africa. Ma, who founded the Hangzhou-based e-commerce firm, said he would consider investing in Kenya after meeting young entrepreneurs and being impressed by the East African nation''s broadband infrastructure. "I was surprised by the speed of the Internet," he told the executives. He told a separate gathering at the University of Nairobi that the speed was faster than in some developed nations. He said he would consider the investment opportunities he had seen in the country, and make a firm announcement at a later date, adding that the dozens of Chinese entrepreneurs who accompanied him had also been stirred by locals'' drive to build businesses. "They say it is very difficult to find another Jack Ma in China but today we found a lot of Jack Mas in Africa," he said. Reporting by Duncan Miriri; editing by Susan Thomas 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-kenya-alibaba-idUSKBN1A51XD'|'2017-07-20T17:40:00.000+03:00'
'a893738dee4b3eb69d304812dd96227678f03507'|'Poor test results for Roche cloud growth prospects'|'July 19, 2017 / 11:11 AM / an hour ago Poor test results for Roche cloud growth prospects 5 Min Read FILE PHOTO: The office tower of Swiss drugmaker Roche in Basel, Switzerland, December 15, 2016. Arnd Wiegmann/File Photo ZURICH (Reuters) - A run of disappointing drug trials at Roche ( ROG.S ) has left analysts suggesting the view from its new 41-storey office building in Basel has become more clouded, with little chance of management now upgrading its growth forecast next week, when it reports first-half earnings. Moreover, the first of a threatened flood of biosimilar copies of Roche''s $22-billion-per-year trio of cancer drugs, Rituxan, Avastin and Herceptin, have now been approved in Europe and the United States. Chief Executive Severin Schwan has long contended he can boost sales despite these new biosimilar drug launches, largely by developing new drugs to treat other diseases. But Roche has just seen its new immunotherapy treatment Tecentriq fail a bladder cancer trial, even though a similar drug from rival Merck ( MERK.NS ) shone in a separate study. That flop was closely followed by unimpressive data from Roche''s Aphinity study that showed combining Roche''s two breast cancer drugs Herceptin and Perjeta produced only a modest additional benefit. As a result Kepler Cheuvreux analyst David Evans last month cut his forecasts for peak adjuvant sales of Perjeta to $1.5 billion, from $3.5 billion previously. "Apart from the underwhelming Aphinity data, Roche has had some other setbacks," Evans said in a note, citing the Tecentriq failure and the approvals of rival biosimilars - near copies of branded drugs derived from living organisms that cannot be exactly duplicated but show the same effectiveness. "Their impact in the second half might limit Roche''s chances of upgrading 2017 guidance," he said. Roche now sees 2017 sales growth at a low- to mid-single-digit percentage, with core earnings per share growing in line with sales. This year, the share price is up just 4.7 percent, half local rival Novartis''s rise and among the laggards in the Stoxx 600 Europe healthcare sector index <0#.SXDP>, up 6.3 percent, despite some good news on Roche''s development pipeline. The U.S. Food and Drug Administration''s approval of Ocrevus, the first regulator-backed drug against primary progressive multiple sclerosis, in March set the stage for Roche''s next blockbuster. Additionally, Roche''s investigational haemophilia drug emicizumab is seen topping $1.5 billion in sales by 2022 as it wrests business from rival Shire ( SHP.L ), Thomson Reuters data shows. Another of Roche''s biosimilar-busting hopefuls, Alecensa, demonstrated better results than Pfizer''s ( PFE.N ) Xalkori against lung cancer, paving the way for use in early treatment of the disease. Roche also contends the Herceptin-Perjeta data is not as dire as some judge it and believes it still reinforces its case with regulators that the two medicines should be used together to keep breast cancer from returning. "Our view is shared by many experts," a Roche spokesman said. Strategy Test But meanwhile the threat of cheaper biosimilars displacing Roche''s existing big-selling medicines is becoming a reality, with knock-offs from Novartis ( NOVN.S ), Celltrion ( 068270.KQ ) and Mylan ( MYL.O ) now coming on line. Novartis''s Rituxan copy was approved in Europe last month, and managers there said this week they expected biosimilars to steadily win over patients from the originals. "It''s only two weeks in," Novartis''s Sandoz generics unit head Richard Francis said, of Rituxan''s European launch. "But the reception we''re seeing from physicians and payers and key stakeholders is very positive." A Roche spokesman said the arrival of biosimilars is no surprise, but analysts remain concerned. "Roche has $22 billion of revenues exposed to biosimilars," said Tim Race, a Deutsche Bank analyst, in a note. "The rapid pace of innovation, particularly in oncology, means we have a lower than historical level of visibility that Roche can maintain its market leadership." (This version of the story corrects paragraph 6 to read "...peak adjuvant sales of Perjeta..." instead of "...peak Perjeta sales...") Reporting by John Miller; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-roche-growth-idUKKBN1A410Y'|'2017-07-19T14:22:00.000+03:00'
'e7abfa94f641fb2059402a5bdc763b74ecc46efb'|'Akzo Nobel CEO quits, successor must deliver merger defence promises'|'July 19, 2017 / 9:23 AM / 11 minutes ago Akzo Nobel CEO quits, successor must deliver merger defence promises 4 Min Read FILE PHOTO: -- Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM (Reuters) - The chief executive of Akzo Nobel, Ton Buechner, has stepped down for health reasons, leaving his successor to deliver the higher sales and margins promised when the Dutch paintmaker fended off a U.S. takeover attempt this year. Chemicals division chief Thierry Vanlancker, 52, who joined in 2016, replaces Buechner, who repelled a 26.3 billion euro ($30.35 billion) bid by U.S. rival PPG Industries with promises to produce better investor returns alone. A chunk of the Dutch firm''s shareholders, including hedge fund Elliott Advisors, were open to a PPG buyout and frustrated by Buechner''s defence. PPG cannot swiftly launch a new bid after the change of CEO as Dutch market rules mean it must wait until November at the earliest. PPG may also be reluctant to try again as its bid was equally opposed by Akzo Chairman Antony Burgmans, who remains. Akzo shares traded flat at 77.96 euros in mid-morning trade. Vanlancker, a Belgian, now has to deliver the stronger sales growth and margin improvements that Buechner and Burgmans promised in their struggle to avoid a merger. Analysts say those targets will be tough to achieve. In his resignation statement, Buechner said: "For me this was an extraordinarily difficult decision to make but my focus must now be on my health." Burgmans declined to elaborate on details of Buechner''s illness, saying he regretted "only that he has decided to step down." Buechner "felt that if he continued to subject himself to the pressures of his office, that would endanger his health," Burgmans told reporters on a conference call. Buechner told Akzo''s board about his decision on Tuesday, Burgmans said. Vanlancker was previously identified as the person who would take Buechner''s job as part of emergency contingency planning. In his current post, Vanlancker was expected to oversee the sale or initial public offering (IPO) of Akzo''s specialty chemicals division. Vanlancker previously worked for Chemours, which was spun off from DuPont in 2015. Buechner''s surprise announcement means his tenure at Akzo Nobel has ended almost as it began. In September 2012, a half year after he took the top job, Buechner stepped down on his doctor''s advice, suffering from what the company described as "over-tiredness." He resumed work in December the same year. Buechner''s tenure was mostly regarded as successful. "Buechner has been responsible for overseeing the successful transformation of the business, including portfolio reshaping ..., de-risking of the pension funds, cutting costs and driving efficiency gains that have raised both margins and returns," Morgan Stanley analyst wrote in a note. But the firm faced a minor shareholder rebellion after it rejected talks with PPG, leading to a shareholder lawsuit still in progress seeking to have Burgmans ousted. Faced with opposition from Akzo''s board, many employees and Dutch politicians, PPG walked away from its bid for Akzo on June 1. Baader Helvea analysts said changing the CEO was "neither an indication that a renewed PPG bid with a higher success chance might occur nor that the activist investors were successful." Repeating a "sell" rating, they said Akzo Nobel''s supervisory board was the main obstacle to a merger and said the company''s operations have likely been suffering from higher raw material prices for key paint ingredients. Akzo reports second quarter earnings July 25. ($1 = 0.8666 euros) Reporting by Toby Sterling; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/akzo-nobel-ceo-idINKBN1A40R6'|'2017-07-19T12:19:00.000+03:00'
'51fc56489e346976d79f34aa768cd082b97d6eb2'|'Hampton Creek''s entire board quits except for CEO - Bloomberg'|'July 17, 2017 / 8:05 PM / an hour ago Hampton Creek''s entire board quits except for CEO - Bloomberg 2 Min Read (Reuters) - At least five directors have left the board of U.S. food startup Hampton Creek Inc, leaving co-founder and Chief Executive Josh Tetrick the only remaining board member, Bloomberg reported on Monday. The directors departed following disagreements with Tetrick, the report said, citing people familiar with the matter. bloom.bg/2tyUTcK "Ensuring our employees maintain their ability to direct our mission is as critical as the technologies we deploy and the products we launch. We will always protect this principle," Tetrick said in an emailed statement to Reuters. "We continue to fully support Hampton Creek and its CEO Josh in their exciting and important mission to change the food industry for the better of all people. We will advise Josh and the team on strategies across all areas of its business moving forward," a spokesman on behalf of the board said in a statement. The board departures include Bon Appétit Management Co CEO Fedele Bauccio, former U.S. Health and Human Services Secretary Kathleen Sebelius, Google DeepMind co-founder Mustafa Suleyman, Khosla Ventures partner Samir Kaul and Bart Swanson, who represented Hong Kong billionaire Li Ka-shing''s Horizons Ventures, Bloomberg reported. San Francisco-based Hampton Creek, founded in 2011, has faced a string of controversies since last year including a report showing the company quietly bought back its own products from supermarkets, which prompted federal inquiries that concluded without finding wrongdoing, according to Bloomberg. Retailer Target Corp ( TGT.N ) said last month it would start removing Hampton Creek products from its stores, citing allegations of food safety concerns, Bloomberg reported. Reporting by Ishita Chigilli Palli and Mekhla Raina in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hamptoncreek-board-idINKBN1A224V'|'2017-07-17T23:01:00.000+03:00'
'2c273deee3cd48b11b1cc11fc7b392fda7dff259'|'Oil prices stable as strong demand meets ongoing supply glut'|'July 18, 2017 / 1:48 AM / in 12 minutes Oil prices stable as strong demand meets ongoing supply glut Henning Gloystein 2 Min Read Vessels pass an oil refinery in the waters off the southern coast of Singapore, February 26, 2016. Edgar Su/File Photo SINGAPORE (Reuters) - Oil prices were stable on Tuesday, supported by strong consumption but weighed by ongoing high supplies from producer club OPEC and also the United States. Brent crude futures LCOc1, the international benchmark for oil prices, were at $48.55 per barrel at 0130 GMT, up 13 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.12 per barrel, up 10 cents, or 0.2 percent. In a sign of strong demand, data on Monday showed refineries in China increased crude throughput in June to the second highest on record. Despite this, oil markets have struggled with oversupply since 2014, resulting in a more than 50 percent fall in prices since then. A deal by the Organization of the Petroleum Exporting Countries with Russia and other non-OPEC producers to cut supplies by around 1.8 million barrels per day (bpd) between January this year and March 2018 has so far not led to the tighter market and higher prices that producers have hoped for. That''s because supplies from within OPEC remain high largely due to rising output from Nigeria and Libya, two OPEC states exempt from the pact, and increasing U.S. production. Ecuador, a small producer within OPEC, also said on Tuesday that it is not complying with its production cut of 26,000 bpd due to the country''s fiscal deficit which is expected to hit 7.5 percent of GDP this year. Oil Minister Carlos Perez said that Ecuador was only cutting some 60 percent of that figure, putting current output at 545,000 bpd. "We are not meeting the quota imposed on us because of the obvious needs the country has," Perez said. Reporting by Henning Gloystein; Editing by Sam Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN1A304J'|'2017-07-18T04:48:00.000+03:00'
'1d7605fb348374c0208c8c618fd964903c68cbad'|'Uber says will suspend operations in Macau'|'July 17, 2017 / 5:17 AM / 9 hours ago Uber suspends ride-sharing services in Macau Sijia Jiang 2 Min Read FILE PHOTO - A man arrives at the Uber offices in Queens, New York, U.S. on February 2, 2017. Brendan McDermid/File Photo HONG KONG (Reuters) - Uber Technologies Inc will suspend its services in Macau from July 22 as it has not been able to unlock the full benefits of ride sharing in the gambling hub, in another blow to the firm that is fighting legal scrutiny in many Asian markets. This is the second time Uber has decided to pause its operations in Macau. The prior plan had been triggered by steep fines imposed on its drivers in the Chinese-ruled territory, but the company in September did a U-turn and decided to stay on citing support from residents. "We are already exploring ways to serve the city again, and have had initial discussions with business partners, including transport operators and hotels," Uber said on its website on Monday. A spokesman declined to elaborate beyond the statement or give numbers regarding Uber''s presence in Macau. Macau is not a big market for the U.S. firm, but it adds to the list of countries where Uber''s ride-sharing service has run into regulatory problems, such as Korea and Japan. Its drivers continue to face a legal battle in Hong Kong. In Taiwan, Uber made a comeback in April, after a two-month suspension, following talks with the authorities. Reporting By Sijia Jiang; Editing by Muralikumar Anantharaman and Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-macau-idUSKBN1A20C3'|'2017-07-17T08:13:00.000+03:00'
'190cc16c20f330acd68af0cd6ad21c42e931b0d5'|'UPDATE 1-Saipem set for Arctic LNG 2 platform contract - sources'|'July 17, 2017 / 1:18 PM / 3 minutes ago UPDATE 1-Saipem set for Arctic LNG 2 platform contract - sources 3 Min Read (Adds details, quotes) By Katya Golubkova and Denis Pinchuk MOSCOW, July 17 (Reuters) - Russian gas producer Novatek is expected to select Italy''s Saipem to build offshore platforms for its second liquefied natural gas (LNG) facility in the Arctic, four sources said. Novatek is aiming to produce as much LNG as the world''s biggest exporter Qatar and is drawing up plans to build a second plant, known as Arctic LNG 2, on the Gydan Peninsula that juts into the Kara Sea. "The contract is not signed yet, (but Saipem) are expected to become a subcontracting party for the Technip-Linde-NIPIGas consortium," one source close to the project said. A second source familiar with the details confirmed that Saipem was expected to work as a subcontractor to build the LNG units, which will be gravity-based platforms near the coast held in place on the seabed with ballast. Novatek and Saipem did not respond to requests for comment. In May, Novatek signed an agreement with Technip, Linde and the Russian Research and Design Institute for Gas Processing (NIPIGas) to design and develop gravity-based LNG facilities for Arctic LNG 2. Novatek has also agreed to buy Linde''s licence for gas liquefaction technology for the plant. The fact that Novatek has now chosen all four main contractors suggests the Russian company is serious about proceeding with the project, which is expected to start operating in the early 2020s. One source with direct knowledge of the matter said Novatek would start drilling its first exploratory gas wells in 2018. Two more sources, one close to Saipem and a Western energy source, said the gravity-based structures should allow Novatek to build the plant more cheaply than its first Arctic LNG project at Yamal. They did not give an estimate of the savings. Arctic LNG 2 is expected to have an output matching or exceeding Yamal. Its first line, which will produce 5.5 million tonnes of LNG a year, is expected to be launched later this year and Yamal will be producing 16.5 million tonnes by 2019. For now, Russia has just one operational LNG facility, run by Gazprom on the Pacific island of Sakhalin. Novatek is under U.S. sanctions over Moscow''s role in the Ukraine crisis, which limits the company''s ability to deal with U.S. financial entities. Novatek raised financing for Yamal from China, Russia and some European lenders. A source close to Saipem and a source close to the project said the company was expected to build the platforms in the northwestern region of Murmansk. They would then be delivered by sea to Gydan, some 2,000 kilometres (1,245 miles) away. (Additional reporting by Oksana Kobzeva and Stephen Jewkes in Milan; editing by Andrew Osborn and David Clarke) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-novatek-arctic-saipem-idUSL8N1K839T'|'2017-07-17T16:17:00.000+03:00'
'8497dc7847ecd230e7318479fe2e1f7b705fdb67'|'Citigroup says may need to create 150 jobs in EU due to Brexit'|'July 20, 2017 / 12:58 PM / 39 minutes ago Citigroup says may need to create 150 jobs in EU due to Brexit Reuters Staff 2 Min Read FILE PHOTO: FILE PHOTO: A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. Mike Segar/File Photo/File Photo LONDON (Reuters) - U.S. bank Citigroup ( C.N ) said on Thursday that it may need to create 150 new jobs in the European Union to deal with the impact of Britain leaving the bloc, as it confirmed it would headquarter its EU trading operations in Frankfurt. Citi is one of several banks opting to build up a subsidiary in Frankfurt so that its trading operations in the EU can continue without too much disruption when Britain leaves in March 2019. "Frankfurt is our first choice for headquartering our EU broker-dealer based on the existing infrastructure, and the people and expertise we already have on the ground," Jim Cowles, the bank''s head of Europe, Middle East and Africa (EMEA) said in a memo to staff. He added that the bank also planned to build up its private banking, treasury and trade and investment banking businesses in the EU. This would be done by "increasing over time our footprint in other key EU cities including Amsterdam, Dublin, Luxembourg, Madrid and Paris". Cowles added that the bank''s London office would remain its EMEA headquarters. Details of banks'' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England. A source told Reuters on Wednesday that Morgan Stanley ( MS.N ) had also chosen Frankfurt as a base for its EU trading operations, while Barclays said last Friday that it was in discussions with regulators about building up its operations in Dublin. Banks have indicated that while they may pick one EU centre to be their main regional subsidiary in the bloc, they are likely to spread their operations across several countries. JPMorgan CEO Jamie Dimon said on July 11 that his bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, but that jobs may be put elsewhere as well. Reporting by Rachel Armstrong, editing by Maiya Keidan and Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-citigroup-idUKKBN1A51LV'|'2017-07-20T15:58:00.000+03:00'
'5b480fa528a980853f3f1e1d6aa9b335069515c9'|'EU mergers and takeovers (July 20)'|'July 20, 2017 / 2:54 PM / in 20 minutes EU mergers and takeovers (July 20) 7 Min Read BRUSSELS, July 20 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: Approvals and Withdrawals -- Lithuanian mobile network operator Bite Lietuva, Swedish mobile operator Tele2 and Sweden''s Telia to set up a joint venture (approved July 19) -- French utility group Suez SA to acquire U.S. conglomerate General Electric''s water and process technologies business (approved July 19) -- Property developer Bouygues Immobilier and hotel group Accor to jointly acquire French company Nextdoor which is now solely controlled by Bouygues Immobilier (approved July 19) New Listings -- U.S. scientific instruments maker Thermo Fisher Scientific to acquire Dutch drugmaker Patheon (notified July 19/deadline Aug. 25) Extensions and Other Changes First-Stage Reviews by Deadline July 24 -- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline extended to July 24 from July 7 after Knorr-Bremse offered concessions) July 26 -- Swedish carmaker Volvo to acquire Swedish car rental company First Rent A Car AB (notified June 20/deadline July 26) July 27 -- U.S. chemicals company DuPont to acquire U.S. pesticide maker FMC''s health and nutrition business (notified June 7/deadline extended to July 27 from July 12 after DuPont offered concessions) July 28 -- U.S. pesticide maker FMC to acquire U.S. chemicals company DuPont''s crop protection business (notified June 8/deadline extended to July 28 from July 13 after FMC offered concessions) July 31 -- Shipping terminal operator PSA International Pte Ltd and Terminal Investment Ltd Sarl, which is indirectly and jointly controlled by Swiss container line MSC (Mediterraneann Shipping Company), to jointly acquire Belgian container terminal operator PSA DGD (notified June 23/deadline July 31) Aug 2 -- Czech energy company EPH to acquire two UK gas-fired power plants from British energy supplier Centrica (notified June 27/deadline Aug. 2/simplified) Aug 3 -- U.S. industrial company Deere & Co to acquire German road construction company Wirtgen (notified June 28/deadline Aug. 3) Aug 4 -- Japan''s Toray Industries and Japanese industrial conglomerate Mitsui Co Ltd to jointly acquire Japanese fragrance and chemicals maker Soda Aromatic Co Ltd (notified June 29/deadline Aug. 4/simplified) -- Private equity firms CCMP Capital and MSD Aqua Partners to jointly acquire swimming pool equipment maker Hayward Industries (notified June 29/deadline Aug. 4/simplified) -- Credit rating agency Moody''s to acquire Dutch business intelligence statistics provider Bureau van Dijk Electronic Publishing (notified June 29/deadline Aug. 4/simplified) -- UK property developer Segro plc and Canada''s Public Sector Pension Investment Board (PSPIB) to jointly acquire French logistics asset Morgane Portfolio (notified June 29/deadline Aug. 4/simplified) -- Austrian construction company WIG Wietersdorfer Holding GmbH and Saudi Arabian Amiantit to set up a joint venture (notified June 29/deadline Aug. 4) Aug 7 -- French luxury goods group LVMH and Italian spectacles maker Marcolin to set up a joint venture (notified June 30/deadline Aug. 7/simplified) -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline Aug. 7) Aug 8 -- Intervias, which is the holding company of fuel station operator Euro Garages Ltd, to acquire a business unit from Italy fuel station operator Esso Italiana (notified July 3/deadline Aug. 8/simplified) Aug 9 -- French carmaker Peugeot and French bank BNP Paribas to acquire joint control of U.S. carmaker General Motors'' financing subsidiaries and branches (notified July 4/deadline Aug. 9) Aug 10 -- Swiss vending services provider Selecta, which is controlled by private equity firm KKR, to acquire Dutch peer Pelican Rouge (notified July 5/deadline Aug. 10) Aug 11 -- Chinese chemicals company China National Bluestar (Group) Co. Ltd and Japanese fibres and chemicals company AKC to set up a joint venture (notified July 6/deadline Aug. 11/simplified) Aug 14 -- U.S. communications infrastructure company Digital Bridge Holdings, Public Sector Pension Investment Board (PSPIB) and Teachers Insurance and Annuity Association of America (TIAA) to jointly acquire U.S. data centre operator Vantage Data Centres (notified July 7/deadline Aug. 14/simplified) Aug 16 -- U.S. private equity firm Advent International to acquire Danish packaging company Faerch Plast from Swedish buyout firm EQT (notified July 10/deadline Aug. 16/simplified) -- Norwegian retailer Norgesgruppen and Swedish peer Axfood to jointly acquire Swedish food retailer Eurocash Food AB (notified July 10/deadline Aug. 16) -- Chinese car parts maker Hubei Aviation Precision Machinery Technology Co. Ltd and Canadian peer Magna International to set up a joint venture (notified July 10/deadline Aug. 16/simplified) Aug 17 -- Private equity group Ardian, the Netherlands'' APG Asset Management and Dutch pension fund PGGM to jointly acquire control of LBC tank terminals (notified July 11/deadline Aug. 17/simplified) Aug 21 -- Canadian pension fund OTPP, Canadian investment management company AIMCo, Canadian infrastructure manager Borealis, which administers the Ontario Municipal Employees Retirement System Primary Pension Plan, and fund manager KIA to jointly acquire British airport LCY (notified July 13/deadline Aug. 21/simplified) Aug 22 -- Spanish bank Banco Santander to acquire peer Banco Popular Group (notified July 14/deadline Aug. 22) Aug 23 -- Asset management company Carlyle and private equity firm GTCR to jointly acquire contract research company Albany Molecular Research (notified July 17/deadline Aug. 23/simplified) Aug 24 -- Luxembourg-based investment company Letterone to acquire British healthcare product retailer Holland & Barrett (notified July 18/deadline Aug. 24/simplified) Deadline Suspended -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended on June 28 after the companies failed to provide relevant information) Guide to Eu Merger Process Deadlines: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days. Simplified: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-ma-idUSL5N1KB60L'|'2017-07-20T17:54:00.000+03:00'
'9df9adea91b4d05e31cf7d1cc1063ea3b580d4ea'|'Scottish 2 billion pounds wind power project gets go-ahead - developer'|'July 19, 2017 / 2:05 PM / 11 minutes ago Scottish 2 billion pounds wind power project gets go-ahead - developer   LONDON (Reuters) - The developer of a 2 billion pound Scottish offshore wind power project said on Wednesday it had won a two-year court battle with a bird charity over plans for the site. Scottish ministers in 2014 approved plans to build the 450-megawatt Neart na Gaoithe wind farm, off Scotland’s east coast. The project had been held up, however, by a legal challenge from the Royal Society for the Protection of Birds (RSPB), which said it could cause the death of hundreds of native birds. Mainstream Renewable Power, the developer, said the decision in Scotland''s Court of Session cleared the way for the project, which could generate enough electricity to power up to 325,000 homes - almost 4 percent of Scotland''s electricity demand. "We are delighted with the decision and look forward to working constructively with the RSPB to take the wind farm into construction next year," Andy Kinsella, Mainstream Power''s chief operating officer, said in a statement. The RSPB could not immediately be reached for comment. Reporting by Susanna Twidale; Editing by Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-scotland-windfarm-idUKKBN1A41IO'|'2017-07-19T17:05:00.000+03:00'
'a5856f1b552557b3d71ec51d87a9148787725b46'|'Uber is sued over lack of wheelchair-accessible cars in NYC'|'July 18, 2017 / 3:30 PM / an hour ago Uber is sued over lack of wheelchair-accessible cars in NYC 3 Min Read A man exits the Uber offices in Queens, New York, U.S., February 2, 2017. Brendan McDermid NEW YORK (Reuters) - Uber Technologies Inc was sued on Tuesday by disability rights groups and wheelchair users accusing the ride-sharing company of violating New York City human rights laws by failing to make enough of its vehicles accessible to disabled people. The proposed class-action complaint said Uber engaged in "pervasive and ongoing discrimination" because people in wheelchairs can use only a few dozen of its more than 58,000 vehicles in the city. Given Uber''s growing popularity, this "substantially undermines" the benefits of New York City''s commitment to make half its yellow taxis wheelchair-accessible by 2020, according to the complaint filed in the state Supreme Court in Manhattan. "I want to be treated like everybody else," Valerie Joseph, 41, a Queens Village, New York resident born with spina bifida with hydrocephalus and one of the plaintiffs, said in an interview. "We are normal people, and we have lives." In a statement, Uber said its technology "has expanded access to reliable transportation" for people with disabilities, and that it "will continue advocating for a solution that offers affordable, reliable transportation to those who need a wheelchair accessible vehicle." The complaint said Uber provides wheelchair-accessible rides through its UberWAV service, but fewer than 100 vehicles in its city fleet offer it. It seeks to require Uber to provide "full and equal access" for people who need accessible transportation. "Riders either face very long wait times or can''t get rides at all," Rebecca Serbin, a staff attorney for Disability Rights Advocates, said in an interview. "The human rights law reflects the City Council''s commitment to accessibility. Uber is flagrantly violating that law." The case follows similar lawsuits against Uber in Chicago and Washington, D.C. It adds to problems affecting the San Francisco-based company, which has been beset by complaints about its workplace culture, a federal inquiry into software to help drivers avoid police, and an intellectual property lawsuit by Waymo, the self-driving car unit of Google parent Alphabet Inc ( GOOGL.O ). The plaintiffs in Tuesday''s lawsuit also include the Brooklyn Center for Independence for the Disabled, Disabled in Action of Metropolitan New York, the Taxis for All Campaign, and Brooklyn resident Gabriela Amari. Joseph, who works at the Axis Project gym in Manhattan, said that without Uber, she sometimes has to book rides on accessible buses or trains in advance, and the rides can take hours. "When I''m at a job and my boss needs me to get somewhere on demand, I can''t," she said. The case is Brooklyn Center for Independence for the Disabled et al v. Uber Technologies Inc et al, New York State Supreme Court, New York County, No. 156434/2017. Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis and Andrew Hay 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-lawsuit-idUSKBN1A31QU'|'2017-07-18T18:21:00.000+03:00'
'43558a0296873a12baf5be4179f55280965de7b5'|'Oil jumps nearly 1.5 percent; big U.S. inventory draws surprise'|'July 19, 2017 / 1:37 AM / 5 minutes ago Oil jumps nearly 1.5 percent; big U.S. inventory draws surprise Scott DiSavino 2 Min Read FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Ernest Scheyder/File Photo NEW YORK (Reuters) - Oil prices jumped almost 1.5 percent on Wednesday, extending gains after a U.S. government report showed a bigger weekly draw than forecast in crude and gasoline stocks along with a surprise drop in distillate inventories. The Energy Information Administration (EIA) said U.S. crude stocks fell 4.7 million barrels during the week ended July 14. ENERGYUSA, exceeding estimates for a 3.2 million draw in crude stocks in a Reuters poll. A day earlier, preliminary data from the American Petroleum Institute showed a 1.6 million barrel increase. Brent LCOc1 futures for September delivery were up 69 cents, or 1.4 percent, at $49.53 a barrel by 11:09 a.m. EDT (1509 GMT). U.S. West Texas Intermediate crude CLc1 for August rose 64 cents, or 1.4 percent, to $47.04 on its second to last day as the U.S. front month. Before the EIA report, U.S. and Brent futures were up about 0.6 percent, supported by strong demand for gasoline. "The report was more good news for the oil industry as inventories declined across the board for crude and products by over 10 million barrels," Andrew Lipow, president of Lipow Oil Associates in Houston said. "Gasoline inventories are now nearly 5 percent lower than this time last year. That is a reflection of good consumer demand," Lipow said. EIA said distillate stocks decreased 2.1 million barrels and gasoline stocks declined 4.4 million barrels. Analysts polled by Reuters had forecast a 1.2 million barrel build in distillates and a 0.7 million barrel draw in gasoline. U.S. gasoline RBc1 and distillates futures were both up almost 2 percent after the data, boosting the products crack spread CL321-1=R, a measure of refinery margins, to its highest since November 2016. Additional reporting by Ahmad Ghaddar in London and Henning Gloystein in Singapore; Editing by Dale Hudson and David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1A4042'|'2017-07-19T18:27:00.000+03:00'
'570b1534905a01b7b3c12df78e950def8ac23851'|'Bank of England''s Carney - no change in big picture on inflation'|'July 18, 2017 / 4:46 PM / 2 hours ago Bank of England''s Carney: no change in big picture on inflation Reuters Staff 1 Min Read Britain''s Bank of England Governor, Mark Carney, speaks at an event to launch the new £10 note featuring Jane Austen, at Winchester Cathedral, in Winchester, Britain July 18, 2017. Chris J Ratcliffe/Pool LONDON (Reuters) - Bank of England Governor Mark Carney said the "big picture" for inflation remained the same, despite a weaker-than-expected reading for June earlier on Tuesday, and the main driver was still the fall in sterling since last year''s Brexit vote. "That''s what''s pushing inflation up, and inflation will be above target for a period of time and today''s figures are consistent with that," he told Sky News. The BoE has so far chosen not to respond to inflation rising above its 2 percent target by raising rates, saying the Brexit hit to the pound is likely to be temporary. Inflation in June stood at 2.6 percent, down from 2.9 percent in May. However, three of the BoE''s eight rate setters voted to raise rates in June, saying they wanted to head off the risk of more persistent inflation. One of the dissenters has since left the BoE. Reporting by Andy Bruce; Writing by William Schomberg 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-boe-carney-idUKKBN1A31X6'|'2017-07-18T19:30:00.000+03:00'
'b2ae66d795da72626a42d3651f82c12063196642'|'ExxonMobil says will not continue discussions over East Natuna gas field in Indonesia'|'Logos of ExxonMobil are seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. Toru Hanai JAKARTA (Reuters) - The Indonesian unit of ExxonMobil on Tuesday said it "no longer wishes to continue further discussions or activity" involving the country''s East Natuna natural gas block, believed to hold one of the world''s largest reserves of untapped gas.The firm''s Vice President of Public and Government Affairs Erwin Maryoto told Reuters in an email the decision was taken after completing a "technology and market review".Exxon''s exit likely means further delays in developing a field that was first discovered in the 1970s. Difficulties with the field have included contract disputes and the remoteness of the block, which is on the southern edge of the South China Sea.The East Natuna field holds approximately 46 trillion cubic feet of recoverable gas resources, according to Exxon, although it comes with a carbon dioxide content of more than 70 percent - which also increases the cost of extracting useable fuel.State energy firm Pertamina had expected to sign a production sharing contract with ExxonMobil and Thailand''s PTTEP for the project last year.Syamsu Alam, Pertamina''s upstream director, said the company has not been informed directly of Exxon''s decision, but that it was committed to developing the East Natuna field, once a partner is found."Surely Pertamina wouldn''t be able to develop the block alone, we need a partner," Alam told Reuters in a text message.Indonesia''s government has received a letter from the U.S. oil major on its decision to pull out of the gas block, Wiratmaja Puja, director general of oil and gas at the energy ministry, told reporters.In the letter, Exxon said developing the block would be "uneconomical for the company under current terms", but it offered to help with technology and technical assistance for the project if needed, according to Puja.Puja estimated that developing the project under current terms would make its gas too expensive, at about $10-15 per million British thermal units (mmBtu). That compares with spot prices for liquefied natural gas (LNG) in Asia that are currently less than $6 per mmBtu.The government plans to invite Exxon to discuss the project again, saying it might offer "a special incentive" to make it economically viable, Puja said.Malaysia''s Petronas and France''s Total were previously involved with the East Natuna project, but they have both pulled out.In the past, Pertamina''s official has said that developing the East Natuna project could cost up to $40 billion.Reporting by Wilda Asmarini; Writing by Gayatri Suroyo; Editing by Tom Hogue '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-indonesia-gas-exxon-mobil-idUSKBN1A30JB'|'2017-07-18T10:00:00.000+03:00'
'2b4eb68b8e3efae6826c0e74b5d58b18a5c028a5'|'UK to crack down on ''rip off'' card fees'|'July 18, 2017 / 11:07 PM / 3 hours ago UK to crack down on ''rip off'' card fees 2 Min Read MasterCard, VISA and Maestro credit cards are seen in this picture illustration taken June 9, 2016. Maxim Zmeyev/Illustration LONDON (Reuters) - Britain will stop companies ranging from takeaway food apps to airlines from charging an extra fee to consumers who want to use credit cards and other payment services, the finance ministry said on Wednesday. The total value of surcharges for the use of debit and credit cards, which have also included fees from government departments, was estimated at 473 million pounds ($617 million)in 2010, the ministry said. "Rip-off charges have no place in a modern Britain and that''s why card-charging in Britain is about to come to an end," Stephen Barclay, economic secretary to the Treasury, said in a statement. Shares in take-away food app Just Eat ( JE.L ) dropped by 6 percent on the news, one of Europe''s biggest share price falls on Wednesday, while shares in airlines EasyJet EZY.L and the owner of British Airways, IAG ( ICAG.L ), also weakened. British Prime Minister Theresa May has said she wants her government to do more for "just managing" households who face wage increases that are lagging behind inflation. Under the changes due to be introduced on January 2018, surcharge fees will be eliminated for payments including those made on American Express ( AXP.N ) credit cards, Paypal ( PYPL.O ) and Apple Pay ( AAPL.O ). This goes further than a European Union requirement to scrap fees for consumers using Visa ( V.N ) and Mastercard ( MA.N ) cards, the ministry said. In December 2015 Britain capped the transaction fees that banks can charge companies at 0.3 percent for credit card payments and 0.2 percent for debit cards as part of European Union-wide limits. Additional reporting by Helen Reid; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-payments-idUKKBN1A32JJ'|'2017-07-19T02:31:00.000+03:00'
'ce0e318b21604f5bf45d581914f327bddc872b03'|'PRESS DIGEST- Financial Times - July 19'|'July 18, 2017 / 11:56 PM / 12 hours ago PRESS DIGEST- Financial Times - July 19 2 Min Read July 19 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Reckitt Benckiser sells food business to McCormick for over $4 bln on.ft.com/2u8aJ1J UK to ban companies from charging credit card fees on.ft.com/2u7Oc5d Crown Castle to buy Lightower Fiber for $7.1 bln on.ft.com/2u7YyBO Prosecutor offers to drop Deutsche Boerse CEO insider trading probe on.ft.com/2u7YTo4 Overview McCormick & Company Inc, the US maker of spices, herbs and flavourings, has agreed to buy the foods business of UK consumer goods company Reckitt Benckiser Group Plc for more than $4 billion. It will be illegal from next year to charge customers in the UK a fee to use a credit card, the government said. The government said such fees, which can be as high as 20 per cent, would be banned from January. Wireless infrastructure provider Crown Castle International Corp said on Tuesday it would pay $7.1 billion to acquire privately held Lightower, in a deal expected to greatly expand its fibre holdings in major U.S. cities. Frankfurt''s public prosecutor is ready to drop its investigation into Carsten Kengeter, the Deutsche Boerse AG chief executive, over allegations of insider trading if the exchange agrees to fines totalling more than 10 million euros. (Compiled by Bengaluru newsroom; Editing by Sandra Maler) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1K962T'|'2017-07-19T02:55:00.000+03:00'
'd0d8af349cff6256100a47af3eb41efdab8ea2a3'|'Bank of America profit rises as consumer bank hits profit "milestone"'|'July 18, 2017 / 11:01 AM / an hour ago Bank of America profit rises as consumer bank hits profit "milestone" Dan Freed and Sruthi Shankar 4 Min Read (Reuters) - Bank of America Corp reported a higher-than-expected quarterly profit on strength in its consumer bank and cost cuts that are beginning to bear fruit after years of branch closures, staff cuts and efforts to reduce technology and paper-related expenses. Chief Executive Officer Brian Moynihan spoke glowingly of a broad turnaround in the consumer business that began in 2009, calling its $2 billion in quarterly profit a "milestone" on a call with analysts on Tuesday. In the midst of the Great Recession, the unit had 6,000 financial centers, 100,000 employees, two-thirds the amount of deposits and little in the way of digital banking capabilities. Regulatory changes put into place following the 2008 financial crisis soon began to curtail revenue, as did strategic decisions like cutting back on business generated from third parties. The business recently has been benefiting from the cost cuts as well as improved technology, growth in deposits and a focus on higher-quality borrowers, Moynihan said. In the second quarter, the division managed to increase deposits at a lower cost and use those cheaper funds to fuel loan growth, helping it to record a higher profit than any other unit. Overall, Bank of America hit a target of spending 60 cents for every dollar of revenue it produces, down from 63 cents a year earlier. Investors have been watching that metric closely as a sign of how efficiently the bank is run. Bank of America, the second-largest U.S. lender by assets, is working to cut annual operating expenses to $53 billion next year. Consumer banking helped Bank of America deliver net income of $4.9 billion, or 46 cents per share, up 11 percent from the year-ago period. Analysts had been expecting 43 cents, on average, according to Thomson Reuters I/B/E/S. The bank''s total revenue of $23.07 billion also beat the average analyst estimate of $21.78 billion. FILE PHOTO: A Bank of America logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith/File Photo "This was a good quarter all around for BofA," said Evercore ISI analyst Glenn Schorr. "You really have to look hard to find a few issues to talk about." Moynihan and Chief Financial Officer Paul Donofrio both characterized the second quarter as one of the best in the bank''s history. But its stock was down 1.1 percent at $23.75 at midday, following a 8.4 percent year-to-date rise through Monday''s close. Even as big banks have reported better results, investors have been disappointed that profits are not growing faster. Last week, shares of JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc each fell after beating analysts'' estimates, as did Goldman Sachs Group Inc on Tuesday. Bank of America''s profit and revenue beats were overshadowed by net interest income falling short of expectations, analysts said. That metric, which rose 8.6 percent to $10.99 billion during the second quarter, helps gauge the difference between a bank''s cost of funding and the income it generates from those funds. Bank of America is considered the most interest-rate sensitive among big U.S. banks because of the way its balance sheet is constructed in terms of loan maturities, types of funding and hedges. Apart from its global markets unit, which suffered a downturn in trading like other Wall Street banks, Bank of America''s other business lines also produced higher profits. Wealth and investment management reported record net income of $804 million, and a record pretax profit margin of 28 percent. Both the wealth business and retail brokerage, which sits inside the consumer business, attracted more assets. Global banking also earned more money, with growth in corporate and commercial loans, more revenue from transaction services and higher investment banking fees related to those customers. Non-interest expenses rose 1.7 percent, partly due to charges related to closing data centers. But the bank still managed to hit Moynihan''s efficiency target and produced 5 percentage points of "operating leverage," which measures how well a company can maintain revenue while cutting costs. Reporting by Dan Freed in New York and Sruthi Shankar in Bengaluru; Writing by Lauren Tara LaCapra; Editing by Saumyadeb Chakrabarty and Bernard Orr 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bank-of-america-results-idINKBN1A311K'|'2017-07-18T18:48:00.000+03:00'
'c864878ca93213dea88e26239f5f24e0c40fb2f8'|'U.S. outlines priorities for NAFTA negotiations'|'July 17, 2017 / 8:55 PM / 7 hours ago U.S. makes lower trade deficit top priority in NAFTA talks Lesley Wroughton and David Lawder 5 Min Read FILE PHOTO - A car hauler heading for Detroit, Michigan, drives on the lane to Ambassador Bridge in Windsor, Ontario, Canada on April 28, 2017. Rebecca Cook/File Photo WASHINGTON (Reuters) - The United States on Monday launched the first salvo in the renegotiation of the 23-year-old North American Free Trade Agreement (NAFTA), saying its top priority for the talks was shrinking the U.S. trade deficit with Canada and Mexico. In a much-anticipated document sent to lawmakers, U.S. Trade Representative Robert Lighthizer said he would seek to reduce the trade imbalance by improving access for U.S. goods exported to Canada and Mexico under the three-nation pact. For the first time in a U.S. trade deal, the administration also said it wants an "appropriate" provision to deter currency manipulation by trading partners. The move appeared aimed at future trade deals rather than specifically at Canada and Mexico, which are not considered currency manipulators. The 17-page document asserted that no country should manipulate its currency exchange rate to gain an unfair competitive advantage, an often-cited complaint about China in past years. Shortly before the release of the document, President Donald Trump lashed out against trade deals and unfair trade practices, saying he would take more legal and regulatory steps during the next six months to protect American manufacturers. {ID:nL1N1K81D1] Canadian Minister of Foreign Affairs Chrystia Freeland said the U.S. list was "part of its internal process" although a source familiar with the Canadian government''s thinking said the document was "not earth shattering." The source said officials from the United States, Mexico and Canada would meet in Washington on Tuesday to discuss logistics of the talks. No date has been announced for the NAFTA talks, but they are expected in mid-August. Related Coverage Mexico welcomes U.S. NAFTA objectives, eyes stronger North America Mexico''s economy ministry said in a statement it would work "to achieve a constructive negotiation process that will allow trade and investment flows to increase and consolidates cooperation and economic integration to strengthen North American competitiveness." Speaking on condition of anonymity, a senior Mexican government official said the list of priorities was "not as bad as I was expecting" and welcomed that the United States was not pushing to impose punitive tariffs, as Trump has threatened. Trade experts have argued that shrinking the yawning U.S. trade deficit will not be achieved through trade deals but rather by boosting U.S. savings. "The first bullet point shows their preoccupation with bilateral trade deficits and that''s unfortunate," said Chad Bown, a senior fellow and trade expert at the Peterson Institute for International Economics. "There''s not much that trade policy and trade agreements can do to change those. That''s more of a macroeconomic issue." Among the priorities, Lighthizer said the administration would seek to eliminate a trade dispute mechanism that has largely prohibited the United States from pursuing anti-dumping and anti-subsidy cases against Canadian and Mexican firms. There was no mention of active disputes between the United States and Canada over softwood lumber and dairy products, but the document targeted a range of agricultural non-tariff barriers, including subsidies and unfair pricing structures, that are currently at the heart of those standoffs. USTR said it would seek to strengthen NAFTA''s rules of origin to ensure that the pact''s benefits do not go to outside countries and to "incentivize" the sourcing of U.S. goods. It offered no details on such incentives and did not specify how much of a product''s components must originate from NAFTA countries. Automakers Support Stance Matt Blunt, president of the American Automotive Policy Council, a group representing U.S. automakers, welcomed the decision to include objectives on the removal of regulatory barriers and the provision on currency manipulation. A spokesman for Ford Motor Co said: "Foreign currency manipulation is the 21st century trade barrier, and we strongly support the inclusion of this top-tier issue in the U.S. negotiating objectives for NAFTA." The document also outlined plans to upgrade standards for labor and the environment and govern digital trade. Canada and Mexico have already agreed to upgrade these areas as part of the defunct Trans-Pacific Partnership trade deal. Earlier on Monday, AFL-CIO President Richard Trumka said NAFTA had been an "unequivocal failure" and should be completely renegotiated although he stopped short of calling on Trump to abandon the agreement if there was no agreement. "We will do everything we can to make this a good agreement and to hold the president at his word and make sure we get a renegotiation," the head of the 12.5-million-strong union umbrella group told a conference call with reporters. "If it comes out that it is not a good deal, no deal is better than a bad deal," Trumka said. NAFTA has quadrupled trade among the three countries, surpassing $1 trillion in 2015, but the U.S. trade deficit with Mexico exceeded $63 billion last year. Additional reporting by David Shepardson; Editing by Cynthia Osterman, Howard Goller and Jacqueline Wong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trade-nafta-idINKBN1A226X'|'2017-07-17T23:50:00.000+03:00'
'ca03d6b0d2835549fbac7a7795ec491f15d5a56c'|'U.S. banks pay up for big deposits as consumers get pennies'|'July 18, 2017 / 7:34 PM / 16 minutes ago U.S. banks pay up for big deposits as consumers get pennies Dan Freed and David Henry 3 Min Read FILE PHOTO - A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. Mike Segar (Reuters) - Big U.S. banks are starting to pay corporations, financial firms and rich people more to hold on to their deposits, but ordinary consumers will have to wait longer to see more than a few pennies for every $100 they stash in their accounts. Banks including JPMorgan Chase & Co, Bank of America Corp, Wells Fargo & Co and PNC Financial Services Group lifted rates for sophisticated customers'' deposits during the second quarter, executives said when discussing earnings in recent days. The increases followed the Federal Reserve''s decision in June to lift its key interest rate target for the third time in six months. Main Street depositors are not yet seeing the same benefits, executives said. Those customers have been slower to move money from deposit accounts into products that would pay more, partly because banks, collectively, are not competing with each other for the funds. "It is a tale of two cities," JPMorgan Chief Financial Officer Marianne Lake said, in describing how corporate customers were much quicker to demand higher rates. Bill Demchak, PNC''s chief executive officer, characterized corporate deposits as "hot money" ready to move quickly when interest rates first rise. He predicted the Fed would need to hike rates a couple more times before banks would need to compensate retail consumers more. FILE PHOTO - A Bank of America logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith Several online banks pay rates above 1 percent, but big banks have not budged much since rates fell to near zero during the 2007-2009 financial crisis. The average U.S. checking account now pays 4 cents of interest each year for every $100 in deposits, according to the Federal Deposit Insurance Corp. Even five-year certificates of deposit pay less than 1 percent. FILE PHOTO - A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. Jim Young/File Photo Consumers will benefit when a few banks start paying higher rates, forcing others to keep up to avoid losing customers, bankers said. Wells Fargo will lift rates only as a "defensive" measure, Chief Financial Officer John Shrewsberry said. Analysts say how long the banks can hold out on consumers could determine if lenders meet expectations for net interest income. Bank of America''s consumer deposit rate rose by just one-hundredth of a percentage point, but it had to pay wealth management and corporate customers more. Executives said the earnings hit of the higher rates would appear in third-quarter results. Basic checking accounts "are zero interest and they will remain zero interest because that''s the nature of the beast," Bank of America CEO Brian Moynihan said. Reporting by Dan Freed and David Henry in New York; Additional reporting by Elizabeth Dilts; Editing by Lauren Tara LaCapra and Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-banks-deposits-idINKBN1A3274'|'2017-07-18T22:30:00.000+03:00'
'5c1ec377bd2aded9ec7c20b527b6de864899e99d'|'New life in U.S. housing market not evident in big bank results'|'July 18, 2017 / 5:00 AM / 11 hours ago New life in U.S. housing market not evident in big bank results Sweta Singh 4 Min Read July 18 (Reuters) - The U.S. housing sector has seen prices, sales and financing applications soar lately as more buyers entered the market for the first time, but those trends were hard to see in big banks'' mortgage businesses during the second quarter. Four major U.S. lenders reported an average 33 percent drop in second-quarter mortgage banking revenue on Friday, compared with the same quarter of last year. An ongoing decline in refinancing activity, higher funding costs, tougher competition and a greater portion of business coming from third parties, who generally deliver lower margins, all contributed to the slide. Even so, executives sounded optimistic about the core operation of lending to people who want to buy homes. "I wouldn''t throw in the towel on the mortgage business," Tim Sloan, chief executive officer of Wells Fargo & Co, the biggest U.S. home lender, said on Friday. Wells''s quarterly mortgage banking revenue of $1.4 billion was down 19 percent from the year-ago period. A variety of factors hurt results, including the sale of a legacy portfolio of risky loans, but Wells saw improved credit quality among borrowers, and strong demand for mortgages to purchase new homes. The bank sees "huge opportunities" in growing first and second mortgages, Sloan said. JPMorgan Chase & Co, PNC Financial Services Group Inc and Citigroup Inc also reported mortgage banking revenue declines of 33 to 41 percent last week. Bank of America Corp reports results on Tuesday. Starting in 2009, banks began to benefit from a surge in mortgage refinancing, thanks to rock-bottom interest rates and federal programs to help struggling borrowers. That activity has been trailing off as rates have started to rise and many borrowers who sought lower rates have already gotten fresh loans. It will be difficult to make up for lost refinancing volumes, even though the market for home purchases has been improving, analysts said. New and existing home sales rose in May while prices reached all-time highs, according to federal housing data and the National Association of Realtors (NAR). Weekly mortgage applications shot to a seven-year high at one point during the quarter, according to data from the Mortgage Bankers Association. NAR predicts new single-family home sales will rise 8.4 percent this year. Those improvements in the market may continue for some time, analysts said, since mortgage rates remain low by historical standards and young American millennials have only recently begun to enter the housing market. But banks'' mortgage businesses will only show improvements as comparisons with a previous year become easier, they said. "While we saw some pressure in the second quarter, we think that''s a low point for the year," Marty Mosby, an analyst at Vining Sparks brokerage and asset manager, told Reuters. "We should start to see some pickup in home purchase activity." (Reporting by Sweta Singh in Bengaluru; Additional reporting by Dan Freed and David Henry in New York; Editing by Lauren Tara LaCapra and Phil Berlowitz) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-banks-results-mortgages-idUSL1N1K81CE'|'2017-07-18T08:00:00.000+03:00'
'1f296dbf16c1cc7cea90534ffb9d001989586dbf'|'Exclusive: Brazil''s Cantagalo agrees $170 million debt restructuring'|'SAO PAULO (Reuters) - Cantagalo General Grains SA, a privately-owned Brazilian firm engaged in farming and trading of commodities including soybeans and corn, has reached a deal with lenders to restructure some $170 million in debt, management told Reuters on Tuesday.Under the terms of the deal, the debt owed by its trading arm will be repaid over seven years, with principal amortizations starting after the third year.The company pledged its Itaqui port terminal, located in Maranhão state in northern Brazil, as collateral for the refinanced debt. Management said the deal would allow the company to step up commodities trading and farming after completing a turnaround of its operations.Reporting by Ana Mano; Editing by Andrew Hay '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cantagalo-general-grains-restructurin-idUSKBN1A321A'|'2017-07-19T01:48:00.000+03:00'
'9d8a52b35262eabfcab4de318dbe208d6fb4f0bb'|'Family of woman killed on set of Gregg Allman biopic awarded $11.2 mln'|'July 18, 2017 / 4:03 PM / in 4 minutes Family of crew member killed on Allman movie set awarded $11.2 million Rich McKay 3 Min Read ATLANTA (Reuters) - A Georgia jury has awarded more than $11.2 million to the family of a film crew member who was killed in 2014 on the set of a biographical movie about rock singer Gregg Allman, court records show. A six-day trial in the State Court of Chatham County concluded late Monday with the jury unanimously agreeing on the civil award to the family of Sarah Jones, according to the court records. Jones was killed when a moving train hit props and equipment staged on a railroad bridge and trestle south of Savannah for the never-completed film "Midnight Rider," about Allman, who died in May. After the award, her parents, Richard and Elizabeth Jones, said they had spent more than three years trying to understand how their daughter lost her life. "That search has now come to a close," they said in a statement. Railroad operator CSX Corp, which owns the tracks, is responsible for $3.9 million of the liability, according to court records. The company said it will appeal the verdict. "CSX is deeply sympathetic to the terrible loss suffered by the family of Ms. Sarah Jones, but respectfully disagrees with the conclusions reached by the jury," CSX spokesman Rob Doolittle said on Tuesday. Jacksonville, Florida-based CSX has maintained that the movie production company failed to secure permits to use the tracks for filming. Filmmaker Randall Miller previously settled with the family and spent about a year in jail after pleading guilty in 2015 to involuntary manslaughter and trespassing stemming from the crash, court records show. He was sentenced to two years in county jail and eight years probation and fined $20,000. All criminal charges against Jody Savin, Miller''s wife and business partner, were dropped. Jeff Harris, a lawyer for the Jones family, said relatives have had closure. "This has been cathartic for them," Harris said, adding that the family has established a nonprofit group, "Safety for Sarah," dedicated to promoting safety on movie sets. In addition to CSX''s liability, the award included the following payments, according to court documents: --$3.14 million from Randall Miller. --$2 million from Rayonier Performance Fibers LLC, which owned the land where the tracks were located; --$785,000 from Savin; --$785,000 from movie set employee Hillary Schwartz; --$561,000 from movie set employee Jay Serdish. Schwartz was identified as the film''s first assistant director and Serdish as executive producer/unit production manager, according to the Deadline Headline website. It was not immediately clear whether the award reflected the settlements previously agreed by Miller and Savin, or whether it added to their liability. Editing by G Crosse and JS Benkoe 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-georgia-lawsuit-idUSKBN1A31TZ'|'2017-07-18T19:01:00.000+03:00'
'c2683724df530861a20c0eb4b14f3babd8ff4c1d'|'Sterling lunge before inflation data rekindles ''leak'' concerns'|'July 18, 2017 / 12:52 PM / 3 hours ago Sterling lunge before inflation data rekindles ''leak'' concerns Reuters Staff 3 Min Read FILE PHOTO: An employee is seen walking over a mosaic of pound sterling symbols set in the floor of the front hall of the Bank of England in London, March 25, 2008. Luke MacGregor/File Photo LONDON (Reuters) - A sharp fall in sterling just before June UK inflation data on Tuesday reignited concern among financial traders that official economic data is seen by some market players ahead of release time, despite restrictions on official access to the numbers. Britain''s statistics chief said last month he would stop giving government officials early access to sensitive economic figures ahead of publication, reducing from July 1 how widely the figures are disseminated confidentially before publication. While the Office for National Statistics says this move was not in response to queries about leaks into the marketplace, it followed reports by Reuters and the Wall Street Journal that showed unusual pre-release trading patterns in the pound that often correctly anticipated the subsequent price direction. After rising to a 10-month high of $1.3126 half an hour before the data, sterling sank just over half a cent in the minutes before the 0830 GMT release and almost another half-cent immediately afterwards. The ONS said it did not comment on market rumours. Traders and analysts were quick to point to the currency moves as raising fresh question marks over whether the official numbers were being kept confidential. "Given the suspicions that ONS data was being leaked to the market it is worrying to see another correct move just before the release," said David Woolcock, Chair of the Committee for Professionalism at ACI the Financial Markets Association, a body representing foreign exchange dealers. "The measures taken by the ONS may possibly have been insufficient." Several market participants contacted by Reuters, all of whom spoke on condition of anonymity after the data, raised concerns about the moves but also said there were other possible reasons that owed more to re-positioning of the marketplace. The pound had been lifted sharply against the dollar ahead of Tuesday''s figures by an overnight drop in the greenback, even as some major currency dealing banks such as Barclays had below-consensus forecasts for the upcoming inflation release. "You''ve got to put it in the context of where we are - a 10-month high in cable before the data and inflation already its highest in four years. It makes perfect sense for sterling to soften a little bit given those factors," said Michael Hewson, chief analyst with CMC Markets in London. "The new ONS methodology came into effect on July 1 and it''s only July 18. If it''s still happening in a few months time then they may need to have another look at it." Reporting by Patrick Graham, Jamie McGeever, Jemima Kelly and Andy Bruce Graphic by Ritvik Carvalho; Editing by Jon Boyle/Nigel Stephenson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-sterling-ons-idUKKBN1A31CD'|'2017-07-18T15:51:00.000+03:00'
'e810b553c535d98a64481f2937fb25028d25ffdd'|'TalkTalk adds 20,000 broadband customers in first quarter'|'July 19, 2017 / 6:16 AM / in 6 hours TalkTalk adds 20,000 broadband customers in first quarter 1 Min Read LONDON, July 19 (Reuters) - British broadband operator TalkTalk said on Wednesday it added 20,000 broadband customers on its network in its first quarter while churn fell to 1.2 percent, helped by take-up of its fixed low price plans. The company, under the new leadership team of executive chairman Charles Dunstone and chief executive Tristia Harrison, is returning to its roots as a low-cost challenger to BT, Sky and Virgin Media. It said it was sticking to its outlook for full-year earnings of 270 million - 300 million pounds ($352-391 million, a range it cut in May. ($1 = 0.7666 pounds) (Reporting by Paul Sandle, editing by James Davey) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/talktalk-tlcm-gp-outlook-idUSFWN1KA01L'|'2017-07-19T09:15:00.000+03:00'
'942c0be42f5da98b6c61bf0118c64fc74f47cf6b'|'Reckitt leads FTSE up on food business sale'|'July 19, 2017 / 9:32 AM / 7 hours ago Reckitt leads FTSE up on food business sale Helen Reid 3 Min Read FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. Toby Melville/File Photo LONDON (Reuters) - The FTSE 100 edged up on Wednesday, helped by a buoyant consumer goods sector after Reckitt Benckiser sold its food business to a U.S. company, while disappointing earnings reports sent mid-caps lower. The FTSE 100 .FTSE gained 0.1 percent, with household goods and food sectors boosting the index while miners weighed. Reckitt Benckiser led gainers after saying it would sell its food business to U.S. spice and herbs company McCormick & Co Inc for $4.2 billion. Reckitt''s shares ( RB.L ) were up 1.4 percent at a three-week high on the deal. "By 2020, RB should be one of the fastest growing names in (the) global staples (sector), with superior returns and cash generation, in our view," said Morgan Stanley analysts. Royal Mail ( RMG.L ) gave back some of yesterday''s strong gains, falling to the bottom of the blue-chip list, down 2.4 percent. EasyJet ( EZJ.L ) and British Airways owner IAG ( ICAG.L ) were among top blue-chip losers, down 1.7 to 2.2 percent. While there were few notable releases from blue-chip companies, earnings drove strong moves on the mid-cap index. Qinetiq ( QQ.L ) led mid-caps lower, down 8 percent after the defence and aerospace manufacturer said it had seen slower than expected orders in its EMEA services unit. Just Eat ( JE.L ) shares fell 6.6 percent, among top European losers and on course for their worst day in six months. A trader linked the move to a finance ministry crackdown on extra card fees charged by companies from takeaway food apps to airlines. Motoring group AA ( AAAA.L ) led mid-caps, hitting a two-month high after Barclays initiated coverage with an overweight rating. Analysts at the bank said they expected cash flow generation to pick up. "The AA has been given a digital makeover...," they said. "From early 2018 AA should be able to integrate its vast array of different business for the first time in its 112-year history." Packaging company RPC ( RPC.L ) was also among top mid-cap gainers, up 3.9 percent at a four-month high after its first quarter revenue came in ahead of last year, helped by acquisitions and favourable currency movements. The firm also started its first share buyback programme, of up to 100 million pounds. Reporting by Helen Reid; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1A40SI'|'2017-07-19T12:32:00.000+03:00'
'00be0034f22e077e6dbf62b00f31d748160095f6'|'Oil dips on rising U.S. crude inventories, high OPEC supplies'|'July 19, 2017 / 1:37 AM / 26 minutes ago Strong gasoline demand lifts oil, but high OPEC supplies temper gains Ahmad Ghaddar 3 Min Read FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that hammered prices, in Cushing, Oklahoma, March 24, 2016. Nick Oxford/File Photo LONDON (Reuters) - Oil rose on Wednesday, supported by strong demand for gasoline, but rising output from OPEC producers revived concerns about a persistent overhang of excess crude. Brent crude futures were up 21 cents at $49.05 a barrel by 1204 GMT, while U.S. West Texas Intermediate crude futures were up 14 cents at $46.50 a barrel. While U.S. crude stocks rose by 1.6 million barrels to 497.2 million barrels in the week to July 14, gasoline stocks fell by a whopping 5.4 million barrels, the American Petroleum Institute said on Tuesday. "The (gasoline) draws reported by the API are very large and gasoline was already strong," Olivier Jakob of oil consultancy Petromatrix said. "As long as you have gasoline that strong, it''s very difficult to sell crude oil aggressively." Refinery upsets on the U.S. East Coast pushed the U.S. gasoline crack spread, or the profit from refining crude into the motor fuel, to a three-month high at over $20 a barrel. But supplies from the Organization of the Petroleum Exporting Countries remain high, largely due to rising output from member states Nigeria and Libya, casting a shadow on efforts by the group to rebalance the market. "Production in Libya is currently reported at or above 1 million barrels per day, while August loading schedules for Nigeria have risen to just over 2 million barrels per day," BNP Paribas said. A Saudi Arabian industry source said on Tuesday that the kingdom, by far OPEC''s biggest producer, was committed to tightening the market. "We hope to accommodate the rise in production from Libya and Nigeria taking into consideration other supply adjustments as well. But we emphasize that we have to work together with other producers and with the two countries," the source said. Nigeria and Libya are exempt from a deal between OPEC and other producers, including Russia, to cut production by around 1.8 million barrels per day between January this year and March 2018. "Talk of capping Nigerian and Libyan output has been growing fast (within OPEC). But it is very unlikely that both countries will acquiesce to a cap so soon after restoring production," BNP said. Crude prices are down around 15 percent this year, making oil one of the worst-performing commodities in 2017. Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN1A4040'|'2017-07-19T04:34:00.000+03:00'
'ca532a75702e0b9919a52462197daef110ecdf46'|'Goldman''s bond trading slumps 40 percent'|'July 18, 2017 / 11:58 AM / 2 hours ago Goldman''s bond trading revenue slumps 40 percent Olivia Oran and Sweta Singh 3 Min Read FILE PHOTO: A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S. on July 16, 2013. Brendan McDermid/File Photo (Reuters) - Goldman Sachs Group Inc reported a 40 percent drop in bond trading revenue during its second-quarter earnings, mirroring a broader weakness in trading activity that has plagued big U.S. banks. Overall revenue was roughly flat, however, as gains in investing and lending and asset management helped offset the trading slump, and the bank topped Wall Street earnings estimates. Goldman''s revenue from trading fixed income, currency and commodities fell to $1.16 billion from $1.93 billion the same quarter a year earlier, when trading activity had surged around the Brexit vote. The fifth-largest U.S. bank by assets is typically more reliant on bond trading revenue than its peers and has remained committed to the business even as others backed away amid increased regulatory scrutiny since the 2007-2009 financial crisis. Goldman''s decline in bond trading was far worse than JPMorgan Chase & Co''s 19 percent fall and Citigroup Inc''s 6 percent drop, leading to Goldman''s weakest fixed-income results since the fourth quarter of 2015. Some of Goldman''s other businesses performed better, including equities which rose 8 percent to $1.89 billion to mark its best results since the second quarter of 2015. Investing and lending, which includes investments Goldman makes across the bank, jumped 42 percent. The bank has been working to cut its reliance on trading and shift to more stable businesses like investment management. That division generated revenue of $1.53 billion, up 13 percent from the year-ago quarter. Goldman''s earnings per share rose to $3.95 as the number of shares outstanding fell nearly 6 percent. It topped analysts'' average estimate of $3.39 per share, according to Thomson Reuters I/B/E/S. Investment banking revenue fell 3 percent to $1.73 billion as dealmaking and capital raising slowed slightly. The bank has also pushed into consumer lending, launching an online platform called Marcus in 2016. The Wall Street bank''s net income applicable to common shareholders was nearly flat at $1.63 billion in the quarter. Total revenue, including net interest income, fell 0.6 percent to $7.89 billion. Goldman''s operating expenses fell about 2 percent to $5.38 billion. The lender''s return on equity was 8.7 percent. Analysts typically like to see a bank produce returns of at least 10 percent to meet its cost of capital. Shares of Goldman, a Dow component, were down 0.6 percent in premarket trading. The stock has been the worst performing among shares of the six large U.S. banks. Up to Monday''s close, it had lost 4.3 percent in value this year, significantly underperforming the broader S&P 500 Financial Index, which has gained 6.7 percent. The company''s arch rival Morgan Stanley is expected to report results on Wednesday. Reporting by Sweta Singh in Bengaluru and Olivia Oran in New York; Editing by Sriraj Kalluvila and Meredith Mazzilli 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-goldman-sachs-results-idUKKBN1A316T'|'2017-07-18T14:58:00.000+03:00'
'25e4e51b706118b522a1eb4860026d303ab5ed1b'|'Carrefour Brasil IPO seen pricing at low end of range: sources'|'FILE PHOTO - A general view is seen of a Carrefour store in Sao Paulo December 24, 2013. Paulo Whitaker BOGOTA/SAO PAULO (Reuters) - Grupo Carrefour Brasil SA''s initial public offering may price at the bottom of a suggested price range later on Tuesday, due to concern over a stretched valuation for Brazil''s biggest supermarket chain, three people familiar with the matter said.Late on Monday night, investors had placed orders for less than twice the number of Carrefour Brasil shares on offer at the IPO, based on a price of 15 reais each, said the people, who requested anonymity to discuss the deal freely.Fund managers said prices at the top half of the suggested price range would grant Carrefour Brasil a large premium against bigger rival GPA SA ( PCAR4.SA ), despite a lack of significant competitive advantages.The company and shareholders expected to raise up to 5.6 billion reais ($1.8 billion) if the IPO were to price at the 19 reais ceiling of the range. Carrefour did not respond to requests for comment.The IPO should help Carrefour Brasil add financial muscle to take on GPA, whose food division has recovered amid sliding sales of appliances. Carrefour Brasil recently surpassed GPA as Brazil''s No. 1 diversified retailer in terms of sales.At the bottom end of the suggested price range, Carrefour Brasil''s shares would trade at a slight discount relative to GPA shares, managers said.The transaction seals the first phase of an alliance between Carrefour and Brazilian retail tycoon Abilio Diniz, which started in 2014 and involved revamping the business plan in Brazil. Diniz, whose family founded GPA, is Carrefour''s third-largest shareholder and has a seat on the board.Carrefour Brasil''s IPO is the first of two such offerings slated to price this week, which would make it the busiest for share offerings since mid-February.The separate offering of Brazilian depositary receipts (BDRs) in Colombia-based pharmaceutical firm Grupo Biotoscana SA has investors willing to place three times the amount of shares on offer at the mid-point of a 24.50-28.50 reais price range, two of the people added.Pricing of the offering, originally scheduled for Tuesday, was delayed to Friday after Biotoscana revised its financial statements in response to a regulatory inquiry over the accounting of its 2015 purchase of Laboratorio LKM.Investors are wary of Brazilian IPOs after a string of new issues in recent years failed to deliver promised returns.Less than one-third of the 115 IPOs priced since the start of 2007 yielded returns above Brazil''s interbank lending rate, Thomson Reuters data shows.Reporting by Guillermo Parra-Bernal; Additional reporting by Dominique Vidalon and Bruno Federowski; Writing by Guillermo Parra-Bernal and Bruno Federowski; Editing by Bernard Orr and Tom Brown '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-brazil-ipo-idUSKBN1A31HD'|'2017-07-18T16:47:00.000+03:00'
'fca3656df3406a41c41b49c6c682bdb3f46046a0'|'Brazil development bank to buy Rio sanitation company, privatize it -source'|'The state development bank BNDES headquarters (R) is pictured next to the Brazil''s state-run Petrobras oil company headquarters (L) in Rio de Janeiro, Brazil, May 12, 2017. Ricardo Moraes BRASILIA (Reuters) - Brazil''s government has authorized the state development bank BNDES to acquire the control of Rio de Janeiro state''s sanitation company Cedae for 3 billion reais ($953 million), a person with direct knowledge of the matter said on Wednesday.After acquiring control of Cedae, BNDES will organize a sale process for it, the source said, asking for anonymity because the plans were still private. The agreement was first reported on Wednesday by G1, the portal for the Globo TV network.($1 = 3.1486 reais)Reporting by Lisandra Paraguassu; Writing by Tatiana Bautzer '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cedae-m-a-idUSKBN1A42J2'|'2017-07-20T00:20:00.000+03:00'
'65778dc09d505a16699770d5872ffba229f3e50b'|'UPDATE 1-Australia''s Woodside Petroleum posts 6.8 pct drop in Q2 output'|'July 20, 2017 / 12:07 AM / 9 hours ago UPDATE 1-Australia''s Woodside Petroleum posts 6.8 pct drop in Q2 output 2 Min Read (Adds) July 20 (Reuters) - Woodside Petroleum reported a 6.8 percent fall in oil and gas output in the June quarter due to planned and unplanned outages and a previously flagged reduction in its share of pipeline gas from the North West Shelf. Australia''s biggest independent oil and gas producer said production fell to 20.7 million barrels of oil equivalent (mmboe) in the second quarter from 22.2 mmboe in the same quarter last year. Second-quarter revenue rose to $867 million from $825 million a year earlier, but missed a forecast of $976 million from Royal Bank of Canada. Quarterly sales volumes fell 3.8 percent to 20.3 mmboe. The final commissioning of the Wheatstone LNG Train 1, Woodside''s main source of short-term growth, is well advanced and nearing completion, it said. Operator Chevron Corp has said it is due to start producing in the middle of this year. Woodside bought a stake in the $34 billion Wheatstone project in 2015, and it is set to contribute more than 13 mmboe to Woodside''s annual output when complete. Reporting by Susan Mathew in Bengaluru; Editing by Sonali Paul and Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/woodside-output-idUSL3N1KA5T3'|'2017-07-20T03:07:00.000+03:00'
'f0c63a236f48b56391b2bec5609e6c4076b426ac'|'DIARY-U.S. refinery operations-Total Port Arthur refinery reformer restart on hold'|'July 18, 2017 / 5:23 AM / in 11 hours DIARY-U.S. refinery operations-Total Port Arthur refinery reformer restart on hold 31 Min Read July 18 (Reuters) - The following is a list of refinery incidents reported in the United States on July 16-17: * Shell says maintenance complete at Martinez, Calif. refinery * Phillips 66 reports power restored after brief outage at Sweeny refinery * Citgo''s Corpus Christi, Texas gasoline unit operating normally: sources * PES shuts boiler, limits production at Phila. refinery - source * Total Port Arthur refinery reformer restart on hold -sources * Valero''s McKee, Texas refinery reports ESP interruption * Chevron reports unplanned flaring, breakdown at El Segundo, CA, refinery * Shell reports unit start up at Martinez, Calif. refinery on July 13 * Marathon reports emissions at Catlettsburg, Ky. refinery on July 14 * CVR reports start up process at Coffeyville, Kansas plant on July 15 REFINERY INCIDENTS: (LISTED BY REGION, WITH MOST RECENT INCIDENTS FIRST) Company Location Capacity* Timing Reason/Notes Unit Cap Link EAST COAST: PES Philadelphia,PA 310 July 17 Boiler shut, production cut July 13 Alky unit startup PHILLIPS 66 Bayway, NJ 241 June 23 Flange leak PES Philadelphia,PA 310 June 23 Unit startup PES Philadelphia,PA 310 June 20 865 distillate hydrotreater shut PHILLIPS 66 Bayway, NJ 238 June 13 Restart of SRUs after trip PHILLIPS 66 Bayway, NJ 238 June 7 Planned work under way MONROE ENERGY Trainer, PA 190 June 5 Refinery wide shutdown in 2018 MONROE ENERGY Trainer, PA 190 June 1 Alky unit shutdown PES Philadelphia,PA 335 May 26 Restart of DHT May 18 Crude unit start-up on May 16 May 12 Cuts production on crude unit at Point Breeze May 12 Unit 231 restart on May 7 May 2 Flange fire put out at Point Breeze PES Philadelphia,PA 335 April 29 Power interruption at Girard Point PBF Delaware City 182.2 April 28 Unit malfunction PES Philadelphia,PA 335 April 28 Unit startup April 21 Unit startup PBF Delaware City 182.2 April 18 FCC restart next week PES Philadelphia,PA 335 April 5 Unit startup PHILLIPS 66 Bayway, NJ 238 April 3 Normal ops after weekend fire April 3 Crude unit restarted GULF COAST: TOTAL Port Arthur, TX 225.5 July 17 Reformer restart on hold CITGO Corpus Christi,TX 157.5 July 17 Gasoline unit normal operations PHILLIPS 66 Sweeny, TX 247 July 17 Power restored after brief outage VALERO McKee, TX 195 July 17 ESP interruption on July 15 EXXON Beaumont 362.30 July 14 HCU back at full production TOTAL Port Arthur, TX 225.5 July 14 Reformer restart plans CITGO Corpus Christi,TX 157.5 July 14 FCCU shutdown at East plant TOTAL Port Arthur, TX 225.5 July 14 Malfunction, emissions EXXON Beaumont 362.30 July 13 Restarting hydrocracker TOTAL Port Arthur, TX 225.5 July 12 Hydrotreater shut SHELL Convent, LA 227.6 July 11 Gasoline, alky unit rates minimum EXXON Beaumont 362.30 July 10 HCU shut due to leak July 10 Control valve malfunction MARATHON Texas City, TX 86 July 10 Gasoline unit shut for repair July 10 FCC regenerator work TOTAL Port Arthur, TX 225.5 July 10 Reformer shut for repair SHELL Convent, LA 227.6 July 10 Restart of gasoline, alky units EXXON Beaumont 362.30 July 7 HCU weekend restart July 6 Electrical substation trip EXXON Baytown, TX 560.50 July 7 HCU work to finish in August MOTIVA Port Arthur 603 July 6 Hydrocracker restarted EXXON Beaumont 362.30 June 6 Hydrocracker shut for repairs SHELL Convent, LA 227.6 July 6 Units restart near end VALERO Port Arthur,TX 335 July 5 Hydrotreater returned to production SHELL Convent, LA 227.6 July 5 FCCU, alky units restart MOTIVA Port Arthur 603 July 5 FCCU production rates cut TOTAL Port Arthur, TX 225.5 July 3 Compressor trip ALON Big Spring 70 June 30 Diesel hydrotreater shut TOTAL Port Arthur, TX 225.5 June 28 Sulfur unit startup TOTAL Port Arthur, TX 225.5 June 26 Ops normal after malfunction June 25 Weather related malfunction EXXON Beaumont 362.30 June 25 FCCU shutdown PHILLIPS 66 BORGER, TX 146 June 23 Process upset June 23 No planned work EXXON Baytown, TX 560.50 June 23 Pipe repair, minimal impact SHELL Deer Park, TX 285.5 June 20 Process unit upset EXXON Baton Rouge, LA 502.5 June 20 Likely to restart CDU after repairs DELEK Tyler, TX 60 June 16 Boiler emissions TOTAL Port Arthur, TX 225.5 June 16 Prouction reduced MOTIVA Port Arthur 603 June 16 Hydrotreater to be back by Wed VALERO McKee, TX 195 June 16 FCCU snag SHELL Norco, LA 238 June 16 Crude unit, HCU work on schedule VALERO Sunray,TX 168 June 15 Gasoline unit out of production MOTIVA Port Arthur 603 June 15 Cuts back HTU for repair SHELL Norco, LA 238 June 14 Crude unit, HCU shut for overhaul EXXON Baytown, TX 560.50 June 13 HCU overhaul Planned work underway Operations normal EXXON Baytown, TX 560.50 June 12 Planned FCCU overhaul completion VALERO Meraux, LA 125 June 12 Ops normal after upset VALERO McKee, TX 195 June 11 Instrumentation failure, emissions SHELL Deer Park, TX 285.5 June 11 Onsite leak VALERO McKee, TX 195 June 9 Wet gas compressor snag SHELL Deer Park, TX 285.5 June 8 Process unit upset ALON Big Spring 70 June 7 Multiple unit upset SHELL Deer Park, TX 285.5 June 7 Release onsite SHELL Convent, LA 235 June 7 Ups output on ULSD hydrotreater June 7 Maintenance under way June 7 To restart hydrotreater furnace MOTIVA Port Arthur 603 June 7 HCU back to normal ops LYONDELL Houston, TX 263.8 June 5 Units back after malfunction Problems at offsite facility Flaring SHELL Deer Park, TX 285.5 June 5 Process unit startup underway SHELL Deer Park, TX 285.5 June 1 No impact from onsite leak Leak onsite FLINT HILLS Corpus Christi 295.6 June 1 Sulfolane unit shutdown EXXON Baton Rouge, LA 502.5 May 31 Coker overhaul complete CITGO Corpus Christi,TX 157.5 May 30 FCCU upset, power blip SHELL Convent, LA 235 May 30 Isomerization unit restart VALERO Port Arthur,TX 335 May 30 Hydrotreater overhaul from June PHILLIPS 66 Alliance, LA 247 May 30 No planned work underway PHILLIPS 66 Sweeny, TX 247 June 2 No planned work underway June 2 Transformer trip May 30 CDU, FCCU overhaul in 2018-19 VALERO Sunray,TX 168 May 30 FCCU, alky unit overhaul from Sept. MARATHON Galveston Bay,TX 459 June 6 Hydrotreater restart May 29 Unit upset ALON Big Spring 70 May 26 Propane deasphalting unit shut TOTAL Port Arthur, TX 225.5 May 26 Emissions from unit 871 EXXON Baytown, TX 560.50 June 6 Caustic oxidation unit emissions June 2 FCCU emissions May 26 Compressor shutdown CITGO Corpus Christi,TX 157.5 May 25 CDU restart complete EXXON Baytown, TX 560.50 May 25 Compressor trip SHELL Convent, LA 235 May 25 Completes alky unit restart VALERO Corpus Christi,TX 293 May 25 Process unit trip SHELL Convent, LA 235 May 24 Preparing alky unit restart SHELL Convent, LA 235 May 23 Hydrocracker completes restart TOTAL Port Arthur, TX 225.5 May 23 Shuts residual unit after fire CALUMET San Antonio, TX 16.8 May 22 Refinery shut down TOTAL Port Arthur, TX 222.5 May 22 Ops nomal after upset VALERO Port Arthur,TX 335 May 19 Process unit upset SHELL Convent, LA 235 May 19 To restart HCU on Tuesday night CITGO Corpus Christi,TX 157.5 May 19 Unit repairs continue EXXON Baton Rouge, LA 502.5 May 18 Returns CDU to full production CITGO Corpus Christi,TX 157.5 May 18 Repairing gasoline unit Shell Convent, LA 235 May 17 Restarting HCU expected to resume production early next week FLINT HILLS Corpus Christi 290 May 16 SRU upset at west plant PHILLIPS 66 BORGER, TX 146 May 16 SRU snag, equipment restarted CITGO Corpus Christi,TX 157.5 May 16 FCCU shut after leak Shell Convent, LA 235 May 16 To restart HCU on Tuesday night EXXON Baton Rouge, LA 502.5 May 16 Boosting crude unit production TOTAL Port Arthur, TX 225.5 May 15 Completes SRU restarts MOTIVA Port Arthur 603 May 15 Repairs naphtha complex leak EXXON Beaumont 344.60 May 15 Restarts large crude unit Shell Convent, LA 235 May 15 Prepares hydrocracker restart Repairs to continue at least 2 wks EXXON Baton Rouge, LA 502.5 May 12 Ops unhurt from severe weather TOTAL Port Arthur, TX 225.5 May 12 Emissions from Unit 871 Restarting sulfur units MOTIVA Port Arthur 603 May 12 Working to stop hydrogen leak FLINT HILLS Corpus Christi 290 May 9 HCU shutdown PHILLIPS 66 BORGER, TX 146 May 8 FCCU ESP work underway TOTAL Port Arthur, TX 222.5 May 5 Restarting coking unit EXXON Baton Rouge, LA 502.5 May 5 Extends work at crude unit VALERO Port Arthur,TX 335 May 5 Gasoline unit increasing production SHELL Deer Park, TX 285.5 May 5 Flaring due to process unit upset VALERO Port Arthur,TX 335 May 4 Gasoline unit remains shut Shell Convent, LA 235 May 4 HCU to resume output over weekend SHELL Deer Park, TX 285.5 May 4 All-clear issued after unit upset May 4 Process unit upset MOTIVA Port Arthur 603 May 4 To boost HCU production over weekend CITGO Corpus Christi,TX 157.5 May 4 Unit restarted after malfunction EXXON Beaumont 344.60 May 1 Coker back MOTIVA Port Arthur 603 April 28 Hydrocracker to run at reduced rates through weekend PHILLIPS 66 Lake Charles, LA 260 April 28 Developing new isomerization unit MARATHON Galveston Bay,TX 451 April 28 Leak in a tank EXXON Baton Rouge, LA 502.5 April 25 Flaring due to operational issue Crude unit shut for work ALON Big Spring 70 April 25 HDS shut for repairs after leak SHELL Deer Park, TX 285.5 April 25 Restarting hydrocracker PETROBRAS Pasadena, TX 112.2 April 25 Operating at planned rates April 24 Reformer shutdown CITGO Corpus Christi,TX 157.5 April 24 FCCU back in production VALERO Corpus Christi,TX 293 April 23 Upset at Complex 7 EXXON Beaumont, TX 344.60 April 22 Large CDU to resume production by early May April 21 May finish coker work next week CITGO Corpus Christi,TX 157.5 April 24 ESP shutdown on April 22 MOTIVA Norco, LA 238 April 20 Hydrocracker restart completed EXXON Beaumont, TX 344.60 April 20 Boiler restarted after trip MARATHON Galveston Bay,TX 451 April 20 Ultracracker 3 HCU overhaul in 2018 PHILLIPS 66 BORGER, TX 146 April 20 No planned work underway PHILLIPS 66 BORGER, TX 146 April 19 SRU emissions, equipment restart PETROBRAS Pasadena, TX 112.2 April 19 Ops normal SHELL Deer Park, TX 285.5 April 18 Oil sheen contained TOTAL Port Arthur, TX 225.5 April 18 Overhaul of cogen, SRUs, DHT units April 18 Leak during planned unit shutdown MOTIVA Norco, LA 238 April 18 Repairing shut hydrocracker MOTIVA Norco, LA 238 April 17 Hit by CDU fire, HCU outage MOTIVA Convent, LA 235 April 17 Hydrocracker shut into July VALERO Houston, TX 100 Jan. 4 New alky unit startup in H1, 2019 TOTAL Port Arthur,TX 225.5 Aug. 23 Delays FCC work until Sept. 2017 MIDCONTINENT: CVR ENERGY Coffeyville, Kansas 115 July 17 Start-up on July 15 Marathon Catlettsburg,KY 242 July 17 Emissions on July 14 BP Whiting, IN 413.5 July 14 Ops normal despite flaring EXXON Joliet, IL 238.6 July 14 Equipment malfunction July 14 Flaring July 13 Brief flaring VALERO Memphis, TN 190 July 12 Gasoline unit boosting output Hollyfrontier Tulsa West, OK 85 July 12 Emissions VALERO Memphis, TN 190 July 11 Gasoline unit boosting output 190 July 11 Gasoline unit restart July 10 Gasoline unit restart Mon/Tues July 7 Gasoline unit repairs CVR ENERGY Wynnewood, OK 70 July 7 Emissions EXXON Joliet, IL 238.6 July 6 Equipment malfunction VALERO Memphis, TN 190 July 6 Unit repairs may take longer VALERO Memphis, TN 190 July 5 FCCU shut for repairs EXXON Joliet, IL 238.6 July 4 FCCU restarted after repairs EXXON Joliet, IL 238.6 July 3 Production unit restarted PBF Toledo, OH 80 June 30 Plans large shutdown in March MARATHON Detroit, MI 130 June 29 To shut crude unit Sept. ''18 Husky Energy Lima, OH 155 June 29 Multiple shutdowns late 2018 EXXON Joliet, IL 238.6 June 28 Confirms flaring CVR ENERGY Coffeyville, Kansas 115 June 25 Process upset VALERO Ardmore, OK 86 June 24 FCCU emissions Marathon Robinson, IL 212 June 20 Sulphur plant online after shutdown EXXON Joliet, IL 238.6 June 20 Confirms leak on production unit EXXON Joliet, IL 238.6 June 19 Confirms FCCU not shut BP Whiting, IN 413.5 June 15 Output unaffected Citgo Lemont, IL 175.9 June 12 Unspecified maintenance shutdown BP Whiting, IN 413.5 June 12 Ops normal after flaring CVR ENERGY Coffeyville, Kansas 115 June 11 Emissions, planned work BP Whiting, IN 413.5 June 5 Production unaffected after flaring VALERO Memphis, TN 190 May 31 Unaffected by outage in vicinity Husky Energy Lima, OH 155 May 31 Plant-wide shutdown in Oct-2018 TESORO Mandan, ND 75 May 30 Refinery restart delayed CVR ENERGY Wynnewood, OK 70 May 22 Oil discharge due to thunderstorm BP Whiting, IN 413.5 May 18 Ops normal despite flaring Marathon Catlettsburg,KY 242 May 11 Shuts crude unit HOLLYFRONTIER El Dorado, KS 138 May 11 Restarts hydrotreater EXXON Joliet, IL 238.6 May 5 Unit startup BP Whiting, IN 413.5 May 1 CDU back in production BP Whiting, IN 413.5 April 28 Four employees injured CDUs seen back to normal Fri HUSKY ENERGY Lima,OH 155 Dec. 13 5-wk turnaround in Q4, 2017 Citgo Lemont, IL 175.9 Oct. 7 Planned CDU overhaul in 2017 ROCKY MOUNTAINS: Phillips 66 Billings, MT 59 June 15 No planned work underway Phillips 66 Billings, MT 59 May 26 Planned work Phillips 66 Billings, MT 59 April 17 Planned work WEST COAST SHELL Martinez, CA 156.4 July 17 Work complete, ops normal July 17 Unit start-up on July 13 CHEVRON El Segundo, CA 269 July 16 Breakdown Phillips 66 Ferndale, Wash. 101 July 4 Emissions PHILLIPS 66 Rodeo, CA 120.2 July 12 Planned work PBF Torrance, CA 151.3 July 11 Planned flaring July 10 Emissions SHELL Martinez, CA 156.4 July 10 Pipe leak on July 7 VALERO Benicia, CA 145 July 6 Controlled unit shutdown VALERO Benicia, CA 145 June 30 Files lawsuit over May outage TESORO Los Angeles, CA 380 June 28 Minor leak contained VALERO Wilmington, CA 80.8 June 28 Equipment issue SHELL Martinez, CA 156.4 June 28 Ops stable after unit upset TESORO Carson, CA 257.3 June 28 Unplanned flaring PBF Torrance, CA 151.3 June 28 Restarting several units CHEVRON Richmond, CA 245.3 June 26 Shuts heavy hydrocracker CHEVRON Richmond, CA 245.3 June 26 Unit shutdown H2S leak PBF Torrance, CA 151.3 June 26 Unplanned flaring SHELL Martinez, CA 156.4 June 26 Ops normal after unit steam leak June 26 Unit steam leak CHEVRON Richmond, CA 245.3 June 25 Unit startup VALERO Benicia, CA 145 June 23 Flaring BP Cherry Point, WA 227 June 21 WESP snag, emissions SHELL Martinez, CA 156.4 June 21 Ops normal after flaring PBF Torrance, CA 151.3 June 21 Planned flaring SHELL Puget Sound, WA 145 June 20 SRU trip BP Cherry Point, WA 225 June 19 Scheduled maintenance TESORO Martinez, CA 166 June 19 Planned work underway TESORO Martinez, CA 166 June 18 Boiler trip VALERO Benicia, CA 145 June 18 Flaring PBF Torrance, CA 151.3 June 15 Unplanned flaring SHELL Martinez, CA 156.4 June 15 Process upset PBF Torrance, CA 151.3 June 14 Planned flaring PBF Torrance, CA 151.3 June 14 Unplanned flaring PBF Torrance, CA 151.3 June 13 Hydrotreater shutdown BP Cherry Point, WA 225 June 6 Planned work CHEVRON Richmond, CA 245.3 June 6 Plant upset PBF Torrance, CA 151.3 June 5 Equipment trip Hydro-treater unit snag Hydrogen plant shutdown Unplanned flaring VALERO Benicia, CA 145 May 31 Equipment start-up BP Cherry Point, WA 225 May 27 Planned work, flaring BP Cherry Point, WA 225 May 27 Upset, emissions BP Cherry Point, WA 225 May 19 Upset, emissions SHELL Puget Sound, WA 145 May 18 Reports shutdown TESORO Martinez, CA 166 May 18 No off site impact from leak Leak at exchanger Unit shut down PHILLIPS 66 Carson, CA 139 May 18 No planned work underway May 17 Unplanned flaring, breakdown PBF Torrance, CA 151.3 May 11 Ops normal after minor fire Fire outside tank May 8 Crude unit maintenance VALERO Benicia, CA 145 May 5 Power outage BP Cherry Point, WA 225 April 29 Scheduled maintenance BP Cherry Point, WA 225 April 28 Hydrocracker shutdown PBF Torrance, CA 151.3 Jan. 4 Plans 2Q turnaround * In thousands of barrels per day (Bangalore Commodities Desk) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/energy-refinery-idUSL3N1K92BH'|'2017-07-18T08:22:00.000+03:00'
'70e83f3c797169a545a711886330be3f691a6e99'|'British online trading firm IG reports rise in annual profit'|'July 18, 2017 / 7:02 AM / an hour ago British online trading firm IG reports rise in annual profit Reuters Staff 1 Min Read (Reuters) - British online financial trading company IG Group Holdings Plc ( IGG.L ) said on Tuesday that full-year pretax profit rose 3 percent, beating analysts'' estimates. The company, which provides online stockbroking and trading services to retail investors, said it had made "good progress" in getting regulatory approval for a subsidiary based in the European Union as it prepares for Britain''s exit from the bloc. IG Group, founded in 1974 as the world''s first spread-betting firm, did not say where its EU subsidiary would be. The company also said it was in the early stages of exploring further opportunities outside the EU. IG reported a 3 percent in pretax profit for the year ended May to 213.7 million pounds, beating company compiled consensus estimates of 211.7 million pounds, based on 5 analysts, in a year it called one of the least volatile in financial markets for decades. Reporting by Noor Zainab Hussain in Bengaluru, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ig-grp-hldgs-results-idUKKBN1A30I0'|'2017-07-18T10:01:00.000+03:00'
'c010476b915a08e9aa063a874c41754c22b8bd23'|'Van Damme quits early as head of Deutsche Telekom Germany'|'July 18, 2017 / 6:32 PM / in 23 minutes Van Damme quits early as head of Deutsche Telekom Germany Reuters Staff 2 Min Read FILE PHOTO: The logo of Germany''s telecommunications giant Deutsche Telekom AG is pictured on the 266 metre high "Colonia" TV tower in Cologne, Germany January 25, 2016. Wolfgang Rattay/File Photo FRANKFURT (Reuters) - Niek Jan van Damme, head of Deutsche Telekom''s ( DTEGn.DE ) home market of Germany, is quitting a year early at the end of the year to make way for Dirk Woessner of Canada''s Rogers Communications ( RCIb.TO ), Deutsche Telekom said on Tuesday. Germany is Deutsche Telekom''s second-biggest market after the United States. The company is investing heavily at home to promote bundled TV and telecoms packages and broadband to encourage its customers to spend more as mobile subscriber growth stagnates. Woessner, head of Rogers'' consumer business, previously spent 13 years at Deutsche Telekom, most recently as sales director for business and consumer customers in Germany. Deutsche Telekom Chief Executive Tim Hoettges said in a statement: "I am looking forward to working with Dirk Woessner and to his return. He knows this company better than nearly anyone else." Van Damme was head of T-Mobile Netherlands before joining the German operation as head of its fixed-line and mobile operations in 2009. IT unit T-Systems Germany is separately managed. Deutsche Telekom later tried to sell its Dutch unit, before putting it into a special unit for assets to be "actively managed" earlier this year. "After intensive talks with our CEO Tim Hoettges and the chairman of the supervisory board Ulrich Lehner, I have decided to resign from my current position as of the end of the year," van Damme said in the statement. "It''s a bit earlier than I had originally intended, but it''s a good fit with my personal life planning and the best way to ensure a seamless transition," he added. Deutsche Telekom is Europe''s biggest telecoms group by sales, and is active dozens of countries, concentrated on Europe and the United States. Its German business generated revenue of 22 billion euros ($25 billion) and adjusted operating profit of 8.8 billion euros in 2016. ($1 = 0.8649 euros) Reporting by Georgina Prodhan; Editing by Victoria Bryan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-telekom-moves-germany-idUKKBN1A323Z'|'2017-07-18T21:31:00.000+03:00'
'9cae448b8ffb24f8d4862a458e76700d1c5ca96f'|'UK economy will adjust over time to weaker sterling - Chancellor'|'July 18, 2017 / 12:46 PM / 6 hours ago UK economy will adjust over time to weaker sterling: finance minister Reuters Staff 1 Min Read Britain''s Chancellor of the Exchequer, Philip Hammond, leaves 11 Downing Street, in central London, Britain July 17, 2017. Tolga Akmen LONDON (Reuters) - Over time Britain''s economy will adapt to changes in the value of sterling, finance minister Philip Hammond said on Tuesday when asked by a lawmaker about the impact of the fall in the pound since the country voted to leave the European Union. "The short run effect of a depreciation of sterling would be expected to be a decline in our trade balance performance as we suck in more expensive, in sterling terms, imports," Hammond said. "But over time, and there''s signs the economy is doing this now, the economy will adjust, with exporters increasing their output to take advantage of weaker sterling and their greater competitiveness in international markets." Reporting by William James and Kylie MacLellan, editing by Andy Bruce 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-economy-hammond-idUKKBN1A31BU'|'2017-07-18T14:36:00.000+03:00'
'70e6a3bf2f8d16979548fef945c6b2d2038fe738'|'Western Digital CEO meeting Japan officials over Toshiba row: sources'|'July 18, 2017 / 2:31 PM / 6 hours ago Western Digital CEO meeting Japan officials over Toshiba: sources 2 Min Read FILE PHOTO: A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017. Mike Blake/File Photo TOKYO (Reuters) - Western Digital Corp''s top executive is in Japan to meet government officials, aiming to resolve a dispute with Toshiba Corp over the Japanese company''s planned sale of its chip business, sources familiar with the matter said on Tuesday. Toshiba is scrambling to sell its flash memory unit to cover losses from its bankrupt U.S. nuclear business Westinghouse but it has been locked in a legal battle with Western Digital, which is a joint venture partner in the memory chip business. In June, Toshiba announced its preferred bidder was a group made up of Japanese-government backed funds, Bain Capital and South Korean chip maker SK Hynix. Western Digital, which also wants to buy the memory chip business, sought an injunction to block the transaction, arguing that any sale required its consent. Western Digital CEO Steve Milligan is meeting with officials who were recently appointed to senior positions at the Ministry of Economy, Trade and Industry (METI), the sources said. METI has been trying to orchestrate the sale in an effort to keep Toshiba''s semiconductor technology in domestic hands. A U.S. court judge on Friday postponed a decision on Western Digital''s injunction request and proposed requiring Toshiba to give the U.S. company two weeks notice before closing the sale. It is unclear whether Milligan will meet Toshiba executives, said the sources, who declined to be named because the talks were private. A Western Digital spokeswoman confirmed Milligan''s visit to Japan but declined to comment on details. Reporting by Taiga Uranaka and Makiko Yamazaki; editing by Ritsuko Ando and David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-western-digital-idUSKBN1A31LA'|'2017-07-18T17:31:00.000+03:00'
'82a70e8f07b4125ea04dae0076b6707e3ff09c83'|'Oil prices tread water as ongoing supply glut is met by firm demand'|'July 18, 2017 / 6:56 AM / 22 minutes ago Oil "stuck in range" as ample supply meets firm demand Christopher Johnson 3 Min Read Offshore oil platforms are seen at the Bouri Oil Field off the coast of Libya August 3, 2015. Darrin Zammit Lupi LONDON (Reuters) - Oil markets steadied on Tuesday, supported by firm demand but weighed down by high supplies from OPEC and producers in the United States. Benchmark Brent crude was up 20 cents at $48.62 a barrel by 0920 GMT. U.S. light crude oil was 15 cents higher at $46.17. "We''re stuck in a range that, I think, will be tough to break out of without some kind of political factor coming into play," said Matt Stanley, fuel broker at Freight Investor Services. In a sign of strong demand, data on Monday showed refineries in China increased crude throughput in June to the second highest on record. But many markets are well supplied and oil for prompt delivery is trading at heavy discounts to forward futures in several parts of the world. As a result, crude oil prices are trading at only around half the levels seen three years ago. A deal by the Organization of the Petroleum Exporting Countries with Russia and other non-OPEC producers to cut supplies by around 1.8 million barrels per day (bpd) between January this year and March 2018 has so far failed to tighten the market or push up prices. Although many OPEC countries have restricted production, others including Nigeria and Libya have been allowed to increase output. Ecuador, a small producer within OPEC, said on Tuesday it was not cutting its production by 26,000 bpd as agreed due to the country''s fiscal deficit, which is expected to hit 7.5 percent of gross domestic product this year. Oil Minister Carlos Perez said Ecuador was cutting only 60 percent of that figure, putting current output at 545,000 bpd. "We are not meeting the quota imposed on us because of the obvious needs the country has," Perez said. U.S. oil production is also rising steadily, helping soak up much of the market share vacated by OPEC members. The U.S. Energy Department said in a report on Monday that U.S. shale oil output is likely to rise for the eighth consecutive month in August, climbing 112,000 bpd to 5.585 million bpd. "With little sign of the OPEC-shale tug of war drawing to an end, the scene is now set for a period of range-bound trading as market players await the next price catalyst," said Stephen Brennock at London brokerage PVM Oil Associates. Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN1A30HN'|'2017-07-18T09:55:00.000+03:00'
'327ce16d5117e735f1a5bf8418317369c622cc74'|'Turkey''s Simsek says no probe of Daimler, BASF, welcomes German investment'|'Edition United States July 20, 2017 / 11:04 AM / 2 hours ago Turkey''s Simsek says no probe of Daimler, BASF, welcomes German investment Reuters Staff 1 Min Read Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. Fabian Bimmer/File Photo ANKARA (Reuters) - Press reports that Turkey is investigating Germany''s Daimler ( DAIGn.DE ) and chemicals giant BASF ( BASFn.DE ) are "completely false", Deputy Prime Minister Mehmet Simsek said on Twitter on Thursday, adding that Ankara welcomed German investors. On Wednesday Germany''s Die Zeit newspaper reported that Turkish authorities had several weeks ago handed Berlin a list of 68 German companies, including Daimler and BASF, they accused of having links to U.S.-based cleric Fethullah Gulen, blamed by Ankara for orchestrating last July''s failed coup. "Press reports that Turkey is investigating Daimler AG and BASF SE are completely false. We welcome German investors," he said. German Foreign Minister Sigmar Gabriel said on Thursday he did not see how Germany could guarantee German corporate investment in Turkey under the current circumstances, in an escalating row between the two NATO allies. Reporting by Orhan Coskun; Writing by Tuvan Gumrukcu; Editing by David Dolan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-turkey-simsek-idUKKBN1A518T'|'2017-07-20T14:18:00.000+03:00'
'de6278258248bafd37899d600331251db42d2b34'|'Saba, Macquarie compete for Spanish car parking operator Empark -sources'|'July 20, 2017 / 4:33 PM / a minute ago Saba, Macquarie compete for Spanish car parking operator Empark: sources 2 Min Read The logo of Australia''s biggest investment bank Macquarie Group Ltd adorns the main entrance to their Sydney office headquarters in Australia, October 28, 2016. David Gray LONDON/MADRID (Reuters) - Saba Aparcamientos and Macquarie have both submitted final offers for Spain''s Empark, valuing the car park operator at 900 million to 1.2 billion euros, sources close to the deal said. Portuguese real estate group Silva & Silva is selling the 79 percent stake it owns in Empark, which operates 530,000 parking spaces is Spain, Portugal, Britain and Turkey, through holding companies Assip and Parkinvest. Minority shareholder Haitong and Transport Infrastructure Investment Company (TIIC) could sell its 21 percent stake if satisfied with the price on offer, one source said. But the minority shareholders have pre-emption rights and have agreed to sell these to Deutsche Asset Management if the offers are too low, the source added. Saba, Macquarie and Deutsche Bank all declined to comment. Last year, Empark recorded revenues of 201.3 million euros ($234 million) and earnings before interest, tax, depreciation and amortization (EBITDA) of 71.4 million. The company is funded with 385 million of corporate bonds maturing in 2019, including a 235 million fixed-rate tranche paying 6.75 percent and a 150 million floating-rate tranche paying 5.5 percent over three-month Euribor. It also has 80.8 million euros of non-recourse debt across various project loans to finance 11 car parks that are not fully owned by Empark, where it holds stakes of 50 percent or more. The company says its net debt amounts to 6.4 times its adjusted EBITDA. JP Morgan and Caixa BI are advising the sellers. Reporting by Stefano Berra from PFI and Carlos Ruano Navarro in Madrid; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-empark-sale-idUSKBN1A5296'|'2017-07-20T19:30:00.000+03:00'
'489059ab2e24a0ec7733f85f8b0a9bf930126338'|'Ericsson remains in the red, market outlook darkens'|'July 18, 2017 / 11:20 AM / in 3 minutes Ericsson remains in the red, market outlook darkens Reuters Staff 4 Min Read The exterior of an Ericsson building is seen in Stockholm April 30, 2009. Bob Strong/File Photo STOCKHOLM (Reuters) - Sweden''s Ericsson reported a worse than expected second-quarter loss on Tuesday and lowered its forecast for the mobile infrastructure market, blaming persistent low investment by telecoms companies. Ericsson shares fell more than 11 percent to 54.20 crowns by 1110 GMT, with the figures fuelling concerns that plans by CEO Borje Ekholm, who took charge in January, will not be enough to restore profitability. The company is facing mounting competition from China''s Huawei [HWT.UL] and Finland''s Nokia as well as weak emerging markets and falling spending by telecoms operators with demand for next-generation 5G technology still years away. Ericsson has responded by cutting jobs and costs but those efforts are yet to stop the rot. "We are in a phase of turnaround but it''s going to take some time," Ekholm said on Tuesday, repeating the firm was on course to double 2016 margins after 2018. Operating loss in the second quarter was 1.2 billion Swedish crowns ($145.3 million), compared with a 2.8 billion profit a year earlier and a mean forecast for a 244 million crown loss seen in a Reuters poll of analysts. Ekholm''s strategy to stabilize the business includes exploring options for its loss-making media arm and reviewing unprofitable managed services and network rollout contracts. "We see a more challenging investment environment in Europe and Latin America, that''s clearly the market area with the biggest impact," Ekholm added. "We see macro economic uncertainty in Middle East and Africa that is hurting investment. We see also that operators have funneled the investments more into fiber investments for example than into radio capacity." The company, backed by prominent Wallenberg family-backed Investor AB and Industrivarden, said it was targeting cost cutting to achieve an annual run rate reduction of at least 10 billion crowns by mid-2018. Market Decline Ericsson stunned investors earlier this year by announcing $1.7 billion in provisions, writedowns and restructuring costs. Moody''s cut the company''s credit rating to junk in May, partly due to worries that the cost-cutting could hamper innovation. Adding to the sense of gloom, Ericsson said it now sees the mobile infrastructure market falling by a high single-digit percentage this year, compared to its earlier guidance of a 2-6 percent decline. "Ericsson doesn''t deliver, they lose versus the market and the market is weak," said Inge Heydorn, fund manager at Sentat Asset Management, which has no position in Ericsson shares. In 2018 it expects the mobile infrastructure market to fall by a low single digit percentage and to flatten out in 2019, CFO Carl Mellander told Reuters. Sales at Ericsson, one of the top global mobile networks equipment makers, were 49.9 billion crowns below a consensus forecast of 50.5 billion, while the gross margin came in at 27.9 percent versus the 28.4 percent seen by analysts. Operating profit in the Networks segment almost halved to 2.6 billion crowns in the second quarter, while both IT & Cloud and the media segments posted higher losses versus a year ago. It had a net cash position of 24 billion crowns by the end of June, down from 28 billion at the end of March. (This version of the story was refiled to fix garble in second paragraph) Reporting by Helena Soderpalm and Olof Swahnberg; editing by Justyna Pawlak and Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ericsson-results-idUKKBN1A312W'|'2017-07-18T14:18:00.000+03:00'
'3d93feedd6dc23fd0775585e93da98c2d5924599'|'Trump urges U.S. Congress to repeal Obamacare'|'July 18, 2017 / 2:43 AM / 14 hours ago Trump urges U.S. Congress to repeal Obamacare 1 Min Read WASHINGTON, July 17 (Reuters) - U.S. President Donald Trump on Monday urged Republicans in Congress to repeal Obamacare and work on a healthcare plan that he said would draw Democratic support. In a tweet following the loss of support for a Senate Republican bill, Trump said, "Republicans should just REPEAL failing ObamaCare now & work on a new Healthcare Plan that will start from a clean slate. Dems will join in!" Democrats have insisted that they will not cooperate with any Republican legislation that repeals President Barack Obama''s landmark healthcare law, but would work in a bipartisan way to improve it. Reporting By Richard Cowan; Editing by Shri Navaratnam 0 : 0 '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/usa-healthcare-trump-idUSL1N1K903S'|'2017-07-18T10:43:00.000+03:00'
'71a7a3d53539535ab8921e74172b1d92d958cc4c'|'China bank watchdog to tighten risk control amid regulatory shake-up'|'July 18, 2017 / 12:35 AM / 11 minutes ago China bank watchdog to tighten risk control amid regulatory shake-up 3 Min Read SHANGHAI (Reuters) - China''s banking regulator will tighten control over risks in the financial markets, work more closely with the central bank and other regulators, and "resolutely follow" the leadership of a newly-formed financial stability committee, it said late on Monday. The China Banking Regulatory Commission''s comments come after President Xi Jinping said on Saturday that the central bank would take a bigger role with a Financial Stability and Development Committee to be set up under the State Council. Beijing sees financial security as a vital part of national security and has been looking to crack down on risky behaviour in the financial markets, such as insurers selling high-risk products and companies taking on excessive debt. The China Banking Regulatory Commission (CBRC) said in the statement on its website it would strengthen controls to avoid financial risks, including those related to liquidity, credit and shadow banking. It said there was a "step-by-step" plan to reduce "chaos" in the market, without giving details. The regulator will also boost cooperation with other bodies, something Beijing sees as key to cutting risks. Regulators now oversee different parts of a complex financial sector, but no single watchdog has a complete picture of the overall system. "CBRC will resolutely follow the leadership of the Financial Stability and Development Committee, actively coordinate with the People''s Bank of China to fulfil macroprudential management duties, and strengthen cooperation with other financial regulators, ministries and local government," it said. The two other main financial regulators are the China Securities Regulatory Commission and the China Insurance Regulatory Commission. The banking watchdog added failure to catch, flag and deal with financial risks in a timely manner would be treated as a dereliction of duty, parroting comments made by Xi at the once-in-five-years government work conference that ended on Saturday. In 2015, a poorly coordinated response to a stock market crash in China led to scrutiny of the government''s response, with Premier Li Keqiang openly criticising financial regulators'' performance. The CBRC will also convene a meeting in the near future with banking regulators from around the country to discuss how to implement measures decided at the work conference. Reporting by Adam Jourdan; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-banking-regulator-idINKBN1A3023'|'2017-07-18T03:31:00.000+03:00'
'84dbc8639a8d07d327bbfbdb989364191a9f484a'|'U.S. appeals court voids Libor convictions of ex-Rabobank traders'|'July 19, 2017 / 3:00 PM / 11 minutes ago U.S. appeals court voids Libor convictions of ex-Rabobank traders Jonathan Stempel 3 Min Read NEW YORK (Reuters) - A federal appeals court on Wednesday overturned the convictions of two former London traders in what had been the U.S. Department of Justice''s first criminal trial stemming from the worldwide probe into the manipulation of the interest rate benchmark known as Libor. The 2nd U.S. Circuit Court of Appeals in New York also dismissed the indictment against former Rabobank RABO.UL traders Anthony Allen and Anthony Conti, saying their right against self-incrimination under the 5th Amendment of the U.S. Constitution had been violated. Justice Department representatives did not immediately respond to requests for comment. The U.S. government has received much criticism in recent years from investors and politicians for failing to prosecute enough individuals for financial crimes, and Wednesday''s decision was a setback for that effort. Libor, or the London Interbank Offered Rate, is used by banks to set rates on hundreds of trillions of dollars of mortgages, credit cards and other loans. Several banks, including the Dutch bank Rabobank, have paid roughly $9 billion to resolve Libor-rigging probes by U.S. and other regulators. Allen and Conti had been convicted in November 2015 on fraud and conspiracy charges for conspiring to rig U.S. dollar and Japanese yen Libor. Their appeal focussed on testimony from former Rabobank colleague Paul Robson, who was cooperating with prosecutors, about testimony that Allen and Conti had been compelled to give UK regulators. In a 3-0 decision, the appeals court agreed with Allen and Conti that admitting this testimony violated their rights, and that its admission was not harmless beyond a reasonable doubt. "Compelled testimony cannot be used to secure a conviction in an American court," Circuit Judge Jose Cabranes wrote in a 78-page decision. "This is so even when the testimony was compelled by a foreign government in full accordance with its own law." Michael Schachter, a lawyer for Allen, was not immediately available to comment. Conti''s lawyer, Tor Ekeland, said his client "is obviously very pleased with the decision. This case should never have been brought in the United States at all. The cloud is gone." The case is U.S. v. Allen et al, 2nd U.S. Circuit Court of Appeals, Nos. 16-898, 16-939. Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama and Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rabobank-libor-idUKKBN1A41N9'|'2017-07-19T17:59:00.000+03:00'
'2b30436a8dbe0f50bf76d83779220bc236483744'|'Trump vows to protect ''Made in America'' products'|'Vice President Mike Pence laughs as U.S. President Donald Trump holds a baseball bat as they attend a Made in America product showcase event at the White House in Washington, U.S., July 17, 2017. Carlos Barria WASHINGTON (Reuters) - President Donald Trump promised on Monday he would take more legal and regulatory steps during the next six months to protect American manufacturers, lashing out against trade deals and trade practices he said have hurt U.S. companies.Trump climbed into an American-made fire truck parked behind the White House, took a swing with a baseball bat in the Blue Room, and briefly donned a customized Stetson cowboy hat in front of cheering manufacturing company executives from all 50 states gathered to hear him praise their products."I want to make a pledge to each and every one of you: No longer are we going to allow other countries to break the rules, steal our jobs and drain our wealth," Trump said.He was speaking to a trade show - albeit one with a protectionist bent - organized by the White House to spotlight his efforts to revive the flagging manufacturing sector.Trump''s remarks came as his administration laid out its priorities for revising the North American Free Trade Agreement (NAFTA) with Canada and Mexico. Trump is also reviewing options to restrict steel imports.Trump did not give details about what his administration would do to protect manufacturers, but he railed against tariffs charged by other countries and unfair trade practices."That includes cracking down on the predatory online sales of foreign goods, which is absolutely killing our shoppers and our shopping centers," he said.U.S. President Donald Trump signs a proclamation as he attends a "Made in America" products showcase event at the White House in Washington, U.S., July 17, 2017. Carlos Barria "If you look at what is going on with shopping centers and stores and jobs and stores, it’s been very, very tough for them. They’ve have had a very hard time, closing at numbers and records that have never been seen before," he said.It was unclear what Trump meant by stopping "predatory online sales," and the White House did not immediately respond to a request for more information on that subject.Slideshow (3 Images) Trump spoke in front of a panoply of iconic American-made products: Gibson guitars, Maryland crab pots, a Delaware-made NASA space suit and Cheerwine soda."Your drivers are very good," Trump said to a representative of Ping, the Arizona-based maker of golf clubs, noting that he had golfed with British pro golfer Lee Westwood, who is a fan.He discussed sales of Sikorsky ( LMT.N ) helicopters - "I have three of them!" he said, lifted horseshoes made with Nucor Corp ( NUE.N ) steel, and strolled past vacuum-sealed Omaha steaks.He told the manufacturers that he was working for a "level playing field" for their wares."But if the playing field were slanted like a little bit toward us, I''d accept that also," Trump said.Reporting by Roberta Rampton; Editing by Jonathan Oatis '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trade-manufacturing-idUSKBN1A2293'|'2017-07-18T00:39:00.000+03:00'
'31d21b85772d5a8dcbe7e802c0c7ee9fd1416360'|'UK economy will adjust over time to weaker sterling - Chancellor'|'July 18, 2017 / 11:36 AM / 12 minutes ago UK economy will adjust over time to weaker sterling - Chancellor Reuters Staff 1 Min Read Britain''s Chancellor of the Exchequer, Philip Hammond, leaves 11 Downing Street, in central London, Britain July 17, 2017. Tolga Akmen LONDON (Reuters) - Over time Britain''s economy will adapt to changes in the value of sterling, Chancellor Philip Hammond said on Tuesday when asked by a lawmaker about the impact of the fall in the pound since the country voted to leave the European Union. "The short run effect of a depreciation of sterling would be expected to be a decline in our trade balance performance as we suck in more expensive, in sterling terms, imports," Hammond said. "But over time, and there''s signs the economy is doing this now, the economy will adjust, with exporters increasing their output to take advantage of weaker sterling and their greater competitiveness in international markets." Reporting by William James and Kylie MacLellan, editing by Andy Bruce 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-hammond-idUKKBN1A314S'|'2017-07-18T14:36:00.000+03:00'
'1715110a7e8b88e83fbecbd25a49b6ef852a50c2'|'Exclusive: Ahead of privatisation, Air India eyes bumper staff buyout'|'July 18, 2017 / 10:11 AM / 3 hours ago Exclusive: Ahead of privatisation, Air India eyes bumper staff buyout Rupam Jain 5 Min Read FILE PHOTO: An Air India Airlines Boeing 787 dreamliner takes part in a flying display during the 50th Paris Air Show at the Le Bourget airport near Paris, June 14, 2013. Pascal Rossignol/File Photo NEW DELHI (Reuters) - Air India is drawing up a proposal to offer voluntary buyouts to just over a third of its 40,000 employees, a senior company official said, one of the largest such offers in India''s state sector, as the airline slashes costs ahead of a 2018 sale. The official, who could not be named as the plans are not public, said the state-owned airline had also put fleet expansion on hold, scrapping a proposal to lease eight Boeing 787 wide-body aircraft. Air India''s board approved the proposal in April but nothing further had been done. India''s flag carrier is on the block after Prime Minister Narendra Modi''s cabinet last month approved plans to privatise the loss-making airline by selling part or all of the company and ending decades of state support. Founded in the 1930s and known to generations of Indians for its Maharajah mascot, Air India has a complex fleet, too many staff relative to rivals and $8.5 billion in debt. Since 2012, New Delhi has injected $3.6 billion to keep it afloat. An official in Modi''s office said the prime minister, under pressure to cut spending and boost basic infrastructure such as ports and roads, was in "no mood" to provide fresh monetary assistance to any loss-making public sector company. The official said top bureaucrats in the civil aviation ministry and at Air India had been asked to present a report on how a Voluntary Retirement Scheme (VRS) could be offered to some 15,000 of Air India''s 40,000 staff, including contractors. "Nothing has been finalised but our aim is to make the strategic sale as simple as we can," said a second top official in New Delhi, who is involved in the airline''s daily operations, adding that any fresh investment would also be put on hold. Previous attempts to offload the airline have failed mainly because of the scale and complexity of Air India''s problems, as well as its influential unions. If Modi can pull the privatisation off it will buttress his credentials as a reformer brave enough to wade into some of the country''s most intractable problems. United Front In its heyday, Air India boasted a talent pool that newly founded airlines dipped into. The government will, however, need to convince seven trade unions to accept the plan to make the airline attractive to potential buyers, including buyouts and other efforts to slash costs. Their initial response was not positive. The Air India logo is seen on the facade of its office building in Mumbai, India, July 7, 2017. Danish Siddiqui/Files "The government will propose a VRS scheme and we will throw their proposal in the dustbin," said J.B. Kadian, leader of a union that represents 8,000 non-technical Air India staff. Kadian said a joint forum of unions representing Air India employees will launch an "agitation" in August if the government pursues its privatisation plans. On Tuesday, dozens of members of the Air Corporations Employees'' Union gathered near Delhi airport holding placards and shouting slogans opposing the privatisation and demanding the airline''s debt be written off, marking the first protest against the government''s plan. A committee of five senior federal ministers, led by Finance Minister Arun Jaitley, is expected to meet this month and begin ironing out the finer details of the privatisation plan. In the meantime, Civil Aviation Minister Ashok Gajapathi Raju said he wanted Air India to begin cutting at all levels. Earlier this month, the airline decided to stop serving non-vegetarian meals in economy class on domestic flights in a bid to save up to 100 million rupees ($1.6 million) over 10 months. The action provoked uproar on social media and was belittled by aviation experts, who argue that Air India''s management needs a massive structural overhaul, tackling thornier issues such as its fleet and staff, rather than meals. The airline is also working to reduce the time its planes spend on the ground and launching direct flights to new international destinations. In July, Air India started a direct flight to Washington and it will start flying to Stockholm, Copenhagen and Los Angeles later this year. "Keeping planes in the hangar makes no sense when Air India is trying to find new sources of income. We should optimize the use of all possible resources," Raju said. "The idea is to present a robust company to potential buyers." ($1 = 64.3400 Indian rupees) Additional reporting by Aditi Shah and Adnan Abidi; editing by Clara Ferreira Marques and Raju Gopalakrishnan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/air-india-privatisation-idINKBN1A30VY'|'2017-07-18T14:19:00.000+03:00'
'37ddbb4d3793199c3cc7ef6fd9841b35ad5e662d'|'Insurer UnitedHealth''s quarterly profit rises 30 pct'|'July 18, 2017 / 10:06 AM / 6 hours ago Insurer UnitedHealth''s quarterly profit rises 30 pct 1 Min Read July 18 (Reuters) - UnitedHealth Group Inc, the largest U.S. health insurer, reported a 30 percent rise in quarterly profit, driven by growth across its businesses. The insurer''s results come a day after a second attempt to pass a healthcare legislation in the Senate collapsed late on Monday, with U.S. President Donald Trump calling for an outright repeal of Obamacare and others seeking a change in direction toward bipartisanship. UnitedHealth, which sells employer-based insurance as well as Medicare and Medicaid, said net earnings attributable to shareholders rose to $2.28 billion, or $2.32 per share, in the second quarter ended June 30, from $1.75 billion or $1.81 per share, a year earlier. Total revenue rose to $50.05 billion from $46.49 billion. (Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/unitedhealth-results-idUSL3N1K93PP'|'2017-07-18T13:05:00.000+03:00'
'359aae0f5b2c987f5d922af159da52f76dc1d273'|'Johnson & Johnson reports dip in quarterly profit'|'A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. Mike Blake (Reuters) - Johnson & Johnson ( JNJ.N ) expects sales growth to pick up in the second half of the year on strong demand for newer, pricey treatments such as its cancer drugs Darzalex and Imbruvica.J&J, which reported better-than-expected quarterly earnings and raised its full-year profit forecast on Tuesday, is banking on newer pharmaceuticals to counter slowing demand for some of its older, best-selling products, including Remicade treatment and diabetes drug Invokana.J&J''s shares were up 1.9 percent at $134.61 in midday trading on the New York Stock Exchange.Chief Executive Alex Gorsky said that when drugs add months or years to patient lives and make significant differences on health outcomes, as with multiple myeloma treatment Darzalex and leukemia drug Imbruvica, the company has experienced less pricing pressure.Pharmaceutical companies have come under pressure to cut prices from insurers and the federal government. J&J is one of several companies that has said it will keep annual price increases mostly below 10 percent.President Donald Trump has said that he will work to bring down drug prices and signed an executive order on the topic, though it is not clear how it will work.J&J is the first among major pharmaceutical companies to release quarterly results, and the report comes a day after a Republican effort to pass healthcare legislation in the Senate collapsed. Gorsky is in Washington, D.C., meeting with U.S. and global leaders to discuss health care related issues.Excluding special items, the maker of everything from drugs, to medical products to consumer products including Band-Aids earned $1.83 per share in the second quarter, beating analysts'' estimates by 3 cents.While sales in J&J''s consumer and medical device divisions rose, sales for pharmaceutical products - its largest business - fell marginally to $8.6 billion.This is the third quarter in a row that J&J''s pharmaceutical sales have fallen short of estimates, RBC Capital analysts said in a research note."There appears to be a light at the end of the tunnel," BMO Capital Markets analyst Joanne Wuensch said, citing Darzalex''s expanded label and the U.S. Food and Drug Administration''s recent nod for J&J''s potential blockbuster psoriasis treatment, Tremfya.J&J reported total sales of $18.84 billion for the second quarter, missing the average analyst estimate of $18.95 billion, according to Thomson Reuters I/B/E/S.The diversified healthcare company, which completed its $30 billion acquisition of Swiss biotech Actelion ( ATLN.S ) last month, raised its 2017 profit forecast to a range of $7.12 to $7.22 per share, from $7.00 to $7.15Reporting by Michael Erman in New York and Divya Grover and Natalie Grover in Bengaluru; Editing by Maju Samuel, Bernard Orr '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-johnson-johnson-results-idUSKBN1A311M'|'2017-07-18T13:58:00.000+03:00'
'1c999fe3c6d9469242696a9c2befa688da16c401'|'BC Partners buys PlusServer for $459 mln in managed hosting drive'|'FRANKFURT (Reuters) - Private equity group BC Partners agreed to buy German managed hosting provider PlusServer from GoDaddy Inc ( GDDY.N ) for an enterprise value of 397 million euros ($459 million) and said it was eyeing further acquisitions in the sector."The market for managed hosting in Germany is highly fragmented, and PlusServer is an ideal platform for consolidating this market," BC Partners managing partner Stefan Zuschke said in a statement on Tuesday.According to GoDaddy, PlusServer will assume liabilities of 23 million euros as part of the deal and retain existing cash on the balance sheet of 12 million euros.GoDaddy, a U.S.-based website domain name provider, said it planned to use the proceeds of the sale as well as some cash on hand to repay its 500 million euro bridge loan.It had acquired PlusServer as part of its recent purchase of Host Europe Group for 1.69 billion euros. It said at the time it would explore further options for PlusServer, including a possible sale.PlusServer, based in Cologne, had over 300 employees and generated around 100 million euros of revenues last year.Oakley Advisory acted as financial advisor to GoDaddy on the deal, while Heuking Kuehn Lueer Wojtek were legal advisors.BC Partners was advised by Raymond James and Arma Partners on the M&A aspects of the deal, while Ernst & Young provided due diligence and structuring advice and Latham & Watkins were legal advisors.Reporting by Maria Sheahan; Editing by Victoria Bryan '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-plusserver-m-a-bc-partners-idUSKBN1A31D3'|'2017-07-18T15:54:00.000+03:00'
'725f70dbf541e1e3f9da2bd4ac0f3514613effa5'|'Rio cuts 2017 iron ore guidance as rail work hits shipments'|'July 18, 2017 / 12:56 AM / in 4 hours Rio cuts 2017 iron ore guidance as rail work hits shipments Reuters Staff 2 Min Read FILE PHOTO - A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. David Gray/File Photo (Reuters) - Global miner Rio Tinto ( RIO.AX ) ( RIO.L ) on Tuesday lowered its forecast for shipments of iron ore in calendar 2017 by up to 10 million tonnes due to bad weather and ongoing work to modernise its rail haulage lines. Iron ore shipments were expected at 330 million tonnes, down from an earlier range of 330 million to 340 million tonnes, the world''s number two producer of the steel making raw material said in its second-quarter production report. "Iron ore shipments were impacted by an acceleration in our rail maintenance programme following poor weather in the first quarter," Chief Executive Jean-Sebastien Jacques said. Second-quarter iron ore shipments from Australia fell 6 percent from a year ago to 77.7 million tonnes, slightly below analysts'' forecasts as Rio Tinto transitions to a driverless train network. First-half shipments totalled 154.3 million tonnes, indicating the company expects to pick up shipments in the remaining two quarters. Second-quarter production from its Australian mines dipped 1 percent to 79.8 million tonnes against the year-ago period, Rio Tinto said. In other minerals, Rio Tinto cut its full-year production target for hard coking coal to 7.2–7.8 million tonnes following a 14 percent fall in second-quarter production after a cyclone that swept across its collieries earlier this year. Reporting by Shashwat Pradhan in Bengaluru; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rio-tinto-output-idUKKBN1A3038'|'2017-07-18T03:56:00.000+03:00'
'836a030efe9510b4e11236b9177872b728d1e7b1'|'ECB taken to court over hiring of Draghi''s top aide'|'July 19, 2017 / 11:08 AM / 3 hours ago ECB taken to court over hiring of Draghi''s top aide Francesco Canepa 3 Min Read FILE PHOTO - European Central Bank (ECB) president Mario Draghi speaks during a news conference at the ECB headquarters in Frankfurt, Germany, July 21, 2016. Ralph Orlowski FRANKFURT (Reuters) - A staff representative has taken the European Central Bank to court over the hiring of President Mario Draghi''s closest adviser, escalating a conflict over alleged favoritism at the top of the euro zone''s mightiest institution. In the complaint, seen exclusively by Reuters, staff representative Carlos Bowles said the ECB''s Executive Board had acted unlawfully by not advertising the job, denying others a chance to apply. The adviser, German economist Roland Straub, who was appointed in February, plays a key role in formulating policy proposals and also coordinates the aides to the ECB''s five other directors. Bowles''s appeal marks the first time an ECB appointment at such a senior level has been challenged. Straub''s qualifications are not questioned in the appeal, which focuses on the mode of employment for the dual role of adviser to Draghi and coordinator of the other aides. Bowles, who has obtained the cancellation of five hirings in the past year, said direct appointments risked making ECB staff seek their superiors'' favors as a means to obtain promotions. "The contested decisions violate the principles of publicity, transparency, equal access and non-discrimination," said Bowles, who chairs the ECB''s staff committee. Asked about Bowles'' move, an ECB spokesman said: "The ECB has not been notified of any complaint. We would welcome the opportunity to confirm that this appointment was made in full compliance with ECB rules." Straub, who has published more than 50 papers and articles, was not available for comment. Internal Appeal Rejected The ECB''s board rejected Bowles'' internal appeal against Straub''s appointment in May on the grounds that it did not affect the staff representative personally and was in line with the bank''s hiring rules and practice. The case will now be investigated by the General Court of the European Union, the highest authority in cases against the ECB and the EU''s other institutions. Staff representatives complained last year to the European Parliament, which oversees the ECB, that dissent was discouraged at the bank, potentially hobbling its ability to spot the next financial crisis. The ECB is also under scrutiny from Europe''s ethics watchdog over the participation of Draghi and other top officials in a closed-door forum with bankers and fund managers. Bowles alleged the handpicking of Straub, previously an adviser to director Benoit Coeure, was indicative of a tendency at the ECB to promote employees who are close to board members. ECB rules allow for certain positions, including that of counselor to a board member, to be filled by direct appointment rather than via an open recruitment process. But Bowles said the rules do not allow for Straub to be handpicked as a coordinator. An ECB staff survey conducted in 2015 showed 65 percent of respondents chose "knowing the ''right people''" as a way of getting ahead at the ECB, a higher proportion than chose any other factor. Editing by Gareth Jones '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-workers-draghi-idUKKBN1A4103'|'2017-07-19T13:54:00.000+03:00'
'4852ebe8439b0f96371d231e1c7d395f4bbea48b'|'Trump administration''s NAFTA demands make sense: Union Pacific CEO'|'Lance Fritz, chief executive officer of Union Pacific, looks on during an interview in New York, U.S., June 28, 2017. Shannon Stapleton DETROIT (Reuters) - The list of priorities U.S. Trade Representative Robert Lighthizer released this week for the renegotiation of NAFTA with Mexico and Canada is reasonable and in line with what the Trump administration has promised to focus on, the head of America''s largest railroad said on Thursday. "It was a very reasonable document," Union Pacific Corp ( UNP.N ) Chief Executive Lance Fritz said in an interview about a list of priorities released this week by Lighthizer. "From our perspective, he (Lighthizer) hit all of the elements that we’ve heard from the administration and they make sense." Republican U.S. President Donald Trump has threatened to exit the North American Free Trade Agreement if it is not renegotiated in favor of the United States. Talks with Mexico and Canada on revisions to the treaty, which came into effect in 1994, are due to start in mid-August. The top priority for the talks listed by Lighthizer''s office was shrinking the U.S. trade deficit with Canada and Mexico. Union Pacific''s Fritz said that Lighthizer''s focus on intellectual property, labor laws and dispute resolution mechanisms all make sense. "What makes most sense to us is elements (of Lighthizer''s priorities) focusing on the streamlining of freight across the border," he added. About 40 percent of Union Pacific''s freight volume is based on international trade and about 12 percent is based on cross-border trade with Mexico. Fritz said that Mexico should continue to be a "good driver" for Union Pacific''s growth. The CEO spoke to Reuters after Union Pacific posted a better-than-expected second-quarter profit that was lifted in part by a 25-percent jump in coal revenue. Major U.S. railroads have seen a resurgence in coal volumes this year, following two years of precipitous declines as many utilities switched to burning cheaper natural gas and as unseasonable weather resulted in large stockpiles of unburned coal. Union Pacific said on Thursday that coal volumes in the third quarter should be relatively flat versus the same period in 2016. "We expect coal to be a bit more stable moving forward and that''s dependent on natural gas pricing and to some degree weather," Fritz said. "The large inventory overhang has largely been consumed and that''s the good news." Reporting By Nick Carey; Editing by Nick Zieminski '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-union-pacific-nafta-idUSKBN1A52L0'|'2017-07-20T22:07:00.000+03:00'
'8aabe64c282fa22ab9c7533acb332961d22ff26f'|'Musk says received "verbal" approval for NY-DC hyperloop, gives no detail'|'Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla, speaks at the International Space Station Research and Development Conference in Washington, U.S., July 19, 2017. Aaron P. Bernstein SAN FRANCISCO (Reuters) - Tech entrepreneur Elon Musk on Thursday said he had received "verbal" approval to start building a high-speed underground transport system linking New York and Washington that could cut travel time between the cities to about half an hour.Musk, the chief executive of electric car maker Tesla Inc and rocket company SpaceX, is seeking to revolutionize transportation by sending passengers and cargo packed into pods through an intercity system of giant vacuum tubes known as the "hyperloop."He recently started a project, the Boring Company, to build transport tunnels for the system, which he says would be far faster than current high-speed trains and use electromagnetic propulsion.In tweets on Thursday Musk said he had "just received verbal government approval for the Boring Company to build an underground NY-Phil-Balt-DC hyperloop. NY-DC in 29 mins."Amtrak''s high-speed Acela train currently takes nearly three hours to cover the distance between the two cities, assuming no delays.Without clarifying, Musk also tweeted that a first set of tunnels would be to "alleviate greater LA (Los Angeles) urban congestion," adding that the company would "probably" do a loop from Los Angeles to San Francisco, and another in Texas."City center to city center in each case, with up to a dozen or more entry/exit elevators in each city," he wrote.Musk acknowledged there was still a "lot of work" to do before formal approval was granted, but said he was optimistic.Signaling that Musk''s tweets may be premature, the press secretary for New York City Mayor Bill de Blasio tweeted a reply: "This is news to City Hall."Last month, Musk tweeted that he had "promising conversations" about a tunnel network with Los Angeles Mayor Eric Garcetti.By traveling in vacuum tubes on magnetic cushions, hyperloop trains would avoid being slowed down by air pressure or the friction of wheels on rails, making them faster and cheaper to operate, supporters say. A number of startups have begun to develop the technology, despite concerns about the cost and practicality.On its website, the Boring Company says its goal is to lower costs by a factor of 10 or more. Some tunneling projects today cost as much as $1 billion per mile, the company said.In 2013, Musk said a hyperloop between Los Angeles and San Francisco would cost less than $6 billion and take seven to 10 years for completion.Major infrastructure projects typically require complex approval from various levels of government and likely would cost billions of dollars.President Donald Trump in March met with Musk, who raised the Boring Company idea then, White House officials said. Musk also talked about his plans to launch a mission to Mars.White House National Economic Council Director Gary Cohn in April praised the idea of Musk using tunnels to speed rail transit on the densely populated east coast of the United States and also to cut traffic congestion in Los Angeles.In a statement, the White House said it had had "promising conversations to date" with Musk and was committed to "transformative infrastructure projects."The Boring Company did not immediately respond to a request for comment.Reporting By Peter Henderson, David Shepardson and Alexandria Sage; editing by Bernard Orr and Tom Brown '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-hyperloop-musk-idUSKBN1A525F'|'2017-07-20T18:53:00.000+03:00'
'085a85909d3fb933a3b2e5c6ad55a003b753b438'|'Carrefour Brasil IPO prices at bottom of range - sources'|'July 18, 2017 / 9:24 PM / 27 minutes ago Carrefour Brasil IPO prices at bottom of range - sources 3 Min Read A general view of a Carrefour supermarket in Sao Paulo, Brazil July 18, 2017. Paulo Whitaker BOGOTA/SAO PAULO (Reuters) - Grupo Carrefour Brasil SA on Tuesday priced Brazil''s largest initial public offering this year at 15 reais per share, the bottom of a suggested price range, two people familiar with the matter said, due to concern over a stretched valuation. One of the people, who asked for anonymity, said price was enough to "comfortably" cover the minimum amount of shares put on offer. Carrefour Brasil, a unit of France''s Carrefour SA ( CARR.PA ) and Brazil''s largest supermarket chain, and shareholders would secure around 4.5 billion reais ($1.4 billion) with the transaction. That could increase to 6 billion reais if they sell supplementary and additional allotments in full. Media representatives for Carrefour Brasil declined to comment. At 15 reais per shares, Carrefour Brasil would trade at a discount against rival GPA SA ( PCAR4.SA ) in terms of enterprise value over earnings before interest, tax, depreciation and amortisation, a metric known as EV/EBITDA. Other multiples, such as sales over EBITDA, yield a premium for Carrefour Brazil. Investors were reluctant to bid at the top half of the 15-19 reais suggested range for a company that lacks a substantial competitive advantage, fund managers said. Still, the IPO should help Carrefour Brasil add muscle to take on GPA, whose food division has recovered amid slowing appliance sales. Carrefour recently surpassed GPA as Brazil''s No. 1 diversified retailer in sales. The transaction seals the first phase of an alliance between Carrefour and Brazilian retail tycoon Abilio Diniz, which started in 2014. Diniz, whose family founded GPA, is Carrefour''s third-largest shareholder and has a seat on its board. Carrefour Brasil''s IPO is the first of two such offerings this week, making it the busiest for share offerings since mid-February. The separate offering of Brazilian depositary receipts (BDRs) in Colombia-based pharmaceutical firm Grupo Biotoscana SA has investors willing to place three times the amount of shares on offer at the mid-point of a 24.50-28.50 reais price range, two people with knowledge of the deal said. Pricing of the offering, originally scheduled for Tuesday, was delayed to Friday after Biotoscana revised its financial statements in response to a regulatory inquiry over the accounting of its 2015 purchase of Laboratorio LKM. Investors are wary of Brazilian IPOs after new issues failed to deliver promised returns over the past decade. Less than one-third of the 115 IPOs priced since the start of 2007 yielded returns above Brazil''s interbank lending rate, Thomson Reuters data shows. ($1 = 3.1580 reais) Reporting by Guillermo Parra-Bernal and Bruno Federowski; Additional reporting by Dominique Vidalon in Paris and Tatiana Bautzer in São Paulo; Writing by Guillermo Parra-Bernal and Bruno Federowski; Editing by Tom Brown and Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-ipo-idUKKBN1A32EF'|'2017-07-19T00:23:00.000+03:00'
'b307b17d3492ba3f83fe38bf3e85079c72340ab3'|'Lockheed Martin''s profit rises about 5 percent'|'July 18, 2017 / 11:40 AM / 20 minutes ago Lockheed Martin tops estimates on F-35 sales, raises outlook Mike Stone and Rachit Vats 4 Min Read A US Marine Corps Lockheed Martin F-35B fighter jet taxis after landing at the Royal International Air Tattoo at Fairford, Britain July 8, 2016. Peter Nicholls (Reuters) - Lockheed Martin Corp ( LMT.N ), the Pentagon''s No. 1 weapons supplier, on Tuesday reported better-than-expected quarterly profit and said it expects increased defense spending under U.S. President Donald Trump to underpin its earnings this year. Lockheed''s net income rose nearly 5 percent to $942 million, or $3.23 per share, in the second quarter, helping the company nudge its full-year profit forecast higher. U.S. demand for F-35 jets has increased with the Pentagon announcing on July 10 that it would add 13 jets to its planned purchase of F-35s, but a detailed delivery schedule was not released. Chief Executive Officer Marillyn Hewson told analysts on a conference call, "As you can see just with what''s in the budget deliberations right now, with the adds that are coming forward on the F-35 for the various services ... we will still see potentially some upside." Hewson is aiming to win a portion of six or seven multi-billion dollar contracts that are scheduled to be awarded this year, such as the new Air Force training jet, and a renewal of an $8 billion dollar logistics and maintenance contract to support U.S. special forces. Net sales rose to $12.69 billion from $11.58 billion a year ago. Analysts expected $3.11 per share on revenue of $12.40 billion, according to Thomson Reuters I/B/E/S. Lockheed raised its 2017 profit forecast to $12.30 to $12.60 per share, up from its forecast of $12.15 to $12.45 last quarter, but only 5 cents higher than the outlook it gave in January. The company also raised its 2017 sales forecast to $49.8 billion to $51 billion, from $49.5 billion to $50.7 billion. The stock settled at $287.81, down 0.2 percent, after hitting a new high of $292.54 early in the session. A Lockheed Martin F-35A Lightning II aircraft takes part to a flying display at the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 23, 2017. Pascal Rossignol Lockheed shares have gained about 15 percent this year through Monday''s close. Trump promised during his election campaign to spend more on defense, and this has buoyed defense companies'' stock prices. Lockheed sells security and intelligence products including ships, planes, and missile systems to the U.S. intelligence community, the military and NASA. The U.S. government was about 70 percent of Lockheed''s revenue in 2016. The company has been working to grow its international customer base which accounted for 27 percent of revenue last year. Lockheed said sales at aeronautics, its largest segment, which makes the F-35 fighter jet and C-130 planes, rose 19.4 percent during the quarter. The U.S. Department of Defense said on July 10 it plans to purchase 2,456 F-35 jets, up from 2,443. The price of the F-35 varies, but the 13 additional jets will all be the B-model, capable of short take-offs and vertical landings and used by the Marine Corps and the British Navy, and currently cost more than $120 million each. The program, as it is currently outlined, would deliver the final jets in fiscal 2044 and have a total cost of more than a trillion dollars over its projected life. The F-35 program is the Pentagon''s costliest arms program and has been criticized by Trump and other U.S. officials for being too expensive. Last quarter the Bethesda, Maryland-based weapons maker cut its earnings-per-share estimates for the first time in seven years following a one-time charge of 39 cents per share. Lockheed bought back $500 million worth of shares and also distributed $525 million in dividends to shareholders. This represented 81 percent of the free cash flow from the quarter. Lockheed said on the conference call that its order backlog at the end of the second quarter was $92.1 billion. Reporting by Mike Stone in Washington and Rachit Vats in Bengaluru; Editing by Chris Sanders and Cynthia Osterman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lockheed-results-idUSKBN1A3152'|'2017-07-18T14:39:00.000+03:00'
'699e8a6344ebdf75d3bbff8ea5725dff7b9b9f8b'|'New UK listing rules set to attract state companies beyond Aramco'|'July 17, 2017 / 6:08 AM / an hour ago New UK listing rules set to attract state companies beyond Aramco Dasha Afanasieva and Simon Jessop 6 Min Read People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. Suzanne Plunkett/File photo LONDON (Reuters) - Proposed changes to Britain''s listing regime are likely to attract a series of state-backed companies to London''s stock markets as governments in oil rich states prepare for a wave of asset sales. However some investors and corporate governance groups say Britain''s move to make its capital markets attractive to state-controlled firms by loosening some of the rules may lower the quality of companies on its stock exchange and leave shareholders with less protection when things go wrong. The UK financial regulator proposed a new "premium" listing category for state-owned companies on Thursday, intended to make the market more attractive for oil giant Saudi Aramco as it plans what is expected to be the world''s largest ever initial public offering. The move was applauded by Britain''s financial lobby groups as helping to make sure the country''s capital markets remain attractive once it leaves the European Union. Capital markets lawyers say that as well as Saudi Arabia, the changes will appeal to a number of countries that are also in the midst of asset privatization plans. "This broadens the appeal of London for companies in countries like Saudi Arabia, Kazakhstan, Russia, and southern Europe," Raj Karia, partner at law firm Norton Rose, told Reuters. "There are a lot of companies globally which are state owned and will be privatized and in the run up to Brexit, London is appealing to the world outside of Europe." Falling oil prices have spurred privatizations across the Middle East, with Saudi Arabia, Oman and Abu Dhabi all announcing plans in the past year to float some of their oil assets. Government asset sales are also expected from Romania and Greece. Nicholas Holmes, a partner at law firm Ashurst, said it was clear the proposed rules were aimed at attracting further sovereign business in London beyond Aramco. However he cautioned that the changes risked undoing some reforms made to Britain''s listing rules in 2014 following a number of scandals. London-listed mining companies Eurasian Natural Resources Corporation (ENRC) from Kazakhstan and Bumi from Indonesia both left minority investors nursing heavy losses which were both blamed on dealings involving company insiders and controlling shareholders. That led to the rule changes, with such companies forced to ensure that all transactions between a controlling shareholder or their associates and the company are conducted on an arm''s length basis and on normal commercial terms. These rules will not apply to sovereign-controlled companies under the new proposed listing structure when dealing with the parent state, provided it holds at least 30 percent of the shares. "The fear is that we are rolling back a portion of sensible reforms which came as a result of past scandals such as ENRC. The risk is a dilution of the premium listing brand," Ashurst''s Holmes said. Shareholder groups and investors agreed. "Our initial reaction is that investors and savers should be nervous about any dilution of existing protections which were specifically introduced to avoid a repetition of the governance issues associated with Bumi and ENRC," said Catherine Howarth, Chief Executive of ShareAction. Euan Stirling, Head of Stewardship and ESG (environmental, social and governance) Investment at Standard Life, one of the biggest investors in the British stock market, said the move sent the wrong signal. "We would prefer to see listing rules tightened rather than loosened," he said. Likely Contenders Sources said Kazakh energy company KazMunaiGas is one of the most likely state-backed companies aside from Aramco to take advantage of Britain''s proposed new listing rules. It is currently selecting advisers for its planned 2019 initial public offering and is expected to consider London. Kazakhstan is listed as number 131 out of 176 on the Transparency International corruption perception index. The company was not immediately available to comment. Reeling from the collapse of its merger with Deutsche Bourse and a slowdown in large domestic listings, the London Stock Exchange is targeting emerging markets, and the Middle East in particular, as a source of new IPOs. Including Saudi Aramco, Riyadh aims to raise around $200 billion in the next several years through privatization programs in 16 sectors. Fighting a budget deficit, Kuwait is also considering privatizing some assets. United Arab Emirates could raise $1.5 to $2 billion for Abu Dhabi''s national oil company. That is initially expected to be a local listing which does not rule out the company tapping the London market in future. With smaller deal sizes, Egypt plans to list shares in a state-owned bank and companies including Banque du Caire and Arab African International Bank. Some of the large Middle East companies will be suitable for a listing in London, though some could opt for their local exchange. Russian state-owned companies such as Gazprom and Rosneft are already on the London exchange using the less popular standard listing structure, but will now find it easier to achieve the conditions for a premium listing. For investors, the next step to watch will be whether any companies listed under the new rules will be eligible for including in any stock market indices, meaning they can raise funds from passive index-tracking funds. FTSE, which runs the main UK stock indices, has already indicated that it will not include Aramco. It said its eligibility criteria for FTSE inclusion would not change if the new listing rules come into force. Additional reporting by Olzhas Auyezov; Editing by Giles Elgood 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-regulation-ipos-idUKKBN1A20EG'|'2017-07-17T09:03:00.000+03:00'
'fbc33cffbe84e1311fbed827d63c5f127800ca4f'|'Ericsson cuts 2017 market forecast as Q2 earnings lag consensus'|'July 18, 2017 / 7:01 AM / 13 minutes ago Ericsson cuts 2017 market forecast as Q2 earnings lag consensus 3 Min Read FILE PHOTO: The exterior of an Ericsson building is seen in Stockholm April 30, 2009. Bob Strong/File Photo STOCKHOLM (Reuters) - Mobile telecom equipment maker Ericsson reported a heavier than expected second-quarter loss on Tuesday and lowered its mobile infrastructure market forecast, dealing a fresh blow to the Swedish firm as it tries to restore profitability. The company has slashed jobs and accelerated cost cuts while shares have lost roughly a third of their value in the past two years, with some investors fearing plans rolled out by new CEO Borje Ekholm will not be enough to generate growth. Ericsson is facing mounting competition from China''s Huawei and Finland''s Nokia as well as weak emerging markets and falling spending more broadly by telecoms operators with demand for next-generation 5G technology still years away. The firm, which stunned investors earlier this year by announcing $1.7 billion in provisions, writedowns and restructuring costs, said it now sees the mobile infrastructure market falling by a high single-digit percentage this year, compared to its earlier guidance of a 2-6 percent decline. "In light of the current market outlook, we will accelerate our actions to ensure that we can meet our target of doubling the 2016 operating margin beyond 2018," Ekholm, who took charge in January, said in a statement. The firm said it was targeting cost cutting to achieve an annual run rate reduction of at least 10 billion crowns by mid-2018. Operating loss in the second quarter was 1.2 billion Swedish crowns ($145.3 million), compared with a 2.8 billion profit a year earlier and a mean forecast for a 244 million crown loss seen in a Reuters poll of analysts. Sales at Ericsson, one of the top global mobile networks equipment makers, were 49.9 billion crowns, below a consensus forecast of 50.5 billion, while the gross margin came in at 27.9 percent versus the 28.4 percent seen by analysts. "Ericsson doesn''t deliver, they lose versus the market and the market is weak," said Inge Heydorn, fund manager at Sentat Asset Management, which has no position in Ericsson shares. ($1 = 8.2570 Swedish crowns) Reporting by Olof Swahnberg and Helena Soderpalm; editing by Justyna Pawlak 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ericsson-results-idINKBN1A30I4'|'2017-07-18T09:57:00.000+03:00'
'aee975a269182985733f7fcd26980b6cafb212ee'|'Harley-Davidson cuts 2017 shipments forecast'|'July 18, 2017 / 11:09 AM / 3 hours ago Harley-Davidson cuts shipments forecast; shares skid Ankit Ajmera 3 Min Read (Reuters) - Harley-Davidson Inc''s ( HOG.N ) shares skidded to a more than one-year low after the motorcycle maker cut its full-year shipments forecast as demand weakens among its aging baby-boomer customers and fewer millennials take to motorcycling. The Milwaukee-based motorcycle maker also said it would need to cut production in second half of 2017, resulting in hourly workforce reductions at some of its U.S. plants. Harley''s shares were down 9 percent at $47.17 in late morning trading on Tuesday. While demand for new models has waned, the company has also taken a hit from used motorcycles being sold off by aging customers. For the full year, Harley said it expects to ship 241,000 to 246,000 motorcycles, compared with 262,221 a year earlier. The company had previously forecast shipments to be flat to modestly down. That''s a far cry from the nearly 350,000 it shipped a year about a decade ago. "We are downgrading Harley-Davidson to ''market-perform'' based on increased conviction that motorcycle demand in the United States is in the throes of secular erosion," Bernstein analyst David Beckel said. Beckel noted that the "Generation Y" - those born in the 1980s and early 1990s - was adopting motorcycling at a far lower rate than prior generations. Like other companies in the manufacturing industry, Harley was widely expected to benefit from President Donald Trump''s proposals to boost infrastructure spending and cut taxes. A Harley-Davidson bike is displayed in their office in Singapore October 13, 2016. Edgar Su/File Photo "The hoped-for drivers of incremental Trump-related demand – infrastructure spending, middle class tax cuts, corporate tax cuts, domestic production advantages – are all on hold, perhaps indefinitely," Bernstein analyst David Beckel said. Harley is also up against aggressive discounting by rivals such as Polaris Industries Inc ( PII.N ), the maker of the Indian bike, and Japan''s Honda Motor Co Ltd ( 7267.T ). The company said it expected to ship 39,000 to 44,000 motorcycles in the current quarter, suggesting a decline of up to 20 percent. Retail motorcycle sales fell 9.3 percent in the United States, its biggest market, and 6.7 percent globally in the second quarter ended June 25. Harley said its share in the U.S. big-bike market fell to 48.5 percent from 49.5 percent a year earlier. The company now expects 2017 operating margin to be down about 1 percentage point. It had previously forecast operating margin to be in line with 2016. Net income fell 7.7 percent to $258.9 million, or $1.48 per share. Revenue per motorcycle rose about $437 to $15,530 in the quarter, but revenue from motorcycles and related products fell about 5.6 percent to $1.58 billion. Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-harley-davidson-results-idUSKBN1A3126'|'2017-07-18T14:08:00.000+03:00'
'9c4b429b44159242add373c0e0ec9f42b1ce4bf0'|'Asia stocks hit nine-and-a-half-year high, markets await BOJ, ECB meetings'|'July 20, 2017 / 12:59 AM / an hour ago Asia stocks hit near-decade high, yen slips as BOJ cuts inflation forecast Nichola Saminather 4 Min Read FILE PHOTO: An investor looks at an electronic screen at a brokerage house in Hangzhou, Zhejiang province, January 26, 2016. China Daily SINGAPORE (Reuters) - Asian shares scaled a near-decade peak on Thursday, bolstered by a surge in global stocks to new records on strong U.S. corporate earnings, while the yen eased slightly after the Bank of Japan reinforced expectations it will lag other central banks in dialling back stimulus. MSCI''s broadest index of Asia-Pacific shares outside Japan added 0.15 percent, hovering near its highest level since December 2007. Australian stocks rose 0.6 percent and South Korea''s KOSPI was up 0.1 percent. Chinese blue chips advanced 0.15 percent, while the Shanghai Composite edged up 0.25 percent. Hong Kong''s Hang Seng crept up 0.3 percent. The MSCI World index inched up in its 10th straight session of gains on Thursday and set a record high for the sixth consecutive day, lifted by all-time closing highs on Wall Street in the wake of strong earnings reports. "In the U.S., the earnings season seems to be surprising a little bit on the upside," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland. "What we have seen recently in the economic reports suggests it should be even better overseas...So we have come to the point where things look pretty good in the U.S. and it looks even better in prospect overseas, so what''s not to like about equities," he said. The yen weakened slightly after the BOJ pushed back its projected timing for hitting its 2 percent inflation target, as it cut price forecasts until fiscal year 2020. The Japanese currency slipped 0.2 percent to trade at 112.10 yen to the dollar following the BOJ decision. The weaker yen helped lift the Nikkei 0.4 percent. The euro was steady at $1.15195 on Thursday, ahead of a meeting of the European Central Bank later in the session. The common currency hit 14-month high this week following seemingly hawkish comments by ECB President Mario Draghi. At Thursday''s meeting, the ECB may drop a reference to its readiness to increase the size or duration of its asset-purchase programme before announcing in the autumn how and when it will start winding down its bond buying. "The euro has surged enormously on the back of hopes that the ECB is going to start the process of shutting the door on loose monetary policy," Naeem Aslam, chief market analyst at ThinkMarkets UK, wrote in a note. "The ECB needs to be clear about its forward guidance and it should reinforce that in a subtle manner. Coming out of the gates too aggressively would create shock waves in the market." The dollar index, which tracks the greenback against a basket of trade-weighted peers, was flat at 94.784. The Australian dollar set a new two-year high on Thursday, still heady from the minutes of the last Reserve Bank of Australia meeting, released Tuesday, which showed the central bank had turned more upbeat on the economic outlook. It pulled back from that high to trade down 0.15 percent from Wednesday''s close at $0.7942. The Canadian dollar was about 0.1 percent weaker at C$1.2615 to the dollar. On Tuesday, it touched a 14-month high on record domestic factory sales and stronger oil prices. Oil prices, which hit a two-week peak on Wednesday on a bigger-than-expected weekly draw in crude and gasoline inventories in the United States, were marginally lower on Thursday. U.S. crude fell 0.1 percent to $47.07 a barrel, after jumping 1.6 percent overnight. Global benchmark Brent also lost 0.1 percent to $49.64, holding on to most of Wednesday''s 1.8 percent gain. Gold pulled back 0.15 percent to $1,238.55 an ounce on Thursday. Additional reporting by Lewis Krauskopf; Editing by Sam Holmes and Jacqueline Wong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1A503I'|'2017-07-20T03:54:00.000+03:00'
'47acc7e87bf4170b2e5d06f051456f3c7effef88'|'R&F Properties, Sunac shares set to jump after deal with Wanda restructured'|'FILE PHOTO - Chairman of Dalian Wanda Group Wang Jianlin, Chairman of Sunac China Holdings Ltd. Sun Hongbin and Chairman of R&F Properties Li Silian attend a strategic cooperation signing ceremony in Beijing, China July 19, 2017. Jason Lee/File Photo HONG KONG/BEIJING (Reuters) - Dalian Wanda Group''s abrupt reworking of a $9 billion property sale was messy until minutes before a high-profile announcement, as all sides scrambled to simplify payment - underscoring Beijing''s concerns over creative lending and ambitious deals.Wanda, led by one of China''s richest men, Wang Jianlin, announced on July 10 it would sell hotel and theme park assets to rival Sunac China.But shortly after, it approached Guangzhou R&F Properties about taking on some of the assets to reduce the complexity of the deal and speed up full payment, two sources familiar with the matter said.It got what it wanted - although talks were so frenetic ahead of Wednesday''s news conference that it was touch-and-go about whether a deal would be done, said one of the sources who had direct knowledge of the deliberations.Disagreements were such that the R&F name was temporarily taken off a board at the venue for the news conference which was also delayed by an hour, said the source, who declined to be identified due to the sensitivity of the matter.Wang told reporters the delay was due to printer problem and that concerns about "terrible quarrels" were just rumors.Representatives for Wanda declined to comment on the details of the talks.The deal, which represents a sharp scaling back of Wang''s theme park ambitions, comes amid difficult times for Wanda.China regulators have told banks to stop providing funding for several of Dalian Wanda Group''s overseas acquisitions as Beijing looks to curb the conglomerate''s offshore buying spree, sources familiar with the matter said on Monday.Chairman of Dalian Wanda Group Wang Jianlin, Chairman of Sunac China Holdings Ltd. Sun Hongbin and Chairman of R&F Properties Li Silian attend a strategic cooperation signing ceremony in Beijing, China July 19, 2017. Jason Lee Prospects for relisting its commercial property unit in Shanghai by September next year are also cloudy as regulators have tightened policies related to IPOs and refinancing by property firms.Sunac too had seen its banks look into credit risks after the first deal was announced, its chairman told local media.Under the new deal, which will see proceeds to Wanda largely unchanged, R&F will purchase 77 hotels at a 40 percent discount to what Sunac originally would have paid. Sunac will pay more for the theme park assets, but will be free of the hotels that analyst say it was not really that keen on in the first place.Importantly for Wanda, it removes a 30 billion yuan ($4.4 billion) loan the conglomerate had planned to extend to Sunac to finance the deal and will see Wanda pocket funds from the sale by end-January at the latest, rather than waiting three years for the loan to be repaid."The main difference in the revised deal is that Wanda no longer needs to loan money to Sunac which is beneficial to its cashflow," said Franco Leung, an analyst at Moody''s Investors Service.Investors in R&F and Sunac also cheered the new deal, sending their stocks to record highs.R&F, which said the deal would make it the largest hotel owner in the world, saw its shares jump as much as 13 percent on Thursday while Sunac climbed as high as 18 percent.And at Wednesday''s new conference, Wang was also quick to stress how much stronger Wanda''s commercial property unit would be once the deal was completed, saying "we have decided to pay off most of our bank loans".By the end of the year, Wanda Commercial will own 33 million square meters of commercial properties with rent surpassing 33 billion yuan in 2018, he said, adding that the unit will have an annual rent growth rate of about 20 percent for the coming five years."Is Wanda Commercial running a good business? You can make your own judgment," he said.Reporting by Clare Jim and Shu Zhang; Additional reporting by Matt Miller in Beijng; Writing by Adam Jourdan; Editing by Clara Ferreira-Marques and Edwina Gibbs '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-sunac-r-f-properties-idUSKBN1A5052'|'2017-07-20T09:31:00.000+03:00'
'f7519caf0b7aab5413a4fb3ee3e85cfaf62d0e21'|'Mexico minister expresses concern over U.S. talk of deficits in NAFTA goals'|'July 18, 2017 / 1:11 PM / in 4 hours Mexico minister queries U.S. talk on cutting NAFTA trade deficits 3 Min Read FILE PHOTO - Mexico''s Economy Minister Ildefonso Guajardo delivers speech during the inauguration of ABA Antitrust in the Americas conference in Mexico City, Mexico June 1, 2017. Edgard Garrido MEXICO CITY (Reuters) - Mexico''s economy minister on Tuesday expressed concern that the United States was insisting on reducing trade deficits in objectives it set out for the renegotiation of the NAFTA trade deal, a document he nevertheless said contained "no surprises." Speaking on Mexican television, Economy Minister Ildefonso Guajardo also raised questions about U.S. hopes to scrap the North American Free Trade Agreement''s Chapter 19 dispute settlement mechanism that hinders the United States in pursuing anti-dumping and anti-subsidy cases against Mexico and Canada. Talking by telephone from Japan, Guajardo likened the U.S. desire to cut trade deficits with its NAFTA partners Mexico and Canada to a "mercantilist" vision of international trade. "What I have said insistently in my conversations with my colleagues is that we''re delighted to review trade balances provided that we focus on how to improve them by expanding commerce, not by reducing it," he said. U.S. President Donald Trump has pushed for a renegotiation of NAFTA, threatening to dump it if he cannot rework the accord to the benefit of the United States. He argues it has fueled a trade deficit with Mexico and cost thousands of U.S. jobs. Guajardo said the document sent by U.S. Trade Representative Robert Lighthizer to lawmakers on Monday contained "no surprises", and he explicitly welcomed parts of it, including plans to enshrine anti-corruption provisions in NAFTA. "What is positive is that (the United States) themselves paraphrased that they won''t reintroduce quotas or tariffs during this process (of renegotiation)," he added. Aside from his concern over Chapter 19, Guajardo also expressed doubts about the United States'' intention to get rid of NAFTA''s so-called "global safeguard exclusion" that curbs Washington''s ability to impose measures on others. "This will all have to be subject to the three sides being in agreement in the process," he said. One Mexican official told Reuters on Monday he expected the Canadian government to fight to the "death" on Chapter 19, suggesting it could become a major bone of contention in negotiations due to begin next month. Both Mexico and the United States face important elections in 2018 which could complicate the NAFTA revamp, and Guajardo has said it would be in the interests of both nations to wrap up the three-way talks by the end of this year. However, there was no guarantee the process would be finished as quickly as they would like, Guajardo said. Reporting by Dave Graham; Editing by Marguerita Choy 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trade-nafta-mexico-idUSKBN1A31ED'|'2017-07-18T16:10:00.000+03:00'
'13b354e1dceac705f047b1ad4346e2ecf6cd2358'|'Netflix''s subscriber growth beats on new shows'|'July 17, 2017 / 8:14 PM / 15 minutes ago Netflix beats subscriber targets, shares jump 11 percent Lisa Richwine and Aishwarya Venugopal 3 Min Read FILE PHOTO: The Netflix logo is pictured on a television remote in this illustration photograph taken in Encinitas, California, U.S., on January 18, 2017. Mike Blake/File Photo (Reuters) - Netflix Inc crushed Wall Street forecasts by adding 5.2 million new streaming customers in the second quarter and predicted continued momentum as it expands around the world, lifting its stock nearly 11 percent on Monday. Shares of the company that pioneered streaming television jumped to $179.16 in after-hours trading, beating their all-time intraday high of $166.87 on June 8. Netflix expects foreign growth to lead to its first full-year profit for overseas markets in 2017, the company said in a letter to shareholders. At the end of June, Netflix for the first time recorded more subscribers abroad than in the United States - 52.03 million vs. 51.92 million. The company said a strong slate of content, such as "13 Reasons Why" and the latest season of hit political drama "House of Cards," helped attract new customers in the second quarter, which is typically its slowest season of the year. Netflix added 4.14 million non-U.S. subscribers, compared with the average analyst estimate of 2.59 million, according to data from analytics firm FactSet. ( bit.ly/2usBBdF ) In the United States, it signed up 1.07 million subscribers, beating analysts'' average estimate of 631,000. Netflix is expecting international subscriber additions of 3.65 million for the current quarter, compared with analysts'' average estimate of 3.2 million. The guidance assumes much of this momentum will continue, the letter said, though it added that Netflix''s forecasts had been too optimistic at times. Netflix is spending $6 billion a year on content to win new subscribers in a quest to become the dominant movie and TV streaming service around the world even as it faces a slowdown in U.S. customer growth. It is customizing content for different countries and adding shows in various languages. The Los Gatos, California-based company said it expected to report negative free cash flow "for many years" as it invests in content to add new subscribers. Netflix said revenue rose 32.3 percent to $2.79 billion in the quarter. The company''s net income rose to $65.6 million, or 15 cents per share, in the latest quarter from $40.8 million, or 9 cents per share, a year earlier. Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil D''Silva and Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-netflix-results-idUKKBN1A225E'|'2017-07-17T23:28:00.000+03:00'
'268b593071081db09a9c0e1fe5f7a63e965cfc0a'|'Porsche ponders diesel exit, pushes electric cars - CEO'|'July 18, 2017 / 11:40 AM / 32 minutes ago Porsche ponders diesel exit, pushes electric cars - CEO Andreas Cremer 2   An illuminated Porsche logo is pictured on a building of a Porsche retail centre in Niederwangen, Switzerland, March 9, 2012. Michael Buholzer/File Photo - RTX35WBL NUERBURGRING, Germany (Reuters) - Porsche''s latest generation of diesel engines could be its last, Chief Executive Oliver Blume told Reuters, as Volkswagen''s ( VOWG_p.DE ) cheating on diesel emissions tests starts to cast a shadow over its Porsche sports-car division. Porsche is spending a billion euros ($1.16 billion) to overhaul its main Stuttgart plant and build the brand''s first battery-only model, the four-door Mission E saloon which is due on the market in 2019. It is the first German carmaker to say in public that it could discontinue diesel. "Of course we are looking into this issue," CEO Blume said in an interview at the Nuerburgring motorsports complex in western Germany. "We have not made a decision on it." Whether diesel has a future at Porsche will be decided by the end of the decade, as part of an overall engine strategy, Blume said, adding that the brand will offer a mix of combustion engines, plug-in hybrid vehicles and purely battery-powered cars over the next 10 to 15 years. German prosecutors last month started probing Porsche staff for their role in designing illicit engine-control software while regulators examined whether the Porsche Cayenne SUV was fitted with such a device. Porsche and Audi, together accounting for 60 percent of VW group profit, are targeting "significant savings" in development and material costs for their electric-car programmes by sharing a new platform code named PPE, Blume said. The new architecture will allow both brands to save money by sharing components and modules, helping Porsche with a goal to keep its return on sales at around 15 percent a year, said Blume, adding that further shared platforms are conceivable. Editing by Georgina Prodhan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-porsche-diesel-idUKKBN1A3150'|'2017-07-18T14:39:00.000+03:00'
'87df10eed42ce6d0c7bf7515ca9419c03cd88dc5'|'Telekom Austria Q2 core profit up 8 pct, helped by solid home market'|'VIENNA, July 18 (Reuters) - Telekom Austria, a unit of Mexican tycoon Carlos Slim''s America Movil, reported a 7.8 percent rise in second-quarter core profit, helped by strong demand in its home market and in Belarus.Earnings before interest, tax, depreciation and amortization (EBITDA) rose to 359.3 million euros ($415.3 million) on revenue of 1.08 billion euros, the group said on Tuesday.While the hit from the abolition of retail roaming charges in the European Union came in slightly lower than expected in the second quarter, the expected losses for the second half of the year remained the same, the group said.$1 = 0.8652 euros Reporting by Kirsti Knolle; Editing by Mark Potter '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/telekom-austria-results-idUSFWN1K80FL'|'2017-07-18T20:21:00.000+03:00'
'32099ba98919a8e668bec7829f2f04410e34825c'|'Hot, dry weather threatens global supply of top-quality wheat'|'July 18, 2017 / 7:01 AM / 3 hours ago Hot, dry weather threatens global supply of top-quality wheat 5 Min Read A farmer harvests wheat in Marquion, near Cambrai, France, July 16, 2017. Pascal Rossignol CHICAGO/SYDNEY (Reuters) - Droughts are shrivelling high-quality wheat crops across the globe, sending prices to multi-year highs as bread makers scramble for supplies. High-protein wheat has emerged as the one tight spot in a global grains market swamped with abundant stocks after four years of bumper harvests. Low prices had already discouraged U.S. farmers from planting wheat, and dry weather is now exacerbating the shortage from North America to Australia. In Europe, a drought threatens to reduce cereal production in Italy and parts of Spain to its lowest in at least 20 years. Canada''s Alberta province, another top wheat producer, is also suffering from unusually dry weather. "The million-dollar question that the trade is still trying to figure out is, of all the global supplies out there, how much is going to be high-protein wheat?" said Terry Reilly, senior commodity analyst with Futures International in Chicago. Wanted: High-Protein Wheat The world is awash in lower grades, with the U.S. Department of Agriculture projecting world wheat stocks at the end of the 2017/18 marketing year at a record high of 260.6 million tonnes. But flour millers and bakers need milling wheat, often with a protein level of 12 percent or higher, to make consistent bread. U.S. spring wheat, typically with a protein content of 14 percent or higher, is also used for blending with lower grades of wheat. Spring wheat usually commands a premium over the lower quality grades The United States is the world''s biggest wheat exporter. Latest estimates from the USDA put U.S. production of spring wheat other than durum, which is used for pasta, at 423 million bushels, the smallest since 2002. Wheat futures on the Chicago Board of Trade hit two-year highs earlier this month above $5.50 a bushel, while values on the Minneapolis Grain Exchange - a niche market for high-protein spring wheat - spiked above $8 a bushel for the first time in four years. Market direction will depend now in part on how the spring wheat crops in the United States and Canada, which typically have high protein levels, finish the growing season, and whether Australia''s drought persists. Next week, the market will find out how bad the damage is to wheat fields in North Dakota, by far the biggest U.S. spring wheat producer, when industry experts and farmers conduct an annual crop tour. Drought and searing heat has scorched crops in the western portion of the state, but crops along the eastern border and in neighbouring Minnesota so far have escaped major damage. The impact of weather problems is magnified because wheat plantings in the United States for 2017 were the smallest in records dating to 1919, reflecting low prices that prompted farmers to plant other crops including soybeans and corn. Australia Output Expectations Cut Due to the outlook for little soil moisture, traders and analysts are also cutting expectations for Australia''s wheat production by 20 percent below official estimates. "Some areas in Western Australia (one of the larger wheat and rapeseed producing states) are experiencing all-time record low record soil moisture levels. With conditions as they are ... drought stress will almost certainly be an issue for crops moving forward," said Thomson Reuters weather analyst Ed Whalen. "The market is beginning to factor in a crop of between 19 million to 21 million tonnes," said Matthew Pattison, trading manager at Nidera, the grains trader acquired this year by China''s COFCO Group. That compares with Australia''s chief commodity forecaster in June pegging wheat output at 24.1 million tonnes. Should Australian exporters have less wheat to ship, Indonesian and South Korean millers will be forced to turn to supplies from the Black Sea, where production has been aggressively expanded in the last decade. Australia has steadily lost market share in recent years, especially to Russia, and analysts fear there could be a permanent shift away from the world''s No. 4 exporter. A shortfall in the U.S. spring wheat crop could bolster imports of Canadian spring wheat, said Jay O''Neil, an agricultural economist with Kansas State University. Not everyone is facing shortages of high-quality wheat, however. China has increased output of better quality wheat significantly this year, and that could cut its demand for imports from major suppliers like the United States and Australia. < World''s top wheat exporters (2016) reut.rs/2vcPIl4 It is unusually dry in North Dakota reut.rs/2tAjUV6 It is unusually dry in Western Australia reut.rs/2tZVckx It is unusually dry in Italy reut.rs/2uCZRdQ > Reporting by Julie Ingwersen in CHICAGO and Colin Packham SYDNEY; Additional reporting by Henning Gloystein in SINGAPORE and Hallie Gu in BEIJING; Editing by Andrew Hay and Tom Hogue 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/australia-wheat-idINKBN1A30IE'|'2017-07-18T09:59:00.000+03:00'
'016ba2b7afa9ece91ee5a567b329868d6fa0194d'|'Easing inflation boosts FTSE, Carillion climbs again'|'July 18, 2017 / 9:07 AM / 10 minutes ago FTSE edges lower, IG soars after results Helen Reid 4 Min Read FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. Toby Melville/File Photo LONDON (Reuters) - British shares edged down on Tuesday after falls in financial stocks outweighed the effect of easing inflation and positive earnings updates from Royal Mail and British Land. The FTSE 100 ended down 0.2 percent but outperformed heavy losses among European stocks thanks to a weaker pound, which benefits major exporting companies. Sterling dropped as investors adjusted interest rate expectations after inflation unexpectedly eased in June for the first time since October, surprising the market and adding to the likelihood the Bank of England will keep interest rates on hold in August. "The Bank of England''s rhetoric has taken an increasingly hawkish tone in recent weeks," Hargreaves Lansdown senior economist Ben Brettell said. "However if today''s pullback in inflation marks the start of a sustained decline, the pressure on the Bank to raise rates will ease." Mid-cap IG Group soared more than 16 percent and was the top European gainer after the online spreadbetting company reported a growing client base and rising profit despite quiet markets. "We regard these as very solid results in a year where market volatility has been at a multi-year low," Shore Capital analysts said. Greater market volatility tends to bolster trading companies'' profits as investors turn investment portfolios around more frequently. Britain''s second-largest listed property developer British Land was a top blue-chip performer after it announced a 300 million pound share buyback plan, providing more evidence of a pick-up in share buybacks among European corporates. Morgan Stanley analysts last week predicted this trend would accelerate. "Given the significant discount to net asset value (NAV) at which the shares are trading, this would be NAV accretive with the scale of enhancement subject to the amount of share bought and at what price," analysts at Stifel said. A flurry of mail activity around the British election helped Royal Mail to perform more strongly in its first quarter, sending its shares up 3.1 percent to join the FTSE 100 index''s top gainers. On the downside, Barclays led banks lower after Goldman Sachs reported a 40 percent fall in fixed-income trading, weighing on sentiment about the British bank, a major player in the bond market. Data services firm Experian, down 2 percent, was the biggest faller among the FTSE''s blue-chips after its first-quarter update. "Revenue growth in line with expectations, but no indication yet of recovery in Consumer Services revenue in the U.S., and as expected under pressure in the UK," Stifel analysts said in a note. Mid-caps held on to solid gains, up 0.5 percent thanks to strong progress by IG Group and Carillion. Crisis-hit British construction company Carillion jumped 5.5 percent after its joint venture won two further contracts, worth 158 million pounds, to supply services for British military sites. The stock is up 50 percent from last week''s lows. Defence contractor G4S rose to the top of the FTSE 100 as investors read across from Carillion''s gains. Reporting by Helen Reid; Editing by Keith Weir and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1A30RJ'|'2017-07-18T12:08:00.000+03:00'
'7cff4c07661be5801fc14371823aad346310291d'|'BHP hits full year iron ore guidance after strong fourth quarter'|'July 18, 2017 / 10:47 PM / in 14 minutes BHP hits full year iron ore guidance after strong fourth quarter Reuters Staff 1 Min Read Australian mining company BHP''s corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS. (Reuters) - BHP Billiton''s ( BHP.AX ) ( BLT.L ) fiscal fourth quarter iron ore output rose 8 percent from a year ago, enabling the world number three producer to meet its full year guidance. The company''s Australian mines produced 70 million tonnes in the final quarter of fiscal 2017 on a 100 percent basis, taking annual output to 268 million tonnes against guidance of 268 million-272 million tonnes, according to BHP. Analysts were estimating fourth quarter output of around 69 million tonnes. Reporting by Susan Mathew in Bengaluru; Editing by James Regan and Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bhp-billiton-output-idUKKBN1A32IK'|'2017-07-19T01:47:00.000+03:00'
'ccaa97ce963b2210d35ee6a57e7e774325c6073a'|'Akzo Nobel says CEO Buechner steps down, cites health reasons'|'July 19, 2017 / 6:04 AM / 13 minutes ago Akzo Nobel says CEO Buechner steps down, cites health reasons 2 Min Read FILE PHOTO: Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM (Reuters) - Dutch paintmaker Akzo Nobel ( AKZO.AS ) on Wednesday said Ton Buechner was stepping down as CEO due to health reasons, and would be replaced by the company''s current chemicals division chief, Thierry Vanlancker. Earlier this year, Buechner, 52, repelled a takeover attempt from U.S. rival PPG Industries ( PPG.N ). "For me this was an extraordinarily difficult decision to make but my focus must now be on my health," Buechner said. The company did not immediately specify details of Buechner''s illness. The surprise announcement means that Buechner''s tenure at Akzo Nobel has ended almost as it began. In September 2012, a half year after he took the top job, Buechner stepped down on his doctor''s advice, suffering from what was described as "over-tiredness." After several delays, he resumed work in December the same year. Vanlancker, who joined the company in 2016, has been expected to oversee the sale or IPO of Akzo Nobel''s speciality chemicals division. A Belgian, Vanlancker had previously worked for Chemours, which was spun off from DuPont in 2015. Reporting by Toby Sterling; Editing by Himani Sarkar and Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-akzo-nobel-ceo-idUKKBN1A40EB'|'2017-07-19T09:04:00.000+03:00'
'73b0e189da0a2d580bfa5b096b04897b64abfa1a'|'Bank of England opens up payments systems to spur fintech'|'July 19, 2017 / 11:22 AM / 5 hours ago Bank of England opens up payments systems to spur fintech Huw Jones 3 Min Read A general view shows the Bank of England in the City of London, Britain April 19, 2017. Hannah McKay LONDON (Reuters) - The Bank of England has widened access to Britain''s interbank payments system to increase competition from new fintech firms in the financial system, where the "Big Four" high street banks have long dominated. The BoE flagged the plans in May and on Wednesday published a detailed framework to make this happen as more and more people use their phone to pay a bill or shuffle money between countries. It allows new payments firms like those offering prepaid cash cards and prepaid online and mobile accounts, to have access to its "real time gross settlement" or RTGS payments system. Remittance firms, which allow people to send money overseas, and foreign exchange services are also included. "This should support financial stability through greater diversity and risk-reducing payment technologies," BoE Governor Mark Carney said in a statement. The changes, which in practice will come into effect in 2018 once legislative changes have been completed, will enable such non-bank payments services providers (PSPs) to compete better with banks, the BoE said. Currently, PSPs negotiate the use payments systems such as CHAPS, owned by big banks like HSBC, Barclays, Lloyds and RBS. Reduced dependence on bank competitors for access to payment systems will allow the non-bank providers to offer a wider range of payments services, the BoE said. Updated European Union payments rules will also make it easier for PSPs from January next year to compete with banks, such as by accessing data of account holders. Over 50 banks and building societies in have settlement accounts with the BoE''s RTGS system. There are around 450 non-bank payments services providers (PSPs) authorized by the Financial Conduct Authority, many drawn from the growing "fintech" or financial technology sector. Britain is seeking to maintain its competitive edge in nurturing fintech firms, seen as a new source of jobs and growth. It has also set up a new payments systems regulator to prise open the sector to new entrants. A PSP will have to show it can comply with the BoE''s new framework for managing risks before it can join the payments system. It will have to demonstrate the customer money will be safe, and that all anti-money laundering checks are in place. Reporting by Huw Jones Editing by Jeremy Gaunt. 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-boe-fintech-idUKKBN1A4121'|'2017-07-19T14:06:00.000+03:00'
'c88a2e21f9094241b272453ce5750d14d0c54092'|'Oil stable after large fall in U.S. fuel stocks, but markets remain bloated'|'July 20, 2017 / 1:55 AM / 5 minutes ago Oil settles down after early rally lifts Brent past $50 David Gaffen 3 Min Read A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, around 100 miles east of Aberdeen in Scotland February 24, 2014. Andy Buchanan/pool NEW YORK (Reuters) - Oil settled lower on Thursday in choppy trading, as nagging worries about abundant global crude supplies sank prices after an early rally boosted Brent above $50 per barrel for the first time since June 7. Traders predicted prices would hold near current levels ahead of Monday''s meeting between key OPEC and non-OPEC producers in St. Petersburg, Russia. The market has been watching reports that Saudi Arabia, the world''s largest crude producer, is considering an additional supply cut to reduce the global glut. The Financial Times reported Wednesday that the Saudis were considering additional output cuts, citing a consultant''s report. On Tuesday, Reuters reported the country was committed to working with other countries to draw down stocks, taking into account the surprising increase in production from OPEC members Nigeria and Libya. The Organization of the Petroleum Exporting Countries and non-OPEC allies, including Russia, agreed last year to cut production 1.8 million barrels per day (bpd); that deal has been extended to March 2018. Brent futures LCOc1 settled at $49.30 a barrel, down 40 cents, or 0.8 percent. U.S. West Texas Intermediate crude futures CLc1 fell 33 cents to $46.79 a barrel. In early trade, both benchmarks rose to their highest since June 7, after rallying in the previous session on data showing U.S. crude and fuel inventories fell sharply last week. U.S. crude inventories USOILC=ECI dropped by 4.7 million barrels in the week to July 14, according to the Energy Information Administration, a bigger draw than analysts had forecast. [EIA/S] Gasoline stocks fell 4.7 million barrels, exceeding expectations, while distillate stocks also fell. "I''m skeptical, after seeing many years of drawdowns in summer driving season," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut. "We''re waiting to see if this is really what''s going on or the normal seasonal drop-off." U.S. oil stocks, at roughly 490 million barrels, remain well above the five-year average, while U.S. production C-OUT-T-EIA has increased almost 12 percent since mid-2016 to 9.4 million bpd. Oil futures also fell in tandem with other risk markets in the mid-morning after Bloomberg reported that Robert Mueller, special counsel appointed to investigate allegations of Russian interference in the 2016 election and possible ties with U.S. President Donald Trump''s administration, was also looking into Trump''s business transactions. Stock markets and the dollar dropped on that news before recovering somewhat. Additonal reporting by Libby George in London, and Fergus Jensen and Henning Gloystein in Singapore; Editing by David Gregorio and Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN1A506A'|'2017-07-20T04:55:00.000+03:00'
'db1a0eca60c75e83ffb3206fdd79575cd4ed8d59'|'China may match or beat America in AI'|'AT THE start of this year, two straws in the wind caught the attention of those who follow the development of artificial intelligence (AI) globally. First, Qi Lu, one of the bosses of Microsoft, said in January that he would not return to the world’s largest software firm after recovering from a cycling accident, but instead would become chief operating officer at Baidu, China’s leading search engine. Later that month, the Association for the Advancement of Artificial Intelligence postponed its annual meeting. The planned date for the event in January conflicted with the Chinese new year.These were the latest signals that China could be a close second to America—and perhaps even ahead of it—in some areas of AI, widely considered vital to everything from digital assistants to self-driving cars. China is simply the place to be, explains Mr Lu, and Baidu the country’s most important player. “We have an opportunity to lead in the future of AI,” he says.Latest updates The Supreme Court says grandparents are exempt from the travel ban Democracy in America 10 minutes ago “City of Ghosts” is an extraordinary look at journalism in Raqqa Prospero 13 minutes ago A   4   6   6   7   Other evidence supports the claim. In October 2016 the White House noted in a report that China had overtaken America in the number of published journal articles on deep learning, a branch of AI. PwC, a consultancy, predicts that AI-related growth will boost global GDP by $16trn by 2030; nearly half of that bonanza will accrue to China, it reckons. The number of AI-related patent submissions by Chinese researchers has increased by nearly 200% in recent years, although America is still ahead in absolute numbers (see chart).To understand why China is so well placed, consider the inputs needed for AI. Of the two most basic, computing power and capital, it has an abundance. Chinese firms, from giants such as Alibaba and Tencent to startups such as CIB FinTech and UCloud, are building data centres as fast as they can. The market for cloud computing has been growing by more than 30% in recent years and will continue to do so, according to Gartner, a consultancy. In 2012-16 Chinese AI firms received $2.6bn in funding, according to the Wuzhen Institute, a think-tank. That is less than the $17.9bn that poured into their American peers, but the total is growing quickly.Yet it is two other resources that truly make China a promised land for AI. One is research talent. As well as strong skills in maths, the country has a tradition in language and translation research, says Harry Shum, who leads Microsoft’s AI efforts. Finding top-notch AI experts is harder in China than in America, says Wanli Min, who oversees 150 data scientists at Alibaba. But this will change over the next couple of years, he predicts, because most big universities have launched AI programmes. According to some estimates, China has more than two-fifths of the world’s trained AI scientists.The second advantage for China is data, AI’s most important ingredient. In the past, software and digital products mostly obeyed rules laid down in code, giving an edge to those countries with the best coders. With the advent of deep-learning algorithms, such rules are increasingly based on patterns extracted from reams of data. The more data are available, the more algorithms can learn and the smarter AI offerings will be.China’s sheer size and diversity provide powerful fuel for this cycle. Just by going about their daily lives, the country’s nearly 1.4bn people generate more data than almost all other nations combined. Even in the case of a rare disease, there are enough examples to teach an algorithm how to recognise it. Because typing Chinese characters is more laborious than Western ones, people also tend to use voice-recognition services more often than in the West, so firms have more voice snippets with which to improve speech offerings.The Saudi Arabia of dataWhat really sets China apart is that it has more internet users than any other country: about 730m. Almost all go online from smartphones, which generate far more valuable data than desktop computers, chiefly because they contain sensors and are carried around. In the big coastal cities, for instance, cash has all but disappeared for small purchases: people settle with their devices using services such as Alipay and WeChat Pay.Chinese do not seem to be terribly concerned about privacy, which makes collecting data easier. The country’s bike-sharing services, which have taken big cities by storm, for example, not only provide cheap transport but are what is known as a “data play”. When riders hire a bicycle, some firms keep track of renters’ movements using a GPS device attached to the bike.Young Chinese appear particularly keen on AI-powered services and relaxed about use of their data. Xiaoice, an upbeat chatbot operated by Microsoft, now has more than 100m Chinese users. Most talk to it between 11pm and 3am, often about the problems they had during the day. It is learning from interactions and becoming cleverer. Xiaoice no longer just provides encouragement and tells jokes, but has created the first collection of poems written with AI, “Sunshine Lost Its Window”, which caused a heated debate in Chinese literary circles over whether there can be such a thing as artificial poetry.Another important source of support for AI in China is the government. The technology figures prominently in the country’s current five-year plan. Technology firms are working closely with government agencies: Baidu, for example, has been asked to lead a national laboratory for deep learning. It is unlikely that the government will burden AI firms with over-strict regulation. The country has more than 40 laws containing rules about the protection of personal data, but these are rarely enforced.Entrepreneurs are taking advantage of China’s talent and data strengths. Many AI firms got going only a year or two ago, but plenty have been progressing more rapidly than their Western counterparts. “Chinese AI startups often iterate and execute more quickly,” explains Kai-Fu Lee, who ran Google’s subsidiary in China in the 2000s and now leads Sinovation Ventures, a venture-capital fund.As a result, China already has a herd of AI unicorns, meaning startups valued at more than $1bn. Toutiao, a news aggregator based in Beijing, employs machine learning to recommend articles using information such as a reader’s interests and location; it also uses AI to filter out fake information (which in China mainly means dubious health-care announcements). Another AI startup, iFlytek, has developed a voice assistant that translates Mandarin into several languages, including English and German, even if the speaker uses slang and talks over background noise. And Megvii Technology’s face-recognition software, Face++, identifies people almost instantaneously.Skynet livesAt Megvii’s headquarters, visitors are treated to a demonstration. A video camera in the lobby does away with the need for showing ID: employees just walk in without showing their badges. Similar devices are positioned all over the office and their feeds are shown on a video wall. When a face pops up on the wall, it is immediately surrounded by a white rectangle and some text giving information about that person. In the upper right-hand corner of the screen big letters spell “Skynet”, the name of the AI system in the Terminator films that seeks to exterminate the human race. The firm already enables Alipay and Didi, a ride-hailing firm, to check the identity of new customers (their faces are compared with pictures held by the government).Reacting to the success of such startups, China’s tech giants, too, have begun to invest heavily in AI. Baidu, Alibaba and Tencent, collectively called BAT, are working on many of the same services, including speech- and face-recognition. But they are also trying to become dominant in specific areas of AI, based on their existing strengths.Tencent has so far kept the lowest profile; it established its AI labs only in recent months. But it is bound to develop a big presence in AI: it has more data than the other two. Its WeChat messenger service has nearly 1bn accounts and is also the platform for thousands of services, from payments and news to city guides and legal help. Tencent is also a world-beater in games with blockbusters such as League of Legends and Clash of Clans, which have more than 100m players each globally.Alibaba is already a behemoth in e-commerce and is investing billions to become number one in cloud computing. At a conference in June in Shanghai it showed off an AI service called “ET City Brain” that uses video recognition to optimise traffic in real time. It uses footage from roadside cameras to predict the behaviour of cars and can adjust traffic lights on the spot. In its home town of Hangzhou, Alibaba claims, the system has already increased the average speed of traffic by 11%. Alibaba is also planning to beef up what it calls “ET Medical Brain”, which will offer AI-powered services to discover drugs and diagnose medical images. It has signed up a dozen hospitals to get the data it needs.But it is Baidu whose fate is most tied to AI, in part because the technology may be its main chance to catch up with Alibaba and Tencent. It is putting most of its resources into autonomous driving: it wants to get a self-driving car onto the market by 2018 and to provide technology for fully autonomous vehicles by 2020. On July 5th the firm announced a first version of its self-driving-car software, called Apollo, at a developer conference in Beijing.Getting Apollo right will not only involve cars safely navigating the streets, but managing a project that is open to outsiders. Rivals such as Waymo, Google’s subsidiary, and Tesla, an electric-car firm, jealously guard their software and the data they collect. Baidu is planning not only to publish the recipe for its programs (making them “open-source”, in the jargon), but to share data. The idea is that carmakers that use Baidu’s technology will do the same, creating an open platform for data from self-driving cars—the “Android for autonomous vehicles”, in the words of Mr Lu.Drive like a BeijingerIt remains to be seen how successful Chinese firms will be in exporting their AI products—for now, only a tiny handful are used abroad. In theory they should travel well: a self-driving car trained on China’s chaotic streets ought to have no problem navigating the more civilised traffic in Europe (in contrast, a vehicle trained in Germany may not get far beyond the first intersection in Beijing). But consumers in the West may hesitate to use self-driving cars that have been trained in a laxer safety environment that is more tolerant of accidents. Chinese municipalities are said to be falling over themselves to be testing grounds for autonomous vehicles.There is another risk. Data are the most valuable input for AI at the moment, but their importance may yet diminish. AI firms have started to use simulated data, including those from video games. New types of algorithms may be capable of getting smart with fewer examples. “The danger is that we stop innovating in algorithms because of our advantage in data,” warns Gansha Wu, chief executive of UISEE, a Beijing startup which is developing self-driving technology. For now, though, China looks anything but complacent. In the race for pre-eminence in AI, it will run America close.This article appeared in the Business section of the print edition under the headline "The algorithm kingdom"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21725018-its-deep-pool-data-may-let-it-lead-artificial-intelligence-china-may-match-or-beat-america?fsrc=rss%7Cbus'|'2017-07-15T08:00:00.000+03:00'
'80393065543deb371e644d9f867c2a39e9efaae9'|'RPT-UPDATE 2-Sears to sell Kenmore appliances on Amazon; shares jump'|'(Repeats to additional subscribers with no change to text)* Stock set for best day in about 4 months* Move to Amazon comes amid store closures* Deal could provide modest boost to sales - analystsBy Sruthi RamakrishnanJuly 20 (Reuters) - Sears Holdings Corp''s shares soared as much as 24 percent after the struggling retailer said it would sell its Kenmore home appliances on Amazon.com and integrate the brand''s smart gadgets with the online giant''s Alexa digital assistant.The deal will expand the distribution reach of Kenmore products at a time when the retailer is shutting stores following years of declining sales amid intensifying competition from Wal-Mart Stores Inc and Amazon.Sears sells big-ticket Kenmore appliances such as refrigerators and air-conditioners only in its Sears, Kmart and Sears Hometown stores.Sears, which flagged doubts earlier this year about its ability to remain in business, said this month it would shut 43 stores, in addition to the 150 it announced in January.Sears'' stock pared some of the early gains but was still up 14 percent, on track for its best day in about four months.Syncing Kenmore gadgets with Alexa, which will allow users to control the gadgets with voice commands, could add to the brand''s appeal.The deal to sell Alexa-activated devices could provide a modest boost to Sears'' sagging sales, Retail Metrics President Ken Perkins said.Sears joins an increasing number of retailers and manufacturers, including Whirlpool Corp, Ford Motor Co and Starbucks, which are integrating their products with Alexa as they look to garner sales through the popular digital assistant.Alexa controls Amazon Echo, a speaker which lets the user call a cab, order pizza or shop on Amazon among other things.Sears'' deal with Amazon could even eat into in-store sales and hit margins, warned Neil Saunders, managing director of retail at research firm GlobalData."It puts Sears into a marketplace that is very price competitive and where fulfillment costs are high; this is something that may be challenging for margins."The move, nevertheless, underscores the broader trend of store-based retailers increasingly looking to sell more online.Footwear maker Nike Inc also said last month it would start selling a limited product assortment directly on Amazon, rather than through third-party and unlicensed dealers. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sears-products-amazoncom-idUSL3N1KB55K'|'2017-07-20T18:53:00.000+03:00'
'8c56d5ef1cf1ff832ffc4818b42ee5945fefe38e'|'Benetton family seeks to make Ducati motorbikes Italian: sources'|'The logo of Italian motorcycle manufacturer Ducati is seen in Dietlikon, Switzerland October 11, 2016. Arnd Wiegmann LONDON/FRANKFURT/MILAN (Reuters) - Italy''s Benetton family is vying with motorbike firms and buyout funds for control of Italian motorcycle brand Ducati, which is being sold by Germany''s Volkswagen ( VOWG_p.DE ), sources involved in the process told Reuters. Volkswagen, whose Audi ( NSUG.DE ) division controls Ducati, has received several tentative bids with the Benetton family''s investment vehicle Edizione Holding valuing the Monster motorbike maker at $1.2 billion, one of the sources said. Based in the Borgo Panigale district of the northern Italian city of Bologna, Ducati was launched in 1926 as a maker of vacuum tubes and radio components and its factory remained open during World War Two, despite several bombings. Volkswagen, Europe''s largest carmaker, is reviewing several assets including a possible sale of its majority-owned transmissions maker Renk ( ZARG.F ) in a bid to move beyond a diesel emissions-cheating scandal that has left it facing billions of dollars in fines and settlements. As well as Edizione Holding, U.S. buyout fund Bain Capital, which owns a stake in Ski-Doo snowmobiles maker BRB, and two Indian motorbike firms, Eicher Motors ( EICH.NS ) and Bajaj Auto ( BAJA.NS ), have also bid for Ducati, the sources said. Indian carmaker Eicher controls Royal Enfield, a motorcycle brand established in 1893 which ranks as one of the oldest. Strategic bidders also include U.S. automotive firm Polaris Industries ( PII.N ), which earlier this year said it would wind down its struggling Victory Motorcycle brand. A shortlist of bidders for a second stage of the auction could be selected as soon as Saturday, two of the sources said. Volkswagen adviser Evercore has a long list of bidders including private equity funds such as Ducati''s previous owner Investindustrial, CVC Capital Partners, Advent and PAI, all hoping to outbid industry players, the sources said. If it gets to the second round, Edizione Holding could seek to form a consortium with a financial investor, two of the sources said, in a bid to secure control of Ducati, whose racers have won the Superbike world championship 14 times, with Carl Fogarty and Troy Bayliss its most successful riders. Audi, Edizione Holding, Investindustrial, Advent and PAI declined to comment, while the other interested groups were not immediately available for comment. Pricing Challenges For some buyout funds, Ducati''s valuation of up to $1.4 billion -- which sources said is based on a multiple of more than 10 times its core earnings of roughly 100 million euros - is a tall order as they lack the synergies that some motorbike makers could achieve. But Investindustrial founder Andrea Bonomi, who sold Ducati to Audi for about 860 million euros in 2012, is serious about a comeback, one of the sources said. China''s Loncin Motor ( 603766.SS ) was among a group of industry players that initially showed interest in Ducati, alongside Harley-Davidson ( HOG.N ). The latter has, however, decided against making a bid due to Ducati''s price tag, while it could not be established if Loncin Motor ( 603766.SS ) had carried on bidding. Harley Davidson and Loncin were not immediately available for comment. A successful deal for Ducati, which last year had revenues of 731 million euros, would show Volkswagen boss Matthias Mueller is serious about reversing the company''s quest for size. But offloading Ducati will need the blessing of Volkswagen''s powerful labor unions, which control half the seats on the carmaker''s 20-strong supervisory board, and recently repeated their opposition to a sale. Volkswagen is expected to base its final decision on several factors other than just price, one of the sources said, including being able to sign a straightforward transaction and getting positive feedback from its unions. Additional reporting by Kane Wu, Paola Arosio, Edward Taylor and Andreas Cremer; editing by Alexander Smith '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-ducati-sale-idUSKBN1A52G0'|'2017-07-20T21:03:00.000+03:00'
'40507a902900f598222057deb88bdea5b82811c8'|'INSIGHT-More hospital closings in rural America add risk for pregnant women'|'July 18, 2017 / 5:00 AM / 11 minutes ago INSIGHT-More hospital closings in rural America add risk for pregnant women Jilian Mincer 8 Min Read Bay Minette, Alabama, July 18 (Reuters) - Dr. Nicole Arthur, a family practice physician, was trained to avoid Cesarean deliveries in child-birth, unless medically necessary, because surgery increases risks and recovery time. But she has adjusted her approach since arriving last year at the 70-bed North Baldwin Infirmary in rural, southern Alabama. Low patient admissions and high costs mean the hospital does not have doctors on site around-the-clock to administer anesthesia in the case of an unexpected emergency Cesarean. As a result, Dr. Arthur performs the surgery if there are any signs of complication, rather than waiting and running the risk that comes with the 20 to 30 minutes it takes for an anesthesiologist to arrive in the middle of the night. "It''s better for me to do a C-section when I suspect that something may happen," she said of her new strategy. “Getting the baby out healthy and happy outweighs some of the risk.” Physicians in rural communities across America are facing the same tough choices as Dr. Arthur. Hospitals are scaling back services, shutting their maternity wards or closing altogether, according to data from hospitals, state health departments, the federal government and rural health organizations. Nationally, 119 rural hospitals that have shut since 2005, with 80 of those closures having occurred since 2010, according to the most recent data from the North Carolina Rural Health Research Program. To save on insurance and staffing costs, maternity departments are often among the first to get shuttered inside financially stressed rural hospitals, according medical professionals and healthcare experts. “It’s been a slow and steady decline,” said Michael Topchik, the National Leader for the Chartis Center for Rural Health, about maternity ward closings. “It’s very expensive care to offer, especially when it’s lower volume.” More than 200 maternity wards closed between 2004 and 2014 because of higher costs, fewer births and staffing shortages, leaving 54 percent of rural counties across the United States without hospital-based obstetrics, data from the University of Minnesota’s Rural Health Research Center show. The trend has escalated recently even though the national healthcare law, known as Obamacare, was designed in part to help rural hospitals thrive. But unpaid patient debt has risen among rural hospitals by 50 percent since the Affordable Care Act was passed, according to the National Rural Health Association, especially in states that decided not to expand Medicaid – the state and federal insurance program for the poor. The outlook for these hospitals was not poised to improve had Congress approved legislation to replace Obamacare. Senate Republicans’ proposed cuts to Medicaid would have pushed about 150 more rural hospitals into the red, according to the Chartis Center for Rural Health, mainly in states that voted Republican in the last election. But late on Monday, Senate Majority Leader Mitch McConnell said the Republican effort to repeal and immediately replace Obamacare will not be successful, after two of McConnell''s Senate conservatives announced that they would not support the bill. Pain Felt Beyond the Beltway The consequences go beyond politics. When local doctors and midwives leave town, rural women lose access to essential services. Many skip or delay prenatal care that could prevent complications, premature birth or even death. The U.S. infant mortality rate is among the highest in developing countries at 5.8 deaths per 1,000 births. Pregnant woman in rural areas are more likely to have their deliveries induced or by Cesarean section that, while potentially life-saving, are more expensive and risky than a normal vaginal birth, according to patients, medical professionals and researchers. Almost a year after her second son’s birth, Courtney Cross is still repaying money she borrowed because of the smaller paychecks and larger gas bills she had from driving 60 minutes each way to a specialist in Mobile, Alabama. “There were some days I had to reschedule because of the money factor,” said Cross, a medical technician and mother of two, who some months made the trip multiple times. “I had to make money.” Cross is not alone. The most common reasons for the hospital closures are people and money. More and more people are moving to urban areas in pursuit of work and a better paycheck. And in most states, lower revenue from insurance and U.S. government payments are pushing these hospitals into financial stress, particularly in states that did not build out their Medicaid programs as Obamacare allowed. “The majority of births in rural America are paid for by Medicaid, and Medicaid is not the most generous payer,” said Diane Calmus, government affairs and policy manager for the National Rural Health Association. “For most hospitals it is a money losing proposition.” This is the main reason why Connie Trujillo shuttered her midwife practice this spring in Las Vegas, New Mexico. The local hospital had closed its maternity ward, and the closest hospital to deliver babies was at least 60 miles away. She sees more elective inductions because the patients live far away and can''t afford to go back and forth. “Some of them just don’t have the resources,” she said. A year after shuttering, the hospital is trying to hire additional staff to reopen the ward. More Scheduled Deliveries The number of induced U.S. deliveries nationally has doubled since 1990 to about 23.3 percent, but rates are significantly higher in rural areas, where it is routinely offered to women traveling long distances, especially if the weather is bad. Induced labor and surgery come at a high cost. Commercial insurance and Medicaid paid about 50 percent more for Cesarean than vaginal births, according to a 2013 Truven Health Analytics report. The report said Medicaid payments for maternal and newborn care for a vaginal birth was $9,131 versus $13,590 for a C-section. In largely rural West Virginia - where the Summersville Regional Medical Center became the latest hospital to stop delivering newborns earlier this year - elected inductions for first time mothers rose to 28.7 percent in 2015 from 24.1 percent in 2011, according to data provided to Reuters by the West Virginia Perinatal Partnership, a statewide effort to improve care. "Inductions allow the physicians to manage their case loads and timing of deliveries,” said Amy Tolliver, director of the Perinatal Partnership. “We know that inductions are happening in small hospitals that have difficulty with staffing." To address staffing issues at Dr Arthur’s hospital in Alabama, the facility paid temporary doctors for a year to keep the department open when one of its two maternity doctors stopped doing deliveries. “It’s important to have access (to obstetrics),” said hospital president Benjamin Hansert, who also organized a group of doctors from Mobile about 40 minutes away to cover some of the shifts so that staff doctors would not always be on call. “Where the mother goes for care, the rest of the family will follow.” For the full graphic on hospital closures, click tmsnrt.rs/2us7qDM Editing by Caroline Humer and Edward Tobin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-healthcare-rural-idUSL1N1JU0LN'|'2017-07-18T08:00:00.000+03:00'
'118352cac1446f0a0660d7cdd5be4d3513613717'|'Europe slides on Ericsson slump, souring bank mood'|'* STOXX 600 down 1.1 pct* Ericsson sinks more than 16 pct after forecast cut* Bank index slips most in 2 months as U.S. lenders drop* IG Group enjoys double-digit gains* Slower sales growth sends Zalando down 7 pctBy Helen ReidLONDON, July 18 (Reuters) - European shares fell on Tuesday after disappointing Ericsson and Lufthansa earnings, while scaled-back expectations of monetary tightening by major central banks dented financial stocks.The pan-European STOXX 600 fell by more than 1 percent, snapping a four-day winning streak, with European banks down by 1.6 percent and lower bond trading revenue at Goldman Sachs adding to the selling pressure.Barclays and Deutsche Bank, which are also major players in the bond market, were top fallers on their respective indexes after the Goldman results.Although euro zone banks are the most favoured sector along with tech among global investors, according to the latest Bank of America Merrill Lynch (BAML) survey of fund managers, comments from Federal Reserve and European Central Bank policymakers have triggered profit-taking in recent weeks.The comments point to a slower rate of tightening on both sides of the Atlantic than many investors were expecting."The persistent overweight in Eurozone vs US equities could be more bad news for European investors," strategists at BAML said, as that could leave them more vulnerable.Elsewhere, Ericsson fell by nearly 16 percent after cutting its forecast for the mobile infrastructure market and reporting a wider than expected loss, a further blow to a company that is undertaking cost cuts.Nokia fell 3.3 percent to the bottom of the CAC 40 as the Finnish mobile equipment maker''s stock suffered too.Zalando weighed on the retail index with its shares down 8.3 percent after reporting slowing sales growth. Europe''s biggest online-only fashion retailer said capacity issues at new warehouses had held it back.The broader euro zone earnings picture is expected to weaken slightly in the third quarter, with analysts expecting a stronger currency to weighing on the bloc''s large exporters."Historically euro weakness has provided a driver for earnings beats and with that removed, expectations may be more difficult to surpass," Edward Park, investment director at Brooks Macdonald, said.German airline Lufthansa fell 1.2 percent from 10-year highs, the worst DAX performer, as cautious second-half comments overshadowed a profit forecast hike.Lufthansa''s shares had gained nearly 70 percent this year to yesterday''s close, among the best performing stocks in Europe.Norwegian fertiliser firm Yara fell 4 percent after quarterly earnings were dented by a margin squeeze."We believe this has been Yara''s darkest quarter and see an improving trend with urea prices ticking up in the U.S. and Egypt recently," Liberum analysts said.Among shares boosting the index, British spread-betting firm IG Group soared more than 16 percent, leading the gainers after beating analysts'' profit estimates.Property developer British Land jumped 3.1 percent and was among the top performers on the STOXX 600 after announcing a 300 million pound share buyback.Analysts at Morgan Stanley last week predicted European share buybacks would accelerate as corporates react to a better economic growth and solid balance sheets. (Reporting by Helen Reid; editing by John Stonestreet and Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1K957O'|'2017-07-18T19:25:00.000+03:00'
'4efdce00f4fa4bcf9d67e2dfbcb7520b71902352'|'Car engine bans in Germany would put 600,000 jobs at risk - Ifo'|'July 18, 2017 / 3:08 PM / 16 minutes ago Car engine bans in Germany would put 600,000 jobs at risk - Ifo Reuters Staff 2 Min Read Cars queue during traffic jam on the city highway A100 at rush hour in Berlin February 27, 2015. Picture taken February 27. Fabrizio Bensch BERLIN (Reuters) - More than 600,000 jobs could be at risk in Germany by 2030 from a potential ban on combustion engine cars, the Ifo economic institute said in a study on Tuesday. A switch to sales of zero-emission cars would threaten 426,000 car manufacturing jobs, with the rest coming from related industries, such as suppliers, Ifo said in the study commissioned by the VDA auto industry association. The VDA, representing carmakers such as Volkswagen ( VOWG_p.DE ), Daimler ( DAIGn.DE ) and BMW ( BMWG.DE ), is in discussions with the government on a plan to reduce pollution from older diesel cars that the industry hopes will avert complete bans on diesel engines in certain German cities. Many German cities, including Munich and Stuttgart, have considered banning some diesel vehicles, blaming emissions for causing increased respiratory disease. Pollution from diesel engines has become a sensitive subject since VW''s emissions tests cheating scandal broke in September 2015. "It is important that climate policy proceeds in a neutral fashion by setting climate protection goals without prescribing the technologies that have to be used to achieve them," Ifo president Clemens Fuest said at a news conference. Representatives from Germany''s federal government, states where carmakers are headquartered and automakers will meet on Aug. 2 to find ways to curb pollution from diesels. Reporting by Andreas Cremer. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-emissions-idUKKBN1A31OI'|'2017-07-18T18:08:00.000+03:00'
'10fd365f62a4d0993d920c795278e98971b047bf'|'Trian takes off the gloves, aiming to put Peltz on P&G''s board'|'July 17, 2017 / 4:26 PM / in 8 hours Trian takes off the gloves, aiming to put Peltz on P&G''s board Michael Flaherty and Sruthi Ramakrishnan 6 Min Read (Reuters) - Activist investor Nelson Peltz is seeking a seat on Procter & Gamble Co''s ( PG.N ) board, taking public his frustrations with the company''s lagging stock price and railing against its "suffocating bureaucracy." Trian Fund Management LP on Monday announced the nomination of its chief executive and co-founder Peltz, launching the largest proxy fight ever against a $223 billion consumer products juggernaut that sells everything from Tide detergent and Gillette razors to Pampers diapers. Peltz''s nomination comes after five months of behind-the-scenes discussions between Trian and P&G''s top executives and board, according to the company''s proxy filing. At one point, the two sides nearly struck a truce in May that would involve P&G laying out certain performance metrics over the next year. But any sign of an agreement was absent on Monday when both came out swinging. The 180-year-old company, founded on a hand-shake agreement by a soap and a candle maker, issued a statement strongly backing its board and strategic plan. See Breakingviews column: Trian, which owns about $3.3 billion of P&G''s stock, or 1.5 percent of the company, has until an October annual meeting to convince fellow shareholders that Peltz deserves to be voted onto the board. The firm''s campaign website (revitalizepg.com) and press release has few immediate changes proposed for the company other than advocating for a geographic organizational structure that it believes will empower divisional leaders to make faster and better decisions. Shares of P&G were up slightly at $87.72 in afternoon trade. Trian''s previous battle with a consumer goods conglomerate was with PepsiCo Inc ( PEP.N ), where it pressured the company to spin off its beverage business from its snacks division, a campaign that the company never heeded though it did hand the investor a board seat in 2015 to make peace. ( reut.rs/2uvu0ea ) That campaign began with Trian advocating Peltz for Pepsi''s board and ended with industry veteran William Johnson joining as Trian''s representative. In a CNBC interview on Monday, Peltz, 75, talked more about Trian''s track record with companies such as H.J. Heinz than actual operational changes needed at P&G. Peltz railed against the company''s "suffocating bureaucracy," but noted he was on good terms with CEO David Taylor. Trian said it wants P&G to cut costs more efficiently, and that it does not want to replace Taylor, any board directors, or to break-up the company. Since Taylor became CEO in November, 2015, P&G''s stock has gained 0.3 percent. In contrast, the S&P 500 Household Products index .SPLRCPROD, which includes Kimberly-Clark Corp ( KMB.N ) and Clorox Co ( CLX.N ), has risen 12 percent over the same period. P&G''s quarterly organic sales, which excludes acquisitions and divestitures, has fallen just once during his one and half years at the helm. For this year, the consumer goods giant expects a 2-3 percent rise in organic sales growth. Battle Lines FILE PHOTO - Nelson Peltz speaks at the WSJD Live conference in Laguna Beach, California October 25, 2016. Mike Blake The Trian-P&G battle comes as activist investors, emboldened by years of successful campaigns for changes at corporations across the U.S. and abroad, use their growing coffers to seek bigger targets. Trian won two seats on H.J. Heinz''s board in its 2006 proxy fight, and lost its battle to get board representation at industrial conglomerate DuPont ( DD.N ) in 2015. P&G''s proxy filing, disclosed on Monday, shows that Trian''s dialogue with the company goes back to Feb. 16, when Peltz called Taylor shortly after disclosing the stake to make the introduction and set up an in-person meeting. "I am quite surprised and very disappointed because I think David (Taylor) and I have developed a very positive relationship," Peltz told CNBC, when asked if he was surprised that the dialogue had turned into a proxy fight. "I like the man." Trian said in a press release that its bid to get Peltz on the board centres on P&G''s continuing underperformance, costs, complexity and culture. ( bit.ly/2t7h62c ) October Annual Meeting With P&G''s annual meeting usually held in October, the two sides have roughly three months to discuss ways to avoid a shareholder vote on Peltz. If elected, Trian has said it wants P&G to expand the board to 12 members rather than have Peltz replace a sitting director. P&G''s current board has six past or current CEOs, including American Express CEO Kenneth Chenault and Hewlett Packard Enterprise CEO Meg Whitman. "P&G has a best-in-class board of directors that is fully supportive of and actively engaged in overseeing the company’s transformation," the company said on Monday. P&G''s proxy filing noted that last Tuesday, in a meeting between Trian and members of P&G''s board, Trian said it was moving ahead to elect Peltz because the company was not moving fast enough to improve its performance. P&G directors at the meeting said they too were not happy with the performance, but that they felt that Trian’s representation on the board was unnecessary in light of recent initiatives undertaken by the company," the filing said. In a bid to boost profits even as sales remain stagnant, P&G has sold unprofitable brands, including 41 beauty brands to Coty Inc ( COTY.N ), and focused on core brands. However, the efforts have failed to boost the stock much beyond the level where it traded at the beginning of this year. Trian said that P&G''s last cost-cutting plan, launched in 2012, failed to impact profit or sales growth. Barclays noted on Monday that Trian is working with former P&G CFO Clayt Daley, a consultant on the campaign who could become a potential board candidate to replace Peltz as part of the negotiations. Additional reporting by Siddharth Cavale in Bengaluru; Editing by Saumyadeb Chakrabarty and Bernard Orr 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-procter-gamble-stake-trian-fund-idUKKBN1A21NS'|'2017-07-18T00:40:00.000+03:00'
'c6aec09f290a77efd26e309a220d71296a726dfc'|'Just Group says H1 sales up 3 percent, boosted by retirement income'|'July 18, 2017 / 6:57 AM / 6 minutes ago Just Group says H1 sales up 3 percent, boosted by retirement income Reuters Staff 1 Min Read LONDON (Reuters) - Britain''s Just Group ( JUSTJ.L ), which specialises in selling financial products for retirement, reported on Tuesday a 3 percent increase in new business sales in the six months to end-June. The company said the growth was driven by strong sales of retirement income products, which rose 16 percent in the period to 720 million pounds. It also took on more risk from corporate defined benefit pension schemes, with sales of 296 million pounds, up 80 percent on the year-earlier period. Reporting by Simon Jessop; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/just-retirement-results-idUKKBN1A30I2'|'2017-07-18T09:57:00.000+03:00'
'0e80db4d5e93cdb092994d76c9af2d60b25cfbf1'|'Wall Street lays out its wish list for SEC reforms for public companies'|'July 18, 2017 / 4:44 PM / 2 hours ago Wall Street lays out its wish list for SEC reforms for public companies Sarah N. Lynch 3 Min Read FILE PHOTO - A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. Carlo Allegri/File Photo WASHINGTON (Reuters) - Executives that represent Wall Street interests pitched ideas on Tuesday about ways to scale back securities regulations that they blamed for stifling the market for initial public offerings. In a congressional hearing before a House Financial Services Committee subcommittee, officials from the New York Stock Exchange ( ICE.N ), the U.S. Chamber of Commerce, biotechnology firm aTyr Pharma Inc ( LIFE.O ) and a free-market advocacy group urged Congress and the Securities and Exchange Commission to loosen rules on a wide variety of areas, from auditing and shareholder proposals, to proxy advisory firms. "Like straw upon a camel’s back, the burdens and reporting requirements associated with being a public company have steadily accumulated over the years," said Tom Quaadman, an executive vice president at the U.S. Chamber''s Center for Capital Market Competitiveness, in prepared remarks. For years, corporate interests have called for scaling back a variety of rules for public companies with little success. But now, their hopes have been renewed after President Donald Trump nominated Wall Street deal-making attorney Jay Clayton to lead the SEC. Clayton has said he plans to look for ways to ease compliance costs and disclosure burdens that may be deterring companies from going public, or incentivizing them to stay private longer. In testimony Tuesday, New York Stock Exchange President Thomas Farley urged policymakers to do away with a Sarbanes-Oxley-era rule requiring public company auditors to attest to the effectiveness of internal controls over financial reporting. "Public companies are devoting more time and resources than ever to grapple with administrative procedures and controls," Farley said. Executives also called for rules to restrict shareholder proposals and limit the powers of proxy advisory firms Institutional Shareholder Services and Glass Lewis, which help large institutional investors weigh how to vote on issues like board elections. "Proxy advisory firms should be more transparent and open to input in their standard-setting processes, particularly with regard to issues unique to small businesses," said John Blake, a senior vice president of finance at aTyr Pharma. Although the bulk of Tuesday''s hearing focused on proposals to scale back the SEC''s rules, one witness cautioned against going too far. J. Robert Brown, Jr., a professor at the University of Denver Sturm College of Law, warned that efforts to eliminate auditor attestation rules could lead to more accounting errors. "Studies indicate that companies not subject to the attestation requirement have a higher rate of restatements," he said. Reporting by Sarah N. Lynch; Editing by Phil Berlowitz 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-congress-sec-idUSKBN1A31WJ'|'2017-07-18T19:30:00.000+03:00'
'4cbbcdf7782f05231ad6db3d1e291eedfee383d1'|'Trump seeks crackdown on ''Made in America'' fakes'|'July 18, 2017 / 11:44 PM / 10 hours ago Trump seeks crackdown on ''Made in America'' fakes 2 Min Read FILE PHOTO: U.S. President-elect Donald Trump addresses the "Make America Great Again! Welcome Celebration" at the Lincoln Memorial in Washington, U.S., January 19, 2017. Mike Segar/File Photo WASHINGTON (Reuters) - U.S. President Donald Trump is looking for ways to defend American-made products by certifying legitimate U.S. goods and aggressively going after imported products unfairly sporting the "Made in America" label, the White House said on Tuesday. Trump, who campaigned on reviving the U.S. manufacturing sector, vowed on Monday that his administration would crack down on "predatory online sales of foreign goods" hurting U.S. retailers. On Wednesday, Trump will discuss with small- and medium-sized manufacturers how to certify their products and keep out foreign counterfeits, a senior administration official told reporters. Their products include gutter filters, flags and pillows. "There''s just too many examples of foreigners slapping on ''Made in America'' labels to products and the worst insult is when they do it after they have actually stolen the product design," the official said. The United States loses about $300 billion a year to theft of intellectual property ranging from semiconductors to jeans, the official said. In March, Trump signed an executive order that gave customs officials more authority to stop pirated and counterfeit items, the official told reporters. The White House plans to work with the private sector on the new certification and verification system rather than create new regulations or spend taxpayer money, the official said, citing as a model the LEED system used to rate the environmental sustainability of building projects. Reporting by Roberta Rampton and Ayesha Rascoe; Editing by Howard Goller 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-trade-counterfeit-idINKBN1A32LF'|'2017-07-19T02:39:00.000+03:00'
'9b3cb3b73f12f386578e457f5bb5425873683218'|'ECB keeps stimulus pledge despite stronger growth'|'July 20, 2017 / 11:55 AM / 7 hours ago ECB keeps stimulus pledge despite stronger growth Reuters Staff 2 Min Read FILE PHOTO: The European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. Ralph Orlowski/File Photo FRANKFURT (Reuters) - The European Central Bank reaffirmed its ultra-easy policy stance on Thursday and even kept the door open to boosting its bond purchases if needed, despite an upswing in the euro zone''s economy. The ECB kept rates at record low and confirmed its asset-buying programme would continue at 60 billion euros ($69.15 billion) per month at least until December and could be expanded or extended if deemed necessary. Investors have been looking for hints that the ECB may start reducing the scheme since President Mario Draghi said late last month that policy tweaks were possible to accompany the euro zone''s economic recovery. The ECB also kept its rate on bank overnight deposits, which is currently its primary interest rate tool, at -0.40 percent, as expected. The main refinancing rate, which determines the cost of credit in the economy, was unchanged at 0.00 percent while the rate on the marginal lending facility - or emergency overnight borrowing rate for banks - remains at 0.25 percent. Attention now turns to Draghi''s press conference, due to start at 1230 GMT. Reporting By Francesco Canepa Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-rates-idUKKBN1A51FN'|'2017-07-20T14:54:00.000+03:00'
'4459e887f5eee7e01f1e9b290dc937add6bd8288'|'Dollar on defensive, Asia shares make fresh highs'|'July 19, 2017 / 12:55 AM / 2 hours ago World stocks climb for ninth day as earnings kick in Lewis Krauskopf 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 19, 2017. Brendan McDermid NEW YORK (Reuters) - A gauge of global stocks climbed for a ninth straight session on Wednesday as earnings season heated up in the United States and Europe, while the dollar bounced modestly off 10-month lows. The S&P 500 and Nasdaq tallied intraday record highs in the U.S., picking up from strong performances by major European stock indexes, with the tech sector giving a boost in both regions. After decent gains in Asia on the back of positive signs from global economic powerhouse China, MSCI''s world stocks index .MIWD PUS looked set for a ninth day of gains which would mark its longest winning streak since October 2015. The global index gained 0.40 percent, setting a record high for a fifth straight session. “In the U.S., the earnings season seems to be surprising a little bit on the upside," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland. "What we have seen recently in the economic reports suggests it should be even better overseas ... So we have come to the point where things looks pretty good in the U.S. and it looks even better in prospect overseas, so what’s not to like about equities." The Dow Jones Industrial Average .DJI rose 31.38 points, or 0.15 percent, to 21,606.11, the S&P 500 .SPX gained 9.59 points, or 0.39 percent, to 2,470.2 and the Nasdaq Composite .IXIC added 40.18 points, or 0.63 percent, to 6,384.49. Morgan Stanley ( MS.N ) shares climbed 2.4 pct after the bank''s profit report. Biotech Vertex ( VRTX.O ) soared 20.8 pct after stunning cystic fibrosis drug data. Not all was rosy in earnings season, as IBM ( IBM.N ) shares dropped 4.3 pct after its report. A man holding an umbrella walks in front of an electronic stock quotation board outside a brokerage in Tokyo April 7, 2015. Issei Kato/File Photo About a week into the heart of second-quarter reporting season, S&P 500 earnings are now expected to rise 8.7 percent, up from an expectation of an 8-percent rise from the start of July, according to Thomson Reuters I/B/E/S. In Europe, the pan-European FTSEurofirst 300 index .FTEU3 rose 0.71 percent. Dutch semiconductor equipment maker ASML''s ( ASML.AS ) shares gained 5.8 pct after the firm''s quarterly report, lifting the region''s tech sector .SX8P to its biggest daily percentage gain since September. "We would like to see those stronger earnings coming through and Europe really turning a corner," said Dafydd Davies, partner at Charles Hanover Investments. A U.S. five dollar note is seen in this picture illustration June 2, 2017. Thomas White/Illustration The dollar edged higher against a basket of currencies a day after the greenback''s sharp decline sparked by a fresh setback to President Donald Trump''s domestic agenda. The dollar index .DXY rose 0.16 percent, with the euro EUR= down 0.27 percent to $1.1521. Investors remained wary of pushing the U.S. currency lower before meetings this week with the European Central Bank and the Bank of Japan. Market watchers will be looking to see if the recent strength of the euro and the yen influence their policy outlooks. U.S. Treasury yields were little changed in advance of Thursday''s ECB meeting. Benchmark 10-year notes US10YT=RR last fell 3/32 in price to yield 2.2713 percent, from 2.263 percent late on Tuesday. Oil prices jumped after a U.S. report showed a bigger weekly draw than forecast in crude and gasoline stocks along with a surprise drop in distillate inventories. U.S. crude CLcv1 rose 1.31 percent to $47.01 per barrel and Brent LCOcv1 was last at $49.53, up 1.41 percent on the day. Additional reporting by John Geddie and Kit Rees in London; editing Nick Zieminski and Chizu Nomiyama 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-markets-idUSKBN1A402E'|'2017-07-19T03:55:00.000+03:00'
'4da4c80a0e4ab173bab1413750e299397124c487'|'Watchdog investigates Vivendi''s influence at Telecom Italia - sources'|'July 19, 2017 / 9:36 PM / 42 minutes ago Watchdog investigates Vivendi''s influence at Telecom Italia - sources Reuters Staff 2 Min Read FILE PHOTO: Telecom Italia logo is seen at the headquarters in Milan, Italy, May 25, 2016. Stefano Rellandini/File Photo/File Photo MILAN (Reuters) - Italy''s tax police carried out inspections at Telecom Italia''s offices on Wednesday following a request by market watchdog Consob to assess how much influence top shareholder Vivendi has on the group''s management, two sources familiar with the matter said. The two sources said the market regulator would then examine documents acquired in the checks at the phone group''s Milan and Rome offices. Telecom Italia (TIM), Consob and Vivendi all declined to comment. The inspections follow reports of irreconcilable differences between Telecom Italia'' Chief Executive Flavio Cattaneo and Vivendi, that could lead to Cattaneo''s exit. Vivendi, which owns a 24 percent stake in Telecom Italia, is under scrutiny by Italy''s telecommunications authority for its growing influence in the sector because the French company also owns a 30 percent share in Italian broadcaster Mediaset . In May, the French media group won European Union approval for a plan to gain control of Telecom Italia after pledging to sell the Italian company''s majority stake in broadcasting services group Persidera. Reporting by Paola Arosio and Emilio Parodi, writing by Giulia Segreti. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vivendi-telecom-italia-inspection-idUKKBN1A42K4'|'2017-07-20T00:35:00.000+03:00'
'135f78172bd88923809a9f76883c54669ce9af6f'|'EU and Britain to present post-Brexit plan on WTO membership'|'July 17, 2017 / 1:50 PM / an hour ago EU and Britain to present post-Brexit plan on WTO membership Tom Miles 3 Min Read Flags are arranged at the EU Commission headquarters ahead of a first full round of talks on Brexit, Britain''s divorce terms from the European Union, in Brussels, Belgium July 17, 2017. Yves Herman/Files GENEVA (Reuters) - The European Union and Britain plan to put forward a joint proposal for reform of the terms of their World Trade Organization (WTO) membership in September or October, an EU source said on Monday, as London negotiates to leave the EU. The two sides are also discussing sharing liabilities from trade disputes including WTO litigation over Airbus subsidies in a long-running case with the United States, the EU source said. “Currently we are in talks with the United Kingdom to come to a joint approach on the matter, on all the aspects of the divorce, with regard to the WTO. And I would think that, come the month of September/October, we will be able to come jointly to the rest of the (WTO) membership,” the EU source said, speaking on condition of anonymity. The joint approach would address aspects of the EU''s WTO membership terms, known as its WTO "schedules", that are not easily split between Britain and the other 27 EU members: agricultural tariff quotas, agricultural subsidies and commitments on services trade. “The plan is (that) we would explain together how we would see the disentanglement of the United Kingdom from the EU commitments and schedules,” the source said. The joint approach would also deal with Britain''s wish to join the WTO''s Government Procurement Agreement, which liberalises access to procurement markets between signatories. The EU is a member of the agreement but Britain is not. Asked how important it was to finalise revision of the WTO terms of membership before the EU and Britain formally divorce, the source said: “I have the impression that the United Kingdom believes that is important.” Britain''s Brexit minister, David Davis, pledged to "get down to work" as he kicked off a first full round of negotiations in Brussels on Monday but, a year after Britons voted to leave the EU, their government seemed at war with itself over the divorce terms. Britain also faces a multi-billion euro bill as it leaves the EU, to cover ongoing commitments. One of those costs may be a provision to cover damages that could be awarded to the United States in the world''s largest trade dispute, the 13-year-old battle over allegedly illegal subsidies to plane giants Airbus and Seattle-based Boeing . "I think that is also part of the discussion," the EU source said, without giving any details. "I''m not sure that will be clarified already. I think we''re now working first and foremost on schedules." Reporting by Tom Miles; writing by Stephanie Nebehay; Editing by Kevin Liffey 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-wto-idINKBN1A21F5'|'2017-07-17T16:49:00.000+03:00'
'3fdc9d518b7ad4da50c4bd2d94204fcf3cd26fc1'|'Citigroup sees slightly lower returns from branded cards business'|'Edition United States July 20, 2017 / 4:39 PM / 21 minutes ago Citigroup sees slightly lower returns from branded cards business 2 Min Read Traders work in the Citigroup booth on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 25, 2016. Brendan McDermid NEW YORK (Reuters) - Citigroup Inc ( C.N ) trimmed its outlook on Friday for the profitability of its North American branded credit cards business to a 2.15 percent return on assets from 2.25 percent. Chief Financial Officer John Gerspach, speaking in a quarterly conference call with fixed income investors, said the revision is a result of changing interest rates and a greater portion of the business coming from its new Costco ( COST.O ) co-branded card. The Costco card, he said, is outperforming expectations and will bring in more revenue and income but with a lower return on assets. Gerspach said the Costco card business, which Citigroup won by outbidding American Express ( AXP.N ), is exceeding the bank''s targets for numbers of accounts, use by customers, revenue and return on assets. Gerspach''s comments provided a hint of the details that analysts expect to hear from Citigroup on Tuesday when the bank holds its first "investor day" conference since the financial crisis. He also said that Citigroup''s retail services division, which mostly issues store-branded cards in the United States, is still expected to earn a 2.50 return on assets despite a rise in the rate of losses on accounts because of new problems collecting from delinquent borrowers. The two North American credit card businesses provided nearly 20 percent of Citigroup''s income from continuing operations in 2016. Reporting by David Henry in New York; Editing by Cynthia Osterman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-citigroup-outlook-cards-idUSKBN1A529W'|'2017-07-20T19:37:00.000+03:00'
'228c4dc118d284e831d7308803cc66cf98c0d4d8'|'Netflix''s subscriber growth beats on new shows'|'July 17, 2017 / 8:15 PM / 22 minutes ago Netflix''s subscriber growth beats on new shows 2 Min Read FILE PHOTO: The Netflix logo is pictured on a television remote in this illustration photograph taken in Encinitas, California, U.S., on January 18, 2017. Mike Blake/File Photo (Reuters) - Netflix Inc ( NFLX.O ) added more U.S. and international subscribers than expected in the second quarter as new original shows such as "13 Reasons Why" as well as the latest season of hit political drama "House of Cards" helped attract more viewers. Shares of the company were up 9 percent at $176.2 in trading after the bell. The company said on Monday it added 4.14 million subscribers internationally in the quarter ended June 30, compared with the average analyst estimate of 2.59 million, according to data from analytics firm FactSet. bit.ly/2usBBdF The streaming giant, whose original shows also include "Orange is the New Black" and "The Crown", added 1.07 million subscribers in the United States, compared with analysts'' average expectation of 631,000. The company''s typically slow second quarter got a boost from the shift in the release of the fifth season of "House of Cards" from the first quarter. Netflix - which has expanded globally in the last few years, rolling out shows in different languages - is expecting international subscriber additions of 3.65 million for the current quarter. Analysts on average had estimated 3.2 million additions. The company, which crossed the 100 million subscriber mark in April, said it expected positive international contribution for the full year. Netflix is spending $6 billion a year on content to lure new subscribers in a quest to become the dominant streaming service around the world even as it faces a slowdown in the United States. The Los Gatos, California-based company said revenue rose 32.3 percent to $2.79 billion in the quarter. The company''s net income rose to $65.6 million, or 15 cents per share, in the latest quarter from $40.8 million, or 9 cents per share, a year earlier. Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-netflix-results-idINKBN1A225E'|'2017-07-17T23:26:00.000+03:00'
'fef884a4c13cf28fcf1f0b70bfb0bf62d9f54ab9'|'Brazil securities watchdog opens forex probes against J&F units'|'July 19, 2017 / 11:59 PM / 9 hours ago Brazil securities watchdog opens forex probes against J&F units 1 Min Read SAO PAULO (Reuters) - Brazil''s securities watchdog CVM has opened two probes into foreign exchange transactions by units of J&F Investimentos, which has been at the center of a corruption scandal. The probes will investigate financial dealings by pulpmaker Eldorado Brasil Celulose SA and by a subsidiary of meatpacker JBS SA, Seara Alimentos Ltda. The transactions occurred before the release of a plea deal by J&F controlling shareholders, Joesley and Wesley Batista, with Brazilian prosecutors in a corruption probe. Brazil''s securities watchdog is conducting 12 other investigations into possible irregularities by other J&F-controlled companies. Some of them relate to possible insider trading by JBS SA and Banco Original, CVM said in a statement. Reporting by Tatiana Bautzer '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-corruption-jbs-idUSKBN1A42RT'|'2017-07-20T02:54:00.000+03:00'
'787b49cd71343b52c57a2f43bde3264bd89288bd'|'Euro, bond yields climb as Draghi flags tightening talks in autumn'|'July 20, 2017 / 1:50 PM / 30 minutes ago Euro, bond yields climb as Draghi flags tightening talks in autumn 3 Min Read European Central Bank (ECB) President Mario Draghi is seen after a news conference at the ECB headquarters in Frankfurt, Germany July 20, 2017. Ralph Orlowski LONDON (Reuters) - The euro rose towards a 14-month peak against the dollar on Thursday and European bond yields hit highs for the day after European Central Bank chief Mario Draghi said policymakers would discuss possible changes to its bond-buying scheme in the autumn. Though Draghi said that no date had been set for discussing any changes to the programme and that ECB rate-setters had been unanimous in their decision not to change their guidance an monetary policy, investors reckoned discussions in the autumn would lead to monetary tightening next year. The euro climbed as high as $1.1571 as Draghi spoke, just a whisker away from 14-month highs of $1.1583 hit earlier in the week and leaving it up as much as half a percent on the day. "Draghi did his best this afternoon to cap the euro, failing quite spectacularly," wrote Alex Lydall, head of dealing at corporate brokerage Foenix Partners. Against sterling, the euro climbed 0.8 percent to an eight-day high of 89.20 pence. "I think a positive outlook of the economy and expectations of stimulus withdrawal in the autumn and perhaps confirmation of the fact that we will have more explicit tightening then is driving the euro and bond yields higher," said Alexandra Russell-Oliver, FX strategist at Caxton FX in London said. Markets still expect the ECB to raise rates next year, though they now bet that a hike could come later than initially anticipated. Euro zone money markets price in roughly a 70 percent chance of a 10 basis point hike in rates by next July, having fully priced in a move a week ago. A rise by October is fully priced in by markets. "In all probability tapering will occur as we head into 2018 and we have seen no substantive challenge to that expectation in today''s meeting. Hence the currency has received some support," Richard McGuire, a senior strategist at Rabobank said. McGuire added that the euro was rising probably due to the fact that Draghi noted the single currency’s appreciation had received attention but "provided no push-back to this strengthening despite having the perfect opportunity to do so". Euro zone stocks climbed back up 0.6 percent as the euro gave back some gains. Euro zone banks gained as much as 1 percent and STOXX 600 banks turned positive again. The pan-European index reversed losses to rise 0.2 percent. Reporting by London markets team; Editing by Hugh Lawson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-markets-ecb-idINKBN1A51QQ'|'2017-07-20T16:47:00.000+03:00'
'f43a0d32455febfb3ca8da38045fd46024f7f57d'|'AmEx profit dips as it splurges on customer rewards'|'July 19, 2017 / 10:47 PM / 23 minutes ago AmEx profit dips as it splurges on customer rewards Pallavi Dewan and Nikhil Subba 3 Min Read The logo of American Express (AXP) is seen in Los Angeles, California, United States, April 25, 2016. Lucy Nicholson (Reuters) - American Express Co''s ( AXP.N ) profit declined 33 percent in the second quarter, hurt partly by higher expenses, as the card company spent heavily on rewards to woo customers amid intense competition from big U.S. banks. Shares of the company, up 16 percent so far this year, dipped 1.2 percent to $84.87 in after-market trading. New York-based AmEx has increased spending on rewards to prevent its generally affluent clientele from switching to JPMorgan Chase & Co ( JPM.N ) and Citigroup Inc ( C.N ), which have rolled out lucrative rewards in an effort to boost their own credit card businesses. For JPMorgan and Citi, post-financial crisis regulations have made the credit card business more profitable than businesses such as mortgages and capital markets trading. Both the major banks reported upbeat results at their card businesses in their earnings last week. AmEx said it spent $1.93 billion on card member rewards in the second quarter ended June 30, up 9 percent from a year earlier. That increase was the highest since late 2014. As a result, total expenses soared 21 percent to $5.77 billion, denting profit, which declined but beat analysts'' forecasts. Net income attributable to shareholders plunged 33 percent to $1.31 billion, or $1.47 per share, partly reflecting the loss of a longtime partnership with warehouse club retailer Costco Wholesale Corp ( COST.O ) as well as a $1 billion gain in the year-ago quarter on the sale of a related loan portfolio. Analysts on average had expected a profit of $1.43 per share, according to Thomson Reuters I/B/E/S. Total revenue, net of interest expense, inched up 0.8 percent to $8.31 billion, beating analysts'' estimates of $8.20 billion. The better-than-expected results came as adjusted card member spending rose 8 percent and AmEx added 2.7 million proprietary card members globally. "The work is not complete, but we''re now moving forward with a stronger foundation," Chief Executive Kenneth Chenault said in a statement. Discount revenue, which makes up the bulk of AmEx''s total revenue and represents fees paid by merchants to the company, was flat at $4.82 billion. AmEx also backed its forecast for full-year earnings of $5.60 to $5.80 per share and said it was on track to remove $1 billion from its expenses this year. The company''s shares slipped in after-hours trading as investors were probably disappointed that AmEx did not lift its earnings forecast after reporting a better-than-expected profit, KBW Inc analyst Sanjay Sakhrani said. Reporting by Pallavi Dewan and Nikhil Subba in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-american-express-results-idUKKBN1A42NY'|'2017-07-20T01:47:00.000+03:00'
'd528abe1e576470b557db01b502c629db7cdfe3c'|'Ford''s "golden noses" seek edge in slowing China car market'|'July 19, 2017 / 11:14 PM / 16 minutes ago Ford''s ''golden noses'' seek edge in slowing China car market Adam Jourdan 4 Min Read An employee conducts an "odor test" at the Polymer Laboratory at Ford''s research and development center in Nanjing, China July 12, 2017. Picture taken July 12, 2017. Aly Song NANJING, China (Reuters) - While Western drivers like the ''new car'' smell fresh off the production line, Chinese would rather their cars didn''t smell of anything - a cultural divide that''s testing car makers seeking an edge to revive sales in the world''s biggest auto market. At Ford Motor Co ( F.N ), for example, 18 smell assessors - dubbed "golden noses" - at its research plant outside the eastern city of Nanjing test the smell of each material that goes inside a Ford car to be sold in China and around Asia. The China smell test isn''t unique, but illustrates the lengths automakers go to to attract buyers in markets where consumer attitudes vary widely. "In North America, people want a new car smell and will even buy a ''new car'' spray to make older cars feel new and fresh. In China it''s the opposite," says Andy Pan, supervisor for material engineering at the Ford facility, which employs around 2,300 people. The smell of a new car in China can have an outsized effect. A J.D. Power report last year showed that unpleasant car smells were the top concern for Chinese drivers, ahead of engine issues, road noise or fuel consumption. The smell assessors at Ford, whose China sales are down 7 percent this year, carry out 300 tests a year, a third more than their counterparts in Europe. They rate the odor of all materials used in a car from "not perceptible" to "extremely disturbing". Pungent materials - from carpets to seat covers and steering wheels - are noted as smelling of anything from "burnt tire" and "bad meat" to "moth balls" or "dirty socks". Some are sent back to the supplier. Seats for Ford cars in China are stored in perforated cloth bags to keep them ventilated before being installed, as opposed to plastic wrapping in the U.S. market where consumers are less concerned about chemical smells. "The smell inside the car can often be pretty pungent," said Tom Lin, a 24-year-old high-school teacher in Zhejiang province, who bought a local Roewe brand car last October. He said there was still a bit of an odor six months later. An employee conducts an "odor test" at the Polymer Laboratory at Ford''s research and development center in Nanjing, China July 12, 2017. Picture taken July 12, 2017. Aly Song "With the next car I buy, I''m going to take more care to check out any odd smells," he said. Extra Edge To be sure, smell is just one factor for automakers to get right in China, where picky buyers are always looking for fresh car models and Beijing is making a big drive towards new energy vehicles. Slideshow (4 Images) In a slower market - consultancy IHS forecasts vehicle sales will slip slightly this year - firms are looking for an extra edge to appeal to consumers, beyond price discounts, says IHS analyst James Chao. Local rivals Geely Automobile ( 0175.HK ) and BYD Co Ltd ( 002594.SZ ) tout their in-car air filters to protect drivers from China''s harmful air pollution, and BMW ( BMWG.DE ) says it is adding larger touch screens and tweaking colors to appeal to Chinese buyers. Smell is key though, reflecting a wider concern in China about chemicals and pollution. "When I lived in the United States I might look at the suspension or the engine," said Don Yu, China general manager at CGT, which makes materials to cover car seats and dashboards for General Motors ( GM.N ), Volkswagen ( VOWG_p.DE ) and Ford. "In China, though, people open the car and sit inside, if the smell isn''t good enough they think it will jeopardize their health." For Ford''s "golden noses" that means a strict routine. Testers undergo a tough selection process, proving themselves on blind smell tests before being chosen. "We have to have very healthy habits; we can''t smoke, we can''t drink," says one of the team, 33-year-old Amy Han, adding she avoids spicy food and doesn''t wear nail polish, strong perfume or even a leather jacket to keep her smell sense sharp. Reporting by Adam Jourdan, with additional reporting by Norihiko Shirouzu and SHANGHAI newsroom; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ford-china-smell-idUKKBN1A42PO'|'2017-07-20T02:08:00.000+03:00'
'2a02b72004de726ae3e78ccf85ed07fb5b0e723a'|'BOJ to cut inflation forecasts but stand pat on policy as economy picks up'|'July 19, 2017 / 9:07 PM / 11 minutes ago BOJ pushes back inflation target for sixth time, keeps policy steady Leika Kihara and Tetsushi Kajimoto 4 Min Read FILE PHOTO - A Japanese flag flutters atop the Bank of Japan building in Tokyo, Japan, September 21, 2016. Toru Hanai/File Photo TOKYO (Reuters) - The Bank of Japan kept monetary policy steady on Thursday but again pushed back the timing for achieving its inflation target, reinforcing expectations it will lag well behind other major central banks in scaling back its massive stimulus programme. With robust exports and private consumption pointing to a steady though modest recovery, the Japanese central bank slightly raised its growth forecasts and offered a more upbeat view of the world''s third-largest economy than last month. But stubbornly weak price growth forced the BOJ to cut its inflation forecasts, underscoring the challenges the central bank faces as it tries to reflate the economy and coax consumers to spend more. "Recent price developments have been relatively weak, as companies remained cautious in raising wages and prices," the BOJ said in a quarterly report on its long-term growth and inflation projections. "Risks to the economy and price outlook are skewed to the downside," it said. The BOJ pushed back by a year the timing for hitting its ambitious 2 inflation target, in a fresh blow to Governor Haruhiko Kuroda''s radical monetary experiment aimed at sustainably ending deflation. It now expects inflation will not reach that level until sometime in the fiscal year ending in March 2020. The BOJ has now pushed back the price target timeframe six times since Kuroda launched his huge asset-buying programme in 2013. As widely expected, the BOJ maintained its short-term interest rate target of minus 0.1 percent and its 10-year government bond yield target of around zero percent. The central bank also kept intact guidance that it would keep buying government bonds so its holdings increase at an annual pace of 80 trillion yen ($714 billion). Growth, Price Mismatch At his post-meeting news conference (0630 GMT), Kuroda is likely to remind markets of the BOJ''s resolve to maintain ultra-easy policy until inflation is sustainably above target. That would put the BOJ far behind the U.S. Federal Reserve, which has been gently raising rates and is expected to announce detailed plans in September to start shrinking its more than $4 trillion balance sheet. The European Central Bank (ECB) is also expected to announce plans in coming months to taper its asset purchases as growth picks up on the continent, according to a Reuters poll.[ECB/INT] In a testament to the improving economy, the BOJ raised its growth projections for the current fiscal year to 1.8 percent from 1.6 percent forecast three months ago, and to 1.4 percent from 1.3 percent for the following year. "Japan''s economy is expanding moderately," the BOJ said, a brighter assessment than last month when it said it was turning toward a moderate expansion. But it slashed its consumer inflation forecasts for the year ending in March 2018 and the following year, to 1.1 percent from 1.4 percent, and to 1.5 percent from 1.7 percent. Japan''s economy grew at an annualised 1.0 percent in the first quarter thanks to robust global demand and a pick-up in private consumption. Data earlier on Thursday showed its exports rose for a seventh straight month in June. But core consumer prices in May rose just 0.4 percent from a year earlier, well below the BOJ''s 2 percent target. Tokyo inflation, a leading indicator of nationwide prices, was flat in June from a year earlier, stunning BOJ officials who expected a stronger reading given recent signs of improving consumption. Additional reporting by Stanley White and Minami Funakoshi; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN1A42HC'|'2017-07-20T00:07:00.000+03:00'
'7476c90e551464da720315ac797c3a1ae48a92ae'|'PayPal to partner with JPMorgan'|'July 20, 2017 / 2:24 PM / 4 minutes ago PayPal to partner with JPMorgan 1 Min Read July 20 (Reuters) - PayPal Inc said on Thursday it would partner with JPMorgan Chase & Co, allowing the bank''s customers to link their Chase Pay and PayPal accounts. The companies said Chase customers will be able to use their reward points to make purchases via PayPal. PayPal will also be able to process payments on ChaseNet, JPMorgan''s payment network. The payment processor also expanded its partnership with Citigroup Inc, allowing Citi customers to use reward points with merchants that accept PayPal, effective 2018. (Reporting by Sruthi Shankar in Bengaluru; Editing by Martina D''Couto) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/paypal-hldg-partnership-jpmorgan-idUSL3N1KB4U0'|'2017-07-20T17:23:00.000+03:00'
'44ff4f28e9328de595450f27b8505b0daeec7d39'|'Deutsche Bank''s CEO says plans for "reasonable worst-case" Brexit'|'Edition United States   in 19 minutes Deutsche Bank''s CEO says plans for ''reasonable worst-case'' Brexit   Deutsche Bank CEO John Cryan speaks at the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. Ralph Orlowski FRANKFURT (Reuters) - Deutsche Bank ( DBKGn.DE ) is planning for a "reasonable worst-case" scenario that predicts that Britain''s deal to leave the European Union will not be favorable for the financial services industry, Chief Executive John Cryan said on Thursday. Cryan said that the bank would be significantly affected, though in a way different from other banks because Deutsche Bank already has a headquarters in the EU and operates with a branch in London. For Deutsche, the Bank of England would gradually become more important as a regulator. In the first installment of a video series for staff called "Tower Talk: John Cryan on Brexit," Cryan sat down with Deutsche Bank''s head of communications Joerg Eigendorf at the bank''s London headquarters. Reporting by Tom Sims'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-deutsche-bank-idUKKBN1A524D'|'2017-07-20T18:46:00.000+03:00'
'6ddaa924d6425210f51afb51072274187890771c'|'Euro clings to near 14-month peak on ECB tapering hopes'|'July 20, 2017 / 1:12 AM / 4 minutes ago Dollar hits nearly two-year low against euro after Draghi comments 3 Min Read A U.S. Dollar note is seen in this June 22, 2017 illustration photo. Thomas White/Illustration NEW YORK (Reuters) - The dollar fell to its lowest level in nearly two years against the euro on Thursday after European Central Bank chief Mario Draghi said policymakers would discuss possible changes to its bond-buying scheme in the autumn. Though Draghi said no date had been set for discussing any changes to the program and that ECB rate-setters had been unanimous in their decision not to change their guidance on monetary policy, investors suspected discussions in the autumn would lead to monetary tightening next year. The euro climbed as high as $1.1655 EUR= against the greenback after Draghi spoke, putting it up as much as 1.2 percent on the day and marking its highest level since August 2015. The euro was last on course for its biggest daily percentage gain in more than three weeks. The dollar index, which measures the greenback against a basket of six major rivals, hit a session low of 94.090 .DXY, marking its lowest level in nearly a year. The index pared some losses in afternoon U.S. trading and was last down 0.5 percent at 94.286. "The marketplace is looking for a good potential for (quantitative easing) reduction to start in September or at least to be announced in September," said Richard Scalone, co-head of foreign exchange at TJM Brokerage in Chicago. An employee shows fifty-euro notes in a bank in Sarajevo in this March 19, 2012 file photo. Dado Ruvic Analysts said the dollar also remained weaker given the collapse late on Monday of a Republican bill to overhaul of the U.S. healthcare system. Weak economic data has also lowered expectations for another interest rate increase from the Federal Reserve later this year. "The dollar is now suffering and lagging due to the (Trump) administration''s inability to push through any kind of reforms," said Jason Leinwand, founder of FirstLine FX Currency Strategy in Randolph, New Jersey. in policy from the Bank of Japan," Leinwand said. The dollar was last flat against the yen at 111.96 yen after touching a more than three-week low of 111.49 earlier. The Bank of Japan kept monetary policy steady on Thursday but once again pushed back the timing for achieving its ambitious inflation target. The view that the BoJ was maintaining its easy money policies allowed the dollar to remain somewhat steady against the yen, analysts said. "There is not going to be any shift "So (the) yen should continue to remain on the weak side." Reporting by Sam Forgione; additional reporting by Saikat Chatterjee in London; Editing by Meredith Mazzilli and Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-forex-idINKBN1A504A'|'2017-07-20T04:05:00.000+03:00'
'99488a6cc8405973ea3af39034cba091e1252eac'|'Citigroup says may need to create 150 jobs in EU due to Brexit'|'FILE PHOTO: A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. Brendan McDermid/File Photo LONDON/FRANKFURT (Reuters) - Two global banks, Citigroup ( C.N ) and Deutsche Bank ( DBKGn.DE ), are beefing up their presence in Frankfurt to deal with the impact of Britain leaving the European Union. U.S. bank Citigroup said on Thursday that it may need to create 150 new jobs in the EU, as it confirmed it would headquarter its EU trading operations in Frankfurt. Deutsche Bank Chief Executive Officer John Cryan said in a video published on Thursday that the German lender expected to add new jobs in Frankfurt, where it will replicate a structure that is interchangeable with its London operations and evolve as Brexit negotiations unfold. Details of banks'' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England. "It’s important not to wait until the 11th hour and 59th minute," Cryan said in the video to staff outlining Deutsche''s Brexit planning strategy. Citi is one of several banks opting to build up a subsidiary in Frankfurt so that its trading operations in the EU can continue without too much disruption when Britain leaves the bloc in March 2019. "Frankfurt is our first choice for headquartering our EU broker-dealer based on the existing infrastructure, and the people and expertise we already have on the ground," Jim Cowles, the bank''s head of Europe, Middle East and Africa (EMEA) said in a memo to staff. He added that the bank also planned to build up its private banking, treasury and trade and investment banking businesses in the EU, while the bank''s London office would remain its EMEA headquarters. This would be done by "increasing over time our footprint in other key EU cities including Amsterdam, Dublin, Luxembourg, Madrid and Paris". Banks have indicated that while they may pick one EU center to be their main regional subsidiary in the bloc, they are likely to spread their operations across several countries. JPMorgan CEO Jamie Dimon said on July 11 that his bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, but that jobs may be put elsewhere as well. Deutsche Bank employs about 9,000 people in Britain and expects London to remain vital to the bank as one of the world''s two most important financial hubs. It currently books most of its business through London. But the Frankfurt-based bank with a London branch is planning for a "hard" Brexit that would entail a loss of so-called passporting rights between Britain and the EU. Cryan termed it a "reasonable worst-case" scenario. The bank''s plans to replicate its London booking operations in Frankfurt will initially mean added jobs to Frankfurt, though it could later result in jobs moving to Frankfurt from London, depending on how Brexit negotiations play out, Cryan said. "We build replicate infrastructure in Frankfurt, and over time if we end up, because of the actual Brexit, rebooking everything into Germany, Frankfurt, then there will be roles in London that get eliminated or moved," Cryan said. "People may not, but the role would move to Frankfurt," he said, without mentioning the number of people or roles. Bank of England Governor Mark Carney warned in April that EU banks’ wholesale branches in Britain may have to convert into subsidiaries after Brexit, which would require banks like Deutsche Bank to put a lot more capital into its London operations. Reporting by Rachel Armstrong and Tom Sims, editing by Maiya Keidan and Adrian Croft '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-britain-citigroup-idUSKBN1A51K4'|'2017-07-20T15:56:00.000+03:00'
'd8cc000a06e8e99a7e2f69b3ac061d399b0b5271'|'United Airlines reduces denied boardings after passenger dragging'|'July 18, 2017 / 8:45 PM / 7 minutes ago United Airlines reduces denied boardings after passenger dragging 1 Min Read FILE PHOTO - Customers of United wait in line to check in at Newark International airport in New Jersey, November 15, 2012. Eduardo Munoz NEW YORK (Reuters) - United Continental Holdings Inc ( UAL.N ) on Tuesday posted a 79 percent year-over-year decrease in involuntary denied boardings in May and an 88 percent decrease in the month of June. This came after the airline implemented measures to improve customer service following the physical removal of a paying United passenger in April. United also posted earnings of $2.75 per share, compared with analysts'' consensus estimate $2.67. Reporting by Alana Wise; Editing by Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ual-results-idUSKBN1A32C1'|'2017-07-18T23:43:00.000+03:00'
'6e64e01ec6b5cd3619952f854252fa365d7a72cf'|'After throwing in the kitchen sink, what''s a central bank to do?'|'July 18, 2017 / 3:08 PM / 16 minutes ago After throwing in the kitchen sink, what''s a central bank to do? Jeremy Gaunt 5 Min Read The headquarters of the European Central Bank (ECB) are pictured in Frankfurt, Germany September 8, 2016. Ralph Orlowski/File Photo LONDON (Reuters) - Central banks struggling to lift historically low interest rates and rein in stimulus programs may have more on their minds than just getting back to normal -- they are, by some accounts, nowhere near ready to deal with the next recession or crisis. Start with a then-and-now comparison. When the global financial system nearly collapsed about a decade ago, the world''s major central banks launched a series of aggressive counter-measures, including trillions of dollars worth of asset-buying. The global economics team at Bank of America-Merrill Lynch - in a report that argues central banks are not currently capable of responding to a new crisis - calculate that from 2006 to 2009 the five major central banks cut rates by an average of about 350 basis point. Could they do that now? Short answer, no. BofAML reckons the current average nominal policy rate is just 50 basis points, with the European Central Bank and Bank of Japan in particular at the bottom limit of what they can do. It is not the first time this concern has been raised. The Bank for International Settlements, often called the central banks'' bank, fired a warning shot two years ago. "In some jurisdictions, monetary policy is already testing its outer limits," it said in its 2014/2015 annual report. In the same vein, Stephen King, HSBC''s senior economic adviser, has noted that in all U.S. recessions since the 1970s, the benchmark Federal Reserve interest rate has fallen by a minimum of 5 percentage points. It is currently at a range of 1 percent to 1.25 percent. Similarly, central banks have been buying up the shop since 2008, when the financial crisis hit and the Great Recession began. Between them, the U.S., Swiss, British, Japanese and euro zone central banks have balance sheets -- essentially cash and asset holdings -- totaling roughly $15 trillion. That compares with only around $4 trillion at the start of 2008. They could and probably would expand this in a crisis; central banks have shown great innovation in the past. But with the store of assets available to buy dwindling as a result of the $15 trillion, any expansion would have to be far broader. Doable, but relatively untried and possibly politically difficult. A man rides a bicycle past the Bank of Japan (BOJ) building in Tokyo, Japan March 18, 2009. Yuriko Nakao/File Photo Inflation Key Despite the huge monetary largesse, inflation remains low and well below target in all major industrialized economies bar Brexit-hit Britain - and even there it may be easing back because of the ebbing of base effects from sterling''s fall. This means that central banks such as the Fed, ECB, Bank of England and Bank of Japan are all making noises of varying hawkishness without necessarily having solved their main problem. The Fed has already started tightening and is talking about cutting its balance sheet, the Bank of England is at least thinking about raising rates, and the ECB is hinting at tapering its asset-buying. Even the Bank of Japan, or some members, have been quietly retreating from its radical monetary experiment. FILE PHOTO - The U.S. Federal Reserve Building is shown in Washington, March 18, 2008. Jason Reed Ironically, it is this desire to normalize that some economists believe is the main risk for global economic growth and for the next downturn. "In the past, some recessions have been caused by central banks acting too aggressively," Sarah Hewin, chief European economist at Standard Chartered Bank, said, adding that her firm did not see any sustained inflation pressures to rationalize tightening. BofAML economists Ethan Harris and Aditya Bhave go further, saying central banks should prepare for the next recession by keep the taps open to overshoot their inflation targets, not make do with bumping up close to them. In other words, let inflation spike, then tighten. What then, if a downturn hits first, before normalization of monetary policy? Innovation. The idea of "helicopter money" has already been floated, involving anything from direct transfers to the private sector to monetizing government deficits by direct bond sales between government and central bank. Then, there is always the government itself, opening up its own purse. "There will be greater need for a fiscal response, as monetary policy alone will not be as effective," said Leila Butt, senior economist at Prudential Portfolio Management Group. Central banks can''t do everything, especially when the have already been doing it for close to a decade. Reporting by Jeremy Gaunt, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-economy-recession-analysis-idINKBN1A31O6'|'2017-07-18T18:03:00.000+03:00'
'e33cd5140cc5570dfaa1d98131a6389b01bc04fd'|'NBA-New uniforms do away with home and away designations'|'July 18, 2017 / 6:51 PM / 6 minutes ago NBA-New uniforms do away with home and away designations Rory Carroll 3 Min Read July 18 (Reuters) - Nike has unveiled new NBA uniforms for the 2017-2018 season that dispense with traditional ''home'' and ''away'' team designations. The home team will instead pick from four primary uniforms to be worn at all home games and visiting teams will choose a contrasting uniform within their own assortment. White ''Association'' uniforms will replace the typical home jersey, while the ''Icon'' version uses the team''s primary color and replaces the road uniforms. Nike, which has replaced Adidas as the NBA''s uniform supplier, will reveal the two remaining uniforms in the coming months. The world''s No. 1 footwear maker said on Tuesday that it employed 3D-body maps of players, including heat and sweat maps, to design cooler, lighter uniforms for players to wear during the NBA''s grueling 82-game season. NBA players tested early versions of the uniforms and provided feedback that prompted Nike to evolve the designs in ways that included moving the armhole, neck and side seams to eliminate distractions for athletes, the company said. "The mental advantage of a quality uniform is priceless," Cavaliers guard Kyrie Irving said in a press release. "The fact that Nike listened to all of our feedback while developing the new NBA uniforms speaks volumes. I''m excited for the new fit and feel," he said. The most significant change comes to the back shoulder of the uniform where Nike designers altered the construction for an improved fit, the company said. The uniform is comprised of a combination of Alpha Yarns and recycled polyester, with each athlete uniform representing approximately 20 recycled PET (polyethylene terephthalate) bottles. "Not only does this yarn blend match Nike''s broad commitment to sustainability, it also removes moisture more quickly than previous NBA uniforms, wicking sweat 30-percent faster than current NBA uniforms," Nike said in a release. Nike will also unveil new tights and socks to complement the uniforms and provide a seamless look for the athletes, it said. (Reporting by Rory Carroll; editing by Ken Ferris) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/basketball-nba-uniforms-idUSL3N1K951V'|'2017-07-18T21:49:00.000+03:00'
'202b0eabffc74cd80f2f8cd041c0a20a8d8a0d4b'|'John Lewis weekly department store sales up 4 percent'|'July 18, 2017 / 9:43 AM / in 18 minutes John Lewis weekly department store sales up 4 percent Reuters Staff 1   John Lewis and Waitrose employees wait for the announcement of their 2015 bonus in central London, March 12, 2015. Neil Hall/File Photo LONDON (Reuters) - British retailer John Lewis on Tuesday gave the following sales figures for the latest week compared with a year earlier. Last week the department store chain''s boss said the firm had recently seen a drop in demand for big ticket items as consumer confidence waned, but trade in more spontaneous categories, such as beauty, was holding up. Compiled by Paul Sandle'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-john-lewis-table-idUKKBN1A30US'|'2017-07-18T12:48:00.000+03:00'
'101ca12f0d89961471d72b0fabab997f7ac43105'|'Indian government refiners to buy less Iran oil in 2017/18: oil minister'|'July 19, 2017 / 11:53 AM / 6 hours ago Indian government refiners to buy less Iran oil in 2017/18: oil minister 1 Min Read Oil Minister Dharmendra Pradhan speaks during an interview with Reuters in New Delhi, India, June 12, 2015. Anindito Mukherjee/Files NEW DELHI (Reuters) - India''s state refiners plan to buy less Iranian oil in 2017/18 compared with the last fiscal year, Oil Minister Dharmendra Pradhan said on Wednesday. Iran has offered a credit period of 60 days for oil purchases in the current fiscal year, Pradhan told lawmakers in a written response. In 2016/17, Iran had offered 90 days credit period. The minister said state oil refiners import oil as per commercial and operational consideration. He did not elaborate further. India''s state refiners have cut oil import plans from Iran by a quarter in the year to March 2018, sources earlier told Reuters. Reporting by Nidhi Verma; Editing by Amrutha Gayathri 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-iran-oil-idINKBN1A415L'|'2017-07-19T14:48:00.000+03:00'
'111ac0d4ce46ff4fdf0fef26b54fa71ed1bff51b'|'PayPal to partner with JPMorgan'|'July 20, 2017 / 2:39 PM / an hour ago PayPal to partner with JPMorgan 1 Min Read The PayPal logo is seen during an event at Terra Gallery in San Francisco, California May 21, 2015. Robert Galbraith/File Photo (Reuters) - PayPal Inc said on Thursday it would partner with JPMorgan Chase & Co, allowing the bank''s customers to link their Chase Pay and PayPal accounts. The companies said Chase customers will be able to use their reward points to make purchases via PayPal. PayPal will also be able to process payments on ChaseNet, JPMorgan''s payment network. The payment processor also expanded its partnership with Citigroup Inc, allowing Citi customers to use reward points with merchants that accept PayPal, effective 2018. Reporting by Sruthi Shankar in Bengaluru; Editing by Martina D''Couto 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/paypal-hldg-partnership-jpmorgan-idINKBN1A51W2'|'2017-07-20T17:37:00.000+03:00'
'776b76132bf37d7854ad2c9f5021b8aa9e9aedb1'|'Gold up, poised for more gains on soft U.S. rate outlook'|'July 17, 2017 / 8:30 AM / 6 hours ago Gold up, poised for more gains on soft U.S. rate outlook Eric Onstad 3 Min Read A worker checks gold granulate at a plant of gold refiner and bar manufacturer Valcambi SA in the southern Swiss town of Balerna December 20, 2012. Picture taken December 20, 2012. Michael Buholzer/Files LONDON (Reuters) - Gold climbed on Monday and was likely to see further gains after the dollar slumped to multi-month lows on the back of data that pointed to weak U.S. inflation and dampened prospects for rate hikes. "The dollar continues to be on the back foot and yields have dropped back somewhat from their relatively elevated positioning lately," said analyst Jonathan Butler at Mitsubishi in London. Spot gold was up 0.6 percent at $1,235.57 per ounce at 1353 GMT, while U.S. gold futures for August delivery rose 0.6 percent to $1,234.70 per ounce. "If gold remains at $1,230 or goes higher, there''s an elevated risk that some of those short positions might start to be reversed and that would give some further upside to gold," Butler added. Recent soft U.S. inflation and domestic demand figures undermined arguments for the U.S. Federal Reserve to raise interest rates, with traders cutting back their bets on the likelihood of an increase in December. The dollar held at a 10-month low against a basket of currencies, while high-yielding currencies such as the Australian dollar rose to two-year peaks as investors piled into leveraged bets after data dampened expectations of a U.S. rate hike in coming months. A weaker greenback supports gold since the dollar-priced commodity is less expensive for investors holding other currencies. "Investor sentiment (for gold) has improved quite dramatically over the past week, especially with the weak data out of the United States last week," said ANZ analyst Daniel Hynes. "Gold is now primed for another rally." On the technical front, gold is likely to significantly break above key resistance at the 200-day moving average near $1,230 per ounce and could even rise to the $1,250 level in the shorter term, Hynes said. "The technical bounce looks fairly solid," he said. Among other precious metals, spot silver rose 1.4 percent to $16.17 per ounce after hitting $16.18, the highest in nearly two weeks. Analysts polled by Reuters cut their average 2017 silver forecast to $17.32 an ounce from $17.98 in the previous poll three months ago after the metal slid 9 percent in the second quarter. Platinum gained 1.6 percent to $929.74 per ounce after touching its highest in three weeks at $932.50. Palladium added 0.6 percent to $862.80 per ounce. "We saw a triple bottom form in platinum last week along with the lows of May and December. When that happens that tends to be a pretty solid support level," Butler said. "So I wouldn''t expect that we would get a major breach of that level in the near term." Additional reporting by Arpan Varghese in Bengaluru, editing by Pritha Sarkar and Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN1A20O8'|'2017-07-17T15:10:00.000+03:00'
'5027612539ec885b197b9620dab618a76213dace'|'H&M scraps monthly sales figures but promises more transparency'|'Edition United States July 17, 2017 / 11:39 AM / 2 hours ago H&M scraps monthly sales figures but promises more transparency Anna Ringstrom 3 Min Read FILE PHOTO: H&M shop is seen in the Oslo City shopping center in Oslo, Norway, June 3, 2017. Ints Kalnins/File Photo STOCKHOLM (Reuters) - Swedish fashion group H&M ( HMb.ST ) will start holding capital market days, breaking with tradition and yielding to investor pressure although it also said it would stop posting monthly sales figures. After decades of strong growth, sales growth at the world''s second-biggest fashion retailer has slowed over the past couple of years amid tougher competition. "A month is far too short a period over which to assess how sales are developing," H&M said in a statement. "Instead, sales development should be viewed over a longer period of time, such as over a season or a quarter." H&M has published monthly sales data for more than a decade, albeit leaving out like-for-like figures since 2014. A fund manager who declined to be identified said less information was never good. "This shows how frustrated they are that the market has lost confidence in the company. The fundamental problem is not monthly data, it''s the company''s weak development," the fund manager said. "Monthly data was not a problem when the company performed well. Why should it be now?" H&M shares have been on a downward slope since 2015, underperforming the market and especially bigger rival Zara owner Inditex ( ITX.MC ), with the shares falling 18 percent in the past year alone. Analysts and investors have said the company is too tight-lipped on strategy and outlook. In one concession, Chief Executive Karl-Johan Persson of the founding and main owner family last month for the first time took part in a quarterly public conference call about results. H&M, which has never held a capital markets for investors since its listing in 1974, said it would begin to do so in order to provide "more in-depth information about the business". Anders Oscarsson, head of ownership at pension fund AMF, one of H&M''s biggest owners, welcomed the plans for capital market days. Dropping monthly sales publications was fine, he said, adding that the fund remained a long-term investor in H&M. H&M, which does not publish earnings guidance, on Monday confirmed a preliminary June local-currency sales growth reading of 7 percent - in its last such monthly publication. Shares were up 2.2 percent at 1115 GMT. Reporting by Anna Ringstrom, additional reporting by Olof Swahnberg, editing by Niklas Pollard and Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-h-m-results-idUKKBN1A2133'|'2017-07-17T14:24:00.000+03:00'
'21f66822eb6ba3abe4a7058315f07ece60538636'|'BP says it is considering IPO of U.S. pipeline assets'|'July 18, 2017 / 8:47 PM / an hour ago BP mulling IPO of U.S. Midwest and Gulf Coast pipeline assets Jessica Resnick-Ault 5 Min Read FILE PHOTO: A BP logo is seen at a petrol station in London, Britain, January 15, 2015. Luke MacGregor/File Photo (Reuters) - BP Plc ( BP.L ) is considering an initial public offering of its vast U.S. Midwest and Gulf Coast pipeline assets, the company said on Tuesday, a move that would raise cash. The proposed spinoff, which would be called BP Midstream Partners, revives a plan first broached internally about five years ago before slumping crude oil prices caused the company to put the idea on hold, a person familiar with the proposal said. BP''s plan would spin off crude oil, natural gas and fuel pipelines in a master-limited partnership (MLP), a tax-advantaged structure often used by pipeline and other capital intensive companies. If it decides to go ahead with the idea, BP said it would register the subsidiary by year-end. The company and its underwriters have retained advisors to explore the sale, the source said. A spinoff likely would be one of the larger initial public offerings of the year, the person said, speaking on the condition of anonymity as the talks were private. BP did not comment on the details or potential valuation of a possible transaction beyond the press release. It would own the MLP''s general partner and receive all of its distribution rights, the statement said. Several other energy companies have spun off their pipeline assets to generate capital. They include rival Royal Dutch Shell Plc ( RDSa.L ), which in 2014 raised nearly $1 billion in the largest MLP IPO to date, along with refiners like Valero Energy Corp ( VLO.N ), Tesoro Corp ( TSO.N ), and Marathon Petroleum Corp ( MPC.N ). Shell was the first oil major to use this structure to generate cash from its assets. Shell''s partnership has a market value of about $5.38 billion. BP''s pipeline network is slightly smaller than Shell''s. Previous efforts by BP to sell pipeline assets have not materialized. Last year, BP approached Enbridge Inc ( ENB.TO ) to sell some of BP''s offshore Gulf of Mexico pipeline network, but the deal fell through, according to a person familiar with that transaction. BP''s U.S. pipeline business includes a network of 3,500 miles (5,633 kilometres) of pipelines and terminal facilities that transport and store more than 1.3 million barrels per day of oil, refined products and natural gas. In addition to the Gulf Coast and Midwest assets, BP operates pipelines in the Pacific Northwest. Under U.S. tax codes, MLPs are partnerships that do not pay corporate income tax on distributions, or earnings, to partners. The partners, or owners, are responsible for paying taxes on the distributions. BP''s potential IPO of its midstream assets comes at a rough time for the U.S. pipeline sector. While pipeline operators derive profit from long-term contracts not linked to commodity price gyrations, the dip in oil prices in recent years has nonetheless weighed on the sector, said Tamar Essner, director of energy and utilities at Nasdaq Corporate Solutions. "There''s this perception in the market that the midstream sector is meant to be insulated from the volatility of the commodity price movement," said Essner. "But retail investors have gotten spooked by oil markets." The price of crude oil has fallen sharply in recent months, with oil overall down nearly 14 percent this year. The Alerian MLP exchange-traded fund ( AMLP.K ), which tracks the performance of more than two dozen midstream companies, has lost more than 4 percent in 2017, according to Thomson Reuters data. Tuesday''s announcement came after the market closed. BP is worth 88 billion GBP ($114.8 billion) and its shares closed on Tuesday in London at 445.80 GBP a share. BP is still paying down costs from the deadly 2010 Deepwater Horizon rig explosion at its Macondo well in the Gulf of Mexico in 2010. The company is set to pay up to $5.5 billion in cash payments to U.S. authorities this year as part of one settlement. BP has sharply reduced its capital spending over the past three years in the face of a drop in oil prices, but it still requires an oil price of around $60 a barrel in order to cover its costs, dividends and penalties. The lesson for BP from Shell''s experience is a master limited partnership drawing on existing assets can allow it to get cash and continuing income from its capital-intensive operations while still working closely with the asset owners. "We prioritise our assets and maintain strategic control," said John Hollowell, chief executive of Shell Midstream Partners in an interview last month referring only to Shell''s decision-making. "The key part for us is allows to have the best of both worlds. We can monetize and maintain control of the asset." Reporting By Jessica Resnick Ault in New York, Gary McWilliams and Ernest Scheyder in Houston and Ron Bousso in London; Editing by Cynthia Osterman and David Gregorio 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bp-ipo-pipeline-idINKBN1A32C7'|'2017-07-18T23:45:00.000+03:00'
'6bec61b97b2bf6ef74a0e83ce796ef94ecbba1bf'|'Dollar nurses losses as healthcare bill flounders'|'July 19, 2017 / 12:54 AM / 2 hours ago Dollar nurses losses as healthcare bill flounders Lisa Twaronite 3 Min Read TOKYO (Reuters) - The dollar nursed losses on Wednesday after skidding to a 10-month low against a currency basket as the Republican failure to pushed through a stalled U.S. healthcare bill raised fears about the rest of President Donald''s Trump reform agenda. Republican efforts to overhaul or repeal Obamacare collapsed in the U.S. Senate on Tuesday, rattling financial markets and casting doubt on the chances of getting Trump''s economic plans, such as tax reform and stimulus, through a divided Congress. The dollar index, which tracks the greenback against a basket of six major rivals, edged up 0.1 percent to 94.694 .DXY after falling as low as 94.476 on Tuesday, its lowest level since September 2016. The euro was steady on the day at $1.1549 EUR= , after rising as high as $1.1583 on Tuesday, its highest since May 2016. Expectations that the Federal Reserve will be more cautious about raising interest rates also weighed on the greenback. Economic data on Tuesday showed U.S. import prices falling for a second straight month in June as the cost of petroleum products declined further, suggesting inflation pressures could remain benign for a while. Fed Chair Janet Yellen signaled caution last week in her congressional testimony, and disappointing U.S. inflation and retail sales data on Friday added to evidence that the central bank has reason to take its time in tightening. FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. Thomas White/Illustration/File Photo "The failure of the healthcare bill added the newest pressure to the dollar, but it was already under pressure after Yellen''s comments last week," said Mitsuo Imaizumi, Tokyo-based chief foreign exchange strategist for Daiwa Securities. The Fed chief referred to "uncertainty," he said, a word that "makes markets nervous," and prompted them to pare their expectations of another interest rate hike this year, he said. The dollar slipped 0.1 percent on the day to 111.950 yen JPY= , well below its nearly four-month high of 114.495 touched last week. It fell as low as 111.685 on Tuesday, its lowest since June 27. The Bank of Japan will conclude a policy meeting on Thursday. Policymakers are expected to raise their economic growth forecasts but cut their rosy inflation outlook next week, sources say, reinforcing expectations it will lag well behind major global central banks in dialing back its massive stimulus program. A majority of economists polled by Reuters expect the BOJ to delay again its projected timing for achieving the 2 percent inflation target. The Australian dollar was up 0.1 percent at $0.7918 AUD=D4 after surged 1.5 percent to two-year highs on Tuesday as minutes of the last meeting of the country''s central bank showed policymakers turned more upbeat on the economic outlook. Reporting by Lisa Twaronite; Editing by Kim Coghill 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-forex-idINKBN1A4024'|'2017-07-19T03:50:00.000+03:00'
'95401edc52bb66cc5c1623564842ce5c601526b7'|'Cinema chain AMC says deals not funded by Chinese parent Wanda'|'July 18, 2017 / 11:29 PM / 4 hours ago Cinema chain AMC says deals not funded by Chinese parent Wanda Reuters Staff 3 Min Read FILE PHOTO: Dalian Wanda Group''s Wanda Plaza building is pictured in Beijing, China, May 17, 2016. Kim Kyung-Hoon/File Photo SHANGHAI (Reuters) - China''s Dalian Wanda Group did not fund a spate of deals made by AMC Entertainment Holdings Inc ( AMC.N ), the U.S. cinema chain majority owned by Wanda said late on Tuesday, after reports that Beijing was cracking down on the Chinese firm''s overseas deals. AMC''s shares dived over 10 percent on Monday after sources said regulators in China had told banks to stop providing funding for several of Dalian Wanda''s overseas acquisitions amid broader curbs on companies moving funds overseas. The curbs on Wanda, announced at a meeting in June, focused on six overseas deals, four of which have already been completed, an internal bank document seen by Reuters showed. AMC said deals for Starplex Cinemas, Odeon & UCI Cinemas, Nordic Cinema Group and Carmike Cinemas Inc completed between 2015 and earlier this year were fully funded by the firm''s own funds and loans from U.S.-based banks. "At no time was Wanda ever a source of funding for any of these acquisitions or individual theatre purchases," AMC said in a statement. Wanda bought AMC for $2.6 billion in 2012, part of a broader push by the Chinese company firm into cinemas. The cinema chain added it had also never "never received committed financing from any bank headquartered in mainland China for any purpose, including for acquisitions". The most recent four deals were funded by loans from syndicates of U.S. banks taken out by AMC and from AMC''s own cash reserves. Beijing is on a major drive to control risks in its financial system, including firms taking on excessive levels of debt to fund overseas deals. Chinese authorities clamped down on capital outflows and overseas acquisitions last year. Rooted in property, Wanda is one of a handful of Chinese conglomerates that have expanded aggressively abroad over the past few years, into areas beyond their original business. It is controlled by one of China''s richest men, Wang Jianlin. AMC''s chief executive Adam Aron said in the statement that Wanda "does not actively participate in the day-to-day running of AMC" beyond its three seats on the company''s board. "AMC is an American company run from its Leawood, Kansas, headquarters by our management teams located in the U.S. and Europe," he said.AMC is the top cinema chain in the United States, and has around 1,000 theatres around the world. Reporting by Adam Jourdan; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-wanda-amc-idUKKBN1A32L0'|'2017-07-19T02:29:00.000+03:00'
'7f9447bf5d1f670a60c289cafb1411c8259a45c6'|'CANADA STOCKS-TSX edges higher as Rogers rises, Hydro One weighs'|'July 20, 2017 / 2:50 PM / 11 minutes ago CANADA STOCKS-TSX edges higher as Rogers rises, Hydro One weighs 2 Min Read (Adds details on specific stocks, updates prices) * TSX up 1.01 points, or 0.01 percent, to 15,245.72. * Six of the TSX''s 10 main groups move lower * Three biggest sectors little changed TORONTO, July 20 (Reuters) - Canada''s main stock index eked out a small gain in morning trade on Thursday, boosted by a bump in shares of Rogers Communications Inc after strength in its wireless business help it beat earnings expectations. That move was offset by a fall in shares of Hydro One Ltd , down 3.6 percent to C$21.72 after the electric utility said it would buy rival Avista Corp for about C$6.7 billion ($5.32 billion) to expand into the U.S. Northwest. At 10:25 a.m. ET (1425 GMT), the Toronto Stock Exchange''s S&P/TSX composite index rose 1.01 points, or 0.01 percent, to 15,245.72. Six of its 10 main groups were lower, with decliners outnumbered advancers by a 1.2-to-1 ratio. The index''s biggest sectors were little changed, with the energy group up 0.1 percent and financials adding 0.2 percent. The materials group, which includes precious and base metals miners and fertilizer companies, was flat. Telecom and cable company Rogers rose 1.3 percent to C$64.81 after reporting better-than-expected quarterly profit on the back of strong growth in its wireless business that offset declines in cable. Canadian Pacific Railway Ltd jumped at the open before turning lower, and its shares were last down 0.2 percent at C$203.19. The rail company reported better-than-expected quarterly profit late on Wednesday but executives expressed concern about grain shipments for the second half of the year. BlackBerry Ltd rose 0.9 percent to C$12.90. The company said it had won the right to sell tools for encrypting phone calls and text messages to the U.S. government. (Reporting by Alastair Sharp; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1KB0U4'|'2017-07-20T17:50:00.000+03:00'
'd909ede7cb601d05f2eaa094b76c0ec2202cdf7b'|'The Trump presidency may not have helped Kushner Companies'|'WHEN the deal was struck just over a decade ago, for $1.8bn, 666 Fifth Avenue, a 41-storey Manhattan skyscraper, became the most expensive office building ever sold in America. Now it is in limbo, awaiting billions of dollars of investment to rebuild it and raise it almost twice as high. Across the Hudson River, another hunt for money is under way, to build a property called One Journal Square in Jersey City. In June a property-investing start-up called Cadre attracted financial backing from Silicon Valley luminaries including Andreessen Horowitz, a venture-capital company.The thread linking these ventures is Jared Kushner, Donald Trump’s senior adviser and son-in-law, whose family business, like that of the president, is in property. Mr Kushner helped conceive all three projects. He has a “passive ownership interest” in Cadre (meaning he is not actively involved in its management). His family co-owns 666 Fifth Avenue and One Journal Square.Latest updates The Supreme Court says grandparents are exempt from the travel ban Democracy in America 12 minutes ago “City of Ghosts” is an extraordinary look at journalism in Raqqa Prospero 15 minutes ago A   4   6   6   7   Unlike the president, Mr Kushner is not exempt from federal conflict-of-interest laws. He has taken steps to distance himself from his wide-ranging property business. Kushner Companies, a complex enterprise that is made up of dozens of limited-liability companies, or LLCs, has more than 20,000 flats and 13m square feet (1.2m square metres) of commercial space across six states. Before joining the Trump administration he stepped down as the head of Kushner Companies and sold his stake in several properties, including 666 Fifth Avenue and One Journal Square.Yet Mr Kushner kept his stake in many of the LLCs that make up the business. He still has a passive ownership interest in about 90% of his holdings in property, worth up to $408m, according to his disclosures. His father, Charles Kushner (photographed with his son, above), has a big role at Kushner Companies. Jared Kushner’s stakes in 666 Fifth Avenue and One Journal Square went into trusts owned by his family. A long list of lenders and partners to the family business could benefit from White House policies.Property fightsJared Kushner is the chief architect of Kushner Companies in its current form. His grandfather, Joseph Kushner, a Holocaust survivor, developed garden apartments in New Jersey. Charles Kushner founded the business called Kushner Companies in 1985 and led it until being convicted for tax evasion, illegal campaign donations and tampering with a witness. Jared Kushner was 24 in 2005 when his father went to prison; the next year he bought the New York Observer , a newspaper, and went to work restoring his family’s reputation. But the bigger transformation came later in 2006, when Kushner Companies said it would buy 666 Fifth Avenue.The financial market quickly plunged and office rents fell with it. The company went on to sell 666 Fifth’s prime retail space to a Spanish firm, Inditex, owner of Zara, and other investors. It also refinanced its debt in a transaction in 2011 that gave a 49.5% stake to Vornado, a real-estate investment trust founded by Steven Roth, a longtime partner of Mr Trump.For a while the company’s appetite for big acquisitions declined. But in 2011, with 666 Fifth refinanced, Mr Kushner began buying again (see chart), according to Real Capital Analytics, a data firm. His targets included modest residential buildings in lower Manhattan and in Midwestern cities such as Toledo and Akron. He envisaged bigger developments, too, including One Journal Square and another in Brooklyn, now called Panorama, for its views of the Manhattan skyline.Now that Mr Kushner is in the White House, two questions preoccupy observers. First, is his family business benefiting financially from his role and from his proximity to the president? Second, is he conflicted despite the steps he has taken to adhere to federal law?Start with the question of financial benefits. This is a pivotal moment for the firm. It is seeking tenants for Panorama and new loans for a residential building along Jersey City’s waterfront (in both of which Mr Kushner still has a stake). More important, it is also looking for investors for 666 Fifth Avenue and One Journal Square (in which Mr Kushner does not have a stake). But the scrutiny that has accompanied Mr Kushner’s White House role appears to be hindering, not helping.In January the New York Times reported that Kushner Companies was seeking equity capital for 666 Fifth from Anbang, one of China’s biggest insurers, which has ties to Beijing’s political elite. At the moment 666 Fifth Avenue’s debt—of $1.4bn, according to Vornado’s recent filings—eclipses the value of the office building itself, says Jed Reagan of Green Street, a research firm. That is partly Kushner Companies’ own doing, because of the price it paid and because it is intentionally letting the building slowly empty of its office tenants so it can be rebuilt. The new design, created by Zaha Hadid, an architect who died last year, would include a hotel, luxurious flats, new space for shops and would cost $7.5bn.The talks with Anbang fell apart in March amid protests from ethics experts and from Democrats, who fretted about conflicts of interest and threats to national security. Another avenue also recently closed. For over two years, Kushner Companies has talked to Sheikh Hamad bin Jassim al-Thani, an eminent Qatari, about investing in 666 Fifth. This month The Intercept , a news site, reported that HBJ, as he is known, had agreed to invest $500m if Mr Kushner could raise other money elsewhere. Kushner Companies confirmed on July 11th that talks had recently ended and that it is reassessing the financing structure of the redevelopment project.Some speculate that Mr Kushner has looked elsewhere, too. In December he met with the head of a government-owned Russian bank that is subject to American sanctions. Vnesheconombank said it was a business meeting. The White House said that Mr Kushner was “acting in his capacity as a transition official”.The proposed One Journal Square development has also hit trouble. In May Nicole Meyer, Mr Kushner’s sister, courted Chinese investors as part of America’s “EB-5” visa programme, which offers a path to citizenship for certain investors. In Beijing Ms Meyer touted One Journal Square, explained Mr Kushner’s new role in Washington and said the building “means a lot to me and my entire family”. That sparked accusations that the family was exploiting Mr Kushner’s public role. Kushner Companies apologised “if that mention of her brother was in any way interpreted as an attempt to lure investors”.On May 7th Jersey City’s mayor, Steven Fulop, said the project would not receive the tax breaks and bonds that Kushner Companies had sought. The city might not have granted them in any circumstance—the Kushners had asked for a particularly generous package. But Mr Fulop, a Democrat, and city councilmen are up for re-election, and Mr Trump received just 14% of the city’s vote in November. Kushner Companies had already lost its anchor tenant, WeWork, a shared-office company.If Kushner Companies is not yet benefiting from proximity to the presidency, the potential for conflicts remains enormous. Corporate-tax reform would have a sizeable impact on property firms, for example. Mr Trump has said he wants a 15% corporate tax to apply to pass-through entities, which would include the LLCs that comprise much of the Kushner businesses (and Mr Trump’s as well). Loosening of financial regulation, expected under Mr Trump, ought to benefit lenders to Kushner Companies. Citigroup, for example, recently provided $425m to refinance one of its projects in Brooklyn. Blackstone, which lent $375m for Panorama, is raising an infrastructure fund that might be expected to find investment opportunities in Mr Trump’s infrastructure plan. And so on.Richard Painter, the chief ethics lawyer under President George W. Bush, says that some of this “stinks to high heaven”. That does not mean that Mr Kushner has or is likely to violate any law. The rules governing conflicts of interest bar him from “personally or substantially” participating in matters with a “direct and predictable” effect on his finances. But policies that benefit Mr Kushner’s parents or Kushner Companies’ partners may be allowed, depending on circumstances. “That’s the grey area,” says Larry Noble of the Campaign Legal Centre in Washington, DC.What seems to have developed, in sum, is a lose-lose situation. Mr Trump’s presidency appears to be doing Kushner Companies as much harm as good. If potential business partners continue to be wary of the scrutiny that comes with involvement with a firm bearing his name, Mr Kushner might end up having to choose between his property interests and his public role.Yet the list of potential conflicts is so long that public confidence in policymaking is at risk. A White House spokesman says Mr Kushner will recuse himself in any matter with “a direct and predictable effect” on entities in which he retains a financial interest. Those issues include EB-5 financing and affordable housing, he notes. But the White House has not published a complete list of matters in which Mr Kushner would decline to participate. And no such list is planned.This article appeared in the Business section of the print edition under the headline "Searching for a Kushy landing"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21725300-media-scrutiny-getting-way-deals-trump-presidency-may-not-have-helped-kushner?fsrc=rss%7Cbus'|'2017-07-20T22:44:00.000+03:00'
'd73cc377e83a87610964419964caa0f190642118'|'World stocks run win streak to nine days as earnings heat up'|'July 19, 2017 / 9:43 AM / 19 minutes ago World stocks run win streak to nine days as earnings heat up Lewis Krauskopf 4 Min Read An employee of Tokyo Stock Exchange dressed in ceremonial kimono works at the bourse after its New Year opening ceremony in Tokyo January 4, 2012. Kim Kyung-Hoon/Files NEW YORK (Reuters) - A gauge of global stocks climbed for a ninth straight session on Wednesday after a slew of corporate earnings reports in the United States and Europe, while the dollar bounced moderately off of 10-month lows. The S&P 500 and Nasdaq hit intraday record highs, picking up from strong performances by major European stock indexes. After decent gains in Asia on the back of positive signs from global economic powerhouse China, MSCI''s world stocks index looked set for a ninth day of gains which would mark its longest winning streak since October 2015. The global index gained 0.33 percent, setting a record high for a fifth straight session. “In the U.S., the earnings season seems to be surprising a little bit on the upside," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland. "What we have seen recently in the economic reports suggests it should be even better overseas ... So we have come to the point where things looks pretty good in the U.S. and it looks even better in prospect overseas, so what’s not to like about equities." The Dow Jones Industrial Average rose 25.24 points, or 0.12 percent, to 21,599.97, the S&P 500 gained 6.44 points, or 0.26 percent, to 2,467.05 and the Nasdaq Composite added 28.45 points, or 0.45 percent, to 6,372.76. Morgan Stanley shares climbed 2.4 pct after the bank''s profit report. Biotech Vertex soared 22.2 pct after stunning cystic fibrosis drug data. Not all was rosy in earnings season, as IBM shares dropped 3.8 pct after its report. About a week into the heart of second-quarter reporting season, S&P 500 earnings are now expected to rise 8.7 percent, up from an expectation of an 8-percent rise from the start of July, according to Thomson Reuters I/B/E/S. In Europe, the pan-European FTSEurofirst 300 index rose 0.67 percent. Dutch semiconductor equipment maker ASML''s shares gained 6.2 pct after the firm''s quarterly report, boosting the region''s tech sector. "We would like to see those stronger earnings coming through and Europe really turning a corner," said Dafydd Davies, partner at Charles Hanover Investments. The dollar edged higher against a basket of currencies a day after the greenback''s sharp decline sparked by a fresh setback to President Donald Trump''s domestic agenda. The dollar index rose 0.13 percent, with the euro down 0.24 percent to $1.1524. Investors remained wary of pushing the U.S. currency lower before meetings this week with the European Central Bank and the Bank of Japan. Market watchers will be looking to see if the recent strength of the euro and the yen influence their policy outlooks. U.S. Treasury yields were little changed on light trading volume with benchmark yields hitting their lowest levels in nearly three weeks in advance of Thursday''s ECB meeting. Benchmark 10-year notes last fell 1/32 in price to yield 2.2642 percent, from 2.263 percent late on Tuesday. Oil prices jumped, extending gains after a U.S. government report showed a bigger weekly draw than forecast in crude and gasoline stocks along with a surprise drop in distillate inventories. U.S. crude rose 1.31 percent to $47.01 per barrel and Brent was last at $49.50, up 1.35 percent on the day. Additional reporting by John Geddie and Kit Rees in London; editing by Alexander Smith and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1A40T6'|'2017-07-19T18:56:00.000+03:00'
'1191d6b7580cf5446e4f4dcf0b74e4c432c0d25c'|'ECB eyes review of Deutsche Bank shareholders - source'|'Edition United States July 17, 2017 / 9:24 AM / 3 hours ago ECB eyes review of Deutsche Bank shareholders: source Reuters Staff 2 Min Read FILE PHOTO: The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. Ralph Orlowski/File Photo FRANKFURT (Reuters) - Europe''s top banking regulator, the European Central Bank (ECB), is considering carrying out a review of Deutsche Bank''s ( DBKGn.DE ) two largest shareholders, a regulatory source said on Monday. The ECB may launch so-called ownership-control procedures to scrutinize both Qatar''s royal family and China''s HNA ( 0521.HK ), which each owns just under 10 percent of the shares of Germany''s flagship lender. "That the ECB is investigating or considering to investigate the shareholdings is indeed accurate," said the person, speaking on condition of anonymity because the person was not authorized to speak publicly about a review that is ongoing. Related Coverage News of the possible review was first reported by the Sueddeutsche Zeitung on Sunday. The ECB, Deutsche Bank, and HNA have declined to comment. The aim of such an assessment is to establish whether an investor is trustworthy and financially sound, where the money used for the investment came from, and whether the investor engages in any criminal dealings such as money-laundering or financing of terrorism. "The approval process aims to ensure that only suitable shareholders enter the banking system in order to prevent any disruptions to the smooth functioning of the banking system," the ECB''s website says. Normally, the review takes place once a holding reaches 10 percent of shares or voting rights. But it also may take place if there is "significant influence over the management of the bank", the ECB''s website says. Qatar, which has been a Deutsche Bank shareholder since 2014, and HNA, which acquired its stake this year, have each been granted a Deutsche Bank board seat. A negative outcome of the review could result in the ECB prohibiting the shareholder from exercising its voting rights. Reporting by Arno Schuetze, Balazs Koranyi, Alexander Huebner, Frank Siebelt, Tom Sims; Additional reporting by Matthew Miller in Beijing; Editing by Edward Taylor, Rachel Armstrong and Georgina Prodhan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-bank-shareholders-idUKKBN1A20RD'|'2017-07-17T13:37:00.000+03:00'
'0d4f73ebf7913b80c4a31a15036376e5b2057056'|'Blue Apron shares tumble after Amazon files for meal-kit trademark'|'July 17, 2017 / 5:38 PM / in an hour Blue Apron shares tumble after Amazon files for meal-kit trademark Angela Moon 3 Min Read The logo of Blue Apron is shown on a large sign in front of the New York Stock Exchange before the company''s IPO in New York, U.S., June 29, 2017. Lucas Jackson NEW YORK (Reuters) - Shares of meal-kit service Blue Apron Holdings Inc APRN.O slumped to new lows on Monday in the wake of Amazon.com Inc ( AMZN.O )''s move to register a trademark for a possible rival service. Blue Apron shares tumbled more than 11 percent to $6.51, a drop of nearly 35 percent since its June 29 initial public offering price of $10. The decline came as investors were concerned about its future and the impact of Amazon''s planned $13.7 billion acquisition of supermarket chain Whole Foods Market Inc WFM.N amid a fast-expanding meal-kit industry. In a filing with the U.S. Patent and Trademark Office on July 6, Amazon registered a trademark application for "prepared food kits composed of meat, poultry, fish, seafood, fruit and/or vegetables" that is ready for cooking and assembly as a meal. Amazon''s planned service is identical to the one offered by Blue Apron, one of the largest meal-kit delivery services in the United States. Activity in Blue Apron''s options also leaned toward defensive bets, with put options that make money if the shares drop below $5 by the third week of January drawing the most activity on Monday. Amazon and Blue Apron were not immediately available for comment. The deal between Amazon and Whole Foods announced in June marks the biggest acquisition for the world''s largest online retailer. Amazon has not said exactly what it would do with Whole Foods'' stores and other assets, but analysts and investors say the deal could upend the landscape for grocers, food delivery services and meal-kit companies. Last week, the top Democrat in the U.S. House of Representatives'' antitrust subcommittee, David Cicilline, voiced concerns about Amazon''s plan to buy Whole Foods, pushing for a hearing to look into the deal''s impact on consumers. Amazon shares rose nearly 1 percent to $1010.93 on Monday, up 4.4 percent for the month, while Blue Apron shares were off about 30 percent for July. The e-commerce giant hit an all-time of $1,017 last month. Additional reporting by Saqib Iqbal Ahmed; Editing by Bernadette Baum 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-blue-apron-hldg-amazon-stocks-idUSKBN1A21X1'|'2017-07-17T20:36:00.000+03:00'
'34d931a85f5bb2680258c3158f5899c265f5cf4c'|'Benetton family seeks to make Ducati motorbikes Italian: sources'|'July 20, 2017 / 6:05 PM / 2 hours ago Benetton family seeks to make Ducati motorbikes Italian: sources Pamela Barbaglia , Arno Schuetze and Massimo Gaia 4 Min Read A 3D printed Volkswagen logo is seen in front of a displayed Ducati logo in this illustration taken July 17, 2017. Picture is taken on July 17. Dado Ruvic LONDON/FRANKFURT/MILAN (Reuters) - Italy''s Benetton family is vying with motorbike firms and buyout funds for control of Italian motorcycle brand Ducati, which is being sold by Germany''s Volkswagen, sources involved in the process told Reuters. Volkswagen, whose Audi division controls Ducati, has received several tentative bids with the Benetton family''s investment vehicle Edizione Holding valuing the Monster motorbike maker at $1.2 billion, one of the sources said. Based in the Borgo Panigale district of the northern Italian city of Bologna, Ducati was launched in 1926 as a maker of vacuum tubes and radio components and its factory remained open during World War Two, despite several bombings. Volkswagen, Europe''s largest carmaker, is reviewing several assets including a possible sale of its majority-owned transmissions maker Renk in a bid to move beyond a diesel emissions-cheating scandal that has left it facing billions of dollars in fines and settlements. As well as Edizione Holding, U.S. buyout fund Bain Capital, which owns a stake in Ski-Doo snowmobiles maker BRB, and two Indian motorbike firms, Eicher Motors and Bajaj Auto, have also bid for Ducati, the sources said. Indian carmaker Eicher controls Royal Enfield, a motorcycle brand established in 1893 which ranks as one of the oldest. Strategic bidders also include U.S. automotive firm Polaris Industries, which earlier this year said it would wind down its struggling Victory Motorcycle brand. A shortlist of bidders for a second stage of the auction could be selected as soon as Saturday, two of the sources said. Volkswagen adviser Evercore has a long list of bidders including private equity funds such as Ducati''s previous owner Investindustrial, CVC Capital Partners, Advent and PAI, all hoping to outbid industry players, the sources said. If it gets to the second round, Edizione Holding could seek to form a consortium with a financial investor, two of the sources said, in a bid to secure control of Ducati, whose racers have won the Superbike world championship 14 times, with Carl Fogarty and Troy Bayliss its most successful riders. Audi, Edizione Holding, Investindustrial, Advent and PAI declined to comment, while the other interested groups were not immediately available for comment. Pricing Challenges For some buyout funds, Ducati''s valuation of up to $1.4 billion -- which sources said is based on a multiple of more than 10 times its core earnings of roughly 100 million euros - is a tall order as they lack the synergies that some motorbike makers could achieve. But Investindustrial founder Andrea Bonomi, who sold Ducati to Audi for about 860 million euros in 2012, is serious about a comeback, one of the sources said. China''s Loncin Motor was among a group of industry players that initially showed interest in Ducati, alongside Harley-Davidson. The latter has, however, decided against making a bid due to Ducati''s price tag, while it could not be established if Loncin Motor had carried on bidding. Harley Davidson and Loncin were not immediately available for comment. A successful deal for Ducati, which last year had revenues of 731 million euros, would show Volkswagen boss Matthias Mueller is serious about reversing the company''s quest for size. But offloading Ducati will need the blessing of Volkswagen''s powerful labour unions, which control half the seats on the carmaker''s 20-strong supervisory board, and recently repeated their opposition to a sale. Volkswagen is expected to base its final decision on several factors other than just price, one of the sources said, including being able to sign a straightforward transaction and getting positive feedback from its unions. Additional reporting by Kane Wu, Paola Arosio, Edward Taylor and Andreas Cremer; editing by Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-ducati-sale-idINKBN1A52G1'|'2017-07-20T21:03:00.000+03:00'
'e5c8f049579a03224540689b0bd823f65be1f6a4'|'U.S. to drop criminal charges in ''London Whale'' case'|'July 21, 2017 / 9:09 PM / 14 hours ago U.S. to drop criminal charges in ''London Whale'' case Jonathan Stempel 3 Min Read FILE PHOTO - Former JPMorgan employee Javier Martin-Artajo, indicted by a U.S. grand jury in relation to the bank''s "London Whale" trading scandal, leaves Spain''s High Court in Madrid March 5, 2015. Susana Vera NEW YORK (Reuters) - U.S. prosecutors have decided to drop criminal charges against two former JPMorgan Chase & Co ( JPM.N ) derivatives traders implicated in the "London Whale" trading scandal that caused $6.2 billion (5 billion pounds) of losses in 2012. In seeking the dismissal of charges against Javier Martin-Artajo and Julien Grout, the Department of Justice said it "no longer believes that it can rely on the testimony" of Bruno Iksil, a cooperating witness who had been dubbed the London Whale, based on recent statements he made that hurt the case. Prosecutors also said efforts to extradite Martin-Artajo and Grout, respectively citizens of Spain and France, to face the charges have been "unsuccessful or deemed futile." Acting U.S. Attorney Joon Kim in Manhattan asked a federal judge for permission to drop charges that included securities fraud, wire fraud and falsifying records. Martin-Artajo and Grout were indicted in September 2013. "After four long years of protracted litigation, we are very pleased that the government has decided to do the right thing, and dismiss the criminal case," Grout''s lawyer, Edward Little, said. Lawyers for Martin-Artajo did not immediately respond to requests for comment. The dismissal request marks a fresh setback in U.S. efforts to prosecute individuals for financial crimes. This has included the undoing of several insider trading convictions and pleas that had been won by Kim''s predecessor Preet Bharara. It has also included this week''s overturning of the convictions of two former Rabobank NA [RABO.UL] traders for rigging the Libor interest rate benchmark. Martin-Artajo and Grout were accused of hiding hundreds of millions of dollars of losses within JPMorgan''s chief investment office (CIO) in London by marking positions in a credit derivatives portfolio at inflated prices. These losses were part of the $6.2 billion loss centred on Iksil, who Martin-Artajo supervised and Grout worked for. The scandal briefly hurt the reputation of JPMorgan Chief Executive Jamie Dimon, who initially called it a "tempest in a teapot." JPMorgan ultimately paid more than $1 billion and admitted wrongdoing to settle related U.S. and British probes. Ina Drew, who led the CIO, retired soon after the losses surfaced. Iksil has chafed at the London Whale moniker and being portrayed as solely at fault for the losses. In a February 2016 letter released to the media, Iksil, a French national, said he had been "instructed repeatedly" by senior management in the CIO to execute the trading strategy that caused the losses. Martin-Artajo and Grout still face U.S. Securities and Exchange Commission civil charges. Iksil''s lawyer and JPMorgan did not immediately respond to requests for comment. The cases are U.S. v. Martin-Artajo et al, U.S. District Court, Southern District of New York, No. 13-cr-00707; and SEC v Martin-Artajo et al in the same court, No. 13-05677. Reporting by Jonathan Stempel; Editing by Sandra Maler and Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jpmorgan-londonwhale-idUKKBN1A62OG'|'2017-07-22T00:09:00.000+03:00'
'd4f6eb588f36243ffaff4c2cf4896dc57e93d481'|'Benetton family seeks to make Ducati motorbikes Italian - sources'|'July 20, 2017 / 9:49 PM / 27 minutes ago Benetton family seeks to make Ducati motorbikes Italian - sources 5 Min Read The logo of Italian motorcycle manufacturer Ducati is seen in Dietlikon, Switzerland October 11, 2016. Arnd Wiegmann LONDON/FRANKFURT/MILAN (Reuters) - Italy''s Benetton family is vying with motorbike firms and buyout funds for control of Italian motorcycle brand Ducati, which is being sold by Germany''s Volkswagen ( VOWG_p.DE ), sources involved in the process told Reuters. Volkswagen, whose Audi ( NSUG.DE ) division controls Ducati, has received several tentative bids with the Benetton family''s investment vehicle Edizione Holding valuing the Monster motorbike maker at $1.2 billion, one of the sources said. Based in the Borgo Panigale district of the northern Italian city of Bologna, Ducati was launched in 1926 as a maker of vacuum tubes and radio components and its factory remained open during World War Two, despite several bombings. Volkswagen, Europe''s largest carmaker, is reviewing several assets including a possible sale of its majority-owned transmissions maker Renk ( ZARG.F ) in a bid to move beyond a diesel emissions-cheating scandal that has left it facing billions of dollars in fines and settlements. As well as Edizione Holding, U.S. buyout fund Bain Capital, which owns a stake in Ski-Doo snowmobiles maker BRB, and two Indian motorbike firms, Eicher Motors ( EICH.NS ) and Bajaj Auto ( BAJA.NS ), have also bid for Ducati, the sources said. Indian carmaker Eicher controls Royal Enfield, a motorcycle brand established in 1893 which ranks as one of the oldest. Strategic bidders also include U.S. automotive firm Polaris Industries ( PII.N ), which earlier this year said it would wind down its struggling Victory Motorcycle brand. A shortlist of bidders for a second stage of the auction could be selected as soon as Saturday, two of the sources said. Volkswagen adviser Evercore has a long list of bidders including private equity funds such as Ducati''s previous owner Investindustrial, CVC Capital Partners [CVC.UL], Advent and PAI, all hoping to outbid industry players, the sources said. If it gets to the second round, Edizione Holding could seek to form a consortium with a financial investor, two of the sources said, in a bid to secure control of Ducati, whose racers have won the Superbike world championship 14 times, with Carl Fogarty and Troy Bayliss its most successful riders. Audi, Edizione Holding, Investindustrial, Advent and PAI declined to comment, while the other interested groups were not immediately available for comment. Pricing Challenges For some buyout funds, Ducati''s valuation of up to $1.4 billion -- which sources said is based on a multiple of more than 10 times its core earnings of roughly 100 million euros - is a tall order as they lack the synergies that some motorbike makers could achieve. But Investindustrial founder Andrea Bonomi, who sold Ducati to Audi for about 860 million euros in 2012, is serious about a comeback, one of the sources said. China''s Loncin Motor ( 603766.SS ) was among a group of industry players that initially showed interest in Ducati, alongside Harley-Davidson ( HOG.N ). The latter has, however, decided against making a bid due to Ducati''s price tag, while it could not be established if Loncin Motor ( 603766.SS ) had carried on bidding. Harley Davidson and Loncin were not immediately available for comment. A successful deal for Ducati, which last year had revenues of 731 million euros, would show Volkswagen boss Matthias Mueller is serious about reversing the company''s quest for size. But offloading Ducati will need the blessing of Volkswagen''s powerful labour unions, which control half the seats on the carmaker''s 20-strong supervisory board, and recently repeated their opposition to a sale. Volkswagen is expected to base its final decision on several factors other than just price, one of the sources said, including being able to sign a straightforward transaction and getting positive feedback from its unions. Additional reporting by Kane Wu, Paola Arosio, Edward Taylor and Andreas Cremer; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-ducati-sale-idUKKBN1A52XN'|'2017-07-21T00:48:00.000+03:00'
'b438f45496e345c3ba911cee9125573b2ca8c7c7'|'Japan regulator warns small banks they must change to survive'|'July 21, 2017 / 8:29 AM / 23 minutes ago Japan regulator warns small banks they must change to survive Sumio Ito 4 Min Read FILE PHOTO: Men walk toward a sign of Japan''s Financial Services Agency in Tokyo August 7, 2014. Toru Hanai/File Photo TOKYO (Reuters) - Japan''s financial regulator has told the country''s smaller banks they must find new ways to make profits if they are to survive, warning many face risks when interest rates eventually rise and that some are already in a precarious state. Some lenders are only managing to stay in the black through bond-trading gains, Financial Services Agency Commissioner Nobuchika Mori told regional bank leaders in closed-door meetings last week, according to two participants. The unusually blunt language for a Japanese bureaucrat indicated "a real sense of crisis," said one of the participants, who declined to be identified as the discussions were private. Japan''s more than 100 regional banks are struggling as lending opportunities wane with the shrinking of their local populations - pain that has been exacerbated by a squeeze on lending margins from the Bank of Japan''s negative interest-rate policy. The FSA has been nudging them for several years to shore up their finances, but Mori''s comments mark an escalation of concern that regional banks are failing to reform while they have the cover of essentially free money from the central bank. The central bank''s massive buying of Japanese government bonds, part of its radical policies to stoke inflation, offer lenders almost guaranteed profits. But if market interest rates should rise and bond prices fall, regional banks would be left with huge losses on their books. "If institutions simply undertake securities investments to improve today''s earnings figures with no thought for tomorrow, or waste precious time getting immediate returns without thinking about customers, they will really run out of options and reach a dead end," Mori was quoted as saying by the participants. FILE PHOTO: People walk past the Bank of Japan building in Tokyo, Japan June 16, 2017. Toru Hanai/File Photo He told the bankers they must find sustainable business models while they still have time - remarks that one participant said he took as pressure on the banks to merge or take other drastic action. The FSA declined to comment on the remarks by Mori, who was reappointed this month to a rare third term as FSA chief. Regional lenders, which hold about half the country''s $4 trillion in outstanding bank loans, are grappling with stagnating local economies as the country''s overall population rapidly ages and as young people move to major cities. But they have seen little in the way of consolidation in contrast to their bigger rivals, which shrank in number from more than 20 to just 3 "megabanks" in the years after a 1990s domestic banking crisis. The 95 regional banks judged by domestic standards had overall capital equal to 9.86 percent of risk-weighted assets at the end of June, down from 10.2 percent a year earlier, FSA data show. By comparison, Japan''s megabanks saw their international capital-adequacy ratios improve to 16.29 percent from 16.17 percent over the same period. A few regional banks have begun to merge, but some of them are finding their plans stymied by Japan''s antitrust regulator. The FSA late last year began investigating banks'' ability to manage interest-rate risk and last month decided on a rule for regional banks to guard against potential bond losses in the event of sharp interest-rate swings. Reporting by Sumio Ito; Additional reporting by Takahiko Wada; Writing by Thomas Wilson; Editing by William Mallard and Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-regionalbanks-idUKKBN1A60TV'|'2017-07-21T11:28:00.000+03:00'
'546916276398ceb7d2eccaaa6616af33d81eb7c0'|'Glencore in talks with Canadian pension fund on royalties JV - sources'|'July 21, 2017 / 12:28 PM / 12 minutes ago Glencore in talks with Canadian pension fund on royalties JV - sources Clara Denina and Nicole Mordant 3 Min Read FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company''s headquarters in the Swiss town of Baar November 20, 2012. Arnd Wiegmann/File Photo LONDON/VANCOUVER (Reuters) - Mining giant Glencore Plc ( GLEN.L ) is working with a Canadian pension fund to create a standalone 50:50 joint venture for its portfolio of royalty assets, two sources with knowledge with the matter said on Friday. Royalty deals give the owner the right to receive a percentage of revenue or profits from a mining operation, often in exchange for financing. Reuters reported in May that Glencore had hired the Bank of Nova Scotia ( BNS.TO ) to sell its royalty assets, including one for the Antamina copper-zinc mine in Peru, which was expected to fetch up to $250 million (192.39 million pounds). The sources said on Friday it was now in talks to create a 50:50 venture for the assets with Canada''s Ontario Teachers'' Pension Plan. A separate vehicle would help Glencore to secure supplies of copper, zinc and nickel for its trading unit. Both companies would also expand the portfolio by purchasing royalties from other miners'' operations, said the sources, who declined to be named as the talks are confidential. Glencore declined to comment and Ontario Teachers was not immediately available for comment. Ontario Teachers, Canada''s third biggest pension fund with net assets of more than C$175 billion ($139 billion), has some natural resources investments and also royalty interests in oil and gas, according to its website. Glencore is looking to maximize the value of its assets as it moves from cost-cutting to pursuing growth. Last month, it embarked in a bidding war with China''s Yancoal for the Australian thermal coal assets being sold by Rio Tinto, while in May the miner approached U.S. grain trader Bunge Ltd over a potential business combination. Glencore, which owns a 33.75 percent stake in Antamina, has already monetized a portion of the mine''s output. Glencore''s partners in Antamina are Anglo-Australian minerBHP Billiton Plc ( BHP.AX ) ( BLT.L ) with a 33.75 percent stake, Canadian miner Teck Resources Ltd ( TECKb.TO ), with 22.5 percent and Japan''s Mitsubishi Corp ( 8058.T ) with 10 percent. Reporting by Clara Denina in London and Nicole Mordant in Vancouver. Additional reporting by Pratima Desai; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-glencore-royalties-idUKKBN1A61GS'|'2017-07-21T15:27:00.000+03:00'
'45ffbba027c91de9d8e7a252d10f601339f88e4e'|'Quality Care warns of receivership for big U.S. nursing home chain'|'July 21, 2017 / 8:38 PM / 4 minutes ago Quality Care warns of receivership for big U.S. nursing home chain Tracy Rucinski 3 Min Read CHICAGO, July 21 (Reuters) - U.S. healthcare landlord Quality Care Properties Inc said on Friday that it can seek receivership for the country''s second-largest nursing home chain, HCR ManorCare, after it failed to make a $79.6 million payment for current and past rent. In a statement, Quality Care said it had delivered a notice of default to HCR ManorCare, its main tenant, regarding the missed payment, which Quality Care said triggers immediate payment of $265 million in additional overdue rent. HCR ManorCare spokeswoman Julie Beckert declined to comment on the threat of receivership. U.S. nursing homes have struggled to reconcile a tumultuous, low-margin business with declining reimbursements and increasing costs for medical supplies, insurance, aging buildings and litigation. To protect their investments, lenders and landlords of distressed healthcare operators can ask the courts to appoint a receiver to take control of the business in the event of a default. In the case of Toledo, Ohio-based HCR ManorCare, Quality Care said the default allows it "to terminate the master lease, appoint receivers or exercise other remedies with respect to any and all leased properties." Quality Care, one of the largest U.S. healthcare landlords, last month said it was seeking up to $500 million to acquire HCR ManorCare. On Friday it said it remains in talks with the skilled nursing home operator about the default and other matters. HCR ManorCare -- which also operates assisted living facilities, memory care communities, outpatient rehabilitation clinics and home health care agencies across the country -- confirmed ongoing discussions with its landlord. In addition, HCR ManorCare received a $550 million loan from Centerbridge Partners this week to repay an existing term loan and outstanding loans, Beckert told Reuters in an e-mail. Quality Care Properties was spun off from HCP Inc, a large healthcare real estate investment trust, in 2016 as HCR ManorCare was in decline. Private equity firm Carlyle Group bought HCR ManorCare in a 2007 leveraged buyout for $6.3 billion and sold the properties to HCP for $6.1 billion in 2010. (Reporting by Tracy Rucinski; Editing by Tom Hals and Leslie Adler) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/quality-care-hcr-debt-idUSL1N1KC1DB'|'2017-07-21T23:38:00.000+03:00'
'6a7091082923cee377217a62e0633bc95c5dfd48'|'The Trump presidency may not have helped Kushner Companies'|'WHEN the deal was struck just over a decade ago, for $1.8bn, 666 Fifth Avenue, a 41-storey Manhattan skyscraper, became the most expensive office building ever sold in America. Now it is in limbo, awaiting billions of dollars of investment to rebuild it and raise it almost twice as high. Across the Hudson River, another hunt for money is under way, to build a property called One Journal Square in Jersey City. In June a property-investing start-up called Cadre attracted financial backing from Silicon Valley luminaries including Andreessen Horowitz, a venture-capital company.The thread linking these ventures is Jared Kushner, Donald Trump’s senior adviser and son-in-law, whose family business, like that of the president, is in property. Mr Kushner helped conceive all three projects. He has a “passive ownership interest” in Cadre (meaning he is not actively involved in its management). His family co-owns 666 Fifth Avenue and One Journal Square. 19 Unlike the president, Mr Kushner is not exempt from federal conflict-of-interest laws. He has taken steps to distance himself from his wide-ranging property business. Kushner Companies, a complex enterprise that is made up of dozens of limited-liability companies, or LLCs, has more than 20,000 flats and 13m square feet (1.2m square metres) of commercial space across six states. Before joining the Trump administration he stepped down as the head of Kushner Companies and sold his stake in several properties, including 666 Fifth Avenue and One Journal Square.Yet Mr Kushner kept his stake in many of the LLCs that make up the business. He still has a passive ownership interest in about 90% of his holdings in property, worth up to $408m, according to his disclosures. His father, Charles Kushner (photographed with his son, above), has a big role at Kushner Companies. Jared Kushner’s stakes in 666 Fifth Avenue and One Journal Square went into trusts owned by his family. A long list of lenders and partners to the family business could benefit from White House policies.Property fightsJared Kushner is the chief architect of Kushner Companies in its current form. His grandfather, Joseph Kushner, a Holocaust survivor, developed garden apartments in New Jersey. Charles Kushner founded the business called Kushner Companies in 1985 and led it until being convicted for tax evasion, illegal campaign donations and tampering with a witness. Jared Kushner was 24 in 2005 when his father went to prison; the next year he bought the New York Observer , a newspaper, and went to work restoring his family’s reputation. But the bigger transformation came later in 2006, when Kushner Companies said it would buy 666 Fifth Avenue.The financial market quickly plunged and office rents fell with it. The company went on to sell 666 Fifth’s prime retail space to a Spanish firm, Inditex, owner of Zara, and other investors. It also refinanced its debt in a transaction in 2011 that gave a 49.5% stake to Vornado, a real-estate investment trust founded by Steven Roth, a longtime partner of Mr Trump.For a while the company’s appetite for big acquisitions declined. But in 2011, with 666 Fifth refinanced, Mr Kushner began buying again (see chart), according to Real Capital Analytics, a data firm. His targets included modest residential buildings in lower Manhattan and in Midwestern cities such as Toledo and Akron. He envisaged bigger developments, too, including One Journal Square and another in Brooklyn, now called Panorama, for its views of the Manhattan skyline.Now that Mr Kushner is in the White House, two questions preoccupy observers. First, is his family business benefiting financially from his role and from his proximity to the president? Second, is he conflicted despite the steps he has taken to adhere to federal law?Start with the question of financial benefits. This is a pivotal moment for the firm. It is seeking tenants for Panorama and new loans for a residential building along Jersey City’s waterfront (in both of which Mr Kushner still has a stake). More important, it is also looking for investors for 666 Fifth Avenue and One Journal Square (in which Mr Kushner does not have a stake). But the scrutiny that has accompanied Mr Kushner’s White House role appears to be hindering, not helping.In January the New York Times reported that Kushner Companies was seeking equity capital for 666 Fifth from Anbang, one of China’s biggest insurers, which has ties to Beijing’s political elite. At the moment 666 Fifth Avenue’s debt—of $1.4bn, according to Vornado’s recent filings—eclipses the value of the office building itself, says Jed Reagan of Green Street, a research firm. That is partly Kushner Companies’ own doing, because of the price it paid and because it is intentionally letting the building slowly empty of its office tenants so it can be rebuilt. The new design, created by Zaha Hadid, an architect who died last year, would include a hotel, luxurious flats, new space for shops and would cost $7.5bn.The talks with Anbang fell apart in March amid protests from ethics experts and from Democrats, who fretted about conflicts of interest and threats to national security. Another avenue also recently closed. For over two years, Kushner Companies has talked to Sheikh Hamad bin Jassim al-Thani, an eminent Qatari, about investing in 666 Fifth. This month The Intercept , a news site, reported that HBJ, as he is known, had agreed to invest $500m if Mr Kushner could raise other money elsewhere. Kushner Companies confirmed on July 11th that talks had recently ended and that it is reassessing the financing structure of the redevelopment project.Some speculate that Mr Kushner has looked elsewhere, too. In December he met with the head of a government-owned Russian bank that is subject to American sanctions. Vnesheconombank said it was a business meeting. The White House said that Mr Kushner was “acting in his capacity as a transition official”.The proposed One Journal Square development has also hit trouble. In May Nicole Meyer, Mr Kushner’s sister, courted Chinese investors as part of America’s “EB-5” visa programme, which offers a path to citizenship for certain investors. In Beijing Ms Meyer touted One Journal Square, explained Mr Kushner’s new role in Washington and said the building “means a lot to me and my entire family”. That sparked accusations that the family was exploiting Mr Kushner’s public role. Kushner Companies apologised “if that mention of her brother was in any way interpreted as an attempt to lure investors”.On May 7th Jersey City’s mayor, Steven Fulop, said the project would not receive the tax breaks and bonds that Kushner Companies had sought. The city might not have granted them in any circumstance—the Kushners had asked for a particularly generous package. But Mr Fulop, a Democrat, and city councilmen are up for re-election, and Mr Trump received just 14% of the city’s vote in November. Kushner Companies had already lost its anchor tenant, WeWork, a shared-office company.If Kushner Companies is not yet benefiting from proximity to the presidency, the potential for conflicts remains enormous. Corporate-tax reform would have a sizeable impact on property firms, for example. Mr Trump has said he wants a 15% corporate tax to apply to pass-through entities, which would include the LLCs that comprise much of the Kushner businesses (and Mr Trump’s as well). Loosening of financial regulation, expected under Mr Trump, ought to benefit lenders to Kushner Companies. Citigroup, for example, recently provided $425m to refinance one of its projects in Brooklyn. Blackstone, which lent $375m for Panorama, is raising an infrastructure fund that might be expected to find investment opportunities in Mr Trump’s infrastructure plan. And so on.Richard Painter, the chief ethics lawyer under President George W. Bush, says that some of this “stinks to high heaven”. That does not mean that Mr Kushner has or is likely to violate any law. The rules governing conflicts of interest bar him from “personally or substantially” participating in matters with a “direct and predictable” effect on his finances. But policies that benefit Mr Kushner’s parents or Kushner Companies’ partners may be allowed, depending on circumstances. “That’s the grey area,” says Larry Noble of the Campaign Legal Centre in Washington, DC.What seems to have developed, in sum, is a lose-lose situation. Mr Trump’s presidency appears to be doing Kushner Companies as much harm as good. If potential business partners continue to be wary of the scrutiny that comes with involvement with a firm bearing his name, Mr Kushner might end up having to choose between his property interests and his public role.Yet the list of potential conflicts is so long that public confidence in policymaking is at risk. A White House spokesman says Mr Kushner will recuse himself in any matter with “a direct and predictable effect” on entities in which he retains a financial interest. Those issues include EB-5 financing and affordable housing, he notes. But the White House has not published a complete list of matters in which Mr Kushner would decline to participate. And no such list is planned. Business "Searching for a Kushy landing"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725300-media-scrutiny-getting-way-deals-trump-presidency-may-not-have-helped-kushner?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'3bd0ac82261641786be069cd745e95beea7b394f'|'An action plan for Uber’s next chief executive'|'IT IS said that Travis Kalanick, who resigned as Uber’s boss last month, has been reading Shakespeare’s “Henry V”. Prince Hal’s transformation, from wastrel prince to sober monarch, is doubtless one he would like to emulate. But as a guide to the ride-hailing firm’s financial dilemma, “Macbeth” is the best play. This line especially resonates: “I am in blood stepp’d in so far that, should I wade no more, returning were as tedious as go o’er.”Uber has bled money for years in an attempt to become the absolute ruler of its industry. Once Mr Kalanick’s replacement is found, voices will whisper that the firm, like Macbeth himself, is in too deep to alter course. But the new boss must change Uber from a company that sacrifices anything for its ambitions, to one which has a realistic valuation and uses resources efficiently.Latest updates The Supreme Court says grandparents are exempt from the travel ban Democracy in America 12 minutes ago “City of Ghosts” is an extraordinary look at journalism in Raqqa Prospero 15 minutes ago A   4   6   6   7   Its product is elegantly simple. Uber makes a market between drivers and passengers and takes a cut of about a fifth of the fare. The more people use its service, the better it functions, with lower waiting periods for passengers, and better use of drivers’ time. Some 55m people in 574 cities use it every month. Underlying sales were $4bn in 2016, over double what they were the year before (all figures exclude Uber’s Chinese arm, which it sold to a local rival, Didi Chuxing, last year). Uber’s main trouble is high expectations. Its supporters think it will become the next Alphabet or Facebook. At its last funding round in 2016 (it is private), investors valued it at a whopping $68bn.But the next boss will have to deal with an income statement that is scarier than the Thane of Cawdor. Underlying pre-tax losses were $3bn-3.5bn last year and about $800m in the most recent quarter. Some $1bn-2bn of last year’s red ink was because of subsidies that Uber paid to drivers and passengers to draw them to its platform. At least another $1bn went on overheads and on developing driverless cars; money is also being splashed on a new food-delivery venture and a plan to build flying cars.To put its 2016 loss in perspective, that number was larger than the cumulative loss made by Silicon Valley’s least profit-conscious big company—Amazon—in 1995-2002. Measured by sales, Uber is the world’s 1,158th-biggest firm. Judged by cash losses, it ranks in the top 20. It is now eight years old, but still probably years away from being stable enough to make an initial public offering of shares. In contrast, Amazon went public at the age of three, Alphabet at six and Facebook at eight.Investors rationalise its valuation by assuming that in the long run it will be highly profitable, with a dominant share of a large market. In 2014 Bill Gurley, a well-known tech investor who was then an Uber director, estimated that the pool of consumer spending that it could try and capture might be over $1trn, with ride-hailing and ride-sharing replacing car ownership. Today many Silicon Valley types think that estimate is too conservative.But a discounted cashflow model gives a sense of the leap of faith that Uber’s valuation requires. After adjusting for its net cash of $5bn and for its stake in Didi, worth $6bn, you have to believe that its sales will increase tenfold by 2026. Operating margins would have to rise to 25%, from about -80% today.That is a huge stretch. Admittedly, Amazon and Alphabet, two of history’s most successful firms, both grew their sales at least that quickly in the decade after they reached Uber’s level, and Facebook is likely to as well. But over the same periods these firms’ operating margins show an total average rise of only one percentage point. Put simply, Uber finds it desperately hard to make money. It is not clear that it breaks even reliably across the group of cities where it has been active for longest.So the new chief executive will have to deliver a bleak message; that ride-hailing is locked in a vicious circle. Low prices and high subsidies lead to losses, so firms must raise capital continually, requiring them to exhibit rising valuations. To justify these they must frequently enter new cities and dream up new products. Even more speculative capital is then drawn in by the paper gains seemingly on offer. In the past year, ten of Uber’s competitors, such as Lyft in America and Grab in South-East Asia, have together raised or are raising, roughly $11bn. That will be used to finance still more price wars to win market share.Double, double toil and troubleUber is on course to use up its existing cash and credit lines in three years. Its next boss must break the cycle before then by cutting subsidies and talking down its valuation. It could lose market share and may need to exit scores of cities. On July 13th it said that it will merge its operations in Russia with a competitor. Similar deals need to follow. Although Uber should continue to invest in driverless cars, some of its more experimental “moon shot” projects will probably be for the chop. Its investors, including Goldman Sachs, Saudi Arabia’s government and Jay-Z, a rapper, could face paper losses. Staff paid in stock will be furious.Yet over time the aim should be a firm with a lower market share of a more stable industry. Successful, dominant firms, such as Google and AT&T, don’t seek absolute monopolies by killing off weaker rivals. They allow them enough space to plod on. That lowers the risk of antitrust problems and deters new entrants. By signalling that Uber’s valuation is too high its new boss would knock valuations across the ride-hailing industry and slow the flood of speculative capital—in the end, a good thing.Once the losses abate, the priority should be to create a more “capital light” model. Perhaps Uber could license its brand and technology to local partners in some markets. It could concentrate subsidies on customers who sign up to long-term contracts. The biggest impediment may be Mr Kalanick. With allies, he still controls a significant share, probably a majority, of the company’s voting rights. Anyone taking on tech’s toughest job must have the inner steel to confront him. They should remember another quote from the bard; “I must be cruel only to be kind.”This article appeared in the Business section of the print edition under the headline "Reinventing Uber"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21725301-ride-hailing-firm-needs-rescuing-vicious-cycle-action-plan-ubers-next-chief?fsrc=rss%7Cbus'|'2017-07-20T22:44:00.000+03:00'
'3784b4767f55c6619e53dace616557b3b4cdcdc9'|'FDA tentatively approves Merck''s copycat of Sanofi''s Lantus'|'July 20, 2017 / 5:01 PM / an hour ago FDA tentatively approves Merck''s copycat of Sanofi''s Lantus 3 Min Read (Reuters) - Merck and Co Inc said on Thursday the U.S. Food and Drug Administration (FDA) tentatively approved its biosimilar version of French drugmaker Sanofi SA''s blockbuster diabetes treatment, Lantus. Merck''s copycat, if launched, would challenge Lantus as a cheaper alternative that could chip away at the drug''s sales, which reached 5.71 billion euros ($6.6 billion) last year and represented over a sixth of Sanofi''s total sales. Though the FDA said Merck''s product was similar enough to Lantus to justify approval, the agency''s final greenlight is subject to the resolution of a patent infringement suit brought by Sanofi against the U.S. drugmaker. The litigation, filed in September, triggered a stay on final FDA approval for up to 30 months, unless a court rules in favor of Merck earlier. Biosimilars are cheaper copies of protein-based biotech drugs such as Lantus, which are no longer protected by patents. They have been shown to have similar efficacy and side effects as the originals. But biosimilars have become involved in many Big Pharma patent tussles in recent years, whose time in court serves less to gain victory than to delay the launch of rival knock-offs. After Lantus''s U.S. patent expired in 2015, Sanofi had hoped to revive diabetes drug revenue that had declined due to pricing pressure and competition, by launching a follow-on product called Toujeo in March that year. Toujeo raked in 649 million euros in sales last year. Eli Lilly & Co''s Lantus biosimilar, Basaglar, won tentative FDA approval in August 2014 but litigation brought by Sanofi delayed final approval to December 2016. Lilly agreed to pay Sanofi royalties as part of the settlement. Basaglar generated $86.1 million in sales last year. U.S. pharmacy benefit manager CVS in August said it would drop Lantus from the list of medicines it reimburses on behalf of health insurers, dealing a blow to the French drugmaker''s diabetes business. Merck''s Lantus biosimilar, called Lusduna Nexvue, is being developed with funding from South Korea''s Samsung Bioepis, and delivers insulin in a pre-filled dosing device. Both Lantus and Lusduna Nexvue, administered via injection, are long-acting, man-made versions of human insulin. Shares of Merck were up 0.8 percent at $63.11 in afternoon trading, while Sanofi''s New York-listed stock was up 3 percent. Reporting by Tamara Mathias in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-merck-co-fda-idUSKBN1A52BN'|'2017-07-20T19:55:00.000+03:00'
'c4e414da27bace29dd051638e210781202830883'|'After throwing in the kitchen sink, what''s a central bank to do?'|'July 18, 2017 / 3:00 PM / 2 hours ago After throwing in the kitchen sink, what''s a central bank to do? Jeremy Gaunt 5 Min Read FILE PHOTO: Bank notes of different currencies, including Euro, U.S. Dollar, Turkish Lira or Brazilian Reais, are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. Kai Pfaffenbach/Illustration /File Photo LONDON (Reuters) - Central banks struggling to lift historically low interest rates and rein in stimulus programmes may have more on their minds than just getting back to normal -- they are, by some accounts, nowhere near ready to deal with the next recession or crisis. Start with a then-and-now comparison. When the global financial system nearly collapsed about a decade ago, the world''s major central banks launched a series of aggressive counter-measures, including trillions of dollars worth of asset-buying. The global economics team at Bank of America-Merrill Lynch -- in a report that argues central banks are not currently capable of responding to a new crisis -- calculate that from 2006 to 2009 the five major central banks cut rates by an average of about 350 basis point. Could they do that now? Short answer, no. BofAML reckons the current average nominal policy rate is just 50 basis points, with the European Central Bank and Bank of Japan in particular at the bottom limit of what they can do. It is not the first time this concern has been raised. The Bank for International Settlements, often called the central banks'' bank, fired a warning shot two years ago. "In some jurisdictions, monetary policy is already testing its outer limits," it said in its 2014/2015 annual report. In the same vein, Stephen King, HSBC''s senior economic adviser, has noted that in all U.S. recessions since the 1970s, the benchmark Federal Reserve interest rate has fallen by a minimum of 5 percentage points. It is currently at a range of 1 percent to 1.25 percent. Similarly, central banks have been buying up the shop since 2008, when the financial crisis hit and the Great Recession began. Between them, the U.S., Swiss, British, Japanese and euro zone central banks have balance sheets -- essentially cash and asset holdings -- totalling roughly $15 trillion. That compares with only around $4 trillion at the start of 2008. They could and probably would expand this in a crisis; central banks have shown great innovation in the past. But with the store of assets available to buy dwindling as a result of the $15 trillion, any expansion would have to be far broader. Doable, but relatively untried and possibly politically difficult. Inflation Key FILE PHOTO: Family picture during the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 17, 2017. Front row (L-R) Governor of the Bank of France Francois Villeroy de Galhau, French Finance Minister Michel Sapin, IMF Managing Director Christine Lagarde, Zhou Xiaochuan, Governor of the People''s Bank of China, Chinese Finance Minister Xiao Jie, German Bundesbank President Jens Weidmann, German Finance Minister Wolfgang Schaeuble, Federico Sturzenegger, Governor of the Central Bank of Argentina, Argentina''s Treasury Minister Nicolas Dujovne, Bank of Italy Governor Ignazio Visco, Italy''s Finance Minister Pier Carlo Padoan and Malta''s Finance Minister Edward Scicluna. Rear row (L-R) Governor of the Bank of England Mark Carney, Britain''s Chancellor of the Exchequer Philip Hammond, Bank of Japan (BOJ) Governor Haruhiko Kuroda, Japan''s Finance Minister Taro Aso, Adams Kone, Tunisia''s Finance Minister Lamia Zribi, Federal Reserve Chair Janet Yellen, U.S. Treasury Secretary Steve Mnuchin, Rwanda''s Minister for Finance and Economic Planning Claver Gatete, Brazil''s Central Bank President Ilan Goldfajn, Brazil''s Finance Minister Henrique Meirelles and the President of the European Central Bank (ECB) Mario Draghi./File Photo Despite the huge monetary largesse, inflation remains low and well below target in all major industrialised economies bar Brexit-hit Britain - and even there it may be easing back because of the ebbing of base effects from sterling''s fall. This means that central banks such as the Fed, ECB, Bank of England and Bank of Japan are all making noises of varying hawkishness without necessarily having solved their main problem. The Fed has already started tightening and is talking about cutting its balance sheet, the Bank of England is at least thinking about raising rates, and the ECB is hinting at tapering its asset-buying. Even the Bank of Japan, or some members, have been quietly retreating from its radical monetary experiment. Ironically, it is this desire to normalise that some economists believe is the main risk for global economic growth and for the next downturn. "In the past, some recessions have been caused by central banks acting too aggressively," Sarah Hewin, chief European economist at Standard Chartered Bank, said, adding that her firm did not see any sustained inflation pressures to rationalise tightening. FILE PHOTO: U.S. Federal Reserve Chair Janet Yellen (L) speaks with European Central Bank President Mario Draghi at the Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 22, 2014. David Stubbs/File Photo BofAML economists Ethan Harris and Aditya Bhave go further, saying central banks should prepare for the next recession by keep the taps open to overshoot their inflation targets, not make do with bumping up close to them. In other words, let inflation spike, then tighten. What then, if a downturn hits first, before normalisation of monetary policy? Innovation. The idea of "helicopter money" has already been floated, involving anything from direct transfers to the private sector to monetising government deficits by direct bond sales between government and central bank. Then, there is always the government itself, opening up its own purse. "There will be greater need for a fiscal response, as monetary policy alone will not be as effective," said Leila Butt, senior economist at Prudential Portfolio Management Group. Central banks can''t do everything, especially when the have already been doing it for close to a decade. Reporting by Jeremy Gaunt, editing by Larry King 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-economy-recession-analysis-idUKKBN1A31NU'|'2017-07-18T18:01:00.000+03:00'
'ca1dd3f7ff9faf7b7854230ccdac6dac5ab97e23'|'U.S. lawyers suing Volkswagen get $300 million in fees, costs'|'July 21, 2017 / 7:25 PM / 11 minutes ago U.S. lawyers suing Volkswagen get $300 million in fees, costs Reuters Staff 2 Min Read A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters, in Wolfsburg, Germany May 19, 2017. Fabian Bimmer WASHINGTON (Reuters) - A federal judge on Friday approved $125 million (96 million pounds) in fees and costs for lawyers who sued Volkswagen AG ( VOWG_p.DE ) on behalf of U.S. owners of 88,000 3.0 liter diesel vehicles over excess emissions. That is on top of $175 million in fees and costs approved by U.S. District Judge Charles Breyer in March for a related 2.0-liter VW diesel settlement covering nearly 500,000 owners. In the 3.0-liter settlement approved on Friday, Breyer said lawyers were billing an average of $462 an hour for all work performed and expected during the settlement. He said billing rates for partners were from $250 to $1,650 per hour. Breyer said lawyers for the owners "achieved extraordinary results" and cited the generous buyback and compensation offers as well as separate funds to offset excess emissions. In total, the world''s largest automaker has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles. Of the $300 million approved in both cases, $288 million is for legal fees and $12 million is for reimbursable expenses. Reporting by David Shepardson; Editing by Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN1A62HK'|'2017-07-21T22:24:00.000+03:00'
'3a4ee4eb72dab8562eb75f44d161aed7277c1ca2'|'AB Inbev to buy soft drinks firm Hiball'|'July 20, 2017 / 4:55 PM / 32 minutes ago AB Inbev to buy soft drinks firm Hiball Reuters Staff 1 Min Read (Reuters) - The world''s largest brewer Anheuser Busch InBev ( ABI.BR ) said on Thursday it was acquiring Hiball, a San Francisco-based producer of energy drinks and owner of the Alta Palla brand of organic sparkling juices and sparkling waters. The acquisition marks another step into the non-alcoholic drinks sector for the company, which already produces the ready-to-drink tea Teavana in partnership with Starbucks ( SBUX.O ). AB InBev said in May it planned to invest $2 billion in the United States through 2020 into both breweries and soft drinks. "Hiball''s products target some of the most important trends in the beverage space today, including health and wellness," the company said in a statement. AB InBev said it planned a phased transition of the Hiball Energy and Alta Palla brands to its wholesaler partners. The transaction, the terms of which were not disclosed, is expected to close in the third quarter. Reporting by Alan Charlish. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ab-inbev-acquisition-idUKKBN1A52B3'|'2017-07-20T19:54:00.000+03:00'
'f4811b94413e4d5e6689dade6be2d75614056f64'|'EU examines emissions collusion by German car makers - Handelsblatt'|'July 20, 2017 / 6:15 PM / 2 hours ago EU examines emissions collusion by German car makers: Handelsblatt 2 Min Read The logo of German car manufacturer Audi is seen at a building of a car dealer in Duebendorf, Switzerland November 22, 2016. Arnd Wiegmann BERLIN (Reuters) - The European Commission is examining whether German automakers colluded in systems they used to clean exhaust emissions as part of investigations triggered by the Volkswagen scandal, the Handelsblatt daily reported on Thursday. Without citing its sources, the newspaper said the EU competition authorities are looking into the suspicion of collusion due to an Audi presentation seized in raids at VW. Audi is a division of Volkswagen Group ( VOWG_p.DE ). The document from April 2010 mentions a commitment by German carmakers "at management level" to the future adoption of a particular kind of catalytic converter used to reduce exhaust emissions. The European Commission''s competition spokesman, a Volkswagen spokesman and an Audi spokesman declined to comment on the report. Munich prosecutors arrested an Audi employee this month on suspicion of fraud and false advertising in connection with the carmaker''s emissions scandal, the first arrest in Germany related to VW''s diesel scandal. Reporting by Emma Thomasson; editing by Susan Thomas 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-audi-emissions-eu-idINKBN1A52GP'|'2017-07-20T21:09:00.000+03:00'
'5c0711f1fc57161f8d00e95b43e51420a6e548c4'|'Restrictions are lifted on the last airline affected by America''s laptop ban'|'JUST like that, America''s laptop ban is all but over. Four months ago the Trump administration announced that travellers from ten Middle Eastern countries would be barred from taking electronics larger than a mobile phone into plane cabins, citing security concerns. In the past few weeks, the government has been gradually freeing carriers, including Emirates, Etihad and Turkish Airlines, from the restrictions. On July 17th, it lifted the ban on the last remaining airline covered, Saudi Arabian Airlines.That represents a shift by the Department of Homeland Security. John Kelly, the department’s chief, had at one stage suggested that the laptop would be extended across the world. But at the end of last month it was instead decided that America would demand a slate of tighter security measures at all airports with flights into the country. Mr Kelly said at the time that around 325,000 flyers each day, on 2,000 flights from 280 airports in 105 countries, would be subject to a more “extensive screening process”. That would include more rigorous screening of—but not a prohibition on—large electronic devices, as well as more explosive-sniffing dogs and tighter vetting of potentially dangerous travellers. America’s airlines were not thrilled at the announcement. They worried that the new measures would lead to longer security lines (and, presumably, that they might lose a competitive advantage over Middle Eastern rivals). And no business traveller likes longer lines. But on the whole the development will be welcomed by road warriors who must no longer confront the prospect of going laptop-less for long-haul flights across.Technically, the laptop ban is not quite over. The Transportation Security Agency has not yet lifted it for the airport in Riyadh, only for Saudi Arabian Airlines’ main hub in Jeddah. But a TSA spokesman told Reuters that American officials would be visiting Riyadh airport later this week to confirm compliance with the new security requirements. The DHS also issued a new directive to airlines week, clarifying some of the measures that they must enact. If they fail to do so, the department could reimpose restrictions.But for now, travellers can breathe a sigh of relief—at least all those not flying into Britain, which has its own electronics ban covering routes from six Middle Eastern and North African countries. It is showing no signs of following America''s lead. “It is for the US to determine its own security measures based on its own assessments, just as we do ourselves,” says a spokesperson at the Department for Transport. A good book is still essential for some flights into Heathrow, then.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/07/powering-down?fsrc=rss'|'2017-07-19T00:55:00.000+03:00'
'740001ad8e329c406a54fdcf57d709a8fbee6629'|'OMERS in talks with buyout firms about C$3 bln Teranet sale -sources'|'July 19, 2017 / 9:05 PM / 12 hours ago OMERS in talks with buyout firms about C$3 billion Teranet sale: sources John Tilak and David French 3 Min Read TORONTO/NEW YORK (Reuters) - Canadian pension plan Ontario Municipal Employees Retirement System has been talking with major U.S. and Canadian private equity firms about selling land registry company Teranet in a deal that could fetch about C$3 billion ($2.4 billion), according to people familiar with the situation. Carlyle Group ( CG.O ) and KKR & Co ( KKR.N ) are among several buyout firms that have held discussions with Borealis Infrastructure Management, an investment division of OMERS that owns Teranet, the people said on condition of anonymity, since the talks were private. In 2008, Borealis acquired then-publicly listed Teranet Income Fund for about C$1.5 billion. Teranet Income Fund was spun off by the Ontario government in 2003. Toronto-based Teranet, which has exclusive rights to offer electronic land registration services in Ontario and Manitoba, collects a fee every time a home in Canada''s most populous province and its Western neighbor changes hands or is registered. It also offers housing data services. Its Teranet-National Bank ( NA.TO ) house price index, a collaboration with Canada''s sixth biggest bank, is a closely tracked economic indicator. OMERS, Carlyle and KKR all declined to comment. There is no certainty that a deal will materialize, the sources said, adding that OMERS could also choose to keep the asset. It was also not immediately clear if OMERS is running a formal sales process involving investment banks. Teranet has benefited from the boom in Canada''s housing market, the people said. Canadian housing market prices soared over the past decade, with Ontario, home to capital city Ottawa and business center Toronto, in particular seeing strong demand from foreign buyers. For example, Toronto prices rose 29.3 percent in the year to June 30, and have more than doubled since 2009. The move by OMERS to consider offloading Teranet suggests that the pension fund believes it may be time to sell and take the returns when the market might be close to the top. In April, the province of Ontario said it would introduce a property tax for foreign buyers in order to cool Toronto''s housing market. Concerns of a housing bubble have drawn warnings from both the Bank of Canada and the International Monetary Fund. While prices continue to rise, sales figures in Toronto have dipped in recent weeks. Teranet''s cash flow stream makes it attractive for private equity buyers, who are looking for steady returns over long-term investment horizons. ($1 = 1.2591 Canadian dollars) Reporting by John Tilak and David French 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-teranet-sale-canada-idUSKBN1A42GS'|'2017-07-19T23:58:00.000+03:00'
'3c7277a9e09bca88f26eca512c54e85d2b077568'|'How Donald Trump is monetising his presidency'|'“PRETTY close to a laughing stock.” That is Walter Shaub’s verdict on America’s standing in the world, at least from an ethics point of view, under President Donald Trump. Mr Shaub’s view counts: he stepped down this week as head of the Office of Government Ethics, a federal watchdog.He is leaving his job six months early, frustrated at the president’s failure to separate himself from his businesses, at White House foot-dragging on disclosing ethics waivers for staff, at its failure to admonish a Trump adviser who plugged the family’s products in an interview, and more. “It’s hard for the United States to pursue international anticorruption and ethics initiatives when we’re not even keeping our own side of the street clean,” Mr Shaub told the New York Times .Latest updates See all updates No American leader has ever entered office with such wide business interests as Mr Trump. In the context of the country’s corporate landscape, his group is small, mostly domestic and rather mediocre, but encompasses hundreds of firms that run hotels, golf courses, licensing agreements, merchandise deals and more, in over two dozen countries. Keeping tabs on the potential for self-dealing is “a monumental task”, says Kathleen Clark, an ethics expert at Washington University. In some areas, particularly abroad, increased scrutiny appears to be making deals harder to pull off. But in others, such as his American hotels and golf clubs, Mr Trump already appears to be monetising the presidency.On becoming president, Mr Trump put his businesses in a trust. But it is run by two of his sons, Eric and Donald junior, and it is “revocable”, meaning its provisions can be changed at any time. Eric has since said he will update his father with profit reports, even though Mr Trump pledged not to talk business with his children while in office. Mr Trump, the Trump Organisation and his daughter, Ivanka, who owns a fashion business and is a White House adviser, have all hired ethics advisers to review deals for potential problems. But how the process works is opaque.Mr Shaub was unimpressed by Mr Trump’s appearances at his own for-profit properties, which he has visited more than 40 times as president—most recently to attend the US Women’s Open, held this month at one of his golf clubs, in New Jersey. The visits serve as a form of marketing, and his firm has not been shy about cashing in. Mar-a-Lago, a Trump resort in Florida where the president hosts other world leaders, doubled its initial fee for new members to $200,000 after the election. The club made a profit of $37m in the latest reporting period (January 2016-spring 2017), compared with $15.5m in 2014-15.When Eric Trump opened a golf course at Turnberry in Scotland in June, he said his family had “made Turnberry great again”. Staff wore “Make Turnberry great again” hats—a reference to Mr Trump’s campaign slogan and, critics say, an attempt to cash in on his political power. Eric recently said: “Our brand is the hottest it has ever been…the stars have all aligned.”American golf courses have benefited from at least one of Mr Trump’s policy decisions: his move to scrap a proposed environmental rule crafted to protect drinking-water supplies. The national golf-course association had long lobbied to have the regulation ditched, arguing it could have “a devastating economic impact”.With some Trump projects, the benefits could flow the other way, from business to politics. Take a network of budget hotels, branded “American Idea”, dreamed up by the Trump sons on the campaign trail last year. They have signed letters of intent with developers in numerous cities, including four in Mississippi. Bringing jobs to Republican-leaning states that are struggling economically could further boost support for the president in such places.Mr Trump’s appointments also cause concern. He has picked Lynne Patton, a former event-planner for the family, to run the Department of Housing and Urban Development’s regional office covering New York. In that role Ms Patton will oversee Starrett City, a housing development that is part-owned by the Trump Organisation and that receives federal subsidies.Foreign deals are no less troubling. The ethics plan laid out by Mr Trump in January promised no new foreign contracts during his presidency. But his company will press ahead with projects already in the works. There are many: an estimated 159 of the 565 Trump firms do business abroad. Some license the Trump name for skyscrapers and hotels, often to politically connected local partners.An example of how such deals raise questions about Mr Trump’s motives is the current Gulf spat over Qatar’s alleged support for terrorists. Mr Trump has firmly backed Saudi Arabia, the United Arab Emirates and others in their boycott of their neighbour. It is reasonable to ask if it is a coincidence that he has strong business ties with the Saudis and Emiratis but few with Qatar. Saudis are big buyers of Trump apartments, and the kingdom is investing $20bn in an American infrastructure fund. A Trump-branded golf course in the UAE made Mr Trump as much as $10m in 2015-16. By contrast, Mr Trump’s past efforts to break into Qatar have failed.Tracking such business relationships is not easy because of the opacity of Mr Trump’s holdings. He makes liberal use of LLCs—anonymous shell companies that do not have to publish financial information—often in complex combinations with regular corporations. He has refused to publish his tax returns.A fog surrounds those doing business with the Trumps, too. Many have grown less transparent of late. An investigation by USA Today found that the percentage of buyers of Trump condos structuring their purchases through LLCs has jumped from single digits to two-thirds. Suppliers are scuttling into the shadows, too. Those shipping goods to Ivanka’s businesses in America typically identified themselves on bills of lading before the Trump presidency. Now they usually do not.The Trumps’ fallback position is that, legally speaking, it is impossible for the president to be conflicted because he is exempt from ethics laws. The thinking when Congress blessed this exemption, in the 1980s, was that the president’s remit is so broad that any policy decision could pose a potential conflict. Nevertheless, some see avenues of attack. Several lawsuits, including one from Democratic lawmakers, accuse Mr Trump of causing harm by violating the constitution’s Emoluments Clause, which forbids American officeholders from accepting money from foreign governments. One way he allegedly does so is by accepting payments from diplomats at his hotels.The lawsuits particularly focus on the newly refurbished Trump International Hotel in Washington, DC. Owned by the federal government, the hotel’s lease agreement includes a provision barring elected officials from holding an interest. But the General Services Administration, which manages federal property, ruled in March that Mr Trump’s 60-year lease on the hotel did not breach that requirement since the property had been placed in a trust (as long as he received no proceeds while president). Having initially said it would donate all hotel profits from foreign officials to the Treasury, the Trump Organisation now says requiring such guests to identify themselves would be “impractical” and “diminish the guest experience”.UnpresidentedIt remains unclear whether controversial transactions such as these will add greatly to the Trump empire’s profits. Deals are often smaller than you might imagine: the developer behind Trump Tower in Mumbai, founded by a member of India’s ruling party, paid just $5m for the licence. Some deals are being scrapped under scrutiny—as was the case, in January, with a tower in the Black Sea resort of Batumi.Moreover, forces beyond Mr Trump’s control are likely to have a bigger impact on his businesses’ profits than conflicted dealmaking. A recent analysis of his properties by Bloomberg found that his three flagship office blocks in Manhattan—Trump Tower, 40 Wall Street and 1290 Avenue of the Americas—are making less money than envisaged when loans were issued, because of the softening of the New York office market. The combined present value of the three blocks has fallen by an estimated $380m over the past year.Mr Shaub believes that Mr Trump has rejected ethical norms embraced by all other administrations since the 1970s. He recommends several changes to federal law, including greater powers for the oversight office and stricter disclosure rules. Rightly so. Whether or not Mr Trump’s group benefits materially from his spell in office, any doubt over whether policies are crafted with the American people in mind or his own bottom line is corrosive. "Not one to avoid a conflict"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725303-six-months-mr-trumps-conflicts-interest-look-even-worse-how-donald-trump-monetising?fsrc=rss%7Cbus'|'2017-07-20T22:44:00.000+03:00'
'e61d1148a90f4d32d8b8f1adbb8f1cdeeadc7d94'|'Visa''s revenue surges 26 percent'|'July 20, 2017 / 8:29 PM / in 12 minutes Visa''s revenue surges 26   A VISA credit card is pictured next to a computer chip on a bank card in this photo illustration taken June 9, 2016. Maxim Zmeyev/Illustration/File Photo (Reuters) - Payments processor Visa Inc''s ( V.N ) quarterly revenue jumped nearly 26 percent as more people made payments using its network. Net operating revenue rose to $4.57 billion in the third   $3.63 billion a year earlier, Visa said on Thursday. Net income rose to $2.06 billion, or 86 cents per Class A share in the third quarter, from $412 million, or 17 cents per Class A share. Visa''s results in the prior-year quarter included expenses of nearly $1.9 billion related to its acquisition of Visa Europe. Reporting by Nikhil Subba in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-visa-results-idUKKBN1A52QH'|'2017-07-20T23:28:00.000+03:00'
'99ed94e8d5e09dfe784fd05cb4a8c39122977c4a'|'Citi plans EU broker-dealer in Frankfurt after Brexit'|'July 20, 2017 / 1:01 PM / 14 minutes ago Citi plans EU broker-dealer in Frankfurt after Brexit Steve Slater 3 Min Read LONDON, July 19 (IFR) - US bank Citigroup said it will set up a broker-dealer in Frankfurt for its European Union operations when Britain leaves the European Union, joining other Wall Street rivals choosing to move staff to the German financial centre. Citigroup said about 150 new roles are likely to be located in the EU as a result of changes from Brexit. It said they could be located in Amsterdam, Dublin, Luxembourg, Madrid and Paris, as well as Frankfurt. "We plan to convert an existing German subsidiary into an investment firm (broker-dealer). Frankfurt is our first choice for headquartering our EU broker-dealer based on the existing infrastructure, and the people and expertise we already have on the ground," Jim Cowles, Citi''s head of Europe, Middle East and Africa, said in a memo to staff. "It is not yet possible to assess the outcome or timing of the Brexit negotiations, but in certain circumstances we may need to create approximately 150 new roles located in the EU. "In all cases, London will remain both our EMEA headquarters and an important global hub for Citi," Cowles said. Brexit is due to occur by March 2019, and banks are making plans for how it could affect their London operations. Most significantly, banks could lose passporting rights, whereby they can book all their EU trading and activity in London. That means they need a regulated subsidiary in an EU country to provide access. More than half of Citi''s staff in EMEA are located outside Britain and in January 2016 it expanded its Dublin-based European bank, Citibank Europe. That will continue to be the vehicle for its EU banking operations, the memo said. But Cowles said "certain adjustments" may be needed due to Brexit, because its current broker-dealer is in London. The memo said private banking, treasury and trade solutions, corporate and investment banking, and capital markets could all be affected by the fallout from Brexit. Other major banks including Deutsche Bank, JP Morgan, HSBC and BNP Paribas, are considering shifting some jobs to other cities from London. Frankfurt is proving the most popular alternative destination, followed by Dublin and Paris. Banks are calling for a transitional arrangements to give them longer to adapt to any changes, but the terms of Brexit are not expected to be known for many months. (Reporting by Steve Slater) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/citi-plans-eu-broker-dealer-in-frankfurt-idUSL5N1KA479'|'2017-07-20T16:00:00.000+03:00'
'35e65e4d9cd8e87c7756d8402e28d519c980bd1e'|'Activist Jana cashes out of Whole Foods following Amazon deal'|'July 19, 2017 / 11:18 PM / in 5 minutes Activist Jana cashes out of Whole Foods following Amazon deal Reuters Staff 1 Min Read FILE PHOTO - Customers leave the Whole Foods Market in Boulder, Colorado, U.S. on May 10, 2017. Rick Wilking/File Photo (Reuters) - Activist investor Jana Partners LLC cashed out of its position in Whole Foods Market Inc ( WFM.O ), a regulatory filing showed on Wednesday, after the upscale grocer agreed to be acquired by Amazon.com Inc ( AMZN.O ) in a $13.7 billion deal last month. Jana, which was Whole Foods'' second-largest shareholder with an 8.2 percent stake, made a profit of over $300 million on the sale, according to Reuters calculations. Jana bought 27.9 million shares of the company for $721.2 million in March, and exited its position on Tuesday for a price of more than $1 billion. The investor had heaped pressure on Whole Foods to sell itself after taking a stake in the company, citing the retailer''s lagging sales and stock price. In June, Whole Foods agreed to be bought by Amazon for $13.7 billion in a sector-altering deal that could see the e-commerce giant enter the brick-and-mortar retailing industry. Reporting by Karina Dsouza in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-whole-foods-jana-idUKKBN1A42QI'|'2017-07-20T02:16:00.000+03:00'
'2cb5b43557f1c3b277a1a320417d85302a773642'|'Europe''s cashed-up companies get comfy with capex'|'July 20, 2017 / 2:33 PM / 4 hours ago Europe''s cashed-up companies get comfy with capex Kit Rees 6 Min Read LONDON (Reuters) - Sitting on $1 trillion (770.74 billion pounds) in cash and emerging from years of caution, European companies are now showing the strongest year-on-year growth in capital spending plans in the world. The revival is another sign of renewed optimism in the region and will be relief to investors looking to capture rebounding growth. European firms, weighed down by sovereign debt crises, sluggish earnings and political uncertainties, hunkered down and put spending plans on hold over the past few years. Now, with the earnings outlook at its brightest in more than 7 years, borrowing costs still low and an economy gathering momentum, firms are once again looking to replace machinery and plants while governments are keen on infrastructure upgrades. As earnings season gets underway in Europe in earnest next week capital expenditures, or capex, plans will be closely scrutinised, particularly for the industrial and construction sectors. So far the signs are upbeat. Year-on-year capex growth for European companies is currently about 3 percent, easily outpacing other major regions globally. “I do think we are beginning to see a pick-up in capex as earnings improve," Dave Lafferty, chief market strategist at Natixis Global Asset Management, said. In a recent report, credit ratings agency Moody''s found that EMEA companies'' cash pile rose to nearly 1 trillion euros at the end of 2016, with the ratio of cash to revenues at a seven-year high. European companies are "warming to a culture of capex" strategists at Bank of America Merrill Lynch said in a note. They expect the median capex at large European corporate borrowers to rise by 20 percent this year. The possibility that borrowing costs, held down by ultra-loose monetary policy by the European Central Bank, may start to rise as the ECB prepares to roll back stimulus measures could further see companies lock in cheap financing. “If ... there are maintenance, capex projects that the company knows it’s got to undertake in the next few years, it’s probably not a bad idea to try and get the financing in place while the cost of debt is still very low by historical standards," Liam Nunn, manager of the Old Mutual European Equity (ex. UK) Fund, said. A shift in investor sentiment is also spurring capex. Till last year, when the growth outlook for Europe was at best murky, investors were loathe to reward expansion plans and instead favoured companies that paid out earnings in dividends or buybacks. However, with equity valuations now above long-term averages, buying back shares is becoming expensive. "CEOs have become very addicted to the buyback phenomenon and I think almost by definition that needs to fade a little bit, because CEOs aren’t going to get the same bang for their buck,” Lafferty added. European shares trade at around 15.2 times forward earnings, above their 30-year average of 14 times, according to Thomson Reuters data. Some firms'' unwillingness to spend big stems from unhappier times. The mining sector''s rout in 2015 and 2016 is still too fresh a reminder of what can go wrong if firms take on too much debt and grow aggressively. Large firms such as BHP Billiton ( BLT.L ) and Glencore ( GLEN.L ) were forced to cut or scrap dividends and sell assets to raise cash as falling metals prices and lacklustre global demand left them stretched. Infrastructure Analysts do not expect the commodity sectors to provide the fillip for capex this time around. Instead, the pick-up in capex is expected to focus on infrastructure spending, with firms investing in new equipment and technology. Infrastructure spending in particular is at the fore of governments'' minds as a way to boost growth. Earlier this month Spain announced a 5 billion-euro public-private investment programme for highways, its biggest since an economic slump ended four years ago. German Chancellor Angela Merkel has been under pressure to boost investment in infrastructure to reduce the country''s record surplus ahead of a federal election in September. In France, newly-elected President Emmanuel Macron has pledged to cut corporate taxes and ease regulations as part of a business-friendly agenda, pledging 50 billion euros for public investment over five years in his manifesto. “If you really are a bit more confident that this economy has resilience to it, and that this growth story has resilience to it, perhaps you will therefore then have the confidence to do capex rather than just buy other companies,” Robert Griffiths, global equity strategist at Credit Suisse, said. Some sceptics remain, however. European capex plans have had a false dawn before. A recovery in spending plans in 2015 was cut short by worries around Brexit, Greece and bad debts in Italy''s banking system. Morgan Stanley acknowledges that European firms certainly have the ability to splash the cash a little more, but see them pursuing merger and acquisitions to grow rather than spend money on capex. Reporting and Graphic by Kit Rees; Editing by Vikram Subhedar and Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-capex-analysis-idUKKBN1A51W6'|'2017-07-20T17:32:00.000+03:00'
'e55a217337480106913f32188483f752ff8ca2e9'|'Carrefour''s Diniz hails Brazil IPO, shares slip'|'July 20, 2017 / 4:00 PM / 19 minutes ago Carrefour''s Diniz hails Brazil IPO, shares slip Aluisio Alves and Bruno Federowski 2 Min Read Abilio Diniz, the third largest Carrefour shareholder, gestures as he attends the company''s IPO at the Sao Paulo Stock Exchange in Sao Paulo, Brazil July 20, 2017. Paulo Whitaker SAO PAULO (Reuters) - Carrefour SA board member Abilio Diniz said on Thursday the initial public offering of the retailer''s Brazilian unit shows the country is overcoming its harshest recession in a century as shares slipped in their market debut. Speaking at an opening bell ceremony in the São Paulo Stock Exchange, the Brazilian retail tycoon and third-largest shareholder of Carrefour said the IPO will help the French retailer reach a "new level globally." Slideshow (2 Images) Still, shares in its Brazilian unit fell as much as 4.3 percent in Thursday trading before paring losses to 0.5 percent, at 14.92 reais in late afternoon trading. The stock had priced at the 15 reais floor of a suggested price range in a deal that raised 5.12 billion reais ($1.6 billion). At that level, it would trade at similar multiples to rival GPA SA ( PCAR4.SA ), which it recently surpassed as Brazil''s largest supermarket chain. "Carrefour overestimated the market''s appetite for its shares," said Marcelo Garbes, head of equity trading at brokerage Tullet Prebon. Analysts said Carrefour Brasil lacks a substantial competitive advantage to its rival that would justify higher share prices. Market share at GPA''s food and staples division increased in the second quarter, though Carrefour Brasil has shown consistently higher profit margins. In a Wednesday note to clients, analysts at UBS Securities set a "sell" recommendation on the stock, citing concerns that the company may be unable to compete on price. ($1 = 3.13 reais) Reporting by Aluisio Alves and Bruno Federowski; Editing by Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-carrefour-brasil-ipo-idUKKBN1A525J'|'2017-07-20T23:06:00.000+03:00'
'10ae45319f7a424a712d2df19a9376c4784e9830'|'GE quarterly revenue drops 12 percent; cash flow up on quarter'|'July 21, 2017 / 11:12 AM / an hour ago GE shares fall as profit slumps, investors await new CEO''s targets Alwyn Scott 4 Min Read A man walks past the Global Operations Center of General Electric Co. in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, on May 12, 2017. Daniel Becerril (Reuters) - General Electric Co''s ( GE.N ) shares dropped sharply on Friday after it posted a 59-percent decline in second-quarter profit and put off an expected cut to 2018 earnings targets until November, when new CEO John Flannery will be four months into his job. The maker of power plants, jet engines, medical scanners and other industrial equipment said profit and sales declines largely reflected sale of its appliances business. It beat analyst expectations on adjusted profit, but cash flow was weak and GE said full-year profit and cash flow will be at the low end of its forecasts. GE also said it would update its 2018 earnings target of $2 a share in November, later than analysts had expected. Analyst consensus 2018 estimate is $1.73, according to Thomson Reuters I/B/E/S, already suggesting a significant cut. The length and scope of the review raised concern, since GE has just come through major shifts in its portfolio. "It''s discouraging that we''re going to wait again for the company to perform as we wait for the new CEO to review everything," said Jim Corridore, analyst at research firm CFRA, which cut GE shares to "hold" after Friday''s results. Incoming CEO Flannery acknowledged on a conference call that his review would take time, but said it had not altered GE''s 2017 outlook. Still, the stock could be in "in a state of limbo" until the review is finished, Deane Dray, analyst at RBC Capital Markets, said in a note. GE''s cash flow was below expectations and also weighed on the stock, said Jeff Windau, analyst at Edward Jones. "People want to get the answers sooner" to Flannery''s review. Shares were down 3 percent at $25.87 in mid-morning trading after earlier hitting a 2-year low. GE faced a "slow-growth, volatile environment" in the quarter, Chief Executive Jeff Immelt said in his final earnings release before his Aug. 1 retirement. Immelt''s tenure began days before the Sept. 11, 2001, terrorist attacks and included the 2008 financial crisis. While GE stock is 27 percent below its price when Immelt arrived, it has more than tripled from its nadir in 2009. Immelt sold off NBCUniversal, appliances and most of GE Capital. He acquired power assets from France''s Alstom ( ALSO.PA ), merged GE''s oil and gas business with Baker Hughes, and moved the headquarters to Boston. Flannery said he is "in the middle of a series of deep dives into the businesses." He also is "taking a hard look at our corporate spending" to ensure it contributes to earnings, and on a listening tour of investors. GE has cut $670 million (516 million pounds) in industrial overhead costs this year, Immelt said, and will "meet or exceed" its $1 billion target for 2017 - a goal set after discussion with activist investor Trian Fund Management. GE was under pressure to report strong cash flow after a weak showing in the first quarter. Cash flow from operations totalled $3.6 billion, up from $400 million in the first quarter. The figure was down 67 percent from a year ago, partly reflecting the loss of contributions from the appliances division. Revenue fell 12 percent to $29.56 billion, slightly above the $29.02 billion consensus estimate of analysts polled by Thomson Reuters I/B/E/S. GE said its appliances sale eliminated $3.1 billion of revenue. Net profit slumped 59 percent to $1.34 billion, or 15 cents a share, in the quarter ended June 30, from $3.30 billion, or 36 cents a share, a year earlier. Adjusted earnings fell 45 percent to 28 cents a share, compared with estimates for 25 cents. Additional reporting by Rachit Vats in Bengaluru; Editing by Bernadette Baum and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ge-results-idUKKBN1A618Z'|'2017-07-21T14:20:00.000+03:00'
'54e846bc700826d36dc97d4945fc7c232b6f637b'|'U.S. lawyers suing Volkswagen get $300 million in fees, costs'|'July 21, 2017 / 7:22 PM / 24 minutes ago U.S. lawyers suing Volkswagen get $300 million in fees, costs 2 Min Read FILE PHOTO: A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo WASHINGTON (Reuters) - A federal judge on Friday approved $125 million in fees and costs for lawyers who sued Volkswagen AG ( VOWG_p.DE ) on behalf of U.S. owners of 88,000 3.0 litre diesel vehicles over excess emissions. That is on top of $175 million in fees and costs approved by U.S. District Judge Charles Breyer in March for a related 2.0-liter VW diesel settlement covering nearly 500,000 owners. In the 3.0-liter settlement approved on Friday, Breyer said lawyers were billing an average of $462 an hour for all work performed and expected during the settlement. He said billing rates for partners were from $250 to $1,650 per hour. Breyer said lawyers for the owners "achieved extraordinary results" and cited the generous buyback and compensation offers as well as separate funds to offset excess emissions. In total, the world''s largest automaker has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles. Of the $300 million approved in both cases, $288 million is for legal fees and $12 million is for reimbursable expenses. Reporting by David Shepardson; Editing by Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-emissions-idINKBN1A62HG'|'2017-07-21T22:22:00.000+03:00'
'2bbad8350277ae98373cc4c0aa1809e3900e3c4d'|'Exclusive - U.S. toughens stance on foreign deals in blow to China''s buying spree'|'July 20, 2017 / 11:45 PM / in 5 hours Exclusive: U.S. toughens stance on foreign deals in blow to China''s buying spree Greg Roumeliotis and Diane Bartz 6 Min Read U.S. Treasury Secretary Steve Mnuchin and China''s Vice Premier Wang Yang attend the U.S. - China Comprehensive Economic Dialogue to discuss bilateral economic and trade issues in Washington, U.S., July 19, 2017. Yuri Gripas (Reuters) - A secretive U.S. government panel has objected to at least nine acquisitions of U.S. companies by foreign buyers so far this year, people familiar with the matter said, a historically high number that bodes poorly for China''s overseas buying spree. The objections indicate that the Committee on Foreign Investment in the United States (CFIUS), which reviews acquisitions by foreign entities for potential national security risks, is becoming more risk-averse under U.S. President Donald Trump. Chinese companies and investors eyeing U.S. assets could face more roadblocks as a result, at a time when the Chinese government is also restricting the flow of capital out of China following a bonanza of Chinese overseas deals. There have been 87 announced acquisitions of U.S. companies by Chinese firms so far in 2017, the highest on record and up from 77 deals in the corresponding period in 2016. CFIUS''s more conservative stance toward deals coincides with growing political and economic tensions between the United States and China. On Wednesday the two countries failed to agree on major new steps to reduce the U.S. trade deficit with China. Since the start of the year, CFIUS has sent letters to companies involved in at least nine deals to say they would be blocked based on measures they have proposed to address potential national security risks, the people familiar said. Many of these deals are in the technology sector, the sources said. A rise in cyber security threats and rapid advances in technology makes it more difficult to establish whether a deal poses any threat, lawyers who represent companies before CFIUS said. An initial objection by the watchdog does not necessarily kill the deal immediately. Some companies this year have chosen to keep their CFIUS filings alive by proposing new mitigation measures, while others have pulled their applications and canceled their deals, the people said. They asked not be identified because interactions between CFIUS and the companies are confidential. "CFIUS decisions are highly sensitive and we are not going to comment on rumors of their outcome," a White House spokeswoman said. A spokesman at the Treasury Department declined to comment. Treasury leads CFIUS with Treasury Secretary Steven Mnuchin serving as chairman. U.S. Treasury Secretary Steve Mnuchin speaks at the U.S. - China Comprehensive Economic Dialogue in Washington, U.S., July 19, 2017. Yuri Gripas Most of the deals that CFIUS has sought to block this year have not been announced. Among the companies that have disclosed they have withdrawn their CFIUS applications and canceled their deals are U.S. electronics maker Inseego Corp ( INSG.O ), which tried to sell its MiFi mobile hotspot business to Chinese smartphone maker TCL Industries Holdings, and Texas oil producer ExL Petroleum Management LLC, which sought to sell its assets to Russian billionaire Mikhail Fridman''s L1 Energy. By comparison, in the entirety of 2014, the last year for which CFIUS has released official data, nine deals were withdrawn after CFIUS began an investigation. Several more companies face protracted CFIUS reviews amid delays after Trump took office in filling important mid-level political positions at several of the 16 government departments and agencies that comprise CFIUS. CFIUS is on track to review a record-setting 250 to 300 transactions in 2017, according to Anne Salladin, a CFIUS expert with the law firm Stroock and Stroock and Lavan LLP - up sharply from 147 deals in 2014. The backlog is leading many companies that fail to gain CFIUS clearance within the standard 75 days allocated for review to refile their applications. Refiling resets the clock and gives up to another 75 days to complete the national security review and try to resolve potential issues. Key Vacancies A number of companies have said in regulatory filings that their high-profile deals are before CFIUS. They include Chinese payments company Ant Financial''s $1.2 billion acquisition of U.S. money transfer company MoneyGram International Inc ( MGI.O ) and China-backed buyout fund Canyon Bridge Capital Partners LLC''s $1.3 billion acquisition of U.S. chip maker Lattice Semiconductor Corp ( LSCC.O ). In addition, investment firm China Oceanwide Holdings Group Co Ltd''s $2.7 billion acquisition of U.S. life insurer Genworth Financial Inc ( GNW.N ) and China-based semiconductor investment fund Unic Capital Management''s $580 million acquisition of U.S. semiconductor testing equipment company Xcerra Corp ( XCRA.O ) are also with the watchdog. Ant Financial has refiled its MoneyGram deal with CFIUS once, while Canyon Bridge and China Oceanwide have refiled their deals twice, according to company disclosures and Reuters reports. Unic is still on its first filing with CFIUS on its Xcerra deal, company disclosures and Reuters reports showed. Of the two dozen political appointee positions in the Treasury Department just three have been confirmed by U.S. lawmakers. A key CFIUS nomination is that of former Allen & Overy LLP lawyer Heath Tarbert, who has been appointed as Assistant Secretary of the Treasury for international markets and development, and has yet to be confirmed. Reporting by Greg Roumeliotis in New York and Diane Bartz in Washington; additional reporting by Ayesha Rascoe in Washington; Editing by Chris Sanders and Grant McCool 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-china-companies-idUKKBN1A532M'|'2017-07-21T02:48:00.000+03:00'
'4f8f3cf5226a5127ecfdc84cb1c6701720b1750d'|'Philips Lighting earnings ahead on better LED, home lighting margins'|'July 21, 2017 / 5:19 AM / in 12 minutes Philips Lighting earnings ahead on better LED, home lighting margins Reuters Staff 1 Min Read AMSTERDAM (Reuters) - Philips Lighting ( LIGHT.AS ), the world''s largest maker of lights, on Friday reported a better-than-expected rise in second-quarter core earnings, as margin improvements at its LED and home lighting businesses offset falling sales due to the ongoing decline of its traditional lamp business. The company''s adjusted earnings before interest and amortization (EBITA) rose 8 percent to 174 million euros (155.89 million pounds) in the quarter from a year earlier, on sales of 1.70 billion euros, down 2 percent. Analysts polled by Reuters had estimated adjusted EBITA at 160 million euros. Reporting by Toby Sterling; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-philips-lighting-results-idUKKBN1A60DK'|'2017-07-21T08:18:00.000+03:00'
'f251d21fc4c47595b35473121d8da02d0e82da3c'|'EU''s car regulator warns against car diesel ban in cities'|'July 22, 2017 / 1:42 PM / 18 minutes ago EU''s car regulator warns against car diesel ban in cities Reuters Staff 3 Min Read European Commissioner Elzbieta Bienkowska arrives to a meeting of European Union defence ministers at the EU Council in Brussels, Belgium May 18, 2017. Eric Vidal BRUSSELS (Reuters) - Banning diesel cars in European cities could hamper automakers'' ability to invest in zero-emission vehicles, the European Union''s commissioner for industry has warned the bloc''s transport ministers. In a letter seen by Reuters, Commissioner Elzbieta Bienkowska said there would be no benefit in a collapse of the market for diesel cars and that the short-term focus should be on forcing carmakers to bring dangerous nitrogen oxide emissions into line with EU regulations. "While I am convinced that we should rapidly head for zero-emission vehicles in Europe, policymakers and industry cannot have an interest in a rapid collapse of the diesel market in Europe as a result of local driving bans," Bienkowska said. "It would only deprive the industry of necessary funds to invest in zero-emissions vehicles," she said in the letter, dated July 17. Germany''s three major carmakers have invested heavily in diesel technology, which offers more efficient fuel burn and lower carbon dioxide emissions than gasoline-powered cars. But since Volkswagen ( VOWG_p.DE ) admitted in 2015 to cheating on U.S. emissions tests, worries about vehicle pollution have left the entire auto industry under scrutiny. A particular concern is emissions by diesel cars of nitrogen oxide, which is blamed for causing respiratory diseases. In the letter, Bienkowska told ministers she was concerned that the latest emissions violations at Audi ( NSUG.DE ) and Porsche ( PSHG_p.DE ) were discovered by prosecutors and not Germany''s vehicle and transport authorities. Bienkowska''s letter also called for all cars with excessively high levels of nitrogen oxide emissions to be taken of European roads, but said carmakers should act on a voluntary basis. The commissioner did raise the prospect of an EU testing agency if national regulators failed to spot more emissions-test cheats. Munich, home to carmaker BMW ( BMWG.DE ), has become the latest German city to consider banning some diesel vehicles. Environmental groups say diesel bans in cities can cut nitrogen oxide emissions and force automakers to design cleaner vehicles. Experts who have seen the letter to ministers say the commissioner appeared to be bowing to carmakers'' demands. "Her letter contained some important statements that we believe show the industry''s lobbyists have scored a big win," Bernstein analyst Max Warburton said in a report. "They have likely argued that castigating or banning diesel would harm the industry''s earnings and employees, harm efforts to reduce carbon dioxide and harm owners of current vehicles." Reporting by Alissa de Carbonnel; Writing by Robin Emmott; Editing by Catherine Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-emissions-eu-idUKKBN1A70G2'|'2017-07-22T16:42:00.000+03:00'
'60fd6fc450834637a3006ce71a74fabfca15b84c'|'Roche''s Tecentriq receives positive opinion from EU medicines agency'|'July 22, 2017 / 10:54 AM / 4 hours ago Roche''s Tecentriq receives positive opinion from EU medicines agency 1 Min Read ZURICH (Reuters) - A European Medicines Agency (EMA) panel said on Friday it has recommended Roche''s immunotherapy Tecentriq as a treatment for advanced bladder and lung cancer, setting the stage for European Commission approval this year. Roche received a positive opinion for the treatment from the EMA''s Committee for Medicinal Products for Human Use (CHMP). Tecentriq, which Roche has designed to help the immune system find and kill tumours that otherwise may avoid detection, won approval in the United States this year as an initial treatment for bladder cancer. It has also been approved as a treatment for lung cancer. Reporting by Joshua Franklin and John Miller; Editing by Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/roche-hldg-tecentriq-eu-idINKBN1A70CN'|'2017-07-22T13:53:00.000+03:00'
'd88b7936ace3936b81fe49c75e85e922470d651d'|'UK sidelined as Europe looks beyond Brexit in aerospace'|'FILE PHOTO: An Airbus A350 aircraft flies in formation with Britain''s Red Arrows flying display team at the Farnborough International Airshow in Farnborough, Britain July 15, 2016. Peter Nicholls/File Photo PARIS (Reuters) - Britain risks losing clout in the aerospace industry, one of its largest skilled employers, due to concerns over its departure from the European Union, a corporate overhaul at Airbus and a new Franco-German push on defense, industry insiders say.Initiatives from a new continental combat jet to a decision by Airbus ( AIR.PA ) to downgrade its UK representation, as well as the redeployment of some research projects, have left the $90-billion UK sector feeling increasingly sidelined.France and Germany last week announced plans for a joint fighter, catching many in Britain off guard.Though chiefly designed to rejuvenate the Paris-Berlin axis, the move has highlighted questions over Britain''s place in the European powerhouse after Brexit and left its biggest defense firm BAE Systems ( BAES.L ) maneuvering for a place."Everyone is now simply acting on the basis that Brexit has happened, and let''s get on with life," said former French security adviser Francois Heisbourg, chairman of think-tank IISS.The move coincides with plans by Franco-German-led Airbus to shake up its UK management.Airbus Group UK President Paul Kahn is leaving as part of wider plans to shed management layers, Airbus said this week.Government affairs chief Katherine Bennett will run the Toulouse-based company''s UK arm as senior vice president.Officially, the changes are nothing to do with Brexit. A top executive in Spain is also leaving the slimmed-down firm.But the four-nation giant is aware of the intense focus on Britain''s role in flagship European ventures, while Airbus remains represented at more senior levels in France and Germany."You couldn''t say there is no link to Brexit," a person familiar with the process said.The industry''s ADS lobby, of which Kahn remains president, says aerospace and defense support 363,000 direct jobs in Britain and has warned against a ''hard Brexit'' that could see trade tariffs and restrictions on movements of workers.Airbus alone employs 12,000 in Britain where it builds wings for jetliners and campaigned to keep the country in the EU.Although Bennett will report directly to CEO Tom Enders, Kahn''s departure after three years deprives Britain of a strong voice inside Europe''s largest aerospace group, insiders said.Drip Feed The reshaping of Airbus''s UK presence does not end there.Industry sources say civil planemaking operations chief Tom Williams is unlikely to be replaced when he eventually retires, leaving a significant gap in the firm''s UK profile.Williams, who turns 65 on Friday, is Airbus''s "national representative" to Britain on key matters and has warned the country is entering a "dangerous phase" over Brexit. No departure date has been set for one of Britain''s top industrial managers.Airbus declined to comment.In the long term, Britain faces competition for wings production when design starts on the next generation of Airbus jets next decade. Germany and Spain both want the work.For now, the chill toward Britain is felt mainly though a drip feed of small changes, though these collectively represent what one insider called an "insidious" threat to UK relevance.Britain will have less responsibility for Europe''s Galileo satellite program. Some R&D work has been removed from British universities. And plans for a small but symbolic "Cyber Lab" at Airbus in Britain have been shelved."You are less likely to see UK leadership of projects with continental content. There will still be UK content but more likely under French or German leadership," one source said.That partially reverses the trend of recent years with rotary wing research placed in Britain after Airbus recently won a major military services contract.Supporters say Britain remains attractive for investment, with public funding for new technologies and a weaker pound offsetting uncertainty over Brexit.Asked whether she feared a stronger Franco-German defense axis leaving Britain in the cold, Defence Procurement Minister Harriet Baldwin told Reuters: "Far from it ... We are very happy with how things are going with our European friends and allies."Senior commentators are worried about the health of Britain''s industrial base, however, especially if it fails to win a place in the planned Franco-German fighter program."...you have a certain critical mass of design and development engineers and if they are not fed with noble work they will dissipate over time," said defense and aerospace consultant Brian Burridge, ex-commander of UK forces in Iraq.He likened this to years of under-investment in nuclear power stations, which saw Britain turn to foreign partners."Just as we saw in our nuclear power-generation industry: if suddenly, for strategic reasons, you want to change your indigenous sovereign capability that would be very difficult."Reporting by Tim Hepher; Editing by Mark Potter '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-britain-eu-aerospace-analysis-idUSKBN1A616S'|'2017-07-21T13:34:00.000+03:00'
'02b418be27cc226743604c6be03fc93fe4731ea6'|'ECB to lay groundwork for autumn policy shift, avoiding market tantrum'|'July 19, 2017 / 10:13 PM / 3 hours ago ECB''s Draghi delays day of reckoning after market backlash Balazs Koranyi and Francesco Canepa 5 Min Read FRANKFURT (Reuters) - The European Central Bank left its ultra easy monetary policy unchanged on Thursday and did not even discuss clawing back stimulus, suggesting it may delay an inevitable decision on tapering bond buys until the latest possible moment. Maintaining a pledge to extend or even increase debt purchases if needed, ECB President Mario Draghi said the bank did not even go so far as to ask staff committees to prepare options for tweaking stimulus. Policymakers would revisit the topic only in the autumn, he said. Having been burnt by a mini tantrum in financial markets last month when he raised the prospect of policy tightening, Draghi was careful to give away as few hints as possible about the bank''s next move, emphasising the need for patience and persistence to raise inflation back to target. "We were unanimous in communicating no change to the forward guidance and also we were also unanimous in setting no precise date for when to discuss changes," Draghi told a news conference. "We simply said that our discussions should take place in the fall." "We need to be persistent and patient because we aren''t there yet, and prudent," Draghi said. The benign tone, coming just weeks after Draghi said better growth would provide the ECB room to tighten policy to keep the broad level of accommodation, was seen as trying to delay an inevitable decision on asset buys, now set to run until the end of the year. Related Coverage ''We aren''t where we want to be yet,'' ECB''s Draghi says, leaving policy unchanged Those comments in the Portuguese mountain town of Sintra doubled German 10-year yields and sent the euro more than 3 percent higher, raising fears that the ECB could undo its own work by moving too early. "Draghi clearly wanted to put the Sintra dogs back on the leash," ING economist Carsten Brzeski said. "It was an attempt to force a calm summer in financial markets by stopping and even rewinding latest taper speculations." Economists prior to Thursday predicted a decision on the quantitative easing (QE) programme in September but Draghi''s comments make October a more likely option with December now also put in play. Not tasking staff committees may be a significant sign as many major policy changes in recent years have been preceded by the announcement of such work. European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany July 20, 2017. Ralph Orlowski The euro EUR= rose to its highest level in nearly two years but bond yields dropped a touch and the premium investors demand for holding euro zone periphery government bonds over top-rated German peers narrowed. "In fact, Draghi seems to allow for the possibility that the decision on how to extend QE will not be announced in September, and the exact details may follow later –- 26 October, or even 14 December," Marchel Alexandrovich, an economist at Jefferies said. Economic Outlook With the euro zone economy now growing for the 17th straight quarter, its best run since before the 2007-08 global financial crisis, the ECB is growing more confident with the outlook, supporting Draghi''s suggestion of easing off the accelerator after printing nearly 2 trillion euros to jump start growth. But the prospect of reduced monetary stimulus is keeping financial markets edgy, with investors sifting through clues to gauge how big central banks around the globe will unwind unconventional policy that have kept borrowing costs at rock bottom. The biggest headache for the ECB may be the apparent disconnect between inflation and growth. Having bought trillions of euros worth of government and corporate debt for years, the ECB has rekindled growth and the euro zone is creating jobs faster than expected. But wage growth remains anaemic, keeping a lid on inflation, which is likely to undershoot the ECB''s target of almost 2 percent at least through 2019. This suggests that easy monetary policy will have to continue for years to come. Draghi argued on Thursday that while wage dynamics have indeed changed in the decade since the start of the crisis, these are temporary so rather than changing tools or targets, the ECB just needed patience. Policymakers told Reuters earlier that they would not want to put an end date on the buys or a schedule on tapering, maintaining flexibility and avoiding a perception that it was on a preset course. Writing by Mark John; editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN1A42MB'|'2017-07-20T01:13:00.000+03:00'
'0ee3901953e34274783ef1027dd351244b9bb0d4'|'UK Lender Close Brothers year-to-date loan book rises 6.4 percent'|'July 21, 2017 / 6:32 AM / 33 minutes ago UK Lender Close Brothers year-to-date loan book rises 6.4 percent Reuters Staff 1 Min Read (Reuters) - British lender Close Brothers Group ( CBRO.L ) reported a rise in year-to-date loan book and said it expected strong results for the year ending in July. The merchant banking group, which provides loans, wealth management and securities trading services, said the loan book at its banking division rose 6.4 percent to 6.8 billion pounds ($8.84 billion) in the financial year so far, with solid demand helping its property finance business. Close Brothers'' marketmaking division, Winterflood, was aided by strong retail trading activity throughout the year, it said. The company will report full-year results in September. Reporting by Rahul B and Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-close-brothers-outlook-idUKKBN1A60I0'|'2017-07-21T09:32:00.000+03:00'
'67c4e0fb48cd812b25168761ffba6a5b00695063'|'Freeport Indonesia mine workers extend strike for fourth month'|'Trucks are seen on a road in the Grasberg copper and gold mine operated by an Indonesian subsidiary of Freeport-McMoRan Inc, near Timika, Papua province, February 15, 2015 in this photo taken by Antara Foto. M Agung Rajasa/Antara Foto JAKARTA/TORONTO (Reuters) - An estimated 5,000 workers at the giant Grasberg copper mine operated by Freeport-McMoRan Inc''s ( FCX.N ) Indonesian unit will extend their strike for a fourth month, a union official said on Friday, in an ongoing dispute over layoffs and employment terms.The escalating labor issue comes as Freeport, the world''s largest publicly traded copper miner, is snarled in a lengthy and costly dispute with Indonesia''s government over rights to the Grasberg copper and gold mine.Freeport resumed copper concentrate exports from Grasberg, the world''s second-largest copper mine, in April after a 15-week outage related to that row, but a permanent solution is yet to be found.Copper prices CMCU3 hit a 4-1/2 month peak on Friday, fueled by strong growth in top consumer China, a weak dollar and worries about supply disruptions.Freeport is pushing back against revised government rules that require miners to pay new taxes and royalties, divest a 51-percent stake and relinquish arbitration rights. The Arizona-based miner wants an ''investment stability agreement'' that replicates the legal and fiscal rights under its existing agreement.Freeport Indonesia union industrial relations officer Tri Puspital told Reuters on Friday that the strike was extended because there is still no solution for worker concerns.The strike began in May after Freeport laid off some 10 percent of its workforce to cut costs.In May, Freeport said that mining and milling rates at Grasberg were affected by the strike, and investors will look for more information when the company reports second-quarter financial results July 25.Indonesia said last week it would invite Freeport chief executive Richard Adkerson to Jakarta this month to try to settle a dispute, but a company spokesman would not confirm whether he would attend.Freeport shares were down about 1 percent on New York at $12.93 Friday morning.Reporting by Wilda Asmarini in Jakarta, Susan Taylor in Toronto and Maytaal Angel in London; Editing by Andrea Ricci '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-freeport-mcmoran-indonesia-strike-idUSKBN1A61VJ'|'2017-07-21T17:39:00.000+03:00'
'4565fb5668a51066e4895b0867e0a450099378a0'|'Geely''s Volvo posts profit rise as Chinese growth gives boost'|'Edition United States July 20, 2017 / 4:24 AM / 3 hours ago Geely''s Volvo posts profit rise as Chinese growth gives boost Reuters Staff 2 Min Read FILE PHOTO: A Volvo logo is pictured on the stand during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. Denis Balibouse/File Photo STOCKHOLM (Reuters) - Volvo Car Group reported a 21 percent rise in first-half earnings on Thursday, helped by higher turnover in Europe and China, keeping it on track for record full-year sales. Under Chinese ownership since being bought by Zhejiang Geely Holding Group from Ford in 2010, Volvo has begun to take on larger rivals such as BMW and Daimler''s Mercedes-Benz, carving out a niche in the premium market with a string of new models. Volvo, one of Sweden''s biggest companies by revenue, posted operating earnings of 6.8 billion Swedish crowns ($820 million) for the six months to June 30, against 5.6 billion crowns in the same period last year. Net sales rose to 99.1 billion crowns, up from 84.2 billion crowns. "Globally, we expect the pace of growth generated in the first half of the year to continue. We are confident we will report another record year in terms of sales," Volvo Chief Executive Hakan Samuelsson said in a statement. The company aims to reach sales of 800,000 cars within the next few years. It sold 277,641 Volvos in the first half, up 8.2 percent from a year ago, as strength in China and Europe offset a lingering U.S. slump. Delivery problems have dogged Volvo in the United States this year, contributing to a 7 percent drop in first-half sales there. It does not have a manufacturing base in North America but is building a U.S. plant to boost supply. Samuelsson said the company expects an upturn in the second half of the year to deliver "solid full-year growth" in the United States. "Delivery constraints affected first-quarter sales," he said, "but a return to growth during the second quarter and the impending start of delivery of the new XC60 mid-size SUV point to a stronger finish." Reporting by Niklas Pollard; Editing by David Goodman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volvocars-geely-results-idUKKBN1A50B2'|'2017-07-20T07:13:00.000+03:00'
'10e630073ccd951ce3d48004f8c755f483ea4da9'|'Alibaba''s revenue to jump 45-48 percent this year - executive chairman'|'July 20, 2017 / 2:49 PM / in 31 minutes Alibaba''s revenue to jump 45-48 percent this year - executive chairman Reuters Staff 2 Min Read FILE PHOTO: People ride a double bicycle past the Alibaba Group logo, at the company''s headquarters, on the outskirts of Hangzhou, China November 10, 2014. Aly Song/File Photo NAIROBI (Reuters) - China''s Alibaba expects its revenue to expand by 45 to 48 percent in its fiscal year from April as more small businesses join its online community in search of sales, Executive Chairman Jack Ma said on Thursday. Alibaba had revenue of $22.99 billion in its year to the end of March. "Our revenue this year, we will still have 45-48 percent growth, the money comes from solving problems for others," Ma told hundreds of senior executives who filled a large ballroom in a five-star hotel to listen to him on his first visit to Africa. Ma, who founded the Hangzhou-based e-commerce firm, said he would consider investing in Kenya after meeting young entrepreneurs and being impressed by the East African nation''s broadband infrastructure. "I was surprised by the speed of the Internet," he told the executives. He told a separate gathering at the University of Nairobi that the speed was faster than in some developed nations. He said he would consider the investment opportunities he had seen in the country, and make a firm announcement at a later date, adding that the dozens of Chinese entrepreneurs who accompanied him had also been stirred by locals'' drive to build businesses. "They say it is very difficult to find another Jack Ma in China but today we found a lot of Jack Mas in Africa," he said. Reporting by Duncan Miriri; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-kenya-alibaba-idUKKBN1A51YB'|'2017-07-20T17:49:00.000+03:00'
'fbacc3972d777a173920656860989fbeb287262a'|'India to phase out 5.5 GW of coal-fired power plants'|'July 20, 2017 / 2:55 PM / 5 hours ago India to phase out 5.5 GW of coal-fired power plants 2 Min Read Smoke billows out from the cooling towers of a coal-fired power plant in Ahmedabad, India, November 20, 2015. Amit Dave NEW DELHI (Reuters) - India has identified 5.5 gigawatts (GW) of inefficient coal-fired power plants to be retired, Power Minister Piyush Goyal told lawmakers on Thursday, as the country looks to cut emissions and make better use of its coal reserves. The Central Electrical Authority (CEA) has identified coal-fired plants which are more than 25 years old for retirement in a phased manner on the basis of their "inefficiency and un-economic operation," Goyal said. He did not provide details on the timeframe over which they would be phased out. Around 78 percent of generated power in India still comes from coal-fired plants, making it one of the biggest users in the world of the dirty and cheap fuel. Coal-fired plants account for about 195 GW of India''s 330 GW of installed power capacity, data on the CEA''s website shows. India, which is also undergoing a program to retrofit several coal-fired plants to reduce emissions, has retired about 4 GW of coal-fired power plants over the last two years. However, state-run power utility NTPC Ltd plans to invest $10 billion in new coal-fired power stations over the next five years despite the electricity regulator''s assessment that thermal plants now under construction will be able to meet demand until 2027, Reuters reported this month. Reporting by Sudarshan Varadhan, editing by David Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-india-power-idINKBN1A51YN'|'2017-07-20T17:50:00.000+03:00'
'cb3ae5ffb2d62a46f6136f593ec69ef1509272a8'|'Wall Street Week Ahead: Small-cap rally could shrink on earnings, tax reform hurdles'|'July 21, 2017 / 6:17 PM / 25 minutes ago Wall Street Week Ahead: Small-cap rally could shrink on earnings, tax reform hurdles Caroline Valetkevitch 4 Min Read A street sign is seen in front of the New York Stock Exchange on Wall Street in New York, February 10, 2009. Eric Thayer NEW YORK (Reuters) - Optimism is souring around small-cap stocks for some investors, with a host of factors conspiring to up-end gains that have taken them to record highs. Small-caps, which led the market''s rally just after the Nov. 8 election of Donald Trump as U.S. president, are facing weak earnings forecasts, little progress on tax reform and recent outflows. "We have downside risk here. Earnings numbers aren''t great, and valuations are ... pretty rich," said Steven DeSanctis, equity strategist at Jefferies. Investors had expected the administration of Republican Trump, with his promises of aggressive tax cuts and a healthier U.S. economy, would be a boon for small-caps, which tend to be more domestically focused. Republicans so far have been unable to push through bills to repeal and replace the Affordable Care Act, the first leg of the Trump agenda. That has raised doubts about the likelihood of any tax reform this year. Small-caps have higher effective tax rates - about 32 percent versus 26 percent for large-caps, a note from Nuveen Asset Management showed. The performance of both the Russell 2000, a widely used gauge for small-caps, and the small-cap S&P 600 has lagged that of large-caps so far this year, but the Russell is up 20.3 percent since the election compared with a gain of 15.3 percent for the S&P 500. All three indexes hit record highs in recent sessions, just as the earnings reporting period was getting under way. But analysts estimate earnings for S&P 600 companies declined 8.3 percent in the second quarter, dragged down by projected drops in consumer discretionary, energy and health care results, according to Thomson Reuters data. Revenue is expected to have risen slightly in the quarter. Among consumer companies, weakness in apparel, accessories and luxury goods and other retailers is expected to have hurt results, said David Aurelio, Thomson Reuters senior research analyst. In the small-cap energy sector, services and equipment companies continue to be affected by project cutbacks by larger companies. The small-cap outlook is in contrast to expectations for another quarter of strong profit growth for the S&P 500 and a sharp year-over-year jump in large-cap energy. "Small-cap earnings growth has been trailing large-caps for the last four years, and that continues to be the case in the first half of this year," said Dan Suzuki, senior U.S. equity strategist at Bank of America Merrill Lynch in New York. That does not bode well for valuation metrics for small-caps, which the bank calls "the most expensive segment of an expensive market." The Russell 2000 is trading at about 26 times forward earnings as per Thomson Reuters Datastream data, above a median of about 21. The S&P 500 trades at about 17.3 times, also above its median. While analysts expect small-cap earnings to rebound in the second half of the year, some strategists said those lofty expectations are not likely to hold since U.S. economic growth remains sluggish. Large-caps have benefited from recent weakness in the U.S. dollar, which makes foreign currency earnings for U.S. companies worth more in dollars. "This may explain why mid- and large-caps have seen a stronger bounce in earnings revisions than small-caps recently," Lori Calvasina, Credit Suisse''s chief U.S. equity strategist, wrote in a research note. Recent fund data also shows a weakening trend. According to Lipper, U.S.-based small-cap funds have recorded five straight weeks of withdrawals. At the same time, technical momentum indicators are trailing the Russell 2000''s recent push to new highs, a possible warning that its foray into record territory is on less than firm footing. "We''re in a longer period of underperformance," Suzuki said. Reporting by Caroline Valetkevitch; Additional reporting by Terence Gabriel and Trevor Hunnicutt; Editing by James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-weekahead-idINKBN1A62CA'|'2017-07-21T21:15:00.000+03:00'
'b1cc9cc3054aa1c6a6bfffa7cfb53f7cd3e59866'|'U.S. fines Exxon Mobil over Ukraine-related sanctions violations'|'July 20, 2017 / 2:20 PM / 8 minutes ago U.S. says Exxon under Tillerson violated Russia sanctions in 2014 Yeganeh Torbati and Ernest Scheyder 6 Min Read FILE PHOTO - Russia''s President Vladimir Putin, Rosneft Chief Executive Igor Sechin and Exxon Mobil Chief Executive Rex Tillerson take part in a signing ceremony at a Rosneft refinery in the Black Sea town of Tuapse, Russia on June 15, 2012. Sputnik/Kremlin/Mikhail Klimentyev via File Photo WASHINGTON/HOUSTON (Reuters) - The United States on Thursday admonished Exxon Mobil Corp ( XOM.N ) for "reckless disregard" of U.S. sanctions in dealings with Russia in 2014 when Secretary of State Rex Tillerson was the global oil company''s chief executive, and fined it $2 million. ExxonMobil said the decision was "fundamentally unfair," and sued the U.S. government in Texas in an effort to overturn the decision. The fine came after a U.S. review of deals Exxon signed with top Russian oil producer Rosneft ( ROSN.MM ) weeks after Washington imposed sanctions on Moscow for annexing Ukraine''s Crimea region. Between May 14 and May 23, 2014, top U.S.-based ExxonMobil executives signed eight documents with Igor Sechin, the head of state-run Rosneft, the U.S. Treasury''s Office of Foreign Assets Control (OFAC) said in a statement on its website. ExxonMobil had "demonstrated reckless disregard for U.S. sanctions requirements" by signing the deals with Sechin just weeks after the United States blacklisted him, OFAC said in an unusually lengthy three-page statement laying out its reasoning. (For the Treasury statement, see: bit.ly/2vnvQf2 ) The Treasury announced sanctions on Sechin in April 2014 as part of measures to pressure Russia over its intervention in Ukraine, saying Sechin had shown "utter loyalty" to Russia''s President Vladimir Putin. The sanctions prohibit U.S. citizens or those located in the United States from dealing with those on the blacklist, such as Sechin. Rosneft itself is subject to narrower U.S. sanctions that still allow Americans to deal with the company on some transactions. Tillerson left ExxonMobil to become secretary of state after 10 years at the helm of the global energy power. He is now responsible for U.S. foreign policy, which includes helping to make sanctions decisions. The State Department referred questions about the fine to ExxonMobil and the Treasury. State Department spokeswoman Heather Nauert told reporters on Thursday that the agency was alerted to the fine on Wednesday. Though the State Department plays a part in formulating broad sanctions policy, former U.S. officials and sanctions experts said it was unlikely the agency had a role in deciding the fine announced on Thursday. ExxonMobil had fully complied with guidance from Democratic former President Barack Obama''s administration that ongoing oil and gas business activities with Rosneft were permitted, Exxon spokesman Alan Jeffers said in a statement. The Treasury Department "is trying to retroactively enforce a new interpretation of an executive order" inconsistent with its prior guidance, Jeffers said. "OFAC''s action is fundamentally unfair," he said. FILE PHOTO: A view of the Exxon Mobil refinery in Baytown, Texas September 15, 2008. Jessica Rinaldi/File Photo Sechin signed the documents on behalf of Rosneft, Jeffers said. ExxonMobil also cited a Treasury Department representative''s comments in May 2014 that BP Plc ( BP.L ) Chief Executive Bob Dudley - an American citizen - could continue to participate in Rosneft board meetings so long as they related only to Rosneft''s business. In its statement explaining the fine, OFAC said that the Treasury representative''s comments did not address ExxonMobil''s conduct. No White House or Treasury statements asserted "an exception or carve-out for the professional conduct of designated or blocked persons, nor did any materials suggest that U.S. persons could continue to conduct or engage in business with such individuals," OFAC said. Publicly available guidance on Treasury''s website at the time of Exxon''s dealings with Sechin said Americans should ensure they do not enter into contracts signed by sanctioned individuals, OFAC said. By dealing with Sechin, the company "caused significant harm" to U.S. sanctions on Russia, the Treasury said. Because Rosneft itself is not off-limits to Americans, another company executive could have signed the contract with no sanctions risk to ExxonMobil, said David Mortlock, who was a State Department and White House sanctions official during the Obama administration. "You could have Sechin standing over the guy''s shoulder," said Mortlock, now an attorney at Willkie Farr & Gallagher LLP in Washington. "But the problem here is that it was signed by Sechin himself." The fine is minor to ExxonMobil, which made $7.84 billion in profit in 2016. The company has long opposed sanctions on Russia. Tillerson said in 2014 that the company did not support sanctions because they are not effective "unless they are very well implemented." Nevertheless, in May 2014 Tillerson chose not to attend an oil industry forum in Moscow, instead sending top lieutenant Neil Duffin, who signed an agreement with Sechin to explore for oil in the Arctic Ocean. The deal came at a time when other oil companies, including BP and Total SA ( TOTF.PA ), were clamouring to enter Russia, aiming to tap its vast oil and natural gas reserves. As the United States and others tightened Russian sanctions, ExxonMobil''s ability to operate there dwindled. The company was allowed to finish drilling a well in the Russian Arctic in the fall of 2014 but could not produce oil. ExxonMobil has since sought permission to operate in Russia. Earlier this year, the Trump administration said it would not let any U.S. company, including ExxonMobil, drill in areas prohibited by U.S. sanctions on Russia. Reporting by Yeganeh Torbati and Ernest Scheyder; editing by Simon Webb and 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/exxon-mobil-usa-ukraine-idINKBN1A51UC'|'2017-07-20T17:19:00.000+03:00'
'2e03777ac4154846d64e2e8e07d80832345c8cdd'|'Unilever lifts margin target as industry pressure mounts'|'July 20, 2017 / 6:16 AM / 9 minutes ago Unilever lifts margin target as industry pressure mounts Martinne Geller 4 Min Read LONDON (Reuters) - Unilever lifted its annual profitability target on Thursday after cost cuts led to a big improvement in the first half of the year, showing it can boost returns after rebuffing a $143 billion takeover bid. The savings at Unilever come as the packaged goods industry''s biggest names, including Nestle and Procter & Gamble, are being targeted by shareholder activists pushing for better returns. Unilever, whose own margins came under scrutiny in the wake of February''s shock takeover bid from Kraft Heinz, said on Thursday that such investor pressure was becoming the norm. "It''s something that we keep on our radar screens here ourselves," Chief Financial Officer Graeme Pitkethly said. "We all have to deal with it and we''re realistic about that." The Anglo-Dutch conglomerate, whose products range from Hellmann''s mayonnaise to Dove soap, stepped up its savings. It now expects its underlying operating margin to grow by at least 100 basis points this year, up from the target of at least 80 basis points given in April when it announced the results of a review sparked by the Kraft bid. Unilever shares were up 1.2 percent at 1430 GMT. They remain roughly 30 percent higher than before the bid on expectations of more aggressive earnings growth. Some analysts speculate that Kraft could return with another bid, once the six-month cooling off period required by the UK takeover panel expires next month. "Unilever know they cannot relax and investors expect them to raise their game," said Steve Clayton, fund manager at Hargreaves Lansdown Select, whose funds are 5 percent invested in Unilever. Marketing and Margins Unilever''s underlying operating margin improved 180 basis points to 17.8 percent in the last six months, helped by an acceleration of cost-savings programmes, and a 130 basis point drop in brand and marketing spending. Its goal is to reach 20 percent by 2020. Analysts welcomed the margin improvement, but voiced concern that it was driven by reduced marketing, which can hit sales. The logo of the Unilever group is seen at the Miko factory in Saint-Dizier, France, May 4, 2016. Philippe Wojazer/Files "Quantity good ... quality less so," RBC Capital Markets analysts wrote. Unilever said marketing spending would rise in the second half, as new product launches were skewed to that period, adding that full-year spend should match the previous year. Unilever saved more than 1 billion euros in the first half of the year, bringing it closer to its target for 6 billion euros in three years. Cuts include reducing the number of laundry powder formulations by 65 percent, reducing employee airline flights by 30 percent and lowering middle and senior management headcount by 13 percent. No Volume Growth Underlying sales rose 3 percent in both the second quarter and the first half, excluding currency fluctuations and acquisitions. That was slightly below analysts'' average expectations for growth of 3.2 percent for the quarter and 3.1 percent for the half, according to a company-supplied consensus. Growth for the six months was due entirely to pricing, as volume was flat. But volume should accelerate in the back half of the year, Unilever said, helped by new products. The company stood by its full-year forecast for growth in the 3 to 5 percent range. Underlying earnings per share rose 14.4 percent to 1.13 euros per share. Regarding the sale of its margarine and spreads business, CFO Pitkethly said Unilever planned to distribute details by the end of autumn. The firm is carving out the whole business, which operates in some 60 countries, but could sell it in pieces. Pitkethly said industry players might be able to add value to the emerging market business, while developed markets might be more interesting to private equity players. "We don''t have to sell it in one block and will only do that if it''s a superior value solution," Pitkethly told Reuters. Reporting by Martinne Geller; Editing by Edmund Blair and Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-unilever-nv-results-idUKKBN1A50I9'|'2017-07-20T17:46:00.000+03:00'
'd827da0ca1cebf9bdebc53f29624378b5da06617'|'Oxfordshire County Council in talks over remainder of Carillion contract'|'July 19, 2017 / 4:30 PM / in 2 hours Oxfordshire County Council in talks over remainder of Carillion contract 5 Min Read A Carillion sign can be seen in Manchester, Britain July 13, 2017. Phil Noble (Reuters) - Oxfordshire County Council, which last week ended much of a 10-year 500 million pound contract with Carillion, is now debating the future of a facilities management deal with the crisis-hit British construction firm. "What we''ve discussed with Carillion ( CLLN.L ) is that we''re going to review what''s best," Alexandra Bailey, director of property, assets & investment at the council, told Reuters. The council announced the terminated portions of its Carillion contract relating to parts of strategic asset management services as well as design and construction on July 11, however it kept the company on for facilities services such as catering and in-house cleaning. Carillion revealed a 845 million pound writedown on July 10, prompting a profit warning and the exit of its chief executive. Carillion shares slid 3 percent on Thursday and have lost around two-thirds of their value over the past 10 days. The company last week defended its ability to keep servicing customers and said it would engage in discussions with key clients. It won three government contracts this week, including two slots of work for Britain''s High Speed 2 railway. Carillion''s problems echo those of Balfour Beatty ( BALF.L ), which went head-to-head with competitors to take on projects at wafer-thin margins during the recession. It later failed to meet savings targets or budget forecasts. The company had high hopes for the Oxfordshire contract, saying last September that it had put forward extremely competitive prices to bid for the work and it expected that the council would use its services wherever possible. Carillion, which has been increasing its exposure to support services, originally said the council had an option to extend the contract to 20 years and potentially assist it to secure work from other local councils and bodies within Oxfordshire worth up to 200 million pounds. Of the terminated parts of the contract, the strategic asset management services will be transferred back to the council on Aug. 1. The design and construction element of the contract will be terminated at the start of September from when the council will procure those services externally. A source familiar with Carillion''s operations said that a contract review was typical after four or five years on long-term deals and such reviews could lead to an increase or decrease in the scope of contracts. Commercial Sense The council said last week that it would exit a large part of its Carillion contract -- expected to be worth up to 500 million pounds over its 10-year tenure -- as the deal made less commercial sense now than when it was awarded in 2012. The council estimated that the contract was worth 50 to 60 million pounds each year, implying Carillion may miss out on over 300 million pounds if it loses all the business. It will cease carrying out strategic asset management services, which includes deciding what to retain and what to sell from county assets such as libraries, fire stations and children centres and services such as IT delivery, from August and stop carrying out design and construction from September. "We looked at our Carillion contract and to be honest for now it doesn''t quite fit," said Councillor Lorraine Lindsay-Gale, the cabinet member for property of the council, which did not incur any cost in ending the arrangement early. "The sort of one-size-fits-all contract that we had with Carillion just didn''t allow us to do that. The way that we are hoping to move forward would give us more freedom, more flexibility and enable us to get better value out of our portfolio." Carillion declined to comment on the contract which was the largest of its kind in the UK when it was awarded. Britain began outsourcing public services in the late 1980s under Margaret Thatcher''s Conservative government and companies enjoyed a boom period during Labour leader Tony Blair''s time as Prime Minister at the turn of the century, winning long-term contracts worth hundreds of million of pounds. Many of the recent contracts have had tighter margins though as public bodies balance increased demands against tighter budgets. The council said that it had begun looking at the contract nine months ago following cabinet changes and before the problems at Carillion surfaced. Councillor Lindsay-Gale said the decision to end its exclusive relationship with Carillion had been "tactical", allowing it to keep essential services in-house and to have the freedom to outsource only what it needed to and to any partner of its choice. "I suspect what you will see throughout the public sector is more and more people moving into positions like ours as they watch their policies in some of their markets," she added. Reporting by Esha Vaish in Bengaluru; editing by Alexander Smith/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-carillion-outlook-council-idUKKBN1A41W4'|'2017-07-20T13:32:00.000+03:00'
'985f6f6f06557ce4d5cdc5711121ed87eb1ed1ab'|'Demand for exorcists is soaring in France'|'FOR A man poised for combat with evil spirits, Philippe Moscato looks remarkably at ease. In casual clothes and chatting about the tools of his trade—a “Vogel” crystal, compass, steel crucifix, pendulum and bag of salt from Jerusalem—he says he can deliver unreal results. Hired to exorcise an apartment in a wealthy district of central Paris, he predicts that the air will change. In the winter, he says, the owners will no longer need their central heating, the result of beneficial vibrations.Mr Moscato’s work involves first waggling a pendulum, supposedly to assess the flat’s readiness, then lighting a candle, reciting from an exorcism manual, before blessing salty water that he splashes in every room. As he sprinkles, he delivers a flow of incantations. For an hour’s work he pockets €155 ($178). He has requests three or four times a week to de-spook property, and exorcises a person on average once a week. Paris, Lyon and the French Riviera are the areas most contaminated by bad spirits, he says. Demand for ghostbusting fluctuates. Following terrorist attacks in France and Belgium, late in 2015 and early in 2016, respectively, Mr Moscato said he had “an incredible avalanche” of requests.Latest updates The Supreme Court says grandparents are exempt from the travel ban Democracy in America 10 minutes ago “City of Ghosts” is an extraordinary look at journalism in Raqqa Prospero 13 minutes ago A   4   6   6   7   Alessandra Nucci, a writer on Catholic affairs, says that there are more and more “independent operators” like Mr Moscato in Europe. The church has neglected exorcisms for a long time, she says, despite strong demand from the public for them. There are some 100 exorcist priests licensed by the church in France, according to the International Association of Exorcists in Rome, but most are inactive.Another independent operator, Grégory Noel, makes a speciality of exorcising farms. For up to €500 a pop, Jean Clément provides a ceremony to release harmful “waves”. A third, Jean de Paracol, in southern France, markets a service to help small businesses that have been blighted by black magic. Gabriel Despréaux, near to Paris, says he has practised for decades but only started charging a fee two years ago. He now works as many as 15 hours a day dealing with clients. In a good month his business is generating €12,000 before tax.What might explain rising demand? Television programmes that depict exorcism, notably imports from America such as Fox’s “The Exorcist”, may play a part. The relative ease of finding practitioners online is also a factor. Word-of-mouth recommendations from satisfied customers matter, too. The owner of the Paris apartment is reluctant to say if her experiment helped to improve the air. “The whole thing is freakish, but just by believing, it might make a difference,” she says. Then, as Mr Moscato leaves, a sunbeam suddenly lights up her apartment.This article appeared in the Business section of the print edition under the headline "Who you gonna call?"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21725320-catholic-church-has-left-big-gap-market-demand-exorcists-soaring-france?fsrc=rss%7Cbus'|'2017-07-20T22:44:00.000+03:00'
'705dad7b65e11233197517b804971b627d99da60'|'Ebay''s profit plunges 94 percent'|'July 20, 2017 / 8:39 PM / 6 minutes ago Ebay''s profit plunges 94   An eBay sign is seen in an eBay office space in San Jose, California, U.S. on May 28, 2014. Beck Diefenbach/File Photo (Reuters) - EBay Inc ( EBAY.O ) on Thursday reported a nearly 94 percent fall in quarterly profit, hurt by higher expenses as well as income tax provisions. Net income fell to $27 million, or 2 cents per share, in the second   $435 million, or 38 cents per share, a year earlier. During the quarter, the company recorded an income tax provision of more than $400 million, which dented profit. Reporting by Aishwarya Venugopal in Bengaluru 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ebay-results-idUKKBN1A52R7'|'2017-07-20T23:39:00.000+03:00'
'c25bd01415ea7aba3b8c9aeda6919d0403cf2552'|'Former Credit Suisse banker pleads guilty to U.S. fraud charges'|'July 20, 2017 / 1:01 AM / in 24 minutes Former Credit Suisse banker pleads guilty to U.S. fraud charges Reuters Staff 1 Min Read WASHINGTON (Reuters) - A Swiss citizen pleaded guilty on Wednesday to conspiring to help U.S. taxpayers evade taxes from 2002 through 2011 while she headed a team of bankers in Zurich for Credit Suisse AG ( CSGN.S ), the U.S. Justice Department   Susanne D. Rüegg Meier, who helped the taxpayers conceal assets and income in secret Swiss bank accounts, admitted that the tax loss associated with her criminal conduct was between $3.5 million and $9.5 million, the department said. She faces a statutory maximum sentence of five years in prison, a period of supervised release, restitution and monetary penalties at her scheduled sentencing on Sept. 8, it said. It was not clear whether Rüegg Meier was in the United States. Credit Suisse pleaded guilty in May 2014 to conspiring to aid and assist taxpayers in filing false returns and was sentenced in November 2014 to pay more than $2 billion (1.5 billion pounds) in fines and restitution, it said. Reporting by Eric Walsh; Editing by Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-banking-fraud-idUKKBN1A503Q'|'2017-07-20T04:07:00.000+03:00'
'db3737dfd560711eebf90fd0f4b8242f85736ca3'|'GE quarterly revenue drops 12 percent; cash flow up on quarter'|'July 21, 2017 / 11:32 AM / 3 hours ago GE shares fall as profit slumps, investors await new CEO''s targets Alwyn Scott 4 Min Read The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, on May 12, 2017. Daniel Becerril/Files (Reuters) - General Electric Co''s shares dropped sharply on Friday after it posted a 59-percent decline in second-quarter profit and put off an expected cut to 2018 earnings targets until November, when new CEO John Flannery will be four months into his job. The maker of power plants, jet engines, medical scanners and other industrial equipment said profit and sales declines largely reflected sale of its appliances business. It beat analyst expectations on adjusted profit, but cash flow was weak and GE said full-year profit and cash flow will be at the low end of its forecasts. GE also said it would update its 2018 earnings target of $2 a share in November, later than analysts had expected. Analyst consensus 2018 estimate is $1.73, according to Thomson Reuters I/B/E/S, already suggesting a significant cut. The length and scope of the review raised concern, since GE has just come through major shifts in its portfolio. "It''s discouraging that we''re going to wait again for the company to perform as we wait for the new CEO to review everything," said Jim Corridore, analyst at research firm CFRA, which cut GE shares to "hold" after Friday''s results. Incoming CEO Flannery acknowledged on a conference call that his review would take time, but said it had not altered GE''s 2017 outlook. Still, the stock could be in "in a state of limbo" until the review is finished, Deane Dray, analyst at RBC Capital Markets, said in a note. GE''s cash flow was below expectations and also weighed on the stock, said Jeff Windau, analyst at Edward Jones. "People want to get the answers sooner" to Flannery''s review. Shares were down 3 percent at $25.87 in mid-morning trading after earlier hitting a 2-year low. GE faced a "slow-growth, volatile environment" in the quarter, Chief Executive Jeff Immelt said in his final earnings release before his Aug. 1 retirement. Immelt''s tenure began days before the Sept. 11, 2001, terrorist attacks and included the 2008 financial crisis. While GE stock is 27 percent below its price when Immelt arrived, it has more than tripled from its nadir in 2009. Immelt sold off NBCUniversal, appliances and most of GE Capital. He acquired power assets from France''s Alstom, merged GE''s oil and gas business with Baker Hughes, and moved the headquarters to Boston. Flannery said he is "in the middle of a series of deep dives into the businesses." He also is "taking a hard look at our corporate spending" to ensure it contributes to earnings, and on a listening tour of investors. GE has cut $670 million in industrial overhead costs this year, Immelt said, and will "meet or exceed" its $1 billion target for 2017 - a goal set after discussion with activist investor Trian Fund Management. GE was under pressure to report strong cash flow after a weak showing in the first quarter. Cash flow from operations totaled $3.6 billion, up from $400 million in the first quarter. The figure was down 67 percent from a year ago, partly reflecting the loss of contributions from the appliances division. Revenue fell 12 percent to $29.56 billion, slightly above the $29.02 billion consensus estimate of analysts polled by Thomson Reuters I/B/E/S. GE said its appliances sale eliminated $3.1 billion of revenue. Net profit slumped 59 percent to $1.34 billion, or 15 cents a share, in the quarter ended June 30, from $3.30 billion, or 36 cents a share, a year earlier. Adjusted earnings fell 45 percent to 28 cents a share, compared with estimates for 25 cents. Additional reporting by Rachit Vats in Bengaluru; Editing by Bernadette Baum and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ge-results-idINKBN1A61BB'|'2017-07-21T14:31:00.000+03:00'
'f5f4572355705d5310940a909e4580c2e5f20998'|'Hammond told Goldman Sachs he wants long Brexit transition - source'|'July 21, 2017 / 4:13 PM / 2 hours ago Hammond told Goldman Sachs he wants long Brexit transition - source Reuters Staff 3 Min Read Britain''s Chancellor of the Exchequer, Philip Hammond, leaves 11 Downing Street, in central London, Britain July 17, 2017. Tolga Akmen LONDON (Reuters) - British finance minister Philip Hammond told the board of U.S. investment bank Goldman Sachs that he was pushing for a lengthy transition period after Britain leaves the European Union, a source familiar with the talks said. The source said Hammond made a presentation to the Goldman Sachs board on June 29 when chief executive Lloyd Blankfein was in London for the annual board meeting. The source confirmed an earlier Sky News report which said Hammond had offered private reassurances that he wanted a long transition period to help banks prepare for Brexit and ease concerns of a "cliff-edge" exit from the bloc. The Sky report said Hammond did not offer Goldman assurances above or beyond his public attempts to reassure the business community that the government was aware of its concerns. Goldman Sachs declined to comment. Asked to confirm the Sky report and its contents, a Treasury spokesman said: "As you would expect, the chancellor (Hammond)regularly meets with businesses to hear their views, most recently participating in the prime minister''s business advisory group and hosting a roundtable with asset managers." Banks are keen to see transitional arrangements put in place to give them time to adapt to the huge legal and regulatory change Brexit is likely to bring. But while Prime Minister Theresa May has said she wants a "phased process of implementation" to smooth the country''s path out of the EU, many in her party fear a lengthy transition period could be used to water down or block Britain''s eventual exit. Hammond, who is seen as one of the most pro-European members of May''s cabinet, said on Sunday that the majority of senior ministers now agreed on the need for a transition period. Leading Brexiteer Michael Gove endorsed that view on Friday. However, in response to the uncertainty over what the transition will look like, international banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate across the bloc once Britain leaves in March 2019. Bank of America on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations. Goldman has not formally announced any similar plans but Blankfein has previously said he would like to see an implementation period of at least "a couple of years" once the British exit deal is agreed. He has said the bank has "contingency plans" to move people depending on the outcome of the negotiations. Reporting by Anjuli Davies and William James; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-transition-idUKKBN1A623S'|'2017-07-21T19:58:00.000+03:00'
'9be32763de92746446af990677ec37941f9a3c65'|'Digital wealth manager Flynt gets Swiss banking licence'|'July 21, 2017 / 1:50 PM / in 7 minutes Digital wealth manager Flynt gets Swiss banking licence Brenna Hughes Neghaiwi 2 Min Read ZURICH (Reuters) - Digital wealth management start-up Flynt has received a banking licence from Swiss finance watchdog FINMA, it said on Friday, representing a first for a Swiss financial technology business. The software group''s announcement comes on the heels of Swiss private bank Falcon receiving regulatory approval to allow clients to store and trade the virtual currency bitcoin, and marks a further technology inroad in the traditional banking hub which is keen to establish a strong fintech industry. Founded by the chief executive of derivatives specialist Leonteq ( LEON.S ) and based in Switzerland''s ''Crypto Valley'', Flynt aims to offer wealthy clients a platform from which to manage their asset portfolios, from bank accounts to real estate. "The banking licence allows Flynt the required independence to approach wealth management in new ways and using innovative technologies, thus enabling private and institutional clients, such as entrepreneurs and family offices, to independently control their total wealth at all times," the group said in a statement. Flynt currently employs 43 people. The Commercial Registry of the Canton of Zug confirmed Flynt''s registration as a bank and said the information would be published in two to three working days. In recent years, a variety of fintech players have received European banking licences. For many of them this has been because they want to lower the transaction fees they pay to banks, rather than to move into universal banking services themselves. Reporting by Brenna Hughes Neghaiwi and Oliver Hirt; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-fintech-flynt-idUKKBN1A61QI'|'2017-07-21T16:49:00.000+03:00'
'5d5960c8611f735f693bc01956b27953e4b504f0'|'Demand for exorcists is soaring in France'|'FOR A man poised for combat with evil spirits, Philippe Moscato looks remarkably at ease. In casual clothes and chatting about the tools of his trade—a “Vogel” crystal, compass, steel crucifix, pendulum and bag of salt from Jerusalem—he says he can deliver unreal results. Hired to exorcise an apartment in a wealthy district of central Paris, he predicts that the air will change. In the winter, he says, the owners will no longer need their central heating, the result of beneficial vibrations.Mr Moscato’s work involves first waggling a pendulum, supposedly to assess the flat’s readiness, then lighting a candle, reciting from an exorcism manual, before blessing salty water that he splashes in every room. As he sprinkles, he delivers a flow of incantations. For an hour’s work he pockets €155 ($178). He has requests three or four times a week to de-spook property, and exorcises a person on average once a week. Paris, Lyon and the French Riviera are the areas most contaminated by bad spirits, he says. Demand for ghostbusting fluctuates. Following terrorist attacks in France and Belgium, late in 2015 and early in 2016, respectively, Mr Moscato said he had “an incredible avalanche” of requests.Latest updates In America, you are what you eat Graphic detail 14 hours ago The Supreme Court says grandparents are exempt from the travel ban Democracy in America 16 hours ago “City of Ghosts” is an extraordinary look at journalism in Raqqa Prospero 16 hours ago A papal confidant triggers a furore among American Catholics Erasmus 20 hours ago Retail sales, producer prices, wages and exchange rates a day ago Foreign reserves a day ago See all updates Alessandra Nucci, a writer on Catholic affairs, says that there are more and more “independent operators” like Mr Moscato in Europe. The church has neglected exorcisms for a long time, she says, despite strong demand from the public for them. There are some 100 exorcist priests licensed by the church in France, according to the International Association of Exorcists in Rome, but most are inactive.Another independent operator, Grégory Noel, makes a speciality of exorcising farms. For up to €500 a pop, Jean Clément provides a ceremony to release harmful “waves”. A third, Jean de Paracol, in southern France, markets a service to help small businesses that have been blighted by black magic. Gabriel Despréaux, near to Paris, says he has practised for decades but only started charging a fee two years ago. He now works as many as 15 hours a day dealing with clients. In a good month his business is generating €12,000 before tax.What might explain rising demand? Television programmes that depict exorcism, notably imports from America such as Fox’s “The Exorcist”, may play a part. The relative ease of finding practitioners online is also a factor. Word-of-mouth recommendations from satisfied customers matter, too. The owner of the Paris apartment is reluctant to say if her experiment helped to improve the air. “The whole thing is freakish, but just by believing, it might make a difference,” she says. Then, as Mr Moscato leaves, a sunbeam suddenly lights up her apartment. "Who you gonna call?"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725320-catholic-church-has-left-big-gap-market-demand-exorcists-soaring-france?fsrc=rss%7Cbus'|'2017-07-20T22:44:00.000+03:00'
'b0e75efb9f0e983740e143426adea15ebe634e0b'|'An overhaul of Brazilian labour law should spur job creation'|'IN THE litany of bosses’ gripes about Brazil’s inclement business climate, rigid labour laws vie for pride of place with its convoluted tax laws and its licensing rules (on everything from health and safety to protection of cultural heritage). No wonder: Brazil ranks a miserable 117th out of 138 countries on labour-market efficiency, according to the World Economic Forum. Its rigid labour law was transplanted from Benito Mussolini’s Italy in 1943. Employers find it thoroughly unsuited to a modern economy and cheered on July 13th, when the president, Michel Temer, signed into law the biggest overhaul of the unwieldy statute in 50 years.The reform is a big victory for the unpopular Mr Temer, who is under investigation in a corruption scandal (he denies wrongdoing). It introduces more flexible working hours, eases restrictions on part-time work, relaxes how workers can divvy up their holidays and cuts the statutory lunch hour to 30 minutes. It also scraps dues that all employees must pay to their company’s designated union, regardless of whether or not they are members. Just as important, collective agreements between employers and workers will overrule many of the labour code’s provisions.  Once the new rules take effect in four months’ time, they will be valid for existing employment contracts, not just new ones. Mr Temer hopes they will dent Brazil’s unemployment rate, stuck above 13% after a three-year recession.Bosses are ecstatic about the changes. The National Confederation of Industry said that the reform represents “longed-for progress”. Banco Santander, a Spanish-owned bank, said it reckons the reform could eventually lead to the creation of 2.3m new jobs.Small firms also have much to gain. The new rules “formalise what we now do informally”, enthuses a São Paulo caterer. The “bank” of actual hours worked by her cooks and waiters, necessary in a business where inflexible nine-to-five contracts make little sense, will now be legal. An executive at a European multinational says that an unofficial spreadsheet that keeps track of his employees’ real time off, which he confesses to maintaining alongside an official tally of employees’ annual 30 vacation days, can also be consigned to the dustbin. (The old law said that leave had to be split into at most two segments, with one holiday lasting at least 20 days.)Such ruses have been common in Brazilian workplaces, but are risky. Employees who leave or are laid off regularly sue employers over the slightest of transgressions of the labour code, spurred on by litigious lawyers. Last year Brazil’s labour courts heard nearly 4m cases (see chart), mostly brought by aggrieved workers. Fines levied on firms totalled 24bn reais ($7bn).The reform ought to reduce such legal risks, which can afflict firms whether they observe the rules or not. Gabriel Margulies, whose company, UnderMe, produces 50,000 pairs of undergarments a month, says he will at last be able to grant requests to staff who would prefer, say, to go home early in exchange for a shorter lunch break. Until now he has declined for fear of losing in court. That has not stopped former employees from suing in the hope that Brazil’s famously worker-friendly judges side with them. Even unsuccessful suits are an unwelcome distraction from running a business, Mr Margulies laments.Maurício Guidi of Pinheiro Neto, a firm of lawyers, observes that the reform might even change this confrontational workplace culture into a more consensual one. But it remains to be seen how the labour unions will react, notes Marcelo Silva, vice-chairman of Magazine Luiza, a big retailer. The main union confederations have condemned the reform. They fume about the loss of revenue from dues. To placate them, Mr Temer has hinted he may amend the reform by decree, which is subject to a simple up-or-down vote in Congress, in order to phase out the obligatory dues gradually (and possibly water down some other provisions). But he cannot go too far. The only way for the scandal-hit president to keep his job may be to help some of his 13.8m unemployed compatriots find work.This article appeared in the Business section of the print edition under the headline "Bye-bye, Benito"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21725321-michel-temers-reform-has-teeth-overhaul-brazilian-labour-law-should-spur-job-creation?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'e56c8370e3abe19506c475930234d59bfb78a979'|'The power of populists'|'WITH the defeat of Marine Le Pen in her bid for the French presidency, establishment politicians in rich countries breathed a sigh of relief. The fortunes of extremist candidates have faltered since the populist surge that put Donald Trump into the White House. But it is hard to be confident that this was populism’s high-water mark without a better understanding of what caused the swell in the first place. The most convincing explanations suggest that populist upswings are not in the past.It is tempting to dismiss the rise of radicalism as an inevitable after-effect of the global financial crisis. Studies show that the vote shares of extreme parties, particularly on the right, tend to increase in the years after a crisis. The Depression spawned some of the 20th century’s most dangerous and radical populist movements. But the facts do not fit that story precisely. In Europe, for example, populist parties have steadily won more voters since the 1980s. What is more, populist rage is rarely focused on finance. Trade and immigration are more prominent targets. The clearest recent manifestations of the populist surge—Mr Trump’s victory and Brexit—have only an indirect link to the financial crisis.  Rival theories blame populism on deep cultural insecurities prompted by demographic and social change. In a forthcoming paper Noam Gidron and Peter Hall reckon that right-wing political success is built on a decline in the subjective social status of white men. Both economic hardship and relative improvements in the perceived status of other groups, such as women and racial minorities, seem to contribute to male insecurity. Around 2010 American women without a college degree overtook similarly educated men when both self-assessed their place in the social hierarchy. Men’s perception of their relative status has also fallen in Europe. The paper links declining status to support for right-wing populism. Yet this too seems only a partial explanation. The recent rise in left-wing populism has been just as striking.A third explanation is captured neatly in a new paper by Dani Rodrik of Harvard University, who reckons that globalisation’s role cannot be ignored. He suggests that populism may become more attractive as global integration matures. Cutting tariffs by that extra little bit yields much smaller increases in GDP than previous reductions and delivers less perceptible consumer benefits; but such cuts continue to impose costs on vulnerable workers. Eventually this asymmetry produces a backlash.The form it takes depends, however, on which sort of integration is the greatest local irritant. Frustration with trade and financial integration often breeds left-wing populism, which feeds off class divisions in society; Latin American populism tends to fall into this category. When immigration is seen as the source of disruption, right-wing populism, which exploits ethnic or religious divisions, is more common. In Europe, for example, populists have been far more hostile to the free movement of people than to open trade. But faced with both sorts of integration Europe has produced examples of each and America has sprouted competing left-wing and right-wing populist leaders.These hypotheses are plausible (and compatible). But they are still incomplete. The rejection of established elites is perhaps the defining characteristic of a populist movement, yet what is not always clear is why mainstream parties should be so unresponsive in the face of discord. In another new paper, Luigi Guiso, Helios Herrera, Massimo Morelli and Tommaso Sonno provide a clever framework for answering that critical question. Establishment parties, they suggest, cannot respond to supporters’ concerns because of their respect for institutional constraints, like the rules of the European Union, or because of an unwillingness to break norms like repaying sovereign debt.But keeping faith with institutions can mean letting down voters. When elected leaders fail to deliver hoped-for improvements, the public disengages. Depressed turnout is an opportunity for political entrepreneurs. Almost invariably, the authors argue, populists promise to relieve the stresses caused by institutional constraints. But the genre of populism depends on how turnout varies in some groups compared with others. If right-wing voters (such as older men) are less prone to sit out elections, then a populist candidate is more likely to be right-wing. Populist policies vary as a result: a left-wing firebrand might attack the budget strictures imposed by European institutions, whereas a right-winger might focus on ending free movement of labour.If there is anything that unites the policies of Mr Trump with Brexit and the beliefs of European populists, it is a promise to break free of constraints. But a populist upswing propelled by unhappiness with established institutions raises an awkward question: if these institutions are worthwhile, why are people so frustrated by them? The authors argue that populists highlight the short-run advantages of wrecking institutions while downplaying the long-run consequences. That certainly describes the spendthrift recklessness of Hugo Chávez in Venezuela. To some degree, “populism” is another word for heterodoxies that seem doomed to fail.I demand satisfactionPoliticians are shackled by all manner of things—from international institutions and the whims of capital markets to ideological commitments to particular theories of economic growth. Such constraints are not always sensible—think of the unforgiving fetters of the gold standard, for example. But they are often valuable and working out which do more harm than good is rarely easy. Unhappy voters put all of them at risk, however. And if politicians cannot satisfy disenchanted citizens while operating within established limits, then institution-smashing populists will soon be on the march again.Visit our Free exchange economics blog This article appeared in the Finance and economics section of the print edition under the headline "Take back control"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21725298-when-elites-appear-ineffective-voters-give-radicals-chance-power?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'923bd5e26da0d76303e95d2132762f142049b936'|'ECB to lay groundwork for autumn policy shift, avoiding market tantrum'|'July 19, 2017 / 10:06 PM / 6 minutes ago ECB sticks to easy money pledge despite better growth Balazs Koranyi and Francesco Canepa 5 Min Read FILE PHOTO: European Central Bank President Mario Draghi listens during a news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. Ints Kalnins/File Photo FRANKFURT (Reuters) - The European Central Bank left its ultra easy monetary policy stance unchanged as expected on Thursday, keeping rates at record lows and even leaving the door open to more asset buys if the outlook worsens. Having raised the prospect of policy tightening last month, Thursday''s inaction was likely to signal that any policy tweaks would come only slowly and gradually, likely taking years to wean the European economy off monetary support. Still, with the euro zone economy now growing for the 17th straight quarter, its best run since before the global financial crisis, the ECB can at least contemplate easing off the accelerator, preserving some its remaining firepower after printing nearly 2 trillion euros to jump start growth. But the prospect of reduced monetary stimulus has kept financial markets edgy, with investors nervously sifting through clues to gauge how big central banks around the globe will unwind unconventional policy that have kept borrowing costs at rock bottom. The ECB kept its deposit rate deep in negative territory and maintained monthly bond purchases at 60 billion euros, in line with the expectation of most analysts in a Reuters poll. "If the outlook becomes less favorable, or if financial conditions become inconsistent with further progress toward a sustained adjustment in the path of inflation, the Governing Council stands ready to increase the program in terms of size and/or duration," it said. Attention now turns to ECB President Mario Draghi''s news conference at 1230 GMT where is expect to keep the door open to policy tweaks as soon as September but will provide only few if any clues about the bank''s next move. Related Coverage Factbox: Key quotes from ECB policymakers ahead of the July 20 rate meeting September? Draghi sent bond yields and the euro sharply higher last month when he argued that improved growth on its own would provide accommodation so the ECB would tighten its own policy to keep the overall level of accommodation broadly unchanged. With the euro firming more than 3 percent and German 10 year yields doubling since Draghi''s policy hint, analysts expect Draghi to temper or at least nuance the message to keep markets at bay. European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany July 20, 2017. Ralph Orlowski Indeed, the euro''s 11 percent rise this year will weigh on inflation, compounding the impact of a more than 10 percent drop in crude oil prices. Still, the ECB is unable to kick the can down the road indefinitely as its asset buys are set to run until the end of the year and policymakers argue that a decision on an extension or a gradual wind down has to be taken in September or October. Acknowledging the coming inflation headwinds, Draghi has argued that these are temporary so the ECB needs to look past them, reinforcing expectations for some tightening in the coming months. Most economists polled by Reuters expect tapering from next year but unlike the U.S. Federal Reserve, which cut buys at each meeting when it ended its own asset buys, the ECB could simply extended the buys at a lower volumes to avoid creating an impression that it was on a preset course to wind down the buys. Slideshow (2 Images) Indeed, policymakers told Reuters earlier that they would not want to put an end date on the buys or a schedule on tapering, maintaining flexibility and avoiding a perception that it was on a preset course. The biggest headache for the ECB is the apparent disconnect between inflation and growth. Having bought trillions of euros worth of government and corporate debt for years, the ECB has rekindle growth and the euro zone is creating jobs faster than expected. But wage growth remains anemic, keeping a lid on inflation, which is likely to undershoot the ECB''s target of almost 2 percent at least through 2019, suggesting that easy monetary policy will have to continue for years to come. Video link for Draghi news conference: reut.rs/2t2S7fZ Global central bank balance sheets: reut.rs/2u657VF Euro zone inflation vs ECB deposit rate: reut.rs/2uupxFR Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-ecb-policy-idINKBN1A42LS'|'2017-07-20T01:03:00.000+03:00'
'5766f201dd7babcf6147381644eebf13d38290ed'|'U.S. judge allows VW bondholder suit to continue'|'July 19, 2017 / 7:36 PM / an hour ago U.S. judge allows VW bondholder suit to continue Reuters Staff 2 Min Read FILE PHOTO: A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo WASHINGTON (Reuters) - A federal judge in California on Wednesday allowed some claims to proceed by bondholders who sued Volkswagen AG ( VOWG_p.DE ) over its diesel emissions scandal, but agreed to the German automaker''s request to dismiss parts of the lawsuit. U.S. District Judge Charles Breyer said in a 31-page order he was allowing a suit against VW and then-Chief Executive Officer Martin Winterkorn to go forward from institutional investors who bought bonds from the German automaker in 2014 and 2015. The ruling is similar to a decision from Breyer in June allowing a suit to proceed from plaintiffs who invested in VW through American Depositary Receipts, a form of equity ownership in a non-U.S. company that represents the foreign shares of the company held on deposit by a bank in the company''s home country. Winterkorn resigned days after the scandal became public and much of the company''s management has changed since 2015. VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests and pleaded guilty in March in a U.S. court to three felonies in connection with the scandal. Volkswagen spokeswoman Jeannine Ginivan said the automaker "believes the remaining claims are without merit, which we intend to make clear as this case proceeds.” The company has agreed to spend as much as $25 billion in the United States to resolve claims from owners and regulators over polluting diesel vehicles and has offered to buy back about 500,000 vehicles. Reporting by David Shepardson; Editing by Peter Cooney 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN1A42AJ'|'2017-07-19T22:35:00.000+03:00'
'32f4bb05e8eb9611a28af23824d75d4d06eb238b'|'Venezuelan business leader slams Maduro''s congress plan'|'July 19, 2017 / 8:56 PM / 8 minutes ago Venezuelan business leader slams Maduro''s congress plan Deisy Buitrago 4 Min Read Venezuela''s President Nicolas Maduro holds a copy of the National Constitution while he speaks during a meeting with members of the Defense Council of the Nation in Caracas, Venezuela July 18, 2017. Miraflores Palace/Handout via REUTERS MARACAIBO, Venezuela (Reuters) - Venezuela''s severe economic crisis will worsen if President Nicolas Maduro presses ahead with a controversial new congress that would further undermine investor confidence in the OPEC nation, the head of the country''s biggest business guild said. Despite months of protests by the majority-backed opposition and widespread international condemnation, the ruling Socialist Party is holding a vote on July 30 to set up a legislative superbody known as a Constituent Assembly. The assembly would have powers to rewrite the constitution and abolish the existing opposition-controlled legislature in what foes fear would enshrine a leftist dictatorship. "What country in the world has a successful socialist model? None!" Carlos Larrazabal, 60, president of Fedecamaras told Reuters on Tuesday during its annual meeting in the sweltering western city of Maracaibo. "In a constituent process, with the characteristics that are being proposed, there is no legal certainty and that does not attract investment but rather scares it away," added the U.S-educated economist. Fedecamaras has long been at odds with the government after a former head briefly became interim president in a 2002 coup against late socialist leader Hugo Chavez. Though officials have given few details on what the Constituent Assembly - which the opposition is boycotting - might do, investors fear its legal and economic ramifications. Comments by a Socialist Party candidate that the assembly could rewrite parts of the constitution that allow joint ventures with foreign companies have spooked some in the country''s oil sector - though state energy company PDVSA later reassured partners that would not happen. The political showdown comes amid a brutal economic crisis: inflation is in triple digits, the currency has fallen 99 percent against the dollar since Maduro was elected in 2013, and millions are struggling with food shortages. A Reuters poll of economists on Wednesday forecast Venezuela would shrink 6 percent this year and another 3.0 percent in 2018. "The forecasts are catastrophic. We have no positive expectations," Maria Uzcategui, president of retailers'' guild Consecomercio, told Reuters at the Maracaibo conference. ''Real Solutions'' Consecomercio estimates almost a million jobs in the private sector were lost in the last 18 months, and 1,150 businesses looted amid this year''s violent anti-Maduro protests. Venezuela''s private sector wants to see an end to currency controls, enacted by Chavez in 2003 to curb capital flight, and price controls, which crimp production."Those would be the real solutions," said Uzcategui. Some 100 people have died in nearly four months of anti-Maduro unrest. On Sunday, Venezuela''s opposition capitalized on anger and held an unofficial vote in which they said 7.5 million participated and 98 percent rejected the Constituent Assembly. The campaign is due to escalate on Thursday with a national strike, recalling events prior to a short-lived coup against former leader Chavez in 2002. Fedecamaras'' line on the strike is that each employer and employee must decide for themselves whether to follow the opposition call for a 24-hour shutdown. Maduro says the July 30 vote is necessary to achieve peace in the volatile South American nation, and also defeat an "economic war" being waged against his government by the opposition and Washington. "Here, there is no economic war... They''ve expropriated more than 1,500 businesses, taken more than 5.2 million hectares... The economic war is in fact against all these companies that were private that now don''t produce!" said Larrazabal. Writing by Girish Gupta; Editing by Andrew Cawthorne and Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-venezuela-politics-business-idINKBN1A42G8'|'2017-07-19T23:51:00.000+03:00'
'ae7f770d0de6ebc5a6f3547a2a72d23965e99931'|'U.S. weekly jobless claims fall to near five-month low'|'July 20, 2017 / 12:35 PM / 23 minutes ago U.S. weekly jobless claims fall to near five-month low Lucia Mutikani 3 Min Read FILE PHOTO: Leaflets lie on a table at a booth at a military veterans'' job fair in Carson, California October 3, 2014. Lucy Nicholson/File Photo WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell more than expected last week, touching its lowest level in nearly five months, suggesting strong job gains that should continue to underpin economic growth. Sustained labor market strength likely keeps the Federal Reserve on track to raise interest rates for a third time this year and announce a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities, despite a recent ebb in inflation pressures. Initial claims for state unemployment benefits dropped 15,000 to a seasonally adjusted 233,000 for the week ended July 15, the Labor Department said on Thursday. That was the lowest level since February, when claims fell to 227,000, which was the best reading since March 1973. Economists polled by Reuters had forecast claims falling to 245,000. It was the 124th straight week that claims remained below 300,000, a threshold associated with a robust labor market. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at 4.4 percent. Last week''s drop in claims unwound the recent increase which economists had attributed to volatility associated with different timings of automobile plant shutdowns for annual retooling. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,250 to 243,750 last week. Prices for U.S. government bonds pared earlier gains following the data, while the dollar was little changed against a basket of currencies. Last week''s claims data covered the survey period for July''s non-farm payrolls. The four-week average of claims fell 1,250 between the June and July survey periods, suggesting strong job gains in July. The economy created 222,000 jobs last month, the second biggest payrolls increase this year. Other data on Thursday showed a moderation in manufacturing activity in the mid-Atlantic region in July amid a tepid increase in orders received by factories. The Philadelphia Fed said its current business conditions index fell to a reading of 19.5 this month, the lowest since November, from 27.6 in June. Thirty-seven percent of the firms surveyed reported increases in activity in July, down from 42 percent last month. The survey''s new orders index fell 24 points as nearly 31 percent of factories reported a rise in new orders, down from 45 percent in June. While manufacturers reported overall increases in factory employment this month, the current employment index fell five points. The index has been positive for eight consecutive months. Seventeen percent of manufacturers reported an increase in employment this month, while 6 percent reported a decrease. Reporting by Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-unemployment-idUKKBN1A51K2'|'2017-07-20T16:12:00.000+03:00'
'f46ae0efae8f5d0b903e703ced85162e9d57b969'|'Banks hope to keep staff in London if soft Brexit deal struck'|'July 20, 2017 / 2:19 PM / in 4 hours Banks hope to keep staff in London if soft Brexit deal struck Anjuli Davies and Andrew MacAskill 5 Min Read FILE PHOTO: The Barclays headquarters building is seen in the Canary Wharf business district of east London February 6, 2013. Neil Hall/File Photo LONDON (Reuters) - Banks which are shifting operations to avoid disruption once Britain leaves the European Union hope only a handful of people will eventually have to leave London, industry sources say. Wall Street''s Citigroup Inc. ( C.N ) and Morgan Stanley ( MS.N ) as well as Britain''s Barclays ( BARC.L ) have all in the last week indicated they are finalising plans to set up subsidiaries within the EU. Along with other banks, they are planning for a worst-case scenario as they say they do not have time to wait to see how Britain''s talks with Brussels unfold. They are focussed on ensuring they have the right legal and operational framework to do business in the EU if Britain fails to negotiate a favourable exit deal, banking executives say. But they are holding off on implementing plans to move a significant number of people, cautious that some of their contingency plans may never need to be enacted. A senior executive at one British bank told Reuters he was reluctantly spending a few hundred million pounds building a new EU base as cheaply and quickly as possible. "It''s an insurance policy. I just have to figure out what the cheapest insurance policy is ... in a perfect world, we will just tear it up," he said. The timetable for setting up EU bases and operations is tight because it could take longer than eighteen months to arrange office space, obtain licenses and build up capital. Related Coverage Factbox - Impact on banks from Britain''s vote to leave the EU And although Bank of England Governor Mark Carney asked them to show by July 14 how they can avoid clients being cut off after Brexit, banks are treading carefully, enacting two-stage contingency plans, to avoid losing nervous London-based staff and potentially unnecessary expenses. The first phase involves moving relatively small numbers to make sure the licences, technology and infrastructure are in place, while the next requires longer term thinking on what their European business will look like in the future. If an exit deal is signed that allows, for example, euro-denominated trades to be booked at subsidiaries in the EU but executed from London, then the number of people who move in total could be fairly low. "All banks will start from where they have the entity. It may not be where they end up. This has a 2nd or 3rd or 4th phase but you have to be ready by March 2019," another senior banking source at an international bank said. FILE PHOTO: The Citibank building is seen in the financial district of Canary Wharf in London, Britain January 19, 2017. Kevin Coombs /File Photo Reversible Moves The largest global banks in London had indicated about 9,600 jobs could go to the continent in the next two years, public statements and information from sources shows, accounting for just over 2 percent of finance jobs in the City of London. JP Morgan ( JPM.N ) CEO Jamie Dimon said before the Brexit vote last year that his bank alone might move as many as 4000 jobs if Britain left the EU, but so far banks have indicated only a fraction of that number are likely to go. Citigroup executive Jim Cowles said in a memo to staff on Thursday that the bank may need to create around 150 jobs in the EU as a result of Brexit, but that was only in "certain circumstances" and depended on the outcome or timing of talks. Sources at several large investment banks in London say no staff have as yet been moved, while some financial firms are contemplating how they can reverse any such decisions. The "point of no return" is sooner the larger and more complex the institution, while customer and staff transfers are also key, Rachel Kent, partner at law firm Hogan Lovells, said. "Some firms I''ve spoken to have explicitly said if there is a (favourable) deal they would reverse that," Kent added. One such example is Lloyd''s of London, the world''s largest speciality insurance market, which said in March that it had chosen Brussels as its EU subsidiary. But Lloyd''s, which declined to comment, could reverse any changes should a "good" Brexit deal be struck, a source familiar with the matter said. And Andrew Bailey, chief executive of the UK''s Financial Conduct Authority told Reuters in July that Britain and the EU are in a position to preserve free trade for financial services, meaning such moves need not happen. However, Bob Jenkins, who served on the Bank of England''s Financial Policy Committee, warned many banks are using the threat or promise of moving to wrangle tax and rule changes. "They will play this for all its worth," Jenkins said. Editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-finance-industry-idUKKBN1A51UL'|'2017-07-20T17:18:00.000+03:00'
'298955aaf96c16c1caa7d1cde3ce6f95b4450dd6'|'Australia''s Myer cuts profit guidance, writes off Topshop, shares slump'|'July 20, 2017 / 4:43 AM / in an hour Australia''s Myer cuts profit guidance, writes off Topshop, shares slump 3 Min Read Shoppers exit a Topshop store in Sydney November 19, 2012. Tim Wimborne (Reuters) - Top Australian department store operator Myer Holdings Ltd gave a profit warning on Thursday after a mid-year sale fizzed and efforts to revive the local arm of British fashion chain Topshop failed, sending its shares to a record low. The operator of 67 department stores said a yearly stocktake sale in June and July was an "important period of profit generation" but weak trading conditions had persisted, meaning underlying net profit would be as low as A$66 million (39.94 million pounds), compared with its A$69 million guidance in May. It added that it wrote off its one-fifth stake in the Australian franchisee of Topshop after no agreement was reached on a rescue plan with the franchise owner, Philip Green''s Arcadia Group Ltd. Myer shares were down 11 percent at 72.5 Australian cents by 0411 GMT, their lowest intraday level since listing, while the broader market was up 0.5 percent. The stock has never traded over the A$4.10 a group of private equity firms sold it for in 2009. The profit downgrade reflects a perfect storm for Australian department stores: they are fighting fierce competition from global brick-and-mortar "fast fashion" groups such as H & M Hennes & Mauritz and also online, while wage stagnation and higher energy prices keep shoppers at home. The heightened pressures add to the fickleless of the department store business model which in Australia has traditionally relied on demand spikes at Christmas and mid-year winter sales, a pattern which retail data suggests is waning. "This business requires buoyant, healthy, strong retail conditions to achieve...targets, and it''s just not going to get there," said David Walker, senior equities analyst at fund manager Clime Asset Management. Walker listened to an analyst call to decide whether to buy Myer shares but "we just don''t think this is a robust enough business in a weak retail environment". A week earlier, South Africa''s Woolworths Holdings warned annual profit could fall by up to 10 percent because of tough trading conditions at its Australian subsidiary, David Jones, a Myer rival department store chain. Myer added that its deputy chief executive and chief merchandise officer Daniel Bracken has left the company after two and a half years, but did not provide further detail. Additional reporting by Shashwat Pradhan in BENGALURU; Editing by Jacqueline Wong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-myer-outlook-idUKKBN1A50BM'|'2017-07-20T07:42:00.000+03:00'
'beb16a78764a75aebd47f4ced5823b44b31849fa'|'Demand for exorcists is soaring in France'|'FOR A man poised for combat with evil spirits, Philippe Moscato looks remarkably at ease. In casual clothes and chatting about the tools of his trade—a “Vogel” crystal, compass, steel crucifix, pendulum and bag of salt from Jerusalem—he says he can deliver unreal results. Hired to exorcise an apartment in a wealthy district of central Paris, he predicts that the air will change. In the winter, he says, the owners will no longer need their central heating, the result of beneficial vibrations.Mr Moscato’s work involves first waggling a pendulum, supposedly to assess the flat’s readiness, then lighting a candle, reciting from an exorcism manual, before blessing salty water that he splashes in every room. As he sprinkles, he delivers a flow of incantations. For an hour’s work he pockets €155 ($178). He has requests three or four times a week to de-spook property, and exorcises a person on average once a week. Paris, Lyon and the French Riviera are the areas most contaminated by bad spirits, he says. Demand for ghostbusting fluctuates. Following terrorist attacks in France and Belgium, late in 2015 and early in 2016, respectively, Mr Moscato said he had “an incredible avalanche” of requests.  Alessandra Nucci, a writer on Catholic affairs, says that there are more and more “independent operators” like Mr Moscato in Europe. The church has neglected exorcisms for a long time, she says, despite strong demand from the public for them. There are some 100 exorcist priests licensed by the church in France, according to the International Association of Exorcists in Rome, but most are inactive.Another independent operator, Grégory Noel, makes a speciality of exorcising farms. For up to €500 a pop, Jean Clément provides a ceremony to release harmful “waves”. A third, Jean de Paracol, in southern France, markets a service to help small businesses that have been blighted by black magic. Gabriel Despréaux, near to Paris, says he has practised for decades but only started charging a fee two years ago. He now works as many as 15 hours a day dealing with clients. In a good month his business is generating €12,000 before tax.What might explain rising demand? Television programmes that depict exorcism, notably imports from America such as Fox’s “The Exorcist”, may play a part. The relative ease of finding practitioners online is also a factor. Word-of-mouth recommendations from satisfied customers matter, too. The owner of the Paris apartment is reluctant to say if her experiment helped to improve the air. “The whole thing is freakish, but just by believing, it might make a difference,” she says. Then, as Mr Moscato leaves, a sunbeam suddenly lights up her apartment.This article appeared in the Business section of the print edition under the headline "Who you gonna call?"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21725320-catholic-church-has-left-big-gap-market-demand-exorcists-soaring-france?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'ac9873d7015d3005ce48f45a0fb23ec7c3a27054'|'German automakers may have colluded over diesel emissions treatment systems - Spiegel'|'July 21, 2017 / 12:20 PM / 5 minutes ago German automakers may have colluded over diesel emissions treatment systems - Spiegel Reuters Staff 2 Min Read FILE PHOTO: A Porsche Cayenne Diesel is pictured during the second media day of the 79th Geneva Car Show at the Palexpo in Geneva March 4, 2009. Denis Balibouse/File Photo FRANKFURT (Reuters) - Germany''s carmakers VW ( VOWG_p.DE ), BMW ( BMWG.DE ), Audi, Porsche may have colluded to fix the prices of diesel emissions treatment systems using industry committees, German magazine Der Spiegel reported on Friday. Around 200 employees sitting in 60 industry committees discussed vehicle development, brakes, petrol and diesel engines, clutches and transmissions as well as exhaust treatment systems, Der Spiegel reported, citing a letter sent to cartel authorities. Volkswagen admitted to possible anti-competitive behaviour in a letter it sent to cartel authorities on July 4, Der Spiegel said. The carmakers discussed their choice of suppliers and the price of components. Since 2006, the carmakers have also discussed the cost of AdBlue, an exhaust emissions treatment system for diesel engines, it said. They discussed details such as the sizing of tanks for diesel emissions treatment fluid and they agreed to use smaller rather than larger ones, Der Spiegel said. Daimler ( DAIGn.DE ) which owns the Mercedes-Benz brand, declined to comment. A spokesman for Volkswagen ( VOWG_p.DE ), which owns the Porsche and Audi brands, also declined to comment. BMW was not available for immediate comment. Reporting by Edward Taylor; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-emissions-cartel-idUKKBN1A61GB'|'2017-07-21T15:19:00.000+03:00'
'80f8b14e90dbca2d17cc493f4ebd0e62e90adf07'|'Bank of America picks Dublin as EU hub post Brexit'|'July 21, 2017 / 1:27 PM / in an hour Bank of America picks Dublin as EU base after Brexit Anjuli Davies and Conor Humphries 3 Min Read FILE PHOTO: A Bank of America logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith/File Photo LONDON/DUBLIN (Reuters) - Bank of America ( BAC.N ) on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc. International banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate across the bloc once Britain leaves in March 2019. Frankfurt and Dublin are emerging as early winners for banks'' post-Brexit operations. "Bank of America has operated in Ireland and engaged in the local community for almost 50 years," said Brian Moynihan, chairman and CEO of Bank of America. The bank did not say how many roles would be moved or created in the Irish capital, where it currently has over 700 staff and a fully licensed entity, but said that some roles would also move to other EU locations. The Irish government, which has been keen to attract investment banks to Dublin, welcomed the news. "This announcement...is a strong endorsement of Ireland''s attractiveness as a location for investment, and of the government''s approach to securing Brexit-related activities," Irish Prime Minister Leo Varadkar said following the announcement and a meeting with Moynihan in Dublin on Friday. Details of banks'' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England. Wall Street''s Citigroup Inc. ( C.N ) and Morgan Stanley ( MS.N ) have both picked Frankfurt as bases for their EU hubs, whilst Barclays ( BARC.L ) has said it is talking with regulators about extending its activities in Dublin. Morgan Stanley is likely to spread some of its operations across the EU, with its asset management business expected to go to Dublin as well, a source familiar with the matter told Reuters on July 19. Bank of America is extending its existing lease on its building in Leopardstown, Dublin, according to the Irish Times. The newspaper also reported the bank was in talks on two other office spaces in the city that would be able to accommodate up to 1,000 employees, giving it the flexibility to add up to 300 additional staff. Reporting By Anjuli Davies; Editing by Rachel Armstrong/Keith Weir 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-bank-of-america-idUKKBN1A61NW'|'2017-07-21T16:26:00.000+03:00'
'f6f6e3cdabcc1f778194fbf9006b86d8b3f29585'|'PRESS DIGEST- New York Times business news - July 21'|'July 21, 2017 / 5:40 AM / 21 minutes ago PRESS DIGEST- New York Times business news - July 21 2   The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - U.S. President Donald Trump''s administration said Harley-Davidson was no longer required to fund the antipollution program, knocking $3 million off the company''s bill. nyti.ms/2gP7fwp - Microsoft reported that its profit in the most recent quarter more than doubled from a year ago. Microsoft''s cloud-computing business was the star of the company''s fiscal fourth-quarter earnings report as revenue from its Intelligent Cloud business rose 11 percent to $7.4 billion. nyti.ms/2gOZPcF - The American and European authorities said on Thursday that they had shut down two of the largest online black markets, AlphaBay and Hansa Market, and arrested their operators. nyti.ms/2gP0z1o - Tesla CEO Elon Musk said he had been given "verbal" government "approval" for his Boring Company, to build an underground transportation system connecting New York City to Philadelphia to Baltimore and on to Washington D.C. enabling people to make the trip in 29 minutes. nyti.ms/2gOTNZD Compiled by Bengaluru newsroom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1KC26T'|'2017-07-21T08:40:00.000+03:00'
'736f4a2f5140539877a92845751923c3619e18ec'|'Unilever CEO to ask UK''s May for extended Brexit transition'|'July 20, 2017 / 10:15 AM / 9 hours ago Unilever CEO to ask UK''s May for extended Brexit transition Reuters Staff 2 Min Read Paul Polman, Chief Executive Officer of Unilever attends the session "The New Climate and Development Imperative" during the Annual Meeting 2016 of the World Economic Forum (WEF) in Davos, Switzerland January 21, 2016. Ruben Sprich - RTX23FIW LONDON (Reuters) - Unilever ( ULVR.L ) Chief Executive Paul Polman on Thursday will ask British Prime Minister Theresa May to give businesses more time to adapt to Brexit. "We will be talking about the possibility of a longer transition period," Polman told reporters ahead of a planned visit to 10 Downing Street, May''s official residence. He said that a lengthy transition for Britain''s exit from the European Union was "becoming more realistic now". Polman, a Dutch national, said talks will also cover how the private sector can influence the process so that complex issues - such as border taxes, intellectual property, regulations or data protection - "can proceed as smoothly as possible without doing further damage than what we have to deal with already". "You can imagine from where I''m sitting, as a European but having my heart in the UK as well, that I have some concrete suggestions of what can be done there," Polman said on a call with reporters following release of the consumer goods company''s second-quarter results. "There is no doubt that the quicker we can get some of the initial issues out of the way - like financial arrangements, citizens'' rights, the issue of Ireland - the quicker we can focus on the trade side and the trade relations side," he said. Unilever, whose products range from Dove soap to Ben & Jerry''s ice cream, currently has a dual structure, with headquarters, boards of directors and stock listings in both Britain and the Netherlands. This is under review in the wake of a rebuffed $143 billion takeover bid from Kraft Heinz ( KHC.O ), and the company expects to say by the end of the year whether it will combine into one. Reporting by Martinne Geller; Editing by Ben Hirschler and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-unilever-nv-brexit-idUKKBN1A513Q'|'2017-07-20T14:04:00.000+03:00'
'02a2637449ff3b3bb7caf6b2a8b059a616ff15f2'|'How Donald Trump is monetising his presidency'|'“PRETTY close to a laughing stock.” That is Walter Shaub’s verdict on America’s standing in the world, at least from an ethics point of view, under President Donald Trump. Mr Shaub’s view counts: he stepped down this week as head of the Office of Government Ethics, a federal watchdog.He is leaving his job six months early, frustrated at the president’s failure to separate himself from his businesses, at White House foot-dragging on disclosing ethics waivers for staff, at its failure to admonish a Trump adviser who plugged the family’s products in an interview, and more. “It’s hard for the United States to pursue international anticorruption and ethics initiatives when we’re not even keeping our own side of the street clean,” Mr Shaub told the New York Times .Latest updates The Supreme Court says grandparents are exempt from the travel ban Democracy in America 12 minutes ago “City of Ghosts” is an extraordinary look at journalism in Raqqa Prospero 15 minutes ago A   4   6   6   7   No American leader has ever entered office with such wide business interests as Mr Trump. In the context of the country’s corporate landscape, his group is small, mostly domestic and rather mediocre, but encompasses hundreds of firms that run hotels, golf courses, licensing agreements, merchandise deals and more, in over two dozen countries. Keeping tabs on the potential for self-dealing is “a monumental task”, says Kathleen Clark, an ethics expert at Washington University. In some areas, particularly abroad, increased scrutiny appears to be making deals harder to pull off. But in others, such as his American hotels and golf clubs, Mr Trump already appears to be monetising the presidency.On becoming president, Mr Trump put his businesses in a trust. But it is run by two of his sons, Eric and Donald junior, and it is “revocable”, meaning its provisions can be changed at any time. Eric has since said he will update his father with profit reports, even though Mr Trump pledged not to talk business with his children while in office. Mr Trump, the Trump Organisation and his daughter, Ivanka, who owns a fashion business and is a White House adviser, have all hired ethics advisers to review deals for potential problems. But how the process works is opaque.Mr Shaub was unimpressed by Mr Trump’s appearances at his own for-profit properties, which he has visited more than 40 times as president—most recently to attend the US Women’s Open, held this month at one of his golf clubs, in New Jersey. The visits serve as a form of marketing, and his firm has not been shy about cashing in. Mar-a-Lago, a Trump resort in Florida where the president hosts other world leaders, doubled its initial fee for new members to $200,000 after the election. The club made a profit of $37m in the latest reporting period (January 2016-spring 2017), compared with $15.5m in 2014-15.When Eric Trump opened a golf course at Turnberry in Scotland in June, he said his family had “made Turnberry great again”. Staff wore “Make Turnberry great again” hats—a reference to Mr Trump’s campaign slogan and, critics say, an attempt to cash in on his political power. Eric recently said: “Our brand is the hottest it has ever been…the stars have all aligned.”American golf courses have benefited from at least one of Mr Trump’s policy decisions: his move to scrap a proposed environmental rule crafted to protect drinking-water supplies. The national golf-course association had long lobbied to have the regulation ditched, arguing it could have “a devastating economic impact”.With some Trump projects, the benefits could flow the other way, from business to politics. Take a network of budget hotels, branded “American Idea”, dreamed up by the Trump sons on the campaign trail last year. They have signed letters of intent with developers in numerous cities, including four in Mississippi. Bringing jobs to Republican-leaning states that are struggling economically could further boost support for the president in such places.Mr Trump’s appointments also cause concern. He has picked Lynne Patton, a former event-planner for the family, to run the Department of Housing and Urban Development’s regional office covering New York. In that role Ms Patton will oversee Starrett City, a housing development that is part-owned by the Trump Organisation and that receives federal subsidies.Foreign deals are no less troubling. The ethics plan laid out by Mr Trump in January promised no new foreign contracts during his presidency. But his company will press ahead with projects already in the works. There are many: an estimated 159 of the 565 Trump firms do business abroad. Some license the Trump name for skyscrapers and hotels, often to politically connected local partners.An example of how such deals raise questions about Mr Trump’s motives is the current Gulf spat over Qatar’s alleged support for terrorists. Mr Trump has firmly backed Saudi Arabia, the United Arab Emirates and others in their boycott of their neighbour. It is reasonable to ask if it is a coincidence that he has strong business ties with the Saudis and Emiratis but few with Qatar. Saudis are big buyers of Trump apartments, and the kingdom is investing $20bn in an American infrastructure fund. A Trump-branded golf course in the UAE made Mr Trump as much as $10m in 2015-16. By contrast, Mr Trump’s past efforts to break into Qatar have failed.Tracking such business relationships is not easy because of the opacity of Mr Trump’s holdings. He makes liberal use of LLCs—anonymous shell companies that do not have to publish financial information—often in complex combinations with regular corporations. He has refused to publish his tax returns.A fog surrounds those doing business with the Trumps, too. Many have grown less transparent of late. An investigation by USA Today found that the percentage of buyers of Trump condos structuring their purchases through LLCs has jumped from single digits to two-thirds. Suppliers are scuttling into the shadows, too. Those shipping goods to Ivanka’s businesses in America typically identified themselves on bills of lading before the Trump presidency. Now they usually do not.The Trumps’ fallback position is that, legally speaking, it is impossible for the president to be conflicted because he is exempt from ethics laws. The thinking when Congress blessed this exemption, in the 1980s, was that the president’s remit is so broad that any policy decision could pose a potential conflict. Nevertheless, some see avenues of attack. Several lawsuits, including one from Democratic lawmakers, accuse Mr Trump of causing harm by violating the constitution’s Emoluments Clause, which forbids American officeholders from accepting money from foreign governments. One way he allegedly does so is by accepting payments from diplomats at his hotels.The lawsuits particularly focus on the newly refurbished Trump International Hotel in Washington, DC. Owned by the federal government, the hotel’s lease agreement includes a provision barring elected officials from holding an interest. But the General Services Administration, which manages federal property, ruled in March that Mr Trump’s 60-year lease on the hotel did not breach that requirement since the property had been placed in a trust (as long as he received no proceeds while president). Having initially said it would donate all hotel profits from foreign officials to the Treasury, the Trump Organisation now says requiring such guests to identify themselves would be “impractical” and “diminish the guest experience”.UnpresidentedIt remains unclear whether controversial transactions such as these will add greatly to the Trump empire’s profits. Deals are often smaller than you might imagine: the developer behind Trump Tower in Mumbai, founded by a member of India’s ruling party, paid just $5m for the licence. Some deals are being scrapped under scrutiny—as was the case, in January, with a tower in the Black Sea resort of Batumi.Moreover, forces beyond Mr Trump’s control are likely to have a bigger impact on his businesses’ profits than conflicted dealmaking. A recent analysis of his properties by Bloomberg found that his three flagship office blocks in Manhattan—Trump Tower, 40 Wall Street and 1290 Avenue of the Americas—are making less money than envisaged when loans were issued, because of the softening of the New York office market. The combined present value of the three blocks has fallen by an estimated $380m over the past year.Mr Shaub believes that Mr Trump has rejected ethical norms embraced by all other administrations since the 1970s. He recommends several changes to federal law, including greater powers for the oversight office and stricter disclosure rules. Rightly so. Whether or not Mr Trump’s group benefits materially from his spell in office, any doubt over whether policies are crafted with the American people in mind or his own bottom line is corrosive.This article appeared in the Business section of the print edition under the headline "Not one to avoid a conflict"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21725303-six-months-mr-trumps-conflicts-interest-look-even-worse-how-donald-trump-monetising?fsrc=rss%7Cbus'|'2017-07-20T22:44:00.000+03:00'
'71021303a9c484fcc9b010db4b137fce7b59339c'|'Big week for Brazil IPOs leaves sweet taste for Carrefour, Biotoscana'|'July 22, 2017 / 12:22 AM / 13 hours ago Big week for Brazil IPOs leaves sweet taste for Carrefour, Biotoscana 3 Min Read A general view of a Carrefour supermarket in Sao Paulo, Brazil July 18, 2017. Paulo Whitaker SAO PAULO/BOGOTA (Reuters) - The busiest week for initial public offerings in Brazil in four years ended on Friday on an upbeat note for issuers, as a nascent economic recovery and the passage of key economic reforms helped to lure global investors. Grupo Biotoscana SA, a Colombia-based pharmaceutical firm, and shareholders raised 1.34 billion reais ($426.7 million) in a Friday IPO. Three days earlier, the IPO of Brazil''s biggest diversified retailer Grupo Carrefour Brasil SA fetched 5.12 billion reais. That marked the busiest week for local equity offerings since April 25, 2013, when the IPOs of insurer BB Seguridade Participações SA ( BBSE3.SA ) and loyalty program Smiles SA raised 12.6 billion reais. Brazilian stocks .BVSP and its currency BRBY have outperformed Latin American peers in recent weeks as President Michel Temer''s plan to revamp labour regulations cleared Congress before its winter break, suggesting resilient lawmaker support for his reform agenda despite the nation''s political crisis. "With the labour reform approved and Congress in recess, there''s a window of opportunity for companies looking to seize on demand for Brazilian equities," said one fund manager who participated in the Carrefour listing. This week''s successful transactions spell good news for reinsurer IRB Brasil Resseguros SA and renewable power firm Omega Geração SA, whose shares are scheduled to debut on the São Paulo Stock Exchange in coming weeks. Extending the current wave of offerings hinges, at least in part, on Temer''s ability to garner support for an ambitious pension code reform when Congress returns in August, bankers said. Bankers said companies seeking to tap local equity markets needed to balance risks and returns as Brazil slowly emerges from recession against the backdrop of escalating corruption allegations against Temer. Uncertainty has kept many foreign investors - traditionally the main buyers of Brazilian IPOs - on the sidelines. Foreigners snapped up just 54 percent of Brazilian IPOs this year, prior to this week, compared with the 67 percent over the previous decade, data showed. However, most buyers in the Biotoscana listing were foreign institutional funds, a person with knowledge of the deal told Reuters, suggesting that uneasiness may be starting to abate. Investors stung by a string of deals in recent years that failed to deliver promised returns are wary of IPOs in Brazil. Less than one-third of the 115 IPOs priced since the start of 2007 yielded returns above Brazil''s interbank lending rate, Thomson Reuters data showed. Reporting by Bruno Federowski; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-ipo-idUKKBN1A700Q'|'2017-07-22T03:22:00.000+03:00'
'baafd2f100168619ff1d627164f53e34b4bfaff1'|'China says U.S. talks covered joint efforts on excess steel capacity'|'July 20, 2017 / 11:14 PM / 2 hours ago China says U.S. talks covered joint efforts on excess steel capacity David Lawder 4 Min Read FILE PHOTO: Employees work in a Hangzhou Iron and Steel Group Company workshop in Hangzhou, Zhejiang province August 4, 2009. Steven Shi/File Photo WASHINGTON (Reuters) - Seeking a more positive spin on U.S.-China economic talks viewed as ending in discord, China said on Thursday that the two sides agreed to "active and effective measures" to reduce global excess steel production capacity. The statement issued a day after the talks by the Chinese embassy in Washington did not elaborate on the measures discussed by U.S. Commerce Secretary Wilbur Ross and Chinese Commerce Minister Zhong Shan on Wednesday. "In this breakout session, the two sides focused their discussion on steel, aluminum and high-tech trade," the embassy said in a statement. "The two sides had in-depth discussion on cutting excess steel production capacity in the world and agreed to active and effective measures to jointly address this global issue." A U.S. Commerce Department spokesman declined comment on the Chinese statement and referred Reuters to a joint statement from Ross and U.S. Treasury Secretary Steven Mnuchin. Their statement did not mention steel and cited only one point of consensus, a "shared objective" to work toward reducing the U.S. trade deficit with China. Late on Wednesday, a Trump administration official told Reuters that China had refused to agree to U.S. demands that it eliminate excess steel capacity and take other steps to open its economy for foreign firms. The first annual economic summit between the Trump administration and their Chinese counterparts ended with canceled news conferences, no joint statement and no new transaction announcements. The Chinese embassy statement also said China agreed to "deepen its cooperation" with the United States on expanding trade in services. The two sides also will start work on a one-year economic cooperation plan, determining an "early harvest" as soon as possible. Before the latest Chinese statement, U.S. Agriculture Secretary Sonny Perdue announced that China would allow imports of U.S. rice for the first time, agreeing to phytosanitary protocols. Tougher Stances The rocky dialogue session in Washington was a sharp contrast to U.S. President Donald Trump''s rosy first meeting with Chinese President Xi Jinping at Trump''s Mar-A-Lago, Florida estate in April. Both sides found each other harder to deal with than expected, China trade experts said. The Trump team''s expectations that Beijing would agree to quick, substantial reforms to shrink the U.S. trade deficit and eliminate excess steelmaking capacity were dashed, while China found that further minor steps and vague action plans would no longer placate the U.S. side. "There was a misalignment of expectations. The Americans pushed for deliverables, and the Chinese said no, everything is fine," said Scott Miller, an Asia trade expert at the Center for Strategic and Economic Studies in Washington. "These are difficult issues that don''t lend themselves toward easy boxes to check." Domestic politics contributed to both sides taking a tougher stance, said Eswar Prasad, a trade policy professor at Cornell University and former China division chief at the International Monetary Fund. China faces a once-in-five-years Communist Party congress to set new leadership this autumn, while Trump is keen to hold to campaign promises to help ailing U.S. steel and coal industries and grow U.S. manufacturing jobs. Prasad said that China found that the Trump administration is "no pushover" on trade and may need to offer bigger concessions to keep its relationship with its biggest trading partner on an even keel. "The administration seems unwilling to settle for further symbolic, cosmetic victories in terms of access to China’s markets and is pressing for more specific and time-bound commitments from China about opening up its markets to U.S. exporters and investors," he added. Additional reporting by Lesley Wroughton in Washington and Michael Hirtzer in Chicago; Editing by James Dalgleish 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-china-trade-idINKBN1A531M'|'2017-07-21T02:11:00.000+03:00'
'19002ff20f67e0d5eebdcc3d2673dbd4a26b482d'|'CVC, PAI agree to buy out Permira stake in Spain''s Cortefiel'|'A logo of Spanish clothing retailer Cortefiel is seen outside one of its stores in central Madrid, Spain May 18, 2017. Susana Vera MADRID (Reuters) - Private equity firms CVC and PAI Partners have agreed to jointly buy the remaining shares they did not already own in Spanish retailer Cortefiel, the company said in a statement on Friday, adding that the deal would help it reduce its debt.CVC, PAI and Permira had jointly owned 33 each of Cortefiel. After the acquisition, Permira will exit the company and the two other private equity firms will each have 50 percent stakes, a source with knowledge of the transaction said.Cortefiel''s debt, which stood at 895 million euros ($1.04 billion), will be cut by 40 percent under the terms of the deal, the source added. The firm had large chunks of bank debt maturing in 2018.Cortefiel, whose brands include underwear chain Women''s Secret and preppie label Springfield, said in its statement that the CVC and PAI acquisition valued the company at over 1 billion euros.Reporting by Andres Gonzalez, Writing by Sarah White, Editing by Jesus Aguado '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cortefiel-m-a-idUSKBN1A6298'|'2017-07-22T01:19:00.000+03:00'
'52d07bf5be21e17839252209e75da8277c5286b9'|'Exclusive - Telecom Italia CEO Cattaneo set to step down by July 27: sources'|'July 21, 2017 / 2:12 PM / 2 hours ago Exclusive - Telecom Italia CEO set to step down by July 27: sources Paola Arosio and Giulia Segreti 4 Min Read FILE PHOTO: Telecom Italia Chief Executive Officer Flavio Cattaneo gestures as he arrives to attend a meeting in Rome, Italy, November 18, 2016. Remo Casilli/File Photo - RTX3AGA9 MILAN (Reuters) - Telecom Italia (TIM) ( TLIT.MI ) Chief Executive Flavio Cattaneo is set to step down in the next few days after clashing with top shareholder Vivendi ( VIV.PA ), six sources familiar with the matter told Reuters on Friday. Four of the sources said Cattaneo''s departure would likely be announced by July 27, when the company''s board meets to discuss first-half results. A top Vivendi executive, Amos Genish, is set to be appointed as TIM''s managing director, effectively taking over from Cattaneo, the sources said, speaking on condition of anonymity as the decision isn''t public. TIM and Vivendi declined to comment, while Cattaneo did not reply to an emailed request for comment. Relations between the 54-year-old Cattaneo, who took over as TIM''s boss in March 2016, and the French media group which owns 24 percent of the phone company have soured in recent weeks, several sources have said. According to them, Vivendi, which had previously praised Cattaneo for cutting costs at the indebted Italian firm, grew unhappy after he became embroiled in a row with Italy''s government over the rollout of ultrafast broadband. This upset Vivendi, which is already under scrutiny for its growing influence in Italian business through its stake in TIM and a 30 percent share in private broadcaster Mediaset ( MS.MI ). One source said on Friday that Vivendi had explored the possibility of limiting Cattaneo''s powers by appointing other managers but added that option was no longer on the table. On July 11, Cattaneo denied rumours he might leave and said he would remain at TIM until the end of his mandate in 2020. Genish, an Israeli citizen, was appointed Chief Convergence Officer of the French media group led by Vincent Bollore in January. He is a former head of Telefonica''s ( TEF.MC ) Brazil unit and founder of Brazilian telecoms company GVT. Vivendi has since turned to him to integrate all the content it produces and delivers to clients. At Telecom Italia, he would work closely with chairman Arnaud de Puyfontaine, who is also Vivendi''s CEO. Two sources said Giuseppe Recchi, currently TIM''s deputy chairman, could replace Cattaneo as CEO, though a third said the CEO job would not be filled for now. Cattaneo has been negotiating his severance package and is close to an agreement, three sources said. They said he would likely get less than the maximum 40 million euros ($47 million) he could claim under a clause in his contract. One source said he would get 32 million euros. Cattaneo''s multi-million wage and benefit package envisaged a performance-based "special award" of up to 40 million euros - or 10 million for each of the four years of his mandate. The award could be paid in its entirety in case of early departure, according to a company remuneration report. Strained After his predecessor Marco Patuano, Cattaneo is set to become the second CEO to leave since Vivendi tightened its grip on TIM. One source said Cattaneo was viewed by the French group as too "independent"; another said there were divergences over Vivendi''s decision to sell TIM''s stake in broadcasting services group Persidera to win European Union approval for the French group''s plan to gain de facto control of TIM. Cattaneo''s exit could raise more concerns in Rome about Vivendi''s sway over Italian business. In April, communications authority AGCOM ordered Vivendi to cut its stake in either TIM or Mediaset, ruling it was in breach of rules designed to prevent a concentration of power. On Wednesday, Italy''s markets watchdog Consob ordered inspections at TIM''s offices to assess how much influence Vivendi has on the group''s management, sources said. Additional reporting by Gwénaëlle Barzic in Paris, Stephen Jewkes and Stefano Rebaudo in Milan; Editing by Silvia Aloisi and Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-telecomitalia-vivendi-ceo-idUKKBN1A61SQ'|'2017-07-21T17:12:00.000+03:00'
'ab705ad65697a02a61034602727eb540d8370cc6'|'ECB rate setters see decision on stimulus in October - sources'|'July 21, 2017 / 11:18 AM / 7 hours ago ECB rate setters see decision on stimulus in October - sources Balazs Koranyi , Francesco Canepa and Frank Siebelt 3 Min Read European Central Bank (ECB) President Mario Draghi is seen after a news conference at the ECB headquarters in Frankfurt, Germany July 20, 2017. Ralph Orlowski FRANKFURT (Reuters) - European Central Bank policymakers see October as the most likely date to decide whether to claw back stimulus and consider December, an option flagged by staff, as too late, four sources with direct knowledge of the discussion said. With the outlook for euro zone inflation still cloudy, policymakers feel too little data will have become available by their Sept. 7 meeting. They are also nervous about making changes just two weeks before elections in Germany, the biggest critic of the ECB''s 2.3 trillion euro (2.07 trillion) money printing, the sources told Reuters. Having been burnt by a mini tantrum in financial markets last month when he raised the prospect of tightening, ECB chief Mario Draghi was keen to give as few hints as possible on Thursday about the ECB''s next move, emphasising instead the need for patience and persistence to lift inflation. "All the signs are pointing to October," one of the sources said. "There will be little to decide on in September... and December is just too far out." The ECB declined to comment. On Thursday, Draghi said that a decision would come in the autumn and that policymakers deliberately kept the date open. One of the sources pointed to second quarter wage data, due in the weeks after the Sept. 7 meeting, as a potentially vital piece of information. This makes Oct. 26 a more viable date. "It wouldn’t be smart to expect too much in September," another source added. Wages have been particularly troubling for the ECB. While growth is beating expectations and unemployment is coming down relatively quickly, wage growth remains muted, keeping a lid on inflation. This apparent disconnect is likely due to more part-time and temporary work since the global financial crisis and ECB policymakers are still unsure at what point would wage growth kick in. Guidance A third source noted that discussions in the autumn would also involve a review of the ECB''s guidance, its stance on the evolution of future policy steps. This guidance puts interest rates at their current level until "well past" the end of bond purchases - a frame that was kept deliberately vague. While this sequence is unlikely to change, the source said that the ECB could reassess what "well past" means and either tweak the wording or refine commentary to suggest this means months rather than years. One of the sources said the Governing Council discussed Draghi''s speech in Sintra, Portugal, where he opened the door to policy tweaks, and there was agreement to not walk back on that message. Investors before Thursday''s meeting expected the ECB to decide in September, with most predicting the start of a gradual wind down of the programme. Indeed, Draghi has already noted that improving growth would by itself support lending, meaning the ECB could curb its own stimulus and maintain easy financing conditions. Reporting by Balazs Koranyi, Francesco Canepa and Frank Siebelt Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN1A619O'|'2017-07-21T14:17:00.000+03:00'
'fac99601e65c56de5f160d83a89971dfcadc0caa'|'Exclusive: Baidu, JD.com to join others investing $12 billion in China Unicom - sources'|'July 21, 2017 / 8:47 AM / 24 minutes ago Exclusive: Baidu, JD.com to join others investing $12 billion in China Unicom - sources 2 Min Read China Unicom''s company flags flutter at its headquarter office in Beijing, China, April 21, 2016. Kim Kyung-Hoon HONG KONG (Reuters) - Baidu Inc and JD.com will join other big Chinese technology firms, including Tencent Holdings, to jointly invest about $12 billion (9.26 billion pounds) into state-owned mobile carrier China Unicom, two people with direct knowledge of the matter said. The move is part of efforts by China''s government to rejuvenate state behemoths with private capital. Beijing added China Unicom last year to a first batch of state-owned enterprises to see mixed-ownership reform. Reuters reported last month that Alibaba Group Holdings and Tencent would be among new investors putting a total of about $10 billion into China United Network Communications Ltd, China Unicom''s Shanghai-listed unit. With the addition of money from Baidu, China''s biggest internet search provider, and second-largest e-commerce company JD.com, the total investment into that unit is likely to rise to about 80 billion yuan ($11.8 billion), the people said. Baidu would invest about 10 billion yuan ($1.48 billion) and JD.com about 5 billion yuan, respectively, one of the people said. Both sources declined to be identified as the talks are not public. Baidu and JD.com declined to comment, and China Unicom, Alibaba and Tencent didn''t respond to Reuters requests for comment. China''s State-owned Assets Supervision and Administration Commission (SASAC), which oversees state enterprises, also did not respond to requests for comment. Reporting by Julie Zhu in Hong Kong, with additional reporting by Cate Cadell in Beijing and Sijia Jiang in Hong Kong; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-unicom-m-a-idUKKBN1A60VP'|'2017-07-21T11:47:00.000+03:00'
'6500f58f140f69beb87c2242e7d646cbba9dc1bb'|'Acacia Mining aims for lower end of FY guidance after tough H1'|'July 21, 2017 / 6:27 AM / 16 minutes ago Acacia Mining aims for lower end of FY guidance after tough H1 1 Min Read LONDON, July 21 (Reuters) - Acacia Mining is targeting the lower end of its production guidance for the year after its first-half results were hit by Tanzania''s ban on the export of its concentrates, the gold miner said on Friday. Majority owned by Barrick Gold, Acacia was forced to stop shipments of its ore after a ban was imposed in March. It reported a 22 percent fall in first-half revenue to $392 million and its cash balance fell by 80 percent to $176 million. The company said it would aim for the lower end of its 2017 production target of 850-900,000 ounces of gold. Reporting by Zandi Shabalala; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/acacia-mining-results-idUSL5N1KC11F'|'2017-07-21T09:26:00.000+03:00'
'53c87c0e342777563d24e95c80eaa2755e67a4a3'|'Bank of America picks Dublin as EU hub post Brexit'|'July 21, 2017 / 1:24 PM / 3 hours ago Bank of America picks Dublin as EU base after Brexit Anjuli Davies and Conor Humphries 3 Min Read FILE PHOTO - A Bank of America logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith LONDON/DUBLIN (Reuters) - Bank of America ( BAC.N ) on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc. International banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate across the bloc once Britain leaves in March 2019. Frankfurt and Dublin are emerging as early winners for banks'' post-Brexit operations. "Bank of America has operated in Ireland and engaged in the local community for almost 50 years," said Brian Moynihan, chairman and CEO of Bank of America. The bank did not say how many roles would be moved or created in the Irish capital, where it currently has over 700 staff and a fully licensed entity, but said that some roles would also move to other EU locations. The Irish government, which has been keen to attract investment banks to Dublin, welcomed the news. "This announcement. ..is a strong endorsement of Ireland''s attractiveness as a location for investment, and of the government''s approach to securing Brexit-related activities," Irish Prime Minister Leo Varadkar said following the announcement and a meeting with Moynihan in Dublin on Friday. Details of banks'' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England. Wall Street''s Citigroup Inc. ( C.N ) and Morgan Stanley ( MS.N ) have both picked Frankfurt as bases for their EU hubs, whilst Barclays ( BARC.L ) has said it is talking with regulators about extending its activities in Dublin. Morgan Stanley is likely to spread some of its operations across the EU, with its asset management business expected to go to Dublin as well, a source familiar with the matter told Reuters on July 19. Bank of America is extending its existing lease on its building in Leopardstown, Dublin, according to the Irish Times. The newspaper also reported the bank was in talks on two other office spaces in the city that would be able to accommodate up to 1,000 employees, giving it the flexibility to add up to 300 additional staff. Reporting By Anjuli Davies; Editing by Rachel Armstrong/Keith Weir 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-bank-of-america-idUSKBN1A61NL'|'2017-07-21T16:23:00.000+03:00'
'd48f1ed80186dcffd4cfdb5bed76933ad8a4369b'|'Canpotex signs China potash supply contracts at higher price'|'July 21, 2017 / 3:18 PM / 3 minutes ago Canpotex signs China potash supply contracts at higher price 1 Min Read WINNIPEG, Manitoba, July 21 (Reuters) - Canpotex Ltd, the offshore sales agency for North America''s biggest producers of potash fertilizer, said on Friday that it signed supply contracts with Chinese customers for shipments of 1.4 million tonnes through 2017. Canpotex, owned by Potash Corp of Saskatchewan, Mosaic Co and Agrium Inc, said the deals represent a price increase of $11 per tonne from last year''s agreement. (Reporting by Rod Nickel in Winnipeg, Manitoba) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canpotex-potash-china-idUSL1N1KC0OZ'|'2017-07-21T18:16:00.000+03:00'
'dd9373d13a2fb36195692ead2481ef82328dc799'|'An illustrious Hong Kong container firm sells to China'|'STONECUTTERS ISLAND in Hong Kong used to be a favoured habitat for poisonous snakes and eye-catching birds such as the white-bellied sea eagle. Thanks to Hong Kong’s rapid development, it is no longer so hospitable. Its sky is full of gantry cranes, stacking 20-foot-long shipping containers in multicoloured tessellations, like giant Lego bricks. A cluster of decorative containers, daubed in graffiti, line the perimeter of container terminal eight, which is partly operated by COSCO, a state-owned Chinese shipping giant. In bright yellow lettering, one slogan instructs passers-by to “Respect Past, Embrace Future”.Few Hong Kong companies have as much to tell about the past as Orient Overseas Container Line (OOCL), the world’s seventh-biggest container shipping line. Its founder, Tung Chao-yung, owned the first Chinese-crewed steamship to travel from Shanghai to France in 1947, and went on to build a shipping empire of over 150 vessels. His eldest son and successor, Tung Chee-hwa, survived the financial strains of the early 1980s (with the help of Chinese money) and became Hong Kong’s first leader after it was handed back to China in 1997.Latest updates The Supreme Court says grandparents are exempt from the travel ban Democracy in America 6 minutes ago “City of Ghosts” is an extraordinary look at journalism in Raqqa Prospero 10 minutes ago A   3   6   6   7   The future, however, looks uninviting. The world’s shipping fleet, replenished by ever bigger vessels, has grown faster than the globalisation it serves. Reckless expansion by some firms, in an industry which overvalues market share, has hurt more prudent competitors. This has pushed OOCL into the arms of COSCO. On July 9th OOCL’S owners announced its sale to COSCO for $6.3bn, pushing their Chinese rival from fourth into third place among the world’s container-shipping lines.If the merger is approved by antitrust regulators in America and Europe, it will be the latest of a string of big consolidations, including Maersk’s acquisition of Hamburg Süd, a proposed tie-up among Japan’s three biggest carriers, and COSCO’s earlier merger with China Shipping Container Lines. The industry may be the handmaiden of globalisation but it is congealing into regional oligopolies. When the dust settles in 2021, by when the current crop of deals will be concluded and ships under construction delivered, the top seven firms will control roughly three-quarters of all container ships, according to Drewry Maritime Financial Research, compared with 37% in 2005.Consolidation should allow the two firms to remove any unprofitable overlap in their routes and operations. But COSCO’s cost-saving plans do not include cutting people or pay, at least for two years, it has promised. OOCL’s value to COSCO lies in its management talent as well as its tonnage: it is run more efficiently than many rivals. OOCL is also well attuned to global ways of doing things, as befits a company that carries more containers across the Pacific than within Asia. It now refuses to ship whales, sharks and dolphins, and has won plaudits for reducing emissions through the use of battery power in its redevelopment of the Port of Long Beach in Los Angeles.COSCO’s offer price of HK$78.67 ($10.07) per share certainly seems full of respect, valuing OOCL at 40% above its book value. The premium partly reflects a nascent revival in OOCL’s fortunes: revenues increased by 6.4% in the first quarter compared with a year earlier (see chart). The industry is recovering. Thanks to the demolition of many smaller ships, the global container fleet grew more slowly than traffic last year for the first time since 2011, says BIMCO, a shipping association.But OOCL’s chairman, Tung Chee-chen (the founder’s second son), believes the recovery is vulnerable to a variety of dangers, including potential trade frictions and the remaining “supply overhang”. Shipping firms placed few orders for new vessels in 2016, but many older orders have yet to be delivered. More new capacity will be added this year than last, according to BIMCO. Those ships were requested in expectation of a rosy global economy that never arrived. The future would be easier to embrace if it were not so hard to grasp.This article appeared in the Business section of the print edition under the headline "The other handover"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21725035-cosco-will-become-worlds-third-largest-container-line-illustrious-hong-kong-container?fsrc=rss%7Cbus'|'2017-07-15T08:00:00.000+03:00'
'5b69535db0c36ff85c9ef3b0d5adf3f1e855237e'|'Paytm aims to sell gold worth $200 million this year'|'July 20, 2017 / 4:20 PM / 4 hours ago Paytm aims to sell gold worth $200 million this year Nivedita Bhattacharjee and Sankalp Phartiyal 3 Min Read Advertisements of Paytm, a digital wallet company, are seen placed at stalls of roadside vegetable vendors in Mumbai, India, November 19, 2016. Shailesh Andrade/Files BENGALURU/MUMBAI (Reuters) - Paytm plans to sell 5 tonnes of gold valued around $200 million this year, the digital payments firm said on Friday, as it strives to develop a viable business from its e-wallet platform. E-wallets like Paytm, Citrus Pay and MobiKwik, which allow users to transfer money into virtual wallets via smartphone apps, have proliferated thanks to venture capital backing, but many are struggling to find a long-term profitable model. Paytm, backed by Japan''s SoftBank Group and China''s Alibaba, is attempting to leverage its e-wallet to let customers buy and sell gold while getting a cut from each transaction. "This is our way into wealth management," Krishna Hedge, a senior executive at Paytm, told Reuters. India is the world''s No. 2 consumer of gold behind China, with many saving their money in gold, using it to hedge against inflation and for gifts at special occasions. The country imports about 800 tonnes of gold a year. The company launched its gold offering at the end of April and aims to sell 5 tonnes of gold in the fiscal year to March 2018. That amount of gold would be worth about 14 billion rupees ($217 million) at current prices. Clients will be able to buy and sell even miniscule amounts of gold digitally for as little as 1 rupees ($0.0155) via Paytm''s platform. Paytm said it will not only allow users to trade in digital gold but it will also ship gold coins across much of India for those who want the metal delivered. "This is actual physical gold that is stowed away in our vaults when you make a purchase," said Hedge. The 24-carat gold is sourced from a venture between Indian bullion importer MMTC and Swiss gold refiner PAMP. Paytm, which leads the crowded e-wallet space in India, currently has more than 225 million users. The industry enjoyed a huge boost from the federal government''s move to demonetize old high-value bank notes last year. The ensuing cash crunch sparked a surge in e-wallet transactions in a country where credit and debit-card usage is still limited. Paytm now has plans to offer limited financial services through its niche bank. "They are likely to add more such financial services in future and could even offer micro loans through tie-ups with banks," said Neil Shah of technology research firm Counterpoint. ($1 = 64.3700 Indian rupees) Reporting by Nivedita Bhattacharjee and Sankalp Phartiyal; Additional reporting by Rajendra Jadhav; Editing by Euan Rocha and Elaine Hardcastle 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/paytm-gold-idINKBN1A527T'|'2017-07-20T19:20:00.000+03:00'
'5886217ca058ba11dab718deb7f927cd8a09f74c'|'Alitalia gets some 10 non-binding offers for the airline - source'|'Edition United States July 21, 2017 / 6:17 PM / a few seconds ago Alitalia gets some 10 non-binding offers for the airline: source Reuters Staff 1 Min Read FILE PHOTO: An airplane of Alitalia approaches to land at Fiumicino international airport in Rome, central Italy, May 3, 2017. Max Rossi/File Photo ROME (Reuters) - Struggling Italian airline has received about ten non-binding offers for the company, a source close to the matter said on Friday. The deadline for the company to receive non-binding offers was 6 p.m. (1600 GMT). Separately, the company said in a statement that its administrators would inform the industry ministry of the terms of the tender by the end of next week. A source said that after that, the tender will be open to any other interested parties. Reporting by Alberto Sisto, writing by Philip Pullella 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airlines-alitalia-idUKKBN1A62CR'|'2017-07-21T21:10:00.000+03:00'
'b24393c7ed0f33448f47b70f419a99d48d2f40ab'|'The Trump presidency may not have helped Kushner Companies'|'WHEN the deal was struck just over a decade ago, for $1.8bn, 666 Fifth Avenue, a 41-storey Manhattan skyscraper, became the most expensive office building ever sold in America. Now it is in limbo, awaiting billions of dollars of investment to rebuild it and raise it almost twice as high. Across the Hudson River, another hunt for money is under way, to build a property called One Journal Square in Jersey City. In June a property-investing start-up called Cadre attracted financial backing from Silicon Valley luminaries including Andreessen Horowitz, a venture-capital company.The thread linking these ventures is Jared Kushner, Donald Trump’s senior adviser and son-in-law, whose family business, like that of the president, is in property. Mr Kushner helped conceive all three projects. He has a “passive ownership interest” in Cadre (meaning he is not actively involved in its management). His family co-owns 666 Fifth Avenue and One Journal Square.  Unlike the president, Mr Kushner is not exempt from federal conflict-of-interest laws. He has taken steps to distance himself from his wide-ranging property business. Kushner Companies, a complex enterprise that is made up of dozens of limited-liability companies, or LLCs, has more than 20,000 flats and 13m square feet (1.2m square metres) of commercial space across six states. Before joining the Trump administration he stepped down as the head of Kushner Companies and sold his stake in several properties, including 666 Fifth Avenue and One Journal Square.Yet Mr Kushner kept his stake in many of the LLCs that make up the business. He still has a passive ownership interest in about 90% of his holdings in property, worth up to $408m, according to his disclosures. His father, Charles Kushner (photographed with his son, above), has a big role at Kushner Companies. Jared Kushner’s stakes in 666 Fifth Avenue and One Journal Square went into trusts owned by his family. A long list of lenders and partners to the family business could benefit from White House policies.Property fightsJared Kushner is the chief architect of Kushner Companies in its current form. His grandfather, Joseph Kushner, a Holocaust survivor, developed garden apartments in New Jersey. Charles Kushner founded the business called Kushner Companies in 1985 and led it until being convicted for tax evasion, illegal campaign donations and tampering with a witness. Jared Kushner was 24 in 2005 when his father went to prison; the next year he bought the New York Observer , a newspaper, and went to work restoring his family’s reputation. But the bigger transformation came later in 2006, when Kushner Companies said it would buy 666 Fifth Avenue.The financial market quickly plunged and office rents fell with it. The company went on to sell 666 Fifth’s prime retail space to a Spanish firm, Inditex, owner of Zara, and other investors. It also refinanced its debt in a transaction in 2011 that gave a 49.5% stake to Vornado, a real-estate investment trust founded by Steven Roth, a longtime partner of Mr Trump.For a while the company’s appetite for big acquisitions declined. But in 2011, with 666 Fifth refinanced, Mr Kushner began buying again (see chart), according to Real Capital Analytics, a data firm. His targets included modest residential buildings in lower Manhattan and in Midwestern cities such as Toledo and Akron. He envisaged bigger developments, too, including One Journal Square and another in Brooklyn, now called Panorama, for its views of the Manhattan skyline.Now that Mr Kushner is in the White House, two questions preoccupy observers. First, is his family business benefiting financially from his role and from his proximity to the president? Second, is he conflicted despite the steps he has taken to adhere to federal law?Start with the question of financial benefits. This is a pivotal moment for the firm. It is seeking tenants for Panorama and new loans for a residential building along Jersey City’s waterfront (in both of which Mr Kushner still has a stake). More important, it is also looking for investors for 666 Fifth Avenue and One Journal Square (in which Mr Kushner does not have a stake). But the scrutiny that has accompanied Mr Kushner’s White House role appears to be hindering, not helping.In January the New York Times reported that Kushner Companies was seeking equity capital for 666 Fifth from Anbang, one of China’s biggest insurers, which has ties to Beijing’s political elite. At the moment 666 Fifth Avenue’s debt—of $1.4bn, according to Vornado’s recent filings—eclipses the value of the office building itself, says Jed Reagan of Green Street, a research firm. That is partly Kushner Companies’ own doing, because of the price it paid and because it is intentionally letting the building slowly empty of its office tenants so it can be rebuilt. The new design, created by Zaha Hadid, an architect who died last year, would include a hotel, luxurious flats, new space for shops and would cost $7.5bn.The talks with Anbang fell apart in March amid protests from ethics experts and from Democrats, who fretted about conflicts of interest and threats to national security. Another avenue also recently closed. For over two years, Kushner Companies has talked to Sheikh Hamad bin Jassim al-Thani, an eminent Qatari, about investing in 666 Fifth. This month The Intercept , a news site, reported that HBJ, as he is known, had agreed to invest $500m if Mr Kushner could raise other money elsewhere. Kushner Companies confirmed on July 11th that talks had recently ended and that it is reassessing the financing structure of the redevelopment project.Some speculate that Mr Kushner has looked elsewhere, too. In December he met with the head of a government-owned Russian bank that is subject to American sanctions. Vnesheconombank said it was a business meeting. The White House said that Mr Kushner was “acting in his capacity as a transition official”.The proposed One Journal Square development has also hit trouble. In May Nicole Meyer, Mr Kushner’s sister, courted Chinese investors as part of America’s “EB-5” visa programme, which offers a path to citizenship for certain investors. In Beijing Ms Meyer touted One Journal Square, explained Mr Kushner’s new role in Washington and said the building “means a lot to me and my entire family”. That sparked accusations that the family was exploiting Mr Kushner’s public role. Kushner Companies apologised “if that mention of her brother was in any way interpreted as an attempt to lure investors”.On May 7th Jersey City’s mayor, Steven Fulop, said the project would not receive the tax breaks and bonds that Kushner Companies had sought. The city might not have granted them in any circumstance—the Kushners had asked for a particularly generous package. But Mr Fulop, a Democrat, and city councilmen are up for re-election, and Mr Trump received just 14% of the city’s vote in November. Kushner Companies had already lost its anchor tenant, WeWork, a shared-office company.If Kushner Companies is not yet benefiting from proximity to the presidency, the potential for conflicts remains enormous. Corporate-tax reform would have a sizeable impact on property firms, for example. Mr Trump has said he wants a 15% corporate tax to apply to pass-through entities, which would include the LLCs that comprise much of the Kushner businesses (and Mr Trump’s as well). Loosening of financial regulation, expected under Mr Trump, ought to benefit lenders to Kushner Companies. Citigroup, for example, recently provided $425m to refinance one of its projects in Brooklyn. Blackstone, which lent $375m for Panorama, is raising an infrastructure fund that might be expected to find investment opportunities in Mr Trump’s infrastructure plan. And so on.Richard Painter, the chief ethics lawyer under President George W. Bush, says that some of this “stinks to high heaven”. That does not mean that Mr Kushner has or is likely to violate any law. The rules governing conflicts of interest bar him from “personally or substantially” participating in matters with a “direct and predictable” effect on his finances. But policies that benefit Mr Kushner’s parents or Kushner Companies’ partners may be allowed, depending on circumstances. “That’s the grey area,” says Larry Noble of the Campaign Legal Centre in Washington, DC.What seems to have developed, in sum, is a lose-lose situation. Mr Trump’s presidency appears to be doing Kushner Companies as much harm as good. If potential business partners continue to be wary of the scrutiny that comes with involvement with a firm bearing his name, Mr Kushner might end up having to choose between his property interests and his public role.Yet the list of potential conflicts is so long that public confidence in policymaking is at risk. A White House spokesman says Mr Kushner will recuse himself in any matter with “a direct and predictable effect” on entities in which he retains a financial interest. Those issues include EB-5 financing and affordable housing, he notes. But the White House has not published a complete list of matters in which Mr Kushner would decline to participate. And no such list is planned.This article appeared in the Business section of the print edition under the headline "Searching for a Kushy landing"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21725300-media-scrutiny-getting-way-deals-trump-presidency-may-not-have-helped-kushner?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'4e810d270ddf1480d770af9a1dcb05bc16c98548'|'German regulator to assess suitability of Deutsche Boerse management'|'Edition United States July 19, 2017 / 5:18 PM / 2 hours ago German regulator to assess suitability of Deutsche Boerse management Reuters Staff 3 Min Read FILE PHOTO: Carsten Kengeter, CEO of Deutsche Boerse attends the launch of an initial public offering at the stock exchange in Frankfurt, Germany March 1, 2017. Ralph Orlowski/File Photo FRANKFURT (Reuters) - A German regional exchange regulator will assess the suitability of Deutsche Boerse''s ( DB1Gn.DE ) management board after allegations of insider trading against the company''s chief executive officer earlier this year. The local exchange regulator in Germany''s western state of Hesse said in an emailed statement on Wednesday that "the audit will cover all persons who were responsible for possible legal wrongdoings," without providing any names. The regulator has the power to remove a board member it deems unfit. A Deutsche Boerse spokesman declined to comment on the news of the investigation, which was first reported by German magazine WirtschaftsWoche. Earlier this year, police and prosecutors searched CEO Carsten Kengeter''s office and home amid concerns over Deutsche Boerse share purchases he made just months before the announcement of merger talks with London Stock Exchange ( LSE.L ). Kengeter has always denied the allegations, saying the purchases were part of an official Deutsche Boerse compensation plan. "Insider trading goes against everything I stand for," he told shareholders in May. On Tuesday, Deutsche Boerse said the Frankfurt public prosecutor was dropping its investigation into Kengeter and asked Deutsche Boerse to pay 10.5 million euros ($12.1 million) of fines for failing to notify the public in a timely way about the LSE merger talks and for the design of its executive share-buying scheme. Deutsche Boerse has said those allegations were "unfounded in all respects." In a separate development on Wednesday, the German markets regulator BaFin said that it was conducting an investigation of Deutsche Boerse''s Tuesday announcement. BaFin did not give a reason for its investigation. WirthschaftsWoche, which was first to report the BaFin investigation on Wednesday, said the Frankfurt prosecutor''s communication to Deutsche Boerse had said nothing of dropped proceedings against Kengeter. A Deutsche Boerse spokesman said on Wednesday, "We stand by our statement" made on Tuesday. Neither Deutsche Boerse nor the Frankfurt prosecutor has made public its notice to Deutsche Boerse. ($1 = 0.8686 euros) Reporting by Hans Seidenstuecker and Tom Sims; Editing by Andreas Cremer, Mark Potter and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-boerse-insidertrading-idUKKBN1A420J'|'2017-07-19T22:13:00.000+03:00'
'ecb394e94689133390f84ff4cd69a9d8242d9ba4'|'Japan''s Mitsui to sell stake in UK''s First Hydro'|'July 21, 2017 / 2:50 AM / in 3 hours Japan''s Mitsui to sell stake in UK''s First Hydro Reuters Staff 1 Min Read The logo of the Japanese trading company Mitsui & Co. is seen in Tokyo, Japan, February 8, 2017. Toru Hanai TOKYO (Reuters) - Japanese trading house Mitsui & Co ( 8031.T ) said on Friday it has agreed to sell its entire 25 percent stake in UK hydro power firm First Hydro to Brookfield Renewable Partners L.P. ( BEP_u.TO ) for more than 5 billion yen (34.73 million pounds). First Hydro operates two pumped storage hydro power plants with total capacity of 2,088 megawatts. The other 75 percent stake is owned by France''s Engie ( ENGIE.PA ). The sale is in line with Mitsui''s plans to implement steady, strategic asset recycling over the coming three years, the Tokyo-based firm said in a statement. Some of the expected capital gain from the sale has been already incorporated in the current business year ending next March, it added. Reporting by Osamu Tsukimori; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hydro-mitsui-co-idUKKBN1A6077'|'2017-07-21T05:50:00.000+03:00'
'e85929091502e1bb9f7137cba56e0fc5e8acbe61'|'BRIEF-Family Memorials says did not repay 15 pct debentures on maturity date'|'July 20, 2017 / 4:42 PM / 10 minutes ago BRIEF-Family Memorials says did not repay 15 pct debentures on maturity date   Family Memorials Inc: * Family memorials Inc announces it did not repay 15% debentures on maturity date * Currently negotiating terms of secured loan to be obtained for purpose of settling payment of debentures Source   0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-family-memorials-says-did-not-repa-idUSFWN1KB0UX'|'2017-07-20T19:41:00.000+03:00'
'bd66a878b0757e3f46444c4363069a2bde57e0db'|'EU steel body criticises steel tariff plan to counter dumping'|'July 20, 2017 / 6:13 PM / an hour ago EU steel body criticizes steel tariff plan to counter dumping 2 Min Read A steel slap is seen at a hot-rolled production at ThyssenKrupp Steel Europe AG in Duisburg November 29, 2013. Ina Fassbender BRUSSELS (Reuters) - European steel association Eurofer criticized on Thursday measures set out by the European Commission to counter dumping of hot-rolled steel from Brazil, Iran, Russia and Ukraine. The Commission, which oversees trade policy in the 28-member European Union, has set out plans to levy tariffs of up to 33 percent on the steel grade, used in construction and machinery, from the four countries. However, it has also proposed that duties should not apply if the product is sold at or above a set minimum price of 472.27 euros ($549.25) per tonne. If sold for less than that, the tariffs would apply, although with the minimum price as a limit. The Commission said its proposal reflected a rise in prices since the investigation period - the 12 months until mid-2016 - and that a cap would strike a balance between the interests of EU producers and steel users. Eurofer said the proposal set "an unworkable precedent" that would allow for continued dumping and promote over-capacity in the exporting countries. The group said the price was significantly below the average price level, with higher recent prices due to more costly raw materials, not increased margins, and that a single minimum price was unsuited for hot-rolled steel. "It comes in over a thousand, very different, grades and types – each with their own costs and prices," said Eurofer Director General Axel Eggert in a statement, adding the raw materials fluctuated significantly in cost. Chinese imports of the same steel grade are already subject to duties of up to 35.9 percent, with no minimum price. The Commission has previously allowed China to export solar panels to the European Union at a minimum price free of duties to settle one of the most contested trade disputes between Brussels and Beijing. ($1 = 0.8598 euros) Reporting by Philip Blenkinsop; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-eu-steel-tariffs-idINKBN1A52H3'|'2017-07-20T21:04:00.000+03:00'
'bc53915c98583ba0e7a3dccecb20556d64ae5149'|'CANADA STOCKS-TSX falls as energy stocks follow oil lower'|'July 21, 2017 / 8:56 PM / 2 hours ago CANADA STOCKS-TSX falls as energy stocks follow oil lower 3 Min Read * TSX ends down 81.51 points, or 0.53 percent, at 15,183.13 * Index edges 0.05 percent higher over the week * Eight of TSX''s 10 main groups trade lower (Adds portfolio manager comment, updates prices to close) By Alastair Sharp TORONTO, July 21 (Reuters) - Canada''s main stock index fell on Friday as oil price weakness weighed on energy-sector shares and the financial sector added its heft to a broad retreat. The Toronto Stock Exchange''s S&P/TSX composite index lost 81.51 points, or 0.53 percent, to close at 15,183.13. For the week, it edged 0.05 percent higher. Oil prices slid after a report from consultancy Petro-Logistics predicted higher OPEC production for July, renewing fears of oversupply in the market. Canadian Natural Resources Ltd shed 2.4 percent to C$37.25, Suncor Energy Inc fell 1 percent to C$38.42, and the energy group retreated 1.4 percent overall. However, shares of Encana Corp advanced 1.4 percent to C$12.34 after the natural gas producer reported a quarterly profit that topped expectations. Stubbornly low oil prices have weighed on the commodity-rich Canadian market, making it one of the worst-performing major global indexes so far this year. Elvis Picardo, a portfolio manager at HollisWealth, a division of Scotia Capital, said energy names are looking attractive from a valuation perspective for long-term investors, while a recent pullback in yield-producing utilities, telecoms and real estate investment trusts provides an opportunity to build a defensive position. Utilities and telecoms were the only two of the index''s 10 main groups to end higher on Friday. "We think we are probably in the eighth or possibly ninth inning of this global bull market," Picardo said. "Our strategy at this point is one of caution and value orientation." The TSX''s financials group, which accounts for more than a third of the index''s weight, lost 0.5 percent. Industrials, an export-dependent sector grappling with a recent appreciation in the Canadian currency, fell 0.7 percent. Canadian retail sales posted their third healthy increase in a row in May, according to data on Friday, a sign of strength that analysts said boosts the case for another interest rate hike this year despite data showing persistently weak inflation. (Additional reporting by John Tilak; Editing by Meredith Mazzilli and Leslie Adler) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1KC1K2'|'2017-07-21T23:55:00.000+03:00'
'872dbd689684477117b0e389d8ded34d0b2a0792'|'Russia to press ahead with Crimea power plants despite Siemens row - RIA'|'July 21, 2017 / 11:27 AM / 8 minutes ago Russia to press ahead with Crimea power plants despite Siemens row - RIA 1 Min Read MOSCOW, July 21 (Reuters) - Russia will press ahead with plans to build two new power stations in Crimea despite a dispute with German industrial group Siemens, Andrei Cherezov, a Russian deputy energy ministry, said on Friday, the RIA news agency reported. Siemens said earlier on Friday it was halting deliveries of power equipment to Russian state-controlled customers after it said it had credible evidence that four gas turbines it had delivered to Russia had been illegally moved to annexed Crimea. "The schedule has beet set and is for the first quarter of 2018," RIA cited Cherezov as saying about the two power plants which require turbines to become operational. "Nothing has been changed. Our main task is that the stations will start generating power in the first quarter of 2018." (Reporting by Vladimir Soldatkin; Editing by Andrew Osborn) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ukraine-crisis-crimea-siemens-russia-idUSR4N1DP012'|'2017-07-21T14:27:00.000+03:00'
'a491803ce87b7d17b29eab6b99c45f61d6585d06'|'UK''s Hammond told Goldman Sachs he wants long Brexit transition: source'|'July 21, 2017 / 4:06 PM / 22 minutes ago UK''s Hammond told Goldman Sachs he wants long Brexit transition: source 3 Min Read Britain''s Chancellor of the Exchequer, Philip Hammond, leaves 11 Downing Street, in central London, Britain July 17, 2017. Tolga Akmen LONDON (Reuters) - British finance minister Philip Hammond told the board of U.S. investment bank Goldman Sachs ( GS.N ) that he was pushing for a lengthy transition period after Britain leaves the European Union, a source familiar with the talks said. The source said Hammond made a presentation to the Goldman Sachs board on June 29 when chief executive Lloyd Blankfein was in London for the annual board meeting. The source confirmed an earlier Sky News report which said Hammond had offered private reassurances that he wanted a long transition period to help banks prepare for Brexit and ease concerns of a "cliff-edge" exit from the bloc. The Sky report said Hammond did not offer Goldman assurances above or beyond his public attempts to reassure the business community that the government was aware of its concerns. Goldman Sachs declined to comment. Asked to confirm the Sky report and its contents, a Treasury spokesman said: "As you would expect, the chancellor (Hammond)regularly meets with businesses to hear their views, most recently participating in the prime minister''s business advisory group and hosting a roundtable with asset managers." Banks are keen to see transitional arrangements put in place to give them time to adapt to the huge legal and regulatory change Brexit is likely to bring. But while Prime Minister Theresa May has said she wants a "phased process of implementation" to smooth the country''s path out of the EU, many in her party fear a lengthy transition period could be used to water down or block Britain''s eventual exit. Hammond, who is seen as one of the most pro-European members of May''s cabinet, said on Sunday that the majority of senior ministers now agreed on the need for a transition period. Leading Brexiteer Michael Gove endorsed that view on Friday. However, in response to the uncertainty over what the transition will look like, international banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate across the bloc once Britain leaves in March 2019. Bank of America BAC. on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations. Goldman has not formally announced any similar plans but Blankfein has previously said he would like to see an implementation period of at least "a couple of years" once the British exit deal is agreed. He has said the bank has "contingency plans" to move people depending on the outcome of the negotiations. Reporting by Anjuli Davies and William James; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-britain-eu-transition-idINKBN1A622U'|'2017-07-21T20:57:00.000+03:00'
'cfc3929982105cd98ae67132cd9b81b6110ce014'|'U.S. financial regulators to discuss Metlife lawsuit on July 28 -Treasury'|'FILE PHOTO - The MetLife building is seen in New York, March 8, 2010. Shannon Stapleton WASHINGTON (Reuters) - Heads of the U.S. financial regulatory agencies will meet behind closed doors next Friday to discuss MetLife Inc''s ( MET.N ) lawsuit against them, according to a notice from Treasury, as the Trump administration wrestles with reforms put in place in response to the financial crisis.The regulators, who comprise the Financial Stability Oversight Council (FSOC), and MetLife both asked earlier this month for another pause in the long-running case in which the country''s largest life insurer has challenged the federal government''s decision to label it as "too big to fail." The appeals court has not yet said whether it will grant an abeyance.More than a year ago, U.S. District Judge Rosemary Collyer struck down the council''s designation of MetLife as "systemically important," which signifies that it could devastate the financial system if it failed and which triggers stricter oversight. Collyer said the label was "arbitrary and capricious." The administration of former Democratic President Barack Obama immediately appealed.Republican President Donald Trump, however, has expressed skepticism about the designation process, and the FSOC has ordered the Treasury Department to review both. Treasury Secretary Steven Mnuchin, who chairs the council, also has said its work should be evaluated.Both sides of the lawsuit have said the appeals court should put the case on pause until Mnuchin finishes his review. In May, the court granted a 60-day abeyance, which expired this month.Only two other insurers - Prudential Insurance ( PRU.N ) and American International Group ( AIG.N ) - still carry the "systemically important" label. According to the Treasury notice, the council will also receive an update on the designation of one of the insurance companies and discuss Mnuchin''s recent recommendations to change a rule on proprietary trading, commonly called the Volcker Rule, in next week''s executive session.In a June report Mnuchin suggested easing up on the Volcker rule, which restricts banks'' ability to place speculative market bets. On Friday, banking regulators said they would review how the rule is being carried out to ensure that foreign funds are properly exempted.Reporting by Lisa Lambert; Editing by Tom Brown and Leslie Adler '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-fsoc-idUSKBN1A62R1'|'2017-07-22T00:53:00.000+03:00'
'a09451bd796c09806e0c9fedf7ad4a389c9b6b9c'|'Akzo Nobel faces dilemma over shareholder vote on new CEO'|'July 21, 2017 / 11:52 AM / 17 minutes ago Akzo Nobel faces dilemma over shareholder vote on new CEO Bart Meijer and Toby Sterling 3 Min Read FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. Phil Noble/File Photo AMSTERDAM (Reuters) - The resignation of Akzo Nobel''s ( AKZO.AS ) CEO poses a dilemma for the Dutch paintmaker as a shareholders'' meeting to approve his replacement could open the way for a vote on chairman Antony Burgmans, who is under pressure for rejecting a takeover bid. Thierry Vanlancker was named new chief executive on Wednesday after his predecessor Ton Buechner quit abruptly for health reasons. Buechner''s departure puts the onus on Vanlancker to deliver the higher sales and margins promised when Akzo Nobel fended off a 26.3 billion euro ($30.62 billion) bid by U.S. rival PPG Industries ( PPG.N ).. Shareholders must eventually approve Vanlancker as CEO. But a meeting could give disgruntled shareholders an opportunity to push for a vote on the position of Burgmans -- which they have been demanding for months. Hedge fund Elliott Advisors, now Akzo''s largest shareholder with a 9.5 percent stake, filed a lawsuit in May seeking the ousting of Burgmans, who the hedge fund sees as the mastermind of Akzo''s refusal to talk to PPG, which dropped its attempt on June 1. In a preliminary ruling, Elliott''s request was rejected, though its legal efforts to remove Burgmans continue. [nL8N1JY1FN} Faced with the shareholders discontent, Akzo has yet to decide when it will ask shareholders to approve Vanlancker as new CEO. "We will go through the shareholder approval process in due course," Akzo Nobel spokesman Leslie McGibbon said on Friday. Vanlancker, 52, joined Akzo last year and only officially took up his position as head of Akzo''s specialty chemicals division in February, raising a technical problem: He is not yet a formal member of the management board. "But that doesn''t mean that he is not authorized" to take major decisions, McGibbon said. "In case a board member falls away, the supervisory board can appoint a temporary replacement ... Together with CFO Maelys Castella he can take any decision." Burgmans'' third term as a member of the supervisory board ends next year. It is unclear whether he might attempt to stay longer. McGibbon said he could not comment further but the company expects Vanlancker to field a wide range of questions when the company presents second-quarter earnings on July 25. Akzo rivals PPG and Sherwin-Williams ( SHW.N ) have both reported lackluster earnings for the quarter. PPG announced an acquisition on Thursday and CEO Michael McGarry told reporters that Akzo Nobel is now in the company''s "rear view mirror". Under Dutch market law, PPG cannot re-approach Akzo during a six-month cooldown period that ends in December. Akzo shares were down 2.3 percent on Friday at 75.99 euro. ($1 = 0.8590 euros) Reporting by Bart Meijer; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-akzo-nobel-ceo-idUSKBN1A61DF'|'2017-07-21T14:45:00.000+03:00'
'00904cf35f5337e5af865cbdda7335c56b29d49f'|'Alitalia gets some 10 non-binding offers for the airline - source'|'July 21, 2017 / 4:53 PM / in 9 minutes Alitalia gets some 10 non-binding offers for the airline - source Reuters Staff 1 Min Read FILE PHOTO: Scale models of Alitalia airplanes are displayed at a shop selling models of vehicles in Rome, Italy October 31, 2013. Alessandro Bianchi/File Photo - RTS16839 ROME (Reuters) - Struggling Italian airline has received about ten non-binding offers for the company, a source close to the matter said on Friday. The deadline for the company to receive non-binding offers was 6 p.m. (1600 GMT). Separately, the company said in a statement that its administrators would inform the industry ministry of the terms of the tender by the end of next week. Reporting by Alberto Sisto, writing by Philip Pullella 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alitalia-offers-idUKKBN1A626D'|'2017-07-21T19:52:00.000+03:00'
'04f56a6da25c6e01c706d032eee300f76da86f67'|'Toshiba to book 40 billion yen net profit from sale of Landis+Gyr shares'|'July 21, 2017 / 5:37 AM / an hour ago Toshiba to book 40 billion yen net profit from sale of Landis+Gyr shares Reuters Staff 1 Min Read FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company''s headquarters in Tokyo, Japan, February 14, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Toshiba Corp ( 6502.T ) on Friday said it would book a net profit of 40 billion yen (275.74 million pounds) from the sale of its 60 percent stake in Swiss smart meter maker Landis+Gyr in the year ending March, 2018. Landis+Gyr shares ( LANDI.S ) will be listed on the SIX Swiss Exchange on Friday. The IPO was triggered after Toshiba signaled earlier this month it wanted to sell its stake in Landis+Gyr to raise cash. The state-backed Innovation Network Corporation of Japan will also sell its 40 percent stake in Landis+Gyr, Toshiba said. Reporting by Makiko Yamazaki; Editing by Himani Sarkar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-landis-gyr-idUKKBN1A60EU'|'2017-07-21T08:37:00.000+03:00'
'1338bd346ea33dc050dc12776442a6c998178960'|'Sears Canada starts liquidation sales prior to closing stores'|'July 21, 2017 / 1:24 PM / 17 minutes ago Sears Canada starts liquidation sales prior to closing stores 1 Min Read TORONTO, July 21 (Reuters) - Sears Canada Inc said it would start liquidation sales on Friday at 54 stores that it plans to close as part of a court-approved restructuring plan to improve its performance following years of declining sales. Sears Canada, which in 2012 was spun off from U.S. retailer Sears Holdings Corp, filed for creditor protection in June and laid out a restructuring plan that included the store closures as well as some 2,900 job cuts. The liquidation sales will be held at 20 full-line Sears Canada department stores, 15 Sears Home outlets, 10 Outlet stores and 9 Hometown locations. (Reporting by Jim Finkle in Toronto; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sears-canada-bankruptcy-liquidation-idUSL1N1KC0FT'|'2017-07-21T16:24:00.000+03:00'
'5deff1740da87b8f65c9871d069f72375c1321c4'|'Euro hits two-year high as City awaits UK public finances – business live'|'Close Skip to main content The Guardian - Back to home become a supporter subscribe find a job jobs news opinion sport arts life Menu news headlines world news UK news science cities global development tech business environment obituaries opinion opinion home the guardian view columnists cartoons opinion videos letters sport sport home football rugby union cricket tennis cycling F1 golf US sports arts culture home books music tv & radio art & design film games classical stage life lifestyle home fashion food recipes love & sex health & fitness home & garden women family travel money What term do you want to search? Search with google become a supporter subscribe Sign in/up my account Comment activity Edit profile Email preferences Change password Sign out International edition INT edition: switch to the UK edition UK switch to the US edition US switch to the Australia edition AU switch to the INT jobs dating holidays the guardian app video podcasts pictures newsletters today''s paper the observer digital archive crosswords Facebook Twitter jobs dating holidays business economics banking money markets eurozone more sign in Comment activity Edit profile Email preferences Change password Sign out become a supporter subscribe search jobs dating more from the guardian: dating jobs change edition: switch to the UK edition switch to the US edition switch to the AU edition International edition switch to the UK edition switch to the US edition switch to the Australia edition The Guardian - Back to home home › business › economics banking retail markets eurozone home UK world sport football opinion culture business selected lifestyle fashion environment tech travel browse all sections close Business Business live Labour blasts ''failing'' government after UK deficit jumps in June – as it happened All the day’s economic and financial news, including coverage of the latest UK public financesLatest: Labour blame Tory cuts for economic weakness Treasury: National debt is too high BREAKING: UK borrowed £6.9bn in June, £2bn more than year earlier Treasury: National debt is too high Britain has borrowed £1.8bn more since April Higher inflation and EU contributions pushed borrowing up Full story: Budget deficit leaps as Brexit-fuelled inflation gives Hammond a headache Updated The City of London, where traders are getting ready for today’s UK public finances Photograph: Bloomberg/Bloomberg via Getty Images Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden Friday 21 July 2017 15.28 BST First published on Friday 21 July 2017 07.58 BST Key events Show 3.09pm BST 15:09 UK deficit: What the papers say 2.35pm BST 14:35 Bank of America picks Dublin for its post-Brexit hub 1.22pm BST 13:22 Cable: It''s Brexit''s fault 12.43pm BST 12:43 OBR: Three reasons why the deficit went up 10.58am BST 10:58 Labour: Borrowing figures show government''s failure 10.39am BST 10:39 UK public finances, what the experts say 10.36am BST 10:36 Sign up to our email Live feed Show 3.27pm BST 15:27 And finally, here’s our updated news story:Budget deficit leaps as Brexit-fuelled inflation gives Hammond a headache Read more That’s probably all for today. Thanks for reading and commenting. GW Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.09pm BST 15:09 UK deficit: What the papers say Tim Wallace of the Daily Telegraph points out that the government did rake in more tax receipts this week, but not enough to keep pace with higher borrowing costs .The Government’s tax haul is on the rise as the economy grows - so far this financial year current tax receipts have come in at £164.2bn, up 4.7pc on the £156.8bn raised last year.However, total current spending has risen by 5.6pc to £176.7bn, so the Government has had to borrow more to plug that widening gap.Higher interest payments on the national debt were a particularly large cost.Financing the debt cost £4.9bn in June alone, a rise of more than £1bn from £3.7bn in the same month of 2016.Andy Bruce and William Schomberg of Reuters say the deficit figures are a ‘headache’ for chancellor Philip Hammond :Hammond has come under pressure from within the ruling Conservative Party as well as from the opposition Labour Party to loosen his grip on public spending, chiefly by relaxing a cap on pay for public workers.Spending on debt interest jumped an annual 33 percent in June to 4.9 billion pounds, the highest for any month of June since 2011, reflecting a sharp rise in inflation which has pushed up the cost of index-linked bonds for the government.The deficit was also widened by higher payments to the European Union budget and bigger purchases of goods and services by the government.Lucy Meakin of Bloomberg says today’s figures show the risks facing the public finances .The figures may raise fresh questions about whether Chancellor of the Exchequer Philip Hammond can limit borrowing to £58bn this year, as forecast by his budget watchdog in March.Hammond is also under pressure to boost wages for millions of public-sector workers and spend more on health and education after the Tories’ catastrophic election performance highlighted the frustration of voters after seven years of austerity.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.35pm BST 14:35 Bank of America picks Dublin for its post-Brexit hub Newsflash: Bank of America has chosen Dublin as its European Union hub, as it prepares for life after Brexit. The decision will allow BoA to continue operating in the EU, once the City of London loses its ‘passporting rights’.Brian Moynihan, Chairman and CEO of Bank of America, said Dublin was the “natural” choice, as it currently houses more BoA employees than any other European City (apart from London, of course).And with no clarity on Britain’s final Brexit deal, BoA is pressing on with its plans.Moynihan says:We already have a fully licenced and operational Irish-domiciled bank which, combined with Ireland’s strong commitment to business and economic growth, makes Dublin the natural location to consolidate our legal entities as we transition.We will move roles not only to Dublin but to other EU locations, with the focus on how we can best support our clients in these markets. While we await further clarity around the Brexit negotiations, we are making all necessary preparations to serve our clients however those discussions conclude.”Ireland’s Taoiseach, Leo Varadkar, welcomed the announcement, calling it “a strong endorsement of Ireland’s attractiveness as a location for investment”.Bank of America already has 700 staff in Dublin, and has been based in Ireland for almost 50 years. Earlier this week it contributed €880,000 to a music education program, following a €700,000 contribution a few years ago. Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.52pm BST 13:52 This chart shows how the repayments on Britain’s national debt has risen in line with inflation, as measured by the retail price index.Andy Bruce (@BruceReuters) UK public finances suffer inflation hit, adding to Hammond''s headache https://t.co/B0io2cZgrN pic.twitter.com/bcag8Oxbtj July 21, 2017 (Not all UK debt is index-linked of course - some is sold with a fixed coupon that doesn’t move in line with inflation)Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.22pm BST 13:22 Cable: It''s Brexit''s fault Liberal Democrat leader Vince Cable blames last year’s Brexit vote, and the resulting tumble in the pound, for the rising deficit. Cable (who was appointed leader yesterday) argues that those who voted to leave the European Union to free up more money for healthcare have been misled.“This rise in borrowing is a direct consequence of the dramatic fall in the pound since last year’s Brexit vote.“Instead of the £350m for the NHS that was promised, people’s living standards are falling and borrowing is going up.“It shows why we need to offer people an exit from Brexit. “Nobody voted last year to become poorer or to increase the amount of their taxes spent on paying down the national debt.”Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 12.43pm BST 12:43 OBR: Three reasons why the deficit went up Britain’s fiscal watchdog, the Office for Budget Responsibility, has issued a commentary on today’s public finances. It says Britain’s borrowing was forced up by higher debt costs on bonds linked to inflation, delayed payments to the European Union , and changes to the way self-assessment taxes are collected. Here’s the details:Higher debt interest spending, primarily as higher RPI inflation raises accrued interest on index-linked gilts. Debt interest spending is up 24.3 per cent on a year earlier in the first three months of 2017-18, compared with our full-year forecast of 15.3 per cent.Changes to the timing of expenditure transfers to EU institutions within calendar year 2017, which move spending from the end of 2016-17 into 2017-18 . Transfers are up by 78 per cent in the first three months of 2017-18 from a year ago, having been down more than 40 per cent in the final two months of 2016-17. This timing effect explains most of the year-to-date increase, while around a fifth of it is attributable to an additional £0.3 billion payment in relation to historical adjustments to the calculations of VAT- and GNI-based contributions. Self-assessment (SA) receipts will be depressed in 2017-18 by the unwinding of the income shifting ahead of the April 2016 dividend tax rise. We expect receipts to fall £3.9 billion on a year earlier, but unlike the two spending factors, which are already evident in the data, this will only affect the public finances in early 2018 when self-assessment payments are due. OBR (@OBR_UK) Spending pushes deficit higher - read the latest commentary at https://t.co/k0nGloBMMW pic.twitter.com/6UpU6raBtG July 21, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 11.45am BST 11:45 The big picture from today’s public finances is that the national debt kept rising over the last year, and is heading towards £1.8 trillion. The ONS says:Public sector net debt (excluding public sector banks) was £1,753.5 billion at the end of June 2017, equivalent to 87.4% of gross domestic product (GDP), an increase of £128.5 billion (or 3.6 percentage points as a ratio of GDP) on June 2016. UK National debt Photograph: ONS It’s more useful to look at national debt in terms of the size of an economy, rather than as a raw figure.So in GDP terms, Britain’s debt pile is now its largest since the 1960s, when it was paying down the cost of the second world war:Britain’s national debt over the decades Photograph: Office for Budget Responsibility Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 11.21am BST 11:21 Here’s my colleague Phillip Inman’s take on today’s public finances: The UK borrowed more than expected in June, with the country’s budget deficit rising to £6.9bn - almost 50% higher than the same month last year.Higher inflation forced the government to spend more on financing its debt mountain, other factors included lower GDP growth in the first quarter, a fall in corporation tax receipts and a bigger than expected contribution to the EU budget in June . Analysts said the deficit could now exceed forecasts over the rest of the financial year.The Treasury said the persistent shortfall in the government’s income compared with spending illustrated the need for a “credible fiscal plan” and that allowed ministers to support “sound public finances” while “promoting a stronger economy”.But opposition parties were quick to say that the higher deficit showed austerity had failed and delivered weaker public services without strengthening the public finances or the economy More here:UK budget deficit leaps as inflation pushes up debt costs Read more Updated at 11.22am BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 11.13am BST 11:13 Here’s some more details on the public finances, via the Press Association: The ONS said Government spending rose by 8.3% to £59.9bn in June compared with last year, while tax receipts lifted by 4.6% to £54.3bn. The Treasury saw VAT climb by £400m to £11.4bn over the period, as income tax takings also stepped up by £800m to $12.7 billion. However, corporation tax dropped by £200m to £4.8bn last month. Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 10.58am BST 10:58 Labour: Borrowing figures show government''s failure Labour’s Shadow Chancellor John McDonnell. Photograph: Paul Davey / Barcroft Images Labour’s shadow chancellor John McDonnell has laid into the government over today’s public finances . McDonnell argues that chancellor Hammond should raise taxes on large corporations and the rich, to help fund a pay rise for public sector workers.He says:“These figures reveal the continued failure of Philip Hammond and the Conservatives. “Seven years of Tory cuts have left our economy weaker, with falling wages, yet the deficit has not been eliminated two years after they claimed it would be, and the national debt continues to rise. “The Chancellor should stop handing out massive tax giveaways to big businesses and the super-rich, and instead give our hard-pressed public sector workers a pay rise, so we can end the travesty in our country of nurses having to rely on food banks. “Only a Labour government will set out a serious plan for the public finances, with strategic investment underpinned by our fiscal credibility rule, to help build the high wage, high skill economy of the future for the many, not the few.”Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 10.55am BST 10:55 The rise in borrowing in June means chancellor Philip Hammond has less wriggle room for tax cuts or spending rises in his next budget. Howard Archer of EY Item Club says:“June’s shortfall highlights the fact that the public finances are still far from healthy. At the same time rising public dissatisfaction with austerity and the public sector pay cap is exerting pressure on the government to recalibrate fiscal policy in November’s Budget.However it currently looks more likely that there will be limited adjustments, rather than radical changes, to the fiscal approach.”Howard Archer (@HowardArcherUK) Bad news for Chancellor as #UK #public #finances see clear y/y deterioration in June; PSNBex comes in at £6.9bn vs £4.8bn in June 2016.July 21, 2017 Updated at 11.02am BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 10.39am BST 10:39 UK public finances, what the experts say The jump in Britain’s borrowing last month shows that the public finances have deteriorated, according to John Hawksworth, PwC chief economist. But he’s hopeful that Britain could still hit its deficit targets, as last year’s borrowings have been revised down.Hawksworth says:“June saw a modest deterioration in public finances, with borrowing around £2 billion higher than a year earlier. This followed two months in which the deficit was almost identical to the year before. The general pattern is consistent with the OBR’s March forecast that we might see some increase in the budget deficit this financial year, as the economy slows and some one-off favourable factors from last year unwind.“Nonetheless, the deficit may still come in below the OBR’s £58 billion forecast for 2017/18, given that the deficit in 2016/17 is now estimated to be £5.5 billion less than the OBR projected in March. So the increases in borrowing we are now seeing are from a lower base.Sam Tombs of Pantheon Economics fears that the public finances show that UK growth was weak in the last three months (leading to less tax being taken).Samuel Tombs (@samueltombs) June''s UK public finances show growth in tax receipts has remained below 2016''s rate, consistent with GDP growth having remained weak in Q2: pic.twitter.com/jrQLQm6Tty July 21, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 10.36am BST 10:36 Sign up to our email Guardian Business has launched a daily email. Besides the key news headlines that you’d expect, there’s an at-a-glance agenda of the day’s main events, insightful opinion pieces and a quality feature to sink your teeth into each day. For your morning shot of financial news, sign up here: Business Today: sign up for a morning shot of financial news Read more Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 10.24am BST 10:24 Today’s public finances also show that corporation tax receipts fell by £200m in June (year-on-year), helping to push the deficit up. VAT, income tax and stamp duty receipts rose, though:Contributions to public sector net borrowing (excluding public sector banks) by sub-sector in June 2017, compared with June 2016 Photograph: ONS Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 10.19am BST 10:19 The UK government has responded to the public finances, by admitting that Britain’s national debt is too high. A Treasury spokesman says:‘Today’s release shows that our national debt, at £65,000 for every household, is still too high and leaves us vulnerable to any future shocks. That is why we have a credible fiscal plan to get debt falling and deliver the sound public finances needed for a stronger economy and higher living standards.”The government’s current plan is to eliminate the deficit by midway through the next decade ( around 10 years later than former chancellor George Osborne once promised.... )Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 10.07am BST 10:07 Inflation and EU contributions pushed deficit up Digging into today’s disappointing public finances , you can see that the spike in inflation has pushed Britain’s borrowing up.That’s because the UK has issued index-linked bonds, whose interest payments are linked to the retail prices index. RPI was 3.5% in June, up from 1.6% a year ago, which has driven up the cost of servicing Britain’s national debt.As this chart shows, Britain’s interest payments jumped by £1.2bn in June, from £3.7bn to £4.9bn.Contributions to public sector net borrowing (excluding public sector banks) by sub-sector in June 2017, compared with June 2016 Photograph: ONS This chart also shows that Britain’s payments to the EU jumped by £700m in June.The ONS says:In June 2017, the UK paid £1,249 million to the EU budget through GNI and VAT based contributions, which are made net of the UK rebate. This payment consisted of our standard monthly VAT and GNI based contribution of £991 million, along with a £258 million payment adjustment covering earlier years, which will be subject to a further UK rebate.Shaun Richards (@notayesmansecon) The higher UK fiscal deficit in June was due to higher debt interest ( RPI based) and a higher EU contribution #BoE #GDP July 21, 2017 Updated at 10.10am BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 9.47am BST 09:47 The public finances report also shows that Britain is on track to borrow more this financial year than in 2016-17.As you can see, borrowing is already up compared with a year earlier:Photograph: ONS Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1 of 2 Newest Newer Older Oldest Topics Business Business live Economics Currencies European Central Bank European monetary union Public finance'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/live/2017/jul/21/euro-two-year-high-city-uk-public-finances-pound-ftse-business-live'|'2017-07-21T15:03:00.000+03:00'
'df23387037b20c673758970582e87a2518e24cf8'|'An action plan for Uber’s next chief executive'|'IT IS said that Travis Kalanick, who resigned as Uber’s boss last month, has been reading Shakespeare’s “Henry V”. Prince Hal’s transformation, from wastrel prince to sober monarch, is doubtless one he would like to emulate. But as a guide to the ride-hailing firm’s financial dilemma, “Macbeth” is the best play. This line especially resonates: “I am in blood stepp’d in so far that, should I wade no more, returning were as tedious as go o’er.”Uber has bled money for years in an attempt to become the absolute ruler of its industry. Once Mr Kalanick’s replacement is found, voices will whisper that the firm, like Macbeth himself, is in too deep to alter course. But the new boss must change Uber from a company that sacrifices anything for its ambitions, to one which has a realistic valuation and uses resources efficiently. 19 Its product is elegantly simple. Uber makes a market between drivers and passengers and takes a cut of about a fifth of the fare. The more people use its service, the better it functions, with lower waiting periods for passengers, and better use of drivers’ time. Some 55m people in 574 cities use it every month. Underlying sales were $4bn in 2016, over double what they were the year before (all figures exclude Uber’s Chinese arm, which it sold to a local rival, Didi Chuxing, last year). Uber’s main trouble is high expectations. Its supporters think it will become the next Alphabet or Facebook. At its last funding round in 2016 (it is private), investors valued it at a whopping $68bn.But the next boss will have to deal with an income statement that is scarier than the Thane of Cawdor. Underlying pre-tax losses were $3bn-3.5bn last year and about $800m in the most recent quarter. Some $1bn-2bn of last year’s red ink was because of subsidies that Uber paid to drivers and passengers to draw them to its platform. At least another $1bn went on overheads and on developing driverless cars; money is also being splashed on a new food-delivery venture and a plan to build flying cars.To put its 2016 loss in perspective, that number was larger than the cumulative loss made by Silicon Valley’s least profit-conscious big company—Amazon—in 1995-2002. Measured by sales, Uber is the world’s 1,158th-biggest firm. Judged by cash losses, it ranks in the top 20. It is now eight years old, but still probably years away from being stable enough to make an initial public offering of shares. In contrast, Amazon went public at the age of three, Alphabet at six and Facebook at eight.Investors rationalise its valuation by assuming that in the long run it will be highly profitable, with a dominant share of a large market. In 2014 Bill Gurley, a well-known tech investor who was then an Uber director, estimated that the pool of consumer spending that it could try and capture might be over $1trn, with ride-hailing and ride-sharing replacing car ownership. Today many Silicon Valley types think that estimate is too conservative.But a discounted cashflow model gives a sense of the leap of faith that Uber’s valuation requires. After adjusting for its net cash of $5bn and for its stake in Didi, worth $6bn, you have to believe that its sales will increase tenfold by 2026. Operating margins would have to rise to 25%, from about -80% today.That is a huge stretch. Admittedly, Amazon and Alphabet, two of history’s most successful firms, both grew their sales at least that quickly in the decade after they reached Uber’s level, and Facebook is likely to as well. But over the same periods these firms’ operating margins show an total average rise of only one percentage point. Put simply, Uber finds it desperately hard to make money. It is not clear that it breaks even reliably across the group of cities where it has been active for longest.So the new chief executive will have to deliver a bleak message; that ride-hailing is locked in a vicious circle. Low prices and high subsidies lead to losses, so firms must raise capital continually, requiring them to exhibit rising valuations. To justify these they must frequently enter new cities and dream up new products. Even more speculative capital is then drawn in by the paper gains seemingly on offer. In the past year, ten of Uber’s competitors, such as Lyft in America and Grab in South-East Asia, have together raised or are raising, roughly $11bn. That will be used to finance still more price wars to win market share.Double, double toil and troubleUber is on course to use up its existing cash and credit lines in three years. Its next boss must break the cycle before then by cutting subsidies and talking down its valuation. It could lose market share and may need to exit scores of cities. On July 13th it said that it will merge its operations in Russia with a competitor. Similar deals need to follow. Although Uber should continue to invest in driverless cars, some of its more experimental “moon shot” projects will probably be for the chop. Its investors, including Goldman Sachs, Saudi Arabia’s government and Jay-Z, a rapper, could face paper losses. Staff paid in stock will be furious.Yet over time the aim should be a firm with a lower market share of a more stable industry. Successful, dominant firms, such as Google and AT&T, don’t seek absolute monopolies by killing off weaker rivals. They allow them enough space to plod on. That lowers the risk of antitrust problems and deters new entrants. By signalling that Uber’s valuation is too high its new boss would knock valuations across the ride-hailing industry and slow the flood of speculative capital—in the end, a good thing.Once the losses abate, the priority should be to create a more “capital light” model. Perhaps Uber could license its brand and technology to local partners in some markets. It could concentrate subsidies on customers who sign up to long-term contracts. The biggest impediment may be Mr Kalanick. With allies, he still controls a significant share, probably a majority, of the company’s voting rights. Anyone taking on tech’s toughest job must have the inner steel to confront him. They should remember another Quote: from the bard; “I must be cruel only to be kind.” Business "Reinventing Uber"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725301-ride-hailing-firm-needs-rescuing-vicious-cycle-action-plan-ubers-next-chief?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'3177bcc8363f90220f80f4490afb5172199032c6'|'WTO better for solving U.S. trade spats than NAFTA tool - Mexico minister'|'July 21, 2017 / 3:56 AM / in 23 minutes WTO better for solving U.S. trade spats than NAFTA tool - Mexico minister Reuters Staff 2 Min Read Mexico''s Economy Minister Ildefonso Guajardo gestures during an event organised by Americas Society/Council of the Americas at National Palace in Mexico City, Mexico, May 23, 2017. Ginnette Riquelme MEXICO CITY (Reuters) - Mexico''s economy minister said on Thursday the World Trade Organization (WTO) has been more effective in resolving U.S. trade disputes than the so-called Chapter 19 mechanism, which the United States hopes to ditch as part of NAFTA talks. The United States on Monday released its goals for the talks, which aim to update the North American Free Trade Agreement that came into force in 1994. These included a desire to ditch the Chapter 19 dispute settlement mechanism that has hindered the United States from pursuing anti-dumping and anti-subsidy cases against Mexican and Canadian firms. Canada has subsequently said it believes the mechanism must be kept as part of the NAFTA update. Asked in a television interview on Thursday whether Mexico would be willing to agree to scrapping Chapter 19, Ildefonso Guajardo did not directly answer the question. However, he said: "The majority of recent controversies (with the United States) ... we have won them all in the WTO, which has been for us, a much more efficient mechanism than Chapter 19 of NAFTA." Under Chapter 19, which Canada insisted be in NAFTA, binational panels hear complaints about illegal subsidies and dumping and then issue binding decisions. The United States has frequently lost such cases. Reporting by Gabriel Stargardter and Sharay Angulo; Editing by Robert Birsel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trade-mexico-idUKKBN1A60A4'|'2017-07-21T06:56:00.000+03:00'
'fcd90a134af637fb507075a8eb71962429f9f2a1'|'Blackstone, CVC make $3.7 billion bid for payments firm Paysafe'|'July 21, 2017 / 6:27 AM / 2 hours ago Private equity bid for Paysafe stokes payments M&A boom Esha Vaish and Simon Jessop 5 Min Read FILE PHOTO: A customer pays with a contactless credit card at a store in Paris, France, April 11, 2016. Philippe Wojazer/File Photo (Reuters) - Private equity firms Blackstone ( BX.N ) and CVC Capital Partners [CVC.UL] joined a rush to snap up payments companies on Friday with a 2.9 billion pound bid for Paysafe Group. Britain''s Paysafe ( PAYS.L ), which offers pre-paid cashcards and online wallets, said separately it was also planning to buy Merchants'' Choice Payments Solutions for $470 million, strengthening its presence in the United States. Payments companies have become sought-after targets as more shoppers switch from cash to paying for purchases by smartphone or other mobile devices and a series of deals has driven share prices in the sector higher in recent weeks. Mastercard made the first move last year by buying Britain''s Vocalink and deals have picked up in recent weeks. Danish payment services firm Nets A/S ( NETS.CO ) said in early July that it had been approached by potential buyers, while days later U.S. credit card processor Vantiv ( VNTV.N ) agreed to buy Britain''s Worldpay ( WPG.L ) for 7.7 billion pounds to expand outside the United States. That has been followed by a 1.5 billion euro bid on Thursday for Stockholm-based Bambora by France''s Ingenico ( INGC.PA ), and, on Friday, news that private equity firm Permira had bought a stake in Sweden''s Klarna. Previous Experience Paysafe said it had been approached in early May, when its shares were trading at about 450 pence, banking sources said. Shares in Paysafe were up 7.4 percent to 582.5 pence a share at 0955 GMT, leading the gainers in Britain''s mid-cap index but slightly below the 590 pence per share proposed offer price. If successful, the private equity bid would mark a return to the payments sector for CVC. It previously owned Skrill, a payments company which was bought by Optimal Payments, the AIM-listed forerunner to Paysafe. "CVC knows the space extremely well," said a banking source, adding Paysafe had a "very positive" outlook with some strong growth fundamentals given the drive to go cashless. The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. Brendan McDermid "And that''s the reason why they (CVC) are interested. They know the actors, they like the dynamics around the sector, which is underpinned by growth." CVC and Blackstone have until Aug. 18 to make a formal offer. Lazard are lead advisors to Paysafe, while Credit Suisse is working with CVC. Old Mutual on Board Paysafe said that after turning down a number of indicative proposals, it had granted the bidders due diligence access on the basis of the 590 pence per share proposal. The deal is conditional on the buyers being able to sell off Paysafe''s Asia Gateway business, with a buyer already lined up, although no further details were given. A source with knowledge of the situation said Blackstone and CVC''s experience of a partnership in British group Merlin Entertainments ( MERL.L ) made them a good fit. And a source familiar with CVC''s thinking said that Paysafe was potentially a good buy given its current valuation and the consortium''s ability to add further value. UBS analyst David Mulholland said the deal value implied a valuation of 14 times Paysafe''s estimated 2018 price-to-earnings ratio and 10.4 times enterprise value to earnings before interest, tax, depreciation and amortisation. Old Mutual Global Investors, Paysafe''s largest shareholder with a stake of about 10.3 percent in the group, has signed a non-binding letter of support for the possible offer. Paysafe said its deal for Delta Card Service Inc, the holding company for Houston-based Merchants'' Choice Payment Solutions ("MCPS"), will see Paysafe add around 60,000 clients across 50 states and over $14 billion in sales volume annually. The cash deal will be part-funded by $380 million in bank loans and $90 million from existing cash funds, it added. "We would initially highlight that on first impressions the acquisition appears to make sense, (but) is not a particularly high multiple in the context of payments," UBS''s Mulholland said in a note to clients, flagging a ''buy'' rating. Reporting by Esha Vaish in Bengaluru and Simon Jessop in London; editing by Keith Weir and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-paysafe-group-m-a-idUKKBN1A60HD'|'2017-07-21T09:26:00.000+03:00'
'09f9403bcccefff24d7900470b0ee1dfce13d5c1'|'Lloyds bank makes offers on compensation for fraud after delay'|'July 21, 2017 / 7:40 AM / in 5 hours Lloyds bank makes offers on compensation for fraud after delay Reuters Staff 2 Min Read People walk past a branch of Lloyds Bank on Oxford Street in London, Britain July 28, 2016. Peter Nicholls/File Photo LONDON (Reuters) - Lloyds Banking Group ( LLOY.L ) said it on Friday it was close to making compensation offers to 30 of the 67 customers impacted by one of Britain''s biggest banking frauds after criticism about the pace of redress. Britain''s biggest mortgage lender missed a self-imposed deadline of the end of June for making offers to most victims of the fraud and has said it was disappointed that the process was taking so long. Two former bankers with Lloyds'' HBOS unit in the English town of Reading were among those jailed for their involvement in the scam, which affected 67 people including Noel Edmonds, a TV presenter and former disc jockey. Lloyds said in a statement it has made offers to 16 customers and is in the final stages of assessment to make 14 more, although only 5 offers have been accepted. "We are continuing to make progress in getting offers to victims of the HBOS Reading fraud," said Adrian White, Lloyds'' chief operating officer for commercial banking. Lloyds announced the deadline for its 100 million-pound ($130 million) compensation scheme in April after six people were jailed in February for a scam that involved siphoning money from struggling businesses. Victims of the fraud have accused the bank of dragging out the compensation process and underestimating the final amount it will have to pay. The jailed bankers pushed struggling business owners to employ a costly turnaround consultancy as a condition for receiving loans and, in some cases, hand over ownership. Reporting By Andrew MacAskill; Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lloyds-hbos-fraud-idUKKBN1A60OS'|'2017-07-21T10:39:00.000+03:00'
'80ee2f9bb5eafb8596ae67b8715f6e1c8c01cb5e'|'UPDATE 1-Canadian oil producer Encana posts quarterly profit'|'July 21, 2017 / 10:35 AM / 5 minutes ago UPDATE 1-Canadian oil producer Encana posts quarterly profit 2 Min Read (Adds details, background) July 21 (Reuters) - Canadian oil and gas producer Encana Corp on Friday posted a quarterly profit compared with a loss a year earlier, when it took impairment and hedging charges of about $641 million. Encana has benefited from downsizing its operations to focus on four core North American assets: the Montney and Duvernay in western Canada, and the Eagle Ford and Permian in the United States. Oil prices began to rise late last year after a two-year slump, now hovering around $50 per barrel, as an OPEC-led production cut and rebounding demand slowly erode a global glut. The Calgary-based company posted net earnings of $331 million, or 34 cents per share, in the second quarter ended June 30, compared with a loss of $601 million, or 71 cents per share, a year earlier. Operating earnings, which exclude most one-time items, doubled to $180 million in the quarter. However, total oil and gas production fell to 316,000 barrels of oil equivalent per day (boe/d) from 368,300 boe/d a year earlier. (Reporting by Anirban Paul in Bengaluru; Editing by Martina D''Couto) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/encana-results-idUSL3N1KC3H1'|'2017-07-21T13:33:00.000+03:00'
'edf286775d4d5d548fcb944a3c56e93f85b94231'|'Chinese courier ZTO sued for ''untrue statements'' in $1.4 billion U.S. IPO'|'Edition United States July 21, 2017 / 3:46 AM / in an hour Chinese courier ZTO sued for ''untrue statements'' in $1.4 billion U.S. IPO Reuters Staff 4 Min Read A logo of ZTO Express is seen at their branch in Beijing, China October 27, 2016. Jason Lee SHANGHAI (Reuters) - Chinese courier ZTO Express ( ZTO.N ) and the underwriters of its New York stock market listing have been sued by a U.S. pension fund that alleges the firm exaggerated its profit margins to lure investors into its $1.4 billion initial public offering. Morgan Stanley ( MS.N ) and Goldman Sachs Group Inc ( GS.N ), which spearheaded ZTO''s IPO, are named in the class-action suit filed in Alabama state court by the city of Birmingham''s pension fund which says that they failed to do adequate due diligence. ZTO''s listing was the largest U.S. listing in 2016 and was the biggest by a Chinese company since the $25 billion IPO of e-commerce giant Alibaba Group Holding Ltd ( BABA.N ) in 2014. Shares in Shanghai-based ZTO closed on Thursday at $15.68, about 20 percent below its IPO price of $19.50. "We believe the claims are without merit and intend to defend ourselves vigorously," a ZTO spokeswoman said in an e-mail to Reuters on Friday. In the lawsuit dated May 16, the Birmingham Retirement and Relief System said ZTO had issued "untrue statements" and omitted "crucial realities" in its registration statement. It also said ZTO inflated profit margins by keeping certain low-margin segments of its business out of its financial statements. "ZTO used a system of ''network partners'' to handle lower-margin pickup and delivery services, while maintaining ownership of core hub operations. By keeping the ''network partners'' businesses off its own books, the company was able to exaggerate its profit margins to investors," it said. Morgan Stanley declined to comment. Goldman did not immediately respond to Reuters'' requests for comment. In ZTO''s pre-IPO filings to the stock exchange it said it had achieved operating profit margins of 15.4 percent and 25.1 percent in 2014 and 2015, respectively. In unaudited results for the quarter ended March published on May 17, ZTO posted a 48 percent jump in net income from a year ago and a 34 percent spike in revenue. The lawsuit also names the ZTO IPO''s smaller underwriters China Renaissance Securities, Citigroup ( C.N ), Credit Suisse ( CSGN.S ) and J.P. Morgan ( JPM.N ). All the underwriters declined comment. Individual defendants, including ZTO''s chief executive officer and chief financial officer, were also named. The lawsuit against ZTO comes at a time when Alibaba-backed Chinese logistics company, Best Inc, is preparing to raise up to $750 million from an IPO in the United States. Reuters was not immediately able to reach Greg L. Davis, the lawyer who filed the lawsuit on behalf of the city of Birmingham pension fund, for comment outside usual office hours. According to an annual financial report published on the city of Birmingham website, the Birmingham Retirement and Relief System had assets of $1.05 billion at the end of June 2015. The case is City of Birmingham Retirement and Relief System v. ZTO Express (Cayman) Inc., 01-cv-2017-902004.00, Circuit Court of Jefferson County, Alabama (Birmingham). Reporting by Brenda Goh in SHANGHAI; Additional reporting by Julie Zhu and Elzio Barreto in HONG KONG; Editing by Clarence Fernandez and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-zto-ipo-lawsuit-idUKKBN1A609Z'|'2017-07-21T06:44:00.000+03:00'
'7ba2653f100d718ebdc039ca4a930c43f1a4f99a'|'Banks hope to keep staff in London if soft Brexit deal struck'|'July 20, 2017 / 2:22 PM / 2 hours ago Banks hope to keep staff in London if soft Brexit deal struck Anjuli Davies and Andrew MacAskill 5 Min Read A view of the Canary Wharf business district with the Shard building (R) is seen in London, Britain July 7, 2017. John Sibley LONDON (Reuters) - Banks which are shifting operations to avoid disruption once Britain leaves the European Union hope only a handful of people will eventually have to leave London, industry sources say. Wall Street''s Citigroup Inc. ( C.N ) and Morgan Stanley ( MS.N ) as well as Britain''s Barclays ( BARC.L ) have all in the last week indicated they are finalizing plans to set up subsidiaries within the EU. Along with other banks, they are planning for a worst-case scenario as they say they do not have time to wait to see how Britain''s talks with Brussels unfold. They are focused on ensuring they have the right legal and operational framework to do business in the EU if Britain fails to negotiate a favorable exit deal, banking executives say. But they are holding off on implementing plans to move a significant number of people, cautious that some of their contingency plans may never need to be enacted. A senior executive at one British bank told Reuters he was reluctantly spending a few hundred million pounds building a new EU base as cheaply and quickly as possible. "It''s an insurance policy. I just have to figure out what the cheapest insurance policy is ... in a perfect world, we will just tear it up," he said. The timetable for setting up EU bases and operations is tight because it could take longer than eighteen months to arrange office space, obtain licenses and build up capital. Related Coverage Factbox: Impact on banks from Britain''s vote to leave the EU And although Bank of England Governor Mark Carney asked them to show by July 14 how they can avoid clients being cut off after Brexit, banks are treading carefully, enacting two-stage contingency plans, to avoid losing nervous London-based staff and potentially unnecessary expenses. The first phase involves moving relatively small numbers to make sure the licenses, technology and infrastructure are in place, while the next requires longer term thinking on what their European business will look like in the future. If an exit deal is signed that allows, for example, euro-denominated trades to be booked at subsidiaries in the EU but executed from London, then the number of people who move in total could be fairly low. "All banks will start from where they have the entity. It may not be where they end up. This has a 2nd or 3rd or 4th phase but you have to be ready by March 2019," another senior banking source at an international bank said. Reversible Moves The largest global banks in London had indicated about 9,600 jobs could go to the continent in the next two years, public statements and information from sources shows, accounting for just over 2 percent of finance jobs in the City of London. JP Morgan ( JPM.N ) CEO Jamie Dimon said before the Brexit vote last year that his bank alone might move as many as 4000 jobs if Britain left the EU, but so far banks have indicated only a fraction of that number are likely to go. Citigroup executive Jim Cowles said in a memo to staff on Thursday that the bank may need to create around 150 jobs in the EU as a result of Brexit, but that was only in "certain circumstances" and depended on the outcome or timing of talks. Sources at several large investment banks in London say no staff have as yet been moved, while some financial firms are contemplating how they can reverse any such decisions. The "point of no return" is sooner the larger and more complex the institution, while customer and staff transfers are also key, Rachel Kent, partner at law firm Hogan Lovells, said. "Some firms I''ve spoken to have explicitly said if there is a (favorable) deal they would reverse that," Kent added. One such example is Lloyd''s of London, the world''s largest specialty insurance market, which said in March that it had chosen Brussels as its EU subsidiary. But Lloyd''s, which declined to comment, could reverse any changes should a "good" Brexit deal be struck, a source familiar with the matter said. And Andrew Bailey, chief executive of the UK''s Financial Conduct Authority told Reuters in July that Britain and the EU are in a position to preserve free trade for financial services, meaning such moves need not happen. However, Bob Jenkins, who served on the Bank of England''s Financial Policy Committee, warned many banks are using the threat or promise of moving to wrangle tax and rule changes. "They will play this for all its worth," Jenkins said. Editing by Alexander Smith '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-finance-industry-idUSKBN1A51UR'|'2017-07-20T17:10:00.000+03:00'
'ae334a72d2385f44f7c2b64cfd06233a912a6fb1'|'Bunge lays out case for independence in restructuring'|'July 20, 2017 / 8:47 PM / 3 minutes ago Bunge lays out case for independence in restructuring Mark Weinraub 3 Min Read CHICAGO (Reuters) - Global grain trader Bunge Ltd.''s cost cutting and restructuring plans could buy it time in the face of a takeover bid from a larger rival as it struggles to stay independent during a slump in the commodities market, analysts said. The moves seek to reduce overhead costs by $250 million by the end of 2019. They were designed to withstand the three-year downturn in commodities that has crushed profits at companies that buy, sell and process grains and oilseeds. "We believe that management wanted to assure investors that the company does not need to be acquired, that it can deliver these savings that might have been synergies," said Ann Duignan, analyst at J.P. Morgan. "Also, it can deliver them on its own and increase returns to shareholders without needing to be acquired. I believe that this plan buys management time." Bunge, the smallest of the listed global grains traders, rebuffed a takeover bid from Glencore PLC in May. In its restructuring announcement, seen as a defense against both Glencore and activist investor Carlson Capital, Bunge also warned that its second quarter profit would fall below the low end of a range of analyst estimates. Certain segments of the grain industry were ripe for consolidation, Bunge Chief Executive Soren Schroder said. "The way we have gone about this over the last couple of years and continue to pursue is really by forming regional alliances with companies that can see the benefit of joining forces," he said on a conference call with analysts. "I think there are more opportunities like that that we can explore over time." Schroder reiterated that Bunge wanted to be a leader in such alliances and joint ventures. He declined to comment further on industry consolidation. Glencore declined to comment on the possibility of a fresh bid for Bunge. Bunge''s shares rose 89 cents, or 1.3 percent, to close at $79.58 on Thursday. During the session, they hit their highest since June 9. "They have announced this cost cutting in response to weak industry conditions," said Chris Johnson, lead agribusiness credit analyst at Standard & Poor''s. "From our point of view, this announcement is communicating to shareholders that they are still within guidance (on earnings) and, less directly, signaling they can still operate as a standalone entity." Additional reporting by Michael Hirtzer in Chicago and Lauren Hirsch in New York; Editing by David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bunge-restructuring-idUSKBN1A52S4'|'2017-07-20T23:36:00.000+03:00'
'cea525c1f5aafd4929853a6d8185b64b23eb0c2d'|'Why Financial Firms Want to Keep You Out of Court'|'When consumers sign up for a new credit card or checking account, often buried in the fine print of the contract is an arbitration clause. Invented by corporate lawyers, it typically requires consumers to resolve disputes privately through arbitration, not the courts, and bars them from joining together in so-called class-action lawsuits when they feel they’ve been wronged. Over the last decade, these clauses have seeped into millions of financial contracts, according to the Consumer Financial Protection Bureau. The bureau found the clauses were harmful to consumers and on July 10 issued a regulation restricting their use. It’s not clear how long the rule -- reviled by banks and other financial companies, yet loved by consumer advocates -- will stick under President Donald Trump and a Republican-controlled Congress, who hold the consumer bureau in low esteem .1. Why do financial firms use mandatory arbitration? They believe it avoids costly, unnecessary lawsuits. Banks and other financial companies say arbitration is faster and cheaper for the public than litigation, and a more appropriate venue than courts to resolve disputes over issues that frequently don’t involve huge sums of money for individual consumers. The finance industry also says that much of the damages won through lawsuits just go to trial lawyers. And companies argue that litigation isn’t needed when regulators are empowered to fine firms for conduct that hurts large groups of consumers.2. Why do consumer groups hate it? Consumer advocates say mandatory arbitration prevents consumers from getting their day in court and lets banks and other companies cheat customers without being held accountable. A common complaint: Not only do banks avoid big jury awards, but allowing them to pay a small amount in private to resolve grievances means lenders have no incentive to change their bad behavior. Consumer advocates point to the Wells Fargo & Co. bogus account scandal in 2016, when bank employees opened millions of deposit and credit-card accounts in customers’ names without their permission. When victims tried to sue, arbitration clauses in legitimately opened accounts prevented them from joining together to challenge Wells Fargo. The bank, however, settled lawsuits over the fake accounts for $142 million.3. How does arbitration work, anyway? Let’s say a consumer believes her bank charged a fee she thinks is unfair. Instead of suing the bank and arguing her case in court, she is referred to an individual or panel appointed to resolve the issue behind closed doors. The bank-drafted contract between the lender and the consumer often specifies who gets to choose the arbitrator, according to the CFPB. Usually only the parties involved are privy to the decision, and the process of reaching a resolution can go faster than litigation.4. What would the rule actually achieve? It doesn’t block arbitration outright but prohibits banks and other financial companies from including clauses that block class actions. Banks will have to alter their contracts with consumers by March 2018, unless the rule is overturned or delayed.5. Can it be stopped? It’s possible. Republicans in Congress, led by Senate Banking Committee Chairman Mike Crapo and House Financial Services Chairman Jeb Hensarling, have started the process of using an obscure law called the Congressional Review Act to halt the rule. Under the act, lawmakers have 60 legislative days to overturn the bureau’s decision. If successful, the consumer bureau will be prohibited from taking up arbitration regulation again. Separately, the acting comptroller of the currency, Keith Noreika, has taken steps to delay the rule through a petition to the Financial Stability Oversight Council -- a panel of regulators led by the Treasury secretary -- which can set aside a rule if there’s evidence it puts the financial system’s overall safety at risk. It’s also likely that industry groups will sue to overturn the rule.6. Is this regulatory overreach -- or needed reform? The consumer agency points out that the 2010 Dodd-Frank financial reform law directed it to study the issue. Republicans in Congress and the U.S. Chamber of Commerce, among other industry groups, say the agency is overstepping its authority and that its study is flawed. The issue gets to the heart of a decades-long U.S. debate, in which businesses complain that the U.S. is an overly litigious country and consumer groups insist that the threat of a big legal settlement is the best way to protect consumers from abuses.The Reference Shelf The Consumer Financial Protection Bureau’s final rule and other materials on mandatory arbitration. The bureau had lots of Republican critics even before the arbitration rule. The CFPB’s report to Congress on its study , which led to the rule. A U.S. Chamber of Commerce report on the consumer bureau’s study. A Consumer Reports article on mandatory arbitration clauses.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-21/why-financial-firms-want-to-keep-you-out-of-court-quicktake-q-a'|'2017-07-21T07:00:00.000+03:00'
'dc3c8e6eb66d18e5e990c971605beddfc871b765'|'EU antitrust regulators say probing possible German car cartel'|'July 22, 2017 / 1:59 PM / an hour ago EU antitrust regulators say probing possible German car cartel 2 Min Read FILE PHOTO - A Volkswagen logo is pictured near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo BRUSSELS (Reuters) - EU antitrust regulators are investigating allegations of a cartel among a group of German carmakers, the European Commission said on Saturday, a measure that could result in hefty fines for the companies. The Commission and its German counterpart were tipped off about the possible cartel, the EU competition authority said. "The European Commission and the Bundeskartellamt have received information on this matter, which is currently being assessed by the Commission. It is premature at this stage to speculate further," the EU executive said, without giving more details. German magazine Der Spiegel reported on Friday that VW, BMW, Audi, Porsche may have colluded to fix the prices of diesel emissions treatment systems using industry committees. Sixty industry committees made up of about 200 employees discussed vehicle development, brakes, petrol and diesel engines, clutches and transmissions as well as exhaust treatment systems, Der Spiegel reported, citing a letter sent to cartel authorities. It said Volkswagen admitted to possible anti-competitive behaviour in a letter to cartel authorities on July 4. Volkswagen and Daimler declined to comment on Friday and BMW was not available to comment. Companies found guilty of breaching EU cartel rules face fines of as much as 10 percent of their global turnover. The car industry has been hit with billion-euro fines on both sides of the Atlantic in recent years for cartels related to various parts such as lighting systems, engine coolers and bearings. Editing by Helen Popper '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eu-autos-cartel-idINKBN1A70EU'|'2017-07-22T16:59:00.000+03:00'
'dcf50e5d9f6b37d0658b3be98c49e732e30a95e6'|'An overhaul of Brazilian labour law should spur job creation'|'IN THE litany of bosses’ gripes about Brazil’s inclement business climate, rigid labour laws vie for pride of place with its convoluted tax laws and its licensing rules (on everything from health and safety to protection of cultural heritage). No wonder: Brazil ranks a miserable 117th out of 138 countries on labour-market efficiency, according to the World Economic Forum. Its rigid labour law was transplanted from Benito Mussolini’s Italy in 1943. Employers find it thoroughly unsuited to a modern economy and cheered on July 13th, when the president, Michel Temer, signed into law the biggest overhaul of the unwieldy statute in 50 years.The reform is a big victory for the unpopular Mr Temer, who is under investigation in a corruption scandal (he denies wrongdoing). It introduces more flexible working hours, eases restrictions on part-time work, relaxes how workers can divvy up their holidays and cuts the statutory lunch hour to 30 minutes. It also scraps dues that all employees must pay to their company’s designated union, regardless of whether or not they are members. Just as important, collective agreements between employers and workers will overrule many of the labour code’s provisions. 18 Once the new rules take effect in four months’ time, they will be valid for existing employment contracts, not just new ones. Mr Temer hopes they will dent Brazil’s unemployment rate, stuck above 13% after a three-year recession.Bosses are ecstatic about the changes. The National Confederation of Industry said that the reform represents “longed-for progress”. Banco Santander, a Spanish-owned bank, said it reckons the reform could eventually lead to the creation of 2.3m new jobs.Small firms also have much to gain. The new rules “formalise what we now do informally”, enthuses a São Paulo caterer. The “bank” of actual hours worked by her cooks and waiters, necessary in a business where inflexible nine-to-five contracts make little sense, will now be legal. An executive at a European multinational says that an unofficial spreadsheet that keeps track of his employees’ real time off, which he confesses to maintaining alongside an official tally of employees’ annual 30 vacation days, can also be consigned to the dustbin. (The old law said that leave had to be split into at most two segments, with one holiday lasting at least 20 days.)Such ruses have been common in Brazilian workplaces, but are risky. Employees who leave or are laid off regularly sue employers over the slightest of transgressions of the labour code, spurred on by litigious lawyers. Last year Brazil’s labour courts heard nearly 4m cases (see chart), mostly brought by aggrieved workers. Fines levied on firms totalled 24bn reais ($7bn).The reform ought to reduce such legal risks, which can afflict firms whether they observe the rules or not. Gabriel Margulies, whose company, UnderMe, produces 50,000 pairs of undergarments a month, says he will at last be able to grant requests to staff who would prefer, say, to go home early in exchange for a shorter lunch break. Until now he has declined for fear of losing in court. That has not stopped former employees from suing in the hope that Brazil’s famously worker-friendly judges side with them. Even unsuccessful suits are an unwelcome distraction from running a business, Mr Margulies laments.Maurício Guidi of Pinheiro Neto, a firm of lawyers, observes that the reform might even change this confrontational workplace culture into a more consensual one. But it remains to be seen how the labour unions will react, notes Marcelo Silva, vice-chairman of Magazine Luiza, a big retailer. The main union confederations have condemned the reform. They fume about the loss of revenue from dues. To placate them, Mr Temer has hinted he may amend the reform by decree, which is subject to a simple up-or-down vote in Congress, in order to phase out the obligatory dues gradually (and possibly water down some other provisions). But he cannot go too far. The only way for the scandal-hit president to keep his job may be to help some of his 13.8m unemployed compatriots find work. Business "Bye-bye, Benito"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725321-michel-temers-reform-has-teeth-overhaul-brazilian-labour-law-should-spur-job-creation?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'759197fefb53854fe49345114d9dc89a2b86c8e1'|'Canada, Mexico urge quick NAFTA talks to end uncertainty'|'July 20, 2017 / 4:58 PM / 20 minutes ago Canada, Mexico urge quick NAFTA talks to end uncertainty Lesley Wroughton and David Ljunggren 4 Min Read FILE PHOTO - A car hauler heading for Detroit, Michigan, drives on the lane to Ambassador Bridge in Windsor, Ontario, Canada on April 28, 2017. Rebecca Cook/File Photo WASHINGTON/OTTAWA (Reuters) - Top Canadian and Mexican diplomats expressed optimism on Thursday that a NAFTA deal could be reached early next year and cautioned that widespread uncertainty over the future of the three-way trade agreement had slowed business investment. Mexican sources say the plan is to hold seven rounds of talks at three-week intervals, a schedule that trade experts warned was aggressive and not easily attainable. Mexico''s ambassador to the United States, Geronimo Gutierrez, said his country wanted to get the negotiations over before a presidential election campaign ramps up next year. Gutierrez said no country would want trade discussions during a campaign. "That is not wise ... because it becomes a Christmas tree, everybody wants to hang something onto the Christmas tree," he told an audience at the Washington International Trade Association conference. U.S. officials say there is growing concern within the administration, business community, and among U.S. lawmakers that the policies of President Donald Trump could embolden anti-U.S. populist Andres Manuel Lopez Obrador. The Trump administration released its objectives for the talks on Monday. The first round will start on Aug. 16. Gutierrez said there was still a possibility that Trump could back out of the talks. "In all honesty, I can''t say that risk has been completely dismissed," he said, "No one would sit down and negotiate under a strong threat that at any time he would pull out." FILE PHOTO - Trucks wait in a long queue for border customs control to cross into the U.S. at the Otay border crossing in Tijuana, Mexico, February 2, 2017. Jorge Duenes/File Photo Gutierrez said all three governments agreed that uncertainty over the future of the North American Free Trade Agreement had to be dealt with quickly. "Investment decisions throughout North America have been, to the best of my knowledge, postponed because of uncertainty," he said without elaborating. Still, the Philadelphia Federal Reserve said on Thursday its index of current business conditions in the mid-Atlantic region had fallen to a reading of 19.5 this month, the lowest since last November, from 27.6 in June. Mexican Ambassador to the United States Geronimo Gutierrez Fernandez speaks at a news conference at the Mexican Embassy in Washington March 9, 2017. Aaron P. Bernstein A gauge of future capital spending increased 13 points, with 43 percent of firms indicating they planned to boost spending over the next six month, it said. David MacNaughton, Canada''s ambassador to Washington, said while it would be a challenge to finish negotiations over just four months, it was possible. "I do genuinely think all three parties want to find a solution to this because (of) the uncertainty that has been created ... people defer making decisions," said. Canadian and Mexican officials met in Ottawa on Wednesday but spent little time on substance of the talks, given uncertainty over how much could be achieved by the end of 2017, said a well-placed source. "There''s a 99 percent chance the negotiations won''t be finished by then," said the source. The three nations will also require all those involved, including stakeholders and lobbyists, to sign non-disclosure agreements. A Canadian official said the move was designed to allow officials "to have frank conversations knowing it won''t be in the public domain two hours later". Reporting by Lesley Wroughton in Washington and David Ljunggren in Ottawa; Editing by James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-trade-nafta-ambassadors-idINKBN1A52B7'|'2017-07-21T00:31:00.000+03:00'
'6d408500f0db791ffa5fb8874cbafa9e6de778d0'|'Trump administration''s NAFTA demands make sense - Union Pacific CEO'|'July 20, 2017 / 7:10 PM / 44 minutes ago Trump administration''s NAFTA demands make sense - Union Pacific CEO Nick Carey 3 Min Read FILE PHOTO - Robert Lighthizer speaks after he was sworn as U.S. Trade Representative during a ceremony at the White House in Washington, U.S. on May 15, 2017. Kevin Lamarque/File Photo DETROIT (Reuters) - The list of priorities U.S. Trade Representative Robert Lighthizer released this week for the renegotiation of NAFTA with Mexico and Canada is reasonable and in line with what the Trump administration has promised to focus on, the head of America''s largest railroad said on Thursday. "It was a very reasonable document," Union Pacific Corp ( UNP.N ) Chief Executive Lance Fritz said in an interview about a list of priorities released this week by Lighthizer. "From our perspective, he (Lighthizer) hit all of the elements that we’ve heard from the administration and they make sense." Republican U.S. President Donald Trump has threatened to exit the North American Free Trade Agreement if it is not renegotiated in favour of the United States. Talks with Mexico and Canada on revisions to the treaty, which came into effect in 1994, are due to start in mid-August. The top priority for the talks listed by Lighthizer''s office was shrinking the U.S. trade deficit with Canada and Mexico. Union Pacific''s Fritz said that Lighthizer''s focus on intellectual property, labour laws and dispute resolution mechanisms all make sense. "What makes most sense to us is elements (of Lighthizer''s priorities) focusing on the streamlining of freight across the border," he added. About 40 percent of Union Pacific''s freight volume is based on international trade and about 12 percent is based on cross-border trade with Mexico. Fritz said that Mexico should continue to be a "good driver" for Union Pacific''s growth. The CEO spoke to Reuters after Union Pacific posted a better-than-expected second-quarter profit that was lifted in part by a 25-percent jump in coal revenue. Major U.S. railroads have seen a resurgence in coal volumes this year, following two years of precipitous declines as many utilities switched to burning cheaper natural gas and as unseasonable weather resulted in large stockpiles of unburned coal. Union Pacific said on Thursday that coal volumes in the third quarter should be relatively flat versus the same period in 2016. "We expect coal to be a bit more stable moving forward and that''s dependent on natural gas pricing and to some degree weather," Fritz said. "The large inventory overhang has largely been consumed and that''s the good news." Reporting By Nick Carey; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-union-pacific-nafta-idUKKBN1A52LD'|'2017-07-20T22:10:00.000+03:00'
'7c2e3bb21ed1d5ec66d7651f66a5cbee23d797d2'|'U.S. attempt to limit Wall Street bonuses fizzles out quietly'|'July 21, 2017 / 12:49 AM / 3 hours ago U.S. attempt to limit Wall Street bonuses fizzles out quietly Lisa Lambert 3 Min Read A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. Andrew Kelly (This July 20 story corrects name to National Association of Federally-Insured Credit Unions in paragraph ten) By Lisa Lambert WASHINGTON (Reuters) - The regulatory agenda released by the Trump administration on Thursday contained a signal that the U.S. government has halted its work on restricting Wall Street executives'' bonuses and other pay incentives. The 2010 Dodd-Frank Wall Street reform law called for federal banking and securities regulators to create limits on incentive-based compensation at big financial companies and prevent executives from receiving outsized rewards for overly risky gambles. Last year those regulators, many appointed by former President Barack Obama, a Democrat, rolled out a 500-page rule over many weeks that would require senior executives to return bonuses earned by making decisions that materially hurt their banks. But in the biannual White House agenda on regulation, the rule was listed under the heading "long-term action," instead of one denoting regulators were making progress toward a final version. In Washington-speak that meant the rule was dead. The move followed President Donald Trump''s campaign pledges to lighten federal regulations that hurt liquidity and strangled business. "They’re not even working on it," said Lisa Gilbert, who closely tracks Dodd-Frank implementation for the liberal-leaning public interest group Public Citizen. She added that the rule was labeled "pending" in previous agendas. By law it was supposed to be completed by 2011. Agencies working on the proposed rule declined to comment. Regulators neglected last year''s proposal, which addressed many concerns raised about a 2011 draft, even though Obama pushed them to finish it before he left office. "We kind of knew it was on the back-burner," said Alexander Monterrubio, director of regulatory affairs for the National Association of Federally-Insured Credit Unions trade group. "The unified agenda confirmed that thought." Each agency had a different view on regulating incentive-based compensation, making progress difficult, Monterrubio said. Congress wanted a way to hold top executives accountable after the 2007-09 financial crisis, when some banks experienced major losses partly due to risky decisions made by their leaders. The call for a rule was renewed when regulators rapped Wells Fargo & Co. for an incentive method that pushed employees to open thousands of phantom accounts in customers'' names. But it was politics that likely proved the rule''s downfall. Agencies give the White House lists of their regulatory priorities, which makes changes based on the president''s goals and then publishes what is called the "unified agenda." Monterrubio said of the rule: "It wasn’t going to happen under President Trump." Additional reporting by Pete Schroeder; editing by Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-regulation-banking-idUSKBN1A602B'|'2017-07-21T03:46:00.000+03:00'
'4e4bbba54bd7a9aa81b0bd1218e628432407d065'|'UK Stocks-Factors to watch on July 21'|'July 21 (Reuters) - Britain''s FTSE 100 index is seen opening 2 points higher at 7490 on Friday, according to financial bookmakers. * ANTOFAGASTA: Union-represented workers and management at Antofagasta''s Zaldivar copper mine failed to reach a wage deal on Thursday and agreed to extend government-mediated talks into next week, the union said. * TEN GROUP: Concierge service company Ten Group has appointed Jefferies to oversee a flotation on the junior AIM market, Sky News reported on Thursday. * BRITAIN BUSINESS: Britain''s Chambers of Commerce (BCC), an employers group, warned the government it needed to engage in "sustained and structured" discussions with business over Brexit and avoid an abrupt departure from the bloc. * BRITAIN IMMIGRATION: The British government should agree an implementation period for curbs to immigration from the European Union after Britain leaves the bloc to allow businesses time to adapt, a committee of lawmakers said in a report published on Friday. * OIL: Oil prices were little changed on Friday ahead of a key meeting of major oil producing nations next week, sitting below the $50 per barrel level that was briefly breached for the first time in 6 weeks in the previous session. * The UK blue chip index FTSE closed up 0.77 pct at 7487.87 points on Thursday, outperforming pan-European STOXX 600 as European shares dropped as a jump in the bloc''s currency following the European Central Bank''s policy meeting weighed on exporters. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Beazley Interim Earnings Release Capital & Counties Properties Half Year 2017 Earnings Release Acacia Mining PLC Half Year 2017 Earnings Release Vodafone Group PLC Q1 2018 Trading Statement Euromoney Institutional Investor Trading Statement Release Close Brothers Trading Statement Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1KC25P'|'2017-07-21T08:34:00.000+03:00'
'127497c01ec6c444059d9cbea8549d02a5b6407e'|'COLUMN-Global investors turn to stocks - canny bet or market top?: James Saft'|'July 21, 2017 / 9:30 PM / 10 hours ago Global investors turn to stocks - canny bet or market top?: James Saft James Saft 5 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. Brendan McDermid (Reuters) - (The opinions expressed here are those of the author, a columnist for Reuters) With equity indexes at all-time highs, global mutual fund and ETF investors may be choosing now as the time to reverse a long-running move into bonds and out of equities. That’s either in harmony with retail investors’ legendary ability to pick the top or a canny bet on global reflation. Since the great financial crisis the broad global trend has been for mutual and exchange-traded fund investors to load up on bonds while trimming equities. Globally, funds held in equities vehicles went from above 90 percent of the whole in 2007 to about 70 percent now. And while that figure for U.S. funds bottomed at about 60 percent in 2010 and is now at 67 percent, equity funds have suffered net outflows for the majority of the last few years, except for a spike in inflows after the 2016 U.S. election. This ''de-equitisation,'' driven partly by battle-scarred individuals and partly by a large move into long-term debt by pension funds seeking to hedge long-term obligations, has been expensive. Over the past five years, the S&P 500 has returned 13.4 percent per annum, against just 2.3 percent for 10-year Treasuries. But now, what started as a mild trend in the U.S. of upping equity exposure seems to be going global, perhaps as the last bears capitulate in the face of a low-volatility march higher in equity markets. There is also the fact that major central banks are signaling they may at last start to run down their own multi-trillion-dollar portfolios of bonds. “We find increasing evidence that the de-equitisation process, by which the weight of equity holdings in portfolios diminishes over time and is substituted by debt, has finally come to an end,” Alain Bokobza of Societe Generale wrote in a note to clients. “The main driver for re-equitisation could be gradually rising bond yields (Make reflation great again). Rising bond yields imply losses on existing bond portfolios (underweight bonds) and, when bond yields move higher, the risk budget of investors tends to increase (overweight equity)." In Europe, as bond yields bottomed, the equity share of fund holdings has crept higher this year, from a low below 60 percent in mid-2016 to about 65 percent now. Net flows to European equity funds have turned positive and assets, which decreased for about 18 months to January, have grown rapidly, indeed at a rate not seen since the bottoming of equity markets in 2009. Canny Bet or History Repeats? There is no question that a return to equity fund flows over bonds would have a significant market impact. A 10-percentage-point re-weighting into equities implies a global flow of $2.3 trillion. That compares with a cumulative net inflow into bond funds of almost $1.8 trillion since 2007. That inflow, notably, happened alongside massive official buying of bonds by central banks seeking to engineer a reflation. Those same central banks now seem ready to reverse course. The ECB is expected to announce its plans for tapering its bond portfolio sometime in the next several months, though it is currently committed to buying 60 billion euros a month until at least December. The Federal Reserve too is widely expected to start to allow its $4.5 trillion stock of bonds to dwindle, perhaps by the end of the year if not sooner. If that comes to pass it will surely change the relative attractions of stock and bonds. Longer-term Treasuries have already become more volatile than the almost comatose S&P 500. But though central banks say they want to taper, the facts on inflation are a bit more stubborn. U.S. inflation is heading further below the Fed’s 2 percent goal, and in the euro zone core inflation remains stuck at about only 1 percent. That does not sound like an equity-friendly reflation. There is also the possibility that equity market volatility follows bond market volatility higher as central banks sell bonds, especially if tapering comes alongside mixed economic news, as it is very likely to do. And while funds, especially ETFs, are widely held by institutions, it is a lot easier to see the intuitive sense of selling bonds with rates this low than buying stocks with prices this high. In the run-up to both the dotcom bust and the great financial crisis retail investors did what they do best: buy what has just gone up in price. A rebalancing of fund portfolios towards stocks may just happen, but it may, once again, prove a reliable sell signal. (At the time of publication James Saft did not own any direct investments in securities mentioned in this article. He may be an owner indirectly as an investor in a fund. You can email him at jamessaft@jamessaft.com and find more columns at blogs.reuters.com/james-saft ) Editing by James Dalgleish '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-markets-saft-idUSKBN1A62P6'|'2017-07-22T00:17:00.000+03:00'
'842c13823b7030e754c1fd1db56d07585271a689'|'GLOBAL LNG-Deals set bullish tone as Peru export halt tightens market'|'FILE PHOTO - A liquefied natural gas (LNG) carrying vessel sails at Tokyo Bay, offshore of Yokosuka, south of Tokyo, Japan October 22, 2012. Issei Kato/File Photo LONDON/SINGAPORE (Reuters) - Asian spot LNG prices stepped higher this week, shrugging off months of weakness, as Royal Dutch Shell replaced lost output from its Peru plant via spot markets and as a flurry of higher-priced deals surprised traders.Peru''s liquefaction plant suspended loadings for several weeks without explanation, exerting strain on Shell, which is the sole exporter of Peruvian LNG and was forced to pick up replacement supply on spot markets."Shell doesn''t want to be exposed so they''ve been covering their positions, but I''m not sure that deal activity is reflecting end-user demand, which is a more sustainable price indicator," a trading source said.The company bought a Nigerian free-on-board cargo loading July 29-30 at an estimated price of $4.80-$4.90 per million British thermal units (mmBtu), considered high after adding shipping costs, another trader said.An expected increase in supply is likely to limit recent gains, however, and pull back prices, some traders said. Australia''s new 8.9 million tonnes-a-year Wheatstone LNG plant is due to start operations in August and the fourth production line at Cheniere Energy''s Sabine Pass facility in Louisiana is also nearing start-up.Spot prices for Asian LNG for September were at $5.65/mmBtu. Last week the August spot contract traded at $5.50/mmBtu.Malaysia''s Bintulu production plant awarded to an undisclosed buyer a closed tender for a cargo loading in late August at $5.75/mmBtu.Dealers in Asia expressed surprise at the recent strength in spot prices, with one trading source describing this week''s market as "complex"."Prices have suddenly increased on talk that there are bids at levels in the high $5s," said a second trading source based in Singapore, adding that it was not clear where the demand or bids were coming from.A sell tender from Indonesia''s Donggi-Senoro plant for an early-September cargo to the Far East was awarded for about$5.60/mmBtu, traders said, though details were not immediately clear.A number of Japanese buyers helped to buoy demand. But the status of Kansai Electric''s tender to buy a cargo for delivery between Aug. 25 and Sept. 5, which closed on Tuesday, is unclear. The tender might have drawn unattractively high offers, prompting Kansai to rethink, a trader said.Peer Tohoku Electric has quietly tendered for a spot cargo delivering Sept. 18-30.Taiwan''s state-run CPC is interested in a couple of cargoes for delivery in mid-September and mid-October. Mexico''s CFE is likewise signaling its interest with suppliers.On the supply side, Angola''s LNG project launched two tenders to sell two cargoes, loading July 22-24 and Aug. 31 to Sept. 2.Algeria was also offering free-on-board cargoes to trade houses including PetroChina and B.B. Energy among others, a trader said.Reporting by Oleg Vukmanovic and Mark Tay; Editing by David Goodman '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-lng-idUSKBN1A622Z'|'2017-07-21T18:59:00.000+03:00'
'eaabc72ec6630eeef01242a09badc4392a0f06ef'|'LG Chem to provide Apple''s iPhone batteries next year - Korea Economic Daily'|'July 21, 2017 / 2:52 AM / in 3 hours LG Chem to provide Apple''s iPhone batteries next year - Korea Economic Daily Reuters Staff 1 Min Read FILE PHOTO: The Apple logo is seen on the facade of the new Apple Store in Paris, France, January 5, 2017. Charles Platiau/File Photo SEOUL (Reuters) - South Korea''s LG Chem Ltd ( 051910.KS ) is slated to exclusively provide batteries for Apple''s ( AAPL.O ) iPhone 9 which is likely to be launched next year, a Korean newspaper reported on Friday. LG Chem has invested hundreds of billions of won in a dedicated line for the purpose and will produce "L-shaped" batteries for next year''s iPhone, the Korea Economic Daily reported citing an unnamed chemical industry source. A spokesman for LG Chem said it does not respond to inquiries about client companies. Apple could not be immediately reached for comment. LG Chem shares rose 3.7 percent in morning trade to their highest level since April 2016. They later pared gains to be up 0.5 percent. Reporting by Joyce Lee; Editing by Edwina Gibbs 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lg-chem-apple-idUKKBN1A606X'|'2017-07-21T05:52:00.000+03:00'
'1a2d676eb17b21dbbe4168994f1d8efbe4fb7a5a'|'How Donald Trump is monetising his presidency'|'“PRETTY close to a laughing stock.” That is Walter Shaub’s verdict on America’s standing in the world, at least from an ethics point of view, under President Donald Trump. Mr Shaub’s view counts: he stepped down this week as head of the Office of Government Ethics, a federal watchdog.He is leaving his job six months early, frustrated at the president’s failure to separate himself from his businesses, at White House foot-dragging on disclosing ethics waivers for staff, at its failure to admonish a Trump adviser who plugged the family’s products in an interview, and more. “It’s hard for the United States to pursue international anticorruption and ethics initiatives when we’re not even keeping our own side of the street clean,” Mr Shaub told the New York Times . 18 No American leader has ever entered office with such wide business interests as Mr Trump. In the context of the country’s corporate landscape, his group is small, mostly domestic and rather mediocre, but encompasses hundreds of firms that run hotels, golf courses, licensing agreements, merchandise deals and more, in over two dozen countries. Keeping tabs on the potential for self-dealing is “a monumental task”, says Kathleen Clark, an ethics expert at Washington University. In some areas, particularly abroad, increased scrutiny appears to be making deals harder to pull off. But in others, such as his American hotels and golf clubs, Mr Trump already appears to be monetising the presidency.On becoming president, Mr Trump put his businesses in a trust. But it is run by two of his sons, Eric and Donald junior, and it is “revocable”, meaning its provisions can be changed at any time. Eric has since said he will update his father with profit reports, even though Mr Trump pledged not to talk business with his children while in office. Mr Trump, the Trump Organisation and his daughter, Ivanka, who owns a fashion business and is a White House adviser, have all hired ethics advisers to review deals for potential problems. But how the process works is opaque.Mr Shaub was unimpressed by Mr Trump’s appearances at his own for-profit properties, which he has visited more than 40 times as president—most recently to attend the US Women’s Open, held this month at one of his golf clubs, in New Jersey. The visits serve as a form of marketing, and his firm has not been shy about cashing in. Mar-a-Lago, a Trump resort in Florida where the president hosts other world leaders, doubled its initial fee for new members to $200,000 after the election. The club made a profit of $37m in the latest reporting period (January 2016-spring 2017), compared with $15.5m in 2014-15.When Eric Trump opened a golf course at Turnberry in Scotland in June, he said his family had “made Turnberry great again”. Staff wore “Make Turnberry great again” hats—a reference to Mr Trump’s campaign slogan and, critics say, an attempt to cash in on his political power. Eric recently said: “Our brand is the hottest it has ever been…the stars have all aligned.”American golf courses have benefited from at least one of Mr Trump’s policy decisions: his move to scrap a proposed environmental rule crafted to protect drinking-water supplies. The national golf-course association had long lobbied to have the regulation ditched, arguing it could have “a devastating economic impact”.With some Trump projects, the benefits could flow the other way, from business to politics. Take a network of budget hotels, branded “American Idea”, dreamed up by the Trump sons on the campaign trail last year. They have signed letters of intent with developers in numerous cities, including four in Mississippi. Bringing jobs to Republican-leaning states that are struggling economically could further boost support for the president in such places.Mr Trump’s appointments also cause concern. He has picked Lynne Patton, a former event-planner for the family, to run the Department of Housing and Urban Development’s regional office covering New York. In that role Ms Patton will oversee Starrett City, a housing development that is part-owned by the Trump Organisation and that receives federal subsidies.Foreign deals are no less troubling. The ethics plan laid out by Mr Trump in January promised no new foreign contracts during his presidency. But his company will press ahead with projects already in the works. There are many: an estimated 159 of the 565 Trump firms do business abroad. Some license the Trump name for skyscrapers and hotels, often to politically connected local partners.An example of how such deals raise questions about Mr Trump’s motives is the current Gulf spat over Qatar’s alleged support for terrorists. Mr Trump has firmly backed Saudi Arabia, the United Arab Emirates and others in their boycott of their neighbour. It is reasonable to ask if it is a coincidence that he has strong business ties with the Saudis and Emiratis but few with Qatar. Saudis are big buyers of Trump apartments, and the kingdom is investing $20bn in an American infrastructure fund. A Trump-branded golf course in the UAE made Mr Trump as much as $10m in 2015-16. By contrast, Mr Trump’s past efforts to break into Qatar have failed.Tracking such business relationships is not easy because of the opacity of Mr Trump’s holdings. He makes liberal use of LLCs—anonymous shell companies that do not have to publish financial information—often in complex combinations with regular corporations. He has refused to publish his tax returns.A fog surrounds those doing business with the Trumps, too. Many have grown less transparent of late. An investigation by USA Today found that the percentage of buyers of Trump condos structuring their purchases through LLCs has jumped from single digits to two-thirds. Suppliers are scuttling into the shadows, too. Those shipping goods to Ivanka’s businesses in America typically identified themselves on bills of lading before the Trump presidency. Now they usually do not.The Trumps’ fallback position is that, legally speaking, it is impossible for the president to be conflicted because he is exempt from ethics laws. The thinking when Congress blessed this exemption, in the 1980s, was that the president’s remit is so broad that any policy decision could pose a potential conflict. Nevertheless, some see avenues of attack. Several lawsuits, including one from Democratic lawmakers, accuse Mr Trump of causing harm by violating the constitution’s Emoluments Clause, which forbids American officeholders from accepting money from foreign governments. One way he allegedly does so is by accepting payments from diplomats at his hotels.The lawsuits particularly focus on the newly refurbished Trump International Hotel in Washington, DC. Owned by the federal government, the hotel’s lease agreement includes a provision barring elected officials from holding an interest. But the General Services Administration, which manages federal property, ruled in March that Mr Trump’s 60-year lease on the hotel did not breach that requirement since the property had been placed in a trust (as long as he received no proceeds while president). Having initially said it would donate all hotel profits from foreign officials to the Treasury, the Trump Organisation now says requiring such guests to identify themselves would be “impractical” and “diminish the guest experience”.UnpresidentedIt remains unclear whether controversial transactions such as these will add greatly to the Trump empire’s profits. Deals are often smaller than you might imagine: the developer behind Trump Tower in Mumbai, founded by a member of India’s ruling party, paid just $5m for the licence. Some deals are being scrapped under scrutiny—as was the case, in January, with a tower in the Black Sea resort of Batumi.Moreover, forces beyond Mr Trump’s control are likely to have a bigger impact on his businesses’ profits than conflicted dealmaking. A recent analysis of his properties by Bloomberg found that his three flagship office blocks in Manhattan—Trump Tower, 40 Wall Street and 1290 Avenue of the Americas—are making less money than envisaged when loans were issued, because of the softening of the New York office market. The combined present value of the three blocks has fallen by an estimated $380m over the past year.Mr Shaub believes that Mr Trump has rejected ethical norms embraced by all other administrations since the 1970s. He recommends several changes to federal law, including greater powers for the oversight office and stricter disclosure rules. Rightly so. Whether or not Mr Trump’s group benefits materially from his spell in office, any doubt over whether policies are crafted with the American people in mind or his own bottom line is corrosive. Business "Not one to avoid a conflict"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725303-six-months-mr-trumps-conflicts-interest-look-even-worse-how-donald-trump-monetising?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'5145ecded63f9a60795bfd03ff57c2cc82fa259d'|'Show and sell: shift in global ad spending boosts events firms'|'July 21, 2017 / 9:44 AM / 8 minutes ago Show and sell: shift in global ad spending boosts events firms Esha Vaish and Noor Zainab Hussain 8 Min Read People visit CosmeticTek and PharmaTek China exhibition at Shanghai New International Expo Centre in Shanghai, China July 13, 2017. Aly Song BENGALURU (Reuters) - Organizers of conferences and trade shows are benefiting from a shift in the way marketing budgets are allocated, with companies spending less on advertising and more on events that allow them to connect directly with customers. Research and advisory firm Outsell predicts corporate budgets for business-to-business events in the giant U.S. market will grow 4 percent to $28 billion this year, outpacing overall growth in advertising budgets of 3.5 percent. London-listed Informa, UBM and ITE are among firms organising events around hot trends such as China''s baby boom or cybersecurity. "I don''t believe in trade magazines anymore. I don''t think anyone ever gets past the polythene. The magazine gets delivered but nobody ever opens it," said Toby Roberts, whose firm Safety Media runs health and safety courses. Speaking to Reuters at UBM''s IFSEC, Europe''s largest security event, he said: "There are few ways to get in front of our prospects (and) exhibitions are a great way to get as many people as possible." Safety Media, which has a 4 million pound turnover, spends half its marketing budget on this exhibition, which last year helped it get 380 leads. While the battle between traditional and online media outlets has grabbed headlines, companies are often skeptical that advertising with either translates into sales -- hence the shift towards events that allow face-to-face contact with potential customers, competitors and talent. "The reality is (other forms of marketing are) getting a lot more mysterious. If you have a marketing budget of a million pounds, half of it is wasted but you don''t know what half," said Errol Taylor, an exhibitor at one of IFSEC''s sister events and CEO for the Royal Society for the Prevention of Accidents. The global events market was worth $25.6 billion in 2015, according to research firm AMR International, which predicts the industry will expand by about 4.6 percent annually to 2020. "The competition is for businesses'' marketing budgets," said Charlie McCurdy, global head of exhibitions at Informa, whose exhibitions unit currently targets annual revenue growth of more than 5 percent versus 3 percent for the group overall. According to AMR, between 65 and 75 percent of exhibitors at shows like IFSEC take stands every year and such events are highly cash-generative, allowing the likes of Informa and UBM to grow through consolidation. Randy Giusto, Outsell''s lead analyst for media, advertising and marketing, said companies were increasingly focusing on online and exhibitions as a way of reaching clients. "We''re seeing marketing spending and advertising spending growth start to slow this year ... but it is not as impacting on events, (which) scores relatively high on both regeneration and brand-building," he said. Bigger Is Better With the events market split roughly 40 percent Americas, 40 percent Asia Pacific and 20 percent Europe, Africa and Middle East, London-listed events firms are pursuing a global strategy. Informa and UBM have each bought up smaller events and exhibitions to fold into their biggest sector shows as well as taking their largest brands into newer geographies. IFSEC, for example, is now an amalgamation of six trade shows that together draw in over 41,000 visitors, said Simon Mill, UBM''s group director, protection & management series. UBM launched its large European pharmaceutical event CPhI in North America this year, while Informa has taken its Dubai-originated event Arab Health to other markets such as Africa, Singapore and the United States. People visit CosmeticTek and PharmaTek China exhibition at Shanghai New International Expo Centre in Shanghai, China July 13, 2017. Aly Song "We''re looking at other locations around the world," McCurdy said. "Building on the brand and presence we have in Dubai, and the experiences (of) our suppliers ... we helped them increase their access to markets around the world." The industry''s prospects are closely linked to overall economic performance, while specific events can be affected by changes in individual countries. India''s demonetization drive has impacted jewelry shows there, for example, while restrictions imposed on travel to the United States from some countries are a headache for technology industry events. That reinforces the importance of having a wide geographic spread and top events that most exhibitors will not forego. "Provided that you have strong events in a (sector) in a geography, what tends to happen is that because trade shows are so important, exhibitors still exhibit in ''down'' times," UBM Chief Financial Officer Marina Wyatt said. "But they may take a smaller booth so you need to work harder at selling, you need to get more exhibitors." UBM strengthened its events portfolio by purchasing AllWorld, which organizes exhibitions in Asia, and U.S. fashion events organizer Advanstar, while Informa bought U.S. trade show operator Hanley Wood Exhibitions in 2014. Slideshow (5 Images) Lone Wolf ITE has focused less on diversity and its shares have underperformed those of UBM and Informa. Valued at 870 million pounds three years ago, it has lost over half its value due to its concentration on a few geographies and even smaller events in sometimes troubled markets such as Ukraine and Turkey. Earlier this year, ITE announced a new strategy that will broaden its footprint beyond the emerging markets. "It''s very clear that customers want more and more market-leading shows and we''re now not focused by geography, but rather by product. That''s a big evolution of our strategy," ITE co-founder and newly-appointed chief executive Mark Shashoua said. Shashoua was previously head of i2i Events, now known as Ascential Events. Describing the company as "sector-agnostic", he said "we''re creating a blueprint that will be the ITE way and that blueprint will then be executed to any event". Its rivals have also shown they are prepared to junk or reinvent events as consumer trends change. Ascential said in June that it would set up an advisory committee to shape the future of the world''s biggest annual advertising industry conference in Cannes after criticism from industry giants WPP and Publicis. The two advertising firms said the event had become costly and too scattered as deep-pocketed tech giants such as Facebook and Alphabet''s Google take a greater part, and should refocus on promoting agencies'' creativity. A similar situation saw UBM reinvent its IT event Interop to focus on a niche area after consolidation in the industry reduced the number of exhibitors. UBM said it also continuously sells events it deems ''non-core''. "Events is, as an industry, relatively resilient," UBM''s Wyatt said. "The important thing is to have a broad portfolio across different verticals in different geographies. That makes it more resilient to macroeconomic cyclicity." For a graphic on ''Marketing spending'' click here For a graphic on ''Share performance of UK event companies'' click here Additional reporting by Alasdair Pal in London; Editing by Catherine Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-corporate-events-idUKKBN1A6118'|'2017-07-21T12:43:00.000+03:00'
'82499aca5d3284022591fcebb5afb3084fcdb21c'|'Delta proceeds with New York''s LaGuardia $4 billion project without Goldman'|'July 20, 2017 / 8:49 PM / 13 hours ago Delta proceeds with New York''s LaGuardia $4 billion project without Goldman Hilary Russ 3 Min Read Stranded travellers wait in a nearly empty Delta Airlines terminal at New York''s LaGuardia Airport during a powerful winter storm in New York City, U.S., February 9, 2017. Mike Segar NEW YORK (Reuters) - Transportation officials on Thursday approved a revised $4 billion plan from Delta Air Lines ( DAL.N ) to renovate its terminal at New York''s LaGuardia Airport after Goldman, Sachs & Co ( GS.N ), a financial partner in the project, exited the deal. Delta now plans to pay for nearly the entire project by itself, although the Port Authority of New York and New Jersey will still contribute up to $600 million as previously agreed. "Following a period of fiscal review, Delta has opted to directly fund and finance the costs of its LaGuardia redevelopment project, an arrangement that Delta and Goldman Sachs agree is in the best interest of both parties," Delta told Reuters in a statement. Representatives from Goldman Sachs did not reply to a request for comment. The Port Authority board signed off on the revised deal at a meeting on Thursday. The authority operates LaGuardia and other major New York City-area airports. The board had agreed in January to enter a 33-year lease for the terminal with an entity owned jointly by Delta and West Street Infrastructure Partners III, a fund managed by Goldman. The entity was to contribute $300 million in equity investments and $3.6 billion in debt financing for the design, construction and financing of a new 37-gate terminal. But without Goldman, the equity component is no longer necessary, said Huntley Lawrence, the authority''s aviation director. Delta will use a combination of direct investments and debt financing, he said. "It''s a beneficial change," Port Authority Board Chairman John Degnan said, noting that it would increase accountability. Delta alone will be responsible for any potential cost overruns. The project, expected to be substantially completed by 2026, will improve roadways, expand the East Parking Garage, connect to the central hall, build a new electrical substation and reconstruct taxi and for-hire vehicle areas. Delta''s redesigned terminal will come in addition to a separate $4 billion public-private partnership, currently under way, to rebuild the airport''s central terminal. Both are among a handful of projects that are helping the Port Authority shift construction risk - often a costly problem in big public works - to the private sector where appropriate, its executive director Pat Foye said. In total, the projects amount to "$12 billion of complicated transportation construction with risk born by the private sector and not the public," Foye said. Reporting by Hilary Russ; Editing by Daniel Bases and Phil Berlowitz 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-new-york-airport-delta-idUSKBN1A52SM'|'2017-07-20T23:48:00.000+03:00'
'6b5c38fe0c6d175a5c73e5b0d9d363225b319d00'|'Audi to recall 850,000 diesel cars to update emissions software'|'FILE PHOTO - The logo of Audi is pictured at the Auto China 2016 auto show in Beijing, April 25, 2016. Kim Kyung-Hoon/File Photo FRANKFURT (Reuters) - Luxury car maker Audi ( NSUG.DE ) has launched a recall for up to 850,000 diesel-fueled cars to update vehicle software controlling emissions in a bid to avoid potential driving bans, it said on Friday.The service is also being offered to Porsche- and Volkswagen- branded cars using the same six- and eight-cylinder engines, Audi said.The German government and car industry have agreed on a diesel rescue plan to be presented early August, industry and political sources told Reuters earlier on Friday.Reporting by Arno Schuetze; Editing by Edward Taylor '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-audi-recall-idUSKBN1A612A'|'2017-07-21T12:54:00.000+03:00'
'860646ce2bf30295176c51f03c466d23d0d0e878'|'Peru government fires special attorney on Odebrecht graft probe'|'July 20, 2017 / 11:36 PM / 9 minutes ago Peru government fires special attorney on Odebrecht graft probe 3 Min Read FILE PHOTO: A sign of the Brazilian construction conglomerate Odebrecht is seen at their headquarters in Lima, Peru, January 24, 2017. Guadalupe Pardo/File Picture LIMA (Reuters) - The government of Peru''s President Pedro Pablo Kuczynski said on Thursday that it was firing its special counsel in a corruption probe of Brazilian builder Odebrecht, sparking accusations of interference. Justice Minister Marisol Perez said she dismissed special attorney Katherine Ampuero for blocking Odebrecht''s sale of its irrigation company Olmos. Perez said the decision put thousands of jobs at risk and deprived the state of revenues it would have seized as payment for reparations under a new anti-graft law. Ampuero argued that Odebrecht would have used the sale of Olmos to pay its creditors abroad instead of Peru, which the company denied. "Trust in Ampuero was lost because she did not apply the law, and by not applying the law she created economic loss for the state," Perez told reporters on Thursday. The announcement put the Odebrecht graft probe in Peru under increased scrutiny and renewed tensions between Kuczynski''s year-old government and the opposition-controlled Congress, which has already pressured three of Kuczynski''s ministers to step down. "The president should ask Perez to resign immediately," Popular Force lawmaker Hector Becerril said in broadcast comments on local broadcaster RPP. "This is a government of lobbyists." Odebrecht has been offloading its assets as it faces at least $2.6 billion in fines and graft probes in several countries where it has admitted bribing officials. In Peru, the company has been negotiating a plea deal with the attorney general''s office in which Ampuero had taken part as the state''s representative. Anti-corruption state attorney Julia Principe said she was fired for refusing to dismiss Ampuero and noted that Ampuero had asked the attorney general''s office in March to look into any links that Kuczynski might have had with Odebrecht. "This situation is a clear interference by the executive branch," Principe said in a news conference flanked by Ampuero. Kuczynski''s office did not immediately respond to requests for comment. Kuczynski has denied knowing about or being involved in the $29 million in bribes that Odebrecht has said it paid to officials in Peru over a decade. Last year Odebrecht said it agreed to sell Olmos to Brookfield Infrastructure Partners LP ( BIP.N ) and Suez SA ( SEVI.PA ) for an undisclosed sum. The sale will remain blocked pending an appeals court''s decision on whether to allow it. Reporting By Mitra Taj and Teresa Cespedes; Editing by Cynthia Osterman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/peru-corruption-idINKBN1A532A'|'2017-07-21T02:32:00.000+03:00'
'1c5001e040f3813256c2c8f9b59137fa1ee9de8b'|'BOJ blames Japan''s unique labor practice for low wages, inflation'|'July 21, 2017 / 7:00 AM / in 42 minutes BOJ blames Japan''s unique labour practice for low wages, inflation Leika Kihara 3 Min Read FILE PHOTO: Office workers are reflected in a glass railing as they cross a street during lunch hour in Tokyo June 1, 2015. Thomas Peter/File Photo TOKYO (Reuters) - A gap in pay and working conditions between temporary and permanent employees is preventing a tightening job market from pushing up overall wages and inflation, the Bank of Japan said in a rare analysis of the country''s job market. Wages for temporary workers are "clearly on the rise" as companies struggle to lure employees, with the job market having tightened to levels not seen since Japan''s asset-inflated bubble era in the early 1990s, the BOJ said. But permanent workers'' pay remains stagnant because labour unions representing these employees, who enjoy better benefits than those on the temporary roll, tend to prioritise job security over higher pay, it said in a report on Friday. Japan''s unique pay scale, where salaries rise according to seniority, also discourages job hopping and prevents a tight job market from pushing up overall wages, the central bank said. The slow growth in permanent workers'' income, which makes up nearly 70 percent of total wage-earners'' income, partly explains why wage growth is subdued despite a strong economy, it said. "Companies are taking various steps to address a shortage of labour," such as introducing robots to automate operations and cutting back on extra services, the BOJ said. Restaurant chain operators like Royal Holdings, which used to open their outlets 24 hours, are shortening opening hours due to a paucity of staff. Such efforts will raise labour productivity and could weigh on inflation, though the downward pressure exerted on prices will be temporary as Japan''s potential growth heightens, it said. The disparity between strong growth and low inflation is a common puzzle for global central banks though the problem is more pronounced in Japan, where inflation remains ground to a halt despite four years of aggressive money printing. In a show of alarm over the problem, the BOJ included a rare analysis on wage and job growth in a full version of its quarterly report, which is issued a day after a summary of it that focuses on the long-term growth and price projections. At a two-day rate review that ended on Thursday, the BOJ kept monetary policy steady but once again pushed back the timing for achieving its ambitious inflation target, reinforcing views it will lag well behind other major central banks in scaling back its massive stimulus program. Japan''s jobless rate rose to 3.1 percent in May, while the availability of jobs rose for the third straight month to reach the highest since February 1974. But core consumer prices in May rose just 0.4 percent from a year earlier, well below the BOJ''s 2 percent target. Reporting by Leika Kihara; Editing by Shri Navaratnam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN1A60LD'|'2017-07-21T10:00:00.000+03:00'
'9b5165694a6c0a4f3e16e307813f0dc53ffffd1b'|'That was fun; now comes the slowdown'|'July 21, 2017 / 12:45 PM / in 5 hours That was fun; now comes the slowdown Jeremy Gaunt 5 Min Read FILE PHOTO: Painted wheelbarrow buckets arrive at the end of the assembly line at the AMES Companies factory, the largest wheelbarrow factory in the world, in Harrisburg, Pennsylvania, U.S. on June 29, 2017. Tim Aepp/File Photo LONDON (Reuters) - For all the talk of world economies rising in sync, there does not seem to be an abundance of optimism about how long it will last. Tucked away in Reuters latest quarterly economic poll series is a projection that growth rates in nearly all of the world''s largest economies will fall over the next two years. Inflation, meanwhile, will remain benign and in some cases below target. Both findings would suggest that the current caution of central bankers is warranted. As the European Central Bank''s Mario Draghi said in the past week: "We aren''t there yet." The Reuters polls of economists around the world -- looking at 46 economies -- have been prescient in past years. [ECILT/WRAP] If they prove right again, it means the United States, euro zone, Japan, Germany, France and China will all grow more slowly in 2019 than at present. Britain will be growing at this year''s rate -- but only after a 2018 Brexit-related hammering. James Knightley, chief international economist at ING, reckons the projected growth slowdown is a natural maturing of the economic cycle, exacerbated by the gradual tightening of monetary policy measures adopted following the financial crisis. "Consumers are getting to the point now when debt levels are starting to rise, and with central banks increasingly moving in the direction ... of tightening, then that could start to act as a brake on economic activity," he said. There will be growth. But it will be fairly humdrum. Consider the euro zone, currently running at a projected 1.9 percent growth rate. That will drop to 1.5 percent in 2019, according to the economists. Japan will see its 1.4 percent growth rate today halve to 0.7 percent. The U.S. economy will be down slightly, to 2.1 percent from 2.2 percent, way below the historical trend of above 3 percent. Did You Feel It? FILE PHOTO: A sign for Fletcher Building Ltd, New Zealand''s biggest builder, adorns a crane at a construction site in the New Zealand city of Auckland, June 25, 2017. David Gray /File Photo It may come as a surprise to the average person in many of these economies that the growth cycle is maturing. In many cases it has been a very mild rebound from the Great Recession triggered by the financial crisis a decade ago. As Stephen King, senior economic adviser at HSBC, noted this month: "Economic records are there to be broken. The U.S. is on the cusp of breaking two simultaneously. Within weeks, the U.S. may have delivered both the longest and the weakest economic upswing in post-war history." The new normal -- post-crisis and with big emerging economies having matured themselves -- may well be for less robust growth, although the Reuters polls project the world economy to grow at around 3.5 percent annually over the next three years. That is pretty much the average since 1961, according to World Bank statistics, although that of course is dragged down by the Great Recession and the big slump around 1980. FILE PHOTO: Equipment for rent outside of the United Rentals store in Denver, Colorado July 19, 2017. Rick Wilking /File Photo This all goes some way to explaining the extreme caution of central banks in rolling back their unprecedented monetary stimulus. They do not, as the ECB''s Draghi admitted openly this past week, want to commit a policy error. Their dilemma is that they want to normalise monetary policy as much as possible without killing what growth trillions of dollars of stimulus have helped achieve. So data releases are even more crucial to policymakers than usual. The coming week will give them a snapshot of monthly business activity, culminating in the first real look at what happened in the second quarter. Flash purchasing managers'' indexes for Japan, Germany, France, the euro zone and the United States are released on Monday. All have been in expansion mode. That should continue, but Reuters polls suggest some easing. Britain announces its preliminary second quarter growth figures on Wednesday. There is a strong consensus that it will tick up to 0.3 percent from 0.2 percent quarter-on-quarter, but slip to 1.7 percent from 2.0 percent year against year. Arguably the biggest data release comes on Friday with advance U.S. GDP numbers. An annualised rate -- that is, roughly speaking the quarterly number times four -- is seen at 2.7 percent, a large jump from the previous 1.4 percent. Reporting by Jeremy Gaunt; Additional reporting by Jonathan Cable; Editing by Catherine Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN1A61IM'|'2017-07-21T15:45:00.000+03:00'
'0e8f020686ef59d27807a0b4affd2ba858d35368'|'Bids for Biotoscana Brazil IPO nearly five times supply, sources say'|'July 21, 2017 / 4:20 PM / 16 minutes ago Bids for Biotoscana Brazil IPO nearly five times supply, sources say 2 Min Read BOGOTA/SAO PAULO (Reuters) - Investors have placed bids worth nearly five times the amount of shares put on sale at the midpoint of a suggested price range for the Brazilian listing of Grupo Biotoscana SA, three people with knowledge of the transaction told Reuters. Biotoscana, a Colombia-based pharmaceutical company, is selling 40.5 million Brazilian depositary receipts (BDRs) at a suggested price range of 24.50 reais to 28.50 reais. The transaction is set to price after the market close on Friday. The transaction underscores the solid demand for a rare regional play in the biotechnological sector. It caps the busiest week since mid-February for Brazilian equity offerings. It could also spell good news for reinsurer IRB Brasil Resseguros SA and renewable power firm Omega Geração SA, which are scheduled to list shares on the São Paulo Stock Exchange in coming weeks. Grupo Carrefour Brasil SA and shareholders on Tuesday placed 5.12 billion reais ($1.6 billion) worth of shares in Brazil''s largest initial public offering in four years, though the offering priced at the bottom end of a suggested range. Investors have been wary of Brazilian IPOs because new issues have failed to deliver promised returns over the past decade. Less than one-third of the 115 IPOs priced since the start of 2007 yielded returns above Brazil''s interbank lending rate, according to Thomson Reuters data. Reporting by Guillermo Parra-Bernal and Bruno Federowski; Writing by Bruno Federowski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-grupo-biotoscana-ipo-idUSKBN1A6240'|'2017-07-21T19:16:00.000+03:00'
'0c7a18b58d5a597e2fcb0284e61701848f5fd99e'|'Moss Bros outfit delivery isn’t its strong suit - Money'|'T he gentleman’s outfitters Moss Bros invites bridegrooms to “start [their] forever looking [their] sharpest ever”. For some of its customers, however, the only sharpness is the pain when their hired suits fail to turn up in time.Londoner Barry Koolen was supposed to be celebrating with friends on the night before his wedding. Instead, he was battling crowds in a shopping centre to buy an emergency outfit for the big day. With 18 hours to go until the service, Moss Bros’s hire division had failed to deliver two of the Ted Baker suits he had ordered for himself and three groomsmen. “I thought I had got organised super-early when we were fitted two months before the wedding day,” he says. “But two days beforehand when I was due to collect them, I was told the branch was closed and the suits would have to be couriered to me that afternoon.”Koolen cancelled plans for a prenuptial get-together and waited in for a delivery that didn’t come. It wasn’t until 9pm that the order arrived, and two of the suits were missing. He was told they would follow on at noon the following day. Again he cancelled social arrangements and waited in vain. Moss Bros informed him that the suits had been mislaid and that replacements would be with him by mid-afternoon. By 6pm there was still no sign.“In desperation I headed to Westfield shopping centre to purchase a suit for the groomsman from Ted Baker in a matching colour and design, resigned to the fact I would be wearing an unmatched lounge suit of my own on the day,” he says. The missing suits finally turned up at 8pm, with just hours to go before the service.When I phoned up about our awful experience, I was told that they were too busy with Ascot to deal with my complaintCathryn Fuller Moss Bros, which claims to offer more styles and sizes than any other British retailer, says Koolen’s case was an isolated incident. However, he insists the company only contacted him to offer compensation after Guardian Money got involved. And his “isolated” case has a familiar ring to it. On the same day on the other side of London, Cathryn Fuller was due to collect five suits for her wedding, also two days later. Only three had turned up to the Moss Bros Bromley store. The outfits were eventually couriered to the branch the evening before the wedding, and it was discovered that her father’s suit was the wrong size.“Luckily, my dad had bought a back-up suit, but this meant he had to give me away in a suit that did not match the rest of the wedding party,” she says. “This is just the tip of the iceberg in terms of our problems with Moss Bros – from lost measurements to lost orders, and confusing our wedding with someone else’s. When I phoned up to complain about our awful experience I was told that they were too busy with Ascot to deal with my complaint.”Facebook Twitter Pinterest Moss Bros says over the past year it has significantly extended the ranges offered for hire. Photograph: Bloomberg via Getty Images Moss Bros, after weeks of chasing by Fuller, offered a refund of her £617 order, but she says that doesn’t compensate for the distress caused. “They completely ruined the run-up to my wedding, and the look of all of my photos,” she says.Also with a similar tale to tell is James Andrews (not his real name), who ended up marrying in his own lounge suit when his outfit failed to arrive in time. Andrews had ordered seven suits for his wedding, which was in London on the same day as Koolen’s and Fuller’s. When he went to collect them two days beforehand, his outfit was missing.“The store’s idea of helping was to offer me smaller items of clothing they had in stock,” he says. “I had to call customer service myself and was assured a courier would deliver the items the next day. When it arrived, the trousers were the wrong size and I ended up having to wear my own clothes, which didn’t match my groomsmen.”Moss Bros at first merely offered to refund the cost of the trousers plus £100 compensation. It has since refunded half the £579 hire cost. “The time it has taken to get this resolved, and communication along the way, has been shocking,” he says. “Customer services gives you a reference number and a link, which enables you to respond to messages and twice my link was closed, leaving me unable to reply.”Could you spot a bogus Airbnb listing among the genuine ones? Read more The company says that over the past year it has significantly extended the ranges offered for hire, but its stock and systems have at times been unable to cope with demand, especially during the summer wedding season. In its delayed response to Fuller’s complaint, it explained that it had “identified a failure in our hiring processes, along with a failure in the business process between our stores and our customer services department” and admitted that its complaints monitoring system is “in its infancy”. It promised to review its hire procedures before launching a new online system later in the year.However, it told Money that there were no problems with customer service. “Our hire service operations are an extremely important part of the business and we are proud to be a market leader in having built a very strong reputation based on excellent customer service and satisfaction,” says a spokesperson.Koolen begs to differ. “Staff were mostly incompetent and insensitive to the stress and anxiety caused,” he says. “They weren’t helped by seemingly hopeless systems – they had no tracing system in place, and no visibility on order status with the warehouse or the couriers. Despite the promises, no one ever called back. The two days before the wedding should have been filled with hassle-free last-minute preparations and socialising with friends and family, but they were completely spoiled by the incompetence of Moss Bros.”It looks as though a chastened Moss Bros is making up for lost time, however. In the weeks since the Koolen’s wedding, couriers from the store have twice turned up with unwanted wedding suits.Topics Planning your wedding Consumer rights Consumer affairs Moss Bros Weddings features'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jul/22/moss-bross-outfit-delivery-failed'|'2017-07-22T09:00:00.000+03:00'
'062dbb8f45ae91574f1b8ed48d52d14675392108'|'U.S. jury sides with Amphastar over Momenta in drug patent trial'|'BOSTON, July 21 (Reuters) - Amphastar Pharmaceuticals Inc on Friday won a trial in a lawsuit claiming that the drugmaker through its production of a generic version of the blood-thinner Lovenox infringed a patent held by Momenta Pharmaceuticals Inc.The verdict by a federal jury in Boston came in a long-running lawsuit pursued by Cambridge, Massachusetts-based biopharmaceutical company Momenta and its partner, Novartis AG''s Sandoz unit, that sought $938 million in damages. (Reporting by Nate Raymond in Boston; editing by Grant McCool) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/amphastar-pharms-momenta-pharm-idUSL1N1KC0W0'|'2017-07-21T19:41:00.000+03:00'
'3d1cf8f5ea36fb32d3babf00ac425fa8b445d8f8'|'Exclusive - Spirit Realty explores Shopko stores spin-off: sources'|'July 20, 2017 / 8:50 PM / 15 minutes ago Exclusive - Spirit Realty explores Shopko stores spin-off: sources Carl O''Donnell and Jessica DiNapoli 3 Min Read (Reuters) - Spirit Realty Capital Inc ( SRC.N ), a U.S. real estate investment trust (REIT), is considering spinning off some of its real estate, including its Shopko store properties, as part of its strategic review, according to people familiar with the matter. The deliberations highlight how landlords are adapting to a wave of bankruptcies and store closings in the retail sector, as online shopping disrupts long-established brick-and-mortar shops and weighs on retailers'' ability to pay rent. Spirit is considering placing some of its retail properties, including those they lease to Shopko, into a new REIT that would then be spun off, potentially at a valuation of more than $1 billion, the sources said on Thursday. Spirit would manage the new REIT to help hold down administrative costs, the people added. The discussions are still in early stages, and Spirit may decide against pursuing the spin, the people said, asking not to be identified because the deliberations are private. Spirit and Shopko did not respond to requests for comment. Earlier this year, Spirit said it was reviewing strategic alternatives after reporting disappointing earnings, largely the result of its retail tenants failing to pay rents. Shopko is Spirit''s largest tenant as a percentage of rental revenue, according to Spirit''s financial statements. "The dramatic and swift moving changes to the retail landscape in reaction to changing consumer behaviour has been well documented," said Thomas Nolan, who stepped down as Spirit chief executive in May. "I will say the impacts are profound, and they do impact Spirit Realty." Jackson Hsieh, Spirit''s former president and chief operating officer, replaced Nolan. Hsieh remains president. Retail bankruptcies have shaken landlords, who face a growing number of empty storefronts and declining rents in their malls and strip centres. Payless ShoeSource, children''s clothier Gymboree and teen retailers Wet Seal and American Apparel are among the chains that have shuttered hundreds of stores as part of their bankruptcies. Shopko operates over 380 stores in 26 states throughout the Central, Western and Pacific Northwest regions. It is owned by private equity firm Sun Capital Partners Inc. REITs frequently spin off properties to streamline their portfolios and increase their appeal to investors, who often prefer a REIT to focus on a single type of real estate. Earlier this week, office and retail REIT Vornado Realty Trust ( VNO.N ) completed a spin-off of its Washington D.C.-based real estate into a separately traded REIT called JBG Smith Properties ( JBGS.N ). Last year, healthcare REIT HCP Inc ( HCP.N ) completed a spin off of its skilled nursing and assisted living properties into a separate REIT, Quality Care Properties Inc ( QCP.N ). Reporting by Carl O''Donnell and Jessica DiNapoli in New York 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/spirit-realty-spinoff-idINKBN1A52SV'|'2017-07-20T23:49:00.000+03:00'
'81d9e21bc0d79e09e6bc9c420018b2450813a7bf'|'Japan''s Universal loses Supreme Court appeal in Reuters case'|'The logo of Universal Entertainment Corp. is seen at the company''s headquarters in Tokyo, Japan, June 29, 2017. Toru Hanai TOKYO (Reuters) - Japan''s Supreme Court rejected an appeal by Japan''s Universal Entertainment Corp ( 6425.T ) to hear its defamation case against Reuters, upholding two lower court rulings that its case against the news agency lacked merit.In a short written ruling on Wednesday, the Supreme Court said that Universal did not have grounds for appeal. Yoshinobu Onuki was the presiding judge in the case.Universal did not respond to a request for comment on the ruling.Universal had sued Reuters in Tokyo in December 2012, demanding 200 million yen ($1.79 million) and apologies, for stories relating to $40 million in payments Universal made to a consultant in relation to a casino project in the Philippines.In 2015, the Tokyo District Court ruled that the Reuters’ articles were accurate, and the company then lost an appeal last year at the Tokyo High Court, which upheld the lower court’s ruling.The Reuters articles were about Universal''s payments to Rodolfo Soriano, a close associate of the former head of the Philippine gaming authority, and an investigation by the Nevada gambling regulator into the payments.Universal denies any wrongdoing.A Reuters spokesperson said: "We are pleased with this resolution, which upholds the right of the press to report on news in the public interest."Reporting by Nathan Layne; Editing by Martin Howell '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-universal-ent-reuters-lawsuit-idUSKBN1A61R6'|'2017-07-21T16:56:00.000+03:00'
'39da5650e906d5f314fb1cefe87edbec95398d53'|'Show and sell: shift in global ad spending boosts events firms'|'People visit CosmeticTek and PharmaTek China exhibition at Shanghai New International Expo Centre in Shanghai, China July 13, 2017. Aly Song BENGALURU (Reuters) - Organizers of conferences and trade shows are benefiting from a shift in the way marketing budgets are allocated, with companies spending less on advertising and more on events that allow them to connect directly with customers.Research and advisory firm Outsell predicts corporate budgets for business-to-business events in the giant U.S. market will grow 4 percent to $28 billion this year, outpacing overall growth in advertising budgets of 3.5 percent.London-listed Informa, UBM and ITE are among firms organizing events around hot trends such as China''s baby boom or cybersecurity."I don''t believe in trade magazines anymore. I don''t think anyone ever gets past the polythene. The magazine gets delivered but nobody ever opens it," said Toby Roberts, whose firm Safety Media runs health and safety courses.Speaking to Reuters at UBM''s IFSEC, Europe''s largest security event, he said: "There are few ways to get in front of our prospects (and) exhibitions are a great way to get as many people as possible."Safety Media, which has a 4 million pound turnover, spends half its marketing budget on this exhibition, which last year helped it get 380 leads.While the battle between traditional and online media outlets has grabbed headlines, companies are often skeptical that advertising with either translates into sales -- hence the shift towards events that allow face-to-face contact with potential customers, competitors and talent."The reality is (other forms of marketing are) getting a lot more mysterious. If you have a marketing budget of a million pounds, half of it is wasted but you don''t know what half," said Errol Taylor, an exhibitor at one of IFSEC''s sister events and CEO for the Royal Society for the Prevention of Accidents.The global events market was worth $25.6 billion in 2015, according to research firm AMR International, which predicts the industry will expand by about 4.6 percent annually to 2020."The competition is for businesses'' marketing budgets," said Charlie McCurdy, global head of exhibitions at Informa, whose exhibitions unit currently targets annual revenue growth of more than 5 percent versus 3 percent for the group overall.According to AMR, between 65 and 75 percent of exhibitors at shows like IFSEC take stands every year and such events are highly cash-generative, allowing the likes of Informa and UBM to grow through consolidation.Randy Giusto, Outsell''s lead analyst for media, advertising and marketing, said companies were increasingly focusing on online and exhibitions as a way of reaching clients."We''re seeing marketing spending and advertising spending growth start to slow this year ... but it is not as impacting on events, (which) scores relatively high on both regeneration and brand-building," he said.Bigger Is Better With the events market split roughly 40 percent Americas, 40 percent Asia Pacific and 20 percent Europe, Africa and Middle East, London-listed events firms are pursuing a global strategy.Informa and UBM have each bought up smaller events and exhibitions to fold into their biggest sector shows as well as taking their largest brands into newer geographies.IFSEC, for example, is now an amalgamation of six trade shows that together draw in over 41,000 visitors, said Simon Mill, UBM''s group director, protection & management series.People visit CosmeticTek and PharmaTek China exhibition at Shanghai New International Expo Centre in Shanghai, China July 13, 2017. Aly Song UBM launched its large European pharmaceutical event CPhI in North America this year, while Informa has taken its Dubai-originated event Arab Health to other markets such as Africa, Singapore and the United States."We''re looking at other locations around the world," McCurdy said. "Building on the brand and presence we have in Dubai, and the experiences (of) our suppliers ... we helped them increase their access to markets around the world."The industry''s prospects are closely linked to overall economic performance, while specific events can be affected by changes in individual countries. India''s demonetization drive has impacted jewelry shows there, for example, while restrictions imposed on travel to the United States from some countries are a headache for technology industry events.That reinforces the importance of having a wide geographic spread and top events that most exhibitors will not forego."Provided that you have strong events in a (sector) in a geography, what tends to happen is that because trade shows are so important, exhibitors still exhibit in ''down'' times," UBM Chief Financial Officer Marina Wyatt said."But they may take a smaller booth so you need to work harder at selling, you need to get more exhibitors."Slideshow (5 Images) UBM strengthened its events portfolio by purchasing AllWorld, which organizes exhibitions in Asia, and U.S. fashion events organizer Advanstar, while Informa bought U.S. trade show operator Hanley Wood Exhibitions in 2014.Lone Wolf ITE has focused less on diversity and its shares have underperformed those of UBM and Informa. Valued at 870 million pounds three years ago, it has lost over half its value due to its concentration on a few geographies and even smaller events in sometimes troubled markets such as Ukraine and Turkey.Earlier this year, ITE announced a new strategy that will broaden its footprint beyond the emerging markets."It''s very clear that customers want more and more market-leading shows and we''re now not focused by geography, but rather by product. That''s a big evolution of our strategy," ITE co-founder and newly-appointed chief executive Mark Shashoua said.Shashoua was previously head of i2i Events, now known as Ascential Events.Describing the company as "sector-agnostic", he said "we''re creating a blueprint that will be the ITE way and that blueprint will then be executed to any event".Its rivals have also shown they are prepared to junk or reinvent events as consumer trends change.Ascential said in June that it would set up an advisory committee to shape the future of the world''s biggest annual advertising industry conference in Cannes after criticism from industry giants WPP and Publicis.The two advertising firms said the event had become costly and too scattered as deep-pocketed tech giants such as Facebook and Alphabet''s Google take a greater part, and should refocus on promoting agencies'' creativity.A similar situation saw UBM reinvent its IT event Interop to focus on a niche area after consolidation in the industry reduced the number of exhibitors. UBM said it also continuously sells events it deems ''non-core''."Events is, as an industry, relatively resilient," UBM''s Wyatt said. "The important thing is to have a broad portfolio across different verticals in different geographies. That makes it more resilient to macroeconomic cyclicity."Additional reporting by Alasdair Pal in London; Editing by Catherine Evans '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-corporate-events-idUSKBN1A610J'|'2017-07-21T12:38:00.000+03:00'
'6b90d74fde14e65ce825fff44f726a88af7dd70b'|'French 2017 wine output may fall to record low after frosts'|'July 21, 2017 / 12:24 PM / 16 minutes ago French 2017 wine output may fall to record low after frosts Reuters Staff 2 Min Read FILE PHOTO: Water-covered vineyards are seen early in the morning, as water is sprayed, to protect them frost damage outside Chablis, France April 28, 2017. Christian Hartmann/File Photo PARIS (Reuters) - French wine production may fall 17 percent this year to a record low after spring frosts damaged vineyards, notably in the Bordeaux region, which might lose half its output, the farm ministry said on Friday. In its first estimates of this year''s output, the ministry estimated this year''s wine production in France, the world''s second-largest producer, at 37 million to 38.2 million hectolitres, down from 45.5 million in 2016. The median value, at 37.6 million hectolitres, would be 17 percent less than last year''s output and 16 percent below average. That would be "historically low" and less than the output in 1991, when vines were also badly hit by frosts. The ministry did not say how far back its records go. "This fall in production is primarily due to the severe frosts in the spring, which affected, at a sensitive stage of the vine''s growth, all the wine-growing basins to varying degrees," the ministry said in a note. Wine growers used candles, heaters and even the down-draught from helicopters during the cold snap in April to try to save crops. FILE PHOTO: Heaters are lit early in the morning to protect vineyards from frost damage outside Chablis, France April 28, 2017. Christian Hartmann/File Photo France''s wine output had already fallen in 2016 because of bad weather. Champagne was among the worst hit, with the harvest down more than 20 percent from the previous year as spring frosts were followed by other problems, such as mildew. This year''s production in Champagne was expected to recover slightly, up 8 percent, but still 9 percent below the 2012-2016 average. Late April, frosts severely damaged the Bordeaux vineyard, which could lose half its output from the large volume produced in 2016 and fall 40 percent below the five-year average, the ministry said. The Bourgogne and Beaujolais region, which suffered major damage in 2016, were better off this year, with output expected to rise 14 percent. The estimates were provisional and did not take into account the weather until harvest, which usually takes place from August to October in France. Reporting by Sybille de La Hamaide, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-wine-idUKKBN1A61D5'|'2017-07-21T15:23:00.000+03:00'
'1513c3bc748469fe8f0762f058f1a5fc87f7242e'|'UPDATE 2-Swatch strikes optimistic note as China rebounds'|'July 21, 2017 / 6:50 AM / 37 minutes ago UPDATE 2-Swatch strikes optimistic note as China rebounds 4 Min Read * Sees brighter H2 (Adds share price, analysts reaction) By John Revill ZURICH, July 21 (Reuters) - Swatch Group on Friday painted a brighter outlook for the rest of the year as the world''s largest watchmaker said demand for Swiss timepieces in China and Europe is improving. The maker of Longines, Tissot and Omega watches said it expected "very positive growth in local currency" for the rest of 2017 after net profit rose 7.2 percent in the first six months of the year. Net profit attributable to shareholders rose to 269 million Swiss francs ($282.8 million) from 251 million, but fell short of the 285 million expected by analysts polled by Reuters. Swatch highlighted "significant growth" in mainland China, one of its most important markets, adding that Hong Kong sales had stabilised after a long decline, with data this week showing a rise in Swiss watch exports. Chief Executive Nick Hayek told Swiss news agency AWP that he expected local currencies sales growth of 7 to 9 percent this year. "Having seen the development of Swiss watch exports this year, most people expect the watch market to improve in the second half of the year, but they don''t expect any fireworks," said Jon Cox, luxury goods analyst at Kepler Cheuvreux. In recent years Swiss watch sales in China and Hong Kong have been hit by a crackdown on gift giving and corruption under Chinese President Xi Jinpeng. There was also improvement in Europe, a market hit last year by extremist attacks which deterred many visitors from destinations such as Paris. The company reported a strong start to the second half of 2017, saying there had been accelerated growth of all brands in June and the first few weeks of July, particularly among its more expensive brands which include Breguet and Blancpain. "The Swatch Group anticipates very positive growth in local currency in the second half of the year," the company said in a statement. Apple Watch Competition Remains Swatch said sales of watches and jewellery had been "very positive" in the first half, despite the highly valued Swiss franc taking a bite out of the figures. Sales fell 0.3 percent to 3.71 billion francs versus the 3.73 billion forecast by analysts. With currency effects removed sales rose 1.2 percent. Kepler''s Cox said he expected mid single digit sales increases for Swatch for the whole of 2017 in constant currencies after an acceleration to high single digit sales improvement in the second half. But he said problems remained with weak margin improvements at Swatch, while connected watches like Apple Inc''s Apple Watch remained a threat to Swatch which generates roughly a third of its revenue from watches which sell for less than 1,000 francs. Swatch shares, weakened after rival Richemont reported disappointing results in May, were trading slightly higher in early trading, up 0.3 percent to reverse earlier losses. Luca Solca, an analyst at Exane BNP Paribas, remained cautious on the stock, saying the upswing in higher priced watches favoured Richemont - the owner of Cartier - more than Swatch. "Overall we seem to be slowly but surely seeing improvement in final demand from consumers," said Solca. "But there is a long way to go." $1 = 0.9513 Swiss francs Reporting by John Revill and Silke Koltrowitz; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/swatch-results-idUSL5N1KC0N7'|'2017-07-21T11:59:00.000+03:00'
'3bb1464ced1bc20192bd6516cb581070b384bd3b'|'Tech group sides with Apple in Qualcomm''s iPhone ban dispute'|'July 20, 2017 / 10:14 PM / 18 minutes ago Tech group sides with Apple in Qualcomm''s iPhone ban dispute Stephen Nellis 3 Min Read The Apple logo is pictured on an iPhone in an illustration photo taken in Bordeaux, France, February 1, 2017. Regis Duvignau (Reuters) - A group representing major technology companies has aligned itself against Qualcomm Inc in its legal dispute with Apple Inc by calling on regulators to reject Qualcomm''s bid to ban the import of iPhones. A lobbying group that represents Alphabet Inc''s Google, Amazon.com Inc, Microsoft Corp and Facebook Inc filed comments with the U.S. International Trade Commission. They argued that barring Apple from importing foreign-assembled iPhones that use Intel Corp chips - as Qualcomm has requested - would cause "significant shocks to supply" for phones and would hurt consumers. Intel and Apple rival Samsung are members of the group, called the Computer & Communications Industry Association. Apple is not a member of the group. "If the ITC were to grant this exclusion order, it would help Qualcomm use its monopoly power for further leverage against Apple and allow them to drive up prices on consumer devices," Ed Black, the CEO of the group, said in a statement. “What’s at stake here is certainly the availability of iPhones and other smartphones at better prices." Qualcomm supplies so-called modem chips to Apple, which help iPhones and iPads connect to cellular data networks. The two have been locked in a sprawling legal battle in which Apple has objected to Qualcomm''s business model of requiring customers to sign patent license agreements before buying chips. In turn, Qualcomm has accused Apple of directing its contract manufacturers like Foxconn to withhold license payments in a bid to hurt Qualcomm. The conflict has taken a toll on Qualcomm''s profit outlook. Earlier this month, Qualcomm sued Apple on separate allegations that Apple infringed six patents around making iPhones work better without draining the battery. Simultaneously, Qualcomm filed a complaint with the U.S. ITC seeking to ban iPhones that use chips "other than those supplied by Qualcomm affiliates." Apple began using Intel chips in the iPhone 7. Qualcomm did not immediately return a request for comment. Reporting by Stephen Nellis; Editing by Cynthia Osterman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apple-qualcomm-idUKKBN1A52YS'|'2017-07-21T01:12:00.000+03:00'
'db3c1b48432e19cf178886ee0584b46c6c990e68'|'Kremlin says to keep mum on Siemens'' Russia retreat over Crimea scandal'|'July 21, 2017 / 9:52 AM / in 16 minutes Kremlin says to keep mum on Siemens'' Russia retreat over Crimea scandal Reuters Staff 2 Min Read FILE PHOTO: A still image taken from video footage shows blue tarpaulins covering equipment at the port of Feodosia, Crimea July 11, 2017. Video footage taken July 11, 2017. Staff/File Photo MOSCOW (Reuters) - The Kremlin said on Friday it did not want to make any comment on a decision by Germany''s Siemens ( SIEGn.DE ) to halt deliveries of power equipment to Russian state-controlled customers after a Crimean sanctions scandal. Slideshow (2 Images) Siemens moved to distance itself from the imbroglio in a statement earlier on Friday, saying it now had credible evidence that four gas turbines it delivered a year ago for a project in southern Russia had been illegally moved to Crimea without its knowledge. "Right from the off I will tell you that I will leave this matter without comment," Kremlin spokesman Dmitry Peskov told reporters on a conference call. "This a matter for the companies who are cooperating (with Siemens) to comment on. These companies will continue contacts and dialogue on this matter. We will not comment on this in any way." When asked if he could confirm a German media report which said that President Vladimir Putin had personally guaranteed to top German politicians that the Siemens turbines would not be delivered to Crimea, Peskov also declined to comment. Reporting by Andrew Osborn/Maria Kiselyova; Editing by Dmitry Solovyov 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-crisis-crimea-siemens-kremlin-idUKKBN1A6128'|'2017-07-21T12:51:00.000+03:00'
'006cb78b76716be277c427a47fe1d63e8359f700'|'Volkswagen CEO says business going well so far in 2017 - Rheinische Post'|'July 21, 2017 / 10:12 PM / 6 hours ago Volkswagen CEO says business going well so far in 2017 - Rheinische Post Reuters Staff 1 Min Read FILE PHOTO: A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo FRANKFURT (Reuters) - Business is going well so far this year, Volkswagen''s ( VOWG_p.DE ) chief executive officer Matthias Mueller said in a newspaper interview published on Saturday. The German carmaker has been hit with fines from its global diesel emissions fraud scandal, and is suffering from a slowdown in the sales of diesel cars. Asked by the Rheinische Post newspaper whether his job was still fun, Mueller answered: "Next to the diesel crisis, there is a quite positive part of my job - for example, the operating business, which is running well. The year 2017 has been going well so far for Volkswagen from a business perspective." Reporting by Tom Sims; Editing by Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-outlook-idUKKBN1A62S0'|'2017-07-22T01:12:00.000+03:00'
'441342113fcf1de8b7daac8975ed521a40b4cbfd'|'UPDATE 1-Acacia Mining aims resume dividend if Tanzania export ban ends'|'Edition United States July 21, 2017 / 10:55 AM / 2 minutes ago Acacia Mining aims resume dividend if Tanzania export ban ends 3 Min Read LONDON (Reuters) - Acacia Mining ( ACAA.L ) aims to reinstate its dividend in early 2018 if Tanzania ends a concentrate export ban that forced the miner to abandon a payout for the first time, it said on Friday. Shares were down 10 percent by 1226 GMT after earlier touching their lowest since February 2016 at 242 pence. Since the ban was imposed in March the London-listed Acacia, majority owned by Barrick Gold ( ABX.TO ), has nearly halved in value and is burning $10 million to 15 million of cash a month. "We expect that following the negotiations ... there will be a resolution and we will achieve positive cash flow in the second half and, when that occurs, we would expect to announce a dividend in February," CEO Brad Gordon told Reuters. The Tanzanian government agreed to hold talks over the ban with Barrick but those negotiations have not yet begun. Acacia and Tanzania are also at loggerheads over allegations of tax evasion and the government is reviewing all existing mining licenses. Acacia, which is Tanzania''s largest miner, suspended its dividend for the first time. In February, it raised its payout by nearly 150 percent for the previous financial year to 10.4 cents. Due to the ban, full-year production is now expected to fall to the lower end of a previous guidance of 850,000 to 900,000 ounces of gold. Acacia''s Bulyanhulu mine is the most effected by the export ban because of its size and higher running costs. Buzwagi mine is nearing the end of its life. In the first half of the year, total production rose 4 percent to 428,203 tonnes compared to a year ago as the company mostly stockpiled its ore despite the ban. Acacia said it could temporarily close the Bulyanhulu mine for an upfront cost of $30 million should the ban persist. "Given the scale of the cash outflows at Bulyanhulu we do not believe that this situation is sustainable at that operation beyond the end of the current quarter," the company said. First-half output at Bulyanhulu fell 22 percent to 122,084 ounces. Total 2017 production is expected to fall about 10 percent. The firm''s cash balance has fallen 80 percent to $176 million since March and 30 percent on the previous year. Acacia kept costs down by deferring payments and non-essentials, cutting them by 5 percent in the first six months of the year. "Under the circumstances, Acacia has produced a sound operating performance with production in-line and costs," JP Morgan said in a note. "However, the investment case continues to be clouded by the concentrate export impasse in Tanzania, where negotiations are yet to commence and in which Acacia will take no direct part." Highlighting Acacia''s challenges in Tanzania, two sources told Reuters that two of the firm''s senior local employees were detained and questioned at an airport this week. Acacia said it was having trouble renewing work permits for foreign staff. Reporting by Zandi Shabalala; Editing by Jason Neely and Edmund Blair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-acacia-mining-results-dividend-idUSKBN1A6187'|'2017-07-21T16:22:00.000+03:00'
'0ede644016d622386d27b21d2a60d52a59fefa43'|'GE revenue falls 12 pct'|'July 21, 2017 / 10:52 AM / 4 hours ago GE shares fall as profit slumps, investors await new CEO''s targets Alwyn Scott 4 Min Read FILE PHOTO: The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. Daniel Becerril/File Photo (Reuters) - General Electric Co''s ( GE.N ) shares dropped sharply on Friday after it posted a 59-percent decline in second-quarter profit and put off an expected cut to 2018 earnings targets until November, when new CEO John Flannery will be four months into his job. The maker of power plants, jet engines, medical scanners and other industrial equipment said profit and sales declines largely reflected sale of its appliances business. It beat analyst expectations on adjusted profit, but cash flow was weak and GE said full-year profit and cash flow will be at the low end of its forecasts. GE also said it would update its 2018 earnings target of $2 a share in November, later than analysts had expected. Analyst consensus 2018 estimate is $1.73, according to Thomson Reuters I/B/E/S, already suggesting a significant cut. The length and scope of the review raised concern, since GE has just come through major shifts in its portfolio. "It''s discouraging that we''re going to wait again for the company to perform as we wait for the new CEO to review everything," said Jim Corridore, analyst at research firm CFRA, which cut GE shares to "hold" after Friday''s results. Related Coverage GE incoming CEO Flannery to update 2018 outlook in November Incoming CEO Flannery acknowledged on a conference call that his review would take time, but said it had not altered GE''s 2017 outlook. Still, the stock could be in "in a state of limbo" until the review is finished, Deane Dray, analyst at RBC Capital Markets, said in a note. GE''s cash flow was below expectations and also weighed on the stock, said Jeff Windau, analyst at Edward Jones. "People want to get the answers sooner" to Flannery''s review. Shares were down 3 percent at $25.87 in mid-morning trading after earlier hitting a 2-year low. GE faced a "slow-growth, volatile environment" in the quarter, Chief Executive Jeff Immelt said in his final earnings release before his Aug. 1 retirement. Immelt''s tenure began days before the Sept. 11, 2001, terrorist attacks and included the 2008 financial crisis. While GE stock is 27 percent below its price when Immelt arrived, it has more than tripled from its nadir in 2009. Immelt sold off NBCUniversal, appliances and most of GE Capital. He acquired power assets from France''s Alstom ( ALSO.PA ), merged GE''s oil and gas business with Baker Hughes, and moved the headquarters to Boston. Flannery said he is "in the middle of a series of deep dives into the businesses." He also is "taking a hard look at our corporate spending" to ensure it contributes to earnings, and on a listening tour of investors. GE has cut $670 million in industrial overhead costs this year, Immelt said, and will "meet or exceed" its $1 billion target for 2017 - a goal set after discussion with activist investor Trian Fund Management. GE was under pressure to report strong cash flow after a weak showing in the first quarter. Cash flow from operations totaled $3.6 billion, up from $400 million in the first quarter. The figure was down 67 percent from a year ago, partly reflecting the loss of contributions from the appliances division. Revenue fell 12 percent to $29.56 billion, slightly above the $29.02 billion consensus estimate of analysts polled by Thomson Reuters I/B/E/S. GE said its appliances sale eliminated $3.1 billion of revenue. Net profit slumped 59 percent to $1.34 billion, or 15 cents a share, in the quarter ended June 30, from $3.30 billion, or 36 cents a share, a year earlier. Adjusted earnings fell 45 percent to 28 cents a share, compared with estimates for 25 cents. Additional reporting by Rachit Vats in Bengaluru; Editing by Bernadette Baum and Nick Zieminski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ge-results-idUSKBN1A617Z'|'2017-07-21T13:49:00.000+03:00'
'ef7da0b96b291ea3b4ee81db6b89d14799dd7ede'|'Global pizza brands battle for Russia''s far-flung regions'|'July 21, 2017 / 3:57 PM / 38 minutes ago Global pizza brands battle for Russia''s far-flung regions Maria Kiselyova and Olga Sichkar 4 Min Read A staff member prepares a pizza at a Domino''s Pizza restaurant in Moscow, Russia, July 14, 2017. Picture taken July 14, 2017. Sergei Karpukhin MOSCOW (Reuters) - Global pizza brands Domino''s and Papa John''s are preparing an assault on Russia''s provinces, betting they can turn a profit far from Moscow as online card payments become more widespread and consumers get to know foreign brands better. While stay-at-home Muscovites can order an array of international pizza brands from Sbarro to Domino''s to Papa John''s, regional cities such as Rostov-on-Don and Nizhny Novgorod are still chiefly the preserve of small local chains. Multiple challenges have kept global fast food brands wedded to major Russian cities, including patchy transport links, bureaucratic delays, finding an army of chefs who can maintain quality, as well as the sheer cost of shipping often perishable ingredients across a vast country that spans 11 time zones. Western fast food chains have also had to adapt menus to suit Russian palates better, once the allure of new foreign tastes has worn off. One of Domino''s best-selling pizzas is the "Russian" with 13 toppings including potato, beef, pork, bacon, mushrooms, pepperoni and cheese to help ward off the cold. But Domino''s Pizza''s Russian franchisee, DP Eurasia, believes the time is now right to expand beyond Moscow, where sales at the 76 outlets it had at the end of March are far outstripping growth in its main market Turkey. "The company has done its own research and realised that there''s almost no quality pizza in the regions, which gives us enormous ground for development," said DP Eurasia''s head of Russian development Elena Ivanova. Like-for-like sales in Russia have risen 30.1 percent this year up to May 21, whereas the comparable figure for Turkey was 6.3 percent growth. Aggressive Expansion Domino''s was Russia''s third-largest pizza chain last year yet its share of the fragmented market stood at less than 2 percent, according to Euromonitor International. Guvenc Donmez, DP Eurasia''s Russian head, said he saw room for 1,500 Domino''s outlets in the longer term. A staff member prepares pizzas at a Domino''s Pizza restaurant in Moscow, Russia, July 14, 2017. Picture taken July 14, 2017. Sergei Karpukhin For now, the company is using part of the 148 million pounds ($192 million) it raised listing shares in London in June to add 40 outlets this year, venturing as far as Krasnodar, 1,200 kilometres (750 miles) south of Moscow. Domino''s closest rival is not standing idle. The Russian franchise of U.S. chain Papa John''s International Inc, the fourth biggest player in the country in 2016, sees room for 60-80 store openings each year over the next five years. "We still see potential in Moscow. I think we could open a further 40-50 stores there, but we are also embarking on an aggressive expansion to small towns," Christopher Wynne, the chief executive of Papa John''s franchisee, told Reuters. Another U.S. brand Sbarro was the market leader with a 4 percent market share in 2016, according to Euromonitor, followed by DoDo Pizza, a Russian chain with a presence in former Soviet states as well as China and the United States. Sbarro''s Russian franchise had 88 stores last year, including in provincial cities. However, it was hit by a Russian food import ban and a drop in the rouble as Sbarro refused to let it replace imports with local products and the franchising agreement was terminated, Russia''s RBC daily has reported. Sbarro did not immediately respond to a request for comment. Wynne said Papa John''s Russia had imported 90 percent of products before the 2014 food ban came in but had replaced all its suppliers within six months. DP Eurasia acknowledged the restrictions could adversely affect its business, even though it too had managed to replace the banned imports. It also said there could be challenges in rolling out the franchise in places with less dense populations than Moscow but believes it can stay profitable thanks to greater purchasing power and economies of scale. "Russia is a huge market and is still very underpenetrated. You don''t have many options to eat," Donmez said in an interview with Reuters TV. ($1 = 0.7698 pounds) Additional reporting by Margarita Vznuzdaeva; writing by Maria Kiselyova; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-pizzas-idINKBN1A61YF'|'2017-07-21T18:55:00.000+03:00'
'0f83549cf42b708b58f32e68720995e7d3b1f499'|'Irish central bank appoints new deputy governor'|'July 21, 2017 / 10:08 AM / 17 minutes ago Irish central bank appoints new deputy governor   A woman walks past a sign on the Central Bank in the financial services area of Dublin, Ireland July 7, 2017. Clodagh Kilcoyne DUBLIN (Reuters) - Ireland''s central bank on Friday named Ed Sibley as a deputy governor, replacing Cyril Roux who left the bank in April. While Roux was responsible for all financial regulation, a restructuring at the bank means Sibley will have a narrower remit and will be responsible for the supervision of credit institutions, insurance firms and the asset management industry. Responsibilities for consumer protection, securities and markets supervision and enforcement will be held by the bank''s new Director General for Financial Conduct, Derville Rowland, who will report directly to Governor Philip Lane, the bank said in a statement. Reporting by Conor Humphries; Editing by Hugh Lawson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-cenbank-idUKKBN1A613M'|'2017-07-21T13:07:00.000+03:00'
'a4b05c0bea2f1f6e7ff61bfafb6c864ba52c489c'|'UK sidelined as Europe looks beyond Brexit in aerospace'|'July 21, 2017 / 10:36 AM / 9 minutes ago UK sidelined as Europe looks beyond Brexit in aerospace Tim Hepher 5   An Airbus A350 aircraft flies in formation with Britain''s Red Arrows flying display team at the Farnborough International Airshow in Farnborough, Britain July 15, 2016. Peter Nicholls/File Photo PARIS (Reuters) - Britain risks losing clout in the aerospace industry, one of its largest skilled employers, due to concerns over its departure from the European Union, a corporate overhaul at Airbus and a new Franco-German push on defence, industry insiders say. Initiatives from a new continental combat jet to a decision by Airbus to downgrade its UK representation, as well as the redeployment of some research projects, have left the $90-billion UK sector feeling increasingly sidelined. France and Germany last week announced plans for a joint fighter, catching many in Britain off guard. Though chiefly designed to rejuvenate the Paris-Berlin axis, the move has highlighted questions over Britain''s place in the European powerhouse after Brexit and left its biggest defence firm BAE Systems manoeuvring for a place. "Everyone is now simply acting on the basis that Brexit has happened, and let''s get on with life," said former French security adviser Francois Heisbourg, chairman of think-tank IISS. The move coincides with plans by Franco-German-led Airbus to shake up its UK management. Airbus Group UK President Paul Kahn is leaving as part of wider plans to shed management layers, Airbus said this week. Government affairs chief Katherine Bennett will run the Toulouse-based company''s UK arm as senior vice president. Officially, the changes are nothing to do with Brexit. A top executive in Spain is also leaving the slimmed-down firm. But the four-nation giant is aware of the intense focus on Britain''s role in flagship European ventures, while Airbus remains represented at more senior levels in France and Germany. "You couldn''t say there is no link to Brexit," a person familiar with the process said. The industry''s ADS lobby, of which Kahn remains president, says aerospace and defence support 363,000 direct jobs in Britain and has warned against a ''hard Brexit'' that could see trade tariffs and restrictions on movements of workers. Airbus alone employs 12,000 in Britain where it builds wings for jetliners and campaigned to keep the country in the EU. Although Bennett will report directly to CEO Tom Enders, Kahn''s departure after three years deprives Britain of a strong voice inside Europe''s largest aerospace group, insiders said. Drip Feed The reshaping of Airbus''s UK presence does not end there. Industry sources say civil planemaking operations chief Tom Williams is unlikely to be replaced when he eventually retires, leaving a significant gap in the firm''s UK profile. Williams, who turns 65 on Friday, is Airbus''s "national representative" to Britain on key matters and has warned the country is entering a "dangerous phase" over Brexit. No departure date has been set for one of Britain''s top industrial managers. Airbus declined to comment. In the long term, Britain faces competition for wings production when design starts on the next generation of Airbus jets next decade. Germany and Spain both want the work. For now, the chill towards Britain is felt mainly though a drip feed of small changes, though these collectively represent what one insider called an "insidious" threat to UK relevance. Britain will have less responsibility for Europe''s Galileo satellite programme. Some R&D work has been removed from British universities. And plans for a small but symbolic "Cyber Lab" at Airbus in Britain have been shelved. "You are less likely to see UK leadership of projects with continental content. There will still be UK content but more likely under French or German leadership," one source said. That partially reverses the trend of recent years with rotary wing research placed in Britain after Airbus recently won a major military services contract. Supporters say Britain remains attractive for investment, with public funding for new technologies and a weaker pound offsetting uncertainty over Brexit. Asked whether she feared a stronger Franco-German defence axis leaving Britain in the cold, Defence Procurement Minister Harriet Baldwin told Reuters: "Far from it ... We are very happy with how things are going with our European friends and allies." Senior commentators are worried about the health of Britain''s industrial base, however, especially if it fails to win a place in the planned Franco-German fighter programme. "...you have a certain critical mass of design and development engineers and if they are not fed with noble work they will dissipate over time," said defence and aerospace consultant Brian Burridge, ex-commander of UK forces in Iraq. He likened this to years of under-investment in nuclear power stations, which saw Britain turn to foreign partners. "Just as we saw in our nuclear power-generation industry: if suddenly, for strategic reasons, you want to change your indigenous sovereign capability that would be very difficult." Reporting by Tim Hepher; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-aerospace-analysis-idUKKBN1A616W'|'2017-07-21T13:36:00.000+03:00'
'1b38275bf3b6c3f687d580fa1ef62efcd9780cde'|'Demand for exorcists is soaring in France'|'FOR A man poised for combat with evil spirits, Philippe Moscato looks remarkably at ease. In casual clothes and chatting about the tools of his trade—a “Vogel” crystal, compass, steel crucifix, pendulum and bag of salt from Jerusalem—he says he can deliver unreal results. Hired to exorcise an apartment in a wealthy district of central Paris, he predicts that the air will change. In the winter, he says, the owners will no longer need their central heating, the result of beneficial vibrations.Mr Moscato’s work involves first waggling a pendulum, supposedly to assess the flat’s readiness, then lighting a candle, reciting from an exorcism manual, before blessing salty water that he splashes in every room. As he sprinkles, he delivers a flow of incantations. For an hour’s work he pockets €155 ($178). He has requests three or four times a week to de-spook property, and exorcises a person on average once a week. Paris, Lyon and the French Riviera are the areas most contaminated by bad spirits, he says. Demand for ghostbusting fluctuates. Following terrorist attacks in France and Belgium, late in 2015 and early in 2016, respectively, Mr Moscato said he had “an incredible avalanche” of requests. 18 Alessandra Nucci, a writer on Catholic affairs, says that there are more and more “independent operators” like Mr Moscato in Europe. The church has neglected exorcisms for a long time, she says, despite strong demand from the public for them. There are some 100 exorcist priests licensed by the church in France, according to the International Association of Exorcists in Rome, but most are inactive.Another independent operator, Grégory Noel, makes a speciality of exorcising farms. For up to €500 a pop, Jean Clément provides a ceremony to release harmful “waves”. A third, Jean de Paracol, in southern France, markets a service to help small businesses that have been blighted by black magic. Gabriel Despréaux, near to Paris, says he has practised for decades but only started charging a fee two years ago. He now works as many as 15 hours a day dealing with clients. In a good month his business is generating €12,000 before tax.What might explain rising demand? Television programmes that depict exorcism, notably imports from America such as Fox’s “The Exorcist”, may play a part. The relative ease of finding practitioners online is also a factor. Word-of-mouth recommendations from satisfied customers matter, too. The owner of the Paris apartment is reluctant to say if her experiment helped to improve the air. “The whole thing is freakish, but just by believing, it might make a difference,” she says. Then, as Mr Moscato leaves, a sunbeam suddenly lights up her apartment. Business "Who you gonna call?"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725320-catholic-church-has-left-big-gap-market-demand-exorcists-soaring-france?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'782fa39dfa913960d0c8642dc1bf4948da864845'|'Glencore to invest $21 million in Brazil''s copper producer Paranapanema'|'July 21, 2017 / 9:40 PM / 9 minutes ago Glencore to invest $21 million in Brazil''s copper producer Paranapanema Reuters Staff 1 Min Read FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company''s headquarters in the Swiss town of Baar November 20, 2012. Arnd Wiegmann/File Photo SAO PAULO (Reuters) - Glencore PlC ( GLEN.L ) has signed an agreement to invest up to 66 million reais (16.16 million pounds) into Brazilian copper producer Paranapanema SA, the Brazilian firm said in a securities filing. Paranapanema ( PMAM3.SA ) said the cash injection will give Glencore the right to appoint one board member and that the agreement is conditioned on Paranapanema proceeding with a reorganization plan that will include refinancing its debt with creditors. ($1 = 3.1406 reais) Reporting by Tatiana Bautzer; Editing by Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-paranapanema-glencore-idUKKBN1A62Q5'|'2017-07-22T00:39:00.000+03:00'
'28ea4243cf966750d48fe68647d54b66a5663f5d'|'Sao Paulo rideshare rules draw ire of apps, rental agencies'|'FILE PHOTO - An Uber driver cleans his car as his cell phone shows the queue to pick up passengers departing Guarulhos International Airport in Sao Paulo, Brazil, February 13, 2017. Nacho Doce SAO PAULO (Reuters) - New rules restricting drivers of out-of-town vehicles from working with ride-hailing services in São Paulo came under fire from technology and rental car executives on Thursday, who threatened to legally challenge the decision in Brazil''s biggest city.São Paulo Mayor João Doria, whose name has been increasingly floated as a possible candidate in the 2018 presidential race, unveiled the rules last week as part of a plan to regulate ride-sharing services such as Uber and local rival 99.The move has serious implications for drivers from the São Paulo suburbs, along with the rental agencies such as Localiza Rent a Car SA ( RENT3.SA ), much of whose fleet is registered at its headquarters in the state of Minas Gerais."We have seen the city kind of taken over by cars ... using São Paulo roads and paying taxes somewhere else," said São Paulo Transportation Secretary Sergio Avelleda, defending the measure to journalists on Thursday.Rental car companies disagreed.The head of policy and communication for 99, Matheus Moraes, said the demand to register and pay local property taxes on cars was redundant for the company''s drivers, who already contribute a road usage fee per mile for using ride apps in the city."Mobility is about using the cars you already have," he said at an industry event in São Paulo. "This measure is limiting ... and we are going to work like heck with the government to see if we they will reconsider that point."Uber took an even stronger stance in an emailed statement, calling the requirement of local vehicle registration "unconstitutional," and Localiza also condemned the measure."This decision does not make legal sense," said Localiza Chief Financial Officer Roberto Mendes in a telephone interview. "We have to evaluate the situation. We understand that there are legal aspects that we could challenge."Demand from unemployed Brazilians renting cars to drive with ride-hailing services has been one of several factors driving robust revenue growth for Localiza and rival Movida Participações SA ( MOVI3.SA ) this year, according to analysts.The rental agencies have even offered special monthly contracts for drivers on the apps. Uber''s Brazilian website promises rental savings of up to 50 percent for its drivers and lists promotions from the agencies side-by-side in major cities.The new rules could seriously complicate those arrangements, since so much of São Paulo''s rental fleet is registered in other cities.Reporting by Alberto Alerigi Jr. and Natalia Scalzaretto; Writing and additional reporting by Brad Haynes; and Leslie Adler '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-rideshare-sao-paulo-idUSKBN1A6033'|'2017-07-21T03:50:00.000+03:00'
'beb4d9557e17f7726a9dfc11b6c75ad952553521'|'KKR, a private-equity giant, lays out its succession plan'|'IN MOST four-decade-old firms run by greying co-founders, investors would have long since demanded clarity on succession. But private equity works differently: the industry has been dominated by its pioneers ever since its origins in the 1970s. So an announcement on July 17th about its future leadership by KKR, one of the world’s largest private-equity firms, puts it a step ahead of its rivals. Its aim of ensuring that the firm has the right structure in place “for decades to come” is not obviously shared across the industry.KKR has been run since 1976 by two of its founders, Henry Kravis and George Roberts (both in their early 70s). They are staying on as co-chairmen and co-chief executives but with less of a day-to-day role. Lining up behind them are a pair of 40-somethings, Joe Bae and Scott Nuttall, who will join the board and take the titles of co-president and co-chief operating officer.  Such explicit, public succession planning is unusual. Stephen Schwarzman, the boss and co-founder of Blackstone, the world’s largest private-equity firm, has hinted that Jonathan Gray, head of its property arm, could succeed him. But the chiefs of other behemoths, such as Leon Black of Apollo, or David Rubenstein, William Conway and Daniel D’Aniello, the trio behind and atop Carlyle, have largely kept silent about their heirs. So too have the bosses of many smaller firms.Public reticence does not necessarily imply a lack of planning. Most private-equity firms are private partnerships and do not face the level of scrutiny accorded to publicly listed firms like KKR. But there is often pressure to reveal succession plans from investors who are committing capital that could be tied up for ten years or more.Not having a scheme for a smooth transition of power carries risk in all businesses. But the potential for acrimonious disputes, not least over money, is particularly high in private equity. In a recent analysis of over 700 firms, Josh Lerner and Victoria Ivashina of Harvard Business School found that compensation of partners in the industry was inextricably tied, not to individual investment success, but rather to whether they were there at a firm’s birth. The average founder receives nearly 20% of all profits from “carried interest” and owns a 31% stake in his firm; a non-founding senior partner gets on average only 11% of profits and owns less than 14% of the firm.Such unequal arrangements can make a transition trickier. Reallocating profits or transferring outsize ownership stakes to other partners risks internal bickering. In 2010 Justin Wender, the anointed successor of John Castle, the founder of an American firm called Castle Harlan, left amid a dispute about “future ownership”. Friction over succession and profit-sharing at Charterhouse, a British firm, came to light in 2014 in the form of a lawsuit by a disgruntled former partner, who alleged, among other things, that the firm tried to force him to sell his stake at an excessively low price. Charterhouse won the case.Mr Lerner worries that a growing trend of exiting founders selling their stakes externally causes other problems, particularly for private firms. If such firms are no longer in the hands of those who make the profits, for example, that may weaken the alignment of interests that has driven much of the industry’s success.All these concerns will come to a head when increasing numbers of founders step back. Large firms like KKR have diverse businesses and big teams of executives; smaller counterparts, where power is concentrated with individual founders, may have more trouble adjusting. All the more reason to follow KKR’s lead on leadership. Success and succession will become ever more intertwined.This article appeared in the Finance and economics section of the print edition under the headline "Stepping up to the plate"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21725317-industry-whole-still-unprepared-generational-change-kkr?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'59e6dd5638d3f3edb7cba63c9a78e914ca5f0221'|'Barely more than one in 10 UK firms putting Brexit plans into effect - IoD'|'July 19, 2017 / 11:14 PM / in 16 minutes Barely more than one in 10 UK firms putting Brexit plans into effect: IoD Reuters Staff 3 Min Read FILE PHOTO: A view of the Canary Wharf district is seen in London, Britain July 7, 2017. John Sibley/File Photo LONDON (Reuters) - Barely more than one in 10 British companies has started to put Brexit contingency plans into effect as many firms remain unclear about what leaving the European Union will mean, a leading business organization said on Thursday. The warning from the Institute of Directors comes as academics said separately that there would be "widespread, damaging and pervasive" costs if Britain failed to reach at least a transitional trade deal with the EU before it leaves. The IoD said 11 percent of its members had begun implementing Brexit contingency plans while 30 percent were considering their options but had yet to act, less than two years before Britain is scheduled to leave the EU. "Some changes and costs are inevitable ... but the more information the government can provide on the process of Brexit, the more companies will be reassured they do not have to jump to relocate staff or operations," IoD Director General Stephen Martin said. A third of the nearly 1,000 firms that took part in the IoD survey this month said they expected to do no Brexit planning. Britain started full Brexit talks on Monday but Prime Minister Theresa May''s government is split over how much it should focus on minimizing the disruption of leaving the EU for businesses or prioritize other goals such as asserting the supremacy of British courts and migration controls. Major banks have started to move staff from London and the policy chief of the city''s financial district told Reuters recently that Britain must negotiate a staggered departure from the EU in the next few months or risk seeing thousands of finance jobs move overseas. Anand Menon, a politics professor at King''s College London who directs a research group into Brexit, said a failure to reach a deal with the EU would be highly costly. Nuclear plants might be unable to operate, airlines might be unable to fly and businesses would find it hard to enforce contracts without a deal, the group, UK in a Changing Europe, said. "Our findings show a chaotic Brexit would, at least in the short term, spawn a political mess, a legal morass and an economic disaster," Menon said. Credit ratings agency Moody''s said on Tuesday that ports and airports could face "dramatic" restrictions without a deal. Britain''s government says it is confident it will reach an agreement but has not ruled out abandoning talks if it believes the EU is seeking to inflict long-term damage on Britain. Reporting by David Milliken; Editing by William Schomberg/Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-business-idUKKBN1A42Q2'|'2017-07-20T02:11:00.000+03:00'
'6bc75606baeb096fb204a035d42ddd1dbc9c8d73'|'U.S. fines American Airlines, Delta, Frontier for violating consumer protection rules'|'An American Airlines Boeing 757 aircraft takes off at the Charles de Gaulle airport in Roissy, France, August 9, 2016. Jacky Naegelen WASHINGTON (Reuters) - Frontier Airlines, American Airlines and Delta Air Lines have been fined for violating U.S. Transportation Department airline consumer protection rules, the department said on Friday. Frontier Airlines was fined $400,000 for violating oversales and disability rules, American Airlines $250,000 for failing to make timely refunds to passengers, and Delta Air Lines $200,000 for filing inaccurate baggage reports, the department said in a statement. Delta failed to properly report all baggage claims from 2012 through 2015 and told the Transportation Department that if it had reported all claims it would have likely fallen from fourth to fifth in rankings among carriers for fewest baggage claims in 2012 and 2013. Delta said in a statement it was notified last year its damaged bag policy was not compliant with the department’s published guidelines and it immediately updated its policy. Frontier "failed to seek volunteers before bumping passengers involuntarily, failed to provide bumped passengers the required written notice describing their rights, and failed to provide proper compensation to passengers in a timely manner" the Transportation Department said. It reviewed more than 200 complaints. "Frontier remains committed to complying with DOT rules," the airline said in a statement, adding it updated procedures "that were not effective" and "taken steps including, introducing a new reporting system." It must also add a new quality assurance management position by Sept. 1. The Delta airline logo is seen on a strap at JFK Airport in New York, July 30, 2008. Delta Air Lines Inc on Wednesday announced a award travel structure for its Skymiles frequent flier program. Joshua Lott (UNITED STATES) American Airlines failed to process a "significant number" of refunds in a timely fashion in 2015, the department said. The company said Friday it "is committed to providing timely refunds to our customers." American said it "took proactive steps to address refund delays some customers experienced in 2015 due to a systems integration issue after the merger with US Airways, including investments to improve processing times." Airline bumping practices have drawn more scrutiny following video of a passenger being dragged off a United Airlines flight in April. This and other incidents have been broadcast on social media, prompting congressional hearings with airline executives that raised questions about customer service and airline cost-cutting. Southwest Airlines Co said in April it would end overbooking, while United announced policy changes, including boosting compensation for overbooked passengers to up to $10,000. Legislation unveiled in Congress in June would make it illegal for an airline to bump an already boarded passenger from a flight. Another measure before Congress would require new rules for airlines promptly to refund passengers for baggage fees or other fees if they do not receive the service. Reporting by Eric Beech and David Shepardson in Washington; editing by Cynthia Osterman and Grant McCool '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-airlines-fines-idUSKBN1A62OY'|'2017-07-22T00:26:00.000+03:00'
'fc783d2bdd05554ef27e5093fabd71f857287048'|'EU''s car regulator warns against car diesel ban in cities'|'A fuel nozzle is seen at a gas station in Berlin April 3, 2012. Tobias Schwarz BRUSSELS (Reuters) - Banning diesel cars in European cities could hamper automakers'' ability to invest in zero-emission vehicles, the European Union''s commissioner for industry has warned the bloc''s transport ministers. In a letter seen by Reuters, Commissioner Elzbieta Bienkowska said there would be no benefit in a collapse of the market for diesel cars and that the short-term focus should be on forcing carmakers to bring dangerous nitrogen oxide emissions into line with EU regulations. "While I am convinced that we should rapidly head for zero-emission vehicles in Europe, policymakers and industry cannot have an interest in a rapid collapse of the diesel market in Europe as a result of local driving bans," Bienkowska said. "It would only deprive the industry of necessary funds to invest in zero-emissions vehicles," she said in the letter, dated July 17. Germany''s three major carmakers have invested heavily in diesel technology, which offers more efficient fuel burn and lower carbon dioxide emissions than gasoline-powered cars. But since Volkswagen ( VOWG_p.DE ) admitted in 2015 to cheating on U.S. emissions tests, worries about vehicle pollution have left the entire auto industry under scrutiny. A particular concern is emissions by diesel cars of nitrogen oxide, which is blamed for causing respiratory diseases. In the letter, Bienkowska told ministers she was concerned that the latest emissions violations at Audi and Porsche ( PSHG_p.DE ) were discovered by prosecutors and not Germany''s vehicle and transport authorities. Bienkowska''s letter also called for all cars with excessively high levels of nitrogen oxide emissions to be taken of European roads, but said carmakers should act on a voluntary basis. The commissioner did raise the prospect of an EU testing agency if national regulators failed to spot more emissions-test cheats. Munich, home to carmaker BMW, has become the latest German city to consider banning some diesel vehicles. Environmental groups say diesel bans in cities can cut nitrogen oxide emissions and force automakers to design cleaner vehicles. Experts who have seen the letter to ministers say the commissioner appeared to be bowing to carmakers'' demands. "Her letter contained some important statements that we believe show the industry''s lobbyists have scored a big win," Bernstein analyst Max Warburton said in a report. "They have likely argued that castigating or banning diesel would harm the industry''s earnings and employees, harm efforts to reduce carbon dioxide and harm owners of current vehicles." Reporting by Alissa de Carbonnel; Writing by Robin Emmott; Editing by Catherine Evans '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-germany-emissions-eu-idUSKBN1A70G8'|'2017-07-22T17:14:00.000+03:00'
'fbf1913d0c979caa3fff3b5d1dcfa0dc1f1410ab'|'German politicians, industry agree on diesel rescue plan -sources'|'A fuel nozzle is seen at a gas station in Berlin April 3, 2012. Tobias Schwarz BERLIN (Reuters) - Car industry officials and politicians in Germany have agreed to update the engine software of around 9 million diesel cars as part of a plan to avoid bans on diesel vehicles in major cities, industry and government sources said on Friday.After Volkswagen ( VOWG_p.DE ) admitted to emissions-test cheating in 2015, the entire auto industry has come under scrutiny for producing nitrogen oxide emissions in diesel cars, which are blamed for causing respiratory disease.Carmakers are under pressure from international regulators and local politicians in Germany to clean up their diesel emissions or face bans on diesel engine vehicles.The software updates will cost under 2 billion euros ($2.33 billion) for cars in Germany, with the auto industry agreeing to shoulder the expense of about 100 euros per car, the sources said.Diesel-engine cars from all domestic and foreign car brands equipped with engines designed to meet Euro-6 and Euro-5 emissions standards, will be updated, the sources said. The plan is set to be presented at the beginning of August.With the software updates, the auto industry is able to cut nitrogen oxide pollution by about 20 percent, the sources said. The updated software would mean the exhaust filtering systems work more effectively, helping to remove more of the harmful emissions.A committee will be set up to measure the impact of updating diesel cars on individual communities and cities, with a view to averting bans of diesel cars, the sources said.Auto industry executives and German Transport Minister Alexander Dobrindt are due to discuss diesel pollution at a summit on August 2.Luxury car maker Audi ( NSUG.DE ), a division of Volkswagen, said it would update engine software on up to 850,000 diesel-engine cars. The refit of six and eight cylinder engines will be free of charge for all customers, Audi said.Audi''s plan follows a similar move by Daimler ( DAIGn.DE ) last week, which said it would spend 220 million euros updating more than 3 million European Mercedes-Benz cars with diesel engines.BMW said it saw no need for a voluntary recall ahead of the August diesel summit.European Union commissioner for industry, Elzbieta Bienkowska has written to Europe’s transport ministers threatening to ban diesel vehicles unless these are cleaned up by the year end, Germany’s Sueddeutsche Zeitung said. The European Commission declined to comment.Reporting by Markus Wacket in Berlin; Additional reporting by Yun Chee in Brussels; Writing by Edward Taylor; Editing by Georgina Prodhan and Jane Merriman '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-germany-emissions-diesel-idUSKBN1A612J'|'2017-07-21T12:46:00.000+03:00'
'26dfe9f84a4ea58cbfb1fb1dfb66c9e757fc0ce2'|'Wells Fargo ordered to pay $575,000, reinstate whistleblower'|'July 21, 2017 / 8:34 PM / 7 minutes ago Wells Fargo ordered to pay $575,000, reinstate whistleblower 2 Min Read A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith (Reuters) - The U.S. Department of Labor on Friday ordered Wells Fargo & Co ( WFC.N ) to pay $575,000 (442,512 pounds) and to rehire a whistleblower the bank had dismissed in September 2011 after the former employee raised concerns over the opening of customer accounts without their knowledge, the agency said in a statement. The name of the whistleblower was not disclosed. "We take seriously the concerns of current and former team members," wrote Wells Fargo spokeswoman Richele Messick in an emailed statement to Reuters. "This decision is a preliminary order and to date there has been no hearing on the merits of this case. We disagree with the findings and will be requesting a full hearing of the matter." Wells Fargo was fined last year for opening up to 2.1 million customer accounts without their knowledge over several years to meet aggressive sales targets. The revelation damaged the bank''s reputation, spurred investors to sell its shares for several weeks and led to the resignation of its chief executive last year. Despite news reports and lawsuits claiming the bank had retaliated against whistleblowers, an investigative report by the bank''s board of directors released on April 10 said "based on a limited review completed to date," outside law firm Shearman & Sterling had "not identified a pattern of retaliation" against employees in Wells Fargo''s branch banking unit who complained about sales pressure or practices. In a different case, the Department of Labor in April ordered Wells Fargo to reinstate a whistleblower, though that former staffer''s concerns related to bank, mail and wire fraud -things that were not at issue in the sales practices scandal. Wells Fargo still faces probes from federal, state and local government agencies including the U.S. Department of Justice, as well as a number of private lawsuits, according to its quarterly securities filing in May. Reporting by Dan Freed in New York; Editing by Bernadette Baum and Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wells-fargo-accounts-whistleblower-idUKKBN1A62MJ'|'2017-07-21T23:34:00.000+03:00'
'b906268ababed470db289572b2979c622e404c41'|'Global Economy: That was fun; now comes the slowdown'|'July 21, 2017 / 12:46 PM / 3 hours ago Global Economy: That was fun; now comes the slowdown 5 Min Read U.S. Dollar and Euro notes are seen in this June 22, 2017 illustration photo. Thomas White/Illustration/Files LONDON (Reuters) - For all the talk of world economies rising in sync, there does not seem to be an abundance of optimism about how long it will last. Tucked away in Reuters latest quarterly economic poll series is a projection that growth rates in nearly all of the world''s largest economies will fall over the next two years. Inflation, meanwhile, will remain benign and in some cases below target. Both findings would suggest that the current caution of central bankers is warranted. As the European Central Bank''s Mario Draghi said in the past week: "We aren''t there yet." The Reuters polls of economists around the world -- looking at 46 economies -- have been prescient in past years. If they prove right again, it means the United States, euro zone, Japan, Germany, France and China will all grow more slowly in 2019 than at present. Britain will be growing at this year''s rate -- but only after a 2018 Brexit-related hammering. James Knightley, chief international economist at ING, reckons the projected growth slowdown is a natural maturing of the economic cycle, exacerbated by the gradual tightening of monetary policy measures adopted following the financial crisis. "Consumers are getting to the point now when debt levels are starting to rise, and with central banks increasingly moving in the direction ... of tightening, then that could start to act as a brake on economic activity," he said. There will be growth. But it will be fairly humdrum. Consider the euro zone, currently running at a projected 1.9 percent growth rate. That will drop to 1.5 percent in 2019, according to the economists. Japan will see its 1.4 percent growth rate today halve to 0.7 percent. The U.S. economy will be down slightly, to 2.1 percent from 2.2 percent, way below the historical trend of above 3 percent. Did You Feel It? It may come as a surprise to the average person in many of these economies that the growth cycle is maturing. In many cases it has been a very mild rebound from the Great Recession triggered by the financial crisis a decade ago. As Stephen King, senior economic adviser at HSBC, noted this month: "Economic records are there to be broken. The U.S. is on the cusp of breaking two simultaneously. Within weeks, the U.S. may have delivered both the longest and the weakest economic upswing in post-war history." The new normal -- post-crisis and with big emerging economies having matured themselves -- may well be for less robust growth, although the Reuters polls project the world economy to grow at around 3.5 percent annually over the next three years. That is pretty much the average since 1961, according to World Bank statistics, although that of course is dragged down by the Great Recession and the big slump around 1980. This all goes some way to explaining the extreme caution of central banks in rolling back their unprecedented monetary stimulus. They do not, as the ECB''s Draghi admitted openly this past week, want to commit a policy error. Their dilemma is that they want to normalise monetary policy as much as possible without killing what growth trillions of dollars of stimulus have helped achieve. So data releases are even more crucial to policymakers than usual. The coming week will give them a snapshot of monthly business activity, culminating in the first real look at what happened in the second quarter. Flash purchasing managers'' indexes for Japan, Germany, France, the euro zone and the United States are released on Monday. All have been in expansion mode. That should continue, but Reuters polls suggest some easing. Britain announces its preliminary second quarter growth figures on Wednesday. There is a strong consensus that it will tick up to 0.3 percent from 0.2 percent quarter-on-quarter, but slip to 1.7 percent from 2.0 percent year against year. Arguably the biggest data release comes on Friday with advance U.S. GDP numbers. An annualised rate -- that is, roughly speaking the quarterly number times four -- is seen at 2.7 percent, a large jump from the previous 1.4 percent. Reporting by Jeremy Gaunt; Additional reporting by Jonathan Cable; Editing by Catherine Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-economy-outlook-idINKBN1A61IZ'|'2017-07-21T15:45:00.000+03:00'
'167deb13287610229f826b07b40fd3d8c690b8dc'|'Sterling skids to eight-month low against rallying euro'|'July 20, 2017 / 7:48 AM / in 3 hours Sterling skids to eight-month low against rallying euro Patrick Graham and Jemima Kelly 3 Min Read Sample polymer five and ten GB pound banknotes are seen on display at the Bank of England in London September 10, 2013. Chris Ratcliffe/pool LONDON (Reuters) - Sterling skidded to an eight-month low against the euro on Thursday, trading close to 90 pence after the head of the European Central Bank said possible changes to policy would be discussed in the autumn. Though Mario Draghi said no date had been set for discussing any changes to the programme and that ECB rate-setters had been unanimous in their decision not to change their guidance an monetary policy, investors reckoned discussions in the autumn would lead to monetary tightening next year. The euro jumped as much as 1.5 percent against the pound EURGBP=D3, touching 89.765 pence, its strongest since early November. "Traders may have found that Draghi''s comments were less dovish than anticipated, despite his emphasis on the continued need for significant stimulus and on subdued underlying inflation," said Caxfon FX anaylst Alexandra Russell-Oliver. "Ultimately, the expected winding down of stimulus will likely continue to be supportive of the euro." Against the dollar, sterling dipped back below $1.30 on concern UK ministers are prepared to walk away from Brexit talks without a deal. That mood of uncertainty outweighed a slightly better-than-expected batch of retail sales numbers. That briefly helped the pound recover some ground from a fall after Trade Minister Liam Fox said in a radio interview the country could get by without a Brexit trade deal - an outcome many economists have warned could cripple business activity. "Official comment this morning suggesting the UK can survive with no Brexit deal will likely outweigh (the retail sales numbers) on the pound (and) maintain the downtrend," said Neil Jones, head of hedge fund FX sales at Mizuho in London. The pound rose above $1.31 to 10-month highs earlier this week as the dollar fell across the board, and as investors bet the 25-basis-point cut in British interest rates after last year''s vote for Brexit could be reversed in the coming months. But BoE policymakers have made it clear that any monetary tightening will be data-dependent. Thursday''s retail sales numbers showed sales rose 2.9 percent in June compared with a year earlier, and 0.6 percent on the month - both beating forecasts in a Reuters poll. Reporting by Patrick Graham and Jemima Kelly; editing by Mark Heinrich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-sterling-idUKKBN1A50RF'|'2017-07-20T19:02:00.000+03:00'
'10146b8ee3d22e533fa04563b1a20547ada46e9a'|'Microsoft''s quarterly profit more than doubles'|'July 20, 2017 / 8:21 PM / in 8 minutes Microsoft''s quarterly profit more than doubles Reuters Staff 1 Min Read The Microsoft logo is shown on the Microsoft Theatre at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. Mike Blake (Reuters) - Microsoft Corp reported a quarterly profit that more than doubled, helped by a tax benefit and strong growth in its cloud business. The company''s net income rose to $6.51 billion, or 83 cents per share, in the fourth quarter ended June 30 from $3.12 billion, or 39 cents per share, a year earlier. On an adjusted basis, revenue rose 9.1 percent to $24.7 billion. Microsoft''s shares rose 1 percent in trading after the bell on Thursday. Reporting by Gayathree Ganesan and Rishika Sadam in Bengaluru; Editing by Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-microsoft-results-idUKKBN1A52Q0'|'2017-07-20T23:20:00.000+03:00'
'c1c3ffdfb8d9bfcd910e7c060da21c611be783b9'|'EU antitrust regulators say probing possible German car cartel'|'Edition United States July 22, 2017 / 12:59 PM / 2 hours ago EU antitrust regulators say probing possible German car cartel Foo Yun Chee 2 Min Read A man uses phone under a Volkswagen logo at the Shanghai Auto Show, in Shanghai, China April 20, 2017. Aly Song BRUSSELS (Reuters) - EU antitrust regulators are investigating allegations of a cartel among a group of German carmakers, the European Commission said on Saturday, a measure that could result in hefty fines for the companies. The Commission and its German counterpart were tipped off about the possible cartel, the EU competition authority said. Slideshow (3 Images) "The European Commission and the Bundeskartellamt have received information on this matter, which is currently being assessed by the Commission. It is premature at this stage to speculate further," the EU executive said, without giving more details. German magazine Der Spiegel reported on Friday that VW ( VOWG_p.DE ), BMW ( BMWG.DE ), Audi, Porsche may have colluded to fix the prices of diesel emissions treatment systems using industry committees. Sixty industry committees made up of about 200 employees discussed vehicle development, brakes, petrol and diesel engines, clutches and transmissions as well as exhaust treatment systems, Der Spiegel reported, citing a letter sent to cartel authorities. It said Volkswagen admitted to possible anti-competitive behavior in a letter to cartel authorities on July 4. Volkswagen and Daimler declined to comment on Friday and BMW was not available to comment. Companies found guilty of breaching EU cartel rules face fines of as much as 10 percent of their global turnover. The car industry has been hit with billion-euro fines on both sides of the Atlantic in recent years for cartels related to various parts such as lighting systems, engine coolers and bearings. Editing by Helen Popper '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-autos-cartel-idUKKBN1A70EW'|'2017-07-22T15:51:00.000+03:00'
'13753d1dbed9f89ec58d0524adf1b54bcc7ff760'|'German politicians, industry agree on diesel rescue plan - sources'|'July 21, 2017 / 9:58 AM / 27 minutes ago German politicians, industry agree on diesel rescue plan - sources   BERLIN (Reuters) - Auto industry officials and politicians in Germany have agreed to clean up diesel vehicles through software updates as part of a rescue plan for avoiding diesel bans in cities, industry and government sources said on Friday. The costs of the rescue plan amount to under 2 billion (1.79 billion pounds) euros for cars in Germany, with the auto industry agreeing to shoulder the expense of about 100 euros per car, the sources said. Diesel engined cars from all brands equipped with Euro-6 and Euro-5 engines will be updated, the sources said, with the plan set to be presented at the beginning of August. With the software updates, the auto industry is able to cut nitrogen oxide pollution by about 20 percent, the sources said. A committee to reduce pollution in communities will be set up. Auto industry executives and German Transport Minister Alexander Dobrindt are due to discuss diesel pollution at a summit on August 2. Reporting by Markus Wacket; Writing by Edward Taylor; Editing by Georgina Prodhan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-emissions-diesel-idUKKBN1A612K'|'2017-07-21T12:57:00.000+03:00'
'37a271d818d0ed7d3c6c4cd4e44cc58282fc2933'|'ECB survey sees lower inflation, higher GDP growth'|'July 21, 2017 / 8:15 AM / 24 minutes ago ECB survey sees lower inflation, higher GDP growth Reuters Staff 2 Min Read European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany July 20, 2017. Ralph Orlowski FRANKFURT (Reuters) - Euro zone inflation may slow more than earlier expected in the coming years but economic growth and the drop in unemployment could exceed past projections, the European Central Bank''s Survey of Professional Forecasters showed on Friday. The ECB, which uses the survey in policy decisions, kept its ultra easy policy unchanged on Thursday, calling for patience and persistence in getting inflation back up to its target. The survey, based on responses from 56 forecasters, sees inflation at 1.5 percent this year, 1.4 percent in 2018 and 1.6 percent in 2019, all 0.1 percentage point below previous projections made three months ago. The longer-term expectation for five years out was unchanged at 1.8 percent. "To two decimal places, however, these revisions were actually much smaller (typically less than 0.05 p.p.) across rounding thresholds," the ECB said about the revisions. It added that the balance of risk to longer-term inflation expectations remained to the downside. The ECB targets inflation at just below 2 percent and its staff projections indicate it will continue to miss this target at least through 2019. Expectations for core inflation were revised up to 1.1 percent for this year from 1.0 percent but were left unchanged further out with forecasters predicting 1.3 percent next year, 1.5 percent in 2019 and 1.7 percent over the longer term. "Respondents who revised up their 2017 expectations tended to cite the improved growth outlook," the ECB added. Reporting by Balazs Koranyi; Editing by Francesco Canepa 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-survey-idUKKBN1A60SN'|'2017-07-21T11:15:00.000+03:00'
'd4b20e3d9ee0f73da65d99f6a9892e77e41d16cf'|'BMW rejects media reports of emissions manipulations'|'July 23, 2017 / 3:14 PM / 3 hours ago BMW rejects media reports of emissions manipulations Reuters Staff 3 Min Read A BMW logo is seen at a car dealership in Vienna, Austria, May 30, 2017. Heinz-Peter Bader FRANKFURT (Reuters) - German carmaker BMW ( BMWG.DE ) on Sunday rejected media reports that the emissions treatment systems in its vehicles do not work effectively and that it colluded with rivals on their design. Der Spiegel magazine reported on Friday that BMW ( BMWG.DE ), VW ( VOWG_p.DE ), Audi and Porsche may have colluded to fix the prices and designs of diesel emissions treatment systems and other vehicle parts. "Cars of the BMW Group are not being manipulated and are in line with the applicable legal requirements," BMW said in a statement. The European Commission said on Saturday that EU antitrust regulators were investigating the allegations and German politicians have called for transparency and punishment in the event of wrongdoing. Vehicle emissions have come under closer scrutiny worldwide since Volkswagen admitted in September 2015 to installing illegal software to cheat U.S. emissions tests on diesel cars. BMW said it rejected accusations its diesel cars with Euro 6 engines do not provide adequate exhaust treatment because the AdBlue tanks - that inject urea solution as part of the process - are too small. It said its technology combined AdBlue tanks with catalytic converters to lower harmful nitrogen oxide (NOx) concentrations, fulfilling all requirements and meaning that no vehicle recalls or software upgrades for Euro 6 engines were necessary. Euro 6 is the latest emissions standard set by European regulators which came into force a few years ago. BMW also said talks with other manufacturers about AdBlue tanks had been aimed at creating an infrastructure for operating them across Europe. The company reiterated it was committed to carrying out voluntary, free-of-charge software updates of older diesel passenger cars with Euro 5 engines. A spokesman for BMW said he could not comment on details of the EU probe. "We are not aware of investigations against us," he said. Reporting by Vera Eckert and Hans Seidenstuecker; Editing by Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-diesel-bmw-idUKKBN1A80NR'|'2017-07-23T18:13:00.000+03:00'
'cac834ece8e2d8e5b17cb01cabb1f42d9d5daca9'|'Tech group sides with Apple in Qualcomm''s iPhone ban dispute'|'The Apple logo is pictured on an iPhone in an illustration photo taken in Bordeaux, France, February 1, 2017. Regis Duvignau (Reuters) - A group representing major technology companies has aligned itself against Qualcomm Inc in its legal dispute with Apple Inc by calling on regulators to reject Qualcomm''s bid to ban the import of iPhones.A lobbying group that represents Alphabet Inc''s Google, Amazon.com Inc, Microsoft Corp and Facebook Inc filed comments with the U.S. International Trade Commission.They argued that barring Apple from importing foreign-assembled iPhones that use Intel Corp chips - as Qualcomm has requested - would cause "significant shocks to supply" for phones and would hurt consumers.Qualcomm declined to comment.Intel and Apple rival Samsung are members of the group, called the Computer & Communications Industry Association. Apple is not a member of the group."If the ITC were to grant this exclusion order, it would help Qualcomm use its monopoly power for further leverage against Apple and allow them to drive up prices on consumer devices," Ed Black, the CEO of the group, said in a statement. “What’s at stake here is certainly the availability of iPhones and other smartphones at better prices."Qualcomm supplies so-called modem chips to Apple, which help iPhones and iPads connect to cellular data networks. The two have been locked in a sprawling legal battle in which Apple has objected to Qualcomm''s business model of requiring customers to sign patent license agreements before buying chips.In turn, Qualcomm has accused Apple of directing its contract manufacturers like Foxconn to withhold license payments in a bid to hurt Qualcomm. The conflict has taken a toll on Qualcomm''s profit outlook.Earlier this month, Qualcomm sued Apple on separate allegations that Apple infringed six patents around making iPhones work better without draining the battery.Simultaneously, Qualcomm filed a complaint with the U.S. ITC seeking to ban iPhones that use chips "other than those supplied by Qualcomm affiliates." Apple began using Intel chips in the iPhone 7.Reporting by Stephen Nellis; Editing by Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-apple-qualcomm-idUSKBN1A52YS'|'2017-07-21T01:14:00.000+03:00'
'61002fb3371e3c0fe0b56a4fdcf65831e7b5e01c'|'Regulating credit unions in Africa'|'THE most recent time Moses Kibet Biegon needed a quick loan was when his roof blew away. He got one from the Imarisha Savings and Credit Co-operative, in Kericho in western Kenya. Imarisha channels the savings of its 57,000 members into loans for school fees, business projects or, in Mr Biegon’s case, roof repairs. It runs a fund to help with medical bills. And it pays dividends to its members from its investments, which include a shopping plaza that it opened last year.Savings and credit co-operatives (SACCOs) like Imarisha are the African version of credit unions: member-owned co-ops, usually organised around a community or workplace. Some are rural self-help groups with a few dozen members and a safe. Others have branch networks and mobile apps. The largest SACCOs rival banks; Mwalimu National, which serves Kenyan teachers, has even bought one.  The co-operative model brings “a more humane face” to finance, argues Robert Shibutse, Mwalimu’s boss. But SACCOs are not just a cuddly sideshow. In Kenya, where they are strongest, they provide more loans for land, housing, education and agriculture than banks or microfinance institutions. The World Bank estimates that SACCOs and other co-operatives account for over 90% of all housing credit in the country. In Rwanda they attract twice as many savers as banks. Membership is growing in Ghana and Tanzania.SACCOs can be generous lenders, in part because their members are often colleagues or neighbours. That makes it easier to judge risks, urge repayment and serve the folk that banks tend to shun. They fill a “vacuum” in rural areas, says Lance Kashugyera, who leads a Ugandan government project on financial inclusion. In Kenya SACCOs typically offer better interest rates than banks. But members can view a loan as a right and are often allowed to borrow up to three times their savings. In 2016 the largest Kenyan SACCOs had loan-to-deposit ratios of 109%, meaning they had to use other sources of funding than their members. “The demand for credit is high, but the savings culture is poor,” laments an officer at a Ugandan SACCO.In Uganda the greatest danger has come from politicians bearing gifts. In 2005 the government promised “a SACCO in every sub-county”, backed up with donations and cheap credit. Local bigshots hastily formed co-ops to get their hands on the money. Members saw loans as a handout from the ruling party and made little effort to repay. When the cash ran out, SACCOs failed. “They were a bit political,” sighs James Lubambo, an official in Iganga district, reeling off the names of 11 local SACCOs that have recently collapsed.Indeed, the state of SACCOs often reflects a country’s politics. After a poor showing in Kampala in last year’s elections, Yoweri Museveni, Uganda’s president, has personally delivered 100m shilling ($28,000) cheques to SACCOs in the city. In Rwanda, by contrast, an efficient but overbearing government has built a successful SACCO sector from scratch—even if a quarter of members felt obliged to join out of a sense of civic duty, according to one survey.There are better ways for governments to help. One is by plugging the yawning gaps in regulation, which in some countries bundles SACCOs together with other, non-financial co-operatives. Occasional tales of failure and fraud also do little for public confidence. In 2010 Kenya created a new regulator for the largest “deposit-taking” SACCOs: it is gradually enforcing capital requirements, but remains hugely under-resourced. Uganda brought in a new set of rules on July 1st, after more than a decade of discussion. It is also running a seven-year project which, among other things, will train leaders in small rural SACCOs to manage savings and credit better.There are other challenges. Kenyan SACCOs face a squeeze as a rate cap on bank loans intensifies competition for the most creditworthy borrowers. And they will need to adapt to mobile banking, which is helping banks reach customers that SACCOs could once keep to themselves. But the co-operative model remains distinctive. Mr Biegon doubts that a bank would have financed his roof repairs. The SACCO, he says, is “our hope”.This article appeared in the Finance and economics section of the print edition under the headline "Fixing the roof"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21725316-better-rules-will-help-continents-savings-and-credit-co-operatives-regulating?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'531528d626330bc0f7b7f37c5dd919e3edb89feb'|'UK''s Boots ''truly sorry'' over morning-after pill campaign response'|'July 22, 2017 / 8:08 AM / in 10 hours UK''s Boots ''truly sorry'' over morning-after pill campaign response 2 Min Read A sign outside a store of pharmacy and cosmetics chain Boots is seen in London, May 16, 2011. Luke MacGregor LONDON (Reuters) - British pharmacy chain Boots has apologized for its response to a campaign calling for it to cut the price of one of its morning-after pills and said it was looking for cheaper alternatives. Boots, part of U.S.-listed Walgreens Boots Alliance, was criticized by health campaigners and lawmakers after refusing to cut the cost of the emergency contraception pill, saying it could be accused of "incentivising inappropriate use". The British Pregnancy Advisory Service (BPAS) campaigned for Boots to cut the price for the Levonelle morning-after pill, saying it was more expensive in Britain than other parts of Europe. Its campaign was backed by lawmakers from Britain''s opposition Labour Party. "Pharmacy and care for customers are at the heart of everything we do and as such we are truly sorry that our poor choice of words in describing our position on Emergency Hormonal Contraception (EHC) has caused offence and misunderstanding and we sincerely apologize," Boots said in a statement late on Friday. Boots said pricing EHC was determined by the cost of the medicine and the cost of pharmacy consultation. "We are committed to looking at the sourcing of less expensive EHC medicines, for example generics, to enable us to continue to make a privately funded EHC service even more accessible in the future," it said. Reporting by James Davey; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-boots-contraception-idUSKBN1A707Q'|'2017-07-22T16:08:00.000+03:00'
'9ed6915232137545eb12235b26d4403f0a9841d0'|'U.S. financial regulators to discuss Metlife lawsuit on July 28 - Treasury'|'July 21, 2017 / 9:59 PM / 9 minutes ago U.S. financial regulators to discuss Metlife lawsuit on July 28 - Treasury Reuters Staff 1 Min Read A MetLife Inc building is shown in Irvine, California, U.S., January 24, 2017. Mike Blake WASHINGTON (Reuters) - Heads of the U.S. financial regulatory agencies will meet behind closed doors next Friday to discuss MetLife Inc''s ( MET.N ) lawsuit against them, according to a notice from Treasury, as the Trump administration wrestles with reforms arising from the financial crisis. The regulators, who make up the Financial Stability Oversight Council, and MetLife both asked earlier this month for another pause in the long-running case in which the country''s largest life insurer has challenged the federal government''s labelling of it as "too big to fail." More than a year ago, U.S. District Judge Rosemary Collyer struck down the FSOC''s designation of MetLife as "systemically important," which signifies it could devastate the financial system if it failed and triggers stricter oversight, saying the label was "arbitrary and capricious." The administration of former President Barack Obama, a Democrat, immediately appealed. Reporting by Lisa Lambert; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fsoc-idUKKBN1A62R4'|'2017-07-22T00:59:00.000+03:00'
'5ec6eb5d7d20bd2a1efaf3445d2dc41aef79bd30'|'Telecom Italia CEO Cattaneo set to step down'|'July 21, 2017 / 4:47 PM / 13 minutes ago Telecom Italia CEO Cattaneo set to step down Paola Arosio and Giulia Segreti 4 Min Read FILE PHOTO: Telecom Italia Chief Executive Officer Flavio Cattaneo looks on during a meeting in Rome, Italy November 18, 2016. Remo Casilli/File Photo MILAN (Reuters) - Telecom Italia''s board will discuss on July 24 the departure of Chief Executive Flavio Cattaneo, the company said on Friday, confirming a Reuters story that Cattaneo would leave soon following clashes with top shareholder Vivendi. In a statement, Telecom Italia (TIM) said its remuneration and appointments committee would also meet on July 24 to discuss "a proposal to end the relationship (with Cattaneo) by mutual consent." Earlier on Friday, sources familiar with the matter told Reuters Cattaneo would step down within days. A top Vivendi executive, Amos Genish, is set to be appointed as TIM''s managing director, effectively taking over from Cattaneo, the sources said, speaking on condition of anonymity as the decision isn''t public. Vivendi declined to comment, while Cattaneo did not reply to an emailed request for comment. Relations between the 54-year-old Cattaneo, who took over as TIM''s boss in March 2016, and the French media group which owns 24 percent of the phone company have soured in recent weeks, several sources have said. According to them, Vivendi, which had previously praised Cattaneo for cutting costs at the indebted Italian firm, grew unhappy after he became embroiled in a row with Italy''s government over the rollout of ultrafast broadband. This upset Vivendi, which is already under scrutiny for its growing influence in Italian business through its stake in TIM and a 30 percent share in private broadcaster Mediaset. One source said on Friday that Vivendi had explored the possibility of limiting Cattaneo''s powers by appointing other managers but added that option was no longer on the table. Special Award Genish, an Israeli citizen, was appointed Chief Convergence Officer of the French media group led by Vincent Bollore in January. He is a former head of Telefonica''s Brazil unit and founder of Brazilian telecoms company GVT. Vivendi has since turned to him to integrate all the content it produces and delivers to clients. At Telecom Italia, he would work closely with chairman Arnaud de Puyfontaine, who is also Vivendi''s CEO. Two sources said Giuseppe Recchi, currently TIM''s deputy chairman, could replace Cattaneo as CEO, though a third said the CEO job would not be filled for now. Cattaneo has been negotiating his severance package and is close to an agreement, three sources said. They said he would likely get less than the maximum 40 million euros ($47 million) he could claim under a clause in his contract. One source said he would get 32 million euros. Cattaneo''s multi-million wage and benefit package envisaged a performance-based "special award" of up to 40 million euros - or 10 million for each of the four years of his mandate. The award could be paid in its entirety in case of early departure, according to a company remuneration report. Strained After his predecessor Marco Patuano, Cattaneo is the second CEO to quit since Vivendi tightened its grip on TIM. One source said Cattaneo was viewed by the French group as too "independent"; another said there were divergences over Vivendi''s decision to sell TIM''s stake in broadcasting services group Persidera to win European Union approval for the French group''s plan to gain de facto control of TIM. Cattaneo''s exit could raise more concerns in Rome about Vivendi''s sway over Italian business. In April, communications authority AGCOM ordered Vivendi to cut its stake in either TIM or Mediaset, ruling it was in breach of rules designed to prevent a concentration of power. On Wednesday, Italy''s markets watchdog Consob ordered inspections at TIM''s offices to assess how much influence Vivendi has on the group''s management, sources said. Telecom Italia''s shares have fallen on speculation that Cattaneo may leave, and shed 0.4 percent on Friday following the Reuters report of his imminent departure. ($1 = 0.8582 euros) Additional reporting by Gwénaëlle Barzic in Paris, Stephen Jewkes and Stefano Rebaudo in Milan; Editing by Silvia Aloisi and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/telecomitalia-vivendi-ceo-idINKBN1A624O'|'2017-07-21T19:43:00.000+03:00'
'e8594dcd7ee62501364fb57ef996d998547cedfa'|'EU court rejects Polish bid to halt Opal pipeline deal, verdict in 2019'|'The logo of Russian gas giant Gazprom is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. Sergei Karpukhin BRUSSELS (Reuters) - A European Commission deal giving Gazprom ( GAZP.MM ) a bigger share of the Opal gas pipeline can go ahead for now until a ruling is issued in 2019, Europe''s second-highest court said on Friday in a rejection of a Polish bid to halt the move.The EU executive''s decision lifting the cap on Russian state-controlled Gazprom''s use of the pipeline in October last year angered Poland as it would erode the country''s role as a transit site and its influence in future gas supply talks.The pipeline carries gas from the Nord Stream pipeline under the Baltic Sea to customers in Germany and the Czech Republic.The Luxembourg-based General Court suspended the EU decision in December last year following a challenge by Poland, state-run gas firm PGNiG PGN.WA and PGNiG Supply & Trading.The plaintiffs said Gazprom''s increased gas transports via Opal would result in less gas for two other pipelines, threatening Polish gas supply.Court President Marc Jaeger said he was revoking the suspension because there was no proof of serious harm."The applicants have failed to show that the harm suffered as a result of the contested decision is serious and irreparable and therefore that decision remains applicable until delivery of the judgments on its lawfulness," he said."In the light of the average duration of proceedings before the General Court, the judgments on the substance in the present cases will probably be delivered during 2019."Gazprom supplies about a third of Europe''s gas needs.Reporting by Foo Yun Chee. Editing by Jane Merriman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-gazprom-europe-gas-court-idUSKBN1A625Z'|'2017-07-22T00:48:00.000+03:00'
'f7ce56b9575a215a36073b518ac1373afad931c4'|'FTC probing allegations of Amazon''s deceptive discounting'|'July 21, 2017 / 2:38 AM / 4 hours ago FTC probing allegations of Amazon''s deceptive discounting Diane Bartz 3 Min Read FILE PHOTO: An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S. on May 21, 2016. Lucy Nicholson/File Photo WASHINGTON (Reuters) - As part of its review of Amazon''s ( AMZN.O ) agreement to buy Whole Foods ( WFM.O ), the Federal Trade Commission is looking into allegations that Amazon misleads customers about its pricing discounts, according to a source close to the probe. The FTC is probing a complaint brought by the advocacy group Consumer Watchdog, which looked at some 1,000 products on Amazon''s website in June and found that Amazon put reference prices, or list prices, on about 46 percent of them. An analysis found that in 61 percent of products with reference prices, Amazon''s reference prices were higher than it had sold the same product in the previous 90 days, Consumer Watchdog said in a letter to the FTC dated July 6. Following receipt of the letter, the agency made informal inquiries about the allegations, according to a source who spoke on background to preserve business relationships. Related Coverage The FTC declined comment for this story. It was not known if the agency would open a formal probe into the allegations. Amazon closed up slightly for the day at $1,028.70. Amazon said in a statement that Consumer Watchdog''s study was "deeply flawed." "The conclusions the Consumer Watchdog group reached are flat out wrong," Amazon said. "We validate the reference prices provided by manufacturers, vendors and sellers against actual prices recently found across Amazon and other retailers." The review of Amazon''s discount pricing is an indication the FTC is taking a serious look at the e-commerce company''s agreement to buy Whole Foods, a deal that critics say could give Amazon an unfair advantage. Consumer Watchdog argued that the deceptive list prices make Amazon prices look like a bargain, and asked the FTC to stop Amazon from buying Whole Foods while the deceptive discounting is occurring. The FTC plays a dual role of probing charges of deceptive advertising and assessing mergers to ensure they comply with antitrust law. Amazon said in June that it would buy the premium grocer for $13.7 billion. The FTC''s "Guide Against Deceptive Pricing" warns against using a "fictitious" or "inflated" list price for the purpose of making the price charged look like a bargain. Amazon settled similar allegations with Canada''s Competition Bureau in January. It paid a fine of C$1 million ($756,658.60) as part of the settlement. Amazon ran afoul of the FTC in 2014 for making it too easy for children to run up bills while playing games such as "Pet Shop Story" and "Ice Age Village" on mobile devices, resulting in an estimated $86 million of unauthorized charges. It has been ordered to reimburse parents for the charges. Reporting by Diane Bartz; Additional reporting by Jeffrey Dastin; Editing by Sandra Maler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-whole-foods-m-a-amazon-ftc-idUKKBN1A52V2'|'2017-07-21T05:38:00.000+03:00'
'3882d653d9ea853cd568b44ebeabae9d3f51c2dd'|'Audi to recall 850,000 diesel cars to update emissions software'|'Edition United States July 21, 2017 / 9:57 AM / 16 minutes ago Audi to recall 850,000 diesel cars to update emissions software Reuters Staff 1 Min Read FILE PHOTO - The logo of Audi is pictured at the Auto China 2016 auto show in Beijing, April 25, 2016. Kim Kyung-Hoon/File Photo FRANKFURT (Reuters) - Luxury car maker Audi ( NSUG.DE ) has launched a recall for up to 850,000 diesel-fueled cars to update vehicle software controlling emissions in a bid to avoid potential driving bans, it said on Friday. The service is also being offered to Porsche- and Volkswagen- branded cars using the same six- and eight-cylinder engines, Audi said. The German government and car industry have agreed on a diesel rescue plan to be presented early August, industry and political sources told Reuters earlier on Friday. Reporting by Arno Schuetze; Editing by Edward Taylor 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-audi-recall-idUKKBN1A612A'|'2017-07-21T12:46:00.000+03:00'
'814984238de316807d7064752ed105a41bc8f189'|'Beazley''s first half profit buoyed by speciality lines, investment gains'|'July 21, 2017 / 6:45 AM / 22 minutes ago Beazley''s first half profit buoyed by speciality lines, investment gains Reuters Staff 3 Min Read (Reuters) - Lloyd''s of London insurer Beazley Plc BEZG.L reported a rise in first-half pretax profit, buoyed by strong growth in its U.S. specialty lines business and investment gains. The underwriter, which provides marine, casualty and property insurance and reinsurance, said pretax profit for the six months ended June rose 6 percent to $158.7 million, beating analysts'' expectations of $153 million, according to company supplied consensus estimates. Gross written premiums rose 2 percent to $1.15 billion in the period. Premium rates for the business as a whole fell by 2 percent, with the steepest falls in Beazley''s war, energy and terrorism businesses. Beazley, which kicks off the Lloyd''s of London SOLYD.UL half-year reporting season, said locally underwritten U.S. premiums grew 9 percent in the first half of the year. "For as long as current market conditions prevail we expect growth opportunities for our London underwriters, who often specialise in catastrophe exposed risks, to be limited," the insurer said. "By contrast, we continue to see attractive growth opportunities across our specialty lines portfolio." The insurer''s combined ratio was stable at 90 percent. A ratio below 100 percent means an insurer earns more in premiums than it pays out in claims. Beazley said it would pay an interim dividend of 3.7 pence per share, up from 3.5 pence per share a year earlier and matching analysts'' expectations. Net investment income rose to $79.4 million in the period, compared to $62.7 million a year earlier. Beazley has gotten approval from the Central Bank of Ireland for its Irish reinsurance business to become a European insurance company, giving it rights to operate throughout the European Union, even if Lloyd''s loses access after Britain exits the bloc. "Our U.S. operations performed strongly and our newly authorised Dublin based insurance company will support our growth plans in Europe, where we see opportunities to distribute our specialty products," Chief Executive Officer Andrew Horton said. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-beazley-results-idUKKBN1A60IO'|'2017-07-21T09:44:00.000+03:00'
'4616322a7095c0017bbacf40812bec9c993adf3c'|'An action plan for Uber’s next chief executive'|'IT IS said that Travis Kalanick, who resigned as Uber’s boss last month, has been reading Shakespeare’s “Henry V”. Prince Hal’s transformation, from wastrel prince to sober monarch, is doubtless one he would like to emulate. But as a guide to the ride-hailing firm’s financial dilemma, “Macbeth” is the best play. This line especially resonates: “I am in blood stepp’d in so far that, should I wade no more, returning were as tedious as go o’er.”Uber has bled money for years in an attempt to become the absolute ruler of its industry. Once Mr Kalanick’s replacement is found, voices will whisper that the firm, like Macbeth himself, is in too deep to alter course. But the new boss must change Uber from a company that sacrifices anything for its ambitions, to one which has a realistic valuation and uses resources efficiently.Latest updates In America, you are what you eat Graphic detail 14 hours ago The Supreme Court says grandparents are exempt from the travel ban Democracy in America 16 hours ago “City of Ghosts” is an extraordinary look at journalism in Raqqa Prospero 16 hours ago A papal confidant triggers a furore among American Catholics Erasmus 20 hours ago Retail sales, producer prices, wages and exchange rates a day ago Foreign reserves a day ago See all updates Its product is elegantly simple. Uber makes a market between drivers and passengers and takes a cut of about a fifth of the fare. The more people use its service, the better it functions, with lower waiting periods for passengers, and better use of drivers’ time. Some 55m people in 574 cities use it every month. Underlying sales were $4bn in 2016, over double what they were the year before (all figures exclude Uber’s Chinese arm, which it sold to a local rival, Didi Chuxing, last year). Uber’s main trouble is high expectations. Its supporters think it will become the next Alphabet or Facebook. At its last funding round in 2016 (it is private), investors valued it at a whopping $68bn.But the next boss will have to deal with an income statement that is scarier than the Thane of Cawdor. Underlying pre-tax losses were $3bn-3.5bn last year and about $800m in the most recent quarter. Some $1bn-2bn of last year’s red ink was because of subsidies that Uber paid to drivers and passengers to draw them to its platform. At least another $1bn went on overheads and on developing driverless cars; money is also being splashed on a new food-delivery venture and a plan to build flying cars.To put its 2016 loss in perspective, that number was larger than the cumulative loss made by Silicon Valley’s least profit-conscious big company—Amazon—in 1995-2002. Measured by sales, Uber is the world’s 1,158th-biggest firm. Judged by cash losses, it ranks in the top 20. It is now eight years old, but still probably years away from being stable enough to make an initial public offering of shares. In contrast, Amazon went public at the age of three, Alphabet at six and Facebook at eight.Investors rationalise its valuation by assuming that in the long run it will be highly profitable, with a dominant share of a large market. In 2014 Bill Gurley, a well-known tech investor who was then an Uber director, estimated that the pool of consumer spending that it could try and capture might be over $1trn, with ride-hailing and ride-sharing replacing car ownership. Today many Silicon Valley types think that estimate is too conservative.But a discounted cashflow model gives a sense of the leap of faith that Uber’s valuation requires. After adjusting for its net cash of $5bn and for its stake in Didi, worth $6bn, you have to believe that its sales will increase tenfold by 2026. Operating margins would have to rise to 25%, from about -80% today.That is a huge stretch. Admittedly, Amazon and Alphabet, two of history’s most successful firms, both grew their sales at least that quickly in the decade after they reached Uber’s level, and Facebook is likely to as well. But over the same periods these firms’ operating margins show an total average rise of only one percentage point. Put simply, Uber finds it desperately hard to make money. It is not clear that it breaks even reliably across the group of cities where it has been active for longest.So the new chief executive will have to deliver a bleak message; that ride-hailing is locked in a vicious circle. Low prices and high subsidies lead to losses, so firms must raise capital continually, requiring them to exhibit rising valuations. To justify these they must frequently enter new cities and dream up new products. Even more speculative capital is then drawn in by the paper gains seemingly on offer. In the past year, ten of Uber’s competitors, such as Lyft in America and Grab in South-East Asia, have together raised or are raising, roughly $11bn. That will be used to finance still more price wars to win market share.Double, double toil and troubleUber is on course to use up its existing cash and credit lines in three years. Its next boss must break the cycle before then by cutting subsidies and talking down its valuation. It could lose market share and may need to exit scores of cities. On July 13th it said that it will merge its operations in Russia with a competitor. Similar deals need to follow. Although Uber should continue to invest in driverless cars, some of its more experimental “moon shot” projects will probably be for the chop. Its investors, including Goldman Sachs, Saudi Arabia’s government and Jay-Z, a rapper, could face paper losses. Staff paid in stock will be furious.Yet over time the aim should be a firm with a lower market share of a more stable industry. Successful, dominant firms, such as Google and AT&T, don’t seek absolute monopolies by killing off weaker rivals. They allow them enough space to plod on. That lowers the risk of antitrust problems and deters new entrants. By signalling that Uber’s valuation is too high its new boss would knock valuations across the ride-hailing industry and slow the flood of speculative capital—in the end, a good thing.Once the losses abate, the priority should be to create a more “capital light” model. Perhaps Uber could license its brand and technology to local partners in some markets. It could concentrate subsidies on customers who sign up to long-term contracts. The biggest impediment may be Mr Kalanick. With allies, he still controls a significant share, probably a majority, of the company’s voting rights. Anyone taking on tech’s toughest job must have the inner steel to confront him. They should remember another Quote: from the bard; “I must be cruel only to be kind.” "Reinventing Uber"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725301-ride-hailing-firm-needs-rescuing-vicious-cycle-action-plan-ubers-next-chief?fsrc=rss%7Cbus'|'2017-07-20T22:44:00.000+03:00'
'8288ef1f43f0ce9f12b7216e5cf15b93d24e1c40'|'Four Apple contractors accuse Qualcomm of antitrust violations'|'July 19, 2017 / 7:07 AM / an hour ago Four Apple contractors accuse Qualcomm of antitrust violations 3 Min Read One of many Qualcomm buildings is shown in San Diego, California November 3, 2015. Mike Blake (Reuters) - iPhone chip supplier Qualcomm Inc ( QCOM.O ) faces a fresh set of antitrust allegations from a group of four companies that assemble the iPhone and other products on behalf of Apple Inc ( AAPL.O ). Foxconn parent Hon Hai Precision Industry Co ( 2317.TW ), Wistron Corp ( 3231.TW ), Compal Electronics Inc ( 2324.TW ) and Pegatron Corp ( 4938.TW ) alleged that Qualcomm violated two sections of the Sherman Act, a U.S. antitrust law. The accusations, made in a filing late Tuesday in U.S. District Court for the Southern District of California, are counterclaims to a Qualcomm lawsuit filed in May seeking to force the contractors to pay Qualcomm license fees that Apple directed them to stop paying. "Qualcomm has confirmed publicly that this lawsuit against our clients is intended to make a point about Apple and punish our clients for working with Apple," Theodore J. Boutrous, a lawyer for the four companies, said in a statement. "The companies are bringing their own claims and defenses against Qualcomm." The allegations are part of broader dispute between Apple and Qualcomm, which supplies so-called modem chip technology that lets iPhones connect to cellular data networks, over the nature of Qualcomm''s business model of linking the sale of chips and patent licenses, which has come under scrutiny by regulators in South Korea, the United States and several other countries. In January, Apple sued Qualcomm alleging that the company had withheld nearly $1 billion of patent license rebates it owed Apple in retaliation for Apple''s cooperation with South Korean regulators. Apple told its contract manufacturers to withhold license payments from Qualcomm while the dispute played out, which prompted Qualcomm to sue them in May. "Despite Apple''s claims against Qualcomm, Apple suppliers remain contractually obligated to pay royalties to Qualcomm under their license agreements with us, including for sales of iPhones to Apple," Qualcomm President Derek Aberle said of the dispute on the company''s conference call in April. Much of the language in the contractors'' allegations mirror Apple''s objections to Qualcomm''s business model. A senior Apple official confirmed that the company is helping to fund the contractors'' legal defense as part of an indemnification agreement among the firms. Apple has also formally joined the contractor case as a defendant. The lost license revenue from Apple has been a hit to Qualcomm''s sales. Analysts expect $5.2 billion in revenue for the June quarter, down from $6 billion a year earlier. Reporting by Stephen Nellis; Editing by Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-apple-qualcomm-idUKKBN1A40I8'|'2017-07-19T10:15:00.000+03:00'
'b1482d7996b709f3b6ae32ecb9f7e5631d4b60cc'|'Apple names new managing director for China amid localization drive'|'July 19, 2017 / 3:34 AM / 9 hours ago Apple names new managing director for China amid localization drive 2 Min Read FILEP PHOTO: The logo of Apple (AAPL) is seen in Los Angeles, California, United States, April 22, 2016. Lucy Nicholson/File Photo BEIJING (Reuters) - Apple Inc ( AAPL.O ) on Wednesday said it has appointed a managing director for Greater China - a newly created role - in its latest move to localize product features and comply with new cyber regulations in China governing foreign technology firms. Isabel Ge Mahe, who worked in wireless technology at Apple for over nine years, will coordinate teams across China, the U.S. company said in a statement. "Apple is strongly committed to invest and grow in China," Chief Executive Officer Tim Cook said in the statement. "We look forward to making even greater contributions under her leadership." The announcement comes as Apple works to meet compliance measures under a new law requiring foreign firms to store data locally in partnership with Chinese entities. Apple last week said it will invest in a $1 billion project in Guizhou province which will include a data center run with a local partner. It said none of its systems will have so-called backdoors that allow outside parties to access data. Ge Mahe''s previous projects include working with China''s state-backed telecom firms to develop country-specific functions including the ability to use local telephone numbers as Apple identification numbers, short message service (SMS) fraud detection, and support for quick response (QR) codes which are widely used in China for payments. "I am looking forward to deepening our team''s connections with customers, government and businesses in China to advance innovation and sustainability," said Ge Mahe in the statement. In the new role she will report directly to Cook and Chief Operating Officer Jim Williams, the company said. Reporting by Cate Cadell; Editing by Christopher Cushing 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-apple-china-moves-idUSKBN1A4078'|'2017-07-19T06:33:00.000+03:00'
'725593c8a6d11bdc4bdc4249b78fb5ac98834343'|'Spain likely to meet 2017 deficit goal - budget watchdog'|'July 19, 2017 / 2:07 PM / 9 minutes ago Spain likely to meet 2017 deficit goal - budget watchdog   MADRID (Reuters) - Spain is likely to meet 2017 public deficit goals agreed with Brussels, though tax revenues are lower than targeted and it will be a close call, the country''s budget watchdog said on Wednesday. Spain is one of the few countries under the remit of the European Commission''s excessive deficit procedure, which involves strict controls and deadlines, as its budget gap exceeds the recommended threshold of 3 percent of economic output. Other EU member states that struggled to rein in public finances during recent recessions, including Portugal and Greece, have left or are set to leave the procedure shortly. Spain has trimmed its deficit gradually after it spiralled during a double-dip recession, and is only scheduled to bring it below 3 percent in 2018. The government is targeting a deficit of 3.1 percent for 2017, a goal which Airef, Spain''s independent watchdog, said was reachable. Airef said Spain was relying on keeping spending under control rather than improving its tax take, in spite of four years of economic recovery. "Almost all of the adjustment is coming from the spending side of things and not from revenues," Airef Chairman Jose Luis Escriva told a news conference. Including funds used to bail out Spanish banks in 2012, the deficit was 4.5 percent of gross domestic product (GDP) in 2016, within a goal of 4.6 percent agreed with the Commission. Last year was the first time since Prime Minister Mariano Rajoy''s conservative People''s Party (PP) came to power in late 2011 that Spain met its targets. Reporting by Blanca Rodriguez; Writing by Sarah White; Editing by Angus Berwick and John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-deficit-idUKKBN1A41IU'|'2017-07-19T17:07:00.000+03:00'
'ad6494b25538ab592ec51c1afaf4c4422f2787a1'|'Russia''s Novak says OPEC/non-OPEC to discuss Libya, Nigeria'|'July 23, 2017 / 11:37 AM / in 9 hours Russia''s Novak says OPEC/non-OPEC to discuss Libya, Nigeria Reuters Staff 1 Min Read Russian Energy Minister Alexander Novak attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. Sergei Karpukhin ST PETERSBURG, Russia (Reuters) - Key OPEC and non-OPEC oil nations will discuss the situation in producers including Libya and Nigeria at a meeting on Monday, Russian Energy Minister Alexander Novak told reporters on Sunday. Speculation has been swirling in oil markets that the meeting might ask Libya and Nigeria to join a production cutting deal from which they are currently exempt. Six OPEC and non-OPEC ministers will meet on Monday in St Petersburg to discuss the market outlook and compliance with output cuts. Novak also said Russian output had fallen by around 300,000 barrels per day since October. Reporting by Vladimir Soldatkin and Dmitry Zhdannikov; Writing by Alexander Winning; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-opec-novak-idUKKBN1A80F1'|'2017-07-23T14:37:00.000+03:00'
'c50e53d66be6c8b118df19df77f06c2837708b37'|'Vodafone reports better-than-expected 2.2 percent growth in first quarter'|'July 21, 2017 / 6:19 AM / in 4 hours Vodafone beats expectations with ''robust'' performance 3 Min Read A branded sign is displayed on a Vodaphone store in London, Britain May 16, 2017. Neil Hall LONDON (Reuters) - Vodafone ( VOD.L ), the world''s second largest mobile operator, reported better-than-expected 2.2 percent revenue growth in its first quarter, reflecting a robust performance in Italy and Spain and an acceleration in demand in Turkey. The British company said the increase in organic service revenue, which beat analysts'' consensus forecast for a 1.6 percent rise, boosted its confidence in its prospects for the full year, when it expects to grow core earnings by 4-8 percent. "We made a good start to the year with a robust commercial momentum in Europe and accelerating growth in AMAP (Africa, Middle East and Asia Pacific)," Chief Executive Vittorio Colao said on Friday. Shares in the group rose to a six-week high of 231 pence. "We see this as a decent performance delivered broadly across Vodafone''s markets," said Citi, which rates the stock "neutral". "However we expect growth to ease next quarter as roaming, UK handset financing, competition in Italy and tougher comparatives in some emerging markets offset an easier comparative in Spain." Vodafone expects cash flow to jump this year, enabling it to increase dividends, as it eases back on network investment, improves efficiency and tackles intense competition in India by merging with a rival. The company has invested billion of pounds in its networks to meet surging demand for mobile data. Colao said the rise in data traffic seen in the quarter was the equivalent to total data traffic just two years ago. Areas of weakness remained in Europe, however. Growth in Germany halved to 0.6 percent, from 1.2 percent in the previous quarter, which was put down to lower wholesale revenue and accounting changes a year ago. And although its performance in its problematic British market improved, it was still down 2.7 percent, with enterprise revenue declining in what it said was a competitive market. Competition was also increasing in Italy ahead of the arrival later this year of Iliad ( ILD.PA ), the operator that has seized 18 percent of the French market in just four years. Colao said operators were already "throwing a huge number of very cheap offers to the market". "We are very well prepared both from a network, from a distribution, and from a commercial point of view to give good value to our mobile customers," he said. "We are getting prepared for the newcomer." Editing by Kate Holton and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vodafone-group-outlook-idUKKBN1A60H3'|'2017-07-21T09:19:00.000+03:00'
'386827921fcfc2e69203cbf641dfccfcf09f7ad3'|'LPC: Pretium Partners to acquire credit manager Valcour Capital'|'July 21, 2017 / 2:28 PM / 9 minutes ago LPC: Pretium Partners to acquire credit manager Valcour Capital Kristen Haunss 3 Min Read July 21 (Reuters) - Investment firm Pretium Partners has agreed to acquire credit manager Valcour Capital Management, which has about US$1bn in assets, according to an investor letter. Pretium, led by former Goldman Sachs executive Don Mullen, will buy 100% of the shares of Valcour, which will continue to operate as an independent manager following the sale, according to the letter. Valcour currently oversees three Collateralized Loan Obligations (CLOs) and the Valcour Opportunity Fund, a hedge fund focused on credit and structured products, according to its website. It is also a sub-advisor to the Ziegler Floating Rate Fund. CLO managers have been seeking partners since Dodd-Frank risk-retention rules were finalized in 2014, requiring firms to hold 5% of their funds. Additional outside capital can help managers more easily issue new funds and more easily navigate the capital markets. Credit manager CIFC announced last year it would be acquired by F.A.B. Partners and in 2015, insurance asset manager Conning announced it would purchase Octagon Credit Investors. “Pretium offers the prospect of long-term financial stability, access to a wide range of institutional investors, a better growth trajectory for assets under management and resources to assist in developing the firm’s investment management infrastructure and personnel,” George Marshman, managing partner at Valcour, wrote to the firm’s CLO noteholders. Valores Capital Partners served as exclusive financial advisor to Valcour, according to sources. Marshman declined to comment. “Pretium continues to evaluate opportunities for our investors that are presented either through market structure shifts or disruptions arising within the housing, mortgage finance and credit markets,” according to a statement from a Pretium spokesperson. “Pretium’s growth into the CLO market is the next step in the firm’s strategy to meet the needs of our investors.” Valcour was founded in 2009 by Marshman and Joseph Schlim, former officials at Aladdin Capital Holdings. Pretium was founded in 2012 and is led by Mullen, a former head of Goldman''s global credit and mortgage businesses. (Reporting by Kristen Haunss; Editing by Michelle Sierra) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/valcour-sale-idUSL1N1KB128'|'2017-07-21T17:28:00.000+03:00'
'a4a03de5f33a7a673b1fd6e816462136556fecd8'|'Canpotex signs China potash supply contracts at higher price'|'A Canpotex rail car waits to be loaded with potash at the Rocanville Potash Corp mine in Saskatchewan September 30, 2010. David Stobbe WINNIPEG, Manitoba (Reuters) - Canpotex Ltd, the offshore sales agency for North America''s biggest producers of potash fertilizer, said on Friday that it signed supply contracts with Chinese customers for shipments of 1.4 million tonnes through 2017.Canpotex, owned by Potash Corp of Saskatchewan ( POT.TO ), Mosaic Co ( MOS.N ) and Agrium Inc ( AGU.TO ), said the deals represent a price increase of $11 per tonne from last year''s agreement.Reporting by Rod Nickel in Winnipeg, Manitoba '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-canpotex-potash-china-idUSKBN1A61YT'|'2017-07-21T23:23:00.000+03:00'
'85291607456a468d78f5b3ce4a19953a28272797'|'INVESTMENT FOCUS-Clouds forming over top fund managers'' sunny investment calls'|'July 21, 2017 / 11:32 AM / 4 minutes ago INVESTMENT FOCUS-Clouds forming over top fund managers'' sunny investment calls 6 Min Read * GRAPHIC: Stocks vs bond yields reut.rs/2uhd7By * GRAPHIC: Global earnings growth reut.rs/2upAeNv * GRAPHIC: India stock market valuations: tmsnrt.rs/2vG3Cvg * GRAPHIC: Global Fixed Income tmsnrt.rs/2udfDsB By Saikat Chatterjee and Kit Rees LONDON, July 21 (Reuters) - Stock prices climbing ever high as interest rates and volatility plumb rock bottom: for some of the world''s top asset managers, the investment outlook is as good as it gets. But look closer and clouds are forming that may put a dampener on this sunny outlook. Investors should beware a rise in bond yields, a downturn in economic data or a policy misstep in a large emerging market. As the big money managers outline their recommendations for the rest of 2017, several have highlighted stocks and local currency emerging market debt as likely winners. The reasons aren''t difficult to find. A collapse in market volatility to record lows across currencies, fixed income and equities means carry trade strategies, in which investors borrow in a low-yielding currency to invest in a higher-yielding one, have proven very rewarding. The JPMorgan emerging market currency index is up more than 8.5 percent this year, on track for its best yearly performance since 2010, according to Thomson Reuters data. A structural decline in inflation despite years of monetary stimulus pursued by the world''s biggest central banks has also meant that holding cash or government bonds would actually leach money from portfolios. Strategists at Bank of America Merrill Lynch estimate inflation is rising in only 11 percent of developed markets compared with 72 percent in February. Small wonder that some investors believe these may be the best conditions to buy equities as the biggest industrialised economies are enjoying low but persistent growth, near full-employment and declining inflation. Earnings A favourite chart with investment houses is the growing premium offered by earnings yields over bond yields. At a chunky 6 percent, it suggests investors would do well to buy stocks. With earnings recovering and interest rates at record lows, Blackrock strategists say they see "less reason" to expect equity valuation metrics to fall back to historical means in such a world. But portfolio managers such as Julian Chillingworth, CIO of Rathbone Unit Trust Management, say substantial flows into European stocks from exchange-traded funds and passive investors have pushed valuations to a point where they are beginning to look a bit stretched. "We feel that we’ve seen some very good economic data, but wonder whether or not we may be close to a peak in this series of economic data and so consequently we could see the economy not dipping dramatically, but rolling over," he said. Deutsche Bank equity strategists say the recent surge in European purchasing manager indexes (PMIs) is not supported by lending surveys or other data, suggesting economic momentum may weaken in the coming months and weigh on equities. Fading economic momentum combined with rising bond yields would be the worst possible combination for equities as it could squeeze that gap between stock and bond yields. German 10-year bond yields have doubled to more than 53 basis points in the last month and may rise further if the European Central Bank does more to lay the ground for the withdrawal of its policy stimulus. Pockets of Exuberance Whatever the reason for their caution, investors are buying downside protection in markets even as global stock markets scale record highs. An analysis of more than 400 global equity and European active fund holdings by Barclays strategists indicates conviction levels among fund managers are low and cash levels high relative to historical averages, indicating some scepticism about the sustainability of the market rally. And portfolio managers at Wells Fargo Asset Managers pointed to a gap between the record low in the CBOE''s VIX "fear gauge" of implied volatility in the S&P 500 U.S. stocks index and its SKEW index, which indicates what investors are paying to protect themselves against the risk of a big sell-off. "Even though implied volatility is very low, the VIX skew on the implied probability of a large move down in equity prices is historically quite high – which shows market less ‘complacent’ than you may think," they said. But pockets of unabashed exuberance exist. For example, 12-month price-to-earnings multiples in India are above 18 times, more than one standard deviation over their long-term median, indicating markets may be frothy and vulnerable if the central bank misreads inflation data and cuts interest rates aggressively, potentially fuelling a bubble. Some parts of the global credit markets remain richly valued: a JPMorgan index of global emerging market debt trading near its lowest levels on record while Deutsche Bank strategists say downside protection on German stocks are at record lows. "Investors have already made double digit returns on their portfolios this year and now is a good time to take some money off the table rather than add positions into a potentially volatile period," said a strategist at an Asian private bank in Hong Kong. (Reporting by Saikat Chatterjee and Kit Rees; Additional reporting by Vikram Subhedar Editing by Jeremy Gaunt.) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investment-focus-idUSL3N1KB49V'|'2017-07-21T14:30:00.000+03:00'
'fe0da1c5a7eaf8142937103a7a1ae668a6f05f4b'|'French banks could create 1,000 jobs in Paris post-Brexit - lobby'|'July 21, 2017 / 10:13 AM / 28 minutes ago French banks could create 1,000 jobs in Paris post-Brexit - lobby Reuters Staff 1 Min Read PARIS (Reuters) - French banks could shift about 1,000 jobs currently based in London to Paris to keep staff in the European Union after Britain exits the EU, said the French Banking Federation. The banking lobby said on Friday that it had told French Finance Minister Bruno Le Maire in a meeting that French banks would "naturally" choose Paris to relocate staff. "About a thousand jobs could be concerned, which could have a knock-on effect of at least three indirect jobs for each direct job," the FBF federation said in a statement. Reporting by Leigh Thomas; Editing by Sudip Kar-Gupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-france-banking-idUKKBN1A614G'|'2017-07-21T13:13:00.000+03:00'
'348f414a4404008b7d450b7d32bd5d5e43bfd5ec'|'Wanted: Housewives to beat staff crunch at Japan''s FamilyMart'|'FamilyMart Co''s President Takashi Sawada poses for a photo in front of a FamilyMart convenience store after an interview with Reuters in Tokyo, Japan July 21, 2017. Toru Hanai TOKYO (Reuters) - Japan''s second-largest convenience store chain hopes it has found an answer to its labor problems - housewives.FamilyMart plans to hire 100,000 for part-time jobs over the next two years as it struggles to cope with a staffing crunch across most of its convenience stores, its president, Takashi Sawada, told Reuters on Friday.Japan''s ubiquitous convenience stores, known as "conbini", typically rely on large numbers of part-time workers to help run the show, but a shrinking population has left them in the lurch. The country''s unemployment rate is near a two-decade low while the jobs-to-applicants ratio is at a 43-year high.Boosting the role of working women is an important plank of Prime Minister Shinzo Abe''s efforts to address labor shortages.The key will be offering flexible working hours in a country where long working days are common, FamilyMart''s Sawada says."If we offer flexibility we will be able to hire many, many more [housewives]," he said. "They really take to the work and stay with us for long periods of time."The conbini operator, part of FamilyMart UNY Holdings ( 8028.T ), is also moving to make it easier for housewives to take on supervisory positions, he added.The number of services offered at conbini has ballooned in recent years, with buyers able to pick up their internet shopping, a morning coffee and pay household bills in the store, all of which has added to the workload for store staff.FamilyMart Co''s President Takashi Sawada poses for a photo at a FamilyMart convenience store after an interview with Reuters in Tokyo, Japan July 21, 2017. Toru Hanai Around 80 percent of FamilyMart stores are suffering from labor shortages, a company survey of 12,000 stores found.With the number of parcels arriving in store doubling in the past year, complaints from dissatisfied customers have also risen, Sawada said.FamilyMart Co''s President Takashi Sawada poses for a photo in front of a FamilyMart convenience store after an interview with Reuters in Tokyo, Japan July 21, 2017. Toru Hanai To address these concerns, FamilyMart has taken measures such as replacing the manual for handling deliveries, which ran to more than 100 pages, with an illustrated 10-page version.As society ages, having staff who are on hand to deal with customers will help maintain the industry''s position as indispensable to consumers'' everyday lives, Sawada said."I think there''s limits to Amazon Go," said Sawada, referring to the internet retailer Amazon''s ( AMZN.O ) bricks-and-mortar store which does away with cash registers, using sensors instead to detect purchases and for automatic billing."We will succeed by offering a human touch."FamilyMart has said it expects its net profit to more than double to 60 billion yen ($537.83 million) in four years from 24 billion yen in the current fiscal year. To drive this growth, it is converting its Circle K and Sunkus stores into FamilyMart stores, with 2,000 conversions completed since September.FamilyMart UNY, formed last year from the merger with UNY Group to become the No.2 convenience store operator behind Seven & i Holdings Co ( 3382.T ), brought in Sawada to head the post-merger conbini business. He has previously worked at trading house Itochu Corp ( 8001.T ) - FamilyMart''s top shareholder - and Uniqlo parent Fast Retailing ( 9983.T ).Reporting by Sam Nussey and Ritsuko Shimizu; Editing by Himani Sarkar '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-familymart-strategy-idUSKBN1A61EZ'|'2017-07-21T15:01:00.000+03:00'
'b99459f94cacf36e553b6d31d7dccda04df998f7'|'Big brokers, investors warn of hit to European earnings from rising euro'|'July 21, 2017 / 1:27 PM / 2 hours ago Big brokers, investors warn of hit to European earnings from rising euro 4 Min Read Detail of a European map, including Great Britain, is seen on the face of a Euro coin in London, Britain, January 31, 2016. Toby Melville/Files LONDON (Reuters) - The euro''s blistering rise to a two-year high could start to threaten the bright outlook for European firms'' profits, big brokers and investors warned, putting a dampener on enthusiasm around the region''s equity markets which have drawn strong inflows this year. More than half the revenue of top European firms is generated outside the euro zone, according to Thomson Reuters data, meaning a strengthening euro has an adverse impact on those revenues once they are brought home. As European earnings season kicks off in earnest over the coming week, the extent to which the euro''s rise is hurting companies earning revenue outside the euro zone will be a key area of focus for investors. Every 10 percent rise in the euro trade-weighted index takes 5 percent off the STOXX 600 earnings per share (EPS), Deutsche Bank strategists found. For Nandini Ramakrishnan, global market strategist at JP Morgan Asset Management Europe remains the most favoured equity market globally given a good economic backdrop and recovery in earnings growth, but the strengthening currency is a concern. "The main challenge for European equities is the strength of the euro," said Ramakrishnan. Earnings growth in Europe is expected to come in at around 14 percent this year, according to Thomson Reuters data, a striking turnaround after five years of sluggish to zero profit improvements. The upbeat outlook for European earnings has seen global investors pump money back into regional stocks pushing up valuations to above long-term averages. Some $19 billion has poured into European equities over the past three months, EPFR data shows. "We do expect the currency to strengthen given the ECB tapering, but that should not derail earnings growth," Ramakrishnan added. The euro has run up this year as a brightening macroeconomic backdrop dovetails with easing political concerns after the French election and an ECB getting ready to ease stimulus as inflation picks up. For strategists at Deutsche Bank the relatively weak start to European earnings season is partly down to the euro''s strength. "With the euro trade-weighted index up 5 percent between the middle of April and the end of June, FX strength is set to weigh on euro earners'' results, which will likely contribute to subdued beat ratios for the remainder of the season," the strategists said in a note. Roughly 18 percent of the MSCI Europe index constituents have reported results so far. Morgan Stanley strategists also voiced their concerns, pointing out that the earnings revisions ratio - a metric which tracks the number of upgrades to downgrades and measures analyst sentiment - has hit an 11-month low with financials the only sector not seeing downgrades. Companies that are more export-focused are the most exposed to a strengthening euro which makes their products more expensive abroad. Industrial stocks are on track for their biggest one-month loss since October 2016, having fallen over the past two months, while export-focused autos have held up better, managing a 1.2 percent gain so far in July against a loss of 1.3 percent for the STOXX 600. Autos were the worst-performing sector on Friday, down 2.4 percent. Industrials have drawn particular attention, with Deutsche Bank highlighting their weak results so far as a reason for the lacklustre start to the earnings season. Reporting by Helen Reid and Kit Rees, additional reporting by Vikram Subhedar; Editing by Toby Chopra 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/europe-stocks-brokers-idINKBN1A61NB'|'2017-07-21T16:25:00.000+03:00'
'b78af05ccb2c55911ecc58225d96da5ddaa5ad4c'|'French bank watchdog fines SocGen 5 million euros over anti-money laundering shortcomings'|'July 21, 2017 / 4:55 PM / in 7 minutes French bank watchdog fines SocGen 5 million euros over anti-money laundering shortcomings Reuters Staff 1 Min Read FILE PHOTO: The logo of the French bank Societe Generale is seen in front of the bank''s headquarters building at La Defense business and financial district in Courbevoie near Paris, France, April 21, 2016. Gonzalo Fuentes/File Photo PARIS (Reuters) - French bank watchdog ACPR said on Friday it had fined Societe Generale ( SOGN.PA ) 5 million euros (4.49 million pounds) for a number of shortcomings in its controls for preventing money laundering and financing of terrorism. The sanction followed a 2015 inspection of the bank, ACPR said in a statement. ACPR fined BNP Paribas ( BNPP.PA ) 10 million euros last month for insufficient anti-money laundering controls. Reporting by Maya Nikolaeva; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-socgen-moneylaundering-idUKKBN1A626Z'|'2017-07-21T19:54:00.000+03:00'
'777696e68852f20c42a1a7433128d17cd2a487ba'|'Two Nigerian banks say do not owe government money'|'July 20, 2017 / 4:37 PM / 9 minutes ago Two Nigerian banks say do not owe government money 1 Min Read LAGOS, July 20 (Reuters) - Nigeria''s United Bank for Africa said it has paid the government all the money due to it, its spokesman said on Thursday. Fidelity Bank said it did not owe $24.5 million to the government and it has contacted the state treasurer to understand what account the government was referring to in its request for monies owed. (Reporting by Oludare Mayowa and Chijioke Ohuocha; Editing by Louise Ireland) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nigeria-banks-idUSL5N1KB6N5'|'2017-07-20T19:36:00.000+03:00'
'b6cacb1da7ad0c459ccd7be8d10e4054a7bf08e6'|'UK employers call for bigger role in Brexit talks'|'July 20, 2017 / 4:06 PM / 20 minutes ago UK employers call for bigger role in Brexit talks Reuters Staff 2 Min Read FILE PHOTO: UK Secretary of State for Exiting the European Union David Davis (L) is welcomed by the European Commission''s Chief Brexit Negotiator Michel Barnier at the start of a first full round of talks on Britain''s divorce terms from the European Union, in Brussels, Belgium July 17, 2017. Yves Herman/File Photo LONDON (Reuters) - Britain''s Chambers of Commerce (BCC), an employers group, warned the government it needed to engage in "sustained and structured" discussions with business over Brexit and avoid an abrupt departure from the bloc. Prime Minister Theresa May chaired a discussion with the heads of several industry groups and chief executives on Thursday at the first meeting of a new business council designed to heal wounds after many felt they were being ignored. The BCC welcomed the move but said regular discussions were needed ahead of Britain''s departure from the European Union due by the end of March 2019. "High-level discussions with the prime minister and her cabinet must continue, but we also need to see sustained and structured discussion with business on the dozens of practical, real-world questions that firms face as a consequence of Brexit," BCC President Francis Martin said in a statement. "The prospect of multiple, costly, adjustments to trading conditions is a concern for many, so starting discussions on transition arrangements as soon as possible would go a long way to boost business confidence," he said. Reporting by Costas Pitas; Editing by William Schomberg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-business-idUKKBN1A526F'|'2017-07-20T19:06:00.000+03:00'
'a649244ca220b4d8abe8e56d6586156e3c979772'|'London Stock Exchange Group tests blockchain for private company shares'|'July 19, 2017 / 8:01 AM / 9 hours ago London Stock Exchange Group tests blockchain for private company shares Anna Irrera and Jemima Kelly 3 Min Read FILR PHOTO: The London Stock Exchange is seen in the City of London April 11, 2011. Toby Melville/File Photo NEW YORK/LONDON (Reuters) - The London Stock Exchange Group Plc ( LSE.L ) has teamed up with IBM ( IBM.N ) to build a blockchain-based platform to digitally issue private shares of small and medium enterprises in Italy. The platform is being built and tested by Borsa Italiana, the LSEG''s Italian exchange operator, and will seek to make it easier to track and exchange shareholder information of unlisted businesses, the companies said on Wednesday. Blockchain, which first emerged as the system powering the cryptocurrency bitcoin, is a shared record of information that is maintained by a network of computers on the internet, without the need of a trusted third party. Information on a blockchain can be viewed by all parties connected to the network but can only be amended if each participant agrees to the changes. This creates a shared golden source of data that can reduce the need for reconciliation between records held by different companies. Information on shareholders of small and medium enterprises has traditionally been maintained manually on spreadsheets or even on paper-based records, with each party holding their own version of information. A shared digital ledger would make it easier for companies to interact with their shareholders and provide more transparency on their ownership, LSEG said. "As these companies grow they will be better at interacting with their shareholders," David Harris, head of emerging technology at LSEG, said in an interview. The exchange group hopes that the new technology, which is built using a type of blockchain called HyperLegder Fabric, will also make it easier for companies to access credit. HyperLedger Fabric was recently released by Hyperledger, an open-source group led by the Linux Foundation whose members also include IBM and LSEG. Financial institutions have been increasing their investment in blockchain over the past few years in the hopes that it can help reduce the cost and complexity of some of their processes. While excitement around the technology has boomed, skeptics have warned that it is still in its early days and its potential may have been overblown. The new platform, which was built to work with the group''s existing systems, is undergoing an initial test phase with a small group clients and partners, LSEG said. Reporting by Anna Irrera in New York and Jemima Kelly in London; Editing by Cynthia Osterman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lse-blockchain-idUKKBN1A40MC'|'2017-07-19T11:01:00.000+03:00'
'76a99f256ffc71833c9564e036fde2e8eb6f5f5b'|'How Donald Trump is monetising his presidency'|'“PRETTY close to a laughing stock.” That is Walter Shaub’s verdict on America’s standing in the world, at least from an ethics point of view, under President Donald Trump. Mr Shaub’s view counts: he stepped down this week as head of the Office of Government Ethics, a federal watchdog.He is leaving his job six months early, frustrated at the president’s failure to separate himself from his businesses, at White House foot-dragging on disclosing ethics waivers for staff, at its failure to admonish a Trump adviser who plugged the family’s products in an interview, and more. “It’s hard for the United States to pursue international anticorruption and ethics initiatives when we’re not even keeping our own side of the street clean,” Mr Shaub told the New York Times .  No American leader has ever entered office with such wide business interests as Mr Trump. In the context of the country’s corporate landscape, his group is small, mostly domestic and rather mediocre, but encompasses hundreds of firms that run hotels, golf courses, licensing agreements, merchandise deals and more, in over two dozen countries. Keeping tabs on the potential for self-dealing is “a monumental task”, says Kathleen Clark, an ethics expert at Washington University. In some areas, particularly abroad, increased scrutiny appears to be making deals harder to pull off. But in others, such as his American hotels and golf clubs, Mr Trump already appears to be monetising the presidency.On becoming president, Mr Trump put his businesses in a trust. But it is run by two of his sons, Eric and Donald junior, and it is “revocable”, meaning its provisions can be changed at any time. Eric has since said he will update his father with profit reports, even though Mr Trump pledged not to talk business with his children while in office. Mr Trump, the Trump Organisation and his daughter, Ivanka, who owns a fashion business and is a White House adviser, have all hired ethics advisers to review deals for potential problems. But how the process works is opaque.Mr Shaub was unimpressed by Mr Trump’s appearances at his own for-profit properties, which he has visited more than 40 times as president—most recently to attend the US Women’s Open, held this month at one of his golf clubs, in New Jersey. The visits serve as a form of marketing, and his firm has not been shy about cashing in. Mar-a-Lago, a Trump resort in Florida where the president hosts other world leaders, doubled its initial fee for new members to $200,000 after the election. The club made a profit of $37m in the latest reporting period (January 2016-spring 2017), compared with $15.5m in 2014-15.When Eric Trump opened a golf course at Turnberry in Scotland in June, he said his family had “made Turnberry great again”. Staff wore “Make Turnberry great again” hats—a reference to Mr Trump’s campaign slogan and, critics say, an attempt to cash in on his political power. Eric recently said: “Our brand is the hottest it has ever been…the stars have all aligned.”American golf courses have benefited from at least one of Mr Trump’s policy decisions: his move to scrap a proposed environmental rule crafted to protect drinking-water supplies. The national golf-course association had long lobbied to have the regulation ditched, arguing it could have “a devastating economic impact”.With some Trump projects, the benefits could flow the other way, from business to politics. Take a network of budget hotels, branded “American Idea”, dreamed up by the Trump sons on the campaign trail last year. They have signed letters of intent with developers in numerous cities, including four in Mississippi. Bringing jobs to Republican-leaning states that are struggling economically could further boost support for the president in such places.Mr Trump’s appointments also cause concern. He has picked Lynne Patton, a former event-planner for the family, to run the Department of Housing and Urban Development’s regional office covering New York. In that role Ms Patton will oversee Starrett City, a housing development that is part-owned by the Trump Organisation and that receives federal subsidies.Foreign deals are no less troubling. The ethics plan laid out by Mr Trump in January promised no new foreign contracts during his presidency. But his company will press ahead with projects already in the works. There are many: an estimated 159 of the 565 Trump firms do business abroad. Some license the Trump name for skyscrapers and hotels, often to politically connected local partners.An example of how such deals raise questions about Mr Trump’s motives is the current Gulf spat over Qatar’s alleged support for terrorists. Mr Trump has firmly backed Saudi Arabia, the United Arab Emirates and others in their boycott of their neighbour. It is reasonable to ask if it is a coincidence that he has strong business ties with the Saudis and Emiratis but few with Qatar. Saudis are big buyers of Trump apartments, and the kingdom is investing $20bn in an American infrastructure fund. A Trump-branded golf course in the UAE made Mr Trump as much as $10m in 2015-16. By contrast, Mr Trump’s past efforts to break into Qatar have failed.Tracking such business relationships is not easy because of the opacity of Mr Trump’s holdings. He makes liberal use of LLCs—anonymous shell companies that do not have to publish financial information—often in complex combinations with regular corporations. He has refused to publish his tax returns.A fog surrounds those doing business with the Trumps, too. Many have grown less transparent of late. An investigation by USA Today found that the percentage of buyers of Trump condos structuring their purchases through LLCs has jumped from single digits to two-thirds. Suppliers are scuttling into the shadows, too. Those shipping goods to Ivanka’s businesses in America typically identified themselves on bills of lading before the Trump presidency. Now they usually do not.The Trumps’ fallback position is that, legally speaking, it is impossible for the president to be conflicted because he is exempt from ethics laws. The thinking when Congress blessed this exemption, in the 1980s, was that the president’s remit is so broad that any policy decision could pose a potential conflict. Nevertheless, some see avenues of attack. Several lawsuits, including one from Democratic lawmakers, accuse Mr Trump of causing harm by violating the constitution’s Emoluments Clause, which forbids American officeholders from accepting money from foreign governments. One way he allegedly does so is by accepting payments from diplomats at his hotels.The lawsuits particularly focus on the newly refurbished Trump International Hotel in Washington, DC. Owned by the federal government, the hotel’s lease agreement includes a provision barring elected officials from holding an interest. But the General Services Administration, which manages federal property, ruled in March that Mr Trump’s 60-year lease on the hotel did not breach that requirement since the property had been placed in a trust (as long as he received no proceeds while president). Having initially said it would donate all hotel profits from foreign officials to the Treasury, the Trump Organisation now says requiring such guests to identify themselves would be “impractical” and “diminish the guest experience”.UnpresidentedIt remains unclear whether controversial transactions such as these will add greatly to the Trump empire’s profits. Deals are often smaller than you might imagine: the developer behind Trump Tower in Mumbai, founded by a member of India’s ruling party, paid just $5m for the licence. Some deals are being scrapped under scrutiny—as was the case, in January, with a tower in the Black Sea resort of Batumi.Moreover, forces beyond Mr Trump’s control are likely to have a bigger impact on his businesses’ profits than conflicted dealmaking. A recent analysis of his properties by Bloomberg found that his three flagship office blocks in Manhattan—Trump Tower, 40 Wall Street and 1290 Avenue of the Americas—are making less money than envisaged when loans were issued, because of the softening of the New York office market. The combined present value of the three blocks has fallen by an estimated $380m over the past year.Mr Shaub believes that Mr Trump has rejected ethical norms embraced by all other administrations since the 1970s. He recommends several changes to federal law, including greater powers for the oversight office and stricter disclosure rules. Rightly so. Whether or not Mr Trump’s group benefits materially from his spell in office, any doubt over whether policies are crafted with the American people in mind or his own bottom line is corrosive.This article appeared in the Business section of the print edition under the headline "Not one to avoid a conflict"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21725303-six-months-mr-trumps-conflicts-interest-look-even-worse-how-donald-trump-monetising?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'7f957b8965d44a9d46fbfa2c3efc17635478f679'|'ANALYSIS: Investors are behaving less like casino punters in China''s stock markets'|'July 21, 2017 / 12:06 AM / 42 minutes ago ANALYSIS: Investors are behaving less like casino punters in China''s stock markets Samuel Shen and Marius Zaharia 6 Min Read FILE PHOTO: A bell bearing the logo of the Shenzhen Stock Exchange is seen during a companies listing ceremony in Shenzhen, Guangdong province February 25, 2011. Stringer/File Photo SHANGHAI/HONG KONG (Reuters) - Retired chauffeur Yao Huiliang used to spend his days trading small-cap Chinese stocks, trying to make quick money on sharp moves - casino-type behaviour often seen in China''s stock markets. But having lost on such bets recently, he is now switching into blue chip stocks, such as the big banks. "There''s not much swing in big-caps, so you don''t make quick money. But it''s safe," Yao said. His move is in tune with what regulators in Beijing want to achieve: deflating some of China''s asset bubbles and building the global credibility of China''s capital markets. One such bubble, in the eyes of many analysts and investors, is the Shenzhen-based tech-startup-heavy ChiNext, which slumped to its lowest since January 2015 earlier this week following a pledge by Chinese President Xi Jinping to take stronger action to deal with financial risks. Meanwhile, money flowed into big caps, with the blue-chip CSI300 Index .CSI300 powering to 18-month highs. Xi''s comments were followed by robust economic growth data, which led to speculation that authorities now have enough leeway to tackle bubbles. Larger investors welcome the switching from small caps into bigger stocks on the Chinese bourses, saying this was a sign that the nation''s capital markets were maturing. Anthony Cragg, senior portfolio manager at Wells Fargo Asset Management, said the character of China''s stock market was changing as domestic investors focused more on whether a company had strong earnings and longer-term growth prospects. Trading in small caps used to be popular among retail domestic investors, who could make a quick buck by speculating on which firm could become an acquisition target for bigger players or which start-up could become the next unicorn. A unicorn is a start-up whose valuation soars above $1 billion. "Five years ago, it was very, very speculative. A lot of actions were in fast-moving, speculative stocks with little or no earnings," Cragg said. But, he said, that has changed in the past year with higher quality companies performing better. "So I think the market has grown up. It has become less of a casino, more of a proper investment market." Overvalued? FILE PHOTO: A panel displaying share prices is seen inside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen October 23, 2009. Bobby Yip/File Photo After slumping by 5.1 percent on Monday, the ChiNext .CHINEXTP stabilized around 30-month lows this week. The index is almost 60 percent below a record high hit in June 2015, just before a sharp plunge in China''s equity markets. Yet despite the losses, which contrast with the record highs hit by major stock markets globally, some analysts and investors consider ChiNext shares still overvalued as the index trades at 46 times earnings. "ChiNext''s woe is far from over. I would not be surprised to see this market halve from the current level in two to three years," said Zhou Liang, fund manager at Minority Asset Management Co, who manages assets worth 3.5 billion yuan ($518 million) and has switched into state-owned banks and insurers over the past year. "With risk-appetite decreasing, investment opportunities in years to come lie in modestly priced blue-chips, rather than those expensive growth stocks." Investors like Zhou have helped push blue-chip SSE50 .SSE50 , dubbed China''s "Nifty-Fifty" index, to a two-year high this week. It is trading at a price-to-earnings ratio of 11.6. The rotation of money into blue-chips should continue, investors say, as Beijing accelerates the opening of its capital market to global investors. U.S. index publisher MSCI will include 222 of China''s biggest listed firms in its emerging market benchmark from next June. Kaiyuan Securities analyst Yang Hai said the anticipation of foreign capital flows is supporting the local investors'' behavioural shift: they are now looking more closely at the fundamentals of large, well-known companies that would benefit from a new wall of foreign cash. Clampdown The clampdown by regulators on small-cap speculation is already under way, with authorities forcing some loss-making companies to delist and fining, or even jailing, those found to have manipulated the market. Yao, the retired chauffeur, was particularly aware of the 5-1/2-year jail sentence slapped on Xu Xiang, a speculator who has earned nicknames such as "Hedge Fund Brother No. 1" and "China''s Carl Icahn" in the local media. Buying interest also cooled after a growing number of high-flying start-ups floundered - most recently ChiNext bellwether Leshi Internet & Information Corp ( 300104.SZ ), whose parent company saw a court freeze some of its assets amid a cash crunch. Brokerage China Merchants Securities says it expects average earnings growth in ChiNext companies will slow to single-digits from the 25 percent forecast for this year, and says ChiNext "will continue to seek its bottom." This will be driven by a slowing economy as well as regulators'' tighter scrutiny over acquisitions, once a key driver of revenue growth for ChiNext shares, the brokerage said. Private stock market investor Lu Yahu knows that well and says that in a more tightly regulated slowing economy the stronger companies will get stronger. "Under such circumstances, the life of small firms is getting difficult," said Lu, who has stopped trading stocks altogether. ($1 = 6.7619 Chinese yuan renminbi) Reporting by Samuel Shen and Marius Zaharia; Editing by Martin Howell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-smallcaps-analysis-idINKBN1A6005'|'2017-07-21T09:09:00.000+03:00'
'a2dbd59bf8095cdcc644e8f9ea83e4f92960b11d'|'Vodafone leads Britain''s FTSE higher, bid boosts mid cap Paysafe'|'July 21, 2017 / 9:03 AM / 8 hours ago Vodafone leads FTSE higher, bid boosts mid cap Paysafe Kit Rees 3 Min Read A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. Toby Melville/File Photo LONDON (Reuters) - UK shares rose on Friday, led by a rise in Vodafone''s ( VOD.L ) shares and gains among commodity stocks as blue chips headed for their best week in two months. Britain''s FTSE 100 .FTSE index was up 0.2 percent at 7,501.64 points by 0843 GMT, outperforming European bourses which were flat to slightly lower as a stronger currency weighed. UK mid caps .FTMC were flat in percentage terms. Vodafone rose 1.4 percent to touch a one-month high after reporting better-than-expected 2.2-percent revenue growth for the first quarter, thanks to a strong performance in Italy and Spain. "Vodafone has never been a growth play, it''s all about the dividend," Ken Odeluga, market analyst at City Index, said. "Whilst there''s nothing here to kick-start a higher quantum of growth in the medium-term, the efficiency programme and the cash generation plans look to have remained on track and that should mean that the company is in a position to carry out its plans to increase the dividend," Odeluga added. At the sector level, a rise in mining firms also helped support the blue chips, with Antofagasta ( ANTO.L ) and Anglo American ( AAL.L ), both up as the price of copper gained, while gains among oil majors BP ( BP.L ) and Royal Dutch Shell ( RDSa.L ) also helped. [MET/L] [O/R] Betting firm Paddy Power Betfair ( PPB.L ) was among the biggest individual fallers, dropping 2 percent to a one-year low following a downgrade from Investec to "sell" from "buy", citing a deterioration in the regulatory outlook for the UK and Australia. "Shorter-term we see downside with tough comps given the Euros, consensus still absorbing punter-friendly sports results and the Draft acquisition as well as a worsening regulatory outlook," analysts at Investec said in a note. British mid caps offered some more dramatic moves, with shares in Paysafe ( PAYS.L ) rocketing around 8 percent after a consortium of Blackstone ( BX.N ) and CVC Capital Partners CVC.UL made a 2.86 billion pound ($3.72 billion) bid for the firm, the latest move in a spate of deal-making in the payments industry. At the opposite end of the spectrum, shares in Acacia Mining ( ACAA.L ) dropped nearly 8 percent after the troubled gold miner said that it was aiming for the lower end of its full-year guidance after its first-half results were hit by Tanzania''s export ban. Reporting by Kit Rees; Editing by Andrew Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1A60XI'|'2017-07-21T12:03:00.000+03:00'
'44e85e5532eda3f3c297a29a462cf9813659d59d'|'Alitalia gets some 10 non-binding offers for the airline: source'|'July 21, 2017 / 6:15 PM / an hour ago Alitalia gets some 10 non-binding offers for the airline: source 1 Min Read FILE PHOTO: An airplane of Alitalia approaches to land at Fiumicino international airport in Rome, central Italy, May 3, 2017. Max Rossi/File Photo ROME (Reuters) - Struggling Italian airline has received about ten non-binding offers for the company, a source close to the matter said on Friday. The deadline for the company to receive non-binding offers was 6 p.m. (1600 GMT). Separately, the company said in a statement that its administrators would inform the industry ministry of the terms of the tender by the end of next week. A source said that after that, the tender will be open to any other interested parties. Reporting by Alberto Sisto, writing by Philip Pullella 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airlines-alitalia-idUSKBN1A62CR'|'2017-07-21T21:15:00.000+03:00'
'ad761038450720e6cf62852f6390714f33d3aa85'|'U.S. Supreme Court ruling leads to offensive trademark requests'|'Edition United States July 23, 2017 / 2:11 PM / 6 hours ago Supreme Court ruling leads to offensive trademark requests 5 Min Read FILE PHOTO: The Supreme Court is seen in Washington, DC, U.S. April 7, 2017. Aaron P. Bernstein/File Photo NEW YORK (Reuters) - A small group of companies and individuals are looking to register racially charged words and symbols for their products, including the N-word and a swastika, based on a U.S. Supreme Court decision on trademarks last month. At least nine such applications have been filed with the U.S. Patent and Trademark Office (PTO) since the unanimous June 19 ruling throwing out a federal law prohibiting disparaging trademarks. All are pending. In the past, the agency generally rejected similar filings because they included material that denigrated an identifiable group. But the court said the law violated free speech rights under the U.S. Constitution. If the applicants follow through, such products as energy drinks, sweatshirts and fragrances could be branded with racial slurs. Federally registered trademarks, though not required to sell goods in the marketplace, can protect businesses against unauthorized uses of their brands. Attorney David Bell, a trademark expert with the law firm Haynes and Boone, said the filings could be the tip of the iceberg if more people seek trademarks on offensive and vulgar terms. "We''re now opening the door, chipping away at what''s acceptable under cultural norms," he said. "I think it could be a slippery slope, where you get more people and companies thinking, ''This is okay.''" Since the decision, seven trademark applications for versions of the N-word, an offensive term aimed at black people, have been filed, PTO records show. Other applications include an epithet for people of Chinese descent, as well as a swastika symbol, the emblem of the German Nazi party. The PTO told its staff on June 26 that the federal law''s disparagement provision can no longer be used to reject a trademark, according to written guidance seen by Reuters. The Trump administration had urged the high court to keep the provision in place. In a legal brief, the Department of Justice said if the Supreme Court struck it down, the PTO would be forced to trademark "the most repellent racial slurs and white-supremacist slogans." The PTO and the Department of Justice declined to comment. Bell said he did not expect hate groups to seize on the high court ruling to further their agenda. "Might the (Ku Klux Klan) or neo-Nazi groups start doing it more? They might, but I don''t think trademark filings are high on their radar," he said. ''Hate Into Hope'' Steven Maynard, a Virginia consultant who helps others obtain trademarks, started Snowflake Enterprises with several investors to apply for offensive trademarks after the court ruled. The company has submitted applications to trademark a version of the N-word to appear on clothing, hard liquor and beer, and intends to turn the slur into a brand, Maynard said in an interview. The company has a dedicated website. Maynard, 50, said he is not racist but believes that saturating the market with such epithets can rob them of their racist connotations. The idea is to spark discussion and turn "hate into hope," he said in a phone interview. "If you suppress it, you give it power," Maynard said. Maynard''s argument is similar to that offered by The Slants, a Portland, Oregon-based Asian-American dance rock band, which failed in 2013 to trademark its name. The band said it was trying to reclaim a term widely viewed as a derogatory reference to Asian people''s eyes. An appeal of that rejection led to the Supreme Court ruling. John Yang, president of Asian Americans Advancing Justice - AAJC, a Washington, D.C., civil rights organization, said the Slants'' motivations for reappropriating a derogatory term were honest. But he said it was unclear whether the same could be said of new applicants who might have purely commercial motivations or even racist ones. "We are concerned that once you start to peel the onion there might be different stories involved," Yang said. San Francisco entrepreneur Mike Lin, 45, whose parents are Taiwanese, submitted a trademark application for a slur against Chinese people, one he said he was called as a kid and wanted to reappropriate, or "take back." He intends to capitalize on it by selling T-shirts bearing the slur and using the trademark application to generate news coverage for his company 47/72 Inc, he said. Reporting by Andrew Chung; Editing by Noeleen Walder and Howard Goller 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-court-slur-idUKKBN1A80L6'|'2017-07-23T17:02:00.000+03:00'
'fa273ecb4938cb3fc1e3168af4fdadc23701478a'|'Insider trading probe into Deutsche Boerse CEO still open - prosecutor'|'July 20, 2017 / 10:00 AM / 20 minutes ago Insider trading probe into Deutsche Boerse CEO still open - prosecutor Reuters Staff 3 Min Read FILE PHOTO: Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany February 24, 2016. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter has not yet been exonerated of insider trading allegations, officials said on Thursday, prolonging uncertainty over his future at the German exchange operator. A public statement from Deutsche Boerse on Tuesday spoke of a deal from the Frankfurt prosecutor in which Kengeter would be cleared of personal wrongdoing and Deutsche Boerse would be fined 10.5 million euros ($12 million). However, a spokesman for the public prosecutor in Frankfurt said on Thursday the investigation was "open", and a spokesman for Deutsche Boerse said the proceedings were "ongoing". German markets watchdog BaFin is now investigating whether Deutsche Boerse''s statement misled the public. In a third probe, a German regional regulator announced on Wednesday that it is assessing the fitness of Deutsche Boerse management amid the insider trading allegations. The local exchange regulator in Germany''s western state of Hesse did not specify who its review focussed on. It has the power to remove a board member it deems unfit. Earlier this year, as Deutsche Boerse discussed a merger with the London Stock Exchange ( LSE.L ), police and prosecutors searched Kengeter''s office and home amid concerns over Deutsche Boerse share purchases made months before the announcement of merger talks. Kengeter has always denied allegations of wrongdoing, saying the purchases were part of an official Deutsche Boerse compensation plan. "Insider trading goes against everything I stand for," he told shareholders in May. The hypothetical fines of 10.5 million euros on Deutsche Boerse would be for failing to notify the public promptly about the merger talks with the LSE and over the design of its executive share-buying scheme that allowed Kengeter to buy shares in the first place. Kengeter''s three-year contract as CEO expires at the end of March 2018. He has expressed a desire to stay on. The board has been standing behind Kengeter but has balked about an extension until his name is cleared. Kengeter has kept a low profile since Brussels failed to approve his merger plans with the LSE and amid the insider trading allegations. The exchange operator has scaled back its ambitious strategy, saying that major mergers were off the table and focussing instead on partnerships, small acquisitions and investment. Meanwhile, Deutsche Boerse has been trying to cultivate local ties to burnish its image. It plans to spruce up the Frankfurt stock exchange and has sponsored Frankfurt''s local football team, Eintracht. Reporting by Hans Seidenstuecker, Alexander Huebner and Tom Sims; Editing by Edward Taylor and Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-boerse-insidertrading-bafin-idUKKBN1A511T'|'2017-07-20T15:38:00.000+03:00'
'b1b8d8ed0bb90ade52d2095c5f49a95161c09cb9'|'The Head of the Consumer Financial Protection Bureau Isn’t Going Down Without a Fight'|'Remarks The Head of the Consumer Financial Protection Bureau Isn’t Going Down Without a Fight Richard Cordray, an Obama appointee, is trying to make it easier for customers to sue their banks By @AuthorPMBarrett More stories by Paul Barrett Richard Cordray, the nation’s top consumer watchdog, is one of the most prominent Obama administration holdovers still clinging to office. Earlier this month, in the face of unceasing hostility from the Trump administration, Congressional Republicans, and the business lobby, he announced a new rule that would make it easier for customers to sue their banks. A legislative battle over the rule is coming, perhaps the last major clash of Cordray’s term, which is scheduled to end next July. It looks like he’s going out fighting. Prior to his appointment in 2012 as the first director of the Consumer Financial Protection Bureau, the 58-year-old bureaucrat served as treasurer and attorney general of his home state of Ohio. He’s also an accomplished appellate lawyer who’s argued seven cases before the U.S. Supreme Court—and, in the late 1980s, he was an undefeated five-time Jeopardy champion. The CFPB was the brainchild of Democratic Senator Elizabeth Warren of Massachusetts, created in response to the financial crisis as part of the 2010 Dodd-Frank financial-reform law. With Cordray at the helm, the bureau has moved aggressively, resulting in nearly $12 billion in restitution and other relief for consumers, as well as $600 million in civil penalties against financial institutions large and small. Bank of America, Capital One, Citigroup, and JPMorgan Chase have all felt the CFPB’s sting, for such offenses as charging unlawful fees or, in the case of Wells Fargo, trying to jack up sales by opening millions of phony accounts in the names of unwitting customers. None of this has made Cordray popular with Republicans. “Under Mr. Cordray’s leadership, the CFPB has acted unlawfully, routinely denied market participants due process, and abused its powers,” House Financial Services Committee Chairman Jeb Hensarling of Texas said during a hearing in April. “For all the harm inflicted upon consumers, Richard Cordray should be dismissed by the president.” Hensarling was staking his position in a controversy over whether Trump can remove Cordray at will. By statute, the CFPB director can be ousted before the end of his five-year term only “for cause.” A 2014 enforcement case against a New Jersey mortgage company that’s now pending before the federal appeals court in Washington raises the question of whether the head of the CFPB ought to serve at the pleasure of the president just as cabinet secretaries do. Trump, for all his pugnaciousness, so far has chosen not to take up congressional Republicans’ invitation to try to fire Cordray. That has left the CFPB director free to follow through with the arbitration rule, which has been more than two years in the making. Banks and other financial firms routinely include language in consumer contracts that blocks individuals from banding together to file class-action lawsuits. These fine-print provisions funnel disputes over credit cards, checking accounts, payday loans, and the like into private arbitration. Broadly speaking, arbitration proceedings move more quickly and aren’t as costly as conventional litigation. Mandatory arbitration arguably deters frivolous suits, but it doesn’t afford consumers many of the rights associated with lawsuits. Not being able to pool resources and lump together claims in a class action makes it difficult for consumers to seek compensation when individual damages are relatively small. Few plaintiffs’ lawyers are going to take a case seeking recovery of an improperly assessed $30 credit card late fee. In a July 10 statement announcing the rule, Cordray said that mandatory arbitration clauses “allow companies to avoid accountability by blocking group lawsuits and forcing people to go it alone or give up.” When the rule takes effect next year, he continued, it “will stop companies from sidestepping the courts and ensure that people who are harmed together can take action together.” (Through a spokesman, Cordray declined to comment for this article.) Republicans reacted swiftly. “The CFPB has gone rogue again, abusing its power in a particularly harmful way,” said Senator Tom Cotton of Arkansas, adding that the arbitration rule treats consumers “like helpless children, incapable of making business decisions in their own best interests.” A few days before the announcement of the rule, Hensarling reportedly threatened Cordray with contempt proceedings for allegedly not responding to a committee subpoena on the topic. The GOP is already moving to overturn the arbitration rule by means of the Congressional Review Act. Enacted in 1996 and used only once prior to the Trump presidency, the act allows lawmakers to roll back a newly issued regulation within 60 legislative days from the time they formally receive the rule. Since Trump took office, it has become a potent weapon : Republicans have used it to reverse 14 Obama administration rules, including ones curbing coal-mining pollution and limiting when the mentally ill can purchase firearms. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up Cotton is working with Mike Crapo of Idaho, chairman of the Senate Banking Committee, to get the process moving for the CFPB rule, aides to the senators confirmed via email. There’s little doubt that Trump would sign a Congressional Review Act resolution killing it. And even if lawmakers don’t meet the 60-day deadline—perhaps too busy with expected debates over the federal budget and tax reform—another Trump-appointed banking regulator has suggested a method by which the plan could be killed without congressional action. Keith Noreika, the Acting Comptroller of the Currency, has said the Trump administration could unilaterally strike it down because it potentially threatens “the safety and soundness” of lenders. The same Dodd-Frank law that created the CFPB gives the Financial Stability Oversight Council—a panel of regulators headed by the Treasury secretary—power to set aside any CFPB rule that endangers the stability of the wider financial system. In a letter to Noreika dated July 12, Cordray scoffed at the notion. “At no time during this process did anyone from the [Office of the Comptroller of the Currency] express any suggestion that the rule that was under development could threaten the safety and soundness of the banking system,” Cordray wrote. “Nor did you express any such concerns when we have met or spoken.” Unfortunately for Cordray, he doesn’t have much room to maneuver in defending the arbitration rule. Depending on how the D.C. appeals court case comes out, he could even be sent packing before July 2018. However much time he has left, though, he’s made it clear he’ll draw as much attention as possible to attempts to wipe out a policy he believes will benefit consumers. Paul Barrett '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-20/the-head-of-the-consumer-financial-protection-bureau-isn-t-going-down-without-a-fight'|'2017-07-20T17:00:00.000+03:00'
'a205362b1c7d45e53a8d65483248dbc9d304ae28'|'U.S. 30-year mortgage rates fall back below 4 percent - Freddie Mac'|'Homes are seen for sale in the northwest area of Portland, Oregon March 20, 2014. Steve Dipaola NEW YORK (Reuters) - Interest rates on U.S. 30-year mortgages dropped back below 4 percent this week in line with a drop in Treasury yields, retreating from their highest levels in two months, Freddie Mac said on Thursday.The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 3.96 percent in the week ended July 20. Last week, the average 30-year rate was 4.03 percent, which was the highest since 4.05 percent in the May 11 week, the mortgage finance agency said.Treasury yields have scaled back since last Friday following a weak-than-forecast reading on the U.S. consumer price index for June."Continued economic uncertainty and weak inflation data pushed rates lower this week," Freddie Mac''s chief economist Sean Becketti said in a statement.On Thursday, the benchmark 10-year Treasury yield fell to a three-week low at 2.243 percent after the European Central Bank stuck to its ultra loose monetary policy on concerns about low inflation in Europe.Reporting by Richard Leong; Editing by Chizu Nomiyama0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.© 2017 Reuters. All Rights Reserved.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-mortgages-freddiemac-idUSKBN1A51VY'|'2017-07-20T17:24:00.000+03:00'
'acf3486e6cc62366dde1305736f4b73651a1fa42'|'More than half of India''s gas-fired power plants idle: Piyush Goyal'|'July 20, 2017 / 3:49 PM / an hour ago More than half of India''s gas-fired power plants idle: Piyush Goyal 1 Min Read FILE PHOTO: Electricity pylons of high-tension electricity power lines are seen in front of the Eiffel Tower and Montmartre Sacre Coeur Basilica from Roissy at sunset, France, November 23, 2016. Charles Platiau/File Photo NEW DELHI (Reuters) - About 57 percent of gas-fired power plants in India are lying idle due to non-availability of domestic gas, Power Minister Piyush Goyal told lawmakers on Thursday. "Domestic natural gas supply to power sector can improve only in case production levels increase in future," Goyal said. India, which has an installed gas-powered capacity of over 25 GW, is suffering from natural gas shortages that have required power plants to shut down or run at lower rates. India has asked Qatar, the world''s biggest LNG exporter, to consider investing in some of its stranded gas based power plants. Reporting by Sudarshan Varadhan. Editing by Jane Merriman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-power-idINKBN1A523X'|'2017-07-20T18:49:00.000+03:00'
'40b12b08be84dcf63ee915e00f5a943ebf4cbe57'|'African Markets - Factors to watch on July 21'|'July 21, 2017 / 6:28 AM / 44 minutes ago African Markets - Factors to watch on July 21 3 Min Read NAIROBI, July 21 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - GLOBAL MARKETS The euro held near two-year highs against the dollar on Friday after the head of the European Central Bank said tapering of its stimulus will be on the table this autumn, while a solid global economic outlook kept Asian share prices near decade highs. GLOBAL OIL Oil prices were little changed on Friday ahead of a key meeting of major oil producing nations next week, with Brent sitting below the $50 per barrel level that was briefly breached for the first time in six weeks in the previous session. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand shed as much as one percent against the dollar on Thursday after the central bank unexpectedly cut its benchmark lending rate for the first time in five years. KENYA MARKETS enya''s central bank sold dollars on Thursday in foreign exchange market to support the shilling , traders said. At 1110 GMT, commercial banks quoted the shilling at 103.75/85 to the dollar, compared with Wednesday''s close of 103.65/85. KENYA ELECTIONS Kenya''s electoral body says it is facing more than 300 court cases from candidates, parties and civil society groups before elections on Aug. 8, raising concern about whether the disputes can be resolved in time. NIGERIA LENDERS A Nigerian court has ordered seven local banks to transfer a total of $793.20 million due to the government immediately after the lenders withheld monies they collected on behalf of the state, a government lawyer told Reuters on Thursday. NIGERIA CORRUPTION A Nigerian court has ordered the temporary seizure of a $37.5 million property owned by a former oil minister, the state news agency said, the latest move related to graft allegations against a lynchpin of the last administration. SOUTH AFRICA MINING South Africa intends to suspend the granting of applications for prospecting and mining rights as well as any renewals pending a court case to review new mining laws, the Mineral Resources Minister Mosebenzi Zwane said on Thursday. SOUTH AFRICA REPO South Africa''s central bank unexpectedly cut its benchmark lending rate for the first time in five years on Thursday, citing weak growth and easing inflation, and denied any pressure from recent political attacks on its mandate. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL3N1KC2EJ'|'2017-07-21T09:28:00.000+03:00'
'b6045983d72be286653af775b0a5cf95f7204615'|'Exclusive: Spirit Realty explores Shopko stores spin-off - sources'|'(Reuters) - Spirit Realty Capital Inc ( SRC.N ), a U.S. real estate investment trust (REIT), is considering spinning off some of its real estate, including its Shopko store properties, as part of its strategic review, according to people familiar with the matter.The deliberations highlight how landlords are adapting to a wave of bankruptcies and store closings in the retail sector, as online shopping disrupts long-established brick-and-mortar shops and weighs on retailers'' ability to pay rent.Spirit is considering placing some of its retail properties, including those they lease to Shopko, into a new REIT that would then be spun off, potentially at a valuation of more than $1 billion, the sources said on Thursday.Spirit would manage the new REIT to help hold down administrative costs, the people added.The discussions are still in early stages, and Spirit may decide against pursuing the spin, the people said, asking not to be identified because the deliberations are private.Spirit and Shopko did not respond to requests for comment.Earlier this year, Spirit said it was reviewing strategic alternatives after reporting disappointing earnings, largely the result of its retail tenants failing to pay rents. Shopko is Spirit''s largest tenant as a percentage of rental revenue, according to Spirit''s financial statements."The dramatic and swift moving changes to the retail landscape in reaction to changing consumer behavior has been well documented," said Thomas Nolan, who stepped down as Spirit chief executive in May."I will say the impacts are profound, and they do impact Spirit Realty."Jackson Hsieh, Spirit''s former president and chief operating officer, replaced Nolan. Hsieh remains president.Retail bankruptcies have shaken landlords, who face a growing number of empty storefronts and declining rents in their malls and strip centers. Payless ShoeSource, children''s clothier Gymboree and teen retailers Wet Seal and American Apparel are among the chains that have shuttered hundreds of stores as part of their bankruptcies.Shopko operates over 380 stores in 26 states throughout the Central, Western and Pacific Northwest regions. It is owned by private equity firm Sun Capital Partners Inc.REITs frequently spin off properties to streamline their portfolios and increase their appeal to investors, who often prefer a REIT to focus on a single type of real estate.Earlier this week, office and retail REIT Vornado Realty Trust ( VNO.N ) completed a spin-off of its Washington D.C.-based real estate into a separately traded REIT called JBG Smith Properties ( JBGS.N ).Last year, healthcare REIT HCP Inc ( HCP.N ) completed a spin off of its skilled nursing and assisted living properties into a separate REIT, Quality Care Properties Inc ( QCP.N ).Reporting by Carl O''Donnell and Jessica DiNapoli in New York '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-spirit-realty-spinoff-idUSKBN1A52RT'|'2017-07-21T04:42:00.000+03:00'
'f8e56a19a5ba72064e371ff0cc23fdefa24f6bc1'|'German automakers may have colluded over diesel emissions treatment systems - Spiegel'|'Edition United States July 21, 2017 / 12:22 PM / 16 minutes ago German automakers may have colluded over diesel emissions treatment systems: Spiegel Reuters Staff 2 Min Read Photographers take a photo of a VW logo at the Volkswagen headquarters during a media tour to present Volkswagen''s so called "Blaue Fabrik" (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. Fabian Bimmer FRANKFURT (Reuters) - Germany''s carmakers VW ( VOWG_p.DE ), BMW ( BMWG.DE ), Audi, Porsche may have colluded to fix the prices of diesel emissions treatment systems using industry committees, German magazine Der Spiegel reported on Friday. Around 200 employees sitting in 60 industry committees discussed vehicle development, brakes, petrol and diesel engines, clutches and transmissions as well as exhaust treatment systems, Der Spiegel reported, citing a letter sent to cartel authorities. Slideshow (2 Images) Volkswagen admitted to possible anti-competitive behavior in a letter it sent to cartel authorities on July 4, Der Spiegel said. The carmakers discussed their choice of suppliers and the price of components. Since 2006, the carmakers have also discussed the cost of AdBlue, an exhaust emissions treatment system for diesel engines, it said. They discussed details such as the sizing of tanks for diesel emissions treatment fluid and they agreed to use smaller rather than larger ones, Der Spiegel said. Daimler ( DAIGn.DE ) which owns the Mercedes-Benz brand, declined to comment. A spokesman for Volkswagen ( VOWG_p.DE ), which owns the Porsche and Audi brands, also declined to comment. BMW was not available for immediate comment. Reporting by Edward Taylor; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-emissions-cartel-idUKKBN1A61G9'|'2017-07-21T15:19:00.000+03:00'
'24e9a57d14c75f59d21adcaad3c94d9f563d954d'|'Seat chief says sees CNG cars as possible diesel alternative - report'|'Edition United States July 22, 2017 / 3:40 PM / in 18 hours Seat chief says sees CNG cars as possible diesel alternative: report Reuters Staff 3 Min Read A logo of Spanish carmaker SEAT, part of the Volkswagen Group, is seen during a news conference in Barcelona, Spain June 1, 2017. Albert Gea FRANKFURT (Reuters) - Carmaker Seat ( VOWG_p.DE ) sees compressed-natural-gas (CNG) as an alternative fuel to diesel, the chief executive of the Spanish Volkswagen division said on Saturday. Seat was betting on CNG in order to compensate for falling diesel car sales, its chief executive Luca de Meo was quoted as saying in part of a report due to run in full in the July 24 issue of Automobilwoche. "We have to offer customers a sensible solution. The debate about diesel is continuing and therefore we need other options, he said. While Seat, bought by Volkswagen in 1986, was less exposed to diesel dependency than premium carmakers, it still had to observe market dynamics very carefully, de Meo said. "If the mayor of Barcelona decides to close the city center for Euro-6-diesels, then customers will probably no longer buy diesel cars," he said. The finance chief of sister company Porsche, Lutz Meschke, also interviewed, said that discussions about a diesel-free future were underway. "In our segment, we have the right answers with plug-in hybrids and purely electrical drives. Why should I anxiously hold on to a diesel?" he said. UNDER PRESSURE Car stocks tumbled on Friday after a report in Der Spiegel that VW, BMW ( BMWG.DE ), Audi and Porsche may have colluded to fix the prices of diesel emissions treatment systems. The Spiegel report said that cartel-like behavior may have also applied to vehicle developments, brakes, petrol and diesel engines, clutches and transmissions, citing a letter sent to cartel authorities. The companies have not commented on details and only referred to speculation with regard to the report, while Transport Minister Alexander Dobrindt said it was now up to antitrust authorities to study the allegations. "The cartel authorities must investigate, study the accusations in detail and, where necessary, must draw consequences," he said in remarks to Reuters. "Cartel behavior would be an additional burden for the (diesel) subject matter that we are currently involved in with the car industry," Dobrindt said. German Economy Minister Brigitte Zypries, in separate remarks, echoed this, adding that trust in the entire German automotive industry was at stake. "Everyone is well advised to cooperate with the state institutions and to create transparency," she said. The European Commission said on Saturday that EU antitrust regulators were investigating the allegations. Reporting by Christian Kraemer and Vera Eckert; Editing by Andrew Bolton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-diesel-cartel-idUKKBN1A70J2'|'2017-07-22T18:23:00.000+03:00'
'a309ac11cfa40e475f3bc5fa18431c3a821b03c8'|'Court blocks $18 bln British class action against MasterCard'|'July 21, 2017 / 12:02 PM / 23 minutes ago Court blocks $18 bln British class action against MasterCard 4 Min Read A logo of Mastercard is seen at the Mastercard Centre in Beijing, October 30, 2014. Jason Lee/Files LONDON (Reuters) - A 14 billion pound ($18 billion) class action lawsuit against MasterCard for allegedly overcharging more than 45 million people in Britain over a 16-year period was blocked by a British court on Friday. The Competition Appeal Tribunal (CAT), a newly-empowered court that oversees Britain''s fledgling class action regime, ruled that it would not grant the necessary collective proceedings order for the case to proceed to trial. Had it been allowed to proceed, the case would have been the largest and most complex in British legal history and would have tested the limits of the new Consumer Rights Act, which introduced U.S.-style "opt-out" collective class actions for breaches of UK or European Union competition law in 2015. MasterCard ( MA.N ) welcomed the judgment, saying the claim was "completely unsuitable" to be brought under the collective action regime. Law firm Quinn Emanuel Urquhart & Sullivan launched the case on behalf of adults in Britain after MasterCard lost a drawn-out appeal against a 2007 European Commission decision that ruled its fees were anti-competitive. The case centred on so-called interchange fees, the charges levied by credit and debit card companies such as Mastercard on merchants'' banks, which card companies say cover the costs of operating card services, security and innovation. It alleged these fees were a significant cost for retailers and were passed on through increased prices of goods and services to all UK consumers, including those who paid in cash and not just MasterCard holders. London-based Walter Merricks, a lawyer who once led the Financial Ombudsman Service group that handles consumer disputes with banks and who is the representative named on the proposed action, said he was considering an appeal with his advisers. "The new collective action regime was introduced by the Consumer Rights Act to overcome the difficulty for consumers seeking to recover losses from competition law infringements," he said. "I am concerned that this new regime, designed to benefit consumers, may never get off the ground." He added that concerns cited by the tribunal, which included the difficulties in providing evidence that MasterCard fees were passed on to consumers and in precisely calculating individual losses for so many consumers, could have been overcome. The planned lawsuit had been dubbed by one lawyer the "perfect exam question" for Britain''s CAT, nominated in 2015 to oversees the country''s maiden "opt-out" class action lawsuits in antitrust cases. Under the regime, UK-based members of a defined group are automatically bound into legal action unless they opt out. Critics say such regimes encourage claims without merit. But others argue they are designed to offer a more effective and economic route to compensation for UK-based consumers and businesses who fall victim to anti-competitive conduct and saves on hefty advertising costs to rally a large group together. London''s High Court ruled in January that MasterCard had charged interchange fees at a lawful level and without restricting competition in a similar dispute with retailers. ($1 = 0.7695 pounds) Reporting by Kirstin Ridley; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/mastercard-court-fees-idINKBN1A61EW'|'2017-07-21T19:06:00.000+03:00'
'e2a019195ac21f1094fa2a85f201980ec233f177'|'Wall St Week Ahead-Small-cap rally could shrink on earnings, tax reform hurdles'|'A street sign is seen in front of the New York Stock Exchange on Wall Street in New York, February 10, 2009. Eric Thayer NEW YORK (Reuters) - Optimism is souring around small-cap stocks for some investors, with a host of factors conspiring to up-end gains that have taken them to record highs.Small-caps, which led the market''s rally just after the Nov. 8 election of Donald Trump as U.S. president, are facing weak earnings forecasts, little progress on tax reform and recent outflows."We have downside risk here. Earnings numbers aren''t great, and valuations are ... pretty rich," said Steven DeSanctis, equity strategist at Jefferies.Investors had expected the administration of Republican Trump, with his promises of aggressive tax cuts and a healthier U.S. economy, would be a boon for small-caps, which tend to be more domestically focused.Republicans so far have been unable to push through bills to repeal and replace the Affordable Care Act, the first leg of the Trump agenda. That has raised doubts about the likelihood of any tax reform this year. Small-caps have higher effective tax rates - about 32 percent versus 26 percent for large-caps, a note from Nuveen Asset Management showed.The performance of both the Russell 2000 , a widely used gauge for small-caps, and the small-cap S&P 600 .SPCY has lagged that of large-caps so far this year, but the Russell is up 20.3 percent since the election compared with a gain of 15.3 percent for the S&P 500 .SPX .All three indexes hit record highs in recent sessions, just as the earnings reporting period was getting under way.But analysts estimate earnings for S&P 600 companies declined 8.3 percent in the second quarter, dragged down by projected drops in consumer discretionary, energy and health care results, according to Thomson Reuters data. Revenue is expected to have risen slightly in the quarter.Among consumer companies, weakness in apparel, accessories and luxury goods and other retailers is expected to have hurt results, said David Aurelio, Thomson Reuters senior research analyst.In the small-cap energy sector, services and equipment companies continue to be affected by project cutbacks by larger companies.The small-cap outlook is in contrast to expectations for another quarter of strong profit growth for the S&P 500 and a sharp year-over-year jump in large-cap energy."Small-cap earnings growth has been trailing large-caps for the last four years, and that continues to be the case in the first half of this year," said Dan Suzuki, senior U.S. equity strategist at Bank of America Merrill Lynch in New York.That does not bode well for valuation metrics for small-caps, which the bank calls "the most expensive segment of an expensive market."The Russell 2000 is trading at about 26 times forward earnings as per Thomson Reuters Datastream data, above a median of about 21. The S&P 500 trades at about 17.3 times, also above its median.While analysts expect small-cap earnings to rebound in the second half of the year, some strategists said those lofty expectations are not likely to hold since U.S. economic growth remains sluggish.Large-caps have benefited from recent weakness in the U.S. dollar .DXY, which makes foreign currency earnings for U.S. companies worth more in dollars."This may explain why mid- and large-caps have seen a stronger bounce in earnings revisions than small-caps recently," Lori Calvasina, Credit Suisse''s chief U.S. equity strategist, wrote in a research note.Recent fund data also shows a weakening trend. According to Lipper, U.S.-based small-cap funds have recorded five straight weeks of withdrawals.At the same time, technical momentum indicators are trailing the Russell 2000''s recent push to new highs, a possible warning that its foray into record territory is on less than firm footing."We''re in a longer period of underperformance," Suzuki said.Reporting by Caroline Valetkevitch; Additional reporting by Terence Gabriel and Trevor Hunnicutt; Editing by James Dalgleish '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-weekahead-idUSKBN1A625Q'|'2017-07-21T19:38:00.000+03:00'
'72f5fe15c51e83d6591971fc25a908fca7dce9eb'|'RPT-Hudson''s Bay real estate IPO unlikely any time soon -RioCan CEO'|'July 21, 2017 / 12:42 PM / 7 minutes ago RPT-Hudson''s Bay real estate IPO unlikely any time soon -RioCan CEO 3 Min Read (Repeats July 20 item for additional readers with no changes to headline or text) By Solarina Ho TORONTO, July 20 (Reuters) - Retailer Hudson''s Bay Co is unlikely to take its vast real estate holdings public any time soon, the head of RioCan Real Estate Investment Trust, a partner in a venture that holds some of those assets, said on Thursday. North America''s oldest company, HBC is under pressure from activist investor Jonathan Litt, who disclosed a 4.3 percent stake in the company in June, to get cash from its real estate assets or take action to boost income from them. Initial public offerings of two joint ventures with billions of dollars in U.S., European, and Canadian real estate are "unlikely at this point" because market conditions are poor, RioCan founder and Chief Executive Edward Sonshine said in an interview in his Toronto office. The retailer formed those ventures in February 2015, one with RioCan, among North America''s largest retail REITs, and another with U.S.-based Simon Property Group Inc. It said at the time the combined value was C$3.8 billion ($3 billion). The Simon joint venture, HBS Global Properties, has since added investors and European properties. Hudson''s Bay spokesman Andrew Blecher declined to comment. But he noted that Hudson''s Bay Executive Chairman Richard Baker said in a June 9 earnings conference call that the opportunity to do an IPO was still available, but that conditions had grown tougher in the past six months. Sonshine, a former real estate lawyer whose firm owns 12 percent of the Canadian real estate venture, said an IPO was not realistic. "The prevailing narrative is that retail is dead," said Sonshine, who believes otherwise. "When the market says that''s the prevailing narrative, you can''t fight it." Sonshine said Baker had many other options to get cash from HBC''s properties, including sale-leasebacks, financing or subleasing. "It shouldn''t be hard because it''s great real estate." Litt had called on HBC''s board to consider options including repurposing its real estate, shuttering stores, or taking the company private. HBC said it set up the ventures to pave the way for an IPO or alternative transaction to generate income from their holdings, which include prime real estate in Canada and the United States. RioCan, founded in 1993, focuses on major urban markets and has been reducing holdings in low-growth markets and diversifying its tenants. $1 = 1.2590 Canadian dollars Reporting by Solarina Ho; Editing by Jim Finkle and Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hudsons-bay-riocan-reit-ipo-idUSL1N1KC0DE'|'2017-07-21T15:41:00.000+03:00'
'9dff7b1cadf7b8e8dbaa632e3afd6814bb13c595'|'An action plan for Uber’s next chief executive'|'IT IS said that Travis Kalanick, who resigned as Uber’s boss last month, has been reading Shakespeare’s “Henry V”. Prince Hal’s transformation, from wastrel prince to sober monarch, is doubtless one he would like to emulate. But as a guide to the ride-hailing firm’s financial dilemma, “Macbeth” is the best play. This line especially resonates: “I am in blood stepp’d in so far that, should I wade no more, returning were as tedious as go o’er.”Uber has bled money for years in an attempt to become the absolute ruler of its industry. Once Mr Kalanick’s replacement is found, voices will whisper that the firm, like Macbeth himself, is in too deep to alter course. But the new boss must change Uber from a company that sacrifices anything for its ambitions, to one which has a realistic valuation and uses resources efficiently.  Its product is elegantly simple. Uber makes a market between drivers and passengers and takes a cut of about a fifth of the fare. The more people use its service, the better it functions, with lower waiting periods for passengers, and better use of drivers’ time. Some 55m people in 574 cities use it every month. Underlying sales were $4bn in 2016, over double what they were the year before (all figures exclude Uber’s Chinese arm, which it sold to a local rival, Didi Chuxing, last year). Uber’s main trouble is high expectations. Its supporters think it will become the next Alphabet or Facebook. At its last funding round in 2016 (it is private), investors valued it at a whopping $68bn.But the next boss will have to deal with an income statement that is scarier than the Thane of Cawdor. Underlying pre-tax losses were $3bn-3.5bn last year and about $800m in the most recent quarter. Some $1bn-2bn of last year’s red ink was because of subsidies that Uber paid to drivers and passengers to draw them to its platform. At least another $1bn went on overheads and on developing driverless cars; money is also being splashed on a new food-delivery venture and a plan to build flying cars.To put its 2016 loss in perspective, that number was larger than the cumulative loss made by Silicon Valley’s least profit-conscious big company—Amazon—in 1995-2002. Measured by sales, Uber is the world’s 1,158th-biggest firm. Judged by cash losses, it ranks in the top 20. It is now eight years old, but still probably years away from being stable enough to make an initial public offering of shares. In contrast, Amazon went public at the age of three, Alphabet at six and Facebook at eight.Investors rationalise its valuation by assuming that in the long run it will be highly profitable, with a dominant share of a large market. In 2014 Bill Gurley, a well-known tech investor who was then an Uber director, estimated that the pool of consumer spending that it could try and capture might be over $1trn, with ride-hailing and ride-sharing replacing car ownership. Today many Silicon Valley types think that estimate is too conservative.But a discounted cashflow model gives a sense of the leap of faith that Uber’s valuation requires. After adjusting for its net cash of $5bn and for its stake in Didi, worth $6bn, you have to believe that its sales will increase tenfold by 2026. Operating margins would have to rise to 25%, from about -80% today.That is a huge stretch. Admittedly, Amazon and Alphabet, two of history’s most successful firms, both grew their sales at least that quickly in the decade after they reached Uber’s level, and Facebook is likely to as well. But over the same periods these firms’ operating margins show an total average rise of only one percentage point. Put simply, Uber finds it desperately hard to make money. It is not clear that it breaks even reliably across the group of cities where it has been active for longest.So the new chief executive will have to deliver a bleak message; that ride-hailing is locked in a vicious circle. Low prices and high subsidies lead to losses, so firms must raise capital continually, requiring them to exhibit rising valuations. To justify these they must frequently enter new cities and dream up new products. Even more speculative capital is then drawn in by the paper gains seemingly on offer. In the past year, ten of Uber’s competitors, such as Lyft in America and Grab in South-East Asia, have together raised or are raising, roughly $11bn. That will be used to finance still more price wars to win market share.Double, double toil and troubleUber is on course to use up its existing cash and credit lines in three years. Its next boss must break the cycle before then by cutting subsidies and talking down its valuation. It could lose market share and may need to exit scores of cities. On July 13th it said that it will merge its operations in Russia with a competitor. Similar deals need to follow. Although Uber should continue to invest in driverless cars, some of its more experimental “moon shot” projects will probably be for the chop. Its investors, including Goldman Sachs, Saudi Arabia’s government and Jay-Z, a rapper, could face paper losses. Staff paid in stock will be furious.Yet over time the aim should be a firm with a lower market share of a more stable industry. Successful, dominant firms, such as Google and AT&T, don’t seek absolute monopolies by killing off weaker rivals. They allow them enough space to plod on. That lowers the risk of antitrust problems and deters new entrants. By signalling that Uber’s valuation is too high its new boss would knock valuations across the ride-hailing industry and slow the flood of speculative capital—in the end, a good thing.Once the losses abate, the priority should be to create a more “capital light” model. Perhaps Uber could license its brand and technology to local partners in some markets. It could concentrate subsidies on customers who sign up to long-term contracts. The biggest impediment may be Mr Kalanick. With allies, he still controls a significant share, probably a majority, of the company’s voting rights. Anyone taking on tech’s toughest job must have the inner steel to confront him. They should remember another quote from the bard; “I must be cruel only to be kind.”This article appeared in the Business section of the print edition under the headline "Reinventing Uber"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21725301-ride-hailing-firm-needs-rescuing-vicious-cycle-action-plan-ubers-next-chief?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'9465ad2ee620958791211cf622f28de057040bbd'|'RPT-Wall St Week Ahead-Small-cap rally could shrink on earnings, tax reform hurdles'|'July 23, 2017 / 5:01 PM / in 3 hours RPT-Wall St Week Ahead-Small-cap rally could shrink on earnings, tax reform hurdles 4 Min Read (Repeats Friday story with no changes) By Caroline Valetkevitch NEW YORK, July 21 (Reuters) - Optimism is souring around small-cap stocks for some investors, with a host of factors conspiring to up-end gains that have taken them to record highs. Small-caps, which led the market''s rally just after the Nov. 8 election of Donald Trump as U.S. president, are facing weak earnings forecasts, little progress on tax reform and recent outflows. "We have downside risk here. Earnings numbers aren''t great, and valuations are ... pretty rich," said Steven DeSanctis, equity strategist at Jefferies. Investors had expected the administration of Republican Trump, with his promises of aggressive tax cuts and a healthier U.S. economy, would be a boon for small-caps, which tend to be more domestically focused. Republicans so far have been unable to push through bills to repeal and replace the Affordable Care Act, the first leg of the Trump agenda. That has raised doubts about the likelihood of any tax reform this year. Small-caps have higher effective tax rates - about 32 percent versus 26 percent for large-caps, a note from Nuveen Asset Management showed. The performance of both the Russell 2000, a widely used gauge for small-caps, and the small-cap S&P 600 has lagged that of large-caps so far this year, but the Russell is up 20.3 percent since the election compared with a gain of 15.3 percent for the S&P 500. All three indexes hit record highs in recent sessions, just as the earnings reporting period was getting under way. But analysts estimate earnings for S&P 600 companies declined 8.3 percent in the second quarter, dragged down by projected drops in consumer discretionary, energy and health care results, according to Thomson Reuters data. Revenue is expected to have risen slightly in the quarter. Among consumer companies, weakness in apparel, accessories and luxury goods and other retailers is expected to have hurt results, said David Aurelio, Thomson Reuters senior research analyst. In the small-cap energy sector, services and equipment companies continue to be affected by project cutbacks by larger companies. The small-cap outlook is in contrast to expectations for another quarter of strong profit growth for the S&P 500 and a sharp year-over-year jump in large-cap energy. "Small-cap earnings growth has been trailing large-caps for the last four years, and that continues to be the case in the first half of this year," said Dan Suzuki, senior U.S. equity strategist at Bank of America Merrill Lynch in New York. That does not bode well for valuation metrics for small-caps, which the bank calls "the most expensive segment of an expensive market." The Russell 2000 is trading at about 26 times forward earnings as per Thomson Reuters Datastream data, above a median of about 21. The S&P 500 trades at about 17.3 times, also above its median. While analysts expect small-cap earnings to rebound in the second half of the year, some strategists said those lofty expectations are not likely to hold since U.S. economic growth remains sluggish. Large-caps have benefited from recent weakness in the U.S. dollar, which makes foreign currency earnings for U.S. companies worth more in dollars. "This may explain why mid- and large-caps have seen a stronger bounce in earnings revisions than small-caps recently," Lori Calvasina, Credit Suisse''s chief U.S. equity strategist, wrote in a research note. Recent fund data also shows a weakening trend. According to Lipper, U.S.-based small-cap funds have recorded five straight weeks of withdrawals. At the same time, technical momentum indicators are trailing the Russell 2000''s recent push to new highs, a possible warning that its foray into record territory is on less than firm footing. "We''re in a longer period of underperformance," Suzuki said. Reporting by Caroline Valetkevitch; Additional reporting by Terence Gabriel and Trevor Hunnicutt; Editing by James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-weekahead-idUSL1N1KC0WS'|'2017-07-23T20:00:00.000+03:00'
'9aec052f0ffd8a5fd151c3f8bd963e7f58dd5176'|'Four Apple contractors accuse Qualcomm of antitrust violations'|'July 19, 2017 / 7:16 AM / 17 minutes ago Four Apple contractors accuse Qualcomm of antitrust violations 3 Min Read One of many Qualcomm buildings is shown in San Diego, California November 3, 2015. Mike Blake (Reuters) - iPhone chip supplier Qualcomm Inc ( QCOM.O ) faces a new set of antitrust allegations from a group of four companies that assemble the iPhone and other products on behalf of Apple Inc ( AAPL.O ). Foxconn parent Hon Hai Precision Industry Co ( 2317.TW ), Wistron Corp ( 3231.TW ), Compal Electronics Inc ( 2324.TW ) and Pegatron Corp ( 4938.TW ) alleged that Qualcomm violated two sections of the Sherman Act, a U.S. antitrust law. The accusations, made in a filing late on Tuesday in U.S. District Court for the Southern District of California, are counterclaims to a Qualcomm lawsuit filed in May seeking to force the contractors to pay Qualcomm licence fees that Apple directed them to stop paying. "Qualcomm has confirmed publicly that this lawsuit against our clients is intended to make a point about Apple and punish our clients for working with Apple," Theodore J. Boutrous, a lawyer for the four companies, said in a statement. "The companies are bringing their own claims and defences against Qualcomm." The allegations are part of broader dispute between Apple and Qualcomm, which supplies so-called modem chip technology that lets iPhones connect to cellular data networks, over the nature of Qualcomm''s business model of linking the sale of chips and patent licenses, which has come under scrutiny by regulators in South Korea, the United States and several other countries. In January, Apple sued Qualcomm, alleging the company had withheld nearly $1 billion of patent licence rebates it owed Apple in retaliation for Apple''s cooperation with South Korean regulators. Apple told its contract manufacturers to withhold licence payments from Qualcomm while the dispute played out, which prompted Qualcomm to sue them in May. "It is clear that Apple is controlling all of the contract manufacturers'' statements and actions in the litigation. If Apple hadn’t interfered with the licenses and instructed the contract manufacturers to take these actions the contract manufacturers would not be contesting the licenses now,” Qualcomm President Derek Aberle said of the dispute on the company''s conference call on Wednesday. Much of the language in the contractors'' allegations mirror Apple''s objections to Qualcomm''s business model. A senior Apple official confirmed the company was helping fund the contractors'' legal defence as part of an indemnification agreement among the firms. Apple has also formally joined the contractor case as a defendant. The lost licence revenue from Apple has been a hit to Qualcomm''s sales. Analysts expect $5.2 billion in revenue for the June quarter, down from $6 billion a year earlier. Reporting by Stephen Nellis in San Francisco; Editing by Leslie Adler and Peter Cooney 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-qualcomm-idUKKBN1A40J1'|'2017-07-20T02:21:00.000+03:00'
'a387ce5eaf6860666180a126b44d2d90c01fb60e'|'German economy to grow by around 0.6 percent in second quarter - finance minister'|'July 19, 2017 / 10:22 PM / 5 minutes ago German economy to grow by around 0.6 percent in second quarter - finance minister Reuters Staff 2 Min Read FILE PHOTO: The skyline of the banking district in Frankfurt, Germany, September 18, 2014. Kai Pfaffenbach/File Photo BERLIN (Reuters) - The German economy is humming and set for solid growth despite external risks such as the unknown outcome of Brexit negotiations and U.S. President Donald Trump''s future trade policies, the German Finance Ministry said on Thursday. "The current picture of economic indicators suggests that the economic upswing continued vigorously in the second quarter," the ministry said in its monthly report, pointing to rising industrial output and buoyant business morale. German gross domestic product (GDP) likely expanded in the second quarter by a similar rate as in the previous three months when the economy grew by 0.6 percent on the quarter, it said. "However, risks arising from the Brexit negotiations and from the future U.S. trade policy remain," the ministry added. The Federal Statistics Office will publish preliminary second quarter GDP growth figures in mid-August. The International Monetary Fund (IMF) has raised its growth forecast for the German economy. It now expects it to expand by 1.8 percent in 2017 and by 1.6 percent in 2018 in real terms. The German government remains more cautious and so far has stuck to its estimates of 1.5 percent for 2017 and 1.6 percent for 2018, non-adjusted for workdays. This would be below the 1.9 percent in 2016, which was the strongest rate in five years. Reporting by Michael Nienaber; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-idUKKBN1A42MP'|'2017-07-20T01:21:00.000+03:00'
'1f10e3c1aa60f80500e0918dcc8303e9f0948d50'|'MasterCard says 14 billion pound British class action lawsuit blocked'|'July 21, 2017 / 12:11 PM / 10 minutes ago MasterCard says 14 billion pound British class action lawsuit blocked Kirstin Ridley 2 Min Read FILE PHOTO: A MasterCard credit card is pictured next to a computer chip on a bank card in this photo illustration taken June 9, 2016. Maxim Zmeyev/Illustration/File Photo - RTS14T6K LONDON (Reuters) - A 14 billion pound class action lawsuit against MasterCard ( MA.N ) for allegedly overcharging more than 45 million people in Britain over a 16-year period was blocked from proceeding by a judge, MasterCard said on Friday. The Competition Appeal Tribunal (CAT) has sided with MasterCard''s argument that the claims were unsuitable to be brought under a so-called collective actions regime and has not allowed the case to go to trial, the company said. "We welcome the Competition Appeal Tribunal''s judgement refusing certification for the proposed collective action," a MasterCard spokesman said in a statement. Had it been allowed to proceed, the case would have been the largest and most complex in UK legal history and would have tested the limits of the new Consumer Rights Act, which introduced U.S.-style "opt-out" collective class actions for breaches of UK or EU competition law in 2015. U.S.-based litigator Quinn Emanuel Urquhart & Sullivan launched the case on behalf of adults in Britain after MasterCard lost a drawn-out appeal against a 2007 European Commission decision that ruled its fees were anti-competitive. The case centred on so-called interchange fees, the charges levied by credit and debit card companies such as Mastercard on merchants'' banks, which card companies say cover the costs of operating card services, security and innovation. London-based Walter Merricks, a lawyer who once led the Financial Ombudsman Service group that handles consumer disputes with banks and who is the representative named on the class action, said he was considering an appeal. He said he was surprised and disappointed at the ruling. London''s High Court ruled in January that MasterCard had charged interchange fees at a lawful level and without restricting competition in a similar dispute with retailers. Reporting by Kirstin Ridley; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mastercard-court-fees-idUKKBN1A61FQ'|'2017-07-21T15:11:00.000+03:00'
'1d1aebba5761025caadbf2f5a8f01a88bc536b4f'|'U.S., China fail to agree on trade issues, casting doubt on other issues'|'July 20, 2017 / 1:24 AM / an hour ago U.S., China fail to agree on trade issues, casting doubt on other issues David Lawder and Lesley Wroughton 6 Min Read Flags of U.S. and China are placed for a meeting between Secretary of Agriculture Sonny Perdue and China''s Minister of Agriculture Han Changfu at the Ministry of Agriculture in Beijing, China June 30, 2017. Jason Lee WASHINGTON (Reuters) - The United States and China failed on Wednesday to agree on major new steps to reduce the U.S. trade deficit with China, casting doubt over President Donald Trump''s economic and security relations with Beijing. The annual economic dialogue session in Washington ended with cancelled news conferences, no joint statement and no new announcements on U.S. market access to China. The two sides had a "frank exchange" but failed to agree on most major bilateral trade and economic issues that were important to the United States, a senior U.S. official said on condition of anonymity because he was not authorized to speak publicly. These included U.S. demands for access to China''s financial services markets, reducing excess Chinese steel capacity, reductions in auto tariffs, cutting subsidies for state-owned enterprises, ending Chinese requirements for data localization and lifting ownership caps for foreign firms in China, the official said. "China acknowledged our shared objective to reduce the trade deficit which both sides will work cooperatively to achieve," U.S. Treasury Secretary Steven Mnuchin and U.S. Commerce Secretary Wilbur Ross said in a brief statement, highlighting a rare point of consensus. The Chinese embassy in Washington cast the talks in a positive light, saying in a statement that both sides had acknowledged "significant progress" on the 100-day talks and would to work together to reduce the trade deficit. "The two sides will expand areas of cooperation in services and increase trade in services; expand mutual investment, and create a more open, equitable, transparent and convenient investment environment," the embassy said. Far from Mar-a-Lago The session had been billed as a follow-up to Trump''s first meeting with Chinese President Xi Jinping at his Mar-A-Lago, Florida, estate in April when Trump hailed Xi''s cooperation in curbing the threat from North Korea. Trump said that this would lead to better trade terms for China. The two leaders launched a 100-day economic plan that has produced some industry-specific announcements, including the resumption of American beef sales in China and pledged to grant limited U.S. access to some financial services sectors. But there have been no new initiatives since, and Trump has grown increasingly frustrated with China''s lack of pressure on North Korea. His administration has threatened new sanctions on small Chinese banks and other firms doing business with Pyongyang. Ross and Mnuchin said the U.S. position on the China trade relationship would be guided by "the principles of balance, fairness, and reciprocity on matters of trade will continue to guide the American position so we can give American workers and businesses an opportunity to compete on a level playing field." China''s delegation leader, Vice Premier Wang Yang, left the Treasury building without speaking to reporters. Earlier, he had warned that confrontation between the two countries would be damaging. Steel Rally Investors interpreted the negative signals from the talks and lack of new trade announcements as making it more likely that Trump would forge ahead with broad steel tariffs or quotas based on a national security review, sending steelmakers'' shares soaring. Shares of United States Steel Corp ( X.N ) closed up 4.8 percent, while AK Steel ( AKS.N ) rose 3.6 percent and Nucor ( NUE.N ) rose 2.2 percent. Trump, asked by a reporter at the White House after the stock market closed whether he would impose steel tariffs, said: "Could happen." Potential steel tariffs, which could be announced in the coming weeks, were expected to be a difficult topic in the U.S.-China talks. Ross has blamed massive Chinese excess capacity for a global steel glut that is hurting U.S. producers. Wednesday''s deadlock was unsettling for U.S. business groups that had hoped to put more cracks in Beijing''s market access barriers and obviate more aggressive measures from the White House that could destabilize trade ties. "We are disappointed the Comprehensive Economic Dialogue ended at an apparent impasse. It is important for governments to take tangible steps to address long-standing issues and ensure the commercial relationship remains a source of stability in the overall relationship," said Jacob Parker, vice president of China operations at the U.S.-China Business Council. Even if the U.S. and Chinese governments fail to agree on more substantive trade terms, corporate chief executive officers from the two countries pledged to deepen their cooperation and joint investment efforts. Led by Blackstone Group ( BX.N ) CEO Stephen Schwarzman and Alibaba Group ( BABA.N ) CEO Jack Ma, a group of 20 executives said they were committing to increase bilateral trade, including the export of U.S. agricultural goods, liquefied natural gas and consumer products to China. "A stable, growing economic relationship between the United States and China is mutually beneficial to the people of our two countries and for the world," Ma and Schwarzman said in a statement. Additional reporting by Noel Randewich in San Francisco and Michael Martina in Beijing; Editing by James Dalgleish, Leslie Adler and Michael Perry 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-china-trade-idUKKBN1A504W'|'2017-07-20T04:23:00.000+03:00'
'ecb1c51673796f60d59b33fd8c866691a7c5c5de'|'PRESS DIGEST- Financial Times - July 20'|'July 20, 2017 / 12:04 AM / 9 hours ago PRESS DIGEST- Financial Times - July 20 2 Min Read July 20 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Canadian utility Hydro One to buy Avista in $5.3 bln deal on.ft.com/2gLGs42 Theresa May criticises BBC as star salaries reveal gender gap on.ft.com/2gLFeFS Akzo Nobel chief steps down for health reasons on.ft.com/2gLGj0o Stada receives second takeover bid from Bain and Cinven on.ft.com/2gLRvdB Overview Canadian utility Hydro One Ltd said on Wednesday that it has agreed to buy U.S. energy company Avista Corp for $5.3 billion in an all-cash transaction. Theresa May called on the BBC to pay men and women equally after the corporation published the names of its 96 stars paid more than 150,000 pounds a year, exposing a wide gap between male and female broadcasters. The chief executive of Akzo Nobel NV, the Dutch paint maker, has resigned with immediate effect on health grounds just weeks after fending off a 27-billion-euro takeover attempt. A private equity consortium has made a second attempt at buying Stada, Germany''s largest maker of generic drugs, with an improved 4.1 billion euros offer. Compiled by Bengaluru newsroom; Editing by Sandra Maler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1KA5UB'|'2017-07-20T03:03:00.000+03:00'
'383b2df0b8cfa0a26499066e57cfe125e8a3a95e'|'Exclusive - Russia, Venezuela discuss Citgo collateral deal to avoid U.S. sanctions: sources'|'July 20, 2017 / 8:45 PM / 7 minutes ago Exclusive - Russia, Venezuela discuss Citgo collateral deal to avoid U.S. sanctions: sources Alexandra Ulmer and Marianna Parraga 6 Min Read FILE PHOTO: A logo of Russian state oil firm Rosneft is seen at its office in Moscow, October 18, 2012. Maxim Shemetov/File Photo CARACAS/HOUSTON (Reuters) - Russia''s top oil producer Rosneft is negotiating to swap its collateral in Venezuelan-owned, U.S.-based refiner Citgo for oilfield stakes and a fuel supply deal - a move to avoid complications from U.S. sanctions, two sources with knowledge of the negotiations told Reuters. State-owned Rosneft holds a 49.9 percent stake in Citgo as collateral for a loan last year of about $1.5 billion to the OPEC nation, which is reeling from low oil prices and a severe recession. The arrangement with Venezuela''s state-owned oil firm, PDVSA, has drawn fire from U.S. senators who do not want Russia in a position to own a substantial stake of U.S.-based energy assets in potential violation of existing economic sanctions. The negotiations took on more urgency this week, one of the sources told Reuters, when U.S. President Donald Trump threatened to impose "strong economic actions" on Venezuela unless embattled leftist President Nicolas Maduro aborts plans to establish a new legislature with powers to rewrite the nation''s constitution. Such sanctions, which could include a ban on U.S. oil imports from Venezuela, could undermine Citgo''s business model and threaten Venezuelan or Russian ownership of the U.S-based firm in the long term. Under a new proposal being discussed this week in Moscow by top executives from Rosneft and PDVSA, the collateral stake in Citgo [PDVSAC.UL] would be exchanged for a package of eight key deals, one of the sources with knowledge of the talks said. Under the proposed swap, Rosneft would receive: Under the proposal, Rosneft would also be allowed to preside over its joint ventures with PDVSA on a rotating basis and be in charge of procurement for major purchases. That would give Rosneft more control over operations - something foreign minority partners have craved in Venezuela for years, one of the sources told Reuters. Foreign oil executives frequently complain of delays, inefficiencies, and opaque procurement contracts at joint ventures that are majority owned by cash-strapped PDVSA. Venezuela''s Oil Ministry, PDVSA, and Citgo did not respond to requests for comment. Rosneft declined to comment. Avoiding Political, Legal Challenges Both countries have a strong incentive to end the current collateral agreement. The deal in place now means that Rosneft ( ROSN.MM ) - which has been under U.S. sanctions since 2014 - would be among the top creditors should the government of Venezuela default on its bondholders. Senators have questioned whether the deal could violate U.S. sanctions - designed to punish Moscow for aggression in Ukraine - if Rosneft ever collected the collateral. It has also drawn objections from foreign companies seeking compensation for nationalizations by the socialist government of Venezuela under the late Hugo Chavez. Canadian miner Crystallex, for instance, has objected to the use of Citgo as collateral for Rosneft''s loan, charging that Venezuela is seeking to reduce its exposure to assets in the United States to prevent Crystallex from ever collecting on its award, issued by a World Bank arbitration panel. Extricating itself from a thorny legal dispute could be a boon for Rosneft, provided the proposed package has a similar value as the Citgo collateral. But such an arrangement could further squeeze Venezuela''s already troubled state-owned energy company, PDVSA. The firm is labouring under a severe cash shortage and struggling to produce enough oil to cover payments on more than $50 billion in loans from Russia and China that it must pay back with shipments of crude and fuels. Although ending the Citgo collateral arrangement would free up a portion of its equity, the subsidiary would receive less income if it has to deliver barrels of oil to Rosneft, a PDVSA creditor. A new deal with Russia could also intensify criticism of Maduro. His opponents accuse him of selling off prized oil assets to raise the cash he needs to prop up his administration amid violent street protests and shortages of food and medicine. Rosneft Eyes More Crude The proposed deal could further strengthen political ally Russia''s financial position in Venezuela, where it has emerged as an increasingly important backer of Maduro. Russia stands to gain access to more Venezuela oil and more control over its production operations. The company has lent PDVSA at least $4 billion in recent years while increasing its oil stakes in the country, which has the world''s largest crude reserves. Venezuela recently offered the Russian company a stake sale in the large oil project Petropiar, operated by PDVSA and U.S. oil company Chevron Corp ( CVX.N ), Reuters reported in March. Rosneft currently has a 40-percent stake in the 140,000 barrels per day (bpd) flagship Petromonagas project at the Orinoco belt, Venezuela''s most prolific oil region. It gets a commensurate share of the field''s upgraded crude. The Russian firm also has a 40-percent stake in the Petrovictoria project and a 32-percent stake in the Petromiranda project in the Orinoco, and in two separate joint ventures in mature fields in the South American country. Receiving more barrels from PDVSA and Citgo would help Rosneft grow its trading arm, Swiss-based Rosneft Trading SA. And Rosneft could use light crude from the three joint ventures in Zulia for blending its extra-heavy crude from the Orinoco - instead of relying on Venezuela''s pricey and often delayed imports of diluents. Reporting by Marianna Parraga in Houston and Alexandra Ulmer in Caracas; Additional reporting by Vladimir Soldatkin in Moscow; Editing by Brian Thevenot 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/oil-rosneft-citgo-idINKBN1A52S5'|'2017-07-20T23:43:00.000+03:00'
'00a3320775e0b3574be36d7c046d7fe436aa7cff'|'LeEco''s listed company names investor Sunac''s Sun chairman'|'July 21, 2017 / 9:08 AM / 14 minutes ago LeEco''s listed company names investor Sunac''s Sun chairman Sijia Jiang 2 Min Read Chairman of Sunac China Holdings Ltd. Sun Hongbin speaks during a strategic cooperation signing ceremony with Dalian Wanda Group and R&F Properties in Beijing, China July 19, 2017. Jason Lee HONG KONG (Reuters) - Leshi Internet Information & Technology, embattled Chinese tech group LeEco''s main listed entity, said Sun Hongbin from investor Sunac China would take over as chairman from founder Jia Yueting. A frenetic pace of growth over 13 years, from a Netflix-like video website to a business empire spanning consumer electronics to cars, has left a gaping hole in LeEco''s finances. Jia, who has described the cash crunch as "far worse than expected", stepped down from all posts at Leshi earlier this month to focus on LeEco''s electric car business and repay debts. Sun''s appointment to Leshi board chairmanship means he now controls what are widely considered to be LeEco''s healthier businesses, while Jia focuses on an expensive ambition to rival Elon Musk''s Tesla Motors in making electric vehicles via U.S. subsidiary Faraday Future. Sun is the chairman of property developer Sunac, which invested 15 billion yuan(1.70 billion pounds) in LeEco earlier this year, including taking an 8.61 percent stake in Leshi for 6.04 billion yuan. Sunac''s investment in LeEco also included a 33.5 percent stake in smart TV manufacturer Leshi Zhixin and a 15 percent stake in LeEco''s film production company, Le Vision Picutres. Leshi said earlier this month that it expected to log a net loss between 636.7 million yuan ($94 million) and 641.7 million yuan for the first half of this year. In its statement to the Shenzen stock exchange on Friday, Leshi said CEO Liang Jun had been named the company''s legal representative. Reporting by Sijia Jiang; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-leeco-management-idUKKBN1A60XZ'|'2017-07-21T12:10:00.000+03:00'
'292c3a60249fea38d68770396411a2f19cc2cd62'|'Asda eyeing 4.4 billion sterling bid for B&M - Sunday Times'|'July 22, 2017 / 10:20 PM / 15 hours ago Asda eyeing 4.4 billion sterling bid for B&M - Sunday Times Reuters Staff 2 Min Read FILE PHOTO: A company logo is pictured outside an ASDA supermarket near Manchester, Britain, April 7, 2016. Phil Noble/File Photo LONDON (Reuters) - Asda, the British supermarket arm of Wal-Mart Stores ( WMT.N ), is considering a 4.4 billion pounds ($5.7 billion) takeover of B&M European Value Retail ( BMEB.L ), the discount retailer run by the billionaire Arora brothers, The Sunday Times reported. The newspaper said Asda, which trails market leader Tesco ( TSCO.L ) and Sainsbury’s ( SBRY.L ) in annual sales, is in the early stages of assessing a bid for B&M, which is chaired by Terry Leahy, the former chief executive of Tesco. It said Asda has commissioned external research on B&M and cited an unidentified industry source as saying that buying B&M would reduce Asda’s reliance on food sales and provide it with a network to stock its George clothing range. Last year Sainsbury’s bought Argos-owner Home Retail for 1.1 billion pounds, while in January Tesco agreed on a 3.7 billion pounds takeover of wholesaler Booker ( BOK.L ), a deal which is currently being probed by competition regulators. Of Britain''s big four supermarket players, which also includes Morrisons ( MRW.L ), Asda was hurt the most by the rise of German discounters Aldi and Lidl. It has reported eleven straight quarters of underlying sales decline. B&M trades from over 540 UK stores, selling products ranging from bedding to barbecues to food. Its shares listed at 270 pence in 2014. They closed Friday at 340 pence, valuing the business at 3.4 billion pounds. The Sunday Times said applying a normal takeover premium would take its price to at least 4.4 billion pounds. A spokesman for Asda declined to comment. B&M could not be immediately reached for comment.($1 = 0.7697 pounds) Reporting by James Davey; Editing by Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-b-m-european-m-a-asda-idUKKBN1A70TP'|'2017-07-23T01:20:00.000+03:00'
'31d3d156b70b7c6ff2ff1f7c7103e58d42d8c3b0'|'After false dawn, Big Oil to double down on cost cuts'|'July 21, 2017 / 2:32 PM / 2 hours ago After false dawn, Big Oil to double down on cost cuts Ron Bousso 5 Min Read A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. Jo Yong-Hak LONDON (Reuters) - After a brief respite at the start of the year, the world''s top oil and gas companies are set to double down on cost cutting as a recovery in crude prices after a three-year slump falters. Corporate hopes were raised by a deal between members of the Organization of Petroleum Exporting Countries and other non-OPEC producers to cut production, which lifted oil prices above $58 a barrel in January, after they had slid to as low as $27 in 2016. But Brent crude prices have since slipped back below $50 and banks have lowered price forecasts, amid surging output from the United States and other nations not bound by the global oil pact. Investors are again focusing on the ability of top oil firms such as Exxon Mobil ( XOM.N ), Royal Dutch Shell ( RDSa.L ) and Total ( TOTF.PA ) to live within their means and eke out profits when oil has failed to recover, as hoped, to $60. The majors, often dubbed Big Oil, have already been through tough spending cuts since a collapse in crude prices since mid-2014 from above $100. They have shed thousands of jobs, scrapped projects, sold assets and squeezed service costs. The painstaking effort has paid off. Net income for Exxon, Chevron ( CVX.N ), Shell, BP ( BP.L ), Total, Eni ( ENI.MI ) and Statoil ( STL.OL ) is set to double on average in the quarter ending June 30 from a year earlier, even though oil prices are back as similar levels, according to analyst estimates compiled by Reuters. By early 2017, management teams said their operations in 2017 would cover spending and dividend payouts at $60 a barrel, although for many firms this included using scrip programs, when investors can opt for dividend payouts in shares not cash. "More of the Same" But earlier savings may not now be enough, with Brent crude averaging below $50 in the second quarter and forecasts that the 2017 average will be $54. While net income for Q2 may climb year-on-year, the quarter-on-quarter picture is different. Compared to the first three months of the year, the second quarter will see net income fall by about 20 percent, according to analyst estimates. "Given where oil prices are, 2017 is still a year of transition for these companies, and that is not necessarily supportive for investment," said Jason Kenney, head of pan-European oil and gas equity research at Banco Santander. "The sector needs to continue doing more of the same," he said, referring to the ongoing need to reduce costs. Dividend yield, the ratio between a firm''s dividend payout and share price, has risen in recent weeks to near recent highs as share prices have slipped, underscoring investor concerns. Shell, Statoil and Total kick off the Q2 earnings reports on Thursday, followed by Exxon and Chevron on Friday. BP reports on Aug. 1. Majors were targeting break even at $55 a barrel and could further cut spending by delaying investments, simplifying offshore and other project designs and selling assets, Kenney said. About two thirds of the industry''s capital expenditure went to new projects, with the rest used to maintain existing output, Kenney added. "Off Life Support" Company boards have taken different approaches to deal with the bumpy oil price recovery. Exxon and Chevron have invested in U.S. shale oil in recent months, seeking to benefit from the relatively low development cost and the short time it takes to extract commercial oil. Across the Atlantic, Shell, BP and Total have focused more heavily on cutting costs of large, deepwater oil and gas projects to compete with the low-cost shale. Analysts have rewarded some firms for their ongoing savings. Total holds 18 "strong buy" or "buy" recommendations, while Chevron has 17, among analysts polled by Reuters. Shell has 16. Exxon holds the lowest number of "buy" recommendations at 8. Its high share price to earnings (P/E) ratio and a weaker production growth outlook make it less attractive, HSBC said. Exxon shares are trading at a P/E ratio of 16.9, compared with Shell''s 11.9 and BP''s 10.3. Oil majors have underperformed so far this year relative to the broader stock market . For some, that makes current valuations attractive. (See graphic: reut.rs/2twyZvW ) "The fundamental environment is looking quite good because this is an environment where (companies) can cut costs and reduce headcount and they don''t have to develop anything," said Jonathan Waghorn, co-manager of the energy fund at Guinness Asset Management, which holds shares in Shell, BP, Total and Chevron. "They are off life support at $55 a barrel." GRAPHIC: Oil majors gearing reut.rs/2t1h64h Reporting by Ron Bousso; Editing by Edmund Blair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-oil-preview-idUSKBN1A61UT'|'2017-07-21T17:31:00.000+03:00'
'd040bd1a18f5791d43667287b41fe35aabf3806f'|'Nikkei edges down as steelmakers hit by profit taking, Yaskawa soars'|'* Yaskawa soars after raising forecast* Dollar-yen impact limited on Japan stocks longer-term - analystBy Ayai TomisawaTOKYO, July 21 (Reuters) - Japan''s Nikkei share average edged down on Friday as investors took profits on steelmakers, offsetting gains in Yaskawa Electric and other machinery makers.The Nikkei ended down 0.2 percent at 20,099.75 points. For the week, the benchmark index dipped 0.1 percent.A firmer yen also soured the mood as the dollar continued to lose tractiion, though analysts said small gains would not undermine support for the Nikkei around the psychologically important mark of 20,000.The Nikkei has managed to stay above 20,000 for most of the time since July 10, in which time the dollar dropped to below 112 yen from mid-114 yen.In the broader market, the Topix dropped 0.2 percent to 1,629.99."On a daily basis, the market gets emotional about currency levels, but we don''t have to worry too much about the dollar-yen level so often because it has been proven that the Japanese stock market downplayed it in the past few weeks," said Chisato Haganuma, chief equity strategist at Mitsubishi UFJ Morgan Stanley Securities."Investors would rather focus on how listed companies such as Yaskawa make profits in emerging markets and other places -shrugging off the currency impact."Yaskawa Electric jumped more than 15 percent to hit a record high of 2,938 yen after raising its profit forecast.It expects an operating profit of 45.5 billion yen for the fiscal year through February 2018, up from previously forecast 37.0 billion yen thanks to better than expected demand from China and Korea.Yaskawa''s strong earnings lifted shares or other electronic machinery shares, which rose 0.9 percent, the best performance among the Tokyo Stock Exchange''s 33 industry sibindexes.Machinery shares also gained 0.8 percent.Canon Inc also attracted buyers, rising 1.4 percent after the Nikkei business daily reported that the company''s operating profit for the year ended December 2017 likely was likely to be about 330 billion yen, compared with the company''s expectations of 270 billion yen.Steelmakers, one of best performers so far this month, succumbed to profit-taking, falling 1.2 percent. (Reporting by Ayai Tomisawa; Editing by Eric Meijer and Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1KC2CS'|'2017-07-21T09:34:00.000+03:00'
'04075485b0ed4234772d591ab9f3cebfb7c9be11'|'Britain''s Jaguar Land Rover opens first overseas engine plant'|'July 20, 2017 / 11:10 PM / 17 hours ago Jaguar Land Rover opens first overseas engine plant Reuters Staff 2 Min Read The Jaguar logo is pictured at a Jaguar Land Rover showroom in Mumbai February 13, 2013. Vivek Prakash/File Photo LONDON (Reuters) - Jaguar Land Rover opened its first overseas engine plant on Friday, picking China for the investment a week after saying it would build a global model entirely outside Britain for the first time. Britain''s biggest carmaker, which already operates a plant in China as part of a partnership with Chery [CHERY.UL], said the new facility was part of a 10.9 billion yuan (1.2 billion pounds) investment with the Chinese automaker. "The new engine plant demonstrates Jaguar Land Rover’s long-term commitment to the Chinese market, providing customers with an exciting range of vehicles and powertrain options, as well as to its joint venture," JLR said in a statement. The site will make the new Ingenium 2.0-litre four-cylinder petrol engine. China was JLR''s fastest growing market in 2016, accounting for 20 percent of global sales. JLR, owned by India''s Tata Motors, is rapidly expanding its production levels and model line-up and decided in 2015 to build a major new plant in Slovakia, rather than expand its operations in Britain. Earlier this month, the automaker said it would build its new E-PACE compact sport utility vehicle in Austria and China, the first car made for global sale to be built outside of Britain. Like much of the British car industry, JLR is worried that Brexit could leave its car exports facing lengthy customs delays and tariffs of up to 10 percent, jeopardising the viability of production in Britain. Reporting by Costas Pitas; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jaguarlandrover-china-idUKKBN1A5310'|'2017-07-21T02:10:00.000+03:00'
'e2dce72f0d5a1a95a4dfb1ba6e9400ee415d564a'|'Could bond funds break the market?'|'GOOD generals know that the next war will be fought with different weapons and tactics from the last. Similarly, financial regulators are right to worry that the next crisis may not resemble the credit crunch of 2007-08.The last crisis arose from the interaction between the market for mortgage-backed securities and the banking system. As investors became unsure of the banks’ exposure to bad debts, they cut back on their lending to the sector, causing a liquidity squeeze. Since then, central banks have insisted that commercial banks improve their capital ratios to ensure they are less vulnerable.  Might the next crisis originate not in the banking system, but in the bond market? That is the subject of a new paper* from the Bank of England. The worry centres on the “liquidity mismatch” between mutual funds, which offer instant redemption to their clients, and the corporate-bond market, where many securities may be hard to trade in a crisis. The danger is that forced selling, to return money to investors, leads to big falls in bond prices, creating a feedback loop.If that concern seems fanciful, think back to the summer of 2016, when British mutual property funds had to suspend redemptions in the wake of the EU referendum vote. Fund managers simply could not sell properties fast enough to pay off their investors.The corporate-bond market is a particular concern because it is much less liquid than the equities market. That liquidity has fallen in recent years, because banks have become less willing to act as market-makers. This reluctance is rooted in the regulations imposed after the last crisis, which require banks to hold more capital.The Bank of England’s study focused on European mutual funds that own investment-grade bonds (the safest category). Since 2005, the worst month for redemptions in this sector occurred in October 2008, when outflows reached the equivalent of 1% of assets under management each week. The sell-off was accompanied by a rise in bond spreads—the gap between the yield on investment-grade bonds and that on government debt—of around a percentage point.Some of that increase was obviously caused by a deterioration in the economy—investors realised that bond issuers were more likely to default. But the bank reckons that around half the shift was the result of a decline in liquidity. In other words, bond investors demanded a higher yield to compensate them for the difficulty they might face in selling their holdings.The bank reckons that, if a 1% outflow of mutual-fund assets happened today, then European investment-grade spreads would rise, for liquidity reasons alone, by around four-tenths of a percentage point. That may not sound much, but it is around a third of the average spread since 2000.What if the sell-off is greater than it was in 2008? After all, near-zero rates on cash must have pushed a lot of investors into corporate-bond funds in recent years. Some of those investors may be using bond funds as “rainy day” money and will thus be reluctant to sit tight if their savings are losing value.Others could step in to buy the bonds. Long-term holders like pension funds and insurance companies are obvious candidates to do so, although they tend to be slow to react. Hedge funds are more nimble bargain-hunters but they often depend on financing from the banks, and that may not be available in a crisis.Finally, the banks themselves could step in, but they face capital charges on their market-making activities. The moment could come, the bank suggests, when “dealers reach the limit of their capacity to absorb those asset sales”. This would be the “market-breaking point”. And that stage could be reached when redemptions equal 1.3% of net assets of corporate-bond funds—in other words, only 30% higher than during the 2008 crisis.A sell-off in corporate bonds ought not to be as damaging as the mortgage-related crisis of 2008. Investors don’t tend to use borrowed money to buy such bonds, and the big asset-management companies don’t back funds with their own capital. Corporate bonds also comprise only a small part of most portfolios. But it could still be traumatic if bond funds need to be suspended. That could undermine retail investors’ confidence in the liquidity of the mutual funds on which many depend for their retirement income. The bank is right to be alert to the risks.* “Simulating stress across the financial system: the resilience of corporate-bond markets and the role of investment funds”, Financial Stability Paper No 42 Economist.com/blogs/buttonwood This article appeared in the Finance and economics section of the print edition under the headline "The bonds that break"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21725319-bank-england-worries-about-sell-could-bond-funds-break-market?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'
'8ab3ee6c292fa94511c6be3e3559adc9b913d199'|'Exclusive - Tanzania tells foreign Acacia Mining staff to leave'|'July 21, 2017 / 7:05 AM / in 16 minutes Exclusive - Tanzania tells foreign Acacia Mining staff to leave Reuters Staff 1 Min Read LONDON (Reuters) - Tanzania has asked foreign employees of London-listed Acacia Mining to leave the country in an escalation of a dispute that began in 2016 over allegations of tax evasion, a company spokesperson said on Friday. Two senior local staff of the mining firm, Tanzania''s largest foreign investor, were detained and interrogated at an airport this week, the spokesperson confirmed. A source with direct knowledge of the matter said the arrests were related to the dispute. Reporting by Zandi Shabalala; Editing by Ed Cropley 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-acacia-mining-tanzania-expulsions-idUKKBN1A60LS'|'2017-07-21T10:05:00.000+03:00'
'c363842ecc1fdedb8c72f20efe7952588294ff07'|'U.S. Cuba tour operators gird for Trump travel crackdown'|'July 23, 2017 / 1:09 PM / 7 hours ago U.S. Cuba tour operators gird for Trump travel crackdown 5 Min Read Tourists eat in a restaurant in Havana, Cuba, June 16, 2017. Alexandre Meneghini HAVANA/NEW YORK (Reuters) - U.S. tour operators that send Americans to Cuba are banding together to try to limit damage to business from tighter restrictions on travel to the communist-run island expected in September from the Trump administration. U.S. President Donald Trump in June rolled back parts of Barack Obama''s historic opening to Cuba, saying his predecessor negotiated a “terrible and misguided deal.” The revised approach includes stricter enforcement of a longtime ban on Americans going to Cuba as tourists. Among changes are limiting visits to 12 existing categories of non-tourist travel and a ban on the use of hotels and other facilities owned by Cuba''s military. Cruise ships are permitted, the administration said, but not independent visits by solo travellers and families under the popular people-to-people travel category which Trump charged was being used to violate the tourist ban. Many Americans took Trump''s message to mean travel to Cuba, except on cruise ships, was again off limits, U.S. tour operators said. It is a misconception they hope to change with a trade group formed in the last month to influence the debate on Cuba and help would-be visitors navigate new rules. “We need to share information and speak as a united voice on issues that are important to us,” said Cuba Cultural Travel''s Michael Sykes, who founded the group American Tour Operators in Cuba (ATOC) that now counts more than 30 U.S. companies. "Pall" Over Cuba Trump''s move to roll back Obama policies introduced after the 2014 U.S.-Cuban detente has yet to have a significant impact on the number of U.S. travellers visiting the island, according to a survey of a dozen U.S. tour operators by Reuters. But travel companies fear a hit on future demand from Trump''s combative tone and regulations, with some concerned it could even spook U.S. banks that help them do business with Cuba. “We can work with the new rules with minimal changes, but a pall has been cast over the business and that has me worried going forward,” said Steven Cox, president of Alabama-based tour operator International Expeditions, an ATOC member. “Many American travellers are not so well informed and believe that travel to Cuba is being shut off and that just isn’t true,” he added. People enjoy a ride on a tourist vehicle at the seafront Malecon in Havana, Cuba, July 4, 2017. Alexandre Meneghini Some 300,000 Americans, excluding those of Cuban descent, visited Cuba in the first six months of 2017, more than twice last year''s number during the same period, according to the Cuban government. Of those, 40,000 travelled outside organised groups using online booking, tour companies estimated, the majority under the people-to-people category. Operators said they had been inundated with inquiries from clients worried about future travel and are revising itineraries to avoid Cuban hotels operated by the military. “We are receiving requests from a lot of small groups, families, couples’ trips, birthday parties and the like, that were already planning on going to Cuba but don’t know what to make of the new rules and how to ensure they are in compliance,” said Collin Laverty, who runs Cuba Educational Travel, another member of the trade group. Priceline Group Inc, which agreed in March 2016 to make hotel rooms in Cuba available to U.S. customers through its subsidiary Booking.com, is still taking reservations "within the allowable guidelines and categories," spokeswoman Leslie Cafferty said in an emailed statement. Online travel agent Expedia Inc declined to comment. AIRLINES AND BANKS Janet Moore, owner of California-based operator Distant Horizons, said new rules could make it difficult for individual travellers to visit Cuba and force airlines to cancel flights, making her tour scheduling more complicated. Carriers such as American Airlines Group Inc announced moves late last year to cut the frequency of Cuba flights as demand lagged initially high expectations. Moore also expressed concern about transferring payments to Cuba. The trade embargo has always made U.S. banks nervous they could be held responsible if a client was not operating within Treasury Department rules. Operators said a more hostile Trump administration might raise pressure on banks to ensure clients were in compliance and increase the number of regulations they had to check. "What concerns me is if the regulations become even more complicated, the banks are going to be really, really holding on and making sure everything''s legitimate. And they may decide ''this isn''t worth it to us,''" Moore said. Reporting by Marc Frank; Editing by Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-cuba-travel-idUKKBN1A80IT'|'2017-07-23T16:09:00.000+03:00'
'c12ae69de5e5d3eaacb90029afdf11c56c639398'|'Siemens, Bombardier close to deal on transportation tie-up - sources'|'July 21, 2017 / 1:17 PM / in 21 minutes Siemens, Bombardier near deal on transportation tie-up, sources say 4 Min Read FILE PHOTO: New Siemens AG headquarters are seen in Munich, Germany, June 14, 2016. Michaela Rehle/File Photo FRANKFURT/MONTREAL (Reuters) - Canada''s Bombardier ( BBDb.TO ) and Germany''s Siemens ( SIEGn.DE ) are in the final stages of talks to combine their rail operations, several sources familiar with the matter said on Friday, in a deal that would give the two added heft to compete against Chinese rail giant CRRC ( 601766.SS ). The deal, which would create two separate joint ventures for their signalling and rolling-stock divisions, could be announced as early as August, the sources said. Siemens'' supervisory board will discuss the matter at its meeting on Aug. 2, while Bombardier''s board is expected to consider it before the company''s second-quarter earnings call next week, the sources said, adding that an announcement could come in early August. All of the sources, including one who talked to Reuters earlier in the week, spoke on condition of anonymity because the talks are confidential. Rail consolidation has been a trend over the last few years, as global companies seek to contain costs and Western companies struggle with the rising ambitions of China''s state-backed CRRC at home and abroad. Media reports in April that Siemens and Bombardier explored a combination with total sales of $16 billion had sparked antitrust concerns in Europe. Bombardier would take just over a 50 percent stake in the joint rolling stock operations, one source said. Siemens would take roughly an 80 percent stake in a joint venture in the higher-margin signalling technology, two of the sources said. While a deal could be a "win-win" for both companies, any agreement that largely cedes control over Bombardier''s lucrative signalling business to Siemens, the market leader, could worry the Canadian company''s investors, an analyst said. A logo of jet manufacturer Bombardier is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 22, 2017. Denis Balibouse Nevertheless, a tie-up could help Bombardier, the rail industry''s fifth-largest signalling player by market share, grow that business, the analyst said. Bombardier and Siemens declined to comment. No money would be exchanged as part of the deal, two of the sources said. It was not yet clear what role Caisse de depot et placement du Quebec, which owns a 30 percent stake in Bombardier Transportation, would play in the deal. A spokesman for the Caisse, Canada''s second-largest pension fund, would not comment on Friday. Caisse Chief Executive Officer Michael Sabia told Reuters in June that he supports rail consolidation in general to create value and "to begin levelling the market," given CRRC''s size advantage. The proposed deal would also address antitrust concerns and fears that a tie-up would result in job losses. The companies have offered extensive job guarantees to get backing from the strong German labour side, two of the sources said. Bombardier and Siemens also would have to sell off some high-speed train operations to address the antitrust concerns. The advisers for Siemens are Goldman Sachs and BNP Paribas, and UBS for Bombardier. The banks declined to comment or were not immediately available for comment. Siemens shares fell almost 2 percent while Bombardier was unchanged. Additional reporting by Alexander Huebner and Georgina Prodhan in Frankfurt, Irene Preisinger in Munich and Matt Scuffham in New York; Editing by Georgina Prodhan and Jeffrey Benkoe 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-siemens-bombardier-transportation-idUKKBN1A61ME'|'2017-07-21T16:16:00.000+03:00'
'b1a9f8601b36d38f03c04c032800c2f0c25afadc'|'Nikkei supported by defensive stocks but firmer yen caps gains'|'July 19, 2017 / 6:35 AM / 6 hours ago Nikkei supported by defensive stocks but firmer yen caps gains 3 Min Read * Current dollar-yen levels above what Japan Inc expects - analyst * BOJ two-day rate review starts on Wednesday, no changes seen By Ayai Tomisawa TOKYO, July 19 (Reuters) - Japanese stocks edged up in choppy trade on Wednesday, with buying in defensive stocks offsetting worries about the impact of a stronger yen as the U.S. dollar flounders. The Nikkei share average was up 0.1 percent to 20,020.86 after dipping into negative territory. U.S. Republican senators'' effort to pass their own healthcare overhaul bill collapsed late on Tuesday, stoking doubts over the likelihood that Trump''s growth-oriented economic agenda would come to fruition, sending the dollar lower. The firmer yen hit such cyclical stocks as automakers, while lower U.S. yields dragged down banks as well as insurers. Toyota Motor Corp shed 0.8 percent, Nissan Motor Co declined 1.2 percent, Mitsubishi UFJ Financial Group fell 0.5 percent and Dai-ichi Life Holdings dropped 1.0 percent. However, most investors on Wednesday downplayed the impact of a stronger yen on exporters'' earnings, which limited the losses. "The current dollar-yen level is still above what most manufacturers expect this year, which is 108.80 yen," said Nobuhiko Kuramochi, a strategist at Mizuho Securities, adding that the market expects strong earnings for April-June quarter, which start coming out later this month. In afternoon trade, the dollar was nearly flat at 112.06 yen , after falling as low as 111.685 on Tuesday, its lowest since June 27. On Wednesday, defensive stocks attracted buying. Cosmetics maker Shiseido Co gained 0.9 percent, toiletry goods maker Kao Corp surged 3.2 percent and brewer Kirin Holdings Co jumped 2.2 percent. "Investors are seen reducing exposure to currency-sensitive stocks and U.S. yield-sensitive shares like banks. There seems to be portfolio rebalancing and they are adding defensive stocks," said Chihiro Ohta, general manager of investment research at SMBC Nikko Securities. A Reuters poll showed that Japanese manufacturers'' and service providers'' business confidence remained high in July, underlining the central bank''s upbeat view on the economy. At a two-day rate review that ends on Thursday, the Bank Of Japan is seen likely to keep monetary policy steady even as it cuts its inflation forecast. The broader Topix was up 0.1 percent to 1,621.87 and the JPX-Nikkei Index 400 was flat at 14,415.64. (Editing by Shri Navaratnam) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1KA2BY'|'2017-07-19T09:34:00.000+03:00'
'921abeb068a65acb4b5e390e61a2f5088f639cce'|'Deutsche Boerse cultivates local ties after LSE deal setback'|'July 19, 2017 / 10:42 AM / an hour ago Deutsche Boerse cultivates local ties after LSE deal setback Tom Sims 4 Min Read FILE PHOTO: Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany February 28, 2017. Staff/Remote/File Photo FRANKFURT (Reuters) - Deutsche Boerse ( DB1Gn.DE ) is planning to spruce up the Frankfurt stock exchange, a familiar backdrop for TV broadcasts on the German economy, as part of a push to try to attract more retail investors. Deutsche Boerse is seeking to broaden its appeal and burnish its image following the collapse of a proposed merger with London Stock Exchange ( LSE.L ). It is still dealing with the fallout from that deal. Public prosecutors on Tuesday asked Deutsche Boerse to pay fines of 10.5 million euros ($12.1 million) for failing to notify the public in a timely way about the LSE merger talks and for the design of its executive share-buying scheme. Deutsche Boerse said the allegations are "unfounded in all respects." Potential refurbishments under discussion by the German exchange operator are an enhanced viewing gallery for visitors and a modernized area to showcase new companies making their debut on the market via initial public offerings, three people with knowledge of the situation said. The changes could bring a little of the New York Stock Exchange-style razzmatazz to Frankfurt which is seeking to rival London as a financial center after Brexit. The plans also foresee the creation of a venue for events in vacant parts of the building such as the one formerly used for bond trading. The exchange''s 19th century building on Boersenplatz in downtown Frankfurt is often used by TV crews when reporting on German financial news even though actual trading at the exchange, which has roots dating back to 1585, is now mostly done electronically. Deutsche Boerse rents the trading floor areas in the building, which is owned by the Frankfurt am Main Chamber of Commerce and Industry. The company hopes that investing in this landmark will help to spark greater interest among the German public in share trading, startups and IPOs, two of the people said. Later this month, board members will debate details and costs of the investment, one of the people said. FILE PHOTO: A guard secures the entrance of Germany''s stock exchange Deutsche Boerse Group in Frankfurt, Germany January 14, 2005. Kao Pfaffenbach/File Photo Share ownership in Germany was at 14 percent of the population in 2016, according to data from financial industry body Deutsches Aktieninstitut. That compares with 52 percent in the United States, according to a Gallup poll. IPO issuance in Germany also lags other major economies. Despite buoyant stock markets, IPOs in Germany so far this year total $1.5 billion, compared with $21 billion in the United States, $20 billion in China and $3.2 billion in Britain, according to Thomson Reuters data. Local Pride Slideshow (3 Images) Following the collapse of the LSE deal, Chief Executive Carsten Kengeter has said that major mergers are off the table, with the focus instead on partnerships, small acquisitions and investment. "It''s become clear to us, it''s become clear to me: Investment in the Frankfurt financial center is well worth the money," Kengeter told employees gathered at a town hall meeting at its glass suburban headquarters, The Cube, last month. Deutsche Boerse has also agreed a 6 million euro three-year sponsorship deal with Frankfurt''s home soccer team, Eintracht. Since July 1, Eintracht player jerseys bear the Deutsche Boerse''s blue squiggle logo and its name on the left sleeve. Eintracht already have links with the city''s dominant financial services industry, playing their home matches in the Commerzbank-Arena. The team has a patchy record in the Bundesliga and their last major trophy was when they won the German Cup back in 1988. This year it reached the cup final in Berlin but lost to Borussia Dortmund. "Too bad," Kengeter said after that game. "We are already looking forward to when the guys start up again after the summer break." Reporting by Tom Sims; Editing by Jane Merriman and Keith Weir 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-boerse-strategy-idUSKBN1A40YA'|'2017-07-19T13:40:00.000+03:00'
'27b75658eeec0cd65603256595087cfba062ec77'|'DIARY-U.S. refinery operations-Marathon Texas City refinery idled by crude unit leak'|'July 19, 2017 / 4:22 AM / 8 hours ago DIARY-U.S. refinery operations-Marathon Texas City refinery idled by crude unit leak 31 Min Read July 18 (Reuters) - The following is a list of refinery incidents reported in the United States on July 18: * Marathon Texas City refinery idled by crude unit leak -sources * Shell reports process unit upset at Deer Park, Texas facility * Marathon Galveston Bay residual HTU operating normally -sources * Marathon reports RHU compressor issue at Galveston Bay, Texas refinery * PES sees pump fire at Point Breeze crude unit - source * PBF reports charge pump failures in hydrocracker unit at Torrance refinery * PBF Energy reports unplanned flaring, breakdown at Torrance, CA, refinery * PBF Energy shuts 43,000 bpd reformer at Delaware refinery - source * PBF Energy running 49,000 bpd coker at reduced rates - source * Valero warns of planned flaring at Wilmington, CA, refinery * PBF Energy warns of planned flaring at Torrance, CA, refinery REFINERY INCIDENTS: (LISTED BY REGION, WITH MOST RECENT INCIDENTS FIRST) Company Location Capacity* Timing Reason/Notes Unit Cap Link EAST COAST: PES Philadelphia,PA 310 July 18 Crude unit pump fire at Point Breeze July 17 Boiler shut, production cut July 13 Alky unit startup PBF Delaware City 182.2 July 18 Reformer shut July 18 Coker at reduced rates PHILLIPS 66 Bayway, NJ 241 June 23 Flange leak PES Philadelphia,PA 310 June 23 Unit startup PES Philadelphia,PA 310 June 20 865 distillate hydrotreater shut PHILLIPS 66 Bayway, NJ 238 June 13 Restart of SRUs after trip PHILLIPS 66 Bayway, NJ 238 June 7 Planned work under way MONROE ENERGY Trainer, PA 190 June 5 Refinery wide shutdown in 2018 MONROE ENERGY Trainer, PA 190 June 1 Alky unit shutdown PES Philadelphia,PA 335 May 26 Restart of DHT May 18 Crude unit start-up on May 16 May 12 Cuts production on crude unit at Point Breeze May 12 Unit 231 restart on May 7 May 2 Flange fire put out at Point Breeze PES Philadelphia,PA 335 April 29 Power interruption at Girard Point PBF Delaware City 182.2 April 28 Unit malfunction PES Philadelphia,PA 335 April 28 Unit startup April 21 Unit startup PBF Delaware City 182.2 April 18 FCC restart next week PES Philadelphia,PA 335 April 5 Unit startup PHILLIPS 66 Bayway, NJ 238 April 3 Normal ops after weekend fire April 3 Crude unit restarted GULF COAST: MARATHON Texas City, TX 86 July 18 Plant idled by crude unit leak SHELL Deer Park, TX 325.7 July 18 Process unit upset MARATHON Galveston Bay,TX 459 July 18 Hydrotreater ops normal July 18 Unit upset TOTAL Port Arthur, TX 225.5 July 17 Reformer restart on hold CITGO Corpus Christi,TX 157.5 July 17 Gasoline unit normal operations PHILLIPS 66 Sweeny, TX 247 July 17 Power restored after brief outage VALERO McKee, TX 195 July 17 ESP interruption on July 15 EXXON Beaumont 362.30 July 14 HCU back at full production TOTAL Port Arthur, TX 225.5 July 14 Reformer restart plans CITGO Corpus Christi,TX 157.5 July 14 FCCU shutdown at East plant TOTAL Port Arthur, TX 225.5 July 14 Malfunction, emissions EXXON Beaumont 362.30 July 13 Restarting hydrocracker TOTAL Port Arthur, TX 225.5 July 12 Hydrotreater shut SHELL Convent, LA 227.6 July 11 Gasoline, alky unit rates minimum EXXON Beaumont 362.30 July 10 HCU shut due to leak July 10 Control valve malfunction MARATHON Texas City, TX 86 July 10 Gasoline unit shut for repair July 10 FCC regenerator work TOTAL Port Arthur, TX 225.5 July 10 Reformer shut for repair SHELL Convent, LA 227.6 July 10 Restart of gasoline, alky units EXXON Beaumont 362.30 July 7 HCU weekend restart July 6 Electrical substation trip EXXON Baytown, TX 560.50 July 7 HCU work to finish in August MOTIVA Port Arthur 603 July 6 Hydrocracker restarted EXXON Beaumont 362.30 June 6 Hydrocracker shut for repairs SHELL Convent, LA 227.6 July 6 Units restart near end VALERO Port Arthur,TX 335 July 5 Hydrotreater returned to production SHELL Convent, LA 227.6 July 5 FCCU, alky units restart MOTIVA Port Arthur 603 July 5 FCCU production rates cut TOTAL Port Arthur, TX 225.5 July 3 Compressor trip ALON Big Spring 70 June 30 Diesel hydrotreater shut TOTAL Port Arthur, TX 225.5 June 28 Sulfur unit startup TOTAL Port Arthur, TX 225.5 June 26 Ops normal after malfunction June 25 Weather related malfunction EXXON Beaumont 362.30 June 25 FCCU shutdown PHILLIPS 66 BORGER, TX 146 June 23 Process upset June 23 No planned work EXXON Baytown, TX 560.50 June 23 Pipe repair, minimal impact SHELL Deer Park, TX 285.5 June 20 Process unit upset EXXON Baton Rouge, LA 502.5 June 20 Likely to restart CDU after repairs DELEK Tyler, TX 60 June 16 Boiler emissions TOTAL Port Arthur, TX 225.5 June 16 Prouction reduced MOTIVA Port Arthur 603 June 16 Hydrotreater to be back by Wed VALERO McKee, TX 195 June 16 FCCU snag SHELL Norco, LA 238 June 16 Crude unit, HCU work on schedule VALERO Sunray,TX 168 June 15 Gasoline unit out of production MOTIVA Port Arthur 603 June 15 Cuts back HTU for repair SHELL Norco, LA 238 June 14 Crude unit, HCU shut for overhaul EXXON Baytown, TX 560.50 June 13 HCU overhaul Planned work underway Operations normal EXXON Baytown, TX 560.50 June 12 Planned FCCU overhaul completion VALERO Meraux, LA 125 June 12 Ops normal after upset VALERO McKee, TX 195 June 11 Instrumentation failure, emissions SHELL Deer Park, TX 285.5 June 11 Onsite leak VALERO McKee, TX 195 June 9 Wet gas compressor snag SHELL Deer Park, TX 325.7 June 8 Process unit upset ALON Big Spring 70 June 7 Multiple unit upset SHELL Deer Park, TX 285.5 June 7 Release onsite SHELL Convent, LA 235 June 7 Ups output on ULSD hydrotreater June 7 Maintenance under way June 7 To restart hydrotreater furnace MOTIVA Port Arthur 603 June 7 HCU back to normal ops LYONDELL Houston, TX 263.8 June 5 Units back after malfunction Problems at offsite facility Flaring SHELL Deer Park, TX 325.7 June 5 Process unit startup underway SHELL Deer Park, TX 325.7 June 1 No impact from onsite leak Leak onsite FLINT HILLS Corpus Christi 295.6 June 1 Sulfolane unit shutdown EXXON Baton Rouge, LA 502.5 May 31 Coker overhaul complete CITGO Corpus Christi,TX 157.5 May 30 FCCU upset, power blip SHELL Convent, LA 235 May 30 Isomerization unit restart VALERO Port Arthur,TX 335 May 30 Hydrotreater overhaul from June PHILLIPS 66 Alliance, LA 247 May 30 No planned work underway PHILLIPS 66 Sweeny, TX 247 June 2 No planned work underway June 2 Transformer trip May 30 CDU, FCCU overhaul in 2018-19 VALERO Sunray,TX 168 May 30 FCCU, alky unit overhaul from Sept. MARATHON Galveston Bay,TX 459 June 6 Hydrotreater restart May 29 Unit upset ALON Big Spring 70 May 26 Propane deasphalting unit shut TOTAL Port Arthur, TX 225.5 May 26 Emissions from unit 871 EXXON Baytown, TX 560.50 June 6 Caustic oxidation unit emissions June 2 FCCU emissions May 26 Compressor shutdown CITGO Corpus Christi,TX 157.5 May 25 CDU restart complete EXXON Baytown, TX 560.50 May 25 Compressor trip SHELL Convent, LA 235 May 25 Completes alky unit restart VALERO Corpus Christi,TX 293 May 25 Process unit trip SHELL Convent, LA 235 May 24 Preparing alky unit restart SHELL Convent, LA 235 May 23 Hydrocracker completes restart TOTAL Port Arthur, TX 225.5 May 23 Shuts residual unit after fire CALUMET San Antonio, TX 16.8 May 22 Refinery shut down TOTAL Port Arthur, TX 222.5 May 22 Ops nomal after upset VALERO Port Arthur,TX 335 May 19 Process unit upset SHELL Convent, LA 235 May 19 To restart HCU on Tuesday night CITGO Corpus Christi,TX 157.5 May 19 Unit repairs continue EXXON Baton Rouge, LA 502.5 May 18 Returns CDU to full production CITGO Corpus Christi,TX 157.5 May 18 Repairing gasoline unit Shell Convent, LA 235 May 17 Restarting HCU expected to resume production early next week FLINT HILLS Corpus Christi 290 May 16 SRU upset at west plant PHILLIPS 66 BORGER, TX 146 May 16 SRU snag, equipment restarted CITGO Corpus Christi,TX 157.5 May 16 FCCU shut after leak Shell Convent, LA 235 May 16 To restart HCU on Tuesday night EXXON Baton Rouge, LA 502.5 May 16 Boosting crude unit production TOTAL Port Arthur, TX 225.5 May 15 Completes SRU restarts MOTIVA Port Arthur 603 May 15 Repairs naphtha complex leak EXXON Beaumont 344.60 May 15 Restarts large crude unit Shell Convent, LA 235 May 15 Prepares hydrocracker restart Repairs to continue at least 2 wks EXXON Baton Rouge, LA 502.5 May 12 Ops unhurt from severe weather TOTAL Port Arthur, TX 225.5 May 12 Emissions from Unit 871 Restarting sulfur units MOTIVA Port Arthur 603 May 12 Working to stop hydrogen leak FLINT HILLS Corpus Christi 290 May 9 HCU shutdown PHILLIPS 66 BORGER, TX 146 May 8 FCCU ESP work underway TOTAL Port Arthur, TX 222.5 May 5 Restarting coking unit EXXON Baton Rouge, LA 502.5 May 5 Extends work at crude unit VALERO Port Arthur,TX 335 May 5 Gasoline unit increasing production SHELL Deer Park, TX 285.5 May 5 Flaring due to process unit upset VALERO Port Arthur,TX 335 May 4 Gasoline unit remains shut Shell Convent, LA 235 May 4 HCU to resume output over weekend SHELL Deer Park, TX 285.5 May 4 All-clear issued after unit upset May 4 Process unit upset MOTIVA Port Arthur 603 May 4 To boost HCU production over weekend CITGO Corpus Christi,TX 157.5 May 4 Unit restarted after malfunction EXXON Beaumont 344.60 May 1 Coker back MOTIVA Port Arthur 603 April 28 Hydrocracker to run at reduced rates through weekend PHILLIPS 66 Lake Charles, LA 260 April 28 Developing new isomerization unit MARATHON Galveston Bay,TX 451 April 28 Leak in a tank EXXON Baton Rouge, LA 502.5 April 25 Flaring due to operational issue Crude unit shut for work ALON Big Spring 70 April 25 HDS shut for repairs after leak SHELL Deer Park, TX 285.5 April 25 Restarting hydrocracker PETROBRAS Pasadena, TX 112.2 April 25 Operating at planned rates April 24 Reformer shutdown CITGO Corpus Christi,TX 157.5 April 24 FCCU back in production VALERO Corpus Christi,TX 293 April 23 Upset at Complex 7 EXXON Beaumont, TX 344.60 April 22 Large CDU to resume production by early May April 21 May finish coker work next week CITGO Corpus Christi,TX 157.5 April 24 ESP shutdown on April 22 MOTIVA Norco, LA 238 April 20 Hydrocracker restart completed EXXON Beaumont, TX 344.60 April 20 Boiler restarted after trip MARATHON Galveston Bay,TX 451 April 20 Ultracracker 3 HCU overhaul in 2018 PHILLIPS 66 BORGER, TX 146 April 20 No planned work underway PHILLIPS 66 BORGER, TX 146 April 19 SRU emissions, equipment restart PETROBRAS Pasadena, TX 112.2 April 19 Ops normal SHELL Deer Park, TX 325.7 April 18 Oil sheen contained TOTAL Port Arthur, TX 225.5 April 18 Overhaul of cogen, SRUs, DHT units April 18 Leak during planned unit shutdown MOTIVA Norco, LA 238 April 18 Repairing shut hydrocracker MOTIVA Norco, LA 238 April 17 Hit by CDU fire, HCU outage MOTIVA Convent, LA 235 April 17 Hydrocracker shut into July VALERO Houston, TX 100 Jan. 4 New alky unit startup in H1, 2019 TOTAL Port Arthur,TX 225.5 Aug. 23 Delays FCC work until Sept. 2017 MIDCONTINENT: CVR ENERGY Coffeyville, Kansas 115 July 17 Start-up on July 15 Marathon Catlettsburg,KY 242 July 17 Emissions on July 14 BP Whiting, IN 413.5 July 14 Ops normal despite flaring EXXON Joliet, IL 238.6 July 14 Equipment malfunction July 14 Flaring July 13 Brief flaring VALERO Memphis, TN 190 July 12 Gasoline unit boosting output Hollyfrontier Tulsa West, OK 85 July 12 Emissions VALERO Memphis, TN 190 July 11 Gasoline unit boosting output 190 July 11 Gasoline unit restart July 10 Gasoline unit restart Mon/Tues July 7 Gasoline unit repairs CVR ENERGY Wynnewood, OK 70 July 7 Emissions EXXON Joliet, IL 238.6 July 6 Equipment malfunction VALERO Memphis, TN 190 July 6 Unit repairs may take longer VALERO Memphis, TN 190 July 5 FCCU shut for repairs EXXON Joliet, IL 238.6 July 4 FCCU restarted after repairs EXXON Joliet, IL 238.6 July 3 Production unit restarted PBF Toledo, OH 80 June 30 Plans large shutdown in March MARATHON Detroit, MI 130 June 29 To shut crude unit Sept. ''18 Husky Energy Lima, OH 155 June 29 Multiple shutdowns late 2018 EXXON Joliet, IL 238.6 June 28 Confirms flaring CVR ENERGY Coffeyville, Kansas 115 June 25 Process upset VALERO Ardmore, OK 86 June 24 FCCU emissions Marathon Robinson, IL 212 June 20 Sulphur plant online after shutdown EXXON Joliet, IL 238.6 June 20 Confirms leak on production unit EXXON Joliet, IL 238.6 June 19 Confirms FCCU not shut BP Whiting, IN 413.5 June 15 Output unaffected Citgo Lemont, IL 175.9 June 12 Unspecified maintenance shutdown BP Whiting, IN 413.5 June 12 Ops normal after flaring CVR ENERGY Coffeyville, Kansas 115 June 11 Emissions, planned work BP Whiting, IN 413.5 June 5 Production unaffected after flaring VALERO Memphis, TN 190 May 31 Unaffected by outage in vicinity Husky Energy Lima, OH 155 May 31 Plant-wide shutdown in Oct-2018 TESORO Mandan, ND 75 May 30 Refinery restart delayed CVR ENERGY Wynnewood, OK 70 May 22 Oil discharge due to thunderstorm BP Whiting, IN 413.5 May 18 Ops normal despite flaring Marathon Catlettsburg,KY 242 May 11 Shuts crude unit HOLLYFRONTIER El Dorado, KS 138 May 11 Restarts hydrotreater EXXON Joliet, IL 238.6 May 5 Unit startup BP Whiting, IN 413.5 May 1 CDU back in production BP Whiting, IN 413.5 April 28 Four employees injured CDUs seen back to normal Fri HUSKY ENERGY Lima,OH 155 Dec. 13 5-wk turnaround in Q4, 2017 Citgo Lemont, IL 175.9 Oct. 7 Planned CDU overhaul in 2017 ROCKY MOUNTAINS: Phillips 66 Billings, MT 59 June 15 No planned work underway Phillips 66 Billings, MT 59 May 26 Planned work Phillips 66 Billings, MT 59 April 17 Planned work WEST COAST PBF Torrance, CA 150.9 July 18 HCU pump failure July 18 Unplanned flaring, breakdown July 18 Planned flaring VALERO Wilmington, CA 85 July 18 Planned flaring from July 19 SHELL Martinez, CA 156.4 July 17 Work complete, ops normal July 17 Unit start-up on July 13 CHEVRON El Segundo, CA 269 July 16 Breakdown Phillips 66 Ferndale, Wash. 101 July 4 Emissions PHILLIPS 66 Rodeo, CA 120.2 July 12 Planned work PBF Torrance, CA 151.3 July 11 Planned flaring July 10 Emissions SHELL Martinez, CA 156.4 July 10 Pipe leak on July 7 VALERO Benicia, CA 145 July 6 Controlled unit shutdown VALERO Benicia, CA 145 June 30 Files lawsuit over May outage TESORO Los Angeles, CA 380 June 28 Minor leak contained VALERO Wilmington, CA 85 June 28 Equipment issue SHELL Martinez, CA 156.4 June 28 Ops stable after unit upset TESORO Carson, CA 257.3 June 28 Unplanned flaring PBF Torrance, CA 150.9 June 28 Restarting several units CHEVRON Richmond, CA 245.3 June 26 Shuts heavy hydrocracker CHEVRON Richmond, CA 245.3 June 26 Unit shutdown H2S leak PBF Torrance, CA 150.9 June 26 Unplanned flaring SHELL Martinez, CA 156.4 June 26 Ops normal after unit steam leak June 26 Unit steam leak CHEVRON Richmond, CA 245.3 June 25 Unit startup VALERO Benicia, CA 145 June 23 Flaring BP Cherry Point, WA 227 June 21 WESP snag, emissions SHELL Martinez, CA 156.4 June 21 Ops normal after flaring PBF Torrance, CA 150.9 June 21 Planned flaring SHELL Puget Sound, WA 145 June 20 SRU trip BP Cherry Point, WA 225 June 19 Scheduled maintenance TESORO Martinez, CA 166 June 19 Planned work underway TESORO Martinez, CA 166 June 18 Boiler trip VALERO Benicia, CA 145 June 18 Flaring PBF Torrance, CA 150.9 June 15 Unplanned flaring SHELL Martinez, CA 156.4 June 15 Process upset PBF Torrance, CA 150.9 June 13 Hydrotreater shutdown BP Cherry Point, WA 225 June 6 Planned work CHEVRON Richmond, CA 245.3 June 6 Plant upset PBF Torrance, CA 151.3 June 5 Equipment trip Hydro-treater unit snag Hydrogen plant shutdown Unplanned flaring VALERO Benicia, CA 145 May 31 Equipment start-up BP Cherry Point, WA 225 May 27 Planned work, flaring BP Cherry Point, WA 225 May 27 Upset, emissions BP Cherry Point, WA 225 May 19 Upset, emissions SHELL Puget Sound, WA 145 May 18 Reports shutdown TESORO Martinez, CA 166 May 18 No off site impact from leak Leak at exchanger Unit shut down PHILLIPS 66 Carson, CA 139 May 18 No planned work underway May 17 Unplanned flaring, breakdown PBF Torrance, CA 150.9 May 11 Ops normal after minor fire May 8 Crude unit maintenance VALERO Benicia, CA 145 May 5 Power outage BP Cherry Point, WA 225 April 29 Scheduled maintenance BP Cherry Point, WA 225 April 28 Hydrocracker shutdown * In thousands of barrels per day (Bangalore Commodities Desk) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/energy-refinery-idUSL3N1KA1Y1'|'2017-07-19T07:22:00.000+03:00'
'772a74b5931838c3130a02a12973985bdf1689e0'|'Federal Reserve now faces prospect of global monetary policy tightening'|'July 23, 2017 / 8:03 PM / 20 minutes ago Federal Reserve now faces prospect of global monetary policy tightening Howard Schneider 6 Min Read FILE PHOTO: Flags fly over the Federal Reserve Headquarters on a windy day in Washington, U.S., May 26, 2017. Kevin Lamarque/File Photo WASHINGTON (Reuters) - Prospects for tighter monetary policy in Europe and other countries could pose a fresh problem for the Federal Reserve when it meets next week to ponder its plan to reduce its $4.2 trillion bond portfolio purchased after the 2008 financial crisis. The Fed bought U.S. Treasuries and mortgage-backed securities (MBS) for about six years in a program known as "quantitative easing" which kept interest rates at record lows to spur borrowing and economic recovery. But at its June meeting this year, as well as raising interest rates for the third time in six months, the Fed also announced a plan to begin by letting $6 billion a month in Treasuries mature without reinvestment and to increase that amount at three month intervals up to $30 billion. Similarly, the Fed said it would run down its agency debt and mortgage backed securities by $4 billion a month until it reaches $20 billion. Now, the European Central Bank (ECB) also appears likely to decide later this year on when to scale back its monthly bond purchases. When ECB President Mario Draghi first hinted at the prospect last month, world bond yields rose sharply for a while. Moreover, Canada''s central bank raised interest rates for the first time in seven years this month, and the Bank of England is expected to raise rates next year to combat rising inflation. Global Turning Point in Monetary Policy ? The Fed led the way in tightening monetary policy as the global economy recovered from the 2008 recession but must now determine how plans by other central banks'' plans may affect their own policy. While a stronger European economy has been welcomed by the Fed, lessening risks to the global economy, a move by major central banks to all tighten monetary policy simultaneously has not been seen for a decade. "The effects of ECB tapering are not limited" to euro zone countries, Cornerstone analyst Roberto Perli wrote recently. Draghi''s comments in June drove up 10-year Treasury yields US10YT=RR by the most since the U.S. election last November, and a move by the ECB to stop printing money could prompt the Fed to slow its plans for fear that financial conditions would tighten too fast. When Fed policymakers meet on July 25-26 they will need to decide a start date for reducing their bond holdings or leave more time to evaluate what Fed Governor Lael Brainard recently cited as a possible "turning point" in global monetary policy that may affect economic growth. The Fed''s plan to reduce its portfolio may well push up longer term bond yields, driving up long term borrowing rates for business, and lead to higher mortgage rates for the housing industry. Analysts have made comparisons to the so-called "taper tantrum" in 2013 when world bond yields jumped after the first signal from the Fed that it might tighten policy. "Just how sturdy is this recovery in the face of rising long rates? I would be a little more nervous about that," said former Fed research director David Stockton, now a senior fellow at the Peterson Institute for International Economics. "I would not feel any urgency" to reduce the balance sheet for now. Hurdles Ahead for Fed Fed officials have said they think the balance sheet reductions should begin soon, and analysts have pinpointed September as the likely month the Fed will stop reinvesting the proceeds it receives as securities mature.. But the minutes of the Fed''s June meeting indicated a split between officials ready to start balance sheet reductions in "a couple of months" and those wanting to wait for more economic data. Since then the number of hurdles for the Fed to jump before tightening policy further has multiplied. Global long-term bond yields jumped after the ECB indicated it may begin tightening policy last month and may rise again. Annual U.S. consumer price inflation increased by 1.6 percent in June, the smallest rise since October last year, and year-on-year inflation has been declining since February when it hit 2.7 percent, reducing the need for the Fed to tighten. And the prospect of the U.S. Congress failing to raise the federal debt ceiling before the Treasury runs out of cash in October has already driven up yields on three-month Treasury bills US3MT=RR due to mature on Oct. 19 to 1.17 percent on Friday, near the highest levels since October 2008. As a result the chances of a third rise in the Fed fed funds rate this year recently fell below 50 percent, according to CME Group''s FedWatch. Complicating matters more, each central bank has two policy tools in play - a target interest rate, and a massive balance sheet accumulated. Between them, the Fed and ECB own roughly $9 trillion of assets. Fed Governor Brainard has already pointed out how hard it may be to sort out what it will mean if the ECB starts to scale back its bond purchases at the same time the Fed is both raising short-term interest rates and shrinking its balance sheet. "I will want to monitor inflation developments carefully, and to move cautiously on further increases in the federal funds rate, so as to help guide inflation back up around our symmetric target," Brainard said. Reporting by Howard Schneider; Editing by Dan Burns and Clive McKeef 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-policy-idUKKBN1A80V7'|'2017-07-23T23:02:00.000+03:00'
'fc1986decf200003eb7f6f16d4f5dfdfcee69717'|'UPDATE 2-KeyCorp''s 2017 loan forecast casts cloud over profit beat'|'Edition United States July 20, 2017 / 10:44 AM / 2 hours ago KeyCorp''s 2017 loan forecast casts cloud over profit beat Diptendu Lahiri 2 Min Read (Reuters) - U.S. regional bank KeyCorp ( KEY.N ) said it expects average loans at the end of 2017 to be at the low end of its previous forecast, sending shares down as much as 4.7 percent. The muted loan growth forecast overshadowed the lender''s quarterly profit that more than doubled, boosted by its acquisition of First Niagara Financial Group. KeyCorp expects full-year average loans to be at the lower end of its $87 billion to $88 billion forecast. Total loans at the end of the second quarter were $86.50 billion. "The stocks had a pretty good run going into the quarter but the guidance of the second half of the year is mixed," Wedbush Securities analyst Peter Winter said. Loan growth has been sluggish at most U.S. lenders as interest rates have come off historic lows increasing the cost of borrowing. The U.S. Federal Reserve has raised rates three times since the second quarter of last year, with the latest increase coming in June. Cleveland-based KeyCorp''s net income attributable to common shareholders more than doubled to $398 million in the second quarter ended June 30. Excluding items, the bank earned 34 cents per share, brushing past average analyst estimate of 33 cents, according to Thomson Reuters I/B/E/S. KeyCorp''s total revenue rose 52.1 percent to $1.64 billion. Total interest income jumped to $1.12 billion, while non-interest expenses rose 32.5 percent. The lender''s shares were down 3.5 percent at $18.38 in morning trading on the New York Stock Exchange. Writing by Sweta Singh; Editing by Maju Samuel and Shounak Dasgupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-keycorp-results-idUSKBN1A5174'|'2017-07-20T17:31:00.000+03:00'
'a9ef5164e7a2185a59cf927613ec50945feb5caf'|'Hedge fund stung by unusual ruling over Sprint-Clearwire deal'|'July 21, 2017 / 4:49 PM / 12 minutes ago Hedge fund stung by unusual ruling over Sprint-Clearwire deal 3 Min Read People walk past a Sprint store in New York December 17, 2012. Andrew Kelly WILMINGTON, Del (Reuters) - A Delaware judge ruled Friday that wireless carrier Clearwire Corp was sold in 2013 for more than twice its fair value, a decision that dealt a stinging loss to the Aurelius Capital Management hedge fund which spent years battling to prove Clearwire was vastly underpriced. Sprint Corp ( S.N ) acquired Clearwire in 2013 after a bidding war with Dish Network Corp ( DISH.O ) pushed the price to $5 per share, valuing Clearwire at about $14 billion. After Clearwire shareholders approved the deal, an affiliate of Aurelius that had opposed the Sprint acquisition brought what is known as an appraisal action, asking a judge to determine fair value of the stock. The affiliate had sought $16.08 for each of its 25 million shares, or about $400 million. Vice Chancellor Travis Laster on Friday sided with Clearwire, which had said the fair price was $2.13 per share, or about $53 million for the fund''s stock. Aurelius will also collect interest. The ruling stands out for a court that rarely finds fair value below deal price, let alone more than 50 percent below. The decision can be appealed. A spokesman for Aurelius, which spent years battling Argentina over its defaulted debt, did not immediately respond to a request for comment. Sprint, controlled by Japan''s SoftBank Group Corp ( 9984.T ), said it was pleased the court recognized Clearwire shareholders received a significant premium. Wall Street dealmakers have urged Delaware judges and lawmakers to discourage appraisal, which has been become an investment strategy for hedge funds. Minor Myers, a professor at Brooklyn Law School who studies appraisal, called the ruling unusual. Typically, each side presents extreme valuations and the judge finds fair value somewhere in the middle. Instead, Laster took Clearwire''s valuation and rejected Aurelius''s. "I think it''s a message to litigants to be sure the arguments they put in front of the court are reasonable," said Myers. The court has been criticized by dealmakers for not deferring to the negotiated deal price when a company ran a proper marketing and sale process. Laster found the Clearwire sale was fair to minority investors, but only after Dish intervened and the price was driven to $5 per share. The Delaware court has ruled in the past year that computer maker Dell Inc and DFC Global Corp, a lender, were both sold below fair value despite properly run mergers. Those cases are on appeal. Reporting by Tom Hals in Wilmington, Delaware; Editing by Noeleen Walder and David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-clearwire-sprint-ruling-idUSKBN1A626B'|'2017-07-21T19:49:00.000+03:00'
'a4edf5d089e3d1b1ea8e3a476f4e466898311095'|'The Trump presidency may not have helped Kushner Companies'|'WHEN the deal was struck just over a decade ago, for $1.8bn, 666 Fifth Avenue, a 41-storey Manhattan skyscraper, became the most expensive office building ever sold in America. Now it is in limbo, awaiting billions of dollars of investment to rebuild it and raise it almost twice as high. Across the Hudson River, another hunt for money is under way, to build a property called One Journal Square in Jersey City. In June a property-investing start-up called Cadre attracted financial backing from Silicon Valley luminaries including Andreessen Horowitz, a venture-capital company.The thread linking these ventures is Jared Kushner, Donald Trump’s senior adviser and son-in-law, whose family business, like that of the president, is in property. Mr Kushner helped conceive all three projects. He has a “passive ownership interest” in Cadre (meaning he is not actively involved in its management). His family co-owns 666 Fifth Avenue and One Journal Square.Latest updates In America, you are what you eat Graphic detail 14 hours ago The Supreme Court says grandparents are exempt from the travel ban Democracy in America 16 hours ago “City of Ghosts” is an extraordinary look at journalism in Raqqa Prospero 16 hours ago A papal confidant triggers a furore among American Catholics Erasmus 20 hours ago Retail sales, producer prices, wages and exchange rates a day ago Foreign reserves a day ago See all updates Unlike the president, Mr Kushner is not exempt from federal conflict-of-interest laws. He has taken steps to distance himself from his wide-ranging property business. Kushner Companies, a complex enterprise that is made up of dozens of limited-liability companies, or LLCs, has more than 20,000 flats and 13m square feet (1.2m square metres) of commercial space across six states. Before joining the Trump administration he stepped down as the head of Kushner Companies and sold his stake in several properties, including 666 Fifth Avenue and One Journal Square.Yet Mr Kushner kept his stake in many of the LLCs that make up the business. He still has a passive ownership interest in about 90% of his holdings in property, worth up to $408m, according to his disclosures. His father, Charles Kushner (photographed with his son, above), has a big role at Kushner Companies. Jared Kushner’s stakes in 666 Fifth Avenue and One Journal Square went into trusts owned by his family. A long list of lenders and partners to the family business could benefit from White House policies.Property fightsJared Kushner is the chief architect of Kushner Companies in its current form. His grandfather, Joseph Kushner, a Holocaust survivor, developed garden apartments in New Jersey. Charles Kushner founded the business called Kushner Companies in 1985 and led it until being convicted for tax evasion, illegal campaign donations and tampering with a witness. Jared Kushner was 24 in 2005 when his father went to prison; the next year he bought the New York Observer , a newspaper, and went to work restoring his family’s reputation. But the bigger transformation came later in 2006, when Kushner Companies said it would buy 666 Fifth Avenue.The financial market quickly plunged and office rents fell with it. The company went on to sell 666 Fifth’s prime retail space to a Spanish firm, Inditex, owner of Zara, and other investors. It also refinanced its debt in a transaction in 2011 that gave a 49.5% stake to Vornado, a real-estate investment trust founded by Steven Roth, a longtime partner of Mr Trump.For a while the company’s appetite for big acquisitions declined. But in 2011, with 666 Fifth refinanced, Mr Kushner began buying again (see chart), according to Real Capital Analytics, a data firm. His targets included modest residential buildings in lower Manhattan and in Midwestern cities such as Toledo and Akron. He envisaged bigger developments, too, including One Journal Square and another in Brooklyn, now called Panorama, for its views of the Manhattan skyline.Now that Mr Kushner is in the White House, two questions preoccupy observers. First, is his family business benefiting financially from his role and from his proximity to the president? Second, is he conflicted despite the steps he has taken to adhere to federal law?Start with the question of financial benefits. This is a pivotal moment for the firm. It is seeking tenants for Panorama and new loans for a residential building along Jersey City’s waterfront (in both of which Mr Kushner still has a stake). More important, it is also looking for investors for 666 Fifth Avenue and One Journal Square (in which Mr Kushner does not have a stake). But the scrutiny that has accompanied Mr Kushner’s White House role appears to be hindering, not helping.In January the New York Times reported that Kushner Companies was seeking equity capital for 666 Fifth from Anbang, one of China’s biggest insurers, which has ties to Beijing’s political elite. At the moment 666 Fifth Avenue’s debt—of $1.4bn, according to Vornado’s recent filings—eclipses the value of the office building itself, says Jed Reagan of Green Street, a research firm. That is partly Kushner Companies’ own doing, because of the price it paid and because it is intentionally letting the building slowly empty of its office tenants so it can be rebuilt. The new design, created by Zaha Hadid, an architect who died last year, would include a hotel, luxurious flats, new space for shops and would cost $7.5bn.The talks with Anbang fell apart in March amid protests from ethics experts and from Democrats, who fretted about conflicts of interest and threats to national security. Another avenue also recently closed. For over two years, Kushner Companies has talked to Sheikh Hamad bin Jassim al-Thani, an eminent Qatari, about investing in 666 Fifth. This month The Intercept , a news site, reported that HBJ, as he is known, had agreed to invest $500m if Mr Kushner could raise other money elsewhere. Kushner Companies confirmed on July 11th that talks had recently ended and that it is reassessing the financing structure of the redevelopment project.Some speculate that Mr Kushner has looked elsewhere, too. In December he met with the head of a government-owned Russian bank that is subject to American sanctions. Vnesheconombank said it was a business meeting. The White House said that Mr Kushner was “acting in his capacity as a transition official”.The proposed One Journal Square development has also hit trouble. In May Nicole Meyer, Mr Kushner’s sister, courted Chinese investors as part of America’s “EB-5” visa programme, which offers a path to citizenship for certain investors. In Beijing Ms Meyer touted One Journal Square, explained Mr Kushner’s new role in Washington and said the building “means a lot to me and my entire family”. That sparked accusations that the family was exploiting Mr Kushner’s public role. Kushner Companies apologised “if that mention of her brother was in any way interpreted as an attempt to lure investors”.On May 7th Jersey City’s mayor, Steven Fulop, said the project would not receive the tax breaks and bonds that Kushner Companies had sought. The city might not have granted them in any circumstance—the Kushners had asked for a particularly generous package. But Mr Fulop, a Democrat, and city councilmen are up for re-election, and Mr Trump received just 14% of the city’s vote in November. Kushner Companies had already lost its anchor tenant, WeWork, a shared-office company.If Kushner Companies is not yet benefiting from proximity to the presidency, the potential for conflicts remains enormous. Corporate-tax reform would have a sizeable impact on property firms, for example. Mr Trump has said he wants a 15% corporate tax to apply to pass-through entities, which would include the LLCs that comprise much of the Kushner businesses (and Mr Trump’s as well). Loosening of financial regulation, expected under Mr Trump, ought to benefit lenders to Kushner Companies. Citigroup, for example, recently provided $425m to refinance one of its projects in Brooklyn. Blackstone, which lent $375m for Panorama, is raising an infrastructure fund that might be expected to find investment opportunities in Mr Trump’s infrastructure plan. And so on.Richard Painter, the chief ethics lawyer under President George W. Bush, says that some of this “stinks to high heaven”. That does not mean that Mr Kushner has or is likely to violate any law. The rules governing conflicts of interest bar him from “personally or substantially” participating in matters with a “direct and predictable” effect on his finances. But policies that benefit Mr Kushner’s parents or Kushner Companies’ partners may be allowed, depending on circumstances. “That’s the grey area,” says Larry Noble of the Campaign Legal Centre in Washington, DC.What seems to have developed, in sum, is a lose-lose situation. Mr Trump’s presidency appears to be doing Kushner Companies as much harm as good. If potential business partners continue to be wary of the scrutiny that comes with involvement with a firm bearing his name, Mr Kushner might end up having to choose between his property interests and his public role.Yet the list of potential conflicts is so long that public confidence in policymaking is at risk. A White House spokesman says Mr Kushner will recuse himself in any matter with “a direct and predictable effect” on entities in which he retains a financial interest. Those issues include EB-5 financing and affordable housing, he notes. But the White House has not published a complete list of matters in which Mr Kushner would decline to participate. And no such list is planned. "Searching for a Kushy landing"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725300-media-scrutiny-getting-way-deals-trump-presidency-may-not-have-helped-kushner?fsrc=rss%7Cbus'|'2017-07-20T22:44:00.000+03:00'
'cbb53554a12f2b2ed1fc6c8c539838dcabf596ac'|'LVMH''s Louis Vuitton launches e-commerce website in China'|'July 21, 2017 / 2:50 PM / 14 minutes ago LVMH''s Louis Vuitton launches e-commerce website in China Reuters Staff 1 Min Read FILE PHOTO: A woman checks her phone after shopping at a Louis Vuitton store in the upscale shopping Serrano Street in central Madrid, Spain January 31, 2017. Picture taken January 31, 2017. Susana Vera/File Photo GLOBAL BUSINESS WEEK AHEAD - SEARCH GLOBAL BUSINESS 27 JUN FOR ALL IMAGES - RTS18RAZ PARIS (Reuters) - French fashion brand Louis Vuitton, part of luxury giant LVMH ( LVMH.PA ), said on Friday it had launched an e-commerce website in China to tap a booming online shopping market. Louis Vuitton, which opened its first store in Beijing in 1992, said the website offered leather goods, small leather goods, shoes, accessories, watch and jewellery, luggage, and the newly launched Les Parfums Louis Vuitton. Payments can be made via UnionPay, Alipay and WeChat, the statement said. The website will be available in 12 cities - Beijing, Shanghai, ChongQing, Chengdu, Guangzhou, Shenzhen, Hangzhou, Nanjing, Shenyang, Dalian, Haerbin, Wuhan. More cities will be added later on. It is the 11th e-commerce market for Vuitton since it launched its first site in France in 2005. Reporting by Dominique Vidalon; Editing by Maya Nikolaeva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lvmh-vuitton-china-idUKKBN1A61W1'|'2017-07-21T17:49:00.000+03:00'
'30e00333c7c1f547dda9909b28921236ccaecfcd'|'Exclusive - U.S. toughens stance on foreign deals in blow to China''s buying spree'|'July 20, 2017 / 11:48 PM / in 10 minutes Exclusive - U.S. toughens stance on foreign deals in blow to China''s buying spree Greg Roumeliotis and Diane Bartz 6 Min Read U.S. Treasury Secretary Steve Mnuchin and China''s Vice Premier Wang Yang attend the U.S. - China Comprehensive Economic Dialogue to discuss bilateral economic and trade issues in Washington, U.S., July 19, 2017. Yuri Gripas (Reuters) - A secretive U.S. government panel has objected to at least nine acquisitions of U.S. companies by foreign buyers so far this year, people familiar with the matter said, a historically high number that bodes poorly for China''s overseas buying spree. The objections indicate that the Committee on Foreign Investment in the United States (CFIUS), which reviews acquisitions by foreign entities for potential national security risks, is becoming more risk-averse under U.S. President Donald Trump. Chinese companies and investors eyeing U.S. assets could face more roadblocks as a result, at a time when the Chinese government is also restricting the flow of capital out of China following a bonanza of Chinese overseas deals. There have been 87 announced acquisitions of U.S. companies by Chinese firms so far in 2017, the highest on record and up from 77 deals in the corresponding period in 2016. CFIUS''s more conservative stance towards deals coincides with growing political and economic tensions between the United States and China. On Wednesday the two countries failed to agree on major new steps to reduce the U.S. trade deficit with China. Since the start of the year, CFIUS has sent letters to companies involved in at least nine deals to say they would be blocked based on measures they have proposed to address potential national security risks, the people familiar said. Many of these deals are in the technology sector, the sources said. A rise in cyber security threats and rapid advances in technology makes it more difficult to establish whether a deal poses any threat, lawyers who represent companies before CFIUS said. An initial objection by the watchdog does not necessarily kill the deal immediately. Some companies this year have chosen to keep their CFIUS filings alive by proposing new mitigation measures, while others have pulled their applications and cancelled their deals, the people said. They asked not be identified because interactions between CFIUS and the companies are confidential. "CFIUS decisions are highly sensitive and we are not going to comment on rumours of their outcome," a White House spokeswoman said. A spokesman at the Treasury Department declined to comment. Treasury leads CFIUS with Treasury Secretary Steven Mnuchin serving as chairman. U.S. Treasury Secretary Steve Mnuchin speaks at the U.S. - China Comprehensive Economic Dialogue in Washington, U.S., July 19, 2017. Yuri Gripas Most of the deals that CFIUS has sought to block this year have not been announced. Among the companies that have disclosed they have withdrawn their CFIUS applications and cancelled their deals are U.S. electronics maker Inseego Corp, which tried to sell its MiFi mobile hotspot business to Chinese smartphone maker TCL Industries Holdings, and Texas oil producer ExL Petroleum Management LLC, which sought to sell its assets to Russian billionaire Mikhail Fridman''s L1 Energy. By comparison, in the entirety of 2014, the last year for which CFIUS has released official data, nine deals were withdrawn after CFIUS began an investigation. Several more companies face protracted CFIUS reviews amid delays after Trump took office in filling important mid-level political positions at several of the 16 government departments and agencies that comprise CFIUS. CFIUS is on track to review a record-setting 250 to 300 transactions in 2017, according to Anne Salladin, a CFIUS expert with the law firm Stroock and Stroock and Lavan LLP - up sharply from 147 deals in 2014. The backlog is leading many companies that fail to gain CFIUS clearance within the standard 75 days allocated for review to refile their applications. Refilling resets the clock and gives up to another 75 days to complete the national security review and try to resolve potential issues. Key Vacancies A number of companies have said in regulatory filings that their high-profile deals are before CFIUS. They include Chinese payments company Ant Financial''s $1.2 billion acquisition of U.S. money transfer company MoneyGram International Inc and China-backed buyout fund Canyon Bridge Capital Partners LLC''s $1.3 billion acquisition of U.S. chip maker Lattice Semiconductor Corp. In addition, investment firm China Oceanwide Holdings Group Co Ltd''s $2.7 billion acquisition of U.S. life insurer Genworth Financial Inc and China-based semiconductor investment fund Unic Capital Management''s $580 million acquisition of U.S. semiconductor testing equipment company Xcerra Corp are also with the watchdog. Ant Financial has refilled its MoneyGram deal with CFIUS once, while Canyon Bridge and China Oceanwide have refilled their deals twice, according to company disclosures and Reuters reports. Unic is still on its first filing with CFIUS on its Xcerra deal, company disclosures and Reuters reports showed. Of the two dozen political appointee positions in the Treasury Department just three have been confirmed by U.S. lawmakers. A key CFIUS nomination is that of former Allen & Overy LLP lawyer Heath Tarbert, who has been appointed as Assistant Secretary of the Treasury for international markets and development, and has yet to be confirmed. Reporting by Greg Roumeliotis in New York and Diane Bartz in Washington; additional reporting by Ayesha Rascoe in Washington; Editing by Chris Sanders and Grant McCool 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-china-companies-idUKKBN1A532Q'|'2017-07-21T10:13:00.000+03:00'
'f245536b47cf07ac5a7e4e7436c0be0f067df2dd'|'GlaxoSmithKline''s new CEO prepares to trim drug pipeline'|'July 21, 2017 / 1:06 PM / 26 minutes ago GlaxoSmithKline''s new CEO prepares to trim drug pipeline 4 Min Read FILE PHOTO: The GlaxoSmithKline building is pictured in Hounslow, west London June 18, 2013. Luke MacGregor/File Photo LONDON (Reuters) - GlaxoSmithKline''s ( GSK.L ) new chief executive, who has already made her mark with plans to divest some nutritional products, will turn next week to the main business of focussing the company''s pipeline of new drugs. Despite her non-pharmaceutical background in consumer brands, Emma Walmsley sees improving drug research productivity as her top priority, and she wants Britain''s biggest drugmaker to have fewer but potentially more lucrative new medicine launches in future. That means axing or licensing out some experimental drugs in non-core therapy areas, while boosting investment - as well as potential early-stage acquisitions - in the most promising fields, according to company insiders. Even after recent expansion of GSK''s vaccines and consumer health units, pharmaceuticals still account for nearly 70 percent of group operating profits. Yet while GSK now has leading positions in vaccines and consumer health, it has a lacklustre record in prescription medicines and has not come up with the kind of multibillion-dollar products launched by big pharma rivals in recent years. Walmsley will flesh out her plans for overhauling drug research when she presents second quarter results on July 26. She has already flagged her readiness to scrap products not generating sufficient value with plans to sell off malted drink Horlicks in Britain and MaxiNutrition, while considering the disposal of older antibiotics. Describing the approach after presenting her first set of results in April, she said: "We will need to be switching off some areas." The goal is to sharpen what is currently one of the more diverse drug pipelines in the pharmaceuticals industry, spread across a wide range of therapy areas. In some fields, like respiratory and HIV medicine, GSK has a clear leading position. But it lags in others such as cardiovascular, rare diseases and diabetes, and some investors worry it has been spreading its R&D budget too thinly. The result can be sub-optimal product launches, such as Tanzeum for type 2 diabetes, which has generated disappointing sales after GSK launched the injection behind rival medicines from Novo Nordisk ( NOVOb.CO ) and AstraZeneca ( AZN.L ). Others, like a novel pill for heart disease, have flopped in tests even before getting to market, while its lupus drug Benlysta has failed to hit initial blockbuster sales forecasts, despite GSK spending $3 billion to buy the firm that invented it. Following Astrazeneca? In prioritising areas where GSK has deep scientific and market expertise, Walmsley wants the R&D and commercial departments at GSK to work together much more closely in future. In some ways, GSK looks set to follow in the footsteps of its smaller British rival AstraZeneca ( AZN.L ), which has divested a large number of non-core drug projects recently as it concentrates on core areas like cancer. Significantly, former AstraZeneca executive Luke Miels will be a key lieutenant for Walmsley during the shake-up. He will join GSK in September, several months later than planned due to a legal tussle with his former employer. Analysts and investors have welcomed the idea of rationalising GSK''s R&D, but caution it will be a long haul. "It’s a company which has struggled to do what you would hope a pharmaceutical company would do, which is do the R&D and successfully get the products through," said Insight Investment fund manager Tim Rees. Rees said an R&D revamp made sense but it would take 5-7 years to yield results. Fortunately, Walmsley has a window to make the changes. GSK is not expecting its next wave of new drugs until after 2020 and also has no significant patent expiries, barring the imminent loss of protection on lung drug Advair, until 2026. Additional reporting by Simon Jessop; Editing by Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gsk-ceo-idUKKBN1A61K5'|'2017-07-21T16:05:00.000+03:00'
'363b330a0cfd16cea51f259d2b5de56543bb52b6'|'Round Two: Elliott Advisors, Akzo Nobel resume combat in Dutch court'|'July 27, 2017 / 8:14 AM / a few seconds ago Round Two: Elliott Advisors, Akzo Nobel resume combat in Dutch court 3 Min Read FILE PHOTO: Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM (Reuters) - Activist hedge fund Elliott Advisors on Thursday pressed ahead with a second lawsuit seeking to oust the chairman of Dutch paints group Akzo Nobel over his rejection of a 26.3 billion euro ($30 billion) takeover proposal from U.S. group PPG Industries. Elliott, the largest Akzo investor with a 9.5 percent stake, was pursuing the case even after Akzo said on Tuesday that 70-year old Chairman Antony Burgmans would step down when his term expires next April. That will be too late for Elliott which is engaged in an increasingly bitter fight against Burgmans. Akzo and Pittsburgh-based PPG are in a six-month compulsory cooling off period which expires in December. Some analysts believe the departure of the two leading opponents of a deal, after Chief Executive Ton Buechner announced his immediate resignation on July 19 due to health reasons, could open the door for talks. In a preliminary ruling in May, Amsterdam''s Enterprise Chamber rejected Elliott''s bid to compel Akzo to convene an extraordinary meeting of shareholders to vote on dismissing Burgmans, saying it was an attempt to wrest control of the company''s strategic direction from the board. Buechner''s sudden departure left his successor, relatively new chemicals division chief Thierry Vanlancker, to deliver higher sales and margins promised when the Dutch paintmaker fended off PPG''s takeover attempt. Akzo''s second quarter results, announced on Tuesday, missed expectations. The company''s shares traded at 75.57 euros on Thursday morning, far below PPG''s final cash and share proposal of around 95 euros made in April. Akzo said that shareholders would have their say at an extraordinary meeting on Sept. 8, but Elliott responded furiously, saying Akzo had chosen "yet again to flout fundamental shareholder rights" by not allowing a vote on Burgmans too. On Thursday, the court will hear arguments by Elliott and York Capital Management, which is supporting the suit. They are seeking a summary ruling by the judges to call an extraordinary shareholders meeting to vote on Burgmans'' position. Akzo would present counter arguments and a ruling was expected within two weeks. Editing by Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-akzo-nobel-shareholders-activism-idUKKBN1AC11X'|'2017-07-27T11:04:00.000+03:00'
'584deabd8eae7a97eb6582b10d6f4f717c461578'|'Qualcomm''s profit slumps amid Apple battle'|'July 19, 2017 / 8:21 PM / 19 minutes ago Qualcomm''s profit slumps amid Apple battle 3 Min Read FILE PHOTO: Qualcomm''s logo is seen during Mobile World Congress in Barcelona, Spain, February 28, 2017. Eric Gaillard/File Photo (Reuters) - Qualcomm Inc ( QCOM.O ) reported a 40 percent slump in quarterly profit as its escalating patent battle with Apple Inc ( AAPL.O ) took a toll on its business. Shares of the company were down 2.3 percent at $55.40 after the bell on Wednesday. The chipmaker said its results took a hit as Apple''s contract manufacturers did not pay royalties due on sales of Apple products. There has been long-running tension between the company and the iPhone maker over Qualcomm''s practice of taking a cut of the total price of the phone in exchange for modem chips, which connect phones to wireless networks. Apple Inc ( AAPL.O ) first sued the chipmaker in January, accusing it of overcharging for chips and refusing to pay some $1 billion in promised rebates. Since then both companies have filed a series of lawsuits against each other. Qualcomm''s patent-licensing practices have also come under scrutiny from governments across the world and other customers. The company said third-quarter results included a reduction in operating cash flow due to a $940 million payment to BlackBerry Ltd ( BB.TO ) and a $927 million payment related to the Korea Free Trade Commission (KFTC) fine, in addition to the payments withheld by Apple to its contract manufacturers. Qualcomm forecast current-quarter adjusted profit of 75 cents to 85 cents per share and revenue of $5.4 billion to 6.2 billion. Analysts were expecting an adjusted profit of 90 cents per share and revenue of $5.48 billion, according to Thomson Reuters I/B/E/S. Net income attributable to the company fell to $866 million, or 58 cents per share, in the third quarter ended June 25 from $1.44 billion, or 97 cents per share, a year earlier. Revenue fell 11.1 percent to $5.4 billion. ( bit.ly/2uAg96t ) Excluding items, the company earned 83 cents per share. Analysts had expected a profit of 81 cents per share. Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-qualcomm-results-idINKBN1A42DT'|'2017-07-19T23:44:00.000+03:00'
'eeed27944e68f5843d924adb9af12e8100f9a5bb'|'With new Takata air bag recalls, automakers may face more liabilities'|'FILE PHOTO: Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. Toru Hanai/File Photo TOKYO (Reuters) - Takata Corp''s ( 7312.T ) bankruptcy filing last month was meant to draw a line under the auto industry''s biggest safety recall, but last week''s announcement of more air bag inflator recalls suggests automakers could face fresh liabilities in the future.(For a graphic on air bag inflators click tmsnrt.rs/1JDZ4vq ) In late-2015, U.S. regulators gave Takata until the end of 2019 to prove that its replacement air bag inflators - which add a drying agent to combat moisture that can set off the ammonium nitrate compound in an inflator, with potentially lethal results - are also safe. If Takata fails that test - and some industry consultants, explosives experts and former employees question whether the workaround guarantees safety over the long-term - the 100 million or so replacement inflators currently being installed may themselves need to be replaced. "Absent proof that the other desiccated inflators are safe, they will also be subject to recall," the U.S. National Highway Traffic Safety Administration (NHTSA) said in a statement last week. The agency declined to comment on the risk that additional inflators may be subject to recall. NHTSA announced last Tuesday that new testing at Takata prompted the Japanese parts firm to declare 2.7 million of the new air bag inflators defective, raising questions about the risk from replacement air bags as moisture can still seep into the propellant of some inflators. Takata''s automaker customers, which have so far borne much of the estimated $10 billion cost of replacing faulty bag inflators, could be on the hook for future liabilities in the event that Takata fails to prove that the desiccant workaround is sufficient. Last week''s recall is the first to involve Takata bag inflators that use a drying agent. Nearly 20 automakers have been affected by the air bag recalls, and some still use Takata inflators for replacements in the recalls. Automakers including Honda Motor Co ( 7267.T ), Toyota Motor Corp ( 7203.T ) and Nissan Motor Co ( 7201.T ) have said they will stop using Takata inflators for new contracts for future models. "If NHTSA in the future raises issues about the safety (of desiccated inflators) we will of course comply with their orders," Nissan''s chief sustainability officer Hitoshi Kawaguchi told Reuters. "At the moment, our focus is on getting replacement inflators to our customers." Toyota said it was "working closely with all stakeholders, including Takata, other suppliers and relevant agencies, to assess any potential impact and take action accordingly" on the recall issue. Honda, Takata''s biggest client, declined to comment. "The automakers... and Takata - they all know that this is a future issue," said Scott Upham, chief executive at Valient Market Research, whose clients include auto parts suppliers. "But I think everybody is concerned about the near-term issues, and the financial arrangements of the bankruptcy." Takata says it has produced around 100 million replacement inflators containing drying agents: the 2.7 million recalled last week used calcium sulfate, and the rest contain zeolite. "We still have to prove the safety of our desiccated inflators, but we believe those using zeolite are safer than those using calcium sulfate," said spokesman Toyohiro Hishikawa. The company has declined to comment further on the testing process or the NHTSA deadline. Takata is the only global air bag maker to use ammonium nitrate as a propellant in its inflators. The compound''s vulnerability to high temperature and moisture can trigger an explosion that can spew shrapnel inside a vehicle. The defect has been linked to at least 17 deaths, mostly in the United States. ''Lengthening the Fuse'' The new inflators with the added desiccant have not been linked to any deaths or injuries, but the problems with the original inflators typically took five years or more to emerge. Keiichi Hori, who oversees automotive safety components at the Japan Explosives Society, said adding a drying agent can reduce, but not eliminate, the risk of uncontrolled explosions. If the desiccant can prevent all moisture from reaching the inflator propellant, "then it would be possible that the inflators could be used safely," he said. "Otherwise, alternatives should be considered." But Upham, the industry consultant, predicts the recalled parts will themselves eventually be recalled - because ammonium nitrate is fundamentally too volatile - and Takata''s carmaker customers may again have to foot the bill given that Takata is unlikely to be able to cover the costs. "Automakers are hoping and praying that the desiccant solves the problem... (but) this might come back to bite them," Upham said. Former Takata employees involved in manufacturing inflators have said the desiccant may buy Takata time. One told Reuters last year that by adding the desiccant, "you''re just lengthening the fuse, not correcting the problems." Key Safety Systems, a U.S.-based components supplier owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ), has agreed to buy Takata''s good assets such as seat belts and steering wheels, for $1.6 billion. The plan is for Takata''s air bag business to be wound down by March 2020 after making replacement inflators for the ongoing recalls. Reporting by Naomi Tajitsu and Maki Shiraki in Tokyo; Additional reporting by Paul Lienert in Detroit and David Shepardson in Washington; Editing by Ian Geoghegan '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-takata-bankruptcy-analysis-idUSKBN1A40X5'|'2017-07-19T13:25:00.000+03:00'
'40b22f395b48c2cf954c76d310030a705bf831ae'|'Qatar''s $300 billion conundrum: how liquid are its reserves?'|'July 19, 2017 / 11:54 AM / in 3 hours Qatar''s $300 billion conundrum: how liquid are its reserves? 6 Min Read Buildings are seen on a coast line in Doha, Qatar, June 15, 2017. Naseem Zeitoon DUBAI/DOHA (Reuters) - When is $300 billion not enough? That question is key to Qatar''s future as some bankers and hedge funds speculate the super-rich state''s vast financial reserves may not be liquid enough to defend its currency in the long term. Nobody doubts Qatar has a lot of money to resist economic sanctions imposed on it early last month, when Saudi Arabia and three other Arab states cut diplomatic and transport ties. Central bank governor Sheikh Abdullah bin Saud al-Thani said last week that Doha could employ about $340 billion of reserves: some $40 billion plus gold at the central bank, and $300 billion at the Qatar Investment Authority, the sovereign wealth fund.(For graphic on Qatar Investment Authority''s largest M&A deals click tmsnrt.rs/2uZ0vit ) That suggests Qatar could cope comfortably with any capital flight due to the crisis. Bank of America has predicted $35 billion of outflows from the banking system within a year if other Gulf Arab states pull out deposits and loans. But Qatar could face larger net outflows if, for example, prices of its natural gas exports slump again. The issue is that it might only be able to use a fraction of its reserves to defend its currency. Some are domestic assets which could be hard to sell to foreign buyers in crisis conditions, while another portion is tied up in "illiquid" foreign assets that could not be sold quickly to raise cash. The portion in foreign bank accounts, tradable bonds or listed equities that could be liquidated quickly and easily if needed, is a state secret -- and that secrecy is fuelling speculation about Qatar''s real financial strength. A source close to the government told Reuters fewer than a dozen people had access to all details of the QIA''s reserves. The QIA did not respond to a request for comment. "There is basically no information. There is a lot which is hard to sell, either because of size, strategic interest or depressed values," the source said. Liquid The central bank''s net international reserves including gold totaled 126.7 billion riyals ($35 billion) at end-May, official data shows. Sheikh Abdullah said under $6 billion left Qatar in the past month; this implies the reserves could now be near $30 billion. Economic theory suggests maintaining the riyal''s peg to the dollar would require central bank reserves equivalent to Qatar''s monetary base -- $17 billion. So the central bank may have some $13 billion to play with. That implies the QIA may need to liquidate a small fraction of its assets fairly soon to rebuild central bank reserves. The $300 billion figure for QIA assets given by Sheikh Abdullah looks reasonable to many analysts. It is near the $320 billion estimated by the U.S.-based Sovereign Wealth Fund Institute, which tracks the industry through public sources and contacts with officials and businessmen. It is also in line with macroeconomic data on Qatar''s build-up of wealth. Adding Qatar''s current account balances since 2000, when it began posting big surpluses due to its gas exports, and assuming an annual investment return of 3 percent on that money gives a total above $300 billion. Earlier this year the QIA transferred over $30 billion of domestic equity holdings to the finance ministry. A Reuters review of its remaining domestic assets, including real estate arm Qatari Diar and Qatar Airways, suggests they could be worth around $50-75 billion -- potentially leaving about $225 billion in foreign assets. The question for financial markets is how much of that sum is liquid and how much is in long-term assets such as London''s Harrods department store and a stake, bought for $622 million, in the owner of New York''s Empire State Building. QIA stakes in big, listed Western firms, such as a roughly 15 percent holding in Volkswagen ( VOWG_p.DE ), may be partially liquid; they could easily be trimmed by sales into the stock market, but divesting them completely without driving down stock prices could take many months. Krisjanis Krustins, associate director at Fitch Ratings, said Fitch''s impression from meetings with Qatari authorities was that only 10-15 percent, or at most 20 percent, of QIA money was in illiquid assets such as private equity or real estate. That could mean the QIA has roughly $180 billion of liquid foreign assets -- in line with an estimate by a Western diplomat monitoring Qatar, who mostly used public information sources. But there are some reasons to think the QIA, with its appetite for foreign trophy assets, may be less liquid than other sovereign funds. U.S. Treasury data shows Qatar''s holdings of long-term U.S. securities such as Treasury bonds at $8.6 billion in April, or under 3 percent of QIA assets. Kuwait''s holdings were $203 billion, or 39 percent of its sovereign fund''s estimated size, and Saudi Arabia''s at $155 billion or 30 percent. The data may understate Qatari investment in liquid U.S. securities if some is routed through offshore centers such as the Cayman Islands. But the uncertainty suggests Qatar''s financial ammunition may not be as plentiful as it appears, argue some hedge fund managers in New York and London, who could gain from market volatility if Qatar''s currency does come under pressure. "Let’s assume 20 to 30 percent of the QIA''s foreign assets are liquid -- that brings liquid assets down to $50-75 billion. All of a sudden, Qatar’s capacity to defend the peg isn’t that strong anymore," said a manager in New York. Additional reporting by Sujata Rao in London Editing by Jeremy Gaunt 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-gulf-qatar-reserves-idUSKBN1A415X'|'2017-07-19T14:53:00.000+03:00'
'0a9da9b30975249ddafe15885e2e5b575a768493'|'Euro zone budget savings could complicate ECB rate hikes - Bundesbank'|'July 24, 2017 / 10:18 AM / in 13 minutes Euro zone budget savings could complicate ECB rate hikes - Bundesbank Reuters Staff 2 Min Read European Union flags flutter outside the European Commission headquarters in Brussels, Belgium, June 4, 2015. Francois Lenoir FRANKFURT (Reuters) - Euro zone countries have saved nearly a trillion euros (897.15 billion pound) in debt costs since the global financial crisis and governments may now try to pressure the European Central Bank to keep borrowing costs low, the Bundesbank said on Monday. With interest rates at record lows, Italy has booked the biggest savings compared with pre-crisis levels, and the most indebted governments may struggle to cope with rising debt service costs once rates rise, a potential drag on growth and a risk to central bank independence, the Bundesbank said. "There is an increasing risk that the confidence in the sustainability of the state finances of individual countries will be eroded once interest rates rise, threatening to put pressure on monetary policy to counter this," the Bundesbank said in a monthly report. Besides Italy, the Netherlands, Austria, France and Belgium were the top savers. Germany, the biggest euro zone economy, saved around 240 billion euros, the Bundesbank said. "If rates on average were still at their pre-crisis levels, interest expense last year alone would have increased by nearly 2 percent of the nominal gross domestic product," the Bundesbank said. "Since 2008, savings have totalled almost 1 trillion euros or almost 9 percent of euro area GDP." The Bundesbank noted that Greece falls in a different category, since it has received three bailouts since the start of its crisis but a similar calculation would show it saved over 21 percent of GDP in debt costs. Regarding current conditions, the Bundesbank added that the German economy probably produced robust growth in the second quarter and the economy starts the third quarter in "excellent" position. Growth is driven by export demand, construction and robust consumption, it added. Reporting by Balazs Koranyi, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-bundesbank-idUKKBN1A913W'|'2017-07-24T13:18:00.000+03:00'
'3c94355362c856bff807403029ae0ce7d0955d06'|'Britain seeking stability, confidence with U.S. after Brexit - UK''s Fox'|'July 24, 2017 / 5:30 PM / in an hour Britain seeking stability, confidence with U.S. after Brexit - UK''s Fox Reuters Staff 3 Min Read FILE PHOTO: Britain''s Secretary of State for International Trade, Liam Fox, arrives in Downing Street, in central London, Britain July 17, 2017. Tolga Akmen/File Photo WASHINGTON (Reuters) - Britain wants to ensure commercial ties with the United States are not disrupted as it moves out of the European Union, UK trade secretary, Liam Fox, said on Monday before the start of meetings with Trump administration officials in Washington. Fox and his U.S. counterpart, Robert Lighthizer, were to chair the first meeting of a U.S.-UK trade and investment working group later on Monday to discuss cooperation and a bilateral trade agreement after Brexit. Britain is not free to enter into new trade deals until it has left the EU in 2019. It has indicated, however, that it wants to get legal documents in place to ensure that such things as flights and data flows between the countries are not interrupted. Fox, Britain''s international trade secretary, said Britain wants to "provide stability, certainty and confidence for business on both sides of the Atlantic." On Tuesday, as part of Britain''s Brexit transition campaign, Fox is due to address U.S. lawmakers on Capitol Hill and launch a report detailing British trade and investment with 435 congressional districts in the United States. He said the United States was Britain''s export market for more than $200 billion of goods and services a year, while the United States is the No. 1 destination for UK investment. "We have begun to look at our continuity agreements to maintain as open and flexible relationship as we can," he told an audience at the American Enterprise Institute think tank. "We''re looking at bilateral ways, while we''re still members of the European Union, to achieve trade liberalization on a number of fronts on science and technology, and we are looking to scope out the future free trade agreement with no preconceptions attached to that," he added. Fox defended Britain''s decision to leave the bloc and said those still hoping to change the 2015 British referendum result, which supported Brexit, "are dreaming." U.S. President Donald Trump has said his administration would work hard to get a quick bilateral trade deal done. Trade was a major issue during the Brexit campaign when former U.S. President Barack Obama said Britain would have to go "to the back of the queue" for a deal if it voted to leave the EU. Reporting by Lesley Wroughton; Editing by Tom Brown 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-britain-trade-idUKKBN1A927R'|'2017-07-24T20:30:00.000+03:00'
'faa10d812b7ef112e6ffd7f92aeb4551b95cb618'|'France ready to negotiate with Google on back taxes - minister'|'July 24, 2017 / 6:41 PM / 5 minutes ago France ready to negotiate with Google on back taxes - minister Reuters Staff 1 Min Read FILE PHOTO: A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. Regis Duvignau/File Photo PARIS (Reuters) - France is ready to negotiate a deal with Google over back taxes, budget minister Gerald Darmanin told financial daily Les Echos. A French court ruled this month that Google was not liable to pay 1.1 billion euros ($1.3 billion) in back taxes demanded by French authorities. The paper said Darmanin confirmed that the government would appeal against that ruling but quoted him as saying: "Nobody wants a long legal process that delays the recovery of back taxes. If Google is ready for sincere talks ... our door is open." Reporting by Geert De Clercq; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-alphabet-tax-idUKKBN1A92D2'|'2017-07-24T21:41:00.000+03:00'
'8d39ff03039164bc7c1ccbbd5c861cfcc4331ca1'|'Israel''s Modiin looks to buy into California oil projects'|'July 24, 2017 / 6:47 AM / 2 hours ago Israel''s Modiin looks to buy into California oil projects 1 Min Read JERUSALEM, July 24 (Reuters) - * Israel''s Modiin Energy said on Monday it is in talks with U.S. oil and gas producer Aera Energy to buy into three oil exploration projects in California. * Modiin said in a statement it was looking to acquire, together with other investors, a stake equal to about a third of total shares in the projects Cassini, Shideler and Concord in Kern County, California. * The company did not disclose financial details about its negotiations with Aera Energy, which is jointly owned by affiliates of Shell and ExxonMobil. * Aera produces about 121,000 barrels of oil and 31 million cubic feet of natural gas daily, accounting for nearly a quarter of California''s production. (Reporting by Ari Rabinovitch; Editing by Tova Cohen) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/modiin-energy-aera-idUSL5N1KF0YZ'|'2017-07-24T09:46:00.000+03:00'
'ca90b2c01ab9a9e40533806961558347fa864373'|'After $50 billion deal spree, China''s HNA sets out to clear ownership questions'|'July 24, 2017 / 10:27 AM / 4 minutes ago After $50 billion deal spree, China''s HNA sets out to clear ownership questions 5 Min Read FILE PHOTO: The HNA Group logo is seen in this illustration photo June 1, 2017. Thomas White/Illustration/File Photo (Reuters) - Privately-owned conglomerate HNA Group, one of China''s most aggressive dealmakers, is shaking up its shareholding structure with a new, charitable foundation, part of efforts to quash long-standing concerns over its ownership. As China cracks down on showy overseas ventures and high-profile empire builders, pressure is rising on sprawling, fast-growing and acquisitive companies like HNA, which has announced $50 billion of deals over two years, buying stakes in logistics companies, hotels and even Deutsche Bank. HNA said the change - to be announced later on Monday along with an unprecedented ownership list - was part of an effort to address interest in its structure, as the group expands. "Disclosing HNA Group’s ownership structure, even though we are a private company, provides more transparency, and we intend to update this information on an annual basis," a spokesman said. According to a document seen by Reuters, HNA''s co-founders and senior executives Chen Feng and Wang Jian continue to hold stakes of just below 15 percent each. A newly created, New York-based, not-for-profit organization, Hainan Cihang Charity Foundation Inc, becomes the single largest shareholder with a 29.5 percent stake. Hainan Province Cihang Charity Foundation, a Haikou-based charity established by HNA in 2010 and capitalized by shares in 2013, continues to indirectly hold a 22.75 percent stake - meaning the combined foundation collectively accounts for more than 52 percent of the group’s issued stock. HNA did not provide details of how the shares were placed in the new charity''s hands, how the overall foundation would be run or how it would vote or use its shares. As recently as a year ago, according to a 2016 filing, HNA Group said that Bharat Bhise, CEO of Bravia Capital, and Guan Jun, a Beijing businessman, owned 17.4 percent and 12.35 percent respectively. Collectively, that adds up to approximately the amount currently held by the new foundation. Neither name is present in the current shareholding arrangement. "Our ownership structure changes from time to time, and those filings are out-of-date," a spokesperson for HNA said. HNA described the foundation as furthering its philanthropic mission and maximizing "efforts in corporate social responsibility". It will eventually have 100 percent of HNA. According to the information provided on Monday, 12 senior HNA executives, including the group''s founders, hold the 47.54 percent in the group not held by charities. Vice Chairman Chen Wenli holds a 3.95 percent stake, and three senior executives, including CEO Adam Tan, each holds a 2.95 percent share. Transparency Push HNA''s unexpected effort to increase transparency comes as pressure increases in China over opaque corporate structures, excess debt and deals seen as overly aggressive. China is trying to control capital outflows and keep its economy on an even keel. Groups caught up in the crackdown include Dalian Wanda Group, a property-to-film empire run by one of China''s richest men. Banks have been told to stop funding several of Wanda''s overseas acquisitions. China''s banking regulator has ordered checks on offshore loans to conglomerates including Wanda, but also HNA, say people familiar with the matter. HNA, a leading shareholder in more than a dozen listed companies, has grown rapidly, more than quadrupling its assets to 1.2 trillion yuan ($177.5 billion) in 2014-16. The pace of acquisition is expected to slow. In June, HNA filed a defamation suit at New York State Supreme Court against exiled billionaire Guo Wengui, who claimed that "officials in China''s Communist Party and their relatives are undisclosed shareholders" in the group, and that subsidiary Hainan Airlines allowed government officials and their relatives to use its aircraft "for purely personal reasons", according to the court document. Questions are also coming from Europe. HNA faces a possible review by Europe’s top banking regulator, which is considering a special assessment of Deutsche Bank’s two largest shareholders, including the Qatari royal family. While the motivation for a review remains unclear, such an assessment generally aims to establish whether an investor is trustworthy and financially sound. Reporting by Matthew Miller; Editing by Clara Ferreira Marques and Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hna-group-structure-idUKKBN1A914O'|'2017-07-24T13:22:00.000+03:00'
'3595e05fc9ceab4d5abe3bfb72ba3cf1a382ffc1'|'UK union begins legal push for courier rights at Addison Lee'|'July 24, 2017 / 11:05 AM / 25 minutes ago UK union begins legal push for courier rights at Addison Lee Reuters Staff 2 Min Read LONDON (Reuters) - A British trade union began court action against car service Addison Lee on Monday in a bid to secure workers'' rights such as holiday pay for a courier, in the latest legal threat to the "gig economy". Addison Lee, best known for its professional car service, also has around 40 people operating as couriers who transport time-sensitive documents such as contracts and luxury goods. Many of those working in the gig economy, in which people tend to work for different firms without a fixed contract, are self-employed and work for firms such as taxi app Uber [UBER.UL] and food courier Deliveroo. In law they have no entitlement to employment rights beyond basic health and safety and anti-discrimination laws, which has prompted concern from unions and members of parliament about exploitative practices. A government review released earlier this month recommended that many of those who are currently self-employed in the burgeoning sector deserved workers'' rights such as the minimum wage. On Monday, the Independent Workers'' Union of Great Britain (IWGB) began the latest legal challenge to gig economy practices at a London employment tribunal. "The IWGB... will argue that Addison Lee was unlawfully classifying courier and union member Christopher Gascoigne as an independent contractor, instead of a worker, thus denying him holiday pay," it said in a statement. Addison Lee said its couriers valued the flexibility of being able to work when they chose and that the firm would defend that principle. "Our focus remains on maintaining and enhancing the relationship between Addison Lee and its pushbike couriers and building on the flexibility and fairness that has served both parties so well," it said in a statement. Reporting by Costas Pitas; editing by Michael Holden 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-addisonlee-idUKKBN1A919T'|'2017-07-24T14:04:00.000+03:00'
'eef7597bda3e7f967dafa5d4992897882dffb102'|'Whole Foods profit down as same-store sales declines persists'|'July 26, 2017 / 5:49 PM / 2 hours ago Whole Foods profit down as same-store sales declines persists 1 Min Read FILE PHOTO: Customers leave the Whole Foods Market in Boulder, Colorado May 10, 2017. Rick Wilking/File Photo LOS ANGELES (Reuters) - Whole Foods Market Inc ( WFM.O ), which has agreed to be bought by Amazon.com Inc ( AMZN.O ) for $13.7 billion, on Wednesday reported a quarterly profit decline after same-store sales fell for the eighth quarter in a row. Shares in the upscale grocer, which released the financial report more than two hours earlier than expected, were largely unchanged at $41.80 in midday trading. Net income fell to $106 million, or 33 cents per share, from $120 million, or 37 cents per share, a year earlier. The Austin, Texas-based upscale grocer reported a 1.9 percent drop in same-store sales for the third quarter that ended July 2. Whole Foods said it expects to close its deal with Amazon during the second half of this year, and said it would not update its earnings forecasts and would not hold a conference call. Reporting by Lisa Baertlein in Los Angeles; Editing by Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-whole-foods-results-idUSKBN1AB2I0'|'2017-07-26T20:49:00.000+03:00'
'ea09d7331dce03314cd8200b912f6332d67dc203'|'ITV''s buoyant share price suggests Love Island isn''t a blip on the chart - Nils Pratley'|'  19.54 BST First published on   19.48 BST B ad, but it could be worse. No, that’s not a review of the depressing and soulless Love Island . It’s the state of play in the advertising market from ITV’s perspective. First-half ad revenues fell 8%, as expected, but the negative read-outs are becoming less negative. Minus 4% is predicted for the July-to-September quarter. It was enough to improve ITV’s share price, after a long losing run, by 2.5%. One can understand why. In a TV land that is supposedly in the early stages of revolution – consider the investment buzz around Netflix, now valued at a colossal $78bn (£60bn) – ITV’s 16% slump in interim pre-tax profits to £259m carried a hint that the storm outside is not intensifying. ITV Studios, the production business where former chief executive Adam Crozier concentrated spending to reduce reliance on ad revenues, is predicted to achieve same-again top-line profits this year. So it should, it might be argued, since ITV has been buying production houses at a rate of knots. But the US side of the operation, armed with cheap ’n’ cheerful formats that keep returning, looks increasingly like a sound investment. After a wobble last year, ITV Studios’ revenues from the US rose by a third or a half to £143m, depending on whether you prefer an “organic” or actual measure. A English-language broadcaster trying to carve out a niche in the largest English-speaking market? It’s not the wildest strategy in the world. ITV chairman says it will never reveal how much it pays its stars Read more What about the Netflix threat? Chairman Peter Bazalgette, when he wasn’t crowing about Love Island (please stop), offered an interesting statistic: Netflix’s share of viewing in Britain is about 4%, which roughly equates to that of a successful digital channel. The figure understates Netflix’s cultural impact. Its audiences will also probably continue to grow and fuel the shift towards targeted digital advertising, where ITV has been slow out of the blocks. Even so, live TV is still reckoned to account for 80% of overall viewing. That should mean that ITV’s virtual monopoly on primetime ad slots in Britain should remain a valuable asset for a while yet. Incoming chief executive Carolyn McCall, who will arrive in January, has arguably got lucky on timing. At 180p, as opposed to the 250p of 18 months ago, the share price is displaying investors’ long-term worries. Some of those fears will be realised – and next year’s ad market is still anybody’s guess. But ITV is generating cash and was paying special dividends as recently as last year. It is not defenceless. Emma Walmsley seeks long-term health for GSK All chief executives of GlaxoSmithKline, it seems, start their reigns by declaring they are on a mission to improve productivity in the pharmaceutical labs. Sir Andrew Witty created “discovery performance units” to get the scientists to work more efficiently. Now Emma Walmsley, his successor, is dishing out stiffer prescriptions . She is cutting 30 development programmes and declaring that 80% of the capital will be allocated to just four “priority” therapy areas, including respiratory and HIV/infectious diseases, where GSK is already big. The new policy makes sense. Drug companies must spread themselves thinly when they are pursuing original discoveries because they don’t know what they will find. But in the development stage, which is when the bills become huge, they cannot bet on everything. If you’re spending $4.5bn (£3.5bn) a year on R&D, taking a hard-headed commercial view of the best prospects sounds entirely fair. Investors sounded bored, however. The share price fell 2.5%, which wasn’t solely caused by GSK’s slight trim to earnings estimates after choosing to accelerate the launch of an important HIV drug. Maybe a long-term story of self-improvement was bound to sound dull but, whatever the reason, Walmsley should not be deterred. She has committed to GSK’s current corporate structure, which houses complex pharmaceuticals, vaccines and consumer products under one roof. After generic competition for asthma drug Advair arrives (probably next year), GSK’s next big patent cliff isn’t until 2026. The same-again dividend is virtually guaranteed for this year and next. She can afford to take a long-term approach. Gin riot may be calming down You can’t blame Tim Warrillow, the chief executive and co-founder of Fever-Tree, for cashing in £29m-worth of shares . The tonic firm, which spotted complacency on the part of Schweppes and a gap in the market, is an investment sensation. But, when even Toby Fairbrother on the Archers is getting in on craft gin lark, the current gin-and-tonic bubble may be close to bursting. Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jul/26/itvs-buoyant-share-price-suggests-love-island-isnt-a-blip-on-the-chart'|'2017-07-26T03:00:00.000+03:00'
'7d680619692846f76d8ab414eeead20bd60898ac'|'U.S., China disagreed on how to reduce U.S. trade deficit- official'|'July 19, 2017 / 11:25 PM / 16 minutes ago U.S., China disagreed on how to reduce U.S. trade deficit- official Reuters Staff 1 Min Read WASHINGTON (Reuters) - Senior U.S. and Chinese officials on Wednesday failed to agree on major steps needed from Beijing to help reduce the U.S. trade deficit with China during an annual economic dialogue meeting, a Trump administration official said. The official, who was not authorized to speak publicly on the talks and requested anonymity, said that the disagreements covered most areas important to the United States, including access to China''s financial services markets, steel overcapacity, trade in autos, Chinese requirements for data localization and ownership caps for foreign firms. But amid a "frank exchange," the official said it was important that the Chinese delegation acknowledged the need to reduce U.S. trade deficit and work toward that goal. Reporting by David Lawder; Editing by Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trade-china-disagreements-idUKKBN1A42R0'|'2017-07-20T02:25:00.000+03:00'
'f7acc5924083dbdcd29c5251886c3b6b1446480e'|'An overhaul of Brazilian labour law should spur job creation'|'IN THE litany of bosses’ gripes about Brazil’s inclement business climate, rigid labour laws vie for pride of place with its convoluted tax laws and its licensing rules (on everything from health and safety to protection of cultural heritage). No wonder: Brazil ranks a miserable 117th out of 138 countries on labour-market efficiency, according to the World Economic Forum. Its rigid labour law was transplanted from Benito Mussolini’s Italy in 1943. Employers find it thoroughly unsuited to a modern economy and cheered on July 13th, when the president, Michel Temer, signed into law the biggest overhaul of the unwieldy statute in 50 years.The reform is a big victory for the unpopular Mr Temer, who is under investigation in a corruption scandal (he denies wrongdoing). It introduces more flexible working hours, eases restrictions on part-time work, relaxes how workers can divvy up their holidays and cuts the statutory lunch hour to 30 minutes. It also scraps dues that all employees must pay to their company’s designated union, regardless of whether or not they are members. Just as important, collective agreements between employers and workers will overrule many of the labour code’s provisions.Latest updates In America, you are what you eat Graphic detail 14 hours ago The Supreme Court says grandparents are exempt from the travel ban Democracy in America 16 hours ago “City of Ghosts” is an extraordinary look at journalism in Raqqa Prospero 16 hours ago A papal confidant triggers a furore among American Catholics Erasmus 20 hours ago Retail sales, producer prices, wages and exchange rates a day ago Foreign reserves a day ago See all updates Once the new rules take effect in four months’ time, they will be valid for existing employment contracts, not just new ones. Mr Temer hopes they will dent Brazil’s unemployment rate, stuck above 13% after a three-year recession.Bosses are ecstatic about the changes. The National Confederation of Industry said that the reform represents “longed-for progress”. Banco Santander, a Spanish-owned bank, said it reckons the reform could eventually lead to the creation of 2.3m new jobs.Small firms also have much to gain. The new rules “formalise what we now do informally”, enthuses a São Paulo caterer. The “bank” of actual hours worked by her cooks and waiters, necessary in a business where inflexible nine-to-five contracts make little sense, will now be legal. An executive at a European multinational says that an unofficial spreadsheet that keeps track of his employees’ real time off, which he confesses to maintaining alongside an official tally of employees’ annual 30 vacation days, can also be consigned to the dustbin. (The old law said that leave had to be split into at most two segments, with one holiday lasting at least 20 days.)Such ruses have been common in Brazilian workplaces, but are risky. Employees who leave or are laid off regularly sue employers over the slightest of transgressions of the labour code, spurred on by litigious lawyers. Last year Brazil’s labour courts heard nearly 4m cases (see chart), mostly brought by aggrieved workers. Fines levied on firms totalled 24bn reais ($7bn).The reform ought to reduce such legal risks, which can afflict firms whether they observe the rules or not. Gabriel Margulies, whose company, UnderMe, produces 50,000 pairs of undergarments a month, says he will at last be able to grant requests to staff who would prefer, say, to go home early in exchange for a shorter lunch break. Until now he has declined for fear of losing in court. That has not stopped former employees from suing in the hope that Brazil’s famously worker-friendly judges side with them. Even unsuccessful suits are an unwelcome distraction from running a business, Mr Margulies laments.Maurício Guidi of Pinheiro Neto, a firm of lawyers, observes that the reform might even change this confrontational workplace culture into a more consensual one. But it remains to be seen how the labour unions will react, notes Marcelo Silva, vice-chairman of Magazine Luiza, a big retailer. The main union confederations have condemned the reform. They fume about the loss of revenue from dues. To placate them, Mr Temer has hinted he may amend the reform by decree, which is subject to a simple up-or-down vote in Congress, in order to phase out the obligatory dues gradually (and possibly water down some other provisions). But he cannot go too far. The only way for the scandal-hit president to keep his job may be to help some of his 13.8m unemployed compatriots find work. "Bye-bye, Benito"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725321-michel-temers-reform-has-teeth-overhaul-brazilian-labour-law-should-spur-job-creation?fsrc=rss%7Cbus'|'2017-07-20T22:44:00.000+03:00'
'39574b383d30762f92993cb14077eae683ec03be'|'UPDATE 1-GE incoming CEO Flannery to update 2018 outlook in November'|'July 21, 2017 / 1:17 PM / 20 minutes ago UPDATE 1-GE incoming CEO Flannery to update 2018 outlook in November 1 Min Read (Adds detail from conference call) By Alwyn Scott NEW YORK, July 21 (Reuters) - General Electric Co''s incoming chief executive said on Friday he will update the company''s 2018 earnings forecast in November, after a comprehensive review of the industrial company''s businesses. John Flannery, who takes over from CEO Jeff Immelt on Aug. 1, will update targets that currently include earning $2 a share in 2018. GE is "in the middle of a series of deep dives into the businesses," Flannery said on a conference call with analysts. "We also are taking a hard look at our corporate spending" to ensure it contributes to earnings. The maker of power plants, jet engines, medical scanners and other industrial equipment said profit fell nearly 60 percent in the second quarter, and sales declined, largely due to the sale of its appliances business. It affirmed its full-year forecast for cash flow, profit, revenue and operating margin. (Reporting by Alwyn Scott; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ge-results-ceo-idUSL1N1KC0EZ'|'2017-07-21T16:16:00.000+03:00'
'21ec8beea489bba2939d308fe5c8b181b6ae59be'|'EU follows U.S. in backing Sanofi, Regeneron eczema drug'|'July 21, 2017 / 11:30 AM / 6 minutes ago EU follows U.S. in backing Sanofi, Regeneron eczema drug 2 Min Read LONDON, July 21 (Reuters) - The European Medicines Agency on Friday recommended approval of Regeneron Pharmaceuticals and Sanofi''s new drug Dupixent for atopic dermatitis, a product many analysts see as the most important growth driver for the two companies. Recommendations from the agency''s expert committee on new drugs are normally endorsed by the European Commission within a couple of months. Atopic dermatitis is a chronic type of skin inflammation also known as eczema, which in severe cases causes constant, often unbearable, itching. The U.S. Food and Drug Administration approved Dupixent in March. Dupixent is also being developed for severe asthma, where it will compete with a wave of other new biotech medicines, such as GlaxoSmithKline''s Nucala, as well as for nasal polyps. In a pivotal late stage study, after 16 weeks of treatment with 300 milligrams of Dupixent either weekly or every two weeks along with topical corticosteroids, 39 percent had achieved clear or nearly clear skin compared with 12 percent of patients who received the topical treatment alone. (Reporting by Ben Hirschler) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sanofi-fr-regeneron-pharms-europe-idUSL5N1KC2OC'|'2017-07-21T14:30:00.000+03:00'
'19eee6f05816ad04c35ab3b7ce5b66ad9380cacb'|'Global pizza brands battle for Russia''s far-flung regions'|'July 21, 2017 / 3:19 PM / 9 minutes ago Global pizza brands battle for Russia''s far-flung regions Maria Kiselyova and Olga Sichkar 5 Min Read Christopher Wynne, the chief executive of Papa John''s franchisee, poses during an interview with Reuters in Moscow, Russia, July 21, 2017. Maxim Shemetov MOSCOW (Reuters) - Global pizza brands Domino''s and Papa John''s are preparing an assault on Russia''s provinces, betting they can turn a profit far from Moscow as online card payments become more widespread and consumers get to know foreign brands better. While stay-at-home Muscovites can order an array of international pizza brands from Sbarro to Domino''s to Papa John''s, regional cities such as Rostov-on-Don and Nizhny Novgorod are still chiefly the preserve of small local chains. Multiple challenges have kept global fast food brands wedded to major Russian cities, including patchy transport links, bureaucratic delays, finding an army of chefs who can maintain quality, as well as the sheer cost of shipping often perishable ingredients across a vast country that spans 11 time zones. Western fast food chains have also had to adapt menus to suit Russian palates better, once the allure of new foreign tastes has worn off. One of Domino''s best-selling pizzas is the "Russian" with 13 toppings including potato, beef, pork, bacon, mushrooms, pepperoni and cheese to help ward off the cold. But Domino''s Pizza''s DZP.N Russian franchisee, DP Eurasia ( DPEU.L ), believes the time is now right to expand beyond Moscow, where sales at the 76 outlets it had at the end of March are far outstripping growth in its main market Turkey. "The company has done its own research and realised that there''s almost no quality pizza in the regions, which gives us enormous ground for development," said DP Eurasia''s head of Russian development Elena Ivanova. Like-for-like sales in Russia have risen 30.1 percent this year up to May 21, whereas the comparable figure for Turkey was 6.3 percent growth. Aggressive Expansion Domino''s was Russia''s third-largest pizza chain last year yet its share of the fragmented market stood at less than 2 percent, according to Euromonitor International. Guvenc Donmez, DP Eurasia''s Russian head, said he saw room for 1,500 Domino''s outlets in the longer term. A staff member prepares pizzas at a Domino''s Pizza restaurant in Moscow, Russia, July 14, 2017. Picture taken July 14, 2017. Sergei Karpukhin For now, the company is using part of the 148 million pounds it raised listing shares in London in June to add 40 outlets this year, venturing as far as Krasnodar, 1,200 kilometres (750 miles) south of Moscow. Domino''s closest rival is not standing idle. The Russian franchise of U.S. chain Papa John''s International Inc ( PZZA.O ), the fourth biggest player in the country in 2016, sees room for 60-80 store openings each year over the next five years. "We still see potential in Moscow. I think we could open a further 40-50 stores there, but we are also embarking on an aggressive expansion to small towns," Christopher Wynne, the chief executive of Papa John''s franchisee, told Reuters. Another U.S. brand Sbarro was the market leader with a 4 percent market share in 2016, according to Euromonitor, followed by DoDo Pizza, a Russian chain with a presence in former Soviet states as well as China and the United States. Slideshow (3 Images) Sbarro''s Russian franchise had 88 stores last year, including in provincial cities. However, it was hit by a Russian food import ban and a drop in the rouble as Sbarro refused to let it replace imports with local products and the franchising agreement was terminated, Russia''s RBC daily has reported. Sbarro did not immediately respond to a request for comment. Wynne said Papa John''s Russia had imported 90 percent of products before the 2014 food ban came in but had replaced all its suppliers within six months. DP Eurasia acknowledged the restrictions could adversely affect its business, even though it too had managed to replace the banned imports. It also said there could be challenges in rolling out the franchise in places with less dense populations than Moscow but believes it can stay profitable thanks to greater purchasing power and economies of scale. "Russia is a huge market and is still very underpenetrated. You don''t have many options to eat," Donmez said in an interview with Reuters TV. ($1 = 0.7698 pounds) Additional reporting by Margarita Vznuzdaeva; writing by Maria Kiselyova; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-pizzas-idUKKBN1A61YD'|'2017-07-21T18:18:00.000+03:00'
'b1d7383dfd6ca36208fd1ce1107b6b08db71f2c8'|'Spain''s business leaders worried about Catalan secession'|'July 23, 2017 / 9:51 AM / an hour ago Spain''s business leaders worried about Catalan secession Reuters Staff 2 Min Read People assemble a giant Estelada flag, a Catalan separatist flag, during a pro-independence rally in Sant Cugat del Valles, near Barcelona, Spain July 8, 2017. Albert Gea BARCELONA (Reuters) - Almost three quarters of Spanish business leaders fear Catalonia''s plans for an independence referendum on Oct. 1 could harm the country''s economy, according to a study by Deloitte published in Spanish newspaper El País. Madrid has condemned as illegal plans by the northeast region''s government to hold a referendum on seceding from Spain and, if the yes vote wins, declare independence unilaterally within 48 hours. Last week, the Spanish government said Catalonia would lose access to some public funds if it used the money to prepare for the unsanctioned plebiscite. Nationwide 74 percent of 265 business leaders surveyed believe the Catalan independence movement threatens the Spanish economy, while 43 percent of those based in Catalonia itself agree, according to the Deloitte Survey of Companies study commissioned for El Pais. Despite concerns about the political deadlock over Catalonia, confidence in Spain’s continued economic growth remains high, according to the poll. Eight out of 10 directors polled said the economy had improved in the first half of the year. Seven out of 10 expect to bill more in the second half of the year than in the first six months. Spain has surpassed expectations for GDP growth this year. Last week the International Monetary Fund said it expected Spain’s economy to grow by around 2.5 percent in 2018,up from its previous forecast of 2.1 percent. Opposition to seceding from Spain rose slightly to 49.4 percent in June, according to a poll by the regional government''s Centre of Opinion Studies, from 48.5 percent in March. Reporting by Sam Shephard; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-spain-catalonia-idUKKBN1A809T'|'2017-07-23T12:42:00.000+03:00'
'a68614f9a4fc578a311935ae8b8f80eca16e646b'|'Teva Pharm to reduce workforce in Israel, mainly in production'|'July 23, 2017 / 10:47 AM / in 15 minutes Teva Pharm to reduce workforce in Israel, mainly in production Reuters Staff 2 Min Read A building belonging to Teva Pharmaceutical Industries, the world''s biggest generic drugmaker and Israel''s largest company, is seen in Jerusalem February 8, 2017. Ronen Zvulun TEL AVIV (Reuters) - Teva Pharmaceutical Industries ( TEVA.TA ) said on Sunday it would lay off some of its 7,000 employees in Israel in the coming months as it reorganises in a drive to improve competitiveness. Teva, Israel''s largest company, did not specify how many workers would leave, but a source close to the process told Reuters the number would be about 350, mainly in production. Teva ( TEVA.N ) employs 4,000 workers in production in Israel. It has already begun consultations with unions at two of its productions sites, one in the central city of Kfar Saba and the other in the southern Negev desert. "In light of the complex business reality the entire pharmaceutical industry and Teva in particular face, Teva has been implementing in recent years a global reorganisation," it said in a statement. "Large parts of this plan have already been completed in most of the countries Teva operates." Teva''s acting chief executive, Yitzhak Peterburg, said the company was committed to do all it can to guarantee that its work sites in Israel were competitive, efficient and sustainable for the long term. Teva was left without a permanent CEO in February after Erez Vigodman stepped down, leaving new management to try to restore confidence in the world''s biggest generic drugmaker after a series of missteps. Chief Financial Officer Eyal Desheh also resigned at the end of June. The company''s stock price has been languishing since it acquired the Actavis generics drug business from Allergan last year for $40.5 billion (31.17 billion pounds). Reporting by Tova Cohen; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-teva-pharm-ind-layoffs-idUKKBN1A80DQ'|'2017-07-23T13:47:00.000+03:00'
'f899b1656f549d2d1dc60b0300b4bfc7dbdf6c8e'|'China''s debt spectre could haunt Fed''s policy meetings'|'July 24, 2017 / 3:47 AM / 2 hours ago China''s debt spectre could haunt Fed''s policy meetings 5 Min Read FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. Thomas White/Illustration/File Photo HONG KONG (Reuters) - In September 2015, the U.S. Federal Reserve cited risks from China as a key reason for delaying its first interest rate hike in a decade. A wall of Chinese debt maturing in the next few years could jolt the country back into the U.S. central bank''s policy deliberations. Two years ago, it was a collapse in Chinese stocks, a surprise yuan devaluation and shrinking foreign exchange reserves that roiled financial markets that delayed the Fed, but it did raise rates three months later and has tightened further since. Now, some see risks emerging in China''s dollar-denominated bonds that could give the Fed greater pause for thought as it raises rates, even as other central banks signal a shift from ultra-easy policy. To be sure, Fed officials have not publicly flagged China''s debt as a major risk in their policy discussions. However, debt analysts point to the possibility of another September 2015 moment in which the Fed takes its cues from concerns about China. "Back then, I said that U.S. monetary policy is not made in Washington, it''s made in Beijing," said Joachim Fels, global economic advisor at bond giant PIMCO. "China does have a major impact on monetary policies elsewhere ... This year has been smooth sailing for global central banks because there were no shockwaves from China but I expect that to change if we think beyond the next few months." The outstanding amount of dollar bonds issued by Chinese entities has grown almost 20 times since the 2008-09 global financial crisis to just over half a trillion dollars, according to data from the Bank for International Settlements. Since September 2015, it has grown almost 50 percent. China''s dollar bonds are now almost a third of the emerging market total dollar issuance, up from a quarter in September 2015 and less than 5 percent before the Fed first began printing money in December 2008. A fifth of China''s dollar bonds mature within a year, according to BIS data. More than half are due in the next five, Thomson Reuters data show. If U.S. borrowing costs start rising as a result of the Fed''s exit from its unconventional monetary policy, that debt would have to be rolled over at higher costs, chipping away at the real economy in China. Alternatively, Chinese companies might decide to refinance their debt in local currency, creating weakening pressure on the yuan. Either development would reverberate globally and create a major external challenge for Fed policy. Feedback Loop For its part, the Fed doesn''t see any immediate dangers with China''s dollar debt. "You''ll find if you look at China they certainly have dollar-denominated debt but ... you''ll see that they are not as reliant on external debt as people might have thought," Dallas Fed chief Robert Kaplan said in Mexico City on Friday. Also, a significant portion of Chinese dollar borrowing makes economic sense -- such as companies funding overseas investment projects. And if those dollars are converted into yuan, they could help ease any weakening pressure on the Chinese currency. For now, dollar borrowing conditions remain stable with 10-year benchmark U.S. yields still low by historical standards, despite four Fed rate hikes since September 2015. Broadly, the dollar is as strong now as it was back then. Indeed, the bigger risk focus for many analysts currently is not China''s dollar bonds, but its local currency debt, which ratings agencies estimate to be almost three times the size of the economy. But analysts say that the longer China''s rapid accumulation of dollar debt continues, the harsher the future adjustment for the economy will be, especially if lenders start repricing Chinese credit risk. "Regardless of how you cut your pie, you''ll discover debt is a big problem. China has made a major contribution to global leverage since 2008," said Aidan Yao, senior emerging Asia economist at Axa Investment Managers. "When markets start to wobble, there''s a feedback loop that has an impact on the Fed''s trajectory. Policy normalisation is not going to be in a straight line." A forced deleveraging could renew weakening pressure on the yuan as dollars find their way out of the country, although capital controls help mitigate that risk. "While the market generally believes that money flows have stabilised and the worst of the yuan''s slide is over, the reality may well be the opposite," said Kevin Lai, chief economist for Asia ex-Japan at Daiwa Capital Markets. "As more dollar debt has been taken up, the pressure on outflows is merely being delayed. Such pressure is also getting bigger, not smaller. This would eventually feed into even bigger downward pressure for the yuan." Additional reporting by Anthony Esposito in Mexico City; Editing by Sam Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-debt-fed-idINKBN1A909M'|'2017-07-24T06:43:00.000+03:00'
'd37bf79e9ea9fdebff9423160a6434d95e8f050b'|'Alphabet appoints Google CEO Pichai to board'|'July 24, 2017 / 5:26 PM / 37 minutes ago Alphabet appoints Google CEO Pichai to board 1 Min Read Google CEO Sundar Pichai speaks on stage during the annual Google I/O developers conference in San Jose, California, U.S., May 17, 2017. Stephen Lam (Reuters) - Alphabet Inc said it appointed chief executive of its Google unit, Sundar Pichai, to its board. The company''s board also includes founders Larry Page and Sergey Brin. Alphabet is set to report second quarter earnings on Monday after markets close. [ bit.ly/2tU9lwf ] Alphabet shares were slightly lower on Monday. Reporting by Rishika Sadam in Bengaluru; Editing by Arun Koyyur 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-alphabet-pichai-board-idINKBN1A9278'|'2017-07-24T20:25:00.000+03:00'
'b34fd1ff7a2c5db4ea445efaab8023bd04f2f4e9'|'UK''s SFO says opens investigation into Rio Tinto Group'|'July 24, 2017 / 4:42 PM / in 33 minutes UK''s SFO says opens investigation into Rio Tinto Group Reuters Staff 1 Min Read FILE PHOTO: A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. David Gray/File Photo LONDON (Reuters) - Britain''s anti-fraud regulator said it has opened an investigation into how the miner Rio Tinto conducted business in the Republic of Guinea. "The Serious Fraud Office has opened an investigation into suspected corruption in the conduct of business in the Republic of Guinea by the Rio Tinto group, its employees and others associated with it," the SFO said in a statement on Monday. Reporting by Huw Jones. Editing by Andrew MacAskill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-sfo-rio-tinto-idUKKBN1A9246'|'2017-07-24T19:41:00.000+03:00'
'b664697662609ad178b828b8d9aa70a2b9689f82'|'KKR to pay $66.50 per share for WebMD -source'|'July 24, 2017 / 10:33 AM / 2 hours ago KKR to buy WebMD in $2.8 billion deal Ankur Banerjee 3 Min Read (Reuters) - Private equity firm KKR & Co has agreed to buy WebMD Health Corp in a deal valued at about $2.8 billion, bringing a slew of popular online health information websites under one umbrella. The deal comes five months after New York-based WebMD said it would explore strategic options amid a slowdown in advertising paid for by pharmaceutical companies. KKR will fold WebMD''s websites, including WebMD.com and Medscape.com, into its Internet Brands unit, which houses sites such as DentalPlans.com and AllAboutCounseling.com. KKR will pay $66.50 per share, a premium of 20.5 percent to WebMD''s Friday closing and 33 percent higher than the stock''s trading price at the start of the year. WebMD''s shares were trading at $65.98, just shy of the offer. Analysts said the deal price was higher than expected, adding that WebMD was a good fit for Internet Brands'' portfolio. "We are pleasantly surprised by the premium valuation, given the flat growth expected," Cowen & Co analyst Charles Rhyee wrote in a note. "We think the valuation may imply that we and consensus may be too conservative." Founded in 1996, WebMD has grown into one of the most popular health websites for consumers and medical professionals, attracting more than 70 million monthly unique visitors in 2016, according to analytics company comScore Inc. Co-CEO of KKR, Henry R. Kravis at Trump Tower in New York, U.S., January 12, 2017. Mike Segar WebMD''s Medscape, a medical news and education website, accounted for about 60 percent of the company''s advertising revenue in 2016. Internet Brands, which launched as CarsDirect.com in 1998, licenses and delivers its content and internet technology products and services to small and medium-sized businesses. It was acquired by KKR in 2014 for $1.1 billion from two other private equity firms, Hellman & Friedman LLC and JMI Equity. Reuters reported on Sunday that KKR was nearing a deal to buy the online health information provider. WebMD also announced preliminary second-quarter sales that topped the average analyst estimate. The strong results highlight a rebound in regulatory drug approvals in the United States and Europe so far this year, KeyBanc Capital Markets analysts said. "This is driving biopharma advertising demand and provides a positive read going into the second quarter reporting season for companies linked to the marketing of newly approved drugs." J.P. Morgan Securities LLC was WebMD''s financial adviser, while Shearman & Sterling LLP was its legal adviser. Simpson Thacher & Bartlett LLP was Internet Brands'' legal adviser. Reporting by Ankur Banerjee   Saumyadeb Chakrabarty 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-webmd-m-a-kkr-idUSKBN1A915Y'|'2017-07-24T13:18:00.000+03:00'
'd1e14fc0a3ee815198ebdb3f438427d65fd3d2e6'|'Oil market rebalancing to speed up in second half - OPEC''s Barkindo'|'July 23, 2017 / 10:36 AM / 10 hours ago Oil market rebalancing to speed up in second half: OPEC''s Barkindo Reuters Staff 1 Min Read OPEC Secretary General Mohammad Barkindo attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. Sergei Karpukhin ST PETERSBURG, Russia (Reuters) - A rebalancing of the oil market is progressing more slowly than expected, but it will speed up in the second half of the year, OPEC''s Secretary General Mohammad Barkindo said on Sunday. "We are pretty sure that the rebalancing process may be going at a slower pace than earlier projected, but it is on course. It is bound to accelerate in the second half," Barkindo told reporters in the Russian city of St Petersburg. Barkindo cited strong oil demand growth, conformity with a global pact by OPEC and non-OPEC countries to cut output as well as an inventory draw in the United States as reasons why a rebalancing of the oil market would speed up. Reporting by Vladimir Soldatkin and Rania El Gamal; Writing by Alexander Winning; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-russia-opec-oil-idUKKBN1A80C8'|'2017-07-23T13:26:00.000+03:00'
'4cf7e48633658800a529af5fe2e32eaf1aacf205'|'That was fun; now comes the slowdown'|'July 24, 2017 / 8:39 AM / an hour ago That was fun; now comes the slowdown Jeremy Gaunt 5 Min Read FILE PHOTO: A sign for Fletcher Building Ltd, New Zealand''s biggest builder, adorns a crane at a construction site in the New Zealand city of Auckland, June 25, 2017. David Gray /File Photo LONDON (Reuters) - For all the talk of world economies rising in sync, there does not seem to be an abundance of optimism about how long it will last. Tucked away in Reuters latest quarterly economic poll series is a projection that growth rates in nearly all of the world''s largest economies will fall over the next two years. Inflation, meanwhile, will remain benign and in some cases below target. Both findings would suggest that the current caution of central bankers is warranted. As the European Central Bank''s Mario Draghi said in the past week: "We aren''t there yet." The Reuters polls of economists around the world -- looking at 46 economies -- have been prescient in past years. If they prove right again, it means the United States, euro zone, Japan, Germany, France and China will all grow more slowly in 2019 than at present. Britain will be growing at this year''s rate -- but only after a 2018 Brexit-related hammering. James Knightley, chief international economist at ING, reckons the projected growth slowdown is a natural maturing of the economic cycle, exacerbated by the gradual tightening of monetary policy measures adopted following the financial crisis. "Consumers are getting to the point now when debt levels are starting to rise, and with central banks increasingly moving in the direction ... of tightening, then that could start to act as a brake on economic activity," he said. There will be growth. But it will be fairly humdrum. Consider the euro zone, currently running at a projected 1.9 percent growth rate. That will drop to 1.5 percent in 2019, according to the economists. Japan will see its 1.4 percent growth rate today halve to 0.7 percent. The U.S. economy will be down slightly, to 2.1 percent from 2.2 percent, way below the historical trend of above 3 percent. Did You Feel It? It may come as a surprise to the average person in many of these economies that the growth cycle is maturing. In many cases it has been a very mild rebound from the Great Recession triggered by the financial crisis a decade ago. FILE PHOTO: Painted wheelbarrow buckets arrive at the end of the assembly line at the AMES Companies factory, the largest wheelbarrow factory in the world, in Harrisburg, Pennsylvania, U.S. on June 29, 2017. Tim Aepp/File Photo As Stephen King, senior economic adviser at HSBC, noted this month: "Economic records are there to be broken. The U.S. is on the cusp of breaking two simultaneously. Within weeks, the U.S. may have delivered both the longest and the weakest economic upswing in post-war history." The new normal -- post-crisis and with big emerging economies having matured themselves -- may well be for less robust growth, although the Reuters polls project the world economy to grow at around 3.5 percent annually over the next three years. That is pretty much the average since 1961, according to World Bank statistics, although that of course is dragged down by the Great Recession and the big slump around 1980. This all goes some way to explaining the extreme caution of central banks in rolling back their unprecedented monetary stimulus. They do not, as the ECB''s Draghi admitted openly this past week, want to commit a policy error. FILE PHOTO: Equipment for rent outside of the United Rentals store in Denver, Colorado July 19, 2017. Rick Wilking /File Photo Their dilemma is that they want to normalise monetary policy as much as possible without killing what growth trillions of dollars of stimulus have helped achieve. So data releases are even more crucial to policymakers than usual. The coming week will give them a snapshot of monthly business activity, culminating in the first real look at what happened in the second quarter. Flash purchasing managers'' indexes for Japan, Germany, France and the euro zone have already been released. All remained in expansion territory, but for the most part fell from the previous month. The United States PMI is released later. Britain announces its preliminary second quarter growth figures on Wednesday. There is a strong consensus that it will tick up to 0.3 percent from 0.2 percent quarter-on-quarter, but slip to 1.7 percent from 2.0 percent year against year. Arguably the biggest data release comes on Friday with advance U.S. GDP numbers. An annualised rate -- that is, roughly speaking the quarterly number times four -- is seen at 2.7 percent, a large jump from the previous 1.4 percent. Reporting by Jeremy Gaunt; Additional reporting by Jonathan Cable; Editing by Catherine Evans, Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN1A90VB'|'2017-07-24T11:38:00.000+03:00'
'db2a1cbbb493eb63f46ce7a14a24a286d1d4d63e'|'PRESS DIGEST- Wall Street Journal - July 24'|'July 24, 2017 / 4:56 AM / 9 hours ago PRESS DIGEST- Wall Street Journal - July 24 3 Min Read July 24 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - U.S. Senate Republicans are expected to vote as early as Tuesday to begin debate on their sweeping health-care legislation—but they don''t know yet what measure they will be voting on. on.wsj.com/2uO1tku - Private equity firm KKR & Co is nearing a deal to buy WebMD Health Corp, according to people familiar with the matter. on.wsj.com/2gVzY2G - Singapore-based ride-hailing firm GrabTaxi Holdings Pte expects to raise $2.5 billion a round of startup fundraising as it seeks to battle Uber Technologies Inc across the populous region, the company said. Japan''s SoftBank Group Corp and Chinese ride-hailing company Didi Chuxing Technology Co will lead the current round of investment, pouring up to $2 billion into Grab. on.wsj.com/2gVTiwT - The White House indicated U.S. President Donald Trump was likely to support legislation that would punish Russia for interfering in the 2016 election, after months of questioning assertions about Moscow''s involvement. on.wsj.com/2gVSgRr - German luxury car maker BMW AG denied it had cooperated with rivals to manipulate diesel engines for reducing nitrogen-oxide emissions, after the European Commission confirmed that Volkswagen AG asked the region''s antitrust watchdogs to scrutinize decades of possible coordination efforts by the country''s main auto manufacturers. on.wsj.com/2gVoTyK - Private attorney Mike Moore is encouraging U.S. states to sue pharmaceutical companies, alleging they helped spark an addiction crisis by misrepresenting the benefits and addiction risks of opioid painkillers. Moore pressed Mississippi and Ohio to sue drugmakers and is helping them with the suits they have since filed. on.wsj.com/2gVDiLm (Compiled by Bengaluru newsroom) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1KF20P'|'2017-07-24T07:56:00.000+03:00'
'55db6d7bd00949f80c6ee2fdc256828916275dc2'|'Oil markets need regulator in face of speculators - Eni CEO'|'July 23, 2017 / 3:10 PM / in 13 minutes Oil markets need regulator in face of speculators - Eni CEO   ENI Ceo Claudio Descalzi attends the Rome MED Mediterranean Dialogues forum in Rome, Italy December 1, 2016. Alessandro Bianchi ROME (Reuters) - Energy markets might need to be regulated to put a brake on widespread financial speculation that is distorting crude prices, the head of Italian oil major Eni told Il Sole 24 Ore newspaper. Eni ( ENI.MI ) CEO Claudio Descalzi said OPEC and Saudi Arabia were not in a position to push prices higher by cutting output, adding that geopolitical tensions, growing U.S. shale oil production and heavy speculation in crude futures were hurting the sector. "The financial speculation is so strong that it has transformed even those with long term strategies into short term investors," Descalzi was quoted as saying. "Perhaps we should adopt in the oil sector the sort of regulations and market controls that were imposed on banks. Banks have a central watchdog, while in the past, our regulator was OPEC, which is no longer playing the role it once had." He said hedge fund speculators no longer believed that the Organization of the Petroleum Exporting Countries (OPEC) was in a position to introduce radical output cuts. Six OPEC and non-OPEC ministers are due to meet on Monday in St Petersburg to discuss the market outlook and review a global pact on reducing crude supplies that was agreed this year. Asked if he thought further cuts might be decided, Descalzi said: "I am not optimistic." Reporting by Crispian Balmer; Editing by Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-markets-crude-eni-idUKKBN1A80N8'|'2017-07-23T18:09:00.000+03:00'
'7c91fb897edcb71544b9fd113c34dfb879f0b868'|'Spain looks at selling more of Bankia, economy minister says'|'July 23, 2017 / 12:44 PM / 8 hours ago Spain looks at selling more of Bankia, economy minister says Reuters Staff 2 Min Read FILE PHOTO: Spain''s Bankia logo is seen inside bank''s headquarters before a news conference to present their annual results in Madrid, Spain, January 30, 2017. Sergio Perez -/File Photo BARCELONA, Spain (Reuters) - Spain will explore the possibility of selling a further stake in state-owned Bankia ( BKIA.MC ) later this year, Economy Minister Luis de Guindos said in an interview with Spanish newspaper ABC on Sunday. “We are exploring selling another package after the summer,” de Guindos said, estimating that stake would be “around 7 percent.” In June, Bankia, Spain’s fourth largest bank, approved a merger with mid-sized bank BMN, which is also partially state owned. The merger and possible sale of more of the government''s holding are part of efforts to increase the value of both banks following a combined 24 billion euro ($27.98 billion) bailout at the height of the euro zone debt crisis. The deal is to be confirmed in September at a shareholder meeting. If the merger is approved, it will leave the state with 66.56 percent of the new entity, while Bankia shareholders and BMN shareholders will hold 33.1 and 2.33percent of shares, respectively. By increasing the proportion of publicly traded shares, Bankia could prove more attractive for institutional investors, de Guindos suggested. The government sold a stake in Bankia in 2014 and in December passed a law giving until the end of 2019 to privatize the bank to try to recoup money provided under its rescue in 2012. The minister predicted that the Spanish economy would continue growing this year and comfortably meet a 3 percent GDP growth forecast. Unemployment, currently at 18.8 percent, will fall below 17 percent by the end of the year, he suggested, and could reach 7 percent by 2022. Editing by Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-spain-economy-bankia-idUKKBN1A80I7'|'2017-07-23T15:39:00.000+03:00'
'545f29bccc0cd95904f8c788eee045d0fd0dbf85'|'Rapid ageing could keep ECB''s hand tied for next decade - ECB paper'|'July 26, 2017 / 12:23 PM / 3 minutes ago Rapid ageing could keep ECB''s hand tied for next decade: ECB paper Reuters Staff 3 Min Read European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany July 20, 2017. Ralph Orlowski FRANKFURT (Reuters) - The rapid ageing of Europe''s population may keep interest rates depressed over the next decade, potentially limiting the European Central Bank''s ability to adjust policy, a research paper published by the ECB on Wednesday showed. The expected rise in the share of people not working will hold back growth and limit investment, making it necessary for governments to encourage later retirement, and to promote innovation and investment, the researchers said in a paper that does not necessarily represent the ECB''s opinion. "Empirical evidence presented in this paper suggests that over the next decade, adverse demographic developments in the euro area may continue exerting downward pressure on short- and long-term nominal and real interest rates, potentially limiting the ability of monetary policy to adjust its stance due to the presence of the lower bound to policy rates," the paper said. With ECB rates at record lows, policymakers have relied on a plethora of unconventional tools to boost growth and prices but some have argued that rapid ageing, technological leaps and globalization naturally cap wages, prices and ultimately central bank interest rates. "In (the baseline scenario,) the real short-term interest rate in the euro area would remain negative until 2019 and remain close to zero over the 2020-25 period, not far from the average between 2007 and 2015," said the authors, from the ECB and the Bank of Italy. Declining Pace of Investments Using projections in the European Commission''s 2015 Ageing Report as the baseline, the paper also concluded that real GDP and investments would grow by less than 1 percent per year. Short-term interest rates would only rise above 1 percent by 2025 if the euro zone managed to maintain its current dependency ratio, or the ratio of people under 15 and over 64 relative to the working-age population, an optimistic scenario based on current projections. The European Commission projects this dependency ratio to rise from 53 in 2013 to 60 by 2025 and 77 by 2060, which would mean that for every 100 people at work, there would be 77 either younger than 15 or older than 64. The Commission projections also shows that the bloc''s population would barely rise over the next half of a century but the working age population would drop rapidly as life expectancy increases. To read the paper, click on: here Reporting by Balazs Koranyi'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-ageing-idUKKBN1AB1OB'|'2017-07-26T15:17:00.000+03:00'
'b7b5096516713a9cd3770533438b400c80a95f82'|'BOJ''s Nakaso: companies avoiding higher labour costs by reducing hours'|'July 26, 2017 / 2:07 AM / in an hour Japanese firms avoiding price hikes now but sentiment is changing: BOJ''s Nakaso Stanley White 3 Min Read Bank of Japan Deputy Governor Hiroshi Nakaso speaks during an interview with Reuters at the BOJ headquarters in Tokyo April 9, 2015. Yuya Shino HIROSHIMA, Japan (Reuters) - Bank of Japan Deputy Governor Hiroshi Nakaso said the services sector has streamlined operations to avoid passing labor costs on to consumers, but there are signs that companies will raise prices in the future. Nakaso, in a speech to business leaders in Hiroshima, western Japan, also expressed confidence that inflation will reach the BOJ''s 2 percent price target around fiscal 2019 and said the BOJ should stick with its quantitative easing program. A pickup in consumer spending, rising exports, and an improving output gap are all reasons to be positive about the outlook, but many economists still argue that the BOJ''s inflation forecasts are overly optimistic. The BOJ last week kept monetary policy steady but once again pushed back the timing for achieving its elusive inflation target, reinforcing views it will lag well behind other major central banks in scaling back its massive stimulus program. "Companies are trying to absorb higher labor costs by revising their business processes," Nakaso said on Wednesday. "The BOJ doesn''t expect this to continue for ever. The output gap is clearly improving, so companies will become more aggressive in setting wages and prices." Nakaso gave a few examples of corporate streamlining: some companies in retail and dining have responded to a labor shortage by shortening their business hours instead of raising wages to attract workers. Some companies are also investing in labor-saving technology, such as self-checkout tills, which allows companies to maintain their current level of service with less workers. Such behavior has allowed companies to avoid passing higher costs on to consumers, but there are signs that sentiment is turning, Nakaso said. The BOJ''s tankan survey for June shows shipping, wholesale, retail, and hospitality firms are considering raising prices in the future. Despite the short-term negative impact on wages and prices, investment in labor-saving technology should be welcomed because it raises productivity in the long term, Nakaso said. It also important to put structural policies in place to make the labor market more fluid, Nakaso said. The BOJ has now postponed the inflation target timeframe six times since Governor Haruhiko Kuroda launched his huge asset-buying program in 2013. Japan''s core consumer prices rose just 0.4 percent in May   Reporting by Stanley White; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-boj-idUKKBN1AB073'|'2017-07-26T05:05:00.000+03:00'
'f825f316211f71b881ad98bd751d5c82a9ba3f46'|'Daimler considers legal split in strategic overhaul'|'Edition United States July 26, 2017 / 5:56 AM / 35 minutes ago Daimler considers legal split in strategic overhaul Edward Taylor 4 Min Read FILE PHOTO: The Mercedes-Benz logo is seen before the company''s annual news conference in Stuttgart, Germany, February 4, 2016. Michaela Rehle/File Photo FRANKFURT (Reuters) - Daimler may split parts of its business into separate legal entities in an overhaul, its Chief Executive Dieter Zetsche said, although the car and truck maker ruled out major divestments for now. News of Daimler''s ( DAIGn.DE ) strategic review spurred speculation on Wednesday about a break-up of the maker of Mercedes-Benz cars, trucks, buses and vans as it seeks to fund multi-billion euro autonomous and electric car investments. "We recommend taking this communication very seriously," analysts at Evercore ISI said in a note. Separating Daimler''s divisions could unlock value, with trucks and buses on their own worth 31 billion euros ($36 billion), analysts at Evercore ISI said in a note. The German company''s total market capitalization is around 65.25 billion euros, according to Thomson Reuters data. Chief Financial Officer Bodo Uebber said Daimler does not intend to divest business divisions, but left open the question about a partial listing of some businesses. "We have not decided to set up new legal structures within our group. We have decided to analyze this possibility. We had a small group in our company which was weighing this idea," Zetsche said in a call on second-quarter results. Internal deliberations within Daimler had now reached a stage where markets needed to be informed, he added. News of the strategy review comes as the auto industry faces a barrage of criticism over diesel pollution and allegations about anti-competitive behavior. "The automotive industry is currently making headlines, and not good ones," Zetsche conceded. German magazine Der Spiegel reported on Friday that German carmakers Daimler, BMW ( BMWG.DE ), VW ( VOWG_p.DE ), Porsche and Audi ( NSUG.DE ) held meetings to discuss suppliers, prices and standards to the disadvantage of foreign carmakers. The European Commission said it was investigating the matter, although Daimler pointed out it was not subject to a formal probe. Companies found guilty of breaching EU cartel rules face fines of as much as 10 percent of their global turnover unless they gain whistle-blower immunity. In a call with journalists Zetsche declined to comment on whether German carmakers had colluded. "We are well advised not to participate in speculation," Zetsche said, refusing to comment further. Asked whether such allegations could result in consequences for cooperation deals, such as a procurement agreement with BMW ( BMWG.DE ), Zetsche said: "Since we obviously operated within the law, none." Daimler''s and Volkswagen''s ( VOWG_p.DE ) supervisory boards met on Wednesday to discuss the allegations. Luxury Stars Second-quarter results showed Daimler''s star performer remained its luxury cars division which helped push up quarterly operating profit by 15 percent, slightly below consensus. Mercedes-Benz sold 595,200 cars thanks to a 28 percent rise in Chinese demand. Margins improved to 10.2 percent from 6.4 percent in the year-earlier period, mainly due to sales of a new E-Class limousine. Daimler said it expects strong sales in China in the second half, after its overall earnings before interest and tax (EBIT) rose to 3.74 billion euros in the second quarter, below the average forecast of 3.81 billion euros in a Reuters poll. The Stuttgart-based company also lifted the outlook for its trucks and vans divisions, saying it now expected EBIT to reach prior-year levels for both. Reporting by Edward Taylor;   Maria Sheahan; Editing by Victoria Bryan/Susan Thomas/Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-daimler-results-q-idUKKBN1AB0IA'|'2017-07-26T17:09:00.000+03:00'
'd29389ef0b235d664b78da108cff8fb08c893996'|'LVMH first-half operating profit up 23 percent, cautious on second half'|'July 26, 2017 / 4:08 PM / 12 minutes ago LVMH first-half operating profit up 23 percent, cautious on second half Reuters Staff 1   A woman checks her phone after shopping at a Louis Vuitton store in the upscale shopping Serrano Street in central Madrid, Spain January 31, 2017. Picture taken January 31, 2017. Susana Vera/File Photo PARIS (Reuters) - LVMH ( LVMH.PA ), the world''s biggest luxury group, on Wednesday undershot forecasts with a 23 percent rise in first-half underlying profits where growth was driven worldwide by its Louis Vuitton brand. The group, whose other key brands include Dior, Fendi, Hennessy cognac and jeweller Bulgari, said that in an environment that remained uncertain it approached the second half of the year with caution. LVMH said first-half profit from recurring operations reached 3.640 billion euros (3.24 billion pounds). This compared with 3.75 billion euros forecast in a Reuters poll of analysts. LVMH''s rivals in the luxury industry such as British luxury brand Burberry ( BRBY.L ) and French luxury group Hermes ( HRMS.PA ) have also signalled better demand in mainland China and improving tourist spending in Europe. Reporting by Dominique Vidalon'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lvmh-results-idUKKBN1AB29P'|'2017-07-26T19:08:00.000+03:00'
'0d20792394cb22b18ef3ad68af1e5715685b32e7'|'UK finance ministry appoints its top economist as new Bank of England deputy'|'July 27, 2017 / 12:18 PM / 3 hours ago British government appoints its top economist Bank of England deputy Andy Bruce and David Milliken 4 Min Read FILE PHOTO: A man stands outside the Bank of England in the City of London, Britain April 19, 2017. Hannah McKay/File Photo LONDON (Reuters) - The British government''s top economist will move to the Bank of England to serve as one of its most senior policymakers, joining the central bank as it steers the financial system through political negotiations to leave the European Union. Dave Ramsden, a senior Treasury official who sits in on BoE rate-setting meetings and is in charge of economists across the government, will become the BoE''s deputy governor for markets and banking on Sept. 4, the finance ministry said on Thursday. The 53-year-old replaces Charlotte Hogg, who resigned in March after a parliament committee rebuked her over her failure to declare a potential conflict of interest about her brother''s role at Barclays ( BARC.L ). Ramsden''s arrival comes as the BoE tries to judge the outlook for the economy as the country prepares to leave the European Union. Before last year''s referendum - when it was still government policy to stay in the EU - Ramsden produced a report predicting recession if Britain voted to leave. Analysts and former policymakers welcomed Ramsden as a seasoned addition to the BoE, although the move from the finance ministry to the Bank after a career at the Treasury raised some eyebrows. "While this should be useful, rightly or wrongly it could raise questions about BoE independence," HSBC economist Chris Hare said. The move might also rekindle concerns about the lack of women in senior roles at the BoE, despite its decision on Thursday to appoint acting chief operating officer Joanna Place on a permanent basis. Governor Mark Carney described the lack of female MPC members as "striking" when he started in 2013. Four years later, newcomer Silvana Tenreyro is the only woman serving on the nine-person committee, after three female appointees left within six months for various reasons. The BoE''s Financial Policy Committee, which regulates banks and insurers and on which Ramsden will also serve, has no women. Dave Ramsden, Britain''s government''s chief economic adviser, who has been appointed as the Bank of England''s deputy governor for markets and banking is seen in a portrait taken in London, February 24, 2016 and handed out July 27, 2017 by the Treasury. HM Treasury handout via REUTERS Mpc Experience Ramsden joins the MPC in the unique position of having already attended more of its policy meetings than any current serving member, as he has been the government''s regular observer since before the financial crisis. He has also been involved in the appointment of a number of his fellow MPC members. As a current Treasury official, Ramsden''s views on monetary policy are not clear. But he is well-known to London analysts as president of a professional association, the Society of Business Economists, and as someone who explains Treasury policy to bond investors. "This is the guy who does the hiring for the MPC and is head of the government economic service. He is very well placed to do the job given what he has been doing in recent years," Nomura economist George Buckley said. "He''s been very tight-lipped when it comes to monetary policy. Even on fiscal policy ... he communicates the government''s and the (Office for Budget Responsibility''s) view." David Owen, an economist at Jefferies, said that "rightly or wrongly ... (he) will be considered a dovish appointment". In a 2013 interview, Ramsden stuck to the government''s line at the time that the BoE had room to support the economy during cuts to public spending. He also emphasised the role of good communications in the way central banks shape market expectations, according to the text of the interview with the Civil Service Quarterly blog. Ramsden was the lead official on the finance ministry''s analyses on the consequences of Brexit before last year''s referendum, which Brexit supporters criticised for predicting a recession. He also led the finance ministry''s work on whether Britain should join the euro between 1999 and 2003 under former Chancellor Gordon Brown, who is widely credited with dissuading then-Prime Minister Tony Blair from doing so. Editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-ramsden-idUKKBN1AC1VS'|'2017-07-27T15:17:00.000+03:00'
'b98e1508d8acf6aeee719be0a5d0fa9557e38f8a'|'France''s Alstom in deal to build metro carriages in Iran'|'July 24, 2017 / 1:16 PM / 4 hours ago France''s Alstom in deal to build metro carriages in Iran Reuters Staff 1 Min Read A scale model of an AGV high speed train with the logo of Alstom is seen before a news conference to present the company''s full year 2016/17 annual results in Saint-Ouen, near Paris, France, May 4, 2017. Gonzalo Fuentes - RTS154NV DUBAI (Reuters) - French train maker and manufacturing group Alstom ( ALSO.PA ) has signed a deal to enter into a joint venture that will build metro and suburban rail carriages in Iran, the semi-official Mehr news agency reported on Monday. Alstom is partnering with the Industrial Development and Renovation Organization of Iran, an investment fund active throughout the country''s industry, and Iranian Rail Industries Development Co, according to the preliminary accord signed late on Sunday, Mehr added. Alstom will hold 60 percent of the project, Mehr added, without giving the value of the deal. Reporting by Dubai newsroom; Editing by Dale Hudson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iran-transportation-alstom-idUKKBN1A91NV'|'2017-07-24T16:15:00.000+03:00'
'6631835c53d35989819ac2bcdd2391cc8bf271cb'|'Meat supplier Cranswick''s first-quarter revenue rises on robust UK performance'|'July 24, 2017 / 6:25 AM / in 33 minutes Meat supplier Cranswick''s first-quarter revenue rises on robust UK performance Reuters Staff 1 Min Read (Reuters) - British food products supplier Cranswick Plc ( CWK.L ) reported a 27 percent jump in first-quarter revenue, helped by growth in sales volumes in its domestic market. Like-for-like revenue grew 21 percent in the three months ended June, said Cranswick, which processes and supplies fresh pork, sausage, bacon, cooked meats, poultry, charcuterie and pastry products. The company, which plans to spend 50 percent more this year as it boosts investments in its meat processing plants to counter a surge in input prices, said these rising costs had been partially mitigated during the quarter. Reporting by Noor Zainab Hussain and Rahul B in Bengaluru; Editing by Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cranswick-results-idUKKBN1A90HU'|'2017-07-24T09:24:00.000+03:00'
'ef91ebeb8af9f5086b7f563a1ef31e4d333d297f'|'BoE says more defences may be needed against consumer credit'|'July 24, 2017 / 4:29 PM / an hour ago BoE says more defences may be needed against consumer credit Huw Jones 3 Min Read FILE PHOTO: The Bank of England is seen through the columns on the Royal Exchange building in London, Britain August 4, 2016. Neil Hall/File Photo LONDON (Reuters) - The Bank of England said on Monday it could force banks to hold more capital as an "insurance policy" to protect the wider economy in case the rapid growth in consumer credit turns sour. Alex Brazier, the BoE''s executive director for financial stability, said that while lending overall has grown in line with the British economy, outstanding car loans, credit card balances and personal loans have risen by 10 percent, far outpacing rises in income. In a period of good economic performance, banks think they can reduce prices and loosen lending criteria, he said. "The spiral continues and borrowers rack up more and more debt," Brazier said in a speech in Liverpool. "Lending standards can go from responsible to reckless very quickly... Lenders have not entered, but they may be dicing with, the spiral of complacency." It is the latest warning on consumer credit from the BoE, which has already responded by introducing three "defence lines", including closer supervision of banks and tightening mortgage lending standards to stop "boundaries" being pushed, such as a rise in lending at higher loan-to-income multiples. The third "defence line" involves stress testing lenders to check whether they hold enough capital to deal with losses. "And to make sure this defence line is kept robust in the face of rapid consumer credit growth, we are accelerating this year''s test of banks'' consumer credit loans," Brazier said. "By September we will have assessed whether the rapid growth has created any small gap in the line. If it has, we''ll plug it." Brazier highlighted car loans, saying so-called personal contract purchase or PCP from the finance arms of automakers now finance almost four in five new car purchases. Even if a borrower makes all the monthly payments on a PCP contract, the lender can still lose money if used car prices fall. "The finance company is left with a car that has depreciated by more than they''ve been paid," Brazier said. However, the defence lines may now be starting to kick in, he said, with consumer credit showing signs of slowing and new car registrations falling. The aim is to stop the economy having to suffer endless repeats of the "Debt Strikes Back" movie, he added. "For now, settle back with your popcorn and watch the, oddly, not yet highly grossing, new blockbuster, the Return of the Regulator." Reporting by Huw Jones; Editing by Gareth Jones 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boe-banks-regulator-idUKKBN1A923P'|'2017-07-24T19:28:00.000+03:00'
'e920a74cdeda8753a3a701918b845560541ba5fe'|'China''s HNA CEO denies banks scaling back credit'|'July 24, 2017 / 6:54 PM / in 17 minutes China''s HNA CEO denies banks scaling back credit Matthew Miller and Rachel Armstrong 2 Min Read LONDON (Reuters) - HNA Group CEO Adam Tan has pushed back against media reports that the Chinese aviation-to-financial services conglomerate faces mounting pressure from its bankers and regulators, even as the pace of its acquisitions slows. Tan told Reuters in an interview on Monday that HNA maintains a strong working relationship with its main Wall Street banks, which include JPMorgan ( JPM.N ), UBS ( UBSG.S ) and Morgan Stanley ( MS.N ), and reports that some were scaling back credit to the group were not true. "I think we are operating our company legally, we have nothing to hide, and we are fine," Tan said. "I talk to my Chinese authorities, I think they are happy. Life goes on." The only bank that has stopped working with HNA is Bank of America Merrill Lynch, Tan said, adding the bank had not dealt closely with HNA to begin with. Tan characterized as "routine" a loan check by banks ordered last month by the China Banking Regulatory Commission (CBRC), adding this was not a major hindrance to the group''s business, given it had already been subject to regular scrutiny the CBRC. "I''ve been reviewed by them (the CBRC) for more than 10 years," Tan said, adding that it was just one of many regulators the company dealt with. China''s banking regulator ordered a group of lenders to assess their exposure to offshore acquisitions by a handful of companies that have been on an overseas buying spree. "They are helping us. I am happy, I am getting used to it," Tan added. Reporting by Matthew Miller and Rachel Armstrong; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hna-group-structure-ceo-idUKKBN1A92DH'|'2017-07-24T21:49:00.000+03:00'
'c1c288de94640d1a8bd64f2bd00325ad98eb2b9d'|'Julius Baer could grow managed assets to more than 405 billion pounds - CEO'|'July 24, 2017 / 12:38 PM / 11 minutes ago Julius Baer could grow managed assets to more than 405 billion pounds - CEO Joshua Franklin and Angelika Gruber 2 Min Read Chief Executive Boris Collardi of Swiss private bank Julius Baer addresses a news conference to present the bank''s half-year results in Zurich, Switzerland July 24, 2017. Arnd Wiegmann ZURICH (Reuters) - Julius Baer ( BAER.S ) could grow its assets under management by more than 40 percent in the coming decade to over 500 billion Swiss francs (405.11 billion pounds), Chief Executive Boris Collardi said on Monday. "I think Julius Baer could be easily in the next 10 years managing in excess of half a trillion," Collardi said in an interview with Reuters after the Swiss private bank reported first-half earnings. Julius Baer reported its most successful six months in attracting new assets from wealthy clients since the financial crisis, bringing its assets under management to 355 billion francs. The pace of growth pleased investors and Collardi said Julius Baer, Switzerland''s third-largest private bank, could gain ground on number two bank Credit Suisse ( CSGN.S ). "If things go well for us, we could even close the gap further to our next competitor," he said. At the end of the first quarter, Credit Suisse had around 715 billion francs in asset management for private clients. In the first six months of 2017, Julius Baer''s CET1 capital ratio, a measure of balance sheet strength, improved to 11.9 percent from 10.6 percent at the end of 2016. Collardi said the bank was open to using its spare cash for acquisitions but, if there were no suitable targets, would be open to returning some of it to shareholders, possibly via a special dividend or a share buy-back. "This is I think a question (which) will pose itself in the foreseeable future," Collardi said, adding Julius Baer might communicate its plans on this around February 2019. "I think we should by then be in a situation where excessive capital will have reached very comfortable levels again," he said. Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-julius-baer-results-outlook-idUKKBN1A91JR'|'2017-07-24T15:38:00.000+03:00'
'a1ac1e4a03e4676665e5f19af9cbc8dcc48b9149'|'Indonesia, Freeport agree on term of new copper mine permit -official'|'July 26, 2017 / 6:17 AM / 3 minutes ago Indonesia, Freeport agree on term of new copper mine permit -official 1 Min Read JAKARTA, July 26 (Reuters) - Indonesia has reached an agreement with U.S. miner Freeport McMoRan Inc that any new operating permit for its Grasberg copper mine will only be valid until 2021, an energy and mining ministry official said on Wednesday. Freeport would be able to apply for two 10-year extensions to this, but the new permit will only be valid once signed and both sides are still negotiating, Energy and Mineral Resources Ministry Secretary-General Teguh Pamuji told reporters. Freeport and Indonesia have been locked in a long-runing, costly permit over the future of the giant Grasberg mine. Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-idUSL3N1KH2A3'|'2017-07-26T09:17:00.000+03:00'
'5d644e3b12bbb21bf29d3863178085e180ce71f7'|'PRESS DIGEST- New York Times business news - July 26'|'July 26, 2017 / 5:10 AM / 7 minutes ago PRESS DIGEST- New York Times business news - July 26 2 Min Read July 26 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Oliver Schmidt, a Volkswagen executive accused of helping to cover up the automaker''s diesel emissions fraud has agreed to plead guilty in federal court next week, a development that could bolster the Justice Department''s efforts to prosecute individuals involved in the scandal. nyti.ms/2v6Fh5L - Former Fox News vice president Francisco Cortes sued Twenty-First Century Fox on Tuesday accusing the company of making him a scapegoat in an effort to battle negative publicity about sexual misconduct. nyti.ms/2vHljeZ - The Securities and Exchange Commission said on Tuesday that it had concluded after an internal investigation that at least some virtual currencies being sold to investors should be categorized as securities and needed to follow federal securities laws. nyti.ms/2h1tDCU - Activist hedge fund Starboard Value sued big media measurement company Comscore on Tuesday, seeking to force the company to schedule an annual meeting for the first time in two years. nyti.ms/2vHmV8r (Compiled by Bengaluru newsroom) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1KH208'|'2017-07-26T08:08:00.000+03:00'
'70c469dbb81636b67e6ed6b0ae14a44e36f502a2'|'VW says cooperation with rivals is common industry practise'|'July 26, 2017 / 5:52 PM / 17 minutes ago VW says cooperation with rivals is common industry practise Reuters Staff 2   Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo BERLIN (Reuters) - Volkswagen ( VOWG_p.DE ) said on Wednesday that cooperation among carmakers on technical matters is a common industry practise but declined comment on allegations that it engaged in anti-competitive behaviour with other German automakers. VW, Daimler ( DAIGn.DE ), BMW ( BMWG.DE ), Audi ( NSUG.DE ) and Porsche have faced a barrage of public criticism after a report by German magazine Der Spiegel last Friday said carmakers had colluded for decades on pricing and technologies to the detriment of foreign rivals. "The Volkswagen Group has no comment to make at the present time on details of these issues or on speculation which has among other things become the subject of public debate," VW said on Wednesday after a meeting of its supervisory board. "It is quite common for car manufacturers all over the world to engage in an exchange on technical issues in order to accelerate the pace and quality of innovations." Reporting by Andreas Cremer; Editing by Tom Sims 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-emissions-volkswagen-idUKKBN1AB2I2'|'2017-07-26T20:51:00.000+03:00'
'1b91eef03b353d9f9d68aaff1a4bca6ffe518cb4'|'Seadrill extends $14 bln debt restructuring, warns of Chapter 11'|'July 26, 2017 / 6:56 AM / in a few seconds Seadrill extends $14 billion debt restructuring, warns of Chapter 11 2 Min Read OSLO (Reuters) - Offshore drilling contractor Seadrill delayed the   $14 billion (£10.75 billion) in debt and liabilities on Wednesday and reiterated that Chapter 11 bankruptcy proceedings were likely. Once the world''s biggest offshore rig firm by market value, its shares have plunged 99 percent since a peak hit in September 2013. The crown jewel in the business empire of billionaire of John Fredriksen, has struggled as energy firms have slashed investment due to a more than 50 percent fall on crude prices since 2014. "(Seadrill) has reached an agreement with its bank group to extend the comprehensive restructuring plan negotiating period until Sept 12," the firm said in a statement, pushing back a previous July 31 deadline. In April, Seadrill warned its shares would lose almost all of their value and its bonds would be hit as it was preparing for potential bankruptcy proceedings. It reiterated the statement on Wednesday. "We continue to believe that implementation of a comprehensive restructuring plan will likely involve Chapter 11 proceedings," it said. The company said such a plan would require a substantial impairment or conversion of its bonds, impairment and losses for other stakeholders, including shipyards, while shareholders are likely to receive minimal recovery for their existing shares. Reporting by Ole Petter Skonnord and Gwladys Fouche; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-seadrill-debt-idUSKBN1AB0NL'|'2017-07-26T09:48:00.000+03:00'
'd09f739390245393b9d0547542dee00028abf956'|'Impact on banks from Britain''s vote to leave the EU'|'July 26, 2017 / 3:41 PM / in 7 minutes Impact on banks from Britain''s vote to leave the EU Reuters Staff 13 Min Read FILE PHOTO: Pedestrians shelter under umbrellas as they walk past a Barclays branch in central London May 8, 2014. Stefan Wermuth/File Photo GLOBAL BUSINESS WEEK AHEAD SEARCH GLOBAL BUSINESS 24 JUL FOR ALL IMAGES (Reuters) - Global banks have said they could move thousands of jobs out of Britain to prepare for Brexit, the country''s planned exit from the European Union. Financial services companies need a regulated subsidiary in an EU country to offer products across the bloc, which could prompt some to move jobs out of Britain if it loses access to the European single market. Following are related stories about top banks (in alphabetical order): Association of Foreign Banks in Germany The association expects 3,000 to 5,000 new jobs in Frankfurt over the next two years as a result of Brexit, its head Stefan Winter, of UBS, told German newspaper Welt am Sonntag in June. He said he expected 12 to 14 major banks to expand their Frankfurt sites significantly or build new ones. Bank of America Corp Bank of America ( BAC.N ) became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc. Bank of America said in August that its businesses and results could be adversely affected and it may have to incur additional costs if Brexit limited the ability of its UK entities to conduct business in the EU. Dublin is Bank of America''s default option for a new base within the EU, but other centres are on the table and no decision has yet been made, an executive said on March 14. Barclays Barclays is talking with Irish regulators about extending its activities in Dublin, the British bank said. It already has a licensed bank in the Irish capital and is looking to expand that so it can act as its EU subsidiary. Banks in Britain will start shifting some operations to continental Europe reasonably soon to avoid disrupting links with customers after Brexit, Barclays ( BARC.L ) Chief Executive Jes Staley said. He added that obtaining a licence to trade on the continent and changing financial contracts to another jurisdiction would take a year to 18 months. Staley previously told BBC Radio that Barclays would keep the bulk of its activities in Britain after Brexit and any changes to how the bank operates would be small and manageable. Bnp Paribas BNP Paribas ( BNPP.PA ) may move up to 300 London investment bank staff because of Brexit, depending how clients adapt and the French bank''s efforts to win new UK business, a source said. The company had 3,123 staff in its corporate and institutional bank in Britain at end-2016, down from 3,294 a year earlier, internal documents seen by Reuters showed. Citigroup U.S. bank Citigroup ( C.N ) said that it may need to create 150 new jobs in the EU to deal with the impact of Britain leaving the bloc, and confirmed it would headquarter its EU trading operations in Frankfurt. Citi, which has a large banking unit in Dublin, had previously said it would choose Frankfurt as its hub for sales and trading in the EU and move "a couple of hundred" jobs outside of London after Brexit. Separately, the bank''s European chief said Citi would make a decision on Brexit contingency plans in the first half of the year and choose from a number of potential EU countries to relocate some investment banking business. Credit Agricole Credit Agricole ( CAGR.PA ), France''s third-biggest listed bank, could relocate about 100 employees from its London hub to France out of 1,000 based there in the case of a "hard" Brexit, its chief executive said. Credit Suisse Credit Suisse''s ( CSGN.S ) Chief Executive Tidjane Thiam said in September that his bank was relatively well placed to deal with Brexit and that only 15-20 percent of volumes in the investment bank would be affected. Daiwa Securities Group Japan''s No. 2 brokerage Daiwa Securities Group ( 8601.T ) said it will set up a subsidiary in Frankfurt, making it one of the first banks to publicly choose Germany to keep a foothold in the EU after Britain''s exit. The group has said it would still keep staff in London even after Brexit. It has 450 staff working in the EU now, mostly in the British capital. The German city is Daiwa''s favoured destination, as London-based staff can easily be transferred to its investment banking branch in Frankfurt, Chief Executive Seiji Nakata had said previously. Deutsche Bank Deutsche Bank ( DBKGn.DE ) is beefing up its presence in Frankfurt to deal with the impact of Britain leaving the EU. Chief Executive John Cryan said the German lender expected to add new jobs in Frankfurt, where it will replicate a structure that is interchangeable with its London operations and evolve as Brexit negotiations unfold. Deutsche Bank warned on April 26 that up to 4,000 UK jobs could be moved to Frankfurt and other EU locations - the highest potential move of any bank. European supervisors want Deutsche Bank to prepare a fallback plan, laying out how it could shift the clearing of trades from London, one person with direct knowledge of the matter told Reuters. Euroclear Settlement bank Euroclear is looking at the option of setting up a branch or subsidiary to provide a route between its UK and Irish markets after Brexit, the head of its UK and Irish operation said. French Banking Federation French banks could shift about 1,000 jobs from London to Paris to keep staff in the EU, the French Banking Federation said. Goldman Sachs U.S. bank Goldman Sachs ( GS.N ) is considering moving up to 1,000 staff from London to Frankfurt because of concerns over Brexit, Germany''s Handelsblatt newspaper reported in January, citing financial sources. Goldman will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans, the Wall Street company''s Europe CEO said in March. Three people familiar with the matter told Reuters in November that Goldman was considering shifting some of its assets and operations from London to Frankfurt. Hsbc HSBC ( HSBA.L ) sees the chances of a hard Brexit receding after Britain''s shock election result, which could result in fewer jobs moving out of London, its investment bank chief said. Stuart Gulliver, CEO of HSBC, Europe''s biggest bank, had previously said that the company would relocate staff responsible for generating around a fifth of its UK-based trading revenue, or about 1,000 people, to Paris. Chairman Douglas Flint has told lawmakers that banks without operations elsewhere in the EU are likely to trigger migration plans immediately after EU divorce talks begin, estimating that "tens of thousands" of jobs are linked to EU "passporting" rights. Investec Investec ( INVP.L ) ( INLJ.J ) is considering converting its London bank''s Dublin branch into a subsidiary to ensure it has continued access to the European single market after Britain leaves the EU, Chief Executive Stephen Koseff told British newspaper The Telegraph on May 18. However, the Anglo-South African lender and asset manager was in no rush to secure the licence needed for such a subsidiary and would see only a small part of its business affected by Brexit, the paper quoted Koseff as saying. ( bit.ly/2qywZzY ) Jpmorgan JPMorgan Chase ( JPM.N ), the biggest U.S. bank by assets, is planning to merge its UK-based private banking unit with its wider European wealth operation ahead of the UK''s exit from the European Union, Sky News reported. JPMorgan said in July that the bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, though jobs could be moved elsewhere as well. The U.S. bank has also agreed to buy a Dublin building with room for 1,000 staff in the first sign of a financial services company expanding significantly in Ireland since the government began a major campaign to attract businesses after Brexit. However, the bank, which employs about 500 people in Dublin, did not say how many jobs would be created or whether any positions would be moved from the United Kingdom. Daniel Pinto, head of investment banking at the Wall Street bank, had told Bloomberg on May 3 that it planned to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg. CEO Jamie Dimon had previously said the bank was not planning to move many jobs out of Britain in the next two years. Before the vote, Dimon said the bank would be forced to move 4,000 of its 16,000 Britain-based staff if the country loses access to the single market. Julius Baer Julius Baer, Switzerland''s third-biggest private bank is moving its European hub from Frankfurt to Luxembourg but will continue to keep its options open in London, Boris Collardi, chief executive at Julius Baer has said. Britain''s planned departure from the EU opens the door for a UK-Swiss deal covering financial services, said Collardi. Lloyds Banking Group Lloyds Banking Group ( LLOY.L ), Britain''s largest mortgage lender and the only major British retail bank without a subsidiary in another EU country, is close to selecting Berlin as a European base to secure post-Brexit EU market access. Morgan Stanley Morgan Stanley ( MS.N ) has chosen Frankfurt to be a new base for its EU operations as Britain prepares to leave the bloc, according to a source familiar with the matter. The bank is planning to use its Frankfurt subsidiary as the centre for its EU trading operations. "That means 200 new people will be coming to Frankfurt," the source said. Morgan Stanley has identified many of the roles that will need to be moved from Britain after Brexit, sources involved in the processes had told Reuters. The U.S. bank, which bases the bulk of its European staff in Britain, will have to move up to 1,000 jobs in sales and trading, risk management, legal and compliance, as well as slimming the back office in favour of locations overseas, one source told Reuters. Morgan Stanley could initially shift 300 staff from Britain after its EU exit and is scouting for office space in Frankfurt and Dublin, Bloomberg News reported in February. The bank plans to double the number of its bankers in Frankfurt to 400, German newspaper Welt am Sonntag reported in June. Mizuho Japan''s Mizuho Financial Group ( 8411.T ) said it would set up a subsidiary in Frankfurt, the latest Japanese bank to choose the German city as its new base in the European Union as Britain prepares to leave the bloc. Nomura Nomura Holdings Inc ( 8604.T ) is applying for a licence to operate a new entity in Frankfurt, as Japan''s largest brokerage gears up for Britain''s departure from the EU . Northern Trust Asset management company Northern Trust ( NTRS.O ) has said it will set up an EU banking base in Luxembourg. "Continental Europe is a strategic area of focus for Northern Trust and the creation of our EU banking presence in Luxembourg highlights our commitment to growing our business in the region," said Teresa Parker, president of Northern Trust in Europe. Around a third of Northern Trust''s institutional clients have asked it to ringfence British exposure from their broader European portfolios to protect them from Brexit-related risks. Societe Generale Societe Generale ( SOGN.PA ) could move 400 corporate and investment banking jobs from London, with most going to Paris, Chief Executive Frederic Oudea said in July. Oudea said the possible move of jobs after Brexit would affect 300-400 investment banking jobs out of 2,000 it has overall for that business in London. Standard Chartered Standard Chartered ( STAN.L ) is in talks with regulators about making Frankfurt its post-Brexit European base. Sumitomo Mitsui Financial Sumitomo Mitsui Financial Group Inc ( 8316.T ) said its core banking unit, Sumitomo Mitsui Banking Corp (SMBC), has decided to set up a subsidiary in Frankfurt. Ubs UBS ( UBSG.S ) is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam to cope with Britain''s planned EU departure, Chief Executive Sergio Ermotti said in an interview with CNBC in July. The bank has estimated that it would need to "move 1,500 people" from London to the EU to retain full passporting rights, according to Chairman Axel Weber. That would be more than a quarter of its 5,500 staff in London. The world''s biggest wealth manager has also set up a bank in Frankfurt to consolidate most of its European wealth management operations, after the Brexit vote dashed London''s chances of being the host city. Compiled by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN1AB276'|'2017-07-26T18:40:00.000+03:00'
'5293271a1a73aacfa030a9103fa86d151f5f9734'|'PayPal''s profit rises 27.2 percent'|'July 26, 2017 / 8:21 PM / 15 minutes ago PayPal''s profit rises 27.2 percent Reuters Staff 1 Min Read FILE PHOTO: The PayPal logo is seen during an event at Terra Gallery in San Francisco, California May 21, 2015. Robert Galbraith/File Photo GLOBAL BUSINESS WEEK AHEAD SEARCH GLOBAL BUSINESS 24 APR FOR ALL IMAGES (Reuters) - PayPal Holdings Inc reported a 27.2 percent rise in quarterly profit as the payment processor''s growing strategic partnerships helped boost payment volumes. The company''s net income rose to $411 million (313 million pounds), or 34 cents   30, from $323 million, or 27   Revenue rose to $3.14 billion from $2.65 billion. Reporting by Nikhil Subba   Maju Samuel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-paypal-hldg-results-idUKKBN1AB2SL'|'2017-07-26T23:20:00.000+03:00'
'ccb392b503e774441979fdac54f3b918c798ef7a'|'Strong earnings buoy Nikkei but gains capped ahead of Fed decision'|'* Caterpillar''s robust results lift Komatsu, Hitachi Construction* Shin-Etsu''s strong forecast attracts buyers, then profit-takers* Jasdaq rises for 6th day* Investors await Fed decision later in the global sessionBy Ayai TomisawaTOKYO, July 26 (Reuters) - Japanese stocks rose on Wednesday, snapping a three-day losing streak, as solid gains on Wall Street boosted sentiment and Caterpillar''s strong earnings whetted investors'' appetite for companies such as Komatsu and Hitachi Construction.While overall sentiment improved, investors took profits later in some of the stocks which had risen in early trade, as they remained cautious ahead of a U.S. Federal Reserve monetary policy decision later in the day.The Nikkei share average ended 0.5 percent higher at 20,050.16, rising for the first time in four days.The Nikkei Jasdaq rose 0.2 percent, climbing for a sixth day, as retail investors continued to buy shares in small to mid-sized companies.Japanese construction equipment makers attracted buying, with Komatsu Ltd surging 2.7 percent and Hitachi Construction Machinery Co soaring 2.9 percent after Caterpillar Inc, the world''s largest construction and mining equipment maker, beat expectations and raised its full-year forecast for the second time, citing global strength and particularly a rebound in China.Japan Inc has kicked off April-June earnings season, and investors have taken heart from brisk results from frontrunners such as Yaskawa Electric Corp, which gave the market an upbeat surprise last week.On Wednesday, the world''s largest silicon wafer maker Shin-Etsu Chemical soared as much as 3.4 percent to a record high, after it said it expects a 12.3 percent rise in its full-year operating profit for the fiscal year through March.But investors wasted no time in taking profits on the stock, sending its shares down 1.7 percent."We''re still in the second quarter, and the company already shows that it''s on track to achieve its full-year goal and that is raising expectations for certain sectors as well as the overall mood," said Takuya Takahashi, an equity strategist at Daiwa Securities.With the market focused on the Fed decision, gains were capped in the afternoon.The Fed is widely expected to keep interest rates unchanged at its two-day meeting. Investors will be watching for any clues on whether it may raise rates again this year, and when it will begin paring its massive bond portfolio, which could impact the dollar/yen and exporters'' profits.The broader Topix gained 0.2 percent to 1,620.88. (Reporting by Ayai Tomisawa; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1KH2IE'|'2017-07-26T09:34:00.000+03:00'
'f1c5da63213e0a6458a5975ef15e7e414fb6c7da'|'Exclusive: Brazil farm minister''s family firm reaps corn subsidy'|'July 23, 2017 / 2:16 PM / an hour ago Exclusive: Brazil farm minister''s family firm reaps corn subsidy Roberto Samora 5 Min Read SAO PAULO (Reuters) - A trading firm owned by Agriculture Minister Blairo Maggi''s family has been the biggest winner from Brazil''s corn subsidies this year, underscoring the tensions between the billionaire farm magnate''s political responsibilities and his investments. Since the launch of corn subsidies in May, the Maggi family''s trading company, Amaggi Exportação e Importação Ltda, has made 70 percent of the purchases under the so-called PEP program, according to a Reuters analysis of data from Brazilian crop authority Conab. Subsidies are assigned via competitive auctions and there is no evidence of Maggi steering them to his company. However, the results highlight an unusual situation in Brazil, where the country''s top agriculture official is also a major player in the market. The subsidies are ultimately aimed at supporting Brazilian farmers and ensuring their harvest reaches markets. Traders say Brazil''s centre-right government raised eyebrows with a decision to start offering the so-called PEP subsidy this year only in Mato Grosso, Maggi''s home state and the base of operations for Grupo Amaggi, whose growth since the 1990s earned him the nickname "Soy King." One result of the decision was that Amaggi was in a prime position to ship the subsidized harvest, while rivals Cargill Inc and Archer Daniels Midland Co ( ADM.N ) bought just 2 percent and 1 percent of the PEP corn, respectively. In 2010, when Brazil last offered the same corn subsidy but in a much broader swath of the country, Bunge Ltd ( BG.N ) made 27 percent of subsidized purchases, Cargill took 14 percent and Louis Dreyfus Corp took 10 percent. Amaggi took about 4 percent. The trading companies declined to comment on the contrast. The Agriculture Ministry said decisions about crop subsidies were made by a body grouping its own officials as well as representatives from the Finance Ministry and the office of the president, "based on purely technical criteria," according to a written statement. The decision to start corn subsidies this year in Mato Grosso was triggered by unusually low corn prices there, the ministry added. The program was expanded this week to other states due to falling prices. The results of an auction held on Thursday were not yet publicly available. "Amaggi vehemently refutes any hypothesis that it received any prior information about the auctions," the company said in a written statement. "The conditions for participating are uniform, objective and pre-established, applying equally to all market participants." Amaggi said the minister, while still a shareholder of its holding company, had separated himself from any function in the group since beginning his political career. Maggi was governor of Mato Grosso from 2003 to 2010 and senator from 2011 until he took over the Agriculture Ministry in May 2016. Global Glut Brazil''s PEP subsidies for corn totaled 51 million reais ($16 million) this year through July 13 - a small sum beside Amaggi''s $3.44 billion in revenue last year. Still, subsidies in the program can reach a fifth or more of the price paid by traders. Corn prices have been hit this year by a glut in global supplies, although dry weather in the United States that damaged crops prompted a mild recovery this week. [nL3N1KC1DN] Amaggi''s trading desk shipped about 1.5 million tonnes of Brazilian corn last year, compared with a total crop of 66.5 million tonnes in the 2015/16 season, according to Conab. Mato Grosso, Brazil''s top-producing state, harvested 15.3 million tonnes of corn last season, the data showed. Conab raised its 2016/17 forecast for Brazilian corn output this month to a record 96 million tonnes due to a bumper second crop planted in January after the soybean harvest. [nL1N1K20BH] The PEP crop support program has run almost weekly reverse auctions in which trading firms bid the lowest subsidy they will accept to ship corn they buy at a minimum government-set price. Another form of subsidy for Brazilian corn, known as PEPRO, allows farmers to receive compensation for selling their corn below the government''s minimum price. Subsidies in that program this year totaled 177 million reais through last week, but payments have been far less concentrated due to large numbers of small producers. The agriculture minister''s family participated in that program through farming unit Agropecuaria Maggi Ltda, which sold 3 percent of the corn in those subsidized operations - the second-largest total of all participants. Conab does not report the trading firms involved in PEPRO-subsidized transactions. ($1 = 3.13 reais) Reporting by Roberto Samora; Writing by Brad Haynes; Editing by Daniel Flynn and Andrew Hay 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/brazil-corn-subsidies-idINKBN1A80L1'|'2017-07-23T17:14:00.000+03:00'
'f50fb728366d1f5f14f1c90888d55b98887e46c2'|'Spain''s business leaders worried about Catalan secession'|'July 23, 2017 / 9:50 AM / 8 hours ago Spain''s business leaders worried about Catalan secession 2 Min Read People assemble a giant Estelada flag, a Catalan separatist flag, during a pro-independence rally in Sant Cugat del Valles, near Barcelona, Spain July 8, 2017. Albert Gea BARCELONA (Reuters) - Almost three quarters of Spanish business leaders fear Catalonia''s plans for an independence referendum on Oct. 1 could harm the country''s economy, according to a study by Deloitte published in Spanish newspaper El País. Madrid has condemned as illegal plans by the northeast region''s government to hold a referendum on seceding from Spain and, if the yes vote wins, declare independence unilaterally within 48 hours. Last week, the Spanish government said Catalonia would lose access to some public funds if it used the money to prepare for the unsanctioned plebiscite. Nationwide 74 percent of 265 business leaders surveyed believe the Catalan independence movement threatens the Spanish economy, while 43 percent of those based in Catalonia itself agree, according to the Deloitte Survey of Companies study commissioned for El Pais. Despite concerns about the political deadlock over Catalonia, confidence in Spain’s continued economic growth remains high, according to the poll. Eight out of 10 directors polled said the economy had improved in the first half of the year. Seven out of 10 expect to bill more in the second half of the year than in the first six months. Spain has surpassed expectations for GDP growth this year. Last week the International Monetary Fund said it expected Spain’s economy to grow by around 2.5 percent in 2018,up from its previous forecast of 2.1 percent. Opposition to seceding from Spain rose slightly to 49.4 percent in June, according to a poll by the regional government''s Centre of Opinion Studies, from 48.5 percent in March. Reporting by Sam Shephard; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-spain-catalonia-idINKBN1A809T'|'2017-07-23T12:30:00.000+03:00'
'772b22ea42d6b49e4fdaff1d303747ac0d074616'|'Saudi Aramco calls in defence firms for offshore security -sources'|'FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference in Manama, Bahrain, March 7, 2017. Hamad I Mohammed/File Photo KHOBAR, Saudi Arabia (Reuters) - State oil giant Saudi Aramco plans to increase security around its offshore facilities and has received bids for the work from defense firms, industry sources told Reuters.Bidders include Raytheon Co of the United States, Germany''s Rheinmetall AG, Leonardo''s Selex ES Saudi Arabia and General Dynamics, the sources added.The contract involves installing long range integrated security systems at nine offshore sites in the Gulf, two sources said adding more tenders are expected as Aramco considers expanding its offshore oilfields and upgrading their security.Saudi Arabia, the world''s largest crude oil exporter, said in June it had detained three Iranians who it said were members of Iran''s Revolutionary Guard Corps (IRGC) approaching the kingdom''s offshore Marjan oilfield on a boat. Iran said those detained were fishermen.Aramco declined to comment on the contracts or its security plans, but said in an emailed statement that it "considers the security of its employees and facilities a top priority and are of the utmost importance."General Dynamics declined to comment, while Raytheon did not respond to an emailed request for comment and Rheinmetall could not be reached for comment.Leonardo, the parent company of Selex, declined to confirm whether it was bidding for the contract but said it was pursuing "growing commercial opportunities in the region."The company "is following closely emerging security needs in the Gulf area, including in the oil and gas industry," a Leonardo spokeswoman said.Bids are currently being evaluated by Saudi Aramco, one of the sources said, adding that he expected the state oil firm to award the security contract toward the end of 2017 or the beginning of next year.Reporting by Reem Shamseddine; editing by Alexander Cornwell and Alexander Smith '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-aramco-bids-defence-idUSKBN1A91QO'|'2017-07-24T16:45:00.000+03:00'
'a3cad52be8616b69dbfee5d665e29daf3102fc8a'|'MOVES-Citi names UBS exec as head of EMEA diversified industrials'|'July 24, 2017 / 3:03 PM / 42 minutes ago MOVES-Citi names UBS exec as head of EMEA diversified industrials 1 Min Read July 24 (Reuters) - Citigroup Inc named Heiko Horn as the head of diversified industrials within the industrials group for Europe, Middle East and Africa (EMEA) and as the head of investment banking for Switzerland, an internal memo showed. Horn previously served as managing director and head of EMEA Capital Goods at UBS. Horn will join Citi in November and will be based in Zurich. He will report to Niraj Shah, co-head of EMEA industrials for corporate and investment banking, and Koen van Velsen, EMEA head of industrials investment banking. (Reporting by Divya Grover in Bengaluru; Editing by Amrutha Gayathri) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/citigroup-moves-heiko-horn-idUSL3N1KF4OA'|'2017-07-24T17:59:00.000+03:00'
'e695e19f0219458ccffd5f6b1f5e917aba463684'|'EMERGING MARKETS-Mexican stocks hit record high, Brazil stocks lifted by commodities'|'(Adds details from Mexico on bourse record high) By Sheky Espejo and Bruno Federowski MEXICO CITY/SAO PAULO, July 25 (Reuters) - Mexico''s stock market hit a fresh record high on Tuesday, boosted by expectations of good earnings, while Brazil''s stocks hit a one-month high as commodity price gains lifted shares of local blue-chips Vale SA and Petróleo Brasileiro SA. Mexico''s S&P/BMV IPC stock index rose for the third straight session, inching up by 0.09 percent from Monday, as data showed the economy continuing to grow in May and retail sales climbing by 4.1 percent on the year. Several of Mexico''s biggest companies report earnings in the next three days, and Carlos Gonzalez, head of analysis at brokerage Monex in Mexico City, said the outlook was good. "We''re still waiting for the most intense part of earnings reports in Mexico and the trend is positive, with expectations of growth of 15-16 percent in operational terms," he said. Gonzalez forecast the stock index could get to around 52,000 points in the next few days, before consolidating. In Brazil, shares in Vale, the world''s largest iron ore miner, rose after China-listed iron ore futures snapped a three-day losing streak. Shares in Bradespar SA, a key Vale shareholder, rose about 5.0 percent. Rising crude oil futures lifted shares of Petrobras , as Brazil''s state-controlled oil company is known, after major producer Saudi Arabia vowed to reduce exports next month to curb global oversupply. Gains on the benchmark index were limited by shares of Fibria SA after the wood pulp producer posted a surprising quarterly net loss as a weaker currency inflated its debt. Operating profits rose, supported by higher pulp prices and strong global demand, but analysts said that boost is likely to fade in coming quarters. Most Latin American currencies seesawed as traders awaited the U.S. Federal Reserve''s policy decision to be announced on Wednesday. Money markets indicated a near-zero chance of an interest rate increase from the U.S. central bank, and further Fed interest rate hikes are not seen as likely until at least December. That could foster demand for Latin American assets, which typically lure investors with higher yields. Brazil''s central bank will announce a rate decision on the same day and traders widely expect it to cut rates by an aggressive 100 basis points. In Mexico, shares in bottler and retailer Fomento Economico Mexicano (Femsa) fell after it reported a drop in quarterly profits, hurt by rising costs. The company''s shares dropped 1.54 percent. Key Latin American stock indexes and currencies at 0040 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1060.36 -0.37 23.43 MSCI LatAm 2738.75 0.1 16.89 Brazil Bovespa 65669.42 0.88 9.04 Mexico S&P/BMV IPC 51713.18 0.09 13.30 Chile IPSA 5037.98 0.34 21.36 Chile IGPA 25162.37 0.33 21.36 Argentina MerVal 21265.12 -0.21 25.70 Colombia IGBC 10940.04 0.09 8.02 Venezuela IBC 134583.50 1.55 324.48 Currencies daily % YTD % change change Latest Brazil real 3.1662 -0.61 2.62 Mexico peso 17.765 -0.17 16.74 Chile peso 650.9 0.12 3.04 Colombia peso 3030.2 -0.11 -0.95 Peru sol 3.25 -0.12 5.05 Argentina peso 17.4700 -0.06 -9.13 (interbank) Argentina peso 18.09 -0.22 -7.02 (parallel) (Reporting by Bruno Federowski; Editing by G Crosse and Chris Reese) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1KH01D'|'2017-07-26T03:57:00.000+03:00'
'35cc6f024adccbcf7864cd54d7061fad1ae2b85d'|'UPDATE 1-Antofagasta H1 copper output up 7.1 pct, keeps guidance'|'July 26, 2017 / 6:57 AM / in 19 minutes UPDATE 1-Antofagasta H1 copper output up 7.1 pct, keeps guidance 2 Min Read * Averted strike action * Set to hit high end of guidance - analyst (Adds detail, background) LONDON, July 26 (Reuters) - Chilean copper producer Antofagasta said on Wednesday production in the first half rose 7.1 percent and kept its full-year cost and output guidance after talks to avert strike action. Copper prices have rallied this month as the global market is increasingly seen close to balanced, compared with expectations of a surplus at the start of the year, after an Indonesian strike and contract negotiations at Chile''s Escondida interrupted supply from the world''s top two mines. New labour laws in Chile, combined with still relatively low prices, have stoked fears of more widespread labour disputes, but Antofagasta averted strike action last week when it signed a wage deal with workers. The company said full-year production was still expected to be between 685,000 and 720,000 tonnes, unchanged from a forecast from the beginning of the year, although output would be higher during the second half. It also kept its forecast for costs unchanged, with cash costs before credits for by-products expected to be $1.55 per pound and net cash costs of $1.30 per pound. CEO Ivan Arriagada said the company had continued its focus on improving efficiencies and savings and as mines had improved output, costs had fallen. "This has resulted in a net cash cost of $1.20/lb for the second quarter of 2017, down more than 5 percent on the previous quarter," he said in a statement. "Production and costs remain in-line with our expectations and our guidance for the year is unchanged." Hunter Hillcoat, analyst at Investec, which rates Antofagasta a buy, said the output results were slightly higher than expected and the company "looks likely to hit the high end of its guidance". (Reporting by Barbara Lewis in London and Sanjeeban Sarkar in Bengaluru; editing by Louise Heavens and Jason Neely) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/antofagasta-results-production-idUSL5N1KH173'|'2017-07-26T09:56:00.000+03:00'
'4bc72635e2a6c6d120e386160780b7ed996dd1c9'|'Free, healthy and a boost to creativity: companies must get staff walking - Guardian Sustainable Business'|'F riedrich Nietzsche once declared that “All truly great thoughts are conceived while walking.” This is backed up by studies by Stanford University which have shown that a person’s creative output increases by an average of 60% when walking.Yet while employers have become increasingly cycle friendly over the years – providing cycle parking, lockers and showers, cycle training, loans to buy bikes and cycle maintenance sessions – what are they doing to promote walking?Encouraging walking, both within the workplace, as well as for travelling to and from work, brings significant benefits for staff and for employers. These range from creativity to physical and mental health, including a reduced risk of depression .Physical inactivity has been identified as the fourth leading risk factor for global mortality, causing an estimated 3.2 million deaths globally. The results of a recent survey of more than 14,000 people in Scotland indicate that for adults in work, time spent being inactive during weekdays is greater than people aged 75 and above. Long periods spent sitting at work have public health implications, including increased risk for cardiovascular disease, diabetes and some cancers.Steve Jobs, the late co-founder of Apple made a habit of the walking meeting. Anecdotal evidence suggests that walking meetings lead to more honest exchanges with employees and are more productive than traditional sit-down meetings.A shorter working week could revolutionise city life Read more This is recognised by some companies which are designing their offices to encourage walking. Samsung’s US headquarters in San Jose, California has been designed around a walking layout so that employees are never more than a floor away from stepping outside for a walk. Google’s plans for its ‘landscraper’ London headquarters at Kings Cross in London includes a 200-metre-long “trim trail” which runs on the roof.Other companies are incorporating a “daily mile” route to encourage employees to get out for a walk. Saga’s Group Headquarters at Sandgate near Folkestone, for example, has a marked out a mile in its grounds that staff can use for a meeting or a stroll at lunchtime.We can design physical activity back into our everyday lives by incentivising and facilitating walking as regular daily transport, creating environments that encourage healthier choices. Businesses can play a key role in this and as a result will have healthier and happier staff. Getting more people walking at work would make for a healthier workforce, and not just by reducing the risk of diseases linked to physical inactivity. Research also shows that absenteeism rates are lower among staff who walk and that active commuters are better able to concentrate and under less strain than those who travel by car.Actions that businesses can take include promoting walking meetings, having a “daily mile” route (this could just be a convenient mile route marked on a map on local streets around a business), promoting walking initiatives (such as Living Streets’ walk to work month), or even having a clinic to advise on walking and gait and posture, offering incentives to buy good quality walking trainers or activity trackers.Walking is the lowest-carbon, least polluting form of transport. It’s a great social leveller and having people walking through urban spaces makes them safer for others. And best of all – it is free, it is reliable and it makes people happy. Who wouldn’t want that for their staff?'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jul/26/walking-work-companies-health-staff-mental'|'2017-07-26T14:00:00.000+03:00'
'6e07cd787fac0dc3cf30a4ca3e64910eef2df1e2'|'ECB asks FX partners to sign global FX code'|'July 26, 2017 / 12:54 PM / in 26 minutes ECB asks FX partners to sign global FX code Reuters Staff 2 Min Read LONDON (Reuters) - The European Central Bank joined other major central banks on Wednesday in putting formal pressure on currency-trading banks it works with to sign the new global FX code of conduct. It followed two years of work by officials worldwide. Legal concerns meant the ECB only "invited" but did not require all of its currency market counterparties to sign up, in contrast to the mandatory rules implemented by some other central banks. But the bank''s decision to make a statement of commitment to the code compulsory for all members of its industry contact group (FXCG), allied to similar moves in other jurisdictions, meant in effect it was unlikely that any major counterparties would remain outside the code. "FXCG members will be required to demonstrate their institutions’ commitment to the FX Global Code, in line with the FXCG’s updated Terms of Reference," the ECB said in a statement. Representatives of a working group of major central banks launched the code in May after two years of work aimed at drawing a line under four years of scandals over price-rigging that have hampered the world''s biggest financial market. Officials from the Federal Reserve and the Reserve Bank of Australia said immediately that they would require all institutions who trade currencies with them to be signed up, others said they would need more time to make formal statements. Such efforts are aimed at showing that adherence to the code would be effectively universal despite its voluntary nature. Writing by Patrick Graham Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-forex-code-ecb-idUKKBN1AB1R9'|'2017-07-26T15:53:00.000+03:00'
'ffb7651336a3d48d2317735b44d90a3f6b7550f2'|'Factbox - Impact on banks from Britain''s vote to leave the EU'|'July 26, 2017 / 3:54 PM / 16 minutes ago Factbox: Impact on banks from Britain''s vote to leave the EU Reuters Staff 13 Min Read FILE PHOTO: Storm clouds are seen above the Canary Wharf financial district in London, Britain, August 3, 2010. Greg Bos/File Photo (Reuters) - Global banks have said they could move thousands of jobs out of Britain to prepare for Brexit, the country''s planned exit from the European Union. Financial services companies need a regulated subsidiary in an EU country to offer products across the bloc, which could prompt some to move jobs out of Britain if it loses access to the European single market. Following are related stories about top banks (in alphabetical order): Association of Foreign Banks in Germany The association expects 3,000 to 5,000 new jobs in Frankfurt over the next two years as a result of Brexit, its head Stefan Winter, of UBS, told German newspaper Welt am Sonntag in June. He said he expected 12 to 14 major banks to expand their Frankfurt sites significantly or build new ones. Bank of America Corp Bank of America ( BAC.N ) became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc. Bank of America said in August that its businesses and results could be adversely affected and it may have to incur additional costs if Brexit limited the ability of its UK entities to conduct business in the EU. Dublin is Bank of America''s default option for a new base within the EU, but other centers are on the table and no decision has yet been made, an executive said on March 14. Barclays Barclays is talking with Irish regulators about extending its activities in Dublin, the British bank said. It already has a licensed bank in the Irish capital and is looking to expand that so it can act as its EU subsidiary. Banks in Britain will start shifting some operations to continental Europe reasonably soon to avoid disrupting links with customers after Brexit, Barclays ( BARC.L ) Chief Executive Jes Staley said. He added that obtaining a license to trade on the continent and changing financial contracts to another jurisdiction would take a year to 18 months. Staley previously told BBC Radio that Barclays would keep the bulk of its activities in Britain after Brexit and any changes to how the bank operates would be small and manageable. Bnp Paribas BNP Paribas ( BNPP.PA ) may move up to 300 London investment bank staff because of Brexit, depending how clients adapt and the French bank''s efforts to win new UK business, a source said. The company had 3,123 staff in its corporate and institutional bank in Britain at end-2016, down from 3,294 a year earlier, internal documents seen by Reuters showed. Citigroup U.S. bank Citigroup ( C.N ) said that it may need to create 150 new jobs in the EU to deal with the impact of Britain leaving the bloc, and confirmed it would headquarter its EU trading operations in Frankfurt. Citi, which has a large banking unit in Dublin, had previously said it would choose Frankfurt as its hub for sales and trading in the EU and move "a couple of hundred" jobs outside of London after Brexit. Separately, the bank''s European chief said Citi would make a decision on Brexit contingency plans in the first half of the year and choose from a number of potential EU countries to relocate some investment banking business. Credit Agricole Credit Agricole ( CAGR.PA ), France''s third-biggest listed bank, could relocate about 100 employees from its London hub to France out of 1,000 based there in the case of a "hard" Brexit, its chief executive said. Credit Suisse Credit Suisse''s ( CSGN.S ) Chief Executive Tidjane Thiam said in September that his bank was relatively well placed to deal with Brexit and that only 15-20 percent of volumes in the investment bank would be affected. Daiwa Securities Group Japan''s No. 2 brokerage Daiwa Securities Group ( 8601.T ) said it will set up a subsidiary in Frankfurt, making it one of the first banks to publicly choose Germany to keep a foothold in the EU after Britain''s exit. The group has said it would still keep staff in London even after Brexit. It has 450 staff working in the EU now, mostly in the British capital. The German city is Daiwa''s favored destination, as London-based staff can easily be transferred to its investment banking branch in Frankfurt, Chief Executive Seiji Nakata had said previously. Deutsche Bank Deutsche Bank ( DBKGn.DE ) is beefing up its presence in Frankfurt to deal with the impact of Britain leaving the EU. Chief Executive John Cryan said the German lender expected to add new jobs in Frankfurt, where it will replicate a structure that is interchangeable with its London operations and evolve as Brexit negotiations unfold. Deutsche Bank warned on April 26 that up to 4,000 UK jobs could be moved to Frankfurt and other EU locations - the highest potential move of any bank. European supervisors want Deutsche Bank to prepare a fallback plan, laying out how it could shift the clearing of trades from London, one person with direct knowledge of the matter told Reuters. Euroclear Settlement bank Euroclear is looking at the option of setting up a branch or subsidiary to provide a route between its UK and Irish markets after Brexit, the head of its UK and Irish operation said. French Banking Federation French banks could shift about 1,000 jobs from London to Paris to keep staff in the EU, the French Banking Federation said. Goldman Sachs U.S. bank Goldman Sachs ( GS.N ) is considering moving up to 1,000 staff from London to Frankfurt because of concerns over Brexit, Germany''s Handelsblatt newspaper reported in January, citing financial sources. Goldman will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans, the Wall Street company''s Europe CEO said in March. Three people familiar with the matter told Reuters in November that Goldman was considering shifting some of its assets and operations from London to Frankfurt. Hsbc HSBC ( HSBA.L ) sees the chances of a hard Brexit receding after Britain''s shock election result, which could result in fewer jobs moving out of London, its investment bank chief said. Stuart Gulliver, CEO of HSBC, Europe''s biggest bank, had previously said that the company would relocate staff responsible for generating around a fifth of its UK-based trading revenue, or about 1,000 people, to Paris. Chairman Douglas Flint has told lawmakers that banks without operations elsewhere in the EU are likely to trigger migration plans immediately after EU divorce talks begin, estimating that "tens of thousands" of jobs are linked to EU "passporting" rights. Investec Investec ( INVP.L ) ( INLJ.J ) is considering converting its London bank''s Dublin branch into a subsidiary to ensure it has continued access to the European single market after Britain leaves the EU, Chief Executive Stephen Koseff told British newspaper The Telegraph on May 18. However, the Anglo-South African lender and asset manager was in no rush to secure the license needed for such a subsidiary and would see only a small part of its business affected by Brexit, the paper quoted Koseff as saying. ( bit.ly/2qywZzY ) Jpmorgan JPMorgan Chase ( JPM.N ), the biggest U.S. bank by assets, is planning to merge its UK-based private banking unit with its wider European wealth operation ahead of the UK''s exit from the European Union, Sky News reported. JPMorgan said in July that the bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, though jobs could be moved elsewhere as well. The U.S. bank has also agreed to buy a Dublin building with room for 1,000 staff in the first sign of a financial services company expanding significantly in Ireland since the government began a major campaign to attract businesses after Brexit. However, the bank, which employs about 500 people in Dublin, did not say how many jobs would be created or whether any positions would be moved from the United Kingdom. Daniel Pinto, head of investment banking at the Wall Street bank, had told Bloomberg on May 3 that it planned to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg. CEO Jamie Dimon had previously said the bank was not planning to move many jobs out of Britain in the next two years. Before the vote, Dimon said the bank would be forced to move 4,000 of its 16,000 Britain-based staff if the country loses access to the single market. Julius Baer Julius Baer, Switzerland''s third-biggest private bank is moving its European hub from Frankfurt to Luxembourg but will continue to keep its options open in London, Boris Collardi, chief executive at Julius Baer has said. Britain''s planned departure from the EU opens the door for a UK-Swiss deal covering financial services, said Collardi. Lloyds Banking Group Lloyds Banking Group ( LLOY.L ), Britain''s largest mortgage lender and the only major British retail bank without a subsidiary in another EU country, is close to selecting Berlin as a European base to secure post-Brexit EU market access. Morgan Stanley Morgan Stanley ( MS.N ) has chosen Frankfurt to be a new base for its EU operations as Britain prepares to leave the bloc, according to a source familiar with the matter. The bank is planning to use its Frankfurt subsidiary as the center for its EU trading operations. "That means 200 new people will be coming to Frankfurt," the source said. Morgan Stanley has identified many of the roles that will need to be moved from Britain after Brexit, sources involved in the processes had told Reuters. The U.S. bank, which bases the bulk of its European staff in Britain, will have to move up to 1,000 jobs in sales and trading, risk management, legal and compliance, as well as slimming the back office in favor of locations overseas, one source told Reuters. Morgan Stanley could initially shift 300 staff from Britain after its EU exit and is scouting for office space in Frankfurt and Dublin, Bloomberg News reported in February. The bank plans to double the number of its bankers in Frankfurt to 400, German newspaper Welt am Sonntag reported in June. Mizuho Japan''s Mizuho Financial Group ( 8411.T ) said it would set up a subsidiary in Frankfurt, the latest Japanese bank to choose the German city as its new base in the European Union as Britain prepares to leave the bloc. Nomura Nomura Holdings Inc ( 8604.T ) is applying for a license to operate a new entity in Frankfurt, as Japan''s largest brokerage gears up for Britain''s departure from the EU . Northern Trust Asset management company Northern Trust ( NTRS.O ) has said it will set up an EU banking base in Luxembourg. "Continental Europe is a strategic area of focus for Northern Trust and the creation of our EU banking presence in Luxembourg highlights our commitment to growing our business in the region," said Teresa Parker, president of Northern Trust in Europe. Around a third of Northern Trust''s institutional clients have asked it to ringfence British exposure from their broader European portfolios to protect them from Brexit-related risks. Societe Generale Societe Generale ( SOGN.PA ) could move 400 corporate and investment banking jobs from London, with most going to Paris, Chief Executive Frederic Oudea said in July. Oudea said the possible move of jobs after Brexit would affect 300-400 investment banking jobs out of 2,000 it has overall for that business in London. Standard Chartered Standard Chartered ( STAN.L ) is in talks with regulators about making Frankfurt its post-Brexit European base. Sumitomo Mitsui Financial Sumitomo Mitsui Financial Group Inc ( 8316.T ) said its core banking unit, Sumitomo Mitsui Banking Corp (SMBC), has decided to set up a subsidiary in Frankfurt. Ubs UBS ( UBSG.S ) is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam to cope with Britain''s planned EU departure, Chief Executive Sergio Ermotti said in an interview with CNBC in July. The bank has estimated that it would need to "move 1,500 people" from London to the EU to retain full passporting rights, according to Chairman Axel Weber. That would be more than a quarter of its 5,500 staff in London. The world''s biggest wealth manager has also set up a bank in Frankfurt to consolidate most of its European wealth management operations, after the Brexit vote dashed London''s chances of being the host city. Compiled by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-banks-factbox-idUKKBN1AB287'|'2017-07-26T18:53:00.000+03:00'
'77e4e3376d0c6f14eda4746e51b233b6aa6b7d4f'|'Airplane maker leads Czech arms industry revival'|'July 26, 2017 / 6:15 AM / 2 hours ago Airplane maker leads Czech arms industry revival Michael Kahn and Robert Muller 6 Min Read An employee works on the assembly line in a hangar of an aircraft manufacturer Aero Vodochody near the town of Odolena Voda, Czech Republic, July 11, 2017. David W Cerny PRAGUE (Reuters) - During the last days of the Cold War in 1988, Czechoslovakia''s Aero Vodochody''s factory outside Prague produced a record 250 of its Albatros L-39 training jets for Soviet bloc air forces. Those customers disappeared with the collapse of Communism as successive governments focused on building a market economy and steered away from arms exports, sending the industry into a tailspin. Numerous comeback attempts sputtered for Aero, which halted jet production between 2003 and 2015. Now a growing number of conflicts around the world is helping to fuel demand for arms, providing Czech firms an opportunity to sell to customers looking for a supplier from a country that does not usually impose political strings. This combined with the political support at home that is essential for doing deals with foreign militaries, the industry is experiencing a revival as Aero and other companies ramp up production and target new customers, particularly in emerging markets. "The influence of big countries in emerging markets is changing," said Aero Chief Executive Giuseppe Giordo told Reuters. "It gives us the opportunity to compete in more international markets." "If countries make a deal with Czech Republic they are making a deal with a neutral country," said the former chief of the aeronautical unit of Italy''s Leonardo, one of the market leaders a revamped Aero is targeting in its come back. Boeing bought a stake in Aero in the 1990s but sold it back to the government after failing to land new contracts. Czech-Slovak private equity group Penta bought Aero in 2006. Giordo, who took the helm at Aero in 2016, has overseen the relaunch of the L-159 and is pushing plans for the next generation L-39 trainer. It aims to produce up to 26 aircraft annually over the next 10 to 15 years. The company has also re-launched production of new parts for the L-39 -- which can turn into a light version of the combat fighter at the flick of a switch -- in recent weeks. Aero delivered 12 L-159 jets to the Iraqi air force at the end of last year, including one made in 2016, the first since 2003. The company revamped 11 other jets that had been in storage. Aero expects to seal two contracts for the next generation L-39 jet trainer in central Europe and is pursuing three potential deals in Asia, South America and Europe, Giordo said. The company relaunched full production of the jet in July and expects to produce three next generation L-39s for testing and a fourth ready for delivery to a customer in 2020. "In 2017 we are focusing all of our attention on capturing new markets for both the L-159 and the next generation L-39 training jet," he said. Government Support An employee works on the assembly line in a hangar of an aircraft manufacturer Aero Vodochody near the town of Odolena Voda, Czech Republic, July 11, 2017. David W Cerny Aero, founded in 1919, moved to its current facilities in 1953, a sprawling complex of low-rise hangers, assembly areas and corporate offices to focus on manufacturing Soviet MiG fighters. Production of the supersonic MiG-19 and MiG-21 aircraft paved the way for Aero''s own models, including the L-39 Albatros which first rolled off the line in 1972 and is one of the most popular jet trainers in the world. A desire to improve national security and support the domestic economy has spurred the government to re-engage in the international arms arena, Deputy Defence Minister Tomas Kuchta told Reuters. "It is a field where ties between states or on a personal level often play a role," he said. "It is not the question of quality and price but it is about making a long-term, close relationship, where some chemistry must work. You cannot do that over email." The efforts are paying off. Czech military manufacturing exports nearly tripled over the past four years to more than 18 billion Czech crowns in 2016 and should surpass that amount in 2017, according to the association representing the country''s arms makers. Slideshow (18 Images) Government officials are also taking more foreign trips - around 40 expected this year - to help win new contracts for the country''s military technology makers, vehicle manufacturers and light arms producers. New Departments, Old Expertise Speeding export licenses and creating a special export department at the Defence Ministry have helped military manufacturers land high-profile contracts and compete in Asia and North America. Another marquee deal for the Czech industry was Ceska Zbrojovka''s agreement to supply the elite French anti-terrorist unit GIGN with an initial order of 68 Bren 2 assault rifles. The company -- which produced the original Bren assault rifle for British troops in World War I -- is now targeting other foreign militaries and elite units, including a deal to supply the Pakistan military with assault rifles. "The deal with France is a huge reference because the GIGN unit buys the best weapons in the world and makes us seen as a very competitive player," Ceska Zbrojovka Chief Executive Lubomir Kovarik told Reuters. The company, whose rivals include Germany''s Heckler & Koch, U.S. gun maker Colt and Italy''s Beretta, plans to produce 300,000 weapons in 2017 -- double the production six years ago, Kovarik said. Czech arms exports surged 233 percent in the years from 2012 to 2016 compared with the four-year period from 2007-2011, the Stockholm International Peace Research Institute said. It was the world''s 22nd largest exporter of major weapons in 2016, the institute said. Conflicts in places such as Iraq are helping to drive demand, said Jiri Hynek, head of the Czech Defence and Security Industry Association. "Our exports are growing," Hynek said. "Today many countries don''t want another country to rule them through military equipment shipments... and our advantage is that we don''t have such ambitions." Editing by Anna Willard '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-czech-arms-idUKKBN1AB0JB'|'2017-07-26T09:14:00.000+03:00'
'81ad1f3a395ba198fee496c6a3c504b8aad867be'|'Reliance''s ''free'' JioPhone shakes up cheap end of India''s billion-strong market'|'A woman checks her mobile phone as she walks past a mobile store of Reliance Industries'' Jio telecoms unit, in Mumbai, India, July 11, 2017. Shailesh Andrade MUMBAI (Reuters) - At first glance, Indian telecoms upstart Jio''s bet on ''free'' internet-enabled phones to win over poorer customers is a near-fatal blow for low-end handset makers, most already struggling with paper-thin margins on some of the world''s cheapest devices.But industry executives and analysts say Jio''s crossover feature phone - not quite a smartphone, not quite a no-frills handset - could, in fact, be a boon to the lower end of the market and suppliers that feed it, creating a new in-between category and getting more people online for the first time.The JioPhone, they say, creates a new phone segment aimed at millions of low-paid Indians, currently caught between basic, calls-and-text devices and fancier smartphones.Reliance Industries, led by India''s wealthiest man Mukesh Ambani, waded into India''s cut-throat telecoms industry last year with its $30 billion bet on Jio, upending the sector with its cheap smartphones and data plans.Last week, it announced a new phone, which allows digital payments and will come effectively free. Buyers can get a device for a refundable fee of 1,500 rupees ($23.30).Currently over 60 percent of India''s roughly 750 million mobile users use phones that allow only calls and basic texts, making so-called feature phones the country''s single largest segment. But many will soon move up the chain."The concept of 4G feature phones is not new, and most Indian firms have already done their R&D," said Jaipal Singh, analyst with tech research firm IDC. "Brands such as Micromax, Lava, Intex and Karbonn will launch similar devices to either compete or partner with Jio."Micromax, one of India''s largest brands, said it was working on a 4G feature phone that would rival Jio''s compromise offering. Lava, which launched India''s first low-cost, 4G-enabled phone this year - selling for about $50 - said it could launch more if there was demand.Samsung Electronics, the largest player in India thanks to its range of offerings, from high-end smartphones to basic $15 handsets, expects the new offerings to expand the whole market and "boost Samsung''s mobile phone sales in future".Not Just Business But the industry will still face tough times for now, as Jio''s deep pockets still squeeze rivals - and its suppliers."The low-cost JioPhone will place pressure on Indian feature phone leaders such as Samsung, Intex and Lava, and make life harder for ambitious new entrants like HMD," said Neil Mawston, an executive director at tech research firm Strategy Analytics.HMD Global, a Finnish company that owns the rights to the Nokia phone brand, this year launched a revamped version of the Nokia 3310, which retails in India for about $50.A senior Reliance executive said the company plans to have 5 million phones available each week, but is concerned its supply chain may not be able to keep up with demand.Ambani''s bet is not just business. The deal is also a boost for two of Prime Minister Narendra Modi''s key campaigns: "Digital India", which aims to get more Indians online, and "Make in India", to encourage local manufacturing.The Reliance executive said it aims to have all the assembly of its JioPhone devices done in India by the year-end, by the likes of Foxconn Technology Co and Flextronics Corp.Smartphones remain popular in India''s cities, but the JioPhone will allow Jio to connect millions of new clients in smaller towns and the countryside, who prefer a simpler user interface, local language scripts and chunkier batteries, said Tarun Pathak of Counterpoint Research.The JioPhone will give them a first taste of high-speed web browsing and is likely to gradually boost online shopping in the world''s fastest-growing internet services market, analysts said.Reliance plans to weave NFC (near field communication) - a wireless technology that allows two devices to connect - in the JioPhone later this year, a move likely to accelerate the adoption of digital payments.Jio has acquired more than 125 million customers since its launch last year, primarily by offering free voice and unlimited data plans, but a further expansion of its customer base hinges largely on the availability of entry-level 4G-enabled devices.Reporting by Sankalp Phartiyal; Editing by Ian Geoghegan '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-reliance-handsets-idUSKBN1AB24R'|'2017-07-26T18:04:00.000+03:00'
'f6bc66df40bb9317c325e8db64d5386fcb089629'|'Germany retailer Aldi to invest 5.2 billion euros in stores'|'July 26, 2017 / 4:28 PM / 10 minutes ago Germany retailer Aldi to invest 5.2 billion euros in stores Reuters Staff 2 Min Read FRANKFURT (Reuters) - German discount grocery chain Aldi North said Wednesday it was planning to spend 5.2 billion euros (4.59 billion pounds) to revamp its stores in Germany and around Europe. Aldi and its rival Lidl have expanded rapidly in Europe, putting pressure on Britain''s big supermarkets and also challenging U.S. retailers. German brothers Karl and Theodor Albrecht pioneered the Aldi discount store concept, setting up two sister businesses serving north and south Germany in 1962 and then expanding to much of Europe as well as the United States and Australia. Aldi North''s sister chain Aldi South announced plans in June to invest $3.4 billion to expand its U.S. store base to 2,500 by 2022. Theodor had placed control of Aldi North in the hands of three foundations, all of which must approve any strategic decisions. Aldi North most recently said it had just over 4,800 stores in Europe. It operates 1,600 stores in the United States and earlier this year said it would add another 400 by the end of 2018. Reporting by Maria Sheahan and Tom Sims. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aldi-investment-idUKKBN1AB2AY'|'2017-07-26T19:28:00.000+03:00'
'5c1863dfeae971c43ffbc4f990ff2b5b524b0f4c'|'British lender Metro Bank swings to profit in first half'|'July 26, 2017 / 6:09 AM / 34 minutes ago British lender Metro Bank swings to profit in first half Reuters Staff 3 Min Read Pedestrians pass a branch of Metro Bank in central London July 28, 2010. Toby Melville (Reuters) - British lender Metro Bank Plc ( MTRO.L ) posted a pretax profit in the first-half, driven by growth in lending and customer deposits. The bank, which listed on the London Stock Exchange in March last year, said underlying profit before tax was 6 million pounds ($7.81 million) in the six months ended June, compared with a loss of 13 million pounds a year earlier. Metro Bank, which offers retail, business and private banking, said net loans at June-end were 7.8 billion pounds, up from 6.5 billion pounds at March-end. Total deposits jumped 49 percent to 9.8 billion pounds. One of Britain''s "challenger banks", Metro Bank listed in London with the aim of challenging Britain''s "Big 5" lenders. The bank''s net interest margin, a measurement of lending profitability, was 1.92 percent in the second quarter, compared with 2.02 percent in the previous quarter. Net interest margin was depressed in the quarter by higher cash balances held in advance of the completion of a mortgage portfolio that the lender bought last month. Metro Bank''s core capital ratio was 13.5 percent, 140 basis points below end-2016 levels. The lender, Britain''s first new High Street bank in over 100 years, raised its 2020 loan to deposit ratio target to about 85 percent from about 80 percent and pushed its 2020 Return on Equity target of about 18 percent to 2022. Rival Virgin Money ( VM.L ), the first British bank to report mid-year results, flagged a weaker housing market and pressure on margins on Tuesday, hitting its shares and adding to signs of tougher trading for UK lenders. The company''s cautious guidance overshadowed a 26 percent rise in first-half underlying pretax profit to 128.6 million pounds ($167.4 million), helped by growth in its core mortgages, savings and credit card businesses. Metro Bank also said in a separate statement on Tuesday it would raise about 280 million pounds via an accelerated bookbuild. The proceeds of the placing will be used to support Metro Bank''s growth and replace funds used for its acquisition of a mortgage portfolio from a company owned by U.S. private equity firm Cerberus Capital Management LP [CBS.UL] for 596.7 million pounds, augmenting its loan book with primarily buy-to-let mortgages. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-metro-bank-results-idUKKBN1AB0JW'|'2017-07-26T09:09:00.000+03:00'
'c055f76b5c389885348e0979b8b95ac7a50f7fac'|'Italy tax cuts for hiring young people should be extended - Padoan'|'July 26, 2017 / 10:31 AM / 7 minutes ago Italy tax cuts for hiring young people should be extended - Padoan Reuters Staff 1 Min Read ROME (Reuters) - A temporary measure cutting taxes for Italian employers for a period after they hire young people should be extended, Economy Minister Pier Carlo Padoan said on Wednesday. The government is considering including the tax cuts, which were introduced temporarily as part of a 2015 labour market reform, in its 2018 budget, which is due to be presented in October, Padoan said. "Selective tax cuts for young people are an important tool and these measures should be made permanent," Padoan said at a conference in Rome. He did not say how long the tax cuts would remain valid after a young worker was hired. Italy''s youth unemployment rate is one of the highest in the European Union, at 37 percent in May. Reporting by Giuseppe Fonte, writing by Isla Binnie 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-economy-budget-idUKKBN1AB1D5'|'2017-07-26T13:30:00.000+03:00'
'3f02f5cde7f33b0fc09d6dfae097d2d9da7f58ba'|'FTSE Russell to exclude Snap from stock indexes'|'July 26, 2017 / 8:39 PM / 11 minutes ago FTSE Russell to exclude Snap from stock indexes Reuters Staff 1 Min Read FILE PHOTO: The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. Lucy Nicholson/File Photo NEW YORK (Reuters) - FTSE Russell CEO Mark Makepeace said on Wednesday the index provider plans to exclude Snap Inc from its widely followed stock indexes because of the Snapchat owner''s unusual share structure that denies voting rights to investors. Russell said it plans to require constituents of its indexes to have more than 5 percent of the company''s voting rights in the hands of unrestricted shareholders. Russell also said it plans to seek further feedback from clients. Reporting by Ross Kerber; editing by Grant McCool 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-russell-idUKKBN1AB2TY'|'2017-07-26T23:38:00.000+03:00'
'024310cfb41864bfc35cd964be4cceddb44a0f39'|'Why record U.S. oil exports are poised for even more growth'|'July 27, 2017 / 9:15 AM / in 2 hours Why record U.S. oil exports are poised for even more growth Devika Krishna Kumar and Marianna Parraga 7 Min Read FILE PHOTO - A view of the Tesoro refinery in Martinez California, U.S. on February 2, 2015. Robert Galbraith/File Photo NEW YORK/HOUSTON (Reuters) - U.S. refineries are producing more fuel than ever as they seek to meet rising demand - from overseas, rather than the drivers on nearby roadways. Last year, the U.S. became the world''s top net exporter of fuel, an outgrowth of booming domestic production since the shale oil revolution started in 2010. That''s a fundamental shift from the traditional U.S. role in global markets as a top importer and consumer. Net exports are on track to hit another record in 2017, making foreign fuel markets increasingly important for the future growth prospects and profit margins of U.S. refiners. Shale oil producers have provided refiners with abundant and cheap domestic crude supplies, giving them the raw material they need to produce internationally competitive fuel. The nation set a record in 2016 by sending a net 2.5 million barrels per day (bpd) of petroleum products to foreign markets. That compares to net fuel imports of 2.3 million just a decade ago, according to U.S. government data. Booming exports have bolstered margins at the biggest U.S. refiners - including Marathon Petroleum and Valero - and compensated for lack of strong growth this year in U.S. fuel demand. Now, the government of U.S. President Donald Trump is seeking to deregulate oil and gas production to further leverage rising U.S. exports for international political gain - a policy Trump calls "energy dominance". Surging U.S. crude production has already complicated the ongoing effort by the Organization of the Petroleum Exporting Countries (OPEC) to tame a global glut that has halved oil prices since 2014. The United States remains a massive importer of crude oil - regularly trading the top spot with China - but American refineries now re-export much of that oil as jet fuel, diesel and gasoline. The U.S. has a growing role in satisfying demand for motor fuel in countries such as Mexico and Brazil, where the thirst for U.S. fuel is likely to accelerate amid refinery outages and high production costs. Refined U.S. exports are also going further afield to Asia, and diesel exports to Europe increased in June to levels not seen in nearly two years, traders have said. (See graphic: tmsnrt.rs/2sSqsRP ) Traditionally, oil traders, refiners and investors have considered U.S. fuel demand as one of the leading metrics for predicting international crude oil supply and price trends. Now, they are increasingly looking to foreign demand for U.S. fuel for guidance. "Globally, you''re going to have increased demand for all of our products, and so our focus will go beyond the U.S. borders," said Texas-based Valero''s Chief Executive, Joe Gorder. In contrast, he predicted a "slight decline" in U.S. gasoline demand over the next decade. U.S. gasoline demand hit a record in 2016, as low pump prices encouraged consumption, but has leveled off this year. Rising fuel efficiency in cars is expected to limit future domestic demand growth. Latin American Buyers FILE PHOTO - A view of the Exxonmobil Baton Rouge Chemical Plant in Baton Rouge, Louisiana, U.S. on November 6, 2015. Lee Celano/File Photo U.S. refined products are filling shortages in countries such as Mexico and Venezuela, where refineries have been running below capacity. U.S. exports have also made inroads into Brazil''s market by undercutting the price of locally produced fuel. Latin America''s imports of U.S. fuels reached almost 2.5 million bpd in the first quarter compared with 2.32 million bpd in 2016. The growth was fueled by Mexico, Brazil, Peru, Venezuela and Central America, according to the U.S. Energy Information Administration (EIA). Mexico - already the biggest export market for U.S. gasoline and diesel - is seeking higher-than-usual volumes in July and August to fill a void left by a fire at its biggest refinery last month. In recession-scarred Venezuela, the country''s largest refining complex has lowered operating rates this month to less than half of its 955,000-barrel-per-day capacity, a level that has required state-run oil company PDVSA to import more fuel to meet domestic demand. Between them, Mexico and Venezuela have recently said they want to buy extra volumes of almost 19 million barrels in the second half of the year - mostly from the United States - an amount suggesting that U.S. exports will grow again this year over last year''s record levels. Net U.S. exports of transport fuels could rise 8.8 percent this year, according to PIRA Energy, an analytics and forecasting unit of S&P Global Platts. In Brazil, fuel distributors have begun buying more U.S. imports because they are cheaper than fuel sold by state-run oil firm Petrobras. Petrobras had failed to align its wholesale prices with international markets, opening a window for importers to bring fuel into Brazil. Petrobras last month said it would peg its fuels more closely to international prices as it tried to slow the expansion of U.S. imports. Analysts said supply from U.S. refiners was unlikely to slow much. Beyond the Americas U.S. refiners have also boosted exports to Europe and Asia. In Europe, U.S. shipments of diesel rose to nearly 500,000 bpd in June, according to traders, well above flows that have rarely exceeded 370,000 bpd since July 2015. U.S. global distillate exports, including diesel, hit a record that month, said researcher ClipperData, which tracks global oil flows. Exports of refined products to several Asian countries, including India, Japan and South Korea, rose to record levels in 2016, and China took a record 303,000 bpd of U.S. produced fuels in February. U.S. refiners are likely to play in important role in meeting rising demand from Asia, said Nicole Leonard, senior project consultant at Platts Analytics Oil & Gas Consulting. Analysts and traders expect U.S. refined products exports to continue to grow, even with increased competition from large exporters in the Middle East, Europe and India. Demand for U.S. fuels is underpinned by refinery challenges in neighboring countries, said Sandy Fielden, director of oil and products research for Morningstar Commodities Research in Austin, Texas. "It doesn''t seem that these Latin American countries are going to cure their refining problems overnight," he said. Reporting by Devika Krishna Kumar in New York, Marianna Parraga in Houston; Additional reporting by Jarrett Renshaw 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-oil-exports-idINKBN1AC18X'|'2017-07-27T12:10:00.000+03:00'
'399cca9f9157c4d5bd900a938c8335841032675b'|'Adidas sells ice hockey brand to Birch Hill for $110 million'|'July 27, 2017 / 2:24 PM / 5 minutes ago Adidas sells ice hockey brand to Birch Hill for $110 million Reuters Staff 1 Min Read The logo of Adidas is seen on an outlet store in Metzingen, Germany, June 16, 2017. Michaela Rehle FRANKFURT (Reuters) - German sportswear group Adidas ( ADSGn.DE ) has agreed to sell its CCM ice hockey brand to an affiliate of Birch Hill Equity Partners for $110 million (83.90 million pounds), it said on Thursday, seeking to focus more strongly on the Adidas and Reebok brands. Adidas said in a statement the majority of the purchase price would be paid in cash and the rest in the form of a secured note. The sale does not change the company''s full-year guidance, it said. Reporting by Maria Sheahan; Editing by Victoria Bryan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-adidas-divestiture-hockey-idUKKBN1AC2BB'|'2017-07-27T17:24:00.000+03:00'
'b8100026d3da43df759918f1822489a3328e6994'|'UPDATE 1-Australian regulator investigating Takata airbag recall after death'|'July 23, 2017 / 10:07 PM / 11 minutes ago UPDATE 1-Australian regulator investigating Takata airbag recall after death 3 Min Read (Updates with more detail, quote from chairman) July 24 (Reuters) - Australia''s consumer watchdog said on Monday it was investigating the recall of Takata Corp vehicle airbags, a day after police said a man''s death in a Sydney car crash could be linked to the faulty safety equipment. The Australian Competition and Consumer Commission (ACCC) said it was seeking information from both the government department responsible for vehicle safety and car manufacturers on what information was being given to consumers about the recall. Police said over the weekend that the death of the man in Sydney earlier this month may be the 18th death related to faulty airbags by the Japanese auto parts maker. The ACCC referred to another incident in April in which a woman in the Northern Territory suffered severe injuries from her airbag after a crash. ACCC Chairman Rod Sims noted that the Takata airbags degrade over time and can become lethal by misdeploying and firing metal shards at a car''s occupants. He warned, however, that some vehicles'' airbags were being replaced with airbags that may in turn need to be replaced again in six years'' time because they were treated with a water-absorbing chemical designed to address the problem that can also degrade over time. More than 2.3 million vehicles in Australia have been targeted in a recall since 2009, the ACCC said. The airbags are in 60 makes of cars sold in Australia, including Honda and Toyota. "We would have very serious concerns if manufacturers were found to be misleading consumers about their car''s safety in breach of their obligations under consumer law," Sims said in a statement. "Our advice to consumers is not to panic, but to visit the Product Safety Australia website to see if their car is affected by the recall and if it is, to contact their car’s manufacturer immediately." Takata has filed for bankruptcy protection in the United States and Japan, and said last month it had agreed to be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems. Reporting by Susan Mathew in Bengaluru; Editing by Jane Wardell and Peter Cooney 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-takata-idUSL3N1KE0AU'|'2017-07-24T01:07:00.000+03:00'
'37204dd4b3ea7f6d537128bbdb836427a7d5a586'|'Hiring helps Julius Baer hit highest inflows since financial crisis'|'July 24, 2017 / 6:51 AM / 41 minutes ago Hiring helps Julius Baer hit highest inflows since financial crisis Joshua Franklin 3 Min Read FILE PHOTO: Logo of Swiss private bank Julius Baer is seen at an office building in Zurich, Switzerland July 24, 2016. Arnd Wiegmann/File Photo ZURICH (Reuters) - Julius Bar ( BAER.S ) had its most successful six months of attracting new assets from wealthy clients since the financial crisis, it said on Monday, boosted by a recent push to recruit more private bankers. After making a string of acquisitions to grow its business in recent years, Switzerland''s third-largest private bank hired more than 100 bankers in 2016 to help gain new clients. This strategy paid off in the first six months of 2017, with the bank attracting net new money, an indicator of future earnings in private banking, at an annualised rate of 6.1 percent of assets. This was ahead of its 4-6 percent target range and its best performance since 2008. "Net inflows exceeded our own expectations," Chief Executive Boris Collardi said in a statement. It indicates assets gathered by the new bankers accelerated in May and June after Julius Baer had said inflows were in the middle of its 4-6 percent range during the first four months of 2017. Inflows were particularly high from Asia, the Middle East and Latin America, the bank said in a call with journalists. There is a typical lag of 18-24 months until a new private banker breaks even. Shares were indicated up 1.9 percent in pre-market indicators JBPRE01. Capital Cushion Overall, Julius Baer''s assets under management grew by 6 percent to 355 billion Swiss francs ($375.18 billion) in the first six months of 2017. The average estimate in a Reuters poll of five analysts was for the assets managed by the Zurich-based bank to grow to 358 billion francs. Adjusted net income unexpectedly remained steady year on year at 404 million francs, ahead of the poll average of 373 million francs. At 69.1 percent Baer''s cost/income ratio was shy of its 64-68 percent medium-term target range. The bank expects to reach this range in 2018. Julius Baer''s CET1 capital ratio, a measure of balance sheet strength, was 11.9 percent compared to 10.6 percent at the end of 2016. The bank also appointed Beatriz Sanchez, previously Goldman Sachs ( GS.N ) chairwoman for Latin American private wealth management, as its new head of Latin America, effective Dec. 15, taking over from Gustavo Raitzin. Reuters had reported that Julius Baer was looking for a replacement for Raitzin. Editing by Brenna Hughes Neghaiwi and Michael Shields 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-julius-baer-results-idUKKBN1A90K2'|'2017-07-24T09:50:00.000+03:00'
'6b49a8678b0744b92dd2874c21279c1d4ff7b618'|'Spanish businessman Manuel Jove weighs sale of energy assets: sources'|'MADRID (Reuters) - Spanish businessman Manuel Jove is considering selling renewable energy business Avantegenera to take advantage of consolidation in the sector, two sources with knowledge of the matter said on Monday.Jove has hired Societe Generale as an adviser on a deal that could fetch up to 1 billion euros ($1.2 billion), the sources added, echoing an earlier report by Bloomberg.The sources said the plan was still at an early stage. The business could be sold in one block or split into different parts, they added.Avantagenera''s clean-energy assets include wind and solar power plants in countries such as Spain and Brazil.Societe General and Inveravante, Jove''s investment vehicle, declined to comment.Foreign investors have been buying renewable assets in Spain during the country''s economic recovery.Reporting by Carlos Ruano and Andres Gonzalez; Writing by Jesús Aguado; Editing by Mark Potter '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-avantegeneral-m-a-idUSKBN1A925Z'|'2017-07-25T01:04:00.000+03:00'
'83a3844a6ea22afa1edbf6030425980e3b81fa3f'|'Twitter no longer at ''death''s door'' as earnings report approaches'|'July 26, 2017 / 5:04 AM / 2 hours ago Twitter no longer at ''death''s door'' as earnings report approaches David Ingram 3 Min Read FILE PHOTO: People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken September 27, 2013. Kacper Pempel/Illustration//File Photo SAN FRANCISCO (Reuters) - Twitter Inc heads toward its quarterly earnings report on Thursday with a stock that has risen more than 40 percent since April when much of Wall Street was ready to write off the tech company. The company''s share price popped after its most recent earnings report in April, when Twitter disclosed better-than-expected user growth. The number of people on Twitter will be in sharp focus on Thursday, when investors and analysts will see if it has kept up the 6 percent year-over-year growth in monthly active users it reported in April. Twitter said then that it had 328 million users. "For a company that people thought six months ago was knocking on death''s door and going the way of Myspace and AOL, the double-digit rebound and the continued acceleration in users has really surprised investors," BTIG Research analyst Richard Greenfield said. Twitter shares closed on Tuesday at $19.97, nearly flat on the day but up 41.4 percent since its stock hit an intraday low of $14.12 on April 17. The S&P 500 information technology index is up 10.6 percent since its April 17 closing price. The surge of interest is a morale boost for Twitter, which has limped through past earnings announcements, struggled to keep a stable management and suffered unfavorable comparisons to its bigger and more profitable competitor Facebook Inc. This month, Twitter had a streak of 12 days when its shares closed up. The business is expected to report quarterly revenue of $536.6 million, according to a Thomson Reuters I/B/E/S forecast average. That would be a drop of 10.9 percent from $602 million a year earlier. What has investors upbeat, though, is the number of people on the service, which public figures including U.S. President Donald Trump use to blast out 140-character messages. "People are willing to give them the benefit of the doubt if they start to grow again," Wedbush Securities analyst Michael Pachter said. Other positive signs cited by analysts include co-founder and Chief Executive Officer Jack Dorsey purchasing additional shares and co-founder Biz Stone announcing in May his return to Twitter. Ex-banker Ned Segal starts next month as Twitter''s next chief financial officer. Meanwhile, advertisers and investors have gotten used to Twitter existing as a niche platform, Pivotal Research analyst Brian Wieser said. "There''s nothing wrong with that," he said. Reporting by David Ingram; Editing by Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-twitter-stocks-idUKKBN1AB0E9'|'2017-07-26T08:02:00.000+03:00'
'366404786267b59be4e6b68e77365fdd4a738ac2'|'Your state pension in Dorset: £124,000. In Glasgow? £38,000 - Money'|'T he prosperous countryside of east Dorset is home to Britain’s longest living residents , with the average male at birth expected to survive 82.9 years. Maybe it won’t make too much difference to their financial futures that the government said this week that it would raise the state pension age to 68 sooner than planned. They will still be collecting their state pension for nearly 15 years after retiring, picking up around £124,000 assuming the new state pension stays at £159.95 a week. They are certainly getting good value from their national insurance payments when they were working. Along the way they will also enjoy a £3,000 winter fuel bonus and once they reach 75, as they nearly all will, the TV licence is free, saving £147 a year.Now compare that with the deal for someone born in Glasgow. It has Britain’s worst longevity figures, with the average male expected to live just 72.6 years. The new retirement age of 68 means our typical Glaswegian male will pick up a state pension for only four to five years, pocketing just £38,000 in total. That winter fuel payment, more needed in Glasgow than Dorset, will be more like £800, while on average they cannot expect to ever get the free TV licence.The early shift to a state pension age of 68 is another fracture in the social contract across the generationsThis is a simplistic comparison and can be unpicked in lots of ways, not least that the data is skewed by the well-off departing Glasgow for retirement elsewhere, with a rump of unhealthy manual workers left behind. But it shows just how blunt our “one size fits all” state pension system has become.As the state pension age creeps up and up, with experts saying further rises to 70 are inevitable, workers with poorer longevity prospects – those in manual trades in particular – may legitimately ask why they are expected to pay loads of NI when their prospects for much of a payout are rather limited.The early shift to a state pension age of 68 is also another fracture in the social contract across the generations. The triple lock for today’s pensioners is inviolable. The vast final salary-based payouts of better-off public sector workers are untouchable. Yet for the young, nothing seems to be off limits. They are expected to take on large debts for their education. Young women in particular will be expected to work eight years longer than their mothers before qualifying for a state pension. They won’t have generous guaranteed final salary pension schemes, but flimsy stock market-based alternatives instead. And you can bet your NI payments that when it comes to their retirement that triple lock will be long gone.The government, under cover of the Cridland report , is also raising the state pension age at the very moment other reports suggest increases in longevity have stalled due to miserly health and social care spending. And that’s before the epidemic of obesity and diabetes starts to take its inevitable toll.There is no alternative, insists the government. But there is. Other countries arrange their pensions differently. The French levy hefty social charges on employers, enabling them to pay much higher pensions and earlier than us. The average French person enjoys a retirement that lasts three to five years longer than the average Brit. Across Europe the state pension age is creeping up, but from 65 to 67. In Britain we are fast-tracking towards 68.There are ways to slow down the shift to high state pension ages without placing yet more burdens on the young. The most under-taxed store of wealth in the UK is property, largely owned by an older generation. There are myriad ways to access it – capital gains tax, inheritance tax or even land value tax. We could also oblige the better-off retired to pay at least a half-rate of NI.There are calls to regionalise the state pension age – pay it earlier, say, in Blackpool than in Bournemouth. But how this could work in practice is an unsolved question.Topics State pensions On reflection Retirement planning Pensions Life expectancy comment'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/blog/2017/jul/22/one-size-fits-all-state-pension-too-simplistic'|'2017-07-22T09:00:00.000+03:00'
'36d766cdaab47599c91b3f8853db755c6fc81fc2'|'Exclusive: Brazil''s Triunfo clinches $673 mln restructuring with banks'|'July 22, 2017 / 1:59 PM / 18 minutes ago Brazil''s Triunfo clinches $673 million restructuring with banks Guillermo Parra-Bernal 4 Min Read BOGOTA (Reuters) - TPI Triunfo Participações & Investimentos SA and a pool of about 20 banks have agreed on terms to restructure 2.113 billion real ($672.6 million) of debt, giving the Brazilian infrastructure firm a lifeline to finalize projects and downsize gradually. The process will take place as an out-of-court workout, in which companies seek a limit on the influence of some creditors in the upcoming rounds of their restructuring, said Andre Bucione, managing director at Alvarez & Marsal Holdings LLC, which advised Triunfo on the process. "Lenders were always satisfied with the company''s willingness to discuss how to honor its debt, facilitating an accord that will be beneficial to all parties involved," said an executive at one of Triunfo''s creditors, who requested anonymity in discussing terms of the workout. Triunfo borrowed aggressively at the start of the decade to fuel expansion in toll roads, electricity and airports. Still, Brazil''s worst-ever recession has eroded profitability at the company and about 1 billion reais of Triunfo''s debt will mature by the end of next year.[L1N1HR0WH] Triunfo had about 3.5 billion reais in total borrowings as of March. While the out-of-court workout does not impose asset sales on Triunfo, it should accelerate the reshaping of a company that grew too big, too fast, the same executive said. A total of 82 percent of Triunfo''s creditors adhered to the workout, Bucione said. Brazil''s state-controlled development bank BNDES, also a Triunfo shareholder, did not participate in the process. Under the agreement, creditors will be offered two options: to be paid in full in eight years, four of which will have a grace period and the other four, fully amortized; or to take a reduction and get paid up to 110 million reais once Triunfo''s legal team and a commercial court validate the restructuring, Bucione said. Terms of the deal are similar to those reported by Reuters on June 19, when Triunfo agreed to sell a 50 percent stake in Terminal Portuário de Navegantes SA for about 1.3 billion reais plus an earn-out. Triunfo did not immediately comment. Expensive Loan Since Reuters reported Triunfo''s exit from the terminal known as PortoNave, common shares have jumped 47 percent to 4.30 reais. A successful out-of-court workout could help Triunfo speed up the sale of stakes in a hydropower dam, a stake in an airport concession and other businesses, people told Reuters at the time of the port divestiture. Concern about the pace of negotiations with creditors and a tussle with creditor and shareholder BNDES had driven the stock down 42 percent in the two months through mid-June. Triunfo''s restructuring is the latest out-of-court workout among builders and banks in recession-hit Brazil. A recent one involved the oil drilling unit of Odebrecht SA, a builder ensnared in a massive corruption scandal that sought to renegotiate its debt. The workout was devised to help Triunfo repay an 800 million-real, foreign-currency denominated loan from hedge fund Farallon Capital Management LLC, which bore very high interest rates, Bucione said. Triunfo secured the money putting a stake in the port as collateral. For banks, the accord will help them avoid setting aside extra provisions on Triunfo''s outstanding borrowings while maintaining financing for the company''s toll road, airport and construction projects, people involved in the process said. Creditors who seek to be repaid earlier will participate in an auction that will define the optimal haircut. They would be paid 50 million reais upfront and 35 million reais after court approval. The remaining 25 million reais would hinge on other conditions and another auction.($1 = 3.1416 reais) Reporting by Guillermo Parra-Bernal; Additional reporting by Bruno Federowski; Editing by Leslie Adler and Diane Craft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tpi-triunfo-part-restructuring-idINKBN1A70G0'|'2017-07-22T16:57:00.000+03:00'
'f78a565f9deecc2e190d1ac64562332156b50fd2'|'Boeing raises 2017 earnings forecast'|'July 26, 2017 / 11:46 AM / 32 minutes ago Boeing raises 2017 earnings forecast Reuters Staff 1 Min Read FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. Jim Young/File Photo (Reuters) - Boeing Co ( BA.N ) reported a quarterly profit compared with a loss a year ago when it booked a charge, and raised its full-year core profit forecast. The world''s biggest maker of jetliners said it expects 2017 core earnings per share in a range of $9.80 to $10.00, up from its previous forecast of $9.20 to $9.40. Boeing earned $1.76 billion (1.34 billion pounds), or $2.89 per share, in the second quarter ended June 30, compared with a loss of $234 million, or 37 cents per share, a year earlier. Last year''s results included more than $2 billion in charges related to the 787, 747 and KC-46 tanker aircraft programs. The company''s core earnings, which excluded some pension and other costs, were $2.55 per share in the quarter. Revenue fell 8.1 percent to $22.74 billion. Commercial aircraft deliveries fell to 183 from 199. Boeing said it continues to expect to deliver 760-765 commercial aircraft in 2017. Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boeing-results-idUKKBN1AB1L7'|'2017-07-26T14:46:00.000+03:00'
'a53116bcef1c8a34f6920d811b19e4c3253b1c24'|'UPDATE 1-UAE buys first U.S. oil cargo to replace Qatar condensate -sources'|'FILE PHOTO: Logos of ADNOC are seen at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. Toru Hanai/File Photo SINGAPORE (Reuters) - The United Arab Emirates will import the country''s first oil cargo from the United States, two sources familiar with the matter said, as the OPEC producer sought substitutes to replace Qatari condensate supplies after a diplomatic row.The UAE halted condensate imports from Qatar after it, along with Saudi Arabia, Egypt and Bahrain, severed diplomatic and transport ties with Qatar after accusing it of supporting terrorism, a claim which Doha denies.Abu Dhabi National Oil Co (ADNOC) bought a U.S. Eagle Ford condensate cargo in a tender for September arrival, the sources said on Wednesday.Specific volumes were not available but the cargo will arrive in a supertanker that can carry up to 2 million barrels of oil, one of the sources said.ADNOC declined to comment.ADNOC faced limited options in sourcing for condensate substitutes as strong demand for the ultra-light oil in South Korea and Indonesia tightened supplies in Asia, trade sources said.This forced the state oil company to look for supplies from other regions, including Eagle Ford condensate from the United States.ADNOC used to receive 1 million to 1.5 million barrels of Qatari condensate every month under a term agreement with Qatar Petroleum, trade sources said earlier.Condensate is a byproduct of natural gas production and the oil is processed at refining units to produce mainly naphtha, a petrochemical raw material.ADNOC earlier bought Khuff condensate from Saudi Arabia to replace Qatari supplies, the trade sources said, but the production volume of this oil is small and it is usually consumed locally.Reporting by Florence Tan and Jessica Jaganathan; Additional reporting by Rania El-Gamal in DUBAI and Catherine Ngai in NEW YORK; Editing by Tom Hogue and Biju Dwarakanath '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-emirates-crude-idUSKBN1AB0HX'|'2017-07-26T09:24:00.000+03:00'
'05bd33cbef7b17eac627113142d95c9c525d771c'|'Amundi''s Pioneer to ditch Blackrock''s Aladdin to cut costs'|'July 26, 2017 / 2:38 PM / 5 minutes ago Amundi''s Pioneer to ditch Blackrock''s Aladdin to cut costs 2 Min Read PARIS, July 26 (Reuters) - Amundi confirmed on Wednesday plans to switch the IT systems of its recently-acquired Pioneer Investments from rival BlackRock''s Aladdin platform in a bid to cut costs. "Having your own software is a key driver of efficiency," Amundi''s chief executive officer Yves Perrier was quoted as saying by Financal News on Wednesday. BlackRock''s Aladdin operating system is used by asset managers to help manage the risk in their portfolios and assist them in trading, data management and other operations. BlackRock is the world''s largest asset manager. An Amundi spokeswoman confirmed the change and said that migration of Pioneer to Amundi''s system was expected to be completed by the beginning of the first quarter of 2019. Amundi bought Pioneer Investments from Italian lender Unicredit for 3.54 billion euros ($4.1 billion) this year. The French group expects the acquisition to deliver 150 million euros in cost synergies and 30 million euros in revenue synergies over a full year, starting from completion of the integration process, which will take two years. More than 200 institutions, including BlackRock, use Aladdin and its risk analytics, the world''s largest asset manager with $5.7 trillion says. Growing Aladdin is a key priority for Blackrock''s CEO Larry Fink, who has placed an emphasis on technology as the broader stockpicking business has come under pressure from lower cost index funds. ($1 = 0.8599 euros) (Reporting by Maya Nikolaeva and Simon Jessop, Additional reporting by Trevor Hunnicutt in New York; editing by Alexander Smith) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/amundi-blackrock-aladdin-idUSL5N1KH5OX'|'2017-07-26T17:38:00.000+03:00'
'519b83e2fe2c7018e56d47776c9516b8440eaa4b'|'U.S. existing home sales drop as prices hit record high'|'July 24, 2017 / 2:02 PM / 2 hours ago U.S. home sales stumble as prices hit record high Lucia Mutikani 5 Min Read FILE PHOTO -- A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, U.S. October 20, 2014. Larry Downing/File Photo WASHINGTON (Reuters) - U.S. home resales fell more than expected in June as a dearth of properties amid strong demand pushed prices to a record high, keeping first-time buyers on the sidelines. The housing market has experienced an acute shortage of homes for sale for about two years. As the labor market churns out more jobs and builders struggle to secure land, building materials and skilled labor, the situation could worsen. "The fact that demand is so high is actually a good sign of economic health," said Svenja Gudell, chief economist at Zillow. "But that''s probably small comfort to buyers, especially first-time buyers that are having an especially difficult time finding entry-level homes for sale."The National Association of Realtors said on Monday existing home sales dropped 1.8 percent to a seasonally adjusted annual rate of 5.52 million units last month. Economists had forecast sales falling 1.0 percent to a 5.58 million-unit rate. Sales were up 0.7 percent from June 2016. The shortage of properties has led to bidding wars, culminating in house price increases outpacing wage gains. There were 1.96 million houses on the market last month, down 7.1 percent from a year ago. Housing inventory has dropped for 25 straight months on a year-on-year basis. The median house price jumped 6.5 percent from a year ago to an all-time high of $263,800 in June. It was the 64th straight month of year-on-year price increases. The NAR, however, said the price surge did not suggest another housing market bubble was building, noting that the inflation-adjusted median price was below its peak in 2006. The PHLX index of housing stocks .HGX fell 0.3 percent, underperforming a broadly weaker U.S. stock market. Shares in the nation''s largest homebuilder, D.R. Horton ( DHI.N ), slipped 0.20 percent. Lennar Corp ( LEN.N ) shares fell 0.18 percent, but Pultegroup ( PHM.N ) stock rose 1.04 percent. Prices for U.S. Treasuries dipped, while the U.S. dollar rose slightly against a basket of currencies. Supply Squeeze Homebuilders are struggling to plug the inventory gap amid rising lumber costs. Homebuilding is also being hampered by shortages of labor and land. A report last week showed housing starts rebounding 8.3 percent to a 1.22 million-unit pace in June, but still below their historic average of 1.5 million units, a rate realtors say would eliminate the housing shortage. Housing likely subtracted from gross domestic product in the second quarter after contributing almost half a percentage point to the economy''s annualized 1.4 percent growth pace in the first three months of the year. The Atlanta Federal Reserve is forecasting GDP rising at a 2.5 percent pace in the second quarter. The government will publish its advance estimate for second-quarter GDP on Friday. The economy appears to have retained its momentum early in the third quarter, with a second report from data firm IHS Markit showing its flash manufacturing Purchasing Managers Index hit a four-month high in July. Home sales in June fell in the Northeast, West and South regions, but rose in the Midwest. At June''s sales pace, it would take 4.3 months to clear the stock of houses on the market, up from 4.2 months in May. A six-month supply is viewed as a healthy balance between supply and demand. Houses typically stayed on the market for 28 days last month, down from 34 days a year ago. The shorter market duration was concentrated in Seattle, Salt Lake City, San Jose, San Francisco and Denver. Demand for housing is being driven by a tight labor market, marked by a 4.4 percent unemployment rate, which is boosting employment opportunities for young Americans. But the tight labor market has not spurred faster wage growth. Annual wage growth has struggled to break above 2.5 percent, an obstacle for first-time home buyers, whose share of home sales has barely shifted. They accounted for 32 percent of transactions last month, well below the 40 percent share that economists and realtors say is needed for a robust housing market. "Housing demand should hold up. However, we are not optimistic that the current inventory shortage will improve this year," said Matthew Pointon, property economist at Capital Economics in New York. "Existing home sales will do no more than tread water over the next few months." Reporting by Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-housing-idUSKBN1A91RU'|'2017-07-24T17:01:00.000+03:00'
'df1c073fe82838e45ae5c75e5f999535726b4b83'|'Wall Street set to rise on strong earnings, dovish Fed'|'July 27, 2017 / 11:38 AM / in 20 minutes Wall Street set to rise on strong earnings, dovish Fed Tanya Agrawal 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 20, 2017. Brendan McDermid (Reuters) - U.S. stocks looked set to open higher on Thursday a day after the Federal Reserve kept interest rates unchanged, while investors assessed a flurry of corporate earnings reports. The central bank, in a statement following a two-day policy meeting on Wednesday, indicated the economy was growing moderately and job gains had been solid. However, it noted that both overall inflation and a measure of underlying price gains had declined and said it would "carefully monitor" price trends. The statement was perceived as dovish by investors, with rate futures pricing in a 38 percent chance of an interest rate hike by December, compared with a little over 50 percent chance priced in before the meeting. Wall Street closed at record highs on Wednesday, propelled by strong quarterly earnings. Earnings of S&P 500 companies are now expected to have climbed 9.9 percent in the second quarter, up from a projection of an 8 percent rise at the start of the month, according to Thomson Reuters I/B/E/S. With equity markets at record levels, investors have been counting on strong earnings to justify the relatively expensive stock valuations. "Earnings season has arguably taken on additional importance this quarter due to the inability of Donald Trump to, so far, deliver on the growth agenda that won him the White House back in November," said Craig Erlam, senior market analyst at online forex broker Oanda. "Even in the absence of tax cuts and fiscal stimulus, corporate America has continued to perform well, with companies exceeding expectations on both the top and bottom line." Dow e-minis 1YMc1 were up 13 points, or 0.06 percent, with 21,396 contracts changing hands at 8:35 a.m. ET (1235 GMT). S&P 500 e-minis ESc1 were up 4.25 points, or 0.17 percent, with 145,487 contracts traded. Nasdaq 100 e-minis NQc1 were up 42.5 points, or 0.71 percent, on volume of 31,063 contracts. Online giant Amazon ( AMZN.O ), Intel ( INTC.O ), Starbucks ( SBUX.O ) and Mattel ( MAT.O ) are among the major companies reporting results after the bell. Shares of Facebook ( FB.O ) jumped 7.23 percent in premarket trading after the social network''s results beat Wall Street estimates. Twitter ( TWTR.N ) was down 9.84 percent after the company''s quarterly results showed it failed to add users on a monthly basis in the second quarter, compared with the first quarter. Comcast ( CMCSA.O ) was up 2.54 percent as its quarterly results topped expectations. Procter & Gamble ( PG.N ) rose 2.41 percent, while Mastercard ( MA.N ) was up 1.61 percent after posting strong quarterly results. Economic data showed durable goods orders rose more than-expected in June, while weekly jobless claims rebounded from a three-month low last week. (This version of the story has been refiled to drop extraneous words in paragraph one) Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-stocks-idINKBN1AC1QM'|'2017-07-27T16:07:00.000+03:00'
'c756b74752fc031499877c2f460d10f791734d2c'|'Celgene to pay $280 million to settle off-label marketing case'|'(Reuters) - The U.S. Justice Department said on Tuesday that Celgene Corp ( CELG.O ) had agreed to pay $280 million to settle a lawsuit that accused the company of promoting its cancer drugs Revlimid and Thalomid for off-label uses.In a statement, Celgene said it has agreed to resolve a "whistleblower" lawsuit that alleged it had violated the federal False Claims Act by submitting false claims to Medicare.The company has denied any wrongdoing in this matter, but said it was settling to avoid the "uncertainty, distraction, and expense of protracted litigation".The lawsuit alleged that Celgene violated the laws of 28 states and the District of Columbia by submitting fraudulent claims to state healthcare programs, including California''s Medi-Cal program.The DoJ said Celgene was expected to pay the settlement on Wednesday.On March 1, Reuters reported that Celgene and the whistleblower, Beverly Brown, had asked the judge presiding over the case not to issue any substantive rulings for 30 days while they pursue mediation.Brown, a former sales representative for the company, sued New Jersey-based Celgene in 2010, bringing claims on behalf of the federal government and about two dozen states, including California, Illinois, Texas and New Jersey. The case was unsealed in 2014.Brown claimed that Celgene engaged in the off-label marketing of its drugs, which caused off-label prescriptions that were ineligible for reimbursement to be submitted to Medicare and state Medicaid programs, violating the federal False Claims Act.Thalomid was approved by the U.S. Food and Drug Administration in 1998 to treat a rare skin disease related to leprosy. The drug''s active chemical, thalidomide, was known for causing birth defects when it was used to treat morning sickness in the 1950s and 1960s.Celegene''s flagship drug Revlimid, approved in 2005, is a chemical derivative of thalidomide. Both drugs are now approved for use in some cancer patients.Brown said in her lawsuit that Celgene promoted the drugs as cancer treatments for which they were not approved. The promotional efforts included kickbacks paid to doctors to speak about the drugs, her complaint said.Reporting by Akankshita Mukhopadhyay in Bengaluru and Brendan Pierson in New York; Editing by Maju Samuel '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-celgene-lawsuit-idUSKBN1AA2PA'|'2017-07-26T05:05:00.000+03:00'
'37327d1fcaa97162db3c8e297c4722764be8cb86'|'France to nationalise STX shipyard if Italy snubs ownership deal'|'July 26, 2017 / 4:51 PM / in 10 minutes France to nationalise STX shipyard if Italy snubs ownership deal Leigh Thomas 5 Min Read FILE PHOTO: French Economy minister Bruno Le Maire takes a picture of French President Emmanuel Macron (not pictured) near the MSC Meraviglia cruise ship during a visit to the STX Les Chantiers de l''Atlantique shipyard site in Saint-Nazaire, France, May 31, 2017. Stephane Mahe/File Photo PARIS (Reuters) - The French state said on Wednesday it would nationalise the STX France shipyard if Italy does not accept its offer to split STX''s capital equally, putting down a marker on the limits of economic liberalism under new President Emmanuel Macron. The threat raises the stakes in a standoff over the shipyard''s fate, the only one in France with facilities large enough to build aircraft carriers. Fincantieri agreed in May to pay 79.5 million euros (71 million pounds) for two-thirds of STX France, which is being sold following the collapse of South Korean parent STX, but the Italian bid has raised fears for French jobs at the Saint-Nazaire site on the Atlantic Coast. French Economy Minister Bruno Le Maire said nationalisation would give the state more time to find a better shareholder deal, but even if temporary, it would mark the first major state intervention in the corporate world by Macron''s government, which was elected on a pro-business platform. Italian interests rejected the French proposal for ownership of STX France to be split equally between Italian state-owned shipbuilder Fincantieri ( FCT.MI ) and Paris. Both Fincantieri Chief Executive Giuseppe Bono and Italian Industry Minister Carlo Calenda raised the prospect that Fincantieri could walk away from the deal if France backed away from conditions agreed under the former government of President Francois Hollande, who left office in May. "We are Europeans and on STX we cannot accept being treated worse than the Koreans," Bono said on a conference call in reference to the shipyard''s previous majority owner. Italian Economy Minister Pier Carlo Padoan later took a more conciliatory tone, saying Italy was open to changing the terms of the deal, but insisted Fincantieri must have control. "We have offered to listen to the new government''s requirements, but there is no reason why Fincantieri should give up a majority stake and control of the French company." Unions Divided Trade unions are split over the nationalisation option, with the hardline Force Ouvriere in favour but others against. FILE PHOTO: French President Emmanuel Macron greets workers as he attends a christening ceremony for the MSC Meraviglia cruise ship at the STX Les Chantiers de l''Atlantique shipyard site in Saint-Nazaire, France, May 31, 2017. Stephane Mahe/File Photo "Some people here will be glad about nationalisation but that''s not what will bring us work. Our clients need certainty," said Christophe Morel, representative of the CFDT, France''s biggest trade union. Le Maire said Fincantieri was welcome to invest in STX but on an equal footing with French partners and said that the Italians had until Thursday to make up their minds about the offer on the table. "If our Italian friends say ''this deal does not work for us, we don''t agree with 50/50'', the state will exercise its pre-emption rights on STX," Le Maire told franceinfo radio. "We will buy shares, we are majority owners and we will give ourselves time to negotiate a new shareholder pact." Under an existing pact, the French state has a pre-emption right to buy out shareholders that runs until the end of the month. Le Maire said the cost of buying out STX''s other shareholders was "on a scale of tens of millions of euros rather than in the billions of euros". Fincantieri''s shares closed down 8.7 percent at 0.959 euros a share following the STX France news and after it published first-half earnings. Macron was elected in May on promises to boost growth by lifting constraints on business and his government has since flagged plans to privatise non-strategic state holdings while easing labour regulations. However, it has also not hesitated to lean on carmakers Renault and PSA Peugeot Citroen, in which the state owns stakes, to help a struggling parts maker in a region where jobs are scarce. Macron decided after his election to review the terms of Fincantieri''s deal to acquire the STX France stake. "We are not happy with the deal negotiated by the previous government because it does not allow French shareholders to keep control of jobs, industrial capacities and regional development," Le Maire said. The French side has been concerned the Italians would shift projects from Saint-Nazaire to Italy as the shipyard''s order book for huge luxury ocean liners is currently brimming over. But the French also have a strategic interest in the shipyard for its capacity to build warships. Le Maire offered to extend naval construction cooperation as part of a 50/50 ownership deal. Additional reporting by Alberto Sisto and Isla Binnie in Rome, Elisa Anzolin in Milan, Guillaume Frouin in Nantes; Editing by Andrew Callus and Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stx-m-a-fincantieri-idUKKBN1AB2CW'|'2017-07-26T19:51:00.000+03:00'
'309822a16e4fa57aa0b3a9fb4d6cdffd3909bcbf'|'Airbus A350 goals on track, but A320neo plans in doubt'|'July 26, 2017 / 12:42 PM / 5 hours ago Airbus A350 goals on track, but A320neo plans stretched Tim Hepher 4 Min Read FILE PHOTO: An Airbus A350 aircraft flies in formation with Britain''s Red Arrows flying display team at the Farnborough International Airshow in Farnborough, Britain July 15, 2016. Peter Nicholls/File Photo - RTX3CD23 PARIS (Reuters) - Airbus said it was on track to meet a target of 10 A350 deliveries a month by the end of 2018 as it hit a milestone of 100 deliveries since Europe''s newest wide-body jet came into service, but doubts remained over its A320neo plans. Airbus Chief Operating Officer and President of Commercial Aircraft Fabrice Bregier reaffirmed the A350 target after delivering a A350-900 jetliner to China Airlines ( 2610.TW ). The European planemaker is juggling complex industrial and demand factors as it increases production of the A350 and the smaller A320neo family to regenerate its portfolio. Qatar Airways last month cancelled four A350s following delays though a person familiar with the matter said the two sides were in constructive discussions on the issue. The carrier had earlier cancelled several A320neo jets due to problems with engines developed by Pratt & Whitney. It has expressed interest in the larger A321neo, but this time powered by alternative engine supplier CFM ( GE.N ) ( SAF.PA ). Airbus executive Bregier has been in the Gulf state recently for talks, according to Qatar News Agency. Pratt & Whitney parent United Technologies ( UTX.N ) on Tuesday reaffirmed its target for deliveries of its new Geared Turbofan engine for the A320neo. Airbus is expected broadly to stick to its own delivery expectations when it reports earnings on Thursday. Industry sources say it has opted for now to accept Pratt''s commitments and wait for more engines, but that it remains frustrated at the slow pace of recovery which puts pressure on the planemaker''s delivery plans for the rest of the year. Airbus aims to deliver some 200 A320neo-family jets in 2017. In a sign of the task ahead, industry sources say more than half of these were originally due to be Pratt & Whitney variants under the original confidential production plan for the year, since Pratt''s engine entered service before CFM''s model. In the first half, Airbus delivered just 16 Pratt-powered A320neo jets, barely a third of the 43 powered by competing CFM engines, several sources said. That leaves more than 80 Pratt-powered jets to deliver in the remainder of the year. Airbus declined comment. Deliveries are said to be held up partly because airlines are holding out for more spare engines which Pratt is unable to deliver. Speaking to Reuters on Tuesday, United Tech finance director Akhil Johri acknowledged pressure on the supply of spares. "There''s always a trade-off between spares versus production engines... Ideally, if we had unlimited capacity we would satisfy both, but unfortunately that''s not the case," he said. CFM has indicated that it sees rising demand for its new LEAP engines but its production plans are seen unlikely to contain enough buffer to compensate for Pratt''s difficulties, at least in the short term. It has also had some glitches with forgings and materials but is so far said to be just a few weeks behind schedule. Additional reporting by Alexander Cornwell and Alwyn Scott; Editing by Edmund Blair/Keith Weir 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-deliveries-idUKKBN1AB1PP'|'2017-07-26T15:41:00.000+03:00'
'e1817cd2d319ce2d166580cb311903149b1653a4'|'Ambuja Cements June-quarter consolidated profit rises 12 percent'|'July 24, 2017 / 12:22 PM / 5 hours ago Ambuja Cements June-quarter consolidated profit rises 12 percent 1 Min Read Workers unload cement bags from a truck near the construction site of residential buildings in New Delhi, India, March 10, 2016. Anindito Mukherjee (Reuters) - Ambuja Cements Ltd, part of the world''s No.1 cement producer LafargeHolcim Ltd, posted an about 12 percent increase in quarterly consolidated net profit on Monday, boosted by higher cement sales volume. Consolidated net profit rose to 7.18 billion rupees ($111.59 million) in the quarter ended June 30 from 6.42 billion rupees a year earlier, the cement maker said in a statement. ( bit.ly/2vAP9BK ) Consolidated cement sales volume rose 7.6 percent to 12.78 million tonnes. ($1 = 64.3400 Indian rupees) Reporting by Krishna V Kurup; Editing by Subhranshu Sahu and Biju Dwarakanath 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ambuja-cements-results-idINKBN1A91IB'|'2017-07-24T15:22:00.000+03:00'
'a5a234456d58f2eebaa076066b5de86dbc418625'|'BRIEF-PrairieSky announces second quarter 2017 results'|'July 24, 2017 / 8:40 PM / 9 minutes ago BRIEF-PrairieSky announces second quarter 2017 results   PrairieSky Royalty Ltd * PrairieSky announces second quarter 2017 results * PrairieSky Royalty Ltd qtrly funds from operations of $0.32 per share * Qtrly average royalty production of 25,706 boe per day, 48% liquids Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-prairiesky-announces-second-quarte-idUSASB0BAB0'|'2017-07-24T23:39:00.000+03:00'
'3cfc430c6d3d1f5cd797b2700380c1fa203261da'|'Break in rationing on Enbridge Canada pipelines likely short lived'|'July 24, 2017 / 8:18 PM / 8 minutes ago Break in rationing on Enbridge Canada pipelines likely short lived Nia Williams 4 Min Read CALGARY, Alberta, July 24 (Reuters) - Enbridge Inc''s move not to ration space on heavy oil pipelines out of western Canada for the first time in 16 months is likely to give producers only a short respite from difficulties in getting crude to market, industry players said. Market access is a persistent headache for Canadian energy firms, who produce oil from the world''s third-largest crude reserves but often struggle to get their barrels to U.S. markets because of limited space in export pipelines. Canada''s largest pipeline company said last week apportionment - or rationing of space - on its heavy crude pipelines out of Alberta would be zero in August, meaning producers could ship all the barrels they have said they want to move. Despite the August respite, there are concerns production could again outpace capacity later this year, forcing more producers into the costlier option of shipping crude by rail, as new projects like Suncor Energy''s 194,000 bpd Fort Hills mine start up. "The pipes will probably get full again by the end of the year and rail will be a way to get those incremental barrels out," said GMP FirstEnergy analyst Martin King, adding the discount on Canadian crude would likely widen as a result. Usually shippers on Enbridge''s Mainline system, which carries the bulk of Canada''s 3 million barrels per day of crude exports to the United States, have at least some of their nominated heavy crude volumes cut every month. Some months firms like Suncor, Cenovus Energy and Husky Energy can ship only around 60 percent of their nominated pipeline volumes as demand for space outstrips capacity. Proposed new export pipelines like TransCanada Corp''s Keystone XL have run into fierce environmental opposition and regulatory roadblocks, while the newly-elected British Columbia government has vowed to halt Kinder Morgan Canada''s Trans Mountain expansion. In the past, hefty pipeline apportionment led to a glut of crude building up in Alberta, widening the discount on Canadian barrels and eating into producer revenues. It also contributed to international oil companies like Statoil ASA and Royal Dutch Shell pulling back from the oil sands over the last year, moves that have raised questions about future development of the region. Canadian Pacific Railway has seen conversations with customers about potentially shipping crude by rail ramp up over the last month, head of marketing John Brooks said on the company''s quarterly earnings call last week. Traders in Canada''s oil capital Calgary said a number of factors including oil sands supply outages, low Alberta storage inventories and steps taken by Enbridge to free up more space on its system had helped eliminate August apportionment. Two traders said Enbridge has started moving Borealis Heavy Blend crude on its 390,000 bpd Line 3 pipeline, which previously carried primarily light crude, in a bid to help lessen congestion on heavy oil lines. Enbridge declined to comment, citing client confidentiality. (Additional reporting by Allison Lampert in Montreal; Editing by Andrew Hay) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-enbridge-pipelines-idUSL1N1KB23X'|'2017-07-24T23:16:00.000+03:00'
'4494f483ec429f948ebfc5b83b46a6e0214a4548'|'Oil adds to rally on optimism over declining stocks'|'July 26, 2017 / 1:57 AM / an hour ago Oil prices rise as falling U.S. inventories stoke rebalancing hopes 3 Min Read An employee pumps petrol for clients at a petrol station in Hanoi, Vietnam December 20, 2106. Kham LONDON (Reuters) - Oil prices firmed on Wednesday, holding near eight-week highs, as a fall in U.S. inventories bolstered expectations that the long-oversupplied market was moving toward balance. Brent crude futures LCOc1 rose 30 cents to $50.50 a barrel by 0959 GMT, after rallying more than 3 percent on Tuesday. U.S. West Texas Intermediate futures CLc1 climbed 40 cents to $48.29 a barrel. U.S. crude stockpiles fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell 10.2 million barrels in the week ending July 21 to 487 million, more than the expected decrease of 2.6 million barrels. Data from the U.S. Energy Information Administration on Wednesday could provide more support, with forecasts of a drop for a fourth week in a row. Tuesday''s stock draw added to hopes the long-awaited oil market rebalancing was underway. Saudi Arabia said on Monday it would limit oil exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier. "The market has been tightening and the refinery margins are strong," said PetroMatrix managing director Olivier Jakob, saying the U.S. stock draw offered a boost to prices. "You add geopolitical risk premium for Venezuela, and you''ve got a strong market." Venezuela, an OPEC member producing about 2 million bpd of oil, faces deepening economic woes and protests. President Nicolas Maduro''s adversaries plan strikes to push him to abandon a weekend election. The United States is considering financial sanctions to halt dollar payments for the country''s oil. Nigerian output slipped this week as leaks forced Shell to shut a pipeline exporting some 180,000 bpd of oil. Nigeria, which has been exempted from OPEC-led production curbs, also agreed to cap or cut output when it stabilized at 1.8 million bpd. But analysts said the current oil price rally could encourage more production, particularly from the United States. "Relieved bulls should be careful what they wish for. Any price rebound will only embolden U.S. shale producers at a time when rumors have started to emerge that the U.S. shale boom is slowing," PVM oil analyst Stephen Brennock said in a note. Anadarko Petroleum Corp ( APC.N ) said on Monday it would cut its 2017 capital budget by $300 million because of depressed oil prices, the first major U.S. oil producer to do so, after posting a larger-than-expected quarterly loss. Additional reporting by Fergus Jensen in Singapore; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1AB06J'|'2017-07-26T04:55:00.000+03:00'
'2ac65b3519ae71fc29ab600c30d28dfcfe4a9b6b'|'ICICI Bank first-quarter profit falls, but beats estimates'|'July 27, 2017 / 11:53 AM / in an hour ICICI Bank seeing ''positive'' trend on bad loans Devidutta Tripathy and Aby Jose Koilparambil 3 Min Read FILE PHOTO: A private security guard sleeps inside an automated teller machine (ATM) booth of ICICI bank in New Delhi, India March 4, 2016. Adnan Abidi/File Photo MUMBAI (Reuters) - ICICI Bank Ltd said it was optimistic about containing its bad loans after the three months to June saw the smallest rise in soured assets for seven quarters. The country''s third-biggest lender by assets has the highest non-performing loans in absolute terms among non-state banks. On Thursday ICICI reported an eight percent fall in first quarter profit from a year earlier to 20.49 billion rupees ($320 million), in line with analysts'' estimates around 20.43 billion rupees. It added gross non-performing loans of 49.75 billion rupees in the quarter, which Chief Executive Chanda Kochhar said was the lowest in seven quarters, reiterating the bank''s guidance that incremental bad loans in the current financial year to March will be lower than the last financial year. "As far as NPAs are concerned, actually the trend is very positive," Kochhar told reporters on a conference call, adding the bank had been selective in lending to corporates and was growing its retail loans faster. Indian banks'' "stressed" loans hit a record $150 billion at the end of last year, prompting the government to change rules and give the central bank more power to push defaulting companies to bankruptcy. A pedestrian walks past a logo of ICICI Bank at its headquarters in Mumbai January 30, 2015. Shailesh Andrade/File Photo The Reserve Bank of India has ordered banks to initiate bankruptcy proceedings against 12 of the country''s biggest defaulters that account for a quarter of the total non-performing loans and also to step up provisioning on those accounts. ICICI Bank has outstanding loans worth 68.89 billion rupees to nine of the 12 borrowers being taken to bankruptcy proceedings, Kochhar said. The bank had a provision cover of about 41 percent on those loans and would need to set aside 6.5 billion rupees more over three quarters to meet central bank requirements. Even as the bank''s list of potential troubled loans to below investment-grade companies increased marginally to about 203 billion rupees as of the end of June, Kochhar said they were encouraged by record loan recoveries during the quarter driven by infrastructure firm Jaiprakash Associates'' sale of cement assets. Gross non-performing loans as a percentage of total loans rose to 7.99 percent at end-June from 7.89 percent at March-end. However the net non-performing loan ratio narrowed to 4.86 percent at end-June from 4.89 percent in March. ICICI Bank''s domestic loans in the quarter grew 11 percent from a year earlier. Retail loans within that grew at a faster clip of 19 percent, it said. ($1 = 64.1075 Indian rupees) Reporting by Devidutta Tripathy and Aby Jose Koilparambil; Editing by Keith Weir and Elaine Hardcastle 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/icici-bank-results-idINKBN1AC1SJ'|'2017-07-27T14:53:00.000+03:00'
'3d8198a6e553a8d48ec732d4ee5f8a09722910d2'|'BRIEF-Public Storage reports Q2 earnings per share $1.59'|'July 26, 2017 / 11:35 PM / 6 minutes ago BRIEF-Public Storage reports Q2 earnings per share $1.59 1 Min Read July 26 (Reuters) - Public Storage * Public Storage reports results for the three and six months ended June 30, 2017 * Quarterly FFO per share $2.31 * Q2 earnings per share $1.59 * Q2 earnings per share view $1.80 -- Thomson Reuters I/B/E/S * Sets regular quarterly dividend of $2.00per share  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-public-storage-reports-q2-earnings-idUSASB0BB0H'|'2017-07-27T02:34:00.000+03:00'
'e3cf1b3cc901b5d42ebce6b05e8e69b210a9b4c8'|'UK pay settlements stick at 2 percent in June - XpertHR'|'July 26, 2017 / 11:09 PM / in 11 hours UK pay settlements stick at 2 percent in June - XpertHR Reuters Staff 2 Min Read FILE PHOTO - Workers cross London Bridge with the Shard skyscraper seen behind during the morning rush hour in London, Britain, June 13, 2017. Toby Melville LONDON (Reuters) - Large British employers gave staff an average 2 percent annual pay rise in the three months to the end of June, unchanged since the end of 2016, a report from pay analysts XpertHR said on Thursday. "Despite elevated inflation levels and low unemployment, organisations'' ability to pay, combined with economic uncertainty, are continuing to keep pay increases in check," said XpertHR analyst Sheila Atwood. XpertHR said there were few signs in its data that pay was likely to pick up soon, despite pressure on finance minister Philip Hammond to lift the 1 percent cap on public-sector pay awards that has been in place for several years. Pay growth in Britain has remained lacklustre since the 2008 financial crisis, due to weak productivity and a significant rise in the number of low-paid jobs. Average weekly earnings rose across the economy as a whole by an annual 1.8 percent in the three months to May, according to official figures earlier this month. This is a slower rise than inflation, which hit its highest in nearly four years in May at 2.9 percent, before easing to 2.6 percent in June. Reporting by Fanny Potkin, editing by David Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-pay-idUKKBN1AB31X'|'2017-07-27T02:08:00.000+03:00'
'0f1cecf2f94075276ad02dc90aa14d08062567fe'|'Coca-Cola profit drops 60 percent on refranchising charge'|'July 26, 2017 / 11:12 AM / in an hour Coca-Cola to sell Coke Zero Sugar in U.S.; profit beats Sruthi Ramakrishnan 3 Min Read FILE PHOTO: Bottles of Coca-Cola are pictured during a news conference in Paris, France, April 20, 2017. Benoit Tessier/File Photo (Reuters) - Coca-Cola Co ( KO.N ) said it would replace Coke Zero with a new sugar-free drink in the United States next month, as the company sharpens its focus on low and no-sugar versions of its sodas that helped best quarterly profit estimates. The new drink, Coca-Cola Zero Sugar, is already available in Europe, Middle East & Africa and Latin America, where it grew in double digits in the second quarter ended June 30. The company said the look and taste of Coke Zero Sugar will be closer to the original Coca-Cola. "It is a reinvention of Coke Zero... it is about helping the zero-calorie part of the portfolio grow," Chief Executive James Quincey, who took over in May, said on a conference call. Coca-Cola, like rival PepsiCo Inc ( PEP.N ), has been stepping up efforts to reduce sugar in its beverages and building its non-carbonated drinks portfolio as consumers look for healthier options. Volume sales of low and no-calorie soda drinks rose in the mid-single digits in the second quarter. While Coca-Cola''s net revenue declined 16 percent in the quarter, as the company sells off its low-margin bottling operations, revenue from its core beverage business, or organic revenue, rose 3 percent, indicating strength in demand. "Organic revenue growth in sparkling soft drinks was led by innovation in and marketing support for our low- and no-sugar options like Coca-Cola Zero Sugar," Quincey said in a statement. Organic revenue was also boosted by higher unit sales of its mini-cans and small bottles, which have gained in popularity even as king-sized bottles fall out of favor. There was some concern that Coca-Cola''s organic revenue growth would be weak in the quarter, based on scanner data that showed weak beverage sales at convenience stores and PepsiCo reporting flat volume sales in North America for the quarter, JP Morgan analyst Andrea Teixeira said in a note. Coca-Cola said demand also rose for its non-aerated drinks such as innocent juice and smoothies in Europe. Net income attributable to Coca-Cola''s shareholders fell 60.2 percent to $1.37 billion, or 32 cents per share. Coca-Cola incurred a charge of $653 million related to refranchising its North America bottling operations. Excluding items, Coca-Cola earned 59 cents per share, beating the average analysts'' estimate of 57 cents, according to Thomson Reuters I/B/E/S. Revenue fell to $9.70 billion but beat the average analysts'' estimate of $9.65 billion. Coca-Cola''s shares were up about 1 pct at $45.58 in afternoon trading on Wednesday. Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Arun Koyyur 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-coca-cola-results-idUSKBN1AB1HJ'|'2017-07-26T14:12:00.000+03:00'
'a0561ea45979e969b8bbec184f09d2b711b110de'|'India''s antitrust regulator approves $23 billion Vodafone India-Idea deal'|'July 24, 2017 / 1:41 PM / in 3 hours India''s antitrust regulator approves $23 billion Vodafone India-Idea deal Reuters Staff 2 Min Read FILE PHOTO: The Vodafone logo can be seen on top of a building outside Madrid, Spain, April 13, 2016. Andrea Comas/File Photo MUMBAI (Reuters) - India''s antitrust regulator has approved the merger of Vodafone Group Plc''s ( VOD.L ) Indian unit with Idea Cellular ( IDEA.NS ), a lawyer representing Vodafone in the matter said on Monday. In March, Vodafone India and Idea agreed to merge operations in a $23 billion (17.66 billion pounds) deal, creating the country''s biggest telecom player after the entry of new entrant Reliance Jio sparked a price war. The deal has been pending Competition Commission of India (CCI) approval, along with other regulatory clearances. Shweta Shroff Chopra, a partner at Shardul Amarchand Mangaldas, which is representing Vodafone, said the CCI approval is a very welcome development for both the Indian M&A landscape and the telecom sector, and will serve to fuel more investment into the telecom sector in India. A separate source told Reuters earlier on Monday that the deal had been approved by CCI. The two companies did not immediately respond to requests for comment. Reporting by Aditi Shah; Writing by Sankalp Phartiyal; Editing by Euan Rocha 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vodafone-group-m-a-idea-cellular-idUKKBN1A91PW'|'2017-07-24T16:40:00.000+03:00'
'463749cd95171d1038d14dcc8cdfa16441912482'|'Australian regulator takes legal action against Ford''s Australian unit'|'July 26 (Reuters) - The Australian consumer watchdog said on Wednesday it has started court proceedings against Ford Motor Co''s local unit, accusing the company of engaging in misleading or deceptive conduct when responding to customer complaints.The Australian Competition and Consumer Commission said in a statement that Ford had refused to provide a refund or replacement vehicle to customers affected by transmission performance.The complaints concern three of Ford''s smaller vehicles - the Focus, Fiesta and EcoSport vehicles.Ford said in a statement on Wednesday that it rejected the allegations and would be challenging the ACCC''s claims. (Reporting by Susan Mathew in Bengaluru; Editing by Jonathan Barrett and Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-ford-regulator-idUSL3N1KH06O'|'2017-07-26T04:24:00.000+03:00'
'd3b11515a6bfb19d86263d3b2061498e22e4a290'|'Vital for Greece to keep up reforms to secure debt market access - IMF'|'July 26, 2017 / 7:03 AM / an hour ago Vital for Greece to keep up reforms to secure debt market access - IMF Reuters Staff 2 Min Read The International Monetary Fund logo is seen during the IMF/World Bank spring meetings in Washington, U.S., April 21, 2017. Yuri Gripas ATHENS (Reuters) - The IMF told Greece on Wednesday that it was critical to keep up its drive on reforms in order to successfully conclude its bailout programme and regain access to debt markets. Greece sold debt to private investors for the first time in three years on Tuesday, making a significant first step towards to the financial independence it will need when its third bailout ends in August next year. It said more debt issues would follow. "The Greek authorities still have a full agenda ahead. Consistent policy implementation will be critical for the success of the programme and the return of trust, growth and access to market funding," IMF mission chief for Greece Delia Velculescu said in an interview with Naftemporiki newspaper. Asked about Greece testing debt markets before its bailout expires next year, Velculescu said that such moves would be beneficial if new funding was in line with the country''s bailout targets and targets set for the sustainability of its debt. IMF had refused to join the latest bailout in 2015, arguing it would not be sustainable without debt relief by Greece''s euro zone lenders and deeper spending and economic reforms. After two years of wrangling, the Fund agreed to support a conditional participation in the bailout in June as part of a deal that unlocked 8.5 billion euros ($10 billion) in loans. Reporting by Angeliki Koutantou; Editing by Louise Ireland 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-imf-idUKKBN1AB0OB'|'2017-07-26T10:03:00.000+03:00'
'd3b43d459b45b9632e553891012d9e54ad90d2b3'|'Oil adds to rally on optimism over declining stocks'|'July 26, 2017 / 1:54 AM / in 18 minutes Oil prices firm on optimism over declining stocks Fergus Jensen 3 Min Read FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada July 21, 2014. Todd Korol/File Photo SINGAPORE (Reuters) - Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing. Brent crude futures LCOc1 rose 41 cents, or 0.8 percent, to $50.61 a barrel by 0617 GMT, after rallying more than 3 percent on Tuesday. U.S. West Texas Intermediate futures CLc1 climbed 49 cents, or 1 percent, to $48.38 a barrel. U.S. crude stocks fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories declined by 10.2 million barrels in the week ending July 21 to 487 million, compared with expectations for a decrease of 2.6 million barrels. The market has been buoyed by Saudi Arabia''s announcement at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers on Monday that it would limit crude exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier. "This has seen expectations of further drawdown in inventories increase," ANZ said in a research note, referring to the Saudi plans. Nigeria also agreed to join a push to rein in production by capping or cutting its output from 1.8 million bpd once it stabilizes at that level. However, the current uptrend in oil prices could be limited to the low $50 per barrel region, according to Ric Spooner, chief market analyst at CMC Markets in Sydney. "As we approach $50 and into the low $50s, that''s a level that could attract increased U.S. shale oil production if it stays around that level," he said. On Monday, Anadarko Petroleum Corp ( APC.N ) said it would cut its 2017 capital budget by $300 million because of depressed oil prices, the first major U.S. oil producer to do so, after posting a larger-than-expected quarterly loss. Oil prices have come under pressure from an oversupply of crude around the globe, brought on in part by rising production from U.S. shale regions. Indonesia''s energy minister said on Tuesday that Southeast Asia''s top crude producer would be open to rejoining the Organization of the Petroleum Exporting Countries (OPEC) as long as it is not forced to curb its own crude oil production. Writing by Fergus Jensen; Editing by Richard Pullin and Joseph Radford 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN1AB06M'|'2017-07-26T04:55:00.000+03:00'
'8a8d444c8dce70229ef0a0caa63dbc3961a490f8'|'CANADA STOCKS-TSX flat as railway losses offset natural resource gains'|'July 26, 2017 / 3:03 PM / 17 minutes ago CANADA STOCKS-TSX flat as railway losses offset natural resource gains 3 Min Read * TSX down 5.31 points, or 0.03 percent, to 15,197.06 * Seven of the TSX''s 10 main groups move higher * Advancers outnumber decliners by 1.2-to-1 overall TORONTO, July 26 (Reuters) - Canada''s main stock index was little changed in morning trade on Wednesday, as losses for railway stocks were offset by gains among natural resource companies. The most influential movers on the index included Canadian National Railway Co, which fell 2.3 percent to C$99.17 despite reporting profit and revenue that beat expectations after the closing bell on Tuesday. Its smaller rival, Canadian Pacific Railway Ltd, also dipped, falling 1.4 percent to C$196.31. Grocery chain operator Lowbaw''s Cos Ltd fell 4.3 percent to C$68.39 after barely beating profit expectations, while electronics manufacturer Celestica Inc lost 4.1 percent to C$16.11 after its earnings missed forecasts. The energy group, which accounts for one-fifth of the index''s weight, climbed 0.5 percent as oil prices rose to near eight-week highs. The materials group, which includes precious and base metals miners and fertilizer companies, added 0.3 percent, while the industrials group declined 0.9 percent. At 10:23 a.m. ET (1423 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 5.31 points, or 0.03 percent, at 15,197.06. Share price losses of oil and gas companies so far this year have weighed on the index, which is trading lower than where it ended 2016. Seven of the index''s 10 main groups were in positive territory, with advancers barely outnumbering decliners overall. Shares in Home Capital Group Inc rose as much as 4.5 percent after the company said it had repaid the outstanding balance on a C$2 billion ($1.6 billion) loan provided by Warren Buffett''s Berkshire Hathaway. However, they later retreated and were last down 0.8 percent at C$14.47. E-commerce company Shopify advanced 3.1 percent to C$118.68 as investors position for a positive surprise from its upcoming earnings report. (Reporting by Alastair Sharp; Editing by W Simon) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1KH0WK'|'2017-07-26T18:03:00.000+03:00'
'2a09c6dd62f2f6921c6556fbc2945f33656dfbbb'|'Fed holds rates steady, expects to cut balance sheet ''relatively soon'''|'July 26, 2017 / 6:11 PM / 21 minutes ago Fed holds rates steady, expects portfolio cuts "relatively soon" Jason Lange and Lindsay Dunsmuir 4 Min Read FILE PHOTO - A police officer keeps watch in front of the U.S. Federal Reserve in Washington, DC, U.S. on October 12, 2016. Kevin Lamarque/File Photo WASHINGTON (Reuters) - The Federal Reserve kept interest rates unchanged on Wednesday and said it expected to start winding down its massive holdings of bonds "relatively soon" in a sign of confidence in the U.S. economy. The Fed kept its benchmark lending rate in a target range of 1.00 percent to 1.25 percent, as expected, and said it was on track to continue the slow path of monetary tightening that has lifted rates by a percentage point since 2015. In a statement following a two-day policy meeting, the U.S. central bank''s rate-setting committee indicated the economy was growing moderately and job gains had been solid. It also noted that both overall inflation and a measure of underlying price gains had declined - trends which have worried some policymakers - but that it expected the economy to continue strengthening. "The committee expects to begin implementing its balance sheet normalization program relatively soon," the Fed said, adding that it would follow a plan outlined in June to trim its holdings of U.S. Treasury bonds and mortgage-backed securities. U.S. stock prices rose following the release of the policy statement while yields on U.S. government debt fell. The dollar .DXY dropped against a basket of currencies. After pushing rates nearly to zero to fight the 2007-2009 financial crisis and recession, the Fed pumped over $3 trillion into the economy in a bond-buying spree to further reduce rates. Its balance sheet has grown to $4.5 trillion. The statement cemented expectations the Fed will announce at its next policy meeting in September the start of its balance sheet reduction plan, marking the end of a controversial tool that drew criticism from Republican lawmakers in Congress. "The Fed all but told the market the balance sheet run-off will start in September," said Brian Jacobsen, an investment strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. Inflation Jitters Torsten Slok, an economist at Deutsche Bank, said the Fed appeared keen to begin balance sheet reduction given the uncertainty over whether President Donald Trump will nominate Fed Chair Janet Yellen for another four-year term. Trump told the Wall Street Journal this week that Yellen, whose current term expires in February, was among several candidates he would consider to lead the central bank. While Fed researchers have concluded that bond buying only modestly boosted the economy, Yellen has said the central bank could turn to asset purchases again if the economy fell into a deep rut. Steady job creation in the economy has pushed the U.S. unemployment rate to 4.3 percent, near a 16-year low. The Fed had previously signaled it would begin to trim its balance sheet this year. At the same time, a slowdown in inflation has caused jitters among some Fed officials who are concerned inflation has been below the central bank''s 2 percent target for five years. The Fed''s preferred measure of underlying inflation dropped to 1.4 percent in May from 1.8 percent in February. The Fed had described inflation as being "somewhat" below target in its policy statement in June, but on Wednesday it simply stated that it was below 2 percent. "That, I think, is a signal that it''s a slightly more cautious tone," said Omer Esiner, an analyst at Commonwealth FX in Washington. Reporting by Jason Lange and Lindsay Dunsmuir; Additional reporting by Rodrigo Campos, Richard Leong and Saqib Ahmed in New York; Editing by Paul Simao 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-fed-idINKBN1AB2K7'|'2017-07-26T21:10:00.000+03:00'
'd89ffb99c966c25d1ed7ed22713a0ac209198d59'|'German conservative calls for phase-out of petrol and diesel'|'July 26, 2017 / 9:41 AM / 4 minutes ago German conservative calls for phase-out of petrol and diesel Reuters Staff 2 Min Read BERLIN (Reuters) - Germany should soon start phasing out petrol and diesel, a member of Chancellor Angela Merkel''s Christian Democrats (CDU) said as Britain announced it would ban the sale of new petrol and diesel-powered cars from 2040. Germany''s car industry is in hot water after Der Spiegel reported on Friday that Volkswagen <VOWG_p.DE >, BMW ( BMWG.DE ), Audi ( NSUG.DE ) and Porsche may have colluded to fix the prices of diesel emissions treatment systems. EU antitrust regulators are investigating allegations of a cartel. The supervisory boards of Daimler ( DAIGn.DE ) and Volkswagen are due to meet on Wednesday to discuss the issue. "We need to start getting rid of combustion technology in the short-term," Oliver Wittke, a transport expert in Merkel''s CDU, told Deutschlandfunk radio. Herbert Behrens, a transport expert in the radical Left party, also said the government should start taking action now so that it could cope without fossil fuels by 2050. "Today we can start setting out political guidelines and the framework so the automobile industry and employees know what''s in store for us," he said, adding there was insufficient investment in electric cars. Britain will ban the sale of new petrol and diesel-powered cars from 2040 as part of a plan to get them off the roads altogether 10 years later, Environment Minister Michael Gove said on Wednesday. Wittke said it was unacceptable to let Britain lead the way while Germany, the home of major carmakers such as Volkswagen, Daimler and BMW, was lagging behind. He said Germany should, if possible, reach a binding agreement with its European partners on this, adding that the right time to quit had yet to be clarified. Reporting by Michelle Martin; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-diesel-idUKKBN1AB178'|'2017-07-26T12:42:00.000+03:00'
'fa957287dc59326a51ee39bf86f851e60523488d'|'U.S. 30-year mortgage rates fall for second week - Freddie Mac'|'July 27, 2017 / 2:20 PM / 5 hours ago U.S. 30-year mortgage rates fall for second week - Freddie Mac 1 Min Read NEW YORK, July 27 (Reuters) - Interest rates on U.S. 30-year mortgages declined for a second straight week even as benchmark Treasury yields have risen from a week earlier, Freddie Mac said on Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 3.92 percent in the week ended July 27, down from 3.96 percent the previous week, the mortgage finance agency said. (Reporting by Richard Leong) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mortgages-freddiemac-idUSW1N1H000P'|'2017-07-27T17:18:00.000+03:00'
'e3b3b61e071d03b250b5b6edc45b7398481027c0'|'London asset managers face new Brexit threat'|'July 27, 2017 / 6:05 AM / 15 minutes ago London asset managers face new Brexit threat Huw Jones , Anjuli Davies and Simon Jessop 6 Min Read FILE PHOTO: A view of the London skyline shows the City of London financial district, seen from St Paul''s Cathedral in London, Britain February 25, 2017. Neil Hall/File Photo LONDON (Reuters) - British-based investment firms'' long-standing ability to manage billions of euros of assets elsewhere in Europe could be threatened by Brexit, new EU guidance suggests. Asset managers in London oversee funds worth 1.2 trillion euros ($1.4 trillion) in the EU - more than their peers in France, Germany and Italy combined, according to figures from UK industry body the Investment Association. Previously, many mangers had said they expected the impact of Brexit on their operations would be minimal compared with the reorganizations faced by many international banks and insurers. But now EU regulators have issued guidance on how they plan to scrutinize "delegation" - a manager in one country overseeing assets in another - after Britain leaves the bloc in 2019. The guidance is aimed at preventing investment firms setting up "empty shell" subsidiaries in an EU country, to allow them to continue serving European clients, but leaving the bulk of their management staff and operations in London. Any new subsidiaries must not delegate tasks to another country to an extent that exceeds by a "substantial" margin the tasks that will be carried out locally, the European Securities and Markets Authority (ESMA) said. Portfolio and risk management cannot be delegated entirely. There is room for interpretation in terms of what constitutes a "substantial" margin, but without delegation asset managers would have to relocate operations to the EU to manage funds from there, driving up costs. The ESMA policies raise the question of whether decades of delegation arrangements should be called into question, said Leonard Ng, a lawyer at Sidley Austin. The guidance was handed to national regulators this month, to stop them offering "light-touch" deals to win a slice of the UK financial services market, Europe''s biggest. ESMA said it did not spell an end to delegation. "It means that each situation has to be assessed on a case-by-case basis, based on the issued outlined in the opinion," said a spokesman for the Paris-based EU agency. But Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), which regulates funds in Britain, made it clear ESMA''s opinion was a threat to the delegation model. "This is a model that works effectively," Bailey told reporters this month. "There is no need for it to change. I would put the question back to my ESMA colleagues, ''Why do you think Brexit requires these changes?''." The UK Investment Association declined to comment. But several fund firm executives, who declined to be named due to the sensitivity of the matter, told Reuters they feared that delegation would be restricted after Brexit. They said this could result in firms leaving London for countries such as France, which has been among those pushing hardest to attract asset managers. Apart from fund management, EU countries are also eyeing other parts of Britain''s financial sector after Brexit, such as the clearing of euro-denominated transactions and primary dealers in government bonds. French Vigilance While the ESMA guidance is not legally binding, all national regulators will be expected to apply it. Britain''s FCA has previously required asset managers to spell out their Brexit contingency plans, including if there is no delegation. Maarten Slendebroek, chief executive at Jupiter Fund Management, which manages a number of Europe-focused funds out of London, said his company was planning to set up a separate management company in the EU - although it had yet to decide which country to pick. "With that, I think we will overcome the challenges with regard to delegation rules," he added. Asset manager M&G has already said it will set up a new unit in Luxembourg, a top center for fund listings. AMF, the French markets watchdog and ESMA member, said delegation should not be allowed without an asset manager having a substantial presence locally. "We are vigilant that entities based in France or in Europe wishing to delegate will have sufficient means to control all investments delegated. In that respect, we welcome the opinion released by ESMA," the AMF told Reuters. Jean-Louis Laurens, an "ambassador" for the French asset management sector, estimated that 5,000 to 10,000 asset management jobs will eventually move from London to the EU. "In France, we want to attract the money managers and analysts," he said. Nicolas Mackel, chief executive of Luxembourg for Finance, which promotes the Grand Duchy as a financial center, said the guidance was aimed at a United Kingdom with no EU trading terms in 2019, something he did not expect. Peter Astleford, a lawyer at Dechert who provides advice to fund managers, said that while the ability to delegate was not yet under direct threat, the guidance meant that the minimum investment and infrastructure that firms would require to set up new subsidiaries was being increased. This could encourage them to hire less experienced staff and offer fewer products to investors in the EU, he said. ESMA''s policies could also lead to pressure for funds to be managed in the country where their customers are based, some industry officials said. That would have global repercussions as U.S. managers also run funds in the EU. "By targeting the UK, ESMA is forcing supervisors to take a harder line on all non-EU entities," said Philip Spyropoulos, senior financial services associate at law firm Eversheds Sutherland. Additional reporting by Andrew MacAskill in London and Maya Nikolaeva in Paris; Editing by Pravin Char 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-funds-idUKKBN1AC0K7'|'2017-07-27T09:04:00.000+03:00'
'6320e1593ad0399c312503bbb0bbcf67466c274d'|'China economic outlook bright, prudent monetary policy to continue - senior official'|'July 27, 2017 / 7:40 AM / in 13 minutes China economic outlook bright, prudent monetary policy to continue - senior official Reuters Staff 1 Min Read A security guard walks on the bund in front of the financial district of Pudong in Shanghai, China July 27, 2017. Aly Song BEIJING (Reuters) - China''s economic outlook is bright and the country will not fall into the middle-income trap, Yang Weimin, a senior economic official with the ruling Communist Party, said on Thursday. China also will maintain proactive fiscal policy and prudent monetary policy in the second half of the year, Yang said. China reported faster-than-expected GDP growth of 6.9 percent in the first half of the year, but analysts expect growth to slow in the second half as regulators crack down on riskier types of financing. Reporting by Beijing Monitoring Desk; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-idUKKBN1AC0X5'|'2017-07-27T10:40:00.000+03:00'
'1be083e5015c610085cabb99713bb451cd5779be'|'Exclusive: Discovery in the lead to acquire Scripps Networks - sources'|'July 26, 2017 / 11:16 PM / 16 hours ago Exclusive: Discovery in the lead to acquire Scripps Networks - sources 2 Min Read The Discovery Communications headquarters building is seen in Silver Spring, Maryland, U.S. December 3, 2009. Jim Bourg/File Photo (Reuters) - U.S. media company Discovery Communications Inc is in the lead to acquire U.S. cable TV network owner Scripps Networks Interactive Inc, people familiar with the matter said on Wednesday, in a deal likely to top $12 billion. The acquisition would bring together Scripps'' HGTV, Travel Channel and Food Network and Discovery''s Animal Planet and Discovery Channel, giving the combined company more pricing power with which to negotiate with cable TV operators such as Comcast Corp and Charter Communications Inc. Discovery has entered into exclusive talks with Scripps after prevailing over a rival offer from Viacom Inc, another U.S. media company, one of the sources said. [nL1N1KH011] While a deal could come as early as next week, negotiations are ongoing and no agreement is certain, the sources added. The exact value of Discovery''s offer could not be learned, but sources said it is a cash-and-stock bid, comprising mostly cash, and valuing Scripps in the region of $90 per share. Scripps shares ended trading on Wednesday at $84.07. The sources asked not to be identified because the negotiations are confidential. Viacom, Scripps and Discovery declined to comment. Cable TV networks are coming under pressure as more viewers watch their favorite shows and movies on their phones and tablets, and there is also increasing competition for viewers from streaming services such as Netflix Inc and Amazon.com Inc. By adding Scripps programming, Discovery, which has a market capitalization of $15.2 billion, could launch its own "skinny bundle" of networks at a low cost for viewers. The deal would also help Discover to sell its content overseas more easily. Scripps has been considered a takeover target since the Scripps family trust that controlled the company was dissolved five years ago. This is at least the third time that Discovery, whose shareholders include cable magnate John Malone, has held talks to buy Scripps. Reporting by Jessica Toonkel and Liana B. Baker in New York; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-scripps-net-int-m-a-discovery-commns-idUSKBN1AB32O'|'2017-07-27T02:16:00.000+03:00'
'fa0f34457296f9f5e6323c716412dc6a97ae8167'|'Autos, airlines smoked in sluggish start to European trading week'|'July 24, 2017 / 7:44 AM / 14 minutes ago Autos, airlines hit in sluggish start to European trading week Helen Reid 4 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, July 20, 2017. Staff/Remote LONDON (Reuters) - European shares dipped on Monday with the autos sector hitting its lowest level this year after anti-trust regulators opened an investigation into regional carmakers while price war worries hurt airlines. The pan-European STOXX 600 fell 0.1 percent as gains in the heavyweight financials sector helped offset losses elsewhere. Euro zone bluechips .STOXX50E fell 0.2 percent. Gemalto ( GTO.AS ) plummeted as much as 17 percent, the worst performer on the day, after the digital security company warned on profits for the fourth time since October on Friday after trading, citing continued weakness in its SIM-card and U.S. payments operations. "We continue to see both these businesses with double-digit (sales) declines given our view of limited unit growth and pricing pressures," said Credit Suisse analysts, cutting their target price. Societe Generale and Natixis slashed their recommendations on the stock. Shares in carmakers fell after European Union antitrust regulators said they were investigating allegations of a cartel in the industry. Volkswagen VOWGp_.DE, Peugeot ( PEUP.PA ), Daimler ( DAIGn.DE ), Renault ( RENA.PA ) and BMW ( BMWG.DE ) all fell 1.2 to 2.5 percent, sending the autos index .SXAP down 1.8 percent to a seven-month low, the worst-performing sector. "It''s clearly bad for sentiment, which was already burnt by the emissions scandal," said Michael Punzet, autos analyst at DZ Bank. "We expect high volatility related to the upcoming newsflow. Investors are clearly aware of the risks and they are selling the stocks." Jefferies analysts said: "One cannot rule out material fines should anti-competitive behaviour be confirmed, up to the maximum allowed under EU rules." That would be 10 percent of annual turnover, they added. Budget airline Ryanair ( RYA.I ) fell 4.7 percent, a top European loser, after it warned summer fares would face sharp cuts, though it said profit soared 55 percent in its first quarter. Rivals Wizz Air ( WIZZ.L ) and EasyJet ( EZJ.L ) sank 2 to 3 percent, while Lufthansa ( LHAG.DE ) dipped 1.1 percent. Switzerland''s third largest private bank Julius Baer ( BAER.S ) led gainers, up 7.5 percent after reporting its biggest inflows since the financial crisis for its first half, helped by a push to recruit more private bankers. "We expect the market EPS estimates to go up by a mid-single digit figure and argue that Baer deserves higher price-to-earnings multiples reflecting stronger net new assets," said Baader Helvea analysts. Among leading gainers was B&M European Value Retail ( BMEB.L ), up 4.5 percent after a report that Asda, the British supermarket arm of U.S. retail giant Wal-Mart ( WMT.N ), was considering a 4.4 billion pound takeover bid. Shares in Dutch healthcare technology firm Philips ( PHG.AS ) also gained 3.6 percent after its profit rose 15 percent in the second quarter, helped by strong sales of consumer personal care products. Reporting by Helen Reid, Editing by Vikram Subhedar and John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1A90PZ'|'2017-07-24T10:44:00.000+03:00'
'54c86c5966b202e2ffb9568400982f4c9c4cd07e'|'Shares in Britain''s B&M rise on report Asda eyeing takeover bid'|'July 24, 2017 / 7:22 AM / 13 minutes ago Shares in Britain''s B&M rise on report Asda eyeing takeover bid Reuters Staff 2 Min Read LONDON (Reuters) - Shares in British discount retailer B&M European Value Retail ( BMEB.L ) rose as much as 5.3 percent on Monday after a report that Asda, the UK supermarket arm of Wal-Mart Stores ( WMT.N ), was considering a 4.4 billion pounds takeover. The Sunday Times said Asda, which trails market leader Tesco ( TSCO.L ) and Sainsbury''s ( SBRY.L ) in annual sales, is in the early stages of assessing a bid for B&M, which is chaired by Terry Leahy, the former chief executive of Tesco. It said Asda had commissioned external research on B&M and cited an unidentified industry source as saying that buying B&M would reduce Asda''s reliance on food sales and provide it with a network to stock its George clothing range. Spokesmen for Asda and B&M both declined to comment. Shares in B&M, which listed at 270 pence in 2014, were up 15.6 pence at 356.6 pence at 0708 GMT, valuing the business at 3.6 billion pounds. Reporting by James Davey; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-b-m-european-m-a-asda-idUKKBN1A90NX'|'2017-07-24T10:22:00.000+03:00'
'd3d0167e45cb06772e6b539a912004b9a48e91ec'|'Hyundai Motor second quarter net profit halves as China, U.S. sales sag'|'SEOUL (Reuters) - Hyundai Motor posted its smallest quarterly net profit in five years, falling dismally short of estimates, and warned the second half of 2017 would be challenging as political headwinds hit sales in China and slow U.S. demand continues.The South Korean firm - which together with affiliate Kia Motors is the world''s No.5 automaker - has been betting earnings will recover gradually, but its plans have ground to a halt with China''s backlash over Seoul''s decision to deploy an anti-missile system, the U.S. Terminal High Altitude Area Defence (THAAD), showing no signs of abating.Slower demand in the United States, the automaker''s No.2 market after China, has also been taking a toll, a trend the South Korean firm cautioned will persist through the rest of the year with its mainstay Sonata sedans losing ground in a market powered by sport utility vehicles (SUVs)."The challenging business environment is expected to persist in the second half because of negative external factors such as a slowdown in U.S. demand and China''s THAAD issue," Hyundai CFO Choi Byung-chul said at an earnings conference call.Earlier on Wednesday, Hyundai Motor said its second-quarter net profit halved from a year ago to 817 billion won ($729.14 million) - its 14th straight year-on-year fall and the smallest since the first quarter of 2012. Analysts on average had expected 1.35 trillion won.Its operating profit came in at 1.34 trillion won and sales at 24.31 trillion won for the period.The company is aiming to shore up its global sales through new models likes its Kona small SUV and Genesis G70 sports sedan, the CFO said at the briefing.FILE PHOTO: Hyundai Motor''s vehicles are displayed at a Hyundai Motorstudio in Goyang, South Korea May 29, 2017. Kim Hong-Ji/File Photo Bleak Sales in Top Markets Hyundai Motor''s retail sales in China, the world''s biggest auto market, slumped 29 percent in the first half of 2017.Its weak brand image has also put Hyundai at a disadvantage versus local and global rivals such as Honda Motor, Toyota Motor and General Motors, which all saw higher China sales for last month. GM, in its earnings call on Tuesday, said it set second-quarter sales record in China.Hyundai Motor plans to open a new factory in Chongqing in late August, hoping to offset some of its sales slide by tapping into the southwestern region, even as its other factories in the eastern region are underutilized.In the United States, Hyundai Motor''s sales over January-June fell 7.4 percent, the second biggest drop after affiliate Kia Motors. The slump came despite the automaker sharply boosting incentives to buoy sales.Its U.S. incentives jumped 32 percent to an average of $2,800 per vehicle in the first half, from a year earlier.It is set to face more pressure as competition rises in the United States, where Asian rivals such as Honda and Toyota will be launching their newest-generation mid-sized sedans this month, going up against the facelifted Sonata to be offered by Hyundai Motor even as sedan sales weaken worldwide.Hyundai Motor shares trimmed earlier gains after the earnings announcement, ending up 1.4 percent versus the wider market that was down 0.2 percent.Reporting by Hyunjoo Jin, additional reporting by Clara Ferreira Marques; Editing by Himani Sarkar '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hyundai-motor-results-idUSKBN1AB0FG'|'2017-07-26T08:19:00.000+03:00'
'c5589e6374c3f85b678c2830f3cc323060cd3803'|'Opposition Labour alarms bankers with Robin Hood tax'|'July 26, 2017 / 11:38 AM / 6 hours ago Labour alarms bankers with Robin Hood tax Andrew MacAskill , Anjuli Davies and William James 6 Min Read The leader of Britain''s opposition Labour Party, Jeremy Corbyn, speaks on the BBC''s Andrew Marr Show in London, Britain, July 23, 2017. Jeff Overs/BBC/Handout via REUTERS LONDON (Reuters) - Britain''s left-wing opposition party has held a series of meetings with top finance executives, setting out how it would levy taxes on one of the world''s biggest financial trading centres if it snatched power from Prime Minister Theresa May. With May''s grip on the leadership weakened by an ill-judged election last month and her Conservative party divided over Brexit, Labour is hoping her minority government will collapse and catapult its socialist leader Jeremy Corbyn into power. Last week, Labour''s finance spokesman John McDonnell chose the London Stock Exchange -- a bastion of British capitalism -- to invite feedback on proposals, telling leaders his party will form the next government, sources at the meeting said. Banks in London''s financial hub had paid little attention to relations with the Labour Party since 2015 when members elected Corbyn, a veteran campaigner who is seen as opposing much of what the City of London stands for. But the industry has been forced to take the party seriously after its much stronger than expected showing in the general election which left May to rely on the support of a small Northern Irish party to prop up her government. McDonnell told executives from Standard Chartered, the London Stock Exchange, the City of London Corporation, lawyers, lobbyists and accountants in two separate meetings last week about Labour''s proposals to expand an existing tax on shares to include trading on other assets such as bonds and derivatives. Labour says the tax -- proposed to be around half of a percentage point or less on the value of a trade -- could earn 4.7 billion pounds a year. Labour published details of the tax in the run up to the June election. Banking industry figures are concerned such a tax, debated in Western economies for decades, could exacerbate the impact of Brexit by prompting more businesses to flee London. Cutting Down to Size Related Coverage Factbox - How will the Labour Party''s ''Robin Hood'' plan to tax bond and derivative trading work? Avinash Persaud, an economist and a former hedge fund manager, whose work is the inspiration for the proposal and appeared alongside McDonnell at one of the events, says Britain''s finance sector is lightly taxed. Persaud said the tax would help kill off high-frequency trading and he favours reducing the size of Britain''s financial sector because it has become too large. "I do feel there is a right size for the financial sector and in some countries it is too small, but in Britain and America, in the Anglo-Saxon countries, I do think it is too large," Persaud told Reuters in an interview. "This means it is absorbing a lot of resources and as a result it becomes a very powerful player, a very powerful player in politics and is maybe exerting a disproportionate impact." Labour wants to use the higher taxes on financial services -- Britain''s most profitable industry -- to fund increased public spending and end seven years of austerity under the ruling Conservatives. The proposed levy would be based on a tax of 0.2 percent of the value of trades for banks, hedge funds and other financial companies, and 0.5 per cent for non-financial businesses. Britain has the largest foreign exchange market and the second largest derivatives market in the world, accounting for just under 40 percent of the world''s dealings in those markets, according to the Bank for International Settlements. Damage Feared One executive who attended one of the Labour meetings said the proposals would damage London at time when its status is under threat because of Brexit. "If they win power and actually go ahead with this, this would be the straw that breaks the camel''s back," according to the executive. Richard Benson, the co-head of portfolio investment at currency managers Millennium Global, said such a proposal would likely send a lot of trading activity away from Britain. "It is the selective advantage that is the problem with this, unless everyone else does it, people just leave," said Benson, who was not at the meetings. But the Labour Party''s City spokesman Jonathan Reynolds told Reuters although he has been sceptical in the past about a transaction tax it would help reduce anger towards banks for causing the financial crisis and raise revenue. Banks "need to continue to rebuild public trust and support, and the tax contribution from the sector is a significant part of that," he said. The head of one large investment bank in London said they are seeking to secure meetings with Labour''s senior team as they are a potential ally in pushing for a softer Brexit and to find out more about their policies. "We need to have some sort of dialogue with Labour because it''s been zero," the banker said. Some bankers predicted that if Labour were to be elected, it would adopt a more centrist approach like former French President Francois Hollande or Greek Prime Minister Alexis Tsipras. Another executive who attended one of the meetings with McDonnell said it was made clear that Labour was inviting reaction to the proposals. "They are actively encouraging feedback and wanting to meet people further to discuss feedback. I thought that was a very positive message," he said. Others warned though that there has been little so far from the party''s rhetoric to indicate a major softening in tone. If Labour comes to power then "it is literally game over for the UK, welcome to Venezuela without the sunshine," another banking executive said. Additional reporting by Huw Jones and Patrick Graham in London; Editing by Guy Faulconbridge/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-banks-labour-idUKKBN1AB1JO'|'2017-07-26T14:38:00.000+03:00'
'a5c25df1548942910d84aa840dd81570ff1b9a3e'|'Asia stocks inch up, dollar steadies as investors await Fed clues'|'July 26, 2017 / 12:57 AM / 19 minutes ago Dollar falls, stocks stay higher after Fed statement Caroline Valetkevitch 3 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 20, 2017. Brendan McDermid NEW YORK (Reuters) - The dollar turned lower while U.S. stocks stayed higher on Wednesday after the Federal Reserve signaled it could begin to cut its massive bond portfolio "relatively soon." U.S. Treasury yields fell to a session low after briefly rising following the statement. The U.S. central bank, which also kept its benchmark lending rate in a target range of 1.00 to 1.25 percent, said it was continuing the slow path of monetary tightening that has lifted benchmark U.S. interest rates by a percentage point since 2015. It said it expected to start winding down its holdings of bonds "relatively soon" in a sign of confidence in the U.S. economy. The dollar index .DXY, which measures the greenback against six world currencies, dropped 0.4 percent and was hovering just above a 13-month low touched on Tuesday. The dollar also hit session lows versus the yen JPY= after the statement. "All the talk in the lead-up to the decision was about some kind of hawkish surprise. It''s clear the market was positioned that way, it didn''t happen, so bets on the dollar cleared out. Expect the dollar to stabilize quickly and for the market to refocus on data," said Adam Button, chief currency analyst at Forexlive in Montreal. The Dow Jones Industrial Average .DJI was up 109.03 points, or 0.5 percent, to 21,722.46, the S&P 500 .SPX had gained 2.88 points, or 0.12 percent, to 2,480.01 and the Nasdaq Composite .IXIC had added 9.86 points, or 0.15 percent, to 6,422.03. All three major U.S. stock indexes hit record highs early in the session as Boeing ( BA.N ) and AT&T ( T.N ) led another set of strong earnings reports from U.S. companies. MSCI''s index of stock markets across the world .MIWD PUS was up 0.3 percent, while European shares .FTEU3 ended up 0.5 percent. Benchmark 10-year U.S. Treasury notes US10YT=RR were up 10/32 in price to yield 2.29 percent, down from 2.33 percent Tuesday. Oil prices settled higher, with Brent futures LCOc1 rising 1.5 percent to $50.97 a barrel, after data showing a fall in U.S. inventories. Additional reporting by Jonathan Spicer and Karen Brettell in New York and Patrick Graham in London; Editing by Mark Trevelyan and James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-markets-idUSKBN1AB02R'|'2017-07-26T03:55:00.000+03:00'
'5d03098b63ff6ef99fb1b515ae4770dafd70df79'|'Asia stocks inch up, dollar steadies as investors await Fed clues'|'July 26, 2017 / 12:57 AM / 2 hours ago Asia stocks, dollar steady as investors await Fed clues Shinichi Saoshiro 4 Min Read People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Asian stocks steadied on Wednesday and the dollar held firm as investors awaited the Federal Reserve''s policy decision later in the day for more clues on its tightening plans. The Fed concludes a two-day meeting later on Wednesday, and is widely expected to keep interest rates unchanged. With a rate hike not in the picture this time, the focus will be on the Fed''s statement, with markets looking for signs of when the central bank will begin paring its massive bond holdings and next raise rates. A statement is expected at 1800 GMT. "The stock markets are generally of a view that the Fed is not in too much of a hurry to normalize monetary policy. So equities would be able to take this Fed meeting in stride if the Fed''s statement is in line with such views," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Federal funds futures implied traders saw the chance of a Fed rate increase in September at about 8 percent and a December hike possibility at 48 percent. A more assertive policy message by the Fed, on the other hand, was expected to lift U.S. yields and boost the dollar. MSCI''s broadest index of Asia-Pacific shares outside Japan was little changed, but drew mild support after the S&P 500 climbed to an all-time high overnight on well-received results from McDonald''s and Caterpillar in addition to bank share gains. Australian stocks gained 1 percent with a smaller-than-expected rise in local inflation supporting views that interest rates will remain at record lows for some time to come. The Australian dollar slipped 0.3 percent to $0.7918. Japan''s Nikkei added 0.5 percent after the dollar rallied against the yen overnight to pull away from seven-week lows. Shanghai lost 0.2 percent while South Korea''s KOSPI slipped 0.3 percent. The dollar regained some ground against major currencies in the previous session after U.S. Treasury yields jumped the most in almost five months in response to Wall Street''s rise and on reduced demand for safe-haven bonds. But the greenback remained hobbled by uncertainty about the progress of healthcare reforms and the prospect of further delays for President Donald''s Trump''s ambitious stimulus and tax reform polices. U.S. Senate Republicans narrowly agreed on Tuesday to open debate on a bill to end Democratic President Barack Obama''s signature healthcare law, but it still faces significant hurdles. The dollar has also been kept in check by political uncertainty as lawmakers investigate possible meddling by Russia in the 2016 presidential election and whether there was any collusion by Trump''s campaign. The euro was effectively flat at $1.1651, pulling back from a two-year high of $1.1712 hit on Tuesday on a stronger-than-expected German Ifo business survey. Expectations that the European Central Bank would begin phasing out its easy monetary policy sooner rather than later have supported the common currency this month. The dollar index against a basket of major currencies was little changed at 94.061, after managing to put some distance between a 13-month low of 93.638 plumbed on Tuesday. The dollar was steady at 111.915 yen after surging about 0.7 percent overnight. "The dollar continues to lack clear direction against the yen. Uncertainty towards U.S. politics is capping the pair. But ''risk on'' is also taking place in equities thanks to good corporate results, so dollar/yen is not headed for a big slide either," said Daisaku Ueno, chief currency strategist at Mitsubishi UFJ Morgan Stanley Securities. In commodities, crude oil extended its surge after jumping overnight on data showing a sharp fall in U.S. crude stocks last week. U.S. crude rose 1 percent to $48.37 a barrel and Brent added 0.8 percent to $50.61 a barrel. Gold struggled as improved investor risk appetite curbed the precious metal''s appeal. Spot gold was a shade lower at $1,248.26 an ounce following its ascent to a one-month peak of $1,258.79 on Monday. Editing by Kim Coghill '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN1AB02R'|'2017-07-26T03:54:00.000+03:00'
'f6a6f270d34680f339d86633193ee9993b930a20'|'U.S. trade negotiator Lighthizer - Trump challenging China''s industrial policies-radio interview'|'July 26, 2017 / 4:58 AM / 21 minutes ago U.S. trade negotiator Lighthizer - Trump challenging China''s industrial policies-radio interview David Lawder 3 Min Read FILE PHOTO - Robert Lighthizer speaks after he was sworn as U.S. Trade Representative during a ceremony at the White House in Washington, U.S. on May 15, 2017. Kevin Lamarque/File Photo WASHINGTON (Reuters) - The top U.S. trade negotiator said late on Tuesday that   is determined to challenge China''s use of unfair subsidies and "non-economic" industrial policy to build up export industries that are costing American jobs. U.S. Trade Representative Robert Lighthizer, in a rare media interview, said that the Trump administration would work to hold China''s practices to the rules of the World Trade Organization, an organisation that he has criticized for being ineffective in enforcing fair trade. Speaking on the syndicated "Kevin McCullough Radio" conservative talk show, Lighthizer said there was "no question that China has an industrial policy that is designed to create jobs and wealth in China." "Our objective is not to let that go on in an unfair way." Lighthizer, a longtime steel industry trade lawyer who served as deputy USTR in the 1980s, said there were many examples of China''s WTO violations, including dumping of products below cost, unfair subsidies for state firms and other "non-economic" policies. "You have to take on their industrial policy one way or another," Lighthizer said. "For example, they will develop an industry behind a closed market in China. When that industry is developed with subsidies and with protection, they’ll then let it loose on the world." He said this has happened in steel, aluminium and other products. "If it’s unfair the president''s going to go after it." Lighthizer''s comments come about a week after senior Trump administration officials at bilateral economic talks failed to secure any concrete commitments from their Chinese counterparts to eliminate excess steel production capacity or to further open the Chinese services industry to foreign competition. News conferences at the conclusion of the U.S.-China Comprehensive Economic Dialogue talks were cancelled and there was no joint statement for the first time since the summer bilateral economic meetings were launched in 2006. China later sought to put a more positive spin on the meeting, saying the two sides had agreed to take "active and effective measures" to tackle the global steel overcapacity problem. Earlier on Tuesday, Trump said in a Wall Street Journal interview that his administration would take its time in deciding on whether to enact steel tariffs or quotas on national security grounds, saying "we don’t want to do it at this moment." Trump added that the steel decision could come after debates in Congress on health care, taxes and infrastructure spending Regarding negotiations starting in August to modernize the North American Free Trade Agreement, Lighthizer said that Trump wanted to change the 23-year-old trade pact to stop a "basic unfairness" that has allowed U.S. factories and manufacturing jobs to migrate to Mexico. Asked by radio host McCullough if Trump still wanted to scrap NAFTA, Lighthizer said: "Scrapped is too strong but the president wants very substantial changes," Lighthizer said. Reporting by David Lawder; Editing by Michael Perry 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trade-china-lighthizer-idUKKBN1AB0DP'|'2017-07-26T07:58:00.000+03:00'
'eeed4c1fa811d8c161ac74b92fbd9566c4883171'|'Czech Republic - Factors To Watch on July 26'|'July 26, 2017 / 6:02 AM / 13 minutes ago Czech Republic - Factors To Watch on July 26 5 Min Read PRAGUE, July 26 (Reuters) - Here are news stories, press reports and events to watch which may affect Czech financial markets on Wednesday. ALL TIMES GMT (Czech Republic: GMT + 2 hours) ECONOMIC DATA Real-time economic data releases Summary of economic data and forecasts Recently released economic data Previous stories on Czech data **For a schedule of corporate and economic events: here #/2E/events-overview NEWS ECONOMY: Central and Eastern Europe faces the end of an economic era. With employment rates at record highs, and workers demanding wages closer to western levels, the cheap-labour model that has driven growth since the fall of communism is on the way out. Story: Related stories: ARMS INDUSTRY: During the last days of the Cold War in 1988, Czechoslovakia''s Aero Vodochody''s factory outside Prague produced a record 250 of its Albatros L-39 training jets for Soviet bloc air forces. Those customers disappeared with the collape of Communism as successive governments focused on building a market economy and steered away from arms exports, sending the industry into a tailspin. Numerous comeback attempts sputtered for Aero, which halted jet production between 2003 and 2015. Now a growing number of conflicts around the world is helping to fuel demand for arms, providing Czech firms an opportunity to sell to customers looking for a supplier from a country that does not usually impose political strings. Story: Related stories: MOODY''S: Ratings agency Moody''s says Czech Republic''s lower debt, more stable politics support stronger credit profile relative to Poland. Story: Related stories: CME: Broadcaster Central European Media Enterprises (CME) confirmed its 2017 core profit growth outlook. Story: Related stories: ** For a story on Q2 results: ** For a news on its outlook: BREXIT: British courts should protect the rights of European Union citizens living in the country after it leaves the bloc, Brexit minister David Davis said on Tuesday, defending Britain''s rejection of the EU''s position. Story: Related stories: CEE MARKETS: The zloty steadied on Tuesday following recent jitters prompted by political wrangling over reforms which increase Poland''s right-wing government''s influence over the judiciary. Story: Related stories: MARKET SNAPSHOT Index/Crown Currency Latest Prev Pct change Pct change close on day in 2017 vs Euro 26.037 26.016 -0.08 3.59 vs Dollar 22.363 22.239 -0.56 12.81 Czech Equities 1,015.13 1,015.13 0.74 10.15 U.S. Equities 21,613.43 21,513.17 0.47 9.37 Pvs close or current levels vs prior domestic close at 1500 GMT PRESS DIGEST'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/czech-factors-idUSL5N1KH11E'|'2017-07-26T09:02:00.000+03:00'
'967c49b5463ff8867bf1d95c0cc683ddaec39ffe'|'Snapdeal board approves Flipkart''s $900-$950 million takeover offer, sources say'|'July 26, 2017 / 6:54 AM / an hour ago Snapdeal board gives nod to Flipkart''s bid, but obstacles remain: sources Sankalp Phartiyal 4 Min Read FILE PHOTO: An employee cleans a Snapdeal logo at its headquarters in Gurugram on the outskirts of New Delhi, India, April 3, 2017. Adnan Abidi/File photo MUMBAI (Reuters) - The board of Indian e-commerce firm Snapdeal has agreed to a deal with bigger rival Flipkart for up to $950 million, two sources said on Wednesday, bringing the two a step closer to forming a combine to challenge Amazon.com''s ( AMZN.O ) domestic growth. The board of Jasper Infotech, which runs Snapdeal, approved Flipkart''s ( IPO-FLPK.N ) bid of $900 million-$950 million last week, the sources who were familiar with the matter said, asking not to be named as the talks are private. Two other sources said, however, that obstacles still remain and that the deal will need approval from smaller shareholders of Snapdeal before it gets finalized. The shares-swap deal would help SoftBank Group ( 9984.T ), Snapdeal''s biggest investor, gain a stake in Flipkart, the leading homegrown player, at a time when Indian e-commerce is booming. Helped by a spurt in availability of cheap phones and data plans, more and more Indians are shopping on the web. A 2016 report from accounting firm EY said that e-commerce had grown at a compound annual growth rate of over 50 percent in the last five years in India and the pace of growth is expected to continue, with e-commerce sales topping $35 billion by 2020. The rapid growth has been accompanied by severe competition and a fierce war for supremacy between Flipkart and U.S. online retail giant Amazon, which has committed to investing $5 billion in the country. The acquisition of Snapdeal means one less rival for Flipkart, said Harminder Sahni the founder of Wazir Advisors, a boutique consultancy firm. "Flipkart may have a plan to run Snapdeal as a differently positioned business just like they run Myntra and Jabong," he said. Myntra and Jabong are Flipkart''s fashion portals. Flipkart has bid for Snapdeal''s marketplace business and its e-commerce solutions unit Unicommerce. Snapdeal declined to comment, while Flipkart was not immediately available for comment. FILE PHOTO: The logo of India''s largest e-commerce firm Flipkart is seen on the facade of the company''s headquarters in Bengaluru, India July 7, 2017. Abhishek N. Chinnappa/File photo The Jasper board also considered a $700 million share-swap offer by listed e-commerce firm Infibeam ( INFC.NS ) but rejected it as too low, one of the sources said. Infibeam declined to comment. Freecharge Deal The two initial sources also said Indian lender Axis Bank ( AXBK.NS ) is the frontrunner in the race to acquire Snapdeal''s digital payments unit FreeCharge and that it has bid roughly $60 million for the asset. Axis did not immediately respond to a request for comment. The sources said Snapdeal''s founders Kunal Bahl and Rohit Bansal still have reservations about an acquisition by Flipkart however, and are mulling an alternate path. Bahl and Bansal want to use the money from the sale of Snapdeal''s logistics arm Vulcan Express and FreeCharge to run a downsized marketplace, they said. One of the sources said the two founders were hoping for the backing of some early stage investors in Snapdeal and hoped to take the proposal to Jasper''s board. Both sources said it was unlikely the board would approve this, however, as Snapdeal''s largest shareholder is keen to forge a deal with Flipkart. A Snapdeal spokeswoman was not immediately reachable for comment on the founders'' plans. Bengaluru-headquartered Flipkart had revised its initial offer for Snapdeal to up to $950 million, Reuters reported last week. Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-snapdeal-m-a-flipkart-idINKBN1AB0NI'|'2017-07-26T09:51:00.000+03:00'
'fde8f3450ac786feef127209d22dfae4e5aa408e'|'BRIEF-Alphabet''s Google announces $50 mln initiative to help people prepare for the changing nature of work - Blog'|'July 26, 2017 / 1:41 PM / 14 minutes ago BRIEF-Alphabet''s Google announces $50 mln initiative to help people prepare for the changing nature of work - Blog 1 Min Read July 26 (Reuters) - * Alphabet''s Google announces a $50 million initiative to help people prepare for the changing nature of work - Blog'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-alphabets-google-announces-50-mln-idUSFWN1KH0R3'|'2017-07-26T16:41:00.000+03:00'
'8e4809ae661ac83d0e5406bfd912701a5e59c6a1'|'''Pharma bro'' Martin Shkreli''s securities fraud trial winds down'|'July 26, 2017 / 3:27 AM / 4 hours ago ''Pharma bro'' Martin Shkreli''s securities fraud trial winds down Brendan Pierson 3 Min Read FILE PHOTO: Martin Shkreli, former chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, arrives for his trial at U.S. Federal Court in Brooklyn, New York, U.S., July 21, 2017. Brendan McDermid/File Photo NEW YORK (Reuters) - U.S. prosecutors questioned their last witness in the securities fraud trial of Martin Shkreli on Tuesday, while the former drug company executive''s lawyers said they do not expect to call any witnesses of their own, setting the stage for closing arguments later this week. Prosecutors told U.S. District Judge Kiyo Matsumoto that they expect to rest their case on Wednesday after legal arguments about admitting evidence, which will take place without jurors present. The prosecutors and Shkreli''s lawyers told Matsumoto they expect to deliver closing arguments Thursday morning, just over a month after the June 28 opening arguments. Shkreli, 34, outraged patients and U.S. lawmakers by raising the price of anti-infection drug Daraprim to $750 a pill, from $13.50 in 2015, when he was chief executive of Turing Pharmaceuticals. The charges he now faces are not related to Turing, but instead stem from Shkreli''s management of his previous drug company, Retrophin Inc, and of hedge funds MSMB Capital and MSMB Healthcare between 2009 and 2014. Prosecutors have said that Shkreli lied about the funds'' finances to lure investors and concealed devastating trading losses. They said he paid investors back with money and shares stolen from Retrophin, which he founded in 2011. Prosectors'' last witness, Federal Bureau of Investigation agent Michael Braconi, offered a look at the relationship between Shkreli and a lawyer who worked for him during that time, Evan Greebel, who faces a separate trial on fraud charges in October. Braconi read a series of emails showing Shkreli repeatedly berating Greebel as Shkreli scrambled to pay back investors using agreements with Retrophin, which prosecutors say were fraudulent. "Why can''t you do your job?" Shkreli asked Greebel in one email. Later, Shkreli wrote Greebel, "You embarrass me." When Greebel warned Shkreli that there could be legal problems with Shkreli acquiring Retrophin shares at below-market prices, Shkreli responded, "f that." Greebel''s lawyers have said in court filings that Greebel was deceived by Shkreli, and did not take part in any fraud. During the trial, jurors heard from several MSMB investors who testified that Shkreli had deceived them. In cross-examining those witnesses, Shkreli''s lawyers sought to emphasize that none of them lost money, and that some made large profits. Jurors also heard from the former chairman of Retrophin''s board of directors, Steven Richardson, who said Shkreli never got board approval for agreements he reached between Retrophin and his investors. Reporting By Brendan Pierson in New York; Editing by Bernard Orr 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-crime-shkreli-idINKBN1AB0AI'|'2017-07-26T06:24:00.000+03:00'
'3134dd09357144068d6f4ed8b991854806c2f59b'|'Australia''s biggest pension fund flags equities, local property risks'|'July 27, 2017 / 8:00 AM / 17 minutes ago Australia''s biggest pension fund flags equities, local property risks Jonathan Barrett and Tom Westbrook 4 Min Read Ian Silk, Chief Executive of Australia''s largest pension fund, AustralianSuper, speaks at Reuters Newsmaker event in Sydney, Australia, July 27, 2017. Steven Saphore SYDNEY (Reuters) - Australia''s largest pension fund, AustralianSuper, is preparing for the end of the global equities run and looking to infrastructure opportunities in the United States where it believes foreign firms will in time gain greater access. AustralianSuper is a A$120 billion (£73.53 billion) fund that seeks out major positions, chief executive Ian Silk said at a Reuters Newsmaker event on Thursday in Sydney, that can affect its burgeoning book. Silk said an equities rally - Australia''s benchmark has gained 43 percent since 2012 and the MSCI World Index .MIWO PUS has risen 67 percent over the same period - and recent strong Australian property price rises were being monitored and managed. "The risks are principally in equity markets and for Australian super funds equity markets really determine the bulk of the absolute returns," Silk told Reuters in an interview after the event. Just over half of AustralianSuper''s most popular ''balanced'' fund is invested in Australian and global equities, according to the fund''s website. It has more than doubled its cash holdings over the 12 months to June 30, from 3.8 percent to 8.8 percent, with cuts to property, private equity and international equity exposure. "We are not finding too many asset classes great value at the moment," Silk said at the event. While AustralianSuper recently purchased the country''s biggest electricity grid with partner IFM Investors, the fund believes there are few suitable-sized local infrastructure investment plays left for a manager fuelled by net cash inflows of around A$500 million per month from members. Silk said that U.S. President Donald Trump''s $1 trillion infrastructure plan represented an opportunity even if it was unclear if and how the plan would operate. He felt that any concerns against foreign investment in the United States would be overcome by its immense need to improve its infrastructure. "When push comes to shove, they''ll balance the parochialism with the party who is prepared to write the biggest cheque," said Silk. "Dog''s Breakfast" Energy Policy In a quest to reduce fees and improve returns, AustralianSuper is building its internal management capability, as opposed to only awarding mandates to external managers. Silk said the fund currently managed about 23 percent of its A$120 billion-odd assets internally. "We are budgeting for a reduction in our investment costs," said Silk, referring to fee savings by hiring in-house teams. The internalisation model has had mixed results in other markets, with sceptics citing onerous risk and compliance systems which, combined with staff retention incentives, dent the expected net returns. The fund''s internal managers won''t, however, likely invest in Australian energy assets until there was a coherent energy policy, Silk said. Australia has been subject to a decade of political fights over climate policy, where the future contribution of coal-fired power generation and renewable energy is unclear. "The energy market at the moment, to use a colloquial term, is a dog''s breakfast," said Silk. "It''s not a regime that is inviting for investors." Additional reporting by Jane Wardell and John Mair; Editing by Jacqueline Wong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australiansuper-ceo-moneymanagers-idUKKBN1AC0Q7'|'2017-07-27T10:59:00.000+03:00'
'090590820571bc9d0d2c1e87e011916ebacf1881'|'France will nationalize disputed shipyard in standoff with Italy: Le Monde'|'July 27, 2017 / 8:57 AM / 30 minutes ago France nationalises shipyard to thwart Italian majority, angering Rome Leigh Thomas and Crispian Balmer 4 Min Read The logo of STX is seen during a press conference at the STX Les Chantiers de l''Atlantique shipyard site in Saint-Nazaire, western France, western France, January 4, 2017. Stephane Mahe PARIS/ROME (Reuters) - France will nationalize the STX France shipyard to prevent an Italian firm taking majority control, the economy minister said on Thursday, triggering an angry response from Rome to President Emmanuel Macron''s first big industrial policy decision. As France''s most avowedly pro-business leader in decades, few would have predicted the former investment banker''s first big move in the corporate sector would be a nationalization, even if the government says it will only be temporary. However, his action, which added further strain to France''s relationship with Italy, fits with the interventionist style of other postwar French leaders. It also crosses into the defense sector, where many national governments prefer to wield influence over ownership. The Italian state-owned shipbuilder Fincantieri ( FCT.MI ) had reached an agreement in May to pay 79.5 million euros ($93.20 million) for two-thirds of STX France, which is being sold because of the collapse of its South Korean parent, STX. This week it rejected a French government proposal to settle for 50-50 ownership instead. That prompted the French state, which had a minority stake, to exercise pre-emption rights to buy out other shareholders before those rights expire at the end of the month, in effect giving Paris more time to come up with another solution. Related Coverage French shipyard move ''incomprehensible'' says angry Italy "This decision is in line with the economic strategy that we want to build with the president of the Republic and the prime minister," Economy Minister Bruno Le Maire told a news conference. "We want to free up France''s exceptional productive capacities and protect our strategic interests," he said, adding that the 50-50 ownership offer was still on the table and that he would visit Rome on Tuesday. While Italy''s government warmly welcomed the election of Macron in May, viewing the pro-European centrist as someone who could help Rome on an array of issues, the STX move added to other decisions that have upset it. Macron''s talks this week with Libyan leaders irritated Rome, which had previously taken the lead in efforts to bring peace to its former North African colony, and was already disappointed by the new president''s migration policies. "Incomprehensible" The STX nationalization also goes to the heart of Italy''s long-held view that French companies'' acquisitions on its territory are a one-way street. Italian Economy Minister Pier Carlo Padoan and Industry Minister Carlo Calenda called France''s decision to nationalise the shipyard "grave and incomprehensible". "Nationalism and protectionism are not an acceptable basis for establishing relations between two great European countries," they said in a joint statement. The prospect of a Fincantieri takeover had raised fears in France about jobs at the Saint-Nazaire site, and the government was also concerned about the strategic importance of the yard, the only one in the country big enough to build aircraft carriers and other large warships. "The Saint-Nazaire shipyards are not destined to remain under state control," Le Maire said. "The pre-emption decision is temporary and should give us the time to negotiate in the best conditions." The decision, which was welcomed by French politicians of all political stripes, flies in the face of any expectations that Macron, who in his former post as economy minister sought to liberalise swathes of the economy, would break with the French state''s tradition of intervention in business. Even while economy minister, Macron forced through a shareholder vote that increased the government''s power over carmaker Renault. Since becoming president in May, he has also forced carmakers to help fund a failing parts manufacturer. Additional reporting by Myriam Rivet and Ingrid Melander; Editing by Kevin Liffey 0 : 0 '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-stx-m-a-fincantieri-france-idUSKBN1AC16H'|'2017-07-27T16:57:00.000+03:00'
'f2946245956e38a741a184d0b2bb4d0318fb3b18'|'UPDATE 1-Comcast 2nd-qtr results top estimates on film, theme parks growth'|'July 27, 2017 / 1:31 PM / in 5 hours UPDATE 1-Comcast 2nd-qtr results top estimates on film, theme parks growth 3 Min Read (Adds details from the earnings call, updates share price) By Anjali Athavaley and Jessica Toonkel NEW YORK, July 27 (Reuters) - Comcast Corp on Thursday reported quarterly results that topped analysts'' estimates on higher revenue in its filmed entertainment and theme parks businesses, even as the No. 1 U.S. cable operator lost more video subscribers. Comcast''s shares rose 2 percent to $40.16 in early trading. Comcast and other pay television operators are facing pressure as younger viewers drop bigger cable bundles for cheaper streaming options such as Netflix Inc and the growing number of online "skinny bundles" of channels. Comcast and cable operator Charter Communications Inc are in talks with Sprint Corp about a partnership to boost the two U.S. cable companies'' wireless offerings, sources had told Reuters in June. Meanwhile, Chief Executive Officer Brian Roberts dismissed speculation on Thursday that Comcast needed to buy or merge with another company. "I think I''ve said, and I think we''ve said in multiple forms, that we really feel we are not missing anything," Roberts said on the company''s analyst call Thursday morning. Comcast has taken a number of steps to allow users of its X1 set top box to get access to a variety of content. Last year, Comcast made Netflix available through X1 and announced a similar deal with Alphabet Inc''s YouTube in February. Still, Comcast lost 34,000 video subscribers in the quarter, compared with the 4,000 customers lost in the year-earlier period. Comcast also added 175,000 broadband subscribers, compared with additions of 220,000 a year ago. The proliferation of "skinny bundles," however, helps its NBCUniversal media unit''s bottom line because the company has very favorable terms for its content on those services, Roberts said, adding he was skeptical about the skinny-bundle business becoming profitable. Comcast introduced a wireless service in May in hopes of bundling more services together and increasing customer loyalty. The service, called Xfinity Mobile, launched on Verizon Communications Inc''s airwaves as part of a 2011 agreement between the companies. Early results indicate the mobile service is off to a strong start, though the company did not disclose subscriber numbers. Net income attributable to Comcast rose 23.9 percent to $2.51 billion, or 52 cents a share, in the second quarter, from $2.03 billion, or 41 cents a share. Revenue was up 9.8 percent to $21.16 billion. Analysts expected earnings of 48 cents per share on revenue of $20.85 billion, according to Thomson Reuters I/B/E/S. Filmed entertainment revenue rose 59.6 percent on the strength of movies such as "The Fate of the Furious" while theme parks revenue increased 15.6 percent. (Editing by Phil Berlowitz and Jeffrey Benkoe) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/comcast-results-idUSL1N1KI0J3'|'2017-07-27T16:30:00.000+03:00'
'7880e76d234403b1dacc10a6c5cfd234cc3b885b'|'Shell sees oil demand peaking by late 2020s as electric car sales grow'|'July 27, 2017 / 10:48 AM / 13 minutes ago Shell sees oil demand peaking by late 2020s as electric car sales grow Ron Bousso and Karolin Schaps 3 Min Read FILE PHOTO: A Shell logo is seen on a fuel pump at a gas station In Warsaw, Poland June 1, 2017. Kacper Pempel/File Photo LONDON (Reuters) - The world''s oil consumption could peak as early as the end of the next decade as electric vehicles become more popular, Royal Dutch Shell RDS.A Chief Executive Ben van Beurden said on Thursday. The prospect of a decline in oil consumption after more than a century of growth as the world switches to burning cleaner fuels is gathering pace. On Wednesday Britain announced plans to ban diesel and gasoline vehicles by 2040, following a similar move by France. "I think they are very welcome announcements, they are also very needed announcements," van Beurden told reporters after Europe''s biggest oil company reported a sharp rise in quarterly profits. Under the Anglo-Dutch company''s most aggressive scenario of battery-powered vehicles replacing traditional internal combustion engines, consumption of oil will peak in the early 2030s, he said. With a high use of biofuels in the mix, demand could peak by the late 2020s, he added. But oil will still be needed for decades to come as it is likely to remain the main fuel for planes, ships and heavy trucks, van Beurden told reporters. "Even if the UK, France and the Western world in general will all go to 100 percent electric vehicles, that would be great, but that wouldn''t be enough... We still have less advanced economics that cannot do that switch," he added. In an interview with Bloomberg TV van Beurden said he would opt for an electric car as his next vehicle purchase. The outlook from the world''s second-largest oil and gas company contrasts with others in the sector. Energy watchdog International Energy Agency does not expect oil demand to peak before 2040. Shell, which has been producing oil since 1907, and its peers are increasingly switching to less-polluting natural gas production as the world transitions to a low carbon emission energy system. "With the incubation and changes we are making in the new energies business but also in our existing business focussing on the best possible projects in LNG, gas and oil and petchems we can remain relevant," van Beurden told journalists. The company launched a new energies division last year through which it aims to invest up to $1 billion a year by 2020 in renewable energy, biofuels and hydrogen. Reporting by Ron Bousso and Karolin Schaps; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-demand-shell-idUKKBN1AC1LZ'|'2017-07-27T13:48:00.000+03:00'
'6bf62c3560911b0fef3c7066e807f7b879c1cd94'|'BRIEF-Peoples Financial Services reports Q2 earnings per share $0.76'|'July 24, 2017 / 8:44 PM / 5 minutes ago BRIEF-Peoples Financial Services reports Q2 earnings per share $0.76   Peoples Financial Services Corp * Q2 earnings per share $0.76 * Q2 core earnings per share $0.59 * Qtrly net interest income $16.1 million versus $15.3 million Source text: [ bit.ly/2gXCLsb ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-peoples-financial-services-reports-idUSFWN1KF0LD'|'2017-07-24T23:44:00.000+03:00'
'2a65d379b81cd4f756f322764c375c375f160255'|'Engine delays hit Airbus profits, delivery targets fragile'|'July 27, 2017 / 5:20 AM / 14 hours ago Engine delays hit Airbus profits, delivery targets fragile 2 Min Read PARIS, July 27 (Reuters) - Europe''s Airbus on Thursday unveiled a one-third slump in half-way operating profit on flat revenue, as delays in engine deliveries for its upgraded A320neo hit interim earnings. The world''s second largest planemaker after Boeing stuck to its financial targets and production plans, but suggested reaching its 2017 delivery target depended essentially on deliveries from Pratt & Whitney . For the second quarter, Airbus posted a lower-than-expected 859 million euro ($1 billion) operating profit, down 27 percent, on revenues of 15.271 billion. Analysts were on average expecting profit of 910 million euros on 15.823 billion euros in sales, according to a Reuters poll. Airbus also disclosed a new output cut for its slow-selling A380, saying it would now deliver eight superjumbos in 2019, down from a previously announced 12 in 2018. The figures came a day after rival Boeing saw its shares hit a record after posting second-quarter profit and cashflow well ahead of Wall Street estimates. $1 = 0.8516 euros Reporting by Tim Hepher, Cyril Altmeyer, Victoria Bryan, Editing by Sudip Kar-Gupta 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airbus-results-idUSASM000D97'|'2017-07-27T08:20:00.000+03:00'
'463c0503d49a7e19bd6bf4e5eea1be6072e40cb9'|'UPDATE 1-AstraZeneca lung cancer study fails in big setback for company'|'July 27, 2017 / 6:36 AM / 5 hours ago AstraZeneca lung cancer failure sparks 16 percent share fall Ben Hirschler 6 Min Read FILE PHOTO: The logo of AstraZeneca is seen on medication packages in a pharmacy in London April 28, 2014. Stefan Wermuth/File Photo LONDON (Reuters) - AstraZeneca''s combination of two injectable immunotherapy drugs failed to help patients as hoped in a closely watched advanced lung cancer trial, triggering the biggest ever daily fall in its shares on Thursday. The so-called Mystic study was the industry''s most anticipated clinical experiment this year and the news saw the shares fall 16 percent, wiping some $14 billion off AstraZeneca''s value. The study was viewed as key to proving the value of the group''s new drug pipeline and its future as an independent company, after it spurned a $118 billion takeover attempt by Pfizer in 2014. Some analysts said investors would now focus on whether AstraZeneca will become a target again, although banking sources said Pfizer was unlikely to return and others, including Novartis, might be deterred by the weak growth outlook. AstraZeneca Chief Executive Pascal Soriot told reporters he did not believe the group was now more vulnerable, noting that positive data could have actually made it more desirable. Initial results from Mystic found the combination of durvalumab and tremelimumab was no more effective at stopping disease progression than chemotherapy in patients with a protein called PD-L1 on 25 percent or more of their cancer cells. Immunotherapy drugs are designed to help the body''s immune cells kill cancer and PD-L1 levels are used as a benchmark to determine if they are likely to work for individual patients. As a secondary endpoint, although not formally tested, durvalumab monotherapy also would not have met a pre-specified threshold of progression-free survival benefit, the company added. Durvalumab is already on the market for bladder cancer, under the brand name Imfinzi. Despite the negative initial results on disease progression, Soriot said there was still a chance the treatment might show a benefit in improving life expectancy when more data is available in 2018. "We must be patient as the Mystic trial continues as planned to evaluate overall survival." Uncertainty about Mystic had been heightened by speculation that Soriot might be considering a highly paid new job as head of Israel-based Teva Pharmaceutical Industries. Soriot declined to comment directly on what he described as "rumors" on Thursday, although company insiders said he would have had to make a statement if he had firm plans to leave. "I''m not a quitter," Soriot said. "I’m proud to be the CEO of this company and I look forward to continuing on our journey ahead and continuing to lead the incredible team ... the only thing I can tell you is I am here today." Good for Merck, Bad for Bristol Immunotherapies promise to revolutionize cancer care, prompting a race to develop treatments in a market expected to be worth tens of billions of dollars in annual sales. Lung cancer is the single biggest opportunity and Jefferies analyst Jeffrey Holford said the Mystic setback had removed around 10 to 15 percent of AstraZeneca''s mid-term earnings potential. AstraZeneca''s pain is good news for Merck & Co, the only manufacturer on the market with an immunotherapy treatment for previously untreated lung cancer and its shares rose 3 percent. But Bristol-Myers Squibb fell 5 percent, as investors worried about its experimental immunotherapy treatment that is similar to AstraZeneca''s combination. AstraZeneca - a relative latecomer in immunotherapy - has been pinning its hopes on a combination approach for advanced lung cancer, after already showing that durvalumab alone can help in earlier-stage disease. Durvalumab, which AstraZeneca flagged in 2014 as having annual sales potential of $6.5 billion, is central to its drive into oncology - but it is not the only asset. Offsetting the Mystic hit, the company also reported that its Tagrisso lung cancer pill improved progression-free survival in another trial called Flaura, which Soriot said put it on track for eventual sales of more than $4 billion a year. AstraZeneca has also established a strategic oncology collaboration with Merck to study cancer drug combinations using its drug Lynparza, which is already approved for ovarian cancer but could have much wider uses when combined with immunotherapy. Merck will pay AstraZeneca up to $8.5 billion under the deal, in exchange for half of future Lynparza sales, including $1 billion this year. "AstraZeneca is currently at a crossroads," said Joe Walters, senior fund manager at Royal London Asset Management, a top-30 shareholder, according to Thomson Reuters data. "In our view, the group should make every effort to capitalize on their strategic tie-up with Merck announced today and strong progress in the trials for Tagrisso." The latest news came as AstraZeneca reported another fall in quarterly drug sales, hit by loss of patents on blockbusters like cholesterol pill Crestor. Overall first-quarter revenue fell 10 percent in dollar terms to $5.05 billion, although core earnings per share (EPS) rose 5 percent to $87 cents. Industry analysts, on average, had forecast revenue of $5.0 billion and earnings of 80 cents, according to Thomson Reuters data. Asked about the fall in the share price to 43 pounds from the 55 offered by Pfizer, Soriot insisted the drug pipeline was delivering and the company''s dividend was not at risk. "There’s a lot more in our pipeline than Mystic." Additional reporting by Pamela Barbaglia and Simon Jessop; Editing by Keith Weir and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-astrazeneca-cancer-idUSKBN1AC0OP'|'2017-07-27T09:33:00.000+03:00'
'45c5be8941c92cfce1d4602891926b36b82376b7'|'EU increases pressure on Facebook, Google and Twitter over user terms'|'July 24, 2017 / 6:42 PM / an hour ago EU increases pressure on Facebook, Google and Twitter over user terms Julia Fioretti 3 Min Read 3D-printed Facebook and Twitter logos are seen in this picture illustration made in Zenica, Bosnia and Herzegovina on January 26, 2016. Dado Ruvic BRUSSELS (Reuters) - European Union authorities have increased pressure on Facebook, Google and Twitter to amend their user terms to bring them in line with EU law after proposals submitted by the tech giants were considered insufficient. The European Commission and consumer protection authorities in the bloc wrote to the three companies in June, asking them to improve their proposed changes to user terms by the end of September, according to letters sent to the companies and seen by Reuters on Monday. The authorities have the power to issue fines if the companies fail to comply. Representatives of Facebook and Twitter did not respond immediately to emailed requests for comment and a Google spokesman declined to make immediate comment. The authorities'' concerns center mainly on procedures the social media companies proposed to set up for the removal of illegal content on their websites, terms limiting their liability and terms allowing them unilaterally to remove content posted by users. The U.S. trio were given until July 20 to submit new proposals, which need to be implemented by the end of September, the letters said. A person familiar with the matter said that two of the companies had submitted amended proposals, while a third had asked for more time, declining to specify which one. The companies had first proposed changes to their terms and conditions in March to assuage the regulators'' concerns in March. The sticking points were terms such as those that forced European consumers to seek redress in California, where the companies are based, instead of the consumer''s home country. U.S. technology companies have faced tight scrutiny in Europe for the way they do business, from privacy issues to how quickly they remove illegal or threatening content. The authorities and the Commission asked the companies to provide more detail on the timeframe and deadlines they would apply to dealing with notifications of content deemed illegal under consumer law, as well as dedicating a page or email address to notifications from consumer authorities. In addition, the bodies are pressing for a procedure whereby consumers would be notified before their content is removed or given an opportunity to challenge it. In the case of Alphabet''s Google unit, the concerns were about its social network Google+. Reporting by Julia Fioretti; Editing by David Goodman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-socialmedia-eu-consumers-idUSKBN1A92D4'|'2017-07-24T21:46:00.000+03:00'
'583194f642646ec721fde4d854f75f0f829468a7'|'UK Stocks-Factors to watch on July 24'|'July 24 (Reuters) - Britain''s FTSE 100 index is seen opening down 11 points, according to financial bookmakers. * GLENCORE: Glencore PlC has signed an agreement to invest up to 66 million reais ($21 million) into Brazilian copper producer Paranapanema SA, the Brazilian firm said in a securities filing. * BAKKAVOR: Bakkavor, one of the biggest suppliers of ready meals to Marks & Spencer and Waitrose, is exploring plans for a stock market float that could value it at up to 1.5 billion pounds, The Times reported on Sunday.( bit.ly/2gVBiTo ) * B&M EUROPEAN VALUE RETAIL: Asda, the British supermarket arm of Wal-Mart Stores, is considering a 4.4 billion pounds ($5.7 billion) takeover of B&M European Value Retail, the discount retailer run by the billionaire Arora brothers, The Sunday Times reported. * AIM: Companies leaving London''s junior stock market because a broker or investment bank has quit as their adviser has hit a record this year, an accountancy firm specialising in the sector said. * BRITAIN ECONOMY: British households'' financial situation has deteriorated at the fastest rate in three years this month, as families increasingly shy away from big purchases like cars, holidays and household appliances, a survey showed on Monday. * OIL: Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address rising output in Nigeria and Libya, two OPEC members so far exempt from a push to cut production. * The UK blue chip FTSE 100 index was down 0.5 percent on Friday but had its strongest weekly gains in two months, sheltered from the battering European stocks experienced at the mercy of a strong euro, while mid-caps had their best week in nearly a year. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Ascential PLC Half Year 2017 Earnings Release Cranswick PLC Q1 2017 Trading Statement Release Mitchells & Butlers Q3 2017 Trading Statement Release Sthree PLC Half Year 2017 Earnings Release Science Group PLC Half Year 2017 Earnings Release Reckitt Benckiser Group PLC Half Year 2017 Earnings Release Temple Bar Investment Trust Half Year 2017 Earnings Release Tungsten Corp PLC Full Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1KF27K'|'2017-07-24T08:33:00.000+03:00'
'f21435cb8febd509acc7033e0d999f82ad46b952'|'Brazil wireless carrier TIM triples profit, beating forecasts'|'SAO PAULO (Reuters) - TIM Participaçoes SA ( TIMP3.SA ), Brazil''s second-largest wireless phone company, reported on Tuesday that second-quarter net income nearly tripled from a year earlier to 219 million reais ($69 million), according to a securities filing.Profit at the Brazilian unit of Telecom Italia ( TLIT.MI ) beat an average forecast of 156 million reais in the Thomson Reuters consensus. Earnings before interest, taxes, depreciation and amortization rose 16 percent to 1.391 billion reais, excluding tower sales and one-time expenses, above an average forecast of 1.303 billion reais.Reporting by Brad Haynes and Sergio Spagnuolo; Editing by Leslie Adler '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tim-part-results-idUSKBN1AB03B'|'2017-07-26T03:51:00.000+03:00'
'f63e22c2d05608d2cc3c6dd01c4f49260525a09e'|'Airplane maker leads Czech arms industry revival'|'PRAGUE (Reuters) - During the last days of the Cold War in 1988, Czechoslovakia''s Aero Vodochody''s factory outside Prague produced a record 250 of its Albatros L-39 training jets for Soviet bloc air forces.Those customers disappeared with the collapse of Communism as successive governments focused on building a market economy and steered away from arms exports, sending the industry into a tailspin. Numerous comeback attempts sputtered for Aero, which halted jet production between 2003 and 2015.Now a growing number of conflicts around the world is helping to fuel demand for arms, providing Czech firms an opportunity to sell to customers looking for a supplier from a country that does not usually impose political strings.This combined with the political support at home that is essential for doing deals with foreign militaries, the industry is experiencing a revival as Aero and other companies ramp up production and target new customers, particularly in emerging markets."The influence of big countries in emerging markets is changing," said Aero Chief Executive Giuseppe Giordo told Reuters. "It gives us the opportunity to compete in more international markets.""If countries make a deal with Czech Republic they are making a deal with a neutral country," said the former chief of the aeronautical unit of Italy''s Leonardo, one of the market leaders a revamped Aero is targeting in its come back.Boeing bought a stake in Aero in the 1990s but sold it back to the government after failing to land new contracts. Czech-Slovak private equity group Penta bought Aero in 2006.Giordo, who took the helm at Aero in 2016, has overseen the relaunch of the L-159 and is pushing plans for the next generation L-39 trainer. It aims to produce up to 26 aircraft annually over the next 10 to 15 years.The company has also re-launched production of new parts for the L-39 -- which can turn into a light version of the combat fighter at the flick of a switch -- in recent weeks.Aero delivered 12 L-159 jets to the Iraqi air force at the end of last year, including one made in 2016, the first since 2003. The company revamped 11 other jets that had been in storage.Aero expects to seal two contracts for the next generation L-39 jet trainer in central Europe and is pursuing three potential deals in Asia, South America and Europe, Giordo said.The company relaunched full production of the jet in July and expects to produce three next generation L-39s for testing and a fourth ready for delivery to a customer in 2020."In 2017 we are focusing all of our attention on capturing new markets for both the L-159 and the next generation L-39 training jet," he said.Government Support A fighter plane stands in a hangar of an aircraft manufacturer Aero Vodochody near the town of Odolena Voda, Czech Republic, July 11, 2017. David W Cerny Aero, founded in 1919, moved to its current facilities in 1953, a sprawling complex of low-rise hangers, assembly areas and corporate offices to focus on manufacturing Soviet MiG fighters.Production of the supersonic MiG-19 and MiG-21 aircraft paved the way for Aero''s own models, including the L-39 Albatros which first rolled off the line in 1972 and is one of the most popular jet trainers in the world.A desire to improve national security and support the domestic economy has spurred the government to re-engage in the international arms arena, Deputy Defence Minister Tomas Kuchta told Reuters."It is a field where ties between states or on a personal level often play a role," he said. "It is not the question of quality and price but it is about making a long-term, close relationship, where some chemistry must work. You cannot do that over email."The efforts are paying off. Czech military manufacturing exports nearly tripled over the past four years to more than 18 billion Czech crowns in 2016 and should surpass that amount in 2017, according to the association representing the country''s arms makers.Slideshow (10 Images) Government officials are also taking more foreign trips - around 40 expected this year - to help win new contracts for the country''s military technology makers, vehicle manufacturers and light arms producers.New Departments, Old Expertise Speeding export licenses and creating a special export department at the Defence Ministry have helped military manufacturers land high-profile contracts and compete in Asia and North America.Another marquee deal for the Czech industry was Ceska Zbrojovka''s agreement to supply the elite French anti-terrorist unit GIGN with an initial order of 68 Bren 2 assault rifles.The company -- which produced the original Bren assault rifle for British troops in World War I -- is now targeting other foreign militaries and elite units, including a deal to supply the Pakistan military with assault rifles."The deal with France is a huge reference because the GIGN unit buys the best weapons in the world and makes us seen as a very competitive player," Ceska Zbrojovka Chief Executive Lubomir Kovarik told Reuters.The company, whose rivals include Germany''s Heckler & Koch, U.S. gun maker Colt and Italy''s Beretta, plans to produce 300,000 weapons in 2017 -- double the production six years ago, Kovarik said.Czech arms exports surged 233 percent in the years from 2012 to 2016 compared with the four-year period from 2007-2011, the Stockholm International Peace Research Institute said. It was the world''s 22nd largest exporter of major weapons in 2016, the institute said.Conflicts in places such as Iraq are helping to drive demand, said Jiri Hynek, head of the Czech Defence and Security Industry Association."Our exports are growing," Hynek said. "Today many countries don''t want another country to rule them through military equipment shipments... and our advantage is that we don''t have such ambitions."Editing by Anna Willard '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-czech-arms-idUSKBN1AB0JU'|'2017-07-26T09:00:00.000+03:00'
'256d6b70e156fe487c50715da4fcc16ae9904148'|'Compass posts 3.9 pct rise in organic revenue on strength in U.S.'|'July 26, 2017 / 6:12 AM / in an hour Compass posts 3.9 pct rise in organic revenue on strength in U.S. 1 Min Read July 26 - Compass Group Plc, the world''s biggest catering firm, reported a 3.9 percent rise in quarterly organic revenue, helped by strong growth in the United States. Compass, which provides meals for office workers, members of the armed forces and schoolchildren across the world, also maintained its full-year margin expectations on Wednesday. Reporting by Esha Vaish and Arathy S Nair in Bengaluru; Editing by Edmund Blair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/compass-group-results-idUSL3N1KH2CT'|'2017-07-26T09:12:00.000+03:00'
'a6e55ea5eafc3bcaea9a240594e300f0b85ef11d'|'Europe seeks to set global trade rules after Trump steps back'|'July 27, 2017 / 9:05 AM / in 3 hours Europe seeks to set global trade rules after Trump steps back Robin Emmott and Philip Blenkinsop 9 Min Read FILE PHOTO: European Trade Commissioner Cecilia Malmstrom speaks during an interview with Reuters at the EU Commission headquarters in Brussels, Belgium, July 20, 2017. Francois Lenoir /File Photo BRUSSELS (Reuters) - If Donald Trump''s ditching of a U.S.-led trade alliance with Pacific Rim nations wasn''t a gift to the European Union, then it must be the next best thing. The president''s decision on his first day in office effectively pulled the United States out of the race to frame global trade rules. With Washington preoccupied by an attempt to renegotiate its existing NAFTA treaty with Canada and Mexico, the EU has an opportunity to become the top setter of common business standards in a series of new deals. Still the world''s biggest trading bloc, the EU is recovering its self-confidence after a long economic crisis and Britain''s vote to leave the union. Now it has much of Asia and Latin America in its sights for trade treaties, while a far-reaching pact with Canada will already enter force in September. Japan turned to the Brussels this month to seal a deal on creating the world''s biggest open economic area, after being dumped by Trump''s scrapping of the 12-nation Trans-Pacific Partnership (TPP) free-trade accord in January. EU trade chief Cecilia Malmstrom - who until Trump''s election had been struggling to persuade Tokyo to agree tough trade-offs - acknowledges the change of fortunes. "I do not regard President Trump as a gift maybe, but it is true that many countries have started to look around more broadly," she told Reuters. "Other countries feel that they need to look out for new friends and other allies, so yes, it has increased interest in cooperation with Europe and with others." Import tariffs are already low between developed economies, so negotiations now focus more on agreeing common standards. The aim is to make it easier and cheaper for firms to do business in differing markets, avoiding the need to tailor-make products to meet varying local rules, be they for cars or cheese. While China is seeking greater influence, the battle has largely been between U.S. and EU standards as a template for deals governing how goods and services are bought and sold. Beijing may yet rival Europe provided it embraces a rules-based global trade order in the years to come, economists say. But in the meantime, the EU is pushing to conclude deals this year not only with Japan, but also Mexico and the Mercosur group led by Brazil and Argentina, while pressing ahead with Australia, New Zealand and Asian countries including Malaysia - also left high and dry by the TPP collapse - and Indonesia. Europe is still struggling with low economic growth and high unemployment, and the EU''s share of global trade in goods and services has fallen to 16.8 percent in 2016 from 18.8 percent a decade earlier, according to EU data. Unless the EU can reverse the trend, it risks losing its top spot when Britain - the world''s fifth biggest economy - departs in 2019. The U.S. share of global trade was 15.0 percent last year and China''s was 13.4 percent. So Brussels is pinning its hopes on a boost from new treaties, even though these take time to negotiate and win legislative approval - especially in a bloc which will still have at least 27 member states after Brexit. If all goes well, the EU''s existing and planned pacts will link markets of more than two billion people producing nearly half of global economic output. This excludes stalled negotiations with the United States and India. The United States'' existing trade treaties encompass a third of world output and fewer than 700 million people, with no new deals near completion - although Trump says he wants to clinch one with Britain when it leaves the EU. Remarkable Deal In trade talks, the biggest economies largely get their way in setting common standards, so a string of new agreements could make EU rules the benchmark for everything from selling farm products to running tenders for public works contracts. That would benefit EU firms, which already comply with the bloc''s rules, while those from other countries would have to adjust to new sets of regulations. Even Japan has agreed to align its standards for cars and parts produced by its motor industry with those used by the EU. Brussels has also secured better access for its companies to public tenders in Japan right down to a local level, such as for railway equipment, hospitals or electricity distribution. That means, for instance, a French or Spanish firm could sell high-speed "bullet trains" to the country that pioneered the idea. While Japan is the world''s number three economy, its share of global trade is 4.9 percent, less than a third of the EU''s. The deal also gives the EU the upper hand in its promotion of "geographical indications" to guarantee, for example, what is labelled as feta cheese comes only from Greece and as champagne only from France. This contrasts to the U.S. approach where producers anywhere can seek a trademark for what they sell. It still needs to be formally signed and ratified but the EU has scored a notable success, according to Hosuk Lee-Makiyama, director of the Brussels-based think-tank ECIPE. "If you consider the concessions the Japanese have made on cars and on public procurement, it''s quite remarkable," he said. u.s. "Own Goal" Trump said this month that the United States had made "some of worst trade deals in world history", arguing they have been bad for American workers. Still, the Pacific Rim TPP deal would have bound the 12 signatory nations to rules set along U.S. lines, most likely favouring American businesses. Pulling out of the TPP was "the biggest own goal of the new U.S. administration", Lee-Makiyama said. "The United States was the station manager of the international trading system and it has abdicated in a rather flamboyant way." A bilateral U.S.-Japan free trade deal was now off the table too because Tokyo could not offer agricultural concessions to Washington after yielding to EU farming demands, he added. Even Britain will probably have to agree to rules forged by negotiators in Brussels when it strikes bilateral deals after Brexit, as the EU''s main trade partners adopt the bloc''s norms. These will include systems to govern legal disputes among investors and food safety rules. Chinese Challenge? Washington could still change tack and embrace open markets. Commerce Secretary Wilbur Ross said in May it made sense to revive stalled free-trade talks with the EU, albeit towards a deal cutting the U.S. trade deficit with Europe. Senior diplomats from some EU allies including New Zealand and Canada have expressed frustration at the slow bureaucracy in the EU, whose accords have be translated into 24 languages and ratified by more than 30 national and regional parliaments. Europe''s opportunity could also be squandered if it allows internal squabbling between free trading and more protectionist member states to undermine its credibility. But with Trump focused on renegotiating the North American Free Trade Agreement with Canada and Mexico, "the United States is out of the picture for the next three and a half years", said Jeffrey Bergstrand at the University of Notre Dame in Indiana. China, which overtook Germany as the world''s biggest exporter in 2009, also has ambitions to dominate global trade, and wants to break Europe''s hold on the container shipping industry and deepen its ownership of international ports. President Xi Jinping also seeks to link Asia, Africa and Europe with billions of dollars of infrastructure investment to extend Beijing''s reach under his "Belt and Road Initiative". But Western officials, investors and economists say China''s opaque governance, regular changes to legislation and curbs on foreign investment limit its ability to emerge as a champion of the rules-based order underpinning trade deals. Capital controls imposed since November make it harder for individuals and companies to move money out of China. "Until, or unless, China transitions to a rules-based liberal political and economic regime, I have serious doubts that they can lead the world," said Erik Nielsen, chief economist at UniCredit Bank. Additional reporting by Alastair Macdonald in Brussels, Leslie Wroughton in Washington; editing by David Stamp 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eu-trade-idINKBN1AC183'|'2017-07-27T12:04:00.000+03:00'
'62a09ab820eb58b36b2ab82c65ccfe1ce5274be0'|'AstraZeneca pain weighs on FTSE, Diageo makes merry after results'|'July 27, 2017 / 8:57 AM / an hour ago AstraZeneca pain weighs on FTSE, Diageo makes merry after results Kit Rees and Helen Reid 4 Min Read FILE PHOTO - A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. Luke MacGregor/File Photo LONDON (Reuters) - A punishing fall in AstraZeneca''s shares after the failure of a key lung cancer study for the pharma company offset the impact of earnings-led gains for drinks giant Diageo on Britain''s top share index. Britain''s FTSE 100 .FTSE index fell 0.2 percent on Thursday, in line with the broader European market. It was a rough day for AstraZeneca ( AZN.L ) which lost around $13 billion (10 billion pounds) of its market value as its shares plunged 15.7 percent, its worst day on record. The healthcare firm''s combination of two injectable immunotherapy drugs, durvalumab and tremelimumab, failed to help patients as hoped in a study which was seen as key to proving the value of the group''s new drug pipeline. Analysts at Jefferies estimated that the failure of the study, known as MYSTIC, removed around 10 to 15 percent of mid-term earnings and valuation from the stock. "With the failure of MYSTIC ... now likely to be fully factored into expectations, the dividend may now look less safe and we expect some investors will start to question its long-term sustainability, despite prior reassurances from management," analysts at Jefferies said in a note. Wednesday''s decision by the U.S. Federal Reserve to keep interest rates on hold was also weighing on the internationally-exposed FTSE, with banking stocks coming under pressure. FILE PHOTO: FILE PHOTO: A sign is seen at an AstraZeneca site in Macclesfield, central England May 19, 2014. Phil Noble/File Photo "The general interpretation from the Fed meeting in Europe has been that it''s sending the euro and the pound higher, which is not good for our exporters," said Jasper Lawler, senior market analyst at London Capital Group. "That environment probably exacerbated the fall we are seeing in Astra and some of the other shares as well." It was better news for mid cap pharma stock Indivior ( INDV.L ), whose shares surged 17.6 percent to the top of the European index after it reported first-quarter earnings, with Jefferies analysts highlighting a boost to the firm''s operating leverage from a stronger U.S. market. [nL3N1KI30Z] An earnings update also boosted shares in distilled drinks company Diageo ( DGE.L ), which jumped 5.7 percent to an all-time high after raising its profitability target and announcing a share buyback programme. Likewise pest control company Rentokil Initial ( RTO.L ) gained 5.7 percent after reporting half-year results. News that miner Anglo American ( AAL.L ) would resume dividend payments six months early helped its shares add around 3 percent. The miner was forced to suspend its dividend during the commodity rout in 2015, but was helped by a rise in commodities prices last year as well as by cost-cutting measures. Among mid-caps Acacia Mining ( ACAA.L ) jumped 15 percent, its best day in 13 months after a seven-day losing streak. Its parent company Barrick Gold ( ABX.TO ), the world''s largest gold miner by production, said it would start talks with the Tanzanian government next week about an export ban which has helped wipe two-thirds of the stock''s market value since it was announced in March. Reporting by Kit Rees; Editing by Keith Weir and Pritha Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1AC16Z'|'2017-07-27T11:57:00.000+03:00'
'c5c9dd6fdb77d2128304612ee7533cc1352d6618'|'Clariant CEO: none of top 20 investors oppose Huntsman merger'|'July 27, 2017 / 8:52 AM / 10 hours ago Clariant CEO: none of top 20 investors oppose Huntsman merger 2 Min Read FILE PHOTO: CEO Hariolf Kottmann (L) of Swiss chemical company Clariant and Huntsman CEO Peter Huntsman smile after a news conference in Zurich, Switzerland May 22, 2017. Arnd Wiegmann/File Photo ZURICH (Reuters) - Swiss chemicals maker Clariant''s 20 largest shareholders with the exception of activist investor White Tale Holdings do not oppose a planned $20 billion merger with peer Huntsman Corp, Chief Executive Hariolf Kottmann said on Thursday. "We''ve spoken to our top 20 investors - who represent more than 50 percent of our share capital - multiple times," Kottmann said in an interview with Reuters. "We didn''t experience a single investor who rejected the deal." Clariant earlier on Thursday said the merger was on track to close late this year or early next despite criticism from activist investor White Tale Holdings, which increased its stake to more than 10 percent in July. Kottmann also said Clariant could foresee divesting 25 percent of its portfolio including its Pigments and Masterbatches businesses following the merger. "We''ve always said that we could part from these items when the time is right," the chief executive added. The group expects the negative impact from raw materials costs to lessen in the second half of the year as price increases kick in, mitigating margin pressure from oil-derived inputs like ethylene and propylene, Chief Financial Officer Patrick Jany said. Reporting by Brenna Hughes Neghaiwi and Oliver Hirt; Editing by Michael Shields 0 : 0 '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-clariant-m-a-huntsman-c-idUSKBN1AC166'|'2017-07-27T16:52:00.000+03:00'
'5c8e9659223e2c200f53ab7f3f390b32af2baf43'|'Apple supplier Japan Display seeks $893 million to fund restructuring - Nikkei'|'July 26, 2017 / 10:37 PM / 2 hours ago Apple supplier Japan Display seeks $890 million to fund restructuring - source Taro Fuse 3 Min Read FILE PHOTO - Japan Display Inc''s logo is pictured at its headquarters in Tokyo, Japan, August 9, 2016. Kim Kyung-Hoon TOKYO (Reuters) - Loss-making Japan Display Inc ( 6740.T ) is seeking about 100 billion yen ($890 million) from its main creditors to fund restructuring, a source with direct knowledge of the request said. Fresh funds for the firm, which has been hurt by its late entry into organic light-emitting diode screens (OLED) and fluctuating demand for Apple''s ( AAPL.O ) iPhones, would come on top of 75 billion yen in aid late last year from its main investor - the state-backed Innovation Network Corp of Japan (INCJ). The liquid crystal display manufacturer has tapped Mizuho Bank, Sumitomo Mitsui Banking Corp (SMBC) and Sumitomo Mitsui Trust Bank, the source said, adding that the creditors were willing to extend the loan if it was guaranteed by INCJ. The source declined to be identified as talks on the matter were private. Officials at Mizuho, Sumitomo Mitsui Trust and INCJ declined to comment while a representative for SMBC was not immediately available for comment. The request was first reported by the Nikkei business daily. It said INCJ would provide the guarantees and that further restructuring may involve halting production at its smartphone panel plants in the central Japanese city of Nomi and China''s Jiangsu Province as well as cutting several hundred jobs through an early retirement offer. Japan Display said in a statement it was looking at implementing drastic steps to reshape itself amid shifting market conditions. "We will make an announcement when we reach a decision," it said. INCJ helped form Japan Display from the ailing display units of Sony Corp ( 6758.T ), Hitachi Ltd ( 6501.T ) and Toshiba Corp ( 6502.T ) five years ago, but government intervention has so far failed to result in putting the firm on a solid business. Apple is widely tipped to adopt OLED displays, which are thinner and more flexible than LCD screens, for its iPhone 8 expected in the second half of 2017, and Japan Display''s lack of a presence in that segment of the market has put it at a major disadvantage. INCJ''s role in rescuing Japan''s struggling tech industry could intensify as it is expected to play a major role in groups that are the front-runners for Toshiba''s sale of its $18 billion chip business. Japan Display''s shares were flat at the end of the morning session, in line with the broader market. Reporting by Taro Fuse; Additional reporting by Taiga Uranaka and Sam Nussey in Tokyo, and Susan Mathew in Bengaluru; Editing by Edwina Gibbs 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-display-debt-idUKKBN1AB2ZW'|'2017-07-27T01:36:00.000+03:00'
'00fe81d278268782e55eeb0bece373351047f406'|'Smith & Nephew buoyed by double-digit emerging markets growth'|'July 27, 2017 / 7:13 AM / 9 minutes ago Smith & Nephew buoyed by double-digit emerging markets growth Reuters Staff 1 Min Read LONDON (Reuters) - Artificial hip and knee maker Smith & Nephew ( SN.L ) reported a 3 percent rise in underlying revenue growth in the second quarter, in line with its 3-4 percent forecast for the year, helped by 13 percent growth in emerging markets. Chief Executive Olivier Bohuon said on Thursday the company was seeing good momentum, keeping it on track to deliver on full year revenue and trading margin guidance. Trading profit for the half year was $493 million, against the $488 million forecast by analysts, according to a company-compiled consensus. Smith & Nephew, which competes against larger U.S. rivals in the orthopaedic replacement market, is battling to bring new technology on-stream to help it win business, with robotics a key area of innovation. Reporting by Ben Hirschler; Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-smith-nephew-results-idUKKBN1AC0TG'|'2017-07-27T10:13:00.000+03:00'
'0c49cb54f0f6fca1de6a1f293c5bdc1f5a2dc128'|'China securities regulator says will steadily expand opening of capital markets'|'July 26, 2017 / 3:22 AM / 4 hours ago China securities regulator says will steadily expand opening of capital markets 1 Min Read FILE PHOTO: Men look at an electronic board showing stock market information at a brokerage house in Beijing, China January 5, 2016. Kim Kyung-Hoon/File Photo BEIJING (Reuters) - China''s securities regulator said Wednesday it will regulate and expand access to capital markets for all types of investors, while also encouraging more long-term institutional participation. The China Securities Regulatory Commissions said in a post on its website that it will maintain "normalisation" of initial public offerings, improve the delisting mechanism and steadily expand the opening of China''s capital markets. Reporting by Stella Qiu and Elias Glenn; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-finance-idINKBN1AB0AC'|'2017-07-26T06:19:00.000+03:00'
'315dbbbf638c21e54b566921a2ef19c1c50df60d'|'EMERGING MARKETS-Emerging markets bullish pre-Fed; Poland shrugs off EU threat'|'LONDON, July 26 (Reuters) - Emerging markets were mostly firmer on Wednesday after a shaky start in Asia caused by a slight rise in the dollar and U.S. bond yields before the Federal Reserve meeting.It may reveal when the United States will start paring its bond holdings and next raise rates.Poland''s zloty inched further off recent three-month lows and Polish stocks rose 0.6 percent as investors'' bullish view on emerging markets before the Fed meeting outweighed the rise in local political risk.With the Fed seen standing pat on rates later in the day, emerging markets in general showed little sign of nerves. The Turkish lira and South African rand rose slightly versus the dollar and MSCI''s emerging equity benchmark was flat on the day close to 27-month highs.The rouble rose 0.2 percent lifted by firmer oil.In Poland, the zloty firmed and Polish stocks rose 0.5 percent to one-week highs before a European Commission meeting that will vote on a censure motion on Poland which is pushing on with moves allowing the government to fire judges.This may ultimately lead to the triggering of so-called Article 7 stripping Warsaw of EU voting rights .While the confrontation has pressured Polish markets in recent days, markets appear to be betting Article 7 is unlikely while investors are also attracted by Poland''s robust economy. Deputy Prime Minister Mateusz Morawiecki said the 2017 budget deficit could be $2.7 billion lower than expected."(The EU) would have to be incredibly aggressive with their language to have an impact as the EU is more bark than bite," said Koon Chow, a strategist at UBP in London."The European Commission''s natural tendency is not to make big threats," he said.Polish debt insurance costs were unchanged, with five-year credit default swaps at 62 basis points, IHS Markit said.Meanwhile, investors were sanguine about the Fed''s immediate impact on emerging markets, with Morgan Stanley analysts for instance holding on their bullish view."We think EM will be fine and we recommend buying into weakness that might emerge," Morgan Stanley said, adding that Fed talk of weak inflation would further boost emerging currencies that are already supported by a better growth, inflation and current account picture at home.That view should be confirmed later in the day by Brazil''s central bank which is expected to cut interest rates by 100 basis points to 9.25 percent - the first time in four years that rates will be under 10 percent.Brazilian stocks closed Tuesday at two-month highsFor GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1060.73 -0.96 -0.09 +23.02Czech Rep 1014.04 -1.09 -0.11 +10.03Poland 2351.30 +9.94 +0.42 +20.71Hungary 35284.41 -1.73 +0.00 +10.25Romania 8337.09 +8.36 +0.10 +17.67Greece 839.90 -3.15 -0.37 +30.49Russia 1012.18 +2.12 +0.21 -12.16South Africa 48394.76 +171.47 +0.36 +10.23Turkey 07438.20 +397.53 +0.37 +37.50China 3247.58 +3.89 +0.12 +4.64India 32374.80 +146.53 +0.45 +21.59Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.01 26.03 +0.08 +3.83Poland 4.26 4.26 +0.19 +3.48Hungary 305.41 305.09 -0.10 +1.12Romania 4.56 4.56 +0.07 -0.52Serbia 120.63 120.63 +0.00 +2.25Russia 59.98 59.85 -0.22 +2.14Kazakhstan 326.85 327.06 +0.06 +2.08Ukraine 25.89 25.83 -0.23 +4.29South Africa 13.04 13.08 +0.31 +5.33Kenya 103.85 103.80 -0.05 -1.43Israel 3.58 3.57 -0.11 +7.65Turkey 3.56 3.57 +0.25 -1.01China 6.75 6.75 -0.08 +2.79India 64.39 64.38 -0.02 +5.52Brazil 3.17 3.17 -0.02 +2.54Mexico 17.77 17.78 +0.05 +16.59Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 323 -1 .05 7 88.40 1All data taken from Reuters at 08:28 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. (Reporting by Sujata Rao; additional reporting by Claire Milhench) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1KH2DS'|'2017-07-26T12:10:00.000+03:00'
'f3d9327b3cdddeadf57d54c06ef9d2f93484121d'|'Energy Future warns delay would kill Oncor sale to Buffett'|'July 26, 2017 / 7:21 PM / an hour ago Energy Future warns delay would kill Oncor sale to Buffett Jessica DiNapoli 2 Min Read FILE PHOTO: Berkshire Hathaway CEO Warren Buffett visits the BNSF booth before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S. May 6, 2017. Rick Wilking/File Photo WILMINGTON, Del. (Reuters) - Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) will walk away from its $9 billion acquisition of Oncor Electric Delivery Co if the deal is delayed, an attorney for the parent company of Texas'' largest utility told a bankruptcy judge on Wednesday. Energy Future Holdings Corp, the bankrupt owner of Oncor, disclosed Berkshire Hathaway''s warning as the judge considers a request by the utility''s biggest creditor, hedge fund Elliott Management Corp, to hold up the deal with Buffett so it can put together its own $9.3 billion bid for Oncor. "(Berkshire Hathaway) may not go away forever, but they have told us and we have no reason to doubt them, that they will go away," Energy Future''s lawyer Chad Husnick told U.S. bankruptcy court Judge Christopher Sontchi at a hearing in Wilmington, Delaware. "They may come back but it''s ... going to be for a lower price," Husnick added. Berkshire Hathaway''s deal for Oncor is due to be approved by a bankruptcy court on Aug. 10, but Elliott is asking for a delay of 35 to 40 days so it can put together financing for its own bid for the utility. If Elliott''s request for a delay is granted, Berkshire has the right to end its deal, according to court papers. Energy Future filed bankruptcy three years ago, and two earlier deals for Oncor fell apart after facing regulatory hurdles. Reporting by Jessica DiNapoli in Wilmington, Delaware; Additional reporting by David French in New York; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-oncor-m-a-idUSKBN1AB2PK'|'2017-07-26T22:20:00.000+03:00'
'394e41631a8b2959bdd9dd9ffe8de059c078f183'|'EMERGING MARKETS-Fed propels emerging markets to new multi-month peaks'|'July 27, 2017 / 8:52 AM / 10 hours ago EMERGING MARKETS-Fed propels emerging markets to new multi-month peaks Sujata Rao 5 Min Read LONDON, July 27 (Reuters) - Dollar weakness propelled emerging stocks to near three-year highs on Thursday and some currencies hit multi-month peaks, boosted also by signs of healthy economic growth and a rise in Chinese corporate profits. European emerging currencies gained less, the rouble especially, an outlier due to fresh U.S. sanctions on Russia. Overall, emerging assets received a shot in the arm as U.S. Federal Reserve comments on inflation were interpreted as suggesting that a recent growth slowdown may not be temporary, reducing the pressure for interest rate hikes. The dollar touched 13-month lows against a currency basket . "This slight change of emphasis regarding how inflation is behaving has delivered a boost to risk appetite, supporting emerging market stocks and currencies as it has drawn down the value of the dollar index," said Inan Demir, senior emerging economist at Nomura. "The China data will have helped sustain that sentiment," he said, referring to a 19 percent jump in industrial firms'' June profits. MSCI''s emerging equity index rose 1 percent to the highest since September 2014, while an index for Asian shares outside Japan approached decade-highs. Many Asian currencies surged to multi-month highs against the dollar, with the Chinese yuan posting its best session in almost two months and the Thai baht at two-year peaks on a strong economic growth forecast. In emerging Europe the mood was dampened by the euro''s continued rise while the rouble was pressured by U.S. plans for sweeping new sanctions targeting Russian energy, debt, transport and other sectors. The currency was flat after a 0.7 percent gain on Wednesday against the dollar but is on track for a second week of losses while bond yields are the highest in three weeks on expectations that rate cuts will proceed less slowly. The Turkish lira firmed 0.2 percent against the dollar after closing one percent higher in the wake of the Fed meeting and the central bank is expected to stick to a hawkish tone at its meeting later in the day. Demir noted risks to the lira from the euro surge. "The lira recovery has mostly been a dollar weakness phenomenon, and euro/lira is close to all-time highs still. So the underlying depreciation pressures for the currency are still there – that''s another argument for the central bank to keep short-term rates high via tight liquidity management," he said. The rand was likewise flat near one-month highs hit on Wednesday as markets awaited producer inflation data that is expected to show slowing factory prices. The zloty weakened 0.3 percent against the euro and stocks fell 0.6 percent, with investors watching for repercussions from a European Commission decision to start legal action against Poland over a controversial judicial overhaul. Commerzbank advised clients to keep a close eye on Polish political developments, adding: "We see further upside for EUR-PLN in coming weeks." For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 1071.36 +9.07 +0.85 +24.25 Czech Rep 1011.56 -0.29 -0.03 +9.76 Poland 2347.87 -12.39 -0.52 +20.53 Hungary 35593.98 +29.08 +0.08 +11.22 Romania 8332.06 +8.66 +0.10 +17.60 Greece 830.93 +0.72 +0.09 +29.10 Russia 1028.54 +7.94 +0.78 -10.74 South Africa 48804.68 +240.89 +0.50 +11.17 Turkey 08327.43 +1121.27 +1.05 +38.63 China 3249.29 +1.62 +0.05 +4.69 India 32526.56 +144.10 +0.44 +22.16 Currencies Latest Prev Local Local close currency currency '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1KI3EB'|'2017-07-27T11:51:00.000+03:00'
'9316354fdebab89447fc12771787abff6a8ee186'|'JPMorgan to merge UK-based private bank with wider European ops - Sky News'|'July 26, 2017 / 11:27 AM / 16 minutes ago JPMorgan to merge UK-based private bank with wider European ops - Sky News Reuters Staff 1 Min Read FILE PHOTO - A view of the exterior of the JPMorgan Chase & Co. corporate headquarters in New York City, U.S. on May 20, 2015. Mike Segar/File Photo (Reuters) - JPMorgan Chase & Co ( JPM.N ), the biggest U.S. bank by assets, is planning to merge its UK-based private banking unit with its wider European wealth operation ahead of the UK''s exit from the European Union, Sky News reported on Wednesday. The merger will lead to the relocation of fewer than 100 of the roughly 1,000 jobs in the private banking unit in Britain, to Europe, Sky reported, citing sources. bit.ly/2uwAx85 A number of alternatives to the merger were also being considered, Sky said. A JPMorgan spokeswoman declined to comment. Daniel Pinto, head of investment banking at the Wall Street bank, told Bloomberg in May that it planned to move hundreds of London-based bankers to offices in Dublin, Frankfurt and Luxembourg after Brexit. CEO Jamie Dimon, however, said in April the bank was not planning to move many jobs out of Britain in the next two years. Reporting By Aparajita Saxena in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jpmorgan-restructuring-idUKKBN1AB1J6'|'2017-07-26T14:27:00.000+03:00'
'0f15cedab73deaa9a87a37cabbb2f7d170fa4f5a'|'Germany''s Ceconomy enters France with $526 million Fnac Darty stake'|'July 26, 2017 / 11:31 AM / 12 minutes ago Germany''s Ceconomy enters France with $526 million Fnac Darty stake Victoria Bryan and Dominique Vidalon 4 Min Read BERLIN/PARIS (Reuters) - German consumer electronics retailer Ceconomy ( CECG.DE ) will become the largest shareholder in French music and book retailer Fnac Darty ( FNAC.PA ), marking its entry into France just weeks after it was spun off from Metro. Ceconomy said on Wednesday it had signed a deal to buy a 24.33 percent stake in Fnac Darty from Artemis, a French holding company owned by businessman Francois Henri Pinault, for around 452 million euros (402.85 million pounds) in cash, or 70 euros a share. Pieter Haas, Ceconomy''s chief executive, said the investment allowed the company to "gain exposure to the highly attractive French market and its particularly strong consumer electronics segment." France is one of the few major European markets where Ceconomy, which runs stores under the Media Markt and Saturn brands, has no presence. Fnac shares were up 4.7 percent at 79.08 euros by 1055 GMT as some analysts speculated Ceconomy might eventually buy the rest of the French company. Ceconomy''s shares were 8.4 percent higher at 10 euros. "This deal clearly indicates that Ceconomy plans more exposure in this market and intends to be the consolidator of the continental European electronics market," Raymond James analysts said in a note, reiterating a "strong buy" rating on Ceconomy shares. "After a six-month lock-up, starting mid-July 2017, Ceconomy will be able to dispose of a 9 percent stake in Metro WFS (the rest of Metro). The market is more than likely to believe that Ceconomy will try to acquire further control when financial resources are freed up, and we believe that Fnac Darty has become more obvious prey as of today''s transaction," they added. A spokeswoman for Ceconomy said it was "comfortable" with a 24 percent stake at present. Fnac Darty has more than 660 stores and with sales of over 7 billion euros is France''s biggest consumer electronics retailer with a market share of 23 percent, Ceconomy said. The move comes just a week after former Fnac Darty CEO Alexandre Bompard, who led Fnac''s recovery, left the company to take the top seat at French retailer Carrefour ( CARR.PA ). Bompard, who was brought in by the Pinault family, had led Fnac since January 2011. Fnac shares have nearly tripled in value since its stock market listing in 2013. Artemis''s other assets range from luxury group Kering ( PRTP.PA ) to auction house Christie''s and Bordeaux wine Chateau Latour. Ceconomy is Europe''s biggest consumer electronics group, ahead of Britain''s Dixons Carphone ( DC.L ), running more than 1,000 stores in 15 European countries and with sales of 22 billion euros in the 2015/16 financial year. The deal for Artemis'' entire stake in Fnac Darty should be completed by the end of August and Ceconomy expects to retain its investment grade credit rating, it said. Metro split into two separate companies - Ceconomy and its food business - earlier this month and at the time said Ceconomy would drive consolidation in Europe. The purchase price may change should Metro or one of its units make a public takeover offer for Fnac Darty within two years. Reporting by Victoria Bryan, additional reporting by Dominique Vidalon and Pascale Denis; Editing by Maria Sheahan and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-metro-de-m-a-fnac-darty-idUKKBN1AB1JE'|'2017-07-26T14:31:00.000+03:00'
'b06a0f97021b5af0390251c97a9a3480a0eb39bf'|'DIARY-U.S. refinery operations-Marathon to restart Kentucky refinery by end of week'|'July 25 (Reuters) - The following is a list of refinery incidents reported in the United States on July 25: * Marathon Petroleum to restart Kentucky refinery by end of week -source * Shell reports leak at Deer Park, Texas facility * Marathon reports power outage at Catlettsburg, Ky. plant on July 23 * Motiva Port Arthur refinery operations normal -sources * Shell reports pipe leak at Deer Park, Texas plant REFINERY INCIDENTS: (LISTED BY REGION, WITH MOST RECENT INCIDENTS FIRST) Company Location Capacity* Timing Reason/Notes Unit Cap Link EAST COAST: MONROE ENERGY Trainer, PA 190 July 24 Rates to be restored PES Philadelphia,PA 310 July 21 Minor fire at Point Breeze on July 17 MONROE ENERGY Trainer, PA 190 July 23 FCC production cut July 21 Delays plant shutdown PES Philadelphia,PA 310 July 18 Crude unit pump fire at Point Breeze July 17 Boiler shut, production cut July 13 Alky unit startup PBF Delaware City 182.2 July 18 Reformer shut July 18 Coker at reduced rates PHILLIPS 66 Bayway, NJ 241 June 23 Flange leak PES Philadelphia,PA 310 June 23 Unit startup PES Philadelphia,PA 310 June 20 865 distillate hydrotreater shut PHILLIPS 66 Bayway, NJ 238 June 13 Restart of SRUs after trip PHILLIPS 66 Bayway, NJ 238 June 7 Planned work under way MONROE ENERGY Trainer, PA 190 June 5 Refinery wide shutdown in 2018 MONROE ENERGY Trainer, PA 190 June 1 Alky unit shutdown PES Philadelphia,PA 335 May 26 Restart of DHT May 18 Crude unit start-up on May 16 May 12 Cuts production on crude unit at Point Breeze May 12 Unit 231 restart on May 7 May 2 Flange fire put out at Point Breeze PHILLIPS 66 Bayway, NJ 238 April 3 Normal ops after weekend fire GULF COAST: MOTIVA Port Arthur 603 July 25 Operations normal SHELL Deer Park, TX 325.7 July 25 Pipe leak CITGO Lake Charles,LA 425 July 24 Unit upset TOTAL Port Arthur, TX 225.5 July 24 Reformer restart complete July 24 Reformer restart underway MARATHON Texas City, TX 86 July 24 Gasoline unit overhaul begins July 24 Planned maintenance CITGO Lake Charles,LA 425 July 24 Unit malfunction TOTAL Port Arthur, TX 225.5 July 23 Reformer restart prep VALERO McKee, TX 195 July 23 FCCU trip SHELL Deer Park, TX 325.7 July 21 Planned work MOTIVA Port Arthur 603 July 20 Alky unit ops normal after work TOTAL Port Arthur, TX 225.5 July 20 Naptha hydrotreater restart July 20 Reformer restarted July 19 Restart of catalytic reformer VALERO Three Rivers,TX 89 July 20 Flaring on July 19 MARATHON Texas City, TX 86 July 19 Crude unit restart July 18 Plant idled by crude unit leak SHELL Deer Park, TX 325.7 July 18 Process unit upset MARATHON Galveston Bay,TX 459 July 18 Hydrotreater ops normal July 18 Unit upset TOTAL Port Arthur, TX 225.5 July 17 Reformer restart on hold CITGO Corpus Christi,TX 157.5 July 17 Gasoline unit normal operations PHILLIPS 66 Sweeny, TX 247 July 17 Power restored after brief outage VALERO McKee, TX 195 July 17 ESP interruption on July 15 EXXON Beaumont 362.30 July 14 HCU back at full production TOTAL Port Arthur, TX 225.5 July 14 Reformer restart plans CITGO Corpus Christi,TX 157.5 July 14 FCCU shutdown at East plant TOTAL Port Arthur, TX 225.5 July 14 Malfunction, emissions EXXON Beaumont 362.30 July 13 Restarting hydrocracker TOTAL Port Arthur, TX 225.5 July 12 Hydrotreater shut SHELL Convent, LA 227.6 July 11 Gasoline, alky unit rates minimum EXXON Beaumont 362.30 July 10 HCU shut due to leak July 10 Control valve malfunction MARATHON Texas City, TX 86 July 10 Gasoline unit shut for repair July 10 FCC regenerator work TOTAL Port Arthur, TX 225.5 July 10 Reformer shut for repair SHELL Convent, LA 227.6 July 10 Restart of gasoline, alky units EXXON Beaumont 362.30 July 7 HCU weekend restart July 6 Electrical substation trip EXXON Baytown, TX 560.50 July 7 HCU work to finish in August MOTIVA Port Arthur 603 July 6 Hydrocracker restarted EXXON Beaumont 362.30 June 6 Hydrocracker shut for repairs SHELL Convent, LA 227.6 July 6 Units restart near end VALERO Port Arthur,TX 335 July 5 Hydrotreater returned to production SHELL Convent, LA 227.6 July 5 FCCU, alky units restart MOTIVA Port Arthur 603 July 5 FCCU production rates cut TOTAL Port Arthur, TX 225.5 July 3 Compressor trip ALON Big Spring 70 June 30 Diesel hydrotreater shut TOTAL Port Arthur, TX 225.5 June 28 Sulfur unit startup TOTAL Port Arthur, TX 225.5 June 26 Ops normal after malfunction June 25 Weather related malfunction EXXON Beaumont 362.30 June 25 FCCU shutdown PHILLIPS 66 BORGER, TX 146 June 23 Process upset June 23 No planned work EXXON Baytown, TX 560.50 June 23 Pipe repair, minimal impact SHELL Deer Park, TX 325.7 June 20 Process unit upset EXXON Baton Rouge, LA 502.5 June 20 Likely to restart CDU after repairs DELEK Tyler, TX 60 June 16 Boiler emissions TOTAL Port Arthur, TX 225.5 June 16 Prouction reduced MOTIVA Port Arthur 603 June 16 Hydrotreater to be back by Wed VALERO McKee, TX 195 June 16 FCCU snag SHELL Norco, LA 238 June 16 Crude unit, HCU work on schedule VALERO Sunray,TX 168 June 15 Gasoline unit out of production MOTIVA Port Arthur 603 June 15 Cuts back HTU for repair SHELL Norco, LA 238 June 14 Crude unit, HCU shut for overhaul EXXON Baytown, TX 560.50 June 13 HCU overhaul Planned work underway Operations normal EXXON Baytown, TX 560.50 June 12 Planned FCCU overhaul completion VALERO Meraux, LA 125 June 12 Ops normal after upset VALERO McKee, TX 195 June 11 Instrumentation failure, emissions SHELL Deer Park, TX 325.7 June 11 Onsite leak VALERO McKee, TX 195 June 9 Wet gas compressor snag SHELL Deer Park, TX 325.7 June 8 Process unit upset ALON Big Spring 70 June 7 Multiple unit upset SHELL Deer Park, TX 285.5 June 7 Release onsite SHELL Convent, LA 235 June 7 Ups output on ULSD hydrotreater June 7 Maintenance under way June 7 To restart hydrotreater furnace MOTIVA Port Arthur 603 June 7 HCU back to normal ops LYONDELL Houston, TX 263.8 June 5 Units back after malfunction Problems at offsite facility Flaring SHELL Deer Park, TX 325.7 June 5 Process unit startup underway SHELL Deer Park, TX 325.7 June 1 No impact from onsite leak Leak onsite FLINT HILLS Corpus Christi 295.6 June 1 Sulfolane unit shutdown EXXON Baton Rouge, LA 502.5 May 31 Coker overhaul complete CITGO Corpus Christi,TX 157.5 May 30 FCCU upset, power blip SHELL Convent, LA 235 May 30 Isomerization unit restart VALERO Port Arthur,TX 335 May 30 Hydrotreater overhaul from June PHILLIPS 66 Alliance, LA 247 May 30 No planned work underway PHILLIPS 66 Sweeny, TX 247 June 2 No planned work underway June 2 Transformer trip May 30 CDU, FCCU overhaul in 2018-19 VALERO Sunray,TX 168 May 30 FCCU, alky unit overhaul from Sept. MARATHON Galveston Bay,TX 459 June 6 Hydrotreater restart May 29 Unit upset ALON Big Spring 70 May 26 Propane deasphalting unit shut EXXON Baytown, TX 560.50 June 6 Caustic oxidation unit emissions June 2 FCCU emissions May 26 Compressor shutdown CITGO Corpus Christi,TX 157.5 May 25 CDU restart complete EXXON Baytown, TX 560.50 May 25 Compressor trip SHELL Convent, LA 235 May 25 Completes alky unit restart VALERO Corpus Christi,TX 293 May 25 Process unit trip SHELL Convent, LA 235 May 24 Preparing alky unit restart SHELL Convent, LA 235 May 23 Hydrocracker completes restart TOTAL Port Arthur, TX 225.5 May 23 Shuts residual unit after fire CALUMET San Antonio, TX 16.8 May 22 Refinery shut down TOTAL Port Arthur, TX 222.5 May 22 Ops nomal after upset VALERO Port Arthur,TX 335 May 19 Process unit upset SHELL Convent, LA 235 May 19 To restart HCU on Tuesday night CITGO Corpus Christi,TX 157.5 May 19 Unit repairs continue EXXON Baton Rouge, LA 502.5 May 18 Returns CDU to full production CITGO Corpus Christi,TX 157.5 May 18 Repairing gasoline unit Shell Convent, LA 235 May 17 Restarting HCU expected to resume production early next week FLINT HILLS Corpus Christi 290 May 16 SRU upset at west plant PHILLIPS 66 BORGER, TX 146 May 16 SRU snag, equipment restarted CITGO Corpus Christi,TX 157.5 May 16 FCCU shut after leak Shell Convent, LA 235 May 16 To restart HCU on Tuesday night EXXON Baton Rouge, LA 502.5 May 16 Boosting crude unit production TOTAL Port Arthur, TX 225.5 May 15 Completes SRU restarts MOTIVA Port Arthur 603 May 15 Repairs naphtha complex leak EXXON Beaumont 344.60 May 15 Restarts large crude unit Shell Convent, LA 235 May 15 Prepares hydrocracker restart Repairs to continue at least 2 wks EXXON Baton Rouge, LA 502.5 May 12 Ops unhurt from severe weather MOTIVA Port Arthur 603 May 12 Working to stop hydrogen leak FLINT HILLS Corpus Christi 290 May 9 HCU shutdown PHILLIPS 66 BORGER, TX 146 May 8 FCCU ESP work underway TOTAL Port Arthur, TX 222.5 May 5 Restarting coking unit EXXON Baton Rouge, LA 502.5 May 5 Extends work at crude unit VALERO Port Arthur,TX 335 May 5 Gasoline unit increasing production SHELL Deer Park, TX 325.7 May 5 Flaring due to process unit upset VALERO Port Arthur,TX 335 May 4 Gasoline unit remains shut Shell Convent, LA 235 May 4 HCU to resume output over weekend SHELL Deer Park, TX 285.5 May 4 All-clear issued after unit upset May 4 Process unit upset MOTIVA Port Arthur 603 May 4 To boost HCU production over weekend CITGO Corpus Christi,TX 157.5 May 4 Unit restarted after malfunction EXXON Beaumont 344.60 May 1 Coker back MOTIVA Port Arthur 603 April 28 Hydrocracker to run at reduced rates through weekend PHILLIPS 66 Lake Charles, LA 260 April 28 Developing new isomerization unit MARATHON Galveston Bay,TX 451 April 28 Leak in a tank EXXON Baton Rouge, LA 502.5 April 25 Flaring due to operational issue Crude unit shut for work ALON Big Spring 70 April 25 HDS shut for repairs after leak SHELL Deer Park, TX 285.5 April 25 Restarting hydrocracker PETROBRAS Pasadena, TX 112.2 April 25 Operating at planned rates April 24 Reformer shutdown CITGO Corpus Christi,TX 157.5 April 24 FCCU back in production VALERO Corpus Christi,TX 293 April 23 Upset at Complex 7 EXXON Beaumont, TX 344.60 April 22 Large CDU to resume production by early May April 21 May finish coker work next week CITGO Corpus Christi,TX 157.5 April 24 ESP shutdown on April 22 MOTIVA Norco, LA 238 April 20 Hydrocracker restart completed EXXON Beaumont, TX 344.60 April 20 Boiler restarted after trip MARATHON Galveston Bay,TX 451 April 20 Ultracracker 3 HCU overhaul in 2018 TOTAL Port Arthur, TX 225.5 April 18 Overhaul of cogen, SRUs, DHT units April 18 Leak during planned unit shutdown MOTIVA Norco, LA 238 April 18 Repairing shut hydrocracker MOTIVA Norco, LA 238 April 17 Hit by CDU fire, HCU outage MOTIVA Convent, LA 235 April 17 Hydrocracker shut into July VALERO Houston, TX 100 Jan. 4 New alky unit startup in H1, 2019 TOTAL Port Arthur,TX 225.5 Aug. 23 Delays FCC work until Sept. 2017 MIDCONTINENT: Marathon Catlettsburg,KY 273 July 25 Refinery restart by end of week Marathon Catlettsburg,KY 273 July 23 Refinery shut after power outage HOLLYFRONTIER El Dorado, KS 150 July 21 FCC restart begins CVR ENERGY Wynnewood, OK 70 July 20 Emissions on July 17 HOLLYFRONTIER Tulsa East, OK 70.3 July 20 Emissions on July 15 HOLLYFRONTIER El Dorado, KS 150 July 19 FCC restart next week CVR ENERGY Coffeyville, Kansas 115 July 17 Start-up on July 15 Marathon Catlettsburg,KY 242 July 17 Emissions on July 14 BP Whiting, IN 413.5 July 14 Ops normal despite flaring EXXON Joliet, IL 238.6 July 14 Equipment malfunction July 14 Flaring July 13 Brief flaring VALERO Memphis, TN 190 July 12 Gasoline unit boosting output Hollyfrontier Tulsa West, OK 85 July 12 Emissions VALERO Memphis, TN 190 July 11 Gasoline unit boosting output 190 July 11 Gasoline unit restart July 10 Gasoline unit restart Mon/Tues July 7 Gasoline unit repairs CVR ENERGY Wynnewood, OK 70 July 7 Emissions EXXON Joliet, IL 238.6 July 6 Equipment malfunction VALERO Memphis, TN 190 July 6 Unit repairs may take longer VALERO Memphis, TN 190 July 5 FCCU shut for repairs EXXON Joliet, IL 238.6 July 4 FCCU restarted after repairs EXXON Joliet, IL 238.6 July 3 Production unit restarted PBF Toledo, OH 80 June 30 Plans large shutdown in March MARATHON Detroit, MI 130 June 29 To shut crude unit Sept. ''18 Husky Energy Lima, OH 155 June 29 Multiple shutdowns late 2018 CVR ENERGY Coffeyville, Kansas 115 June 25 Process upset Marathon Robinson, IL 212 June 20 Sulphur plant online after shutdown EXXON Joliet, IL 238.6 June 20 Confirms leak on production unit EXXON Joliet, IL 238.6 June 19 Confirms FCCU not shut BP Whiting, IN 413.5 June 15 Output unaffected Citgo Lemont, IL 175.9 June 12 Unspecified maintenance shutdown BP Whiting, IN 413.5 June 5 Production unaffected after flaring VALERO Memphis, TN 190 May 31 Unaffected by outage in vicinity Husky Energy Lima, OH 155 May 31 Plant-wide shutdown in Oct-2018 BP Whiting, IN 413.5 April 28 Four employees injured CDUs seen back to normal Fri HUSKY ENERGY Lima,OH 155 Dec. 13 5-wk turnaround in Q4, 2017 Citgo Lemont, IL 175.9 Oct. 7 Planned CDU overhaul in 2017 ROCKY MOUNTAINS: Phillips 66 Billings, MT 59 June 15 No planned work underway Phillips 66 Billings, MT 59 May 26 Planned work Phillips 66 Billings, MT 59 April 17 Planned work WEST COAST SHELL Martinez, CA 156.4 July 24 Emissions PBF Torrance, CA 150.9 July 21 Planned flaring TESORO Martinez, CA 166 July 20 Unit start-up on July 19 PHILLIPS 66 Wilmington, CA 139 July 19 Flaring PHILLIPS 66 Rodeo, CA 120.2 July 19 No planned work PBF Torrance, CA 150.9 July 18 HCU pump failure July 18 Unplanned flaring, breakdown July 18 Planned flaring VALERO Wilmington, CA 85 July 18 Planned flaring from July 19 SHELL Martinez, CA 156.4 July 17 Work complete, ops normal July 17 Unit start-up on July 13 CHEVRON El Segundo, CA 269 July 16 Breakdown Phillips 66 Ferndale, Wash. 101 July 4 Emissions PHILLIPS 66 Rodeo, CA 120.2 July 12 Planned work PBF Torrance, CA 151.3 July 11 Planned flaring July 10 Emissions SHELL Martinez, CA 156.4 July 10 Pipe leak on July 7 VALERO Benicia, CA 145 July 6 Controlled unit shutdown VALERO Benicia, CA 145 June 30 Files lawsuit over May outage TESORO Los Angeles, CA 380 June 28 Minor leak contained VALERO Wilmington, CA 85 June 28 Equipment issue SHELL Martinez, CA 156.4 June 28 Ops stable after unit upset TESORO Carson, CA 257.3 June 28 Unplanned flaring PBF Torrance, CA 150.9 June 28 Restarting several units CHEVRON Richmond, CA 245.3 June 26 Shuts heavy hydrocracker CHEVRON Richmond, CA 245.3 June 26 Unit shutdown H2S leak PBF Torrance, CA 150.9 June 26 Unplanned flaring SHELL Martinez, CA 156.4 June 26 Ops normal after unit steam leak June 26 Unit steam leak CHEVRON Richmond, CA 245.3 June 25 Unit startup VALERO Benicia, CA 145 June 23 Flaring BP Cherry Point, WA 227 June 21 WESP snag, emissions SHELL Martinez, CA 156.4 June 21 Ops normal after flaring SHELL Puget Sound, WA 145 June 20 SRU trip BP Cherry Point, WA 225 June 19 Scheduled maintenance TESORO Martinez, CA 166 June 19 Planned work underway TESORO Martinez, CA 166 June 18 Boiler trip VALERO Benicia, CA 145 June 18 Flaring PBF Torrance, CA 150.9 June 15 Unplanned flaring SHELL Martinez, CA 156.4 June 15 Process upset PBF Torrance, CA 150.9 June 13 Hydrotreater shutdown BP Cherry Point, WA 225 June 6 Planned work CHEVRON Richmond, CA 245.3 June 6 Plant upset PBF Torrance, CA 151.3 June 5 Equipment trip Hydro-treater unit snag Hydrogen plant shutdown Unplanned flaring VALERO Benicia, CA 145 May 31 Equipment start-up BP Cherry Point, WA 225 May 27 Planned work, flaring BP Cherry Point, WA 225 May 27 Upset, emissions BP Cherry Point, WA 225 May 19 Upset, emissions SHELL Puget Sound, WA 145 May 18 Reports shutdown TESORO Martinez, CA 166 May 18 No off site impact from leak Leak at exchanger Unit shut down PHILLIPS 66 Carson, CA 139 May 18 No planned work underway May 17 Unplanned flaring, breakdown PBF Torrance, CA 150.9 May 11 Ops normal after minor fire May 8 Crude unit maintenance VALERO Benicia, CA 145 May 5 Power outage BP Cherry Point, WA 225 April 29 Scheduled maintenance BP Cherry Point, WA 225 April 28 Hydrocracker shutdown'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/energy-refinery-idUSL3N1KH1JK'|'2017-07-26T05:41:00.000+03:00'
'24be34f5dac0958461559906ee6b9822c17f02f5'|'Key issues before next week''s Bank of England meeting'|'July 26, 2017 / 11:15 AM / 3 hours ago Key issues before next week''s Bank of England meeting Reuters Staff 5   sign is displayed outside the Bank of England in London, Britain August 4, 2016. Neil Hall/File Photo LONDON, (Reuters) - Bank of England policymakers face conflicting signals about the economy as they prepare to debate next week whether to raise borrowing costs for the first time in a decade. Inflation is running above the BoE''s 2 percent target and unemployment is at its lowest level in more than 40 years. But wages are growing only weakly and evidence for a big pick-up in investment and exports - a key factor for the BoE - looks mixed at best. Many analysts say uncertainty about Britain''s exit from the European Union is also likely to slow the BoE''s move towards raising borrowing costs. Just two of 80 economists in a Reuters poll conducted last week expect the central bank to raise rates on Aug. 3, and a look at the data helps explain why. Official data on Wednesday showed Britain''s economy gathered only a little speed in the second quarter after almost stalling at the start of the year, capping off its weakest first half since 2012. Below are some of the key measures of the economy that members of the Monetary Policy Committee will be scrutinising over the next week. Inflation Inflation fell unexpectedly in June, which prompted financial markets to cut bets for a rate increase in August. But BoE officials say they do not place much weight on a single month''s data. BoE Governor Mark Carney has said the overall picture remains unchanged for inflation, which would remain above the BoE''s target for "a period of time." The median forecast in a Reuters poll published last week predicted consumer price inflation would reach 3 percent by the end of this year, as this chart shows Unemployment and Wages Wage growth has broadly flatlined over the last few years, even though the unemployment rate has fallen to its lowest level since the 1970s. At 4.5 percent, the jobless rate is at the level the BoE believes may lead to higher pay, and it expects a substantial increase in wage growth next year. However, there is little sign as yet that this is taking hold. Instead, inflation has gnawed away at wage growth, meaning average earnings adjusted for inflation are falling again after a respite in 2015 and 2016, as this chart shows Exports While the volume of goods shipped by British exporters has increased since the June 2016 Brexit vote, the improvement looks to be about average for European Union countries, as this chart shows Some economists say that is disappointing after the pound plunged following the June 2016 Brexit vote, which should have made British exports more competitive. The Markit/CIPS monthly survey of manufacturers has ranked Britain last among the big EU economies for export performance over the last few months. But manufacturers remain optimistic. The proportion expecting exports to improve hit a 40-year high in the three months to July, according to a Confederation of British Industry survey published on Tuesday. Investment Most major business surveys showed investment expectations recovered only partially from their collapse after the Brexit vote. Now they now are levelling off again, according to surveys by the British Chambers of Commerce and accountants Deloitte. Households British consumers have suffered the longest decline in their spending power since the 1970s, taking the household savings ratio down to a record low. Since the late 1970s, recessions have been preceded by declines in the savings ratio, followed by a reversal as household spending retrenches. See chart 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-key-idUKKBN1AB1HY'|'2017-07-26T14:19:00.000+03:00'
'9932c7fd8e68628707256c810037a40b81c9afcf'|'Demand to rent UK commercial property falls to five-year low - RICS'|'July 26, 2017 / 11:06 PM / in 7 hours Demand to rent UK commercial property falls to five-year low - RICS Reuters Staff 3 Min Read FILE PHOTO - Construction work is seen amongst residential and commercial buildings in east London, Britain, February 7, 2017. Toby Melville LONDON (Reuters) - Demand to rent British commercial property levelled off for the first time in almost five years during the past three months, as online shopping hurt high-street retailers and Brexit and election worries unsettled other potential tenants. The Royal Institution of Chartered Surveyors said on Thursday that its gauge of commercial tenants'' demand for property fell to -2 for the second quarter of 2017, its lowest reading since the third quarter of 2012. "The commercial property market has enjoyed a good run and it is hardly surprising that we are now seeing a flatter trend emerge ... which chimes both with recent economic newsflow and the political environment," RICS''s chief economist Simon Rubinsohn said. Britain''s vote to leave the European Union has led banks to start to move some staff from offices in London to elsewhere in the EU. And Prime Minister Theresa May''s failure to win an outright majority in June''s election has cast doubt on whether her government will be able to negotiate a smooth transition. "Anecdotally, political uncertainty is cited as a factor weighing on occupier and investor decisions, with hesitancy now extending to some areas beyond London," RICS said. The economy grew just 0.3 percent in the second quarter after 0.2 percent growth in the first three months of this year, official figures showed on Wednesday, the weakest start to any year since 2012. Consumers have been squeezed by rising inflation since last year''s Brexit vote, hurting many retailers. The British Retail Consortium said on Thursday that employment in the retail sector had fallen by more than 3 percent over the past year, in contrast to jobs growth of 1 percent in the economy as a whole. "With consumers seeing inflation squeezing their spending power, the challenges facing retailers will only increase in coming months," said BRC chief executive Helen Dickinson. However, RICS said growth in online shopping had boosted demand for industrial space used for warehouses. British commercial property suffered in the immediate aftermath of the referendum, with some commercial real estate funds forced to temporarily suspend investors'' access as they tried to pull their cash out. An accompanying drop in the value of the pound has since helped buoy the sector with foreign demand, but in London in particular respondents were downbeat. RICS said that more than two thirds of respondents in London believed the commercial property cycle was in the early stages of a downturn. Reporting by Emma Rumney, editing by David Millikne 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-property-survey-idUKKBN1AB31R'|'2017-07-27T02:05:00.000+03:00'
'cf08de06afb8a04057586ba8d345f52e0872e744'|'EU tells Belgium, France to end tax exemptions for ports'|'July 27, 2017 / 9:50 AM / 25 minutes ago EU tells Belgium, France to end tax exemptions for ports   Shipping containers sit stacked at the Port 2000 terminal in the Port of Le Havre, France March 14, 2017. Benoit Tessier     told Belgium and France on Thursday to end corporate tax exemptions they granted to their ports to avoid distortions of competition and said it was looking into taxation issues at other ports in Europe. The Commission, which oversees competition policy in the 28-nation EU, said the two countries had until the end of 2017 to remove the exemptions. However, because the exemptions were in place before Belgium and France joined the EU, the Commission said it could not ask the two to recover aid already granted. Belgian ports, including Europe''s second busiest for cargo Antwerp, benefit from a different taxable base and tax rates, resulting in an overall lower level of taxation than for other companies in Belgium. In France, ports including Le Havre and Marseilles are fully exempt from corporate tax. The Commission said the exemptions gave them an unfair advantage, breaching EU state aid rules, and did not pursue a clear public interest, such as promoting mobility. European Competition Commissioner Margrethe Vestager said the Commission had introduced new rules to make it easier for countries to invest in ports and airports. "At the same time, the Commission decisions for Belgium and France – as previously for the Netherlands – make clear that unjustified corporate tax exemptions for ports distort the level playing field and fair competition. They must be removed," she said. Reporting By Philip Blenkinsop'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-subsidies-ports-idUKKBN1AC1EC'|'2017-07-27T12:49:00.000+03:00'
'f00de2efc77baad9d19dfb3ac5c5182c37fb75fb'|'French shipyard move "incomprehensible" says angry Italy'|'July 27, 2017 / 5:36 PM / in 18 minutes French shipyard move "incomprehensible" says angry Italy Reuters Staff 2 Min Read ROME (Reuters) - France''s decision to nationalise the STX France shipyard to prevent an Italian firm taking majority control was "grave and incomprehensible", Rome''s economy and industry ministers said in a statement on Thursday. Economy Minister Pier Carlo Padoan and Industry Minister Carlo Calenda said there was no good reason why Italy''s state-owned shipbuilder Fincantieri ( FCT.MI ) could not have taken a majority stake in STX France. "Nationalism and protectionism are not an acceptable basis for establishing relations between two great European countries," the pair said in a statement. "To work on joint projects you need reciprocal trust and respect." Paris announced earlier on Thursday it would nationalise STX France after Fincantieri rejected a French offer this week of 50-50 ownership. The shipyard is being sold because of the collapse of its South Korean parent. French Economy Minister Bruno Le Maire said the government had stepped in to protect the country''s strategic interests. The minister, who said the 50-50 ownership deal remained on the table, is due to travel to Rome on Tuesday to discuss the issue. Calenda and Padoan said they did not understand why a South Korean company had been allowed to buy a two-thirds stake in STX France and not an Italian firm. "(The Fincantieri) deal guaranteed the protection of jobs in France and French know-how through a balanced system of governance in a genuinely European framework," the two ministers wrote. Reporting by Crispian Balmer, editing by Isla Binnie and John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-stx-m-a-fincantieri-italy-idUKKBN1AC2T8'|'2017-07-27T20:35:00.000+03:00'
'b80c8505fa2c5bcf718044d9fe547ce6da074823'|'Record number of advisers quit London''s AIM market, study finds'|'July 23, 2017 / 11:10 PM / 12 minutes ago Record number of advisers quit London''s AIM market, study finds Reuters Staff 3 Min Read LONDON (Reuters) - Companies leaving London''s junior stock market because a broker or investment bank has quit as their adviser has hit a record this year, an accountancy firm specialising in the sector said. Fourteen companies left London''s Alternative Investment Market (AIM) .FTAI in the year to June 30 after the resignation of their "nominated adviser", known as NOMADs. This matches the highest total and is up from just three in 2011/2, the study released on Monday by UHY Hacker Young, an accountancy firm that audits more than 20 firms on the index, found. NOMADs are responsible for ensuring their clients follow the rules of the AIM market, as well as often providing share dealing and research on the company. "AIM is facing a real crunch among NOMADs, with many brokers and investment banks reducing their exposure to riskier parts of the junior market," Laurence Sacker, managing partner at UHY Hacker Young, said of the report''s findings. "This is particularly affecting smaller or more complex AIM-listed businesses, or those based in emerging economies, as NOMADs are deciding that they are unable to take the responsibility the stock exchange requires." Advisers quit for a number of different reasons, Sacker said, but added "the most likely reason is they have lost trust in the company''s management." AIM-listed companies must replace a resigned adviser within a month, or face being removed from the index. High profile delistings in the last year include Sable Mining SBLM.L, whose NOMAD Cantor Fitzgerald resigned in September after its CEO was indicted for corruption in Liberia. [nL8N19155J] [nL8N1BD4T1] [nRSN8399Ja] The index, hosted at the London Stock Exchange ( LSE.L ), has struggled with its large number of Chinese listings, with a 2016 survey finding two thirds of NOMADs had faced difficulties communicating with Asian companies. [nL5N18H3SP] A number of Chinese companies, including LED International and Asia Ceramics Holdings, have been delisted from the index after their NOMADs resigned. [nRST7368Ea] Earlier in July, the London Stock Exchange launched a consultation on AIM, proposing NOMADs work harder to improve their due diligence of companies they take on as clients. The average AIM stock has failed to return investors money, with the index falling 4.4 pct since it launched in 1995, according to Reuters data. That compares to a gain of more than 400 percent for the FTSE 250 .FTMC over the same period. Reporting by Alasdair Pal; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-exchange-aim-idUKKBN1A80Z3'|'2017-07-24T02:10:00.000+03:00'
'e39fffa160c7c5fdc62f88317f8dd3cf95d556f0'|'High-flying euro pushes down European shares'|'July 24, 2017 / 10:33 AM / 9 minutes ago U.S. dollar, bond yields edge up, with focus on Fed Caroline Valetkevitch 3 Min Read Two Euro coins are seen after being minted in the Austrian Mint (Muenze Oesterreich) headquarters in Vienna June 20, 2013. Leonhard Foeger/Files NEW YORK (Reuters) - The U.S. dollar rose from its lowest level in more than a year and U.S. Treasury yields climbed on Monday as investors braced for news from this week''s U.S. central bank meeting and possible hints on when the next interest rate hike is coming. Developments in Washington, weak U.S. economic data and reduced inflation expectations, have weighed on the dollar for much of the month. The dollar index .DXY was last trading 0.2 percent higher at 94.006. Many analysts and investors expect the Federal Reserve to announce that it will begin reducing its bond portfolio at its September meeting, but will await firmer indications on the timing of this effort at this week''s meeting, which begins Tuesday. Further interest rate hikes are not seen as likely until December. Futures traders are pricing in a 47-percent chance that the Fed will raise rates at its December meeting, according to the CME Group’s FedWatch Tool. "The Fed is not expected to do anything as far as changing rates, but... if they get into the details about shrinking the balance sheet, that would be interesting to a lot of people," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. Benchmark 10-year notes US10YT=RR were last down 7/32 in price to yield 2.26 percent, up from 2.23 percent on Friday. The yields have fallen from 2.40 percent on July 7. Treasuries have rallied in the past two weeks on what analysts said are mainly technical factors. Data this week includes U.S. gross domestic product for the second quarter which is due on Friday. Stocks on global markets were mostly lower, though the Nasdaq hit a record high ahead of a big week of technology earnings reports. Johnson & Johnson''s ( JNJ.N ) shares fell 1.5 percent after South Korea''s Samsung Bioepis said it started U.S sales of the company''s top-selling drug Remicade. The Dow Jones Industrial Average .DJI was down 39.96 points, or 0.19 percent, to 21,540.11, the S&P 500 .SPX had lost 0.88 points, or 0.04 percent, to 2,471.66 and the Nasdaq Composite .IXIC had added 18.48 points, or 0.29 percent, to 6,406.23. MSCI''s index of stock markets across the world .MIWD PUS was down 0.1 percent, while European shares .FTEU3 ended down 0.2 percent. Oil reversed earlier falls to advance after leading OPEC producer Saudi Arabia pledged to limit exports next month. Brent September crude futures LCOc1 gained 54 cents to settle at $48.60 a barrel, while NYMEX crude for September delivery CLc1 rose 57 cents to settle at $46.34. Gold prices were up ahead of this week''s Fed meeting. Spot gold XAU= was up 0.1 percent at $1,255.79 an ounce. Additional reporting by Nigel Stephenson in London, Karen Brettell and Dion Rabouin in New York; Editing by Bernadette Baum and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1A913Y'|'2017-07-24T13:32:00.000+03:00'
'780146e5cad74e5692534e8472f79db0be7beb32'|'Nikkei drops to more than 2-week lows, investors eye small caps'|'July 24, 2017 / 7:07 AM / 7 hours ago Nikkei drops to more than 2-week lows, investors eye small caps 3 Min Read * Despite index falls, gainers outnumber losers * BOJ cuts amount of 5-10 year JGB purchases By Ayai Tomisawa TOKYO, July 24 (Reuters) - Japanese stocks dropped to more than two-week lows on Monday after Wall Street retreated and a stronger yen dampened sentiment, while investors looked for opportunities to buy small and mid-size stocks. The Nikkei share average declined 0.6 percent to 19.975.67, the lowest closing level since July 7. The broader Topix dropped 0.5 percent to 1,621.57 in thin trade, with turnover of only 1.9 trillion yen ($17.1 billion), the lowest level in a month. But gainers outnumbered losers. While 1,061 issues rose, or 52 percent of the broader market, 812 issues declined. "Investors were seen buying back small stocks on the dips," said Chihiro Ohta, general manager of investment research at SMBC Nikko Securities. On Friday, Wall Street indexes ended flat to about 0.15 percent lower, pressured by disappointing earnings from General Electric and energy shares. The dollar stayed on the defensive as the euro strengthened as markets wagered the European Central Bank is on track to start winding back its asset purchase programme in the not-too-distant future. "The market is already cautious against the fact that the BOJ lags behind other central banks in tapering stimulus," said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management. On Monday morning, the Bank of Japan cut the amount of five-to 10-year government bonds it purchased at its regular operation. It bought 470 billion yen ($4.24 billion) of the maturities, down from 500 billion yen at its last operation the previous week. Shigemi said investors will continue to carefully monitor the pace of the BOJ''s asset purchases, which could trigger a rise in the yen. Last week, the BOJ once again pushed back the timing for achieving its ambitious inflation target, reinforcing views that it will lag well behind other major central banks in scaling back its massive stimulus programme. Financial stocks underperformed, with Mitsubishi UFJ Financial Group falling 1.2 percent and Mizuho Financial Group 1.1 percent, while Dai-ichi Life Holdings declined 1.7 percent. Exporters were sold down as well, with Toyota Motor Corp shedding 0.8 percent and Honda Motor Co sliding 1.1 percent. Bucking the trend, condiment maker Kagome Co rose 1.5 percent after the company raised its profit outlook for the year ending December. It now expects an operating profit of 12.5 billion yen instead of 11.5 billion yen. ($1 = 111.12 yen) (Reporting by Ayai Tomisawa; Editing by Richard Borsuk) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1KF2LO'|'2017-07-24T10:06:00.000+03:00'
'689ad656f4e75681c14e89252cabf486b59e2eda'|'Are you a maverick or a charmer? Mastering the art of self-promotion - Guardian Small Business Network'|'After 35 years as a print journalist, I have been on the receiving end of countless pitches from public relations professionals across a range of sectors. But when I started running my own business in 2014, I found it hard to promote myself.I joined a community of solo entrepreneurs and discovered many of them were just like me – creative types who had launched their own businesses after years of employment. Self-promotion was the elephant in the room. Everyone knew they had to do it, but no one found it easy.Instead I relied on personal recommendations to build my client base. It was a good start, but it only took me so far. I tried to embrace social media to spread the word about what I offered, but still wasn’t sure how to leverage it most effectively as a business tool. I told myself I should be able to create my own PR campaign. I knew what worked and what didn’t work. But selling myself felt different.Terrified of cold calling? How to succeed at sales as an introvert Read moreThen I met Nicky Moran, a coach for creatives and an award-winning leadership trainer. A former PR herself, she told me that many of her clients struggled with self-marketing and often took freelance work to make ends meet, rather than promote themselves to find the work they loved.This led us to investigate how creative entrepreneurs might be able to self-promote in a way that felt comfortable, authentic and enjoyable rather than unpleasant and pushy.Inspired by psychometric tests we had either taken ourselves in the past or been trained to deliver, we looked at a range of successful performers, artists and other creative types. Our aim was to identify why they had been able to thrive and stand out, while others had been ignored.We identified seven PR archetypes that describe successful creatives – maverick (Madonna, Boy George), quirk of art (Lady Gaga, Grayson Perry), enigma (Beyonce, Banksy), provocateur (Sacha Baron Cohen, Lily Allen), pioneer (Andy Warhol, Bridget Riley), charmer (Dolly Parton, George Clooney) and talented everyman (Adele, Ed Sheeran).We compiled a free quiz to help people identify their primary and secondary archetypes and tried it out on friends and colleagues. Knowing your archetype gives you a ready-made hook for your marketing – a lens through which you can talk about yourself and your business in a way that feels authentic and compelling. Someone who is a quirk of art (a play on the phrase “work of art”) for example, may have an autobiographical element to their art or business, or may dress in a way that is an artistic expression.Initial results have been encouraging. A budding author had a lightbulb moment when she emerged as a pioneer/quirk of art and it changed the way she viewed her book. She is now focusing her campaign to secure a book deal on her pioneering ideas about the healing power of hiking.I’m a private person, but my life changed through the art of self-promotion Read moreA coach and trainer who discusses gender issues in the workplace in a forthright way felt vindicated when she came out as a pioneer/talented everyman. She had previously underplayed how innovative her model is, but after embracing her pioneer spirit she is getting good feedback from clients about her pragmatic, yet light-hearted approach.Knowing your archetype can also help you to identify your weaknesses and tailor your approach accordingly. A pioneer is great at coming up with disruptive concepts but not always so good at bringing them into the mainstream. If this is your leading archetype, you should learn how to communicate through stories and practical examples so your ideas become more accessible to a wider audience.A maverick thrives on standing out from the crowd, so in theory should be a fearless self-promoter. But if they are contrary for the sake of it, people might not listen. In order to raise their profile, they need to understand their deeper purpose and be clear about what they stand for.I’m a talented everyman/charmer. Initially I dismissed that combination as a bit boring, but I’ve since realised being able to connect with people in a down-to-earth way is a strength of mine.The way I use this knowledge to promote myself now is really quite simple: I relate to my audience in an informal and grounded way. I’m honest, genuine and likeable. I share my lived experience. It helps me to not only be myself when self-promoting but also appreciate my approach in the training room, on video, and as a speaker and writer. I’ve come to view self-promotion not as the elephant in the room, but a welcome opportunity to be the best version of myself.Beverley Glick is a storytelling coach and public speaking trainer.Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.Topics Guardian Small Business Network Entrepreneurs blogposts '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jul/26/selling-yourself-self-promotion-how-to-beverley-glick'|'2017-07-26T14:00:00.000+03:00'
'457ffb1ebd26a13c896c002ad4f5d4b20962d14a'|'The Supreme Court Delivers a Blow to Plaintiff Paradise'|'Business The Supreme Court Delivers a Blow to Plaintiff Paradise St. Louis may lose its lawsuit allure after a ruling against “litigation tourism” that helps big companies like Johnson & Johnson. By More stories by Jef Feeley Illustration: Simon Landrein Quick trials, big verdicts favoring consumers, and a state law that allows nonresidents to easily join mass litigations made St. Louis a destination of choice for attorneys going after companies that do business nationwide. Those days may be over, and drugmakers such as Bristol-Myers Squibb Co. and Johnson & Johnson couldn’t be more relieved. The U.S. Supreme Court in June struck a blow against so-called litigation tourism, ruling there has to be a connection between the forum and the specific claims at issue. In an 8-to-1 ruling , the top court said almost 600 people who claimed they were injured by the blood-thinning drug Plavix couldn’t sue Bristol-Myers Squibb in a California court because they didn’t live in the state. “It’s going to be tougher for plaintiffs. … Judges are going to read the Supreme Court decision and force them back to where they came from” The fallout in St. Louis was quick. Within days, J&J, citing the Supreme Court ruling, won a mistrial in a case in which the families of three women blamed their deaths from ovarian cancer on use of the company’s talc products . Two of the families were from out of state. Illinois-based drugmaker AbbVie Inc. asked the Missouri Supreme Court on June 26 to consider the June 19 U.S. Supreme Court ruling in an appeal of a $38 million St. Louis jury verdict that found its Depakote medication caused birth defects. AbbVie said the trial shouldn’t have been held in St. Louis. Two days after the Supreme Court decision, a Bayer AG unit tried to have thrown out a class-action lawsuit claiming its Mirena contraceptive device caused birth defects. The lawsuit included 98 women, but only 3 were residents of Missouri. The federal judge denied that request and sent the case back to the city court. There are likely to be more challenges in St. Louis, where complaints full of nonresidents have been pouring in in recent years. A lawsuit filed in 2014 over Pfizer Inc. ’s anti-cholesterol drug Lipitor, for example, has 91 plaintiffs. Only one is a resident of St. Louis. A talc complaint brought against Johnson & Johnson in 2014 has 65 plaintiffs, with one St. Louis resident and one other from Missouri. “It’s going to be tougher for plaintiffs,” says Carl Tobias, a law professor at the University of Richmond. “They’ll find some friendly jurisdictions, but judges are going to read the Supreme Court decision and force them back to where they came from.” Justice Samuel Alito, writing for the majority on the Supreme Court, set the standard clearly in describing the problem with the Plavix litigation. “The nonresidents were not prescribed Plavix in California, did not purchase Plavix in California, did not ingest Plavix in California, and were not injured by Plavix in California,” he wrote. “The mere fact that other plaintiffs were prescribed, obtained, and ingested Plavix in California—and allegedly sustained the same injuries as nonresidents—does not allow the state to assert specific jurisdiction over the nonresidents’ claims.” The ruling gives J&J renewed hope after the company lost four talc trials in St. Louis— three last year and one in 2017. A total of $300 million was awarded to the plaintiffs, each of whom was an out-of-towner. “In those cases, we consistently argued that there was no jurisdiction,” Ernie Knewitz, a J&J spokesman, said in an email. “We expect the existing verdicts that we are appealing to be reversed.” An additional 1,000 talc claims are pending in Missouri, most from out-of-state plaintiffs. “We expect they will also be dismissed for lack of jurisdiction,” Knewitz said. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up If that happens, the talc lawsuits could be refiled in, or sent to, home courts of the plaintiffs or defendants, or transferred to a multidistrict litigation, where some cases would be combined before one federal judge in Trenton, N.J. While one door shuts to plaintiffs, others may open. Missouri’s loss may be Pennsylvania’s gain when it comes to product-liability suits from out-of-state plaintiffs, says Tom Kline, a lawyer in Philadelphia. Many drug companies, including J&J’s Janssen unit, are incorporated in Pennsylvania or have substantial research or manufacturing facilities there, Kline says. That gives non-Pennsylvania residents the “hard contacts” that the Supreme Court decision said could provide jurisdiction. J&J and Janssen are facing more than 5,800 claims in state court in Philadelphia that the companies’ Risperdal anti-psychotic drug causes boys to develop female-like breasts. Kline persuaded a Philadelphia jury last year to hit J&J and Janssen with $70 million in damages in one of the boy-breast cases. Says Kline: “Those cases have to go somewhere, and the Supreme Court has said they should go to the companies’ headquarters or places where they do substantial business.” BOTTOM LINE - States such as Pennsylvania may see a spike in drug-related product-liability suits from out-of-state plaintiffs as lawyers shift to states where drugmakers have operations. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-26/the-supreme-court-delivers-a-blow-to-plaintiff-paradise'|'2017-07-26T13:00:00.000+03:00'
'8f830da09e7d1d29c98f2fd231f795d45db64f06'|'Fiat, government, unions agree on wage rise in Serbia-based plant'|'July 24, 2017 / 9:48 AM / 19 minutes ago Fiat, government, unions agree on wage rise in Serbia-based plant Reuters Staff 2 Min Read FILE PHOTO: A Fiat logo is seen on a car''s back at a scrapyard in Fuerstenfeldbruck, Germany, May 21, 2016. Michaela Rehle/File Photo BELGRADE (Reuters) - The Serbian unit of Italian carmaker Fiat ( FCHA.MI ) has reached an agreement with unions to increase wages following a strike that threatened to hamper the Balkan country''s economic growth, a union spokesman said on Monday. Fiat Serbia, 67-percent owned by Fiat and 33 percent by Serbia''s government, employs around 2,400 people at its plant in Kragujevac in central Serbia. Production accounts for 3 percent of the country''s economic output and around 8 percent of exports. Workers went on strike in June, demanding better wages and a reduced workload. The unions suspended the strike on Wednesday to allow the talks to take place. Fiat offered a 9.54 percent wage increase, a spokesman for Serbia''s Confederation of Autonomous Trade Unions said. "The offer by the Italians was accepted in general," he told Reuters. State television reported that under the deal the starting gross monthly salary would be increased to 42,000 dinars (349.53 euros) in 2017 and 2018, up from 38,500 dinars. Workers would also receive bonuses for efficiency and an allowance for public transport. Fiat management in Serbia could not be immediately reached for comment. The plant manufactured 100,000 cars a year in 2015. Last year it cut jobs and reduced daily production shifts from three to two. Serbia''s economy is expected to grow around 3 percent this year. The country relies on foreign investors, including Fiat, which in May launched three redesigned versions of the 500L, a larger version of the Fiat 500 mini car. Reporting by Aleksandar Vasovic; Editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fiat-serbia-idUKKBN1A910R'|'2017-07-24T12:48:00.000+03:00'
'e86a02243556fecf4fee06c27faeeb947aa48104'|'Record number of advisers quit London''s AIM market, study finds'|'July 23, 2017 / 11:02 PM / 20 minutes ago Record number of advisers quit London''s AIM market, study finds 3 Min Read LONDON, July 24 (Reuters) - Companies leaving London''s junior stock market because a broker or investment bank has quit as their adviser has hit a record this year, an accountancy firm specialising in the sector said. Fourteen companies left London''s Alternative Investment Market (AIM) in the year to June 30 after the resignation of their "nominated adviser", known as NOMADs. This matches the highest total and is up from just three in 2011/2, the study released on Monday by UHY Hacker Young, an accountancy firm that audits more than 20 firms on the index, found. NOMADs are responsible for ensuring their clients follow the rules of the AIM market, as well as often providing share dealing and research on the company. "AIM is facing a real crunch among NOMADs, with many brokers and investment banks reducing their exposure to riskier parts of the junior market," Laurence Sacker, managing partner at UHY Hacker Young, said of the report''s findings. "This is particularly affecting smaller or more complex AIM-listed businesses, or those based in emerging economies, as NOMADs are deciding that they are unable to take the responsibility the stock exchange requires." Advisers quit for a number of different reasons, Sacker said, but added "the most likely reason is they have lost trust in the company''s management." AIM-listed companies must replace a resigned adviser within a month, or face being removed from the index. High profile delistings in the last year include Sable Mining, whose NOMAD Cantor Fitzgerald resigned in September after its CEO was indicted for corruption in Liberia. The index, hosted at the London Stock Exchange, has struggled with its large number of Chinese listings, with a 2016 survey finding two thirds of NOMADs had faced difficulties communicating with Asian companies. A number of Chinese companies, including LED International and Asia Ceramics Holdings, have been delisted from the index after their NOMADs resigned. Earlier in July, the London Stock Exchange launched a consultation on AIM, proposing NOMADs work harder to improve their due diligence of companies they take on as clients. The average AIM stock has failed to return investors money, with the index falling 4.4 pct since it launched in 1995, according to Reuters data. That compares to a gain of more than 400 percent for the FTSE 250 over the same period. (Reporting by Alasdair Pal; editing by Alexander Smith) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/exchange-aim-idUSL3N1KB514'|'2017-07-24T02:00:00.000+03:00'
'a42d697c93874c35a6b216f5ad4f246e86267919'|'Euro zone businesses start second half with solid growth: PMI'|'July 24, 2017 / 8:14 AM / 6 minutes ago Euro zone businesses start second half with solid growth: PMI 3 Min Read Loading cranes are seen at a shipping terminal in the harbour in Hamburg September 18, 2014. Fabian Bimmer LONDON (Reuters) - Euro zone businesses started the second half of 2017 with solid growth, though declining inflation pressures could put paid to expectations of a stimulus clawback by the ECB later this year, a survey found on Monday. Years of ultra-easy policy may be bolstering growth, but inflation is still nowhere near the European Central Bank''s 2 percent target ceiling and shallower price rises this month will provide disappointing reading for policymakers. IHS Markit''s euro zone Flash Composite Purchasing Managers'' Index for July, seen as a good guide to economic growth, fell to 55.8 from June''s 56.3, still comfortably above the 50 level that separates growth from contraction. That was below median expectation in a Reuters poll for a modest dip to 56.2. "It still looks like a robust, broad-based sustainable upturn, it''s just losing a bit of momentum and it''s too early to get too worried about this," said Chris Williamson, chief business economist at IHS Markit. Williamson said the PMI, if maintained, pointed to third quarter GDP growth of 0.6 percent, better than the 0.4 percent predicted in a Reuters poll earlier this month. Growth in the last quarter was forecast at 0.5 percent. [ECILT/EU] But the output price index fell for a second month, dipping to 51.7 from 51.8. its lowest since January. Prices in the bloc rose just 1.3 percent in June on a year earlier, data showed earlier this month. "It''s not going to make the ECB rush into any policy decisions. It will certainly cause some people to think the ECB will hold off longer before making any announcements," Williamson said. ECB policymakers see October as the most likely date to decide whether to ease, four sources with direct knowledge of discussions said on Friday, a day after the bank left policy unchanged and did not even discuss easing stimulus. Activity at firms in the bloc''s dominant service industry maintained June''s pace, with their PMI holding steady at 55.4. A Reuters poll had predicted a small uptick to 55.5. New business also remained strong, albeit a little weaker than in June. That sub-index dipped to 54.9 from 55.1. The manufacturing PMI sank to 56.8 from June''s 57.4, missing expectations for 57.2, while an output index which feeds into the composite PMI dropped to 56.9 from 58.7. However, suggesting factories should remain busy, they built up a substantial backlog of work. The sub-index held at June''s56.1, which was the highest in over seven years. For a graphic, click tmsnrt.rs/2q1ZS8N 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-pmi-idUKKBN1A90RI'|'2017-07-24T11:14:00.000+03:00'
'8e520db42a1d2db5c97421ce25fddc2fca080057'|'UPDATE 1-Dubai Aerospace raises $2.3 bln in bonds for AWAS deal'|'July 23, 2017 / 6:55 AM / 13 hours ago UPDATE 1-Dubai Aerospace raises $2.3 bln in bonds for AWAS deal 2 Min Read (Adds details, background) DUBAI, July 23 (Reuters) - Dubai Aerospace Enterprise (DAE) has priced $2.3 billion in senior bonds split across three tranches, the company said on Sunday. DAE priced $500 million of 4 percent notes due in 2020, $800 million 4.5 percent bonds due in 2022 and $1 billion 5 percent bonds due in 2024, according to a company statement. DAE, the aircraft leasing and maintenance company controlled by the government of Dubai, will use part of the proceeds from the bond sale, together with cash on hand, to pay for the acquisition of Dublin-based lessor AWAS, announced earlier this year. Reuters reported on June 19 that DAE planned to raise up to $2 billion to finance part of the AWAS acquisition. DAE said in April it was acquiring AWAS from private equity firm Terra Firma Capital Partners and the Canadian Pension Plan Investment Board (CPPIB). The acquisition, subject to regulatory approval, is expected to close in the third quarter. DAE will emerge as one of the world''s major aircraft lessors once the deal completes, increasing its fleet from 131 owned, managed and committed jets to 394 with a total value of over $14 billion. It will have more than 110 airline customers spread across 55 countries. DAE is to consider an aircraft order of more than 20 new aircraft once the acquisition completes, Chief Executive Firoz Tarapore has said. It is interested in buying narrow and wide-body jets from Airbus and Boeing, and turboprop aircraft from ATR which is co-owned by Airbus and Italy''s Leonardo. (Reporting by Alexander Cornwell; writing by Davide Barbuscia. Editing by Jane Merriman) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dae-bond-idUSL5N1KE036'|'2017-07-23T09:55:00.000+03:00'
'231efb39ffab7891cf153f15546157e4249bcd6e'|'British MPs seek way for banks to keep EU access after Brexit'|'July 24, 2017 / 12:18 PM / 31 minutes ago British MPs seek way for banks to keep EU access after Brexit Reuters Staff 2 Min Read Storm clouds are seen above the Canary Wharf financial district in London, Britain, August 3, 2010. Greg Bos/File Photo LONDON (Reuters) - British members of parliament launched an inquiry on Monday into how banks and insurers could maintain access to the European Union market after Britain leaves the bloc in 2019. The House of Lords financial affairs committee said it will examine how regulation and supervision can evolve to ensure financial stability and potentially to maintain some form of close regulatory relationship to preserve market access. The committee''s chairwoman, Kishwer Falkner, said there will need to be cooperation between British and EU supervisors and Britain will need to maintain its influence in global standard-setting to maintain market access. "We would like to explore the options for such engagement," she said in a statement. Banks and insurers are already announcing plans to open new subsidiaries in the EU to ensure they can continue serving customers there after March 2019. With the shape of Britain''s future trading terms with the EU unclear, the sector is focussing on persuading the government to negotiate a transition period to have more time to complete moves to Europe smoothly. The inquiry will examine the scope for Britain to adopt its own financial rules, after backers of Brexit have said that the UK can write its own rules and ditch EU "red tape". Britain''s Financial Conduct Authority has warned against a "bonfire of regulations" after Brexit. The committee will also examine if the EU''s "equivalence" regime is the best way for financial firms in Britain to access clients in the EU after Brexit. This refers to Britain applying financial rules that are similar to those in the EU in return for access, a regime critics say is too unpredictable. The committee will start public hearings in September. The government will respond to the committee''s findings. Reporting by Huw Jones; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-regulations-idUKKBN1A91HZ'|'2017-07-24T15:18:00.000+03:00'
'07224434f05d1147f64ec26925a550a39be239e5'|'UPDATE 1-UK Stocks-Factors to watch on July 24'|'(Adds company news items, futures)July 24 (Reuters) - Britain''s FTSE 100 index is seen opening down 11 points, according to financial bookmakers, with futures down 0.16 percent ahead of the cash market open.* RECKITT BENCKISER: British consumer goods maker Reckitt Benckiser Group reported second-quarter sales that fell 2 percent, after last month''s global cyber attack disrupted its operations.* CRANSWICK: British food products supplier Cranswick Plc reported a 27 percent jump in first-quarter revenue, helped by growth in sales volumes in its domestic market.GLENCORE: Glencore PlC has signed an agreement to invest up to 66 million reais ($21 million) into Brazilian copper producer Paranapanema SA, the Brazilian firm said in a securities filing.* BAKKAVOR: Bakkavor, one of the biggest suppliers of ready meals to Marks & Spencer and Waitrose, is exploring plans for a stock market float that could value it at up to 1.5 billion pounds, The Times reported on Sunday.( bit.ly/2gVBiTo )* B&M EUROPEAN VALUE RETAIL: Asda, the British supermarket arm of Wal-Mart Stores, is considering a 4.4 billion pounds ($5.7 billion) takeover of B&M European Value Retail, the discount retailer run by the billionaire Arora brothers, The Sunday Times reported.* AIM: Companies leaving London''s junior stock market because a broker or investment bank has quit as their adviser has hit a record this year, an accountancy firm specialising in the sector said.* BRITAIN ECONOMY: British households'' financial situation has deteriorated at the fastest rate in three years this month, as families increasingly shy away from big purchases like cars, holidays and household appliances, a survey showed on Monday.* LME COPPER: London Metal Exchange copper CMCU3 was trading up 0.1 percent at $6,013 a tonne by 0520 GMT, following a 0.8-percent gain in the previous session when prices reached their highest since March 1 at $6,051.* GOLD: Gold prices touched their highest in four weeks on Monday, supported by political uncertainty in the United States that pushed the dollar to its lowest in over a year. Spot gold was nearly flat at $1,254.31 per ounce at 0346 GMT. It earlier hit a 4-week high of $1,257.18 an ounce, having risen 2.1 percent last week.* OIL: Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address rising output in Nigeria and Libya, two OPEC members so far exempt from a push to cut production.* The UK blue chip FTSE 100 index was down 0.5 percent on Friday but had its strongest weekly gains in two months, sheltered from the battering European stocks experienced at the mercy of a strong euro, while mid-caps had their best week in nearly a year.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsToday''s Uk Papers > Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1KF2FT'|'2017-07-24T09:37:00.000+03:00'
'e9892193705f36ee4ea79aa0a72237147ac193c5'|'Exclusive - Discovery in the lead to acquire Scripps Networks: sources'|'July 27, 2017 / 12:04 AM / 3 hours ago Exclusive - Discovery in the lead to acquire Scripps Networks: sources 1 Min Read The Discovery Communications headquarters building is seen in Silver Spring, Maryland, U.S. December 3, 2009. Jim Bourg/File Photo (Reuters) - U.S. media company Discovery Communications Inc ( DISCA.O ) in the lead to acquire U.S. cable TV network owner Scripps Network Interactive Inc ( SNI.O ), people familiar with the matter said on Wednesday. Discovery has entered into exclusive talks with Scripps after prevailing over a rival offer from Viacom Inc ( VIAB.O ), another U.S. media company, one of the sources said. While a deal could come as early as next week, negotiations are ongoing and no agreement is certain, the sources added. The exact value of Discovery''s offer could not be learnt, but sources said it is a cash-and-stock bid, comprising mostly cash, and valuing Scripps in the region of $90 per share. The sources asked not to be identified because the negotiations are confidential. Viacom, Scripps and Discovery declined to comment. Reporting by Jessica Toonkel and Liana B. Baker in New York 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/scripps-net-int-m-a-discovery-commns-idINKBN1AC002'|'2017-07-27T03:01:00.000+03:00'
'daa0c76d27cbac384c108204732e006b7feb9b7b'|'Brazil meatpacker JBS calls meeting sought by shareholder BNDESpar'|'The logo of Brazilian meatpacker JBS SA is seen in the city of Jundiai, Brazil June 1, 2017. Paulo Whitaker SAO PAULO (Reuters) - Brazil''s JBS SA has called a shareholder meeting on Sept 1 to address concerns over potential losses raised by BNDESpar, the investment arm of Brazilian state development bank and holder of 21 percent of the meatpacker, the company said on Wednesday.BNDES chief executive officer Paulo Rabello de Castro called for the meeting last month to propose a reshuffling of the meatpacker''s board and to seek steps to address a credit shortfall and assess potential losses caused by executives.Reporting by Aluisio Alves '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-jbs-idUSKBN1AB30B'|'2017-07-27T01:38:00.000+03:00'
'59e09fbc8a235a8a356d81ab8400f7d3a5d79fc5'|'Glencore buys 16.6 percent of Rio''s Hunter Valley coal assets from Yancoal'|'July 27, 2017 / 11:48 AM / in 6 minutes Glencore buys 16.6 percent of Rio''s Hunter Valley coal assets from Yancoal James Regan and Barbara Lewis 2   logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. Arnd Wiegmann/File Photo SYDNEY/LONDON (Reuters) - Glencore on Thursday bought a 16.6 percent stake in assets in Hunter Valley, Australia, for $429 million (326.45 million pounds) from China''s Yancoal ( YAL.AX ), gaining some of the coal operations it had sought in a bidding war which Yancoal won. Rio Tinto ( RIO.AX ) ( RIO.L ) last month confirmed Yancoal Australia was the preferred bidder for its Australian Coal & Allied unit after the company added an 11th-hour sweetener. But on Wednesday, Yancoal''s Chinese parent company Yanzhou ( 1171.HK ) said its board had approved the transfer of a 16.6 percent interest in the HVO (Hunter Valley Operations) joint venture to a "third party". An announcement in Hong Kong on Thursday confirmed Glencore was the buyer in a deal contingent on the completion of the Rio sale. HVO is 67.6 percent held by Coal & Allied and 32.4 percent by Mitsubishi Corp ( 8058.T ). Glencore said on Thursday it and Yancoal would work together to acquire Mitsubishi''s stake. That would give Glencore a total of 49 percent of HVO which is widely regarded as the more valuable of the two Hunter Valley coal complexes that Yancoal is set to acquire from Rio. Glencore has long wanted the assets that adjoin operations it already owns. Analysts said it aimed to blend the Rio Tinto coal with coal from its existing operations to custom-tailor shipments to power-generating customers in Japan, South Korea and Taiwan. Glencore is already the world''s largest exporter of sea-traded thermal coal, with interests in 28 mines in Australia, Colombia and South Africa. It first tried to acquire Coal & Allied in 2015, when Rio Tinto made it clear that coal was no longer part of its growth strategy. Additional reporting by Sonali Paul and Lee Chyen Yee in Hong Kong; editing by Richard Pullin and Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-yancoal-australia-idUKKBN1AC1RX'|'2017-07-27T14:48:00.000+03:00'
'1136628bc78008371fd787cb2624e856b5160978'|'Volkswagen to offer to refit four million diesel cars - CEO'|'Edition United States July 27, 2017 / 9:29 AM / 16 minutes ago VW to offer to refit 4 million diesel cars: CEO Reuters Staff 1 Min Read FILE PHOTO - A Volkswagen logo is pictured near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo WOLFSBURG, Germany (Reuters) - Volkswagen plans to offer to refit 4 million diesel cars at a meeting with German government officials to discuss ways to avoid diesel bans in major cities, Chief Executive Matthias Mueller said on Thursday. Carmakers in Germany are pressed by regulators and politicians to clean up their diesel engines. Industry officials and government ministers will meet in Berlin on Aug. 2 to discuss ways to tackle diesel pollution. "The view that the relationship between the auto industry and politics may have been a bit too close cannot be wrong," German Environment Minister Barbara Hendricks said following talks with Mueller at VW''s Wolfsburg headquarters. Reporting by Markus Wacket; Writing by Andreas Cremer; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKBN1AC1BF'|'2017-07-27T12:25:00.000+03:00'
'027903fc3fe70a800b4c5a0d24a5456efd12ca49'|'Singapore Airlines first-quarter profit rises 45.6 percent on higher revenue'|'Edition United States July 27, 2017 / 10:38 AM / 3 minutes ago Singapore Airlines first-quarter profit rises 45.6 percent on higher revenue Reuters Staff 1 Min Read FILE PHOTO: Formula One - F1 - Singapore Grand Prix - Marina Bay, Singapore- 18/9/16 Singapore Airlines stewardesses wait for drivers during drivers parade ahead of the race. Edgar Su/File Photo SINGAPORE (Reuters) - Singapore Airlines Ltd ( SIAL.SI ) on Thursday reported a 45.6 percent rise in first-quarter operating profit, with revenue rising as it filled a higher proportion of seats. The carrier, which is seen as a barometer of the Asian airline industry, made S$281 million ($207.01 million)in the three months ended June 30, up S$88 million from a year before. After reporting a surprise fourth-quarter loss in May, Singapore Airlines announced it would undertake a strategic review to cut costs as it battles intense competition that has slashed ticket prices. Reporting by Jamie Freed; Editing by Edwina Gibbs and Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-singapore-air-results-idUKKBN1AC1KM'|'2017-07-27T13:35:00.000+03:00'
'7801a9ff983dbb398ce314c258abb2b270da70cb'|'Shell beats second-quarter expectations as downstream business shines'|'July 27, 2017 / 6:21 AM / in 14 minutes Shell beats second-quarter expectations as downstream business shines Reuters Staff 1 Min Read FILE PHOTO: A logo of Royal Dutch Shell is seen at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. Toru Hanai/File Photo LONDON (Reuters) - Royal Dutch Shell ( RDSa.L ) more than tripled profit for the second quarter compared with a year ago, ahead of analysts'' expectations, boosted by its refining and chemicals business. Current cost of supplies (CCS) excluding exceptional items, the company''s way of measuring profit, rose 245 percent to $3.6 billion, compared with a company-provided analyst consensus of $3.15 billion. Shell also reduced its debt to equity ratio which fell to 25.3 percent, down from 28.1 percent a year ago. Reporting by Karolin Schaps and Ron Bousso; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-results-idUKKBN1AC0M1'|'2017-07-27T09:21:00.000+03:00'
'cb99009c592771795f9bf742dd0a6f11e176398f'|'Oil prices hover near eight-week high on lower U.S. inventories'|'July 27, 2017 / 2:02 PM / 27 minutes ago Oil prices hover near eight-week high on lower U.S. inventories Ahmad Ghaddar 3 Min Read FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Picture taken May 3, 2017. Ernest Scheyder/File Photo LONDON (Reuters) - Oil prices traded close to eight-week highs on Thursday, boosted by a steeper-than-expected slide in U.S. crude inventories last week. Brent crude futures LCOc1 dipped by 2 cents to $50.95 a barrel at 1346 GMT, after rising about 1.5 percent in the previous session. U.S. West Texas Intermediate futures CLc1 slipped 1 cent at $48.74 a barrel. Both contracts traded lower earlier in the session on a stronger dollar, but recovered most of the lost ground. A stronger U.S. currency makes dollar-denominated crude more expensive for investors holding other currencies. On Wednesday, the U.S. Energy Information Administration reported a 7.2 million barrel drop in U.S. inventories in the week to July 21, much more than the 2.6 million barrels forecast. "As encouraging as this may seem, the price recovery won’t begin in earnest until evidence of U.S. oil rebalancing is mirrored on a global scale," Stephen Brennock at oil brokerage PVM said. Expectations that the long-oversupplied market was moving towards balance were also supported by this week''s news that Saudi Arabia planned to limit crude exports to 6.6 million barrels per day (bpd) in August, about 1 million bpd below the level last year. Kuwait and United Arab Emirates, fellow members of the Organization of the Petroleum Exporting Countries, have also promised export cuts. U.S. shale producers including Hess Corp ( HES.N ), Anadarko Petroleum ( APC.N ) and Whiting Petroleum ( WLL.N ) announced plans this week to cut spending this year due to low oil prices. But some analysts say a slowdown in shale drilling may prove temporary. "Recent evidence of a slowdown in U.S. upstream activity has been exaggerated and will if anything be transitory," Brennock said. "Instead, a strong finish to the year is on the cards with the advent of $50 a barrel safeguarding the rebound in U.S. tight oil supply." U.S. fuel exports are on track to hit another record in 2017, making foreign fuel markets increasingly important for the future growth prospects and profit margins of U.S. refiners. In a sign Europe''s major energy firms are turning a corner after a three-year slump, Royal Dutch Shell ( RDSa.L ), France''s Total ( TOTF.PA ) and Norway''s Statoil ( STL.OL ) reported sharp rises in cash flow from second quarter operations. Profits for the three companies beat analyst expectations, meaning they can all comfortably pay dividends and reduce debt. Additional reporting by Fergus Jensen in Singapore; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN1AC289'|'2017-07-27T17:02:00.000+03:00'
'1c4c262349fc96d487199366d334504a59533263'|'EMERGING MARKETS-Brazil rate futures yields slump on dovish central bank statement'|'July 27, 2017 / 2:37 PM / in 4 hours EMERGING MARKETS-Brazil rate futures yields slump on dovish central bank statement 5 Min Read By Bruno Federowski SAO PAULO, July 27 (Reuters) - Yields on Brazilian interest rate futures slumped on Thursday after the central bank hinted that it could maintain an aggressive pace of rate cuts as inflation slowed sharply. The bank cut the benchmark Selic rate by a widely expected 100 basis points late on Wednesday to 9.25 percent, the first time it has hit single digits since November 2013. In its policy statement, the central bank said it could maintain that pace of easing depending on the economic outlook and on prospects for measures to reduce public spending and boost productivity. It had previously warned that it could pursue smaller rate cuts as a political crisis threatened to delay the enactment of a sweeping pension reform to chop the budget deficit. That drove many investors to bet that this week''s reduction could be the last of that magnitude this year. Rate future yields on Thursday indicated a roughly 60 percent chance of a 100 basis-point cut in September and a 40 percent chance of a 75 basis-point cut, Reuters data showed. On Wednesday, the chances of a 75-basis point cut were running at over 50 percent. Strategists at BNP Paribas recommended clients increase bets on a decline in interest rates, calling it a "There Is No Alternative" trade. After the central bank decision, the bank''s economics department cut its forecast for the Selic rate to 7 percent by the end of 2018 from 7.5 percent previously. "Keeping up a 100bp pace for longer probably means that the central bank judges the magnitude of its overall monetary easing cycle to be larger than it previously thought," it wrote in a report. Brazil''s benchmark Bovespa stock index rose 0.7 percent amid a strong batch of corporate results, including blue-chips such as miner Vale SA and lender Banco Bradesco SA. Shares of cosmetics maker Natura SA ranked among the biggest gainers after Itaú BBA upgraded its recommendation on the stock to "market perform" from "underperform," saying recent losses were overdone. The company late on Wednesday reported a jump in second-quarter net profit. While its operating earnings declined, analysts said they came in line with expectations. Most Latin American currencies slipped as traders booked profits from a rally on Wednesday, when comments by the U.S. Federal Reserve on inflation were interpreted as suggesting that a recent growth slowdown may not be temporary, reducing the pressure for interest rate hikes. The Mexican peso dipped 0.2 percent following a 1 percent appreciation the day before, while the Chilean peso dropped 0.3 percent. Key Latin American stock indexes and currencies at 1345 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1071.29 0.85 23.2 MSCI LatAm 2749.66 0.9 16.43 Brazil Bovespa 65360.47 0.54 8.52 Mexico S&P/BVM IPC 51460.56 -0.27 12.75 Chile IPSA 5043.15 0.02 21.48 Chile IGPA 25198.31 0.03 21.53 Argentina MerVal 21202.91 0 25.33 Colombia IGBC 10900.19 -0.13 7.62 Venezuela IBC 134583.50 0 324.48 Currencies daily % YTD % change change Latest Brazil real 3.1468 -0.13 3.25 Mexico peso 17.6175 -0.15 17.75 Chile peso 646.2 -0.34 3.79 Colombia peso 2992.61 0.71 0.30 Peru sol 3.245 0.00 5.21 Argentina peso (interbank) 17.4900 0.17 -9.23 Argentina peso (parallel) 18.22 -0.44 -7.68 (Reporting by Bruno Federowski; Editing by W Simon) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1KI0VF'|'2017-07-27T17:36:00.000+03:00'
'7d306375148b71890acb06ad21f240a5c85d1f4c'|'Nestle India second-quarter profit rises 10 percent'|'July 26, 2017 / 1:05 PM / 5 hours ago Nestle India second-quarter profit rises 10 percent 1 Min Read Packets of Nestle''s Maggi instant noodles are seen on display at a grocery store in Mumbai, June 4, 2015. Shailesh Andrade/Files REUTERS - Noodles-to-chocolates maker Nestle India Ltd said on Wednesday profit rose about 10 percent in its fiscal second quarter, helped by new product launches and a revamp of its popular Maggi noodles brand. Profit rose to 2.63 billion rupees ($40.87 million) in the quarter ended June 30, from 2.40 billion rupees a year earlier, the Indian unit of packaged foods giant Nestle SA said. bit.ly/2h2teQE Domestic sales rose 8.8 percent to 23.21 billion rupees in the quarter, it said. ($1 = 64.3575 Indian rupees) Reporting by Vishal Sridhar in Bengaluru; Editing by Biju Dwarakanath 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/nestle-india-results-idINKBN1AB1S7'|'2017-07-26T16:05:00.000+03:00'
'1fd7332086d0e7beb60f21db4802e30c0c79c274'|'Ground rents: aristocrats shell firms among those making millions'|'Aristocratic landowners with connections to the family of former prime minister David Cameron, mysterious Dublin-based shell companies that pay no tax, and groups based in the Channel Islands are among the freehold owners that appear to have made millions from spiralling ground rents.When Guardian Money attempted to trace the ultimate ownership of the five-bed detached home bought by Jo Darbyshire in Bolton, we uncovered the pass-the-parcel world of freehold speculation . Quick Guide Leasehold houses and ground rent Show Hide What are leasehold houses? Britain has had leasehold homes for hundreds of years, but only in the past few months has the ground rent scandal exploded. Now the government is proposing a  complete ban on new houses sold as leasehold , and reducing ground rents to zero. Traditionally, houses have been sold as freehold, and the buyer has complete control over their property. When a house is sold as  leasehold , the buyer is effectively only a tenant with a very long term rental, with the ground the home is built on remaining in the hands of the freeholder. The home buyer has to pay an annual “ground rent” to the freeholder, and has to ask the freeholder for consent if they want to make any changes to the property, such as building a conservatory or changing the windows.Why have they suddenly become such a problem? In the past, leasehold property owners were generally charged just a “peppercorn” ground rent, sometimes as little as £1 a year, and many freeholders did not bother to collect it. But the picture changed earlier this century, when developers started to insert clauses into leasehold contracts where the ground rent was set at £200-£400 a year,  doubling every ten years . Direct Line estimates the typical ground rent to be currently £371. Although unsuspecting first-time buyers were frequently told that 999-year leases were “virtually freehold”, the clauses meant that the ground rent would soon spiral to absurd levels. The government quotes a family house where the ground rent is expected to hit £10,000 a year by 2060.How many people are affected? The  Leasehold Knowledge Partnership , which has vigorously campaigned on this issue, estimates that around 100,000 homebuyers are trapped in contracts with spiralling ground rents. There are many more people in leasehold flats, some of which also have doubling ground rents.Is it just the ground rent that is the issue? No. Freeholders are able to extract other sums out of their leaseholders in a variety of ways. Homebuyers report being charged £100 even to have a letter answered by the freeholder, and as much as  £2,500 for permission to build a conservatory . These are charges that are on top of obtaining planning permission.Was this helpful? Thank you for your feedback. Darbyshire, 46, and her husband Mark, 47, bought their home from Taylor Wimpey in 2010, and are among thousands of leaseholders on “doubling” ground rent contracts, meaning the sum paid doubles every 10 years.Two years after the Darbyshires completed their purchase, Taylor Wimpey sold their freehold to a company called Adriatic Land 2 (GR2). It is not known how much Taylor Wimpey earned from the deal.In January 2017, that freehold ownership was transferred to Adriatic Land 1 (GR3), while some of Darbyshire’s neighbours have seen their freeholds transferred from Adriatic Land 2 (GR2) to Abacus Land Ltd. “You have no idea who owns the land under your feet,” said Darbyshire. “Your dream house is traded from one offshore company to another for tax reasons, or who knows what else?”Victims of ground rent scandal demand action on existing abuses Read more Adriatic Land 1 (GR3) is registered at Companies House with an address at Palmer Street in the heart of Westminster, London. The documents show that one of its directors until late 2013 was “the Honourable William Waldorf Astor”, the half- brother of David Cameron’s wife, Samantha. Astor runs the fund manager Long Harbour, which invests in residential freeholds, and is also director of HomeGround, which administers freeholds on behalf of various landlords, including the Adriatic Land vehicles.The website for the Long Harbour ground rent fund boasts: “Since closing our first transaction in 2010, Long Harbour has acquired over 160,000 residential units comprising approximately £1.4bn of assets to date.” It says many of the investors in its fund are pension groups looking for a secure long-term income.A Long Harbour spokesman said it met all of its tax obligations, adding that investors in its unit trusts and limited partnerships “are responsible for payment of any of their own taxes”. He added: “The investment funds in the Long Harbour ground rent fund are UK-based pension and life assurance funds seeking a long-term inflation-proof income and as such are tax exempt.”Since 2013, Darbyshire’s freeholder, Adriatic Land 1 (GR3), has listed its directors as individuals based in Dublin, and says its ultimate controlling party is Jetty Finance DAC, registered in Dublin. Its last reported accounts show the company had £19m in property assets and earned an income of £1.9m, on which it made a profit of £1.3m. In the year to March 2016 it paid zero corporation tax; there is no suggestion of any wrongdoing.There are numerous other Adriatic Land companies registered at Companies House. Adriatic Land 4 (GR1), for example, has interests in £27m worth of property, with its immediate parent company listed in Guernsey in the Channel Islands.Leasehold houses and the ground rent scandal: all you need to know Read more E&J Estates is another major buyer of freeholds from developers. Lindsay Lloyd in Ellesmere Port, Cheshire, bought her three-bed semi from Taylor Wimpey in 2009, but as a 22-year-old with little spare cash – and told by her solicitor that the ground rent would not be a burden – decided against paying £2,625 for the freehold. A few years later the 999-year freehold was sold to E&J. When she approached the company to buy her freehold, she was initially rebuffed. After pressing for a quote, she says she was asked for £32,000. “I just thought they were having a laugh. The property only cost us £155,000.” Lloyd, who works in a creche, said she was unable to afford the £32,000. Meanwhile, her ground rent doubled from £175 a year to £350 a year on 1 July, despite promises by the developer, Taylor Wimpey, to help out buyers with a £130m assistance scheme .'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jul/26/ground-rents-aristocrats-shell-firms-among-those-making-millions'|'2017-07-26T13:00:00.000+03:00'
'eff4708d2fa146e56317080b87e3e7ad17085a16'|'U.S. new home sales rise in June, but trend softening'|'July 26, 2017 / 2:08 PM / in 37 minutes U.S. new home sales rise for second straight month Reuters Staff 3 Min Read Construction workers frame a new subdivision project of residential homes in Glenelg, Maryland September 25, 2013. Gary Cameron WASHINGTON (Reuters) - New U.S. single-family home sales increased for a second straight month in June as purchases in the West surged to a near 10-year high, but a dire shortage of properties remains an obstacle to a robust housing market recovery. The Commerce Department said on Wednesday new home sales rose 0.8 percent to a seasonally adjusted annual rate of 610,000 units last month. May''s sales pace was revised down to 605,000 units from the previously reported 610,000 units. Economists polled by Reuters had forecast new home sales, which account for 10 percent of overall home sales, increasing 1.4 percent to a pace of 615,000 units last month. New home sales increased 9.1 percent on a year-on-year basis. They remain less than half of what they were at the peak of the housing market bubble in 2005. Demand for housing is being driven by a strong labor market, which is near full employment. Builders are, however, struggling to keep up amid rising lumber costs and shortages of labor and land. Housing starts are running at a 1.22 million-unit pace. That is below their historic average of 1.5 million units, a rate realtors say would eliminate the housing shortage. With homebuilder confidence dropping to an eight-month low in July, the supply of houses is unlikely to improve. A report on Monday showed sales of previously owned homes fell 1.8 percent in June and will likely continue to tread water for the rest of the year. In June, the inventory of new homes on the market increased 1.1 percent to 272,000 units, the highest level since June 2009. Still, new housing stock is less than half of what it was at its peak during the housing boom. At June''s sales pace it would take 5.4 months to clear the supply of houses on the market, up from 5.3 months in May. A six-month supply is viewed as a healthy balance between supply and demand. Last month, new single-family homes sales in the West soared 12.5 percent to a 180,000 unit-rate, the highest level since July 2007. They jumped 10.0 percent in the Midwest, but fell 6.1 percent in the South. Sales were unchanged in the Northeast. Reporting by Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-housing-idUKKBN1AB1Y0'|'2017-07-26T17:38:00.000+03:00'
'5453926383b4cc05d055ff3becb2c30d1c6c830e'|'Exclusive - Banks dealing EU sovereign debt may be dragged out of London'|'Banks dealing EU sovereign debt may be dragged out of London Iraq Mosul rebuilds monuments, mosques - and society Syria Edition United States July 26, 2017 / 8:48 AM / 7 hours ago Exclusive: Banks dealing EU sovereign debt may be dragged out of London Abhinav Ramnarayan and Anjuli Davies 6 Min Read FILE PHOTO: A view of the Canary Wharf district is seen in London, Britain July 7, 2017. John Sibley/File Photo LONDON (Reuters) - Banks at the heart of EU government borrowing could be forced to move some operations out of London if they want to hold on to that business after Brexit, according to three senior bankers with knowledge of the matter. A large part of European national borrowing is managed by London-based investment banks, which currently rely on "passporting" to offer services across the European Union but could lose this right after Britain leaves. EU officials are considering imposing rules to require these primary dealers - the banks appointed by national debt agencies to help them borrow from investors - to have significant operations in the bloc post-Brexit, said the bankers. The three London-based banking sources all work in the business of selling European government debt and have frequent discussions with European government officials. They declined to be named as those discussions are confidential. The bankers said EU authorities were looking at imposing similar rules to those the United States which require primary dealers in U.S. Treasuries to have operations in the country. They said it was too early to say how much of banks'' operations would be required to move, but that it could involve all primary dealing jobs as well as some jobs in associated services, such as fixed-income sales and distribution, and money-market trading. The European Commission, the EU executive body, declined to comment. The German, French and Italian finance ministries either declined to comment or did not respond to requests for comment. The European Central Bank, which is responsible for supervision of European banks, said it was monitoring developments around the issue of primary dealers. Barclays, Citi, Goldman Sachs, HSBC and JPMorgan are among the leading investment banks arranging euro sovereign bond deals. Others such as Nomura and Morgan Stanley are also active. All those banks either declined to comment or did not immediately respond to requests for comment. Banks May Exit Primary Dealing Industry executives say as much as 70 percent of sovereign debt in Europe is arranged by London-based firms, either acting as market makers in government bond auctions or selling debt directly to investors through "syndicated" deals. Several billion euros of European government bonds are sold every week to primary dealers through auctions, which they then sell on. In addition, Thomson Reuters data shows 148 billion euros of bonds were sold via syndication last year. Some banks are already making preparations to move some primary dealer positions from London to other European centers, according to two of the bankers with knowledge of the matter. Other banks may exit the primary dealing business altogether, said the third source. A fourth senior banker said his company was considering quitting its primary dealership business in some EU countries if it was required to shift some operations out of London, because of the costs this would incur. Another senior industry source said big banks'' European government bond desks tended to comprise about 15-20 people, but that the number of jobs moving could be much higher. "It is very hard to look at the primary dealership debate in isolation because it has a knock on effect on so many other parts of the business," he said. "Overall, I expect many banks to move hundreds of jobs to Europe and the primary dealership issue will be part of the reason for that." The possible requirements provide a further incentive to move operations out of London for investment banks, which have started to enact contingency plans for when Britain leaves the EU and potentially loses passporting rights. Global banks have already indicated thousands of jobs could move from London in the next two years. "Because of the continuing uncertainty people have to assume the worst-case scenario, and they have to take action now," said Matthew Hartley, Debt Capital Markets Partner at law firm Allen & Overy, which has also worked on bond documentation for several European countries. "So inevitably you are getting people setting up in different European centers and building up a proper bank in the relevant jurisdiction," he said. Higher Borrowing Costs? For European government debt agencies already dealing with a shrinking pool of banks to partner with, institutions exiting the business could lead to higher borrowing costs. But some debt agency officials believe it will not come to that. Anne Leclerq, head of Belgium''s debt agency, said she believed some primary dealers would move if the regulations changed. "We have primary dealers in common with Italy and France and so on, so those institutions would not be able to serve any of their clients in the euro zone if they don''t move operations," she told Reuters. "And they only would have to move somewhere in the euro zone, not to each individual country. It''s more an issue for the banks than for us." But some smaller countries, who arguably could be the worst hit if more primary dealers drop out, favor compromise. Portuguese debt agency chief Cristina Casalinho, for example, told Reuters on the sidelines of a conference in June: "We have to consider a two-way value proposition for it to work. We are in close contact with our primary dealers and we try to listen to their concerns." Reporting By Abhinav Ramnarayan and Anjuli Davies; Additional reporting by Francesco Canepa, Dhara Ranasinghe, Francesco Guarascio and Andrew Macaskill; Editing by Pravin Char 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-primary-dealers-idUKKBN1AB10U'|'2017-07-26T11:41:00.000+03:00'
'46579d6668fff811829c3e18532919e28c0e489b'|'Wall Street set to open flat as earnings season gathers pace'|'July 24, 2017 / 1:18 PM / 20 minutes ago S&P, Dow lower as J&J drags; Nasdaq hits record Tanya Agrawal 4 Min Read FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. Andrew Kelly/File Photo (Reuters) - The S&P 500 and the Dow Jones Industrial Average were pulled lower by losses in Johnson & Johnson in early afternoon trading on Monday, while the Nasdaq hit a record high ahead of Google parent Alphabet''s earnings report. Johnson & Johnson''s ( JNJ.N ) shares fell 1.6 pct after South Korea''s Samsung Bioepis said it started U.S sales of the company''s top-selling drug Remicade. Investors are also focusing on the earnings of tech heavyweights as a recent rally in their shares have led to concerns about stretched valuations. However, tech continues to be the best performing S&P sector this year. "This week is going to be critical to see the passing of the baton from the Fed being the primary driver of the market to corporate fundamentals," said Matt Miskin, senior capital markets research analyst at John Hancock Investments. Analysts have raised their expectations for S&P 500 earnings to 8.8 percent, compared with an 8 percent rise projected at the start of the month, according to Thomson Reuters I/B/E/S. The market will also keep an eye on political developments in Washington, with rising doubts about President Donald Trump''s ability to legislate his pro-growth policies after the failure of the healthcare bill. "For now, better earnings is giving the market the ability to navigate some of the uncertainty that is coming out of Washington. But going into next year, the market is likely to become more concerned if policies do not finally come through," Miskin said. At 12:41 p.m. ET (1641 GMT), the Dow Jones Industrial Average .DJI was down 51.23 points, or 0.24 percent, at 21,528.84 and the S&P 500 .SPX was down 2.58 points, or 0.10 percent, at 2,469.96. The Nasdaq Composite .IXIC was up 10.57 points, or 0.17 percent, at 6,398.33. Also weighing on sentiment was a larger-than-expected fall in home resales volumes for June. Nine of the 11 major S&P 500 sectors were lower, with the defensive sectors, including utilities .SPLRCU, telecommunications .SPLRCL and consumer discretionary .SPLRCD, leading the decliners. Halliburton ( HAL.N ) was down 3.8 percent after the oilfield services provider warned about flattening growth in North American rig count. Cal-Maine Foods ( CALM.O ) fell 6.5 percent, while Hasbro ( HAS.O ) was down 10.4 percent after reporting quarterly results. Hibbett Sports ( HIBB.O ) slumped 30 percent after the sporting goods retailer sent out a second-quarter sales warnings. The stock weighed on other sports retailers such as Dick''s Sporting ( DKS.N ), Foot Locker ( FL.N ) and Finish Line ( FINL.O ). Amazon ( AMZN.O ) and Facebook ( FB.O ) are due to report results later this week. Declining issues outnumbered advancers on the NYSE by 1,725 to 1,086. On the Nasdaq, 1,472 issues fell and 1,303 advanced. Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN1A91NA'|'2017-07-24T16:17:00.000+03:00'
'12e6b5ba9f3862b7eb3bef2f2515585164808c8e'|'Global use of trade restrictions slows, WTO says'|'July 24, 2017 / 1:42 PM / 27 minutes ago Global use of trade restrictions slows, WTO says Reuters Staff 3 Min Read Automated guided vehicles (AGV) operate at an automated container terminal in Qingdao Port, Shandong province, China May 11, 2017. Picture taken May 11, 2017. Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. EDITORIAL USE ONLY. CHINA OUT. - RTS16A29 GENEVA (Reuters) - More steps to free up trade globally have been taken since Donald Trump was elected than measures to restrict it, the World Trade Organization said, despite concerns his administration would introduce a raft of punitive rules to protect U.S. jobs. The WTO''s global monitoring report, debated at a trade policy review on Monday, covers October 2016 to May 2017. "The report shows an encouraging decrease in the rate of new trade-restrictive measures put in place — hitting the lowest monthly average since the financial crisis," WTO Director-General Roberto Azevêdo said in a statement. The semi-annual report, largely coinciding with the period since the election of U.S. President Donald Trump, showed that the 164 WTO members put 74 new restrictive measures in place, including tariffs, customs regulations and quantitative restrictions, with an impact of $49 billion (37.59 billion pounds) of trade. At the same time, they took 80 steps to help trade, such as cutting tariffs or simplifying customs procedures, affecting a much bigger $183 billion of trade. FILE PHOTO: A containership at a loading terminal is seen in the port of Hamburg, Germany, February 2, 2017. Fabian Bimmer/File Photo Trade-restrictive steps peaked at 22 per month in 2011, roughly twice the level in the period of the latest report. During the period under review, the United States introduced new restrictions including a provisional duty on Canadian softwood lumber, suspecting it of being unfairly priced. A World Trade Organization (WTO) logo is pictured on their headquarters in Geneva, Switzerland, June 3, 2016. Denis Balibouse It also brought in "Buy America" provisions to ensure that, subject to some conditions, state loan funds are not used for water infrastructure projects unless all the steel used in the project was produced in the United States, the WTO report said. Trump had also liberalised trade by scrapping broadband privacy rules, allowing Internet service providers to commericalise user data without explicit permission from the U.S. Federal Communications Commission, the report said. China, routinely the WTO member most often accused of unfair pricing and illegal subsidies, had introduced new restrictions with a cybersecurity law, requiring data generated in China to be stored in China, and a film production law, requiring Chinese movies get two-thirds of the screen time at Chinese cinemas. But it also eased approval requirements for foreign-owned banks to invest in Chinese banks and to supply some investment banking services in China, the WTO report said. Reporting by Tom Miles; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-trade-wto-idUKKBN1A91Q3'|'2017-07-24T18:22:00.000+03:00'
'3d233b787977060951b35f656d3feb044849a9cd'|'Oil gains ahead of producer meeting; Nigeria, Libya output in focus'|'July 23, 2017 / 10:51 PM / in 23 minutes Oil steady ahead of producer meeting; Nigeria, Libya output in focus Osamu Tsukimori 3 Min Read FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Ernest Scheyder/File Photo TOKYO (Reuters) - Oil prices held around a one-week low on Monday ahead of a joint OPEC and non-OPEC meeting later in the day that may address rising output in Nigeria and Libya. London Brent crude for September delivery LCOc1 was up 2 cents at $48.08 a barrel by 0551 GMT. The contract settled down $1.24, or 2.5 percent, on Friday after a consultancy forecast a rise in OPEC production for July. NYMEX crude for September delivery CLc1 was unchanged at at $45.77. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers will meet in the Russian city of St Petersburg on Monday to review market conditions and examine any proposals related to their pact to cut output. Sources familiar with the talks said the meeting may recommend a conditional cap on production from Nigeria and Libya - two OPEC members so far exempt from output cuts - although some analysts were deeply sceptical the group would make such a move. "Output cuts by Libya and Nigeria would be next to impossible considering Libya was just re-emerging from the civil war, for example," said Kaname Gokon, strategist for commodities brokerage Okato Shoji in Tokyo. OPEC and some non-OPEC states including Russia agreed last year to cut production by 1.8 million barrels per day (bpd) in a deal that has been extended to March 2018. Russian Energy Minister Alexander Novak said Libya and Nigeria should cap output when their output stabilizes, the Financial Times reported. Kuwait''s oil minister, Essam al-Marzouq, said on Saturday that compliance was good with oil production cuts by OPEC and non-OPEC countries and that deeper curbs were possible. Meanwhile, OPEC Secretary General Mohammad Barkindo said on Sunday that a rebalancing of the oil market is progressing more slowly than expected, but will speed up in the second half of 2017. "Oil looks likely to remain stuck in a tight range, as investors await any signs that OPEC will intensify its effort to rebalance the market," ANZ bank said. The United States is considering financial sanctions on Venezuela that would halt dollar payments for the country''s oil, sources told Reuters, which could severely restrict the OPEC nation''s crude exports. The International Monetary Fund on Monday kept its growth forecasts for the world economy unchanged for this year and next, although it slightly revised up growth expectations for the eurozone and China. Reporting by Osamu Tsukimori; Editing by Joseph Radford and Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN1A80YH'|'2017-07-24T06:22:00.000+03:00'
'ddef4fa0976a4fba5605629dac17d7f5d83f432e'|'CANADA STOCKS-TSX rises in broad bounce boosted by earnings beats'|'July 27, 2017 / 1:44 PM / 5 hours ago CANADA STOCKS-TSX rises in broad bounce boosted by earnings beats 1 Min Read TORONTO, July 27 (Reuters) - Canada''s main stock index gained in early trade on Thursday, boosted by the shares of a string of companies that beat earnings expectations, including Barrick Gold Corp and Cenovus Energy Inc. The Toronto Stock Exchange''s S&P/TSX composite index was up 55.43 points, or 0.37 percent, at 15,226.82 shortly after the open. All 10 of its main sectors were higher. (Reporting by Alastair Sharp) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1KI0UY'|'2017-07-27T16:43:00.000+03:00'
'9158e48bb99513534206f65c6d1f7980a31c7d95'|'VW profit jumps as core brand pushes cost cuts, models'|'July 27, 2017 / 6:55 AM / 3 hours ago VW raises sales goal as recovery gathers pace Andreas Cremer 3 Min Read BERLIN (Reuters) - Volkswagen raised its 2017 sales forecast on Thursday after cost cutting and higher margin new models at its namesake brand helped it to beat quarterly profit expectations. Europe''s largest automaker said it now expected revenue to beat last year''s record 217 billion euros ($254 billion) by more than 4 percent, compared with up to 4 percent previously. Earnings before interest and tax jumped to 4.55 billion euros ($5.34 billion) in the second quarter from 1.90 billion a year earlier, beating the average forecast of 4.49 billion euros in a Reuters poll of analysts. Profits at its largest revenue generator - the long struggling VW brand - climbed 12 percent to 907 million euros, thanks to cost cuts, R&D and production improvements and the launch of several high-margin sport-utility vehicles. Investors have said a turnaround at the VW brand, which has suffered from high production costs in Germany and excessive R&D spending, is key to reviving the group''s fortunes following a costly emissions test cheating scandal. The brand''s quarterly operating profit margin also leapt to 4.4 percent from 2.9 percent a year ago, beating a 2020 target of at least 4 percent, though still lagging peers such as PSA Peugeot Citroen and Renault. "I am firmly convinced that our financial footing is adequate to cope with the transformation in the automotive industry and topics of the future," finance chief Frank Witter said, a day after Britain announced a ban the sale of new petrol and diesel cars from 2040 to reduce pollution. FILE PHOTO: VW Golfs are loaded in a delivery tower at the plant of German carmaker Volkswagen in Wolfsburg, Germany, March 14, 2017. Fabian Bimmer/File Photo In another sign that VW is on the mend, it did not announce any further provisions related to its cheating of U.S. diesel emissions tests. The group has to date set aside 22.6 billion euros to cover fines, compensation and vehicle refits. VW''s recovery, however, has been clouded by news that European and German regulators are investigating allegations of decades-long collusion between VW and other German carmakers. VW played down the controversy after a special supervisory board meeting on Wednesday, saying cooperation on technical issues was a common industry practice. It declined to comment on allegations of anti-competitive conduct. VW shares were 1.3 percent lower at 134.85 euros at 0835 GMT, with German rivals Daimler and BMW down 0.7 percent and 1.1 percent respectively. "VW results are in line with expectations. But auto shares will remain under pressure over the cartel allegations," said NordLB analyst Frank Schwope who has a "buy" rating on VW stock. "VW could face a single-digit billion-euro fine if the allegations turn out to be true," he added. The group stuck to its guidance for return on sales for 2017 of between 6 and 7 percent, after reaching 6.7 percent in 2016, and for sales volumes to moderately exceed year-ago levels. Reporting by Andreas Cremer; Editing by Maria Sheahan and Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-results-idUSKBN1AC0RB'|'2017-07-27T09:54:00.000+03:00'
'ea290889efadef93cf1d8fd87e0e3731068c7c46'|'Insurance broker Jardine Lloyd Thompson posts higher pretax profit'|'July 27, 2017 / 6:56 AM / 8 minutes ago Insurance broker Jardine Lloyd Thompson posts higher pretax profit Reuters Staff 1 Min Read LONDON (Reuters) - Insurance broker Jardine Lloyd Thompson Group Plc ( JLT.L ) said on Thursday that its first-half underlying pretax profit rose 12 percent to 100.1 million pounds ($131.44 million), helped by the impact of foreign exchange movements. Pretax profit rose to 99.2 million pounds from 55.2 million pounds, driven by reduced exceptional items. Total revenue rose 11 percent to 689.9 million pounds. Reporting by Dasha Afanasieva in London and Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jardine-lloyd-results-idUKKBN1AC0RF'|'2017-07-27T09:56:00.000+03:00'
'6a0b29895e162fd2fce233557ff4db12d20dfc24'|'Gucci revamp, YSL strength help Kering beat forecasts'|'Edition United States July 27, 2017 / 4:19 PM / in 37 minutes Gucci revamp, YSL strength help Kering beat forecasts Dominique Vidalon 4 Min Read FILE PHOTO: The logo of Kering is seen during the company''s 2015 annual results presentation in Paris, France, February 19, 2016. Charles Platiau/File Photo PARIS (Reuters) - French luxury group Kering ( PRTP.PA ) delivered a forecast-beating rise in first-half operating profit on Thursday after a successful revival of its biggest brand, Italy''s Gucci, and a strong showing by fashion house Yves Saint Laurent. Kering, whose results were further evidence of a recovery in the wider luxury sector, cautioned it would face tougher comparables in the second half while a higher euro currency could impact consumer trends and tourism flows. The group nevertheless said its "excellent" first-half performance raised confidence in its capaciy to achieve another year of sales growth and improved operating performance. Deputy CEO Jean-Francois Palus said on a call with analysts that Kering was not considering any acquisitions short-term. Finance chief Jean-Marc Duplaix said the group will continue to reinvest in the Gucci brand to boost its communication and marketing as well as to further revamp stores. First-half recurring operating profit rose 57.1 percent to 1.274 billion euros ($1.49 billion), with an operating margin at Gucci reaching a record 32 percent of sales. Analysts polled by Inquiry Financial for Reuters predicted operating profit of 1.232 billion euros. Gucci, under the leadership of designer Alessandro Michele and Chief Executive Marco Bizzarri since early 2015, has revamped its stores and adopted a new luxury aesthetic that has proved popular with customers, notably millenials. Second quarter comparable sales at Gucci, which makes over 60 percent of Kering''s profit and whose products are endorsed by celebrities such as singer Rihanna, rose 39.3 percent, beating analysts''expectations of 32 percent growth. This compared with already spectacular growth of 48.3 percent achieved in the first quarter. "The enthusiasm for the brand is quite intense," said Duplaix, who added 32 percent looked like a good estimate for Gucci''s margin in 2017. Gucci''s stellar performance was backed by all product categories with strong demand in all regions, notably in western Europe with the return of tourists and in China. Yves Saint Laurent, which accounts for over 10 percent of Kering''s luxury sales, posted comparable sales growth of 23.7 percent in the second quarter, with new designer Anthony Vaccarello at the helm since April 2016. Sales at Bottega Veneta rose 1.7 percent, pursing a rebound started in the first quarter thanks to improving tourism spending in Europe and also stronger demand in Asia. Last week Kering''s German sportwear firm Puma ( PUMG.DE ) hiked its outlook for 2017 sales and operating profit as it announced strong second quarter results. Rival LVMH ( LVMH.PA ) posted a 23 percent profit rise on Thursday while Burberry ( BRBY.L ) and Hermes ( HRMS.PA ) also signaled better demand in mainland China and improving tourist spending in Europe. Reporting by Dominique Vidalon; Editing by Andrew Callus and Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-kering-results-idUKKBN1AC2LE'|'2017-07-27T22:04:00.000+03:00'
'cef8f637fb505d96e27a24e033b6787eade307cd'|'U.S. regulators to approve fix for more than 300,000 VW diesels: sources'|'July 27, 2017 / 3:01 PM / 2 hours ago U.S. regulators approve fix for 326,000 VW diesels David Shepardson 4 Min Read FILE PHOTO: A Volkswagen (VW) logo is seen on a car''s front at a scrapyard in Fuerstenfeldbruck, Germany, May 21, 2016. Michaela Rehle/File Photo WASHINGTON (Reuters) - The U.S. Environmental Protection Agency and California Air Resources Board on Thursday approved a fix for 326,000 Volkswagen AG ( VOWG_p.DE ) diesel cars, the agencies and the automaker said Thursday. The fix will include hardware and software upgrades, including replacing an emissions catalyst but will reduce vehicle fuel economy ratings by as much as 2 miles per gallon. The world''s largest automaker will still need to obtain approval for a resale plan for the 2009-2014 model diesel vehicles after making repairs - something that is expected in the coming weeks - but the fix is a significant milestone for the company that aims to move beyond its diesel emissions crisis. Volkswagen said in a statement it was pleased with the approval and that it means 98 percent of 2.0-liter diesel vehicles have been approved for a fix. Regulators said extensive testing shows the fix will not affect "vehicle reliability or durability." In March, Volkswagen pleaded guilty to three felonies in a U.S. court and admitted it used secret software that allowed vehicles to emit pollution at up to 40 times the legal limit. The September 2015 disclosure that VW intentionally cheated on emissions tests for at least six years led to the ouster of its chief executive, damaged the company''s reputation around the world and prompted massive bills. Volkswagen agreed last year to offer to buy back up to 475,000 diesel vehicles with 2.0-liter engines that had been sold in the United States, including the vehicles that won approval on Thursday for a fix. Thursday''s approval means that the automaker can now offer hardware and software upgrades and compensation to owners. The approval is also a key step toward allowing the carmaker to resell or potentially export tens of thousands of diesel cars it has repurchased and is storing all over the United States. As of the end of May, Volkswagen had 37 secure storage facilities around the United States housing close to 275,000 vehicles. Those places include a shuttered suburban Detroit football stadium, a former Minnesota paper mill and a field near a raceway in Colorado. The automaker has spent more than $6.3 billion to repurchase 2.0-liter vehicles and compensate owners. The vehicles winning approval for an upgrade are the oldest of the models that came under scrutiny in the company''s diesel cheating scandal. Those models are known as "Generation One." Volkswagen said previously that about 325,000 vehicles were in Generation One including diesel Jetta, Jetta SportWagen, Golf, Beetle, Beetle Convertible and Audi A3 cars. Earlier this year, EPA approved fixes for two newer generations of diesel cars - including 84,000 Passat diesel vehicles of model years 2012-2014 with automatic transmissions in "Generation Two" and 67,000 model 2015 diesels in "Generation 3." The only vehicles without a fix are manual 2012-2014 Passat diesels. Volkswagen has agreed to spend up to $25 billion to address claims from U.S. owners, environmental regulators, states and dealers, and offered to buy back about 500,000 polluting U.S. vehicles, including some larger 3.0 liter vehicles. Editing by Matthew Lewis '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-regulator-idUSKBN1AC2F3'|'2017-07-27T18:01:00.000+03:00'
'fa2b32f027d97a481e4adc7f7bb4883d0a9db9a6'|'UK to scrap Libor interest rate benchmark from end-2021'|'July 27, 2017 / 8:30 AM / in 5 hours Britain to scrap Libor rate benchmark from end of 2021 Huw Jones 5 Min Read Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a "Reuters Newsmaker" interview at the Reuters offices in London, Britain, in this file photo dated July 6, 2017. Hannah McKay LONDON (Reuters) - A substitute for the widely-used Libor interest rate benchmark must be in place for banks to use by the end of 2021, the head of Britain''s financial markets regulator said. Libor, a daily rate in a range of currencies, is based on submissions from banks of interest rates they believe they would be charged by others for borrowing money. Banks have been fined billions of dollars for trying to manipulate the benchmark, forcing a rethink of its future. The benchmark is used to price financial contracts worth $350 trillion (267.37 trillion pounds), ranging from home loans to credit cards. Bank of England Governor Mark Carney said this month that reference rates should be based on market transactions not judgements. Andrew Bailey, chief executive of the Financial Conduct Authority, told an event in London on Thursday that work must "begin in earnest" on shifting to an alternative index, saying the end of 2021 would offer time to ensure a smooth transition. "By having a date by which transition will need to be complete, however, we give market participants a schedule to plan to, and make it easier for them to engage as many counterparties and Libor users as is practicably possible." Libor must be replaced because there are not enough transactions underpinning the rates, Bailey said, adding that for one Libor variant only 15 trades were executed in 2016. Related Coverage Libor traders report UK prosecution expert witness to police A Libor based on "expert judgement" of banks is fragile, and there is little prospect of the markets becoming substantially more active in the near future, Bailey said. "In our view it is not only potentially unsustainable, but also undesirable, for market participants to rely indefinitely on reference rates that do not have active underlying markets to support them," Bailey said. Banks have voluntarily agreed to contribute rates to Libor until 2021, but if this phase-out deadline was on course to be missed, there would be a "push" from the authorities, Bailey said, without elaborating. Sonia Beckons At least six bankers on both sides of the Atlantic have been sent to prison for manipulating Libor, although some in the United States are still awaiting sentencing. Libor had been compiled by the now defunct British Bankers'' Association, but following the rigging scandal, this was transferred to ICE Benchmark Administration (IBA), part of the Intercontinental Exchange ( ICE.N ). IBA said changes to Libor have minimised subjective judgements. "Having consulted with regulators and over 1,000 market participants, we believe that the evolving Libor has a long-term sustainable future," it said. The BoE has already been refining its overnight sterling funding rate SONIA, which is based on actual transactions, as a sterling Libor substitute. Earlier this year a BoE industry working group backed SONIA, which the central bank administers itself, as the substitute for Libor. There could also be a second substitute benchmark to measure bank credit risk and funding markets that is based on a mix of SONIA and a proxy bank credit risk measure, Bailey said. Setting a date would focus minds just as the end 2017 deadline to phase out Switzerland''s TOIS reference rate triggered serious work on moving to the SARON rate, he said. The Swiss National Bank said on Thursday it would in due course select an alternative to the Swiss franc Libor as a tool for guiding monetary policy. "Libor will not be scrapped until the end of 2021," it said. Banks and IBA could continue to produce Libor after 2021, if they wanted to, Bailey said. Existing financial contracts that reference Libor and go beyond 2021 could be amended. The U.S. Federal Reserve is developing a home-grown benchmark based on the repurchase agreement or repo market as an alternative to dollar Libor, which is used in some $150 trillion of private and exchange-traded derivatives. The European Central Bank said in May it could replace Euribor, a euro-denominated counterpart to Libor, with a reference rate of its own. Reporting by Huw Jones; additional reporting by Kirstin Ridley; editing by Alexander Smith and David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-regulator-libor-idUKKBN1AC147'|'2017-07-27T11:35:00.000+03:00'
'82b9798d607657637cd690b93f2cfce454ce45e8'|'U.S. regulators to approve fix for more than 300,000 VW diesels - sources'|'July 27, 2017 / 3:01 PM / 16 minutes ago U.S. regulators to approve fix for more than 300,000 VW diesels - sources Reuters Staff 1 Min Read FILE PHOTO: Volkswagen CEO Matthias Mueller (3rd L) and Hans Dieter Poetsch, chairman of the supervisory board (4th L) and board members attend the annual shareholder meeting in Hanover, Germany May 10, 2017. Fabian Bimmer/File Photo WASHINGTON (Reuters) - The U.S. Environmental Protection Agency and California Air Resources Board will approve later on Thursday a fix for more than 300,000 older Volkswagen AG ( VOWG_p.DE ) diesel cars, two people briefed on the matter said. The fix will include hardware and software upgrades, but will reduce vehicle fuel economy ratings by as much as 2 miles per gallon, said the persons, who could not speak for attribution because the decision was not yet public. The world''s largest automaker will still need to obtain approval for a resale plan for the 2009-2014 model diesel vehicles after making repairs, but the fix is a significant milestone for the company that aims to move beyond its diesel emissions crisis. Volkswagen did not immediately comment. Reporting by David Shepardson; Editing by Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-regulator-idUKKBN1AC2F1'|'2017-07-27T18:01:00.000+03:00'
'35f3fb5bb5e9cfb6a6fbd58f4691006c76546604'|'Deals of the day-Mergers and acquisitions'|'July 27, 2017 / 10:02 AM / in 6 hours Deals of the day-Mergers and acquisitions 3 Min Read (Updates Schneider; Adds Douglas, Starbucks and Glencore) July 27 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1300 GMT on Thursday: ** Chinese herbal health products maker LKK Health Products Group Ltd said it would buy the "Walkie Talkie" skyscraper in London from Land Securities Group plc and Canary Wharf Group Plc for 1.28 billion pounds ($1.7 billion). ** French electrical component and energy management group Schneider Electric said it was buying automatic transfer switch (ATS) maker Asco Power Technologies for $1.25 billion and raising its full-year revenue target. ** Swiss chemicals maker Clariant said its $20 billion merger with peer Huntsman Corp remained on track with a preliminary filing for approval from the U.S. authorities filed. ** U.S. buyout firm KKR & Co said it has agreed to buy auto parts and materials businesses from South Korea''s LS Group for 1.05 trillion won ($943 million) - a deal that follows its purchase of Nissan Motor supplier Calsonic Kansei last year. ** PTTEP, the exploration and production arm of Thailand''s oil and gas giant PTT Group, said it had taken a $500 million stake in a liquefied natural gas (LNG) project with Malaysia''s Petronas. ** Vietnam plans to sell a 34.7 percent stake in power producer Vinacomin Power Holding Corp, worth about 3.3 trillion dong ($145.4 million), the government said on its website. ** Axis Bank Ltd, India''s seventh-biggest lender by assets, said it had agreed to buy mobile payments wallet provider FreeCharge from e-commerce company Snapdeal for 3.85 billion rupees ($60 million). ** U.S. oilfield services giant Schlumberger NV has applied to Russia''s anti-monopoly watchdog for approval of a deal to buy 51 percent stake in Russian peer Eurasia Drilling Co (EDC), the Interfax news agency reported. ** Nomura Holdings Inc said it would tender to sell its shares in Jafco Co through a share buyback with the venture capital firm, as the brokerage looks to deploy its capital more efficiently. ** U.S. chemicals company DuPont and U.S. peer FMC Corp secured conditional EU antitrust approval for their asset swap deal which is tied to DuPont''s merger with Dow Chemical. ** German perfume and cosmetics retailer Douglas agreed to buy up to 103 Perfumerias If outlets and their e-commerce platform from Eroski, further firming up its position in Spain only months after it bought perfumery chain Grupo Bodybell. ** Coffee chain Starbucks Corp said it would buy the remaining 50 percent share of its East China business from its joint venture (JV) partners for about $1.3 billion, in its biggest ever acquisition. ** Glencore bought a 16.6 percent stake in assets in Hunter Valley, Australia, for $429 million from China''s Yancoal , gaining some of the coal operations it had sought in a bidding war which Yancoal won. Compiled by Divya Grover and Diptendu Lahiri in Bengaluru 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1KI3S7'|'2017-07-27T16:06:00.000+03:00'
'b0f8a2086abefe5e11f153ebe088a034e26199eb'|'The ick factor: Dutch project making bike lanes and bottles from used loo roll - Guardian Sustainable Business'|'When you flush the toilet, you’re probably not thinking about bike lanes or home insulation. But that’s where your used loo roll could one day end up if a Dutch project to extract cellulose from sewage rolls out.At the Geestmerambacht wastewater treatment plant near Alkmaar in the Netherlands, a two-year pilot project is using an industrial sieve to sift 400kg of cellulose, the natural fibres found in loo roll, from toilet sludge each day.The cellulose, which would otherwise be incinerated at the end of the sewage treatment process, is cleaned and sterilised with very high temperatures and turned into a fluffy material or pellets. These are sold on as a raw material for products like asphalt and building materials.A portion is also exported to the UK, where Brunel University is working on technology to transform it into an energy source, bioplastic bottles and other products.Could you live with just three toiletries? Read moreThe Dutch preference for luxury loo roll means the cellulose is of premium quality, says Carlijn Lahaye, managing director of CirTec, one of two companies behind the Cellvation project, which launched in June with help from an EU grant. “In the Netherlands, a lot of paper flushes through the toilet and it’s a high-quality fibre,” she says.It’s one of several reasons Lahaye is convinced by the business case for recycling used loo paper. Although the quantities of cellulose processed by the pilot are currently too low to be profitable the basic model is sound, she says. “You remove something that costs energy to pump around, lower the operational cost, there’s more space to treat water and you get money for something that would be burnt as waste.”The Dutch flush away 180,000 tonnes of paper each year, according to the country’s water authorities . And they are not alone in their profligacy: the European Tissue Symposium estimates that Europe used five million tonnes of toilet paper last year.The cost – and opportunity – of this has long been clear to the Netherlands’ 25 water authorities, says Noor Ney, head of sanitation with the Hollands Noorderkwartier (HHNK) water board, which for eight years has been referring to treatment plants as “energy and resource factories”, she adds.The Cellvation project is just one of many schemes around the country attempting to extract value from sewage, says Ney. Another company, AquaMinerals, works with various water providers to produce calcite pellets from wastewater, which can then be reused for softening water, or for products like ceramics and paint.“[Sewage] isn’t only waste: it is a carrier of valuable resources: phosphates, cellulose, energy and clean water,” says Ney. “We act as a facilitator, allowing [a] company to see how far it gets on one of our plants. If it is able to extract a product that has value, then our process to clean water becomes cheaper.”Loo roll alternatives Not everyone is convinced that recycling loo roll makes sense, however, given the energy and financial investment required for extracting and sterilising it.Sarah Bell, senior lecturer in environmental engineering at UCL says a full life cycle assessment would be needed to know “if the overall benefits of recycing the cellulose outweigh the impacts of the recycling process itself.”There could also be opportunity costs, she says: “Recovering the cellulose from the sludge ... could reduce the energy content of the sludge, which would undermine its value as a bioenergy source.”Rather than spending so much time, money and energy recycling toilet paper, should we simply be curbing its use?Singer Sheryl Crow famously urged people to use just one square a visit to help protect the planet. But there are other options too. Helen Rankin, managing director of Cheeky Wipes, sells reusable fabric toilet paper, known as ‘family cloth’, which she also uses at home.“We have a bin in each bathroom and a couple of times a week chuck them in a long, hot wash,” she says. “It is a niche market and a lot of people are grossed out about it, but compared with cloth nappies, it’s nothing.Don’t cry over spilt milk, make loo roll out of it Read moreIn many countries, water is already the main way of getting clean after a loo visit. In Thailand for example, toilets tend to come with a hose and Japan’s all-singing, all-dancing toilet seats include nozzles for spraying water. Even in the UK, where the French bidet never really thrived, loos with in-built washing systems are now widely available to buy.But persuading people to ditch toilet paper is tricky, says professor Mizi Fan of Brunel University London, a research partner on the Dutch project. “It is not easy to change this sort of habit,” he says. “Toilet paper utilisation does vary from country to country, but... there is a link to a perception of hygiene.”Could that link also hamper efforts to recycle toilet paper into consumer products? John Bissell, chief executive of start-up Origin Materials, which has worked on a project to turn sewage sludge into plastic bottles, admits there is an ick factor: “Consumers have a perception problem dealing with the sewage aspect,” he says.Topics Guardian sustainable business Circular economy Deforestation Trees and forests Recycling Ethical and green living'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jul/27/-ick-factor-dutch-bike-lanes-bottles-used-loo-roll-recycled-toilet-paper'|'2017-07-27T15:00:00.000+03:00'
'9adfb17fe96cead2865408d10c0e4497f96d8ac6'|'Worried wealthy drive St. James''s Place funds to record high'|'July 27, 2017 / 6:40 AM / 13 minutes ago Worried wealthy drive St. James''s Place funds to record high Simon Jessop 3 Min Read LONDON (Reuters) - Demand for advice from wealthy clients worried about low interest rates and pension changes drove the funds managed by Britain''s St James''s Place to a record high in the first half. St James''s Place ( SJP.L ), which provides face-to-face financial planning for wealthier clients, said on Thursday that total managed funds rose by 26.5 percent from the same period a year earlier with net inflows of 4.3 billion pounds ($5.65 billion) helping take total assets to 83 billion pounds. The London-based wealth manager said it had continued to benefit from increased demand for advice on how to manage assets against a market backdrop of persistently low interest rates, and after changes to rules around pensions in Britain. "The implications of sustained low interest rates, longer life expectancy, enhanced pension freedoms and greater emphasis on individual financial responsibility, all highlight the continued need for and importance of sound, personal and trusted advice," outgoing Chief Executive David Bellamy said. Shares in St James''s were up 1.6 percent at 0717 GMT, outperforming in a slightly weaker blue-chip FTSE 100 .FTSE . The growth was also fuelled by a 3.7 percent increase in the number of financial advisers to 3,540 and strong client retention, the company said. That helped operating profit rise nearly 40 percent to 397.3 million pounds, it said in a statement, underpinning a 30 percent rise in its underlying cash result and an interim dividend of 15.41 pence a share. Alliance Bernstein analyst Edward Houghton said the net inflows were 11 percent ahead of consensus and the dividend was a 5 percent beat, although total funds were in-line. "Putting it all together, we''d say in-line profitability and ending funds under management combined with better-than-expected net flows probably puts modest upward pressure on estimates," he wrote in a note to clients, flagging an ''outperform'' rating. Reporting by Simon Jessop; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sjp-results-idUKKBN1AC0O9'|'2017-07-27T10:36:00.000+03:00'
'dc8ceb2bcb6d3d453628979857f9cd30b00daec3'|'ITV sees advertising pressure easing in third quarter'|'July 26, 2017 / 6:20 AM / in 2 hours ITV sees advertising pressure easing in third quarter Reuters Staff 2 Min Read FILE PHOTO: A company sign is displayed outside an ITV studio in London, Britain July 27, 2016. Neil Hall/File Photo LONDON (Reuters) - British commercial broadcaster ITV ( ITV.L ) said on Wednesday pressure on its advertising income should ease in the third quarter after it reported first-half results cushioned by solid demand in its production and online businesses. The broadcaster of "Coronation Street" and "Britain''s Got Talent" said net advertising revenue for its family of channels was expected to fall by about 4 percent in the third quarter of the year, compared with an 8 percent drop in the first half. ITV said its strategy of expanding its studios business and online hub to counter fluctuations in its advertising sales was paying off, helping it to confirm its full-year outlook. The group, which has appointed the boss of budget airline easyJet ( EZJ.L ) Carolyn McCall, as its new chief executive from January, has also been helped by strong cost control. First half revenue fell by 3 percent as income from online and production sales helped cushion the 8 percent advertising fall, while earnings per share at 7.7 pence were ahead of forecasts at 7 pence. "The strategy we set out a number of years ago was to rebalance the business and reduce our reliance on the UK and on spot advertising," it said. "The progress we have made against this strategy is clearly evident in our performance for the first half of 2017. Reporting by Kate Holton, editing by James Davey; Editing by Edmund Blair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-itv-results-idUKKBN1AB0KP'|'2017-07-26T09:38:00.000+03:00'
'bcae04abc8f43584bbe57c47f8bf101a28f421fd'|'Has Ryanair become too nice?'|'THREE years ago, Ryanair, Europe’s biggest budget airline, made the sudden decision to be nicer to its customers. Before that, brusqueness had been part of its strategy. Fares were low, but check-in staff were famously ruthless. One family was charged €600 ($701) to print their forgotten boarding passes (“idiots” according to Michael O’Leary, the airline’s boss, when they complained). Gatekeepers would obsessively check carry-on bags, demanding huge fees for those a smidgen over the limit. That culture started at the top. Mr O’Leary liked to berate his passengers, the second their expectations rose. “You''re not getting a refund so fuck off. We don''t want to hear your sob stories. What part of ''no refund'' don''t you understand?", he once told them.It was a highly successful, perhaps even clever, strategy. The airline went from being an insignificant Irish operator to Europe’s second largest carrier after Lufthansa, regularly reporting juicy profits. Every time Mr O’Leary mooted the idea of installing coin-operated toilets on planes, or admitted that Ryanair crew were told to wake up sleeping passengers to sell them stuff, he was castigated. But the the words served to reinforce a single message to customers: we will stop at nothing to give you the lowest fares.Latest updates Has the bitcoin civil war come to a peaceful end?   an hour ago Donald   13   See all updates Ryanair’s epiphany—the moment it decided to stop “unnecessarily pissing off” its passengers, in Mr O’Leary’s words—came when it became interested in the business-traveller market. It is one thing to treat supply-led customers dismissively; the sort who will fly to Prague only because the fare is €10. It is quite another if you want to attract the sort of passenger who is travelling as part of his job, and is not picking up the bill.Nearly everyone was a winner from that change of heart. By opening up a new market, the airline has made even more money: last year profits were €1.24bn, up 43% on the year before. And passengers are being treated humanely even as fares have remained low (in part because they are subsidised by those who are willing to pay a bit more for perks like flexible tickets).In fact, the main losers have been journalists (including this one) who have been deprived of O’Learyisms to get indignant about. So it was with a certain nostalgia that Gulliver read of a recent rant by Neil Sorahan, Ryanair’s chief financial officer. Mr Sorahan was complaining about the “abuse” of the airline’s second-bag policy. Ryanair passengers are allowed to board with a 10kg carry-on and second “small” bag for free. But people are starting to take the Micky. Flyers have been turning up with oversize rucksacks, rather than check them into the hold for a fee (anything up £60, or $78, a pop). Toddlers have been deployed. “I’ve seen two-year-olds wheeling a bag up to the plane as people try to take advantage,” said Mr Sorahan, the executive, before adding that the airline''s baggage policy might have to be reviewed and, “We are victims of our own niceness.”It is tempting to report this as a return to the bad old days; that Ryanair, try as it might, simply cannot resist taking a pop at its own customers. And the two-year-olds grumble is laughable. Ryanair charges the full adult fair for passengers once they turn two—they are fully entitled to use the allowance that brings.But what of those who really do abuse the system? Of the many things that annoy your blogger about air travel, flyers who ignore cabin-baggage restrictions rates as among the most infuriating. Seeing passengers with full-sized suitcases trying to squeeze them into overhead lockers, crumpling Gulliver’s hat and forcing others into a forlorn hunt for space, drives him barmy. Nasty old Ryanair was right on that one: such allowances should be policed.Of course, reducing the cost of putting luggage in the hold would help. According to the Guardian , less than one passenger in six now pays to check-in luggage with the carrier. That is affecting revenue, which is what is really behind Mr Sorahan''s grumble. Perhaps the airline could use carrot and stick to resolve it. Reduce fees for those wanting to travel with a large suitcase. And crack down on those who still try to smuggle whoppers onto the plane.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/07/emotional-baggage?fsrc=rss'|'2017-07-25T21:53:00.000+03:00'
'376e08a47a5d5e9fb819f226fd070640c27504ea'|'Facebook profit, revenue smash estimates as mobile ad sales soar'|'July 26, 2017 / 8:17 PM / 6 minutes ago Facebook profit, revenue smash estimates as mobile ad sales soar Reuters Staff 2 Min Read FILE PHOTO - The Facebook logo is displayed on the company''s website in an illustration photo taken in Bordeaux, France on February 1, 2017. Regis Duvignau/File Photo (Reuters) - Facebook Inc ( FB.O ) crushed quarterly profit and revenue estimates on Wednesday as the social media giant''s push into video ads helped bolster its fast-growing mobile ad business. The company''s shares were up 1.4 percent at $168 after the bell. Through Wednesday''s close, the stock had climbed nearly 44 percent this year. Facebook said about 2.01 billion people were using its service monthly as of June 30, up 17 percent from a year earlier. The social media giant said in June it had surpassed the 2-billion user mark. Mobile ad revenue accounted for 87 percent of the company''s total advertising revenue of $9.16 billion in the latest quarter, up from 84 percent a year earlier. Analysts on average had expected total ad revenue of $9.02 billion, according to data and analytics firm FactSet. Facebook is expected to generate $36.29 billion (27.69 billion pounds) in net digital ad revenue this year, a 35 percent jump from 2016, according to research firm eMarketer. Net income attributable to Facebook shareholders rose to $3.89 billion, or $1.32   30 from $2.28 billion, or 78   Total revenue rose 44.8 percent to $9.32 billion. Analysts on average had expected earnings of $1.13 per share and revenue of $9.20 billion, according to Thomson Reuters I/B/E/S. In the first quarter, Facebook changed the method it reports earnings, focussing on Generally Accepted Accounting Principles (GAAP) earnings instead of non-GAAP. Reporting by Rishika Sadam   Sriraj Kalluvila 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-facebook-results-idUKKBN1AB2SD'|'2017-07-26T23:28:00.000+03:00'
'5a8daa8fab4d3f4d6a9933a5b80d401650cb860f'|'Organic ranchers eye Amazon distribution ahead of Whole Foods deal'|'July 24, 2017 / 4:06 PM / 2 hours ago Organic ranchers eye Amazon distribution ahead of Whole Foods deal Rod Nickel 3 Min Read A sign explains animal treatment standards in the meat department at a Whole Foods Market in Medford, Massachusetts, U.S., July 24, 2017. Brian Snyder (Reuters) - Amazon.com Inc ( AMZN.O ) plans to meet on Wednesday with a dozen U.S. ranchers, seeking to expand distribution of organic and grass-fed meats as it takes over Whole Foods Market Inc ( WFM.O ), according to the meeting''s organizer. Analysts and investors have speculated that Amazon is aiming to combine its expertise in order fulfillment with the grocer''s facilities to build out delivery of fresh food, but the online retailer has not yet detailed its plans. Amazon visited Georgia grass-fed meat producer White Oak Pastures in March, 2-1/2 months before announcing the $13.7 billion Whole Foods takeover, to discuss a possible distribution deal, White Oak owner Will Harris told Reuters. The retailer later asked the farmer to invite other U.S. livestock producers to discuss distribution of organic and grass-fed meat, Harris said. Amazon declined to comment. "We are excited about exploring possibilities with them," Harris said. "It suggests that this niche in the market is becoming mainstream enough that they feel their delivery system might have traction with it." U.S. sales of organic meat and poultry, worth $991 million, climbed 17 percent last year, marking its fastest-ever annual growth, according to the Organic Trade Association (OTA). White Oak and some of the other meat producers invited to the Atlanta meeting already sell to Whole Foods, Harris said. An organic chicken is seen for sale above an explanation of animal treatment standards at a Whole Foods Market in Medford, Massachusetts, U.S., July 24, 2017. Brian Snyder The meeting between producers and Amazon was confirmed by Carrie Balkcom, executive director of the American Grassfed Association. White Oak workers pack frozen beef, duck and lamb into boxes at the Bluffton, Georgia ranch for couriers to pick up twice a day. "I''m just certain that Amazon is better at it than us," Harris said. "I''m a farmer and they''re logistics people." Slideshow (3 Images) The ranch sells about $2 million worth of meat online annually, making up its fastest-growing segment and 10 percent of total revenues. "I sell a very niche product," Harris said. "I think Amazon will add a whole other dimension." Amazon''s expansion in organic products through Whole Foods bodes well for the sector, said Nate Lewis, farm policy director at OTA. "If Amazon can apply its efficiencies of scale to the Whole Foods Market segment, and pass along those savings (to consumers), I would not be surprised to see more growth in the protein side," Lewis said. But some organic farmers worry that Whole Foods under Amazon might import meat from lower-cost producers rather than buy U.S. supplies. “It could be as bad as shutting us out or as good as expanding the market," said Mark Smith, whose Aspen Island Ranch is not involved in the meeting. Smith''s ranch is part of a Montana co-operative that sells organic grass-fed beef to Whole Foods through a third party. Reporting by Rod Nickel in Winnipeg, Manitoba and Jeffrey Dastin in San Francisco; Editing by Meredith Mazzilli 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-whole-foods-m-a-amazon-farming-idUSKBN1A921V'|'2017-07-24T19:06:00.000+03:00'
'be126c812e17de300b7947f23a32f567c1f92344'|'Comcast results top estimates on film, theme parks growth'|'July 27, 2017 / 10:09 AM / 8 hours ago Comcast results top estimates on film, theme parks growth Anjali Athavaley 3 Min Read FILE PHOTO: The NBC and Comcast logo are displayed on top of 30 Rockefeller Plaza, formerly known as the GE building, in New York, New York, U.S. on July 1, 2015. Brendan McDermid/File Photo NEW YORK (Reuters) - Comcast Corp''s ( CMCSA.O ) quarterly results topped Wall Street analysts'' estimates on higher revenue in its filmed entertainment and theme parks businesses, even as the No. 1 U.S. cable operator lost video subscribers. Net income attributable to Comcast rose 23.9 percent to $2.51 billion, or 52 cents a share, during the company''s second quarter ended June 30, up from $2.03 billion, or 41 cents a share. Revenue rose 9.8 percent to $21.16 billion. Analysts had expected earnings of 48 cents per share and revenue of $20.85 billion, according to Thomson Reuters I/B/E/S. Comcast and other pay TV operators are facing pressure as younger viewers drop bigger cable bundles in favor of cheaper streaming options such as Netflix Inc ( NFLX.O ). The company has tried to make its X1 set top box a destination for a variety of content. Last year, Comcast made Netflix available through X1 and announced a similar deal with Alphabet Inc''s ( GOOGL.O ) YouTube in February.Still, it lost 34,000 video subscribers in the quarter, compared to 4,000 customers it lost in the year earlier period. Comcast also added 175,000 broadband subscribers, compared to additions of 220,000 a year ago. Filmed entertainment revenue rose 59.6 percent on the strength of movies such as "The Fate of the Furious" while theme parks revenue increased 15.6 percent. Comcast introduced a wireless service in May with the hopes of bundling more services together and increasing customer loyalty. The service, called Xfinity Mobile, launched on Verizon Communications Inc''s ( VZ.N ) airwaves as part of a 2011 agreement between the companies. Sources told Reuters in June that Comcast and cable operator Charter Communications Inc ( CHTR.O ) are in talks with Sprint Corp ( S.N ) to secure a similar agreement to use the wireless carrier''s network. Reporting by Anjali Athavaley; Editing by Phil Berlowitz 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-comcast-results-idUSKBN1AC1GY'|'2017-07-27T13:09:00.000+03:00'
'a90f656c6f251aeec4cf9070999e1c90e66251c0'|'Teck Resources second-quarter profit jumps to C$577 mln'|'July 27, 2017 / 7:25 AM / 12 hours ago Teck Resources second-quarter profit jumps to C$577 mln 1 Min Read July 27 (Reuters) - Canada''s Teck Resources Ltd , the world''s second-biggest shipper of steelmaking coal, reported a surge in second-quarter profit on Thursday compared to a year ago, aided by higher coal prices and sales. Teck, which also mines copper, zinc and gold, said attributable profit rose to C$577 million ($463.79 million), or C$ 1 per share, in the three months to end-June, from C$15 million, or 3 Canadian cents a share, in the same year-ago period. $1 = 1.2441 Canadian dollars Reporting by Mekhla Raina; Editing by Sunil Nair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/teck-res-results-idUSL3N1KI2XZ'|'2017-07-27T10:22:00.000+03:00'
'4ce1121dcb4a3fc8deb29a66700b8374aecc54ff'|'Europe''s oil giants recover from three-year slump'|'July 27, 2017 / 8:59 AM / 2 hours ago Europe''s oil giants recover from three-year slump Ron Bousso , Karolin Schaps and Bate Felix 4 Min Read FILE PHOTO: A Shell logo is seen on a fuel pump at a gas station In Warsaw, Poland June 1, 2017. Kacper Pempel/File Photo LONDON/PARIS (Reuters) - Europe''s major oil and gas companies have turned a corner after a three-year slump, reporting strong growth in profits as cost cutting paid off and vowing to press on with saving more money amid a fragile recovery in oil prices. Royal Dutch Shell ( RDSa.L ), France''s Total ( TOTF.PA ) and Norway''s Statoil ( STL.OL ) reported sharp increases in cash flow from operations in the second quarter as profits beat analyst expectations, meaning they can all comfortably pay dividends and reduce debt. Shell led the charge, more than tripling profits in the second quarter from a year ago, boosted by its refining and chemicals business and a 16 percent rise in oil prices. "This demonstrates they have moved themselves to a new level of profitability at $50 oil," said Colin Smith, director of oil and gas research at Panmure Gordon. Combined, the three companies more than doubled cash flow from operations to more than $41 billion (£31.20 billion) from about $17 billion. Shell''s first-half cash generation rose seven-fold, a year after it completed the $54 billion acquisition of BG Group. Oil investor hopes were raised at the start of the year by a deal to cut production between members of the Organization of Petroleum Exporting Countries and some non-OPEC producers. That lifted oil prices above $58 a barrel in January, well above their 2016 low of just $27. But Brent crude prices slipped back below $50 in the second quarter as U.S. shale production surged, sparking a wave of price forecast downgrades from banks and prompting investors to focus again on cost cutting by oil companies. Statoil''s Chief Financial Officer Hans Jakob Hegge said he expected oil prices to rise towards the end of the year though Total said prices would remain volatile due to high global inventories. Executives vowed to keep a tight rein on costs. "The external price environment and energy sector developments mean we will remain very disciplined," said Shell Chief Executive Ben van Beurden. Total Chief Executive Patrick Pouyanne said the company had the flexibility to take advantage of the low-cost environment in the sector to launch profitable projects and acquire resources under attractive conditions. Total maintained its 2017 cost savings target of $3.5 billion, aiming to lower production costs further. Total and Statoil also beat analyst profit forecasts with Total seeing a strong lift from its high-margin upstream projects. Shell, Total and Statoil shares were up by more than one percent by 0718 GMT, slightly outperforming the broader sector index .SXEP. Spain''s Repsol ( REP.MC ) also posted a 43.8 percent jump in second-quarter adjusted net profit, with earnings from its oil and gas division jumping 150 percent. The companies broadly maintained their spending plans for 2017, with Statoil slightly reducing its exploration budget. Shell said it had sold some $25 billion of assets to pay off the BG acquisition and analysts said the new projects coming online meant it had a bright outlook. "What drives Shell on from here is the benefit of the new growth projects that they''ve got coming through at higher cash margins. We''re yet to really to see that come through in the numbers," Smith said. Additional reporting by Nerijus Adomaitis and Ole Petter Skonnord in Oslo and Julien Toyer in Madrid; editing by Veronica Brown and David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-oil-majors-results-idUKKBN1AC15D'|'2017-07-27T11:59:00.000+03:00'
'b9da6d1004a0e90205d2c588a4e2f527d63c0f19'|'Apollo raises $24.6 billion for largest private equity fund ever'|'Edition United States July 27, 2017 / 3:05 PM / in 18 minutes Apollo raises $24.6 billion for largest private equity fund ever Dasha Afanasieva 2 Min Read Joshua Harris, Co-Founder and a member of the Board of Directors at Apollo Global Management, LLC, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. Lucy Nicholson LONDON (Reuters) - Apollo Global Management LLC ( APO.N ) has raised the largest ever private equity fund, a regulatory filing showed, amassing $24.6 billion to be invested in North America and Western Europe, as global fundraising looked set to exceed 2007''s record. Since the financial crisis almost a decade ago, low interest rates and cheap debt have boosted capital piling into private equity funds by investors looking for higher returns. But rising valuations have made it harder to achieve high returns, so much of the money sits idle. According to industry data provider Preqin, this fund brings total buyout fundraising in the first seven months of 2017 to $184 billion meaning the year will likely surpass the last record for buyout fundraising, in 2007, when funds closed through the year raised $249 billion. "Fundraising in 2017 so far has been dominated by the re-emergence of record-breaking funds," said Christopher Elvin, Head of Private Equity Products at Preqin. "However, Apollo may not hold the title for that long: there are two other private equity funds currently in market which have larger targets, and which may be looking to hold a final close in the coming months." Delaware-incorporated Apollo Investment Fund IX, L.P. surpassed its $23.5 billion hard cap and intends to reach $24.7 billion in total, the filing from the Securities and Exchange Commission showed. Prior to this Fund VIII closed in December 2013 with more than $18 billion of commitments. Led by industry veterans, Leon Black, Joshua Harris and Marc Rowan, Apollo has investments in private equity, credit, real estate and publicly managed funds. It has around $45 billion under management in private equity. In June, CVC Capital Partners CVC.UL raised the biggest ever Europe-based fund with 16 billion euros ($18.69 billion) for private equity investments in Europe and North America. Reporting by Dasha Afanasieva, editing by Pritha Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apollo-fund-record-idUKKBN1AC2F7'|'2017-07-27T17:58:00.000+03:00'
'561263acf34008d4e539181c851a3baf1b592c8f'|'Hyundai Motor second-quarter net profit halves as China, U.S. sales sag'|'July 26, 2017 / 5:13 AM / 6 hours ago Hyundai Motor profit slumps, warns China, U.S. sales malaise to persist Hyunjoo Jin 4 Min Read SEOUL (Reuters) - Hyundai Motor ( 005380.KS ) posted its smallest quarterly net profit in five years, falling dismally short of estimates, and warned the second half of 2017 would be challenging as political headwinds hit sales in China and slow U.S. demand continues. The South Korean firm - which together with affiliate Kia Motors ( 000270.KS ) is the world''s No.5 automaker - has been betting earnings will recover gradually, but its plans have ground to a halt with China''s backlash over Seoul''s decision to deploy an anti-missile system, the U.S. Terminal High Altitude Area Defence (THAAD), showing no signs of abating. Slower demand in the United States, the automaker''s No.2 market after China, has also been taking a toll, a trend the South Korean firm cautioned will persist through the rest of the year with its mainstay Sonata sedans losing ground in a market powered by sport utility vehicles (SUVs). "The challenging business environment is expected to persist in the second half because of negative external factors such as a slowdown in U.S. demand and China''s THAAD issue," Hyundai CFO Choi Byung-chul said at an earnings conference call. Earlier on Wednesday, Hyundai Motor said its second-quarter net profit halved from a year ago to 817 billion won ($729.14 million) - its 14th straight year-on-year fall and the smallest since the first quarter of 2012. Analysts on average had expected 1.35 trillion won. Its operating profit came in at 1.34 trillion won and sales at 24.31 trillion won for the period. The company is aiming to shore up its global sales through new models likes its Kona small SUV and Genesis G70 sports sedan, the CFO said at the briefing. A Hyundai Motor''s Grandeur is displayed at a Hyundai Motorstudio in Goyang, South Korea May 29, 2017. Kim Hong-Ji Bleak Sales in Top Markets Hyundai Motor''s retail sales in China, the world''s biggest auto market, slumped 29 percent in the first half of 2017. Its weak brand image has also put Hyundai at a disadvantage versus local and global rivals such as Honda Motor ( 7267.T ), Toyota Motor ( 7203.T ) and General Motors ( GM.N ), which all saw higher China sales for last month. GM, in its earnings call on Tuesday, said it set second-quarter sales record in China. Hyundai Motor plans to open a new factory in Chongqing in late August, hoping to offset some of its sales slide by tapping into the southwestern region, even as its other factories in the eastern region are underutilised. In the United States, Hyundai Motor''s sales over January-June fell 7.4 percent, the second biggest drop after affiliate Kia Motors. The slump came despite the automaker sharply boosting incentives to buoy sales. Its U.S. incentives jumped 32 percent to an average of $2,800 per vehicle in the first half, from a year earlier. It is set to face more pressure as competition rises in the United States, where Asian rivals such as Honda and Toyota will be launching their newest-generation mid-sized sedans this month, going up against the facelifted Sonata to be offered by Hyundai Motor even as sedan sales weaken worldwide. Hyundai Motor shares trimmed earlier gains after the earnings announcement, ending up 1.4 percent versus the wider market .KS11 that was down 0.2 percent. Reporting by Hyunjoo Jin, additional reporting by Clara Ferreira Marques; Editing by Himani Sarkar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hyundai-motor-results-idUKKBN1AB0F2'|'2017-07-26T08:25:00.000+03:00'
'8bb524d4514df7f0e85dae24eb7997a58a1f82be'|'Apollo raises $24.6 billion for largest private equity fund ever'|'July 27, 2017 / 3:05 PM / 4 hours ago Apollo raises $24.6 billion for largest private equity fund ever Dasha Afanasieva 2 Min Read Joshua Harris, Co-Founder and a member of the Board of Directors at Apollo Global Management, LLC, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. Lucy Nicholson LONDON (Reuters) - Apollo Global Management LLC ( APO.N ) has raised the largest ever private equity fund, a regulatory filing showed, amassing $24.6 billion to be invested in North America and Western Europe, as global fundraising looked set to exceed 2007''s record. Since the financial crisis almost a decade ago, low interest rates and cheap debt have boosted capital piling into private equity funds by investors looking for higher returns. But rising valuations have made it harder to achieve high returns, so much of the money sits idle. According to industry data provider Preqin, this fund brings total buyout fundraising in the first seven months of 2017 to $184 billion meaning the year will likely surpass the last record for buyout fundraising, in 2007, when funds closed through the year raised $249 billion. "Fundraising in 2017 so far has been dominated by the re-emergence of record-breaking funds," said Christopher Elvin, Head of Private Equity Products at Preqin. "However, Apollo may not hold the title for that long: there are two other private equity funds currently in market which have larger targets, and which may be looking to hold a final close in the coming months." Delaware-incorporated Apollo Investment Fund IX, L.P. surpassed its $23.5 billion hard cap and intends to reach $24.7 billion in total, the filing from the Securities and Exchange Commission showed. Prior to this Fund VIII closed in December 2013 with more than $18 billion of commitments. Led by industry veterans, Leon Black, Joshua Harris and Marc Rowan, Apollo has investments in private equity, credit, real estate and publicly managed funds. It has around $45 billion under management in private equity. In June, CVC Capital Partners CVC.UL raised the biggest ever Europe-based fund with 16 billion euros ($18.69 billion) for private equity investments in Europe and North America. Reporting by Dasha Afanasieva, editing by Pritha Sarkar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-apollo-fund-record-idUSKBN1AC2F7'|'2017-07-27T18:04:00.000+03:00'
'a577e26d24066a36ce10706502b713d4d53985f1'|'Deutsche Bank posts unexpectedly sharp rise in second-quarter profit'|'July 27, 2017 / 5:49 AM / in 32 minutes Deutsche Bank expects lower 2017 revenue after mixed Q2 Tom Sims and Arno Schuetze 4 Min Read FILE PHOTO: The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. Ralph Orlowski/File Photo FRANKFURT (Reuters) - Deutsche Bank forecast lower full-year revenue and only a modest improvement in earnings on Thursday, after a drop in capital markets trading hit second-quarter sales. The muted outlook and a 10 percent fall in revenue sent shares in Germany''s biggest bank almost 4 percent lower by midday on concerns its turnaround could prove a long slog rather than a quick fix. Chief Executive John Cryan said the group''s second-quarter profitability fell short of its longer-term goals. "Revenues were not as universally strong as we would have liked, in large measure because of muted client activity in many of the capital markets," he said in a statement. Cryan later suggested that the outlook for trading income could improve in the second half of the year. In an interview on CNBC, Cryan said he "can''t imagine" volatility levels would stay as low as they currently are. UBS said that it was pleased with Deutsche Bank''s progress on costs and capital. "But we think a fundamental re-rating would have to be driven by stronger revenues," UBS analyst Daniele Brupbacher wrote to investors. Deutsche Bank has become a major player on Wall Street over the past two decades but extravagant bets and poor conduct have resulted in a litigation bill of 15 billion euros ($17.6 billion) since 2009. In an effort to repair the bank''s bottom line and reputation, Cryan has been cutting costs and focused on three divisions - corporate and investment banking, private and commercial banking, and asset management. In March the bank announced it would partially list its asset management business in a deal that could raise 2 billion euros. Investors expected the bank to move quickly to take advantage of buoyant equity markets, but the planned listing is now unlikely before the first half of next year and could come later. The bank cut headcount in the quarter by 479 full-time staff, the majority in private and commercial banking. Staffing stood at 96,652 at the end of the quarter. At the same time, the bank will incur costs - as yet unspecified - as a result of Britain''s exit from the European Union. It is expecting to add jobs in Frankfurt, where it will replicate a structure that is interchangeable with its London operations. The bank is recovering from multiple legal battles ranging from its role in the marketing of U.S. mortgage-backed securities to a so-called "mirror trading" scheme that could be used for money laundering. Deutsche''s board has been trying to force former managers to pay for those misdeeds, and a deal is close. One current and 10 former Deutsche executives have agreed to waive just under 40 million euros in bonuses, people close to the matter said on Thursday. Provisions for possible future legal action fell to 2.5 billion euros in the quarter. Deutsche said it anticipated its legal expenses to rise in the second half of 2017 after virtually no litigation expense in the first. Deutsche Bank beat forecasts with a jump in second quarter net profit to 466 million euros from just 20 million a year earlier, helped by cost cutting. Analysts had forecast a profit of 273 million. However, revenue fell 10 percent to 6.6 billion euros, and Deutsche said it expected revenue from its operating businesses to be lower in 2017 than last year. It had previously forecast broadly flat revenue. "I wouldn’t like to suggest this is the level of revenues that we are happy with because we do want to grow the business," Cryan said on CNBC. Revenue at its cash-cow bond-trading division fell 12 percent as lower market volatility led to less client trading of interest rate and foreign exchange products. Sales fell 28 percent in equity trading. Debt trading fell 40 percent at Goldman Sachs and declined by 4 to 19 percent at Morgan Stanley, Citigroup, Bank of America and JPMorgan. ($1 = 0.8541 euros) Reporting by Tom Sims and Arno Schuetze; editing by Mark Potter and Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/deutsche-bank-results-idINKBN1AC0IV'|'2017-07-27T08:48:00.000+03:00'
'e1c8e9e94ca394c1717cb3a6533d6d10e277625e'|'Asia shares hit 2007 top, dollar skids on Fed inflation tweak'|'July 27, 2017 / 4:07 AM / 2 hours ago Asia shares hit 2007 top, dollar skids on Fed inflation tweak Wayne Cole 4 Min Read FILE PHOTO - A floor trader monitors share prices during afternoon trading at the Hong Kong Stock Exchange in Hong Kong, China September 26, 2016. Bobby Yip/File Photo SYDNEY (Reuters) - Stocks, bonds and commodities were all on a roll in Asia on Thursday, as bulls scented a softening in the Federal Reserve''s confidence on inflation that promised to keep U.S. interest rates low for longer than some had expected. MSCI''s broadest index of Asia-Pacific shares outside Japan climbed 0.9 percent to heights not seen since December 2007. It has gained over 5 percent so far this month. South Korea and Japan''s Nikkei both added 0.2 percent, while Australia put on 0.3 percent. Stocks in the Philippines were at a one-year peak and Hong Kong''s Hang Seng index added 0.3 percent to push above 27,000. But worries about tighter regulations nudged China''s blue-chip CSI300 index down 0.7 percent, though data showed a pick up in profit growth for industrial firms. The latest rush for risk came after the Fed left U.S. rates unmoved as expected on Thursday, and tweaked its wording on inflation. The market seized on the fact that the central bank noted that both overall and core inflation had declined, and it removed the qualifier "recently," perhaps suggesting concerns the slowdown might not be temporary. The Fed also said it expected to start winding down its massive holdings of bonds "relatively soon," cementing expectations of a September start. While that would be an effective tightening in financial conditions it might also lessen the need for actual hikes in rates, which matter more for currency valuations. "The dollar''s biggest problem is it can''t expect help from the Fed for a long time," said Alan Ruskin, global head of forex at Deutsche. "In the short-term we are still in a risk-favourable loop, whereby subdued goods and services inflation supports a well behaved bond market and asset inflation. It''s just another day in paradise." A Reuters poll showed most primary dealers, the banks authorized to trade directly with the Fed, still see the Fed''s next rate rise in December. But Fed funds rate futures are pricing in less than 50 percent chance of a hike by then, compared to more than 50 percent before the Fed''s meeting. Dollar Breaks Lower Yields on U.S. 10-year benchmark U.S. Treasuries fell 5 basis points and were last at 2.278 percent. The dollar followed, falling to a 13-month trough against a basket of currencies of 93.322. The euro, which had been bumping up against a 23-month top for most of the week, finally broke through to reach $1.1750, its highest since January, 2015. The next major chart target was the 200-week average at $1.1807 - a measure the euro has not traded above since August 2014. The dollar was fast approaching the 200-week barrier on its Canadian counterpart, and had breached that technically important level on the Australian dollar. The dollar even fell back against the yen to 110.875, though the damage was somewhat limited by expectations the Bank of Japan would keep its super-easy policies in place longer than most other global central banks. The prospect of U.S. policy staying stimulative saw Wall Street''s fear gauge touch a record low as stocks notched record closing highs. The Dow ended Wednesday up 0.45 percent, while the S&P 500 added 0.03 percent and the Nasdaq 0.16 percent. [.N] The declining U.S. dollar boosted commodities priced in the currency. Spot gold hit a six-week high and was last trading at $1,263.80, while copper reached territory not trod since May 2015. Oil prices neared eight-week highs as a surprisingly sharp drop in U.S. inventories encouraged speculation a global crude glut would recede. A bout of profit-taking in Asia on Thursday saw Brent crude futures ease 6 cents to $50.91 a barrel, while U.S. crude dipped 7 cents to $48.68. Editing by Kim Coghill and Lisa Twaronite 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1AC0BF'|'2017-07-27T07:06:00.000+03:00'
'c908e0928a6479754ab8b3fda5422da19c4a8659'|'Oil prices ease, but near eight-week highs on lower U.S stocks'|'July 27, 2017 / 1:55 AM / in 6 minutes Oil prices hover near eight-week highs on lower U.S stocks 3 Min Read A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. Stringer/File Photo SINGAPORE (Reuters) - Oil prices were sitting just below 8-week highs on Thursday, buoyed by hopes that a steeper-than-expected decline in U.S. crude oil inventories will reduce global oversupply. Brent crude futures were down 16 cents, or 0.3 percent, at $50.81 a barrel at 0536 GMT, after rising about 1.5 percent in the previous session. U.S. West Texas Intermediate futures were down 13 cents, or 0.3 percent, at $48.62 a barrel. U.S. crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories dropped, the Energy Information Administration said on Wednesday. The 7.2 million barrel decline in crude inventories in the week ending July 21 was well above the 2.6 million barrel forecast. "This marks the fourth consecutive week that total hydrocarbon inventories have fallen during a time of year when they normally increase," said PIRA Energy oil analyst Jenna Delaney. U.S. shale producers including Hess Corp, Anadarko Petroleum and Whiting Petroleum this week announced plans to cut spending this year as a result of low oil prices. Optimism that the long-oversupplied market is moving towards balance was also supported by news earlier in the week that Saudi Arabia plans to limit its crude exports to 6.6 million barrels per day (bpd) in August, about 1 million bpd below its export levels a year earlier. Fellow members of the Organisation of Petroleum Exporting Countries (OPEC) Kuwait and UAE have also promised export cuts. "The narrowing of the global glut is still on track," OCBC said. But analysts say oil prices may have little room to head higher as recent gains could encourage more output, particularly from U.S. shale producers with low costs. "The market will likely be paying even more attention to drilling activity in the U.S. in the coming weeks, particularly after suggestions from certain industry players that the rig count in the U.S. is slowing," ING said in a research note on Wednesday. U.S. fuel exports are on track to hit another record in 2017, making foreign fuel markets increasingly important for the future growth prospects and profit margins of U.S. refiners. Meanwhile, Norway''s Statoil said on Thursday it expected a 5 percent increase in output this year amid higher oil prices, but the company reduced its planned exploration spending. Reporting by Fergus Jensen; Editing by Richard Pullin and Joseph Radford 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1AC06D'|'2017-07-27T04:54:00.000+03:00'
'696c89e09d0a0c9a70835e87768c5ce0e4d76204'|'BMW, VW and Daimler shares skid on EU probe of German carmakers'|'Edition United States July 24, 2017 / 8:08 AM / 18 minutes ago VW calls crisis meeting to discuss EU cartel probe: source Reuters Staff 4 Min Read BERLIN/FRANKFURT (Reuters) - Volkswagen ( VOWG_p.DE ) will hold a special supervisory board meeting on Wednesday to discuss allegations that German carmakers operated a wide-ranging cartel, a source familiar with the matter said on Monday. The European Commission said on Saturday that antitrust regulators were investigating a possible German auto industry cartel following a tip-off. At stake is whether carmakers VW, Audi ( NSUG.DE ), Porsche, Mercedes ( DAIGn.DE ) and BMW ( BMWG.DE ) used German auto industry committees to discuss pricing of components and technologies, and whether such talks constituted anti-competitive behavior. A VW spokesman confirmed an extraordinary supervisory board meeting would be held on Wednesday, but declined to give further details. German auto stocks closed lower on Monday, weighed down by the uncertainty over possible antitrust fines, with shares in VW down 1.4 percent, while BMW and Daimler dropped 2.8 percent and 2.7 percent respectively, dragging the blue-chip DAX index .GDAXI to close 0.3 percent lower. Exane BNP Paribas automotive analyst Stuart Pearson said little was known about the allegations, but no signs had emerged about fixing prices charged to consumers. "More ugly details could yet emerge, leaving German manufacturers - and the EU auto sector - still firmly in the sin bin for now," he added. The car industry has been hit with billion-euro fines on both sides of the Atlantic in recent years for cartels related to various parts such as lighting systems, engine coolers and bearings. The industry''s record on exhaust emissions is also under close scrutiny after VW admitted in September 2015 to cheating U.S. diesel emissions tests and investigations have shown many vehicles exceeding pollution limits outside of testing labs. FILE PHOTO: A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo On Friday, German magazine Der Spiegel said VW, its Audi and Porsche brands, Mercedes-owner Daimler and BMW may have colluded to fix prices on components, including of diesel emissions treatment systems, using industry committees. Daimler had first raised the possible collusion with cartel authorities, which could earn the carmaker immunity, Sueddeutsche Zeitung said on Monday in a report researched jointly with broadcasters NDR and WDR. This contradicted Der Spiegel which reported last week that VW had been first to disclose the matter in July 2016. After Daimler and other truckmakers were accused in 2011 of price fixing and subsequently fined, the German company at least in part pulled out of the industry tie-ups that are now the subject of inquiries, Sueddeutsche Zeitung said. A spokeswoman for Daimler declined comment on the report. Spiegel said the talks also led to the use of smaller tanks containing AdBlue, a urea-based liquid needed to help filter nitrogen oxides (NOx) from diesel emissions. Larger tanks would have been more expensive, the magazine said. Auto industry experts, however, have said the effectiveness of exhaust filtering systems does not depend on the size of an AdBlue Tank. BMW, for example, has equipped its cars with urea injection as well as a NOx-storage catalytic converter. The two systems combined ensure vehicles fulfil emissions requirements. BMW on Sunday said emissions filtering systems in its cars were adequate and that discussions with other manufacturers about AdBlue fluid were held with a view toward building a pan-European network of AdBlue refilling stations. Daimler said on Monday it had a substantial compliance program which was "constantly improved and adapted". Daimler''s works council chief Michael Brecht demanded an immediate investigations into the allegations. Reporting by Edward Taylor, Andreas Cremer, Ilona Wissenbach; Editing by Louise Heavens/Mark Potter/Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-emissions-cartel-idUKKBN1A90RP'|'2017-07-24T11:00:00.000+03:00'
'535a405957cfcba97130de2b978a9079f02cae01'|'Singapore June factory output rises 13.1 percent, exceeds forecasts'|'July 26, 2017 / 5:47 AM / an hour ago Singapore June factory output rises 13.1 percent, exceeds forecasts 1 Min Read A general view of factories in the industrial district of Jurong in western Singapore April 4, 2016. Edgar Su SINGAPORE (Reuters) - Singapore''s industrial production in June rose 13.1 percent from a year earlier, exceeding market expectations, helped by expansion in electronics and pharmaceuticals output, data showed on Wednesday. The median forecast in a Reuters survey was for industrial production to increase 7.6 percent from a year earlier. On a month-on-month and seasonally adjusted basis, factory output rose 9.7 percent in June, data from the Singapore Economic Development Board showed. The median forecast was for an increase of 3.6 percent. Reporting by Masayuki Kitano; Editing by Sunil Nair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/singapore-economy-manufacturing-idINKBN1AB0FY'|'2017-07-26T08:46:00.000+03:00'
'3a6791bdbd53272a375b97a2833464a6117bbd1d'|'Record number of advisers quit London''s AIM market, study finds'|'July 23, 2017 / 11:27 PM / in 7 hours Record number of advisers quit London''s AIM market, study finds Reuters Staff 3 Min Read LONDON (Reuters) - Companies leaving London''s junior stock market because a broker or investment bank has quit as their adviser has hit a record this year, an accountancy firm specializing in the sector said. Fourteen companies left London''s Alternative Investment Market (AIM) .FTAI in the year to June 30 after the resignation of their "nominated adviser", known as NOMADs. This matches the highest total and is up from just three in 2011/2, the study released on Monday by UHY Hacker Young, an accountancy firm that audits more than 20 firms on the index, found. NOMADs are responsible for ensuring their clients follow the rules of the AIM market, as well as often providing share dealing and research on the company. "AIM is facing a real crunch among NOMADs, with many brokers and investment banks reducing their exposure to riskier parts of the junior market," Laurence Sacker, managing partner at UHY Hacker Young, said of the report''s findings. "This is particularly affecting smaller or more complex AIM-listed businesses, or those based in emerging economies, as NOMADs are deciding that they are unable to take the responsibility the stock exchange requires." Advisers quit for a number of different reasons, Sacker said, but added "the most likely reason is they have lost trust in the company''s management." AIM-listed companies must replace a resigned adviser within a month, or face being removed from the index. High profile delistings in the last year include Sable Mining SBLM.L, whose NOMAD Cantor Fitzgerald resigned in September after its CEO was indicted for corruption in Liberia. The index, hosted at the London Stock Exchange ( LSE.L ), has struggled with its large number of Chinese listings, with a 2016 survey finding two thirds of NOMADs had faced difficulties communicating with Asian companies. A number of Chinese companies, including LED International and Asia Ceramics Holdings, have been delisted from the index after their NOMADs resigned. Earlier in July, the London Stock Exchange launched a consultation on AIM, proposing NOMADs work harder to improve their due diligence of companies they take on as clients. The average AIM stock has failed to return investors money, with the index falling 4.4 pct since it launched in 1995, according to Reuters data. That compares to a gain of more than 400 percent for the FTSE 250 .FTMC over the same period. Reporting by Alasdair Pal; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-exchange-aim-idUKKBN1A80ZL'|'2017-07-24T02:10:00.000+03:00'
'd44a8db0c01a350b4f7860b62db4318d21c87eec'|'EU regulators to investigate Knorr-Bremse, Haldex deal'|'July 24, 2017 / 3:28 PM / 15 minutes ago EU regulators to investigate Knorr-Bremse, Haldex deal Reuters Staff 1 Min Read BRUSSELS (Reuters) - EU antitrust authorities opened on Monday an in-depth investigation into German car parts maker Knorr-Bremse''s [STELLG.UL] bid for Swedish peer Haldex, saying the deal would remove a major competitor from market already marked by few players. The European Commission listed a number of areas where competition would be reduced following the deal, among them in electronic braking systems, air disc brakes, anti-lock braking systems and air treatment systems. The EU competition enforcer said Knorr-Bremse''s offer of concessions had not addressed the concerns and therefore it had not sought feedback from rivals and users, confirming a Reuters story on July 5. It will decide by Nov. 30 whether to clear or block the deal. Reporting by Foo Yun Chee 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-haldex-ab-m-a-knorr-bremse-eu-idUKKBN1A91YK'|'2017-07-24T18:28:00.000+03:00'
'c4cd84f4b4c1bb799328cc5f9c633f20d64043d1'|'Japan launches "telework" campaign to ease congestion, reform work culture'|'July 24, 2017 / 5:58 AM / an hour ago Japan launches ''telework'' campaign to ease congestion, reform work culture 3 Min Read FILE PHOTO: Passengers ride an overcrowded train at a station in Kawasaki, Japan June 14, 2017. Kim Kyung-Hoon/File Photo TOKYO (Reuters) - Japan on Monday launched a scheme to promote "telework", or working from home, in an effort to ease congestion when Tokyo hosts the 2020 Olympics, as well as soften a notoriously rigid work culture. Almost 930 companies, including Suntory Holdings, Ajinomoto Co, and Tokyu Construction Co are participating in "Telework Day," to be held on July 24 each year from now until the Olympics opening ceremony set for July 24, 2020. Prime Minister Shinzo Abe''s government has introduced policies to shorten working hours, raise contract workers'' pay, and curb abuse of labour laws. Telework could be another way to reform working practices that some say are behind the times. "Once the Olympics start it will be hard to get to work, so we are doing this as an experiment," said Takashi Kozu, 61, president of the Ricoh Institute of Sustainability and Business. "The lifestyles of younger generations are changing, so firms should offer alternative work styles to maintain employees'' incentive." Kozu said he worked from home on Monday morning, planned to attend an off-site meeting in the afternoon and would not show up in the office until early evening. Telework is more common in other countries, especially in the information technology sector, where employees regularly use teleconferencing or log on from the neighbourhood cafe. But it has been slow to catch on in other industries in Japan, partly because firms have put a lot of emphasis on being physically present at the office, often for 12 hours or more. But Japan, Inc. is starting to change its ways and introduce more flexible work hours. As the population ages, the labour force is shrinking at an alarming rate, and a hard-driving work culture makes it difficult to attract and retain workers. Some companies are starting to realise that long, inflexible hours of work actually keep labour productivity low. In some cases Japan''s working culture can be fatal, and it is not uncommon for workers to commit suicide or suffer a stroke because of excessive hours. "We are doing this for the Olympics, but the long-term goal is to have more humane working conditions," said Hiroshi Ohnishi, a planner at the Ministry of Economy, Trade, and Industry, which is promoting "Telework Day." "In the past, working long hours was considered a virtue, but this thinking will not hold up in the future." Reporting by Stanley White; Editing by Clarence Fernandez 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-telework-idINKBN1A90FN'|'2017-07-24T08:57:00.000+03:00'
'4f651c7127be9799a31dd036cb83d219a3186dfd'|'Fiat Chrysler to present new plan next year, asset sales possible'|'July 27, 2017 / 11:12 AM / 37 minutes ago Fiat Chrysler to present new plan next year, asset sales possible Agnieszka Flak 4 Min Read FILE PHOTO: People talk as they stand next to a logo of Fiat Chrysler Automobiles (FCA) in Turin, Italy on March 31, 2014. Giorgio Perottino/File Photo MILAN (Reuters) - Fiat Chrysler Automobiles (FCA) ( FCHA.MI ) Chief Executive Sergio Marchionne will present a new five-year plan in early 2018, he said on Thursday, launching the next stage of a strategic revamp that could also include some asset sales. Since 2014 Marchionne has focussed on revamping the sporty Alfa Romeo and luxury Maserati brands and turning Jeep into a global sales engine. But as the 65-year-old prepares to step down in early 2019, he said the time had come to take into account new industry challenges, including the need to comply with more stringent emissions requirements and a push for autonomous driving. One pillar of the new strategy will be a push into electrification, with Marchionne promising to incorporate the technology into new models after 2019, including at Maserati. While Marchionne acknowledged that Maserati, Alfa Romeo and some other successful FCA brands could exist on their own, he appeared to pour cold water on the idea that any of them would be sold. He said he had to worry about the "stump that''s left behind" if he parted ways with the most profitable parts. In comments that could pave the way for possible spin-offs or asset sales, Marchionne added, however, that the carmaker needed to decide whether all the activities within FCA were fundamental to running it. "If the answer is no, then we have an obligation to purify that portfolio," he told analysts on a conference call. "I don''t think that (spin-off) story, at least vis-à-vis FCA, is over." FCA owns three components businesses which have been the target of M&A speculation for years, especially Magneti Marelli. Marchionne, who has put a hunt for a merger partner on hold after being rebuffed by General Motors ( GM.N ) two years ago, reiterated that he would not be involved in running the company after 2018 and that the search for an in-house successor was progressing well. Earlier on Thursday FCA reported a slightly better than expected 15 percent rise in second-quarter adjusted operating profit, helped by improvements in Europe and Latin America and continued strong performance in its main North American market. Revenue was flat at 27.9 billion euros. FCA has been retooling some U.S. factories to boost output of sport-utility vehicles (SUVs) and trucks while discontinuing production of some unprofitable sedans in a bid to strengthen its finances as the U.S. car market comes off its peak. The world''s seventh-largest carmaker still makes the lion''s share of its profits in North America so improving, or at least maintaining, its margins there is a key focus. FCA reported a record 8.4 percent operating profit margin in the region, despite a drop in sales and shipments. Profitability also improved in Europe, helped by sales of Alfa Romeo''s Giulia and Stelvio models, while margins at Maserati more than doubled to 14.2 percent on the back of strong demand for its first SUV, the Levante. However, the carmaker''s net industrial debt only fell slightly less than expected to 4.2 billion euros ($4.9 billion) at the end of June from 5.1 billion euros three months earlier. FCA confirmed its targets for the full year, but doubts remain about its exposure to the weakening U.S. market, recall costs and potential fines over emissions after it was targeted by European and U.S. authorities over alleged breaches. Additional reporting by Stefano Rebaudo in Milan and Joe White in Detroit; editing by David Clarke and Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fiatchrysler-results-idUKKBN1AC1NW'|'2017-07-27T20:04:00.000+03:00'
'b6161478d5347d7fc59753932e64cd4cd4621131'|'UPDATE 1-As Murdoch waits, Sky cuts operating costs to protect profits'|'July 27, 2017 / 8:09 AM / 11 hours ago UPDATE 1-As Murdoch waits, Sky cuts operating costs to protect profits 3 Min Read * Rise in Premier League costs hits profit * Shares flat as cost cuts protect bottom line * Customer numbers weak in Q4 (Adds details, reaction, shares) LONDON, July 27 (Reuters) - Tight cost control and strong growth in Germany, Austria and Italy helped European pay-TV group Sky to absorb a sharp rise in the cost of soccer rights, supporting earnings as it waits to be bought by Rupert Murdoch. Sky, which also broadcasts in its core markets of Britain and Ireland, reported full-year adjusted operating profit in line with forecasts, down 6 percent due to the higher cost of English Premier League rights and investment in the business. The solid financial performance made up for some weak operational numbers, with Sky adding just 35,000 new customers in Britain and Ireland in its fourth quarter, down from the 93,000 customers it added in the same period a year ago. Churn, or the percentage of customers dropping the service in the year, was 12.6 percent in Germany and Austria, and 11.5 percent in Britain and Ireland, both higher than normal, while the average amount spent by customers was flat in most markets. Chief Executive Jeremy Darroch said 2016/17 had marked a year of investment for the company, during which it managed to grow full-year revenue by 10 percent despite some tough market conditions. He said the group had benefited from restructuring its cost base, spending more on onscreen content such as Game of Thrones and Big Little Lies, and less on back office functions as it increasingly uses digital services to deal with customers. Shares in the group were flat, trading at 965 pence, still well below the 10.75 pounds per share Murdoch''s 21st Century Fox has offered to pay to buy the rest of the 61 percent of the company it does not already own. The deal, announced in December last year, is still being reviewed by the British government and is likely to be referred to the competition watchdog for a full investigation, meaning it will not be approved before next year. "In some ways, the results are academic as the main driver for the share price is the Fox bid," Liberum analyst Ian Whittaker said. "However, with the bid likely to come under review from the Competition Authorities and subject to political approval, if there is any concern the bid will not go through, the shares could come under pressure as investors focus more on the fundamentals." ($1 = 0.7614 pounds) (Reporting by Kate Holton; editing by James Davey/Keith Weir) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sky-results-idUSL5N1KI1Y1'|'2017-07-27T11:09:00.000+03:00'
'2f7152be8dcd5c1d0a98ad795ee34f144e70ca52'|'TREASURIES-Bond prices fall, yield curve steepens on heavy supply'|'July 27, 2017 / 6:51 PM / an hour ago TREASURIES-Bond prices fall, yield curve steepens on heavy supply 3 Min Read (Adds auction results, quotes; updates prices) * Treasury sells $28 bln seven-year notes to fair demand * AT&T markets large bond sale * Gross domestic product data in focus on Friday By Karen Brettell NEW YORK, July 27 (Reuters) - U.S. Treasury prices fell on Thursday as the market was weighed down by government and corporate debt supply, and as investors evaluated the Federal Reserve''s statement that it is closer to paring its balance sheet. The Treasury Department sold $28 billion in seven-year notes to fair demand, the final sale of $88 billion in coupon-bearing supply this week. AT&T Corp also came to market with a $22.5 billion seven-part debt issue, which includes $12 billion in debt with maturities between 20- and 41-years, according to IFR. "The market is unduly being sold off on the mega AT&T deal ... that is weighing on the long-end of the market" Tom di Galoma, a managing director at Seaport Global Holdings in New York. U.S. benchmark 10-year Treasury notes fell 8/32 in price to yield 2.31 percent, up from 2.28 percent on Wednesday. The yield curve between five-year notes and 30-year bonds steepened to 108 basis points, the highest since June 14. Investors also evaluated Fed''s Wednesday statement that it expected to start winding down its massive holdings of bonds "relatively soon," despite striking a cautious tone on low inflation. Many analysts and traders expect the Fed to announce its balance sheet reduction plans at its September meeting. “The Fed is still in play,” said Justin Lederer, interest rate strategist at Cantor Fitzgerald in New York. Yields on three-month Treasury bills that are due in October declined, after hitting almost 10-year highs earlier this week on concerns that payments on debt due in the month will be delayed if Congress fails to raise the debt ceiling. The Congressional Budget Office said last month that Congress would need to increase the debt limit by early to mid-October to avoid a default. Yields on Treasury bills that mature on Oct. 26 last traded at 1.09 percent, after rising to 1.20 percent on Tuesday, the highest level since October 2008. Data showed that new orders for key U.S.-made capital goods unexpectedly fell in June, but a fifth straight monthly increase in shipments suggested that business spending on equipment supported economic growth in the second quarter. The number of Americans filing for unemployment benefits rebounded from a three-month low last week, but remained below a level consistent with a tightening labor market. The next major economic data release will be Friday’s gross domestic product estimate for the second quarter. ) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-bonds-idUSL1N1KI1WA'|'2017-07-27T21:49:00.000+03:00'
'b1124c5c25b45c28b90c1aa89723598fd6ed7cc8'|'Jury urged to convict ''pharma bro'' Martin Shkreli on fraud charges'|'July 27, 2017 / 7:19 PM / in 21 minutes Jury urged to convict ''pharma bro'' Martin Shkreli on fraud charges Brendan Pierson 3 Min Read FILE PHOTO: Martin Shkreli, former chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, arrives for his trial at U.S. Federal Court in Brooklyn, New York, U.S., July 21, 2017. Brendan McDermid/File Photo NEW YORK (Reuters) - A U.S. prosecutor on Thursday urged jurors to convict former drug company executive Martin Shkreli of defrauding investors in his hedge funds and stealing from his old company to repay them. In a five-hour closing argument capping off a month-long trial, Assistant U.S. Attorney Alixandra Smith told jurors in Brooklyn federal court that Shkreli told "lies upon lies" over the course of five years. "Only you can see the whole picture," she said to the jurors. Shkreli, 34, is best known for raising the price of anti-infection drug Daraprim to $750 a pill, from $13.50 in 2015, when he was chief executive of Turing Pharmaceuticals. The increase sparked outrage from patients and U.S. lawmakers and earned him the nickname "pharma bro." The fraud and conspiracy charges he now faces relate not to Turing but to Shkreli''s management of his previous drug company, Retrophin Inc, and hedge funds MSMB Capital and MSMB Healthcare between 2009 and 2014. Shkreli''s lawyers have emphasized in their cross-examinations that his investors did not lose money in the end. In his opening argument for Shkreli last month, lawyer Benjamin Brafman portrayed Shkreli as an awkward misfit who never intended to defraud anyone, and who was in fact manipulated and exploited by investors and other associates for his "genius." Smith on Thursday led jurors through what she described as a series of frauds, beginning in 2009 when Shkreli began wooing investors for MSMB Capital. Shkreli falsely claimed the fund had an outside auditor and managed assets worth tens of millions of dollars, Smith said. Smith told jurors that Shkreli lost all the investors'' money in 2011 but covered up the loss with fabricated performance reports, which she called the "most significant lies in this case." She said Shkreli used his other fund, MSMB Healthcare, as a vehicle to funnel money into Retrophin, which he founded in 2011, while claiming it was a hedge fund with diverse assets. Eventually, Smith said, Shkreli paid back investors with shares and cash from Retrophin, using fraudulent settlement and consulting agreements. "This was just a sham," she said of one consulting agreement. "It was a way to pull money out of Retrophin, a public company, to pay back debts that were owed by the defendant." A lawyer for Shkreli will deliver a closing argument Thursday afternoon. Shkreli''s defense team did not call any witnesses in the case. Reporting by Brendan Pierson in New York; Editing by Steve Orlofsky 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-crime-shkreli-idUKKBN1AC2ZL'|'2017-07-27T22:18:00.000+03:00'
'fa541d55986c87e1c1716f0b3e5f2382a6cabb8d'|'Noble shrinks, sells part of business to Mercuria as it faces huge quarterly loss'|'July 27, 2017 / 4:04 AM / 2 hours ago Noble shrinks, sells part of business to Mercuria as it faces huge quarterly loss Anshuman Daga 5 Min Read FILE PHOTO: A Noble Group sign is pictured at a meet-the-investors event in Singapore August 17, 2015. Edgar Su/File Photo SINGAPORE (Reuters) - Noble Group, once Asia''s largest commodities trader, is to cut staff and sell assets, including its U.S. gas and power business to Mercuria Energy Group, as it faces a quarterly loss of up to $1.8 billion. Hong Kong-based Noble added that it would "explore strategic alliances in Asia" with Mercuria after establishing some initial links with the Swiss trader''s Asian affiliates. Noble announced on Wednesday the plans to sell its U.S. gas and power business to Mercuria for $248 million and has also put its capital-intensive oil liquids business up for sale, leaving it focused on "hard commodities", essentially coal. Singapore-listed Noble has struggled to repair investor confidence following setbacks over the past two years: first blogger Iceberg Research questioned its accounts in early 2015, and then it was hit by a sharp commodity market downturn. The company has stood by its accounts. But the upheaval meant a collapsing share price, credit downgrades, management changes and asset sales. Noble''s market value has shrunk to $554 million, from $6 billion in February 2015. Wednesday''s announcement marks Noble''s latest move to restructure to help it repay debt and keep trading. It also announced an up-to-$1 billion disposal plan for assets outside North America over the next two years. Sources close to the transaction said the initial links in Asia would see Mercuria market some of Noble''s hard commodities, mainly its coal book. Mercuria has been trying to expand its Asian business, particularly in China. ChemChina bought a 12 percent stake in the trading house last year. "It certainly spreads the risk of operating these businesses, so from that perspective it should be welcome," Nirgunan Tiruchelvam, an analyst at Religare Capital Markets, said. Needing Cash Noble has been seeking a cash injection for months and said on Wednesday it would continue to look for a new investor, as well as alliances to help to fund its working capital. The purchase appears a good fit for Mercuria, whose chief executive, Marco Dunand, said last year it was looking to expand further in natural gas in North America after buying a large gas portfolio through its purchase of JP Morgan Chase & Co''s physical trading arm in 2014. The deal could move Mercuria into the top 10 gas players in the United States up from number 14, according to 2016 data from U.S. Federal Energy Regulatory Commission (FERC). Mercuria traded 1,720.6 trillion Btu in 2016. It is also looking to acquire physical assets in Louisiana, a source with knowledge of the matter said. Noble, tackling $3.3 billion of debt, said the need to scale back risk and conserve cash contributed to its second-quarter loss, which it estimated at $1.7 billion to $1.8 billion, as it was not able to seize trading opportunities. The net loss also includes the impact of writedowns on its portfolio - it announced $1.2 billion to $1.3 billion of exceptional items. "It could be the case that a prospective investor would view the balance sheet more favourably" as a result of those writedowns, Religare''s Tiruchelvam said. Noble said it expected further strain in the commodities trading industry as players grapple with low margins and lenders seek to reduce exposure. The group said it was "positioning itself for continuing stress in the sector, which the board believes is likely to lead to industry consolidation". "Realistic" Noble has battled to retain staff, offering cash bonuses for top performers. But on Wednesday it said it would cut its staff to 400 from about 900. Chairman Paul Brough, a restructuring specialist appointed earlier this year, said the latest overhaul offered "a realistic prospect of dealing with the group''s liabilities." "The group further believes that its creditors and shareholders now have a clearer view of its direction and plans to address its challenges," he said. Richard Elman, who founded the company in 1986, took advantage of a commodities bull run to build Noble into one of the world''s biggest traders. But in the last two years Elman, 77, had sought to steer Noble back its roots as an asset-light trading house. Elman stepped down as chairman this year but remains the company''s biggest shareholder, with a stake of just over 18 percent. Other top shareholders include sovereign wealth fund China Investment Corp and Orbis Investment Management, according to Thomson Reuters data. Noble said negotiations with its lenders were continuing. Last month, the company was granted a four-month extension by lenders on a key credit deadline, giving Noble until October. Reporting by Anshuman Daga in SINGAPORE; Additional reporting by Julia Payne in LONDON, Catherine Ngai and Scott DiSavino in New York; Writing by Clara Ferreira-Marques; Editing by Alex Richardson and Jane Merriman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/noble-grp-results-idINKBN1AC0B8'|'2017-07-27T07:04:00.000+03:00'
'31667a0e342cd8c1d0e3304e249c11b18a99dda2'|'IDFC Bank first-quarter profit rises 65 percent; bad loans ratio falls'|'July 27, 2017 / 8:33 AM / 2 hours ago IDFC Bank first-quarter profit rises 65 percent; bad loans ratio falls 1 Min Read REUTERS - IDFC Bank ( IDFB.NS ) reported a 65 percent rise in quarterly profit on Thursday, helped by higher interest income and as the bad loans ratio fell from a year earlier. Net profit rose to 4.38 billion rupees ($68.31 million) in its fiscal first quarter ended June 30 from 2.65 billion rupees a year earlier, the bank said. bit.ly/2v05nqx Gross bad loans as a percentage of total loans rose to 4.13 percent at end-June from 2.99 percent at March-end, but fell from 6.09 percent from June-end 2016. ($1 = 64.1200 Indian rupees) Reporting by Tanvi Mehta and Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/idfc-bank-results-idINKBN1AC14B'|'2017-07-27T11:32:00.000+03:00'
'2406be76e82a14ea6f8b5b642445e9d84d7bd18b'|'Clariant says Huntsman merger is on track'|'July 27, 2017 / 5:24 AM / 3 minutes ago Clariant says Huntsman merger is on track Reuters Staff 1 Min Read FILE PHOTO: A woman cycles past the logo of U.S. chemical company Huntsman in front of a plant in Basel September 30, 2011. Arnd Wiegmann/File Photo ZURICH (Reuters) - Swiss chemicals maker Clariant said on Thursday its $20 billion merger with peer Huntsman Corp remained on track with a preliminary filing for approval from the U.S. authorities filed. Clariant said it had "high confidence" of meeting synergy targets of more than $400 million and $25 million in tax savings from combining the two companies. It said it had also identified additional organic sales revenues of around 2 percent per year at a profit margin of around 20 percent. Earlier this month Clariant revealed that U.S. activist investor White Tale Holdings has increased its stake to more than 10 percent as it seeks to block the planned merger with Huntsman. Reporting by John Revill; editing by Brenna Hughes Neghaiwi 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-clariant-hunstman-m-a-idUKKBN1AC0G4'|'2017-07-27T08:22:00.000+03:00'
'172c442a2422b5eb26b00a1b17558c17c4331075'|'Brazil''s Vale to cut capex, eyes net debt goal of under $15 bln'|'July 27, 2017 / 2:41 PM / 4 hours ago Brazil''s Vale to cut capex, eyes net debt goal of under $15 bln 1 Min Read RIO DE JANEIRO, July 27 (Reuters) - Executives at Brazil''s Vale said on Thursday the world''s top producer of iron ore would continue cutting capital expenditure and was eyeing a net debt goal of less than $15 billion, without specifying a time frame. The company had said it aimed to cut net debt down to a range of $15 billion to $17 billion this year. On a conference call following second-quarter results, Vale Chief Executive Officer Fabio Schvartsman said the company was uncomfortable with higher mining royalties unveiled by the government earlier this week. (Reporting by Brad Haynes and Marta Nogueira) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-vale-sa-capex-idUSE5N1JN00R'|'2017-07-27T17:39:00.000+03:00'
'2f5f867573033abcebccba76cae110b9e33cf5e7'|'Gold steady as investors await U.S. Fed policy statement'|'July 26, 2017 / 4:26 AM / 27 minutes ago Gold dips as global stocks rise and dollar firms 3 Min Read Gold bullions are displayed at GoldSilver Central''s office in Singapore June 19, 2017. Edgar Su/Files LONDON (Reuters) - Gold dipped on Wednesday as the dollar firmed ahead of a Federal Reserve policy decision and investors opted to sell bonds and buy equities as worries over a worldwide growth slowdown fade. Company results and economic data have been upbeat of late. Germany’s Ifo business survey on Tuesday also showed confidence, soaring to record highs in July, while U.S. consumer confidence levels jumped to near 16-year highs, boosting the dollar. Traders said short dollar positions were being trimmed on Wednesday ahead of the Federal Reserve''s policy decision, not due until late in the U.S. session. (1800 GMT) "It''s mainly sky rocketing risk appetite that''s weighing on gold. US stocks closed at record highs, bonds tumbled, yields increased sharply and these are the ingredients for lower gold prices," said Commerzbank analyst Carsten Fritsch. "Stocks seem immune, at least for the moment, against a rather uncertain economic outlook and the political mess in Washington, and unless this changes gold will struggle to make meaningful gains." Spot gold fell 0.1 percent to $1,246.76 per ounce at 1206 GMT. U.S. gold futures for August delivery fell 0.4 percent to $1,246.50 per ounce. The Fed is widely expected to hold interest rates unchanged, with expectations of another rate hike before the end of the year at less than 50 percent. The central bank might, however, hint that it will start winding down its massive holdings of bonds   a move that should push up bond yields, support the dollar and weigh on gold prices. Higher yields increase the opportunity cost of holding non-yielding gold, while a stronger dollar makes dollar-priced bullion more expensive for holders of other currencies. "The technical break during Asian trade today saw some participants heading for the exits as we near the FOMC rates announcement and it is difficult to see gold making any headway above $1,250 leading into the Fed," said MKS in a note. "A hawkish tone from Yellen today will open up a test toward the 200 day moving average $1,229, while a dovish skew is likely to see a recovery test (at between) $1,258 - $1,262." Also weighing on gold, holdings at the SPDR Gold Trust, the world''s largest gold-backed exchange-traded fund, fell 1.13 percent to 800.45 tonnes on Tuesday from 809.62 tonnes on Monday. In other precious metals, silver slipped 0.5 percent to $16.40 per ounce. Platinum edged 0.2 percent lower to $921.90 per ounce, while palladium dropped 0.7 percent to $852.47 per ounce.   Nithin Prasad and Arpan Varghese in Bengaluru; Editing by Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN1AB0CS'|'2017-07-26T07:22:00.000+03:00'
'606652832d1030dff01e43cf8dfc40e75da0b6e9'|'Canada''s top court finds aboriginals consulted on Enbridge pipeline'|'File Photo: Pipelines run to Enbridge Inc.''s crude oil storage tanks at their tank farm in Cushing, Oklahoma, March 24, 2016. Nick Oxford/File Photo OTTAWA (Reuters) - Canada''s top court handed aboriginals a partial victory on Wednesday, ruling there was not adequate consultation on plans to conduct seismic testing for oil and gas in the north of the country, but dismissing a separate attempt to quash permits for changes to an Enbridge Inc pipeline.In the two separate but related decisions, the Supreme Court of Canada found that while the Canadian government holds ultimate responsibility for ensuring that consultations with First Nations are adequate, it can rely on the national energy regulator''s process to fulfill that in oil- and gas-related matters.The cases were closely watched for their clarification of the government''s duty to consult with First Nations at a time when Prime Minister Justin Trudeau has promised to build a stronger relationship with the country''s aboriginals.In the case of plans by a Norwegian consortium to conduct seismic testing in Baffin Bay and Davis Strait, a preparatory step in oil and gas exploration, consultation with the Inuit that hunt nearby was inadequate in a number of ways, the court found, overturning the National Energy Board''s (NEB) approval of the project.The group includes Petroleum Geo-Services Inc and TGS-Nopec Geophysical Co ASA."While the Crown may rely on the NEB''s process to fulfill its duty to consult, the consultation and accommodation efforts in this case were inadequate and fell short in several respects," the court said in its unanimous decision.Among other things, the Inuit of Clyde River were given limited opportunities for participation and there was no assessment of the project''s impact on their rights to hunt.In contrast, in the second case, the court found the Chippewas of the Thames First Nation in Ontario were given notice adequately early of hearings on changes to Enbridge''s Line 9 oil pipeline, which runs between Sarnia, Ontario, and Montreal, through what the Chippewas regard as their traditional territory.The NEB assessed the potential impact on their rights and found the negative consequences were minimal, the court found."Even taking the strength of the Chippewas'' claim and the seriousness of the potential impact on the claimed rights at their highest, the consultation undertaken in this case was manifestly adequate," the court wrote.The Chippewas had sought to have the NEB''s approval of the project overturned.The changes to the pipeline reversed the flow of oil in a section of the line and increased its capacity to 300,000 barrels a day. Virtually all of the required construction occurred on lands owned by Enbridge and on their right of way.Reporting by Leah Schnurr; Editing by Bill Rigby '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-enbridge-court-idUSKBN1AB1ZN'|'2017-07-26T17:17:00.000+03:00'
'6f13076e1ae1811e6cda4762bc4f3ea99dd8b4eb'|'Societe Generale CEO says sees no tie-up with UniCredit: paper'|'FILE PHOTO: Frederic Oudea, Chief Executive Officer of French bank Societe Generale, speaks during the presentation of the company''s 2016 annual results in Paris, France, February 9, 2017. Benoit Tessier/File Photo MILAN (Reuters) - Societe Generale has no merger plans with top Italian lender UniCredit, the chief executive of the French bank told Italian daily Il Sole 24 Ore on Wednesday."I do not see any tie-ups," Frederic Oudea said in response to a question about the possibility of a merger with UniCredit.UniCredit''s current CEO Jean Pierre Mustier, a French national, used to be a top manager at Societe Generale and there has been recurring speculation that the two banks may consider merging.Oudea said the priority of his bank was to focus on adapting its business model to new digital technologies, improving services and profitability.Reporting by Stephen Jewkes '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-unicredit-m-a-socgen-idUSKBN1AB0LJ'|'2017-07-26T14:32:00.000+03:00'
'06b9f3abbc1bf07ef18a1abc9de9f24835a5c1c6'|'UK economic growth edges up in second-quarter, boosted by booming film industry'|'July 26, 2017 / 8:39 AM / an hour ago Sluggish UK economy inches forward, Bank of England unlikely to act 3 Min Read People pass the Bank of England in the City of London January 16, 2014. Luke MacGregor LONDON (Reuters) - Britain''s economy gathered only a little speed in the second quarter after almost stalling at the start of the year, propped up by the services sector and a booming film industry, official figures showed on Wednesday. Growth of 0.3 percent on the quarter was up from 0.2 percent in the first quarter, a figure that is likely to cement expectations that the Bank of England will keep interest rates on hold next week at their record low level. The figure was in line with the median forecast in a Reuters poll of economists and it capped off the weakest first half to any year since 2012. "To me, this is the final nail in the coffin for an August rate hike," said Alan Clarke, head of European fixed income strategy at Scotiabank. Sterling edged down against the U.S dollar after the data was released and British share prices rose. Related Coverage Hammond says cannot be complacent about growth Britain''s economy grew 1.8 percent in 2016 -- among the fastest of the world''s seven largest major advanced economies, defying widespread predictions of recession after the vote to leave the European Union. But the Brexit vote did lead to a big fall in the value of sterling, which has pushed up inflation, gnawing at consumers'' disposable income this year. "The economy has experienced a notable slowdown in the first half of this year," ONS statistician Darren Morgan said. The services industry was the only driver of economic growth in the second quarter, helped by retailers, hotels and restaurants, as well as Britain''s fast-growing film industry. The ONS said motion picture activities had grown by 72 percent since 2014, probably boosted by tax credits introduced by former finance minister George Osborne. The release of blockbuster films in the second quarter also helped. Growth between April and June in year-on-year terms fell to 1.7 percent from 2.0 percent in the first three months of the year, in line with economists'' average forecast. The figures are unlikely to materially alter the analysis of Bank of England officials gearing up to set interest rates next week. Only two out of 80 economists in a Reuters poll published last week thought the BoE would raise rates next Thursday. In June the central bank said it expected the economy to grow 0.4 percent in the second quarter. On Monday the International Monetary Fund downgraded its 2017 economic outlook for Britain by more than any other rich nation, predicting growth of 1.7 percent compared with an earlier 2.0 percent estimate. It sees a further slowdown to 1.5 percent in 2018. The preliminary estimates of GDP do not include a breakdown of spending, and are heavily based on estimated data. Editing by Catherine Evans '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN1AB0YY'|'2017-07-26T11:46:00.000+03:00'
'86c53492c6ea19ee50f99ed81b75daf352adf41b'|'Dassault says business jet market still weak'|'Edition United States July 26, 2017 / 5:12 PM / 2 minutes ago Dassault says business jet market still weak Reuters Staff 1 Min Read A Dassault Rafale fighter takes part in a flying display during the 52nd Paris Air Show at Le Bourget Airport, near Paris, France June 24, 2017. Pascal Rossignol PARIS (Reuters) - Dassault Aviation ( AVMD.PA ), the French maker of Falcon private jets and Rafale warplanes, said on Wednesday the business jet market remained weak, with high stocks of unsold aircraft hampering a tentative recovery in benchmark second-hand trading. "The recovery is uncertain," Chief Executive Eric Trappier told a news conference. Dassault earlier said first-half earnings rose to 2.05 billion euros from 1.662 billion in the same period last year, while new orders were basically flat at 1.381 billion euros. Operating income dipped 2 million euros to 123 million. Dassault Aviation reaffirmed forecasts for 45 Falcon and 9 Rafale deliveries and higher net sales in 2017. Reporting by Tim Hepher, Cyril Altmeyer; Editing by Ingrid Melander 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-dassault-avi-results-idUKKBN1AB2EN'|'2017-07-26T20:03:00.000+03:00'
'489d7a8f24b19761d5bb652c0a150c34b1a9318f'|'After $50 billion deal spree, China''s HNA sets out to clear ownership questions'|'FILE PHOTO: The HNA Group logo is seen in this illustration photo June 1, 2017. Thomas White/Illustration/File Photo (Reuters) - Privately-owned conglomerate HNA Group, one of China''s most aggressive dealmakers, is shaking up its shareholding structure with a new, charitable foundation, part of efforts to quash long-standing concerns over its ownership.As China cracks down on showy overseas ventures and high-profile empire builders, pressure is rising on sprawling, fast-growing and acquisitive companies like HNA, which has announced $50 billion of deals over two years, buying stakes in logistics companies, hotels and even Deutsche Bank.HNA said the change - to be announced later on Monday along with an unprecedented ownership list - was part of an effort to address interest in its structure, as the group expands."Disclosing HNA Group’s ownership structure, even though we are a private company, provides more transparency, and we intend to update this information on an annual basis," a spokesman said.According to a document seen by Reuters, HNA''s co-founders and senior executives Chen Feng and Wang Jian continue to hold stakes of just below 15 percent each.A newly created, New York-based, not-for-profit organization, Hainan Cihang Charity Foundation Inc, becomes the single largest shareholder with a 29.5 percent stake. Hainan Province Cihang Charity Foundation, a Haikou-based charity established by HNA in 2010 and capitalized by shares in 2013, continues to indirectly hold a 22.75 percent stake - meaning the combined foundation collectively accounts for more than 52 percent of the group’s issued stock.HNA did not provide details of how the shares were placed in the new charity''s hands, how the overall foundation would be run or how it would vote or use its shares.As recently as a year ago, according to a 2016 filing, HNA Group said that Bharat Bhise, CEO of Bravia Capital, and Guan Jun, a Beijing businessman, owned 17.4 percent and 12.35 percent respectively. Collectively, that adds up to approximately the amount currently held by the new foundation.Neither name is present in the current shareholding arrangement."Our ownership structure changes from time to time, and those filings are out-of-date," a spokesperson for HNA said.HNA described the foundation as furthering its philanthropic mission and maximizing "efforts in corporate social responsibility". It will eventually have 100 percent of HNA.According to the information provided on Monday, 12 senior HNA executives, including the group''s founders, hold the 47.54 percent in the group not held by charities. Vice Chairman Chen Wenli holds a 3.95 percent stake, and three senior executives, including CEO Adam Tan, each holds a 2.95 percent share.Transparency Push HNA''s unexpected effort to increase transparency comes as pressure increases in China over opaque corporate structures, excess debt and deals seen as overly aggressive. China is trying to control capital outflows and keep its economy on an even keel.Groups caught up in the crackdown include Dalian Wanda Group, a property-to-film empire run by one of China''s richest men. Banks have been told to stop funding several of Wanda''s overseas acquisitions. China''s banking regulator has ordered checks on offshore loans to conglomerates including Wanda, but also HNA, say people familiar with the matter.HNA, a leading shareholder in more than a dozen listed companies, has grown rapidly, more than quadrupling its assets to 1.2 trillion yuan ($177.5 billion) in 2014-16.The pace of acquisition is expected to slow.In June, HNA filed a defamation suit at New York State Supreme Court against exiled billionaire Guo Wengui, who claimed that "officials in China''s Communist Party and their relatives are undisclosed shareholders" in the group, and that subsidiary Hainan Airlines allowed government officials and their relatives to use its aircraft "for purely personal reasons", according to the court document.Questions are also coming from Europe. HNA faces a possible review by Europe’s top banking regulator, which is considering a special assessment of Deutsche Bank’s two largest shareholders, including the Qatari royal family.While the motivation for a review remains unclear, such an assessment generally aims to establish whether an investor is trustworthy and financially sound.Reporting by Matthew Miller; Editing by Clara Ferreira Marques and Ian Geoghegan '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-hna-group-structure-idUSKBN1A914O'|'2017-07-24T13:25:00.000+03:00'
'3a91b46ca36ac9f1914010603daed413cc1bf2ef'|'DuPont, FMC win EU antitrust approval for asset swap deal'|'July 27, 2017 / 9:54 AM / in 20 minutes DuPont, FMC win EU antitrust approval for asset swap deal   FILE PHOTO: A DuPont logo is pictured on the research center in Meyrin near Geneva August 4, 2009. Denis Balibouse/File Photo   U.S. chemicals company DuPont ( DD.N ) and U.S. peer FMC Corp ( FMC.N ) secured conditional EU antitrust approval on Thursday for their asset swap deal which is tied to DuPont''s merger with Dow Chemical ( DOW.N ). In March, DuPont said it would sell part of its crop protection unit to FMC and buy nearly all of FMC''s health and nutrition business.   said the companies pledged to divest certain assets to address competition concerns. "Clearance of this transaction is conditional on the divestment of FMC''s sulfonylurea and florasulam businesses in the European Economic Area," the EU antitrust enforcer said, referring to two herbicides. It said DuPont would also sell its global alginates business, which are gelling agents in food and pharmaceutical products. DuPont and Dow won EU approval for their merger in March after pledging to sell key research and development activities and other assets. Reporting by Foo Yun Chee; editing by Robert-Jan Bartunek 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fmc-m-a-du-pont-eu-idUKKBN1AC1FG'|'2017-07-27T12:54:00.000+03:00'
'fb9ba8f2d550b72f1612a938bcccc63c0beb0e37'|'Options traders bullish on Facebook ahead of second-quarter results'|'July 25, 2017 / 7:15 PM / 7 hours ago Options traders bullish on Facebook ahead of second-quarter results Saqib Iqbal Ahmed 3 Min Read FILE PHOTO - The Facebook logo is displayed on the company''s website in an illustration photo taken in Bordeaux, France on February 1, 2017. Regis Duvignau/File Photo NEW YORK (Reuters) - As Facebook Inc ( FB.O ) geared up to report second-quarter results on Wednesday, traders in the options market are exhibiting a greater degree of bullishness in more than a year, options data showed. The stock, which hit an all-time high of $166.17 on Monday, has climbed 43 percent this year, outperforming the 23 percent gain for the S&P 500 Tech sector .SPLRCT. But far from being uneasy about the lofty heights the stock has scaled, traders instead have been busy betting on the shares to move higher. "The overall flavor of trading in Facebook''s options has been decidedly bullish," said David Russell, senior manager at online broker E*Trade Financial Corp, in Chicago. "Traders have been looking to the upside consistently." The bullish activity stands out even for a sector that has performed well this year, Russell said. There are about 1.7 Facebook call options open for each open put contract, the most since late April 2016, according to options analytics firm Trade Alert data. FILE PHOTO - Facebook logo is seen at a start-up companies gathering at Paris'' Station F in Paris, France on January 17, 2017. Philippe Wojazer/File Photo Calls convey the right to buy shares at a fixed price in the future and are usually used to bet on shares rising. Put options give the right to sell shares at a certain price in the future and are bought to profit declining shares. (For a graphic on ''Performance over last year: Facebook vs. S&P 500 Tech Sector'' click reut.rs/2eLryu4 ) Much of the bullish positioning is concentrated in options contracts expiring in the near term. For contracts expiring between now and mid-September, calls account for nine of the 10 largest blocks of open contracts. Facebook''s weekly options contracts imply a 4.6 percent swing in the shares, in either direction, by Friday. That is in line with how much the shares have moved, on average, over the last eight quarters, the day after the company posts results. A move to the upside would snap a three-quarter losing streak, when the shares fell on the day after the company reported results. The bullish signal from the options market is in step with how most Wall Street analysts covering the stock view it. Of the 44 brokerages that cover the company, 40 have a positive recommendation on the shares, according to Thomson Reuters data. "We continue to like Facebook based on its continued usage gains, advertiser growth, emerging opportunities and ability to execute," Macquarie Research analyst Benjamin Schachter said in a research note to clients on Monday. The brokerage raised its target price on Facebook shares to $175 from $160, and reaffirmed its "outperform'' rating. Reporting by Saqib Iqbal Ahmed; Editing by Daniel Bases, Bernard Orr 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-facebook-results-options-idUKKBN1AA2HB'|'2017-07-25T22:20:00.000+03:00'
'3753bc93def57a84b04a5620a4f79219f87f364f'|'Nigeria''s 9mobile seeks concessions to boost revenues ahead of sale'|'July 27, 2017 / 12:59 PM / in 6 hours Nigeria''s 9mobile seeks concessions to boost revenues ahead of sale Camillus Eboh and Chijioke Ohuocha 3 Min Read ABUJA/LAGOS, July 27 (Reuters) - The head of 9mobile, the mobile operator formerly known as Etisalat Nigeria, has asked the telecoms regulator for concessions on spectrum and foreign exchange access to shore up its revenues ahead of finding new investors. On Tuesday, Central Bank Governor Godwin Emefiele said 9mobile had appointed advisers to find new investors after regulators stepped in to try to save the company from collapse due to it big debts. Citigroup and Standard Bank have been appointed to manage a sale process and three major investors have shown interest. 9mobile''s CEO Boye Olusanya on Wednesday asked the Nigerian Communications Commission to revisit its floor price on data, interconnect rates and national roaming fees in order to help the country''s fourth-largest mobile operator meet its obligations, the NCC said, citing a meeting with 9mobile. "We want to see a viable and thriving 9mobile," NCC''s Executive Vice Chairman Umar Garba Danbatta said, adding that he wanted to safeguard investors, subscribers and employees. Danbatta said in a statement that more than $2 billion foreign direct investment by Mubadala of UAE was at stake, while 20 million subscribers and over 2,000 workers would have been affected if the NCC had not intervened. 9mobile declined to comment. 9mobile has a 14 percent share of Nigeria''s highly competitive mobile telecoms market. South Africa''s MTN is the market leader with 47 percent, Nigeria''s Globacom has 20 percent and Bharti Airtel''s local subsidiary has 19 percent. Etisalat Nigeria was the biggest foreign-owned company affected by dollar shortages in the country due to lower oil prices and a recession, making it difficult for the company to make repayments to lenders and suppliers. It took out a $1.2 billion loan in 2013 from 13 local lenders to refinance existing debt and expand its network but it struggled to repay four years later. Etisalat International''s CEO Hatem Dowidar told Reuters this month that it had been unsuccessful at converting some of its dollar debt to local currency and had decided to exit the market, giving the Nigerian business notice to phase out the brand. Central bank governor Emefiele on Tuesday said 9mobile''s revenue was stable and it had made 16 billion naira ($52.5 million) in June, adding that the company had not lost subscribers due to its debt problems. 9mobile''s Olusanya has said he is focused on getting the company back on track to make a profit, while working on plans to raise new capital. He also said the company was open to new investors. (Writing by Chijioke Ohuocha. Editing by Jane Merriman) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nigeria-9mobile-idUSL5N1KI6U9'|'2017-07-27T15:59:00.000+03:00'
'b2cfb3add0d504f4e8dbf4b7cdf3d5a63f97073c'|'Organic ranchers eye Amazon distribution ahead of Whole Foods deal'|'July 24, 2017 / 4:07 PM / 6 minutes ago Organic ranchers eye Amazon distribution ahead of Whole Foods deal Rod Nickel 3 Min Read FILE PHOTO: Security guards stand at the reception desk of the Amazon India office in Bengaluru, India, August 14, 2015. Abhishek N. Chinnappa/File Photo (Reuters) - Amazon.com Inc plans to meet on Wednesday with a dozen U.S. ranchers, seeking to expand distribution of organic and grass-fed meats as it takes over Whole Foods Market Inc, according to the meeting''s organizer. Analysts and investors have speculated that Amazon is aiming to combine its expertise in order fulfillment with the grocer''s facilities to build out delivery of fresh food, but the online retailer has not yet detailed its plans. Amazon visited Georgia grass-fed meat producer White Oak Pastures in March, 2-1/2 months before announcing the $13.7 billion Whole Foods takeover, to discuss a possible distribution deal, White Oak owner Will Harris told Reuters. The retailer later asked the farmer to invite other U.S. livestock producers to discuss distribution of organic and grass-fed meat, Harris said. Amazon declined to comment. "We are excited about exploring possibilities with them," Harris said. "It suggests that this niche in the market is becoming mainstream enough that they feel their delivery system might have traction with it." U.S. sales of organic meat and poultry, worth $991 million, climbed 17 percent last year, marking its fastest-ever annual growth, according to the Organic Trade Association (OTA). White Oak and some of the other meat producers invited to the Atlanta meeting already sell to Whole Foods, Harris said. FILE PHOTO: A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. Carlo Allegri/File Photo The meeting between producers and Amazon was confirmed by Carrie Balkcom, executive director of the American Grassfed Association. White Oak workers pack frozen beef, duck and lamb into boxes at the Bluffton, Georgia ranch for couriers to pick up twice a day. "I''m just certain that Amazon is better at it than us," Harris said. "I''m a farmer and they''re logistics people." The ranch sells about $2 million worth of meat online annually, making up its fastest-growing segment and 10 percent of total revenues. "I sell a very niche product," Harris said. "I think Amazon will add a whole other dimension." Amazon''s expansion in organic products through Whole Foods bodes well for the sector, said Nate Lewis, farm policy director at OTA. "If Amazon can apply its efficiencies of scale to the Whole Foods Market segment, and pass along those savings (to consumers), I would not be surprised to see more growth in the protein side," Lewis said. But some organic farmers worry that Whole Foods under Amazon might import meat from lower-cost producers rather than buy U.S. supplies. “It could be as bad as shutting us out or as good as expanding the market," said Mark Smith, whose Aspen Island Ranch is not involved in the meeting. Smith''s ranch is part of a Montana co-operative that sells organic grass-fed beef to Whole Foods through a third party. Reporting by Rod Nickel in Winnipeg, Manitoba and Jeffrey Dastin in San Francisco; Editing by Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-whole-foods-m-a-amazon-farming-idUKKBN1A921V'|'2017-07-24T19:20:00.000+03:00'
'4352686a78d8fd31264675437fd9b956ab43ff6b'|'MOVES-Citi names UBS exec as head of EMEA diversified industrials'|'July 24, 2017 / 4:38 PM / an hour ago MOVES-Citi names UBS exec as head of EMEA diversified industrials 1 Min Read (Adds details) July 24 (Reuters) - Citigroup Inc named Heiko Horn as the head of diversified industrials within the industrials group for Europe, Middle East and Africa (EMEA) and as the head of investment banking for Switzerland, an internal memo showed. Horn previously served as managing director and head of EMEA Capital Goods at UBS. Horn will join Citi in November and will be based in Zurich. He will report to Niraj Shah, co-head of EMEA industrials for corporate and investment banking, Koen van Velsen, EMEA head of industrials investment banking, and Kristine Braden, country head in Switzerland. (Reporting by Divya Grover in Bengaluru; Editing by Amrutha Gayathri) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/citigroup-moves-heiko-horn-idUSL3N1KF4UD'|'2017-07-24T19:37:00.000+03:00'
'646af3db68049b299f22df035fe24e35fdf51165'|'World oil demand could peak in 2024 on higher vehicle efficiency - Goldman Sachs'|'July 24, 2017 / 10:58 AM / 5 hours ago World oil demand could peak in 2024 on higher vehicle efficiency - Goldman Sachs Jessica Jaganathan 3 Min Read FILE PHOTO: A motorist holds a fuel pump at a Gulf petrol station in London April 18, 2006. Luke MacGregor/File Photo SINGAPORE (Reuters) - Global oil demand could peak as early as 2024 if there are more efficiency gains in vehicles, greater market penetration by electric cars, lower economic growth and higher fuel prices, Goldman Sachs said in a research note on refining on Monday. Economic expansion in emerging markets - led by India - may stave off reaching a peak until 2030, although demand growth will still slow over the next decade given improving mileage in cars and trucks and the greater use of electric vehicles, research analysts from the investment bank said. The global electric fleet, for instance, is expected to grow more than 40-fold to 83 million vehicles by 2030, from 2 million in 2016, the researchers said in the note. "In our extreme case, we project peak oil demand in 2024," the Goldman analysts said. Goldman Sachs projects annual oil demand growth between 2017 and 2022 at 1.2 percent, slowing to 0.7 percent by 2025 and to 0.4 percent in 2030. Oil demand grew by an annual average rate of 1.6 percent over 2011 to 2016. Over the period to 2030, the transport sector will contribute less to oil demand growth. Petrochemicals will instead become more central, although with more feedstock coming from outside the refining system, such as from natural gas liquids, refiners'' share in oil demand will fall, they said. The analysts also said there will likely be a surplus of refined oil products for the next five years due to higher capacity additions and slowing demand growth, implying lower global utilization rates and poorer margins. "Refinery closures may occur in developed markets, with new capacity opening near demand centers (chiefly in Asia)," they said. The impending 2020 global sulphur limit set by the International Maritime Organisation (IMO) on high sulphur fuel oil is also expected to reshape the refining industry, the bank''s analysts said. If fully implemented, the limit will boost diesel demand and widen the sweet-sour crude differential, which is positive for the profitability of complex refineries, they said. Meanwhile, jet fuel and liquefied petroleum gas (LPG) are gaining market share at the expense of products like fuel oil. Demand growth for LPG, fastest among all oil products, is being driven by petrochemicals and use in India as a cooking fuel in homes, the analysts said. The share held by gasoline and diesel in the overall oil demand mix between 2016 and 2030 will stagnate, they said. Reporting by Jessica Jaganathan; Editing by Tom Hogue 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/research-crude-goldman-idINKBN1A918C'|'2017-07-24T13:54:00.000+03:00'
'e0a54552ff69d7601c2788a5a77a0f5fbf7d9a6e'|'Reckitt, airlines and oil firms rattle FTSE'|'July 24, 2017 / 9:21 AM / in an hour Reckitt, airlines rattle FTSE Kit Rees 3 Min Read People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. Suzanne Plunkett/File photo LONDON (Reuters) - Britain''s top share index fell on Monday as heavyweight Reckitt Benckiser ( RB.L ) dropped following its results and as airlines were hit by price war worries. Britain''s blue-chip FTSE 100 .FTSE index ended down 1 percent at 7,377.7 points. Consumer goods company Reckitt Benckiser fell 3.3 percent, the biggest FTSE loser, after second-quarter sales fell 2 percent following last month''s cyber attack, which disrupted its operations. "We consider the quality of these results disappointing for a company like RB, and expect the stock to underperform today particularly given management''s commentary around 2017 outlook," analysts at UBS said in a note. Airlines also saw losses, with budget carrier easyJet ( EZJ.L ) down 2.8 percent and British Airway''s operator IAG ( ICAG.L ) falling 0.8 percent after Irish peer Ryanair ( RYA.I ) warned rivals that it may cut its late summer fares by as much as 9 percent compared with last year. Blue chip risers were dominated by more defensive stocks, with pharma firm Shire ( SHP.L ) making modest gains. Outside of the blue chips, M&A was in focus on the mid-cap .FTMC index after B&M European Value Retail ( BMEB.L ) jumped 4.8 percent on the back of a media report that Wal-Mart''s ( WMT.N ) Asda is considering a 4.4 billion pound ($5.7 billion) bid to take over the discount retailer. The British mid cap .FTMC index fell 0.7 percent, led lower by a 20 percent slump in Acacia Mining''s ( ACAA.L ) shares following a spate of broker cuts in light of the gold miner''s continuing troubles stemming from Tanzania''s export ban. Reporting by Kit Rees; editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1A90YC'|'2017-07-24T12:40:00.000+03:00'
'0cadd17b764287ad1bf7b108b64336f289f3c3bb'|'New ''experimental'' data shows an increase in people working two jobs - Greg Jericho'|'Wednesday 26 July 2017 19.00 BST Last modified on Wednesday 26 July 2017 19.02 BST A release of new, experimental, data on the labour sector by the Australian Bureau of Statistics has revealed that in the past five years the percentage of people working two jobs has increased by more than the number of people gaining employment. Quite often when the monthly labour force figures come out, they are reported as recording the number of jobs rising or falling. But the number of employed persons does not equal jobs. The biggest reason for the difference is that some people work more than one job. In the labour force figures, all that matters is whether or not you are employed. If last month you had one job and this month you have two, you were classed as “employed” in both months. Bill Shorten''s inequality pitch has rustled the jimmies of conservatives - Greg Jericho Read more If this month however your two jobs meant you worked more than 35 hours a week, you would now be classed as in “full-time employment” – even though you were actually working in two part-time jobs. The confusion also extends to differences of counting. The labour force figures only count people over the age of 15, whereas a 14 year old working part-time in a shop for example would not be counted. Similarly while an advertised job is not currently employing anyone, that is a job that is available. Thus, the total number of jobs in the economy at any one time is a sum of the number of main jobs, the number of secondary jobs (“jobs filled”) and the number of advertised jobs. The employment figures however only count the number of main jobs. Another problem is that data about jobs comes from businesses, whereas data about employment comes from households – and the two don’t always line up. For example, the labour force survey in June 2016 had 11.9 million people employed, whereas business surveys done by the ABS suggested there were 12.9 million jobs. The ABS is attempting to reconcile these differences. This week, for the first time, it released a “Labour Account” which attempts to put all the different surveys into some sort of synch. Currently it is only an annual report, however the chief economist of the ABS, Bruce Hockman, hopes that within a couple years it will be released quarterly – the week after the GDP figures come out. One of the best new aspects of the labour account is the ability to differentiate between “main job” and “secondary job” growth. The figures shows that since 2010-11, the number of people employed grew by 6.79%, but the number of jobs filled grew by 6.92%. The reason for the difference is that the number of secondary jobs grew by 9.2%. The big surge in secondary jobs came in 2014-15 and 2015-16. In those two years the number of people working a second job grew by more than 3.5%: In those two years, secondary jobs accounted for 10% of the increase in jobs – a figure that saw the percentage of people working at least two jobs rise from 5.9% in 2012-13 to 6.1%: Now we should not go overboard in decrying this state of affairs. In essence that means there are around 32,000 people working in second jobs than would have been the case if the ratio had stayed the same. The figures also don’t tell us why those people took a second job – whether their main job reduced hours, or they needed to take a second job because the pay in their main job (which may be part-time as well) was not enough to pay for the rising cost of essentials. Looking for the cause of low wage growth? It''s underemployment - Greg Jericho Read more The new data also lets us know which industries have the highest proportion of secondary jobs. Not surprisingly, industries with high proportions of part-time employed have the highest numbers of people working a second job. Just over 16% of people working in the administration and supply industry have a second job. The biggest disparity between the proportion of secondary jobs and part-time employed is in the retail industry. While it has the second highest number of part-time employees in any industry, there are fewer people working in the retail industry as a second job than is the case across all industries: Generally there is a good relationship between the growth of main and secondary jobs in each industry, although in the five years to 2015-16 the real estate industry saw a massive jump in people working in the industry as a second job: In 2010-11, 4.9% of people in the real estate industry were doing it as a second job, by 2015-16 this was up to 6.1%. The figures also give some new insight into underemployment. Because the new figures look at the amount of hours willing to be worked by both unemployed and those who are already working, we are able to determine the labour supply, not just by numbers of people, but also by the amount of hours. The data shows that while the percent of total hours available to be worked that were not being worked fell in 2015-16, the share of those hours by underemployed workers grew: This was off the back of 2014-15 which saw a huge spike in the amount of hours sought by underemployed workers: In an environment in which there is often much confusion and complaint about the unemployment figures, these newest, experimental figures released by the ABS will serve us well. In time it will give us more information on the changing nature of our labour force. For now, it appears there has been an increase of people working two jobs but the data relates to events that occurred 12 months ago. In time, hopefully, the data will become more recent, allowing policymakers to respond with more information at hand than they presently have available. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/grogonomics/2017/jul/27/new-experimental-data-shows-an-increase-in-people-working-two-jobs'|'2017-07-27T03:00:00.000+03:00'
'f98401837e57667b83fca5d8af6ee46c41539f4c'|'U.S. durable goods, trade data point to pick-up in second-quarter growth'|'July 27, 2017 / 1:38 PM / 14 minutes ago U.S. durable goods, trade data point to pick-up in second-quarter growth Lucia Mutikani 4 Min Read Durable goods are seen on sale in a store in Los Angeles, California, U.S., March 24, 2017. Lucy Nicholson WASHINGTON (Reuters) - New orders for key U.S.-made capital goods unexpectedly fell in June, but a fifth straight monthly increase in shipments suggested that business spending on equipment supported economic growth in the second quarter. Expectations that growth accelerated in the second quarter were also bolstered by other data on Thursday showing a sharp narrowing in the goods trade deficit in June and increases in both retail and wholesale inventories. The pick-up in gross domestic product, together with a tightening labour market, would likely keep the Federal Reserve on track to announce a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September and raise interest rates in December for a third time this year. The U.S. central bank left rates unchanged on Wednesday and said it expected to start winding down its portfolio "relatively soon." The Commerce Department said non-defence capital goods orders excluding aircraft, a closely watched proxy for business spending plans, slipped 0.1 percent last month. That was the first drop since December and followed an upwardly revised 0.7 percent jump in May. May''s increase in these so-called core capital goods orders was the biggest since January. Core capital goods orders were previously reported to have gained 0.2 percent in May. Economists polled by Reuters had forecast core capital goods orders rising 0.3 percent last month. Shipments of core capital goods increased 0.2 percent after rising 0.4 percent in May. Core capital goods shipments are used to calculate equipment spending in the government''s gross domestic product measurement. They have risen for five straight months. Business spending on equipment added 0.42 percentage point to the economy''s 1.4 percent annualised growth pace in the first quarter. The dollar held steady against a basket of currencies after the data, while prices for U.S. government bonds were trading lower. Goods Trade Deficit Narrows The increase in equipment spending has mostly been driven by the energy sector, where oil and gas drilling has increased significantly after declining in the aftermath of the collapse in crude oil prices. The energy sector recovery is helping to support manufacturing by offseting some of the drag from declining motor vehicle production. Manufacturing accounts for about 12 percent of the U.S. economy. In other reports on Thursday, the Commerce Department said the goods trade deficit fell 3.7 percent to $63.9 billion in June amid a rise in exports. Goods exports increased $1.8 billion to $128.6 billion last month. Imports of goods fell $0.7 billion to $192.4 billion. Separately, both retail and wholesale inventories increased 0.6 percent in June. The government will publish its advance second-quarter GDP estimate on Friday. The Atlanta Fed is forecasting growth increasing at a 2.5 percent rate on the second quarter. While another report from the Labor Department on Thursday showed initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 244,000 for the week ended July 22, layoffs remain low and are consistent with a tightening labour market. Claims have now been below 300,000, a threshold associated with a robust labour market for 125 straight weeks. That is the longest such stretch since 1970, when the labour market was smaller. The labour market is near full employment, with the jobless rate at 4.4 percent. Claims are volatile around this time of the year as automakers shut assembly plants for annual retooling. Some manufacturers like General Motors ( GM.N ) are extending their summer shutdowns to manage excess inventory from falling sales. Economists say this could be throwing off the model used by the government to strip out seasonal fluctuations from the data, causing swings in the weekly numbers. Reporting By Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN1AC24H'|'2017-07-27T16:37:00.000+03:00'
'b60a91a08a07347c4abf58fdb59d70608c96765f'|'EMERGING MARKETS-Mexican stocks dip while peso gains after Fed decision'|'(Updates prices, recasts with Mexico) By Bruno Federowski SAO PAULO, July 26 (Reuters) - The Mexican stock exchange edged lower on Wednesday for the first time in five sessions while the country''s peso currency extended gains after the U.S. Federal Reserve kept interest rates unchanged. The Fed kept its benchmark lending rate in a target range of 1.00 percent to 1.25 percent, which was expected. Mexico''s benchmark S&P/BMV IPC stock exchange fell 0.22 percent to 51,600.26 points, dragged down by shares of leading cement maker Cemex, following publication of the company''s mixed second-quarter results. The peso firmed 0.99 percent to trade at 17.5905 pesos per U.S. dollar. "The Federal Reserve''s decision points to the fact that it is a little more worried about inflation and that this could have implications for the normalization and rate hike plan," said Juan Carlos Alderete, an analyst at Banorte-Ixe. Brazil''s central bank cut interest rates below 10 percent for the first time in nearly four years on Wednesday, keeping a fast pace of monetary easing. The bank''s nine-member monetary policy committee, known as Copom, cut its benchmark Selic rate BRCBMP=ECI by 100 basis points for the third straight time to 9.25 percent. Most major Latin American currencies edged higher on Wednesday as investors stuck to bets the Federal Reserve would stand pat on interest rates. Brazil''s benchmark Bovespa stock index slipped 1.00 percent as traders feared the government could cut its fiscal target this year as a slower-than-expected economic recovery curbed fiscal revenues. Those concerns gained further impetus after a judge suspended a large fuel tax increase announced last week, taking away one option for covering the country''s budget gap. Latin American stock indexes and currencies at 22:01 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1,062.29 +0.06 +23.20 MSCI LatAm 2,725.25 -0.60 +16.43 Brazil Bovespa 65,010.57 -1.00 +7.94 Mexico S&P/BVM IPC 51,600.26 -0.22 +13.05 Chile IPSA 5,042.09 +0.17 +21.46 Chile IGPA 25,190.39 +0.19 +21.49 Argentina MerVal 21,202.91 -0.19 +25.33 Colombia IGBC 10,913.87 -0.25 +7.76 Venezuela IBC 134,583.50 +0.00 +324.48 Currencies daily % YTD % change change Latest Brazil real 3.138 +0.13 +3.53 Mexico peso 17.590 +0.99 +17.93 Chile peso 644.000 +0.00 +4.15 Colombia peso 3,013.880 +0.00 -0.41 Peru sol 3.245 +0.00 +5.21 Argentina peso (interbank) 17.500 +0.00 -9.29 Argentina peso (parallel) 18.220 -0.44 -7.68 (Additional reporting by Skeky Espejo; Editing by Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1KH2AV'|'2017-07-27T02:14:00.000+03:00'
'64777001df2b388af6c3a63c4af8c6db67b3e977'|'Clariant CEO: none of top 20 investors oppose Huntsman merger'|'July 27, 2017 / 8:49 AM / 10 hours ago Clariant CEO: none of top 20 investors oppose Huntsman merger 2 Min Read ZURICH, July 27 (Reuters) - Swiss chemicals maker Clariant''s 20 largest shareholders with the exception of activist investor White Tale Holdings do not oppose a planned $20 billion merger with peer Huntsman Corp, Chief Executive Hariolf Kottmann said on Thursday. "We''ve spoken to our top 20 investors - who represent more than 50 percent of our share capital - multiple times," Kottmann said in an interview with Reuters. "We didn''t experience a single investor who rejected the deal." Clariant earlier on Thursday said the merger was on track to close late this year or early next despite criticism from activist investor White Tale Holdings, which increased its stake to more than 10 percent in July. Kottmann also said Clariant could foresee divesting 25 percent of its portfolio including its Pigments and Masterbatches businesses following the merger. "We''ve always said that we could part from these items when the time is right," the chief executive added. The group expects the negative impact from raw materials costs to lessen in the second half of the year as price increases kick in, mitigating margin pressure from oil-derived inputs like ethylene and propylene, Chief Financial Officer Patrick Jany said. (Reporting by Brenna Hughes Neghaiwi and Oliver Hirt; Editing by Michael Shields) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/clariant-ma-huntsman-c-idUSZ8N1IS025'|'2017-07-27T11:49:00.000+03:00'
'd8f5c0b07c7a2d18da69d5d578de23eedabb9cf7'|'AustralianSuper prepares for U.S. infrastructure play'|'July 27, 2017 / 4:05 AM / 18 minutes ago AustralianSuper prepares for U.S. infrastructure play Reuters Staff 2 Min Read SYDNEY (Reuters) - The head of Australia''s biggest pension fund, AustralianSuper, expects state governments in the United States will cast aside parochial concerns and allow foreign funds to invest and fix up poor infrastructure there. Governments, including those in the United States and Australia, have been wary of foreign investment, frustrating plans by some major overseas investors. However, U.S. President Donald Trump has also pledged a $1 trillion infrastructure plan that is attracting global interest. AustralianSuper Chief Executive Ian Silk, whose fund manages A$120 billion (72.46 billion pounds), said at a Reuters Newsmaker event on Thursday in Sydney that U.S. infrastructure needs would ultimately outweigh foreign investment concerns. "When push comes to shove they''ll balance the parochialism with the party who is prepared to write the biggest cheque," said Silk. "Its physical infrastructure is surprisingly poor for such a wonderful country," said Silk, adding they had seen an increased interest by some state governments to use foreign funding. Some Australian states have engaged in a so-called asset-recycling scheme, which relies on governments selling or leasing state-owned infrastructure to private companies with the proceeds invested into new projects. In Australia, the federal government also previously provided cash incentives to states that put public assets into private hands. Related Coverage '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-australiansuper-ceo-infrastructure-us-idUKKBN1AC0BD'|'2017-07-27T07:41:00.000+03:00'
'de6bce511b87556e6e89c19fa54ef2d104b69cbd'|'Australian watchdog takes Ford local unit to court over transmission complaints'|'July 26, 2017 / 2:55 AM / 6 hours ago Australian watchdog takes Ford local unit to court over transmission complaints 2 Min Read FILE PHOTO: Ford Australia''s head office is seen in Melbourne August 22, 2008. Mick Tsikas/File Photo (Reuters) - Australia''s consumer watchdog said on Wednesday it has started court proceedings against Ford Motor Co''s local unit, accusing the company of engaging in misleading or deceptive conduct when responding to customer complaints. Ford refused to provide a refund or replacement vehicle to customers reporting transmission problems that included excessive shuddering, loss of gear selection and sudden loss of power, the Australian Competition and Consumer Commission (ACCC) said in a statement. The complaints concerned three vehicles - the Focus, Fiesta and EcoSport, it said, adding that it was seeking court-imposed financial penalties and redress for customers. Ford Australia said in a statement that it rejected the allegations and would be challenging the ACCC''s claims, adding that it provides refunds and replacements in accordance with consumer law. "As each of these issues has been identified, the Ford team has investigated and worked with customers to implement manufacturing and repair solutions," Ford Australia said. ACCC Chairman Rod Sims said Ford told affected customers the transmission issues were caused by the way drivers handled the vehicle, even though the company was aware of systemic issues dating back to at least 2013. Sims said Ford''s conduct was unconscionable and that it sold surrendered vehicles to wholesalers and customers without disclosing the performance issues. Reporting by Susan Mathew in Bengaluru; Editing by Jonathan Barrett and Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-australia-ford-regulator-idUSKBN1AB08K'|'2017-07-26T05:54:00.000+03:00'
'0a5bf74f14c6c979a3fbe89dee2cfa29c4db3d8b'|'MIDEAST STOCKS-Region mixed in narrow trade, no big boost from oil rebound'|'July 26, 2017 / 2:26 PM / in 32 minutes MIDEAST STOCKS-Region mixed in narrow trade, no big boost from oil rebound 3 Min Read * Most Saudi petchems rise on oil price * Sipchem, United Electronics surge on earnings beats * But Tasnee drops on Q2 earnings miss * Dubai index edges higher * Qatar''s Barwa real estate down after earnings By Andrew Torchia DUBAI, July 26 (Reuters) - Major Middle Eastern stocks markets were mixed in narrow ranges on Wednesday as caution over companies'' upcoming second-quarter earnings announcements outweighed the positive effect of a rebound in oil prices. Brent crude futures rose 40 cents to $50.60 a barrel by the afternoon after rallying more than 3 percent on Tuesday. But many investors are preoccupied with the earnings season; so far, it has been uninspiring for the markets. The Saudi stock index dropped 0.4 percent in thin trade. Most petrochemical stocks rose moderately on the back of the oil price increase and Sipchem jumped 4.1 percent after saying quarterly profit more than quintupled to 59.8 million riyals ($15.9 million), beating analysts'' average forecast of 33.49 million riyals. But National Industrialisation (Tasnee) slipped 4.9 percent after reporting second-quarter net profit rose only 7 percent to 93.6 million riyals, below analysts'' forecast of 129.7 million riyals. Retailer United Electronics gained 5.6 percent; it reported quarterly net profit jumped to 43.4 million riyals from 11 million riyals, roughly doubling forecasts by EFG Hermes and NCB Capital, as it cited higher sales and wider margins on some products. Saudi British Bank edged down 0.4 percent after posting a 1.9 percent drop in its second-quarter net profit to 1.13 billion riyals), at the high end of the forecasts of analysts, who had predicted 1.01 billion riyals. Dubai''s index rose 0.4 percent in shrinking trading volume. Islamic Arab Insurance and Dubai Islamic Insurance, which had dominated volume as they surged on Tuesday, remained active but fell back slightly. Qatar''s index edged down 0.1 percent as Barwa Real Estate lost 0.9 percent after it reported first-half net profit fell to 912 million riyals ($250.5 million) from 1.20 billion riyals. Al Meera Consumer Goods continued to attract unusually high trading volumes, rising 1.9 percent after a 5.8 percent jump on Tuesday. In Egypt, the blue-chip index gained 0.4 percent broad EGX100 edged down 0.1 percent. Highlights * The index dropped 0.4 percent to 7,200 points. Dubai * The index rose 0.4 percent to 3,608 points. Abu Dhabi * The index fell 0.4 percent to 4,524 points. Qatar * The index edged down 0.1 percent to 9,584 points. Egypt * The index gained 0.4 percent to 13,801 points. Kuwait * The index rose 0.2 percent to 6,846 points. Bahrain * The index gained 0.2 percent to 1,338 points. Oman * The index climbed 0.6 percent to 5,027 points. (Reporting by Andrew Torchia; Editing by Keith Weir) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1KH64K'|'2017-07-26T17:26:00.000+03:00'
'eccf9264c7b8f2101e5c4f0936e21419c958b3b6'|'Deutsche Bank asset management listing seen in first half 2018 at earliest - sources'|'July 26, 2017 / 4:53 PM / in 5 minutes Deutsche Bank asset management listing seen in H1 2018 at earliest: sources Arno Schuetze and Simon Jessop 5 Min Read FILE PHOTO: A statue is pictured next to the logo of Germany''s Deutsche Bank in Frankfurt, Germany, September 30, 2016. Kai Pfaffenbach/File Photo FRANKFURT/LONDON (Reuters) - Deutsche Bank''s planned listing of its asset management arm is unlikely before the first half of next year and could be later, as it wants more time to refine and sell the business''s strategy to potential investors, people close to the matter said. Germany''s largest lender announced plans to list the unit, including its main DWS retail asset management brand, in March as part of a broader restructuring aimed at reviving the bank''s fortunes following costly law suits and trading scandals. While it said at the time the share sale would take place at some point over the next two years, investors expected it the bank to move quickly to take advantage of buoyant equity markets and seal a deal that could raise 2 billion euros ($2.3 billion). But its so-called "equity story" for selling the business to investors is far from ready, and Deutsche is desperate to avoid another U-turn after it put retail business Postbank up for sale, only to decide later to keep it, the sources said. Some investors have also indicated they would prefer a stronger focus at Deutsche''s asset management arm on so-called passive investments or exchange traded funds (ETFs), whereas its main business is currently with actively managed funds. "The IPO story is not ready yet," one of the people said, adding that in his view the unit needed to invest in its ETF business to keep up with competitors. Deutsche ( DBKGn.DE ), which will report second-quarter earnings on Thursday, declined to comment. Chief Executive John Cryan conceded in May it would take time to realize the benefits of the lender''s latest efforts to "plant and sow" - or breathe new life into the Deutsche brand. ETFs Deutsche Asset Management currently has 723 billion euros invested worldwide, of which 540 billion are actively managed, 103 billion in ETFs and the rest in alternatives such as real estate. Concern around the scale of Deutsche''s ETF offering comes as market leaders BlackRock ( BLK.N ) and Vanguard continue to grow assets under management in Europe, with the latter flagging plans to expand its continental operations. Underpinning that is a belief the market for ETFs in Europe will continue to grow strongly over the coming years, fueled in part by new regulations aimed at making the costs of investing more transparent. European ETF assets rose for the fifth straight year to hit a record 514.5 billion euros in 2016, data from Thomson Reuters Lipper show, up 15 percent but still just a fraction of the 9.4 trillion euros in total invested assets. But with asset managers under pressure from investors to cut fees, even in the already low-cost ETF market, a provider needs to have scale to succeed. European sales of ETFs during 2016 were led by BlackRock, Vanguard and State Street, the Lipper data show, with Deutsche Bank not even making the top-10. It still retained its position as the second-biggest ETF provider in Europe, behind BlackRock''s iShares, with assets under management of 53.3 billion euros, the data show. But by May, Deutsche''s ETF brand Xtrackers had fallen to third place behind BlackRock and Societe Generale''s Lyxor unit. [ tmsnrt.rs/2uwBywT ] An analyst at a top-50 shareholder in Deutsche Bank was more sanguine about the company''s ETF market position, with a number six position globally leaving it "probably at minimum efficient scale", but with "clearly scope to build" in the United States. Deutsche Bank is, however, making headway with the organizational work for listing the asset management division. Division head Nicolas Moreau said last month the bundling of the unit''s businesses into one holding company would be done by October, as would the finalization of distribution and service contracts between Deutsch asset management and its mothership. Investment banks vying for mandates to help organize the listing had expected Deutsche to pick a so-called global coordinator - which will work alongside Deutsche''s own investment bank on the deal - before the summer break. That has slipped into the second half of the year, people close to the matter said, adding banks that helped Deutsche with its 8.5 billion euro capital raising earlier this year stood a good chance of securing roles on the deal. Deutsche hopes that by giving its asset management arm more operational independence the unit will attract more talent, and Cryan has said the bank will maintain a "controlling and super-majority stake" in the business. Additional reporting by Kathrin Jones and Alexander Hübner; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-bank-asset-management-idUKKBN1AB2D4'|'2017-07-26T19:48:00.000+03:00'
'9fe010645d9d7f08ad9109c026adb7b1a79dd587'|'Exclusive: Banks dealing EU sovereign debt may be dragged out of London'|'July 26, 2017 / 8:48 AM / 9 hours ago Exclusive: Banks dealing EU sovereign debt may be dragged out of London Abhinav Ramnarayan and Anjuli Davies 6 Min Read FILE PHOTO: A view of the Canary Wharf district is seen in London, Britain July 7, 2017. John Sibley/File Photo LONDON (Reuters) - Banks at the heart of EU government borrowing could be forced to move some operations out of London if they want to hold on to that business after Brexit, according to three senior bankers with knowledge of the matter. A large part of European national borrowing is managed by London-based investment banks, which currently rely on "passporting" to offer services across the European Union but could lose this right after Britain leaves. EU officials are considering imposing rules to require these primary dealers - the banks appointed by national debt agencies to help them borrow from investors - to have significant operations in the bloc post-Brexit, said the bankers. The three London-based banking sources all work in the business of selling European government debt and have frequent discussions with European government officials. They declined to be named as those discussions are confidential. The bankers said EU authorities were looking at imposing similar rules to those the United States which require primary dealers in U.S. Treasuries to have operations in the country. They said it was too early to say how much of banks'' operations would be required to move, but that it could involve all primary dealing jobs as well as some jobs in associated services, such as fixed-income sales and distribution, and money-market trading. The European Commission, the EU executive body, declined to comment. The German, French and Italian finance ministries either declined to comment or did not respond to requests for comment. The European Central Bank, which is responsible for supervision of European banks, said it was monitoring developments around the issue of primary dealers. Barclays, Citi, Goldman Sachs, HSBC and JPMorgan are among the leading investment banks arranging euro sovereign bond deals. Others such as Nomura and Morgan Stanley are also active. All those banks either declined to comment or did not immediately respond to requests for comment. Banks May Exit Primary Dealing Industry executives say as much as 70 percent of sovereign debt in Europe is arranged by London-based firms, either acting as market makers in government bond auctions or selling debt directly to investors through "syndicated" deals. Several billion euros of European government bonds are sold every week to primary dealers through auctions, which they then sell on. In addition, Thomson Reuters data shows 148 billion euros of bonds were sold via syndication last year. Some banks are already making preparations to move some primary dealer positions from London to other European centers, according to two of the bankers with knowledge of the matter. Other banks may exit the primary dealing business altogether, said the third source. A fourth senior banker said his company was considering quitting its primary dealership business in some EU countries if it was required to shift some operations out of London, because of the costs this would incur. Another senior industry source said big banks'' European government bond desks tended to comprise about 15-20 people, but that the number of jobs moving could be much higher. "It is very hard to look at the primary dealership debate in isolation because it has a knock on effect on so many other parts of the business," he said. "Overall, I expect many banks to move hundreds of jobs to Europe and the primary dealership issue will be part of the reason for that." The possible requirements provide a further incentive to move operations out of London for investment banks, which have started to enact contingency plans for when Britain leaves the EU and potentially loses passporting rights. Global banks have already indicated thousands of jobs could move from London in the next two years. "Because of the continuing uncertainty people have to assume the worst-case scenario, and they have to take action now," said Matthew Hartley, Debt Capital Markets Partner at law firm Allen & Overy, which has also worked on bond documentation for several European countries. "So inevitably you are getting people setting up in different European centers and building up a proper bank in the relevant jurisdiction," he said. Higher Borrowing Costs? For European government debt agencies already dealing with a shrinking pool of banks to partner with, institutions exiting the business could lead to higher borrowing costs. But some debt agency officials believe it will not come to that. Anne Leclerq, head of Belgium''s debt agency, said she believed some primary dealers would move if the regulations changed. "We have primary dealers in common with Italy and France and so on, so those institutions would not be able to serve any of their clients in the euro zone if they don''t move operations," she told Reuters. "And they only would have to move somewhere in the euro zone, not to each individual country. It''s more an issue for the banks than for us." But some smaller countries, who arguably could be the worst hit if more primary dealers drop out, favor compromise. Portuguese debt agency chief Cristina Casalinho, for example, told Reuters on the sidelines of a conference in June: "We have to consider a two-way value proposition for it to work. We are in close contact with our primary dealers and we try to listen to their concerns." Reporting By Abhinav Ramnarayan and Anjuli Davies; Additional reporting by Francesco Canepa, Dhara Ranasinghe, Francesco Guarascio and Andrew Macaskill; Editing by Pravin Char 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-primary-dealers-idUSKBN1AB10U'|'2017-07-26T11:48:00.000+03:00'
'28af9514924fe035dfff2cadd735d8dc6d1e2ea7'|'Brazil carrier TIM board approves reorganization of subsidiaries'|'BRASILIA, July 25 (Reuters) - Brazilian wireless carrier TIM Participações SA has obtained board approval for its plan to reorganize its subsidiaries TIM Celular and long-distance operator Intelig Telecom, according to a securities filing on Tuesday.TIM said the reorganizations is aimed at "capturing operational and financial synergies" with a more efficient corporate structure. (Reporting by Anthony Boadle; Editing by Leslie Adler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tim-part-results-restructuring-idUSS0N1IB006'|'2017-07-26T03:31:00.000+03:00'
'e714b7642243d812f010fe74b13271160b0b4976'|'Investment in UK fintech tops pre-Brexit levels in first half of 2017'|'July 25, 2017 / 11:09 PM / an hour ago Investment in UK fintech tops pre-Brexit levels in first half of 2017 Jemima Kelly 4 Min Read FILE PHOTO: People are seen in the Level39 FinTech hub based in the One Canada Square tower of the Canary Wharf district of London, Britain, August 5, 2016. Jemima Kelly/File Photo LONDON (Reuters) - Over half a billion dollars were poured into British financial technology companies in the first half of 2017, over a third more than the same period last year, trade body Innovate Finance said on Wednesday, in the latest sign the fast-growing sector is so far weathering Brexit. UK-based fintech startups pulled in $564 million of venture capital investment in the first six months of the year, more than half of which came from outside Britain. That was up 37 percent from the first half of 2016, and put Britain in third place globally for fintech investment, behind the United States and China. Some had worried that Britain''s vote last June to leave the European Union would see Britain lose its status as the main European hub for fintech - a sector that ranges from mobile payment apps to digital currencies like bitcoin, and one that the government regards as a key source of economic growth. The latest figures paint a promising picture, with investment up almost 50 percent on the second half of last year in the aftermath of the Brexit vote. That still lags 2015, when a record $676 million was invested in the first half of the year and over $1.3 billion for the entire year. But from July 1 to July 23, the sector has already raised another $155 million. "We saw a period of uncertainty over the summer last year but I would say that by around the third quarter, things were starting to recover," Innovate Finance''s chief financial officer, Abdul Haseeb Basit, told Reuters. "Things have slowed but we''ve seen an improving recovery since the referendum last year." The government has identified fintech as a priority area, saying it provides 60,000 jobs and contributes around $9 billion to the economy. FILE PHOTO: A man uses a laptop in the Level39 FinTech hub based in the One Canada Square tower of the Canary Wharf district of London, Britain, August 5, 2016. Jemima Kelly/File Photo Basit said some deals had term sheets that included "Brexit clauses" - contractual provisions that meant investment was contingent on Britain voting to stay in the European Union - that had been triggered after the Brexit vote and meant funding had been pulled, causing concern. But investors say Britain''s prowess in both conventional finance and technology, as well as light-touch regulation, its pro-business culture and even the fact that it is Anglophone make it difficult for other centres to compete, though many - such as Berlin and Paris - are trying. Basit said while passporting rights - which give firms licenced in one EU country the right to trade freely in any other - had been a big concern for investors after Brexit, those worries had eased. Even if Britain loses passporting rights, that would affect only 20 percent of the almost 300 startups that are members of Innovate Finance. Talent Needed More of a worry, he said, was that access to highly skilled workers would dry up when Britain leaves the EU. Innovate Finance has estimated 30 percent of the sector''s workers are from overseas, mostly from the European Union. "Talent is the number one concern, and has been consistently since the referendum - we test (our members on) that every three to six months. So that''s been fairly consistent - it''s been a worry and until we have more certainty around that, it will remain a worry," he said. Globally, fintech investment for the first half of the year stood at $6.5 billion. Just over half that went into U.S. startups and $1 billion into China. That was down 45 percent from the same period last year, but Innovate Finance said that was largely because of three Chinese "megadeals" worth more than $1 billion each that had all gone through in early 2016. A third of the investment into British fintech came from venture capital firms based in the United States. "There is a lot of competition in the investment space - there''s a lot of capital available and it''s looking for good companies to invest in," said Basit. "Were they to not invest in UK companies, they feel like they might miss an opportunity. The appetite is still strong." Reporting by Jemima Kelly, editing by Larry King 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-fintech-investment-idUKKBN1AA2VN'|'2017-07-26T02:05:00.000+03:00'
'2c25c107ba3fa846ba971150454607d04b58fead'|'CANADA STOCKS-TSX edges higher as energy stocks gain with oil'|'July 26, 2017 / 1:53 PM / 2 minutes ago CANADA STOCKS-TSX edges higher as energy stocks gain with oil 1 Min Read TORONTO, July 26 (Reuters) - Canada''s main stock index edged higher in early trade on Wednesday, with gains for the index''s heavyweight energy sector on higher oil prices offsetting falls for railway stocks after Canadian National Railway Co reported earnings. The Toronto Stock Exchange''s S&P/TSX composite index was up 2.39 points, or 0.02 percent, at 15,204.76 shortly after the open. (Reporting by Alastair Sharp) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1KH0PC'|'2017-07-26T16:53:00.000+03:00'
'e3b58fbd6c42a7bc528b23bb1b029e341d1d9e1b'|'UK''s SFO says opens investigation into Rio Tinto Group'|'FILE PHOTO: A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. David Gray/File Photo LONDON (Reuters) - Britain''s anti-fraud regulator said it has opened an investigation into how the miner Rio Tinto conducted business in the Republic of Guinea."The Serious Fraud Office has opened an investigation into suspected corruption in the conduct of business in the Republic of Guinea by the Rio Tinto group, its employees and others associated with it," the SFO said in a statement on Monday.U.S. listed shares in Rio Tinto fell 1.4 percent to $43.52 after news of the SFO investigation."Rio Tinto will fully co-operate with the Serious Fraud Office and any other relevant authorities, as it has done since it self-reported in November 2016," the company said in a statement on Monday.Last November Rio Tinto said that it had become aware of emails that referred to unexplained payments of $10.5 million in connection with the Simandou iron ore project in the West African nation.Reporting by Huw Jones; editing by Andrew MacAskill and Alexander Smith '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-sfo-rio-tinto-idUSKBN1A9243'|'2017-07-24T19:32:00.000+03:00'
'bd4e38a5b1ddde1eb9d1999245347a889ea108e7'|'U.S. home sales stumble as prices hit record high'|'July 24, 2017 / 2:02 PM / 22 minutes ago U.S. home sales stumble as prices hit record high 3 Min Read FILE PHOTO -- A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, U.S. October 20, 2014. Larry Downing/File Photo WASHINGTON (Reuters) - U.S. home resales volumes fell more than expected in June as a dearth of properties pushed house prices to a record high. The National Association of Realtors said on Monday existing home sales dropped 1.8 percent to a seasonally adjusted annual rate of 5.52 million units last month. May''s sales pace was unrevised at 5.62 million units. Economists polled by Reuters had forecast sales falling 1.0 percent to a 5.58 million-unit rate. Sales were up 0.7 percent from June 2016. An acute shortage of properties has hampered monthly sales. The shortage of properties has led to bidding wars, which have culminated in house price increases outpacing wage gains. Last month, the number of homes on the market slipped 0.5 percent to 1.96 million units. Supply was down 7.1 percent from a year ago. Housing inventory has dropped for 25 straight months on a year-on-year basis. As a result, the median house price jumped 6.5 percent from a year ago to an all-time high of $263,800 in June. It was the 64th straight month of year-on-year price increases. The PHLX index of housing stocks .HGX fell, underperforming a broadly weaker U.S. stock market. Prices for U.S. Treasuries bonds slipped while the U.S. dollar rose slightly against a basket of currencies after the data was published. Homebuilders are struggling to plug the inventory gap amid rising costs of lumber. Homebuilding is also being constrained by shortages of labor and land. A report last week showed housing starts rebounding 8.3 percent to a 1.22 million-unit pace in June, but still below their historic average of 1.5 million units, a rate realtors say would eliminate the housing shortage. The two reports suggest that housing subtracted from gross domestic product in the second quarter after contributing almost half a percentage point to the economy''s annualized 1.4 percent growth pace in the first three months of the year. Last month, sales fell in the Northeast, West and South regions, but rose in the Midwest. At June''s sales pace, it would take 4.3 months to clear the stock of houses on the market, up from 4.2 months in May. A six-month supply is viewed as a healthy balance between supply and demand. Houses typically stayed on the market for 28 days last month, down from 34 days a year ago. Houses spent fewer days on the market in Seattle, Salt Lake City, San Jose, San Francisco and Denver. Demand for housing is being driven by a tight labor market, marked by a 4.4 percent unemployment rate, which is boosting employment opportunities for young Americans. But the tight labor market has not spurred faster wage growth. Annual wage growth has struggled to break above 2.5 percent, sidelining first-time home buyers, whose share of home sales has barely shifted. They accounted for 32 percent of transactions last month, well below the 40 percent share that economists and realtors say is needed for a robust housing market. Reporting by Lucia Mutikani '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-economy-housing-idINKBN1A91RU'|'2017-07-24T17:36:00.000+03:00'
'f0e3f760133aac3d57333f19552adb0f0d1ab392'|'Engine delays hit Airbus profits, delivery targets fragile'|'July 27, 2017 / 5:27 AM / an hour ago Engine delays hit Airbus profits, delivery targets fragile 2 Min Read An Airbus A380, the world''s largest jetliner, flies during the start of The Bridge 2017, a transatlantic race from Saint-Nazaire to New-York, in Saint-Nazaire, France June 25, 2017. Stephane Mahe/Files PARIS (Reuters) - Europe''s Airbus on Thursday unveiled a one-third slump in half-way operating profit on flat revenue, as delays in engine deliveries for its upgraded A320neo hit interim earnings. The world''s second largest planemaker after Boeing stuck to its financial targets and production plans, but suggested reaching its 2017 delivery target depended essentially on deliveries from Pratt & Whitney. For the second quarter, Airbus posted a lower-than-expected 859 million euro ($1 billion) operating profit, down 27 percent, on revenues of 15.271 billion. Analysts were on average expecting profit of 910 million euros on 15.823 billion euros in sales, according to a Reuters poll. Airbus also disclosed a new output cut for its slow-selling A380, saying it would now deliver eight superjumbos in 2019, down from a previously announced 12 in 2018. The figures came a day after rival Boeing saw its shares hit a record after posting second-quarter profit and cashflow well ahead of Wall Street estimates. ($1 = 0.8516 euros) Reporting by Tim Hepher, Cyril Altmeyer, Victoria Bryan, Editing by Sudip Kar-Gupta 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airbus-results-idINKBN1AC0GR'|'2017-07-27T08:27:00.000+03:00'
'c710de64f02c2a7d8d72e1315bf8e4d08dbe3270'|'Fiat Chrysler second-quarter profits rise 15 percent but debt disappoints'|'Edition United States July 27, 2017 / 11:19 AM / in a few seconds Fiat Chrysler second-quarter profits rise 15 percent but debt disappoints Reuters Staff 1 Min Read A specialist trader works at the post where Fiat Chrysler Automobiles is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. Brendan McDermid MILAN (Reuters) - Fiat Chrysler Automobiles (FCA) ( FCHA.MI ) on Thursday reported a slightly better-than-expected second-quarter adjusted operating profit, helped by improvements in Europe and Latin America and continued strong performance in its key market in North America. The world''s seventh-largest carmaker ( FCAU.N ) said adjusted earnings before interest and tax (EBIT) for the April-June period rose 15 percent to 1.87 billion euros ($2.2 billion), above a 1.81 billion consensus in a Thomson Reuters analyst poll. Revenues were basically flat at 27.9 billion euros, slightly below an average analyst forecast of 28.9 billion euros. Net industrial debt fell to 4.2 billion euros by the end of June from 5.1 billion euros three months earlier, but was higher than an analyst consensus forecast of 3.9 billion euros. The group confirmed its full-year guidance. Reporting by Agnieszka Flak'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-fiatchrysler-results-idUKKBN1AC1OL'|'2017-07-27T14:11:00.000+03:00'
'9d1dc86d95ce1ce1fde12b88cfa466b483e078d0'|'Deutsche Bank posts unexpectedly sharp rise in second-quarter profit'|'July 27, 2017 / 5:32 AM / 29 minutes ago Deutsche Bank sees lower 2017 revenues after mixed second quarter Tom Sims and Arno Schuetze 3 Min Read FILE PHOTO: A vintage clock with the logo of Deutsche Bank is pictured outside the bank''s branch in Wiesbaden, Germany, January 28, 2015. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Deutsche Bank ( DBKGn.DE ) forecast lower full-year revenues and only a modest improvement in earnings on Thursday, after second-quarter sales were hit by a drop in capital markets trading. Germany''s biggest lender beat forecasts with a jump in quarterly net profit to 466 million euros ($547 million) from just 20 million a year earlier, helped by cost cutting. Analysts had forecast a profit of 273 million. However, total revenues were down 10 percent in the quarter to 6.6 billion euros, and Deutsche said it expected revenues of its operating businesses to be lower in 2017 than last year - compared with its previous guidance for a broadly flat outcome. Its shares were indicated 2.4 percent lower in pre-market trade. Related Coverage Deutsche Bank to recover $47 million in bonuses from former executives - sources "This reflects our expectation that market volatility and related client activity remain muted, whereas our macro outlook remains broadly positive," Deutsche said, referring to its full-year guidance. It added credit loss provisions were likely to increase in the second half after an unusually low first half. The bank''s post-tax return on average tangible equity for the full year will improve moderately, it added. Chief Executive John Cryan said the group''s second-quarter profitability fell short of its longer-term goals. "Revenues were not as universally strong as we would have liked, in large measure because of muted client activity in many of the capital markets," he said in a statement. Revenues at Deutsche''s cash-cow bond-trading division were down 12 percent in the quarter as lower market volatility led to less client trading of interest rate and foreign exchange products, while sales were down 28 percent in equity trading. The dip in debt trading compares with a 40 percent drop at Goldman Sachs ( GS.N ) and declines of 4 percent to 19 percent at Morgan Stanley ( MS.N ), Citigroup ( C.N ), Bank of America ( BAC.N ) and JPMorgan ( JPM.N ). The second-quarter slowdown has been blamed on a lack of events to spark a surge in trading, especially compared with a year ago, when Britain voted in June 2016 to leave the European Union. Low interest rates and a more guarded view on when rates will rise have added to that. Provisions for possible future legal action fell to 2.5 billion in the quarter, after the bank settled cases such as over the sale of toxic mortgages and sham Russian trades, leaving a probe into sanctions violations as the only large remaining litigation issue. Contingent liabilities were down to 1.8 billion. "Although in the first half of 2017 we recorded virtually no litigation expense we anticipate these expenses to be higher in the second half of 2017," Deutsche said. Reporting by Tom Sims and Arno Schuetze; Editing by Maria Sheahan and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-results-idUKKBN1AC0H6'|'2017-07-27T08:32:00.000+03:00'
'515c119fafdc7c82661061c358065e27fb040525'|'Asia shares hit 2008 highs, dollar in decline on Fed inflation view'|'July 27, 2017 / 12:40 AM / 32 minutes ago U.S. stocks decline with transports; bond yields up Caroline Valetkevitch 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 20, 2017. Brendan McDermid NEW YORK (Reuters) - U.S. stocks fell, weighed down by technology and transportation shares on Thursday, while U.S. Treasury yields climbed as investors assessed the Federal Reserve''s recent statement that it is closer to paring its balance sheet. The S&P 500 was trading lower along with the Nasdaq, while MSCI''s 47-country All World share index edged lower after hitting a record high earlier. The Dow Jones transportation average was down 3.4 percent, on track for its biggest daily percentage decline since June 2016 and Britain''s vote to exit the European Union, while the S&P technology index was down 1.4 percent. "The general sentiment of the market coming into the day was that transportation stocks are telling us something that we''re not paying attention to," said Art Hogan, chief market strategist at Wunderlich Securities in New York. "You''ve got a general feeling a lot of good news is priced in to this market," Hogan said. The U.S. central bank said on Wednesday it expected to start winding down its massive holdings of bonds "relatively soon," despite striking a cautious tone on low inflation. Many analysts and traders expect the Fed to announce its balance sheet reduction plans when its policymakers meet in September. Results from Facebook and Verizon helped boost U.S. stocks earlier in the session. With equity markets at record levels, investors have been counting on robust company earnings to justify relatively expensive stock valuations. The Dow Jones Industrial Average was up 24.89 points, or 0.11 percent, to 21,735.9, the S&P 500 had lost 10.22 points, or 0.41 percent, to 2,467.61 and the Nasdaq Composite had dropped 63.13 points, or 0.98 percent, to 6,359.62. Dollar banknotes are seen in this picture illustration taken June 13, 2017. Dado Ruvic/Illustration The biggest one-day drop in AstraZeneca shares, following a drug study failure, dominated trading in Europe though a handful of results helped broader indexes nudge higher. The pan-European STOXX 600 ended down 0.11 percent. The U.S. dollar rose against the euro after solid U.S. economic data. Data showed that new orders for key U.S.-made capital goods unexpectedly fell in June, but a fifth straight monthly increase in shipments suggested that business spending on equipment supported economic growth in the second quarter. The euro on Thursday fell 0.5 percent against the dollar, slipping back below $1.17. The dollar was down 0.1 percent against the yen to 111.09 yen. The dollar had fallen on Wednesday after the Fed''s policy statement suggested the Fed was in no hurry to raise interest rates again. A Reuters poll showed most primary dealers still expect the Fed''s next rate rise to be in December. But rate futures are pricing in less than a 50 percent chance of a hike by then, compared to just over 50 percent before the Fed''s meeting. Benchmark 10-year notes were last down 8/32 in price to yield 2.31 percent, up from 2.28 percent on Wednesday. Oil prices extended recent gains in the wake of Wednesay''s surprising slump in U.S. inventories that encouraged hopes that a global crude glut would recede. Brent crude futures were up 52 cents to settle at $51.49 a barrel, while U.S. crude was up 29 cents to $49.04.   Marc Jones in London, Sinead Carew in New York, Wayne Cole in Sydney; Editing by Bernadette Baum and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-markets-idUSKBN1AC01W'|'2017-07-27T03:39:00.000+03:00'
'7568ede99c7ac3e49ea6dcc5cbf016061d925206'|'De Beers diamond unit says open to doing deals'|'Edition United States July 27, 2017 / 1:49 PM / in 17 minutes De Beers diamond unit says open to doing deals Reuters Staff 2 Min Read The De Beers logo is displayed in Hong Kong, China, September 14, 2016. Bobby Yip/File Photo - RTX2USJB LONDON (Reuters) - Anglo American''s ( AAL.L ) diamond unit De Beers is open to buying new assets at the right price, its chief financial officer said on Thursday, after the unit reported a 3 percent increase in underlying earnings. The company as a whole announced the resumption of dividend payments and said it had cut debt and improved cash flow, meaning it could be positioned for growth. "We are open to M&A activity, but it''s got to be the right opportunity," CFO Nimesh Patel said in a telephone interview. "We will look at opportunities - the right quality, long-term sustainable and first and foremost at the right price. We benchmark against our own organic production." Following a deep downturn, miners such as Anglo American were focused on disposal of assets rather than buying them, but analysts say balance sheets have been repaired and some players have begun to do deals. Earlier this month, Canada''s Dominion Diamond Corp ( DDC.TO ) said it was being bought by The Washington Companies for $1.2 billion. Anglo American has said diamonds, along with copper and platinum, are at the center of its business. They have the advantage of being counter-cyclical as a luxury product that can hold value when basic commodities fall. Diamond sales last year were hit in India, the third biggest market, by the withdrawal of high-value notes, but that market is recovering, De Beers says. It has increased its 2017 marketing budget by 20 percent to around $140 million, including both its own advertising and a contribution to the industry body the Diamond Producers Association''s campaign to boost sales. Reporting by Barbara Lewis; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-angloamerica-debeers-idUKKBN1AC25G'|'2017-07-27T16:44:00.000+03:00'
'8cc1816f76e44229486d01a3f9c77c17c887f677'|'U.S. home sales stumble as prices hit record high'|'July 24, 2017 / 2:33 PM / in 8 minutes U.S. home sales stumble as prices hit record high Reuters Staff 3 Min Read A home for sale is seen in Santa Monica, California, U.S., March 21, 2017. Lucy Nicholson WASHINGTON (Reuters) - U.S. home resales volumes fell more than expected in June as a dearth of properties pushed house prices to a record high. The National Association of Realtors said on Monday existing home sales dropped 1.8 percent to a seasonally adjusted annual rate of 5.52 million units last month. May''s sales pace was unrevised at 5.62 million units. Economists polled by Reuters had forecast sales falling 1.0 percent to a 5.58 million-unit rate. Sales were up 0.7 percent from June 2016. An acute shortage of properties has hampered monthly sales. The shortage of properties has led to bidding wars, which have culminated in house price increases outpacing wage gains. Last month, the number of homes on the market slipped 0.5 percent to 1.96 million units. Supply was down 7.1 percent from a year ago. Housing inventory has dropped for 25 straight months on a year-on-year basis. As a result, the median house price jumped 6.5 percent from a year ago to an all-time high of $263,800 in June. It was the 64th straight month of year-on-year price increases. The PHLX index of housing stocks .HGX fell, underperforming a broadly weaker U.S. stock market. Prices for U.S. Treasuries bonds slipped while the U.S. dollar rose slightly against a basket of currencies after the data was published. Homebuilders are struggling to plug the inventory gap amid rising costs of lumber. Homebuilding is also being constrained by shortages of labour and land. A report last week showed housing starts rebounding 8.3 percent to a 1.22 million-unit pace in June, but still below their historic average of 1.5 million units, a rate realtors say would eliminate the housing shortage. The two reports suggest that housing subtracted from gross domestic product in the second quarter after contributing almost half a percentage point to the economy''s annualised 1.4 percent growth pace in the first three months of the year. Last month, sales fell in the Northeast, West and South regions, but rose in the Midwest. At June''s sales pace, it would take 4.3 months to clear the stock of houses on the market, up from 4.2 months in May. A six-month supply is viewed as a healthy balance between supply and demand. Houses typically stayed on the market for 28 days last month, down from 34 days a year ago. Houses spent fewer days on the market in Seattle, Salt Lake City, San Jose, San Francisco and Denver. Demand for housing is being driven by a tight labour market, marked by a 4.4 percent unemployment rate, which is boosting employment opportunities for young Americans. But the tight labour market has not spurred faster wage growth. Annual wage growth has struggled to break above 2.5 percent, sidelining first-time home buyers, whose share of home sales has barely shifted. They accounted for 32 percent of transactions last month, well below the 40 percent share that economists and realtors say is needed for a robust housing market. Reporting by Lucia Mutikani'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN1A91TR'|'2017-07-24T17:33:00.000+03:00'
'cc19e34c591d8e5582b0af02256770ecc5cfb6b5'|'IMF cuts UK growth forecast, Treasury calls for smooth Brexit'|'July 24, 2017 / 9:54 AM / 6 hours ago IMF cuts UK growth forecast, Treasury calls for smooth Brexit Reuters Staff 3 Min Read FILE PHOTO: The Canary Wharf financial district is seen at dusk in London, Britain November 7, 2014. Toby Melville/File Photo LONDON (Reuters) - Britain has suffered the biggest downgrade of economic growth projections by the International Monetary Fund for the world''s rich nations this year, prompting the finance ministry to renew its call for a smooth exit from the European Union. Britain''s economy now looks set to grow by 1.7 percent this year, down from a forecast made in April of 2.0 percent but still higher than growth in France, Italy and Japan, the IMF said. The IMF said its downgrade reflected Britain''s weaker-than-expected growth in the early part of this year. "The ultimate impact of Brexit on the United Kingdom remains unclear," the Fund''s chief economist Maurice Obstfeld said. The IMF in April raised its forecasts for British growth after the economy withstood the initial shock of the referendum decision in June last year to leave the EU. Britain''s Chancellor of the Exchequer, Philip Hammond, leaves 11 Downing Street, in central London, Britain July 17, 2017. Tolga Akmen However, the world''s fifth-biggest economy grew by just 0.2 percent in the first quarter of 2016 compared with the last three months of 2016 as accelerating inflation - caused in large by part by the fall in the value of the pound since last year''s Brexit vote - prompted consumers to rein in their spending. The economy is expected to have picked up only a bit of speed to 0.3 percent in the second quarter, according to the median forecast of economists polled by Reuters ahead of the release of preliminary data on Wednesday. People shop at a Sainsbury''s store in London, Britain October 11, 2016. Neil Hall British Chancellor Philip Hammond has stressed the need for a transition deal to ease Britain out of the EU, angering some Brexit campaigners. A spokesman for the Treasury said the weaker growth seen by the IMF was a reminder of the need to smooth Brexit as much as possible. "This forecast underscores exactly why our plans to increase productivity and ensure we get the very best deal with the EU, are vitally important," the spokesman said. The 0.3 percentage-point cut to Britain''s 2017 growth forecast contrasted with upgrades for most of the big advanced economies covered by the IMF''s forecasts although the projection for U.S. growth this year was cut by 0.2 percentage points. The IMF maintained its forecast for British economic growth to slow to 1.5 percent in 2018, slightly slower than expected growth in France and Germany next year. Writing by William Schomberg; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-imf-idUKKBN1A911G'|'2017-07-24T12:53:00.000+03:00'
'72b8fb5a647eaed5eaf25b651945ffcaa21957f9'|'Italy''s Generali to strengthen its presence in France - CEO tells paper'|'July 24, 2017 / 5:58 AM / 21 minutes ago Italy''s Generali to strengthen its presence in France - CEO tells paper Reuters Staff 1 Min Read The Assicurazioni Generali logo is seen in downtown Milan, Italy, February 8, 2016. Stefano Rellandini/File Photo MILAN (Reuters) - Assicurazioni Generali ( GASI.MI ) plans to boost its French business while it is weighing various options in Germany where it wants to manage more actively its life business, the CEO of Italy''s biggest insurer told Corriere della Sera on Monday. Philippe Donnet also said that the insurer was not asked to convert into equity some subordinated debt it owns in struggling lender Banca Carige ( CRGI.MI ). Reporting by Francesca Landini; Editing by Biju Dwarakanath 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-generali-ceo-report-idUKKBN1A90FH'|'2017-07-24T08:57:00.000+03:00'
'1c43cac413fea5378349cbafb2dfa3b24ef7e375'|'Ryanair has submitted non-binding bid for Alitalia'|'July 24, 2017 / 7:17 AM / 18 minutes ago Ryanair has submitted non-binding bid for Alitalia Reuters Staff 1 Min Read FILE PHOTO: An airplane of Alitalia approaches to land at Fiumicino international airport in Rome, Italy, May 3, 2017. Max Rossi/File Photo DUBLIN (Reuters) - Irish budget carrier Ryanair has submitted a non-binding bid for struggling Italian airline Alitalia, its chief financial officer said on Monday. Alitalia filed in May to be put under special administration for the second time in less than a decade, starting a process that will lead to the airline being overhauled, sold off or wound up. It received about ten non-binding offers by a Friday deadline, a source told Reuters. "We put a non-binding bid in," Chief Financial Officer Neil Sorahan told Reuters. "I can''t say much more other than we think it is right to be involved in the process." Chief Executive Michael O''Leary in June said Ryanair would seek a majority stake in Alitalia if it decides to invest. But at other times he has indicated he was keen on cooperating with the business rather than buying it and was more interested in participating in the sales process than buying it. Reporting by Conor Humphries, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airlines-alitalia-ryanair-idUKKBN1A90MW'|'2017-07-24T10:15:00.000+03:00'
'c6c6a30691ad646da0805cc0f1b702aad4c64b4e'|'London''s Walkie Talkie building sold for record-breaking £1.3bn - Money'|'It damaged cars with scorching reflected sunlight , has been accused of creating a wind tunnel that can topple pedestrians and has split the capital into lovers and haters. Now, London’s landmark Walkie Talkie building has broken records with its £1.3bn sale to a Hong Kong firm best known for making oyster sauce.Walkie Talkie tower: stark reminder of forces that rule the City Read moreThe controversial skyscraper, officially called 20 Fenchurch Street, is being bought by the property arm of Lee Kum Kee Health Products Group, a conglomerate that makes condiments and healthcare products and also develops property. The price tag is the highest ever paid for a single UK building.The deal easily surpasses the previous record price for a single building in the UK. The Qatar Investment Authority paid £1.17bn to acquire the HSBC tower in Canary Wharf in December 2014.Property company Land Securities , whose other investments range from Brighton Marina to the Lakeside shopping park in Thurrock, Essex, said it had exchanged contracts to sell its 50% stake in the City of London building. Lee Kum Kee is buying the other 50% from Canary Wharf Group. The deal is expected to be completed by the end of August.High living, low sales: Shard apartments still empty, five years on Read moreThe 37-storey Walkie Talkie, nicknamed for its distinctive top-heavy shape, has been dividing opinion since before its completion in 2014.In 2013, the building’s south-facing glass facade channelled the sun’s rays into a beam of heat , which melted the bumper of a Jaguar, blistered painted shopfronts and singed carpets. The heat was so intense that a journalist on a City newspaper managed to fry an egg on the pavement.The incidents earned the building new nicknames, including the Walkie Scorchie and Fryscraper, and the builders were forced to apply sun shading to resolve the issue.The architect, Rafael Viñoly, said he had predicted the building might reflect the sun’s rays on to the street below , but “didn’t realise it was going to be so hot”. He admitted that “a lot of mistakes” had been made with the Walkie Talkie that needed to be put right.On the top of the building is the three-storey Sky Garden visitor attraction, offering bars and restaurants, and the larger floors at the top of the structure make the most of views over London .But its bulbous shape, which looms over nearby buildings, is not universally appreciated. In 2015 it won the Carbuncle Cup, an annual award for the ugliest building of the year presented by architecture magazine Building Design. One judge called it “a gratuitous glass gargoyle graffitied on to the skyline of London”, while another described it as a “Bond villain tower”.The Walkie Talkie is the latest trophy London building to be bought by investors from China, South Korea, Singapore and Hong Kong, who, despite Brexit, are taking advantage of the low value of the pound to snap up property bargains in the capital. Chinese investors have spent £3.5bn on property in the City and the West End so far this year.The nearby “Cheesegrater” tower, officially called the Leadenhall Building, was sold to China’s CC Land for £1.15bn in March , while Beijing Capital Development Holdings, a state-owned group, bought a 15-storey block on the edge of the City for £210m late last year.Lee Kum Kee purchased the glass-fronted 3 Harbour Exchange building in Docklands in December for £37m, and earlier this year the group tried and failed to buy the Gherkin. LKK is a 129-year-old family business that specialises in oyster sauce, shrimp paste and Chinese herbal medicine, and is controlled by 88-year-old billionaire Lee Man Tat.London''s Walkie-Talkie building – in pictures Read moreJames Beckham, head of London capital markets at property advisory firm Cushman & Wakefield, said: “This record-breaking deal demonstrates the enormous investor appetite in London, and in the City’s reputation as the global place to do business.“Since the vote to leave the EU, capital targeting London from the Asia-Pacific region has increased to record levels. This is partly due to currency fluctuations, but is more indicative of longer-term confidence in London and investment strategies which are not derailed by short-term political uncertainty.”Beckham described London as the “number one destination” for Asian investors who want to invest abroad.The Walkie Talkie is thought have been a commercial success for its developers. The 17,000 sq ft ground floor (about the same size as a small supermarket) is occupied by retail outlets, while the office space above, which is especially popular with insurance firms, is fully let.Robert Noel, chief executive of Land Securities, said the property company had achieved “an exceptional price” for the building, which had been “an immensely successful project”.Sammy Lee, chairman of LKK Health Products Group, which includes the Infinitus Property Investment division, said: “We are delighted to acquire 20 Fenchurch Street in central London to expand our global presence through strategic investments.”The group also owns and manages office and retail space in Guangzhou and Shanghai in China, as well as in central Hong Kong.Topics Commercial property Real estate Property London Architecture Land Securities news'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jul/27/londons-walkie-talkie-building-sold-for-record-breaking-13bn'|'2017-07-27T03:00:00.000+03:00'
'1fd5c470da900348eaf8bfa057401be66773e8f1'|'PRESS DIGEST- New York Times business news - July 27'|'July 27, 2017 / 5:25 AM / 14 hours ago PRESS DIGEST- New York Times business news - July 27 2 Min Read July 27 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - The former head of labor relations at Fiat Chrysler Automobiles was indicted on conspiracy and other charges by a federal grand jury on Wednesday, accusing him of siphoning off millions of dollars from a workers training center. nyti.ms/2uDQebD - A jury in Los Angeles on Wednesday awarded Quincy Jones $9.4 million damages, finding that he was underpaid his share of royalties for the use of music in the posthumous Jackson film "This Is It" and two Cirque du Soleil shows. nyti.ms/2uEfaQq -A Russian man, Alexander Vinnik, was arrested in Greece on Tuesday after being charged for overseeing a black market Bitcoin exchange that helped launder billions of dollars and stood at the nexus of several criminal enterprises, according to a federal indictment. nyti.ms/2v9VHdk - The Fed, in a statement after a two-day meeting of its policy-making committee, said it would start reducing its bond holdings "relatively soon" as long as moderate economic growth continues. nyti.ms/2v9HbCr - Britain announced on Wednesday that sales of new diesel and gas cars would reach the end of the road by 2040, the latest step in Europe''s battle against the damaging environmental impact of the internal combustion engine. nyti.ms/2uDS7Fw Compiled by Bengaluru newsroom '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1KI23B'|'2017-07-27T08:24:00.000+03:00'
'8dc783cb0849caa9a7bc79e1eea5cd046d03f4f4'|'China repeats call for caution on overseas sports, media deals'|'July 27, 2017 / 5:40 AM / 10 minutes ago China repeats call for caution on overseas sports, media deals Reuters Staff 3 Min Read SHANGHAI (Reuters) - China''s commerce ministry reiterated on Thursday warnings about overseas acquisitions by local firms, especially in sectors such as entertainment and sport, underlining a recent drive to rein in offshore spending by some of the country''s biggest firms. Chinese firms should exercise "prudent" decision making regarding overseas investments in real estate, hotels, film studios, entertainment and sports clubs, a spokesman for the country''s Ministry of Commerce said at a briefing. "We will continue to work with relevant departments to guard against risks of outbound investment, and ensure the healthy and orderly development of investment overseas," ministry spokesman Gao Feng said, according to a transcript of the event. Gao was responding to a question about real estate giant Dalian Wanda Group, which has recently come under the spotlight over its overseas deals in entertainment and film. Wanda has been very active globally, with deals for U.S. cinema chain AMC Entertainment Holdings Inc ( AMC.N ), Hollywood film studio Legendary Entertainment, Odeon & UCI Cinemas and Nordic Cinema Group, as well as a UK luxury yacht maker. It also owns a stake in soccer club Atletico Madrid. China will support companies investing overseas according to market and international rules, especially in ''Belt and Road'' developments, Gao said, referring to China''s push to increase infrastructure investment along a modern day ''Silk Road''. Beijing''s crackdown on showy overseas ventures and high-profile empire builders has drawn in several corporations apart from Wanda, such as HNA Group, Anbang Insurance [ANBANG.UL], Fosun International ( 0656.HK ) and Zhejiang Luosen that was behind the purchase of A.C. Milan football club. China''s state planner said earlier this month authorities would continue to monitor the trend of "irrational" overseas investments in real estate, hospitality and film. After rising 44 percent last year, outbound direct investment by Chinese firms fell 45 percent year-on-year in the first half of this year. Reporting by Adam Jourdan; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-deals-overseas-idUKKBN1AC0HA'|'2017-07-27T08:39:00.000+03:00'
'feb9369409f1cdb0b1235fa417a7296cbf25b322'|'AB InBev sees broad earnings rise outside weak Brazil'|'July 27, 2017 / 5:38 AM / 15 minutes ago AB InBev sees broad earnings rise outside weak Brazil Philip Blenkinsop 2 Min Read The logo of Anheuser-Busch InBev is pictured outside the brewer''s headquarters in Leuven, Belgium February 25, 2016. Yves Herman/File Photo BRUSSELS (Reuters) - Anheuser-Busch InBev ( ABI.BR ), the world''s largest beer maker, reported an increase in second-quarter earnings on Thursday as gains in China, Mexico and new market South Africa offset weakness in Brazil. The brewer of Budweiser, Stella Artois and Corona, which makes more than a quarter of the world''s beer, saw a 1 percent increase in beer volumes and shifted consumers onto higher priced beers, resulting in a 5 percent increase in revenues. Second-quarter core profit (EBITDA) was up 11.8 percent excluding currency shifts and on a like-for-like basis, at $5.35 billion, compared with the average forecast in a Reuters poll of $5.40 billion. AB InBev, which sells more than twice as much beer as nearest rival Heineken ( HEIN.AS ) following its $100 billion acquisition of SABMiller in 2016, said volumes fell in its two largest markets, the United States and Brazil, as well as in Colombia. However, Brazil was the only main market to see profits decline, for a sixth consecutive quarter, as Latin America''s largest economy emerges unevenly and slowly from its worst recession in more than a century. In its largest market, the United States, profits did increase despite reduced volumes due to cost savings, with growth of higher-end beers not making up for falling sales of Budweiser and Bud Light. Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-abinbev-results-idUKKBN1AC0I4'|'2017-07-27T08:50:00.000+03:00'
'8a24fbaac7948eb8e6d9b51dbc42f26183f31840'|'Fragile no more: emerging market funding gaps shrink from 2013'|'July 24, 2017 / 9:23 AM / 27 minutes ago Fragile no more: emerging market funding gaps shrink from 2013 Sujata Rao and Ritvik Carvalho 3 Min Read LONDON (Reuters) - World interest rates are on the rise, but investors have reacted by pumping $100 billion into emerging markets this year. The reason? The big balance of payments deficits behind the infamous Fragile Five selloff in 2013 are no longer a problem. Hints in mid-2013 that the United States might pare easy-money policies sparked a ''taper tantrum'' across markets. Hardest hit because of their reliance on foreign capital to plug funding deficits were a quintet of emerging economies - Indonesia, Brazil, India, Turkey and South Africa. They were running current account deficits of over 3 percent of gross domestic product, and 5 percent or more in the case of the last three. With balance of payments crises a real risk, Fragile Five currencies and stocks fell 10-20 percent after the taper hints. Since then, slower growth, currency weakness and economic reform have cut the deficits, in some cases to a quarter of 2013 levels. What this means is there is less need for foreign money: As a result, emerging equities and bonds are among the best performing asset classes so far this year reut.rs/2sxO66c "That''s been the single most important improvement in emerging market fundamentals since the taper tantrum – current accounts are back to levels seen in the mid-2000s," said Kamakshya Trivedi, co-head of global currency and emerging markets strategy at Goldman Sachs. "All our research suggests this is a big reason for the resilience with which EMs have absorbed numerous recent shocks - whether the Trump tantrum or rapid moves in core rates in the past month," Trivedi said. He was referring to the market selloff after November''s election of Donald Trump as U.S. President, and a recent rise in German and U.S. bond yields to multi-month highs. Excluding China, a group of 19 big emerging economies now show a current account surplus of roughly 1.5 percent, having swung from a deficit of just over 0.5 percent in 2013, according to this chart based on UBS data: A separate HSBC study showed that even after taking into account the impact of currency depreciation and slower growth, current accounts had a surplus of almost 1 percent of GDP versus a slight deficit in 2013. Of the 18 countries it analysed, 12 showed a significantly better current account picture compared to 2013 and only three had deteriorated, HSBC said. Investors remain concerned about some countries - Colombia, not an original Fragile Five member, has seen its gap widen to 4 percent of GDP. Turkey''s deficit remains over 4 percent, as political pressure to maximise economic growth has prevented the funding gap from narrowing as much as in other markets. "We see little to suggest that Turkish lira''s vulnerability to external shocks is reducing, unlike in other emerging markets," Morgan Stanley analysts said. (For graphic, click bit.ly/2urOMcq ) Reporting by Sujata Rao; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-emerging-deficit-funding-idUKKBN1A90YO'|'2017-07-24T12:23:00.000+03:00'
'99d28889234fe73303747ad1b03c082517d55501'|'Australian regulator investigating Takata airbag recall'|'July 23, 2017 / 8:11 PM / 17 hours ago Australian regulator investigating Takata airbag recall 1 Min Read July 24 (Reuters) - Australia''s consumer watchdog said on Monday it is investigating the recall of Takata Corp vehicle airbags, a day after police said a man''s death in a Sydney car crash could be linked to the faulty safety equipment. Police said the death of the Australian man earlier this month may be the 18th death related to faulty airbags by the Japanese auto parts maker. More than 2.3 million vehicles in Australia have been targeted in a recall since 2009, the Australian Competition and Consumer Commission (ACCC) said. Takata filed for bankruptcy protection in the United States and Japan, and said it had agreed to be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems, last month. Reporting by Susan Mathew in Bengaluru. Editing by Jane Wardell 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-takata-idUSFWN1KC0M5'|'2017-07-23T23:57:00.000+03:00'
'6b64f30e4ed6a84ffb4c8760c3c629b89b982a73'|'Europe seeks to set global trade rules after Trump steps back'|'July 27, 2017 / 6:09 AM / 2 hours ago Europe seeks to set global trade rules after Trump steps back Robin Emmott and Philip Blenkinsop 9 Min Read BRUSSELS (Reuters) - If Donald Trump''s ditching of a U.S.-led trade alliance with Pacific Rim nations wasn''t a gift to the European Union, then it must be the next best thing. The president''s decision on his first day in office effectively pulled the United States out of the race to frame global trade rules. With Washington preoccupied by an attempt to renegotiate its existing NAFTA treaty with Canada and Mexico, the EU has an opportunity to become the top setter of common business standards in a series of new deals. Still the world''s biggest trading bloc, the EU is recovering its self-confidence after a long economic crisis and Britain''s vote to leave the union. Now it has much of Asia and Latin America in its sights for trade treaties, while a far-reaching pact with Canada will already enter force in September. Japan turned to the Brussels this month to seal a deal on creating the world''s biggest open economic area, after being dumped by Trump''s scrapping of the 12-nation Trans-Pacific Partnership (TPP) free-trade accord in January. EU trade chief Cecilia Malmstrom - who until Trump''s election had been struggling to persuade Tokyo to agree tough trade-offs - acknowledges the change of fortunes. "I do not regard President Trump as a gift maybe, but it is true that many countries have started to look around more broadly," she told Reuters. "Other countries feel that they need to look out for new friends and other allies, so yes, it has increased interest in cooperation with Europe and with others." Import tariffs are already low between developed economies, so negotiations now focus more on agreeing common standards. The aim is to make it easier and cheaper for firms to do business in differing markets, avoiding the need to tailor-make products to meet varying local rules, be they for cars or cheese. For a graphic on EU trade deals, click tmsnrt.rs/2q71iyk While China is seeking greater influence, the battle has largely been between U.S. and EU standards as a template for deals governing how goods and services are bought and sold. Beijing may yet rival Europe provided it embraces a rules-based global trade order in the years to come, economists say. But in the meantime, the EU is pushing to conclude deals this year not only with Japan, but also Mexico and the Mercosur group led by Brazil and Argentina, while pressing ahead with Australia, New Zealand and Asian countries including Malaysia - also left high and dry by the TPP collapse - and Indonesia. Europe is still struggling with low economic growth and high unemployment, and the EU''s share of global trade in goods and services has fallen to 16.8 percent in 2016 from 18.8 percent a decade earlier, according to EU data. Unless the EU can reverse the trend, it risks losing its top spot when Britain - the world''s fifth biggest economy - departs in 2019. The U.S. share of global trade was 15.0 percent last year and China''s was 13.4 percent. So Brussels is pinning its hopes on a boost from new treaties, even though these take time to negotiate and win legislative approval - especially in a bloc which will still have at least 27 member states after Brexit. If all goes well, the EU''s existing and planned pacts will link markets of more than two billion people producing nearly half of global economic output. This excludes stalled negotiations with the United States and India. The United States'' existing trade treaties encompass a third of world output and fewer than 700 million people, with no new deals near completion - although Trump says he wants to clinch one with Britain when it leaves the EU. Remarkable Deal In trade talks, the biggest economies largely get their way in setting common standards, so a string of new agreements could make EU rules the benchmark for everything from selling farm products to running tenders for public works contracts. That would benefit EU firms, which already comply with the bloc''s rules, while those from other countries would have to adjust to new sets of regulations. FILE PHOTO: European Trade Commissioner Cecilia Malmstrom speaks during an interview with Reuters at the EU Commission headquarters in Brussels, Belgium, July 20, 2017. Francois Lenoir /File Photo Even Japan has agreed to align its standards for cars and parts produced by its motor industry with those used by the EU. Brussels has also secured better access for its companies to public tenders in Japan right down to a local level, such as for railway equipment, hospitals or electricity distribution. That means, for instance, a French or Spanish firm could sell high-speed "bullet trains" to the country that pioneered the idea. While Japan is the world''s number three economy, its share of global trade is 4.9 percent, less than a third of the EU''s. The deal also gives the EU the upper hand in its promotion of "geographical indications" to guarantee, for example, what is labeled as feta cheese comes only from Greece and as champagne only from France. This contrasts to the U.S. approach where producers anywhere can seek a trademark for what they sell. It still needs to be formally signed and ratified but the EU has scored a notable success, according to Hosuk Lee-Makiyama, director of the Brussels-based think-tank ECIPE. "If you consider the concessions the Japanese have made on cars and on public procurement, it''s quite remarkable," he said. u.s. "Own Goal" Trump said this month that the United States had made "some of worst trade deals in world history", arguing they have been bad for American workers. Still, the Pacific Rim TPP deal would have bound the 12 signatory nations to rules set along U.S. lines, most likely favoring American businesses. Pulling out of the TPP was "the biggest own goal of the new U.S. administration", Lee-Makiyama said. "The United States was the station manager of the international trading system and it has abdicated in a rather flamboyant way." A bilateral U.S.-Japan free trade deal was now off the table too because Tokyo could not offer agricultural concessions to Washington after yielding to EU farming demands, he added. Even Britain will probably have to agree to rules forged by negotiators in Brussels when it strikes bilateral deals after Brexit, as the EU''s main trade partners adopt the bloc''s norms. These will include systems to govern legal disputes among investors and food safety rules. Chinese Challenge? Washington could still change tack and embrace open markets. Commerce Secretary Wilbur Ross said in May it made sense to revive stalled free-trade talks with the EU, albeit towards a deal cutting the U.S. trade deficit with Europe. Senior diplomats from some EU allies including New Zealand and Canada have expressed frustration at the slow bureaucracy in the EU, whose accords have be translated into 24 languages and ratified by more than 30 national and regional parliaments. Europe''s opportunity could also be squandered if it allows internal squabbling between free trading and more protectionist member states to undermine its credibility. But with Trump focused on renegotiating the North American Free Trade Agreement with Canada and Mexico, "the United States is out of the picture for the next three and a half years", said Jeffrey Bergstrand at the University of Notre Dame in Indiana. China, which overtook Germany as the world''s biggest exporter in 2009, also has ambitions to dominate global trade, and wants to break Europe''s hold on the container shipping industry and deepen its ownership of international ports. President Xi Jinping also seeks to link Asia, Africa and Europe with billions of dollars of infrastructure investment to extend Beijing''s reach under his "Belt and Road Initiative". But Western officials, investors and economists say China''s opaque governance, regular changes to legislation and curbs on foreign investment limit its ability to emerge as a champion of the rules-based order underpinning trade deals. Capital controls imposed since November make it harder for individuals and companies to move money out of China. "Until, or unless, China transitions to a rules-based liberal political and economic regime, I have serious doubts that they can lead the world," said Erik Nielsen, chief economist at UniCredit Bank. Additional reporting by Alastair Macdonald in Brussels, Leslie Wroughton in Washington; editing by David Stamp 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-eu-trade-idUSKBN1AC0KK'|'2017-07-27T09:08:00.000+03:00'
'82acac40c2846b02c3de95c6bd4d5a606ef3c99d'|'Exclusive: Nordstrom family offers preferential terms to clinch buyout partner - sources'|'July 27, 2017 / 7:01 PM / an hour ago Exclusive: Nordstrom family offers preferential terms to clinch buyout partner - sources 4 Min Read The Nordstrom store is seen at a mall in a Denver suburb May 16, 2008. Rick Wilking (Reuters) - The group of Nordstrom Inc family members seeking to take the eponymous U.S. department store operator private is offering preferential terms to potential equity partners willing to fund the buyout, people familiar with the matter said. The Nordstrom family''s decision to offer these concessions underscores the apprehension of investors over leveraged buyouts of department store chains, as private equity-owned peer Neiman Marcus Group Inc now struggles with its debt pile amid the rise of internet shopping and changing consumer tastes. The family''s move has been successful in reinvigorating talks with potential partners, five sources said this week. Leonard Green & Partners LP, Apollo Global Management LLC and KKR & Co LLP are among the private equity firms in talks with the Nordstrom family members, according to the sources. In its bid to raise around $1 billion in equity from outside investors, the Nordstrom family has also reached out to sovereign wealth funds, public pension funds, and firms that invest exclusively on behalf of rich families, the sources added. One possibility being explored is offering potential partners preferred equity in the deal, so that they reap more dividends out of the company''s cash flow or they get paid first if there is a stock sale in the future, the sources said. The Nordstrom family members are also contemplating using $7 billion to $8 billion in debt to finance their bid, some of the sources added. The sources asked not to be identified because the negotiations are confidential. Representatives for Nordstrom and the Nordstrom family, as well as Leonard Green, did not immediately respond to requests for comment, while KKR and Apollo declined to comment. Seattle-based Nordstrom, which has a market capitalization of approximately $8 billion, said in June that the family group, which owns 31.2 percent of the 116-year-old retailer, was studying ways to take the company private. The Nordstrom family is hoping to make investments that will make some of its stores more popular with customers, but would likely be unpopular with the company''s shareholders in the short term, one of the sources said. Making those investments as a private company would therefore be easier, the source added. These initiatives would include investing in e-commerce, closing underperforming stores and investing in top locations, and expanding its successful discount shopping chain, Nordstrom Rack, according to the source. Nordstrom operates 354 stores, including 122 full-line stores in the United States, Canada and Puerto Rico. Out of those, 221 are Nordstrom Rack stores. Its Seattle flagship location, modeled after famous European department stores, has restaurants, bars and pop up shops. Nordstrom is also working on a flagship location on Manhattan''s West 57th street in New York. Nordstrom has long been viewed as the jewel of the department store industry. Its affordable high-end price point has distinguishes it from peers such as Macy''s Inc, without making it too exclusive. Still, like all of its peers, it has seen its stock and same-stores sales fall as customers change their shopping habits. Neiman Marcus, which is owned by buyout firm Ares Management LP and the Canada Pension Plan Investment Board, has been working with a financial restructuring adviser this year to cope with its $4.7 billion debt pile, with much being the legacy of its $6 billion leveraged buyout in 2013. Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Additional reporting by Richa Naidu in Chicago; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-nordstrom-m-a-family-idUSKBN1AC2YU'|'2017-07-27T22:05:00.000+03:00'
'50bb8f6360a57e26e80c310c0deb1662c51e500e'|'Lloyds bank posts biggest half-year profit in eight years'|'July 27, 2017 / 6:18 AM / in 6 hours Lloyds bank posts biggest half-year profit since 2009 Andrew MacAskill and Lawrence White 3   Customers use ATMs at a branch of Lloyds Bank in London, Britain, February 21, 2017. Picture taken February 21, 2017. Toby Melville/File Photo LONDON (Reuters) - Lloyds Banking Group''s ( LLOY.L ) biggest half-year profit in eight years and an increase in interim dividends after emerging from government ownership was clouded by costs for past misconduct. Britain''s largest retail bank reported a statutory pretax profit of 2.5 billion pounds ($3.28 billion) on Thursday, about 4 percent higher than last year. The modest increase in profit, which was below analyst expectations, was driven by higher revenues. But it was tempered by a higher-than-expected bill for compensating customers mis-sold loan payment insurance in what is Britain''s costliest consumer scandal. The bank set aside a further 700 million pounds to compensate people mis-sold the insurance policies, nine months after saying it had hopefully drawn a line under the issue. Lloyds, seen as a bellwether for the British economy, said that although the economy remains resilient the bank is starting to tighten lending standards in consumer finance. Earlier this week, the International Monetary Fund downgraded its 2017 economic outlook for Britain by more than any other rich nation. Chief Executive Antonio Horta-Osorio gave his strongest indication yet that he would remain at the bank, having faced repeated questions from analysts and investors in recent months over his future after the landmark exit from government ownership. "I enjoy the job, I like the people at Lloyds, I have no intention of going anywhere," he told reporters on a conference call. The shares were down 0.5 percent at 0705 GMT. Lloyds said the new charge to compensate customers mis-sold loan insurance should be the last major provision until the end of the claims deadline in 2019. This was another blow to Lloyds whose earnings for years have been drained by costs related to conduct issues, and takes the bank''s total cost to cover the mis-selling of payment protection insurance to about 18 billion pounds. Lloyds also agreed to pay 283 million pounds in compensation to mortgage customers who incurred fees after they fell behind with their mortgage payments. Horta-Osorio said the bank will never completely stop having to pay customers for misconduct such as mis-selling, but that the levels should fall over time. Total income rose 4 percent to 9.3 billion pounds. Lloyds said it would pay an interim dividend of 1 pence per share, up 18 percent on last year. The bank said its net interest margin - the difference between the interest it gets from borrowers and what it pays savers, a key revenue driver – had widened to 2.82 percent from the last quarter. Reporting By Andrew MacAskill and Lawrence White; Editing by Rachel Armstrong/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloyds-results-idUKKBN1AC0LA'|'2017-07-27T09:18:00.000+03:00'
'80e67fa203c26dd3a66d5810b5f9685c44414d5f'|'Takeaway website Just Eat to work more with branded restaurant chains'|'July 27, 2017 / 10:40 AM / 5 minutes ago Takeaway website Just Eat to work more with branded restaurant chains Emma Rumney 3 Min Read LONDON (Reuters) - British takeaway ordering website Just Eat said on Thursday it planned to work more with branded UK restaurant chains, knocking its shares despite an upgrade to its full-year revenue forecast. Founded in 2001, Just Eat has grown rapidly, listing its shares in London in 2014. Its focus so far has been on serving independent restaurants but it is now branching out, investing in partnerships with chains like Burger King and KFC. "The success of targeting chained restaurants with outsourced delivery is yet to be proven," said analysts at Berenberg, who have a "buy" stance on the shares. "However, there are both offensive and defensive reasons for Just Eat to at least experiment with it," they said. Shares in Just Eat, up 43 percent over the last year, fell as much as 5.7 percent on Thursday. They were down 2.9 percent at 690 pence at 0950 GMT, valuing the business at 4.7 billion pounds. Though the firm, which has seen several management changes this year, raised its revenue forecast for 2017 to 500 million pounds to 515 million pounds ($657-$676 million), from 480-495 million pounds previously, it maintained its core earnings forecast at 157-163 million pounds. "We intend to reinvest this revenue outperformance into additional profitable growth opportunities, including further building on the momentum within the business and increased collaboration with branded UK restaurants," Interim Chief Executive and Chief Financial Officer Paul Harrison said. He said Just Eat''s investment in partnerships was one of the reasons it had raised its revenue outlook, alongside better-than-expected growth in particular from its international business, which now contributes 43 percent of group revenue. For the six months to June 30 Just Eat''s revenue rose 44 percent to 246.6 million pounds as it continued to win share from its largest competitor - the telephone. Orders increased 24 percent to 80.4 million. "We ... are pleased that 75 percent of total orders are now placed on mobile devices," said Harrison, who will revert to his finance role when Peter Plumb, the former boss of Moneysupermarket.com, takes over as CEO in September. Core earnings - underlying earnings before interest, tax, depreciation and amortisation - rose 38 percent to 73.6 million pounds. Britons have been hurt by a rise in inflation, caused in large part by the fall in the value of the pound since last year''s vote to leave the European Union, and by a slowdown in wages growth. Harrison, however, remained upbeat on prospects. "That weakness that we read about, that we observe in the consumer market, is not apparent in our results, in our business and experience," he told reporters. Editing by James Davey and Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-just-eat-results-idUKKBN1AC1KS'|'2017-07-27T13:40:00.000+03:00'
'1b747201b726b60f57e85bb9441099adb9f10358'|'Alan Rubenstein to step down as head of UK''s pension rescue fund - Sky News'|'July 23, 2017 / 9:03 PM / 10 hours ago Alan Rubenstein to step down as head of UK''s pension rescue fund - Sky News Reuters Staff 1 Min Read (Reuters) - The chief executive of Britain''s Pension Protection Fund (PPF) will step down early next year from the role he will have held for nearly nine years, Sky News reported on Sunday. Alan Rubenstein''s departure will be announced on Monday, Sky News said, citing a Whitehall source. Rubenstein, who was appointed as CEO of the PPF in 2009, was previously responsible for managing the Pensions Advisory Group at U.S.-based Lehman Brothers. The PPF bails out under-funded schemes whose sponsors go bankrupt, financing itself by charging a levy which varies from scheme to scheme depending on their financial shape. reut.rs/2gVsm00. The PPF could not be immediately reached for comment. Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-pensions-reg-idUKKBN1A80VT'|'2017-07-24T00:03:00.000+03:00'
'78bfcfb83b6edf39cb6fa90ea80926b1d4c4ab86'|'ECB finalises top staff appointments in economics unit'|'July 26, 2017 / 3:47 PM / 20 minutes ago ECB finalises top staff appointments in economics unit Reuters Staff 1 Min Read European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany July 20, 2017. Ralph Orlowski FRANKFURT (Reuters) - The European Central Bank appointed Massimo Rostagno as director general monetary policy on Wednesday, formalising his temporary appointment in one of the most vital staff positions at the bank. The ECB also appointed Hans-Joachim Kloeckers as director general economic developments, a post he has held on an acting basis. The two appointments are part of the ECB''s reorganisation of its economics unit, which prepares the monetary policy decisions while monitoring and forecasting monetary, financial, structural and business cycle developments. The two men are among a handful of staff members who attend Governing Council meetings besides policymakers. Reporting by Balazs Koranyi; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-workers-idUKKBN1AB27P'|'2017-07-26T18:46:00.000+03:00'
'c1c70f4237b1abf0c69e75d9ead0d48e4205b668'|'UPDATE 1-Indonesia open to rejoining OPEC if not forced to cut -minister'|'HOUSTON (Reuters) - Indonesia is open to rejoining the Organization of the Petroleum Exporting Countries as long as it is not forced to curb its own crude oil production, the nation''s energy and mineral resources minister said on Tuesday."We would have to have a concession for not following cuts from time to time," the minister, Ignasius Jonan, said in an interview in Houston, where he is meeting with major oil producers.Indonesia said two months ago that it was considering rejoining OPEC after it had left and rejoined several times over the years. The country, which pumps about 800,000 barrels of crude per day, would become the group''s 15th member.The membership talks come as OPEC members grapple with an oversupply of crude around the globe, brought on in part by rising production from U.S. shale regions.Indonesia imports roughly double the amount of crude that it produces, so it is happy with the current oil price, near $50 per barrel, Jonan said. When asked if that point of view would cause tension in an OPEC meeting, Jonan said it would "lead to more dialogue."Jonan, who was appointed energy minister last year, is meeting with Chevron Corp, Exxon Mobil Corp, ConocoPhillips and others in Houston this week, a stop on a multi-nation tour to bolster interest in investing in Indonesia."This is all part of an effort to have a more open dialogue with our business partners," Jonan said.The minister said he had a long discussion with Chevron about the company''s operations in the Permian Basin, the largest U.S. oilfield."The production capacity keeps growing. That''s significant," he said. "If shale oil production keeps going up, that means U.S. imports of crude oil is going down."Freeport Jonan also addressed a permit dispute with Freeport-McMoRan Inc, the world''s largest publicly traded copper miner, over operations in Indonesia.To bring an end to the long-running negotiations, Freeport would need to build a smelter in Indonesia and divest 51 percent of its holdings in the country in order to renew its license, Jonan said, calling the terms non-negotiable."There is no option," he said. "It they don''t, it''s OK, but they cannot export."For its part, Freeport said on Tuesday as it reported quarterly results that it was making progress in discussions with the Indonesian government.Reporting by Ernest Scheyder; Editing by Leslie Adler '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-indonesia-jonan-idUSKBN1AB00L'|'2017-07-26T03:43:00.000+03:00'
'ed36f5fa8960f844e85406303c8e98980a63d092'|'U.S. firm Global Eagle says $416 mln pact with China''s HNA fails to pass regulator'|'HONG KONG, July 26 (Reuters) - U.S.-based Global Eagle Entertainment Inc said a $416 million investment pact made last year with a unit of Chinese conglomerate HNA Group Co Ltd has been called off after failing to receive regulatory approval.Global Eagle, in a securities filing late on Tuesday, said the companies did not secure approval from the Committee on Foreign Investment in the United States (CFIUS) before the "outside date" under the investment agreement.In November, Global Eagle and HNA unit Beijing Shareco Technologies Co Ltd said Shareco would acquire up to 34.9 percent of the U.S. firm for about $416 million and become its single largest shareholder.The pair also planned to form a Chinese joint venture focused on in-flight connectivity and entertainment.HNA and Beijing Shareco did not immediately respond to Reuters request for comment. (Reporting by Sumeet Chatterjee; Additional reporting by Kane Wu and Julie Zhu) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-eagle-ent-ma-hna-group-idUSL3N1KH1Q9'|'2017-07-26T06:48:00.000+03:00'
'39bf28320fc24524d79aa57cb7bacbbec9d763aa'|'Brazil''s Camil files for IPO'|'SAO PAULO (Reuters) - Brazilian food processor Camil Alimentos SA filed on Tuesday with the country''s securities industry regulator for an initial public offering of shares.According to the filing, the offer will be handled by the investment banking units of Itaú Unibanco Holding SA ( ITUB4.SA ), Banco Bradesco SA ( BBDC4.SA ), Bank of America Corp ( BAC.N ), JPMorgan Chase & Co ( JPM.N ) and Santander Brasil SA ( SANB11.SA ).The share offering will have a primary portion, in which proceeds go to the company, and a secondary portion, in which current shareholders sell part of their stakes.According to the filing, private equity firm Warburg Pincus LLC will sell part of its 31 percent stake. O Estado de Sao Paulo reported the hiring of the banks earlier on Tuesday.Brazil has seen IPO activity skyrocket in recent months as it slowly recovers from its deepest recession in decades and government efforts to curb growth of public debt help to lure global investors.Last week was the busiest for equity listings in the country in four years, with several other companies expected to price their IPOs in coming weeks.Writing by Bruno Federowski and Tatiana Bautzer; Editing by Andrea Ricci and Andrew Hay '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-camil-ipo-idUSKBN1AA2H1'|'2017-07-26T03:05:00.000+03:00'
'14ddd6055677c8d6a7190c6009badaa623d250b2'|'Thyssenkrupp CEO keen for Tata steel merger deal before end-September: sources'|'Heinrich Hiesinger, chief executive of ThyssenKrupp addresses the company''s annual shareholders meeting in Bochum, Germany, January 27, 2017. Thilo Schmuelgen LONDON/FRANKFURT (Reuters) - Thyssenkrupp''s ( TKAG.DE ) chief executive is pushing for a deal to fold its steel operations into a joint venture with India''s Tata Steel ( TISC.NS ) as early as September, after two years of talks, sources told Reuters.The talks are more advanced than previously thought, the sources said.With earnings from Thyssenkrupp''s industrials businesses sound and those at the steel unit weak due to structural overcapacity in the sector, Chief Executive Heinrich Hiesinger is facing pressure from investors to deliver the merger."The fiscal year will come to an end soon (in September) and Hiesinger wants to have a story for investors. If it would not come to a merger it would be a severe defeat for (him)," a German union source said.Hiesinger has staked his reputation on transforming Thyssenkrupp from a loss-making steelmaker into a diversified industrials group, with steel now contributing just under a quarter of the firm''s revenues.His ultimate aim is for Thyssenkrupp to exit the steel business altogether."He (Hiesinger) has invested too much time for it to now fail," a banking source familiar with the matter said.The biggest stumbling block in talks to merge the two firms'' European steel assets was largely resolved in May, when Tata said it had agreed the main terms of a deal with the British regulator to cut benefits for its 15 billion pound ($19.40 billion) UK pension scheme.With Thyssenkrupp said to be satisfied with the preliminary deal and German unions acknowledging behind the scenes that they cannot stop the merger, sources said the long-running talks should be formalized in the next couple of months.One source familiar with the matter said much still hinged on final clearance from the regulator for the Tata pensions deal and that both sides were unlikely to make any announcement before then. A pensions source, however, said regulatory clearance was pending."I would be surprised if it (clearance) didn''t happen by September," he said.Tata Steel and Thyssenkrupp declined to comment.With both companies having suffered heavy losses in steel in recent years, they are intent on a merger that would bring capacity cuts, consolidation, pricing power and synergy savings.While German unions are publicly against the venture, they privately acknowledge they cannot stop a deal even if all 10 union representatives on Thyssenkrupp''s supervisory board vote against it.They are concerned, however, that Thyssenkrupp is looking to take on a minority stake in the joint venture and is keen on handing over day to day management to Tata. Unions fear any future job cuts would fall disproportionately on them versus legacy Tata staff.It could take three to four years to integrate the two operations and deliver the sort of savings - 500 million euros a year by some estimates - that could help pave the way for an initial public offering that would see Thyssenkrupp finally exit the steel sector.The Tata pensions deal alone could take until early next year to implement even though it is due to be cleared shortly, pensions sources say.However, Martin Hunter, principal at consultants Punter Southall, said that to avoid delay, Tata and Thyssenkrupp could announce the deal but make a final tie-up contingent on the end shape of the Tata pension deal.Additional reporting by Arno Schuetze, Tom Kaeckenhoff, Alexander Huebner and Georgina Prodhan in Frankfurt; and Euan Rocha in Mumbai; Editing by Veronica Brown and Susan Thomas '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-tata-steel-m-a-thyssenkrupp-idUSKBN1AB2IU'|'2017-07-27T01:56:00.000+03:00'
'97c8c230e5495efdd29582ec31b1011cb908982d'|'Exclusive: Viacom willing to make an all-cash deal to buy Scripps Networks - sources'|'July 26, 2017 / 12:02 AM / 18 hours ago Exclusive: Viacom willing to make an all-cash deal to buy Scripps Networks - sources Jessica Toonkel 3 Min Read FILE PHOTO: A woman exits the Viacom Inc. headquarters in New York, U.S. on April 30, 2013. Lucas Jackson/File Photo (Reuters) - Viacom Inc has informed Scripps Networks Interactive it is willing to pay all cash to acquire the U.S. TV network operator, sources familiar with the matter said on Tuesday. The move by Viacom, which had $12.17 billion in debt as of March 31, could potentially mean that the $14.3 billion media company would lose its investment-grade status to buy the $10.6 billion Scripps. Last year Moody''s downgraded Viacom''s debt to the lowest level of investment grade - a status they would likely lose as a result of the deal. Viacom is bidding for Scripps, which owns channels such as HGTV, Food Network and Travel Channel, against Discovery Communications, which is not expected to make an all-cash bid, according to the sources, all of whom wished to remain anonymous because they are not permitted to speak to the media. A Viacom spokeswoman declined to comment, as did a Discovery spokesman. It is not clear what the bids were valued at or whether Viacom or Discovery has won the bidding for Scripps, but a decision was expected within the next few days, according to the sources. It is also possible that a deal may not happen. Making an all-cash bid would mark an aggressive move for Viacom Chief Executive Bob Bakish, who has pledged to turn around the struggling media company, which owns MTV, Nickelodeon and Paramount Pictures. A deal with Scripps would create a $24.9 billion cable network that brings together non-scripted programming and scripted programming, including children''s shows and a movie studio. Bakish was named to his role late last year after discussions between CBS Corp and Viacom about a possible recombination ended. Viacom has spent the past months focusing resources on six of its brands, including the soon-to-be-launched Paramount Network. New York-based Viacom also has been selling assets, including its stake in premium channel Epix to MGM Holdings Inc, in order to reduce debt. By acquiring Scripps, Viacom can gain cost savings and scale. Larger programmers are thought to have more leverage in negotiations with cable and satellite providers to carry their shows. There also is increasing competition for viewers from streaming services like Netflix Inc and Amazon. Viacom has been talking to cable and satellite companies about launching a so-called skinny bundle of non-sports networks for less than $20 per month. By acquiring Scripps programming, Viacom has more to offer its pay TV partners for such a bundle. Reporting by Jessica Toonkel in New York, additional reporting by Greg Roumeliotis in New York; Editing by G Crosse and Bill Trott 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-scripps-net-int-viacom-m-a-idUSKBN1AA2XW'|'2017-07-26T03:04:00.000+03:00'
'3ece220e0017d416ec861b9024c7902f1ce2f572'|'FTSE Russell to exclude Snap from stock indexes'|'July 26, 2017 / 8:39 PM / 9 minutes ago FTSE Russell to exclude Snap from stock indexes 1 Min Read The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. Lucy Nicholson NEW YORK (Reuters) - FTSE Russell CEO Mark Makepeace said on Wednesday the index provider plans to exclude Snap Inc ( SNAP.N ) from its widely followed stock indexes because of the Snapchat owner''s unusual share structure that denies voting rights to investors. Russell said it plans to require constituents of its indexes to have more than 5 percent of the company''s voting rights in the hands of unrestricted shareholders. Russell also said it plans to seek further feedback from clients. Reporting by Ross Kerber; editing by Grant McCool 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-snap-russell-idUSKBN1AB2TW'|'2017-07-26T23:38:00.000+03:00'
'136051a403977f4f09a112d9548acf9279c1bcaf'|'African Markets - Factors to watch on July 26'|'The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. - - - - - GLOBAL MARKETS Asian stocks steadied on Wednesday and the dollar held firm as investors awaited the Federal Reserve''s policy decision later in the day for more clues on its tightening plans. WORLD OIL PRICES Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand weakened on Tuesday as investors looked elsewhere in high-yield emerging markets for carry-trade opportunities, but stocks gained as Kumba Iron Ore rose after resuming dividend payments. NIGERIA MARKETS Nigeria''s benchmark index hit new two-year highs on Tuesday, led by banking shares after the central bank said it was committed to opening up the local currency market to investors. NIGERIA PRESIDENT Nigeria''s President Muhammadu Buhari will return to his official duties as soon as doctors advise that he can end his medical leave, according to a statement from the presidency on Tuesday. NIGERIA RATES Nigeria''s central bank held its benchmark interest rate at 14 percent on Tuesday, its governor said, but warned that the country''s recession could be prolonged if strong and bold measures were not adopted. KENYA MARKETS Kenya''s shilling was steady on Tuesday and traders said they expected it to ease slightly due to dollar demand from oil importers. GHANA GOLD Newmont Mining Corp handily beat quarterly profit estimates on Tuesday as production improved, more than offsetting the impact of lower realized gold prices, lifting the miner''s shares as much as 7.7 percent to a five-month high. TANZANIA ACACIA MINING Acacia Mining''s shares fell for a sixth straight session on Tuesday, a day after the gold miner was hit with a tax bill of more than $190 billion by the Tanzanian government. UGANDA MARKETS The Ugandan shilling was little changed on Tuesday but was expected to lose some ground after the central bank injected local currency liquidity into the money markets on Monday. UGANDA LAND A Ugandan government plan to change its constitution so it can forcefully acquire private land for public projects has ignited widespread anger, with critics saying powerful officials and individuals would use it as an excuse to grab land. UGANDA-IMF/ OIL Uganda''s new-found oil reserves may account for as much as 4 percent of its economy annually in coming years if managed well, the International Monetary Fund''s country chief says. ZAMBIA ECONOMY Zambia''s target of 4.3 percent expansion of gross domestic product in 2017 remains feasible due to expansion in key sectors in the economy and tighter spending by the government, Finance Minister Felix Mutati said on Tuesday. ZAMBIA COPPER Zambia''s Konkola Copper Mines (KCM) said on Tuesday it was halting operations indefinitely at its Nchanga underground mine (NUG) in Chingola state due to theft of high voltage cables. CENTRAL AFRICAN REPUBLIC FIGHTING Suspected Christian militiamen killed two Moroccan peacekeepers from the United Nations mission in Central African Republic on Tuesday, the mission said, in the second deadly attack on Moroccan forces this week. CONGO VIOLENCE The United Nations accused "elements" of the Congolese army on Tuesday of digging most of the mass graves it has identified in the insurrection-ravaged Kasai region of central Democratic Republic of Congo. BURUNDI MISSING Two members of a teenage robotics team from Burundi who went missing after a competition in Washington last week have been located and are safe, the city''s Metropolitan Police Department said on Tuesday. ZIMBABWE PARLIAMENT Zimbabwe''s parliament on Tuesday changed the constitution to give back to President Robert Mugabe sole power to appoint the country''s top three judges, a move the main opposition said could undermine the independence of the judiciary. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL5N1KH0A7'|'2017-07-26T07:52:00.000+03:00'
'97733be8a82f286c4a7749c4fe2dac5ef0d71404'|'Thyssenkrupp CEO keen for Tata steel merger deal before end-Sept - sources'|'July 26, 2017 / 12:30 PM / 3 minutes ago Thyssenkrupp CEO keen for Tata steel merger deal before end-Sept - sources Maytaal Angel , Edward Taylor and Carolyn Cohn 4 Min Read Heinrich Hiesinger, chief executive of ThyssenKrupp addresses the company''s annual shareholders meeting in Bochum, Germany, January 27, 2017. Thilo Schmuelgen LONDON/FRANKFURT (Reuters) - Thyssenkrupp''s ( TKAG.DE ) chief executive is pushing for a deal to fold its steel operations into a joint venture with India''s Tata Steel ( TISC.NS ) as early as September, after two years of talks, sources told Reuters. The talks are more advanced than previously thought, the sources said. With earnings from Thyssenkrupp''s industrials businesses sound and those at the steel unit weak due to structural overcapacity in the sector, Chief Executive Heinrich Hiesinger is facing pressure from investors to deliver the merger. "The fiscal year will come to an end soon (in September) and Hiesinger wants to have a story for investors. If it would not come to a merger it would be a severe defeat for (him)," a German union source said. Hiesinger has staked his reputation on transforming Thyssenkrupp from a loss-making steelmaker into a diversified industrials group, with steel now contributing just under a quarter of the firm''s revenues. His ultimate aim is for Thyssenkrupp to exit the steel business altogether. "He (Hiesinger) has invested too much time for it to now fail," a banking source familiar with the matter said. The biggest stumbling block in talks to merge the two firms'' European steel assets was largely resolved in May, when Tata said it had agreed the main terms of a deal with the British regulator to cut benefits for its 15 billion pound ($19.40 billion) UK pension scheme. With Thyssenkrupp said to be satisfied with the preliminary deal and German unions acknowledging behind the scenes that they cannot stop the merger, sources said the long-running talks should be formalised in the next couple of months. One source familiar with the matter said much still hinged on final clearance from the regulator for the Tata pensions deal and that both sides were unlikely to make any announcement before then. A pensions source, however, said regulatory clearance was pending. "I would be surprised if it (clearance) didn''t happen by September," he said. Tata Steel and Thyssenkrupp declined to comment. With both companies having suffered heavy losses in steel in recent years, they are intent on a merger that would bring capacity cuts, consolidation, pricing power and synergy savings. While German unions are publicly against the venture, they privately acknowledge they cannot stop a deal even if all 10 union representatives on Thyssenkrupp''s supervisory board vote against it. They are concerned, however, that Thyssenkrupp is looking to take on a minority stake in the joint venture and is keen on handing over day to day management to Tata. Unions fear any future job cuts would fall disproportionately on them versus legacy Tata staff. It could take three to four years to integrate the two operations and deliver the sort of savings - 500 million euros a year by some estimates - that could help pave the way for an initial public offering that would see Thyssenkrupp finally exit the steel sector. The Tata pensions deal alone could take until early next year to implement even though it is due to be cleared shortly, pensions sources say. However, Martin Hunter, principal at consultants Punter Southall, said that to avoid delay, Tata and Thyssenkrupp could announce the deal but make a final tie-up contingent on the end shape of the Tata pension deal. (This refiled version of the story adds dropped word ''that'' in paragraph 13). Additional reporting by Arno Schuetze, Tom Kaeckenhoff, Alexander Huebner and Georgina Prodhan in Frankfurt; and Euan Rocha in Mumbai; Editing by Veronica Brown and Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tata-steel-m-a-thyssenkrupp-idUKKBN1AB1P1'|'2017-07-26T15:30:00.000+03:00'
'15482e43a12bb942b25eb2a3cd94de42a56ee82e'|'Clawing back ECB stimulus this autumn ''reasonable'' - Nowotny'|'July 26, 2017 / 6:19 PM / 3 minutes ago Clawing back ECB stimulus this autumn ''reasonable'': Nowotny Reuters Staff 1 Min Read Ewald Nowotny addresses a news conference in Vienna, Austria, June 9, 2017. Leonhard Foeger LINZ, Austria (Reuters) - The European Central Bank has begun talks about tightening policy and it would be reasonable to reduce the intensity of stimulus, Austrian central bank governor Ewald Nowotny said on Wednesday, adding that a decision was coming this autumn. While the euro zone economy is gaining strength and the threat of deflation has gone, inflation remains far below the ECB''s target of close to but below 2 percent, Nowotny, who sits on the ECB''s rate setting Governing Council told a conference. He added that negative interest rates were necessary for "a while" but warned that negative rates could distort markets, a potentially dangerous phenomenon. Reporting by Shadia Nasralla; writing by Balazs Koranyi; Editing by Gareth Jones 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-nowotny-idUKKBN1AB2K1'|'2017-07-26T21:08:00.000+03:00'
'91decc87a9ce30eda4b675e31973d202001bf185'|'Citigroup to move part of private banking to Madrid due to Brexit: source'|'July 27, 2017 / 2:04 PM / 5 hours ago Citigroup to move part of private banking to Madrid due to Brexit: source 2 Min Read FILE PHOTO: The logo of Citibank is pictured at an exhibition hall in Bangkok, Thailand, May 12, 2016. Athit Perawongmetha/File Photo MADRID (Reuters) - Citigroup ( C.N ) is at an advanced stage in plans to move part of its private banking unit from London to Madrid next year as a result of Britain''s decision to leave the European Union, a source familiar with the matter said on Thursday. Several banks are opting to build up subsidiaries outside Britain so their trading operations in the EU continue without too much disruption once Britain leaves the bloc in March 2019. "There is an advanced plan to move part of the private banking unit to Madrid during 2018," the source said, confirming an earlier report about such a move by Citgroup that was carried in the Spanish newspaper El Pais. El Pais said that fewer than 50 people could be transferred, while the source said the number would be lower still and the final number and a decision would be taken as Brexit negotiations unfold. Citigroup in Madrid declined to comment. Madrid has been seeking to lure global banks after Brexit, but so far few have signaled that they will use the Spanish capital as a significant hub. Details of banks'' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit contingency plans to the Bank of England. Last week, Citigroup and Deutsche Bank ( DBKGn.DE ) said they would beef up their presence in Frankfurt due to Brexit. When Citigroup first revealed its plans on July 20 to have its main footprint in Frankfurt, the U.S. bank also said it would over time increase its presence in other key EU cities, including Amsterdam, Dublin, Madrid and Paris. Reporting by Jesús Aguado; Editing by Edmund Blair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-citigroup-idUSKBN1AC27Z'|'2017-07-27T17:03:00.000+03:00'
'dfd7bbffbc47dbd7cb18f8dceb50c5a55a9302f5'|'Anadarko quarterly loss shrinks; capex slashed for rest of 2017'|'July 24, 2017 / 8:19 PM / 7 minutes ago Anadarko quarterly loss shrinks; capex slashed for rest of 2017 1 Min Read July 24 (Reuters) - U.S. oil producer Anadarko Petroleum Corp on Monday said its quarterly loss shrank and that it would cut its 2017 capital budget by $300 million because of depressed oil prices. The company posted a loss of $415 million, or 76 cents per share, compared to $692 million, or $1.36 per share, in the year-ago period. Average daily sales volumes, the physical amount of crude and natural gas sold, fell 20 percent to 631,000 barrels of oil equivalent per day. (Reporting by Ernest Scheyder; editing by Grant McCool) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/anadarko-petrol-results-idUSL1N1KF1F2'|'2017-07-24T23:18:00.000+03:00'
'e24b99df3b343df9c49afce6a4c9181be5c6cc24'|'Japan manufacturing growth dips to 8-month low as export orders stall - flash PMI'|'July 24, 2017 / 3:22 AM / 3 hours ago Japan manufacturing growth dips to 8-month low as export orders stall - flash PMI 2 Min Read FILE PHOTO: Newly manufactured vehicles await export at a port in Yokohama, Japan, January 16, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Growth in Japan''s manufacturing activity slowed for the second straight month in July, a preliminary private survey showed on Monday, as export demand stagnated. The Markit/Nikkei Japan Flash Manufacturing Purchasing Managers Index (PMI) fell to 52.2 in July on a seasonally adjusted basis from a final 52.4 in June. The reading was an eight-month low, but remained well above the 50 threshold that separates expansion from contraction for the 11th consecutive month. "The slowdown was driven by stagnation in export orders, amid reports of weaker demand from South East Asia markets," said Paul Smith, senior economist at IHS Markit, which compiles the survey. "Nonetheless, the sector continues to add jobs, with employment growth remaining amongst the best since the financial crisis." The preliminary index for new export orders fell to 50.0 from 53.4 in June. The output component fell to 51.4 from a final 52.2 in June. On the positive side, the employment index rose to a preliminary 53.4 from 53.2 in the previous month. The index measuring expectations for future output also rose to a preliminary 63.0 in July, which is the highest since Markit began collecting this data almost five years ago. The Bank of Japan and the government have been upgrading their economic assessments recently due to growing exports, a turnaround in consumer spending and rising capital expenditure. Private-sector economists have also expressed more confidence in the economic outlook, but the improving outlook has been slow to translate into the acceleration in inflation that the BOJ is hoping for. Reporting by Stanley White; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-pmi-idINKBN1A9082'|'2017-07-24T06:21:00.000+03:00'
'd2447c9c7767add260a42a798976b57bed5bfab4'|'Ireland may need to cool economy from 2019, central bank chief warns'|'July 24, 2017 / 1:57 PM / in 5 minutes Ireland may need to cool economy from 2019, central bank chief warns Padraic Halpin 3 Min Read Governor of the Central Bank of Ireland Philip R. Lane speaks at open the new Central Bank of Ireland offices in Dublin, Ireland April 24, 2017. Clodagh Kilcoyne DUBLIN (Reuters) - Ireland may need to cool parts of its economy in a couple of year, potentially by raising taxes, if ramped up public investment coincides with full employment, its central bank chief was quoted as saying on Monday. The economy has grown faster than any other in Europe for the last three years and employment is showing no sign of slowing down, with a current jobless rate of 6.3 percent down from over 15 percent five years ago. "We are not overheating now and we may not overheat because of downside risks," Governor Philip Lane told Ireland''s edition of The Times newspaper in an interview, a transcript of which was published on the central bank''s website. "The big challenge for the government is that from 2019-2021 in the scenario where we do hit full employment in late 2018 or early 2019... the nature of the economy totally changes and everyone recognises that this has to be handled." Full employment means that just about everyone who wants a job has one, a situation which leads to workforce shortages and wage inflation. Dublin also plans to stimulate growth by nearly doubling capital spending over the next five years, tackling bottlenecks built up after investment ground to a near-halt during the financial crisis and which remains among the lowest in the European Union. Lane said that while there was some slack in the economy with wage growth remaining relatively modest, pay pressure built up quite quickly when Ireland last reached full employment in the late 1990s before the crash of the "Celtic Tiger" economy. "The process of adding through a surge in public investment, how does that work in full employment? Other parts of the economy may need to cool down and this is where the government''s overall fiscal strategy may come into play," Lane said. "So, raising taxes... Not saying we''re going to raise taxes forever. But raising taxes to make room for a surge in public investment or to make room for the fact the economy is operating above potential... For small economies the type of budget surplus needed could be significant." Ireland''s Finance Minister Paschal Donohoe said last week that overheating was a risk that could develop and that the government needed to be ready to act. Ireland also faces an economic unknown relating to next door Britain''s leaving the EU, potentially cutting its land route to mainland Europe for exports and also creating a different trade relationship with its main UK market. Reporting by Padraic Halpin Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-idUKKBN1A91RA'|'2017-07-24T16:57:00.000+03:00'
'5aac2622da2af2302514b00f66962cbbb72b2f3b'|'Supreme Court ruling leads to offensive trademark requests'|'FILE PHOTO: The Supreme Court is seen in Washington, DC, U.S. April 7, 2017. Aaron P. Bernstein/File Photo NEW YORK (Reuters) - A small group of companies and individuals are looking to register racially charged words and symbols for their products, including the N-word and a swastika, based on a U.S. Supreme Court decision on trademarks last month.At least nine such applications have been filed with the U.S. Patent and Trademark Office (PTO) since the unanimous June 19 ruling throwing out a federal law prohibiting disparaging trademarks. All are pending.In the past, the agency generally rejected similar filings because they included material that denigrated an identifiable group. But the court said the law violated free speech rights under the U.S. Constitution.If the applicants follow through, such products as energy drinks, sweatshirts and fragrances could be branded with racial slurs. Federally registered trademarks, though not required to sell goods in the marketplace, can protect businesses against unauthorized uses of their brands.Attorney David Bell, a trademark expert with the law firm Haynes and Boone, said the filings could be the tip of the iceberg if more people seek trademarks on offensive and vulgar terms."We''re now opening the door, chipping away at what''s acceptable under cultural norms," he said. "I think it could be a slippery slope, where you get more people and companies thinking, ''This is okay.''"Since the decision, seven trademark applications for versions of the N-word, an offensive term aimed at black people, have been filed, PTO records show. Other applications include an epithet for people of Chinese descent, as well as a swastika symbol, the emblem of the German Nazi party.The PTO told its staff on June 26 that the federal law''s disparagement provision can no longer be used to reject a trademark, according to written guidance seen by Reuters.The Trump administration had urged the high court to keep the provision in place.In a legal brief, the Department of Justice said if the Supreme Court struck it down, the PTO would be forced to trademark "the most repellent racial slurs and white-supremacist slogans."The PTO and the Department of Justice declined to comment.Bell said he did not expect hate groups to seize on the high court ruling to further their agenda."Might the (Ku Klux Klan) or neo-Nazi groups start doing it more? They might, but I don''t think trademark filings are high on their radar," he said.''Hate Into Hope'' Steven Maynard, a Virginia consultant who helps others obtain trademarks, started Snowflake Enterprises with several investors to apply for offensive trademarks after the court ruled.The company has submitted applications to trademark a version of the N-word to appear on clothing, hard liquor and beer, and intends to turn the slur into a brand, Maynard said in an interview. The company has a dedicated website.Maynard, 50, said he is not racist but believes that saturating the market with such epithets can rob them of their racist connotations. The idea is to spark discussion and turn "hate into hope," he said in a phone interview."If you suppress it, you give it power," Maynard said.Maynard''s argument is similar to that offered by The Slants, a Portland, Oregon-based Asian-American dance rock band, which failed in 2013 to trademark its name. The band said it was trying to reclaim a term widely viewed as a derogatory reference to Asian people''s eyes.An appeal of that rejection led to the Supreme Court ruling.John Yang, president of Asian Americans Advancing Justice - AAJC, a Washington, D.C., civil rights organization, said the Slants'' motivations for reappropriating a derogatory term were honest.But he said it was unclear whether the same could be said of new applicants who might have purely commercial motivations or even racist ones. "We are concerned that once you start to peel the onion there might be different stories involved," Yang said.San Francisco entrepreneur Mike Lin, 45, whose parents are Taiwanese, submitted a trademark application for a slur against Chinese people, one he said he was called as a kid and wanted to reappropriate, or "take back."He intends to capitalize on it by selling T-shirts bearing the slur and using the trademark application to generate news coverage for his company 47/72 Inc, he said.Reporting by Andrew Chung; Editing by Noeleen Walder and Howard Goller '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-court-slur-idUSKBN1A80L6'|'2017-07-23T17:07:00.000+03:00'
'd82e17d2005101ab15fc647943238c1e2bda33d2'|'Why record U.S. oil exports are poised for even more growth'|'July 27, 2017 / 5:05 AM / in 2 minutes Why record U.S. oil exports are poised for even more growth Devika Krishna Kumar and Marianna Parraga 7 Min Read FILE PHOTO - A view of the Tesoro refinery in Martinez California, U.S. on February 2, 2015. Robert Galbraith/File Photo NEW YORK/HOUSTON (Reuters) - U.S. refineries are producing more fuel than ever as they seek to meet rising demand - from overseas, rather than the drivers on nearby roadways. Last year, the U.S. became the world''s top net exporter of fuel, an outgrowth of booming domestic production since the shale oil revolution started in 2010. That''s a fundamental shift from the traditional U.S. role in global markets as a top importer and consumer. Net exports are on track to hit another record in 2017, making foreign fuel markets increasingly important for the future growth prospects and profit margins of U.S. refiners. Shale oil producers have provided refiners with abundant and cheap domestic crude supplies, giving them the raw material they need to produce internationally competitive fuel. The nation set a record in 2016 by sending a net 2.5 million barrels per day (bpd) of petroleum products to foreign markets. That compares to net fuel imports of 2.3 million just a decade ago, according to U.S. government data. Booming exports have bolstered margins at the biggest U.S. refiners - including Marathon Petroleum and Valero - and compensated for lack of strong growth this year in U.S. fuel demand. Now, the government of U.S. President Donald Trump is seeking to deregulate oil and gas production to further leverage rising U.S. exports for international political gain - a policy Trump calls "energy dominance". Surging U.S. crude production has already complicated the ongoing effort by the Organization of the Petroleum Exporting Countries (OPEC) to tame a global glut that has halved oil prices since 2014. The United States remains a massive importer of crude oil - regularly trading the top spot with China - but American refineries now re-export much of that oil as jet fuel, diesel and gasoline. The U.S. has a growing role in satisfying demand for motor fuel in countries such as Mexico and Brazil, where the thirst for U.S. fuel is likely to accelerate amid refinery outages and high production costs. Refined U.S. exports are also going further afield to Asia, and diesel exports to Europe increased in June to levels not seen in nearly two years, traders have said. (See graphic: tmsnrt.rs/2sSqsRP ) Traditionally, oil traders, refiners and investors have considered U.S. fuel demand as one of the leading metrics for predicting international crude oil supply and price trends. Now, they are increasingly looking to foreign demand for U.S. fuel for guidance. "Globally, you''re going to have increased demand for all of our products, and so our focus will go beyond the U.S. borders," said Texas-based Valero''s Chief Executive, Joe Gorder. In contrast, he predicted a "slight decline" in U.S. gasoline demand over the next decade. U.S. gasoline demand hit a record in 2016, as low pump prices encouraged consumption, but has leveled off this year. Rising fuel efficiency in cars is expected to limit future domestic demand growth. Latin American Buyers FILE PHOTO - A view of the Exxonmobil Baton Rouge Chemical Plant in Baton Rouge, Louisiana, U.S. on November 6, 2015. Lee Celano/File Photo U.S. refined products are filling shortages in countries such as Mexico and Venezuela, where refineries have been running below capacity. U.S. exports have also made inroads into Brazil''s market by undercutting the price of locally produced fuel. Latin America''s imports of U.S. fuels reached almost 2.5 million bpd in the first quarter compared with 2.32 million bpd in 2016. The growth was fueled by Mexico, Brazil, Peru, Venezuela and Central America, according to the U.S. Energy Information Administration (EIA). Mexico - already the biggest export market for U.S. gasoline and diesel - is seeking higher-than-usual volumes in July and August to fill a void left by a fire at its biggest refinery last month. In recession-scarred Venezuela, the country''s largest refining complex has lowered operating rates this month to less than half of its 955,000-barrel-per-day capacity, a level that has required state-run oil company PDVSA to import more fuel to meet domestic demand. Between them, Mexico and Venezuela have recently said they want to buy extra volumes of almost 19 million barrels in the second half of the year - mostly from the United States - an amount suggesting that U.S. exports will grow again this year over last year''s record levels. Net U.S. exports of transport fuels could rise 8.8 percent this year, according to PIRA Energy, an analytics and forecasting unit of S&P Global Platts. In Brazil, fuel distributors have begun buying more U.S. imports because they are cheaper than fuel sold by state-run oil firm Petrobras. Petrobras had failed to align its wholesale prices with international markets, opening a window for importers to bring fuel into Brazil. Petrobras last month said it would peg its fuels more closely to international prices as it tried to slow the expansion of U.S. imports. Analysts said supply from U.S. refiners was unlikely to slow much. Beyond the Americas U.S. refiners have also boosted exports to Europe and Asia. In Europe, U.S. shipments of diesel rose to nearly 500,000 bpd in June, according to traders, well above flows that have rarely exceeded 370,000 bpd since July 2015. U.S. global distillate exports, including diesel, hit a record that month, said researcher ClipperData, which tracks global oil flows. Exports of refined products to several Asian countries, including India, Japan and South Korea, rose to record levels in 2016, and China took a record 303,000 bpd of U.S. produced fuels in February. U.S. refiners are likely to play in important role in meeting rising demand from Asia, said Nicole Leonard, senior project consultant at Platts Analytics Oil & Gas Consulting. Analysts and traders expect U.S. refined products exports to continue to grow, even with increased competition from large exporters in the Middle East, Europe and India. Demand for U.S. fuels is underpinned by refinery challenges in neighboring countries, said Sandy Fielden, director of oil and products research for Morningstar Commodities Research in Austin, Texas. "It doesn''t seem that these Latin American countries are going to cure their refining problems overnight," he said. Reporting by Devika Krishna Kumar in New York, Marianna Parraga in Houston;   Jarrett Renshaw 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-oil-exports-idUKKBN1AC0ER'|'2017-07-27T08:02:00.000+03:00'
'9d09534ce56270b642ae3381db7396f95c2fe1ae'|'The World Is Leaning Less on Its Biggest Economy to Sustain the Recovery'|'The World Is Leaning Less on Its Biggest Economy to Sustain the Recovery Drivers of growth are shifting to Canada, the euro area, China and Japan By @atanzi More stories by Alexandre Tanzi The U.S. is fading as the global growth engine , according to the International Monetary Fund. While the IMF left its forecast for global growth unchanged at 3.5 percent in the latest quarterly update of its 2017 World Economic Outlook, Canada is leading the way among Group of Seven countries with a more than half a percentage point gain. The IMF report noted that "U.S. growth projections are lower than in April, primarily reflecting the assumption that fiscal policy will be less expansionary going forward than previously anticipated." Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-24/the-world-is-leaning-less-on-its-biggest-economy-to-sustain-the-recovery'|'2017-07-24T20:42:00.000+03:00'
'fca7bc5100529cebe3a945a24a3f9deb0db9cd16'|'Goldcorp posts quarterly profit as costs fall; CFO to leave'|'July 26, 2017 / 9:36 PM / an hour ago Goldcorp posts quarterly profit as costs fall; CFO to leave 1 Min Read July 26 (Reuters) - Canadian gold producer Goldcorp Inc reported a quarterly profit on Wednesday, helped by lower costs. The world''s fourth-biggest gold producer by market value reported net earnings of $135 million, or 16 cents per share, in the second quarter ended June 30. The company posted a loss of $78 million, or 9 cents per share, a year earlier when production slumped due to a maintenance shutdown and slow restart at its biggest mine, Penasquito, in Mexico. Goldcorp also said Chief Financial Officer Russell Ball would step down. (Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/goldcorp-results-idUSL3N1KH68O'|'2017-07-27T00:35:00.000+03:00'
'224372fc5b72746757036b4f065b9530bb5f9982'|'Adidas hikes outlook as fatter margins boost second-quarter profit'|'Edition United States July 27, 2017 / 5:14 PM / 19 minutes ago Adidas hikes outlook as fatter margins boost second-quarter profit Reuters Staff 1 Min Read An Adidas logo is pictured on a shoe before the company annual general meeting in Fuerth near Nuremberg, Germany, May 11, 2017. Michaela Rehle FRANKFURT (Reuters) - Adidas AG ( ADSGn.DE ) raised its full-year outlook after improving margins helped the German sportswear maker to achieve an 18 percent jump in second-quarter operating profit. Adidas said its operating profit rose to 505 million euros ($589 million), from 429 million euros a year earlier. The operating profit improvement was driven by a higher gross margin, the company said. Adidas now projects 2017 currency-neutral sales to grow at a rate between 17 percent and 19 percent, against a previous forecast for 12-14 percent, and for the gross margin to improve during the second half of 2017. As a result, net income from continuing operations is now forecasted at a level between 1.360 billion euros and 1.390 billion euros, against previous guidance of 1.2-1.225 billion. Reporting by Edward Taylor; Editing by Victoria Bryan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-adidas-results-q-idUKKBN1AC2QY'|'2017-07-27T20:11:00.000+03:00'
'fb491135f5476932b1358ea7a987e3b2a05474c4'|'Apple ordered to pay $506 million to university in patent dispute'|'July 26, 2017 / 12:46 AM / in 11 hours Apple ordered to pay $506 million to university in patent dispute Jan Wolfe 2 Min Read FILE PHOTO: An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. Mike Segar/File Photo (Reuters) - A U.S. judge on Monday ordered Apple Inc to pay $506 million for infringing on a patent owned by the University of Wisconsin-Madison''s patent licensing arm, more than doubling the damages initially imposed on Apple by a jury. U.S. District Judge William Conley in Madison added $272 million to a $234 million jury verdict the Wisconsin Alumni Research Foundation won against Apple in October 2015. Conley said WARF is owed additional damages plus interest because Apple continued to infringe the patent, which relates to computer processor technology, until it expired in December 2016. Apple is appealing Conley''s ruling, according to court papers. An Apple spokesman did not immediately return a request for comment. WARF sued Apple in 2014, alleging processors found in some versions of the iPhone infringe on a patent describing a "predictor circuit," which improves processor performance by predicting what instructions a user will give the system. University of Wisconsin computer science professor Gurindar Sohi and three of his students obtained the patent in 1998. Cupertino, California-based Apple denied any infringement during a 2015 jury trial and argued the patent is invalid. Apple also urged the U.S. Patent and Trademark Office to review the patent''s validity but the agency rejected that bid. WARF brought a separate lawsuit against Apple in 2015, alleging chips in later versions of the iPhone infringe the same patent. Conley said he would not rule in that case until Apple has had an opportunity to appeal the 2015 jury verdict. Reporting by Jan Wolfe; Editing by Bill Trott 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-ip-apple-patent-idUSKBN1AB023'|'2017-07-26T03:46:00.000+03:00'
'6f92d54fcaab9823f9e8f74ec2d4361d4300482d'|'Asia stocks inch up, dollar steadies as investors await Fed clues'|'July 26, 2017 / 1:00 AM / 5 minutes ago Oil gains, U.S. stocks hit highs as investors await Fed Caroline Valetkevitch 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 20, 2017. Brendan McDermid NEW YORK (Reuters) - Brent crude oil''s rise back above $50 a barrel helped lift stocks on global markets on Wednesday, while upbeat earnings and economic data soothed worries the world economy may be headed for another slowdown. All three major U.S. stock indexes hit record highs in early New York trading as Boeing ( BA.N ) and AT&T ( T.N ) led another set of strong earnings reports from U.S. companies. A U.S. dollar index gained slightly and U.S. Treasury prices were nearly flat as investors waited on the Federal Reserve''s statement from its two-day meeting to see if the U.S. central bank gives any new indications about when it will begin paring its bond holdings and next raise interest rates. Many analysts and investors expect the Fed to say at its September meeting it will begin reducing its bond portfolio, but they will be watching for any hints on the timing at this week''s meeting. Further Fed rate hikes are not seen as likely until at least December. "Any change or confirmation from the Fed statement could make that a market mover this afternoon," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. But this morning "there are a lot of bullish things across the different markets," he said. "Strong earnings reports really boosted the Dow. Oil is up ... The dollar hit the bottom of its two-year range so it looked like it was due for a bounce." Oil prices rose to near eight-week highs, with Brent futures trading over $50 a barrel after data showing a fall in U.S. inventories. Brent futures LCOc1 were up 74 cents to $50.94, while U.S. West Texas Intermediate futures CLc1 climbed 80 cents to $48.69. The S&P 500 energy index .SPNY was up nearly 1.2 percent and among the day''s top performing sectors. The Dow Jones Industrial Average .DJI was up 105.61 points, or 0.49 percent, to 21,719.04, the S&P 500 .SPX had gained 1.87 points, or 0.08 percent, to 2,479 and the Nasdaq Composite .IXIC had added 7.78 points, or 0.12 percent, to 6,419.96. MSCI''s index of stock markets across the world .MIWD PUS was up 0.13 percent, while European shares .FTEU3 rose 0.45 percent. The dollar, hurt since March by a retreat in expectations for further rises in U.S. interest rates this year, gained 0.1 percent against both the euro EUR= and the euro-dominated basket of currencies .DXY most used to measure its broader strength. Benchmark 10-year U.S. Treasury notes US10YT=RR dipped 2/32 in price to yield 2.33 percent, unchanged from Tuesday. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets Additional reporting by Karen Brettell in New York and Patrick Graham in London; Editing by Mark Trevelyan and James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN1AB02R'|'2017-07-26T04:08:00.000+03:00'
'2b34f59796aa47508e5243ee10986f8a0d914619'|'Amazon spent $3.2 million in second quarter on Washington lobbying effort'|'WASHINGTON, July 20 (Reuters) - Amazon, facing potential criticism of its plan to buy Whole Foods Markets , continued its multi-million lobbying effort - shelling out $3.2 million in the second quarter of this year - an increase from the $2.9 million spent in the first three months.Amazon has long had a presence in Washington, lobbying on a broad range of topics ranging from taxes, immigration, trade and mobile payments.But their decision, announced in June, to buy premium grocer Whole Foods for $13.7 billion roiled the grocery industry and has sparked some opposition on Capitol Hill and among unions and other Amazon critics.That said, most antitrust experts expect the Federal Trade Commission to approve the planned merger.Complicating the company''s status in the nation''s capital, Amazon founder Jeff Bezos bought The Washington Post - a newspaper that has drawn the public ire of Donald Trump.Candidate Trump famously said in May 2016 that Amazon has "a huge antitrust problem."Amazon is on pace to spend more than $12 million this year, if they keep up their lobbying efforts at the same rate. In 2016, the online retailer spent $11 million on lobbying in Washington.The company''s lobbying effort more than doubled in 2015 compared with prior years, spending $9 million that year compared with $4.7 million the year before.Amazon added a new firm to the lobbying army in the second quarter of 2017, hiring McGuireWoods Consulting to handle work on drones, among other matters.In addition to consultants, Amazon also employs in-house lobbyists. Their latest filing lists some 15 employees who lobby on behalf of the company on a long list of topics and issues ranging from drone policy to trade regulations and immigration to food stamp programs.Amazon also employs firms to lobby on its behalf on a range of topics. In the second quarter of this year, Amazon paid lobbying megafirm Akin, Gump, Strauss, Hauer & Feld $80,000 to lobby, primarily focused on the Marketplace Fairness Act - a bill that would allow state government to collect sales tax from online retailers.Amazon Prime Air, a subsidiary of the company, also paid Akin Gump to lobby on drone policy. They also filed a termination, indicating they won''t be doing work for the subsidiary in future.Reporting by Ginger Gibson and Diane Bartz '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/usa-amazon-lobbying-idUSL1N1KB1N6'|'2017-07-21T10:34:00.000+03:00'
'aee85104cc2d759efe743e9d39d86bc4b57d8add'|'Rayonier Advanced raises offer price for Canada''s Tembec to C$475 mln'|'July 24, 2017 / 2:13 AM / 12 hours ago Rayonier Advanced raises offer price for Canada''s Tembec to C$475 mln 1 Min Read July 23 (Reuters) - Rayonier Advanced Materials said it raised its offer price for Canada''s Tembec Inc to C$4.75 per Tembec share, valuing the deal at C$475 million ($378.6 million), excluding debt. Rayonier, which makes high-value cellulose specialties fibers, said in May it would buy Tembec for C$4.05 per share, to expand into packaging and forest products. The revised terms are approved by the boards of both companies. ($1 = 1.2546 Canadian dollars) (Reporting by Sangameswaran S in Bengaluru; Editing by Gopakumar Warrier) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tembec-ma-rayonier-advncd-idUSL3N1KF1FI'|'2017-07-24T05:13:00.000+03:00'
'dc9d95155de057105ff5cc245eee8a49e2a81da6'|'Cost cuts help pay-TV group Sky to absorb hike in soccer rights'|'July 27, 2017 / 6:25 AM / in 5 hours As Murdoch waits, Sky cuts operating costs to protect profits Reuters Staff 3 Min Read A British Sky Broadcasting Group (BSkyB) logo is seen at the company''s UK headquarters in west London July 25, 2014. Toby Melville LONDON (Reuters) - Tight cost control and strong growth in Germany, Austria and Italy helped European pay-TV group Sky ( SKYB.L ) to absorb a sharp rise in the cost of soccer rights, supporting earnings as it waits to be bought by Rupert Murdoch. Sky, which also broadcasts in its core markets of Britain and Ireland, reported full-year adjusted operating profit in line with forecasts, down 6 percent due to the higher cost of English Premier League rights and investment in the business. The solid financial performance made up for some weak operational numbers, with Sky adding just 35,000 new customers in Britain and Ireland in its fourth quarter, down from the 93,000 customers it added in the same period a year ago. Churn, or the percentage of customers dropping the service in the year, was 12.6 percent in Germany and Austria, and 11.5 percent in Britain and Ireland, both higher than normal, while the average amount spent by customers was flat in most markets. Chief Executive Jeremy Darroch said 2016/17 had marked a year of investment for the company, during which it managed to grow full-year revenue by 10 percent despite some tough market conditions. He said the group had benefited from restructuring its cost base, spending more on onscreen content such as Game of Thrones and Big Little Lies, and less on back office functions as it increasingly uses digital services to deal with customers. Shares in the group were flat, trading at 965 pence, still well below the 10.75 pounds per share Murdoch''s 21st Century Fox ( FOXA.O ) has offered to pay to buy the rest of the 61 percent of the company it does not already own. The deal, announced in December last year, is still being reviewed by the British government and is likely to be referred to the competition watchdog for a full investigation, meaning it will not be approved before next year. "In some ways, the results are academic as the main driver for the share price is the Fox bid," Liberum analyst Ian Whittaker said. "However, with the bid likely to come under review from the Competition Authorities and subject to political approval, if there is any concern the bid will not go through, the shares could come under pressure as investors focus more on the fundamentals." Reporting by Kate Holton; editing by James Davey/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sky-results-idUKKBN1AC0M7'|'2017-07-27T09:24:00.000+03:00'
'755112c89d2511136f3122ba4273e17b337278f8'|'UPDATE 2-Drug distributor McKesson''s profit misses estimates'|'Edition United States July 27, 2017 / 11:52 AM / in 4 hours McKesson profit dragged by tepid growth in branded drug prices Ankur Banerjee and Anuron Kumar Mitra 3 Min Read (Reuters) - McKesson Corp ( MCK.N ), the biggest U.S. drug distributor, posted a much lower-than-expected quarterly profit, hurt by the lingering effects of a slowdown in the pace of price increases for branded drugs, sending its shares down as much as 6 percent. The pharmaceutical supply chain, including pharmacy benefit managers and drug distributors, has been under pressure due to intense scrutiny over soaring drug prices. McKesson said on Thursday its results were also hurt by the lapping effect of increased price competition in its independent pharmacy business. Last year, the company raised concerns about aggressive pricing tactics from competitors and moderating pace of branded drug price increases as it slashed its fiscal-year earnings forecast. "We entered this year with an assumption of branded inflation in the mid-single digits, and our first quarter experience was slightly ahead of this assumption," McKesson Chief Executive John Hammergren said. Leerink analyst David Larsen said it appears that McKesson is not extracting as much value from the price-hikes as it would have in the past. Larsen added that performance at the company''s distribution business was a significant negative surprise, given a stabilizing environment in independent pharmacy networks and improving sentiment around pricing. Net income attributable to McKesson fell 43 percent to $309 million, or $1.45 per share, in the first quarter ended June 30. Excluding items, the company earned $2.46 cents per share, well below analysts'' average estimate of $2.83, according to Thomson Reuters I/B/E/S. Revenue rose nearly 3 percent to $51.05 billion, missing analysts'' average estimate of $51.23 billion. The company, however, raised its adjusted earnings forecast for fiscal 2018 to between $11.80 and $12.50 per share, up from $11.75 and $12.45. The raised forecast implies that the company results will be more heavily weighted to second half of the fiscal year. Evercore ISI analysts said some investors will question the steepness of the increase in the forecast, but expected share reaction to be modestly negative. The company''s results come a day after its shareholders voted against its executive pay policy, and said its compensation committee would conduct a thorough review of the policy. The rebuke from McKesson''s shareholders followed a campaign that criticized the drug wholesaler for its role in the U.S. opioid drug epidemic. The company''s shares pared early losses to trade down 2.5 percent at $162.20. Rivals AmerisourceBergen Corp ( ABC.N ) and Cardinal Health Inc ( CAH.N ) were both down about 1 percent. Reporting by Ankur Banerjee and Anuron Kumar Mitra in Bengaluru; Editing by Saumyadeb Chakrabarty, Amrutha Gayathri and Martina D''Couto and Saumyadeb Chakrabarty 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mckesson-results-idUSKBN1AC1S3'|'2017-07-27T16:03:00.000+03:00'
'de5c56697ca43de3ec2b48242f93f82270202dd4'|'Samsung Electronics books record second quarter operating profit, up 73 percent'|'July 27, 2017 / 12:01 AM / 4 hours ago Samsung Electronics expects continued chip boom after record second quarter profit Joyce Lee 4 Min Read SEOUL (Reuters) - Samsung Electronics Co Ltd said a memory chip boom that propelled it to record profit in the second quarter is likely to continue in the third, just as revenue is widely expected to benefit from sales of OLED screens to Apple Inc. The world''s biggest maker of memory chips, smartphones and TVs is set to smash its annual profit record after better-than-forecast performance in its mobile business lifted April-June profit slightly above its early-July guidance, analysts said. "Looking ahead to the third quarter, the company expects favorable semiconductor conditions to continue," Samsung said in a statement on Thursday. "Although overall earnings may slightly decline quarter-on-quarter as earnings weaken for the display panel and mobile businesses." Memory chip makers are enjoying a so-called super-cycle where increasing demand for more sophisticated devices, such as cloud-computing data center servers, requires higher numbers of more expensive chips. That has brought about a supply shortage which is pushing prices even higher and widening profit margins. Chips were Samsung''s top earner in the three months through June, as more than tripled from the same period a year earlier to a record 8 trillion won ($7.20 billion). Continued demand for DRAM and NAND chips and supply constraints are likely to sustain profit margins for the foreseeable future, Samsung said. Share Buyback Overall, Samsung in a filing said operating profit rose 72.7 percent to 14.1 trillion won in the second quarter, versus 14 trillion won estimated in July. Revenue rose 19.8 percent to 61 trillion won, also in line with its earlier estimate. It also announced its third share buyback of the year - 1.7 trillion won worth of common shares - as part of a planned annual total of 9.3 trillion won, and said it would cancel shares worth 2 trillion won. Samsung''s share price closed down 0.1 percent, versus a 0.4 percent rise in the Kospi benchmark index. The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. Kim Hong-Ji Weaker Mobile In its mobile division, Asia''s third most-valuable company by market value reported 4.7 percent fall in profit, slightly milder than the decline forecast in early July. Mobile chief Koh Dong-jin this month said cumulative sales of new flagship Galaxy S8 and S8+ smartphones, released April, were 15 percent higher than those of its predecessor. FILE PHOTO: A man looks at his Samsung cell phone in a park in Los Angeles, California, U.S. July 6, 2017. Lucy Nicholson/File Photo However, the firm expects mobile earnings to dip in the third quarter as S8 sales trail off, mid- to low-tier models take up a larger share of total shipments, and marketing costs increase for the Galaxy Note 8, unveiled on Aug. 23 in New York. "The mobile business might be slightly weaker in the third quarter because the second quarter was so strong," said analyst Greg Roh at HMC Investment & Securities. "But the expected sales from OLED display supply to Apple is seen to be reflected in earnings starting in the third quarter." Apple Oled Apple is widely tipped to adopt Samsung''s organic light-emitting diode (OLED) display for the next iPhone expected in the second half of the year. Subsidiary Samsung Display Co Ltd has an over 90 percent market share in smartphone OLED screens. However, price competition in liquid-crystal displays (LCD) used in low- and mid-tier handsets is expected to cut margins. Samsung''s record earning come as the firm''s Vice Chairman Jay Y. Lee is in detention while on trial for his alleged role in a corruption scandal involving South Korea''s former president Park Geun-hye. He has denied wrongdoing. The lower court ruling on the case is likely to come before Lee''s current detention period ends on Aug. 27, a Seoul court spokesman said. Reporting by Joyce Lee; Editing by Christopher Cushing 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-samsung-elec-results-idUSKBN1AB34L'|'2017-07-27T03:06:00.000+03:00'
'c378708668d9a6ea99c76ea28e76a898e25dcd92'|'Travel firm Thomas Cook says strong summer momentum to continue'|'July 27, 2017 / 6:34 AM / in 17 minutes Travel firm Thomas Cook says strong summer momentum to continue   Tour operator Thomas Cook ( TCG.L ) said on Thursday that strong demand for summer bookings would continue into winter, adding that its full-year operating profit would be in-line with forecasts. The travel firm said that group revenue was up 14 percent, helped by a continued recovery in Turkey, and that winter 2017/2018 was 30 percent sold, with bookings ahead in all markets. Thomas Cook also said that it was continuing to suffer from margin pressure in Spain due to high competition there. Reporting by Alistair Smout; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-thomas-cook-grp-outlook-idUKKBN1AC0OF'|'2017-07-27T09:34:00.000+03:00'
'388399266375421377c0996dc000e2b93aeb774d'|'Falih: no discussion of deeper oil output cuts at OPEC/non-OPEC meeting'|'July 24, 2017 / 8:06 AM / 15 minutes ago Falih: no discussion of deeper oil output cuts at OPEC/non-OPEC meeting Reuters Staff 1 Min Read OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. Leonhard Foeger - RTX37JV8 ST PETERSBURG, Russia (Reuters) - Saudi Energy Minister Khalid al-Falih said there would be no discussion of deeper oil output cuts at a meeting of ministers from OPEC and non-OPEC nations on Monday. Ministers from countries including Kuwait, Venezuela, Algeria, Saudi Arabia, Russia and Oman will discuss production caps on Nigeria and Libya, Falih told reporters. Related Coverage Reporting by Rania El Gamal, writing by Denis Pinchuk, editing by Jack Stubbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-opec-meeting-idUKKBN1A90RN'|'2017-07-24T11:06:00.000+03:00'
'8a4021857e0952850270742196f40a0d289b2b8d'|'VEON board elects former Xerox CEO Ursula Burns as chairman'|'FILE PHOTO: Ursula Burns takes part in a discussion during the Clinton Global Initiative''s annual meeting in New York, September 29, 2015. Lucas Jackson /File Photo FRANKFURT (Reuters) - VEON named former Xerox chief Ursula Burns as its chairwoman on Monday, as the telecoms operator undertakes corporate governance reforms and a makeover as a global online services company.Alexey Reznikovich, VEON''s long-serving chairman, will remain on the board as a representative of LetterOne Investment, the company formerly known as VimpelCom said.Burns and Guy Laurence, a British telecoms veteran who was chief executive of Canadian telecoms firm Rogers until last year were elected to VEON''s new 11-seat board of directors.VEON has expanded the board to make a majority of directors independent of its two main investors, LetterOne Investment, controlled by Russian billionaire Mikhail Fridman and his partners, and Norwegian mobile operator Telenor.Last week VEON said it was making progress in a strategy to reinvent itself as an online player by introducing its messaging and mobile services app in four new markets, including its largest, in Russia and Pakistan.It first introduced the service, designed to compete with the likes of WhatsApp or Viber, in Italy, where it has a joint venture with CK Hutchison to run the country''s biggest mobile network operator.LetterOne Investment, which holds a 48 percent stake in VEON, is retaining three seats on VEON''s board, while Norwegian government-controlled mobile operator Telenor holds just under 20 percent of shares and two seats.Telenor, which has been in open conflict with Fridman for control of VEON, has previously said it plans to sell all its stake that once stood at 33 percent.Departing chairman Reznikovich, who is managing partner of L1 Technology, an arm of LettterOne Investment, said he plans to leave L1 in September to pursue his own investments but will remain on VEON''s board.Burns, the first African American woman to service as the chief executive of a Fortune 500 company, was chairman and CEO of Xerox Corp from 2009 until last year, overseeing the company''s digital evolution and its split into two.Reporting by Eric Auchard; editing by Maria Sheahan and Alexander Smith '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-veon-management-idUSKBN1A914E'|'2017-07-24T13:20:00.000+03:00'
'8b936fbd50b36778e2c45c640e406d47134632ed'|'Exclusive - Germany wants more EU sanctions on Russia over Siemens Crimea turbines: sources'|'July 24, 2017 / 10:20 AM / an hour ago Exclusive - Germany wants more EU sanctions on Russia over Siemens Crimea turbines: sources Gabriela Baczynska 3 Min Read FILE PHOTO: FILE PHOTO: The Siemens AG headquarters is seen in Munich, Germany, June 14, 2016. Michaela Rehle/File Photo BRUSSELS (Reuters) - Germany is urging the European Union to add up to four more Russian nationals and companies to the bloc''s sanctions blacklist over Siemens ( SIEGn.DE ) gas turbines delivered to Moscow-annexed Crimea, two sources in Brussels said. The EU has barred its firms from doing business with Crimea since the 2014 annexation, imposed sanctions on Russian individuals and entities, and curbed cooperation with Russia in energy, arms and finance over its role in the crisis in Ukraine. After it annexed Crimea from Kiev, Moscow threw its support behind a separatist rebellion in eastern Ukraine, which has killed more than 10,000 people and is still simmering. The EU''s blacklist comprises 150 people and 37 entities subject to an asset freeze and a travel ban. The restrictions are in place until Sept. 15. "The regular review would normally be the moment to look at who is on the list. In the past, when there were good grounds, we''ve added entries to the list," an EU official said. Related Coverage Siemens, trying to distance itself from the scandal, last week said it was halting deliveries of power equipment to Russian state-controlled customers and reviewing supply deals. Russia''s Energy Minister Alexander Novak played down the potential consequences of a halt. "What Siemens supplies can be delivered by other companies," Novak told reporters in St Petersburg. "As for electricity generation, we ... have now learnt to produce the necessary equipment," he said, without referring to the prospect of additional sanctions. FILE PHOTO: A still image taken from video footage shows blue tarpaulins covering equipment at the port of Feodosia, Crimea July 11, 2017. Video footage taken July 11, 2017. Staff/File Photo Sanctions Regime Siemens says it has evidence that all four turbines it delivered for a project in southern Russia had been illegally moved to Crimea. German government spokeswoman Ulrike Demmer said on Monday the turbines were delivered to Crimea against the terms of the contract and despite high-ranking assurances from Russian officials that this would not happen. Berlin was consulting on what consequences this "unacceptable" operation might have, she said, adding, however, that the onus was on companies to ensure they did not violate the sanctions regime. The proposed additions to the blacklist could include Russian Energy Ministry officials and the Russian company that moved the turbines to the Black Sea peninsula, one senior diplomatic source in Brussels said. Another source said representatives of all 28 EU member states could discuss the matter for the first time in Brussels as soon as Wednesday. The EU needs unanimity to impose or extend any sanctions. Hungary, Bulgaria, Italy and Cyprus are among EU states which are usually sceptical of Russia sanctions. They take the line that punitive measures have failed to force a change of course by Moscow while hurting European business. Reuters first reported a year ago on the Siemens case, which has exposed the difficulties of imposing EU sanctions. Additional reporting by Vladimir Soldatkin in St Petersburg, Gernot Heller in Berlin; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ukraine-crisis-crimea-siemens-eu-idUKKBN1A914I'|'2017-07-24T13:20:00.000+03:00'
'bc7e23b01f84938a059869635100a7070809281d'|'Dassault says business jet market still weak'|'Edition United States July 26, 2017 / 5:10 PM / 2 minutes ago Dassault says business jet market still weak 2 Min Read A Dassault Rafale fighter takes part in a flying display during the 52nd Paris Air Show at Le Bourget Airport, near Paris, France June 24, 2017. Pascal Rossignol PARIS (Reuters) - Dassault Aviation ( AVMD.PA ), the French maker of Falcon private jets and Rafale warplanes, said on Wednesday the business jet market remained weak, with high stocks of unsold aircraft hampering a tentative recovery in benchmark second-hand trading. "The recovery is uncertain," Chief Executive Eric Trappier told a news conference. "The drop in prices is much sharper on the second-hand market than the discounts that we can provide on new aircraft." Dassault earlier said first-half earnings rose to 2.05 billion euros ($2.4 bln) from 1.662 billion in the same period last year, while new orders were basically flat at 1.381 billion euros. Operating income dipped 2 million euros to 123 million, implying weaker first-half operating margins. Dassault Aviation, however, reaffirmed forecasts for 45 Falcon and nine Rafale deliveries and higher net sales in 2017. The company''s operating margin fell 1.5 percentage points to 6 percent, weighed by research and development spending on the Falcon 5X which first flew on July 5. Trappier said he still expected that Malaysia would buy Rafale warplanes, while noting that no movement was expected on the issue before upcoming elections. A source with knowledge of the matter said earlier this month that Malaysia had put on hold the $2 billion plan to replace its aging fleet of combat aircraft, looking instead to upgrade its aerial surveillance capabilities. The recent diplomatic rift in the Middle East has had no impact on efforts to implement a deal to sell fighters to Qatar, Trappier said. He said he expected a joint study on a combat drone with Britain to lead to the launch of a demonstrator before the end of the year, without any disruption from a new Franco-German study aimed at developing a joint warplane. Dassault is offering to be architect of the warplane project but discussions are at a very early stage, he added. Reporting by Tim Hepher, Cyril Altmeyer; Editing by Ingrid Melander and Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-dassault-avi-results-idUSKBN1AB2EN'|'2017-07-26T20:00:00.000+03:00'
'33a26acb26238c91213b2267d4a5774f3147913e'|'UPDATE 2-EU warns U.S. it could swiftly counter new sanctions on Russia'|'July 26, 2017 / 1:01 PM / a minute ago UPDATE 3-EU warns U.S. it may respond swiftly to counter new sanctions on Russia 5 Min Read * EU says U.S. move could harm bloc''s energy security * Brussels angered by rift in approach to Russia sanctions * Industry concerned about wide-ranging impact (Quotes from EU document, details of Commissioner''s meeting) By Alissa de Carbonnel BRUSSELS, July 26 (Reuters) - The European Union warned on Wednesday that it was ready to act within days to counter proposed new U.S. sanctions on Russia, saying they would harm the bloc''s energy security. Sanctions legislation overwhelmingly approved by the U.S. House of Representatives on Tuesday has angered EU officials: they see it as breaking transatlantic unity in the West''s response to Moscow''s annexation of Crimea from Ukraine in 2014 and its support for separatists in eastern Ukraine. Brussels also fears the new sanctions will harm European firms with connections to Russia, and oil and gas projects on which the EU is dependent. "The U.S. bill could have unintended unilateral effects that impact the EU''s energy security interests," EU chief executive Jean-Claude Juncker said in a statement issued after a meeting at which European commissioners were united in their views, according to a senior EU official. "If our concerns are not taken into account sufficiently, we stand ready to act appropriately within a matter of days. ''America First'' cannot mean that Europe''s interests come last," he said, mentioning President Donald Trump''s guiding slogan. A EU document prepared for the commissioners, seen by Reuters, laid out the EU''s plans to seek "demonstrable reassurances" that the White House would not use the bill to target EU interests. The bloc, it says, will also prepare to use an EU regulation allowing it to defend companies against the application of extraterritorial measures by the United States. If diplomacy fails, Brussels plans to file a complaint at the World Trade Organization. "In addition, the preparation of a substantive response that would deter the U.S. from taking measures against EU companies could be considered," it says. However, most measures taken by Brussels would require approval from all 28 EU member governments, which could expose potential differences in individual nations'' relations with Moscow and Washington. Despite changes to the U.S. bill that took into account some EU concerns, Brussels said the legislation could still hinder upkeep of the gas pipeline network in Russia that feeds into Ukraine and supplies over a quarter of EU needs. The EU says it could also hamper projects crucial to its energy diversification goals, such as the Baltic Liquefied Natural Gas (LNG) project. The new sanctions target the disputed Nord Stream 2 project for a new pipeline running from Russia to Germany under the Baltic Sea. But the EU note says: "the impact would in reality be much wider." A list prepared by the EU executive, seen by Reuters, shows eight projects including those involving oil majors Anglo-Dutch Shell, BP and Italy''s Eni that risk falling foul of the U.S. measures. Voicing frustration at the fraying in the joint Western approach to Moscow, Juncker said "close coordination among allies" was key to ensuring that curbs on business with the Russian energy, defence and financial sectors, imposed in July 2014, are effective. EU sources said Juncker told Commissioners the risk to EU interests was collateral damage of a U.S. domestic fight between Trump and U.S. lawmakers. It was unclear how quickly the U.S. bill would reach the White House for Trump to sign into law or veto. The bill amounts to a rebuke of Trump by requiring him to obtain lawmakers'' permission before easing any sanctions on Moscow. Rejecting the legislation - which would potentially stymie his wish for improved relations with Moscow - would carry a risk that his veto could be overridden by lawmakers. Industry Concerns European energy industry sources voiced alarm at the potentially wide-ranging damage of the new U.S. measures. "This is pretty tough," one industry source told Reuters. "We are working with EU officials to see what safeguards can be anticipated to protect our investment and give us certainty." Five Western firms are partnered with Russia''s Gazprom in Nord Stream 2: German''s Wintershall and Uniper, Anglo-Dutch Royal Dutch Shell, Austria''s OMV and France''s Engie. But EU officials warn the U.S. measures would also hit plans for the LNG plant on the Gulf of Finland in which Shell is partnering with Gazprom. The EU document shows they might jeopardise Eni''s 50 percent stake in the Blue Stream pipeline from Russia to Turkey as well as the CPC pipeline, carrying Kazakh oil to the Black Sea, involving European groups BG Overseas Holdings, Shell and Eni . It further warns that BP would be forced to halt some activities with Russian energy major Rosneft. (Additional reporting by Philip Blenkinsop and Robin Emmott; editing by Mark Heinrich and Mark Trevelyan) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-russia-eu-idUSL5N1KH3ET'|'2017-07-26T16:00:00.000+03:00'
'200a44c66ebadb15b10dddf7ae704289e179c8a4'|'ECB asks pension funds for more data'|'July 26, 2017 / 10:04 AM / 23 minutes ago ECB asks pension funds for more data Reuters Staff 3 Min Read FILE PHOTO: The headquarters of the European Central Bank (ECB) (R) is seen next to the famous skyline in Frankfurt, Germany, April 9, 2017. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - The European Central Bank will require euro zone pension funds to disclose more detailed data on their operations, arguing that it lacks proper visibility in a huge sector that is vital for the transmission of monetary policy, it said on Wednesday. With 50 million customers and 2.5 trillion euros (2.2 trillion pounds) in assets, pension funds are among the biggest and fastest-growing investors. That makes them vital for the ECB in gauging the success of its policy, particularly in a period of ultra-low rates when some savers doubt their funds'' ability to generate enough for their retirement. "Current gaps in the data available and the lack of comparability across countries make it difficult to gain a comprehensive understanding of the role of the sector in the transmission mechanism of monetary policy, of the cash flows and of the risks associated with pension obligations," the ECB said. The ECB will ask large, autonomous funds in the euro zone to start reporting according to harmonised rules with more data also released to the public, it said in new draft guidelines that are still subject to a consultation with the industry. The funds, excluding for example those set up by corporations or credit institutions, will have to list transactions security by security, and provide data on both assets and liabilities, broken down by economic sector, maturity and geography. "It will help us better understand their role in the transmission mechanism of monetary policy because we will... see not just how the stocks are changing but what are they buying or what are they selling, so how do they react to our monetary policy," said Aurel Schubert, head of the ECB''s statistics unit. Given the added cost of the new reporting rules, national central banks may exempt some funds from the new rules, particularly if they hold less than 10 million euros or have fewer than 100 members, but each country must report on at least 80 to 85 percent of the sector. The full extent of the new reporting requirement should involve between 1,500 and 2,000 funds, the ECB said. The new set of quarterly data will be first collected from the first quarter of 2019, while first full-year data will have to be provided on 2018 figures. Reporting by Balazs Koranyi; Editing by Mark Trevelyan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-pensions-ecb-idUKKBN1AB19S'|'2017-07-26T13:03:00.000+03:00'
'd52e2284c65e6e2fac239de57500176133a7d215'|'UPDATE 1-Compass'' revenue rises 3.9 pct on growth in United States'|'July 26, 2017 / 6:52 AM / 7 minutes ago UPDATE 1-Compass'' revenue rises 3.9 pct on growth in United States 2 Min Read (Adds details, background) July 26 - Compass Group Plc, the world''s biggest catering firm, reported a 3.9 percent rise in quarterly revenue, driven by strong growth in the United States. The British company, which serves around 5 billion meals each year in more than 50 countries, said organic revenue in North America jumped 7.1 percent during the quarter and said it was seeing "good" growth across all sectors except in its oil and gas business. Compass, which provides meals for office workers, members of the armed forces and school children across the world, maintained its full-year margin expectations on Wednesday. "North America is performing strongly and we anticipate further progress in Europe and Rest of World in the fourth quarter," Compass said in a statement. Its operating margin rose by 20 basis points for the nine months to June 30, helped by the   offshore and remote business, Compass said. Compass, which earlier this year proposed a 1 billion pound special dividend to investors, said organic revenue fell 0.3 percent in Europe. French catering-to-vouchers group Sodexo cut its full-year sales growth goal on July 6, after its third quarter missed estimates partly due to weakness in the health care and universities sectors in North America. (Reporting by Esha Vaish and Arathy S Nair in Bengaluru; Editing by Edmund Blair and Louise Heavens) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/compass-group-results-idUSL5N1KH189'|'2017-07-26T09:52:00.000+03:00'
'219f41e3fc528766b0e0fc2d0913f845ce253194'|'Telefonica Brasil posts 25 pct rise in second-quarter profit'|'July 26, 2017 / 9:47 AM / 6 minutes ago Telefonica Brasil posts 25 pct rise in second-quarter profit 1 Min Read SAO PAULO, July 26 (Reuters) - Telefonica Brasil SA , the biggest telecommunications firm in the country, on Wednesday reported a 25 percent rise in second-quarter net income to 873 million reais ($275 million), a securities filing showed. Profit at the Brazilian unit of Spain''s Telefonica missed an average forecast of 1.039 billion reais in a Thomson Reuters survey of analysts. Earnings before interest, taxes, depreciation and amortization rose 10 percent to 3.528 billion reais, in line with an average forecast of 3.556 billion reais. $1 = 3.17 reais Reporting by Brad Haynes; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/telef-brasil-results-idUSL1N1KH0AC'|'2017-07-26T12:47:00.000+03:00'
'b9bb6c53dfabab6e8e821f36067689c2ee6059d2'|'UK financial watchdog to extend regulatory regime to 47,000 firms'|'A regulatory regime intended to crack down on the behaviour of bank bosses is to be extended to 47,000 firms including dentists, gyms and tool hire companies that offer credit to customers.The Financial Conduct Authority estimated that the new regime would cost firms £550m, with up to £190m of ongoing costs for the firms involved.It had been expected that the additional firms would be covered by the senior managers and certification regime (SMCR) from 2018, although the FCA’s consultation document does not indicate if this is still the timetable.The SMCR came into force for almost 900 banks and building societies in March 2016 and was intended to tackle the fact that no bank bosses were held to account when their firms collapsed in 2008.It requires the responsibilities of top managers to be spelt out and for them to certify their key staff are suitable for their roles. This certification must now happen annually, whereas under the previous system the FCA approved individuals only once, unless they moved roles.The FCA’s consultation paper sets out five “conduct” rules for firms: act with integrity; act with due care, skill and diligence; be open and cooperative with regulators; pay due regard to customer interests and treat them fairly; and observe proper standards of market conduct. The Treasury had called for the broadening of the new regime two years ago when it also dropped a plan to “reverse the burden of proof” for managers, which would have forced them to demonstrate they had done the right thing if wrongdoing emerged on their watch.Marian Bloodworth, an employment partner at law firm Kemp Little, said: “The change will also mean the end of the FCA register for the majority of financial services employees ... This has been a cause for concern for those in the existing regime already, as it means there is no publicly available list of advisers for customers to review.”The FCA warned that some cost increases on firms will pass through to consumers in the form of higher prices, while senior managers “may demand bigger pay deals”.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/26/uk-financial-watchdog-conduct-authority-extend-regulatory-regime-firms'|'2017-07-26T03:00:00.000+03:00'
'229a68d5376892a73d629f30238df63c3fa2f16d'|'CANADA STOCKS-Futures edge higher as commodity prices rise'|'July 27, 2017 / 11:25 AM / 13 minutes ago CANADA STOCKS-Futures edge higher as commodity prices rise 3 Min Read July 27 (Reuters) - Stock futures pointed to a slightly higher opening for Canada''s main stock index on Thursday as commodity prices rose on dovish signals from the U.S. Federal Reserve. September futures on the S&P TSX index were up 0.10 percent at 7:15 a.m. ET. Canada''s main stock index slipped on Wednesday, as financial stocks fell after the U.S. Federal Reserve held its interest rates steady and as investors pulled back from Canadian National Railway and grocer Loblaw Cos after their earnings. Dow Jones Industrial Average e-mini futures were up 0.13 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.19 percent and Nasdaq 100 e-mini futures were up 0.53 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) Top Stories Canada''s Potash Corp of Saskatchewan reported better-than-expected revenue on Thursday as it sold more potash at higher prices compared with last year. Canadian oil and gas producer Crescent Point Energy Corp posted a quarterly profit, compared with a year-earlier loss, helped by higher realized oil prices and an increase in production. Oil producer Cenovus Energy Inc on Thursday reported a profit in the second quarter compared to a year-ago loss, helped by its purchase of ConocoPhillips'' Canadian oil sands assets. Analyst Research Highlights AGT Food and Ingredients Inc: Raymond James cuts price target to C$32 from C$35 First National Financial Corp: RBC cuts rating to "underperform" from "sector perform" Prairiesky Royalty Ltd: GMP raises target price to C$31 from C$30 COMMODITIES AT 7:15 a.m. ET Gold futures: $1,249; +0.0 pct US crude: $48.54; -0.59 pct Brent crude: $50.70; -0.53 pct LME 3-month copper: $6,355; +0.41 pct u.s. Economic Data Due on Thursday 0830 Build permits R number mm for June: Prior 1.254 mln 0830 Build permits R changes mm for June: Prior 7.4 pct 0830 Durable goods for Jun: Expected 3 pct; Prior -0.8 pct 0830 Durables ex-transport for June: Expected 0.4 pct; Prior 0.3 pct 0830 Durables ex-defense mm for June: Prior -0.3 pct 0830 Nondefense cap ex-air for June: Expected 0.3 pct; Prior 0.2 pct 0830 Advanced goods trade balance for June: Prior -$66.30 bln 0830 Advanced wholesale inventory for June: Prior 0.4 pct 0830 Advanced retail inventory ex auto for June: Prior 0.2 pct 0830 Initial jobless claims: Expected 241,000; Prior 233,000 0830 Jobless claims 4-week average: Prior 243,750 0830 Continued jobless claims: Expected 1.950 mln; Prior 1.977 mln 0830 National Activity Index for Jun: Prior -0.26 1100 KC Fed Manufacturing for July: Prior 23 1100 KC Fed Composite Index for July: Prior 11 For Canadian Markets News, Click on Codes: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.24) (Reporting by Riniki Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1KI4EK'|'2017-07-27T14:24:00.000+03:00'
'4878ea48390e08b189e3ae517c934f538d1941cf'|'Global use of trade restrictions slows, WTO says'|'July 24, 2017 / 1:48 PM / in a minute Global use of trade restrictions slows, WTO says Reuters Staff 1 Min Read World Trade Organization (WTO) Director-General Roberto Azevedo attends a news conference on world trade figure for 2016 and forecast for 2017 in Geneva, Switzerland, April 12, 2017. Denis Balibouse GENEVA (Reuters) - New barriers to trade are being raised at the slowest rate since the global financial crisis and are being outnumbered by steps taken to increase trade, the World Trade Organization said on Monday in a monitoring report covering October 2016 to May 2017. "The report shows an encouraging decrease in the rate of new trade-restrictive measures put in place — hitting the lowest monthly average since the financial crisis," WTO Director-General Roberto Azevêdo said in a statement. Reporting by Tom Miles, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-trade-wto-idUKKBN1A91QA'|'2017-07-24T16:42:00.000+03:00'
'1eccdca24a8a310191c94e9305582f658ca75917'|'CORRECTED-African Markets - Factors to watch on July 24'|'July 24, 2017 / 4:47 AM / 4 hours ago CORRECTED-African Markets - Factors to watch on July 24 3 Min Read (Corrects date in headline and day in first paragraph) NAIROBI, July 24 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. - - - - - EVENTS: *ZAMBIA - The statistics office is expected to release July consumer price index data any time starting today. GLOBAL MARKETS Asian stocks slipped on Monday as demand for riskier assets ebbed after their recent strong gains, while the European Central Bank''s apparent equanimity at the euro''s two-year highs left the dollar languishing. GLOBAL OIL Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address rising output in Nigeria and Libya, two OPEC members so far exempt from a push to cut production. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand firmed against a weaker dollar on Friday, recovering from losses in the previous session after the central bank unexpectedly cut its benchmark lending rate for the first time in five years. KENYA MARKETS The Kenyan shilling was stable against the dollar on Friday as demand for dollars by energy importers was counterbalanced by inflows from flower exporters, traders said. KENYA BONDS Kenya has extended a sale of government bonds via mobile phones, the finance ministry said on Saturday, after demand fell far short of the 1 billion shillings targeted. NIGERIA RATES Nigeria''s interbank lending rate rose to around 20 percent, from 5 percent on Thursday, after the central bank sold treasury bills to mop-up excess liquidity and announced plans to sell dollars to businesses. TANZANIA MINING Tanzania''s President John Magufuli has threatened to shut all gold mines in the country if mining companies delay talks to resolve a dispute over billions of dollars in back taxes the government says they owe. TANZANIA MINING DISPUTE Tanzania detained and questioned two senior local Acacia Mining staff at an airport this week in a dispute with the government, two sources said on Friday, and the company said it was having trouble renewing work permits for foreign staff. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL5N1KF0B0'|'2017-07-24T07:49:00.000+03:00'
'08d99c61ea4fe88275eefec8d2fdb960ae22c18d'|'Britain’s Economy Is Almost Flatlining'|'While the British economy performed better than many expected in the wake of last year’s Brexit vote, data on Wednesday are set to show U.K. growth hardly recovered in the second quarter. Economists surveyed by Bloomberg are forecasting an uptick to just 0.3 percent, from 0.2 percent three months ago. Accelerating inflation has started to crimp consumer spending, the main driver of momentum.The Bank of England announces its next policy decision on Aug. 3, and lackluster growth may weaken the case for a rate increase, even with inflation above target.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-24/britain-s-economy-is-almost-flatlining'|'2017-07-24T12:27:00.000+03:00'
'91f406938ce31f20c04d820a6fd764236f275617'|'After $50 billion deal spree, China''s HNA sets out to clear ownership questions'|'July 24, 2017 / 11:36 AM / 4 hours ago After $50 billion deal spree, China''s HNA sets out to clear ownership questions Matthew Miller 5 Min Read The HNA Group logo is seen in this illustration photo June 1, 2017. Picture taken June 1, 2017. Thomas White/Illustration (Reuters) - Privately-owned conglomerate HNA Group, one of China''s most aggressive dealmakers, is shaking up its shareholding structure with a new, charitable foundation, part of efforts to quash long-standing concerns over its ownership. As China cracks down on showy overseas ventures and high-profile empire builders, pressure is rising on sprawling, fast-growing and acquisitive companies like HNA, which has announced $50 billion of deals over two years, buying stakes in logistics companies, hotels and even Deutsche Bank. HNA said the change - to be announced later on Monday along with an unprecedented ownership list - was part of an effort to address interest in its structure, as the group expands. "Disclosing HNA Group’s ownership structure, even though we are a private company, provides more transparency, and we intend to update this information on an annual basis," a spokesman said. According to a document seen by Reuters, HNA''s co-founders and senior executives Chen Feng and Wang Jian continue to hold stakes of just below 15 percent each. A newly created, New York-based, not-for-profit organisation, Hainan Cihang Charity Foundation Inc, becomes the single largest shareholder with a 29.5 percent stake. Hainan Province Cihang Charity Foundation, a Haikou-based charity established by HNA in 2010 and capitalized by shares in 2013, continues to indirectly hold a 22.75 percent stake - meaning the combined foundation collectively accounts for more than 52 percent of the group’s issued stock. HNA did not provide details of how the shares were placed in the new charity''s hands, how the overall foundation would be run or how it would vote or use its shares. As recently as a year ago, according to a 2016 filing, HNA Group said that Bharat Bhise, CEO of Bravia Capital, and Guan Jun, a Beijing businessman, owned 17.4 percent and 12.35 percent respectively. Collectively, that adds up to approximately the amount currently held by the new foundation. Neither name is present in the current shareholding arrangement. "Our ownership structure changes from time to time, and those filings are out-of-date," a spokesperson for HNA said. HNA described the foundation as furthering its philanthropic mission and maximising "efforts in corporate social responsibility". It will eventually have 100 percent of HNA. According to the information provided on Monday, 12 senior HNA executives, including the group''s founders, hold the 47.54 percent in the group not held by charities. Vice Chairman Chen Wenli holds a 3.95 percent stake, and three senior executives, including CEO Adam Tan, each holds a 2.95 percent share. Transparency Push HNA''s unexpected effort to increase transparency comes as pressure increases in China over opaque corporate structures, excess debt and deals seen as overly aggressive. China is trying to control capital outflows and keep its economy on an even keel. Groups caught up in the crackdown include Dalian Wanda Group, a property-to-film empire run by one of China''s richest men. Banks have been told to stop funding several of Wanda''s overseas acquisitions. China''s banking regulator has ordered checks on offshore loans to conglomerates including Wanda, but also HNA, say people familiar with the matter. HNA, a leading shareholder in more than a dozen listed companies, has grown rapidly, more than quadrupling its assets to 1.2 trillion yuan ($177.5 billion) in 2014-16. The pace of acquisition is expected to slow. In June, HNA filed a defamation suit at New York State Supreme Court against exiled billionaire Guo Wengui, who claimed that "officials in China''s Communist Party and their relatives are undisclosed shareholders" in the group, and that subsidiary Hainan Airlines allowed government officials and their relatives to use its aircraft "for purely personal reasons", according to the court document. Questions are also coming from Europe. HNA faces a possible review by Europe’s top banking regulator, which is considering a special assessment of Deutsche Bank’s two largest shareholders, including the Qatari royal family. While the motivation for a review remains unclear, such an assessment generally aims to establish whether an investor is trustworthy and financially sound. ($1 = 6.7590 Chinese yuan renminbi) Reporting by Matthew Miller; Editing by Clara Ferreira Marques and Ian Geoghegan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hna-group-structure-idINKBN1A91D6'|'2017-07-24T14:35:00.000+03:00'
'3cee707b684305c556b9a1ceacb852dda2ac8967'|'VEON board elects former Xerox CEO Ursula Burns as chairman'|'July 24, 2017 / 10:26 AM / 11 minutes ago VEON board elects former Xerox CEO Ursula Burns as chairman Reuters Staff 2 Min Read FRANKFURT (Reuters) - Global telecoms operator VEON ( VON.AS ) has elected former Xerox Corp ( XRX.N ) chief Ursula Burns as its chairman, the company said on Monday, part of corporate governance reforms that are designed to showcase its makeover as an online services player. Alexey Reznikovich, the long-serving chairman of VEON, formerly known as VimpelCom, will remain on the board as one of the representatives of LetterOne Investment, the company said. Earlier, Burns, and along with Guy Laurence, a British telecoms industry veteran who left last year as chief executive of Canadian telecoms firm Rogers ( RCIb.TO ), were elected along with nine existing members to a new 11-seat board of directors. VEON is reconstituting its board so a majority of directors are independent of its two main investors, LetterOne Investment, controlled by Russian billionaire Mikhail Fridman and his partners, and Norwegian mobile operator Telenor ( TEL.OL ). Reporting By Eric Auchard; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-veon-management-idUKKBN1A915C'|'2017-07-24T13:26:00.000+03:00'
'9120dcbc771e6efb353a55be647d236fff87ca7f'|'UPDATE 3-Daimler considers legal split in strategic overhaul'|'FRANKFURT (Reuters) - Daimler may split parts of its business into separate legal entities in an overhaul, its Chief Executive Dieter Zetsche said, although the car and truck maker ruled out major divestments for now.News of Daimler''s ( DAIGn.DE ) strategic review spurred speculation on Wednesday about a break-up of the maker of Mercedes-Benz cars, trucks, buses and vans as it seeks to fund multi-billion euro autonomous and electric car investments."We recommend taking this communication very seriously," analysts at Evercore ISI said in a note.Separating Daimler''s divisions could unlock value, with trucks and buses on their own worth 31 billion euros ($36 billion), analysts at Evercore ISI said in a note. The German company''s total market capitalization is around 65.25 billion euros, according to Thomson Reuters data.Chief Financial Officer Bodo Uebber said Daimler does not intend to divest business divisions, but left open the question about a partial listing of some businesses."We have not decided to set up new legal structures within our group. We have decided to analyze this possibility. We had a small group in our company which was weighing this idea," Zetsche said in a call on second-quarter results.Internal deliberations within Daimler had now reached a stage where markets needed to be informed, he added.News of the strategy review comes as the auto industry faces a barrage of criticism over diesel pollution and allegations about anti-competitive behavior."The automotive industry is currently making headlines, and not good ones," Zetsche conceded.German magazine Der Spiegel reported on Friday that German carmakers Daimler, BMW ( BMWG.DE ), VW ( VOWG_p.DE ), Porsche and Audi ( NSUG.DE ) held meetings to discuss suppliers, prices and standards to the disadvantage of foreign carmakers.FILE PHOTO: The Mercedes-Benz logo is seen before the company''s annual news conference in Stuttgart, Germany, February 4, 2016. Michaela Rehle/File Photo The European Commission said it was investigating the matter, although Daimler pointed out it was not subject to a formal probe. Companies found guilty of breaching EU cartel rules face fines of as much as 10 percent of their global turnover unless they gain whistle-blower immunity.In a call with journalists Zetsche declined to comment on whether German carmakers had colluded."We are well advised not to participate in speculation," Zetsche said, refusing to comment further.Asked whether such allegations could result in consequences for cooperation deals, such as a procurement agreement with BMW ( BMWG.DE ), Zetsche said: "Since we obviously operated within the law, none."Daimler''s and Volkswagen''s ( VOWG_p.DE ) supervisory boards met on Wednesday to discuss the allegations.Luxury Stars Second-quarter results showed Daimler''s star performer remained its luxury cars division which helped push up quarterly operating profit by 15 percent, slightly below consensus.Mercedes-Benz sold 595,200 cars thanks to a 28 percent rise in Chinese demand. Margins improved to 10.2 percent from 6.4 percent in the year-earlier period, mainly due to sales of a new E-Class limousine.Daimler said it expects strong sales in China in the second half, after its overall earnings before interest and tax (EBIT) rose to 3.74 billion euros in the second quarter, below the average forecast of 3.81 billion euros in a Reuters poll.The Stuttgart-based company also lifted the outlook for its trucks and vans divisions, saying it now expected EBIT to reach prior-year levels for both.Reporting by Edward Taylor; Additional reporting by Maria Sheahan; Editing by Victoria Bryan/Susan Thomas/Alexander Smith '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-daimler-results-q-idUSKBN1AB0IA'|'2017-07-26T17:07:00.000+03:00'
'6b2dd67a68c2d69941313fb58939ef2d94d241d8'|'Luxottica on track with targets and Essilor deal after steady first half'|'July 24, 2017 / 3:53 PM / 14 minutes ago Luxottica on track with targets and Essilor deal after steady first half Valentina Za and Claudia Cristoferi 3 Min Read FILE PHOTO: The Luxottica name is reflected in a pair of sunglasses in this photo illustration taken February 4, 2016. Alessandro Bianchi/Illustration/File Photo MILAN (Reuters) - Italian eyewear group Luxottica is on track to meet full-year targets and win regulatory approval for its planned merger with France''s Essilor, it said on Monday, after its first-half underlying operating profit came in just ahead of forecasts. The maker of Ray-Ban sunglasses agreed in January to merge with Essilor ( ESSI.PA ), the world''s biggest lens manufacturer, to create an industry leader with annual sales of more than 15 billion euros (13.82 billion pounds). Luxottica ( LUX.MI ) CEO Massimo Vian told Reuters on Monday the merger, which needs to clear antitrust hurdles in several countries, was progressing well. He also confirmed full-year guidance for a low-to-mid single digit percentage rise in sales at constant currencies and broadly similar operating and net profit growth, excluding one-off items. "We stick by our outlook ... and we do so with a lot of positive energy," he said. Luxottica''s sales grew 1.8 percent at constant exchange rates in the first half to 4.92 billion euros, roughly in line with estimates. Operating profit came in at 899 million euros net of one-off items, ahead of an average estimate of 873 million euros in a Reuters poll of analysts and up 1.9 percent year-on-year at constant currencies. It accounted for 18.3 percent of sales. An expanding retail network lifted European sales by 15 percent net of currency swings in January-June. But sales in North America, which account for about 57 percent of the total, fell 1 percent, hurt by Luxottica''s efforts to curb discounts applied to its spectacles both online and at its Sunglass Hut and LensCrafters retail chains. A streamlining of the group''s distribution network in China aimed at fighting counterfeiting and a parallel market for Ray Ban sunglasses drove Asia-Pacific sales down 5.6 percent. After cutting independent distributors last year to deal directly with retailers, Luxottica decided to focus on direct sales either online or through its Ray Ban shops while keeping only a few selected wholesale clients. "We became even more convinced that our strategy was right ... and we decided to speak directly to consumers," Vian said. Following news last week of the departure of another senior manager at Luxottica, Vian said he was firmly committed to the group which he considered "more as a family than as a company." Luxottica has been through several management changes since founder and top investor Leonardo Del Vecchio took back the reins of the company around three years ago. ($1 = 0.8587 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-luxottica-results-idUKKBN1A920P'|'2017-07-24T18:52:00.000+03:00'
'5bf9f860d70d01cd273e559d778b247ae4e06905'|'BoE says more defences may be needed against consumer credit'|'FILE PHOTO: A sign is displayed outside the Bank of England in London, Britain August 4, 2016. Neil Hall/File Photo LONDON (Reuters) - The Bank of England said on Monday it could force banks to hold more capital as an "insurance policy" to protect the wider economy in case the rapid growth in consumer credit turns sour.Alex Brazier, the BoE''s executive director for financial stability, said that while lending overall has grown in line with the British economy, outstanding car loans, credit card balances and personal loans have risen by 10 percent, far outpacing rises in income.In a period of good economic performance, banks think they can reduce prices and loosen lending criteria, he said."The spiral continues and borrowers rack up more and more debt," Brazier said in a speech in Liverpool."Lending standards can go from responsible to reckless very quickly... Lenders have not entered, but they may be dicing with, the spiral of complacency."It is the latest warning on consumer credit from the BoE, which has already responded by introducing three "defense lines", including closer supervision of banks and tightening mortgage lending standards to stop "boundaries" being pushed, such as a rise in lending at higher loan-to-income multiples.The third "defense line" involves stress testing lenders to check whether they hold enough capital to deal with losses."And to make sure this defense line is kept robust in the face of rapid consumer credit growth, we are accelerating this year''s test of banks'' consumer credit loans," Brazier said."By September we will have assessed whether the rapid growth has created any small gap in the line. If it has, we''ll plug it."Brazier highlighted car loans, saying so-called personal contract purchase or PCP from the finance arms of automakers now finance almost four in five new car purchases.Even if a borrower makes all the monthly payments on a PCP contract, the lender can still lose money if used car prices fall."The finance company is left with a car that has depreciated by more than they''ve been paid," Brazier said.However, the defense lines may now be starting to kick in, he said, with consumer credit showing signs of slowing and new car registrations falling.The aim is to stop the economy having to suffer endless repeats of the "Debt Strikes Back" movie, he added."For now, settle back with your popcorn and watch the, oddly, not yet highly grossing, new blockbuster, the Return of the Regulator."Reporting by Huw Jones; Editing by Gareth Jones '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-boe-banks-regulator-idUSKBN1A9228'|'2017-07-24T19:00:00.000+03:00'
'0985fb9ecb2cae8884b04cc5b5f0939d3010c522'|'BRIEF-Claim Post Resources announces board appointments, establishes special committee'|'July 24, 2017 / 8:43 PM / 6 minutes ago BRIEF-Claim Post Resources announces board appointments, establishes special committee   Claim Post Resources Inc * Claim Post Resources announces board appointments and establishes special committee * Claim Post Resources - board established committee to assess merits, for splitting apart Manitoba Sand assets , Ontario gold and base metal assets Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-claim-post-resources-announces-boa-idUSASB0BAAU'|'2017-07-24T23:42:00.000+03:00'
'151d21c9474af86c44230bb998c9438191132b39'|'ArcelorMittal says French pollution allegations are groundless'|'July 25, 2017 / 8:36 PM / 8 hours ago ArcelorMittal says French pollution allegations are groundless 1 Min Read FILE PHOTO: An operator works on a rolling mill producing coils of steel at the ArcelorMittal Factory in Florange, Eastern France, October 18, 2013. Vincent Kessler (Reuters) - The world''s largest steelmaker, ArcelorMittal ( MT.AS ), said on Tuesday that its internal investigation had found allegations of illicit dumping of acid waste from a French plant were groundless. The allegations were made in a French newspaper, the Republicain Lorrain, by a former temporary worker of a sub-contractor responsible for disposing of toxic waste from the plant at Florange in northeastern France. The company said in a statement that the waste in question was not dangerous and had been disposed of in line with regulations. It said no dumping of pure acid had been done either at a storage area of the Florange site or in the wild. "Our internal investigation concludes that there is neither fraud nor pollution," said Eric Niedziela, CEO of ArcelorMittal Atlantique and Lorraine. Reporting by Camille Raynaud and Manon Jacob; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/france-investigation-arcelormitta-idINKBN1AA2MT'|'2017-07-25T23:34:00.000+03:00'
'1522f6a2ea773c8e07a4b77fe2a9e806bd9a0272'|'Central banks likely to dispense with unconventional tools: ECB''s Mersch'|'July 24, 2017 / 6:32 AM / a minute ago Central banks likely to dispense with unconventional tools: ECB''s Mersch Reuters Staff 1 Min Read FRANKFURT (Reuters) - Unconventional monetary policy tools used since the global financial crisis are unlikely to remain necessary as the global economy and central banking normalize, European Central Bank board member Yves Mersch said on Monday. "Forward guidance, asset purchases, negative nominal interest rates and lending schemes that incentivize banks to increase lending, such as the targeted longer-term refinancing operations, were all designed to combat the challenges of the period," Mersch said in a speech in Kuala Lumpur. "But as conditions normalize, it is unlikely that these policies will remain necessary." Reporting by Balazs Koranyi; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-mersch-idUKKBN1A90IM'|'2017-07-24T09:29:00.000+03:00'
'd04ac2ab7f8217908e9950e78de52e151d599a34'|'China''s Politburo pledges to prevent ''systemic'' financial risks - Xinhua'|'July 24, 2017 / 11:02 AM / 18 minutes ago China''s Politburo pledges to prevent ''systemic'' financial risks - Xinhua 2 Min Read FILE PHOTO: A 100 Yuan note is seen in this illustration picture in Beijing March 7, 2011. David Gray/File Photo BEIJING (Reuters) - China''s Politburo, the Communist Party''s top decision-making body, said Beijing will implement a "proactive" fiscal policy and "prudent" monetary policy in the second half of the year, the official Xinhua news agency reported on Monday. China will also strengthen coordination of financial regulation, stabilise the property market and prevent systemic financial risks, according to a statement following the meeting chaired by President Xi Jinping. "While fully affirming economic performance, we must at the same time clearly recognize the many problems and contradictions in the economy," the meeting decided, according to Xinhua. The meeting also stressed the need to address debt risks. "We must actively and steadily resolve built-up government debt risks, effectively regulate local government debt financing, and resolutely curb the increase in hidden debt," the statement issued after the meeting said. The statement''s themes were reiterations of past declarations of government policies. Chinese officials have regularly declared their determination to tackle debt and other issues while still maintaining solid economic growth. Monday''s statement gave no details of any new policies. Economists take "proactive" fiscal policy to mean an increase in government spending. On July 17, China reported annual economic growth of 6.9 percent in the second quarter, slightly above expectations. Reporting by Beijing Monitoring Desk and Elias Glenn; Editing by Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-idINKBN1A918X'|'2017-07-24T14:00:00.000+03:00'
'99f707409f5bb7f7d34fe1159a2122464ee1ff7b'|'London daily FX trading volumes rise on year in April - BoE'|'July 26, 2017 / 4:36 PM / 2 minutes ago London daily FX trading volumes rise on year in April - BoE Saikat Chatterjee 2 Min Read FILE PHOTO: Bank notes of different currencies, including Euro, U.S. Dollar, Turkish Lira or Brazilian Reais, are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. Kai Pfaffenbach/Illustration /File Photo LONDON (Reuters) - Foreign exchange trading out of London reached $2.44 trillion (1.86 trillion pounds) in April, up 10 percent from the same month last year, thanks to a rise in turnover in sterling and the euro against the dollar, a semi-annual survey by the Bank of England showed on Wednesday. The latest survey cements London''s position as the world''s biggest foreign exchange trading centre despite concerns about Brexit''s impact on the financial industry. The survey showed trading in the pound since Britain''s surprise decision last June to leave the European Union drove a 5 percent rise, compared with the previous survey in October, in daily trading of the currency against the dollar to a record $296 billion. Daily turnover in the euro-dollar exchange rate jumped by 14 percent to $696 billion per day, its highest level since April 2015, according to the survey. Of the various instruments, foreign exchange swaps saw the biggest increase in turnover in April 2017 from six months earlier, with a 14 percent rise in volumes. "This shows fears of a Brexit impact on currency trading turnover is not being reflected for now, but this may change," said a currency strategist at a U.S. bank in London. Reporting by Saikat Chatterjee, editing by Nigel Stephenson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boe-survey-currencies-idUKKBN1AB2BX'|'2017-07-26T19:36:00.000+03:00'
'e33aa9d46d233c30fd47c2b47811153454dbd259'|'Pensions body says backs competition review of investment consultants'|'July 26, 2017 / 9:11 AM / 42 minutes ago Pensions body says backs competition review of investment consultants   LONDON (Reuters) - Britain''s Pensions and Lifetime Savings Association said on Wednesday it would support an investigation into the investment consultancy industry by the Competition and Markets Authority. Britain''s markets watchdog, the Financial Conduct Authority, said in November it was considering referring the industry to the CMA amid concerns over conflicts of interest and value for money. While the three biggest consultants suggested changes to the way they work in an effort to prevent that happening, the FCA last month said it was inclined to reject them and would consult further before making a decision in September. Caroline Escott, who leads on investment policy at the Pensions and Lifetime Savings Association, said while consultants could add value for institutional investors, the changes proposed did not go far enough. "A Competition and Markets Authority investigation could probe competition issues in greater depth and recommend far-reaching solutions," she said in a statement. "We would therefore support a referral to the CMA and hope such a step would ensure a market which works in the best interests of pension schemes and their members." Reporting by Simon Jessop. Editing by Andrew MacAskill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-pensions-consultants-idUKKBN1AB13G'|'2017-07-26T12:11:00.000+03:00'
'243c6c053f79a32248989344bb72c3cec8a335e4'|'Borealis buys additional 5.5 percent in Thames Water from AMP Capital'|'July 26, 2017 / 7:34 AM / 15 minutes ago Borealis buys additional 5.5 percent in Thames Water from AMP Capital Reuters Staff 1 Min Read LONDON (Reuters) - Borealis, the infrastructure investment manager of OMERS is buying an additional 5.5 percent in Thames Water, Britain''s largest water company, from AMP Capital. OMERS, the pension plan for municipal workers in Ontario, Canada, said in a statement on Wednesday the transaction is expected to close later in the year. It became an investor in the utility two months ago and following completion of the transaction announced on Wednesday, will increase its overall interest to around 23 percent. Reporting by Dasha Afanasieva. Editing by Andrew MacAskill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-thameswater-borealis-idUKKBN1AB0SC'|'2017-07-26T10:34:00.000+03:00'
'19538600794790ab6c28e9ccf51f6de96964f8f2'|'Ex-Merrill banker loses $20 mln bonus claim against Sports Direct''s Ashley'|'July 26, 2017 / 1:42 PM / 22 minutes ago Ex-Merrill banker loses $20 mln bonus claim against Sports Direct''s Ashley 3 Min Read * Judge rules against banker claim of 15 mln stg bonus * Pub bonus offer was part of "jocular conversation" - judge * No one present at meeting thought offer serious - judge By James Davey LONDON, July 26 (Reuters) - A former Merrill Lynch banker on Wednesday lost his claim that Mike Ashley, founder and boss of British retailer Sports Direct, promised him a 15 million pound ($20 million) bonus during a heavy drinking session. Jeffrey Blue alleged that Ashley pledged during a meeting at the Horse & Groom, a pub close to Sports Direct''s central London office, in January 2013 to pay him the bonus if he could double Sports Direct''s share price to 8 pounds within three years. Sports Direct''s shares, which were listed at 3 pounds in 2007, rose above 8 pounds in February 2014, but Blue said Ashley reneged on their deal, paying him 1 million pounds. But Justice Leggatt ruled against Blue on Wednesday, saying Ashley''s offer was part of "a jocular conversation". "No reasonable person present in the Horse & Groom...would have thought that the offer to pay Blue 15 million pounds was serious and was intended to create a contract," he said. He ruled that no one present in the pub, including Blue, thought so at the time and they had all thought it was a joke. "The fact that Blue has since convinced himself that the offer was a serious one, and that a legally binding agreement was made, shows only that the human capacity for wishful thinking knows few bounds," Leggatt said in his ruling. Sports Direct''s Ashley, who also owns Newcastle United soccer club, gave evidence during the case which was littered with lurid tales of boozy business meetings. Ashley had told the court he was trying to get drunk during the evening of the January 2013 meeting at the Horse & Groom and had consumed four or five pints of beer in the first hour. Blue, in his evidence, said that at another meeting at a pub close to Sports Direct''s Shirebrook headquarters in central England, Ashley had challenged a financial analyst to a drinking competition and ended up vomiting into a fireplace. Sports Direct, which has been heavily criticised for its treatment of workers and poor corporate governance, last week reported a 29 percent fall in full-year earnings. Its shares were trading at 361 pence at 1321 GMT. "The only reason the Sports Direct share price exceeded 8 pounds and will hopefully do so again, is because of the sterling efforts of all the people who work at Sports Direct," Ashley said in response to the ruling. Blue could not be immediately reached for comment. ($1 = 0.7663 pounds) (Reporting by James Davey; editing by Alexander Smith) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sports-direct-mike-ashley-court-idUSL5N1KH50I'|'2017-07-26T16:41:00.000+03:00'
'2ff44eedadd27ed73959269b4bb5200bd28d667f'|'China to turn all centrally owned giants into joint-stock firms by 2017'|'July 26, 2017 / 3:17 AM / 39 minutes ago China to convert all giant state companies into joint-stock firms by end-2017 4 Min Read BEIJING (Reuters) - All big Chinese companies owned by the central government will be registered as limited liability companies or joint-stock firms by the end of the year, as Beijing moves to make its state-owned giants more nimble, efficient and modern. About 90 percent of firms owned by the central government and local governments have already completed the process, which has helped improve their governance structures and management, the cabinet said in a statement on its website on Wednesday. It did not say whether private capital will be allowed to invest in the state giants or whether they will list shares. Through reforms, the central government hopes to revive China''s bloated and debt-ridden state-owned sector and create "bigger and stronger" conglomerates capable of competing on the global stage. Part of the reforms will involve shutting the most uncompetitive firms. The ownership structure of some SOEs will also be modernised. One of the biggest problems facing China, particularly the lumbering state-owned giants, is a spike in debt since the 2008 global financial crisis. Authorities have stepped up efforts to contain debt risks over the past year, and part of those steps have involved the restructuring of state firms. Earlier this year, People''s Bank of China Governor Zhou Xiaochuan said banks will withdraw support for financially unviable firms, repeating pledges by other officials to drive "zombie" firms out of the market. China is also pushing mixed ownership to allow private capital to invest in firms while retaining the government''s presence in the companies. The state-owned asset regulator has said "erroneous" notions like "privatisation" and "de-nationalisation" should be avoided. Party''s Leadership Efforts will be made to strengthen the party''s leadership at big state firms and to prevent the loss of state assets during restructuring, the cabinet said on Wednesday. The party''s leadership will also help protect employees'' legal rights and ensure the stability of corporate reforms, the cabinet said. One focus will also be on the formation of the board of directors at state-owned companies, the cabinet said, as part of efforts to bring it in line with present day corporate governance practices. The board will have a say in major corporate decisions, hiring and salary distribution. Salary corridors linked to corporate profits and productivity will also be set up, according to the cabinet. Last month, the state asset regulator said China''s centrally administered SOEs will be divided into three types - industrial groups, investment firms and operating companies. While details were sparse, the move will similarly change the way SOEs are organised. The central government now owns and administers 101 enterprises in sectors ranging from nuclear technology to medicine. The state asset regulator has told the enterprises and their subsidiaries to hand in their restructuring plans by end-September, the official Xinhua news agency said on Wednesday. Xinhua reported that 69 of the enterprises, with assets totalling 7.97 trillion yuan ($1.2 trillion), have not registered themselves as either joint-stock companies or limited liability firms. The subsidiaries of the 69 enterprises hold 5.66 trillion yuan of assets, Xinhua said. The SOE reforms come as the Communist Party prepares for a once-in-five-years congress in the fall. Ahead of the congress, one of the government''s priorities has been to ensure stability in the country''s financial system. Further opening China''s economy and markets is another focus. China''s securities regulator pledged on Wednesday to expand access to capital markets for all types of investors, while encouraging more long-term institutional participation in the financial domain. ($1 = 6.7541 Chinese yuan) Reporting by Ryan Woo, Kevin Yao and Stella Qiu; Editing by Shri Navaratnam and Jacqueline Wong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-soe-reforms-idINKBN1AB0A0'|'2017-07-26T06:16:00.000+03:00'
'2e581b64827dfb223763fed43105e6e5f5697843'|'Fed expected to leave rates unchanged; balance sheet in focus'|'July 26, 2017 / 5:07 AM / in 6 minutes Fed holds rates steady, expects to cut balance sheet ''relatively soon'' 3 Min Read The Federal Reserve Building stands in Washington April 3, 2012. Joshua Roberts/File Photo WASHINGTON (Reuters) - The Federal Reserve kept interest rates unchanged on Wednesday and said it expected to start winding down its massive holdings of bonds "relatively soon" in a sign of confidence in the U.S. economy. The U.S. central bank kept its benchmark lending rate in a target range of 1.00 percent to 1.25 percent and said it was continuing the slow path of monetary tightening that has lifted rates by a percentage point since 2015. In a statement following a two-day policy meeting, the Fed''s rate-setting committee indicated the economy was growing moderately and job gains had been solid. But it noted that both overall inflation and a measure of underlying price gains had declined and said it would "carefully monitor" price trends. "The committee expects to begin implementing its balance sheet normalization program relatively soon," the Fed said, adding that it would follow a plan outlined in June. Related Coverage After pushing rates nearly to zero to fight the 2007-2009 financial crisis and recession, the Fed pumped over $3 trillion into the economy in a bond-buying spree to further reduce rates. Its balance sheet has grown to $4.5 trillion. Unwinding the balance sheet will mark the end of a controversial tool that drew criticism from Republican lawmakers in Congress. While Fed researchers have concluded the bond buying only modestly boosted the economy, Fed Chair Janet Yellen has said the central bank could use asset purchases again if the economy fell into a deep rut. Steady job creation in the economy has pushed the U.S. unemployment rate to 4.3 percent, near a 16-year low. Fed policymakers, however, have said labor market strength could eventually push inflation too high. The Fed had previously signaled it would begin this year to trim its holdings of U.S. Treasury securities and government-backed mortgage debt. Economists polled by Reuters expect that announcement will come in September. At the same time, a slowdown in inflation this year has caused jitters among some Fed officials who are already concerned that inflation has been below the central bank''s 2 percent target for five years. The Fed''s preferred measure of underlying inflation dropped to 1.4 percent in May. It was 1.8 percent in February. No Fed policymakers dissented in Wednesday''s decision. Reporting by Jason Lange and Lindsay Dunsmuir; Editing by Paul Simao 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-idUKKBN1AB0EK'|'2017-07-26T08:08:00.000+03:00'
'8a8ebaecfcb43058b080a627703829a5d193f2e0'|'Peugeot hits new profit record as pricing prevails'|'July 26, 2017 / 6:35 AM / an hour ago Peugeot hits new profit record as pricing prevails Laurence Frost and Gilles Guillaume 3 Min Read FILE PHOTO: The logo of French car maker Peugeot is seen at a dealership in Nice, France, February 23, 2017. Eric Gaillard/File Photo PARIS (Reuters) - PSA Group ( PEUP.PA ) increased sales and profit in the first half, the maker of Peugeots and Citroens said, beating analyst expectations with a new profitability record at its core manufacturing division. Net income rose 3.6 percent to 1.26 billion euros ($1.46 billion) on a 5 percent increase in revenue to 29.17 billion, the French carmaker said on Wednesday, as stronger pricing more than made up for weaker sales volumes in Europe and China. PSA rebounded from near-bankruptcy and a government-backed bailout in 2014 to an industry-leading automotive profit margin last year on the strength of cost-cutting, a pared-down lineup and determined efforts to lift prices. The core automotive operating margin jumped from 6.8 percent to 7.3 percent, setting a "new historic high" for the Paris-based carmaker, Chief Financial Officer Jean-Baptiste de Chatillon said on a conference call with reporters. "We are now in position to deliver recurrent profitability," Chatillon said. "There are always headwinds, but we''re able to withstand them while maintaining a high level of profitability." Weaker first-half vehicle sales in Europe and a sharper slowdown in China had sparked concerns about the pace of PSA''s recovery just as it prepares to acquire Opel from General Motors ( GM.N ), in a deal closing later this year. But the earnings numbers squarely beat analyst expectations of 28.92 billion euros in revenue, 1.3 billion in automotive profit and a 1.06 billion-euro net income, based on the median of nine estimates polled for Reuters. PSA said its market-share decline - particularly in Europe - wiped 92 million euros from profit. Higher raw-material costs trimmed a further 129 million and currency effects 255 million. But its product mix added 456 million euros and pricing another 41 million - both helped by a flurry of new model launches. Market growth also contributed 178 million euros. PSA raised its full-year European auto-market growth forecast to 3 percent from 1 percent and its Latin American and Russian growth forecasts to 5 percent - from 2 percent and flat, respectively. Reporting by Laurence Frost and Gilles Guillaume; Editing by Sudip Kar-Gupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-peugeot-results-idUKKBN1AB0LH'|'2017-07-26T09:35:00.000+03:00'
'c2780997d06fbd28bc57f9041d25a0eecb9b6ad1'|'Exclusive: Saudi Aramco advisers favour London for historic IPO: sources'|'July 27, 2017 / 3:19 PM / an hour ago Exclusive: Saudi Aramco advisers favor London for historic IPO - sources 5 Min Read A view shows Saudi Aramco''s Wasit Gas Plant, Saudi Arabia December 8, 2014. Saudi Aramco/Handout via REUTERS DUBAI/LONDON (Reuters) - Saudi Aramco''s advisers have recommended London for the historic listing of the oil company, with U.S. disclosure rules a concern for Saudi authorities, sources familiar with the matter told Reuters. A final decision on the venue for what is expected to be the world''s biggest IPO and is targeted to raise $100 billion will be taken by Crown Prince Mohammad bin Salman, who is overseeing Saudi Arabia''s radical economic reforms, they said. Listing five percent of Aramco is a centerpiece of Saudi Arabia''s Vision 2030 plan to diversify beyond oil and financial considerations will not be the only factor in its decision, with Saudi authorities also taking the interests of shareholders and the company into account, the sources added. The advisers'' views on the relative merits of London and New York for the listing are being considered by Aramco and a final proposal could be presented to the government in the fourth quarter, the sources said. London''s chances of winning the multi-billion deal were improved by a Financial Conduct Authority plan to create a new listing category for companies controlled by sovereign states. This was a clear sign that London is ready to welcome Aramco and needs its IPO to attract more sovereign-held entities and prove that London remains a good place to do business after the country leaves the European Union, one of the sources said. Changes proposed by the regulator, which declined to comment, are seen as making London more attractive to state-controlled firms such as Aramco as well as other Gulf countries, including Oman and Abu Dhabi, considering listing oil assets. The FCA proposal will be reviewed until Oct. 13 and the regulator will publish new rules towards the end of the year. Aramco is less enthusiastic about listing on a third exchange, possibly one in Asia, and may prefer to stick to a dual listing process that involves Riyadh''s Tadawul and London Stock Exchange ( LSE.L ), one of the sources said. Aramco, London Stock Exchange and New York Stock Exchange all declined to comment, while there was no immediate comment from Saudi officials contacted by Reuters. Bankers expect to get more clarity on Aramco''s listing plans at a conference organized by Saudi Arabia''s Public Investment Fund (PIF) on Oct. 24 to 26 in Riyadh, one source said. Senior Saudi Aramco executives, including its chief executive, are scheduled to meet on Aug. 3 in London for a regular review of ongoing business activities, others said. A view shows Saudi Aramco''s Manifa oilfield, Saudi Arabia January 22, 2015. Picture taken January 22, 2015. Saudi Aramco/Handout via REUTERS China Factor A dual listing in London and Riyadh would be easier and faster to pursue, the sources said, adding that Aramco might miss its IPO window next year if it attempts to include a third stock market, which would add another layer of complexity. But even if Saudi Aramco is not listed in Asia, Chinese investors and companies will still be offered a sizeable stake in a bid to satisfy key buyers of Saudi crude, one source said. Reuters reported in April that China is creating a consortium, including state-owned oil giants and banks and its sovereign wealth fund, to act as a "cornerstone" IPO investor. Slideshow (6 Images) As well as New York and London, Hong Kong, Singapore, Tokyo, Hong Kong and Toronto are all seeking to have Saudi Aramco list on their respective markets. But experts have long pointed to the amount of information public companies listed in the United States are required to disclose as a reason for a decline in IPOs in New York and Saudi Arabia will be cautious that it may be forced to reveal sensitive information relating to Aramco - which will still be largely government-owned after the IPO. This includes details on how the kingdom controls its energy sector and manages money from the company''s earnings. "The Saudis want to disclose as little as possible and this makes a New York listing very unattractive," one source said. But the U.S. Securities and Exchange Commission is also working on proposals to potentially scale back the scope and breadth of disclosure rules to get more companies to go public, its new chairman Jay Clayton said this month. And although Aramco''s banks believe a London-listing is financially the best solution, there are other factors that the Saudis will take into account and the final outcome is far from decided, one of the sources said. JPMorgan Chase & Co ( JPM.N ), Morgan Stanley ( MS.N ) and HSBC ( HSBA.L ) have been hired as international financial advisers for its initial public offering, Reuters reported in March. The trio joined Moelis & Co ( MC.N ) and Evercore ( EVR.N ), who had already been appointed as independent financial advisers. HSBC, JPMorgan and Moelis declined to comment, while Morgan Stanley and Evercore were not immediately available for comment. Reporting by Saeed Azhar, Hadeel Al Sayegh in Dubai and Pamela Barbaglia in London; additional reporting by Reem Shamseddine in Khobar, Dasha Afanasieva in London, Tom Arnold in Dubai and John McCrank in New York; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-saudi-aramco-ipo-london-exclusive-idINKBN1AC2GM'|'2017-07-27T18:43:00.000+03:00'
'45fd2c5f5ce2bb500b816284807bc3d3b9d4d68a'|'UK Stocks-Factors to watch on July 27'|'July 27 (Reuters) - Britain''s FTSE 100 index is seen opening down 1 point at 7451.8 on Thursday, according to financial bookmakers. * SHELL: Royal Dutch Shell Plc is planning to make repairs to the heavy oil hydrocracking unit (HCU) at its 227,586 barrel-per-day (bpd) Convent, Louisiana, refinery during an overhaul in the spring of 2018, said sources familiar with plant operations. * LLOYDS: Lloyds Banking Group is to repay nearly 300 million pounds to customers over mortgage arrears policies, Sky News reported on Wednesday. * GSK: GlaxoSmithKline''s new chief executive announced plans on Wednesday to narrow the focus of the group''s drug research by ditching more than 30 drug projects to improve returns in its core pharmaceuticals business. * RBS: The European Commission has accepted the British government''s plans to free Royal Bank of Scotland from an obligation to sell more than 300 branches bringing to an end the bank''s seven-year struggle to meet conditions for its bailout. * RANDGOLD RESOURCES: Randgold Resources'' chief executive said on Wednesday he was hopeful of resolving an 42 billion CFA Francs ($74 million) tax dispute with Mali''s government and that the company continued to invest in its two mines in the West African country. * BRITAIN AUTO: Britain''s car-makers and traders are starting to feel the strains of Brexit, and output this year is likely fall short of the industry''s expectations, the head of the leading UK group in the sector said. * BREXIT: Britain commissioned an independent study on Thursday of what role European Union nationals play in the British economy, saying that Brexit would mean new immigration rules, but that there would be no sudden cut-off for workers or employers. * OIL: Oil prices rose to near eight-week highs on Wednesday, with Brent crude futures above $50 a barrel, as a much steeper than expected decline in U.S. inventories encouraged hopes the global crude glut would recede. * EX-DIVS: SSE will trade without entitlement to their latest dividend pay-out on Thursday, trimming 2.55 points off the FTSE 100 according to Reuters calculations. * The UK blue chip index FTSE 100 closed 0.24 percent higher at 7,452.32 points on Wednesday, as strong updates from ITV and Compass Group helped the index inch up, underpinned also by gains among defensive stocks. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: TechnipFMC PLC Q2 2017 Earnings Release Jardine Lloyd Thompson Half Year 2017 Earnings Release CMC Markets PLC Q1 2018 Interim Statement Relx PLC Half Year 2017 Earnings Release Tate & Lyle PLC Q1 2018 Trading Statement Ladbrokes Coral Group PLC Q2 2017 Trading Statement Release Rentokil Initial PLC Half Year 2017 Earnings Release Schroders PLC Half Year 2017 Earnings Release National Express Group Half Year 2017 Earnings Release Bodycote PLC Half Year 2017 Earnings Release Inchcape PLC Half Year 2017 Earnings Release Weir Group PLC Half Year 2017 Earnings Release St. James''s Place PLC Half Year 2017 Earnings Release Mitchells & Butlers PLC Q3 2017 Trading Statement Release Angle PLC Full Year 2017 Earnings Release Countrywide PLC Half Year 2017 Earnings Release Britvic PLC Q3 2017 Trading Statement Release Greencoat UK Wind PLC Half Year 2017 Earnings Release Just Eat PLC Half Year 2017 Earnings Release Ensco PLC Q2 2017 Earnings Release GasLog Partners LP Q2 2017 Earnings Release Diageo PLC Full Year 2017 Earnings Release AstraZeneca PLC Q2 2017 Earnings Release Smith & Nephew PLC Q2 2017 Earnings Release British American Tobacco Half Year 2017 Earnings Release Sky PLC Q4 2017 Earnings Release Anglo American PLC Half Year 2017 Earnings Release Lloyds Banking Group PLC Half Year 2017 Earnings Release Daily Mail and General Trust Q3 2017 Trading Statement Release Lancashire Holdings Ltd Q2 2017 Earnings Release Thomas Cook Group plc Q3 2017 Interim Statement Intu Properties PLC Half Year 2017 Earnings Release Vesuvius PLC Half Year 2017 Earnings Release Indivior PLC Half Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1KI270'|'2017-07-27T08:21:00.000+03:00'
'73a4022cca4ae36b3bfe2d1844af14759e8e8a64'|'African Markets - Factors to watch on July 27'|'July 27, 2017 / 4:37 AM / 14 hours ago African Markets - Factors to watch on July 27 4 Min Read The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. - - - - - GLOBAL MARKETS Stocks, bonds and commodities were all on a roll in Asia on Thursday, as bulls scented a softening in the Federal Reserve''s confidence on inflation that promised to keep U.S. interest rates low for longer than some had expected. WORLD OIL PRICES Oil prices were sitting just below 8-week highs on Thursday, buoyed by hopes that a steeper-than-expected decline in U.S. crude oil inventories will reduce global oversupply. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South African stocks scaled a 27-month high on Wednesday, buoyed by further gains by bourse heavyweight Naspers , while the currency firmed to reverse a run of two straight sessions of losses. NIGERIA MARKETS Nigerian stocks surged 3.4 percent on Wednesday to a 32-month high on improving sentiment after several mid-sized listed firms announced increases in half-year earnings, traders said. NIGERIA OIL Nigeria plans to cut its oil exploration costs and move away from reliance on crude for export revenues, according to a national petroleum policy approved by the federal executive council this week. NIGERIA POLITICS Nigeria''s upper house of parliament backed a series of constitutional amendments on Wednesday that could weaken the presidency and boost the legislature, the latest twist in a two-year power struggle between the two institutions. NIGERIA AGRICULTURE Nigeria''s acting president will open a $1.5 billion fertiliser plant in the southeastern city of Port Harcourt on Thursday, highlighting efforts by Africa''s largest economy to boost its agriculture industry. KENYA MARKETS The Kenyan shilling was expected to weaken on Wednesday due to increased demand from oil and retail importers buying dollars to meet end-month obligations, traders said. GHANA MARKETS Ghana''s producer price inflation fell slightly to 3.6 percent year-on-year in June from 3.7 percent the month before, mainly due to lower gold prices, the statistics office said on Wednesday. UGANDA MARKETS The Ugandan shilling was stable on Wednesday, underpinned by the central bank mopping up 329 billion shillings ($91.39 million) in excess liquidity from the money markets, traders said. TANZANIA GOLD Barrick Gold Corp , the world''s largest gold miner by production, reported better-than-expected quarterly earnings on Wednesday as its mining costs fell and said it would begin talks with the Tanzanian government next week about an export ban. MALI-UN/CRASH A German military helicopter assigned to the U.N. peacekeeping mission in Mali crashed in the West African nation''s desert north on Wednesday, killing the two crew members, the German military said. CONGO SECURITY One of Democratic Republic of Congo''s most notorious warlords, Ntabo Ntaberi Sheka, wanted for alleged crimes against humanity, surrendered to U.N. peacekeepers on Wednesday, the U.N. mission in Congo (MONUSCO) said. CONGO-VIOLENCE/UN The United Nations named three human rights experts on Wednesday to lead an international investigation into killings and other crimes in the Kasai region of Democratic Republic of Congo, a move that could set up a showdown with the government. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL5N1KI0F0'|'2017-07-27T07:36:00.000+03:00'
'91e5221a27aa2ea3c287dc77f54c3e0efcfe4a97'|'Cameco Corp''s reports small quarterly loss'|'July 27, 2017 / 12:22 PM / 3 hours ago Miner Cameco settles U.S. tax spat, bigger Canada fight looms Rod Nickel and Aparajita Saxena 3 Min Read (Reuters) - Canada''s Cameco Corp, the world''s second-largest uranium producer, said on Thursday it had settled a U.S. tax dispute for a fraction of the original claim, which may bode well for the company''s multi-billion-dollar battle with the Canada Revenue Agency. Cameco will pay the U.S. Internal Revenue Service $122,000 for its 2009 through 2012 taxation years, compared with the $122 million the IRS claimed Cameco underpaid. The company''s shares jumped 4.3 percent to C$13.09 in Toronto, touching a two-month high, as the settlement news helped investors look past the company reporting a wider-than-expected quarterly loss. Cameco''s dispute with tax authorities relates to its offshore marketing structure and transfer pricing. Cameco sells uranium to its marketing subsidiary in Switzerland, which re-sells it to buyers, incurring less tax than the company would through its Canadian office. Cameco says it has a marketing subsidiary there because most of its customers are located outside Canada. Cameco''s dispute with CRA could result in a C$2.4 billion ($1.92 billion) tax expense for past years, the company said on Thursday. "It is tempting to conclude that this (IRS settlement) weakens the CRA''s position," BMO analyst Edward Sterck said in a note. CRA declined comment as the case is before the courts, spokesman Zoltan Csepregi said. The global uranium industry is locked in a six-year slump, dating back to the 2011 tsunami that caused Japan to shutter all of its nuclear reactors. The world''s uranium market is oversupplied, although some reactors in Japan have restarted. Cameco reported a loss of C$1.56 million in the second quarter, breaking even on a per share basis. It had posted a loss a year earlier of C$137.4 million, or 35 Canadian cents. The latest quarter''s results were hit by the loss of a contract with Tokyo Electric Power (Tepco), the operator of Japan''s wrecked Fukushima nuclear plant. The company said it was addressing low uranium prices by reducing supply and avoiding sales into a weak spot market. Adjusted for one-time items, Cameco lost 11 Canadian cents per share, disappointing analysts who had expected, on average, a loss of 2 Canadian cents a share, according to Thomson Reuters I/B/E/S. Revenue rose 1 percent to C$469.7 million. The company''s uranium sales rose 33 percent to 6.1 million pounds, while its average realized uranium price fell 14.9 percent to $36.51 per pound. Reporting By Aparajita Saxena in Bengaluru and Rod Nickel in Winnipeg, Manitoba; Editing by Meredith Mazzilli 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cameco-results-idUSKBN1AC1WH'|'2017-07-27T15:13:00.000+03:00'
'32556839de8338eb2888964c7ccd76e0995eac54'|'Alphabet appoints Google CEO Pichai to board'|'July 24, 2017 / 5:22 PM / in 4 minutes Alphabet appoints Google CEO Pichai to board Reuters Staff 1 Min Read (Reuters) - Alphabet Inc ( GOOGL.O ) said it appointed chief executive of its Google unit, Sundar Pichai, to its board. The company''s board also includes founders Larry Page and Sergey Brin. Alphabet is set to report second quarter earnings on Monday after markets close. [ bit.ly/2tU9lwf ] Alphabet shares were slightly lower on Monday. Reporting by Rishika Sadam in Bengaluru; Editing by Arun Koyyur 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alphabet-pichai-board-idUKKBN1A927E'|'2017-07-24T20:22:00.000+03:00'
'92760a52b4c9915f787a0a4bba03bb2398f4dbd0'|'BRIEF-Eminence Capital to vote against Sabra Health Care REIT, Care Capital Properties merger'|'July 24, 2017 / 12:53 PM / 36 minutes ago BRIEF-Eminence Capital to vote against Sabra Health Care REIT, Care Capital Properties merger 1 Min Read July 24 (Reuters) - Eminence Capital Lp: * Eminence Capital to vote against merger between Sabra Health Care REIT Inc and Care Capital Properties Inc Source text for Eikon: 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-eminence-capital-to-vote-against-s-idUSFWN1KF089'|'2017-07-24T15:53:00.000+03:00'
'cc915ebd5e946f2eea82c61bf1055c0de7a9cd3d'|'BRIEF-Motorcar Parts of America says amended revolving credit, term loan and security agreement by entering into fifth amendment to loan agreement'|'Edition United States #Market News July 24, 2017 / 8:43 PM / 6 minutes ago BRIEF-Motorcar Parts of America says amended revolving credit, term loan and security agreement by entering into fifth amendment to loan agreement   Motorcar Parts Of America Inc * Motorcar Parts Of America - On July 18 amended revolving credit, term loan and security agreement by entering into fifth amendment to loan agreement * Motorcar Parts Of America - Amendment amends definition of permitted acquisitions to lower minimum ebitda requirement for permitted acquisition targets * Motorcar Parts Of America Inc - Fifth amendment, amends definition of permitted indebtedness to increase basket for capitalized lease obligations Source text: [ bit.ly/2urnEfh ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-motorcar-parts-of-america-says-ame-idUSFWN1KF0MR'|'2017-07-24T23:41:00.000+03:00'
'f49c2396de37d9dd0fd3a86baa1f432fe2297b47'|'Hyundai Motor Q2 net profit halves as China, U.S. sales sag'|'July 26, 2017 / 5:25 AM / 2 hours ago Hyundai Motor Q2 net profit halves as China, U.S. sales sag 3 Min Read FILE PHOTO: Hyundai Motor''s vehicles are displayed at a Hyundai Motorstudio in Goyang, South Korea May 29, 2017. Kim Hong-Ji/File Photo SEOUL (Reuters) - Hyundai Motor''s bleak results stretched into a 14th straight quarter as political headwinds continued to drag down sales in China, its biggest market, and higher incentives failed to boost business in the United States. The South Korean firm - which together with affiliate Kia Motors is the world''s No.5 automaker together - has been betting on a gradual earnings recovery, but the plan hit a roadblock with China''s backlash over Seoul''s decision to deploy an anti-missile system showing no signs of abating. For the second quarter ended June, Hyundai Motor reported a net profit of 817 billion won ($729.14 million), down 51 percent from a year ago - the 14th such decline in a row. Analysts on average had expected 1.35 trillion won. Its operating profit came in at 1.34 trillion won and sales at 24.31 trillion won. Its China retail sales slumped 29 percent in the first half of 2017 as the automaker continued to struggle with its heavy reliance on sedans while customers increasingly opt for sport utility vehicles (SUVs) in the world''s biggest auto market. Its weak brand image has also put Hyundai at a disadvantage versus local and global rivals such as Honda Motor, Toyota Motor and General Motors, all of which reported higher China sales for last month. GM, in its earnings call on Tuesday, said it set second-quarter sales record in China, although it also referred to pricing challenges. Hyundai Motor plans to open a new factory in Chongqing in late August, hoping to offset some of its sales slide by tapping into the southwestern region, even as its other factories in the eastern region are underutilised. In the United States, Hyundai Motor''s sales over January-June fell 7.4 percent, the second biggest drop after affiliate Kia Motors, as its mainstay Sonata sedans lost ground in the market powered by sport utility vehicles (SUVs). The slump came despite the automaker sharply boosting incentives to buoy sales in the United States. It is set to face more pressure as competition rises in its No.2 market, where Asian rivals such as Honda and Toyota will be launching their newest-generation mid-sized sedans this month, going up against the facelifted Sonata to be offered by Hyundai Motor even as sedan sales weaken worldwide. Hyundai Motor shares trimmed earlier gains after the earnings announcement, and were up 1 percent by 0514 GMT, versus the wider market that was down 0.3 percent. Reporting by Hyunjoo Jin, additional reporting by Clara Ferreira Marques; Editing by Himani Sarkar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hyundai-motor-results-idINKBN1AB0G0'|'2017-07-26T08:23:00.000+03:00'
'0b10b3de494219126a497f7b045e573818037326'|'Another note of caution on European stocks as Credit Suisse says euro strength could bite'|'The signature of the President of the European Central Bank (ECB), Mario Draghi, is seen on the new 50 euro banknote during a presentation by the German Central Bank (Bundesbank) at its headquarters in Frankfurt, Germany, March 16, 2017. Kai Pfaffenbach LONDON (Reuters) - Credit Suisse''s global strategists slightly rolled back their "overweight" stance on euro zone stocks on Wednesday as a surging euro and the potential for the brisk pace of inflows to ease forces a rethink on one of the year''s most popular trades.Credit Suisse is the latest big broker to sound a note of caution on European stocks. Europe remains an "overweight" at the firm and is their most preferred region globally after emerging markets.However, the euro''s 10.5 percent rally this year has raised worries about the impact on profits for exporters, such as Europe''s auto makers, who have long benefited from a weaker currency and account for a large portion of the region''s profit pool.Those concerns come just as a brighter macroeconomic backdrop, easing political concerns and robust earnings have seen foreign investors, particularly from the U.S., return in numbers to European stocks and take valuations back above long-term averages.Credit Suisse estimated that a 10 percent rise in the euro would take around 6 percentage points off earnings growth. Economists at the firm see the euro rising to $1.22 against the dollar over the next year.Roughly half of continental European corporate profits are generated outside the euro zone, according to Credit Suisse, and the impact of the currency is an area of focus in the ongoing second-quarter earnings season.Credit Suisse pointed out that while Europe may be a consensus trade on a three or 12-month view, long-term investors are still skeptical as only 9 percent have chosen Europe as their "top long" on a five-year time horizon. index has gained around 6 percent so for this year, as has the blue chip euro zone-focused index, for which Credit Suisse cut its year-end target to 3,650 from 3,800.They also reduced their rating on French equities back to benchmark on concerns around euro strength, valuations and the economy, and also trimmed their "overweight" in Spanish equities.The broker remains "underweight" Italian stocks.Credit Suisse said it favored European stocks most geared to the domestic recovery and named "outperform" rated Deutsche Wohnen, Telenet, Aena, Cellnex, Credit Agricole, Enel, Bouygues among their picks.Reporting by Kit Rees, Editing by Vikram Subhedar '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-europe-stocks-euro-idUSKBN1AB14U'|'2017-07-26T12:19:00.000+03:00'
'a771294336acf9ec9dfb675c1d65812a69d58d94'|'Wal-Mart proposes policy actions to boost U.S. manufacturing'|'July 26, 2017 / 1:33 PM / 21 minutes ago Wal-Mart proposes policy actions to boost U.S. manufacturing 3 Min Read FILE PHOTO: A general view shows a Wal-Mart store in Monterrey, Mexico, August 10, 2016. Daniel Becerril/File Photo CHICAGO (Reuters) - Wal-Mart Stores Inc ( WMT.N ) on Wednesday proposed 10 policy actions to boost U.S. manufacturing that the retailer said could help recapture $300 billion of the $650 billion worth of consumer goods that are currently imported. Wal-Mart said barriers to manufacturing growth include a lack of available and qualified workers and of co-ordination and financing to support U.S. manufacturers, complex regulations that create high compliance costs and legal risks, and the need for an overhaul of the U.S. tax system and trade deals. The world''s largest retailer, which committed to sourcing $250 billion worth of U.S.-made goods in 2013, said it identified those challenges as it worked with suppliers over the last four years. Wal-Mart''s comments come at a time when U.S. President Donald Trump has made boosting domestic manufacturing a key focus of his economic agenda. Earlier this month the White House held its "Made in America" week showcasing U.S. goods. The company''s policy proposals included building vocational training programs, reducing costs for private industry to train workers, rebranding U.S. manufacturing to attract workers and drive demand for domestic products, encouraging component production to close supply chain gaps and promoting manufacturing clusters through public-private cooperation. Other proposals included eliminating federal overlap in manufacturing regulations, creating flexible compliance requirements for small businesses, creating a globally competitive tax environment, expanding tax deductions to foster manufacturing investments and overhauling trade agreements. Wal-Mart said it discussed these proposals at a meeting with individuals and organizations representing business, government and non-governmental organizations in Washington D.C. Citing an analysis by the Boston Consulting Group, Wal-Mart said every $100 billion that is onshored has the potential to create more than 500,000 direct manufacturing jobs which could then create an additional 1.5 million jobs. Reporting by Nandita Bose in Chicago; Editing by Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-walmart-manufacturing-idUSKBN1AB1V4'|'2017-07-26T16:36:00.000+03:00'
'1665c71b1d510c90ef0f954d9b68c91f5a4ec137'|'PRESS DIGEST- British Business - July 26'|'July 26 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesFactories are increasing production at the fastest rate in 22 years, according to a CBI survey that suggests manufacturing may provide a boost for the economy as the dominant services sector begins to slow. bit.ly/2vYQlOyMetro Bank Plc has warned that it will take two years longer than expected to hit its financial targets as it announced a surprise 278 million pound ($362.15 million) capital-raising amid growing speculation about a gap in its finances. bit.ly/2v6j6weThe GuardianVictims of the ground rents scandal are demanding ministers go further in tackling unfair abuses of the leasehold system, amid claims that as many as 100,000 existing homeowners remain trapped in properties that are "unsellable". bit.ly/2uutfS1Noel Edmonds has increased his compensation claim against Lloyds Banking Group Plc to 300 million pounds after he fell victim to fraud at the hands of former HBOS Reading staff. bit.ly/2vYjeumThe TelegraphThe Guardian has developed plans to erect a paywall around its website and apps if its existing membership scheme and appeals for donations do not meet financial targets amid upheaval in the news market. bit.ly/2uVk661Britain''s car industry has been given a "vote of confidence" by BMW AG, the government said after the German automotive firm announced it will build an all-electric version of the Mini in the United Kingdom. bit.ly/2h0ODJYSky NewsPrivate equity groups Clayton Dubilier & Rice and Bain Capital have joined forces to assemble a knockout takeover bid for the 6 billion pounds Unilever Plc division which houses the Flora margarine brand. bit.ly/2h1ul2OVirgin Money Holdings Plc Chief Executive Officer Jayne-Anne Gadhia has used a post-results slide in its stock market valuation to acquire about 100,000 pounds-worth of the company''s shares. bit.ly/2h1FgJVThe IndependentAmazon.com Inc plans to expand the number of people it employs in research and development across London – a powerful endorsement of the capital''s booming tech sector despite the economy being steeped in uncertainty ahead of Britain''s departure from the European Union. ind.pn/2v31X6Z$1 = 0.7676 pounds Compiled by Bengaluru newsroom; Editing by Lisa Shumaker '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1KG63Y'|'2017-07-26T03:20:00.000+03:00'
'fb11065614132ca372d64066d7339d96b65906b4'|'Oil prices hover near 8-week highs on lower U.S stocks'|'July 27, 2017 / 4:08 AM / 12 minutes ago Oil prices hover near eight-week highs on lower U.S. stocks Fergus Jensen 3 Min Read An offshore oil platform is seen at the Bouri Oil Field off the coast of Libya August 3, 2015. Darrin Zammit Lupi/Files SINGAPORE (Reuters) - Oil prices were sitting just below 8-week highs on Thursday, buoyed by hopes that a steeper-than-expected decline in U.S. crude oil inventories will reduce global oversupply. Brent crude futures were down 16 cents, or 0.3 percent, at $50.81 a barrel at 0536 GMT, after rising about 1.5 percent in the previous session. U.S. West Texas Intermediate futures were down 13 cents, or 0.3 percent, at $48.62 a barrel. U.S. crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories dropped, the Energy Information Administration said on Wednesday. The 7.2 million barrel decline in crude inventories in the week ending July 21 was well above the 2.6 million barrel forecast. "This marks the fourth consecutive week that total hydrocarbon inventories have fallen during a time of year when they normally increase," said PIRA Energy oil analyst Jenna Delaney. U.S. shale producers including Hess Corp, Anadarko Petroleum and Whiting Petroleum this week announced plans to cut spending this year as a result of low oil prices. Optimism that the long-oversupplied market is moving towards balance was also supported by news earlier in the week that Saudi Arabia plans to limit its crude exports to 6.6 million barrels per day (bpd) in August, about 1 million bpd below its export levels a year earlier. Fellow members of the Organisation of Petroleum Exporting Countries (OPEC) Kuwait and UAE have also promised export cuts. "The narrowing of the global glut is still on track," OCBC said. But analysts say oil prices may have little room to head higher as recent gains could encourage more output, particularly from U.S. shale producers with low costs. "The market will likely be paying even more attention to drilling activity in the U.S. in the coming weeks, particularly after suggestions from certain industry players that the rig count in the U.S. is slowing," ING said in a research note on Wednesday. U.S. fuel exports are on track to hit another record in 2017, making foreign fuel markets increasingly important for the future growth prospects and profit margins of U.S. refiners. Meanwhile, Norway''s Statoil said on Thursday it expected a 5 percent increase in output this year amid higher oil prices, but the company reduced its planned exploration spending. Reporting by Fergus Jensen; Editing by Richard Pullin and Joseph Radford 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN1AC0BN'|'2017-07-27T07:06:00.000+03:00'
'd5e620ad6c2e686d55a3332c1eab739067645f29'|'Samsung Electronics expects continued chip boom after record second quarter profit'|'July 27, 2017 / 12:17 AM / 5 hours ago Samsung Electronics expects continued chip boom after record second quarter profit Joyce Lee 4 Min Read FILE PHOTO - The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. Kim Hong-Ji SEOUL (Reuters) - Samsung Electronics Co Ltd ( 005930.KS ) on Thursday said it expected the memory chip boom to continue in the current quarter, after reporting a record operating profit for the three months through June. The world''s biggest maker of memory chips, smartphones and television sets is widely expected to break profit records for the full year, as better-than-forecast performance in its mobile business lifted quarterly operating profit slightly above its early-July guidance, analysts said. The company on Thursday also announced its third share buyback of the year, at 1.7 trillion won ($1.53 billion) worth of common shares, as part of the 9.3 trillion won annual total that Samsung promised in January. It also announced the cancellation of 2 trillion won worth of its own shares. "Looking ahead to the third quarter, the company expects favourable semiconductor conditions to continue, although overall earnings may slightly decline quarter-on-quarter as earnings weaken for the display panel and mobile businesses," Asia''s third most-valuable company by market value said in a statement. Analysts nevertheless forecast third-quarter earnings to exceed the second quarter on the strength of the so-called memory chip super-cycle. "We think more than 15 trillion won (in third-quarter profit) is more than possible," said analyst Greg Roh at HMC Investment & Securities. "The mobile business might be slightly weaker in the third quarter because the second quarter was so strong, but the expected sales from OLED (organic light-emitting diode) display supply to Apple Inc ( AAPL.O ) is seen to be reflected in earnings starting in the third quarter." FILE PHOTO: A man looks at his Samsung cell phone in a park in Los Angeles, California, U.S. July 6, 2017. Lucy Nicholson/File Photo Operating profit rose 72.7 percent in the second quarter from the same period a year earlier, to 14.1 trillion won, Samsung said in a regulatory filing. That compared with 14 trillion won estimated in July. Revenue rose 19.8 percent to 61 trillion won, also in line with its earlier estimate. The chip business was Samsung''s top earner as profit rose to a record 8 trillion won from 2.6 trillion won in the second quarter of 2016. Client demand for more powerful devices and supply constraints are pushing up prices of both DRAM and NAND memory chips, widening profit margins. The mobile division, which competes with Apple Inc ( AAPL.O ), reported a profit of 4.1 trillion won, a decline from 4.3 trillion won a year prior. Some analysts and fund managers said sales of Samsung''s new flagship Galaxy S8 smartphone have not exceeded those of the S7 by as much as the market had expected. But Koh Dong-jin, head of the firm''s mobile communications business, has said cumulative sales of the S8 and S8+ handsets from April is 15 percent higher than those of its predecessor. The record earnings come as the firm''s Vice Chairman Jay Y. Lee is in detention while on trial for his alleged role in a corruption scandal involving former president Park Geun-hye. He has denied wrongdoing. The lower court ruling is widely expected to come before Lee''s current detention period ends on August 27, a Seoul court spokesman said. Samsung Electronics shares were up 0.9 percent as of 0055 GMT, while the Kospi benchmark share price index .KS11 was up 0.2 percent. Reporting by Joyce Lee; Editing by Christopher Cushing 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-results-idUKKBN1AC00P'|'2017-07-27T03:20:00.000+03:00'
'682d9bbd8fce41fea5cd9b6b5ffed221c90864dd'|'German private sector growth slows more than expected in July-PMI'|'July 24, 2017 / 7:34 AM / 23 minutes ago German private sector growth slows more than expected in July-PMI   FILE PHOTO: Cargo wagons are parked at a train station in Munich, Germany, May 6, 2015. Michaela Rehle/File Photo BERLIN (Reuters) - Germany''s private sector grew at a slower pace in July, a survey showed on Monday, linking the weaker activity to factory closures in the summer months following a sustained period of strong growth. Markit''s flash composite Purchasing Managers'' Index (PMI), which tracks the manufacturing and services sectors that account for more than two-thirds of the economy, fell for the second consecutive month to a six-month low of 55.1. The reading undershot the consensus forecast in a Reuters poll of economists but remained well above the 50 mark that separates growth from contraction. Markit said the reading did not by itself suggest Europe''s largest economy was entering a cycle of slower growth. "You often get some pause in growth rates," said Markit economist Chris Williamson. "It''s been very strong for some time now, especially in Germany. We are in July (holiday season)...which leads to factory closures." Activity in the manufacturing sector slowed slightly, with the index falling to a three-month low of 58.3 from 59.6 a month earlier. The later reading was still among the highest registered in the past six years. Growth in the services sector slowed to a six-month low of 53.5 from 54.0 in June. "It doesn''t mean a fundamental slowdown in demand. I wouldn''t worry about it too much," Williamson said. "Although we''ve had two (successive) months of slowing growth. If we get a third one it begins to look like we are entering a cycle of slowdown". New business received by German firms increased for the 31st consecutive month, driven by strong demand from Europe and Asia. "The overall picture is one of strong underlying growth. The easing seen in July follows the strongest quarter in six years, and manufacturing continued to expand at a historically sharp rate," said Markit''s Trevor Balchin. Despite a slower increase in new orders and faster job growth, delivery times increased at their fastest rate since April 2011. Both industrial production and exports rose more than expected in May, raising expectations among economists that trade would contribute to overall growth this year. Markit expects Germany''s economy to expand by 2 percent this year, which would be the highest rate since 2011. Reporting by Joseph Nasr; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-pmi-idUKKBN1A90OI'|'2017-07-24T10:33:00.000+03:00'
'ff2b3e0e6e7caaccc097f7611e549f523c76735e'|'Shell braces for ''lower forever'' oil as profits soar'|'July 27, 2017 / 3:10 PM / in 16 minutes Shell braces for ''lower forever'' oil as profits soar Ron Bousso and Karolin Schaps 3   A Shell logo is seen on a fuel pump at a gas station In Warsaw, Poland June 1, 2017. Kacper Pempel/File Photo LONDON (Reuters) - Royal Dutch Shell is gearing up for a world of "lower forever" oil prices, its Chief Executive Ben van Beurden said on Thursday, after the company''s profits tripled in the second quarter. The oil and gas industry has struggled with three years of weak prices while also facing the prospect of oil demand plateauing by the end of the next decade. But Europe''s largest energy company was able to boost its profits more than expected, increase cash flow to $12.2 billion and reduce debt thanks to asset sales and as big savings introduced since the oil price collapse kicked in. But Shell''s oil and gas production dipped versus the previous quarter as a result of reduced output from a facility in Qatar. Van Beurden said with oil prices hovering around $50 a barrel and forecasts of only a modest recovery by the end of the decade, Shell was not planning to stop its cost cutting drive. It was now "getting fit" to be profitable in a world where oil trades at $40 a barrel, he said. "The external price environment and energy sector developments mean we will remain very disciplined." Shell is one of the top three picks of analysts that cover global oil companies, together with Chevron and Total, Reuters data shows. Shell''s "performance is beginning to show the underlying potential of Shell''s ability to generate operating cash flows in the current oil price environment," Brendan Warn, analyst at BMO Capital Markets, said. BMO has an "outperform" recommendation on Shell. Shell''s shares were up 0.3 percent at 1404 GMT, outperforming the broader index, which was down 0.5 percent. Shell''s European rivals Total and Statoil also beat analyst forecasts on Thursday. Shell reiterated its plans to spend around $25 billion this year, at the lower end of its long-term range, but said it could cut further if needed. Net income attributable to shareholders in the second quarter, based on a current cost of supplies and excluding exceptional items, rose 245 percent to $3.6 billion, topping a company-provided analyst consensus of $3.15 billion. The rise in profits was driven mostly by refining and chemicals. First-half cash flow rose seven fold to $20.8 billion from a year earlier. Oil and gas production in the second quarter declined to 3.495 million barrels of oil equivalent per day (boed) from 3.752 million boed in the first quarter. Its disposal programme over the past two years could further impact production growth. Shell expects a 240,000 barrel-per-day year-on-year fall in third-quarter production due to divestments in Malaysia and Australia and the separation of its Motiva asset in the United States. Shell said its debt stood at $78 billion. Its debt to equity ratio fell for a second consecutive quarter to 25.3 percent from a peak of 29.2 percent in the third quarter of 2016 that followed its $54 billion acquisition of BG Group. Reporting by Karolin Schaps and Ron Bousso; Editing by Jason Neely and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/shell-results-idINKBN1AC2E3'|'2017-07-27T18:08:00.000+03:00'
'aefc941d99cd7570115a48c746cb711d8ce82708'|'Vale CEO says hopes to reach $15 bln in net debt in 2018'|'July 27, 2017 / 6:46 PM / 4 minutes ago Vale CEO says hopes to reach $15 billion in net debt in 2018 1 Min Read A view shows the company logo of Brazilian mining company Vale SA at its headquarters in downtown Rio de Janeiro August 20, 2014. Pilar Olivares/File Photo RIO DE JANEIRO (Reuters) - The chief executive officer of Brazil''s Vale said on Thursday that the world''s top iron ore producer would seek to lower net debt to $15 billion next year. CEO Fabio Schvartsman made the comments on a third conference call following second quarter results that missed expectations due to a currency swing, rising costs and weaker iron ore prices. Schvartsman had said earlier in the day that he hoped to lower net debt to beneath the previously stated year-end 2017 goal of $15 billion to $17 billion but did not specify a time frame. Reporting by Marta Nogueira and Alexandra Alper; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-vale-sa-results-ceo-idUSKBN1AC2XL'|'2017-07-27T21:39:00.000+03:00'
'5f26ead81b368a814f6978160444add69da2535c'|'AT&T''s quarterly profit tops Wall Street estimates, shares rise'|'July 25, 2017 / 8:12 PM / in 6 hours AT&T''s quarterly profit tops Wall Street estimates, shares rise Anjali Athavaley 3 Min Read The AT&T logo is seen on a store in Golden, Colorado United States July 25, 2017. Rick Wilking NEW YORK (Reuters) - AT&T Inc''s ( T.N ) quarterly profit topped Wall Street estimates on Tuesday as the No. 2 U.S. wireless carrier lowered operating costs and introduced new promotions bundling video with phone service that helped it compete in a fierce market for customers. Its shares rose 2.5 percent to $37.12 in after-hours trading. AT&T is battling industry leader Verizon Communications Inc ( VZ.N ) and smaller rivals Sprint Corp ( S.N ) and T-Mobile US Inc ( TMUS.O ) for customers in a market where most people already have cell phones. Verizon in February reintroduced an unlimited data plan for the first time in more than five years, and other carriers have since then sweetened their own offers. AT&T, which is in the process of buying Time Warner Inc ( TWX.N ) for $85.4 billion in an effort to turn itself into a media powerhouse, has sought to compete by bundling mobile service with video entertainment. In June, it announced that it was offering its unlimited wireless plan with its internet streaming service DirecTV Now for an additional $10 a month. Such product bundles helped win new subscribers as well as keep hold of old ones, Chief Financial Officer John Stephens said on a post-earnings conference call with analysts. FILE PHOTO: An AT&T logo is seen at a AT&T building in New York City, October 23, 2016. Stephanie Keith/File Photo "Perhaps the biggest impact is on wireless churn," he said, referring to the rate of customer defections. Churn among phone subscribers who pay a monthly bill was 0.79 percent in the quarter, the lowest in the company''s history. AT&T lost 89,000 U.S. phone subscribers who pay a monthly bill in the quarter, its most lucrative customers. Analysts had expected a loss of 256,000, according to research firm FactSet. Including prepaid customers, it added 178,000 phone subscribers in the quarter. The company lost 199,000 video subscribers in the period overall. Its DirecTV Now streaming service added 152,000 subscribers, bringing the total to 500,000 since the service was launched in November. But that failed to offset losses by its satellite and U-verse pay-TV offerings. Net income attributable to AT&T rose to $3.9 billion, or 63 cents per share, in the second quarter ended June 30, from $3.4 billion, or 55 cents per share, a year earlier. Excluding some items, earnings per share were 79 cents, ahead of analysts'' average estimate of 73 cents per share, according to Thomson Reuters I/B/E/S. Revenue declined slightly to $39.8 billion from $40.5 billion in the year-ago period, hitting analysts'' average estimate. AT&T continues to expect the Time Warner deal to close by year-end. Reporting by Anjali Athavaley; Editing by Bill Rigby 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-at-t-results-idUKKBN1AA2M3'|'2017-07-26T01:04:00.000+03:00'
'a27d98d69680d341f155a2c08bead18b4e012e22'|'UK will not accept chlorinated chicken to secure U.S. trade deal - minister'|'July 26, 2017 / 8:07 AM / 5 hours ago UK will not accept chlorinated chicken to secure U.S. trade deal - minister Reuters Staff 3 Min Read Britain''s Environment Secretary, Michael Gove, leaves 10 Downing Street after a cabinet meeting, in central London, Britain July 18, 2017. Toby Melville LONDON (Reuters) - Britain will not accept imports of chlorinated chicken in pursuit of a trade deal with the United States after Brexit, its environment minister said on Wednesday, days after a trade minister tried to play down public health concerns. The issue of chlorine-washed chicken, which is produced in the United States but not allowed in the European Union, is high-profile in Britain where many fear that a U.S. trade deal could lead to imports of food with lower safety standards. With talks to leave the EU at a very early stage, it is a also a rare example of a tangible product that could be affected by Brexit being discussed by top ministers, who have given dissonant signals about the issue. Michael Gove, the minister for the environment, food and rural affairs, was asked in a BBC radio interview whether U.S. chlorinated chicken would be allowed in Britain as part of a future U.S. trade deal after Britain leaves the EU. "No," he said. "I''ve made it perfectly clear, and indeed this is something on which all members of the government are agreed, that we are not going to dilute our high animal welfare standards or our high environmental standards in pursuit of any trade deal." Speaking later on Wednesday, finance minister Philip Hammond said Britain would not relax food safety or animal welfare standards. But decisions on specific products would need to wait until actual trade talks, he added. As a European Union member, Britain is not free to agree trade deals with any third parties, but a deal with the United States will be a top priority after Britain leaves the EU in March 2019. Trade Secretary Liam Fox has been criticised in recent days for dismissing the issue of chlorinated chicken as "a detail at the very end-stage of one sector of a potential free trade agreement" with the United States. In his interview, Gove sought to defend Fox''s comments. "The trade secretary quite rightly pointed out that of course this issue is important but we mustn''t concentrate just on this one issue when we look at the huge potential that a trade deal can bring," he said. U.S. President Donald Trump on Tuesday praised ongoing work on a post-Brexit trade deal with Britain and criticised the EU''s trade relationship with the United States. "Working on major Trade Deal with the United Kingdom. Could be very big & exciting. JOBS! The E.U. is very protectionist with the U.S. STOP!" Trump wrote on Twitter. Reporting by Estelle Shirbon and David Milliken; editing by Guy Faulconbridge 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-usa-trade-idUKKBN1AB0VX'|'2017-07-26T11:25:00.000+03:00'
'3934a71bfd828d5ef47703b5deaef26aa9df7347'|'Boots ends 130 years of manufacturing as it sells off factories - Business - The Guardian'|'Alliance Boots Boots ends 130 years of manufacturing as it sells off factories Concern over 1,100 jobs at historic Nottinghamshire site after French firm Fareva signs deal with Walgreens Boots Alliance Boots began manufacturing in a house behind its first shop in Nottingham in 1883. Photograph: Philip Toscano/PA Alliance Boots Boots ends 130 years of manufacturing as it sells off factories Concern over 1,100 jobs at historic Nottinghamshire site after French firm Fareva signs deal with Walgreens Boots Alliance View more sharing options Wednesday 26 July 2017 13.24 BST Last modified on Wednesday 26 July 2017 13.43 BST Unions have raised concerns about the future of more than 1,000 UK manufacturing jobs after the owner of Boots sold its manufacturing business to France-based specialist Fareva, including the Nottingham factory that it opened in the 1930s. Walgreens Boots Alliance said Fareva had signed a 10-year deal to supply it with products from its own ranges, including No7, Liz Earle and Soltan, after taking over its BCM manufacturing business, which has factories making toiletries and healthcare products in the UK, France and Germany. The deal will mean the transfer of about 1,100 jobs in Beeston, near Nottingham, to the French company. But Boots would not confirm if it had sought any guarantees over the future of manufacturing at D10, the grade I-listed factory that has been operating since 1933. The factory currently makes over-the-counter healthcare products such as painkillers, cold and flu remedies and insect repellents, as well as toiletries including shampoo, face cream and bubble bath. Boots, which was founded by Jesse Boot in 1870, began manufacturing in a terraced house behind its first shop in Nottingham in 1883. Fareva already operates in the UK and the company is expected to present its development plans within six months after the deal is completed. Usdaw, the union that represents workers at the site, said it was seeking an urgent meeting with BCM. Daniel Adams, Usdaw national officer, said he would be “looking for reassurances about jobs, members’ terms and conditions, as well as intended future plans”. “After being informed of the company’s intentions to sell its contract manufacturing operation, the hard-working and loyal staff are understandably concerned. This is an unsettling time for members as it is not clear at this point what the impact of the sale will be,” he added. Boots apologises over morning-after pill pricing row Read more The deal will raise fears of the kind of closures that followed US food group Kraft’s takeover of Cadbury . Nestlé also moved production of confectionary products Smarties and Blue Riband abroad after buying Rowntree in 1988. Fareva is the largest contract manufacturer in Europe and one of the largest in the world, employing nearly 10,000 people across 11 countries, including the US, France and Poland. It has one UK factory in Pontyclun, Wales, called Fillcare, which makes toiletries and beauty products. Globally, Fareva produces and packs pharmaceutical, beauty, industrial and household products backed by 12 research and development centres. Walgreens Boots Alliance said: “The proposed agreement will create a partnership to provide Walgreens Boots Alliance with a core multinational manufacturing and development resource, enabling the company to accelerate its global product strategy.” The group now has a presence in 25 countries after a series of major mergers, operating a number of retail chains as well as the world’s largest global pharmaceutical wholesale and distribution network. This week, Boots was forced to apologise for the way it responded to a campaign calling for it to cut the price of emergency contraception. Topics'|'theguardian.com'|'http://www.theguardian.com/business/retail/rss'|'https://www.theguardian.com/business/2017/jul/26/boots-alliance-fareva-manufacturing-beeston-d10-factory'|'2017-07-26T20:24:00.000+03:00'
'bbe6a8c142a8d9ffb65ca0d3a2be6992c69f173f'|'ITV, defensives propel FTSE higher'|'July 26, 2017 / 9:30 AM / in 6 hours ITV, defensives propel FTSE higher Kit Rees 3 Min Read FILE PHOTO: A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. Toby Melville/File Photo LONDON (Reuters) - Strong updates from ITV and Compass Group helped Britain''s top share index advance on Wednesday, underpinned also by gains among defensive stocks and mining shares. Britain''s blue chip FTSE 100 .FTSE index was up 0.6 percent at 7,477.99 points by 0905 GMT. The index extended gains slightly after sterling fell following UK GDP figures, which showed that economic growth edged higher in the second quarter, helped by the services sector and film industry. Company earnings were front and centre of the market action as shares in ITV ( ITV.L ) jumped 2.8 percent after the broadcaster reported first half earnings, adding it expected advertising pressure to ease in the third quarter. ITV''s shares have been hit this year on concerns around a slowdown in advertising revenues, with the stock down around 10.6 percent so far in 2017. "The broadcaster revenues were also lower but the results were in line with forecasts and the guidance for the year remains unchanged," Russ Mould, investment director at AJ Bell, said. "The 5 percent increase in the interim dividend demonstrated the board’s confidence in the underlying strength of the business." Results also buoyed shares in catering firm Compass Group ( CPG.L ), which rose 1.8 percent after reporting a 3.9 percent rise in quarterly revenue thanks to strength in its U.S. market. Consumer stocks were among the top risers, with British American Tobacco ( BATS.L ), AB Foods ( ABF.L ) and Diageo ( DGE.L ) all helping underpin gains. "Consumer goods and consumer services are sectors that have gained the most on the FTSE 100, as traders have confidence British consumers are willing to go out and spend money," David Madden, market analyst at CMC Markets UK, said in a note. A disappointing update and downgrade to "neutral" from "outperform" from Credit Suisse weighed on Sage Group''s ( SGE.L ) shares, which fell around 3.4 percent to the bottom of the blue chip index. Likewise engineering firm ( GKN.L ) dropped 1.1 percent following its half year results. Banking stocks were weak ahead of a decision on interest rate policy by the U.S. Federal Reserve later in the day, which was expected to keep rates unchanged. Updates were also in focus among mid caps .FTMC which advanced 0.5 percent. Metro Bank ( MTRO.L ) shares were boosted nearly 3.3 percent after its second quarter figures, while a downgrade hit shares in troubled gold miner Acacia Mining ( ACAA.L ), which dropped 5 percent. Reporting by Kit Rees; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1AB166'|'2017-07-26T12:30:00.000+03:00'
'b0283035920856b1ab540b0d432d371cb5f00874'|'U.S. chicken processor profits fatten on cheap feed'|'July 24, 2017 / 5:21 AM / in 4 hours U.S. chicken processor profits fatten on cheap feed 5 Min Read Steak is pictured in New York March 11, 2015. Lucas Jackson CHICAGO (Reuters) - U.S. meat producers are earning some of the highest profit margins in more than a decade, a bright spot for investors in agriculture, where grain farmers and trading companies are struggling to make money after years of massive oversupply. Profits have soared and share prices are close to record highs for chicken processors such as Sanderson Farms and Pilgrim''s Pride. With another bumper grain harvest expected this year, prices for feed should stay low. That, combined with robust demand for protein, could keep profits strong well into 2018. Cheap grains are also boosting profits for companies that fatten up cattle before slaughter and even for the big meat processors, such as Cargill, which buy the animals but not the grain to feed them. "Margins are excellent," Joe Sanderson, chief executive officer of Sanderson Farms, told Reuters last month. "Grain prices are similar to a year ago, and prices for our products are higher than they were a year ago." It has been nearly 10 years since the corn and soybeans used in animal feed were so cheap for so long, with prices languishing under a glut of grain from four bumper harvests. At the same time, U.S. per capita consumption of chicken is expected to hit a record high this year, according to National Chicken Council annual data that runs from 1965. Consumption of red meat is forecast to be the highest since 2009. Consumers’ increasing appetite for protein and improvements in the U.S. economy have driven up meat consumption. Chicken sales have benefited because it is cheaper and considered healthier than beef and pork. Soaring demand means retail prices have not fallen substantially, even though feed prices are low. Retail chicken prices in 2016 were just 11 cents off the 2014 high of $1.53 per pound. Prices hit highs for beef in 2015 and for pork in 2014, and they remain close to those levels. But as beef prices have come down, consumers have bought more, according to Cargill Inc, one of the world’s largest suppliers of ground beef. The privately held company swung to an operating profit in the quarter ended May 31 from a loss a year ago on the back of strong demand for poultry and beef. "If you have low grain prices for a sustained period of time, ultimately that translates into lower beef prices," Chief Financial Officer Marcel Smits told Reuters. High profit margins in meat production stand in stark contrast to the fortunes of crop producers and grain merchants such as Archer Daniels Midland Co and Bunge Ltd. These companies are struggling to profit from international grain trading due to the global glut. Chicken Champions The clearest winners among meat producers are poultry firms, which get a direct benefit from cheap feed because they own and feed the birds that they slaughter. Sanderson Farms, the third-largest U.S. poultry producer, is so confident grain prices will stay low that it is buying small amounts of feed to cover short-term needs, Chief Financial Officer Mike Cockrell told Reuters. Last year, in contrast, the company booked soybeans in advance to lock in prices that were lower than they are now. "Chicken margins are blowing out," said Kelly Wiesbrock, portfolio manager at Harvest Capital Strategies, which owns about 255,000 shares of Pilgrim''s Pride, the second-largest U.S. chicken producer, and 100,000 shares in Tyson Foods Inc, the biggest U.S. meat processor. Sanderson Farms has turned in net profit margins of over 6 percent for the last three years, a feat it last achieved in 2003-05. Pilgrim''s Pride had a record streak of net profit margins of 5.5 percent and above in the last four years. Dividends have been similarly bountiful. Sanderson Farms made a record payout last year while Pilgrim''s Pride, in which Brazil''s JBS has a 78.5 percent stake, splashed out with special dividends totaling $8.52 per share in 2015 and 2016. Fat Profits In beef production, the privately held companies that fatten up cattle on feedlots, are seeing record profits for 2017, according to Jim Robb, an analyst at the Livestock Marketing Information Center. Gary Vetter, a farmer who raises cattle and corn in Iowa, put it this way: corn growers are "subsidizing the feedlot." Smithfield Foods, the world''s largest pork producer, said feed makes up over 65 percent of the cost of producing hogs and that the company''s ability to source high-quality grain at low cost gives it a competitive advantage. It buys grain for farmers who raise hogs for the company under production contracts. "Low grain prices are good for the pork industry," Smithfield spokeswoman Heather Houston said in an emailed statement. Smithfield, bought by China''s WH Group Ltd in 2013, no longer makes financial information available to the public. John Prestage, whose family owns Prestage Farms which sells hogs to Smithfield and other processors, said those who pay for the feed benefit most from cheap grain prices. "In our case, it is us," he said. Additional reporting by Michael Hirtzer, Theopolis Waters and Karl Plume in Chicago; Editing by Simon Webb and David Gregorio 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-meat-profits-idUSKBN1A90DB'|'2017-07-24T09:32:00.000+03:00'
'1b8296c1409c06afd979605bbae5b28623b0f139'|'Ryanair warns rivals of sharp summer fare cuts'|'July 24, 2017 / 5:51 AM / in an hour Ryanair warns rivals of sharp summer fare cuts 3 Min Read FILE PHOTO: A Ryanair aircraft lands at Manchester Airport in Manchester, Britain, May 26, 2015. Andrew Yates/File Photo DUBLIN(Reuters) - Ryanair ( RYA.I ) on Monday warned rivals that it may cut its late summer fares by as much as 9 percent compared to last year and said some short-haul carriers may struggle to survive with prices at those levels. Europe''s largest airline by passenger numbers, Ryanair has helped drive down short-haul ticket prices in Europe by increasing its capacity by 33 percent, or about 30 million seats, in the past two years. Its profits soared 55 percent in the three months to the end of June as the timing of Easter resulted in a rare annual increase in average fares of 1 percent. But management made clear that the increase was just a blip and that prices would fall sharply in the coming months. "It''s a competitive market out there. You''re looking at fares down anywhere between 7, 8, maybe as much as 9 percent," in the three months to Sept. 30, Chief Financial Officer Neil Sorahan told Reuters. Annual falls are likely to average 8 percent in the six months to March 31, the end of Ryanair''s financial year, he said. While Ryanair has not changed its fare forecasts, some analysts had predicted it would scale back planned fare cuts. "There are a few guys out there who look like they are starting to find life difficult," Sorahan said. Low-cost rivals easyJet ( EZJ.L ) and Wizz Air ( WIZZ.L ) have both in recent weeks warned that average fare levels would continue to be under pressure over the key summer period. Sorohan said part of the fall in average fares was due to lower fuel prices, but much was due to over-capacity in Spain, Portugal and Italy as charter carriers shift capacity away from Turkey and North Africa. Ryanair''s cost base is widely acknowledged as the lowest of Europe''s major carriers as low plane purchase, maintenance and staff costs have allowed it to undercut rivals while still making a profit. Costs per passenger were down 6 percent in the three months to the end of March, with a fall of 3 percent before falls in fuel prices were accounted for. It said some of the falls were due to declines in the value of sterling and may not be repeated. Ryanair nudged up its traffic forecast for the year to the end of March, saying it expects to fly 131 million passengers, up from an earlier forecast of 130 million. It said the extension of leases on 10 planes would give it additional capacity during the next two summers. Ryanair''s profit after tax for the three months to the end of June was 397 million euros, compared to an average forecast of 366 million euros in a company poll of analysts. It reiterated its forecast that it would make a profit after tax of between 1.4 and 1.45 billion euros in its financial year, which ends on March 31, 2018. The average forecast by analysts polled by Ryanair ahead of the release was for a profit of 1.488 billion. Reporting by Conor Humphries '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ryanair-results-idUKKBN1A90F3'|'2017-07-24T08:51:00.000+03:00'
'9f5d265b59e4bd6202dfb145b635cf65560cc644'|'U.S. jury finds AbbVie liable for misrepresentation in first AndroGel verdict'|'July 24, 2017 / 6:47 PM / 20 minutes ago U.S. jury finds AbbVie liable for misrepresentation in first AndroGel verdict Tina Bellon 2 Min Read NEW YORK (Reuters) - A federal jury in Chicago on Monday found AbbVie Inc fraudulently misrepresented the risks of its testosterone replacement drug AndroGel and ordered the drugmaker to pay $150 million in punitive damages. The verdict, which came in response to a lawsuit Jesse Mitchell and his wife filed in 2014, is the first in response to over 6,000 pending lawsuits that have been consolidated in federal court in Chicago. The decision in the Mitchell case is the first in a series of test trials aimed at helping plaintiffs and manufacturers of AndroGel gauge the range of damages and define a legal strategy and settlement options. These so-called bellwether trials are often used in product liability where hundreds of people have similar claims. The jury said AbbVie was not negligent or strictly liable for a heart attack Mitchell suffered after taking AndroGel, but said the company falsely marketed the drug. It did not award Mitchell compensatory damages for his injuries and losses. AbbVie did not immediately respond to a request for comment on whether it plans to appeal the verdict. The company''s stock was at $74.17, down 0.62 percent or 46 cents. Mitchell suffered a heart attack in 2012 after almost five years of treatment with AndroGel, but recovered after several months, according to the lawsuit he filed. Reporting by Tina Bellon; Editing by Andrew Hay 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-abbvie-androgel-idUSKBN1A92D9'|'2017-07-24T21:42:00.000+03:00'
'5c67ce5a1ddfa66567e3106dd7dba3ea93032cf1'|'Samsung takes aim at TSMC with plans to triple chip foundry market share'|'July 24, 2017 / 10:38 AM / 13 minutes ago Samsung takes aim at TSMC with plans to triple chip foundry market share Joyce Lee and Se Young Lee 4 Min Read ES Jung, executive vice president and head of Samsung Electronics foundry business speaks at a Samsung event in Seoul in July 11, 2017. Samsung/Handout via REUTERS YONGIN, SOUTH KOREA (Reuters) - Samsung Electronics ( 005930.KS ) plans to triple the market share of its contract chip manufacturing business within the next five years by aggressively adding clients, a senior company executive said, as it targets new growth drivers for the chips business. The estimated 5.3 trillion won (3.65 billion pounds) business at Samsung was split off as a separate arm within its semiconductor division in May, in a clear statement that the technology giant was preparing to focus on the business and narrow the big market share gap with leader TSMC ( 2330.TW ). E.S. Jung, executive vice president and head of the new Samsung foundry division, told Reuters on Monday at the South Korean company''s Giheung chip campus the firm wants a 25 percent market share within five years and will seek to attract smaller customers in addition to big-name clients to fuel the growth. "We want to become a strong No. 2 player in the market," Jung said. Samsung is on track for record profits and is widely expected to pass Intel Corp ( INTC.O ) as the world''s top chipmaker by sales in 2017 on the back of a memory market boom. But the firm lags well behind Taiwan''s TSMC in contract manufacturing: TSMC held a market share of 50.6 percent last year compared with Samsung''s 7.9 percent, according to research firm IHS. It also trailed U.S.-based Global Foundry, which had a 9.6 percent share, and Taiwan-based UMC''s ( 2303.TW ) 8.1 percent. The memory industry is notoriously cyclical and unlikely to repeat the massive revenue gains seen this year. And as new applications such as cloud computing, autonomous driving and virtual reality emerge, analysts say Samsung needs to strengthen the rest of its chip portfolio to secure future growth. Jung declined to comment on revenue or investment targets, but said foundry and memory businesses will share the 6 trillion won next-generation chip production line that will be built in Hwaseong, South Korea. Samsung doesn''t reveal its chip contract manufacturing revenue, but analysts estimated it at 5.3 trillion won last year, with Daishin Securities forecasting it will see an increase of 10 percent or more this year. While TSMC splurges around $10 billion of capital expenditure annually, Jung said Samsung will be able to keep production capacity flexible depending on market demand by relying on memory chip lines. Though Samsung already counts major firms such as Qualcomm Inc ( QCOM.O ), Nvidia Corp ( NVDA.O ) and NXP Semiconductors ( NXPI.O ) as clients, it has a long way to go to catch up to TSMC. Analysts estimate Samsung lost Apple to TSMC in 2015 and the Taiwan firm has had 100 percent of Apple''s mobile processor business in 2016 and 2017. "You need a technology that can wow your clients. Without such advanced technology, it''ll be difficult to win back customers from your rivals," Jung said, without specifying any clients'' names. He said Samsung was confident of producing chips using the latest manufacturing technology called EUV (extreme ultraviolet) lithography ahead of rivals. EUV is a next-generation technology that potentially lowers the cost and complexity of chip manufacturing. Samsung and TSMC are neck-and-neck in introducing EUV. Samsung says it will start manufacturing chips with circuitry widths of 7 nano metres by using EUV tech in the second half of 2018. TSMC also said earlier this month that its chip manufacturing process using EUV technology will be the "most advanced technology in foundry industry" in 2018 in terms of density, performance and power. Editing by Miyoung Kim and Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-chips-foundry-idUKKBN1A916I'|'2017-07-24T13:39:00.000+03:00'
'daed3db1dafb8ff04a9f0d79249fece5d887979f'|'Gold near four-week high as political uncertainty weighs on dollar'|'July 24, 2017 / 4:42 AM / 3 hours ago Gold hits one-month high, eyes on Fed and dollar 3 Min Read An employee shows gold bullions at Degussa shop in Singapore June 16, 2017. Edgar Su/Files LONDON (Reuters) - Gold prices hit a one-month high on Monday as a weaker dollar and political turmoil in the United States boosted sentiment ahead of the Fed''s monetary policy meeting later this week. Spot gold was up 0.2 percent at $1,256.36 an ounce at 0925 GMT from an earlier $1,257.18, its highest since June 26. U.S. gold futures were up 0.1 percent at $1,256.40. Investigations into alleged Russian meddling in the 2016 U.S. presidential election and whether there was collusion with President Donald Trump''s campaign are viewed as obstacles to the administration''s plans to boost economic growth. That is a negative for the dollar as it reinforces the idea of softer growth in the United States and undermines the case for a further rise in U.S. interest rates. "The dollar and the decision on U.S. interest rates will be a major driver this week," said SP Angel analyst Sergey Raevskiy, adding that the market was also reacting to U.S. politics. A lower U.S. currency makes dollar-denominated gold cheaper for holders of other currencies, potentially boosting demand. A falling dollar saw gold gain more than 2 percent last week. The Federal Reserve''s two-day meeting starts on Tuesday and ends on Wednesday with a statement at 1800 GMT. "Recent rhetoric suggests a chance that an announcement on balance sheet reduction could come this week," Societe Generale analysts said in a note. "Given the current mood, however, there is no guarantee that such a decision would support the greenback; markets may simply perceive this as the dovish alternative to an actual rate hike." In the physical market, traders are watching demand in India, a top consumer of gold, where in early June the government levied a 3 percent tax on gold effective July 1, lower than the 5 percent expected. However, a deputy governor of the Indian central bank said over the weekend that a ban on high-value cash since last November had significantly boosted investment in financial products. "As a matter of comparison, the $1.27 billion invested in financial assets in June would have bought roughly 1 million ounces of gold," Investec analysts said in a note. Overall in Asia, demand is sliding due to higher prices and a seasonal slowdown. On the technical front, gold resistance comes in at around $1,260, near a Fibonacci retracement level, while support is at $1,205, the 100-day moving average. Elsewhere, silver slid 0.2 percent to $16.44 an ounce, platinum fell 0.1 percent, to $932.74 an ounce and palladium eased 0.2 percent to $843.30 per ounce. Additional reporting by Nithin Prasad and Arpan Varghese in Bengaluru; Editing by Adrian Croft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN1A90BO'|'2017-07-24T07:38:00.000+03:00'
'd40a981af761336456f5aa39772d68895466d593'|'Campaign group Avaaz calls on EU to block Bayer''s Monsanto deal'|'July 24, 2017 / 4:18 PM / an hour ago Campaign group Avaaz calls on EU to block Bayer''s Monsanto deal Foo Yun Chee 3 Min Read People take part in a protest against a planned $66 billion takeover of the U.S. seeds company Monsanto by Bayer and Monsanto''s glyphosate herbicides, outside the European Commission headquarters in Brussels, Belgium July 19, 2017. Yves Herman BRUSSELS (Reuters) - Online campaigns group Avaaz has called on European Union antitrust regulators to block Bayer''s purchase of Monsanto, saying it would hurt innovation and competition and push up prices. The $66 billion (50.68 billion pounds) deal, the last of three mega takeovers in the sector, has faced criticism from environmental and agricultural groups as well as lawmakers on both sides of the Atlantic, concerned about the combined entity''s market share. Avaaz said in a letter to European Competition Commissioner Margrethe Vestagerhad that more than one million people had signed its petition opposing the merger of the German and U.S. companies, which it said would have a major impact on farmers. "It would control more than one-fourth of the combined global market for seeds and pesticides and lock farmers ever tighter into a supply chain for products that threaten biodiversity and food security by creating dangerous, genetically modified and pesticide-addicted monocultures," Avaaz lawyer Nick Flynn said in the letter. The European Commission, whose preliminary review of the deal will end on Aug. 7, did not immediately respond to a request for comment. U.S.-incorporated Avaaz, which is funded by its members, is active in climate change, poverty, conflict and corruption issues. Bayer ( BAYGn.DE ) has been bracing for a full-scale EU investigation. In May it said it expected to close the deal by the end of the year, suggesting it expects a four-month probe at the end of the EU''s initial scrutiny. The company has agreed to sell its Liberty herbicide and LibertyLink-branded seeds businesses to address regulatory concerns. Both compete with Monsanto''s ( MON.N ) Roundup weed killer and Roundup Ready seeds. Dow ( DOW.N ) only secured regulatory clearance to acquire DuPont ( DD.N ) after pledging to sell key research and development activities and other major assets. And ChemChina [CNNCC.UL] had to sell a large chunk of its subsidiary Adama''s pesticide, herbicides and insecticides business, its seed treatment products for cereals and sugar beet and a substantial part of its plant growth regulator business for cereals to win EU approval to buy Syngenta ( SYNN.S ). Reporting by Foo Yun Chee; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-monsanto-m-a-bayer-eu-idUKKBN1A922N'|'2017-07-24T19:17:00.000+03:00'
'c66e53a3c395eb8a4e5e51096aa204b3eef9e8cc'|'France ready to negotiate with Google on back taxes -minister'|'July 24, 2017 / 6:37 PM / an hour ago France ready to negotiate with Google on back taxes: minister 2 Min Read FILE PHOTO: A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. Regis Duvignau/File Photo PARIS (Reuters) - France is ready to negotiate a deal with Google over back taxes, budget minister Gerald Darmanin told financial daily Les Echos on Monday. A French court ruled this month that Google was not liable to pay 1.1 billion euros ($1.3 billion) in back taxes demanded by French authorities. Though Darmanin had announced previously that the government would appeal against that ruling he told Les Echoes: "Nobody wants a long legal process that delays the recovery of back taxes. If Google is ready for sincere talks ... our door is open." Reuters was unable to contact a Google France representative for immediate comment outside business hours. The French finance ministry considers that the U.S. company had declared in Ireland advertising revenue earned in France and had thus avoided paying corporate tax and value-added tax. However, the Paris administrative court ruled on July 12 that Google Ireland Limited was not subject to corporate and value-added taxes for the period 2005-2010, striking down the tax administration''s demands for back payments. The ruling in favour of Google, now part of Alphabet Inc, ( GOOGL.O ) followed a court adviser''s recommendation that Google did not have a "permanent establishment" or sufficient taxable presence to justify the bill. Darmanin rejected that interpretation, telling Les Echos that "the profits really generated in our country surpass the modest amounts that are declared". "Our target is to receive the tax income that corresponds to the real activity of Google in France," Darmanin was quoted as saying, adding that other companies in a similar situation could also start talks with the ministry. Reporting by Geert De Clercq; Editing by David Goodman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-france-alphabet-tax-idUSKBN1A92CO'|'2017-07-24T21:32:00.000+03:00'
'c3cd4641ecd64fbd10f5ecb047e3c9c2a23fd613'|'IMF keeps global growth forecasts; China, eurozone revised higher'|'July 24, 2017 / 3:22 AM / 8 hours ago IMF keeps global growth forecasts; China, eurozone revised higher 3 Min Read The International Monetary Fund headquarters building is seen during the IMF/World Bank spring meetings in Washington, U.S., April 21, 2017. Yuri Gripas KUALA LUMPUR (Reuters) - The International Monetary Fund on Monday kept its growth forecasts for the world economy unchanged for this year and next, although it slightly revised up growth expectations for the eurozone and China. In its updated World Economic Outlook, the IMF said global gross domestic product would be 3.5 percent in 2017 and 3.6 percent in 2018. Its last update was released in April. "While risks around the global growth forecast appear broadly balanced in the near term, they remain skewed to the downside over the medium term," the IMF said in its updated forecasts released in the Malaysian capital, Kuala Lumpur. The IMF in June shaved its forecasts for U.S. growth to 2.1 percent for 2017 and 2018, slightly down from projections of 2.3 percent and 2.5 percent, respectively, just three months ago. The Fund reversed previous assumptions that the Trump administration''s fiscal policy plans would boost U.S. growth, largely because details of those plans have not materialized. The Fund said growth in the euro area was now expected to be slightly stronger in 2018 and pointed to "solid momentum." It upgraded GDP projections for the single-currency area for 2017 to 1.9 percent, 0.2 percentage point higher than in April. For next year, the IMF said euro-area growth would be slightly stronger at 1.7 percent, a 0.1-percentage-point change from just three months ago. It said the expected higher growth in the eurozone indicated "stronger momentum in domestic demand than previously expected." The IMF revised down its 2017 forecast for the UK by 0.3 percentage point to 1.7 percent, citing weaker-than-expected activity in the first quarter. It left its 2018 forecast unchanged at 1.5 percent. It also said it expected slightly higher growth in Japan this year to 1.3 percent from a forecast of 1.2 percent in April, citing stronger first-quarter growth buoyed by private consumption, investment and exports. Its forecast for Japan''s 2018 growth was unchanged at 0.6 percent. For China, the IMF said it now expected stronger growth of 6.7 percent in 2017, up 0.1 percentage point from the April forecast. China''s growth will still moderate in 2018 to 6.4 percent, but the IMF said that was up 0.2 percentage point from the April forecast because of expectations that Beijing will maintain high public investment. Reporting by Lesley Wroughton and David Lawder in Washington; Editing by Peter Cooney 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/imf-growth-forecasts-idINKBN1A9079'|'2017-07-24T06:19:00.000+03:00'
'6e7066457d4ac97a05ea2746c46b88763a836aa2'|'Heathrow chief welcomes Britain''s focus on business in Brexit talks'|'July 27, 2017 / 11:17 AM / 21 minutes ago Heathrow chief welcomes Britain''s focus on business in Brexit talks 3 Min Read FILE PHOTO: An aircraft takes off from Heathrow airport in west London September 2, 2014. Andrew Winning/File Photo LONDON (Reuters) - The boss of London''s Heathrow welcomed the government''s recent emphasis on protecting business in Brexit talks, as Europe''s biggest airport reported record passenger numbers on Thursday. Heathrow is Britain''s biggest trade port, handling a quarter of its goods exports by value, and John Holland-Kaye, chief executive of Heathrow Airport Holdings, said on Thursday Britain needs to rebalance its economy to other parts of the UK and boost exports if it is to prosper outside the EU. "I''m encouraged by the language the government''s been using, increasingly focussing on the needs of business," he told Reuters after the company reported first half results. Prime Minister Theresa May has recently moved to ease concerns over Brexit among British businesses, meeting industry chiefs last week and signalling she wanted a "smooth, orderly exit" from the EU including "a period of implementation in order to avoid any cliff-edges". "We welcome what we''re hearing from government about growing the economy faster than before, and making sure Britain keeps its position as a leading trading nation. That''s exactly the right sort of thing to be doing," Holland-Kaye said. Heathrow said it drew a record 37.1 million passengers in the first half of this year, up 3.9 percent on a year ago. That helped push its revenues up 4.1 percent to 1.4 billion pounds while underlying earnings rose nearly 7 percent. The UK sees Heathrow as a vital element of the country''s post-Brexit future, and has pledged to expand the airport. Holland-Kaye said the Brexit vote had focussed minds on a new runway at Heathrow, which was announced last October after 25 years of indecision. "There''s a growing sense that it''s really essential in a Brexit world that we get on and make Britain as competitive as we can make it, and Heathrow as the trading hub is key to that," he said. Heathrow sought to reassure that it can keep costs down as it expands. The airport operator said it was making good progress towards meeting the government''s challenge to deliver expansion while keeping airport charges close to where they are. Holland-Kaye said that costs would be kept down by simplifying the terminal structure, through a possible expansion of terminals 2 and 5, rather than by seeking a shorter runway. "We want to be able to have a full length runway which will allow any plane to land and take off," he said. "That means that we can protect the long-term future of the UK economy." Reporting by Alistair Smout; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-heathrow-airport-results-idUKKBN1AC1ON'|'2017-07-27T14:17:00.000+03:00'
'5a3b65c5136cd83af0458c2ead16eb2da09effef'|'Bank of Ghana''s rate cut set to boost lending - Moody''s'|'July 27, 2017 / 12:58 PM / 5 hours ago Bank of Ghana''s rate cut set to boost lending - Moody''s 1 Min Read ACCRA, July 27 (Reuters) - Ghana''s central bank''s 150 basis point rate cut this week will boost lending by local banks and signals that the economy is gradually improving, Moody''s Investors Service said on Thursday. The major commodity exporter''s GDP growth is expected to recover to 6.1 percent this year and 7.5 percent in 2018 compared with 3.5 percent last year, the ratings agency said in a research note. (Reporting by Kwasi Kpodo; Editing by Nellie Peyton and Louise Ireland) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ghana-economy-idUSL5N1KI6XQ'|'2017-07-27T15:57:00.000+03:00'
'7c54088fec17de69de33e482ff180a3fb0424418'|'Exclusive: ''High Times'' ready to roll with public offering - sources'|'July 27, 2017 / 10:06 AM / an hour ago ''High Times'' ready to roll with public offering Jessica Toonkel 3 Min Read (Reuters) - The publisher of marijuana enthusiast magazine, "High Times," plans to take the company public, High Times Holding Corp announced Thursday, as an increasing number of U.S. states legalize the drug. Oreva Capital, which in June announced it had bought a controlling stake in High Times for $70 million, is selling the company to special purpose acquisition company (SPAC), Origo Acquisition Corp ( OACQ.O ), for $250 million. "High Times is one of few household names in the cannabis industry," said High Times Chief Executive Adam Levin, who will continue to run the company post-merger. SPACs like Origo have no assets but use IPO proceeds and bank financing to take companies public through acquisitions. High Times expects to list by October on Nasdaq, but it is unclear what the ticker will be, a source familiar with the situation told Reuters. The source wished to remain anonymous because he is not allowed to speak to the media about the deal. Nasdaq declined to comment. Reuters exclusively reported about the impending IPO on Thursday morning. The 25th Anniversary July 1999 edition cover of High Times is shown in this handout photo provided July 26, 2017. Courtesy High Times/Handout via REUTERS Origo is taking High Times public at a time when eight U.S. states and Washington, D.C. have legalized recreational use of marijuana by adults. Investors have shied away from most companies that have direct ties to the marijuana industry because the drug remains illegal under U.S. federal law. However, this listing creates an opportunity for retail investors in a company that is close to the sale of cannabis, but not directly involved in it. "This is a market that is growing at a 27 percent annual growth rate," said Troy Dayton, chief executive officer of the Arcview Group, a cannabis investment and research firm. The market is expected to exceed $22.6 billion in revenue in 2021, up from $6.7 billion in 2016, according to Arcview. That demand continues to grow despite efforts by U.S. Attorney General Jeff Sessions to roll back federal protections for medical marijuana, Dayton said. "While there is some saber rattling at the federal level, more states keep passing laws," Dayton said. In November, California, Massachusetts, Maine and Nevada passed laws to allow marijuana use for adults. "The train has left the station." "High Times" magazine has 336,000 print and digital subscribers, as well as events, such as its Cannabis Cup, a music and product festival with awards. (This version of the story has been refiled to correct to add company stock instrument code in second paragraph) Reporting by Jessica Toonkel in New York; Editing by Lisa Shumaker and Frances Kerry 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-hightimes-ipo-exclusive-idUSKBN1AC1G8'|'2017-07-27T13:06:00.000+03:00'
'7bccaafa3584b3e95920681a856eca42d63ecdda'|'Twitter shares tumble as user growth stalls'|'July 27, 2017 / 11:09 AM / in 33 minutes Twitter shares tumble as flat user growth disappoints investors Angela Moon and Pushkala A 5   People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken September 27, 2013. Kacper Pempel/Illustration//File Photo (Reuters) - Twitter Inc ( TWTR.N ) shares opened more than 10 percent lower on Thursday after the social media platform disappointed investors with stagnant monthly active user growth in the second quarter. Despite its appeal among celebrities and public figures, Twitter has struggled to sustain its closely watched user growth even as it invests in features and live content to help draw viewers and boost user engagement. It is in stiff competition for advertising dollars with other platforms like larger rival Facebook Inc ( FB.O ) and Snap Inc’s ( SNAP.N ) messaging app Snapchat. The company also reported a wider quarterly net loss and lower revenue, and said it did not expect its total revenue growth to pick up in the second half of the year. Twitter had 328 million average monthly active users (MAU) in the three months through June 30, unchanged from the previous quarter. Analysts were expecting 328.8 million, according to financial data and analytics firm FactSet. Shares had run up some 40 percent since mid-April as Twitter investors bet on another quarter of growth after the microblogging service reported adding 9 million more monthly active users than expected in the first quarter. "If you really can''t accelerate MAU interest given the daily tweets from POTUS, not sure when you will," said Michael Nathanson, senior research analyst of MoffettNathanson Research, referring to an acronym for the president of the United States. Trump, one of the most active politicians on Twitter, has tweeted multiple times a day on average since his inauguration in January, according to social media analytics company Zoomph. "The positive contributions to MAU growth from product improvements in the second quarter were offset by lower seasonal benefits and other factors, resulting in flat MAU quarter-over-quarter," said Chief Operating Officer Anthony Noto during a conference call with analysts. In the United States, Twitter''s average monthly active users fell to 68 million from 70 million in the first quarter. Monthly active users, a key performance indicator for social networking services, is typically calculated by tabulating the number of users who have logged in and logged out during the 30-day period. Twitter''s shares fell as much as 14.1 percent at one point after the open to $16.85, wiping out about $2 billion in market value. Headwinds Twitter''s second-quarter net loss widened as it took a $55 million impairment charge related to an investment writedown and revenue fell 4.7 percent. The company has been trying to boost revenue through livestreaming deals, but had a setback in April when it lost a deal to stream U.S. National Football League games this year to Amazon.com Inc ( AMZN.O ). Advertising revenue fell 8 percent to $489 million, but well exceeded the $458.1 million estimate. Twitter''s net loss widened to $116.5 million, or 16 cents per share, in the second quarter ended June 30, from $107.2 million, or 15 cents per share, a year earlier. Excluding items, the company earned 8 cents per share. Revenue fell to $573.9 million, the second time it has fallen since Twitter''s market debut in 2013. Analysts on average expected a profit of 5 cents per share, and revenue of $536.62 million, according to Thomson Reuters I/B/E/S. "They (revenue and profit) are still unimpressive, and the ''beat'' was because they set very low expectations," said Michael Pachter, managing director at Wedbush Securities. Twitter said in a letter to investors that the company does not expect its total revenue growth rate to improve in the second half of 2017 "due to headwinds in the second half (of approximately $75M) associated primarily with de-emphasized revenue products." But the social media platform said it is looking to data licensing, which it claims is its fastest-growing product area, to turn around revenue in the future. Reporting by Angela Moon in New York, Pushkala A and Aishwarya Venugopal in Bengaluru; Editing by Bernadette Baum and Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-twitter-results-idUKKBN1AC1NJ'|'2017-07-27T21:20:00.000+03:00'
'8971c073af7c670d068243d5a84d983243a16ad0'|'Oil steady after fall ahead of OPEC/non-OPEC meeting'|'July 23, 2017 / 10:52 PM / an hour ago Oil rises after Saudi vows to cap crude exports next month Amanda Cooper 3 Min Read Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Nick Oxford/File Photo LONDON (Reuters) - Oil rallied on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed up the rebalancing of global supply and demand. Saudi Energy Minister Khalid al-Falih said his country would limit crude oil exports at 6.6 million barrels per day in August, almost 1 million bpd below levels a year ago. Brent September crude futures LCOc1 were up 53 cents on the day at $48.59 a barrel by 1041 GMT, having risen from an earlier session low of $47.68. NYMEX crude for September delivery CLc1 rose 41 cents to $46.18 a barrel. "This is the Saudis saying they view the current market conditions as too weak and they are actually delivering," SEB commodity strategist Bjarne Schieldrop said. "It shows real additional willing on their part to do something, which is hugely important, rather than sitting back and letting OPEC motions roll forward. They''re acting unilaterally and adding pressure." Falih also said the Organization of the Petroleum Exporting Countries and their non-OPEC partners were committed to extending their existing 1.8-million bpd supply reduction deal beyond next March if necessary, but would demand that any non-compliant nations stick to the agreement. OPEC and some of its competitors met in the Russian city of St Petersburg to review market conditions and examine proposals related to their pact to cut output. There was no discussion of deeper oil output cuts, but Falih said Nigeria, which is exempt from the deal, had signaled it was ready to cap its output at about 1.8 million bpd. Nigeria and Libya have been exempt from the cuts to help their industries recover from years of unrest. "Al-Falih is striking an optimistic tone today by also saying ''it is only a matter of time before inventories return to 5-year average'', the question for the market is how long?," BNP Paribas head of commodity strategy Harry Tchilinguirian told the Reuters Global Oil Forum. "With patience already being tested, a slow re-balancing of the market is unlikely to invite strong buying interest, and could lead to the early unraveling of potential summer price gains." OPEC and some non-OPEC states including Russia agreed to cut production by 1.8 million barrels per day (bpd) from January 2017 to the end of March 2018. Russian Energy Minister Alexander Novak said the output deal had helped to clear 350 million barrels of additional supply from the market so far this year. Additional reporting by Osamu Tsukimori in Tokyo; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1A80YF'|'2017-07-24T01:51:00.000+03:00'
'd8aec487abefb83884efbd1d4edd3333424d26bc'|'Hail, pummeled cars loom over U.S. insurance results'|'July 24, 2017 / 5:02 AM / 9 minutes ago Hail, pummeled cars loom over U.S. insurance results Suzanne Barlyn 5 Min Read July 24 (Reuters) - A hailstorm that pounded down on a Subaru dealership in Plano, Texas, barely lasted 30 minutes, but left behind a trail of smashed windows, dented hoods and millions of dollars'' worth of claims for an insurer to cough up. Damage to thousands of cars in dealership lots across Texas, Nebraska, Oklahoma and other states are just some of the weather-related losses that have been hitting U.S. property insurers particularly hard in the first half of this year. "It got everything on the car - roofs, sides, mirrors and back glasses," said Ronnie Cohen, new car director of Subaru of Plano, describing the trail of destruction by golf-ball-sized hail that inflicted at least $4 million in damage to 311 cars plus $500,000 to the dealership building in March. Weather-related losses loom over the insurance industry, which writes policies for everything from individual homes and cars to large commercial real estate complexes. The profit damage is becoming evident in second-quarter results. On Thursday, insurer The Travelers Companies Inc reported a 10.4 percent drop in second quarter profit, hurt by higher catastrophe losses. Those losses, net of reinsurance, rose to $403 million in the second quarter, from $333 million a year earlier, mainly due to wind and hail storms across the United States, Travelers said. Higher investment returns helped offset some of the pain. Analysts expect similar losses to weigh on American International Group Inc, Allstate Corp, Hartford Financial Services Group Inc and Arch Capital Group Ltd when they announce results in the coming weeks. All told, U.S. insurers paid out $15.5 billion to cover claims related to severe storms that produced conditions such as hail and fierce winds during the first half of 2017, the second-costliest on record for such damage, according to Aon PLC''s reinsurance broker, Aon Benfield. Steady Stream of Storms The bad weather shows no signs of abating. A steady stream of storm systems that trigger hail and fierce winds has traveled out of the Rocky Mountains and into parts of the central and eastern United States, said Steve Bowen, an Aon Benfield meteorologist. A warmer-than-usual Gulf of Mexico has also helped fuel storms. "We''ve seen this type of pattern many times before, but the frequency has been higher this year," Bowen said. "Plus, these events have impacted densely populated areas - which drives the financial loss." Above average sea-surface temperatures are among factors that could set off a hyper-active Atlantic hurricane season later this year, meteorologists said. They do not predict whether any will make landfall in the United States. Weather-related losses and risks are, for the most part, already priced into insurers'' stocks, said Sandler O''Neill analyst Paul Newsome. Weather does not typically prompt insurers to hike premiums, except for unusual situations, such as after Hurricane Andrew in 1992 or Hurricane Katrina in 2005, he said. Some insurers have turned to reinsurers to protect profits. For instance, Ally Financial Inc, a bank that caters to the auto industry, put reinsurance in place midway through the first quarter after strong hail storms ravaged dealerships it insures. Nonetheless, Ally sustained $42 million in weather-related losses during the first quarter. Weather problems have continued into the second quarter, Chief Executive Officer Jeffrey Brown told Reuters. "It''s nasty," Brown said, but "I sleep a lot better at night knowing that we have reinsurance in place." For their part, car dealers in hail-battered states are trying to unload dented inventory at so-called "hail sales." Prestige Imports in Lakewood, Colorado, which sells high-end brands like Porsche and Audi, was battered by hail on May 8. It is offering deals on a "huge inventory" of damaged vehicles, according to its website. At the Plano Subaru, mechanics repaired many hail-damaged cars, which have passed safety inspections and now sell at least $8,000 to $10,000 below the sticker price, Cohen said. The dealership was glad to have secured bad weather insurance before the storms, he said. It still has to pay a $240,000 deductible, but much less than the full $4 million tab. (Reporting by Suzanne Barlyn; Editing by Lauren Tara LaCapra and Frances Kerry) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-insurance-weather-idUSL1N1KB15Z'|'2017-07-24T08:00:00.000+03:00'
'6c0e1976797f37f546be04d46f285dc5d603caae'|'Global use of trade restrictions slows, WTO says'|'July 24, 2017 / 2:52 PM / 2 hours ago Global use of trade restrictions slows, WTO says 3 Min Read Visitors walk inside one of the exhibition halls for the China Import and Export Fair in Guangzhou, China April 17, 2017. Venus Wu/File Photo GENEVA (Reuters) - More steps to free up trade globally have been taken since Donald Trump was elected than measures to restrict it, the World Trade Organization said, despite concerns his administration would introduce a raft of punitive rules to protect U.S. jobs. The WTO''s global monitoring report, debated at a trade policy review on Monday, covers October 2016 to May 2017. "The report shows an encouraging decrease in the rate of new trade-restrictive measures put in place — hitting the lowest monthly average since the financial crisis," WTO Director-General Roberto Azevêdo said in a statement. The semi-annual report, largely coinciding with the period since the election of U.S. President Donald Trump, showed that the 164 WTO members put 74 new restrictive measures in place, including tariffs, customs regulations and quantitative restrictions, with an impact of $49 billion of trade. At the same time, they took 80 steps to help trade, such as cutting tariffs or simplifying customs procedures, affecting a much bigger $183 billion of trade. Trade-restrictive steps peaked at 22 per month in 2011, roughly twice the level in the period of the latest report. During the period under review, the United States introduced new restrictions including a provisional duty on Canadian softwood lumber, suspecting it of being unfairly priced. It also brought in "Buy America" provisions to ensure that, subject to some conditions, state loan funds are not used for water infrastructure projects unless all the steel used in the project was produced in the United States, the WTO report said. Trump had also liberalised trade by scrapping broadband privacy rules, allowing Internet service providers to commericalise user data without explicit permission from the U.S. Federal Communications Commission, the report said. China, routinely the WTO member most often accused of unfair pricing and illegal subsidies, had introduced new restrictions with a cybersecurity law, requiring data generated in China to be stored in China, and a film production law, requiring Chinese movies get two-thirds of the screen time at Chinese cinemas. But it also eased approval requirements for foreign-owned banks to invest in Chinese banks and to supply some investment banking services in China, the WTO report said. Reporting by Tom Miles; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/trade-wto-idINKBN1A91UV'|'2017-07-24T17:50:00.000+03:00'
'e0777e471527aeadbee45084a55e98e825032807'|'UPDATE 1-Cemex shares fall after cash flow, Mexico sales disappoint'|'July 26, 2017 / 3:18 PM / 13 minutes ago UPDATE 1-Cemex shares fall after cash flow, Mexico sales disappoint 2 Min Read (Adds share movement, analyst comments) MEXICO CITY, July 26 (Reuters) - Mexican cement producer Cemex on Wednesday reported a 41 percent increase in second-quarter profit, helped by lower financial expenses, but its shares fell on concerns about weak cash flow and slacker-than-expected sales in Mexico. Cemex shares fell on the Mexican stock exchange more than 3 percent to 17.37 pesos, and two analysts noted that weak cash flow had disappointed investors. Free cash flow in the second quarter decreased year on year by 23 percent to $324 million. Cemex, which has operations in more than 50 countries, said it earned $289 million in quarterly net profit, compared with $205 million a year earlier. A Reuters poll forecast earnings of $222 million. Consolidated sales slipped 1 percent in the quarter to $3.58 billion but grew 2 percent when adjusted for currency fluctuations and disinvestments, the company said. "The increase (in sales) on a like-to-like basis was due to higher prices of our products, in local currency terms in Mexico and the U.S., as well as higher volumes in our Europe region," said Cemex. Despite the price increase, analysts at Santander noted, sales in Mexico were lower than expected. Cemex gave a guidance of 1 percent to 3 percent growth in cement and ready-mix volumes for 2017, adding that it would incur capital expenditures totaling $730 million in the year. (Reporting by Anthony Esposito and Sheky Espejo; Editing by W Simon and Steve Orlofsky) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cemex-results-idUSL1N1KH0W7'|'2017-07-26T18:18:00.000+03:00'
'0b6d848dd5f4befa0eeac4eaaf47a46ed85c0352'|'Ex-Merrill banker loses $20 million bonus claim against Sports Direct''s Ashley'|'July 26, 2017 / 1:47 PM / 13 minutes ago Ex-Merrill banker loses $20 million bonus claim against Sports Direct''s Ashley James Davey 3 Min Read LONDON (Reuters) - A former Merrill Lynch banker on Wednesday lost his claim that Mike Ashley, founder and boss of British retailer Sports Direct, promised him a 15 million pound bonus during a heavy drinking session. Jeffrey Blue alleged that Ashley pledged during a meeting at the Horse & Groom, a pub close to Sports Direct''s central London office, in January 2013 to pay him the bonus if he could double Sports Direct''s share price to 8 pounds within three years. Sports Direct''s ( SPD.L ) shares, which were listed at 3 pounds in 2007, rose above 8 pounds in February 2014, but Blue said Ashley reneged on their deal, paying him 1 million pounds. But Justice Leggatt ruled against Blue on Wednesday, saying Ashley''s offer was part of "a jocular conversation". "No reasonable person present in the Horse & Groom... would have thought that the offer to pay Blue 15 million pounds was serious and was intended to create a contract," he said. He ruled that no one present in the pub, including Blue, thought so at the time and they had all thought it was a joke. "The fact that Blue has since convinced himself that the offer was a serious one, and that a legally binding agreement was made, shows only that the human capacity for wishful thinking knows few bounds," Leggatt said in his ruling. Sports Direct''s Ashley, who also owns Newcastle United football club, gave evidence during the case which was littered with lurid tales of boozy business meetings. Ashley had told the court he was trying to get drunk during the evening of the January 2013 meeting at the Horse & Groom and had consumed four or five pints of beer in the first hour. Blue, in his evidence, said that at another meeting at a pub close to Sports Direct''s Shirebrook headquarters in central England, Ashley had challenged a financial analyst to a drinking competition and ended up vomiting into a fireplace. Sports Direct, which has been heavily criticised for its treatment of workers and poor corporate governance, last week reported a 29 percent fall in full-year earnings. Its shares were trading at 361 pence at 1321 GMT. "The only reason the Sports Direct share price exceeded 8 pounds and will hopefully do so again, is because of the sterling efforts of all the people who work at Sports Direct," Ashley said in response to the ruling. Blue could not be immediately reached for comment. Reporting by James Davey; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sports-direct-mike-ashley-court-idUKKBN1AB1WL'|'2017-07-26T16:47:00.000+03:00'
'dcd56a65ff491f753a225d52e9a8fef2e962e1cc'|'UK targets preferential trade terms with Mexico after Brexit'|'July 27, 2017 / 2:18 PM / 31 minutes ago UK targets preferential trade terms with Mexico after Brexit Gabriel Stargardter 2 Min Read MEXICO CITY (Reuters) - Mexico and Britain have begun informal talks on an agreement to maintain Britain''s preferential trade deal with Mexico after Brexit, British international trade secretary Liam Fox said on Thursday. Fox also told reporters on a visit to Mexico City that he hoped Mexico and the European Union (EU) would press ahead with concluding their updated free trade agreement. Fox said he and Mexican economy minister Ildefonso Guajardo have began a dialogue aimed at ensuring "that the preferential agreements that the U.K. currently enjoys with Mexico remain in place." The British government supports the "ambitious and speedy outcome" to the free trade talks between Mexico and the European Union, Fox said, and will later undertake a process to adopt the deal so it also applies to Mexico-British trade post-Brexit. "In other words, we will replicate (the Mexico-EU) agreement into U.K. law so that as we leave the European Union there is no disruption to the trading environment," Fox said. He said that he would like to see topics such as e-commerce added to an updated Mexico-United Kingdom trade deal, which would go beyond what EU and Mexican negotiators have discussed. Fox did not detail the timeline for future trade talks. Mexico''s economy ministry said in a statement on Thursday that the two trade ministers discussed "options to strengthen and expand" economic ties between the two nations, but did not go into further detail. Last year, the United Kingdom was Mexico''s fifth largest trade partner within the European Union, with bilateral trade totalling $5.36 billion (4.10 billion pounds), according to the economy ministry. Reporting by Gabriel Stargardter; editing by Grant McCool 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mexico-britain-trade-idUKKBN1AC2AK'|'2017-07-27T19:36:00.000+03:00'
'8546facd96c4813536a1913438bb610f0389b297'|'De Beers diamond unit says open to doing deals'|'July 27, 2017 / 1:49 PM / 5 hours ago De Beers diamond unit says open to doing deals 2 Min Read The De Beers logo is displayed in Hong Kong, China, September 14, 2016. Bobby Yip/File Photo - RTX2USJB LONDON (Reuters) - Anglo American''s ( AAL.L ) diamond unit De Beers is open to buying new assets at the right price, its chief financial officer said on Thursday, after the unit reported a 3 percent increase in underlying earnings. The company as a whole announced the resumption of dividend payments and said it had cut debt and improved cash flow, meaning it could be positioned for growth. "We are open to M&A activity, but it''s got to be the right opportunity," CFO Nimesh Patel said in a telephone interview. "We will look at opportunities - the right quality, long-term sustainable and first and foremost at the right price. We benchmark against our own organic production." Following a deep downturn, miners such as Anglo American were focused on disposal of assets rather than buying them, but analysts say balance sheets have been repaired and some players have begun to do deals. Earlier this month, Canada''s Dominion Diamond Corp ( DDC.TO ) said it was being bought by The Washington Companies for $1.2 billion. Anglo American has said diamonds, along with copper and platinum, are at the center of its business. They have the advantage of being counter-cyclical as a luxury product that can hold value when basic commodities fall. Diamond sales last year were hit in India, the third biggest market, by the withdrawal of high-value notes, but that market is recovering, De Beers says. It has increased its 2017 marketing budget by 20 percent to around $140 million, including both its own advertising and a contribution to the industry body the Diamond Producers Association''s campaign to boost sales. Reporting by Barbara Lewis; editing by Susan Thomas 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-angloamerica-debeers-idUSKBN1AC25G'|'2017-07-27T16:41:00.000+03:00'
'c82382673e3162e4c62bd5877261145f242e01b3'|'MIDEAST STOCKS-Juhayna profit fall pulls down Egypt; Gulf mixed'|'July 27, 2017 / 1:49 PM / 5 hours ago MIDEAST STOCKS-Juhayna profit fall pulls down Egypt; Gulf mixed 4 Min Read * Two Egyptian food makers post poor earnings * Commercial International Bank, Global Telecom pull back * Dubai Financial Market shares close flat in heavy trade * Etisalat boosts Abu Dhabi after earnings * Qatar First Bank drops on Q2 loss By Andrew Torchia DUBAI, July 27 (Reuters) - A slide in shares of Egypt''s Juhayna Food Industries after it reported second-quarter earnings pulled down Egypt''s stock market on Thursday, while Gulf bourses were mixed. Egypt''s blue-chip index dropped 1.4 percent as Juhayna sank 4.2 percent after saying consolidated net profit attributable to shareholders fell to 27.2 million Egyptian pounds ($1.5 million) from 29.8 million pounds a year earlier. A couple of other blue chips also retreated significantly: Commercial International Bank lost 1.9 percent and Global Telecom slipped 3.0 percent. Another food maker, Edita Food Industries, tumbled 4.3 percent after posting a quarterly loss of 1.7 million pounds compared to a profit of 41.6 million pounds a year ago. In the Gulf, markets again failed to follow global equities'' uptrend, underlining how shaky oil prices, sluggish economies and an uninspiring corporate profit outlook are deterring investors in the region. In Saudi Arabia, the index fell 0.4 percent in a broad-based decline; losers outnumbered gainers by 114 to 59. National Medical tumbled 6.4 percent after its quarterly profit shrank to 9.5 million riyals ($2.5 million)from 59.3 million riyals. Chemanol climbed as much as 2.0 percent after reporting second-quarter net profit jumped to 2.6 million riyals from almost zero a year earlier, but it closed only 0.2 percent higher. Dubai''s index edged down 0.1 percent with Dubai Financial Market, the most heavily traded stock, closing flat after an early surge. Abu Dhabi''s index rose 1.0 percent as telecommunications firm Etisalat gained 2.2 percent. It posted a 14.7 percent drop in second-quarter net profit attributable to shareholders as impairments rose, its full financial report showed on Thursday. However, on Wednesday it issued a statement saying its net profit rose 6 percent, without giving any breakdown of the earnings. The United Arab Emirates'' biggest bank, First Abu Dhabi Bank , created this year by a merger of National Bank of Abu Dhabi and First Gulf Bank, rose 1.0 percent after reporting a quarterly net profit of 2.56 billion dirhams ($697.5 million). On a pro-forma basis, the profit was down from 2.68 billion dirhams a year earlier, primarily due to slower business momentum. It was in line with a projection of 2.57 billion dirhams by EFG Hermes. Qatar''s index fell 0.2 percent as Qatar First Bank dropped 2.3 percent to 7.60 riyals, though it came well off an intra-day low of 7.21 riyals. The bank reported a first-half net loss of 76.7 million riyals ($21.1 million) versus a profit of 16.8 million riyals a year ago. In the first quarter of this year, it made a net loss of 9.6 million riyals. Telecommunications operator Ooredoo closed flat after reporting a 12 percent drop in second-quarter net profit to 513 million riyals; SICO Bahrain had forecast 642.81 million riyals and EFG Hermes, 529.3 million riyals. Highlights * The index fell 0.4 percent to 7,175 points. Dubai * The index edged down 0.1 percent to 3,606 points. Abu Dhabi * The index rose 1.0 percent to 4,568 points. Qatar * The index fell 0.2 percent to 9,563 points. Egypt * The index dropped 1.3 percent to 13,625 points. Kuwait * The index slipped 0.6 percent to 6,805 points. Bahrain * The index fell 0.2 percent to 1,335 points. Oman * The index gained 0.4 percent to 5,048 points. (Reporting by Andrew Torchia; editing by Mark Heinrich) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1KI7O4'|'2017-07-27T16:48:00.000+03:00'
'64b48d282ab756b27589d00f2a173273aa07e065'|'UK watchdog consults on new anti-money laundering supervisor'|'July 24, 2017 / 10:14 AM / 5 hours ago UK watchdog consults on new anti-money laundering supervisor Reuters Staff 3 Min Read The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. Chris Helgren LONDON (Reuters) - Britain''s markets watchdog published the remit on Monday for a new "supervisor of supervisors" that will check if anti-money laundering and terrorist financing rules are being applied properly by 200,000 lawyers and accountants. The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) was called for by the government and will seek to improve coordination among supervisors of anti-money laundering and terrorist financing rules and law enforcement. OPBAS will be hosted by the Financial Conduct Authority (FCA) to close loopholes and iron out differences in anti-money laundering guidelines being applied by 22 legal and accounting professional bodies with more than 200,000 members. The government wants OPBAS, dubbed a "supervisor of supervisors" by one law firm, up and running by the start of 2018. It will supervise the application of anti-money laundering rules introduced in June this year by professional bodies such as the Law Society and the Institute of Chartered Accountants in England and Wales. "The aim of OPBAS will be to ensure consistency and quality and to drive up standards across all professional body anti-money laundering supervisors in the UK," Megan Butler, executive director of wholesale supervision at the FCA, said in a statement. Michael Ruck, a senior financial services enforcement lawyer at Pinsent Masons and a former FCA employee, said the new watchdog will lack real teeth. "The government''s decision to only allow for the regulator to issue public censures and not impose any financial penalties for failings it identifies may well speak volumes for what appears to be the government’s commitment to such a body," Ruck said. The FCA said the new watchdog will charge professional body supervisors a fee to recover its 2 million pound annual running cost and will focus its resources on where the risk is greatest. OPBAS will not oversee anti-money laundering supervision by government agencies such as the Gambling Commission and HM Revenue and Customs. Reporting by Huw Jones, editing by Louise Heavens and Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-moneylaundering-regulator-idUKKBN1A913A'|'2017-07-24T13:14:00.000+03:00'
'40a7aa2263ef7f633ef6eba41a733c46cacf9b2a'|'Luxottica on track with targets and Essilor deal after steady H1'|'July 24, 2017 / 3:45 PM / 13 minutes ago Luxottica on track with targets and Essilor deal after steady H1 Valentina Za and Claudia Cristoferi 3 Min Read MILAN, July 24 (Reuters) - Italian eyewear group Luxottica is on track to meet full-year targets and win regulatory approval for its planned merger with France''s Essilor, it said on Monday, after its first-half underlying operating profit came in just ahead of forecasts. The maker of Ray-Ban sunglasses agreed in January to merge with Essilor, the world''s biggest lens manufacturer, to create an industry leader with annual sales of more than 15 billion euros ($18 billion). Luxottica CEO Massimo Vian told Reuters on Monday the merger, which needs to clear antitrust hurdles in several countries, was progressing well. He also confirmed full-year guidance for a low-to-mid single digit percentage rise in sales at constant currencies and broadly similar operating and net profit growth, excluding one-off items. "We stick by our outlook ... and we do so with a lot of positive energy," he said. Luxottica''s sales grew 1.8 percent at constant exchange rates in the first half to 4.92 billion euros, roughly in line with estimates. Operating profit came in at 899 million euros net of one-off items, ahead of an average estimate of 873 million euros in a Reuters poll of analysts and up 1.9 percent year-on-year at constant currencies. It accounted for 18.3 percent of sales. An expanding retail network lifted European sales by 15 percent net of currency swings in January-June. But sales in North America, which account for about 57 percent of the total, fell 1 percent, hurt by Luxottica''s efforts to curb discounts applied to its spectacles both online and at its Sunglass Hut and LensCrafters retail chains. A streamlining of the group''s distribution network in China aimed at fighting counterfeiting and a parallel market for Ray Ban sunglasses drove Asia-Pacific sales down 5.6 percent. After cutting independent distributors last year to deal directly with retailers, Luxottica decided to focus on direct sales either online or through its Ray Ban shops while keeping only a few selected wholesale clients. "We became even more convinced that our strategy was right ... and we decided to speak directly to consumers," Vian said. Following news last week of the departure of another senior manager at Luxottica, Vian said he was firmly committed to the group which he considered "more as a family than as a company." Luxottica has been through several management changes since founder and top investor Leonardo Del Vecchio took back the reins of the company around three years ago. $1 = 0.8587 euros Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/italy-luxottica-results-idUSI6N1JX00V'|'2017-07-24T18:45:00.000+03:00'
'8b281888024180e8a3364b4187b681b4ceeb1cf5'|'Singapore June all-items CPI rises 0.5 percent, less than expected'|'July 24, 2017 / 5:38 AM / an hour ago Singapore June all-items CPI rises 0.5 percent, less than expected 1 Min Read Shop assistants wait for customers in Singapore April 24, 2017. Edgar Su/Files SINGAPORE (Reuters) - Singapore''s headline consumer price index in June rose 0.5 percent from a year earlier, less than forecast, as falls in accommodation costs weighed on overall inflation, data showed on Monday. The median forecast in a Reuters poll was for a rise of 0.7 percent. In May, the all-items consumer price index (CPI) increased 1.4 percent. Singapore''s core inflation gauge rose 1.5 percent in June from a year earlier, after increasing 1.6 percent in May. The median forecast was for another rise of 1.6 percent. Reporting by Masayuki Kitano; Editing by Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/singapore-economy-inflation-idINKBN1A90ED'|'2017-07-24T08:38:00.000+03:00'
'e2219c4c34c04e5c0252dedf81be92a201b96d1f'|'European banks struggle to solve toxic shipping debt problem'|'July 24, 2017 / 6:07 AM / 34 minutes ago European banks struggle to solve toxic shipping debt problem Jonathan Saul 8 Min Read The MV Maersk Mc-Kinney Moller, the world''s biggest container ship, arrives at the harbour of Rotterdam in this file photo dated August 16, 2013. Michael Kooren LONDON (Reuters) - Dutch shipowner Vroon is finding talks with banks tough going as it tries to navigate a way out of a long slump in the shipping industry. But it is not an easy time for the lenders either. Vroon, a 127-year-old family-owned group which operates about 200 vessels and transports livestock, oil and other commodities, wants to extend its credit lines and adjust repayment schedules. But European banks that lent heavily to the sector when it boomed more than a decade ago have a heavy toxic debt burden following the 2008-09 global financial crisis and a shipping markets crash in 2010. Shipping firms and banks are caught in a vicious circle of debt, causing a credit crunch that is hindering the industry''s recovery. Overcapacity -- a glut of available ships for hire -- is a big concern, and another is a lack of profitability caused by problems such as slower demand and global economic turmoil. One of the major companies, South Korean container line Hanjin Shipping Co Ltd, has gone under. "We have difficulty in meeting all repayment obligations that we have and that is what we are in discussion with our banks about. Those discussions are constructive but are not easy -- not for us, or the banks," Herman Marks, the chief financial officer at Vroon, told Reuters. "It is the lack of profitability for the industry that is causing the lack of availability of finance." Marks said Vroon was confident of reaching agreements with its financiers soon. Shipping finance sources say the shipping industry, which transports 90 percent of the world''s goods including oil, food and industrial products such as coal and iron ore, has an estimated capital shortfall of $30 billion this year. Some banks are being driven out of shipping and those that remain are now more conservative in their financing, Marks said. "It is an industry that requires consolidation," he added. That consolidation has begun, especially in container shipping. Denmark''s Maersk Line, the global leader in the sector, is acquiring German rival Hamburg Sud and China''s COSCO Shipping Holdings Co Ltd has bid $6.3 billion for Hong Kong peer Orient Overseas International Ltd. Germany''s Rickmers filed for insolvency in June, and firms that have filed for Chapter 11 bankruptcy protection since March include Singapore''s Ezra Holdings Ltd and U.S.-based firms Tidewater, GulfMark Offshore and Montco Offshore. Downturn Banks were happy to lend to the shipping industry when it boomed after the surge in trade that accompanied globalisation. Even the 2008-09 crisis did not deter all creditors. Expectations that China''s fast economic growth would revive the industry prompted a brief new wave of lending before many shipping markets crashed again. This left European banks with a debt burden of more than $100 billion and the value of at least 70 percent of those loans has fallen, according to industry estimates. Banks are struggling to find ways to recoup their mounting losses. "There is probably about $150 billion of distressed bank debt stuck with mainly European banks -- mainly German -- that has still got to be de-gorged from the system," said Michael Parker, global industry head for shipping with Citigroup. Large banks that once had a big role in the industry, such as Britain''s Royal Bank of Scotland (RBS), are pulling out. Some more specialist lenders, such as Germany''s HSH Nordbank [HSH.UL], are still working through their legacy loans. Ratings agency Moody''s said in June it expected further losses as problem shipping loans continue to mount, possibly affecting banks'' profitability and capital in 2017 and potentially beyond. The European Central Bank said in May it would be carrying out on-site inspections at banks with a view to possible "remedial actions". Regulators want banks to shore up their balance sheets and comply with stress tests, which assess whether a bank has enough capital to cope with adverse developments. "The belief that the regulators will allow the banks to go back to creating the disaster they created five, 10 years ago -- I think is highly unlikely," Citi''s Parker told a Capital Link shipping conference in March. German state-controlled lenders known as landesbanken, including HSH and NordLB [NDLG.UL], are among the hardest hit. HSH was forced to take a second bailout from its public-sector owners because of provisions for bad shipping loans, and has to be privatised under European state-aid rules by the end of February 2018. HSH had reduced its total shipping portfolio to 16.6 billion euros ($19.36 billion) by the end of the first quarter of 2017, from more than 30 billion euros nearly a decade ago. By the end of the first quarter of 2017, HSH had 9.9 billion euros in its so-called ‘bad bank’ that it is running down, and the remaining 6.7 billion euros in its core bank. "We have learned a lot of lessons from the past. We are conservative, we are cautious," Christian Nieswandt, global head of shipping at HSH, told Reuters. "I do not think people would do the same things now that they did in the past." Losses Piled Up NordLB set aside 2.94 billion euros in 2016 in provisions for bad shipping loans. NordLB is preparing a sale of its property lender Deutsche Hypothekenbank as it seeks to repair its balance sheet following heavy writedowns related to its exposure to bad shipping loans, people close to the matter told Reuters. Banks in Germany were exposed when a number of closed shipping investment funds known as KG houses were forced into insolvency, leaving the banks carrying the risks. The banks were also exposed when the container shipping sector, which traditionally accounted for a large segment of Germany''s shipping industry, ran into trouble. Dagfinn Lunde, former head of shipping at Germany''s DVB Bank, said a further problem arose because loans had been used to finance a type of container ship which became obsolete once the Panama Canal was extended in 2016. "The losses were clocking up without them (the banks) seeing it," Lunde said. With the shipping industry still struggling, the banks'' prospects for offloading their toxic debts are challenging. "How are they going to recoup an asset that is losing money all the time?" said Mark Clintworth, head of shipping at the European Investment Bank. "They will have to ring-fence their shipping assets and in a worst-case scenario take a complete haircut on it." Fire Sales European banks have stepped up efforts to get rid of shipping loans by selling portfolios. RBS has sold hundreds of millions of dollars in loans to buyers including Japanese financial services firm Orix Corp. Others have found selling more difficult. Attempts by HSH to sell a 500-million-euro segment of shipping loans, as part of a 3.2-billion euro portfolio sale which included other assets, proved unsuccessful because the debt was deemed toxic and attracted offers that the bank considered too low, shipping finance sources said. HSH declined to comment. NordLB said in July it had abandoned efforts to sell a 1.3-billion euro portfolio of loans to U.S. private equity group KKR. Germany''s Commerzbank said in June it had sought to shed its 4.5-billion euro portfolio of distressed shipping loans through swaps with covered bonds -- securities backed by shipping mortgages. It is not yet known whether it will succeed. Sellers still trying to offload billions of dollars in loans include Deutsche Bank, shipping finance sources say. "Investors will want to see a bit more sustained profitability to the sector - there is some way to go before that," said Paul Taylor, global head of shipping & offshore with French bank Societe Generale CIB. (For a graphic, click tmsnrt.rs/2vA9ze5 ) Editing by Timothy Heritage '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-banks-shipping-insight-idUKKBN1A90GA'|'2017-07-24T09:07:00.000+03:00'
'ddbdab63f8fdd9d6cefc3d51e5bacb5c0c9d2d4f'|'MOVES-Markel hires Deepika Mathur to lead Indian business'|'July 24, 2017 / 10:13 AM / 3 hours ago MOVES-Markel hires Deepika Mathur to lead Indian business 1 Min Read July 24 (Reuters) - U.S.-based specialist insurer Markel Corp appointed Deepika Mathur to lead its Indian business on the Llyod''s India platform, based in Mumbai. Mathur will join Markel from general insurance firm HDFC Ergo, where she served as executive vice president. (Reporting by Divya Grover in Bengaluru) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markel-moves-deepika-mathur-idUSL3N1KF3FI'|'2017-07-24T13:10:00.000+03:00'
'500a3ee6d8adb8ee3688500592f1dfb0f7e63fa9'|'Exclusive: UAE oil giant in talks to obtain loan of up to $5 billion: sources'|'July 24, 2017 / 1:23 PM / 9 minutes ago Exclusive: UAE oil giant in talks to obtain loan of up to $5 billion: sources Davide Barbuscia and Stanley Carvalho 4   Logos of ADNOC are seen at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. Toru Hanai/File Photo DUBAI (Reuters) - Abu Dhabi oil giant Adnoc is in talks to obtain a syndicated loan worth up to $5 billion, the latest sign that the region''s giant oil companies are increasingly turning to the debt markets to fund expansion. Two banking sources said on Monday that company''s talks with regional and international banks are focusing on a loan that may total several billion U.S. dollars. A third said it was expected to be in a range of $4 billion to $5 billion. The loan facility, which would have various maturities of up to five years, is one of a number of fund-raising options being considered by the company, formally called the Abu Dhabi National Oil Co. It is also discussing the possibility of issuing a project bond that could be as large as $3 billion, bankers said, declining to be named because of commercial sensitivities. An Adnoc spokesman told Reuters: "As announced on July 10, Adnoc is expanding its partnership model and creating new partnership and co-investment opportunities across all areas of its value chain. "Alongside this new partnership model, Adnoc is also taking a more active approach to managing its portfolio of assets and balance sheet to both unlock value and drive growth. "Furthermore, as per the normal course of its financial planning, Adnoc is also looking at the most effective capital structure for the efficient management of its business." Before oil prices crashed in 2014, state energy firms in the Gulf largely financed themselves with money from their governments. But low oil and gas prices mean governments'' finances are under pressure, so companies are increasingly turning to the markets. First Dollar The planned loan would be Adnoc''s first large borrowing from banks beyond a deal worth up to $3.3 billion with Japanese banks that it signed last year. The project bond would be Adnoc''s first dollar bond. In April, Riyadh''s national oil firm Saudi Aramco raised 11.25 billion riyals ($3.0 billion) with a debut issue of Islamic bonds. Oman Oil is working on a pre-export financing loan of around $1 billion after closing a $2 billion loan package a few weeks ago. Adnoc''s financing strategy is driven by Sultan al Jaber, the company''s group chief executive, who took charge last year. "Adnoc is looking at funding for different projects and talks have just begun - nothing has been finalised," said a regional banker. The company has not appointed banks yet to lead the planned loan transaction, but a Dubai-based banker said "things will move quickly" and a mandate was likely to be awarded within the next couple of weeks. Adnoc is also working on an initial public offer of shares in its retail unit, Adnoc Distribution, which could raise up to $2 billion, sources told Reuters last week. First Abu Dhabi Bank, HSBC, Bank of America Merrill Lynch and Citigroup have been mandated for the IPO, the sources said. U.S. boutique investment firm Moelis & Co is advising Adnoc on its funding strategy, while Rothschild has been hired as adviser on the flotation of Adnoc''s distribution unit. The energy producer manages 95 percent of proven oil reserves in the United Arab Emirates and 92 percent of the country''s gas reserves. Reporting by Davide Barbuscia and Stanley Carvalho; Editing by Andrew Torchia/Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/adnoc-loan-idINKBN1A91ME'|'2017-07-24T16:20:00.000+03:00'
'1bf82de1dea7dd33be66a2e4a2fe205ed9119edb'|'Why record U.S. oil exports are poised for even more growth'|'July 27, 2017 / 5:05 AM / 10 hours ago Why record U.S. oil exports are poised for even more growth Devika Krishna Kumar and Marianna Parraga 7 Min Read FILE PHOTO - A view of the Tesoro refinery in Martinez California, U.S. on February 2, 2015. Robert Galbraith/File Photo NEW YORK/HOUSTON (Reuters) - U.S. refineries are producing more fuel than ever as they seek to meet rising demand - from overseas, rather than the drivers on nearby roadways. Last year, the U.S. became the world''s top net exporter of fuel, an outgrowth of booming domestic production since the shale oil revolution started in 2010. That''s a fundamental shift from the traditional U.S. role in global markets as a top importer and consumer. Net exports are on track to hit another record in 2017, making foreign fuel markets increasingly important for the future growth prospects and profit margins of U.S. refiners. Shale oil producers have provided refiners with abundant and cheap domestic crude supplies, giving them the raw material they need to produce internationally competitive fuel. The nation set a record in 2016 by sending a net 2.5 million barrels per day (bpd) of petroleum products to foreign markets. That compares to net fuel imports of 2.3 million just a decade ago, according to U.S. government data. Booming exports have bolstered margins at the biggest U.S. refiners - including Marathon Petroleum and Valero - and compensated for lack of strong growth this year in U.S. fuel demand. Now, the government of U.S. President Donald Trump is seeking to deregulate oil and gas production to further leverage rising U.S. exports for international political gain - a policy Trump calls "energy dominance". Surging U.S. crude production has already complicated the ongoing effort by the Organization of the Petroleum Exporting Countries (OPEC) to tame a global glut that has halved oil prices since 2014. The United States remains a massive importer of crude oil - regularly trading the top spot with China - but American refineries now re-export much of that oil as jet fuel, diesel and gasoline. The U.S. has a growing role in satisfying demand for motor fuel in countries such as Mexico and Brazil, where the thirst for U.S. fuel is likely to accelerate amid refinery outages and high production costs. Refined U.S. exports are also going further afield to Asia, and diesel exports to Europe increased in June to levels not seen in nearly two years, traders have said. (See graphic: tmsnrt.rs/2sSqsRP ) Traditionally, oil traders, refiners and investors have considered U.S. fuel demand as one of the leading metrics for predicting international crude oil supply and price trends. Now, they are increasingly looking to foreign demand for U.S. fuel for guidance. "Globally, you''re going to have increased demand for all of our products, and so our focus will go beyond the U.S. borders," said Texas-based Valero''s Chief Executive, Joe Gorder. In contrast, he predicted a "slight decline" in U.S. gasoline demand over the next decade. U.S. gasoline demand hit a record in 2016, as low pump prices encouraged consumption, but has leveled off this year. Rising fuel efficiency in cars is expected to limit future domestic demand growth. Latin American Buyers FILE PHOTO - A view of the Exxonmobil Baton Rouge Chemical Plant in Baton Rouge, Louisiana, U.S. on November 6, 2015. Lee Celano/File Photo U.S. refined products are filling shortages in countries such as Mexico and Venezuela, where refineries have been running below capacity. U.S. exports have also made inroads into Brazil''s market by undercutting the price of locally produced fuel. Latin America''s imports of U.S. fuels reached almost 2.5 million bpd in the first quarter compared with 2.32 million bpd in 2016. The growth was fueled by Mexico, Brazil, Peru, Venezuela and Central America, according to the U.S. Energy Information Administration (EIA). Mexico - already the biggest export market for U.S. gasoline and diesel - is seeking higher-than-usual volumes in July and August to fill a void left by a fire at its biggest refinery last month. In recession-scarred Venezuela, the country''s largest refining complex has lowered operating rates this month to less than half of its 955,000-barrel-per-day capacity, a level that has required state-run oil company PDVSA to import more fuel to meet domestic demand. Between them, Mexico and Venezuela have recently said they want to buy extra volumes of almost 19 million barrels in the second half of the year - mostly from the United States - an amount suggesting that U.S. exports will grow again this year over last year''s record levels. Net U.S. exports of transport fuels could rise 8.8 percent this year, according to PIRA Energy, an analytics and forecasting unit of S&P Global Platts. In Brazil, fuel distributors have begun buying more U.S. imports because they are cheaper than fuel sold by state-run oil firm Petrobras. Petrobras had failed to align its wholesale prices with international markets, opening a window for importers to bring fuel into Brazil. Petrobras last month said it would peg its fuels more closely to international prices as it tried to slow the expansion of U.S. imports. Analysts said supply from U.S. refiners was unlikely to slow much. Beyond the Americas U.S. refiners have also boosted exports to Europe and Asia. In Europe, U.S. shipments of diesel rose to nearly 500,000 bpd in June, according to traders, well above flows that have rarely exceeded 370,000 bpd since July 2015. U.S. global distillate exports, including diesel, hit a record that month, said researcher ClipperData, which tracks global oil flows. Exports of refined products to several Asian countries, including India, Japan and South Korea, rose to record levels in 2016, and China took a record 303,000 bpd of U.S. produced fuels in February. U.S. refiners are likely to play in important role in meeting rising demand from Asia, said Nicole Leonard, senior project consultant at Platts Analytics Oil & Gas Consulting. Analysts and traders expect U.S. refined products exports to continue to grow, even with increased competition from large exporters in the Middle East, Europe and India. Demand for U.S. fuels is underpinned by refinery challenges in neighboring countries, said Sandy Fielden, director of oil and products research for Morningstar Commodities Research in Austin, Texas. "It doesn''t seem that these Latin American countries are going to cure their refining problems overnight," he said. Reporting by Devika Krishna Kumar in New York, Marianna Parraga in Houston; Additional reporting by Jarrett Renshaw 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-oil-exports-idUSKBN1AC0ER'|'2017-07-27T08:05:00.000+03:00'
'fd831fbcab023519b1c04b3b4a8483ebf721ec6d'|'Bayer cuts profit forecast after consumer health headache'|'July 27, 2017 / 10:55 AM / 6 minutes ago Bayer cuts profit forecast after consumer health headache Ludwig Burger 3 Min Read FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. Ina Fassbender/File Photo FRANKFURT (Reuters) - Bayer ( BAYGn.DE ), which is buying U.S. seeds company Monsanto ( MON.N ), cut its forecast for operating profit growth this year to below 10 percent after declines in sales of consumer health products in the United States and crop chemicals in Brazil. Sales of sunscreen Coppertone, allergy remedy Claritin and painkiller Aleve, the main brands it bought from Merck & Co ( MRK.N ) in 2014, each slumped more than 10 percent in the second quarter, mainly hit by fierce competition in the United States. Bayer shares fell more than 4 percent and were down 2.9 percent at 1105 GMT, underperforming the STOXX Europe 600 Health Care .SXDP index, which was also being dragged down by a slump in AstraZeneca ( AZN.L ) following a drug study setback. Germany''s biggest drugmaker said it expected 2017 adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) to rise by a "high-single-digit percentage", whereas it had previously forecast "low-teens percentage" growth. "We were negatively surprised by the substantial downgrade to consumer health guidance," Equinet analyst Marietta Miemietz said. Bayer flagged early this year that some consumer brands were in worse shape than it had appeared during the bidding for the $14 billion (10.65 billion pounds) Merck assets and their performance had been further complicated by consolidation among U.S. drugstore chains. Bayer warned last month that poor sales at crop protection distributors in Brazil and a weaker than expected consumer health business would hit earnings by at least 300 million euros ($342 million). Operating earnings at its Crop Science division, which plans to complete the Monsanto merger this year, fell by more than half, hit by 355 million euros in charges from provisions for product returns and writedowns on inventories and receivables in Brazil. Major rivals in pesticides such as BASF ( BASFn.DE ) and DuPont ( DD.N ) have flagged punishing conditions in Brazil. But unlike Bayer they were not caught out by major surplus volumes in distribution channels, which forced the Bayer division to chalk up negative Latin America sales for the quarter after taking back products from distributors'' shelves. Bayer''s adjusted EBITDA for the second quarter came in at 3.06 million euros, slightly higher than last year and the average forecast by analysts, helped by a boost in margins at plastics business Covestro ( 1COV.DE ) and continued growth in prescriptions for anti-clotting drug Xarelto. Bayer is expected to release long-awaited details on a successful drugs trial that could expand the cardiovascular conditions that Xarelto can treat at the end of August. ($1 = 0.8519 euros) Reporting by Ludwig Burger; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bayer-results-idUKKBN1AC1ME'|'2017-07-27T13:55:00.000+03:00'
'c64fd7de3e3c70cd5b7af70fe3d8f57b423febaf'|'Three hundred UK charities hit by global crackdown on illegal funds'|'July 27, 2017 / 5:08 AM / 44 minutes ago Three hundred UK charities hit by global crackdown on illegal funds Lawrence White 8 Min Read FILE PHOTO: A till receipt is seen on a cash register at an Oxfam store in Dalston in east London, Britain November 28, 2008. Simon Newman/File Photo LONDON (Reuters) - More than 300 UK-based charities have had their bank accounts closed in the last two years after being caught up in a global crackdown on illegal money flows, forcing the government to explore how to allow them easier access to the financial system. Thousands more charities have had operations disrupted by delayed payments causing financial losses and risks to employees, Britain''s Charity Finance Group, that helps to organise charity financing, told Reuters. Major charities Oxfam and Save the Children say they were amongst those hit. The government is setting up a panel of charity executives, bankers and officials to meet in the coming months to "drive new policy thinking" to allow legitimate charities to operate unhindered, an official told Reuters. The decision to assemble the working group comes ahead of a review by the inter-governmental Financial Action Task Force (FATF) next March of Britain''s efforts to tackle money-laundering and financing of militant groups. At the FATF meeting, Britain could face criticism of its failure to tackle the problem of charities losing access to the banking system, charity sector analysts said. The FATF has recorded over 100 cases worldwide of alleged abuse of charities for terrorist finance. In one example in the city of Birmingham in 2011, three people were convicted of impersonating Muslim Aid charity workers to fund a bomb attack. But legitimate charities say they have been cut off from the financial system because banks have been alarmed by billion-dollar fines meted out for breaching sanctions, anti-terror financing and anti-money laundering rules. Charity officials say the clamp-down on charities by banks is causing government-backed aid efforts to fail, humanitarian workers to be put at risk and potential recipients to suffer. "Save the Children believes a more aligned approach between governments, regulators, and NGOs will help to reduce financial crime, whilst ensuring critical and life-saving humanitarian work continues," the group said in a statement for this article. HSBC and Co-Operative Bank closed the most charity bank accounts in the last two years, according to a Reuters survey of more than 30 case studies. Both banks, along with other big institutions, said they were taking action to better understand the needs and internal governance of charity clients. Hsbc Sets Up Team In the last two years, HSBC hired some 35 staff to work in a team dedicated to the charity sector, according to a source familiar with the hirings. The specialists aim to ensure charities comply with global financial rules. A problem that hit mainly smaller Muslim-related charities after September 11, 2001 attacks in America accelerated in the last few years to involve thousands of charities. "Delayed and declined payments have become a regular recurrence in the sector with charities experiencing disruption to their objectives on a daily or weekly basis," a director at UK-based umbrella group Muslim Charities Forum, Monowara Gani, told Reuters. Many British charities affected were reluctant to speak on the record about their experiences because they were worried that other banks might cut them off, or that donations could dry up if their banking problems were publicised. One small human rights charity funded by Britain''s Foreign Office, which did not want to be identified, closed down this year after being unable to open a bank account, two sources familiar with the situation said. This illustrated the problem posed to British international aid policy by the banks'' fear of being punished for breaching regulations, said the sources who declined to be named. Around 20 per cent or nearly $1 billion a year of the government''s bilateral assistance funds distributed by the Department for International Development are channelled through charities, according to government data. FILE PHOTO: The Oxfam logo is seen on a signage outside a store in Dalston in east London, Britain November 28, 2008. Simon Newman/File Photo "We continue to engage with humanitarian organisations to understand and discuss what impact the wider security context may be having on their operations overseas in conflict-affected states," said the government official, who confirmed a panel had been set up to engage with the issue. Risk Rules "The humanitarian sector is struggling with a policy vacuum, leaving commercial organisations such as banks to set the risk rules for delivery of publicly-funded aid," said Mike Parkinson, policy adviser for Oxfam UK, which has encountered delays in opening bank accounts overseas. Some banks are responding to the problem, but others are reluctant to serve a sector deemed to have a "medium-high" risk of terrorist financing in a 2015 British government report. "We feel like banks used to be competing for charity business, but now they are pushing us away," said Tim Boyes-Watson, executive director of British-based Mango which specialises in helping charities manage their finances. Boyes-Watson said Mango is working on creating a certification system that would aim to make approved charities easier for banks to work with, but that implementing and regulating such a scheme could prove costly. FILE PHOTO: A price list is seen on display at an Oxfam store in Dalston in east London, Britain November 28, 2008. Simon Newman/File Photo In addition to hiring a team dedicated to the charity sector, HSBC in April sent a guide called "Keeping your Charity Safe" to 11,000 charity and non-profit customers. "We will continue to work with the UK government and industry bodies to support the not-for-profit sector," a spokeswoman for the bank said in an email. Co-Operative Bank has closed accounts for dozens of organisations in the last few years including branches of the Cuba Solidarity Campaign and the Nicaragua Solidarity Campaign. Amnesty International UK in December 2016 published a report criticising the bank''s handling of those closures, which were often abruptly communicated to the charities. The bank said it was unethical not to comply with legal and regulatory rules. A spokesman for the bank said it has introduced a new "exit forum" to manage closures of charities'' accounts better and will soon publish a summary of its account closure data. Understanding Charity Clients Barclays has sent a mandatory questionnaire to all of its charity clients in recent months asking them how they deal with financial crime and sanctions-related issues. "The idea is that if we understand charity clients better and get confident in their internal governance, we should be better placed to make payments for them," said David McHattie, head of the charities team at Barclays. McHattie said no customers have lost their accounts as a result of unsatisfactory answers to the questionnaire, but that the bank has asked some clients to improve their processes. While Britain''s government, banks, and charity officials take steps to tackle the problem, aid workers say the consequences of losing access to banking are getting worse. "I''ve been talking to banks for over a year and still don''t have an account, so I''m having to send money for life-saving care through Western Union which is expensive and time-consuming," said the head of one medical aid organisation operating in Syria who did not wish to be named. Other aid organisations without bank accounts are resorting to more primitive, risky methods. "A number of organisations I know are back to throwing bags of cash over the border into Syria," said Lisa Reilly, executive coordinator at the European Interagency Security Forum which works to improve the safety of aid workers. Reporting By Lawrence White, Editing by Peter Millership 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-banks-charities-idUKKBN1AC0F3'|'2017-07-27T08:08:00.000+03:00'
'835596d953185b9c49fa82a106641323c0c80e4d'|'VW profit jumps as core brand pushes cost cuts, models'|'July 27, 2017 / 7:07 AM / 6 minutes ago Volkswagen profit jumps as core brand pushes cost cuts, models Reuters Staff 1 Min Read FILE PHOTO: VW Golfs are loaded in a delivery tower at the plant of German carmaker Volkswagen in Wolfsburg, Germany, March 14, 2017. Fabian Bimmer/File Photo BERLIN (Reuters) - Volkswagen ( VOWG_p.DE ) said group operating profit more than doubled in the second quarter, helped by cost cuts and higher-margin new models at its core namesake brand. Earnings before interest and tax jumped to 4.55 billion euros ($5.34 billion) from 1.90 billion a year earlier, VW said on Thursday, beating a 4.49-billion-euro consensus forecast in a Reuters poll of analysts. First-half earnings at the core namesake brand doubled to 1.8 billion euros, VW said, citing cost cuts and higher volume sales. The group stuck to its guidance for return on sales for 2017 of between 6 and 7 percent, after reaching 6.7 percent in 2016. It said it now expects 2017 group revenue to exceed last year''s record 217 billion euros by more than 4 percent. It also affirmed an aim for a moderate rise in full-year deliveries. (This story has been corrected to read more than 4 percent, paragraph 4.) Reporting by Andreas Cremer; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-results-idUKKBN1AC0RT'|'2017-07-27T10:07:00.000+03:00'
'6617772f57e379c6680d7782c72b023789ac8543'|'UPDATE 2-Celgene beats profit estimates, raises 2017 forecast'|'Edition United States July 27, 2017 / 11:46 AM / 3 hours ago Revlimid drives Celgene profit beat; raises EPS forecast Bill Berkrot 3 Min Read (Reuters) - Celgene Corp rode its flagship multiple myeloma drug Revlimid and a rebound in sales of Otezla for psoriasis to a modestly higher-than-expected second-quarter profit and raised its full-year earnings forecast on Thursday. But the solid results failed to impress investors and Celgene shares, which are up about 17 percent for the year, slipped 1 percent to $136.40 after touching a two-year high of $139. Analysts said the results may have come up short of investors'' lofty expectations for Celgene. Revlimid sales rose 19.6 percent to $2.03 billion on increases in duration of use and new reimbursement agreements in Europe. Celgene said duration of Revlimid use was now well beyond 20 months in the United States and expects duration in Europe to become similar. It added that it has not yet seen the full sales impact of longer Revlimid use by patients. "Revlimid looks to have a bright future, including much remaining patent exclusivity and the opportunity to grow penetration in U.S. and ex-U.S. markets based upon recent label expansions," Cowen and Co analyst Eric Schmidt said. Sales of Otezla, which had investors nervous after a surprisingly weak first quarter, bounced back, rising 48.5 percent to $358 million, exceeding Wall Street estimates of $345 million. However Celgene head of inflammation and immunology, Terrie Curran, cautioned that full-year Otezla sales would likely come in at the low end of its $1.5 billion to $1.7 billion forecast. Celgene provided updates on its large portfolio of pipeline opportunities it believes can drive growth through 2030. The company expects U.S. approval of the leukemia drug Idhifa, developed with Agios Pharmaceuticals, by late August, and plans to file for approval of ozanimod for multiple sclerosis by year end. Celgene forecast eventual ozanimod annual sales for MS and ulcerative colitis to climb as high as $6 billion. It is also developing a wide variety of treatments for blood cancers and solid tumor cancers. Excluding items, Celgene earned $1.82 per share in the quarter, beating average analysts'' expectations by 4 cents, according to Thomson Reuters I/B/E/S. Celgene raised its 2017 adjusted earnings forecast and now expects $7.25 to $7.35 per share, up from its prior view of $7.15 to $7.30 per share. Analysts were estimating $7.28 per share. Revenue rose 18.7 percent to $3.27 billion, above average analysts estimate of $3.23 billion The company said volume was the prime driver of product sales growth with a modest contribution from price increases. Reporting by Bill Berkrot in New York and Manas Mishra in Bengaluru; Editing by Arun Koyyur and James Dalgleish 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-celgene-results-idUSKBN1AC1RB'|'2017-07-27T16:41:00.000+03:00'
'13d507a7df9de1c9c51ba431cf5b73d08849dd33'|'Pratt engine issue delays Airbus plane deliveries to Indian carriers'|'July 27, 2017 / 1:46 PM / in 4 hours Pratt engine issue delays Airbus plane deliveries to Indian carriers 2 Min Read FILE PHOTO: The Airbus A320neo (New Engine Option) takes off during its first flight event in Colomiers near Toulouse, southwestern France, September 25, 2014. Regis Duvignau/Files NEW DELHI (Reuters) - India''s IndiGo and GoAir airlines are facing delays in receiving planes from Airbus due to ongoing problems with engines developed by Pratt & Whitney, the minister of state for civil aviation said on Thursday. The carriers "have confirmed that these issues have impacted the delivery of aircraft," Jayant Sinha said in a written reply to lawmakers. State-owned carrier Air India has also experienced some delay in getting deliveries of some A320neo aircraft fitted with engines made by rival CFM International, he said. Airbus, which reported a drop in mid-year profits earlier on Thursday, has turned up the heat on Pratt & Whitney, a unit of United Technologies, asking it to "work harder" to fix reliability problems that have disrupted its biggest production line and caused delays in deliveries to customers. The world''s second-largest planemaker aims to deliver some 200 A320neo-family jets in 2017. In the first half, it delivered just 16 Pratt-powered A320neo jets, barely a third of the 43 powered by competing CFM engines, sources have told Reuters. Technical issues with Pratt & Whitney engines have forced IndiGo, owned by InterGlobe Aviation, to ground seven of the narrow-body jets, while, according to The Times of India, GoAir has started cancelling flights. India''s aviation regulator is investigating the issue. Pratt & Whitney has told the regulator it will address the problems, Sinha said. Reporting by Aditi Shah; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-airbus-engines-idINKBN1AC256'|'2017-07-27T16:45:00.000+03:00'
'e7550658c2b3b96fe057d65617faca3e683d0e6c'|'Foxconn to announce new U.S. manufacturing plant -sources'|'July 26, 2017 / 3:05 PM / 32 minutes ago Foxconn to announce new U.S. manufacturing plant -sources 1 Min Read July 26 (Reuters) - Apple Inc supplier Foxconn Technology Co will announce plans to build a multi-billion dollar electronics manufacturing plant in Wisconsin at a White House event later on Wednesday, a source briefed on the matter said. Reporting by David Shepardson; Editing by Dan Grebler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/apple-foxconn-wisconsin-idUSL1N1KH0YK'|'2017-07-26T18:05:00.000+03:00'
'556dec428e0087b436de2291e5e8616d78ae1c04'|'UK to apply banker accountability rules to wider financial sector'|'July 26, 2017 / 11:25 AM / 20 minutes ago UK to apply banker accountability rules to wider financial sector Huw Jones 3 Min Read The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. Chris Helgren LONDON (Reuters) - Britain''s markets watchdog has proposed rolling out banker accountability rules to thousands of staff in other parts of the financial sector a decade after taxpayer bailouts and market rigging scandals saw only a few individuals punished. The rollout will see asset managers becoming directly accountable for giving investors value for money, turning the regulatory screw further on the sector. The Senior Managers Regime or SMR was introduced for top bankers in March 2016 to try to improve behaviour after banks were hit with hefty fines for trying to rig the Libor interest rate benchmark and currencies. No other country has introduced such detailed and wide-ranging accountability rules. The government wants the rules applied across the financial sector from 2018 to cover asset managers, foreign exchange and commodities dealers, and on Wednesday the FCA and Bank of England said how they proposed to do this. Under SMR, key staff are vetted by the FCA and must spell out their job description. They are then directly accountable for misconduct on their patch, making it easier for regulators to pin blame on an individual. The FCA said almost all of the firms it regulates will have to comply in some form, but there will be a lighter version for small firms. As with banks, more junior staff will have to be "certified" by the firms for fitness, skill and propriety at least annually. "In practise, it should not amount to a complete overhaul of governance and senior manager arrangements, but it will be the ''stick'' the FCA uses to ensure clarity over such," said Jake Green, a lawyer at Ashurst. The watchdog proposed that five basic conduct rules will apply to all staff at authorised firms: act with integrity and due care, be open with regulators, treat customers fairly and observe proper standards of market conduct. Senior managers in non-banking sectors will also be vetted by the FCA, and must set out their responsibilities and be directly responsible for misconduct, the FCA said. The BoE also proposed that senior staff at insurers, which had been subject to a more limited version of SMR, be subject to the same rules as top bankers. Lawyers and funds industry officials said the roll out will pile more rules on the asset management sector, which is already facing scrutiny from the FCA over how much "value for money" it gives to customers. "Interestingly the regime takes forward the changes suggested in the FCA''s Asset Management Market Study, requiring individuals to have responsibility for the value for money received by investors," said Emma Rachmaninov, senior associate at Freshfields Bruckhaus Deringer law firm, The Investment Association, a funds trade body, said it wants the rules to take into account different business models. "The SMCR arrives at a complex time for many firms who are already implementing a huge volume of domestic and European regulation as well as preparing for Brexit," said Chris Cummings, chief executive of the IA. Reporting by Huw Jones; Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-markets-regulator-idUKKBN1AB1IS'|'2017-07-26T14:25:00.000+03:00'
'38290091e34da50449425f95a0e2179d86001c8f'|'Compass posts 3.9 percent rise in organic revenue on strength in U.S.'|'July 26, 2017 / 6:19 AM / 3 minutes ago Compass'' revenue rises 3.9 percent on growth in United States Reuters Staff 2 Min Read Compass Group Plc ( CPG.L ), the world''s biggest catering firm, reported a 3.9 percent rise in quarterly revenue, driven by strong growth in the United States. The British company, which serves around 5 billion meals each year in more than 50 countries, said organic revenue in North America jumped 7.1 percent during the quarter and said it was seeing "good" growth across all sectors except in its oil and gas business. Compass, which provides meals for office workers, members of the armed forces and school children across the world, maintained its full-year margin expectations on Wednesday. "North America is performing strongly and we anticipate further progress in Europe and Rest of World in the fourth quarter," Compass said in a statement. Its operating margin rose by 20 basis points for the nine months to June 30, helped by the restructuring of its offshore and remote business, Compass said. Compass, which earlier this year proposed a 1 billion pound special dividend to investors, said organic revenue fell 0.3 percent in Europe. French catering-to-vouchers group Sodexo ( EXHO.PA ) cut its full-year sales growth goal on July 6, after its third quarter missed estimates partly due to weakness in the health care and universities sectors in North America. Reporting by Esha Vaish and Arathy S Nair in Bengaluru; Editing by Edmund Blair and Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-compass-group-results-idUKKBN1AB0KR'|'2017-07-26T09:18:00.000+03:00'
'fbdb026b3c3ec94be98877a4c21756e61d3e2099'|'Telefonica Brasil using digital services to further cut costs'|'July 26, 2017 / 2:23 PM / 20 minutes ago Telefonica Brasil using digital services to further cut costs 1 Min Read SAO PAULO, July 26 (Reuters) - Telefonica Brasil SA is using digital customer services to further reduce spending on call centers and paper billing, executives told analysts on Wednesday, suggesting there is room to continue improving operational profitability. Management at Brazil''s biggest telecommunications firm declined on the earnings call to give a hard target for cost savings from the digital push, but said the kinds of costs being targeted make up a third of operating expenses. (Reporting by Brad Haynes) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/telef-brasil-results-outlook-idUSE6N1K403D'|'2017-07-26T17:23:00.000+03:00'
'288e98f863ad4ab8b9e03b9a25d96a5754e14841'|'China''s debt spectre could haunt Fed''s policy meetings'|'July 23, 2017 / 11:17 PM / 7 hours ago China''s debt specter could haunt Fed''s policy meetings 5 Min Read U.S. Dollar and China Yuan notes are seen in this picture illustration June 2, 2017. Thomas White/Illustration HONG KONG (Reuters) - In September 2015, the U.S. Federal Reserve cited risks from China as a key reason for delaying its first interest rate hike in a decade. A wall of Chinese debt maturing in the next few years could jolt the country back into the U.S. central bank''s policy deliberations. Two years ago, it was a collapse in Chinese stocks, a surprise yuan devaluation and shrinking foreign exchange reserves that roiled financial markets that delayed the Fed, but it did raise rates three months later and has tightened further since. Now, some see risks emerging in China''s dollar-denominated bonds that could give the Fed greater pause for thought as it raises rates, even as other central banks signal a shift from ultra-easy policy. To be sure, Fed officials have not publicly flagged China''s debt as a major risk in their policy discussions. However, debt analysts point to the possibility of another September 2015 moment in which the Fed takes its cues from concerns about China. "Back then, I said that U.S. monetary policy is not made in Washington, it''s made in Beijing," said Joachim Fels, global economic advisor at bond giant PIMCO. "China does have a major impact on monetary policies elsewhere ... This year has been smooth sailing for global central banks because there were no shockwaves from China but I expect that to change if we think beyond the next few months." The outstanding amount of dollar bonds issued by Chinese entities has grown almost 20 times since the 2008-09 global financial crisis to just over half a trillion dollars, according to data from the Bank for International Settlements. Since September 2015, it has grown almost 50 percent. China''s dollar bonds are now almost a third of the emerging market total dollar issuance, up from a quarter in September 2015 and less than 5 percent before the Fed first began printing money in December 2008. A fifth of China''s dollar bonds mature within a year, according to BIS data. More than half are due in the next five, Thomson Reuters data show. If U.S. borrowing costs start rising as a result of the Fed''s exit from its unconventional monetary policy, that debt would have to be rolled over at higher costs, chipping away at the real economy in China. Alternatively, Chinese companies might decide to refinance their debt in local currency, creating weakening pressure on the yuan. Either development would reverberate globally and create a major external challenge for Fed policy. Feedback Loop For its part, the Fed doesn''t see any immediate dangers with China''s dollar debt. "You''ll find if you look at China they certainly have dollar-denominated debt but ... you''ll see that they are not as reliant on external debt as people might have thought," Dallas Fed chief Robert Kaplan said in Mexico City on Friday. Also, a significant portion of Chinese dollar borrowing makes economic sense -- such as companies funding overseas investment projects. And if those dollars are converted into yuan, they could help ease any weakening pressure on the Chinese currency. For now, dollar borrowing conditions remain stable with 10-year benchmark U.S. yields US10YT=RR still low by historical standards, despite four Fed rate hikes since September 2015. Broadly, the dollar .DXY is as strong now as it was back then. Indeed, the bigger risk focus for many analysts currently is not China''s dollar bonds, but its local currency debt, which ratings agencies estimate to be almost three times the size of the economy. But analysts say that the longer China''s rapid accumulation of dollar debt continues, the harsher the future adjustment for the economy will be, especially if lenders start repricing Chinese credit risk. "Regardless of how you cut your pie, you''ll discover debt is a big problem. China has made a major contribution to global leverage since 2008," said Aidan Yao, senior emerging Asia economist at Axa Investment Managers. "When markets start to wobble, there''s a feedback loop that has an impact on the Fed''s trajectory. Policy normalization is not going to be in a straight line." A forced deliberating could renew weakening pressure on the yuan as dollars find their way out of the country, although capital controls help mitigate that risk. "While the market generally believes that money flows have stabilized and the worst of the yuan''s slide is over, the reality may well be the opposite," said Kevin Lai, chief economist for Asia ex-Japan at Daiwa Capital Markets. "As more dollar debt has been taken up, the pressure on outflows is merely being delayed. Such pressure is also getting bigger, not smaller. This would eventually feed into even bigger downward pressure for the yuan." Graphic: China''s outstanding dollar bonds - tmsnrt.rs/2tgncMX Additional reporting by Anthony Esposito in Mexico City; Editing by Sam Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-debt-fed-analysis-idUKKBN1A80Z1'|'2017-07-24T02:06:00.000+03:00'
'f0e6a33b8708eb4c0a7b3514e686bb9f61c8e4a9'|'Southeast Asia''s Grab to get $2.5 billion extra firepower in battle with Uber'|'July 24, 2017 / 3:06 AM / 16 minutes ago Southeast Asia''s Grab to get $2.5 billion extra firepower in battle with Uber Aradhana Aravindan 4 Min Read A woman uses her phone near a sign for the online ride-hailing service Grab at the Manggarai train station in Jakarta, Indonesia July 3, 2017. Agoes Rudianto SINGAPORE (Reuters) - Southeast Asian ride-hailing service Grab expects to raise $2.5 billion (£1.92 billion) in a record round of fundraising to cement its lead over Uber Technolgies Inc [UBER.UL] in the region and grow its payments platform. Southeast Asia has become a key battleground for technology startups vying for a market of over 600 million people, with a burgeoning middle class as well as a youthful, internet-savvy demographic. Grab''s Chinese peer Didi Chuxing and Japan''s SoftBank Group Corp, both of which are existing investors, will contribute up to $2 billion to lead the current financing round, it said in its statement on Monday. The firm expects to raise an additional $500 million, bringing the total to $2.5 billion in this round, which it said would be the largest-ever single financing in Southeast Asia. Grab will be valued at more than $6 billion at the close of this round, according to a source close to company. The Singapore-headquartered company said it has a Southeast Asia market share of 95 percent in third-party taxi-hailing and 71 percent in private vehicle hailing. It operates private car, motorcycle, taxi and carpooling services across seven countries in the region, with 1.1 million drivers. "With their (Didi and SoftBank''s) support, Grab will achieve an unassailable market lead in ridesharing, and build on this to make GrabPay the payment solution of choice for Southeast Asia," Anthony Tan, group chief executive officer and co-founder of Grab, said in the statement. Building on soaring user numbers of its Grab ride-hailing app and GrabPay function, the five-year-old start-up aims to transform into a consumer technology firm that also offers loans, electronic money transfer and money-market funds. Grab bought Indonesian payment service Kudo earlier this year, and has said it is seeking more acquisitions to support rapid growth. "The heterogeneity of the banking system, multiple competitors in each country, and multiple regulations to meet are barriers to success," said analyst Rushabh Doshi at researcher Canalys. "However, given no single payment solution has been able to work across all S.E. Asian markets, Grab stands a good chance of building market share via its ride-sharing business model, and then extend the payments to other adjunct businesses," he said. Grab competes with the likes of Uber, the world''s largest ride-hailing service, and Indonesia''s Go-Jek. Tencent Holdings Ltd invested around $100 million to $150 million in Go-Jek, sources told Reuters earlier this month. Grab''s fundraising comes at a time when San Francisco-based Uber has been beset by complaints about its workplace culture, a federal inquiry into software to help drivers avoid police, and an intellectual property lawsuit by Waymo, the self-driving car unit of Google parent Alphabet Inc. Uber has been expected to increase its focus on India and Southeast Asia after retreating from China last year. Grab''s previous investors include sovereign wealth fund China Investment Corp [CIC.UL], hedge fund Coatue Management LLC, venture capital firm GGV Capital, and Vertex Ventures Holdings - a subsidiary of Singapore state investor Temasek Holdings (Pte) Ltd [TEM.UL]. Reporting by Aradhana Aravindan; Editing by Christopher Cushing 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-grab-fundraising-idUKKBN1A9069'|'2017-07-24T09:10:00.000+03:00'
'347bd2fce074c73c2207d1335b313c3c491959a3'|'UK agrees $1.1 billion deal with EU to settle RBS state aid concerns'|'July 26, 2017 / 4:04 PM / an hour ago UK agrees $1.1 billion deal with EU to settle RBS state aid concerns Reuters Staff 2 Min Read FILE PHOTO: The City of London business district is seen through windows of the Royal Bank of Scotland (RBS) headquarters in London, Britain September 10, 2015. Toby Melville/File Photo LONDON (Reuters) - The British government said on Wednesday that the European Commission had accepted its plans to free Royal Bank of Scotland ( RBS.L ) from its obligation to sell more than 300 branches after the lender''s seven-year struggle to meet bailout requirements. Britain''s finance ministry said the European Commission had in principle accepted an alternative set of proposals that mean the bank will fund about 835 million pounds of measures to help so-called challenger banks and boost competition among lenders. "It will see RBS fund and deliver a package of measures to improve the UK business banking market and is designed to boost competition, helping small and medium-sized enterprises benefit from greater choice and offers on banking services," the finance ministry said in a statement. RBS had previously failed to sell a business banking division, Williams & Glyn, to resolve earlier competition concerns after it required the world''s biggest banking bailout at the height of the 2008-2009 global financial crisis. Reporting by David Milliken. Editing by Andrew MacAskill and Guy Faulconbridge 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-rbs-britain-idUKKBN1AB29F'|'2017-07-26T19:04:00.000+03:00'
'277b8bcb1f28894806de5022b0935660333b91ef'|'Daimler second-quarter EBIT lags despite record Mercedes-Benz sales'|'July 26, 2017 / 5:55 AM / 21 minutes ago Daimler second-quarter earnings lag as cartel allegations loom Reuters Staff 2 Min Read FILE PHOTO: The Mercedes-Benz logo is seen before the company''s annual news conference in Stuttgart, Germany, February 4, 2016. Michaela Rehle/File Photo FRANKFURT (Reuters) - Booming sales of new Mercedes-Benz cars pushed up quarterly operating profit at Germany''s Daimler ( DAIGn.DE ) by 15 percent, slightly below consensus and overshadowed by allegations that German carmakers were involved in anti-competitive behaviour. Daimler''s group earnings before interest and tax (EBIT) rose to 3.74 billion euros in the second quarter, below the average forecast for 3.81 billion euros in a Reuters poll. Mercedes-Benz Cars sold 595,200 automobiles thanks to a 28 percent rise in demand in China. Margins improved to 10.2 percent from 6.4 percent in the year-earlier period, mainly thanks to sales of a new E-Class limousine. The Stuttgart-based company lifted the outlook for its trucks and vans divisions, saying it now expected EBIT to reach prior-year levels for both businesses. But much focus is likely to be on an investigation by European Union and German antitrust regulators into whether Daimler, BMW ( BMWG.DE ), VW ( VOWG_p.DE ), Porsche and Audi ( NSUG.DE ) held meetings to discuss suppliers, prices and standards to the disadvantage of foreign carmakers. German magazine Der Spiegel reported on Friday that German carmakers colluded to fix the prices of diesel emissions treatment systems using industry committees. Companies found guilty of breaching EU cartel rules face fines of as much as 10 percent of their global revenue. The supervisory boards of both Daimler and Volkswagen are due to meet on Wednesday to discuss the matter. A person familiar with the matter told Reuters on Tuesday that Daimler first raised the issue of collusion with cartel authorities, a move that could earn it immunity. Related Coverage Reporting by Edward Taylor; Additional reporting by Maria Sheahan; Editing by Victoria Bryan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-daimler-results-q-idUKKBN1AB0HT'|'2017-07-26T08:54:00.000+03:00'
'f37cf1157f4cb38cf039731e2d0e157ac9d4bad8'|'U.S. durable goods, trade data boost second-quarter growth estimate'|'July 27, 2017 / 5:07 PM / in 11 minutes U.S. durable goods, trade data boost second-quarter growth estimate Lucia Mutikani 5 Min Read Durable goods are seen on sale in a store in Los Angeles, California, U.S., March 24, 2017. Lucy Nicholson WASHINGTON (Reuters) - Shipments of key U.S.-made capital goods increased in June for a fifth straight month, suggesting that business spending on equipment helped to boost economic growth in the second quarter. Signs that the economy gathered speed in the last quarter were also bolstered by other data on Thursday showing a sharp narrowing in the goods trade deficit in June and increases in both retail and wholesale inventories. The bullish reports came on the eve of the government''s advance second-quarter gross domestic product estimate on Friday, prompting economists to raise their forecasts to as high as a 3.5 percent annualized rate. The economy grew at a 1.4 percent pace in the first quarter. "The economy still has legs in this long expansion from the end of the recession. The only risk we see is that the economy is running out of workers to do the heavy lifting and make us grow," said Chris Rupkey, chief economist at MUFG in New York. The Commerce Department said shipments of non-defense capital goods orders excluding aircraft increased 0.2 percent after rising 0.4 percent in May. Core capital goods shipments are used to calculate equipment spending in the government''s gross domestic product measurement. But core capital goods orders, a closely watched proxy for business spending plans, slipped 0.1 percent last month, suggesting equipment spending could moderate in the months ahead. June''s drop was the first since December and followed a 0.7 percent jump in May, which was the biggest gain since January. Prices for U.S. Treasuries were trading lower, while the dollar rose against a basket of currencies. U.S. stocks rose to new record highs, also cheered by better-than-expected profits from Facebook and Verizon. Goods Trade Deficit Narrows The increase in equipment spending has mostly been driven by the energy sector, where oil and gas drilling has increased significantly after declining in the aftermath of the collapse in crude oil prices. Momentum is, however, slowing as drilling activity cools. The energy sector recovery is supporting manufacturing by offseting some of the drag from declining motor vehicle production. Manufacturing accounts for about 12 percent of the U.S. economy. In other data on Thursday, the Commerce Department said the goods trade deficit fell 3.7 percent to $63.9 billion in June amid a rise in exports. Goods exports increased $1.8 billion to $128.6 billion last month. Imports of goods fell $0.7 billion to $192.4 billion. Separately, both retail and wholesale inventories increased 0.6 percent in June. A smaller goods trade deficit and increased stock accumulation are a boost to GDP growth. However, rising inventories could weigh on economic growth in the coming quarters. "Stockpiling is not always good news for the economy. If the accumulation of inventories is in anticipation of a quickening demand environment, that is generally positive," said Tim Quinlan, a senior economist at Wells Fargo Securities in Charlotte, North Carolina. "If it is a result of product simply not moving because demand is drying up, that clearly is not a good signal." While another report from the Labor Department on Thursday showed initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 244,000 for the week ended July 22, layoffs remain low and are consistent with a tightening labor market. Claims have now been below 300,000, a threshold associated with a robust labor market for 125 straight weeks. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at 4.4 percent. Claims are volatile around this time of the year as automakers shut assembly plants for annual retooling. Some manufacturers like General Motors are extending their summer shutdowns to manage excess inventory from falling sales. Economists say this could be throwing off the model used by the government to strip out seasonal fluctuations from the data, causing swings in the weekly numbers. "The song remains the same. Companies are very reluctant to lay off workers, presumably because of the difficulty in replacing them, and the labor market is tight," said John Ryding, chief economist at RDQ Economics in New York. Reporting By Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-economy-idINKBN1AC2OT'|'2017-07-27T20:06:00.000+03:00'
'20a4255a4c9b4a63553ffbf2fab516def71d67ac'|'Your mission, should you choose to accept - save the UK economy'|'July 26, 2017 / 4:43 PM / 18 minutes ago Your mission, should you choose to accept: save the UK economy Reuters Staff 2 Min Read FILE PHOTO - U.S. actor Tom Cruise waves to fans upon his arrival for the world premiere of "Mission Impossible - Rogue Nation" in front of State Opera house in Vienna, Austria, July 23, 2015. Leonhard Foeger LONDON (Reuters) - Were it not for Tom Cruise and Mary Poppins, Britain''s economy might not have gained any speed at all during a sluggish second quarter. The film industry was one of the few areas of Britain''s economy that really rolled in the last quarter, according to official figures out on Wednesday. The industry accounted for almost a quarter of all economic growth between April and June - or 0.07 percentage points of the 0.3 percent growth over the period, to be exact. Without it, Britain''s growth rate would have been stuck at 0.2 percent, the same as during the first quarter. Much of the activity came from the production in Britain of new films such as "M:I 6 - Mission Impossible" starring Cruise, and "Mary Poppins Returns" with Emily Blunt, Meryl Streep and Colin Firth, both due out next year, as well as a slew of independent films. FILE PHOTO - Cast member Gal Gadot poses at the premiere of "Wonder Woman" in Los Angeles, California U.S., May 25, 2017. Mario Anzuoni Major film productions usually employ thousands of people, including designers, caterers, lawyers, transport staff, camera crew and artists, and typically have budgets running into hundreds of millions of pounds. FILE PHOTO - Cast members (L-R) Dave Bautista, Zoe Saldana, Pom Klementieff, Chris Pratt, Kurt Russell, Karen Gillan, director James Gunn and Michael Rooker pose as they attend a premiere of the film "Guardians of the galaxy, Vol. 2" in London, Britain, April 24, 2017. Hannah McKay Some bumper box office returns also boosted the British economy in the second quarter. "Guardians of the Galaxy 2" raked in 41 million pounds ($54 million) in the second quarter, according to the British Film Institute, while "Fast and Furious 8" and "Wonder Woman" generated 29.6 million and 21.8 million pounds respectively. The Office for National Statistics said motion picture activities had grown by 72 percent since 2014, probably boosted by tax credits introduced by former finance minister George Osborne. The British Film Institute said the value of film production in Britain had hit a record high of 1.6 billion pounds in 2016. Its figures for the first half of this year are due out on Thursday. Reporting by Andy Bruce; Editing by Gareth Jones 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-economy-film-idUKKBN1AB2C1'|'2017-07-26T19:44:00.000+03:00'
'fabd08c8353b227697fa96f13d33fcf8c7646249'|'Deutsche Bank posts unexpectedly sharp rise in second-quarter profit'|'July 27, 2017 / 5:34 AM / 3 hours ago Deutsche Bank expects lower 2017 revenue after mixed second quarter Tom Sims and Arno Schuetze 5 Min Read FILE PHOTO: The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Deutsche Bank ( DBKGn.DE ) forecast lower full-year revenue and only a modest improvement in earnings on Thursday, after a drop in capital markets trading hit second-quarter sales. The muted outlook and a 10 percent fall in revenue sent shares in Germany''s biggest bank almost 4 percent lower by midday on concerns its turnaround could prove a long slog rather than a quick fix. Chief Executive John Cryan said the group''s second-quarter profitability fell short of its longer-term goals. "Revenues were not as universally strong as we would have liked, in large measure because of muted client activity in many of the capital markets," he said in a statement. Cryan later suggested that the outlook for trading income could improve in the second half of the year. In an interview on CNBC, Cryan said he "can''t imagine" volatility levels would stay as low as they currently are. UBS said that it was pleased with Deutsche Bank''s progress on costs and capital. "But we think a fundamental re-rating would have to be driven by stronger revenues," UBS analyst Daniele Brupbacher wrote to investors. Deutsche Bank has become a major player on Wall Street over the past two decades but extravagant bets and poor conduct have resulted in a litigation bill of 15 billion euros ($17.6 billion) since 2009. Related Coverage Deutsche Bank asset management IPO unlikely in 2017: CEO In an effort to repair the bank''s bottom line and reputation, Cryan has been cutting costs and focused on three divisions - corporate and investment banking, private and commercial banking, and asset management. In March the bank announced it would partially list its asset management business in a deal that could raise 2 billion euros. Investors expected the bank to move quickly to take advantage of buoyant equity markets, but the planned listing is now unlikely before the first half of next year and could come later. The bank cut headcount in the quarter by 479 full-time staff, the majority in private and commercial banking. Staffing stood at 96,652 at the end of the quarter. At the same time, the bank will incur costs - as yet unspecified - as a result of Britain''s exit from the European Union. It is expecting to add jobs in Frankfurt, where it will replicate a structure that is interchangeable with its London operations. The bank is recovering from multiple legal battles ranging from its role in the marketing of U.S. mortgage-backed securities to a so-called "mirror trading" scheme that could be used for money laundering. Deutsche''s board has been trying to force former managers to pay for those misdeeds, and a deal is close. One current and 10 former Deutsche executives have agreed to waive just under 40 million euros in bonuses, people close to the matter said on Thursday. Provisions for possible future legal action fell to 2.5 billion euros in the quarter. Deutsche said it anticipated its legal expenses to rise in the second half of 2017 after virtually no litigation expense in the first. Deutsche Bank beat forecasts with a jump in second quarter net profit to 466 million euros from just 20 million a year earlier, helped by cost cutting. Analysts had forecast a profit of 273 million. However, revenue fell 10 percent to 6.6 billion euros, and Deutsche said it expected revenue from its operating businesses to be lower in 2017 than last year. It had previously forecast broadly flat revenue. "I wouldn’t like to suggest this is the level of revenues that we are happy with because we do want to grow the business," Cryan said on CNBC. Revenue at its cash-cow bond-trading division fell 12 percent as lower market volatility led to less client trading of interest rate and foreign exchange products. Sales fell 28 percent in equity trading. Debt trading fell 40 percent at Goldman Sachs ( GS.N ) and declined by 4 to 19 percent at Morgan Stanley ( MS.N ), Citigroup ( C.N ), Bank of America ( BAC.N ) and JPMorgan ( JPM.N ). Reporting by Tom Sims and Arno Schuetze; editing by Mark Potter and Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-deutsche-bank-results-idUSKBN1AC0HC'|'2017-07-27T08:33:00.000+03:00'
'af84dc543bb522cbfd4a3941a246da75b28f0ec1'|'Britain launches first phase of energy storage investment'|'July 23, 2017 / 11:17 PM / in 7 hours Britain launches first phase of energy storage investment Reuters Staff 2 Min Read Britain''s Secretary of State for Business, Greg Clark, arrives in Downing Street for a cabinet meeting, in central London, Britain July 18, 2017. Toby Melville LONDON (Reuters) - Business minister Greg Clark will launch the first phase of a 246 million pound investment into battery technology on Monday, part of the government''s industrial strategy to boost productivity and spread wealth in Britain. Prime Minister Theresa May published her government''s industrial strategy in January, putting forward proposals for a more hands-on approach to developing key industries to help protect the economy as Britain leaves the European Union. The shift to cleaner energy and technologies such as electric cars has made the design, development and manufacture of batteries a top industrial priority. Clark will use a speech to unveil "the Faraday Challenge", a competition to establish a center for battery research which "will - quite literally - power the automotive and energy revolution where, already, the UK is leading the world". "The first element will be a competition led by the Engineering and Physical Sciences Research Council to bring the best minds and facilities together to create a Battery Institute," Clark will say, according to advance excerpts of his speech.May''s government hopes the industrial strategy will help revitalize areas of the country that have been left behind by a decades-long decline in manufacturing and to boost productivity, which, Clark said, lagged Germany and France. "The Faraday Challenge is a new way of working," said Philip Nelson, chief executive of the Engineering and Physical Sciences Research Council (EPSRC). "It will bring together the best minds in the field, draw on others from different disciplines, and link intimately with industry, innovators and other funders ... to ensure we maintain our world leading position and keep the pipeline of fundamental science to innovation flowing." Reporting by Elizabeth Piper; Editing by Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-industry-idUKKBN1A80ZB'|'2017-07-24T02:12:00.000+03:00'
'605da620c8982fb015ccc06b34b08006cec564f6'|'Euro zone business growth slows at start of second half'|'July 24, 2017 / 8:28 AM / 5 hours ago Euro zone business growth slows at start of second half 4 Min Read Piles of two Euro coins are pictured in an illustration taken October 13, 2016. Leonhard Foeger LONDON (Reuters) - A slowdown in euro zone business growth at the start of the second half of 2017, alongside declining inflation pressures in a key business survey, could put paid to expectations of a stimulus clawback by the European Central Bank later this year. Years of ultra-easy policy have bolstered still-solid growth, but inflation is nowhere near the European Central Bank''s 2 percent target ceiling and even shallower price rises this month will provide disappointing reading for policymakers. Germany and France, the two largest economies in the club, missed expectations, suggesting an even more robust pace of business activity in many of the bloc''s other members. IHS Markit''s Euro Zone Flash Composite Purchasing Managers'' Index for July, seen as a good guide to economic growth, fell to 55.8 from June''s 56.3, still comfortably above the 50 level that separates growth from contraction. That was below median expectation in a Reuters poll for a modest dip to 56.2. "July''s fall in the euro zone Composite PMI suggests that the economy may have slowed a touch at the start of Q3, but probably maintained a decent pace," said Jack Allen at Capital Economics. However, IHS Markit said the euro zone PMI, if maintained, pointed to third quarter GDP growth of 0.6 percent, better than the 0.4 percent predicted in a Reuters poll earlier this month. Growth in the last quarter was forecast at 0.5 percent. Price Pressures Still Weak Germany''s private sector grew at a slower pace, with the weaker activity due to factory closures for summer holidays following a sustained period of strong growth. French business activity slowed more than expected to a six-month low, though manufacturing sped up. "Confidence weakened in Germany and France, but we expect some improvement in peripheries - Italy, Spain, Ireland - driven by a rebound in services," said Apolline Menut at Barclays. The euro hit a 23-month high on Monday against an ailing dollar, although the weaker-than-expected German business activity took some shine off. A stronger currency makes the region''s exports less attractive. Earlier on Monday, the International Monetary Fund published an upgraded forecast for the bloc, saying growth in the euro zone was now expected to be slightly stronger in 2018 and pointed to "solid momentum". However, the output prices index fell for a second month, dipping to 51.7 from 51.8. its lowest since January. Inflation was just 1.3 percent in June, official data showed earlier this month. "With the euro zone economy growing at a very decent cruising speed, the lack of selling price growth indicated in the survey seems most worrying for the ECB," said Bert Colijn at ING. ECB policymakers see October as the most likely date to decide whether to ease, four sources with direct knowledge of discussions said on Friday, a day after the bank left policy unchanged and did not even discuss easing stimulus. Activity at firms in the bloc''s dominant service industry maintained June''s pace, with their PMI holding steady at 55.4. A Reuters poll had predicted a small uptick to 55.5. New business also remained strong, albeit a little weaker than in June. That sub-index dipped to 54.9 from 55.1. The manufacturing PMI sank to 56.8 from June''s 57.4, missing expectations for 57.2, while an output index which feeds into the composite PMI dropped to 56.9 from 58.7. However, suggesting factories should remain busy, they built up a substantial backlog of work. The sub-index held at June''s 56.1, which was the highest in over seven years. Editing by Alison Williams'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-economy-pmi-idUKKBN1A90TC'|'2017-07-24T13:40:00.000+03:00'
'4fe375929494fb94620630b757f6138f1691aaa2'|'Bharti Infratel first-quarter consolidated profit falls about 12 percent, misses estimates'|'July 24, 2017 / 12:11 PM / 7 hours ago Bharti Infratel first-quarter consolidated profit falls about 12 percent, misses estimates 1 Min Read Telecommunication towers are pictured through hanging flower pots at a residential building in Kolkata December 11, 2012. Rupak De Chowdhuri/Files (Reuters) - Telecom tower infrastructure provider Bharti Infratel Ltd on Monday said its consolidated profit fell about 12 percent in the first quarter, hurt by higher tax expenses. Consolidated profit after tax for the three months ended June 30 came in at 6.64 billion rupees ($103.20 million), while total income grew about 9 percent to 16.07 billion rupees. ( bit.ly/2tTdu3E ) Analysts on average expected net profit of 6.95 billion rupees, according to Thomson Reuters data. Total income tax expenses rose about three times to 25.88 billion rupees. ($1 = 64.3400 Indian rupees) Reporting by Arnab Paul in Bengaluru; Editing by Biju Dwarakanath 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bharti-infratel-results-idINKBN1A91GV'|'2017-07-24T15:10:00.000+03:00'
'b68cdbb97d8eec2b6bfc5fed2bd1da920f108927'|'Alphabet profit slumps on record $2.7 billion EU fine'|'July 24, 2017 / 8:13 PM / in 10 minutes Alphabet profit slumps on record $2.7 billion EU fine   FILE PHOTO - A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. Regis Duvignau (Reuters) - Alphabet Inc ( GOOGL.O ) reported a 27.7 percent drop in quarterly profit as the company recorded a previously announced charge related to a record $2.7 billion fine imposed on its Google unit by the EU. The company''s net income fell to $3.52 billion, or $5.01 per Class A and B share and Class C capital stock, in the second quarter ended June 30 from $4.88 billion, or $7 per share, a year earlier. bit.ly/2uR47WB Analysts had expected earnings of $4.46 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported results were comparable. The company changed the method it reports earnings in the first quarter, focusing on Generally Accepted Accounting Principles (GAAP) earnings instead of non-GAAP results. Consolidated revenue rose to $26.01 billion from $21.50 billion. EU antitrust regulators last month hit Google with a record 2.4-billion-euro ($2.7 billion) fine for favouring its own shopping service, taking a tough line in the first of three probes of its dominance in searches and smartphone operating systems. Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alphabet-results-idUKKBN1A92H3'|'2017-07-24T23:13:00.000+03:00'
'462a584bb70aeec30297bf4c4ead9da36b9a56bd'|'Barclays unwinds remaining oil positions, boosting options volumes'|'July 24, 2017 / 8:08 PM / in 23 minutes Barclays unwinds remaining oil positions, boosting options volumes   LONDON/NEW YORK (Reuters) - Barclays Plc ( BARC.L ) was liquidating its remaining U.S. crude options positions early on Monday, according to two market sources, causing volumes to spike as the British bank closes down its energy business. The investment bank was seen selling all or part of its oil book, causing a surge in volumes in the U.S. crude options market early in the trading session, the sources said. They requested anonymity because details of the trades were confidential. Barclays planned to close its energy business within its ''Macro'' trading division, it said in an internal memo late last year, to focus more on interest rates and foreign exchange businesses. The trades occurred in blocks at the same time, with some of the largest transactions in December $90 calls CL900L7 with nearly 4,400 contracts, December $60 calls CL600L7 with 2,800 contracts, December $46 calls CL460L7 with nearly 1,350 contracts. A spokesman for Barclays declined to comment. The company''s energy business includes the sale and trading of energy-related products, largely derivatives such as oil futures and options contracts, within the ''Macro'' division that also trades foreign exchange and interest rate products. Since the 2008 financial crisis, Wall Street firms have scaled back in commodity markets, cutting back on owning physical assets or taking positions, as regulatory scrutiny has intensified. Banks had been big players in the market for derivatives in forward months. The departure of Barclays raised concerns about liquidity when producers try to hedge their production for 2018 and beyond, potentially raising the cost to lock in that output, market participants have said. Bloomberg first reported on Monday that Barclays sold the last part of the oil book, triggering a surge in trading, citing people familiar with the matter. ( bloom.bg/2eIrewk ) Reporting by Amanda Cooper in London and Devika Krishna Kumar in New York; Editing by Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-options-barclays-idUKKBN1A92GY'|'2017-07-24T23:08:00.000+03:00'
'0f94b0ee3337a2b0b0c0ea11c9defff0caa2fd48'|'Nokia beats quarterly market forecasts but lowers networks outlook'|'July 27, 2017 / 5:25 AM / 5 minutes ago Nokia beats quarterly market forecasts but lowers networks outlook 3 Min Read A Nokia logo is seen at the company''s headquarters in Espoo, Finland, May 5, 2017. Ints Kalnins HELSINKI (Reuters) - Finnish network equipment maker Nokia reported larger than expected quarterly profits on Thursday thanks to a patent deal with Apple and improving profitability at its network business, but warned its key market would slow. Network gear vendors have struggled in recent years amid weak demand from telecom operators, but Nokia has been outpacing Swedish rival Ericsson due to its 2016 acquisition of Franco-American rival Alcatel-Lucent. Second-quarter group earnings before interest and taxes (EBIT) rose 73 percent from a year ago to 574 million euros ($674 million), well above analysts'' average forecast of 447 million euros in a Reuters poll. "In summary, a good second quarter, some challenges ahead this year, but also reasons to be optimistic about Nokia''s ability to deliver," Chief Executive Rajeev Suri said in a statement. He said the global network market would be more challenging in the full year than earlier forecast, citing uncertainty related to some projects. "We now expect a decline in the market in the range of 3-5 percent, versus our earlier view of a low-single digit decline," Suri said. Nokia''s network business, which accounts for roughly 90 percent of its sales, is expected to decline in line with the market trends, he said. Second-quarter sales in the networks business fell 5 percent to 4.97 billion euros, primarily due to weakness in its mobile networks business. Nonetheless, he said Nokia was still set to meet its year operating margin target of 8 to 10 percent. "Weakening of general market outlook is a clear minus. But Nokia''s profitability shows they are able to deliver good results in weak markets," said Inderes analyst Mikael Rautanen, who has an "accumulate" rating on the stock. Nokia''s total sales during the second quarter fell just 1 percent to 5.63 billion euros, aided by a jump in revenue from its technologies licensing unit, which rose 90 percent from the year-ago quarter thanks to the Apple deal. Apple and Nokia settled their patent dispute in May with a broad agreement in which Nokia will get bigger patent royalties from Apple but will also supply network infrastructure products to the U.S. company, and collaborate with it in the digital health business. Reporting by Jussi Rosendahl and Helena Soderpalm, Editing by Eric Auchard and Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-nokia-results-idUKKBN1AC0GP'|'2017-07-27T09:02:00.000+03:00'
'8423cfdb669ab3b878844267cef0d4bcaf859c85'|'FTSE Russell to exclude Snap from stock indexes over voting rights'|'July 26, 2017 / 8:39 PM / 12 minutes ago FTSE Russell to exclude Snap from stock indexes over voting rights Ross Kerber and Noel Randewich 5 Min Read The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. Lucy Nicholson BOSTON/SAN FRANCISCO (Reuters) - FTSE Russell said on Wednesday it planned to exclude Snap Inc ( SNAP.N ) from its widely followed stock indexes because the owner of the Snapchat messaging app has an unusual share structure that denies voting rights to investors. The stock index provider said it made the decision based on client feedback, the latest sign of the growing importance of corporate governance rights to investors even as technology companies move to concentrate power with insiders. It plans to require new constituents of its indexes to have at least 5 percent of their voting rights in the hands of public shareholders, though current constituents will be given a five-year grace period to comply. FTSE Russell Chief Executive Mark Makepeace told Reuters in an interview many of his clients had worried that Snap''s structure could set a bad precedent. "There were strong opinions that voting rights are an important issue. For shareholders to perform their function they have to be able to influence a company," he said. "Shareholders won''t be able to hold boards accountable if they don''t have voting rights," Makepeace said. He added that some clients may now push for an even higher minimum voting standard, though he does not expect an adjustment before the plans become effective in September. "We may hear views asking for a higher minimum, but I think this represents a very strong first step and I think it''s a prudent way forward that recognizes the issues investors are raising," he said. A Snap representative did not immediately respond to a request for comment. Inclusion in a stock index has been an important milestone for young companies, bringing their shares into many passive funds and others that closely follow indexes like the S&P 500, a guide for trillions of dollars of capital worldwide. The FTSE Russell decision now means that funds like the $19 billion iShares Russell 1000 ETF would not hold Snap and, potentially, other companies already in the index that have less than 5 percent of voting rights in public hands unless they make changes. FTSE Russell said that set could include companies like Match Group ( MTCH.O ), owner of dating app Match.com, and software maker Mulesoft ( MULE.N ). A representative for Match Group did not respond to a request for comment, and a Mulesoft spokeswoman declined to comment. How index providers should treat companies with unequal voting rights has been a hot topic for technology investors after Snap disclosed its unprecedented corporate structure ahead of its $3.4 billion initial public offering in March. Big investment firms like BlackRock Inc ( BLK.N ) and State Street Corp ( STT.N ) have stressed their attention to shareholder rights lately. That could put those firms on a collision course with Silicon Valley companies keen on keeping decision-making power in the hands of founders and other insiders - although to be sure many big fund managers went ahead and bought Snap despite its structure. The Council of Institutional Investors, whose members include big pension funds critical of Snap''s structure, praised FTSE Russell''s decision and said it could put pressure on other index providers to take similar steps. "FTSE Russell''s decision is a rebuke to companies that would deny public shareholders any voice in company matters," said the group''s executive director, Ken Bertsch, in an e-mailed statement. Snap surged in early trading following its market debut but since then has collapsed to 21 percent below its IPO price. Investors worry about competition from Facebook and the looming expiries of insider- and employee-trading restrictions that could lead to a flood of shares on the market. Shares of Snap were unchanged in extended trade, after closing down 3.53 percent at $13.40, a new low, on the New York Stock Exchange. Reporting by Ross Kerber in Boston and Noel Randewich in San Francisco.; Editing by Tom Brown and Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-snap-russell-idUKKBN1AB2TW'|'2017-07-27T02:30:00.000+03:00'
'76dccf59679458bac4d23f17273f19ad9b08618c'|'Energy Capital in advanced talks to buy Calpine - Bloomberg'|'July 26, 2017 / 11:37 PM / 2 minutes ago Energy Capital in advanced talks to buy Calpine: Bloomberg 1 Min Read (Reuters) - Energy Capital Partners LLC is in advanced talks to buy power producer Calpine Corp ( CPN.N ), Bloomberg reported, citing people familiar with the matter. Energy Capital may announce a deal to buy the Houston-based company as soon as next week, Bloomberg reported. ( bloom.bg/2u0t3GN ) Calpine declined to comment and Energy Capital could not be immediately reached for comment. The Wall Street Journal had reported in May that Calpine was exploring a sale, and was working with investment bankers at Lazard Ltd ( LAZ.N ) to find possible buyers. Shares of Calpine, which generates electricity from natural gas and geothermal resources, rose more than 5 percent in late trade on Wednesday. The company had a market value of $5 billion as of Tuesday''s close. Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Bernard Orr 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-calpine-m-a-idUSKBN1AB33P'|'2017-07-27T02:30:00.000+03:00'
'c954dac185db61d3ab510432ffc2dd373bb73a56'|'Starbucks to buy remaining stake in East China JV for $1.3 billion'|'July 27, 2017 / 11:26 AM / 7 hours ago Starbucks to buy remaining stake in East China JV for $1.3 billion 2 Min Read FILE PHOTO: A cup of coffee rests on a counter at a Starbucks coffeehouse in Austin, Texas, U.S., February 10, 2017. Mohammad Khursheed/File Photo (Reuters) - Coffee chain Starbucks Corp ( SBUX.O ) said on Thursday it would buy the remaining 50 percent share of its East China business from its joint venture (JV) partners for about $1.3 billion, in its biggest ever acquisition. China is Starbucks'' fastest-growing market outside the United States by number of stores. The cash deal will give Starbucks ownership of about 1,300 stores in Shanghai and Jiangsu and Zhejiang provinces, and aligns with its target of operating 5,000 stores in mainland China by 2021. Shanghai has almost 600 Starbucks outlets, the largest number in any city. It will also be the first city outside the United States to have a coffee roastery and tasting room, set to open in December this year. Starbucks is contending with a slowdown in in-store traffic back home as it works to speed up service at its cafes, where a large number of mobile orders had led to congestion and delays in serving orders. Starbucks is buying the East China stores from JV partners Uni-President Enterprises Corp ( 1216.TW ) (UPEC) and President Chain Store Corp ( 2912.TW ) (PCSC). In a separate deal, Starbucks will sell its 50 percent stake in its Taiwanese JV to UPEC and PCSC for about $175 million. The Taiwan JV operates about 410 Starbucks stores. Both deals are expected to close by early next year. Shares of Starbucks, which is scheduled to report third-quarter earnings on Thursday after the bell, were up marginally in premarket trading. Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sai Sachin Ravikumar and Martina D''Couto 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-starbucks-jointventure-idUSKBN1AC1PJ'|'2017-07-27T14:25:00.000+03:00'
'911ab0f592da720cc77d0e391cfc34fca36b4285'|'Wall Street set to open higher on earnings; Fed in focus'|'July 26, 2017 / 12:56 PM / 7 minutes ago Wall Street mints records after Fed, strong earnings Lewis Krauskopf 4 Min Read A trader smiles as he works on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, NY, U.S. December 14, 2016. Lucas Jackson/Files NEW YORK (Reuters) - U.S. stocks climbed modestly on Wednesday to record closing highs after the Federal Reserve kept interest rates unchanged and strong earnings reports from Boeing and AT&T. The U.S. central bank''s statement did not dramatically sway Wall Street''s major indexes, which hit all-time peaks on a busy day of corporate earnings reports. A slide in financial shares held back gains for the S&P 500. As broadly expected by investors, the Fed maintained its benchmark lending rate and said it was continuing the slow path of monetary tightening. It said it expected to start winding down its massive holdings of bonds "relatively soon" in a sign of confidence in the U.S. economy. "The Fed decision of itself was fairly expected and had no real impact on the market," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey. "But I think in a broader sense the willingness of the Fed to move cautiously has provided some protection against the market selling off." The Dow Jones Industrial Average .DJI rose 97.58 points, or 0.45 percent, to 21,711.01, the S&P 500 .SPX gained 0.7 points, or 0.03 percent, to 2,477.83 and the Nasdaq Composite .IXIC added 10.57 points, or 0.16 percent, to 6,422.75. In its statement following a two-day policy meeting, the Fed''s rate-setting committee indicated the economy was growing moderately and job gains had been solid. But it noted that both overall inflation and a measure of underlying price gains had declined and said it would "carefully monitor" price trends. Following the statement, traders'' bets that the Fed would raise rates at its December meeting stood at only 38 percent, according to Thomson Reuters data. "They are, I don’t want to use the word ''trapped'' because the market has kind of bailed them out with one event or another, but they are in a tough spot here for the rest of 2017," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. "Even that last hike looks like it might be a difficult one to make." Financials .SPSY, which tend to perform better when interest rates rise, ended down 0.6 percent. Telecommunications .SPLRCL were the best performing sector, propelled higher by a 5.0-percent gain in AT&T ( T.N ) after its results. Boeing ( BA.N ) shares soared 9.9 percent after the plane maker posted quarterly profit and cash flow well ahead of Wall Street estimates. The stock gave the biggest lift to the Dow and the S&P 500. Shares of Ford Motor ( F.N ) and health insurer Anthem ( ANTM.N ) both fell after their respective quarterly results. With about one-third of the S&P 500 having reported results, earnings are now expected to have climbed 9.9 percent in the second quarter, up from a projection of an 8-percent rise at the start of the month, according to Thomson Reuters I/B/E/S. Investors have been counting on strong earnings to justify the relatively expensive valuations for stocks. Advancing issues outnumbered declining ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored decliners. About 6.6 billion shares changed hands in U.S. exchanges, above the 6.1 billion daily average over the last 20 sessions. Additional reporting by Saqib Iqbal Ahmed and Chuck Mikolajczak in New York and Tanya Agrawal in Bengaluru; Editing by Nick Zieminski and James Dalgleish 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN1AB1QT'|'2017-07-26T15:55:00.000+03:00'
'9e3e0830bd56f901b6858520f05345ee5028e5d5'|'Hedge fund Third Point bets on Alibaba, again'|'FILE PHOTO: Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May 9, 2012. Steve Marcus/File Photo BOSTON (Reuters) - Hedge fund Third Point made a new bet on Chinese e-commerce firm Alibaba during the second quarter and told investors in a letter that it was still finding attractive new opportunities even as the stock market has surged this year.The $16.5 billion New York-based firm, run by Daniel Loeb, gained 10.7 percent in the first half, making it one of a small number of hedge funds that beat the Standard & Poor''s 500 index''s 9.3 percent gain. The average hedge fund returned 3.68 percent in the first half, HFR data show.Calling Alibaba one of the "best business models in the global internet sector" and a "clear winner in the consolidated Chinese ecommerce market," Loeb said the company stands to benefit from changes it made to its advertising platform. Reuters saw a copy of the letter.The company listed its shares in the United States two years ago and immediately attracted wide hedge fund ownership which quickly dwindled after the listing.As part of Third Point''s focus on international investments, Loeb also underscored his bets on European stocks where the firm''s exposure is now at its highest level since 2010. Third Point last month announced an investment in Swiss conglomerate Nestle, which makes food products from baby food to chocolate.Loeb adjusted the portfolio during the second quarter to focus more on companies that will benefit from low inflation while cutting his exposure to bank financials. He also exited reflationary macro trades.Third Point also made a new bet on BlackRock, the world''s biggest asset manager with $5.7 trillion, calling it a "misunderstood franchise that is just beginning to inflect." Demand for lower cost investments like ETFs, where BlackRock is a leader, is likely to pick up, benefiting the company, Third Point said. BlackRock said "We are aware that Third Point has taken an ownership position and we welcome them as a shareholder."During the quarter, the biggest winners for Third Point were Baxter International Inc, Nestle SA, Constellation Brands Inc, auction house Sotheby''s and Honeywell International Inc. The biggest losers included JPMorgan Chase & Co and T-Mobile US Inc.Third Point also said it will stop taking in new money from new investors on Oct. 1, 2017. For years, Third Point turned away would-be investors but it had quietly opened up again for a brief time in the last year to replace money that had left.Additional reporting by Trevor Hunnicutt; Editing by David Gregorio '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hedgefunds-thirdpoint-idUSKBN1AB202'|'2017-07-26T17:27:00.000+03:00'
'7f6710e3cecffd4a081d19a343f05391d57b00f3'|'Euro zone business growth slows at start of second half'|'July 24, 2017 / 8:27 AM / 5 hours ago Euro zone business growth slows at start of second half 4 Min Read Piles of two Euro coins are pictured in an illustration taken October 13, 2016. Leonhard Foeger LONDON (Reuters) - A slowdown in euro zone business growth at the start of the second half of 2017, alongside declining inflation pressures in a key business survey, could put paid to expectations of a stimulus clawback by the European Central Bank later this year. Years of ultra-easy policy have bolstered still-solid growth, but inflation is nowhere near the European Central Bank''s 2 percent target ceiling and even shallower price rises this month will provide disappointing reading for policymakers. Germany and France, the two largest economies in the club, missed expectations, suggesting an even more robust pace of business activity in many of the bloc''s other members. IHS Markit''s Euro Zone Flash Composite Purchasing Managers'' Index for July, seen as a good guide to economic growth, fell to 55.8 from June''s 56.3, still comfortably above the 50 level that separates growth from contraction. That was below median expectation in a Reuters poll for a modest dip to 56.2. "July''s fall in the euro zone Composite PMI suggests that the economy may have slowed a touch at the start of Q3, but probably maintained a decent pace," said Jack Allen at Capital Economics. However, IHS Markit said the euro zone PMI, if maintained, pointed to third quarter GDP growth of 0.6 percent, better than the 0.4 percent predicted in a Reuters poll earlier this month. Growth in the last quarter was forecast at 0.5 percent. Price Pressures Still Weak Germany''s private sector grew at a slower pace, with the weaker activity due to factory closures for summer holidays following a sustained period of strong growth. French business activity slowed more than expected to a six-month low, though manufacturing sped up. "Confidence weakened in Germany and France, but we expect some improvement in peripheries - Italy, Spain, Ireland - driven by a rebound in services," said Apolline Menut at Barclays. The euro hit a 23-month high on Monday against an ailing dollar, although the weaker-than-expected German business activity took some shine off. A stronger currency makes the region''s exports less attractive. Earlier on Monday, the International Monetary Fund published an upgraded forecast for the bloc, saying growth in the euro zone was now expected to be slightly stronger in 2018 and pointed to "solid momentum". However, the output prices index fell for a second month, dipping to 51.7 from 51.8. its lowest since January. Inflation was just 1.3 percent in June, official data showed earlier this month. "With the euro zone economy growing at a very decent cruising speed, the lack of selling price growth indicated in the survey seems most worrying for the ECB," said Bert Colijn at ING. ECB policymakers see October as the most likely date to decide whether to ease, four sources with direct knowledge of discussions said on Friday, a day after the bank left policy unchanged and did not even discuss easing stimulus. Activity at firms in the bloc''s dominant service industry maintained June''s pace, with their PMI holding steady at 55.4. A Reuters poll had predicted a small uptick to 55.5. New business also remained strong, albeit a little weaker than in June. That sub-index dipped to 54.9 from 55.1. The manufacturing PMI sank to 56.8 from June''s 57.4, missing expectations for 57.2, while an output index which feeds into the composite PMI dropped to 56.9 from 58.7. However, suggesting factories should remain busy, they built up a substantial backlog of work. The sub-index held at June''s 56.1, which was the highest in over seven years. Editing by Alison Williams '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-eurozone-economy-pmi-idINKBN1A90TC'|'2017-07-24T13:48:00.000+03:00'
'efe07b1a427034b45c972a32ce2ed6b606d6bfa1'|'Brazil to study new private concessions for airports - minister'|'July 27, 2017 / 2:56 PM / 4 hours ago Brazil to study new private concessions for airports - minister 1 Min Read BRASILIA, July 27 (Reuters) - Brazil''s government is studying new private concessions for the country''s airports, Transport Minister Mauricio Quintella said on Thursday. He spoke at an event celebrating four concessions at the airports of Florianopolis, Salvador, Porto Alegre and Fortaleza won by airport operators Flughafen Zurich, Vinci SA and Fraport AG. (Reporting by Anthony Boadle; Editing by Jeffrey Benkoe) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-airports-idUSS0N1IB00D'|'2017-07-27T17:54:00.000+03:00'
'ed20a1b1193a5de19c9c4931af561eb851f6235b'|'Europe''s oil giants recover from three-year slump'|'July 27, 2017 / 8:46 AM / 10 hours ago Europe''s oil giants recover from three-year slump Ron Bousso , Karolin Schaps and Bate Felix 4 Min Read A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. Toby Melville/File Photo LONDON/PARIS (Reuters) - Europe''s major oil and gas companies have turned a corner after a three-year slump, reporting strong growth in profits as cost cutting paid off and vowing to press on with saving more money amid a fragile recovery in oil prices. Royal Dutch Shell, France''s Total and Norway''s Statoil reported sharp increases in cash flow from operations in the second quarter as profits beat analyst expectations, meaning they can all comfortably pay dividends and reduce debt. Shell led the charge, more than tripling profits in the second quarter from a year ago, boosted by its refining and chemicals business and a 16 percent rise in oil prices. "This demonstrates they have moved themselves to a new level of profitability at $50 oil," said Colin Smith, director of oil and gas research at Panmure Gordon. Combined, the three companies more than doubled cash flow from operations to more than $41 billion from about $17 billion. Shell''s first-half cash generation rose seven-fold, a year after it completed the $54 billion acquisition of BG Group. Oil investor hopes were raised at the start of the year by a deal to cut production between members of the Organization of Petroleum Exporting Countries and some non-OPEC producers. That lifted oil prices above $58 a barrel in January, well above their 2016 low of just $27. But Brent crude prices slipped back below $50 in the second quarter as U.S. shale production surged, sparking a wave of price forecast downgrades from banks and prompting investors to focus again on cost cutting by oil companies. Statoil''s Chief Financial Officer Hans Jakob Hegge said he expected oil prices to rise towards the end of the year though Total said prices would remain volatile due to high global inventories. Executives vowed to keep a tight rein on costs. FILE PHOTO: The logo of French oil giant Total is seen in front of the oil refinery of Donges, near Nantes, France, December 20, 2013. Stephane Mahe/File Photo "The external price environment and energy sector developments mean we will remain very disciplined," said Shell Chief Executive Ben van Beurden. Total Chief Executive Patrick Pouyanne said the company had the flexibility to take advantage of the low-cost environment in the sector to launch profitable projects and acquire resources under attractive conditions. Total maintained its 2017 cost savings target of $3.5 billion, aiming to lower production costs further. FILE PHOTO: Norwegian oil company''s Statoil logo is seen at their headquarters in Fornebu, Norway, June 1, 2017. Ints Kalnins/File Photo Total and Statoil also beat analyst profit forecasts with Total seeing a strong lift from its high-margin upstream projects. Shell, Total and Statoil shares were up by more than one percent by 0718 GMT, slightly outperforming the broader sector index. Spain''s Repsol also posted a 43.8 percent jump in second-quarter adjusted net profit, with earnings from its oil and gas division jumping 150 percent. The companies broadly maintained their spending plans for 2017, with Statoil slightly reducing its exploration budget. Shell said it had sold some $25 billion of assets to pay off the BG acquisition and analysts said the new projects coming online meant it had a bright outlook. "What drives Shell on from here is the benefit of the new growth projects that they''ve got coming through at higher cash margins. We''re yet to really to see that come through in the numbers," Smith said. Additional reporting by Nerijus Adomaitis and Ole Petter Skonnord in Oslo and Julien Toyer in Madrid; editing by Veronica Brown and David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-oil-majors-results-idUSKBN1AC157'|'2017-07-27T11:45:00.000+03:00'
'5b3bf301406426f19b204dc2fd83f6ed3722c2f4'|'Libor traders report UK prosecution expert witness to police'|'July 27, 2017 / 12:23 PM / 7 hours ago Libor traders report UK prosecution expert witness to police 4 Min Read Former trader Tom Hayes arrives at Southwark Crown Court in London, Britain July 29, 2015. Suzanne Plunkett/File Photo LONDON (Reuters) - Two former Libor traders, one of whom has been convicted for conspiracy to rig the global interest rate benchmark, have complained to the police about an expert witness used by the Serious Fraud Office in four trials over rate manipulation. Tom Hayes, a British former UBS ( UBSG.S ) and Citigroup ( C.N ) trader jailed in 2015, and Ryan Reich, an American former Barclays ( BARC.L ) trader acquitted this year, have sent reports to the Metropolitan Police about the conduct of SFO witness Saul Haydon Rowe, Hayes''s lawyer Karen Todner said on Thursday. Alex Pabon, an American former Barclays trader convicted in a Libor case last year, is taking legal advice on following suit, his wife Julie said. Hayes and Reich allege that Rowe, the SFO''s chief banking witness and a former director of Turing Experts, between 2014 and 2017 might have misled the SFO, the defence, judges and juries during four criminal trials. "I hereby ... request that you conduct an investigation as to whether or not Mr Rowe has committed criminal offences, including but not limited to perverting the course of justice, perjury, fraud by false representation, fraud by failing to disclose information and contempt of court," said a report by Todner on behalf of Hayes sent to the Metropolitan Police on Wednesday, which was seen by Reuters. Rowe denied in court this year that he had misled the SFO and jurors about his expertise, according to a transcript of court proceedings. Rowe, a former trader, who resigned from Turing Experts on June 12, was not immediately available for comment. A spokesman for Turing Experts declined to comment. The Metropolitan Police confirmed it had received requests for advice about witness testimony. "The content of that correspondence awaits assessment," it said in a statement. Libor Under Spotlight Again Rowe testified in four SFO Libor trials by providing expert evidence on banking and trading, such as short-term interest rate (STIR) trading, and interpreted communications with or between rate derivatives traders presented in court. But when Reich was re-tried this year, after a previous jury was unable to reach a verdict in his case, Rowe admitted breaching court rules by contacting others during breaks in the court proceedings to check he understood terms about which he was testifying as an expert. The SFO paid Turing Experts more than 410,000 pounds since February 2014, according to a Freedom of Information request. The SFO declined to comment on Thursday. Scrutiny of Libor cases is growing as a U.S. appeals court on July 19 overturned the convictions of two British ex Rabobank traders over the use of compelled testimony in their trials. Britain''s Criminal Cases Review Commission, which investigate cases where people have lost an appeal but believe they have been wrongly convicted, agreed in April to review Hayes''s case to see whether it could be referred back to the Court of Appeal, a spokesman confirmed. Hayes, who is serving an 11-year jail sentence, and Pabon, sentenced to two years and nine months, are among five men convicted in Britain for conspiracy to rig the London interbank offered rate (Libor), a benchmark for rates on trillions of dollars of financial contracts. Eight others have been acquitted. Pabon was released in March but cannot find a job with a fraud conviction, according to his wife Julie. He last month applied to serve further grounds of appeal against his conviction because of Rowe''s evidence at his trial, according to court filings. Andrew Bailey, the head of the Financial Conduct Authority (FCA), said on Thursday Libor would be scrapped by the end of 2021 and replaced with an alternative benchmark. Reporting by Kirstin Ridley. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-libor-witness-idUKKBN1AC1WJ'|'2017-07-27T15:25:00.000+03:00'
'e4c9a7ab00ea639e0394a2271335875031f4db33'|'UK Stocks-Factors to watch on July 28'|'July 28 (Reuters) - Britain''s FTSE 100 index is seen opening down 36 points at 7406.8 on Friday, according to financial bookmakers. * UK CONSUMER MORALE: British consumer morale has sunk back to depths hit just after last year''s Brexit vote and worse may be to come as households'' view of the broader economic situation dropped to a four-year low, according to a survey on Friday. * SHELL: Royal Dutch Shell Plc plans to begin permanently shuttering the gasoline-producing unit at its 227,586 barrel-per-day (bpd) Convent, Louisiana, refinery in January 2018, said sources familiar with the company''s plans on Thursday. * OIL: Oil prices extended a rally into a sixth day on Friday, hovering near 8-week highs on a decline in U.S. inventories and OPEC''s ongoing efforts to curb production to ease a global glut. Brent crude futures were up 2 cents, or 0.04 percent, at $51.51 per barrel at 0059 GMT. * GOLD: Gold steadied on Friday after retreating from a more than six-week high hit in the previous session, with investors looking for cues on the health of the U.S. economy from second-quarter gross domestic product data due later in the session. * COPPER: Copper prices drifted in early Asian trading on Friday with little movement in currency markets, a key driver over recent sessions. Three-month copper on the London Metal Exchange was little changed at $6,329 a tonne by 0134 GMT after trading flat in the previous session. * A punishing fall in AstraZeneca''s shares after the failure of a key lung cancer study for the pharma company offset the impact of earnings-led gains for drinks giant Diageo on Britain''s top share index. The bluechip FTSE 100 index fell 0.2 percent on Thursday, in line with the broader European market. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: UBM PLC Half Year 2017 UBM PLC Earnings Release Barclays PLC Half Year 2017 Barclays PLC Earnings Release BT Group PLC Q1 2018 BT Group PLC Earnings Release Essentra PLC Half Year 2017 Essentra PLC Earnings Release Rightmove PLC Half Year 2017 Rightmove PLC Earnings Release International Consolidated Half Year 2017 International Airlines Group SA Consolidated Airlines Group SA Earnings Release IMI PLC Half Year 2017 IMI PLC Earnings Call Laird PLC Half Year 2017 Laird PLC Earnings Call Essentra PLC Half Year 2017 Essentra PLC Earnings & Strategy Review Call BT Group PLC Q1 2018 BT Group PLC Earnings Call Rightmove PLC Half Year 2017 Rightmove PLC Earnings Presentation - London International Consolidated Half Year 2017 International Airlines Group SA Consolidated Airlines Group SA Earnings Call Equiniti Group PLC Half Year 2017 Equiniti Group PLC Earnings Call Barclays PLC Half Year 2017 Barclays PLC Earnings Call Morgan Advanced Materials PLC Half Year 2017 Morgan Advanced Materials PLC Earnings Call Santander UK Group Holdings Q2 2017 Santander UK Group PLC Holdings PLC Earnings Call TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sanjeeban Sarkar in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1KJ20L'|'2017-07-28T08:15:00.000+03:00'
'8704dc37f354e242ab95bcda8a6b85c31cf94fc4'|'Wells scandals show rolling back financial reforms dangerous -US Democratic senator'|'July 28, 2017 / 5:18 PM / 2 hours ago Wells scandals show rolling back financial reforms dangerous -US Democratic senator 1 Min Read WASHINGTON, July 28 (Reuters) - The U.S. Senate Banking Committee''s top Democrat said on Friday that the latest Wells Fargo & Co scandal, where customers were wrongly charged, shows that regulatory reforms resulting from the financial crisis should not be dismantled. "Wells Fargo has a lot of explaining to do, and we cannot let up until every single customer is made whole," Senator Sherrod Brown said in a statement. Earlier this year the Republican-led U.S. House of Representatives approved a massive rewrite of the Dodd-Frank Wall Street reform law, which Congress passed in 2010 to stave off a repeat of the massive 2007-09 crisis and resulting recession. At the same time, Republican President Donald Trump has ordered a thorough review of all financial regulations, with an eye to lightening ones that may be overly burdensome. (Reporting by Lisa Lambert; Editing by Jonathan Oatis) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wells-fargo-insurance-regulation-idUSL1N1KJ193'|'2017-07-28T20:16:00.000+03:00'
'27090409b62be408660f1c05bce1696a27ceb065'|'OPEC, non-OPEC debate how to cap rising Libyan, Nigerian oil output'|'July 24, 2017 / 8:18 AM / in 5 hours OPEC moves to cap Nigerian oil output, boost compliance Katya Golubkova , Vladimir Soldatkin and Rania El Gamal 4 Min Read Saudi Arabian Energy Minister Khalid al-Falih, Russian Energy Minister Alexander Novak, Kuwaiti Oil Minister Essam al-Marzouq and OPEC Secretary General Mohammad Barkindo attend a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia July 24, 2017. Anton Vaganov ST PETERSBURG, Russia (Reuters) - OPEC moved on Monday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. OPEC has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million barrels per day (bpd) from January 2017 until the end of March 2018. OPEC states Libya and Nigeria were exempted from the limits to help their oil industries recover from years of unrest. The deal to curb output propelled crude prices above $58 a barrel in January but they have since slipped back to a $45 to $50 range as the effort to drain global inventories has taken longer than expected. Rising output from U.S. shale producers has offset the impact of the output curbs, as has climbing production from Libya and Nigeria. A ministerial committee of OPEC and non-OPEC states that monitors the global oil pact said it had agreed Nigeria would join the deal by capping or even cutting its output from 1.8 million bpd, once it stabilises at that level from 1.7 million bpd recently. Related Coverage Saudi minister sees ''healthier'' oil market, ready to take more steps The monitoring committee, known as JMMC and which met in the Russian city of St Petersburg, did not give the timeframe for when this would happen, saying it would track Nigerian production patterns in the next weeks. The committee did not back capping Libyan output as it said its production was unlikely to exceed 1 million bpd in the near future compared to its capacity of 1.4 million-1.6 million bpd before unrest erupted in 2011 and plunged the nation into chaos. Brent oil prices rose about 1 percent at about $48.50, helped by news of a cap on Nigeria and by comments from Saudi Energy Minister Khalid al-Falih that the kingdom''s exports would fall to 6.6 million bpd in August as demand at home was rising, effectively representing a cut of 1 million bpd year-on-year. He said global stocks had fallen by 90 million barrels, but were still about 250 million barrels above the five-year average for industrialised nations, which is the level OPEC and non-OPEC states are targetting with their output curbs. Saudi Arabian Energy Minister Khalid al-Falih attends a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia July 24, 2017. Anton Vaganov Bearish Sentiment Russia and Saudi Arabia face mounting pressure to prop up oil prices. Russia, which is heavily reliant on oil revenues, holds a presidential election next year. Saudi Arabia needs higher prices to balance its budget and support next year''s planned listing of state oil firm Saudi Aramco. "We must acknowledge that the market has turned bearish with several key factors driving these sentiments," Falih told the meeting of the monitoring committee. Slideshow (2 Images) Falih said weaker compliance with cuts by some OPEC states and a rise in OPEC exports had led to a softer crude price. Saudi Arabia and Kuwait have cut more than they pledged but others, such as the United Arab Emirates and Iraq, have shown relatively weak adherence to the limits. "Some countries continue to lag which is a concern we must address head on," Falih said. "Exports have now become the key matrix to financial markets and we need to find a way to reconcile credible exports data with production data." Falih said the committee spoke to those who were lagging, without naming them, and said they pledged to boost compliance. The Saudi minister said global oil demand was expected to grow by about 1.4 million to 1.6 million bpd next year, similar to 2017 and so should more than offset rising U.S. output. JMMC''s chair Kuwait said OPEC could call an extraordinary meeting to include Nigeria and could extend existing production curbs beyond March 2018 if markets failed to rebalance. Alongside Saudi Arabia and Kuwait, the committee includes Russia, Venezuela, Algeria and Oman. Writing by Dmitry Zhdannikov; Editing by Edmund Blair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-opec-meeting-output-idUKKBN1A90SG'|'2017-07-24T11:31:00.000+03:00'
'f41f4a41b552a1bbb9eb2a07afb6db2e2e9080c0'|'PRESS DIGEST- New York Times business news - July 24'|'July 24, 2017 / 5:37 AM / 8 hours ago PRESS DIGEST- New York Times business news - July 24 2 Min Read July 24 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Chinese regulators have become increasingly concerned that some of the biggest Chinese conglomerates have borrowed so much that they could pose risks to the financial system. Banking officials are ramping up scrutiny of companies'' balance sheets. nyti.ms/2tSzoDX - BMW AG, responding to claims that it formed a cartel with Daimler AG and Volkswagen AG to hold down the prices of crucial technology, denied that the German carmakers had agreed among themselves to install emissions equipment that was inadequate to do the job. nyti.ms/2vPFvue - Time Warner Inc CEO Jeffrey Bewkes is expected to resign if regulators approve AT&T Inc''s $85.4 billion bid and the Time Warner name is likely to be eliminated, as AT&T subsume the company''s assets, including HBO, Turner cable network brands and Warner Bros film and television studios. nyti.ms/2tsVQUN - The White House indicated that President Donald Trump would accept new legislation curtailing his authority to lift sanctions on Russia on his own, after a broad revolt by lawmakers of both parties about his approach to Moscow. nyti.ms/2gVSxUg Compiled by Bengaluru newsroom '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1KF21W'|'2017-07-24T08:36:00.000+03:00'
'7d6f7877c52ef2ad67b4fdce31bae52947f594c6'|'Australia inflation surprisingly soft, lengthens odds on rate hike'|'July 26, 2017 / 3:12 AM / 7 hours ago Australia inflation surprisingly soft, lengthens odds on rate hike Wayne Cole 3 Min Read Shoppers can be seen walking past a retail store displaying a sale sign at a shopping mall in Sydney, Australia, July 25, 2017. Steven Saphore SYDNEY (Reuters) - Australian consumer prices were surprisingly soft last quarter and core inflation rate stayed below target for a sixth straight quarter, a reminder of just why interest rates in the country are at record lows and set to remain there for months to come. The local dollar slipped a quarter of a cent as the consumer price index (CPI) rose 0.2 percent in the second quarter and 1.9 percent for the year, well short of the 2.2 percent increase expected. Underlying inflation rose 0.5 percent in the second quarter, from the first, which matched market forecasts. The annual rate of 1.8 percent was again short of the Reserve Bank of Australia''s long-term target band of 2 percent to 3 percent, where it has been since the start of 2016. "Obviously the RBA is not going to be happy with these levels. Core inflation has been too low for too long," said Tom Kennedy, an economist at JPMorgan. "The RBA is not going to be thinking about rate hikes anytime soon." The protracted period of subdued inflation led the central bank to cut interest rates to a record low of 1.5 percent last year and it has been on hold ever since. Investors reacted to the inflation news by paring an already slim chance of a hike, with interbank futures implying an 8 percent probability of a move by December. Inflation Hard to Find The main price increases last quarter were in health care, taxes on tobacco and the cost of buying a house. Offsetting that were falls in holiday travel, petrol and fruit, according to data from the Australian Bureau of Statistics. There are still plenty of headwinds to inflation. While higher utility charges should add to CPI this quarter, they also act as a tax on consumer spending power at a time when wage growth is already at all-time lows. Recent gains in the local dollar are also likely to suppress prices for many imported goods, particularly tech products. The RBA itself doubts inflation will get above 2 percent for another year or more, but is wary of cutting interest rates again for fear of stoking a debt-driven bubble in the Sydney and Melbourne housing markets. Neither is it in any rush to hike. Speaking just last week, RBA Deputy Governor Guy Debelle argued there was no automatic reason for Australia to follow some of its peers in tightening. The global forces keeping rates low would "continue to do so for the foreseeable future," said Debelle, quashing market talk of a hike before year-end. Reporting by Wayne Cole; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/australia-economy-inflation-idINKBN1AB094'|'2017-07-26T06:07:00.000+03:00'
'59c111d3f77d45952e115267270b4740c9a34638'|'Oil prices firm on optimism over declining stocks'|'July 26, 2017 / 1:55 AM / 22 minutes ago Oil prices rise as falling U.S. inventories stoke rebalancing hopes 3 Min Read An employee pumps petrol for clients at a petrol station in Hanoi, Vietnam December 20, 2106. Kham LONDON (Reuters) - Oil prices firmed on Wednesday, holding near eight-week highs, as a fall in U.S. inventories bolstered expectations that the long-oversupplied market was moving toward balance. Brent crude futures LCOc1 rose 30 cents to $50.50 a barrel by 0959 GMT, after rallying more than 3 percent on Tuesday. U.S. West Texas Intermediate futures CLc1 climbed 40 cents to $48.29 a barrel. U.S. crude stockpiles fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell 10.2 million barrels in the week ending July 21 to 487 million, more than the expected decrease of 2.6 million barrels. Data from the U.S. Energy Information Administration on Wednesday could provide more support, with forecasts of a drop for a fourth week in a row. Tuesday''s stock draw added to hopes the long-awaited oil market rebalancing was underway. Saudi Arabia said on Monday it would limit oil exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier. "The market has been tightening and the refinery margins are strong," said PetroMatrix managing director Olivier Jakob, saying the U.S. stock draw offered a boost to prices. "You add geopolitical risk premium for Venezuela, and you''ve got a strong market." Venezuela, an OPEC member producing about 2 million bpd of oil, faces deepening economic woes and protests. President Nicolas Maduro''s adversaries plan strikes to push him to abandon a weekend election. The United States is considering financial sanctions to halt dollar payments for the country''s oil. Nigerian output slipped this week as leaks forced Shell to shut a pipeline exporting some 180,000 bpd of oil. Nigeria, which has been exempted from OPEC-led production curbs, also agreed to cap or cut output when it stabilized at 1.8 million bpd. But analysts said the current oil price rally could encourage more production, particularly from the United States. "Relieved bulls should be careful what they wish for. Any price rebound will only embolden U.S. shale producers at a time when rumors have started to emerge that the U.S. shale boom is slowing," PVM oil analyst Stephen Brennock said in a note. Anadarko Petroleum Corp ( APC.N ) said on Monday it would cut its 2017 capital budget by $300 million because of depressed oil prices, the first major U.S. oil producer to do so, after posting a larger-than-expected quarterly loss. Additional reporting by Fergus Jensen in Singapore; Editing by Edmund Blair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-oil-idINKBN1AB06J'|'2017-07-26T06:57:00.000+03:00'
'13fd4ca71f91ed465da0f868a9b0aa11e2d605da'|'VW says cooperation with rivals is common industry practice'|'July 26, 2017 / 5:47 PM / 2 hours ago VW says cooperation with rivals is common industry practice 2 Min Read FILE PHOTO: A Volkswagen (VW) logo is seen on a car''s front at a scrapyard in Fuerstenfeldbruck, Germany, May 21, 2016. Michaela Rehle/File Photo BERLIN (Reuters) - Volkswagen ( VOWG_p.DE ) said on Wednesday that cooperation among carmakers on technical matters is a common industry practice but declined comment on allegations that it engaged in anti-competitive behavior with other German automakers. VW, Daimler ( DAIGn.DE ), BMW ( BMWG.DE ), Audi ( NSUG.DE ) and Porsche have faced a barrage of public criticism after a report by German magazine Der Spiegel last Friday said carmakers had colluded for decades on pricing and technologies to the detriment of foreign rivals. "The Volkswagen Group has no comment to make at the present time on details of these issues or on speculation which has among other things become the subject of public debate," VW said on Wednesday after a meeting of its supervisory board. "It is quite common for car manufacturers all over the world to engage in an exchange on technical issues in order to accelerate the pace and quality of innovations." Reporting by Andreas Cremer; Editing by Tom Sims 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-germany-emissions-volkswagen-idUSKBN1AB2HY'|'2017-07-26T20:47:00.000+03:00'
'fdec761c93e356f89fdd06853c61f7315c96e6ab'|'PTSB says dividends on hold until progress made on bad loans'|'July 26, 2017 / 12:49 PM / 15 minutes ago PTSB says dividends on hold until progress made on bad loans Padraic Halpin 3 Min Read DUBLIN (Reuters) - Ireland''s permanent tsb (PTSB) ( IL0A.I ) said it was highly unlikely it would meet a target to resume dividend payments from 2019 due to the high ratio of non-performing loans (NPLs) it laid out fresh plans to tackle, sending its shares tumbling. PTSB, which reported a 62 percent surge in mortgage lending in the first half of the year, has already delayed plans to return cash to shareholders by one year. Other lenders, including state-owned Allied Irish Banks ( ALBK.I ), have resumed dividends as Ireland''s banking sector recovers from a property crash a decade ago that required the most expensive state rescue in the euro zone. "Is the guidance of declare ''18, pay ''19 ambitious? Yeah, it''s very ambitious. Does it have a high probability? No but if we can make progress on the untreated (NPL) book, one never knows," Chief Executive Jeremy Masding told analysts on a call. "Until we make progress on the untreated NPLs, I think it''s going to be very difficult for us to have a conversation (with regulators)." PTSB''s shares accelerated their fall after Masding''s comments and were down 16 percent at 2.10 euros by 0956 GMT. Under pressure from regulators, PTSB   would tackle the 47 percent of non-performing borrowers without a payment plan by offering a range of strategies, including accelerated workout, closures and portfolio sales, rather than forbearance - the temporary postponement of payments. Those plans are intended to cut the bank''s NPL ratio to a high single digit number over the medium term from what it said was an "unsustainably high" 28 percent of its loan book at the end of June. The bank''s rising mortgage lending, which grew at almost twice the industry average, increased its share of the rapidly recovering market to 10.8 percent and closer to the 13-17 percent level it targeted to capture by the end of 2018 when it re-listed on the stock exchange two years ago. The 75 percent state-owned mortgage lender reported a pre-exceptional profit of 53 million euros (47.27 million pounds), down from 117 million euros a year ago. Last year it clawed back 61 million euros from money put aside for bad loans whereas it booked an impairment charge of 6 million euros this year. "Momentum is strong going into the second half, I think the business has definitely turned a corner," Masding told Ireland''s Newstalk radio station. Reporting by Padraic Halpin, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-permanent-tsb-results-idUKKBN1AB1QO'|'2017-07-26T15:48:00.000+03:00'
'93519a5998d41d2b04da09260975f82669c9f12c'|'ONGC first-quarter standalone profit drops 8 pct; misses estimates'|'July 27, 2017 / 11:56 AM / in 4 hours ONGC first-quarter standalone profit drops 8 pct; misses estimates 1 Min Read A technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad, India, September 30, 2016. Picture taken September 30, 2016. Amit Dave (Reuters) - Oil and Natural Gas Corp, India''s top explorer, said on Thursday first-quarter standalone profit fell 8 percent, below analysts'' expectations. Standalone profit from ONGC''s operations in India was 38.85 billion rupees ($606.01 million) for the three months ended June 30, down from 42.33 billion rupees a year earlier, the company said. bit.ly/2uFkBPd Analysts on average expected ONGC to post a standalone profit of 43.25 billion rupees, Thomson Reuters data showed. Revenue from the company''s offshore operations rose 4.2 percent to 130.68 billion rupees in the quarter. ($1 = 64.1075 Indian rupees) Reporting by Samantha Kareen Nair in Bengaluru; Editing by Biju Dwarakanath 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ongc-results-idINKBN1AC1T8'|'2017-07-27T14:56:00.000+03:00'
'ed629cec0a8a37ba241d53fcd445946a7ad96ee1'|'Europe seeks to set global trade rules after Trump steps back'|'July 27, 2017 / 6:09 AM / 4 hours ago Europe seeks to set global trade rules after Trump steps back Robin Emmott and Philip Blenkinsop 9   European Trade Commissioner Cecilia Malmstrom speaks during an interview with Reuters at the EU Commission headquarters in Brussels, Belgium, July 20, 2017. Francois Lenoir /File Photo BRUSSELS (Reuters) - If Donald Trump''s ditching of a U.S.-led trade alliance with Pacific Rim nations wasn''t a gift to the European Union, then it must be the next best thing. The president''s decision on his first day in office effectively pulled the United States out of the race to frame global trade rules. With Washington preoccupied by an attempt to renegotiate its existing NAFTA treaty with Canada and Mexico, the EU has an opportunity to become the top setter of common business standards in a series of new deals. Still the world''s biggest trading bloc, the EU is recovering its self-confidence after a long economic crisis and Britain''s vote to leave the union. Now it has much of Asia and Latin America in its sights for trade treaties, while a far-reaching pact with Canada will already enter force in September. Japan turned to the Brussels this month to seal a deal on creating the world''s biggest open economic area, after being dumped by Trump''s scrapping of the 12-nation Trans-Pacific Partnership (TPP) free-trade accord in January. EU trade chief Cecilia Malmstrom - who until Trump''s election had been struggling to persuade Tokyo to agree tough trade-offs - acknowledges the change of fortunes. "I do not regard President Trump as a gift maybe, but it is true that many countries have started to look around more broadly," she told Reuters. "Other countries feel that they need to look out for new friends and other allies, so yes, it has increased interest in cooperation with Europe and with others." Import tariffs are already low between developed economies, so negotiations now focus more on agreeing common standards. The aim is to make it easier and cheaper for firms to do business in differing markets, avoiding the need to tailor-make products to meet varying local rules, be they for cars or cheese. While China is seeking greater influence, the battle has largely been between U.S. and EU standards as a template for deals governing how goods and services are bought and sold. Beijing may yet rival Europe provided it embraces a rules-based global trade order in the years to come, economists say. But in the meantime, the EU is pushing to conclude deals this year not only with Japan, but also Mexico and the Mercosur group led by Brazil and Argentina, while pressing ahead with Australia, New Zealand and Asian countries including Malaysia - also left high and dry by the TPP collapse - and Indonesia. Europe is still struggling with low economic growth and high unemployment, and the EU''s share of global trade in goods and services has fallen to 16.8 percent in 2016 from 18.8 percent a decade earlier, according to EU data. Unless the EU can reverse the trend, it risks losing its top spot when Britain - the world''s fifth biggest economy - departs in 2019. The U.S. share of global trade was 15.0 percent last year and China''s was 13.4 percent. So Brussels is pinning its hopes on a boost from new treaties, even though these take time to negotiate and win legislative approval - especially in a bloc which will still have at least 27 member states after Brexit. If all goes well, the EU''s existing and planned pacts will link markets of more than two billion people producing nearly half of global economic output. This excludes stalled negotiations with the United States and India. The United States'' existing trade treaties encompass a third of world output and fewer than 700 million people, with no new deals near completion - although Trump says he wants to clinch one with Britain when it leaves the EU. Remarkable Deal In trade talks, the biggest economies largely get their way in setting common standards, so a string of new agreements could make EU rules the benchmark for everything from selling farm products to running tenders for public works contracts. That would benefit EU firms, which already comply with the bloc''s rules, while those from other countries would have to adjust to new sets of regulations. Even Japan has agreed to align its standards for cars and parts produced by its motor industry with those used by the EU. Brussels has also secured better access for its companies to public tenders in Japan right down to a local level, such as for railway equipment, hospitals or electricity distribution. That means, for instance, a French or Spanish firm could sell high-speed "bullet trains" to the country that pioneered the idea. While Japan is the world''s number three economy, its share of global trade is 4.9 percent, less than a third of the EU''s. The deal also gives the EU the upper hand in its promotion of "geographical indications" to guarantee, for example, what is labelled as feta cheese comes only from Greece and as champagne only from France. This contrasts to the U.S. approach where producers anywhere can seek a trademark for what they sell. It still needs to be formally signed and ratified but the EU has scored a notable success, according to Hosuk Lee-Makiyama, director of the Brussels-based think-tank ECIPE. "If you consider the concessions the Japanese have made on cars and on public procurement, it''s quite remarkable," he said. (For a graphic on existing and planned EU trade deals, click tmsnrt.rs/2q71iyk ) u.s. "Own Goal" Trump said this month that the United States had made "some of worst trade deals in world history", arguing they have been bad for American workers. Still, the Pacific Rim TPP deal would have bound the 12 signatory nations to rules set along U.S. lines, most likely favouring American businesses. Pulling out of the TPP was "the biggest own goal of the new U.S. administration", Lee-Makiyama said. "The United States was the station manager of the international trading system and it has abdicated in a rather flamboyant way." A bilateral U.S.-Japan free trade deal was now off the table too because Tokyo could not offer agricultural concessions to Washington after yielding to EU farming demands, he added. Even Britain will probably have to agree to rules forged by negotiators in Brussels when it strikes bilateral deals after Brexit, as the EU''s main trade partners adopt the bloc''s norms. These will include systems to govern legal disputes among investors and food safety rules. Chinese Challenge? Washington could still change tack and embrace open markets. Commerce Secretary Wilbur Ross said in May it made sense to revive stalled free-trade talks with the EU, albeit towards a deal cutting the U.S. trade deficit with Europe. Senior diplomats from some EU allies including New Zealand and Canada have expressed frustration at the slow bureaucracy in the EU, whose accords have be translated into 24 languages and ratified by more than 30 national and regional parliaments. Europe''s opportunity could also be squandered if it allows internal squabbling between free trading and more protectionist member states to undermine its credibility. But with Trump focused on renegotiating the North American Free Trade Agreement with Canada and Mexico, "the United States is out of the picture for the next three and a half years", said Jeffrey Bergstrand at the University of Notre Dame in Indiana. China, which overtook Germany as the world''s biggest exporter in 2009, also has ambitions to dominate global trade, and wants to break Europe''s hold on the container shipping industry and deepen its ownership of international ports. President Xi Jinping also seeks to link Asia, Africa and Europe with billions of dollars of infrastructure investment to extend Beijing''s reach under his "Belt and Road Initiative". But Western officials, investors and economists say China''s opaque governance, regular changes to legislation and curbs on foreign investment limit its ability to emerge as a champion of the rules-based order underpinning trade deals. Capital controls imposed since November make it harder for individuals and companies to move money out of China. "Until, or unless, China transitions to a rules-based liberal political and economic regime, I have serious doubts that they can lead the world," said Erik Nielsen, chief economist at UniCredit Bank. Additional reporting by Alastair Macdonald in Brussels, Leslie Wroughton in Washington; editing by David Stamp 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-trade-analysis-idUKKBN1AC0KV'|'2017-07-27T09:10:00.000+03:00'
'633b8df7595ef2d65d63f2842875a72a83de565a'|'China industrial profits jump 19.1 percent, weather higher financing costs'|'July 27, 2017 / 5:16 AM / an hour ago China industrial profits jump 19.1 percent, weather higher financing costs 4 Min Read FILE PHOTO: A general view of a shopping mall under construction in Chongqing, China July 13, 2017. Stringer/File Photo BEIJING (Reuters) - Earnings for China''s industrial firms surged 19.1 percent in June from a year earlier, accelerating from May in a sign economic momentum remains solid even as rising borrowing costs have raised concerns about pressure on margins. Profits in June rose to 727.78 billion yuan ($107.83 billion), the National Bureau of Statistics (NBS) said on its website on Thursday. For the first half of the year, the firms notched up profits of 3.63 trillion yuan, a 22.0 percent jump from the same period of last year and just a touch slower from the 22.7 percent annual growth in the January-May period. The robust growth of industrial earnings in June was in part driven by continued appetite for iron ore and other commodities, whose prices have recovered modestly after taking a hit since March. Statistics bureau official He Ping said in a statement accompanying the data that accelerated profits growth in steel, auto and electronics sectors helped to boost overall earnings. "Another issue that requires close monitoring is the rising financing costs for companies," He added. Chinese policymakers launched a flurry of regulatory measures early this year to tackle financial risks from a rapid build-up in debt. That has raised borrowing rates, a headwind for businesses, particularly those struggling to reduce their debt servicing costs. With recent data showing the economy holding up better than expected, most analysts expect the regulatory restrictions to remain in place through this year, but do not see fresh tightening until after a critical leadership reshuffle in autumn. Chinese policymakers have leaned on property investment and infrastructure spending, including their plan to build a modern "Silk Road" trading route, helping fuel a building boom that has boosted demand and prices for materials from steel to cement. China''s June producer price inflation remained well off highs seen earlier this year, amid lingering oversupply issues in the steel sector. With producer price inflation having peaked, profitability and new investment are seen tapering off this year, although strong exports and investment returns have helped industrial firms to weather a tightening in monetary conditions. China''s economy grew a faster-than-expected 6.9 percent in the second quarter, matching the first quarter''s pace, thanks to solid exports, industrial production and consumption. However, some moderation in growth is expected later this year as policymakers'' efforts to rein in property and debt risks weigh on activity. The relatively solid economic growth is no doubt welcome news for President Xi Jinping ahead the major political leadership reshuffle in autumn, with authorities keen to ensure a smooth run-up to the meeting. Any sharp drop in industrial profits, a low-risk at this stage, will be a concern for policymakers as it risks rippling across the broader economy. Industrial companies'' liabilities rose 6.4 percent year-on-year as of end-June, the statistics bureau said. Profits at China''s state-owned firms were up 45.8 percent at 805.5 billion yuan in January-June, compared with a 53.3 percent rise in the first five months. The data includes companies with annual operating revenue of more than 20 million yuan from their main operations. ($1 = 6.7491 Chinese yuan renminbi) Reporting by Lusha Zhang and Ryan Woo; Editing by Shri Navaratnam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-industrial-profits-idINKBN1AC0FJ'|'2017-07-27T08:14:00.000+03:00'
'2247227e33586e55a957154f594b201ed1d5dbfd'|'Some Chinese electric car makers mull alliance to save money, time'|'July 26, 2017 / 11:13 PM / in 20 minutes Some Chinese electric car makers mull alliance to save money, time Norihiko Shirouzu 5 Min Read FILE PHOTO: A Singulato iS6 is displayed at Shanghai Auto Show, during its media day, in Shanghai, China April 19, 2017. Aly Song/File Photo BEIJING (Reuters) - A handful of China''s many electric vehicle (EV) start-ups are considering setting up an alliance to pool resources, develop joint technology and bring cars more quickly to the world''s biggest autos market. In a sign that the country''s fledgling EV industry is already consolidating as rules get tougher and competition fiercer, Shen Haiyin, co-founder and CEO of Singulato Motors, said his company and four others - CHJ Automotive, Hongxing Automobile Manufacturing Co, AIWAYS and WM Motor - have discussed an alliance for months. Keen to push for cleaner energy cars, in part to combat air pollution and a dependence on imported oil, Beijing wants 8 percent of automakers'' sales to be so-called new energy vehicles (NEVs) - battery electric or plug-in hybrids - by next year, rising to 12 percent in 2020, according to latest draft proposals released last month. Sales of NEVs this year are forecast by the China Association of Automobile Manufacturers at around 700,000, roughly 3 percent of the overall Chinese autos market. Shen, known as Tiger Shen, told Reuters the start-ups aim to finalise the move by end-September with the aim to start developing a common EV platform by the end of this year. As the industry shifts towards smart, internet-connected, battery cars, with electrified powertrains, it''s increasingly hard for automakers to differentiate, he said. "Just like smartphones, whose gut is the same Android operating system across many brands, smart EVs should compete more on ownership experience and services," Shen told Reuters. The move to pool resources and know-how highlights how Chinese start-ups are scrambling to save time and money in developing products as they face increased pressure from established global automakers shifting into a new market, so far led by Tesla Inc ( TSLA.O ). Also, Chinese policymakers have put on hold approving new EV ventures because of concern that some start-ups have cut corners on technology or have set up just to access attractive subsidies. Regulators are reviewing licensing procedures and may bring in tougher technical requirements early next year, three EV start-up founders and executives told Reuters. Freeman Shen, co-founder and CEO of WM Motor, reckons the prospect of tougher new technical requirements is a big factor spurring start-ups to consider an alliance to develop basic vehicle technology. "The government worries about some new start-ups, thinking some of them actually don''t have the technology and management expertise to be a legitimate player," he told Reuters. "This shows start-ups need to work together to face competition from traditional automakers." FILE PHOTO - Singulato''s co-founder and CEO Shen Haiyin attends the launch ceremony of an electric SUV Singulato iS6 in Beijing, China April 13, 2017. Jason Lee/File Photo David Jin, spokesman for AIWAYS, said the Shanghai-based start-up "welcomes cooperation within the industry permitted (under) Chinese law and anti-monopoly law and technical exchanges. We need to make a decision after we get further information." The company''s CEO Fu Qiang declined to comment on any alliance talks, referring questions to Jin. A spokeswoman for CHJ Automotive and an official at Hongxing Automobile declined to comment. Shared Parts Slideshow (2 Images) Despite years of effort to reduce costs for traditional gasoline-fuelled cars through common vehicle platform technologies, these are still often designed separately for different car models. "Gasoline car platforms are often over-designed," said Singulato''s Shen. "Who needs cars with platforms that allow you to do a high-speed U-turn or slalom? While we want to design an advanced platform for plug-in battery cars, we don''t want to make platforms excessively over-spec''d." WM Motor''s Shen said he supports the idea of an alliance, but is unlikely to be part of it, for now, as his company''s first vehicles are to be based on vehicle architecture it has already developed itself. Singulato''s Shen said combining resources would allow alliance members to develop a far more advanced vehicle technology, and for less money. "Let''s say each player planned to spend 200 million yuan (22 million pounds) to develop a next-generation platform; if four players each threw in 100 million yuan, we''d all save money but end up with a 400 million yuan platform rather than a 200 million yuan platform," he said, "the benefits are clear." He said that if the alliance does take shape, it would set up a separate company to oversee platform development, and ask independent automotive engineering companies around the world to bid for a contract to help in advanced vehicle technologies that could be shared among alliance partners. Alliance partners would also share, and possibly jointly procure from outside suppliers, basic car platform parts like axles and suspension. "We plan to ask component suppliers to join the joint venture, too," Tiger Shen said. Reporting by Norihiko Shirouzu, with additional reporting by BEIJING NEWSROOM; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autos-china-ev-idUKKBN1AB32G'|'2017-07-27T02:13:00.000+03:00'
'b1f6c3ca27f95c7f4b5500eab4ba3814b180363d'|'Bank of England says Joanna Place appointed chief operating officer'|'July 27, 2017 / 12:50 PM / 42 minutes ago Bank of England says Joanna Place appointed chief operating officer Reuters Staff 1   A sign is displayed outside the Bank of England in London, Britain August 4, 2016. Neil Hall/File Photo LONDON (Reuters) - The Bank of England said on Thursday that Joanna Place will become its chief operating officer on a permanent basis, after she had served in an acting capacity following the resignation of Charlotte Hogg. Place had previously been the BoE''s executive director of human resources. Reporting by Andy Bruce; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-management-idUKKBN1AC207'|'2017-07-27T15:49:00.000+03:00'
'2318484f23803ed22313d15c03390cca332492c1'|'UK retail sales shoot higher in July, boosted by clothing sales - CBI'|'July 27, 2017 / 10:08 AM / an hour ago UK retail sales shoot higher in July, boosted by clothing sales - CBI Reuters Staff 2 Min Read Shoppers walk past a Debenham''s store in central London, Britain June 27, 2017. Toby Melville - RTS18UK6 LONDON,(Reuters) - British retail sales growth hit a three-month high in July, boosted by groceries and summer clothing, according to a survey on Thursday that bucked other signs of a consumer slowdown. The Confederation of British Industry''s (CBI) monthly retail sales balance rose to +22 in July from +12 in June, its highest since April. Expectations for August were the strongest since December last year, but the CBI warned it might not last. "While retailers expect a similar pace of growth next month, the factors underpinning their sales growth are more shaky," said Anna Leach, head of the CBI''s economic intelligence. The Brexit vote in June 2016 led to a big fall in the value of sterling, which has pushed up inflation, gnawing at consumers'' disposable income this year. A survey from supermarket chain Asda on Thursday showed almost half of Britons expect their disposable income to fall over the next month. The CBI survey was conducted between June 28 and July 14 and was based on 57 retail chains. Reporting by Andy Bruce, editing by David Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-retail-idUKKBN1AC1GU'|'2017-07-27T13:07:00.000+03:00'
'ce7ee4e00aa30f4088321850979ab6b67b073662'|'Pratt & Whitney in hot seat as Airbus profits fall'|'Edition United States July 27, 2017 / 5:28 AM / in 2 hours Pratt & Whitney in hot seat as Airbus profits fall Tim Hepher and Cyril Altmeyer 5 Min Read An Airbus A380, the world''s largest jetliner, takes part in flying display, during the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 25, 2017. Pascal Rossignol PARIS (Reuters) - Airbus turned up the heat on engine maker Pratt & Whitney over delays that have disrupted its biggest production line after reporting a sharp drop in mid-year profits on Thursday. The European planemaker also said it would cut output of the A380, the world''s biggest jetliner, to just eight from 2019, putting on life support a project that has been undercut by a generation of nimbler, fuel-efficient long-haul planes. Airbus''s ( AIR.PA ) shares fell as much as 4.6 percent as investors contrasted its fortunes with those of U.S. arch-rival Boeing ( BA.N ), whose stock hit a record high on Wednesday after its quarterly profit and cashflow beat estimates. Airbus Chief Executive Tom Enders challenged Pratt & Whitney, whose fuel-saving Geared Turbofan (GTF) engine is tied to thousands of orders for small A320neo jetliners, to "work harder" to fix delays and reliability problems. In an unusual public split with a major supplier, he said the engine maker had failed to meet earlier commitments and took issue with confidence over deliveries voiced by Pratt parent United Technologies ( UTX.N ). "You can assume that Airbus is fully in the picture and knows what it is talking about," he told reporters, asked about the difference in tone accompanying their respective forecasts. "If there is a difference in messaging and perception, then there is a difference, but our picture is the picture we have at Airbus and ... the situation is unsatisfactory," he said. He also complained about poor engine reliability in service. Pratt & Whitney had no immediate comment. United Technologies this week said it was "confident" about building a total of 350-400 GTFs this year. Airbus reiterated its own delivery goal but added a proviso, saying it depended on engine makers meeting commitments. Jefferies analyst Howard Rubel wrote that only 300 GTF engines may pass the revenue-generating delivery stage in 2017. Delays in A320neo deliveries helped slice a third off Airbus first-half profit on flat revenue. Its shares fell despite progress on the ramp-up of the wide-body A350 jet and confirmation of financial targets. a380 Output Cut Enders confirmed Airbus had delivered "around 15" Pratt-powered A320neo twin-engined aircraft in the first half compared with around 100 planned for that variant in 2017. Asked how this squared with the 134 engines that Pratt says it delivered in the first half, Enders said deliveries of aircraft depended on customer acceptance. Industry sources say some airlines have been refusing to take Pratt-powered jets because of the lack of available spares. The A320neo is one of several industrial challenges as Airbus tries to accelerate output of new jetliners, fix glitches on its A400M military plane and squeeze extra costs out of the slow-selling A380. Airbus said it would cut output of the double-decker jet to eight in 2019, a move that insiders said was designed to stretch the dwindling order backlog into the next decade while Airbus tries to convince Emirates, IAG and others to place new orders. That compares with 15 this year and 12 in 2018 and means production will continue at what Airbus calls a marginal loss. Enders said Airbus was working on sales campaigns but the probability of immediate success was "not ... necessarily high". The second output cut in a year puts off any decision on whether to close the iconic A380, which would force the company to pay redundancies and writedowns but also ease some pressure on its balance sheet from project debts to European governments. Enders said Airbus was in "constructive talks" with Qatar Airways over a recent cancellation of four A350s, adding, "I think we will find a way out" of the issue. Airbus'' second quarter operating profit fell 27 percent to 859 million euros on revenues of 15.27 billion. That fell short of the 910 million euros on revenue of 15.82 billion expected by analysts polled by Reuters. (This version of the story has been refiled to fix typo in "investors" in paragraph three) Reporting by Tim Hepher, Cyril Altmeyer, Victoria Bryan, Aditi Shah; Editing by Jason Neely and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airbus-results-idUKKBN1AC0GJ'|'2017-07-27T18:02:00.000+03:00'
'22f04f9b0551df3ccf06331d71a7fdf91f01a885'|'ITC Ltd first-quarter profit rises 7.4 percent, misses estimates'|'July 27, 2017 / 1:32 PM / in 2 hours ITC Ltd first-quarter profit rises 7.4 percent, misses estimates 1 Min Read A man talks on his mobile phone as he walks past an ITC office building in Kolkata September 4, 2012. Rupak De Chowdhuri/Files (Reuters) - Cigarettes-to-biscuits maker ITC Ltd reported a 7.4 percent increase in quarterly profit, helped by higher sales from its cigarettes segment. Profit rose to 25.61 billion rupees ($399.47 million) in its first quarter ended June 30, from 23.85 billion rupees a year earlier, India''s biggest cigarettes maker said on Thursday. bit.ly/2ePSVDp Analysts on average had expected the company to post a profit of 25.81 billion rupees, according to Thomson Reuters data. Revenue from operations rose about 4 percent to 138 billion rupees, while revenue from its cigarettes segment grew 6.6 percent. ($1 = 64.1100 Indian rupees) Reporting by Vishal Sridhar in Bengaluru; Editing by Biju Dwarakanath 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/itc-results-idINKBN1AC23Q'|'2017-07-27T16:32:00.000+03:00'
'6f3e3d716a36164fcc3fa195422c922a431531be'|'AstraZeneca drug sales slide as key cancer drug news awaited'|'July 27, 2017 / 6:23 AM / in 24 minutes AstraZeneca lung cancer study fails in big setback for company Ben Hirschler 3 Min Read FILE PHOTO: A sign is seen at an AstraZeneca site in Macclesfield, central England May 19, 2014. Phil Noble/File Photoo LONDON (Reuters) - AstraZeneca''s ( AZN.L ) combination of two injectable immunotherapy drugs, durvalumab and tremelimumab, failed to help patients as hoped in a closely watched advanced lung cancer trial, the British company said on Thursday. Initial results from the study, known as MYSTIC, found the combination was no more effective at stopping disease progression than chemotherapy in patients expressing a protein called PD-L1 on 25 percent or more of their cancer cells. As a secondary endpoint, although not formally tested, Imfinzi monotherapy also would not have met a pre-specified threshold of progression-free survival benefit, the company added. The clinical study was seen as key to proving the value of the group''s new drug pipeline. Uncertainty about its outcome has been heightened by recent speculation about the tenure of Chief Executive Pascal Soriot. "Despite the outcome of the initial readout, we must be patient as the MYSTIC trial continues as planned to evaluate overall survival," Soriot said. Immunotherapies, which boost the immune system''s ability to fight tumours, promise to revolutionise cancer care, prompting a race among companies to develop rival treatments. Lung cancer is the single biggest market opportunity. The news came as AstraZeneca reported drug sales fell again in the second quarter, hit by loss of patents on blockbusters like cholesterol pill Crestor. Despite income from disposals and external deals, first-quarter revenue fell 10 percent in dollar terms to $5.05 billion, while core earnings per share (EPS) rose 5 percent to $87 cents. Industry analysts, on average, had forecast revenue of $5.0 billion and earnings of 80 cents, according to Thomson Reuters data. AstraZeneca reiterated its outlook for the full year that revenue would decline at a low to mid single-digit percentage rate, with core EPS dropping by a low to mid-teens percentage. There was some better news elsewhere, with the company announcing that its lung cancer pill Tagrisso had significantly improved progression-free survival another clinical trial called FLAURA. AstraZeneca also said it had set up a strategic oncology collaboration with Merck & Co ( MRK.N ) to study cancer drug combinations. Reporting by Ben Hirschler; Editing by Keith Weir 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-astrazeneca-results-idUKKBN1AC0M5'|'2017-07-27T09:22:00.000+03:00'
'8c7e9a938b656542ebb9f02c002a2bac4a9b9d69'|'PRESS DIGEST- Financial Times - July 27'|'July 27, 2017 / 12:00 AM / 9 minutes ago PRESS DIGEST- Financial Times - July 27 2 Min Read July 27 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Rudd promises to keep door open for EU workers after Brexit on.ft.com/2ePuKVD German insurer Allianz sees profits jump 23 percent on.ft.com/2ePaiE4 Pinault family sells Fnac-Darty stake to Metro on.ft.com/2eOYNg5 Cerberus takes a 5 pct stake in Commerzbank on.ft.com/2eP6zGM Overview Britain''s home secretary, Amber Rudd, promised business on Thursday that she would not close the door to European workers after Brexit, in a significant softening of the government’s tone on EU migration. German insurer Allianz SE has reported a 23 percent jump in second-quarter profits and says that its full-year numbers will be towards the top end of its target range. Artemis, the holding company of France''s Pinault family, has sold its stake in French retailer Fnac Darty SA to Germany''s Ceconomy, which is seeking to consolidate European electronics sellers to compete against Amazon. Cerberus, the U.S. private equity group, has bought a 675 million euro stake in Commerzbank AG, which makes it the third-largest shareholder in the German lender and sets up a potential clash with the government in Berlin. (Compiled by Bengaluru newsroom) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL1N1KH2KR'|'2017-07-27T08:00:00.000+03:00'
'c735516d1ae443e420ff7c536bbcdac380793ac7'|'Lender Paragon lending rises $750 million in third quarter'|'July 26, 2017 / 6:28 AM / an hour ago Lender Paragon lending rises $750 million in third quarter Reuters Staff 1 Min Read LONDON (Reuters) - British buy-to-let mortgage lender Paragon Group of Companies Plc ( PARA.L ) reported a further 575.7 million pounds ($749.91 million) of new lending in the third quarter, taking the nine-month total of lending and investment to 1.4 billion pounds. Paragon, which has been diversifying its business from its core buy-to-let mortgage market, said it continued to trade in line with expectations and re-iterated its guidance for the year. Reporting by Dasha Afanasieva, editing by Anjuli Davies 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-paragon-q-idUKKBN1AB0KX'|'2017-07-26T09:27:00.000+03:00'
'fe12491980311a7d042b09b132bfb374074d4cf1'|'GRAPHIC-Take Five: World markets themes for the week ahead'|'A woman counts Australian dollars at a bank in Ho Chi Minh City, Vietnam, January 10, 2017. Kham - LONDON (Reuters) - Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.1/ u.s. Financial Conditions Ease as Fed Tightens U.S. employers have added more than 180,000 new jobs a month on average since the U.S. Federal Reserve started raising interest rates in December 2015, and the next reading on the U.S labor market is due up in the week ahead. Increasingly tight labor conditions are among the factors that give the Fed ammunition to keep raising rates in the face of weak inflation. Another is the fact that financial conditions have not tightened since the Fed started hiking. In fact, he cost of money, for even the poorest credits, has dropped. And now the dollar is weakening as well, another signal that financial conditions have yet to follow the Fed''s lead. The dollar index''s 8.1 percent drop so far this year is its weakest performance through the first seven months of any year since 2002.ANALYSIS-Booming stocks and credit, falling U.S. dollar seen giving Fed cover to hikeFed holds rates steady, expects portfolio cuts "relatively soon"GRAPHIC-Fed balance sheet plan may equal three rate hikes for emerging markets - IIF2/ When Boe Doves Cry? The Bank of England announces its latest policy decision on Thursday, when it will also release its quarterly Inflation Report. Most economists expect the Bank to keep rates at their record low to shore up economic growth, though some - notably large Japanese bank Nomura - are calling for a hike. Sterling might be trading at 10-month highs versus the dollar, but it is also trading close to nine-month lows against the euro - a bigger constituent in the BoE''s trade-weighted basket. That means inflation, already above-target, will be given a further boost, advancing the case for an immediate rate rise. Three out of eight policymakers voted for a hike at the last meeting, but one of the three, Kristin Forbes, is no longer at the Bank. Most investors reckon that until wages start to pick up and there is more certainty around Brexit, rates will stay close to zero.GRAPHIC-How the Bank of England''s rate-setters shape upAfter rate hike talk, Bank of England set to keep investors guessingUK inflation surprises with slowdown, easing pressure on Bank of England3/ Aussie Hard as Iron as Rba Meets The Aussie dollar has jumped 8 percent since June and seems to have found tailwinds in a pickup in iron ore prices and the U.S. dollar’s broad weakness. Because it is rising alongside improving export prices, Australia’s terms of trade should not suffer much, but it''s still a complication for the Reserve Bank, which holds a policy meeting on Tuesday. A mention of a neutral nominal cash rate of 3.5 percent sparked a surge to two-year highs on July 18 that the central bank has since been trying to talk the Aussie down from, but to no avail so far, and the commentary after the Aug. 1 meeting will be closely examined. Market expectations for a rate rise have dissipated, and the Aussie’s rise in trade-weighted terms is in lockstep with the New Zealand and Canadian dollars and more a function of U.S. dollar weakness and a return of carry trades.Australia''s central bank sees more "positives" in domestic, world economyAustralia''s c.bank chief "very comfortable" with low policy rates4/ Time for a Czech Up The Czech central bank could deliver its first interest rate hike in nearly a decade - and the first of any European Union country in five years - at its meeting on Thursday. Last month it signaled that rates - currently at 0.05 percent - may rise during the third quarter if its forecasts for faster economic growth were being met. Data since then has shown growth gaining pace and with inflation above target, Europe''s lowest unemployment rate boosting wages and house prices soaring, arguments can easily be made for a hike. Eight out of 16 analysts polled by Reuters expect it to pull the trigger, another three think it will go in September. The only obstacle might be that the Czech crown has been steadily grinding higher since the bank stopped capping its rises against the euro earlier in the year.POLL-First Czech rate hike in almost a decade a close call in AugustCzech central banker: ECB limits room for rate hikesCzech business confidence grows, but lack of workers a worry5/Banking on Banks The world''s major investment banks have reported second-quarter results. Apart from some wobbles in trading revenues there wasn''t a lot to upset the broadly upbeat sentiment prevalent on banks. Financials, particularly banks, are among the last of the reflation trades still standing. Banking stocks, seen as beneficiaries of everything from higher rates to lighter regulation to broadly upbeat economies and markets, have steadily risen over the past month even as other sectors such as tech and materials have flat-lined or underperformed.European banks outperform U.S. rivals in tough marketsRich customers buoy Credit Suisse while risk burdens UBSReporting by Dan Burns in New York, Vidy Ranganathan in Singapore, Karin Strohecker, Jemima Kelly and Vikram Subhedar in London '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-themes-idUSKBN1AD24Q'|'2017-07-28T19:22:00.000+03:00'
'555301664bae5b0f20af32bdbc92ab581745d962'|'Tesla climbs as Musk prepares to hand over first Model 3 cars'|'July 28, 2017 / 6:41 PM / in an hour Tesla climbs as Musk prepares to hand over first Model 3 cars Noel Randewich 3 Min Read FILE PHOTO - First production model of Tesla Model 3 out the assembly line in Fremont, California , U.S. is seen in this undated handout photo from Tesla Motors obtained by Reuters July 10, 2017. Tesla Motors/Handout via REUTERS SAN FRANCISCO (Reuters) - Shares of Tesla Inc ( TSLA.O ) rose nearly 1 percent on Friday ahead of a handover to customers of its first Model 3 sedans, the electric cars that Chief Executive Officer Elon Musk is betting will propel his company into the mass market. Tesla is counting on the Model 3 to help turn the cash-losing company into a profitable one, and its event later on Friday at its factory in Fremont, California comes as the car maker''s stock trades down 12 percent from a record high set in June. Fuelled by expectations that Tesla will become a carbon-free energy and transportation heavyweight, Tesla''s stock remains up 58 percent year to date, but it is also a favourite among short sellers. Shorts sellers have about $8.5 billion bet against Tesla, equivalent to about 20 percent of the company''s float, according to Astec Analytics. The $35,000 Model 3 is designed for easy production, with output targeted to reach 20,000 per month by December. The Silicon Valley car company aims to quickly ramp up its factory to reach a production target of 500,000 cars per year in 2018. FILE PHOTO: Tesla Motors'' mass-market Model 3 electric cars are seen in this handout picture from Tesla Motors on March 31, 2016. Tesla Motors/Handout via File Photo Tesla''s last launch was the luxury Model X SUV in 2015, which had a number of production issues. Tesla reports its second-quarter results on Wednesday, and investors are keen for an update on how quickly its output is expanding after deliveries for the first half of 2017 came in at the low end of the company''s own forecast. "This evening''s event will keep investors focussed on the Model 3 ramp, and less on the upcoming quarter," Barclays analyst Brian Johnson wrote in a note to clients. Johnson has a an "underweight" rating on Tesla. Sceptics believe Tesla''s growth targets are unrealistic and that it is at risk of being overtaken by General Motors Co ( GM.N ), BMW ( BMWG.DE ) and other deep-pocketed manufacturers that are ramping up their own electric-vehicle offerings. The stock was up 0.86 percent at $337.33. Reporting by Noel Randewich; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tesla-stocks-idUKKBN1AD2F7'|'2017-07-28T21:41:00.000+03:00'
'5f0764011259d222877fff4fa19cc6a8ad9a31bd'|'ECB should think about when it wants to wind down bond buys - Lautenschlaeger'|'July 29, 2017 / 10:17 AM / in 9 hours ECB should think about when it wants to wind down bond buys: Lautenschlaeger 1 Min Read Sabine Lautenschlaeger looks on during the Bundesbank Banking Congress "Symposium on Financial Stability and the Role of Central Banks" in Frankfurt, February 28, 2014. Ralph Orlowski BERLIN (Reuters) - The European Central Bank should start thinking about how it wants to return to normal monetary policy and when it wants to wind down it bond purchases, governing council member Sabine Lautenschlaeger said in remarks published on Saturday. "The expansionary monetary policy has both advantages and side effects. As time passes, the positive effects get weaker and the risks increase," she told the Mannheimer Morgen newspaper. "So it''s important to prepare for the exit in good time. What''s crucial in that context is a stable trend in the rate of inflation towards our objective of just under 2 percent. It''s not quite there yet." She acknowledged that unwinding the ECB''s expansive policy would be a long process, saying that the governing council should start addressing the question of when it wants to start winding down its bond purchases. Reporting by Joseph Nasr Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-ecb-policy-lautenschlaeger-idINKBN1AE0BD'|'2017-07-29T12:48:00.000+03:00'
'6a0af6df7071ddad0f4847c456981f4d06ab8015'|'Moody''s takes negative outlook on AstraZeneca''s debt'|'July 28, 2017 / 8:49 PM / 12 minutes ago Moody''s takes negative outlook on AstraZeneca''s debt 1 Min Read July 28 (Reuters) - Moody''s Investors Service said on Friday it changed its outlook on AstraZeneca Plc''s long-term debt rating to negative from stable, a day after the company''s closely watched advanced lung cancer trial failed. Moody''s said the change in outlook reflects the increased execution risk present in the company''s pipeline and the negative results of the lung cancer trial. ( bit.ly/2uGphWz ) AstraZeneca''s combination of two injectable immunotherapy drugs failed to help patients as hoped in a closely watched advanced lung cancer trial, triggering the biggest ever daily fall in its shares on Thursday. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Maju Samuel) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moodys-astrazeneca-idUSL3N1KJ5ES'|'2017-07-28T23:48:00.000+03:00'
'd20784e6e1ace78a5bc9588f41c66a2889108715'|'AB InBev earnings rise despite Brazil weakness'|'July 27, 2017 / 5:15 AM / 13 hours ago AB InBev earnings rise despite Brazil weakness 1 Min Read BRUSSELS, July 27 (Reuters) - Anheuser-Busch InBev, the world''s largest beer maker, reported an increase in second-quarter earnings on Thursday as gains in Mexico and recently acquired assets in South Africa and Australia offset weakness in Brazil. The brewer of Budweiser, Stella Artois and Corona, which makes more than a quarter of the world''s beer, saw a 1 percent increase in beer volumes and shifted consumers onto higher priced beers, resulting in a 5 percent increase in revenues. Second-quarter core profit (EBITDA) was up 11.8 percent excluding currency shifts and on a like-for-like basis, at $5.35 billion, compared with the average forecast in a Reuters poll of $5.40 billion. (Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/abinbev-results-idUSL5N1KG53P'|'2017-07-27T08:15:00.000+03:00'
'd6812b774b41126b1eaca978edac7254b53eaaad'|'UK mortgage approvals edge lower in June - UK Finance'|'July 26, 2017 / 8:35 AM / in 19 minutes UK mortgage approvals edge lower in June - UK Finance Reuters Staff 2 Min Read Rows of houses are seen in North Kensington, London, Britain June 29, 2017. Hannah McKay LONDON (Reuters) - British banks approved the fewest mortgages for house purchase since September 2016 last month, though the total sum lent was the highest since March 2016, industry figures showed on Wednesday. Banks approved 40,200 mortgages for house purchase in June, down from 40,287 in May but barely changed from June 2016, trade association UK Finance said. "June saw consumer borrowing from high street banks... maintain its slower pace as rising inflation put pressure on household incomes. Housing activity remained relatively stable," said UK Finance executive Eric Leenders. The data were previously produced by the British Bankers'' Association, which joined the newly formed UK Finance lobby group at the start of July. Net credit card lending rose by 276 million pounds in June after a 114 million pound increase in May. A year earlier, lending increased by 265 million pounds. On Monday the Bank of England reiterated concerns about rapid growth in unsecured borrowing and warned that several years of solid economic growth could lead banks to lower their guard and relax lending standards excessively. The UK Finance data cover most British banks, but do not include building societies, which account for a big chunk of mortgage lending. The Bank of England will release more comprehensive data on July 31. Reporting by David Milliken and Emma Rumney 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-lending-idUKKBN1AB0YU'|'2017-07-26T11:35:00.000+03:00'
'1b0234fd7ea74679dbc60553d2847b7142d9de4a'|'Google hopes to train 10 million people in Africa in online skills - CEO'|'July 27, 2017 / 2:11 PM / 8 minutes ago Google hopes to train 10 million people in Africa in online skills - CEO Reuters Staff 3 Min Read Google''s CEO Sundar Pichai (L) and country manager for Nigeria Juliet Ehimuan speak during a conference tagged ''Google for Nigeria'' in Nigeria''s commercial capital Lagos, July 27, 2017. Akintunde Akinleye LAGOS (Reuters) - Alphabet Inc''s Google aims to train 10 million people in Africa in online skills over the next five years in an effort to make them more employable, its chief executive said on Thursday. The U.S. technology giant also hopes to train 100,000 software developers in Nigeria, Kenya and South Africa, a company spokeswoman said. Google''s pledge marked an expansion of an initiative it launched in April 2016 to train young Africans in digital skills. It announced in March it had reached its initial target of training one million people. The company is "committing to prepare another 10 million people for jobs of the future in the next five years," Google Chief Executive Sundar Pichai told a company conference in Nigeria''s commercial capital of Lagos. Google said it will offer a combination of in-person and online training. Google has said on its blog that it carries out the training in languages including Swahili, Hausa and Zulu and tries to ensure that at least 40 percent of people trained are women. It did not say how much the programme cost. Google''s CEO Sundar Pichai (L) speaks during an interview with journalist Adesuwa Onyenokwe during a conference tagged ''Google for Nigeria'' in Nigeria''s commercial capital Lagos, July 27, 2017. Akintunde Akinleye Africa, with its rapid population growth, falling data costs and heavy adoption of mobile phones, having largely leapfrogged personal computer use, is tempting for tech companies. Executives such as Alibaba Group Holding Ltd''s chairman Jack Ma have also recently toured parts of the continent. But countries like Nigeria, Kenya and South Africa, which Google said it would initially target for its mobile developer training, may not offer as much opportunity as the likes of China and India for tech firms. Slideshow (4 Images) Yawning wealth gaps mean that much of the population in places like Nigeria has little disposable income, while mobile adoption tends to favour more basic phone models. Combined with bad telecommunications infrastructure, that can mean slower and less internet surfing, which tech firms rely on to make money. Google also announced plans to provide more than $3 million in equity-free funding, mentorship and working space access to more than 60 African start-ups over three years. In addition, YouTube will roll out a new app, YouTube Go, aimed at improving video streaming over slow networks, said Johanna Wright, vice president of YouTube. YouTube Go is being tested in Nigeria as of June, and the trial version of the app will be offered globally later this year, she said. Reporting by Alexis Akwagyiram; Additional reporting by Paul Carsten in Abuja; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alphabet-africa-idUKKBN1AC29I'|'2017-07-27T17:21:00.000+03:00'
'3315baa0237b156ce88bdf97b6109d8b1fd28efd'|'Porsche to recall cars with ''irregular'' engine software'|'July 27, 2017 / 3:35 PM / 4 minutes ago Porsche to recall cars with ''irregular'' engine software Reuters Staff 1 Min Read German Transport Minister Alexander Dobrindt attends the weekly cabinet meeting at the Chancellery in Berlin, Germany July 19, 2017. Axel Schmidt FRANKFURT (Reuters) - Porsche, the sportscar brand owned by Volkswagen ( VOWG_p.DE ) on Thursday said it would recall cars equipped with "irregular" engine management software. Porsche said it had discovered the software during an internal investigation, and that it had agreed to recall the vehicles to fix the problem. German Transport Minister Alexander Dobrindt announced a recall of certain Porsche 3-litre Cayenne cars after finding illegal emissions controlling software in the vehicles. Dobrindt told reporters he was withdrawing certification for the vehicles, and Porsche would bear 100 percent of the cost of the recalls. Reporting by Edward Taylor, editing by Thomas Escritt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-vw-emissions-porsche-idUKKBN1AC2HM'|'2017-07-27T18:41:00.000+03:00'
'50bc32f3bae646ffe96b99947fcd45928a5a070b'|'Construction group St. Gobain keeps outlook as half-year profits rise'|'July 27, 2017 / 4:03 PM / in 16 minutes Construction group St. Gobain keeps outlook as half-year profits rise Reuters Staff 2 Min Read The logo of the materials company Saint-Gobain is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. Jacky Naegelen PARIS (Reuters) - French building materials group St Gobain ( SGOB.PA ), which was hit by a cyber attack earlier this year, maintained its financial targets as it posted a rise in half-year profits slightly below the consensus forecast. St Gobain said first-half recurring net income rose 20.4 percent from a year ago to 751 million euros (670.41 million pounds), while revenue advanced by 4.4 percent to 20.4 billion euros. According to the consensus forecast compiled for Reuters by Inquiry Financial, analysts had forecast a net income of 819 million euros and revenues of 20.6 billion. In June, St Gobain fell victim to a global cyber attack that spread from Ukraine across the world, paralysing thousands of machines worldwide, and shutting down ports, factories and offices as it spread through internal organisational networks to an estimated 60 countries. St Gobain said the cyber-attack was estimated to have had a negative impact of 220 million euros on first-half sales and of 65 million euros on first-half operating income. Over the full year, the negative impact of that cyber attack was estimated at less than 250 million euros on sales and 80 million on operating income. Reporting by Sudip Kar-Gupta; Editing by Andrew Callus 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stgobain-results-idUKKBN1AC2KO'|'2017-07-27T19:02:00.000+03:00'
'7c4a721a008ab3e653238ccb44cbd81b9d7de6b7'|'Cerberus stake positive for Commerzbank share price: German finance minister'|'FILE PHOTO: A Commerzbank logo is pictured on the side of a building in Frankfurt, Germany, February 9, 2017. Ralph Orlowski/File Photo BERLIN (Reuters) - A spokeswoman for the Finance Ministry said on Wednesday that it views the acquisition of a 5.01-percent stake in Commerzbank''s ( CBKG.DE ) voting rights by the U.S. buyout fund Cerberus as a reflection of rising investor interest, which is positive for the bank and its share price.The spokeswoman also said that the German government has not changed its position on Commerzbank. Cerberus now ranks as Commerzbank''s second-largest shareholder, behind the German government with a 15.6 percent stake."Rising investor interest is positive for Commerzbank and its share price," the spokeswoman said. "We haven''t changed our position on Commerzbank." The guiding principle, she said, was: "We want a good financial result for taxpayers."Earlier, Commerzbank said Cerberus had amassed a stake controlling 5.01 percent of its voting rights, as of July 25. Shares in the German lender gained on the news, trading 1.2 percent higher midafternoon.Reporting by Gernot Heller; writing by Erik Kirschbaum, editing by Thomas Escritt '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-commerzbank-cerberus-germany-finmin-idUSKBN1AB23Z'|'2017-07-26T23:06:00.000+03:00'
'd74b10c574befede5c6537bbc54fb0af3cf616a1'|'PRESS DIGEST- Financial Times - July 28'|'July 27, 2017 / 11:57 PM / in 18 hours PRESS DIGEST- Financial Times - July 28 2 Min Read July 28 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Former Deutsche Bank bosses agree to waive 38 mln stg in back pay on.ft.com/2eSdkrb Branson gives up control of Virgin Atlantic in alliance rejig on.ft.com/2eSMaki Mike Ashley''s Sports Direct raises stake in French Connection on.ft.com/2eRUeln Pemex on a rare profit streak after second quarter on.ft.com/2eRXwoF Overview Deutsche Bank AG has finally managed to recoup 38.4 million euros of deferred bonuses from its pre-crisis management, offering a sliver of good news on a day when the lender''s shares fell 6.5 percent on disappointing earnings. Richard Branson is giving up control of Virgin Atlantic, the airline he founded in 1984, as part of a wide-ranging shake-up of the industry that will see Air France KLM SA, Delta Air Lines Inc and China Eastern Airlines Corp Ltd deepen their alliances. Mike Ashley''s Sports Direct International Plc has increased its stake in the loss-making retailer French Connection Group Plc to 27 percent, just below the point at which it would be required to make a takeover offer. Mexico''s state-owned oil company Pemex posted a $1.8 billion profit for the second quarter, its third straight quarter in the black. (Compiled by Bengaluru newsroom) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1KI7BP'|'2017-07-28T07:57:00.000+03:00'
'de15815fcc72c72fcc1d88f47c35ce82c68eddc4'|'Asian shares pull back after U.S. techs knocked off highs'|'July 28, 2017 / 12:50 AM / in 28 minutes Stocks edge lower as some earnings disappoint; oil climbs Caroline Valetkevitch 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 12, 2017. Brendan McDermid NEW YORK (Reuters) - Global stock markets fell on Friday as results from some big U.S. companies disappointed and tobacco shares dropped, while oil prices had their biggest weekly percentage rise this year. The U.S. Food and Drug Administration said it aims to reduce nicotine levels in cigarettes while exploring measures to shift smokers towards e-cigarettes. Altria Group ( MO.N ) shares fell 9.9 percent and were the biggest drag on the S&P 500. British American Tobacco ( BATS.L ) shares fell as much as 11 percent. "It''s going to take some time to play out but those names all moved," said Michael O''Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. Amazon''s ( AMZN.O ) stock fell after it reported results late Thursday. Amazon is one of the "FANG" group of companies, along with Facebook, Netflix and Google, that have supported U.S. stocks'' gains this year. Results from Exxon Mobil ( XOM.N ) and Starbucks ( SBUX.O ) also disappointed. Despite Friday''s share reactions, results overall have come in better than expected for the second quarter and stocks are trading near record highs. The Dow Jones Industrial Average .DJI was up 22.28 points, or 0.1 percent, to 21,818.83, the S&P 500 .SPX had lost 4.32 points, or 0.17 percent, to 2,471.1 and the Nasdaq Composite .IXIC had dropped 6.18 points, or 0.10 percent, to 6,376.00. MSCI''s 47-country All World share index .MIWD PUS was down 0.2 percent, while the European STOXX 600 index was down 1 percent. Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, July 26, 2017. Staff/Remote Oil prices rallied this week as key OPEC members pledged to reduce exports and the U.S. government reported a sharp decline in crude inventories. Brent crude futures LCOc1 rose $1.03 to settle at $52.52 per barrel, while U.S. crude futures CLc1 rose 67 cents to settle at $49.71. U.S. crude was up 8.7 percent for the week, its biggest gain this year. The U.S. dollar was broadly lower as a combination of underwhelming U.S. economic data and political uncertainty kept traders biased toward the euro and other world currencies. The euro moved higher against the dollar EUR= , and was last up 0.7 percent at $1.1756. U.S. gross domestic product growth picked up to 2.6 percent in the second quarter, matching expectations of economists polled by Reuters, while growth in the first quarter was revised down to 1.2 percent. U.S. Senate Republicans failed early on Friday to overturn the healthcare law known as Obamacare, in a stinging blow to President Donald Trump that may end the Republican Party''s seven-year quest to repeal the Affordable Care Act. U.S. Treasury yields fell. Other data showed that U.S. labor costs increased less than expected in the second quarter. The Employment Cost Index, the broadest measure of labor costs, increased 0.5. percent in the April-June period. Benchmark 10-year notes US10YT=RR rose 5/32 in price to yield 2.29 percent, down from 2.31 percent on Thursday. Additional reporting by Abhinav Ramnarayan in London and Tanya Agrawal in Bengaluru; Editing by James Dalgleish and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN1AD03C'|'2017-07-28T03:51:00.000+03:00'
'd85b1b64cb8411f040d767692d5429ed106b37ea'|'Brazil''s Temer scrambles for support to block corruption trial'|'July 27, 2017 / 9:25 PM / 21 hours ago Brazil''s Temer scrambles for support to block corruption trial Anthony Boadle 4 Min Read Brazil''s President Michel Temer arrives to a ceremony at the Planalto Palace in Brasilia, Brazil July 27, 2017. Adriano Machado BRASILIA (Reuters) - With a spreadsheet listing undecided lawmakers, Brazilian President Michel Temer is working the phones to nail down support to block a corruption charge in a crucial congressional vote next week that will decide his political future, close aides said. The lower house will decide on Wednesday whether Temer should be put on trial by the Supreme Court for allegedly taking bribes from the world''s largest meatpacker, JBS SA. Even though Temer is widely expected to survive the vote, the country''s top prosecutor has said he will file at least two more graft-related charges against Temer in coming weeks. Wednesday''s vote will be a gauge of how much support the unpopular president has to press ahead with reform of the costly pension system that is needed to overcome Brazil''s fiscal crisis and help Latin America''s largest economy out of deep recession. Temer is taking no chances. The Contas Abertas watchdog group, citing Finance Ministry data, says he has freed up funding for lawmakers'' districts at an unprecedented rate to secure their support to bury the corruption charges, with outlays soaring to 4.2 billion reais ($1.33 billion) since June, compared to just 100 million reais in the first five months of this year. Some members of his governing coalition, including his closest ally the Brazilian Social Democracy Party (PSDB) are split over whether it is time to abandon the corruption-plagued president even if they fully back his economic policies. "Last week we had 261 lawmakers for Temer and 171 against him," said Beto Mansur, the government''s deputy whip in the lower chamber, who said he handed the president a computer spreadsheet with the names of the 80 undecided politicians. "He managed by phone to convince 20 to vote for him." "We have to win with a large margin to show Brazilian society that the charges are not a threat to Temer, so we can put this behind us and get on with the pension reforms and other economic measures Brazil needs," Mansur told Reuters. Under Brazil''s constitution, two-thirds of the lower house deputies (342 of 513) must vote in favor of the charge for it to proceed to the Supreme Court, which in turn must rule on whether to go ahead with a trial. Temer would be suspended for 180 days pending the outcome of a trial. The corruption scandal has undermined the scant popularity Temer had, making it harder for lawmakers to support him ahead of next year''s elections. A poll published on Thursday showed his government''s approval rating fell to just 5 percent, and 87 percent of those surveyed say they do not trust him. In Temer''s presidential offices, staffers are worried but confident the government has the votes to prevail. "We have 280 votes for sure, and could pass 300. Any absences among lawmakers will help the president," Marco de Freitas, Temer''s chief spokesman, said in an interview. "The charge lacks enough proof to put a president on trial. And the other charges are even less solid," he said. Several lawmakers, however, have told Reuters the next votes on two additional charges Prosecutor General Rodrigo Janot plans to file, including racketeering and obstruction of justice, will be a closer call for Temer due to the media spotlight shining on them and the proximity of an approaching election year. Temer will meet with dozens of lawmakers on Monday and Tuesday when Congress returns from recess to press his case on the eve of the vote, de Freitas said. Political analyst Thiago de Aragão expects a cabinet reshuffle after the vote to reward coalition parties that most solidly backed Temer and consolidate the president''s realigned political base to move forward with his reform agenda. "The question is will the Temer government have the power it had in May, before the JBS scandal, to pass pension reform, or will it have to water down the bill with more concessions," said Aragão, partner at Brasilia consultancy ARKO Advice. Reporting by Anthony Boadle; Editing by James Dalgleish 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-politics-temer-idUSKBN1AC38C'|'2017-07-28T00:15:00.000+03:00'
'1c48e49acffb5cb66a37cec61dc499d075cd3f4e'|'Barclays Africa''s first-half profit rises 7 percent'|'July 28, 2017 / 5:39 AM / 5 hours ago Barclays suffers £1.2 billion first-half loss from Africa sale Lawrence White and Andrew MacAskill 4 Min Read FILE PHOTO: The Barclays headquarters building is seen in the Canary Wharf business district of London, Britain February 6, 2013. Neil Hall/File Photo LONDON (Reuters) - Barclays ( BARC.L ) reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group ( BGAJ.J ), and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group ( BGAJ.J ) to 15 percent, ending more than 90 years as a major presence in the continent as it shifts its focus back to Britain and the United States. The losses from the sale of unwanted assets including the Africa business showed the costs of the bank''s restructuring under Chief Executive Jes Staley, who has championed Barclays'' investment banking business as a means of boosting revenues. The bank completed the run-down of its non-core division of other assets earmarked for sale to below its goal of 25 billion pounds worth of assets, meaning the remainder can be folded back in to Barclays. "Accomplishing both of these milestones marks an end to the restructuring of the Barclays Group, and brings forward the date when our shareholders can benefit from the full earnings power of this business," Staley said in a statement. Related Coverage Barclays Africa''s first-half profit rises 7 percent despite South African downturn Staley announced a new long-term goal for Barclays of a greater than 10 percent return on equity, without giving a timetable for reaching that. The bank''s return on equity excluding the Africa loss and conduct charges was 8 percent at the end of the first half. Barclays shares fell 1.3 percent by 0700 GMT. The sale of the Africa unit boosted the bank''s core capital ratio, a key measure of financial strength and a source of concern for Barclays in recent years, to 13.1 percent. Barclays posted a half-year profit before tax of 2.3 billion pounds compared with 2 billion pounds for the same period a year ago, before the impact of the Africa sale was included. That was worse than the 2.7 billion pounds average estimate of analysts'' forecasts compiled by the bank. Weak Trading In Barclays'' investment bank, revenue at the markets division fell 5 pct in the first half to 2.6 billion pounds, as low volatility caused a 20 pct fall in earnings at its macro trading business. That was offset by a stronger showing in credit trading where revenue was up 18 pct, while its equities performance was flat compared with a year ago. The mixed trading performance followed that of Barclays'' U.S. rivals, which earlier this month saw profits slump amid low volatility levels in markets that have left investors struggling to make directional bets. Since taking over in December 2015, Staley has scaled back the bank''s geographic footprint and emphasised investment banking, although his efforts have been clouded by U.S. and British investigations. The former JPMorgan banker has faced investor criticism following his attempts to unmask a whistleblower, which Barclays insiders fear could unseat him if the findings of inquiries are damning. Barclays faces other regulatory obstacles, with an ongoing probe by Britain''s Serious Fraud Office (SFO) into its 2008 cash call at the height of the financial crisis and allegations by the U.S. Department of Justice (DOJ) over mortgage mis-selling. The bank also took a higher than expected 700 million pound charge for mis-selling payment protection insurance, in what is Britain''s costliest consumer banking scandal. Reporting by Lawrence White and Andrew MacAskill; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-barclays-group-results-idUKKBN1AD0IR'|'2017-07-28T08:38:00.000+03:00'
'b99e8a3221a6e179d74e421bd5c83a20526f1e6e'|'Wall Street set to open lower as Amazon weighs on tech stocks'|'July 28, 2017 / 11:37 AM / 22 minutes ago Wall Street set to open lower as Amazon weighs on tech stocks Tanya Agrawal 3 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 19, 2017. Brendan McDermid (Reuters) - U.S. stock indexes looked set to open lower on Friday as Amazon''s profit miss took a toll on technology shares. Amazon''s ( AMZN.O ) shares were down 3.15 percent in premarket trading after it reported a 77 percent drop in profit as its rapid and costly expansion into new shopping categories and countries showed no sign of slowing. The fall weighed on the tech index, which has been the best performing sector this year, leading the S&P 500''s 10.6 percent run in 2017. Facebook ( FB.O ), Google parent Alphabet ( GOOGL.O ) and Netflix ( NFLX.O ), part of the high-flying "FANG" stocks, were also lower. Risk sentiment also took a hit following the failure of Republicans to repeal Obamacare in a tight Senate vote overnight. Investors are worried about the ability of President Donald Trump to legislate his pro-growth agenda of tax reform and higher spending on infrastructure. "It appears that Obamacare has become a nightmare for Trump and not good news for the markets as well," said Naeem Aslam, chief market analyst at ThinkMarkets. "The ability of Trump to deliver on his many promises such as tax and stimulus packages are really shattered. This is going to have a negative impact on the markets as the Trump trade would wind up even further." Despite a fall in tech and transport stocks, the Dow industrials posted a record closing high on Thursday, helped by strong quarterly earnings. The second-quarter earnings of the S&P 500 companies are expected to have risen 10.7 percent, compared with an 8 percent increase expected at the start of the month, according to Thomson Reuters I/B/E/S. Dow e-minis 1YMc1 were down 31 points, or 0.14 percent, with 25,273 contracts changing hands at 8:33 a.m. ET (1233 GMT). S&P 500 e-minis ESc1 were down 5.5 points, or 0.22 percent, with 189,217 contracts traded. Nasdaq 100 e-minis NQc1 were down 40.5 points, or 0.69 percent, on volume of 48,182 contracts. Data showed that the U.S. economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment. Gross domestic product increased at a 2.6 percent annual rate in the April-June period, up from 1.2 percent in the first quarter, the Commerce Department said in its advance estimate. Starbucks ( SBUX.O ) fell 6.55 percent, while Mattel ( MAT.O ) was down 5.16 percent after their quarterly reports. Exxon ( XOM.N ) was down 1.89 percent after the world''s largest publicly traded oil producer''s quarterly profit missed estimates. Intel ( INTC.O ) rose 1 percent after the chipmaker lifted its revenue forecast. Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/uk-usa-stocks-idUSKBN1AD1EI'|'2017-07-28T16:02:00.000+03:00'
'7c5e94ce939fc36edab3093e14d305d1926b88ea'|'A high-speed rail connection between Hong Kong and the mainland is proving controversial'|'ON JULY 1st Hong Kong marked 20 years of mainland rule with a rare visit from Xi Jinping, the Chinese president. Mr Xi arrived on an Air China flight from Beijing. The next visit by a Chinese president is unlikely to take place until 2022, when Hong Kong will be half way through its 50-year transition period between British and Chinese rule. Then, perhaps, he will travel by high-speed rail, and arrive at a smart terminal being built in West Kowloon.Hong Kong is in the midst of an infrastructure-building boom. Work on a third runway at Chek Lap Kok airport began last year. Just outside, the finishing touches are being made to a 40-kilometre (25-mile) bridge-and-tunnel road linking Hong Kong, Macau and Zhuhai. And by next year a new rail line will connect Hong Kong to Guangdong and the rest of China’s high-speed network. 20 Trains on the “XRL” can travel up to 350km/h (although it is estimated that it will take 14 minutes to travel the 26km between Kowloon and Futian, making the actual speed more like 110km/h at first). The total journey time to Guangzhou South, where passengers can join the rest of the network, will be halved to around 48 minutes (without stops). Mr Xi’s trip from Beijing would take around nine hours.The project was first mooted in 2000. By 2007 it was budgeted to cost HK$39bn ($5bn) and open in 2012; now it is expected to open late next year and cost HK$84.4bn. Before then, and despite running years behind schedule, a significant detail still needs to be agreed upon.A constitutional arrangement known as “one country, two systems” promises Hong Kong a “high degree of autonomy” from the mainland until 2047. This includes proper borders, passport checks and visas. Those travelling on the ordinary-speed train, for example, must show passports at either end of their journey. But on July 25th the Hong Kong government announced plans to “co-locate” customs, immigration and quarantine control facilities in Hong Kong for both local and mainland immigration. That is similar to the system at the Eurostar terminal in London, which has both British and French immigration officials. Border control for both Hong Kong and the mainland would be dealt with within the station, with no checks done in the mainland. For passengers this would mean being able to board a train to Hong Kong in any Chinese city, regardless of whether it has clearance facilities.The government insists that the benefits of high-speed travel, both in time and money, would be negated if passengers were slowed down by checks at both ends. (A former chief justice said that the station should be “blown up” if it does not include joint checkpoints.) In the plan, 105,000 square metres of the station, and the trains themselves, would be leased to the mainland government, who would run them as a “free port” where mainland laws will apply to travellers once they have have passed through the two immigration checks. Whether it will also fall under the “great firewall”, which blocks Chinese access to websites such as Facebook (and The Economist ) remains to be seen.The government points out that Hong Kong has operated a similar facility in Shenzhen, on the mainland, since 2007. Carrie Lam, the territory’s chief executive, who is appointed by the mainland government and began her term on July 1st, says the plan is “in full compliance of ‘one country, two systems’”. But opposition politicians claim the proposal violates articles of the territory’s mini-constitution, known as the Basic Law, explicitly designed to keep Chinese law enforcement officials out. In a joint statement the justice, transport and security departments denied that, saying that since the port areas would be “legally regarded as outside the territorial boundary” of Hong Kong, the Basic Law would not apply and could not be contravened. Still, some democrats are not convinced. They worry that it could make it easier for Chinese security forces to spirit people across the border. Whether Hong Kongers are sacrificing autonomy for a little less inconvenience remains to be seen.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/07/one-station-two-systems?fsrc=rss'|'2017-07-26T17:39:00.000+03:00'
'a1ce55b4d5b08e1e89cd81049944846e5ff6018a'|'Swiss National Bank to pick Libor alternative in due course'|'July 27, 2017 / 1:48 PM / in 29 minutes Swiss National Bank to pick Libor alternative in due course Reuters Staff 2 Min Read ZURICH (Reuters) - The Swiss National Bank will in due course select an alternative to the London Interbank Offered Rate (Libor) interest rate benchmark as a tool for guiding monetary policy, the central bank said on Thursday, as Libor heads for history''s dustheap. Earlier on Thursday, the head of Britain''s financial markets watchdog said a substitute for the widely used Libor should be in place for banks to use by the end of 2021. Libor, a daily rate in a range of currencies, is based on submissions from banks of interest rates they believe they would be charged by others for borrowing money. Banks have been fined billions of dollars for trying to manipulate the benchmark, forcing a rethink. The SNB conducts monetary policy by steering interest rates in the Swiss franc money market, telling the market in what range it intends to keep three-month Swiss franc Libor. An SNB statement noted central banks had long been aware of the Libor problem and were working with market participants to establish alternative reference rates. "From today''s point of view, the SARON as a reference rate is the main focus of the Swiss franc money market," it said, referring to the Swiss Average Rate Overnight for secured loans. "Libor will not be scrapped until the end of 2021. The SNB will announce in a timely way an alternative to franc Libor for its monetary policy concept. The foreseeable end of the franc Libor will have no effect on monetary policy orientation and monetary conditions," it said. Reporting by Angelika Gruber and Michael Shields; Editing by Kevin Liffey 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-regulator-libor-swiss-idUKKBN1AC266'|'2017-07-27T16:48:00.000+03:00'
'c6f25139ee568d2e7329e9cfebe07716a665be0f'|'VW''s Audi faces major reshuffle of top management board - magazine'|'July 28, 2017 / 1:17 PM / 12 minutes ago VW''s Audi to replace 4 out of 7 management board members - sources Reuters Staff 1 Min Read FILE PHOTO - The logo of Audi is pictured at the Auto China 2016 auto show in Beijing, April 25, 2016. Kim Kyung-Hoon/File Photo MUENCHEN (Reuters) - Volkswagen''s ( VOWG_p.DE ) luxury brand Audi ( NSUG.DE ) will replace four out of seven management board members, three sources said on Friday. Earlier on Friday, Germany''s Manager Magazin said Audi''s Finance chief Axel Strotbek, production chief Hubert Waltl,human resources chief Thomas Sigi and sales chief DietmarVoggenreiter were informed by VW group chief executive MatthiasMueller on July 26 of their imminent dismissal. Audi declined comment. Reporting by Andreas Cremer in Berlin, Irene Preisinger in Munich and Jan Schwartz in Hamburg; Writing by Edward Taylor; Editing by Tom Sims and Kathrin Jones 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-audi-idUKKBN1AD1MW'|'2017-07-28T16:17:00.000+03:00'
'd7a09e7a13131bb3d347da8a8c8e8283c778bba3'|'UPDATE 2-Italy''s Eni confident of dividend even with lower oil prices'|'July 28, 2017 / 6:54 AM / 2 hours ago UPDATE 2-Italy''s Eni confident of dividend even with lower oil prices 4 Min Read * Adjusted net profit 463 mln euros vs 317 mln loss year ago * Cash flow up 56 pct to 2.7 billion euros * First half oil and gas output up 6.1 pct * 2017 interim dividend of 0.4 euros (Recasts lead, adds CEO comments, analyst) By Stephen Jewkes MILAN, July 28 (Reuters) - Italian oil major Eni said on Friday its dividend was safe even at lower oil prices thanks to a string of major discoveries underpinning output growth and cash generation for the years to come. Eni, the most active of the foreign oil majors in Africa, has one of the best discovery records in the industry, with large gas fields in Mozambique and Egypt. More recently it also made an oil find in Mexico. Under its so-called "dual exploration" strategy, the company aims to sell down stakes in fields it operates to raise cash to fund future development and support dividends. "We have all the tools to cope with oil at $45 a barrel," CEO Claudio Descalzi told analysts on a second-quarter results call when asked about dividend sustainability. "We are able to tackle this situation, and we won''t be using scrip dividends," he said, referring to a practice where investors are offered shares in place of cash. Eni, whose cash flow jumped 56 pct to 2.7 billion euros in the second quarter, has committed to paying a dividend in 2017 of 0.80 euros per share. Investors in oil firms have been unnerved by weak oil prices, which have struggled to hold gains that followed a deal between the Organization of the Petroleum Exporting Countries and some other producers to cut crude production from January. Prices climbed above $58 a barrel in January, recovering from the 2016 lows of just $27. But Brent has since slipped back and is now hovering around $52, leading banks to downgrade price forecasts and investor concerns about shareholder returns. Eni, which has pledged to cut spending this year by about 18 percent, earmarked about 32 billion euros of investments in its four-year business plan in March. Descalzi said there was room to reduce those investments if needed. "In the second half of the plan 50 percent of the capex is not yet committed ... we have flexibility," he said. Output Ahead Eni, which will benefit from a ramp-up at Kazakhstan''s giant Kashagan field, said it expected output this year to jump 5 percent to 1.84 million barrels per day as projects in Angola, Ghana, Indonesia and Egypt come on stream ahead of schedule. Longer term, it expects output to rise 3 percent a year. Eni said its discovery in the Gulf of Mexico could contain more than the 1.3 billion barrels of oil equivalent in place estimated so far. It said it would decide early next year whether to proceed with investment there. "We own 100 percent of Mexico and it''s clearly one of our future targets (for selling down)," Descalzi said. Eni, which has agreed to sell stakes in its Mozambique and Egyptian fields to ExxonMobil and Rosneft, expects to raise 4 billion euros this year from disposals. Santander oil analyst Jason Kenney, who was upbeat about Eni on a three- to five-year outlook, said the market had underestimated the value of Eni''s dual exploration strategy. "Investors have proved unwilling to support Eni for its valuable discovered resource potential," he said. Shares in Eni closed up 0.3 percent, broadly in line with the European oil and gas sector. Milan''s blue-chip index closed down 0.9 percent. (Additional reporting by Valentina Za; Editing by Edmund Blair) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eni-results-idUSL5N1KJ1J5'|'2017-07-28T19:03:00.000+03:00'
'1edf23ad4be9d8f77fb03047f09b7ded26e222fa'|'FTSE heads for weekly loss as Italy takes toll on BT'|'July 28, 2017 / 8:52 AM / in 7 hours FTSE heads for weekly loss as Italy takes toll on BT Helen Reid 4 Min Read People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. Suzanne Plunkett/File photo LONDON (Reuters) - Britain''s major share index slipped, heading for a weaker finish to the week after corporate earnings drove big swings in individual stocks, with BT ( BT.L ) Friday''s biggest faller. The FTSE 100 .FTSE fell 0.6 percent, although it outperformed the broader European market. It was heading for a loss of 0.7 percent on the week, its first in a month. After wild stock moves from pharmaceuticals companies AstraZeneca ( AZN.L ) and Indivior ( INDV.L ) on Thursday, trading was more muted, although Astra''s dramatic 15 percent drop helped put blue-chips on track for a weekly fall. "We have had an awful lot of results and on the whole we have been pleasantly surprised they''ve not been weaker," Eric Moore, UK Equity Income fund manager at Miton Group, said. "The VIX (volatility index) tells us volatility is low, but if you look at the way shares have reacted on a daily basis after updates, it feels quite volatile," said Moore. The top faller on Friday was telecoms operator BT ( BT.L ), down 4.3 percent after its first quarter profit was dented by settlements for an Italian accounting scandal, with government regulation also a concern for investors. "There''s a lot going on in terms of regulatory review. The multi-million dollar question is how much will BT have to spend in capex on broadband investment in the UK, and what return will they be allowed to make from that," Moore said. Barclays ( BARC.L ) shares see-sawed before settling up 0.6 percent after the bank reported a 1.2 billion pound first-half loss following a 2.5 billion pound hit from the sale of its Africa business. "The shares are trading on 0.74 times tangible book [value], which is not hugely demanding, However, for a business making a return on total equity of 6 percent this remains far from attractive," KBW analyst Edward Firth said. Meanwhile, British Airways owner IAG ( ICAG.L ) gained 1.3 percent, among the only blue-chips to climb, after reporting better than expected second-quarter profits despite a massive power outage grounding some flights in May. Alcoholic beverages firm Diageo ( DGE.L ) added to Thursday''s strong gains after robust results and was up 2.1 percent. Mid-caps .FTMC underperformed, down 1 percent. Valve maker Rotork ( ROR.L ) dropped 5.2 percent after the company said CEO Peter France was resigning. "Rotork is a very high quality, well-loved company and this will leave people scratching their heads," said Moore. Materials firm Morgan Advanced ( MGAMM.L ) jumped 3.4 percent to the top of the mid-cap index after its half-year results. Investors were looking ahead to next week''s results which would help paint a picture of the health of the UK economy, with HSBC ( HSBA.L ) and the major listed supermarkets due to report. "There''s parts of the market that investors are more worried about, like retailers and consumer stocks, that haven''t reported yet," Moore said. "UK consumer confidence data today was pretty horrid," he said in reference to a survey on Friday showing British consumer morale has sunk back to depths hit just after last year''s Brexit vote. Reporting by Helen Reid; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1AD0ZU'|'2017-07-28T11:52:00.000+03:00'
'f4ac6818a457101b96d6c3a101bfa5b17b40f488'|'Asia shares hit 2008 highs, dollar in decline on Fed inflation view'|'July 27, 2017 / 1:02 AM / 2 hours ago Asia shares hit 2008 highs, dollar in decline on Fed inflation view Wayne Cole 5 Min Read FILE PHOTO-A man stands in front of electronic boards showing stock prices and exchange rate between Japanese Yen and U.S dollar outside a brokerage in Tokyo, Japan, January 20, 2017. Kim Kyung-Hoon /File Photo SYDNEY (Reuters) - Stocks, bonds and commodities were all on a roll in Asia on Thursday as bulls scented a softening in the Federal Reserve''s confidence on inflation that promised to keep U.S. interest rates low for longer. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.5 percent to heights not seen since January 2008. It has gained nearly 5 percent so far this month. South Korea .KS11 added 0.6 percent and Australia 0.2 percent, while Japan''s Nikkei .N225 was kept flat by a firmer yen. The latest rush for risk came after the Fed left U.S. rates unmoved as expected on Thursday but the market seized on tweaks in its wording on inflation. It noted that both overall and core inflation had declined and removed the qualifier "recently", perhaps suggesting concerns the slowdown might not be temporary. The Fed also said it expected to start winding down its massive holdings of bonds "relatively soon", cementing expectations of a September start. While that would be an effective tightening in financial conditions it might also lessen the need for actual hikes in rates, which matter more for currency valuations. "The dollar''s biggest problem is it can''t expect help from the Fed for a long time," said Alan Ruskin, global head of forex at Deutsche. "In the short-term we are still in a risk-favorable loop, whereby subdued goods and services inflation supports a well behaved bond market and asset inflation. It''s just another day in paradise." A Reuters poll showed most primary dealers, the banks authorized to trade directly with the Fed, still see the Fed''s next rate rise in December. But Fed funds rate futures are pricing in less than 50 percent chance of a hike by then, compared to more than 50 percent before the Fed''s meeting. Dollar Breaks Lower Yields on U.S. 10-year debt duly fell 5 basis points and were last at 2.28 percent US10YT=RR. The dollar followed, falling to a 13-month trough against a basket of currencies at 93.370 .DXY. It was last down around 0.2 percent at 93.444. The euro, which had been bumping up against a 23-month top for most of the week, finally broke through to reach $1.1742 EUR= , its highest since January, 2015. The next major chart target was the 200-week average at $1.1807 - a measure the euro has not traded above since August 2014. Indeed, the dollar was fast approaching the 200-week barrier on both the Canadian CAD= and Australian dollars AUD= and breaks would be technically bearish. The dollar even fall back on the yen to 111.04 JPY= , though the damage was limited by expectations the Bank of Japan would keep its super-easy policies in place longer than most other global central banks. The prospect of U.S. policy staying stimulative saw Wall Street''s fear gauge touch a record low .VIX. The Dow .DJI ended Wednesday up 0.45 percent, while the S&P 500 .SPX added 0.03 percent and the Nasdaq .IXIC 0.16 percent. Telecoms .SPLRCL was the best performer, propelled by a 5.0 percent gain in AT&T ( T.N ) after its results. Boeing ( BA.N ) soared 9.9 percent after beating estimates and Amazon''s ( AMZN.O ) market worth topped $500 billion for the first time. The declining U.S. dollar boosted commodities priced in the currency. Spot gold XAU= hit a six-week high and was last trading at $1,262.45, while copper CMUC3 reached territory not trod since May 2015. [MET/L] Oil prices neared eight-week highs as a surprisingly sharp drop in U.S. inventories encouraged speculation a global crude glut would recede. [O/R] A bout of profit-taking in early Asia on Thursday saw Brent crude futures LCOc1 ease 11 cents to $50.86 a barrel, while U.S. crude CLc1 dipped 9 cents to $48.66. Editing by Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1AC026'|'2017-07-27T04:00:00.000+03:00'
'ac78bf5289d960c9915143bea064510142cf2e20'|'UK Stocks-Factors to watch on July 26'|'July 26 (Reuters) - Britain''s FTSE 100 index is seen opening up 2 points on Wednesday, according to financial bookmakers. * ACACIA MINING: Acacia Mining''s shares fell for a sixth straight session on Tuesday, a day after the gold miner was hit with a tax bill of more than $190 billion by the Tanzanian government. * VEDANTA RESOURCES: Zambia''s Konkola Copper Mines (KCM) said on Tuesday it was halting operations indefinitely at its Nchanga underground mine (NUG) in Chingola state due to theft of high voltage cables. * METRO BANK: Metro Bank Plc said successful completion of the non pre-emptive cash placing of new ordinary shares. * BREXIT: The International Monetary Fund said on Tuesday that it foresaw only a modest increase in transaction costs if clearing and other financial activities are moved from the City of London to the European Union after Brexit. * BRITAIN AUTO: Britain''s government will announce on Wednesday that it will ban the sale of petrol- and diesel-fuelled cars from 2040 when all vehicles must be fully electric as part of a plan to clean up air pollution, newspapers reported on Tuesday. * COPPER: London Metal Exchange copper was up 0.5 percent at $6,257 a tonne, as of 0221 GMT, extending from Monday''s gains. Earlier in the session, prices hit $6,280 a tonne, its highest since May 2015. * OIL: Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing. * The UK blue chip index FTSE 100 closed 0.8 percent higher at 7,434.82 points on Tuesday, as strong results and buoyant basic resource stocks boosted the index and small-cap luxury shoemaker Jimmy Choo soared 17 percent after an agreed bid by U.S. retailer Michael Kors. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Antofagasta Q2 Production report Fresnilo Q2 Production report Vedanta Resources Plc Q1 production report Metro Bank Interim Earnings Release CNH Industrial NV Q2 2017 Earnings Release Sage Group PLC Q3 2017 Trading Statement Release Jupiter Fund Management Half Year 2017 Earnings Release Quartix Holdings PLC Half Year 2017 Earnings Release Hammerson PLC Half Year 2017 Earnings Release Berendsen PLC Half Year 2017 Earnings Release Marston''s PLC Half Year 2017 Interim Statement Unite Group PLC Half Year 2017 Earnings Release Brewin Dolphin Holdings Q3 2017 Interim Management Statement Robert Walters Plc Half Year 2017 Earnings Release Centaur Media PLC Half Year 2017 Earnings Release PayPoint plc Q1 2017 Trading Statement Release Subsea 7 SA Q2 2017 Earnings Release GKN PLC Half Year 2017 Earnings Release Compass Group PLC Q3 2017 Trading Statement Release 3i Group PLC Q1 2018 Performance Update Tullow Oil PLC Half Year 2017 Earnings Release Paragon Group Q3 2017 Trading Statement Release ITV PLC Half Year 2017 Earnings Release International Personal Half Year 2017 Earnings Release Finance GlaxoSmithKline PLC Q2 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1KH25W'|'2017-07-26T08:32:00.000+03:00'
'2cfabd00ed2a6dc5c411a83aa05842357a41450d'|'Foxtons first-half profit drops 64 percent on low demand, political uncertainty'|'July 27, 2017 / 7:13 AM / 9 minutes ago Foxtons first-half profit drops 64 percent on low demand, political uncertainty Reuters Staff 3 Min Read (Reuters) - London-focused estate agent Foxtons Group Plc ( FOXT.L ) posted a 63.8 percent fall in first-half profit, hurt by slowing demand and increased political uncertainty. Foxtons said pre-tax profit dropped to 3.8 million pounds ($4.99 million) in the first six months ended June 30 from 10.5 million pounds a year earlier. Once known for its pioneering coffee shop-style outlets and fleet of Mini cars, Foxtons floated in 2013 ahead of a market peak and has since failed more than once to meet market expectations. The company has been warning as early as 2014 that double-digit price rises and strong demand in London were cooling, hitting its profits. Revenue from lettings, a strong area for the firm that could be hit as the government introduces a ban on one-off tenant fees, fell 2 percent to 32.1 million pounds. The letting fees, which go towards the cost of conducting viewings, verifying references and drawing up contracts, have become an increasingly important money-earner for the industry, averaging 337 pounds ($417), according to independent group Citizens Advice. Lettings now represent 55 percent of Foxtons'' revenue. "As the lettings market grows, it is becoming more complex too, with significant new regulation, legislation and tax changes introduced in recent years," the company said in a statement. In the longer term, while recent political events have produced uncertainty for buyers and sellers, Foxtons expect London to remain a highly attractive property market for sales and lettings, the company added. Britain''s housing market has slowed sharply since last June''s vote to leave the European Union, when prices were growing by almost 10 percent a year. Britain''s third-largest housebuilder, Taylor Wimpey ( TW.L ), said earlier that it believed the risk of material impact on the market from the EU Referendum in the short term has significantly reduced. Group revenue fell 15 percent to 58.5 million pounds in the period. Reporting by Justin George Varghese in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-foxtons-results-idUKKBN1AC0TV'|'2017-07-27T10:13:00.000+03:00'
'ce75204f2de2b1b49960d8e86f7106f3c702f08f'|'Nikkei edge up in global rally; Nintendo soars on strong results'|'July 27, 2017 / 6:30 AM / 12 hours ago Nikkei edge up in global rally; Nintendo soars on strong results 3 Min Read * Record closes on Wall Street underpin sentiment * Nintendo soars after better-than-expected earnings * Banks, insurers underperform By Ayai Tomisawa TOKYO, July 27 (Reuters) - Japan''s Nikkei share average inched up on Thursday, underpinned by a rally in riskier assets globally and a sharp jump in game maker Nintendo after it posted stronger-than-expected profits. The Nikkei ended 0.2 percent higher at 20,079.64 points, recouping early losses. Global equity markets were buoyed by views that the U.S. Federal Reserve may be turning more cautious on another interest rate hike this year as inflation remains stubbornly weak. The Fed kept its benchmark lending rate unchanged at the end of a policy meeting on Wednesday, but also noted that both overall inflation and a measure of underlying price gains had declined. "The Fed''s decision first seemed to have suggested a dovish tone, and the dollar dropped. U.S. long-term yields are expected to be on the defensive, and it would serve as a tailwind to Japanese stocks," said Masayuki Kubota, chief strategist at Rakuten Securities. "The Nikkei will likely stay in a narrow range near the 20,000-mark for a while." For the time being, analysts said the market will be focused on earnings releases from Japanese firms for April-June. Nintendo Co soared 7.6 percent and was the most traded stock by turnover after the console maker said it swung to a profit in the first quarter, beating analyst estimates, due to strong demand for its Switch console. Elsewhere, Hitachi Kokusai Electric rose 4.6 percent after the electronic equipment manufacturer raised its earnings outlook for the year ending March 2018. It now expects an operating profit of 22.5 billion yen, up from previously forecast 17.5 billion yen, thanks to increased capital spending by chip makers worldwide. But banks and insurers underperformed. Mitsubishi UFJ Financial Group dropped 0.5 percent, Sumitomo Mitsui Financial Group fell 0.6 percent and Dai-ichi Life Holdings declined 0.5 percent. The broader Topix advanced 0.4 percent to 1,626.84. (Reporting by Ayai Tomisawa; Editing by Kim Coghill) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1KI2IV'|'2017-07-27T09:29:00.000+03:00'
'dff948e9ceee320d0be9be9ad9542abf26dbb54d'|'UPDATE 1-Barrick says will start Tanzania talks next week as earnings beat'|'July 26, 2017 / 9:39 PM / 9 minutes ago UPDATE 1-Barrick says will start Tanzania talks next week as earnings beat 2 Min Read (Recasts with planned Tanzania talks, market expectations) July 26 (Reuters) - Barrick Gold Corp, the world''s largest gold miner by production, reported better-than-expected second-quarter earnings on Wednesday and said it would begin discussions with the government of Tanzania next week about an export ban. Toronto-based Barrick said adjusted net earnings rose to $261 million, or 22 cents a share, from $158 million, or 14 cents a share, in the year-ago period on the back of lower mining costs and higher gold and copper sales volumes. Analysts, on average, had expected an adjusted profit of 18 cents per share, according to Thomson Reuters I/B/E/S. Tanzania introduced an export ban on concentrates of gold and copper ore in March. This has badly stung Acacia Mining , which is majority owned by Barrick. Acacia operations affected by the ban account for about 6 percent of Barrick''s 2017 gold production forecast. Even so, Barrick left unchanged its 2017 gold production and cost forecast. Net earnings for the quarter ended June 30 surged to $1.08 billion, or 93 cents a share, from $138 million, or 12 cents a share, in the year-ago period. This reflected gains related to the sales of stakes in its Veladero gold mine in Argentina and a project in Chile, Barrick said. (Reporting by Nicole Mordant in Vancouver and Susan Taylor in Toronto; Editing by David Gregorio and Richard Chang) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/barrick-gold-results-idUSL1N1KH27T'|'2017-07-27T00:39:00.000+03:00'
'e512476bddd6ebb311c538d450e31cd76b2dacc0'|'Weak sales raise pressure on Nestle boss to speed up overhaul'|'July 27, 2017 / 11:14 AM / in 6 minutes Weak sales raise pressure on Nestle boss to speed up overhaul John Revill 4 Min Read FILE PHOTO: The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. Pierre Albouy/File Photo ZURICH (Reuters) - Nestle trimmed its 2017 sales forecast to what would be its weakest growth in 20 years, adding fuel to calls on chief executive Mark Schneider to speed up a turnaround of the world''s largest food group. Since taking control of the maker of KitKat bars and Nescafe coffee in January, Schneider has faced calls to improve its performance, led by activist investor Daniel Loeb, whose U.S. hedge fund disclosed a $3.5 billion stake in June. Nestle ( NESN.S ) has been cutting costs, making small-scale investments in health science companies and last month announced a large share buyback plan in an effort to boost returns. Global food companies have been battling slowing sales as consumers'' tastes change, and Nestle has been accused of responding more slowly than peers such as Unilever ( ULVR.L ) ( UNc.AS ) and Danone ( DANO.PA ), which have bought faster-growth companies with products aimed at health-conscious millennials. Nestle reflected these difficulties on Thursday when it said it expected 2017 sales growth to be "in the lower half" of its 2 to 4 percent target range. The company''s organic sales growth has slowed over the last four years, leading to Schneider scrapping a long term target of 4 to 5 percent growth. A slowdown to the bottom half of 2 to 4 percent would be Nestle''s weakest growth in more than 20 years. Nestle said its organic sales, which includes volume and price increases, grew by 2.3 percent in the first half, the same rate as the first quarter, trailing analyst estimates of 2.8 percent and slowing from 3.5 percent a year earlier. Schneider, who is expected to unveil more of his strategy at an investor day in September, said he was disappointed. "Organic growth in the first half did not fully meet our expectations ... While volume growth remains at the high end of our industry, pricing continues to be soft," he said. FILE PHOTO: A Kit Kat chocolate bar is seen in this illustration photo taken July 20, 2017. Thomas White/Illustration/File Photo No Magic Wand Although Nestle''s first-half net profit rose 19 percent to 4.9 billion Swiss francs ($5.16 billion), beating a 4.83 billion franc average estimate in a Reuters poll, its shares lost 1 percent as analysts saw the results as weak. "It shows you that CEO Mark Schneider has a lot of work to do and there isn''t a magic wand in terms of getting the top line going," Jon Cox from Kepler Cheuvreux said. Nestle Chief Financial Officer François-Xavier Roger declined to say whether pricing -- which increased by 0.9 percent in the first half -- would pick up this year. "We are cautious. Part of it is linked to commodity prices and because of the high volatility there we need to be cautious," he said. Nestle had raised prices in Europe for products like coffee, but this had reduced sales volumes, Roger told reporters. He declined to comment on any dialogue with Loeb''s Third Point, which has urged management to set a margin target of 18 to 20 percent by 2020, buy back shares, sell non-core businesses and exit French cosmetics giant L''Oreal.[nL8N1JM0Q6] Although Schneider has made some changes, including putting Nestle''s U.S. confectionery business under review, Loeb, who was not immediately available for comment, and others say the company is moving too slowly. Since Loeb disclosed his stake until Wednesday, Nestle shares had gained 0.3 percent, although the stock was trading 0.8 percent lower on Thursday. Reporting by John Revill, additional reporting by Silke Koltrowitz and Brenna Hughes Neghaiwi; editing by Michael Shields and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nestle-results-idUKKBN1AC1OF'|'2017-07-27T14:14:00.000+03:00'
'14905a3876dc3b09f3002920703973ec6c68b720'|'Linde says Praxair merger process on track'|'July 28, 2017 / 6:11 AM / 26 minutes ago Linde says Praxair merger process on track Reuters Staff 3 Min Read Linde Group logo is seen at company building before the annual news conference in Munich, Germany March 9, 2017. Lukas Barth FRANKFURT (Reuters) - The planned $74 billion (56.55 billion pounds) merger of German industrial gases group Linde ( LING.DE ) and U.S. peer Praxair ( PX.N ) is on course, with regulators expected to finish reviewing offer documents by mid-August, Linde said as it published financial results on Friday. "We remain on track to complete these tasks and expect to close the transaction by the second half of next year," Linde Chief Financial Officer Sven Schneider told analysts during a conference call but was otherwise tight-lipped on what progress preparations for the transaction were making. The deal will create a global leader to overtake France''s Air Liquide ( AIRP.PA ) with a combined market value of $75 billion, revenue of $30 billion and 88,000 staff. Linde will need 75 percent of its shareholders to tender their stock to the new company in a 10-week acceptance period expected to start in September. Praxair needs a simple majority vote at a shareholder meeting. The two companies also need to obtain anti-trust approval for the merger in 25 countries, for which they have said they were prepared to make divestments up to a "pain threshold" of $3.7 billion in sales beyond which the deal may no longer make sense. Praxair''s finance chief told analysts on Thursday the group had already seen a "significant" amount of unsolicited interest in assets it could put up for sale. "A formal process is being developed, which will be communicated to prospective buyers in the coming months," Matthew White said on a conference call after the U.S. group published quarterly financial results. The group reported a 4.8 percent rise in second-quarter operating profit and narrowed its forecast range for adjusted 2017 earnings per share to $5.63 to $5.75 from $5.55 to $5.80. It said it was taking a more "measured" view of the second half of the year, citing concerns over demand in the United States and political turmoil in Brazil. Linde stuck with its full-year outlook for operating profit to rise by up to 7 percent and revenue to be flat, plus or minus 3 percent. Its second-quarter operating profit before depreciation, amortisation and special items rose 2 percent to 1.08 billion euros, beating the average estimate of 1.04 billion in a Reuters analyst poll thanks to Asia and Europe. Reporting by Georgina Prodhan; Editing by Maria Sheahan and Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-linde-results-idUKKBN1AD0LM'|'2017-07-28T16:58:00.000+03:00'
'bb6b720117f433d0aa7eeccd41000665443de282'|'Siemens offers to buy back gas turbines delivered to Crimea'|'July 28, 2017 / 3:13 PM / in 23 minutes Siemens offers to buy back gas turbines delivered to Crimea Reuters Staff 1 Min Read FILE PHOTO: FILE PHOTO: The Siemens AG headquarters is seen in Munich, Germany, June 14, 2016. Michaela Rehle/File Photo MUNICH (Reuters) - Germany''s Siemens ( SIEGn.DE ) on Friday said it has renewed an offer to buy back gas turbines delivered to Crimea in breach of Siemens contracts and European Union sanctions. "Siemens did offer to repurchase all turbines before they were illegally moved to Crimea against clear contractual agreements," a Siemens spokesman said in a statement. "The offer was turned down and, as we have recently published in our statement, we renewed our offer to buy back the equipment and annul the original contract," the statement said. Crimea is subject to EU sanctions on energy equipment since Russia annexed the Black Sea peninsula in 2014. Reporting by Joern Poltz; Writing by Edward Taylor; Editing by Tom Sims 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ukraine-crisis-crimea-siemens-idUKKBN1AD1YF'|'2017-07-28T18:10:00.000+03:00'
'204b0f8348ece118c9ae5ca34e770cdb473d5973'|'CANADA STOCKS-TSX falls as financials, consumer stocks weigh'|'July 28, 2017 / 1:46 PM / 4 hours ago CANADA STOCKS-TSX falls as financials, consumer stocks weigh 1 Min Read TORONTO, July 28 (Reuters) - Canada''s main stock index fell early on Friday, with financial and consumer stocks leading the retreat, even as domestic data showed strong economic growth, energy stocks gained and Bombardier Inc jumped after reporting a surprise profit. The Toronto Stock Exchange''s S&P/TSX composite index was down 40.45 points, or 0.27 percent, at 15,150.91 shortly after the open. (Reporting by Alastair Sharp; Editing by Alden Bentley) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1KJ0QC'|'2017-07-28T16:46:00.000+03:00'
'795668d250c7bcc93659e78ceacbeb4f37c6e45f'|'Schroders posts 21.6 percent rise in first-half assets on markets, inflows'|'July 27, 2017 / 6:31 AM / 14 minutes ago Schroders H1 assets buoyed by market gains, new client cash Simon Jessop 3 Min Read LONDON (Reuters) - British asset manager Schroders ( SDR.L ) posted a 21.6 percent rise in first-half assets under management, boosted by market gains and inflows of new client money, sending its shares higher on Thursday. Active asset managers such as Schroders have been hit by rising costs and pressure on fees as more money is invested using index-tracking funds, but the company said it had seen broad growth across its range of products in the six months to the end of June. Schroders, which manages mutual funds for retail and institutional clients, as well as offering wealth management services, said total assets were 418.2 billion pounds ($549.3 billion), from 343.8 billion pounds a year earlier. The gains were driven primarily by investment returns of 17.6 billion pounds, it said. While it took in 800 million pounds of new money across its business, the total was limited by outflows of 5.2 billion pounds from funds it advises on for other firms. That compares with inflows of 3.6 billion pounds for British peer Jupiter Fund Management ( JUP.L ) on Wednesday. "Overall a solid set of results with scope to edge up full year numbers," said Shore Capital analyst Paul McGinnis in a note to clients in which he kept a ''hold'' rating on the stock on valuation grounds. Shares in Schroders ( SDR.L ) were up 2 percent at 0815 GMT, outperforming in a flat FTSE 100 .FTSE . Many asset managers are looking to diversify into so-called ''alternatives'' like private equity to service institutional clients desperate for better returns, and earlier this year, Schroders agreed to buy Swiss-based private equity firm Adveq. Chief Executive Peter Harrison said the company would continue to diversify further. "Underlying progress in all regions was encouraging and we are building out our capabilities in Private Assets. We are confident in our ability to continue identifying, and investing in, areas of future growth," he said. The growth in assets helped underpin a 21 percent rise in pretax profit from the same period a year earlier to 342.8 million pounds, and a 17 percent rise in the interim dividend to 34 pence a share, it said in a statement. Reporting by Simon Jessop; editing by Maiya Keidan/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-schroders-results-idUKKBN1AC0LZ'|'2017-07-27T09:31:00.000+03:00'
'd33dd18ea0a9385d4092197d4e4c1655705f93f8'|'Why has Flybe put its cheap student luggage deal on hold? - Money'|'My son is a student in the Dutch city of Groningen which, after Amsterdam, has the highest student population in the Netherlands (it has two universities and there are more than 50,000 students, with half of the population being under 35). He flies there at the end of August for the start of the academic year and returns in late June/early July for the summer holidays; he also makes a return trip at Christmas and Easter. He makes a minimum six flights a year.I was delighted to discover that Flybe, which operates out of Southend (our closest airport), flies direct to Eelde airport on the outskirts of Groningen. It also offers a “student hold luggage deal” offering 46kg for the price of only 23kg which, according to the website, is because Flybe “appreciates that, for students, living away from home … a generous hold luggage allowance is important”.However, when I telephoned Flybe to find out more I was surprised to be told it doesn’t provide the offer on the Southend-Groningen route. The wording makes no mention of any restrictions. ED, IpswichFlybe told us, initially, that as the Southend-Groningen route is operated by its franchise partner, Stobart Air, any query should be addressed to them. However, it then had a change of heart and agreed to look at your complaint.It confirmed that the information given to you was wrong – hardly reassuring for the many students based in the south-east and east of England flying from Southend.It says: “Flybe has apologised to ED for the misunderstanding. We can confirm that this is available on all Flybe routes, including those operated by our franchise partners. We have taken immediate steps to ensure that all customer service staff are fully aware of Flybe’s offers and products.”We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone numberTopics Money Consumer champions Consumer rights Student finance Students Flights features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jul/30/flybe-student-luggage-deal-southend-airport'|'2017-07-30T14:00:00.000+03:00'
'ffa6b396358421a964ed41cc4f6a5b5d23b112bb'|'Daimler finance arm expects record year after first-half gains'|'July 30, 2017 / 11:17 AM / in 7 hours Daimler finance arm expects record year after first-half gains 2 Min Read FILE PHOTO - The Mercedes star logo of an E Coupe is pictured before the annual news conference of Daimler AG in Stuttgart, Germany, February 2, 2017. Michaela Rehle BERLIN (Reuters) - Daimler''s ( DAIGn.DE ) finance arm said it was heading for another record year after signing nearly one million new leasing and finance contracts between January and June. Daimler Financial Services, which handles customer financing and leasing for the German carmaker, expects a significant increase in new business this year and further growth in leasing and finance contracts, backed by expanding sales of Mercedes-Benz luxury cars, it said on Sunday. New business at the division jumped 19 percent in the first six months to 34.7 billion euros ($40.77 billion), with earnings before interest and tax up 15 percent to 1.05 billion, the company said. The portfolio of globally financed and leased vehicles increased 17 percent to 4.6 million vehicles with a total sales value of 134 billion euros, the Stuttgart-based company said. The company more than doubled the number of customers worldwide using its mobility services, including Car2Go car sharing to 14.5 million people, it said. ($1 = 0.8512 euros) Reporting by Andreas Cremer. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-daimler-financing-idUSKBN1AF0DS'|'2017-07-30T14:15:00.000+03:00'
'a57d4b7f7133811bf13b9dcc9fb5a94a396f0a5d'|'China says construction of PPP projects has entered the ''fast lane'''|'July 30, 2017 / 11:38 AM / in 3 hours China says construction of PPP projects has entered the ''fast lane'' Reuters Staff 2 Min Read BEIJING (Reuters) - China''s public-private partnership (PPP) project construction has entered the "fast lane" and will become a unified, standardised, transparent market, a government research office said. As of the end of June, there were 13,554 projects nationwide with investment of 16.3 trillion yuan ($2.4 trillion), according to data from the China Public Private Partnerships Center, the official Xinhua news agency said on Sunday. More than 34 percent of projects had reached the implementation phase, it said. "Our country''s public-private partnership project construction has enter the fast lane, an active period," Xinhua cited Wang Yiming, deputy director of the State Council Development Research Center, as saying. But Wang warned that as more projects moved from construction to operations, more risks were exposed, such as excessive financing that has led to high financial leverage and debt-to-capital ratios, and impractical projects in rural areas. In recent years, the government has tightened controls on new local government debt to help ward off risks following a borrowing binge since the global financial crisis. Authorities have also vowed to prevent local governments from using public-private partnerships, government investment funds and government procurement services as "disguised channels" for raising debt. The State Council, China''s cabinet, has said resolving local debt risks was important to ensure the country''s economic and fiscal sustainability and financial safety. China''s total private and public debt has exceeded 250 percent of gross domestic product, up from 150 percent before the global financial crisis, according to the Organisation for Economic Cooperation and Development. Reporting by Michael Martina; Editing by Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-ppp-idUKKBN1AF0EX'|'2017-07-30T14:38:00.000+03:00'
'a84146db7e387ee065e10fbc0bdd1416d4b4e682'|'FRC says auditors must challenge their clients more'|'July 27, 2017 / 11:09 PM / in 14 minutes FRC says auditors must challenge their clients more Huw Jones 3 Min Read LONDON (Reuters) - Accounting firms are still not always challenging properly what they are told by companies whose books they check, Britain''s accounting watchdog said on Friday. The Financial Reporting Council (FRC) said in its annual Developments in Audit report that it would focus in the coming year on improving the speed and effectiveness of enforcement. In the last financial year it doled out 12.5 million pounds in sanctions against auditors. "In our monitoring of audit quality we have yet to see overwhelming evidence of improvement in all sections of the market or the consistency of performance we want between different firms," said Melanie McLaren, the FRC''s executive director for audit and actuarial regulation. Whilst there is evidence of greater professional scepticism, this is also the area where the FRC finds the greatest number of issues, the watchdog said. The FRC said there was evidence of improving audit quality and a commitment to continuous improvement in a sector dominated by the "Big Four", namely PwC, KPMG, EY and Deloitte. There have been sweeping reforms of the audit sector since the global financial crisis a decade ago when banks that had been given a clean bill of health by auditors had to be rescued by taxpayers. The rules require all listed companies in the European Union to switch auditors at least every 20 years, ending a practise when some firms had the same accounting firm for many decades. Rotation is meant to increase scepticism and avoid over familiarity, but it has largely been a merry-go-round among the Big Four as they have the global networks needed to check multinational firms. The share of the Big Four firms in auditing Britain''s 350 biggest listed companies has actually risen to 97 percent from 95 percent over the past six years, the FRC said. The FRC said shareholders found that rotation brings fresh challenge and new perspectives. "The audit market and confidence in it in the UK is changing significantly, with the impact of audit tendering and rotation requirements seeing greater competition on quality between the biggest firms," the FRC said. Reporting by Huw Jones, editing by Pritha Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-accounts-regulator-idUKKBN1AC3EP'|'2017-07-28T02:09:00.000+03:00'
'24eb00b7c870eebd81bd3017badf8423fabfcab8'|'Austrian ''bad bank'' Heta suspends some compliance staff'|'July 28, 2017 / 12:29 PM / 24 minutes ago Austrian ''bad bank'' Heta suspends some compliance staff Reuters Staff 1 Min Read VIENNA (Reuters) - Austrian ''bad bank'' Heta [HAABI.UL] said it had suspended several members of its compliance team while it investigates alleged weaknesses brought to its attention by a whistleblower. Heta said on Friday it had asked unnamed "independent experts" to look into the issue and report back by the end of August as well as take over compliance work in the interim. Austria''s Heta was formed from Hypo Alpe Adria which became the country''s worst financial disaster since World War Two, costing taxpayers billions of euros, when it was nationalised in 2009. "The management board of Heta ... were given a piece of information which can be classified as whistleblowing about some procedural weaknesses in the sectors compliance and revision," Heta said in a statement. "The supervisory board currently has no evidence that the accusations are true or that Heta might have incurred damage from these alleged procedural weaknesses," it added. Reporting by Shadia Nasralla; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-austria-heta-badbank-compliance-idUKKBN1AD1IM'|'2017-07-28T15:28:00.000+03:00'
'b5a6f6985952d8625aefc4c40970064a115d1a10'|'U.S. upgrades probe into 1.33 million Ford Explorers over exhaust odours'|'July 28, 2017 / 2:03 AM / in 28 minutes U.S. upgrades probe into 1.33 million Ford Explorers over exhaust odours David Shepardson 3 Min Read FILE PHOTO: The 2016 Ford Explorer is shown during the model''s world debut at the Los Angeles Auto Show in Los Angeles, California November 19, 2014. Lucy Nicholson WASHINGTON (Reuters) - The U.S. National Highway Traffic Safety Administration is upgrading and expanding a probe into 1.33 million Ford Explorer SUVs over reports of exhaust odours in vehicle compartments and exposure to carbon monoxide that may be linked to crashes and injuries. The auto safety agency said in a statement on Thursday it was aware of more than 2,700 complaints and three crashes that may be linked to exposure to carbon monoxide and 41 injuries among police and civilian vehicles in the probe covering 2011-2017 model year Ford Explorer sport utility vehicles. Ford has issued multiple technical service bulletins related to the exhaust odour issue to address complaints from police fleets and other owners, NHTSA said. Ford said in a statement a dedicated company team is working with police, NHTSA and others "to investigate reported issues and solve them." The probe was opened in 2016 into 638,000 vehicles and upgraded on Thursday to an engineering analysis, a step before the agency can formally demand an automaker conduct a recall if it believes vehicles pose an unreasonable risk to safety. NHTSA said it "is actively working with law enforcement agencies that use these vehicles to determine if this issue is related to a potential safety defect." The agency said it had "no substantive data or actual evidence," such as a blood test "supporting a claim that any of the alleged injury or crash allegations were the result of carbon monoxide poisoning." But NHTSA has obtained preliminary testing that suggests carbon monoxide levels may be elevated in certain driving scenarios, "although the significance and effect of those levels remains under evaluation." The agency said it was examining vehicles used by the Austin, Texas, police department and "using professional grade detectors to monitors carbon monoxide under different driving scenarios." KXAN-TV in Austin reported this month that Austin police had pulled 40 Explorers from service and more than a half dozen officers became ill after reporting exposure to carbon monoxide. NHTSA has conducted field inspections of vehicles and crashes involving police units that occurred while the officers were on duty. NHTSA also said it recently learnt that the Police Interceptor version of the Ford Explorer was experiencing exhaust manifold cracks, "which appear to present a low level of detectability, and may explain the exhaust odour." The agency said the reported injuries include "loss of consciousness, with the majority indicating nausea, headaches, or light-headedness." Police have reported two crashes that may be linked to carbon monoxide exposure, including a rollover incident, and a third incident involving injuries related to carbon monoxide exposure. Reporting by David Shepardson; Editing by Peter Cooney and Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ford-safety-idUKKBN1AD079'|'2017-07-28T05:02:00.000+03:00'
'08e78976166946d0deab76e6586e56c531870714'|'BNP Paribas posts smaller-than-expected fall in second-quarter profit'|'July 28, 2017 / 5:48 AM / 3 hours ago BNP Paribas posts smaller-than-expected fall in second-quarter profit 3 Min Read A man walks past a BNP Paribas bank sign on an office building in Nantes, France, July 21, 2017. Stephane Mahe PARIS (Reuters) - BNP Paribas ( BNPP.PA ), France''s biggest listed bank, posted a smaller than expected drop in second-quarter net income on Friday, as it benefited from cost cuts and stronger revenue in its investment banking division. BNP Paribas is overhauling business and chopping costs, as it invests to digitise more functions and to diversify activities even more into consumer finance or asset management to protect profits from a low interest rate environment. "CIB (corporate and institutional bank) had very good quarter," BNP Paribas said in a statement after it reported a 6.4 percent drop in net income to 2.396 billion euros, beating by far the average estimate of 1.91 billion in a Reuters poll of five analysts. CIB revenue rose 4.6 percent, as a 25.8 percent rise in equity trading and prime dealing services helped cushion a 15.9 percent fall in fixed income trading revenue. This compares with 1 percent rise for equities trading among five U.S. biggest banks on average and a 17 percent dip in fixed income trading. FILE PHOTO: The logo of BNP Paribas bank is pictured on an office building in Nantes, France, July 21, 2017. Stephane Mahe/File Photo BNP has chosen to develop a strategy for corporate clients in Europe, called "One Bank", which focuses on cross-selling between divisions and aims at offering a wide range of products in order to win loyalty of companies. Its corporate banking revenue rose 13.5 percent, boosted by growth in cash management and trade finance. CIB expenses were down by 6.0 percent due to cost savings measures implemented as part of the bank’s transformation plan launched in the beginning of 2016, aimed at improving the pre-tax return on equity for the business to 19 percent in 2020 from 13.3 percent in 2016. Overall, revenue decreased to 10.94 billion euros from 11.32 billion a year earlier when it reported an exceptional capital gain of 597 million from the sale of a stake Visa Europe. Revenues also came in above the 10.84 billion euros expected by analysts, as stronger earnings in corporate and institutional banking, international financial services helped to offset a slight decline in European retail banking markets revenue. ($1 = 0.8559 euros) Reporting by Maya Nikolaeva and Julien Ponthus; Editing by Sudip Kar-Gupta and Leigh Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bnp-paribas-results-idINKBN1AD0JG'|'2017-07-28T08:47:00.000+03:00'
'620ad7c463a14ca01909e0614928d910a9f0e795'|'UK GDP: economy grows by just 0.3% amid ''notable slowdown'' - Business - The Guardian'|'Philip Hammond has admitted that consumers are suffering from the pound’s sharp post-referendum fall, after what government statisticians have called a “notable slowdown” in growth in the first half of the year.The economy grew by just 0.3% in the second quarter of 2017 following 0.2% expansion in the first three months of the year, Office for National Statistics figures showed.The chancellor, who says businesses and households are being affected by the lack of clarity about Brexit, put the sharp easing of growth in the past six months down to the squeeze on the cost of living caused by dearer imports.“Consumers are being affected by the inflation that was created by the depreciation of the currency in the autumn of last year. That will pass through the economy, but I absolutely recognise it’s painful as it’s passing through the economy,” Hammond said in an interview with ITV News.The expansion in the three months to June was in line with City expectations that the weakness of the economy meant no chance of an increase in interest rates by the Bank of England next week.Official data for gross domestic product showed that of the three big sectors of the economy, only services were bigger at the end of June than in March.Services, which account for almost 80% of the economy’s output, posted growth of 0.5% over the quarter. Industrial production, which includes manufacturing, fell by 0.4%, while construction was down by 0.9%.Q&A What is gross domestic product (GDP)? Show Hide Gross domestic product (GDP) is a key government statistic and provides a measure of the UK''s total economic activity.Put simply, if GDP is up on the previous three months, the economy is growing; if it is down, it is contracting. Two or more consecutive quarters of contraction mean the economy is officially in recession.GDP is the sum of all goods and services produced in the economy, including the service sector, manufacturing, construction, energy, agriculture and government.Economists are concerned with the real rate of change of GDP, which shows how the economy is performing once inflation is taken into account.The Office for National Statistics produces quarterly official GDP figures about three and a half weeks after the end of each three-month period.The ONS uses three measures and they should, at least in theory, all add up to the same number.• The value of all goods and services produced - known as the output or production measure.• The value of the income generated from company profits and wages - known as the income measure.• The value of goods and services purchased by households, government, business (in terms of investment in machinery and buildings) and from overseas - known as the expenditure measure.The ONS publishes three estimates of quarterly GDP figures. The first "flash" estimate comes out about 25 days after the quarter in question has ended. The figures usually get revised in subsequent months as more data from businesses and government departments is received. But even the third, dubbed "final", estimate of quarterly GDP is not set in stone: the Blue Book, which is published once a year, in August, contains revisions going back the last 18 years.The National Institute of Economic and Social Research''s estimate comes out about three weeks before the official figures.The ONS also calculates the size of the UK economy relative to the number of people living here. GDP-per-capita shows whether we are actually getting richer or poorer, by stripping out the impact of population changes. Was this helpful? Thank you for your feedback. When adjusted for a rising population, Britain’s economic growth came to a virtual standstill in the first half of 2017. Growth per head was up 0.1% in the second quarter after being flat in the first quarter. Over the year since the Brexit vote, GDP per head has risen by 1% and is only 1.9% higher than it was before the economy plunged into recession in early 2008. Darren Morgan, head of national accounts at the Office for National Statistics, said: “The economy has experienced a notable slowdown in the first half of this year. While services such as retail, and film production and distribution showed some improvement in the second quarter, a weaker performance from construction and manufacturing pulled down overall growth.”UK GDP growth The economy confounded predictions that it would plunge into recession after the EU referendum last June, posting stronger growth in the second half of 2016 than in the first half.The fall in the value of the pound has pushed up inflation and made life tougher for consumers since the turn of the year.Brexit economy: sterling fall hits public finances and fails to boost trade Read more Retail activity was the biggest single contributor to growth in the second quarter but this followed a fall in the first quarter. The ONS said spending in the shops and online was broadly flat in the first half of the year.The ONS said the film industry played a significant role in the modest rise in GDP from the first quarter, adding almost 0.1 percentage points to growth.A spokesman said the boost to film production was the biggest factor, but added that ticket sales for Wonder Woman and the latest in the Pirates of the Caribbean franchise also played a part.Despite buoyant survey evidence, the hard economic data from the ONS showed manufacturing was struggling. UK factories saw production fall by 0.5% during the second quarter, largely due to a drop in motor vehicle output.UK suffers ''notable slowdown'' as GDP rises by 0.3% in second quarter of 2017 - business live Read more In the year to the second quarter, the economy grew by 1.7%, down from 1.9% in the first quarter.John McDonnell, the shadow chancellor, said: “Today’s GDP figures reveal weak growth under a weak government, and expose the last seven years of Tory economic failure.“Growth for the first half of 2017 is below expectations, and it follows continued data showing working families are being squeezed with wages not keeping up with prices. The truth is that the Tories’ austerity cuts have undermined working people’s living standards and weakened the UK economy.”Chris Williamson, the chief business economist at IHS Markit, said: “These meagre growth rates indicate that the economy has lost momentum in 2017, and will consequently fail to achieve the 1.8% expansion seen in 2016.“The second quarter growth was below the 0.4% expansion anticipated by the Bank of England, and therefore suggests we will see the central bank revise down its forecasts for the economy next week from the 1.9% growth it has currently penciled in.Topics Economic growth (GDP) Economics Economic policy Philip Hammond Inflation news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/26/uk-gdp-economy-grows-slowdown-manufacturing-construction-services'|'2017-07-26T16:45:00.000+03:00'
'ca04c0deab246c8d6b4eb041b672d4b0617cd010'|'AT&T shares surge more than 4 percent, low churn helps'|'Edition United States July 26, 2017 / 7:53 PM / a minute ago AT&T shares surge more than 4 percent, low churn helps Sheila Dang 3 Min Read The AT&T logo is seen on a store in Golden, Colorado United States July 25, 2017. Rick Wilking (Reuters) - AT&T Inc ( T.N ) shares jumped more than 4 percent on Wednesday, notching their biggest one-day percentage gain since March 2009, a day after the carrier said its bundled products had helped slow losses of its most lucrative wireless customers. Churn among phone subscribers who pay a monthly bill was 0.79 percent in the quarter, the lowest in the company''s history, AT&T said its second-quarter earnings report on Tuesday. AT&T said it lost 89,000 U.S. phone subscribers who pay a monthly bill in the quarter, its most lucrative customers. Analysts had expected a far bigger loss of 256,000. The company''s better-than-expected subscriber metrics and margin performance alleviated some concerns that hang over the stock, Barclays analyst Amir Rozwadowski wrote in a note on Wednesday. "In Wireless, it now seems clear that we will see record low churn for the industry this quarter, with consumers likely waiting for the new iPhone before switching and upgrading," wrote New Street Research analyst Jonathan Chaplin on Wednesday. The second-largest U.S. wireless carrier competes for customers with Verizon Communications ( VZ.N ) and smaller rivals Sprint Corp ( S.N ) and T-Mobile US Inc ( TMUS.O ). It bought Time Warner Inc ( TWX.N ) for $85.4 billion to bundle mobile service with entertainment. AT&T expects that deal to close by year-end. AT&T announced in April it was offering its unlimited wireless plan with its streaming service DirecTV Now for an additional $10 a month. Product bundles will help win new subscribers and keep existing ones, Chief Financial Officer John Stephens said on a post-earnings conference call with analysts. AT&T reported second-quarter earnings of 79 cents per share, excluding certain items, topping analysts'' average estimate of 73 cents per share. Longer term, the Dallas-based company''s share appreciation will depend on performance after its acquisition of Time Warner, Barclays said. Shares of AT&T were last up more than 4 percent at $37.87 in afternoon New York Stock Exchange trading. Reporting by Sheila Dang; Editing by Anna Driver and Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-at-t-stocks-idUKKBN1AB2R6'|'2017-07-26T22:49:00.000+03:00'
'3bd00fa2fc87d69abd2e484ae93dbeb9dc8fb6a4'|'Brewin Dolphin third-quarter funds under management up 3.7 percent'|'July 26, 2017 / 6:36 AM / 24 minutes ago Brewin Dolphin third-quarter funds under management up 3.7 percent Reuters Staff 1 Min Read LONDON (Reuters) - British wealth manager Brewin Dolphin ( BRW.L ) on Wednesday posted a 3.7 percent rise in third-quarter total assets to 39.2 billion pounds ($51.03 billion), helped by net inflows of new client money. The firm''s discretionary funds increased by 4.4 percent in the quarter ending on June 30, to 32.9 billion pounds, boosted by 700 million pounds in assets acquired through the purchase of Duncan Lawrie Asset Management. The gains helped it post record total income for the quarter of 77.3 million pounds, it said in a statement, with total fee income growth of 16 percent. Reporting by Simon Jessop, editing by Maiya Keidan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brewin-dolphin-trading-idUKKBN1AB0LP'|'2017-07-26T09:36:00.000+03:00'
'7b8e51271b005512893d55496db19ccbe0d89951'|'Brazil''s PDVSA sees $1.9 bln hit to Q2 results from tax debits'|'The logo of Brazil''s state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. Paulo Whitaker SAO PAULO (Reuters) - Brazilian state-run oil company Petrobras said on Wednesday that its second-quarter results will be hit by a 6 billion reais ($1.9 billion) charge to include debits from changes to a pension fund scheme in its tax normalization program.Petroleo Brasileiro SA said in a filing that it will make a total payment of 4.3 billion reais in taxes, with 1.3 billion reais up front and the rest in 145 monthly installments starting in January 2018.Reporting by Luciano Costa; Editing by Leslie Adler '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-petrobras-idUSKBN1AB32W'|'2017-07-27T02:13:00.000+03:00'
'bcbf57f99374420b4179d7622599c4ae8a7a143f'|'New York City Comptroller Stringer calls for new chairman at Wells Fargo'|'FILE PHOTO: A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. Jim Young/File Photo BOSTON (Reuters) - New York City Comptroller Scott Stringer on Friday called on Wells Fargo & Co ( WFC.N ) to replace its chairman Stephen Sanger after the bank said customers were wrongly charged for auto loan insurance.Stringer, a past critic of the bank who oversees city worker pension funds, said in an emailed statement that the bank''s board "needs to be overhauled - now."Reporting by Ross Kerber; Editing by Bernadette Baum '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-wellsfargo-accounts-board-idUSKBN1AD27J'|'2017-07-28T19:54:00.000+03:00'
'5ebc9f9eef5418e2fdbe8798c758209cb886f021'|'Brooklyn jurors to begin deliberating in Martin Shkreli''s fraud case'|'July 28, 2017 / 8:15 PM / 14 minutes ago Brooklyn jurors to begin deliberating in Martin Shkreli''s fraud case Brendan Pierson 3 Min Read Former drug company executive Martin Shkreli exits U.S. District Court in the Brooklyn borough of New York City, U.S., July 28, 2017. Mike Segar NEW YORK (Reuters) - The fate of former drug company executive Martin Shkreli now rests with jurors in Brooklyn federal court, who will begin deliberating Monday morning after a month-long trial. Shkreli, 34, is best known for raising the price of anti-infection drug Daraprim by 5,000 percent in 2015 as chief executive of Turing Pharmaceuticals. The increase sparked outrage from U.S. lawmakers and patients and earned Shkreli the nickname "pharma bro." The charges he now faces relate not to Turing but to Shkreli''s management of his previous drug company, Retrophin Inc, and hedge funds MSMB Capital and MSMB Healthcare, between 2009 and 2014. Prosecutors claim he lied to MSMB investors, lost their money and paid them back with cash and stock stolen from Retrophin. On Friday, jurors finished hearing lawyers'' closing arguments in the case. "Maybe Martin could have been more responsive to the needy investors," said Benjamin Brafman, Shkreli''s lawyer. "Maybe because of the way his mind operates at warp speed, he was doing too many things at one time." But Brafman urged jurors to see Shkreli as an eccentric genius, driven by his desire to build a drug company that would save lives. He stressed that the investors made money in the end. In a rebuttal, Assistant U.S. Attorney Jacquelyn Kasulis said Brafman was describing a "mythological Martin Shkreli." Former drug company executive Martin Shkreli (C) exits U.S. District Court in the Brooklyn borough of New York City, U.S., July 28, 2017, with his lead attorney Benjamin Brafman (L). Mike Segar "He knew exactly what he was doing," she said. "We have proven his intent to deceive beyond any doubt." She described Shkreli as "calculating," saying he told investors what they wanted to hear so they would hand over their money. Slideshow (2 Images) Kasulis told the jurors it did not matter that Shkreli''s hedge fund investors were paid back by Retrophin. "If you rob a bank, and then you rob another bank to pay back the first back, you still robbed that first bank," she said. Shkreli, who did not testify in his defense, has often seemed to revel in his public reputation, posting on social media even as his trial unfolded. "My case is a silly witch hunt perpetrated by self-serving prosecutors," he posted on Facebook Thursday, after the first part of Brafman''s argument. "Thankfully my amazing attorney sent them back to junior varsity where they belong. Drain the swamp. Drain the sewer that is the (U.S. Department of Justice). MAGA." "MAGA" is widely used as an acronym for "Make America Great Again," President Donald Trump''s campaign slogan. Reporting by Brendan Pierson in New York; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-crime-shkreli-idUKKBN1AD2KB'|'2017-07-28T23:15:00.000+03:00'
'cdabceddef50d94c2a8546725d1e8f67c2183644'|'Hutchison Telecommunications sells fixed-line business to I Squared for $1.9 billion'|'July 30, 2017 / 10:33 AM / 28 minutes ago Hutchison Telecommunications sells fixed-line business to I Squared for $1.9 billion Reuters Staff 1 Min Read HONG KONG (Reuters) - Hutchison Telecommunications Hong Kong Holdings Ltd ( 0215.HK ) said on Sunday it agreed to sell its fixed-line telecoms business to private equity firm I Squared Capital Advisors LLC for about $1.9 billion, raising funds to invest in its mobile phone business and for working capital. The company sold its Hutchison Global Communications business, which provides fixed-line phone business as well as Wifi all around Hong Kong, for HK$14.5 billion ($1.86 billion) to a unit of I Squared Capital in cash, according to a filing to the Hong Kong stock exchange. ($1 = 7.8095 Hong Kong dollars) Reporting by Elzio Barreto. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hutchison-tele-sale-idUKKBN1AF0CB'|'2017-07-30T13:33:00.000+03:00'
'39d71db7a0d9548b77159db30545cd28843f88a1'|'Express Scripts bearish on new Anthem contract'|'The office building of health insurer Anthem is seen in Los Angeles, California February 5, 2015. Gus Ruelas (Reuters) - Pharmacy benefit manager Express Scripts Holding Co ( ESRX.O ) said on Tuesday that a new contract with biggest customer Anthem Inc ( ANTM.N ) would be on terms significantly less favorable for the company.Express Scripts said in April that health insurer Anthem, which has sued the company in March last year over claims of being overcharged, was unlikely to renew its contract after it ends in 2019.Anthem subsequently said that it would consider Express Scripts and all other interested parties as it looked to sign a new contract."If we do enter into new contract with Anthem, it would be on terms significantly less favorable to us than current contract," Express Scripts said in a regulatory filing. ( bit.ly/2vH180q )Express Scripts spokesman Brian Henry said that the company is no more or less bearish than when it made its regulatory disclosures last quarter.Express Scripts shares fell 1.85 percent in extended trading on Tuesday.Express Scripts said the Anthem contract generated about 19 percent of total consolidated revenues for the quarter ended June 30.Express Scripts also reported better-than-expected second-quarter earnings. The company forecast a third-quarter profit above Wall Street estimates.Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Lisa Shumaker '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-express-scripts-anthem-idUSKBN1AB011'|'2017-07-26T03:22:00.000+03:00'
'fd37dc2f62abe7853b03b361b562943405fb9949'|'Heading to Germany because of Brexit? Call this free tax hotline'|'July 26, 2017 / 11:05 AM / in 3 hours Heading to Germany because of Brexit? Call this free tax hotline Reuters Staff 2 Min Read The European Union and German nation flags are pictured before a debate on the consequences of the Brexit vote at the lower house of parliament Bundestag in Berlin, Germany, June 28, 2016. Fabrizio Bensch FRANKFURT (Reuters) - The western German state of Hesse, home to Frankfurt, has set up a toll-free hotline and website - both in English - aimed at handling tax queries from finance professionals considering a move in the age of Brexit. "Do you have any initial questions regarding your income tax matters - and in English? Then you have come to the right place!" the website, gofrankfurttax.com, welcomes visitors on its homepage, which is illustrated with a banner of the Frankfurt skyline. The English-language hotline is free for anyone calling from Germany or Britain. Hesse''s Finance Minister Thomas Schaefer also invites prospective migrants for face-to-face conversations with his tax experts. The state has been working hard to market itself as a home to the financial industry following Britain''s exit from the European Union. Wall Street banks Morgan Stanley ( MS.N ) and Citigroup ( C.N ) both said last week they were going to establish their EU trading headquarters in Frankfurt to ensure they could still serve customers in the bloc after Brexit. "German tax law is a challenge even for Germans," said Bernadette Weyland, state secretary in the Hesse finance ministry. "Those who come from another country are sure to have even more questions." International banks that have said they would set up subsidiaries in Frankfurt include Mizuho Financial Group ( 8411.T ), Nomura ( 8604.T ), Daiwa Securities ( 8601.T ), Sumitomo Mitsui Financial Group ( 8316.T ), and British lender Standard Chartered STAN.L. Reporting by Tom Sims; Editing by Alison Williams 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-germany-idUKKBN1AB1G8'|'2017-07-26T14:05:00.000+03:00'
'ac6b3c78b37e84c8db168edddea2b7dc3fe916b0'|'Round Two: Elliott Advisors, Akzo Nobel resume combat in Dutch court'|'July 27, 2017 / 8:15 AM / 6 hours ago Round Two: Elliott Advisors, Akzo Nobel face off in Dutch court 4 Min Read FILE PHOTO: Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM (Reuters) - Activist hedge fund Elliott Advisors returned to court on Thursday to try to oust the chairman of Dutch paints group Akzo Nobel ( AKZO.AS ) over his rejection of a 26.3 billion euro ($30 billion) takeover proposal from PPG Industries ( PPG.N ). Elliott, the largest Akzo investor with a 9.5 percent stake, is pursuing the case even after Akzo said on Tuesday that 70-year old Chairman Antony Burgmans would step down when his term expires next April. That will be too late for Elliott which is engaged in an increasingly bitter fight against Burgmans, who it blamed in court for financial underperformance and causing a "crisis of confidence" among Akzo shareholders. Akzo and Pittsburgh-based PPG are in a six-month compulsory cooling off period which expires in December. Elliott lawyer Jan-Willem de Groot said there was widespread shareholder support for their demands. "Almost the entire top 20 of Akzo shareholders, representing total investments of more than 6 billion euros, have been urging a meeting for months," he said, naming British pension scheme investor USS, Franklin Templeton and Dodge & Cox. Some analysts believe the departure of the two leading opponents of a deal, after Chief Executive Ton Buechner announced his immediate resignation on July 19 due to health reasons, could open the door for talks. In a preliminary ruling in May, Amsterdam''s Enterprise Chamber rejected Elliott''s first bid to compel Akzo to convene an extraordinary meeting of shareholders to vote on dismissing Burgmans, saying it was an attempt to wrest control of the company''s strategic direction from the board. Akzo said Elliott and York Capital Management, which has joined the Dutch lawsuit, were still trying to force the Dulux paintmaker to change course. "All objections to Burgmans relate to the strategy and decisions regarding PPG," lawyer Harm-Jan de Kluiver said. "But it''s already established that Akzo Nobel''s boards acted within their rights." Buechner''s sudden departure left his successor, relatively new chemicals division chief Thierry Vanlancker, to deliver higher sales and margins promised when the Dutch paintmaker fended off PPG''s takeover attempt. Akzo''s second quarter results, announced on Tuesday, missed expectations. The company''s shares traded up 1.1 percent at 76.50 euros on Thursday afternoon, far below PPG''s final cash and share proposal of around 95 euros made in April. Akzo said that shareholders would have their say at an extraordinary meeting on Sept. 8, but Elliott responded furiously, saying Akzo had chosen "yet again to flout fundamental shareholder rights" by not allowing a vote on Burgmans too. The court will present its ruling on Aug. 10. If it rules in favor of Elliott and York, Akzo will have to convene another extraordinary shareholders meeting, as it will be too late to add items to the agenda of the Sept. 8 meeting due to regulatory deadlines. Editing by Keith Weir '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-akzo-nobel-shareholders-activism-idUSKBN1AC11X'|'2017-07-27T11:13:00.000+03:00'
'f3d1903197aa9caa3ef96a8224b5d3f5cac5ce7f'|'EU gives initial OK to more Russia sanctions over Siemens, no final decision'|'July 27, 2017 / 5:26 PM / an hour ago EU gives initial OK to more Russia sanctions over Siemens, no final decision Gabriela Baczynska 2 Min Read FILE PHOTO - Siemens logo is pictured at Siemens Healthineers headquarters in Erlangen near Nuremberg, Germany on October 7, 2016. Michaela Rehle/File Photo BRUSSELS (Reuters) - European Union states have given initial backing to a German proposal to blacklist several more Russian nationals and companies over the delivery of Siemens ( SIEGn.DE ) gas turbines to Crimea, but made no final decision, diplomats said. Berlin made the proposal at a Brussels meeting of 28 EU ambassadors on Wednesday after it emerged that the turbines had been delivered to the peninsula, annexed by Russia from Ukraine in 2014, in contravention of EU sanctions. Diplomatic sources said on Thursday there was "political understanding" for the proposal and that it had been approved in principle, and referred to a lower-level group of legal experts who deal with sanctions. Two diplomats said Italy had voiced scepticism, though both thought the measures would go ahead. One said Luxembourg also had reservations, while the other said the final decision could come as early as next week. The two countries'' diplomatic missions to the EU were not immediately available for comment on Thursday. The EU''s blacklist subjects 150 people and 37 entities to an asset freeze and a travel ban over the turmoil in Ukraine. The EU has also imposed economic sanctions on Russia itself, which is supporting a separatist rebellion in Ukraine''s industrial east. Italy is among EU states who frequently note that three years of coordinated EU and U.S. sanctions have failed to force a change of tack in Moscow, while hurting European business. The EU needs unanimity to impose or extend any sanctions. A senior diplomatic source told Reuters on Monday that four more Russian nationals - including from the energy ministry - could be blacklisted, as well as three Russian firms, including the one that delivered the turbines to the peninsula. Siemens says it has evidence that the turbines it delivered to Russia were moved to Crimea illegally. Editing by Kevin Liffey '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ukraine-crisis-crimea-siemens-eu-idUSKBN1AC2S1'|'2017-07-27T20:26:00.000+03:00'
'46f94b49840568804a01af375cf73b024650ea79'|'Oil climbs for sixth day, near eight-week highs on U.S. crude stock declines'|'July 28, 2017 / 1:06 AM / an hour ago Oil extends gains, on track for biggest weekly rise this year Devika Krishna Kumar 4 Min Read Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. Nick Oxford NEW YORK (Reuters) - Oil prices edged up on Friday, reaching two-month highs and on track to post the strongest weekly percentage gains this year amid short covering and as investors digested signs of easing oversupply. U.S. crude and gasoline inventories fell much more steeply than expected this week and the world''s biggest oil exporter Saudi Arabia said it would further reduce oil output in August. Brent crude futures were up 86 cents at $52.35 a barrel at 11:35 a.m. EDT (1535 GMT) after reaching a two-month high of $52.68 a barrel. The front of the crude oil curve jumped into backwardation however, with the month-ahead trading above the subsequent month, showing investors are not expecting recent gains to last. Short covering in the September contract contributed to the rally in the front-month spread, traders said. Physical markets have firmed due in large part to very strong refining margins. Royal Dutch Shell Plc extended its force majeure on exports of Nigeria''s Bonny Light crude oil to cover the outage of the Trans Niger pipeline, a statement from the company said on Friday, providing further support to Brent crude. U.S. West Texas Intermediate (WTI) crude futures were up 57 cents at $49.61 a barrel, after also touching a two-month peak of $49.78 a barrel. Both Brent and WTI contracts are set to post their biggest weekly percentage gains this year with a rise of more than 8 percent. "Both markets are seeing a strong move in spreads through most of 2017 and 2018 due to shorts covering into heavy producer flow," said Scott Shelton, broker at ICAP in Durham, North Carolina. "Overall, I think the bullish demand story is taking the headlines away from the supply story as products are strong globally when refinery runs are maxed and that implies that current demand expectations could be significantly below reality." The gains in Brent pushed the difference between the two benchmarks to the widest in two months. "We also see tightness in August RBOB gasoline going into Monday''s contract expiration, with futures traders apparently caught short by the inventory data for last week," Tim Evans, Citi Futures'' energy futures specialist, said in a note. U.S. gasoline futures for delivery in August were up more than 1 percent at the highest since May 24. U.S. crude stocks fell sharply by 7.2 million barrels in the week to July 21 due to strong refining activity and an increase in exports, according to data from the Energy Information Administration (EIA). Gasoline stocks fell by 1 million barrels, compared with analyst expectations for a 614,000-barrel drop. [EIA/S] Brimming U.S. crude supplies have challenged production cuts to prop up prices led by the Organization of the Petroleum Exporting Countries, meaning weekly U.S. inventory data is closely watched. However, some analysts'' assessments of the oil market remained bearish. "We believe the latest price rise is on a fragile footing," analysts at Commerzbank said, adding OPEC production was likely to rise in the coming months as the group has not officially capped output from members Libya and Nigeria. Investors were eyeing an update on the U.S. rig count expected later on Friday to assess any signs of a slowing down in drilling activity. Additional reporting by Karolin Schaps in London, Jane Chung in Seoul; Editing by Adrian Croft and Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1AD04I'|'2017-07-28T04:04:00.000+03:00'
'273a7cef283432e8c645abf978a70cbf95839c80'|'Ecuador says clinches new payment deal with Schlumberger'|'July 28, 2017 / 12:15 AM / 18 hours ago Ecuador says clinches new payment deal with Schlumberger Alexandra Valencia 1 Min Read QUITO (Reuters) - Ecuador said on Thursday it had successfully negotiated a payment plan with Schlumberger, although it did not specify if the deal included reimbursement for roughly $850 million owed to the oil service company. Ecuador''s economy has struggled since the 2014 collapse of oil prices and a devastating earthquake last year that killed some 670 people and cost an estimated $3 billion. The smallest member of OPEC has built up debts for oilfield services that Schlumberger has described as causing "considerable financial stress." Schlumberger did not immediately respond to a request for comment. Ecuador said it had reached a deal to index contracts to international crude prices to better reflect market conditions and spur investments. "As part of the renegotiation, new investments from the contractor for $1.008 billion were also agreed on," the Hydrocarbons Ministry said in a statement. Ecuador said it had also reached a deal with Argentina''s Tecpetrol. Reporting by Alexandra Valencia; Writing by Alexandra Ulmer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ecuador-oil-idUSKBN1AD00J'|'2017-07-28T03:11:00.000+03:00'
'd47df07934c4242cf80f0a65fc514f659ec24610'|'U.S. jury finds Macau billionaire guilty in U.N. bribery case'|'July 27, 2017 / 9:43 PM / in 3 minutes U.S. jury finds Macau billionaire guilty in U.N. bribery case Jonathan Stempel 3 Min Read FILE PHOTO - Macau real estate developer Ng Lap Seng, accused of bribing former United Nations General Assembly president John Ashe, exiting U.S Federal Court in New York, New York U.S., June 27, 2016. Andrew Kelly/File Photo NEW YORK (Reuters) - A U.S. jury on Thursday found Macau billionaire Ng Lap Seng guilty on charges he bribed two United Nations ambassadors to help him build a multibillion-dollar conference centre. Ng, 69, was convicted on all six counts he faced, including bribery, money laundering and corruption, in the U.S. District Court in Manhattan. Jurors needed less than a day to reach a verdict, following a four-week trial. "In his unbridled pursuit of even greater personal fortune, billionaire Ng Lap Seng corrupted the highest levels of the United Nations," Acting U.S. Attorney Joon Kim said after the verdict. "Through bribes and no-show jobs, Ng turned leaders of the league of nations into his private band of profiteers." Tai Park, a lawyer for Ng, said in court that his client had "substantial" legal issues to raise on appeal. Park later declined to comment to reporters. The United Nations also had no comment. Prosecutors accused Ng of paying more than $1 million of bribes to bypass the normal hassles of dealing with the U.N., with a goal of winning "fame and more fortune" by developing in Macau what he thought of as the "Geneva of Asia." Ng hoped that building the conference centre, meant to serve developing countries, would pave the way for the construction of luxury housing, hotels, a shopping mall, marinas and a heliport, prosecutors said. Defense lawyers countered that Ng''s goals were consistent with the types of public-private partnerships that the U.N. favors, and that other diplomats abused Ng''s trust. FILE PHOTO: Ng Lap Seng, a Macau billionaire real estate developer, exits the Manhattan U.S. District Courthouse in New York, U.S., October 26, 2015. Brendan McDermid/File Photo The conference centre was never built. Ng has been free on $50 million bail, living under 24-hour guard in a luxury Manhattan apartment. After Assistant U.S. Attorney Daniel Richenthal warned that Ng could now be a flight risk, U.S. District Judge Vernon Broderick modified bail by subjecting Ng to house arrest. "He is not to leave the apartment: no ifs, ands or buts about it," the judge said. Broderick scheduled an Aug. 7 hearing to decide whether to revoke bail. Prosecutors said the recipients of Ng''s bribes were Francis Lorenzo, a former deputy ambassador of the Dominican Republic, and John Ashe, a former U.N. General Assembly president and ambassador from Antigua and Barbuda. Lorenzo pleaded guilty to bribery and money laundering, and testified against Ng for more than a week after agreeing to cooperate with prosecutors. Ashe was also criminally charged, but died accidentally at home in June 2016 after dropping a barbell on his neck. Reporting by Jonathan Stempel in New York; Additional reporting by Michelle Nichols at the United Nations; Editing by Bernard Orr and James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-un-corruption-idUKKBN1AC39K'|'2017-07-28T00:45:00.000+03:00'
'3929dd8bc43f68a4724b62fb6b2e854d477d833b'|'Venezuela money supply surges 10 percent in one week, fastest in 25 years'|'July 29, 2017 / 1:07 PM / 5 hours ago Venezuela money supply surges 10 percent in one week, fastest in 25 years Girish Gupta 2 Min Read A woman uses a machine to count Venezuelan bolivar notes at an office in Caracas, Venezuela March 21, 2017. Marco Bello CARACAS (Reuters) - In a portend of steepening inflation in crisis-stricken Venezuela, money supply surged 10 percent in just one week earlier this month, its largest single-week rise in a quarter of a century. Venezuela is undergoing a major economic crisis, with millions suffering food shortages, monthly wages worth only the tens of U.S. dollars, and soaring inflation -- though no official data is available. The central bank said late on Friday the total amount of local currency in circulation -- known as M2 by economists - as of July 21 was 27.3 trillion bolivars, up 9.66 percent from the previous week. In October 1992, the figure rose 10.84 percent in a single week. The exponential rise in M2, the sum of cash, together with checking, savings, and other deposits, means an exponential rise in the amount of currency circulating. Venezuela''s money supply is up 384 percent in the last year. In contrast, the United States'' money supply is up 5.5 percent in the same period. Coupled with a decline in the output of goods and services, that has accelerated inflation. FILE PHOTO: Venezuela’s President Nicolas Maduro delivers a speech during the closing campaign ceremony for the upcoming Constituent Assembly election in Caracas, Venezuela July 27, 2017 . The banner reads "Power". Carlos Garcias Rawlins/File Photo While M2 may seem an obscure technical indicator, the figure was routinely published by newspapers in Venezuela, whose oil-dependent economy has been dogged by inflation in the past. Venezuelans are forced to carry huge bundles of cash to make basic purchases - if they can afford to do so given weekly price rises on many goods. FILE PHOTO: A demonstrator looks on while clashing with riot security forces during a rally against Venezuela''s President Nicolas Maduro''s government in Caracas, Venezuela, July 28, 2017. Carlos Garcia Rawlins/File Photo This week also saw Venezuela''s black market exchange rate surge past 10,000 bolivars per dollar. When President Nicolas Maduro came to power in April 2013, it was at 24 per dollar. A thousand dollars worth of local currency then would be worth just over $2 now. Maduro says he faces an "economic war" waged by the opposition and Washington. The last year for which official inflation data is available from the central bank is 2015, when consumer prices rose 181 percent. Reporting by Girish Gupta Editing by Alexandra Ulmer/Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-venezuela-economy-idINKBN1AE0H2'|'2017-07-29T16:05:00.000+03:00'
'5b4f39e2eda7c169a6369160b52e895f1e9c3484'|'Benetton family in shortlist to buy Ducati - source'|'Edition United States July 29, 2017 / 4:19 PM / in 2 hours Benetton family in shortlist to buy Ducati: source Reuters Staff 2 Min Read The logo of Italian motorcycle manufacturer Ducati is seen in Dietlikon, Switzerland October 11, 2016. Arnd Wiegmann MILAN (Reuters) - Italy''s Benetton family is among five bidders shortlisted to buy Italian motorcycle brand Ducati, which is being sold by Germany''s Volkswagen ( VOWG_p.DE ), a source close to the matter said on Saturday. The finalists will be given access to the company''s books after the summer, the source said, adding that the offers received valued Ducati at 1.3 billion-1.5 billion euros ($1.5 billion-$1.8 billion). Volkswagen''s luxury brand Audi, which is the owner of Ducati, declined to comment. Earlier on Saturday, two Italian newspapers said that besides the Benetton family''s investment vehicle, Edizione Holding, the shortlist included U.S. automotive firm Polaris Industries ( PII.N ) and private equity funds such as Ducati''s previous owner Investindustrial, France''s PAI and Bain Capital. Investindustrial declined to comment. Polaris, PAI and Bain could not immediately be reached for comment. The list of initial bidders for Ducati also included two Indian motorbike firms, Eicher Motors ( EICH.NS ) and Bajaj Auto ( BAJA.NS ), as well as private equity funds CVC Capital Parners and Advent, sources have previously said. Volkswagen, Europe''s largest carmaker, is reviewing several assets in a bid to move beyond the emissions scandal that has left it facing billions of dollars in fines and settlements. A successful deal for Ducati, which had revenue of 731 million euros last year, would show that Volkswagen boss Matthias Mueller is serious about reversing its quest for size. ($1 = 0.8512 euros) Reporting by Paola Arosio in Milan; additional reporting by Andreas Cremer in Berlin and Massimo Gaia in Milan; writing by Agnieszka Flak; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-ducati-sale-idUKKBN1AE0LX'|'2017-07-29T19:13:00.000+03:00'
'b6b0412fe0ebfec1d70688d6624db43fbb3f6726'|'Walmart Chile workers vote to go on strike'|'July 28, 2017 / 5:28 PM / 3 hours ago Walmart Chile workers vote to go on strike 2 Min Read Shopping carts are seen at a supermarket brand of Wal-Mart company, in Santiago, Chile March 22, 2017. Pablo Sanhueza SANTIAGO (Reuters) - The union representing workers at Lider, Wal-Mart Stores Inc''s ( WMT.N ) main supermarket chain in Chile, said on Friday they had voted to go on strike for higher pay. "We are awaiting the final result from the work directorate, but we can say that our union approves the strike with 9,850 votes, or 63.4 percent of the total," the union announced on its Facebook site. Walmart Chile said it did not have an immediate comment on the announcement. Either the union or the company may now request government-mediated talks that would last five days to try to reach an agreement and avert the strike. The union encompasses 16,500 workers, one of the South American country''s largest unions. Some workers have been demonstrating outside stores across the country in recent months as they have pushed their demands for better pay. Walmart Chile, the local unit of U.S. retailer Wal-Mart Stores Inc, is one of the leading supermarket operators in Chile, with 380 stores. Reporting by Rosalba O''Brien and Felipe Iturrieta; Editing by Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-walmart-chile-idUSKBN1AD2AY'|'2017-07-28T20:23:00.000+03:00'
'ed4f8400b4b85d8bbfc9719857fb7c4dfd266e33'|'Serco’s boss suffers through his wilderness years - Business'|'Sunday 30 July 2017 06.59 BST Last modified on Sunday 30 July 2017 10.59 BST T he Churchill family has a proud tradition of assuming it will be called to serve – and then being ignored. It happened to Winston either side of the second world war and, in his own sphere, grandson Rupert Soames looks to be receiving some similar treatment. Soames, of course, runs the embattled outsourcing giant Serco – which many think would not now exist had he not come to save it during many, many long months of struggle and of suffering. “Some of the best civil servants are moving to work on Brexit negotiations,” Remainer Soames told the Evening Standard last year, as he outlined why Brexit might inspire a boom in supplying the UK government with its services. “The government is going to need help to get stuff done.” And yet HM government does not yet seem to have concluded that that assistance should be provided by Serco. As the group prepares to address the City at the group’s interim results this week, analysts at investment bank Jefferies reckon the firm has a “mixed bid pipeline” as “decisions are drifting in an unhelpful political environment”. If that feels like Soames is being kept waiting, then at least there is a trace of solace in the family history. Grandpa was kept waiting by the government in the 1930s – and then by the great British electorate in 1945. Both called (eventually). ConvaTec’s male problem needs a cure A year ago, very few people had ever heard of the medical products group ConvaTec, even folk in the City who pretend to follow these things. That changed when the company floated last autumn and was quickly promoted into the FTSE 100. The shares are now soaring 36% above the float price, the group has made a couple of subsequent acquisitions, and we will get to hear more about its largely effortless progress as a public company this week, when it announces results. Effortless save for one area, that is. The maker of medical products such as colostomy bags has come under fire for its lack of gender balance, as it is the sole FTSE 100 member to possess an all-male board. So much so that even those the City who ignore these things when shares are rising began to wonder if the catheter supplier was metaphorically extracting the urine. No longer. Ros Rivaz was announced as the firm’s first female director last month and chairman Sir Christopher Gent has said the board “will in time reflect the requirements for gender diversity”. A female-only shortlist for a second board vacancy is promised. Developing … Shock as RBS results ‘might be all right’ Royal Bank of Scotland is the most British of institutions. Like the country as a whole, the (largely) state-owned bank once bestrode the globe, before a changing international scene, coupled with the odd piece of comic incompetence, took both institutions down a peg or 10. Nowadays, we are all thankful if either avoids total embarrassment on the world stage. Which brings us to the banking reporting season and RBS’s interim results this week, which, in a bout of unusual optimism, the City seems to think won’t be a complete humiliation. Analysts at Credit Suisse headline their preview with the prediction “should be OK” – which on recent form would constitute a triumph. Still, the subtext will really be whether the government starts selling down its RBS stake, now the bank no longer has to offload Williams & Glyn and (many of) its US woes are history. Meanwhile another disgraced UK bank, HSBC, also reports numbers this week – and despite attracting bad publicity like RBS recently (money laundering, Swiss banking etc etc), the word is that the bank is throwing off so much cash that investors wonder if HSBC might do something with it. History suggests nothing could possibly go wrong. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/30/serco-boss-suffers-through-wilderness-years-rupert-soames'|'2017-07-30T13:59:00.000+03:00'
'ad0807c67a315962b1d634e0bd8a10af7b06cca3'|'Wall Street braces for end of Snap share lockup'|'FILE PHOTO - A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S. on January 23, 2017. Brendan McDermid/File Photo SAN FRANCISCO (Reuters) - A flood of Snap Inc shares held back since the Snapchat owner''s initial public offering could start to trade freely next week, pressuring a stock that has already plunged far below its debut price.Starting on Monday and extending into August, early investors, employees and other insiders at the Snapchat owner can sell shares for the first time since its $3.4 billion March IPO, the third-largest ever for a U.S. tech company.That means the supply of stock on the public market could mushroom in a matter of weeks by hundreds of millions of shares from fewer than 200 million shares.Demand for Snap shares among investors is already meager after the stock hit five straight record lows this week.It has sunk nearly 20 percent below its $17 IPO price and is down roughly 50 percent from a record high reached shortly after its debut, dragged lower by investor concerns about user growth and waning confidence in its ability to eventually turn a profit."You don''t want to be caught in this wave of transactions that will impact the stock in some way," said Philippe Collard, founder of Yabusame Partners, a management consulting firm specializing in the technology industry.There is one corner of the market that does have use for the stock, as bets against Snap have become so popular that shares available for short selling are hard to come by.Any shares sold by Snap insiders and employees would add to the supply and could fuel more short selling.Snap also reports quarterly results on Aug. 10, another potential source of pressure. Its disappointing debut earnings in May prompted a 20 percent one-day nosedive in the stock."There''s likely to be a lot of caution and concern related to what the company will report and communicate," said CFRA analyst Scott Kessler. "The company is taking some hits, starting to take on water."Snapchat is wildly popular with users under 30, but many on Wall Street are critical of its slowing growth. Snap has warned it may never be profitable, and Facebook Inc''s Instagram has been rolling out features that copy Snapchat.Selling Pressure On July 31, early investors including Lightspeed Venture Partners will be able to sell up to 400 million shares, with employees owning another 782 million allowed to start selling on Aug. 14, four days after Snap reports results, JPMorgan analyst Doug Anmuth said in a recent note.Those shares include more than 400 million shares owned by Chief Executive Evan Spiegel and co-founder Robert Murphy. They and other senior executives are subject to additional rules restricting how many shares they can sell each quarter.Apart from those limits, 97 percent of Snap will be potentially available on the stock market by the end of August, up from just 13 percent now, according to Anmuth.S3 Partners, a financial analytics firm, believes early investors could sell up to 120 million shares starting on July 31, increasing the supply for short sellers who are currently paying annualized interest rates of more than 60 percent to borrow the stock."The stock borrow rates will plummet very quickly," said Ihor Dusaniwsky, S3 Partners'' head of research. "You''ve got a lot of short sellers that didn''t like the trade at a 50 percent fee, but love it at a 5 percent fee."To be sure, the expiry of insider trading restrictions does not always hurt share prices in the short term.Twitter Inc shares dropped 18 percent on the day of a key lockup expiry in May 2014. In November 2012, Facebook Inc jumped 13 percent the day of a lockup expiry after its IPO.But experts said lockup expiries tend to hurt companies already on weak footing.Following its recent share price decline, Snap is valued at 16 times expected revenue, still expensive compared to Facebook at 12 times revenue, according to Thomson Reuters data.The AdvisorShares Ranger Equity Bear exchange-traded fund shorted Snap after its IPO, and portfolio manager Brad Lamensdorf said he may to do it again if an increased share supply makes borrowing the stock cheaper."If it''s a really weak story and it''s going down, the lockup is going to provide a catalyst for it to go down faster,” Lamensdorf said.Reporting by Noel Randewich; Editing by Meredith Mazzilli '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-snap-stock-idUSKBN1AD1B5'|'2017-07-28T14:04:00.000+03:00'
'049a6ac0ad8ef71e3aea04c72dd11d0bb8c26c3f'|'Oil climbs for sixth day, near eight-week highs on U.S. crude stock declines'|'July 28, 2017 / 1:04 AM / in 14 minutes Oil climbs for sixth day, near eight-week highs on U.S. crude stock declines Reuters Staff 2 Min Read FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., in this March 24, 2016. Nick Oxford/File Photo SEOUL (Reuters) - Oil prices extended a rally into a sixth day on Friday, hovering near 8-week highs on a decline in U.S. inventories and OPEC''s ongoing efforts to curb production to ease a global glut. Brent crude futures LCOc1 were up 2 cents, or 0.04 percent, at $51.51 per barrel at 0059 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 3 cents, or 0.06 percent, at $49.07 per barrel. "Crude oil prices rose further as the focus remained on fundamentals. This week''s better-than-expected inventory drawdown in the United States continued to support prices," ANZ bank said in a note. U.S. crude stocks fell sharply by 7.2 million barrels in the week July 21 due to strong refining activity and an increase in exports, according to data from the Energy Information Administration (EIA). [EIA/S] Brimming U.S. crude supplies have been a challenge to production cuts to prop up prices led by the Organization of the Petroleum Exporting Countries. U.S. crude oil production C-OUT-T-EIA has been on the rise since mid-2016, but it dropped to 9.41 barrels per day (bpd) in the week to July 21, from 9.43 million bpd the week before. The decline was mainly due to a fall in Alaskan output, ANZ bank said. Oil prices have been supported by a further agreement reached between OPEC and some non-OPEC members to limit Nigerian oil output and encourage several members to comply with their pledged production cuts. Since the world''s major oil producers held a meeting in St Petersburg on Monday, crude prices have risen some 6 percent on expectations of deepening cuts. Saudi Arabia, the OPEC''s de facto leader, said it planned to cap crude exports to 6.6 million bpd in August, about 1 million bpd below the level last year. Reporting by Jane Chung; Editing by Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN1AD04K'|'2017-07-28T04:04:00.000+03:00'
'69f37d095dc8bafe3db85385345bc5db11542cff'|'British Columbia opposition leader resigns after fall from power'|'July 28 (Reuters) - The leader of British Columbia''s Official Opposition Christy Clark has resigned, her Liberal Party said on Friday, weeks after her government was ousted through a vote of non-confidence in the legislature of the western Canadian province.The right-leaning Liberal Party, unrelated to Canada''s governing federal Liberals, said in a statement the movement''s executives will meet within 28 days to plan for a leadership vote. Media reports said Clark will leave Aug. 4.Clark''s government was defeated last month after an election in which her party was reduced to a legislative minority, paving the way for the left-leaning New Democrats to rule the province for the first time in 16 years.Such a prospect has unnerved investors in Canada''s third-most populous province, not least owners of oil and gas projects such as Kinder Morgan Inc''s C$7.4 billion Trans Mountain pipeline expansion, which the New Democratic Party (NDP) has vowed to halt.Clark had said she would stay on as opposition leader. After her government''s ousting, Clark tried unsuccessfully to dissolve the legislature, which would have triggered a new election. (Reporting by Ethan Lou in Calgary, Alberta; Editing by James Dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-politics-britishcolumbia-idUSL1N1KJ1FX'|'2017-07-28T21:18:00.000+03:00'
'9b571121d27ba8a802e03c9e8258af9b78138bb5'|'Safran says LEAP-1A had quality problem, delivery goals intact'|'July 28, 2017 / 6:03 AM / 12 hours ago Safran says LEAP-1A had quality problem, delivery goals intact 2 Min Read PARIS, July 28 (Reuters) - Safran has witnessed a "minor" quality problem with a part for its LEAP-1A engine for Airbus jets, but the situation is under control and will not affect 2017 delivery goals, Chief Executive Philippe Petitcolin said on Friday. The problem relates to a turbine disc and does not involve concerns about the part''s design, he told reporters when discussing half-year earnings. Safran developed the engine with General Electric through their CFM International joint-venture, alongside similar models for Boeing and China''s Comac. Boeing reported a quality problem with a batch of engines earlier this year. The production ramp-up for LEAP engines is going smoothly, though the pace of deliveries can vary week by week, Petitcolin said. He also said Safran planned formally to launch an agreed bid for Zodiac Aerospace by the end of the year after winning support from its own shareholders for a reduced offer, following industrial problems at the seats and equipment maker. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safran-results-ceo-idUSL5N1KJ0V9'|'2017-07-28T09:01:00.000+03:00'
'dc58eb3abcd34e5db2093b2af0f84b2eaa84c9e1'|'Wall Street set to open lower as Amazon weighs on tech stocks'|'July 28, 2017 / 1:06 PM / in 11 minutes S&P 500 knocked lower after earnings wave Lewis Krauskopf 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, NY, U.S. December 14, 2016. Lucas Jackson/Files (Reuters) - The S&P 500 slipped on Friday on negative reactions to earnings reports from high-profile names such as Amazon, Exxon and Starbucks and a drop in shares of tobacco companies. The Dow industrials held slim gains and set an intraday record, buoyed by Chevron ( CVX.N ) after the energy company''s results. Despite Friday''s share reactions, results overall have come in better than expected for the second quarter and stocks are trading near record highs. More than halfway through reporting season, S&P 500 companies are on track to have increased earnings by 10.8 percent, according to Thomson Reuters I/B/E/S. Investors were also digesting data showing the U.S. economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment. “We have had a good earnings season. We have had pretty good economic results," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland. "But I think that there’s a tendency after you have had too long a string of wins, to start looking for the problems in even the good data. And I get the sense that that is kind of what is going on in the market at this point.” The Dow Jones Industrial Average .DJI rose 23.62 points, or 0.11 percent, to 21,820.17, the S&P 500 .SPX lost 4 points, or 0.16 percent, to 2,471.42 and the Nasdaq Composite .IXIC dropped 4.69 points, or 0.07 percent, to 6,377.49. Amazon''s ( AMZN.O ) shares fell 2.3 percent after the world''s largest online retailer reported a jump in retail sales along with a profit slump. Altria Group ( MO.N ) shares tumbled 10.2 percent. The U.S. Food and Drug Administration announced it wants to reduce nicotine levels in cigarettes and move smokers toward potentially less harmful e-cigarettes. Altria, which makes the Marlboro brand cigarettes, was the biggest drag on the S&P 500 and weighed heavily on the consumer staples sector .SPLRCS, which was the worst-performing group. U.S.-traded shares of British American Tobacco ( BTI.N ) dropped 7.3 percent. Exxon ( XOM.N ) shares fell 1.9 percent after a rare earnings miss, while shares of rival oil major Chevron climbed 1.7 after its results. Starbucks ( SBUX.O ) plunged 10.0 percent and Mattel ( MAT.O ) dropped 8.4 after their respective reports. Following the failure of Senate Republicans to dismantle the Affordable Care Act, investors were also weighing the impact on the rest of President Donald Trump''s agenda, including tax cuts, that has supported the stock market. Declining issues outnumbered advancing ones on the NYSE by a 1.03-to-1 ratio; on Nasdaq, a 1.36-to-1 ratio favored decliners. Additional reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN1AD1LL'|'2017-07-28T16:04:00.000+03:00'
'0456c987ff3dd99f5bcca06415a7ad93ca5ad7f7'|'Tesla climbs as Musk prepares to hand over first Model 3 cars'|'Signage is displayed outside of Tesla Motors before the Tesla Energy Powerwall Home Battery event in Hawthorne, California April 30, 2015. Patrick T. Fallon SAN FRANCISCO (Reuters) - Shares of Tesla Inc rose nearly 1 percent on Friday ahead of a handover to customers of its first Model 3 sedans, the electric cars that Chief Executive Officer Elon Musk is betting will propel his company into the mass market. Tesla is counting on the Model 3 to help turn the cash-losing company into a profitable one, and its event later on Friday at its factory in Fremont, California comes as the car maker''s stock trades down 12 percent from a record high set in June. Fueled by expectations that Tesla will become a carbon-free energy and transportation heavyweight, Tesla''s stock remains up 58 percent year to date, but it is also a favorite among short sellers. Shorts sellers have about $8.5 billion bet against Tesla, equivalent to about 20 percent of the company''s float, according to Astec Analytics. The $35,000 Model 3 is designed for easy production, with output targeted to reach 20,000 per month by December. The Silicon Valley car company aims to quickly ramp up its factory to reach a production target of 500,000 cars per year in 2018. Tesla''s last launch was the luxury Model X SUV in 2015, which had a number of production issues. Tesla reports its second-quarter results on Wednesday, and investors are keen for an update on how quickly its output is expanding after deliveries for the first half of 2017 came in at the low end of the company''s own forecast. "This evening''s event will keep investors focused on the Model 3 ramp, and less on the upcoming quarter," Barclays analyst Brian Johnson wrote in a note to clients. Johnson has a an "underweight" rating on Tesla. Skeptics believe Tesla''s growth targets are unrealistic and that it is at risk of being overtaken by General Motors Co , BMW and other deep-pocketed manufacturers that are ramping up their own electric-vehicle offerings. The stock was up 0.86 percent at $337.33. Reporting by Noel Randewich; Editing by Lisa Shumaker '|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-tesla-stocks-idUSKBN1AD2F3'|'2017-07-29T02:36:00.000+03:00'
'0185eff308c221367ba57bc9fe3bb92907826006'|'U.S. government ordered to solve ''Case of the Incredible Shrinking Airline Seat'''|'July 28, 2017 / 5:10 PM / 3 hours ago U.S. government ordered to solve ''Case of the Incredible Shrinking Airline Seat'' David Shepardson 3 Min Read A woman uses her laptop on a flight out of John F. Kennedy (JFK) International Airport in New York, U.S., May 26, 2017. Picture taken May 26, 2017. Lucas Jackson WASHINGTON (Reuters) - U.S. aviation authorities were ordered back to the drawing board on Friday to solve what a federal appeals judge called "The Case of the Incredible Shrinking Airline Seat." Judge Patricia Millett told the Federal Aviation Administration to take another look at an advocacy group''s assertion that shrinking airline seats are imperiling passenger safety. The judge rejected the FAA''s argument that seat size was unimportant to getting off the plane in an emergency. "That makes no sense," she wrote for the three-judge panel, likening the rationale to doing "a study on tooth decay that only recorded participants’ sugar consumption" but did not look at brushing and flossing. All three judges on the U.S. Court of Appeals for the District of Columbia Circuit agreed the FAA must conduct a new review of the request for regulations setting a minimum airline seat size, but Judge Judith Rogers dissented from part of the court''s rationale. Airline seats have steadily decreased in size over the last several decades. Economy-class seat pitch has decreased from an average of 35 inches (89 cm) in the 1970s to 31 inches (79 cm), and in some airplanes to 28 inches (71 cm). Average seat width has narrowed from about 18 inches (46 cm)to 16.5 inches (42 cm) over the last decade. Critics accuse the airlines of being more interested in profit than passenger health and safety. FAA spokesman Greg Martin wrote in an e-mail the agency "does consider seat pitch in testing and assessing the safe evacuation of commercial, passenger aircraft. We are studying the ruling carefully and any potential actions we may take to address the court’s findings." An airline trade group declined to comment. Seat pitch is the distance from one seat to the same spot on the one in front or behind. The ruling was limited to the question of whether smaller seats and larger passengers could have an impact on emergency egress. It did not require the FAA to look at the impact on comfort and health. A U.S. House of Representatives bill under consideration would require the FAA to set minimum seat sizes on U.S. airlines and a minimum distance between rows to "protect the safety and health of airline passengers." Last month American Airlines Group Inc said it would reduce leg room by one inch to 30 inches instead of two as originally planned on some seats in its Boeing 737 MAX jets. United Airlines President Scott Kirby told a congressional hearing in May the airline had yet to decide whether to cut pitch to 29 inches in some seats. Nearly all United seats have at least 31 inches of pitch. Reporting by David Shepardson; Editing by Howard Goller 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-planes-idUSKBN1AD28Y'|'2017-07-28T19:56:00.000+03:00'
'26d0a10e4f225a20aa2b755df305af9bfae6b610'|'Embraer business jet mix hurt margins, but orders are solid -CFO'|'July 28, 2017 / 1:43 PM / 4 hours ago Embraer business jet mix hurt margins, but orders are solid -CFO 1 Min Read SAO PAULO, July 28 (Reuters) - Brazilian planemaker Embraer SA posted a lower second-quarter gross profit margin on its business jets due to a delivery mix with fewer of its light Phenom jets, Chief Financial Officer Jose Filippo told journalists on Friday. Filippo said on an earnings call that there signs of a recovery in the executive aviation market, albeit a slow one, and Embraer has been able to book orders for more business jets than it has delivered so far this year. (Reporting by Brad Haynes; Editing by Bernadette Baum) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/embraer-results-bizjets-idUSE6N1K403M'|'2017-07-28T16:41:00.000+03:00'
'b4c33355e1a64086c641d385bc5368c56e5c886c'|'Fighting tax evasion will be EC presidency priority - Austrian Finance Minister'|'July 29, 2017 / 11:42 AM / in 6 hours Fighting tax evasion will be EC presidency priority - Austrian Finance Minister Reuters Staff 2 Min Read Austrian Finance Minister Hans Joerg Schelling waits to meet President Alexander Van der Bellen (not pictured) in Vienna, Austria, January 26, 2017. Leonhard Foeger ZURICH (Reuters) - Pushing forward European and international measures to prevent profit shifting and international tax fraud will be a top priority for Austria''s European Council presidency in the second half of 2018, Austrian Finance Minister Hans Joerg Schelling said on Saturday. "The cross-border fight against tax fraud and tax avoidance is a top priority for me," Schelling said in a statement following a meeting with French Finance Minister Bruno Le Maire in Vienna. "Tackling tax evasion more effectively will require European and international solutions. The European Union must finally come up with a joint strategy," he said. The finance ministry said Schelling had devised a plan to eliminate opportunities for tax avoidance and evasion, which was discussed with European Economic and Financial Affairs Commissioner Pierre Moscovici two weeks ago. During their meeting on Saturday, Le Maire and Schelling discussed the need for a deepening of ties in the economic and monetary unions of the EU and euro zone, the finance ministry said. Estonia currently holds the presidency of the European Council, with Bulgaria due to take over from January. Reporting by Brenna Hughes Neghaiwi; Editing by Andrew Bolton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-austria-taxavoidance-idUKKBN1AE0F5'|'2017-07-29T14:42:00.000+03:00'
'97f55976de5b09d9e6f9f42a2c9bc54b1720bfec'|'UPDATE 1-BNP Paribas posts smaller-than-expected fall in Q2 profit'|'Edition United States July 28, 2017 / 5:24 AM / in 12 hours BNP Paribas posts smaller-than-expected fall in second quarter profit 3 Min Read FILE PHOTO: The logo of BNP Paribas bank is pictured on an office building in Nantes, France, July 21, 2017. Stephane Mahe/File Photo PARIS (Reuters) - BNP Paribas, France''s biggest listed bank, posted a smaller than expected drop in second-quarter net income on Friday, as it benefited from cost cuts and stronger revenue in its investment banking division. BNP Paribas is overhauling business and chopping costs, as it invests to digitize more functions and to diversify activities even more into consumer finance or asset management to protect profits from a low interest rate environment. "CIB (corporate and institutional bank) had very good quarter," BNP Paribas said in a statement after it reported a 6.4 percent drop in net income to 2.396 billion euros, beating by far the average estimate of 1.91 billion in a Reuters poll of five analysts. CIB revenue rose 4.6 percent, as a 25.8 percent rise in equity trading and prime dealing services helped cushion a 15.9 percent fall in fixed income trading revenue. This compares with 1 percent rise for equities trading among five U.S. biggest banks on average and a 17 percent dip in fixed income trading. BNP has chosen to develop a strategy for corporate clients in Europe, called "One Bank", which focuses on cross-selling between divisions and aims at offering a wide range of products in order to win loyalty of companies. Its corporate banking revenue rose 13.5 percent, boosted by growth in cash management and trade finance. CIB expenses were down by 6.0 percent due to cost savings measures implemented as part of the bank’s transformation plan launched in the beginning of 2016, aimed at improving the pre-tax return on equity for the business to 19 percent in 2020 from 13.3 percent in 2016. Overall, revenue decreased to 10.94 billion euros from 11.32 billion a year earlier when it reported an exceptional capital gain of 597 million from the sale of a stake Visa Europe. Revenues also came in above the 10.84 billion euros expected by analysts, as stronger earnings in corporate and institutional banking, international financial services helped to offset a slight decline in European retail banking markets revenue. Reporting by Maya Nikolaeva and Julien Ponthus; Editing by Sudip Kar-Gupta and Leigh Thomas 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bnp-paribas-results-idUSKBN1AD0HZ'|'2017-07-28T08:39:00.000+03:00'
'c2b543dc97516cafe65537c79b1595e66b2683b9'|'LKK to buy ''Walkie Talkie'' building for 1.28 billion pounds'|'July 27, 2017 / 6:57 AM / in 15 minutes LKK to buy ''Walkie Talkie'' building for 1.28 billion pounds Reuters Staff 1 Min Read The Walkie-Talkie building (20 Fencurch Street) catches the early evening light as tourists cross the Millennium Bridge in London, Britain December 4, 2016. Peter Nicholls (Reuters) - Britain''s largest listed property developer, Land Securities Group Plc, said on Thursday that it has sold its "Walkie Talkie" skyscraper to LKK Health Products Group Ltd for 1.28 billion pounds. "Walkie Talkie" was developed as a joint venture between Land Securities and Canary Wharf Group in 2010. The developer said it will receive 641 million pounds from the sale and will return 475 million pounds to shareholders. Reporting by Parikshit Mishra in Bengaluru; Editing by Sunil Nair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-land-securities-walkie-talkie-sale-idUKKBN1AC0QW'|'2017-07-27T09:56:00.000+03:00'
'd717d684a15fc18cdf6b1e343d2f95491559ba6a'|'China''s Sanyuan Foods, Fosun to buy France''s St Hubert'|'July 28, 2017 / 4:40 PM / in 18 minutes China''s Sanyuan Foods, Fosun to buy France''s St Hubert Reuters Staff 3 Min Read SINGAPORE (Reuters) - Beijing Sanyuan Foods Co Ltd ( 600429.SS ) and Chinese conglomerate Fosun Group plan to buy French margarine maker St Hubert for 625 million euros (558 million pounds), the companies said on Friday. Sanyuan and Fosun said they had signed an agreement with European private equity firm Montagu to acquire Brassica TopCo S.A. and PPN Management SAS, which are controlling shareholders of St Hubert. Sources had told Reuters Western buyout funds had dropped out of the auction earlier. Montagu acquired St Hubert from Dairy Crest Plc for 430 million euros in 2012. Set up in 1904, it reported consolidated net turnover of 129 million euros in the 2016 financial year and has 213 employees. It has more than 40 percent market share in France and almost 70 percent in Italy. Under pressure to improve margins, global giant Unilever ( ULVR.L ) is preparing to spin out its own spreads business, a process which is expected to launch in the autumn with several international buyout funds seen bidding. The St Hubert deal comes even as Beijing scrutinises overseas acquisitions, which include everything from football clubs and hotels to mining firms and chemical makers, to rein in offshore spending by huge Chinese firms. "The proposed acquisition also introduces healthy and innovative foods into China and is aligned with the government''s policy to support and drive technological innovation," Fosun Chairman Guo Guangchang said in the statement. Fosun Group, China''s largest private conglomerate, recently said it had a few French consumer goods companies on its radar including ski resorts and amusement parks operator Compagnie des Alpes ( CDAF.PA ). It took control of Club Med in January 2015 after a fierce battle lasting nearly two years with Italian tycoon Andrea Bonomi, the longest takeover fight in French corporate history. The proposed deal will be submitted to St Hubert''s workers'' council and is subject to approval from relevant competition and regulatory authorities, the statement said. Trading in Sanyuan''s shares, suspended since July 17, will resume on Monday. Reporting by Lee Chyen Yee in Singapore and Meg Shen in Hong Kong; additional reporting by Dasha Afanasieva; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-st-hubert-m-a-sanyuan-foods-idUKKBN1AD25Y'|'2017-07-28T19:39:00.000+03:00'
'e9b78cc618cea1d376b8d2368a83255811e0b27e'|'UK finance ministry appoints its top economist as new Bank of England deputy'|'July 27, 2017 / 12:31 PM / 3 minutes ago British government appoints its top economist Bank of England deputy Andy Bruce and David Milliken 4 Min Read FILE PHOTO: A man stands outside the Bank of England in the City of London, Britain April 19, 2017. Hannah McKay/File Photo LONDON (Reuters) - The British government''s top economist will move to the Bank of England to serve as one of its most senior policymakers, joining the central bank as it steers the financial system through political negotiations to leave the European Union. Dave Ramsden, a senior Treasury official who sits in on BoE rate-setting meetings and is in charge of economists across the government, will become the BoE''s deputy governor for markets and banking on Sept. 4, the finance ministry said on Thursday. The 53-year-old replaces Charlotte Hogg, who resigned in March after a parliament committee rebuked her over her failure to declare a potential conflict of interest about her brother''s role at Barclays ( BARC.L ). Ramsden''s arrival comes as the BoE tries to judge the outlook for the economy as the country prepares to leave the European Union. Before last year''s referendum - when it was still government policy to stay in the EU - Ramsden produced a report predicting recession if Britain voted to leave. Analysts and former policymakers welcomed Ramsden as a seasoned addition to the BoE, although the move from the finance ministry to the Bank after a career at the Treasury raised some eyebrows. "While this should be useful, rightly or wrongly it could raise questions about BoE independence," HSBC economist Chris Hare said. The move might also rekindle concerns about the lack of women in senior roles at the BoE, despite its decision on Thursday to appoint acting chief operating officer Joanna Place on a permanent basis. Governor Mark Carney described the lack of female MPC members as "striking" when he started in 2013. Four years later, newcomer Silvana Tenreyro is the only woman serving on the nine-person committee, after three female appointees left within six months for various reasons. The BoE''s Financial Policy Committee, which regulates banks and insurers and on which Ramsden will also serve, has no women. Dave Ramsden, Britain''s government''s chief economic adviser, who has been appointed as the Bank of England''s deputy governor for markets and banking is seen in a portrait taken in London, February 24, 2016 and handed out July 27, 2017 by the Treasury. HM Treasury handout via REUTERS Mpc Experience Ramsden joins the MPC in the unique position of having already attended more of its policy meetings than any current serving member, as he has been the government''s regular observer since before the financial crisis. He has also been involved in the appointment of a number of his fellow MPC members. As a current Treasury official, Ramsden''s views on monetary policy are not clear. But he is well-known to London analysts as president of a professional association, the Society of Business Economists, and as someone who explains Treasury policy to bond investors. "This is the guy who does the hiring for the MPC and is head of the government economic service. He is very well placed to do the job given what he has been doing in recent years," Nomura economist George Buckley said. "He''s been very tight-lipped when it comes to monetary policy. Even on fiscal policy ... he communicates the government''s and the (Office for Budget Responsibility''s) view." David Owen, an economist at Jefferies, said that "rightly or wrongly ... (he) will be considered a dovish appointment". In a 2013 interview, Ramsden stuck to the government''s line at the time that the BoE had room to support the economy during cuts to public spending. He also emphasized the role of good communications in the way central banks shape market expectations, according to the text of the interview with the Civil Service Quarterly blog. Ramsden was the lead official on the finance ministry''s analyses on the consequences of Brexit before last year''s referendum, which Brexit supporters criticized for predicting a recession. He also led the finance ministry''s work on whether Britain should join the euro between 1999 and 2003 under former finance minister Gordon Brown, who is widely credited with dissuading then-Prime Minister Tony Blair from doing so. Editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-boe-ramsden-idUKKBN1AC1X4'|'2017-07-27T15:17:00.000+03:00'
'644f5c26e3d6ed601eda92811bc5e0f187f951f6'|'Amazon''s Jeff Bezos becomes world''s richest - Forbes'|'July 27, 2017 / 5:00 PM / in 4 minutes Amazon''s Jeff Bezos becomes world''s richest - Forbes Reuters Staff 2 Min Read FILE PHOTO - Amazon President, Chairman and CEO Jeff Bezos speaks at the Business Insider''s "Ignition Future of Digital" conference in New York, U.S. on December 2, 2014. Mike Segar/File Photo (Reuters) - Amazon.com Inc Chief Executive Jeff Bezos has unseated fellow tech billionaire Bill Gates as the richest person in the world, profiting from the e-commerce company''s meteoric stock rise to reach a fortune of $90.6 billion (69.30 billion pounds), Forbes reported. Amazon shares jumped 1.6 percent at the start of trading on Thursday, boosting the net worth of Bezos - the company''s founder and largest shareholder - by $1.4 billion, according to Forbes, which tracks the world''s wealthiest. The stock was up ahead of Amazon''s second-quarter earnings report after Thursday''s market close. Analysts expect the world''s largest online retailer will report that its sales jumped 22 percent to $37.2 billion, according to Thomson Reuters I/B/E/S. Bezos, a relative newcomer to the top of Forbes'' list, has benefited from the seemingly boundless expansion of Amazon into new markets. The once-bookseller plans to acquire Whole Foods Market Inc, at the same time it is making strides in the fashion business, Hollywood, enterprise computing and general retail from India to Mexico. Reuters could not independently verify the wealth of Bezos or Microsoft Corp''s co-founder Gates. A philanthropist, Gates has given $31.1 billion to charitable causes through 2016 and has a net worth of $90.1 billion, Forbes said. Reporting By Jeffrey Dastin in San Francisco; Editing by Dan Grebler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-amazon-bezos-idUKKBN1AC2P6'|'2017-07-27T20:00:00.000+03:00'
'33365df51d2856c5ea4964b3295b699f5f4ff4e8'|'U.S. Senator Warren calls on Fed to remove Wells Fargo board members'|'July 28, 2017 / 9:56 PM / 18 hours ago U.S. Senator Warren calls on Fed to remove Wells Fargo board members Pete Schroeder and Lisa Lambert 1 Min Read WASHINGTON (Reuters) - U.S. Senator Elizabeth Warren called on Federal Reserve Chair Janet Yellen to remove members of Wells Fargo & Co''s board after revelations the company improperly charged customers for auto insurance. In a letter sent Friday to Yellen, Warren, a Democrat, said the recent revelation of more improper charges at the bank indicates "deep risk management problems," and called for the removal of all board members who served from 2011 to 2015, when the activity reportedly occurred. The New York Times reported Friday that more than 800,000 Wells Fargo customers were charged for auto insurance they did not request. 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wells-fargo-insurance-warren-idUSL1N1KJ20N'|'2017-07-29T00:56:00.000+03:00'
'9d6a1325225539568c4405dafa76d83a56d8b347'|'Hyperoptic hopes to challenge giants with $130 million funding'|'July 27, 2017 / 11:04 PM / 6 hours ago Hyperoptic hopes to challenge giants with $130 million funding Emma Rumney 2 Min Read LONDON (Reuters) - Britain''s Hyperoptic, which delivers super-fast broadband via fibre optic cables, has borrowed 100 million pounds to increase the size of its network and take on industry giants like BT. Founded in 2011, Hyperoptic is currently available to 350,000 premises. It said on Friday it had secured a new round of funding from European banks BNP Paribas, ING, RBS and NIBC with a seven-year term. The firm said it will use the funds to increase the size of its network to reach two million premises by 2022, and to a further five million by 2025. "This investment will enable us to repeat the same fivefold increase in coverage that we have achieved over the last six years," said Hyperoptic Chairman Boris Ivanovic. Previous funding totalling 75 million pounds, including 21 million pounds from the European Investment Bank, have seen Hyperoptic''s coverage expand across 28 UK cities. In November 2016, the government dedicated 400 million pounds to ramping up the country''s fibre-to-home network, seen as the gold standard of broadband, to help boost the economy. The funding round focused on smaller emerging providers, to introduce more competition to the sector. Infrastructure like that used by Hyperoptic allows broadband speeds to surpass 1 gigabyte per second, compared to 76 megabytes per second on BT''s network. ($1 = 0.7658 pounds) Reporting by Emma Rumney; Editing by Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-hyperoptic-idUKKBN1AC3EH'|'2017-07-28T02:04:00.000+03:00'
'7fd3aacd8634c80763153960784dca1096128d06'|'UK commissions EU migration impact study, promises no Brexit cliff-edge'|'July 26, 2017 / 11:15 PM / 5 hours ago With 20 months until Brexit, UK orders year-long EU migration study William James 4 Min Read FILE PHOTO: Britain''s Home Secretary, Amber Rudd, arrives in Downing Street for a cabinet meeting, in central London, Britain June 20, 2017. Eddie Keogh/File Photo - LONDON (Reuters) - Britain ordered a year-long study of EU migration on Thursday to help it design a post-Brexit immigration system that is due to come into force just six months after report is completed. EU citizens'' freedom to live and work in Britain will end as soon as it leaves the bloc, scheduled for March 2019, but ministers have said they will design a system that allows businesses to hire the workers they need. However, with Brexit negotiations already under way and the EU hoping to wrap up talks by October 2018, critics said the study should have been commissioned sooner and that uncertainty was already driving EU nationals out of the UK labour market. Interior minister Amber Rudd asked the Migration Advisory Committee (MAC), a public body that advises the government, to look at how migration affects the labour market and the wider economy, and how the post-Brexit rules need to work to support the country''s plans for an industrial revival. Concern about the long-term social and economic impact of immigration helped drive last year''s vote to leave the EU, and the government has a long-standing aim to bring net migration into Britain below 100,000. In 2016, net migration was 248,000. "The public must have confidence in our ability to control immigration — in terms of type and volume — from within the EU," Rudd wrote in an article for the Financial Times. "That is why, once we have left the EU, this government will apply its own immigration rules and requirements that will meet the needs of UK businesses, but also of wider society." Ministers have so far said little about the kind of immigration system they want to replace the EU''s freedom of movement rules, leaving companies and workers in limbo and forcing some to make alternative plans "The government needs to explain why this study wasn’t commissioned a year ago, directly after the referendum," said lawmaker Ed Davey of the pro-EU Liberal Democrat party, citing lower numbers of EU nurses wanting to work in the health sector. “Ministers must explain how their negotiations will minimise the damage Brexit will do to our economy and public services.” A government statement said Rudd would stress in a letter to the MAC that "there will be an implementation period when the UK leaves the EU to ensure there is no ''cliff edge'' for employers or EU nationals in the UK". Rudd said the government would "set out some initial thinking on options for the future immigration system" later this year. Immigration minister Brandon Lewis said the MAC would make interim reports, and that its work was not the only source the government would use to design its new immigration system. A wide range of companies have already expressed concern that they will not be able to hire the people they need to operate, from skilled financiers to unskilled farm workers. The effect could be to force them to relocate. The government said the MAC, which is expected to report back in September 2018, will be asked to look at a range of issues: - Existing patterns of EEA (European Economic Area) migration, including which sectors rely most on EU labour. - The economic and social costs and benefits of EU migration to the British economy. - The potential impact of a reduction in EU migration and the ways in which both business and the government could adjust to this change. - The existing impact of immigration, from both EU and non-EU countries, on the competitiveness of British industry and skills and training. - Whether there is any evidence that the availability of unskilled labour has led to low UK investment in certain sectors. - If there are advantages to focussing migrant labour on high-skilled jobs Editing by Guy Faulconbridge and Louise Ireland 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-workers-idUKKBN1AB31Z'|'2017-07-27T02:21:00.000+03:00'
'a082a3758b758717ceb361f23d66e0d14af015ef'|'Asleep at the wheel? Germany frets about economic car crash'|'July 27, 2017 / 12:40 PM / 6 hours ago Asleep at the wheel? Germany frets about economic car crash Emma Thomasson and Edward Taylor 8 Min Read FILE PHOTO: A concept car stands in a hall during the ground breaking ceremony for the second battery factory at Daimler subsidiary ACCUMOTIVE in Kamenz, Germany May 22, 2017. Matthias Rietschel/File Photo BERLIN/STUTTGART, Germany (Reuters) - Daimler Chief Executive Dieter Zetsche beamed as he posed for cameras in a Mercedes-Benz electric car after meeting politicians to discuss the future of the auto industry in Stuttgart, birthplace of the combustion engine. What the pictures do not reveal is that the Mercedes EQ car was a prototype that had to be dragged into the city square by four employees before the shoot. Daimler''s EQ brand will only hit the road at the end of the decade. It''s a sign of how Germany has been slow to embrace electric vehicles and associated technology as it clings to the combustion engine that has driven its post-war prosperity. "China dominates the production of solar cells. Tesla is ahead in electric cars and Germany has lost the first round of digitalisation to Google, Apple and the like," said Winfried Kretschmann, who is premier of the region where Daimler is based and hosted the meeting with Zetsche and other car bosses. "Whether Germany has a future as an industrial economy will depend on whether we can manage the ecological and digital transformation of our economy," Kretschmann said. Despite booming car exports and high employment in the industry, there is a sense of unease: "Is the car finished?" asked the weekly Die Zeit. "Fear in car country," said Stern magazine. Those fears have been mounting since the Volkswagen ( VOWG_p.DE ) emissions scandal broke in 2015. But the angst extends beyond cars to the broader economy, even though exports are booming and unemployment low. Politicians fear Germany is failing to invest enough in new technology and infrastructure. Chancellor Angela Merkel has made preparing Germany for the digital age big part of her campaign for national elections on Sept. 24, pledging to boost research and development spending. Digital Era "I firmly believe that digitisation does not mean we will have fewer jobs per se," Merkel said last month. "If, however, jobs that are lost are not replaced by new jobs created by the management of large amounts of data ... then we will have problems," she added. Merkel is aware of the risks to Germany''s auto industry, noting that only one maker of horse-drawn carriages - U.S. firm Studebaker - survived the invention of the modern car by German engineer Karl Benz 131 years ago. "We must manage the move of today''s auto industry to the car of the 21st century better than the switch from horse power to the car," she said in a speech in January. Merkel''s main rival for the chancellery, Social Democrat (SPD) Martin Schulz, wants to compel the state to raise spending on infrastructure and education. In the SPD election programme, the party says building up battery cell production in Germany is of "central strategic importance" to help the country remain the leading car maker. In May, Merkel said Germany should do more to invest in battery research as she laid the foundation stone for a new Daimler battery factory in the town of Kamenz that will rely on imported cells. Germany has fallen behind in developing the cells that are at the heart of electric vehicles, with most imported from Asia, and has also been slow to build charging stations, abandoning a target to have 1 million electric cars on the roads by 2020. The country needs to spend between 50 to 80 billion euros on electric cars infrastructure, Rolf Bulander, a board member at auto supplier Bosch, told Reuters. Ketchup Bottle FILE PHOTO: (L-R) Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, Markus Schaefer, Member of the Divisional Board of Mercedes-Benz Cars, Stanislaw Tillich, Minister President of the Free State of Saxony, German Chancellor Angela Merkel and Frank Blome, Managing Director of Deutsche ACCUMOTIVE GmbH & Co. KG, visit the Daimlers first battery factory prior to the beginning of the ground breaking ceremony for the second battery factory at Daimler subsidiary ACCUMOTIVE in Kamenz, Germany May 22, 2017. Matthias Rietschel/File Photo In March, Daimler said it was speeding up its electric car programme, aiming to bring more than 10 new models to market by 2022 through 10 billion euros of investment. In a video for Daimler staff, Zetsche said: "Electric mobility is a bit like the ketchup bottle. You know that it is coming, but not when or how much," he said as he struggled to shake sauce onto a plate of fries. "We are convinced now is the time to fully jump in." At Daimler''s Mercedes-Benz plant in Untertuerkheim outside Stuttgart, workers are still worried. In July, they refused to work overtime to push their demand for a commitment from Daimler to make components for electric cars at the factory. "Our future here is closely tied up with the future of the powertrain. That is why it is important to pave the way for the future today," said Wolfgang Nieke, head of the works council at the factory. The plant, where 19,000 employees produce engines, axles and transmissions for more than 1 million vehicles per year, is one of Daimler''s oldest factories, where the Mercedes-Benz brand was established more than 100 years ago. Frank Deiss, head of the factory, says workers should not fear job cuts as Daimler is expecting so much growth that more combustion engines will be needed by 2025 than now even if electric cars account for 20 percent of Mercedes sales by then. FILE PHOTO: Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, German Chancellor Angela Merkel, Stanislaw Tillich, Minister President of the Free State of Saxony, from left, take part in a ceremony for the opening of the second battery factory at Daimler subsidiary ACCUMOTIVE in Kamenz, Germany May 22, 2017. Matthias Rietschel/File Photo After tough talks, Daimler earlier this month agreed to make electric car components and batteries at the factory. But the concerns are being voiced at other car makers too. "Many people in the factories are saying ''why should we stop what has made us so successful?'' There is fear of the future – they know electromobility means less employment in Germany," said Thomas Steg, VW''s chief lobbyist. "We need to make it clear to them that if we don''t go this thorny, stony path, the future will look even worse." In 2015, workers at VW-owned Porsche agreed to a longer workweek and lower pay to secure production of an all-electric sports car. "In view of the huge responsibility of the auto industry for many jobs, I think it is important to focus on future issues but at the same time not to lose sight of our own profitability," Chief Executive Oliver Blume told Reuters. The Ifo economic institute has warned that more than 600,000 jobs could be at risk in Germany from a ban on combustion engine cars by 2030 proposed by the Greens. How Germany copes depends on how quickly the shift takes place, according to IG Metall, the country''s biggest union with more than 500,000 car worker members. Knut Giesler, head of the IG Metall branch in North Rhine Westphalia, demanded that the regional government, IG Metall and local employers come up with a plan for securing jobs in the automotive and supplier industry which is home to 200,000 jobs in North Rhine Westphalia. Frederic Speidel, head of strategy at the union, says the industry could adapt if the change comes gradually over the next 10 to 15 years as many baby-boomer workers will reach retirement by then and others can be retrained. However, that timetable is not a given, especially as the price of electric cars is set to fall rapidly as mass production ramps up and battery costs fall. Some expert predict electric cars will cost the same as combustion motors by 2022. While carmakers like Daimler and Porsche hope to be able to ride the electric wave, it is an existential threat to suppliers of combustion engine parts. Christian Hochfeld, director of transport think tank Agora, said pressure is mounting. "We know that companies at the peak of their success can disappear from the market, like Nokia," he warned. Additional reporting by Andreas Cremer and Ilona Wissenbach; editing by Giles Elgood 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-election-economy-idUKKBN1AC1YG'|'2017-07-27T15:39:00.000+03:00'
'01964dbd99722e27f97eb850cdac354bbde97520'|'UPDATE 1-Engine delays hit Airbus profits, delivery targets fragile'|'Edition United States July 27, 2017 / 5:26 AM / 3 hours ago Pratt & Whitney in hot seat as Airbus profits fall Tim Hepher and Cyril Altmeyer 5 Min Read An Airbus A380, the world''s largest jetliner, takes part in flying display, during the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 25, 2017. Pascal Rossignol PARIS (Reuters) - Airbus turned up the heat on engine maker Pratt & Whitney over delays that have disrupted its biggest production line, after reporting a sharp drop in mid-year profits on Thursday. The European planemaker also said it would cut output of the A380, the world''s biggest jetliner, to just eight from 2019, putting on life support a project that has been undercut by a generation of nimbler, fuel-efficient long-haul planes. Airbus''s ( AIR.PA ) shares fell as much as 4.6 percent as investors contrasted its fortunes with those of U.S. arch-rival Boeing ( BA.N ), whose stock hit a record high on Wednesday after its quarterly profit and cashflow beat estimates. Airbus Chief Executive Tom Enders challenged Pratt & Whitney, whose fuel-saving Geared Turbofan (GTF) engine is tied to thousands of orders for small A320neo jetliners, to "work harder" to fix delays and reliability problems. In an unusual public split with a major supplier, he said the engine maker had failed to meet earlier commitments and took issue with confidence over deliveries voiced by Pratt parent United Technologies ( UTX.N ). "You can assume that Airbus is fully in the picture and knows what it is talking about," he told reporters, asked about the difference in tone accompanying their respective forecasts. "If there is a difference in messaging and perception, then there is a difference, but our picture is the picture we have at Airbus and ... the situation is unsatisfactory," he said. Pratt & Whitney had no immediate comment. United Technologies this week said it was "confident" about building a total of 350-400 GTFs this year. Airbus reiterated its own delivery goal but added a proviso, saying it depended on engine makers meeting commitments. Jefferies analyst Howard Rubel wrote that only 300 GTF engines may qualify as paid customer deliveries in 2017. Delays in A320neo deliveries helped slice a third off Airbus first-half profit on flat revenue. Its shares fell despite progress on the ramp-up of the wide-body A350 jet and confirmation of financial targets. United Technologies shares fell 1.3 percent. a380 Output Cut Enders confirmed Airbus had delivered "around 15" Pratt-powered A320neo twin-engined aircraft in the first half compared with around 100 planned for that variant in 2017. Asked how this squared with the 134 engines that Pratt says it delivered in the first half, Enders said deliveries of aircraft depended on customer acceptance. Industry sources say some airlines have been refusing to take Pratt-powered jets because of the lack of available spares. India, whose airlines have ordered hundreds of Pratt-powered A320neos, said Pratt had told its regulators it would address delays affecting GoAir and IndiGo. Air India has also had delays in getting jets with CFM engines, a minister said. The A320neo is one of several challenges as Airbus tries to accelerate output of new jetliners, fix glitches on its A400M military plane and squeeze costs out of the slow-selling A380. Airbus said it would cut output of the double-decker jet to eight in 2019, a move that insiders said was designed to stretch the dwindling order backlog into the next decade while Airbus tries to convince Emirates, IAG and others to place new orders. That compares with 15 this year and 12 in 2018 and means production will continue at what Airbus calls a marginal loss. Enders said Airbus was working on sales campaigns but the probability of immediate success was "not ... necessarily high". The second output cut in a year puts off any decision on whether to close the iconic A380, which would force the company to pay redundancies and writedowns but also ease some pressure on its balance sheet from project debts to European governments. Enders said Airbus was in "constructive talks" with Qatar Airways over a recent cancellation of four A350s, adding, "I think we will find a way out" of the issue. Airbus'' second quarter operating profit fell 27 percent to 859 million euros on revenues of 15.27 billion. That fell short of the 910 million euros on revenue of 15.82 billion expected by analysts polled by Reuters. Reporting by Tim Hepher, Cyril Altmeyer, Victoria Bryan, Aditi Shah; Editing by Mark Potter and Susan Fenton 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airbus-results-idUSKBN1AC0GJ'|'2017-07-27T08:31:00.000+03:00'
'e10e2947886e915d962b96953702bde883e2694f'|'Facebook''s rapid sales growth is slowing down'|'Facebook reaches 2 billion monthly users Facebook may be nearing middle age. After enjoying a remarkable period of rapidly increasing revenue, Facebook''s sales growth is finally starting to slow down. Facebook ( FB , Tech30 ) on Wednesday revealed that its revenue is now growing at the slowest pace in nearly two years as it brushes up against a ceiling of how many ads it can show users. Facebook posted revenue of $9.3 billion for the June quarter, up 45% from the same period a year earlier. For any other company, 45% growth would be a phenomenal result, but not Facebook. The company enjoyed an impressive five consecutive quarters of sales booming 50% or more thanks to its tremendous success making money from ads on mobile devices. That streak ended earlier this year. Now the question is how much more will it slow down. Related: Facebook hits 2 billion monthly users Facebook''s CFO said in November the company expected to see its ad sales growth rate "come down meaningfully" in 2017. It''s not for lack of growth in its audience. Facebook announced hitting two billion monthly users during the quarter, putting it miles ahead of social media rivals like Twitter. But Facebook is reaching its limit for the number of ads it can place in those users'' news feeds. In the absence of limitless ad sales growth on Facebook proper, the company must now lean more on its other popular products. Those include apps like Instagram, WhatsApp and Messenger, two of which have more than a billion users. Facebook has begun ramping up advertising on Instagram and Messenger, but has yet to disclose sales figures for either product. On a conference call with analysts Wednesday, Facebook CEO Mark Zuckerberg said he''d like to see the company "move a little faster" in making money from Messenger in particular. Investors had been bracing for even more of a slowdown ahead of the earnings report. Facebook stock ticked up 4% in after hours trading Wednesday. CNNMoney (New York)   26, 2017: 4:50 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/07/26/technology/business/facebook-earnings/index.html'|'2017-07-27T00:50:00.000+03:00'
'4e7092b751a423f13e98c5acfc211423e43a30b2'|'Deutsche Bank asset management IPO unlikely in 2017 - CEO'|'July 27, 2017 / 11:37 AM / in 15 minutes Deutsche Bank asset management IPO unlikely in 2017 - CEO Reuters Staff 1   head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Deutsche Bank''s ( DBKGn.DE ) planned listing of its asset management arm is unlikely to take place this year, Chief Executive John Cryan said on Thursday. The final decision on the timing will depend on market conditions and the final regulatory sign-off on the planned deal, he said on an analyst call to discuss the lender''s second-quarter earnings. "Our asset management businesses continue to exhibit good investment performance across many asset classes and investment styles," he added. People close to the matter had told Reuters on Wednesday that a stock market flotation of the unit is expected to take place in the first half of 2018 at the earliest. Reporting by Arno Schuetze and Tom Sims; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-results-ipo-idUKKBN1AC1QO'|'2017-07-27T14:36:00.000+03:00'
'df44a1d61eea251d97bee31982ce2becbeddab44'|'Volkswagen''s Audi faces major reshuffle of top management board: magazine'|'July 28, 2017 / 1:21 PM / in 33 minutes Audi faces biggest management reshuffle in years: sources Andreas Cremer and Irene Preisinger 3 Min Read An Audi Q2 car is shown under a giant logo at a dealership in Barcelona, Spain June 2, 2017. Albert Gea/Files MUNICH (Reuters) - Volkswagen''s embattled brand Audi is facing the biggest reshuffle of its management board in years with four out of seven executives earmarked for dismissal, people familiar with the matter said. Audi, which is the biggest contributor of profits to Volkswagen (VW), is grappling with car recalls, prosecutor investigations and persistent criticism from unions and managers over the emissions scandal and its performance post-dieselgate. VW now wants top-level changes to prevent the luxury brand being weakened any further, one source said. "There has to be a clean break," the source said. "It cannot go on like this." Audi Chief Executive Rupert Stadler has been under fire for over a year for his handling of the fallout from the emissions crisis but the supervisory board extended his contract in May on condition he would not serve a full five-year term. Instead of ditching Stadler now, Audi''s controlling panel is planning to replace finance chief Axel Strotbek, production chief Hubert Waltl, human resources chief Thomas Sigi and sales chief Dietmar Voggenreiter in the near future, three sources told Reuters, adding that successors had not yet been named. Germany''s Manager Magazin reported on the planned reshuffle earlier on Friday, saying VW Chief Executive Matthias Mueller had informed the four executives on Wednesday as part of an Audi board meeting about their imminent dismissal. VW and Audi declined to comment. Audi''s works council, whose members occupy half the seats on the 20 member supervisory board, did not return calls seeking comment. Audi''s labour boss criticised managers this month for lacking a roadmap for production in Germany after key models were assigned to foreign factories while its two main German sites wait to be awarded electric car projects. Last month, Munich prosecutors widened investigations at Audi after the German government accused the VW division of cheating on emissions tests in its home market. Reporting by Andreas Cremer and Irene Preisinger; additional reporting by Jan Schwartz and Ilona Wissenbach; editing by David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-emissions-audi-idINKBN1AD1MY'|'2017-07-28T16:17:00.000+03:00'
'25a600f40502c399d62b126f78c2854bc7ae6ad0'|'CANADA STOCKS-Futures lower ahead of GDP data'|'July 28, 2017 / 11:23 AM / in 7 hours CANADA STOCKS-Futures lower ahead of GDP data 4 Min Read July 28 (Reuters) - Futures pointed to a lower opening for Canada''s main stock index on Friday, ahead of gross domestic product (GDP) data that will shed light on the health of the economy. The economy is expected to grow 0.2 percent in May, tracking growth in April. GDP data is due at 8:30 a.m. ET. September futures on the S&P TSX index were down 0.45 percent at 7:15 a.m. ET. Canada''s main stock index eked out a small gain on Thursday, as higher oil prices broadly boosted energy stocks and Cenovus Energy Inc soared after saying asset sales could exceed its estimates, while Goldcorp Inc weighed as its earnings disappointed. Dow Jones Industrial Average e-mini futures were down 0.09 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.28 percent and Nasdaq 100 e-mini futures were down 0.76 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) Top Stories Canada''s Bombardier Inc posted a surprise quarterly profit on Friday and said it expected 2017 earnings before interest and taxes to be at the higher end of its forecast. Hudson''s Bay Co is planning to open its first namesake department store in Canada in at least five years, the company confirmed on Thursday, even as other competitors are shuttering stores in a brutal retail market. Goldcorp Inc is looking to sell royalties it owns on a number of mining projects it has sold in recent years, its chief executive said on Thursday, as the Canadian gold miner nears the end of a series of non-core asset sales. Analyst Research Highlights Tembec Inc: RBC cuts rating to "sector perform" from "outperform" Uni Select Inc: Desjardins raises rating to "buy" from "hold" Vermilion Energy Inc: RBC raises rating to "outperform" from "sector perform" COMMODITIES AT 7:15 a.m. ET Gold futures: $1,257.7; -0.18 pct US crude: $49.07; +0.06 pct Brent crude: $51.68; +0.37 pct LME 3-month copper: $6,319.50; -0.17 pct u.s. Economic Data Due on Friday 1100 GDP advance for Q2 : Expected 2.6 pct; Prior 1.4 pct 1100 GDP sales advance for Q2: Expected 2.4 pct; Prior 2.6 pct 1100 GDP construction spending advance Q2: Prior 1.1 pct 1100 GDP deflator advance for Q2: Expected 1.3 pct; Prior 1.9 pct 1100 Core PCE prices advance for Q2: Expected 0.8 pct; Prior 2.0 pct 1100 PCE prices advance for Q2: Expected 1.2 pct; Prior 2.4 pct 0830 Employment wages qq for Q2: Prior 0.8 pct 0830 Employment benefits qq for Q2: Prior 0.7 pct 0830 Employment costs for Q2: Expected 0.6 pct; Prior 0.8 pct 1000 U Mich Sentiment Final for July: Expected 93.1; Prior 93.1 1000 U Mich Conditions Final for July: Expected 112.9; Prior 113.2 1000 U Mich Expectations Final for July: Expected 80.4; Prior 80.2 1000 U mich 1 year inflation final for Jul: Prior 2.7 pct 1000 U mich 5 year inflation final for Jul: Prior 2.6 pct 1030 ECRI Weekly Index: Prior 144.8 1030 ECRI weekly annualized: Prior 2.6 pct For Canadian Markets News, Click on Codes: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory $1= C$1.25 Reporting by Riniki Sanyal in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1KJ3VE'|'2017-07-28T14:23:00.000+03:00'
'b28cefc8380a04dd9fb3b923fb9e8c31b1affcdb'|'Once ''fragile'' India gets thumbs up even as rates set to fall'|'July 28, 2017 / 3:32 AM / in 3 hours Once ''fragile'' India gets thumbs up even as rates set to fall Rafael Nam 6 Min Read A Reserve Bank of India (RBI) logo is seen at the entrance gate of tts headquarters in Mumbai, India June 7, 2017. Shailesh Andrade/Files MUMBAI (Reuters) - When Fed taper fears jolted emerging markets in 2013, India was one of the worst hit and was forced to raise interest rates to underpin its tumbling markets. Fast forward to this year, and history has been turned on its head. Not only is the U.S. central bank raising rates, but India is widely expected next week to be the first country in Asia to cut policy rates this year. And rather than being concerned at India''s falling policy rate premium over the United States, foreign investors are giving the country''s markets the thumbs up. The rupee is rallying and the country''s bonds are in demand, offering some of the best inflation-adjusted returns in Asia. Inflation, long a thorn in the economy, is at its lowest in five years, economic growth is picking up and the current account deficit is a fraction of its old self. Prime Minister Narendra Modi unveiled a national goods and services tax on July 1, India''s biggest tax reform since independence in 1947, raising confidence among investors that other measures to boost the economy would follow. "The structural story for India remains pretty strong," said David Cornell, chief investment officer of London-based Ocean Dial Asset Management, which argues India and other emerging markets will outperform over the next 12 months. India operates some capital controls, including on foreign investment. Foreign buyers have almost exhausted their quota in debt with net purchases of $21 billion this year - including record high inflows for a January-June period - after net sales of $6 billion last year.An auction of government and corporate bond quotas for foreign investors, which gives them the right to purchase additional debt, was heavily over-subscribed this week. They have bought a net $8.8 billion in shares, more than the combined $6.3 billion of the previous two years, helping push indexes to record highs. Long positions in the rupee are the highest among major Asian currencies and almost double those of the second-placed Malaysian ringgit, a Reuters poll shows. "My view would not change as a result of a rate cut on Aug. 2. Rate cuts are likely to be justified by lower inflation and higher-trend growth rates in India due to reforms," said Jan Dehn, head of research for Ashmore Capital, which has more than $57 billion under management. At a review on Wednesday, the Reserve Bank of India (RBI) is expected to cut its policy rate by 25 basis points to 6 percent, which would be its lowest level in more than six years. It would be the RBI''s first rate cut since October and the first in Asia since the Reserve Bank of New Zealand in December. Many other central banks have already signalled they are done with the long period of super easy policy that followed the global financial crisis, especially given the prospect of more U.S. rate rises and the potential for the European Central Bank to ease up on its bond purchases. No Longer Fragile India no longer resembles the "Fragile Five" country of 2013, when the RBI was forced to raise rates by 75 basis points to arrest foreign investment outflows. Other countries in this group, including Indonesia, Brazil, and South Africa, also took defensive policy measures at the time as their markets came under pressure. Indian consumer price inflation is now 1.54 percent, boosting the 10-year bond''s real interest rate to 4.9 percent, the highest in Asia and nearly double the rate of Indonesia, another popular emerging market investment destination. The rupee has rallied 5.6 percent against the dollar this year and volatility in the exchange rate is its lowest since mid-August, a reassuring signal for investors. The current account deficit has narrowed to just 0.6 percent of GDP from a record 4.8 percent in 2013, while foreign exchange reserves hit a record $389.1 billion as of July 14. Economic growth is expected to rise to 7.3 percent in the fiscal year to March from 7.1 percent in the previous year, a Reuters poll shows. Doubts? To be sure, a more aggressive monetary policy trajectory by the Fed or ECB would rattle emerging markets and within India a shift towards more populist measures ahead of elections that must be held by 2019 could unsettle foreign investors. The RBI is also reluctant to raise foreign debt limits to avoid the risk of sudden outflows later, potentially limiting further gains in the rupee. Indian shares are also relatively expensive, which may limit future gains. The benchmark NSE share index is trading around 21 times its 12-month forward price-to-earnings ratio, compared with a five-year average of 17.91. These negatives are not enough to outweigh the positives though, said Kenneth Akintewe, a senior investment manager for Aberdeen Asset Management in Singapore, who says India is one of his team''s bigger overweight positions. "India''s exposure in local currency emerging market funds is extremely low," he said. "From a risk-adjusted perspective, it has been difficult to actually find another bond asset class that has been able to match the performance of Indian bonds.($1=64.1 rupees) Reporting by Rafael Nam; Editing by Neil Fullick 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-economy-investment-idINKBN1AD0CF'|'2017-07-28T06:31:00.000+03:00'
'4220a1ebcd0a20cd4fe9516a07259020ab4a2f09'|'TransCanada quarterly profit more than doubles'|'July 28, 2017 / 11:43 AM / in 6 hours TransCanada quarterly profit more than doubles 1 Min Read July 28 (Reuters) - TransCanada Corp , Canada''s No.2 pipeline operator, reported a quarterly profit on Friday which more than doubled, helped by strength in its natural gas and liquids pipelines units. The Calgary-based company''s net income attributable to shareholders rose to C$881 million, or C$1.01 per share, in the second quarter ended June 30, compared with C$365 million, or 52 Canadian cents per share, a year earlier. Revenue rose to C$3.22 billion from C$2.75 billion. (Reporting by Ahmed Farhatha in Bengaluru and Nia Williams in Calgary; Editing by Shounak Dasgupta) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/transcanada-results-idUSL3N1KJ40K'|'2017-07-28T14:39:00.000+03:00'
'a8259bb5ac961a73c485e202f201204175114e0a'|'Dividends a worry at drugmakers Astra, GSK after dramatic week'|'July 28, 2017 / 10:34 AM / in 2 hours Dividends a worry at drugmakers Astra, GSK after dramatic week Ben Hirschler 5 Min Read FILE PHOTO: The logo of AstraZeneca is seen on a medication package in a pharmacy in London, Britain, April 28, 2014. Stefan Wermuth/File Photo LONDON (Reuters) - Britain''s two big drugmakers face very different challenges but they share a common problem: how to convince investors that their dividends are safe. With both stocks offering a dividend yield of more than 5 percent, AstraZeneca ( AZN.L ) and GlaxoSmithKline ( GSK.L ) provide islands of decent income in a sea of low returns. The chief executives of both companies faced a barrage of questions from analysts about future payouts and were forced to defend their dividend strategies at post-results meetings this week. AstraZeneca was grilled on the topic four times and GSK five times by analysts from leading banks, including Goldman Sachs, UBS, Citigroup, Morgan Stanley and Deutsche Bank. Fears for AstraZeneca''s dividend have been driven by its bombshell lung cancer setback on Thursday, while GSK''s decision on Wednesday to overhaul drug research and move to a new dividend policy has raised doubts about its payouts. The danger at AstraZeneca is that a gap in expected sales following the failure of its immunotherapy treatment to help patients as hoped in the big Mystic clinical trial will further strain finances. The company''s drug sales are currently falling as it tries to transition to a new wave of products and away from reliance on old medicines that are now off patent and subject to cut-price generic competition. AstraZeneca boss Pascal Soriot, facing his most challenging time since becoming chief executive in 2012, hopes strong growth for cancer pills Tagrisso and Lynparza, as well as demand for medicines in China, can offset the Mystic hit. "Of course, we would have preferred to have everything positive. But ups and downs overall, we believe we can continue to secure the dividend," he said. "From what we can see today, there is no reason for us to change our long-range forecast, including our cash flow forecast, and therefore to have a different approach to our dividend policy." FILE PHOTO: The GlaxoSmithKline building is pictured in Hounslow, west London June 18, 2013. Luke MacGregor/File Photo AstraZeneca could also use some cash from its new cancer drug collaboration deal with Merck & Co ( MRK.N ) to help sustain the dividend if necessary, he added. For GSK shareholders the challenge is coping with a move back to the uncertainty of quarterly dividend declarations from 2019. In recent years, investors have enjoyed the safety net of a steady 80 pence a share annual payout, under a system put in place following the big $20 billion asset swap with Novartis ( NOVN.S ) that completed in 2015. GSK still plans to pay 80p in 2018 but thereafter payouts are uncertain and will be tied to free cash flows, after allowing for any acquisitions. M&A could become a more significant feature at GSK as it bolsters its pipeline in priority areas. "I thought Glaxo results were encouraging, because they have a big dividend yield, but the bears are saying although they are committed to the higher dividend for now, who knows what’s going to happen next," said Eric Moore, manager of the UK equity income fund at Miton Group and an investor in GSK. The company''s aim is to build cash flow cover over time before returning the dividend to growth, a strategy analysts see as an admission it has over-distributed payments in the past. Chief Executive Emma Walmsley stressed that GSK remained very committed to the dividend but she is not giving any cast-iron pledges on specific payments. "Our intention is to be rebuilding that cover off an ''18 base. That said, I''m not going to stand here and say the dividend will never be cut if some circumstances happen to say that that is required and appropriate," she said. Additional reporting by Helen Reid; Editing by Edmund Blair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-astrazeneca-gsk-dividend-idUKKBN1AD18X'|'2017-07-28T13:37:00.000+03:00'
'e38cabede39074fa7be117b3b0d57a43e71cce5b'|'British Airways owner IAG forecasts double-digit rise in full-year operating profit'|'July 28, 2017 / 6:22 AM / an hour ago British Airways owner IAG forecasts double-digit rise in full-year operating profit Reuters Staff 1 Min Read FILE PHOTO: British Airways aircraft taxi at Heathrow Airport near London, Britain October 11, 2016. Stefan Wermuth /File Photo LONDON (Reuters) - British Airways owner IAG said on Friday that it expects operating profit for 2017 to show a double-digit percentage improvement following a strong second quarter, despite a massive power outage which grounded some flights. IAG said that operating profit for the six months to June 30 was 975 million euros, up 37.3 per cent compared to the previous year. The company said that non-fuel unit costs before exceptional items were up, including the financial impact of a massive power outage which grounded flights at Heathrow and Gatwick over a holiday weekend in May. Passenger unit revenue rose 1.5 percent in the quarter, delivering its first year-on-year increase in quarterly revenue per passenger mile flown since 2014. Reporting by Alistair Smout; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iag-results-idUKKBN1AD0MG'|'2017-07-28T09:22:00.000+03:00'
'9202be204d41d35ce7a84e1066b6ead036b083d2'|'Daimler finance arm expects record year after first-half gains'|'July 30, 2017 / 11:48 AM / 2 hours ago Daimler finance arm expects record year after first-half gains Reuters Staff 2 Min Read FILE PHOTO: The Mercedes star logo of an E Coupe is pictured before the annual news conference of Daimler AG in Stuttgart, Germany, February 2, 2017. Michaela Rehle/File Photo BERLIN (Reuters) - Daimler''s ( DAIGn.DE ) finance arm said it was heading for another record year after signing nearly one million new leasing and finance contracts between January and June. Daimler Financial Services, which handles customer financing and leasing for the German carmaker, expects a significant increase in new business this year and further growth in leasing and finance contracts, backed by expanding sales of Mercedes-Benz luxury cars, it said on Sunday. New business at the division jumped 19 percent in the first six months to 34.7 billion euros ($40.77 billion), with earnings before interest and tax up 15 percent to 1.05 billion, the company said. The portfolio of globally financed and leased vehicles increased 17 percent to 4.6 million vehicles with a total sales value of 134 billion euros, the Stuttgart-based company said. The company more than doubled the number of customers worldwide using its mobility services, including Car2Go car sharing to 14.5 million people, it said. ($1 = 0.8512 euros) Reporting by Andreas Cremer. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-daimler-financing-idUKKBN1AF0FK'|'2017-07-30T14:47:00.000+03:00'
'f569e2ac510a56a3ab283b76bee3e6cdb5361775'|'Amazon wobble creates ripples across worldwide stock markets'|'July 28, 2017 / 8:55 AM / 3 hours ago Amazon wobble creates ripples across worldwide stock markets Abhinav Ramnarayan 3 Min Read FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, U.S. January 29, 2016. Mike Segar/File Photo LONDON (Reuters) - An earnings miss by Amazon that hit U.S. technology stocks overnight rippled through into other markets on Friday, with Asian stocks retreating from recent highs and European tech shares opening sharply lower. Amazon''s stock tumbled over 2 percent on Thursday after it reported a slump in profits, as its rapid and costly expansion into new shopping categories and countries showed no sign of slowing. "It has been a pretty good season for earnings and this is the first big company that has sown a few doubts on that, and it also raises question on where the broader tech sector is headed from here," said Investec economist Victoria Clarke. Amazon has been one of the companies powering the sector this year, with a 40 percent rise up until Thursday. Though other U.S. sectors were resilient, Wall Street''s "fear index", the VIX, rose sharply on Thursday from a record low of 8.84 percent to an intra-day high of 11.5 percent. Amazon is one of the so-called "FANG" group of the most influential tech stocks, along with Facebook, Netflix and Google, hence the broad impact of its setback, which hit Asian shares as well knocking the U.S. tech sector off recent highs. MSCI''s broadest index of Asia-Pacific shares outside Japan fell 0.8 percent, with Samsung Electronics, Asia''s largest company by market capitalisation, dropping 3.5 percent. Europe''s tech index fell 1.4 percent in early trading on Friday, the region''s worst-performing sector. "In terms of one story shaping sentiment it is quite remarkable, but markets are also a bit nervous ahead of U.S. GDP numbers due out today," said Investec''s Clarke. "The trigger was Amazon but developments overnight on U.S. healthcare has not helped sentiment." U.S. Senate Republicans failed early on Friday to overturn the healthcare law known as Obamacare, in a stinging blow to President Donald Trump that may end the Republican Party''s seven-year quest to repeal the Affordable Care Act. The dollar dipped against its major peers on Friday, though second quarter U.S. economic growth data due later could potentially give it some respite from the recent sell-off. Economists expect the world''s largest economy to have grown about 2.6 percent in the second quarter, from 1.4 percent in the first quarter. Swiss Fall The Swiss franc was one of the biggest movers in the currency market and is on track to post its biggest weekly drop against the dollar for more than 22 months. The franc has been falling as investors bet the Swiss National Bank will keep monetary policy loose as other central banks move towards tightening. Oil prices held near eight-week highs hit on Thursday after key OPEC members pledged to reduce exports and the U.S. government reported a sharp decline in crude inventories. Brent crude futures were at $51.52 per barrel, up slightly in European trading and close to highs of $51.64 hit on Thursday. Reporting by Abhinav Ramnarayan; Editing by Catherine Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1AD10E'|'2017-07-28T11:54:00.000+03:00'
'1267ed6427ad08650cdd07dc5682c9e1e421a40a'|'Consumers, businesses likely spurred U.S. economic pickup in second quarter'|'WASHINGTON (Reuters) - The U.S. economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment, but persistent sluggish wage gains cast a dark shadow over the growth outlook. Gross domestic product increased at a 2.6 percent annual rate in the April-June period, which included a boost from trade, the Commerce Department said in its advance estimate on Friday. That was more than double the first quarter''s downwardly revised 1.2 percent growth pace. Wage growth, however, decelerated despite an unemployment rate that averaged 4.4 percent in the second quarter. Inflation also retreated, appearing to weaken the case for the Federal Reserve to raise interest rates again this year. "Although growth is solid, the lack of wage pressure buys the Fed plenty of time, and works with a very ''gradual'' tightening cycle," said Alan Ruskin, global head of G10 FX strategy at Deutsche Bank in New York. "There is more here for the Fed doves than the hawks." Prices of U.S. Treasuries rose after the data but pared gains as oil prices hit two-month highs. The dollar fell against a basket of currencies and stocks on Wall Street were trading mostly lower following recent hefty gains. Economists expect the Fed to announce a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September. The U.S. central bank left rates unchanged on Wednesday and said it expected to start winding down its portfolio "relatively soon." The Fed has raised rates twice this year. The rise in second-quarter GDP was in line with economists'' expectations. Output was previously reported to have increased at a 1.4 percent pace in the first quarter. The economy grew 1.9 percent in the first half of 2017, making it unlikely that GDP would top 2.5 percent for the full year. President Donald Trump has set an ambitious 3.0 percent growth target for 2017. Related Coverage 2015 economic growth strongest since 2005 U.S. labor cost growth slows in second quarter Speaking to law enforcement officers in Brentwood, New York, Trump applauded the GDP data and said it was the result of his administration''s rollback of some business and environmental regulations. "We''re doing well, we''re doing really well and we took off all those restrictions," Trump said. "Some we''re statutorily stuck with for a little while, but eventually that statute comes up and we''re going to be able to cut a lot more." But analysts are skeptical of the Republican president''s vow to push through major tax cuts in the wake of his party''s failure early on Friday in the Senate to pass a bill that would have repealed parts of former President Barack Obama''s 2010 healthcare law. So far, the political gridlock in Washington has not hurt either business and consumer confidence. Consumers Boost Growth A woman shops with her daughter at a Walmart Supercenter in Rogers, Arkansas June 6, 2013. The annual shareholders meeting for Walmart takes place on June 7. Rick Wilking A resurgence in consumer spending accounted for the bulk of the pickup in economic growth in the second quarter. Consumer spending, which makes up more than two-thirds of the U.S. economy, grew at a 2.8 percent rate. That was an acceleration from the 1.9 percent pace logged in the first quarter. But with wage growth remaining sluggish despite the labor market being near full employment, there are concerns that consumer spending could slow in the third quarter. In a separate report on Friday, the Labor Department said wages and salaries increased 0.5. percent in the April-June period after accelerating 0.8 percent in the first quarter. They rose 2.3 percent on a year-on-year basis. There were, however, strong wage gains in the information, finance and natural resources sectors. Slideshow (2 Images) "A tightening labor market ought to put upward pressure on wage rates, but employers are likely to resist increases as long as they can, given the state of productivity," said John Ryding, chief economist at RDQ Economics in New York. Inflation was subdued in the second quarter. The Fed''s preferred inflation gauge, the personal consumption expenditures (PCE) price index excluding food and energy, increased at a 0.9 percent rate. That was the slowest rise in more than two years and followed a 1.8 percent rate of increase in the first quarter. The gross domestic purchases price index, another measure of inflation pressures in the economy, increased at a 0.8 percent rate after advancing 2.6 percent in the prior quarter. Businesses helped to carry the economy in the second quarter, with spending on equipment jumping at a rate of 8.2 percent, the fastest in nearly two years. It was the third straight quarterly increase. Spending on mining exploration, wells and shafts grew at a 116.7 percent rate, slowing from the first-quarter''s robust 272.1 percent pace. As a result, investment on nonresidential structures increased at a 4.9 percent pace, moderating from the January-March period''s brisk 14.8 percent rate. Though businesses continued to carefully manage their inventories in the second quarter, they spent more in some places. Inventory investment was neutral to GDP growth after slicing 1.46 percentage points in the first quarter. Trade added 0.18 percentage point to growth, contributing to output for a second straight quarter. Housing was a drag on growth in the last quarter, with investment on homebuilding contracting at a 6.8 percent rate, the worst performance in nearly seven years. Auto production slumped for a third straight quarter, while government spending rebounded after declining in the prior period. Alongside the second-quarter GDP report, the government published revisions to data going back to 2014, which showed little change in the growth picture. Reporting by Lucia Mutikani; Additional reporting by David Lawder; Editing by Paul Simao '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-idUSKBN1AD0GX'|'2017-07-28T08:12:00.000+03:00'
'90906c6b0a31cdcb981e1ff63b882a7af90c076f'|'Japan beef tariff hike threatens trade relations -U.S. ag secretary'|'July 28, 2017 / 8:53 PM / 19 hours ago Japan beef tariff hike threatens trade relations: U.S. agriculture secretary Theopolis Waters 3 Min Read U.S. Agriculture Secretary Sonny Perdue arrives to a news conference with his Mexican counterpart Jose Calzada in Merida, Mexico, July 28, 2017. Lorenzo Hernandez CHICAGO (Reuters) - Japan''s decision to hike tariffs on frozen beef imports from the United States could disrupt sales and harm trade relations between the two countries, U.S. Agriculture Secretary Sonny Perdue said on Friday. Japan will raise tariffs from August on imports of frozen beef, popular in beef bowl dishes, from the United States and some other countries to 50 percent from 38.5 percent, until next March, the Ministry of Finance said on Friday. "I am concerned that an increase in Japan''s tariff on frozen beef imports will impede U.S. beef sales and is likely to increase the United States'' overall trade deficit with Japan," Perdue said in a statement. "This would harm our important bilateral trade relationship with Japan on agricultural products." The tariff hike is a "safeguard" mechanism to protect domestic farmers, Japan''s ministry said. It is the first time it has been used since 2003. Japan is the top destination for U.S. chilled and frozen beef, with trade valued at $581 million this year through May. Exports of chilled beef from the United States to Japan totaled 57,970 tonnes during that period and frozen beef exports were 44,760 tonnes - valued at $414.4 million and $166.7 million, respectively, according to U.S. Meat Export Federation data. Tyson Foods Inc, the largest meat processor in the United States, said on Friday it supported U.S. government efforts to address the issue with Japan. The tariff hike comes as the U.S. beef industry is expecting an increase in supplies, according to two recent U.S. Department of Agriculture reports. "U.S. beef needs all the demand it can get," said John Nalivka, president of industry research firm Sterling Marketing. The expected ample U.S. beef supplies could mean export prices fall to compensate for the increased tariffs or demand could switch to chilled beef imports. Among the countries not affected by the tariff increase are Australia and Mexico because they have economic partnership agreements with Japan. Australia could still struggle to win market share as its prices remain high because of a drought that has cut cattle numbers, said Nalivka, who added that a weaker U.S. dollar could help offset the tariff increase. Mexico sends about 2.7 percent of its total exports to Japan, mostly frozen beef, and could take advantage of the tariffs to boost that. "This does present an opportunity for Mexico," said Rogelio Perez, the top trade official with Mexican cattle growers association AMEG. Any new beef exports to Japan from Mexico, however, would not occur until at least September. Additional reporting by David Alire Garcia in Mexico City; Editing by Jo Winterbottom and Matthew Lewis 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-japan-beef-usa-idUSKBN1AD2LW'|'2017-07-28T23:48:00.000+03:00'
'e125ec7137097b3a472d7244202bd57fc177cc93'|'Lockheed Martin given $3.7 billion interim payment for 50 F-35s: Pentagon'|'July 28, 2017 / 9:31 PM / 17 hours ago Lockheed Martin given $3.7 billion interim payment for 50 F-35s: Pentagon Mike Stone and Eric Beech 2 Min Read File photo: A U.S. Marine Corps Lockheed Martin F-35B fighter jet taxis after landing at the Royal International Air Tattoo at Fairford, Britain July 8, 2016. Peter Nicholls WASHINGTON (Reuters) - Lockheed Martin Corp ( LMT.N ) was awarded a $3.7 billion interim payment for fifty F-35 jet fighters that are earmarked for non-U.S. customers, the Pentagon said on Friday. Lockheed and its partners have been producing the jets under a placeholder agreement known as an "undefinitized contract action." The agreement announced on Friday allows Lockheed to continue production of the F-35 jets while it finalizes the terms of the 11th contract with the Pentagon. The contract provides funds for the procurement of 50 aircraft, comprised of one F-35B aircraft for Great Britain, one F-35A for Italy, eight F-35A aircraft for Australia, eight F-35A for the Netherlands, four F-35A for Turkey, six F-35A for Norway, and 22 F-35A aircraft for other foreign military sales customers, the Pentagon said in a statement. The F-35 comes in three configurations: the A-model for the U.S. Air Force and U.S. allies; the B-model, which can handle short take-offs and vertical landings for the Marine Corps and British navy; and the carrier-variant F-35C jets. Lockheed was awarded an interim payment on 7 July of $5.6 billion to help finance construction of the 11th batch of 141 F-35 jets for the U.S. military. The F-35 Program office said the Department of Defense would continue to negotiate the 11th low rate initial production contract with Lockheed Martin and expected an agreement by the end of 2017. The F-35 joint program office said it was “confident the final negotiated Lot 11 aircraft unit prices will be less than Lot 10.” In February, the Pentagon agreed to a deal for the tenth batch of the fighter aircraft and agreed to pay below $95 million per F-35A model jet for the first time, compared with $102 million in the previous purchase, which was the lowest price up until that point. The Pentagon expects to buy 2,457 jets. Reporting by Mkie Stone and Eric Beech in Washington, D.C.; Editing by David Gregorio, Toni Reinhold 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-lockheed-pentagon-idUSKBN1AD2O3'|'2017-07-29T00:29:00.000+03:00'
'ba3fbc0228bba79520323ba5f43c934ac105186a'|'We have to end the horror of this feudal leasehold system - Money'|'We could publish horror stories every week – and not just on doubling ground rents View more sharing options Close Saturday 29 July 2017 07.00 BST T he entire parasitic structure of leasehold in England and Wales is, finally, beginning to wobble – and with a bit more prodding we could see it crash. The long campaign led by Sebastian O’Kelly at the Leasehold Knowledge Partnership has had its first success, with the government proposing a ban on new leasehold houses , while new flats will see ground rents cut to zero. But we need to go much, much further. We could publish horror stories about leasehold every week in Guardian Money, which have nothing to do with the issue of doubling ground rents. Take the apartment owners held to ransom when their lease starts falling below 80 years. Avaricious freeholders make absurdly inflated demands to award a lease extension, safe in the knowledge they hold all the negotiating cards. For example, the owner of a flat valued at £200,000 with 50 years left on the lease will be hit with a bill of around £36,500 to extend it by the standard additional 90 years. There are two million leases under 80 years in England and Wales, in properties where around three million people live. How are apartment owners expected to magic up these sums when the average salary is £27,000 – and when even after coughing up the money they still technically won’t own their properties? “This is the biggest scandal of the leasehold world,” says chartered surveyor James Wyatt of Parthenia Valuations, dwarfing the scandal of leasehold houses. Wyatt is pursuing a case (Mundy v Sloane Stanley Estate) that reaches the court of appeal in January. If successful, it is likely to see the cost of future lease extensions fall by around half. In the case above, where the freeholder is demanding £36,500, if Mundy is successful the cost would fall to £20,500 – a level most would still consider absurd. Wyatt’s case has made him an enemy of many in the property world. A former head of valuations at blue-chip property firm John D Wood, Wyatt says: “I’m up against entrenched opposition from the legal and surveying world” and that the “industry gravy train” has constantly thwarted any reform. If the court of appeal case fails, an appeal to the supreme court is next. Others argue that we should simply use statutory intervention to reform leasehold valuation along the Mundy lines. One hope is that Gavin Barwell, when housing minister, was very keen to tackle the scandal of leasehold houses, and he now has much greater authority as Theresa May’s chief of staff. But in the longer term we need to find ways to make leasehold a thing of the past. Some daft property “experts” insist it has to remain for apartments, ignoring the fact that it has been abolished in almost every part of the world. Happily, we have legislation that allows for “commonhold” where everyone in an apartment block part-owns the land the property is on. The government could simply insist all new flats are sold on a commonhold basis. But what to do about existing leaseholds? Of course, greedy freeholders who have ruthlessly exploited leaseholders will demand “compensation”. As Sir Peter Bottomley MP says, slave traders used the same arguments when their “assets” were taken away. One solution, tried in Amsterdam, is to convert all existing leaseholds into perpetual leases, removing the threat of a freeholder grabbing the property back – as the lease will never end. They have also restricted the ground rent to a peppercorn which, if enforced here, would cut off financial speculation in leases. We should also look at other ways for leaseholders to buy their freeholds at a sensible cost. Ten times ground rent appears reasonable – already in place in Northern Ireland. Meanwhile, in Scotland I love the fact legislation rejecting leasehold doesn’t mince its words – it’s called the Abolition of Feudal Tenure (Scotland) Act 2000. Can we have the same in England and Wales, please? Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/blog/2017/jul/29/send-leasehold-system-crashing-horror-stories'|'2017-07-29T14:00:00.000+03:00'
'e1c9b38ff7a58f1579035d8cfe6abd0ba0a88423'|'Venezuela money supply surges 10 percent in one week, fastest in 25 years'|'July 29, 2017 / 1:03 PM / 20 minutes ago Venezuela money supply surges 10 percent in one week, fastest in 25 years Girish Gupta 2 Min Read A woman uses a machine to count Venezuelan bolivar notes at an office in Caracas, Venezuela March 21, 2017. Marco Bello CARACAS (Reuters) - In a portend of steepening inflation in crisis-stricken Venezuela, money supply surged 10 percent in just one week earlier this month, its largest single-week rise in a quarter of a century. Venezuela is undergoing a major economic crisis, with millions suffering food shortages, monthly wages worth only the tens of U.S. dollars, and soaring inflation -- though no official data is available. The central bank said late on Friday the total amount of local currency in circulation -- known as M2 by economists - as of July 21 was 27.3 trillion bolivars, up 9.66 percent from the previous week. In October 1992, the figure rose 10.84 percent in a single week. The exponential rise in M2, the sum of cash, together with checking, savings, and other deposits, means an exponential rise in the amount of currency circulating. Venezuela''s money supply is up 384 percent in the last year. In contrast, the United States'' money supply is up 5.5 percent in the same period. Coupled with a decline in the output of goods and services, that has accelerated inflation. While M2 may seem an obscure technical indicator, the figure was routinely published by newspapers in Venezuela, whose oil-dependent economy has been dogged by inflation in the past. Venezuelans are forced to carry huge bundles of cash to make basic purchases - if they can afford to do so given weekly price rises on many goods. This week also saw Venezuela''s black market exchange rate surge past 10,000 bolivars per dollar. When President Nicolas Maduro came to power in April 2013, it was at 24 per dollar. A thousand dollars worth of local currency then would be worth just over $2 now. Maduro says he faces an "economic war" waged by the opposition and Washington. The last year for which official inflation data is available from the central bank is 2015, when consumer prices rose 181 percent. Reporting by Girish Gupta Editing by Alexandra Ulmer/Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-venezuela-economy-idUKKBN1AE0H6'|'2017-07-29T16:02:00.000+03:00'
'f828d40f8d97f94f1d6a909e483cc920db967c86'|'Shares in Slim''s America Movil shrug off Colombian order to pay $1 billion'|'July 27, 2017 / 1:58 AM / in 18 minutes Shares in Slim''s America Movil shrug off Colombian order to pay $1 billion Julia Love 3 Min Read The logo of America Movil is pictured on the wall of a reception area in the company''s corporate offices in Mexico City, Mexico, May 18, 2017. Edgard Garrido MEXICO CITY (Reuters) - America Movil ( AMXL.MX ), the telecommunications company of Mexican tycoon Carlos Slim, and Movistar, the Colombian unit of Spain''s Telefonica SA ( TEF.MC ), may not have to pay any compensation while legal action in Colombia is under review, a government minister said on Wednesday.Shares of America Movil closed down 0.32 percent and Telefonica shares closed up 1.38 percent after a Colombian arbitration panel on Tuesday ordered America Movil to pay $1 billion (762.78 million pounds) and told Movistar to pay $529 million. David Luna, Colombia''s minister for information technology and communications, said in a radio interview that the companies can request suspension of the payment while the case makes its way through Colombia''s Council of State, the highest judicial authority for rulings involving the government. "They have established rights and obviously it''s their choice whether or not they use them," Luna said. The panel said the two rivals failed to return installed telecommunication networks and infrastructure as part of agreements to provide cellular phone service more than a decade ago, the government''s legal defence agency said. Original contracts signed in 1994 agreed that networks would be returned to the state in 10 years. New contracts were later drawn up eliminating the return of the networks, but were overruled by another legal authority that argued that the original contract could not be modified. Telefonica and Movistar logos are seen on top of a Telefonica Mexico building in Mexico City, Mexico, April 15, 2016. Edgard Garrido Movistar could not be reached for comment. Slim''s company, Latin America''s largest telecoms firm by subscribers, said it would seek legal advice. America Movil said it rejected the change to the legal framework in Colombia, noting that it had made major investments under the existing one. "(These are) changes that affect elements as indispensable as the right to private property and the legal certainty necessary for encouraging investments in the country," the company said in a statement. A legal expert questioned whether the firms would end up having to pay those amounts. The proposed payment is "a mere formality of a legal process that isn''t over yet," said Ramiro Tovar Landa, a professor at the Autonomous Technological Institute of Mexico. The dispute is sensitive for America Movil as Colombia is one of its most important markets, Intercam Casa de Bolsa wrote in a note to investors. “The operations in Colombia have shown improvement in the latest quarters, but the regulatory risk continues to be important in the country,” Intercam wrote. Reporting by Julia Love, additional reporting by Sharay Angulo in Mexico City and Julia Symmes Cobb in Bogota; Editing by Grant McCool and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-america-movil-fine-idUKKBN1AC06J'|'2017-07-27T04:58:00.000+03:00'
'7020a6166e44b04b095c646da3090252f8ec4895'|'''Ditch plastic straws'' – experts and campaigners on how to cut plastic waste - Guardian Sustainable Business'|'Marks & Spencer has redesigned and repackaged more than 140 best-selling products to cut plastic use, saving 75 tonnes of packaging a year in the process.But are retailers and manufacturers doing enough? What more could and should they be doing? We asked a range of packaging experts and campaigners. Here’s what they said.Lily Cole: ‘Ditch single-use plastic water bottles’ Facebook Twitter Pinterest Companies should be proactively designing solutions to reduce plastic waste. Single-use plastic water bottles are perhaps the most damning culprit when there are so many alternatives readily available. I recently supported Brita’s #SwapForGood campaign, committing to avoiding single-use plastic water bottles and carrying around a reusable bottle instead.Facebook Twitter Pinterest Brita’s #swapforgood campaign with Lily Cole and Henry Holland. In researching the SwapForGood campaign, Brita found that 71% of people in the UK felt embarrassed asking for tap water when not buying something else. In order for us to create a real cultural shift, we need to lose the stigma around asking for tap water, and we need companies (cafes, restaurants and even shops) to proactively welcome people to use their tap water sources for free, just as we might use their toilets. Lily Cole is an actor, co-founder of Impossible.com and patron of the Environmental Justice Foundation. Dame Ellen MacArthur: ‘C hange the way we make and use plastic’ Facebook Twitter Pinterest Demand for plastics is expected to double in the next 20 years, yet our plastics system is not fit for purpose. Most plastic packaging items are used only once before being discarded, and globally only 14% of plastic packaging is collected for recycling. The remainder gets incinerated, landfilled or worse, with more than 30% leaking out into the environment. If nothing changes, there could be more plastic than fish in the ocean by 2050. Facebook Twitter Pinterest A turtle suffocates on an ingested plastic bag in Hawaii. Photograph: FLPA/Rex This problem cannot be fixed in isolation. It is only through systemic change – bringing together the entire industry to fundamentally rethink the way we make and use plastics – that we can prevent plastic from becoming waste in the first place.The $2m New Plastics Economy Innovation Prize aims to accelerate innovations that keep plastics in the economy but out of the ocean. The prize is made up of two challenges: the Circular Design Challenge looks at how to get products to people without generating plastic waste – tackling small items such as shampoo sachets, straws or coffee cup lids – while the Circular Materials Challenge addresses how to make all plastic packaging material recyclable. Dame Ellen MacArthur is founder of the Ellen MacArthur Foundation. Hannah Lownsbrough: ‘ McDonald’s must take the lead on straws’ When did plastic straws become ubiquitous? Far too often, before you’ve said: “No straw please”, there it is, already on its way to becoming waste – usually completely unnecessarily.It’s estimated Americans alone use 500m plastic straws every day. Used for a few minutes then discarded, once in the environment plastic never degrades but breaks into ever smaller pieces. Straws are a particular hazard. Small and light, they can end up lodged in the nostrils of sea turtles and perforating the stomachs of penguins .Simply telling consumers to carry reusable straws around is not the answer. It’s up to corporations to take responsibility and reduce the plastic waste they create. They have a variety of options at their disposal, including only handing out straws on request, moving to drink-through lids, or using a sustainable, recyclable alternative.That’s why we’re asking McDonald’s, which hands out free plastic straws to many of the 3.5 million people who visit its UK restaurants each day, to take the lead and ditch them . A giant like McDonald’s has the resources to create a shift in the fast food industry’s obsession with plastic straws, before it’s too late .Hannah Lownsbrough is executive director of SumOfUs, a global consumer group. Ilana Taub: ‘Take the risk of trying a new material’ Facebook Twitter Pinterest One pence. That’s the difference in pricing between a traditional plastic bag and a genuinely compostable one. Do we really care so little about our planet that we’re not willing to encourage our manufacturers to pay an extra £0.01, or pass on the cost to us?We’re starting to see alternatives, like the compostable film we use to pack our snacks, but few companies are willing to take on the risk of trying a new material and the associated cost, even if the difference is miniscule.Facebook Twitter Pinterest Snact’s compostable packaging. Photograph: PR Packaging manufacturers are slow to develop alternative materials that can genuinely compete with traditional plastics because there’s no real market for it. And there’s no market for it because there is not enough demand from consumers. It’s mind-blowing that as a society involving people, government and businesses we’re not able to solve a problem that involves an additional few pence.Ilana Taub is the co-founder of Snact , which creates snacks from surplus fruit and uses home compostable packaging to reduce plastic waste. Hugo Tagholm: ‘ We need a nationwide deposit return system’ It’s vital that manufacturers support much more effective recycling solutions for the packaging they produce. We use a staggering 38.5m plastic bottles in the UK every day and only manage to recycle just over half of these.A nationwide deposit return system would be a brilliant next step in stopping plastic bottle pollution on our beaches and help manufacturers get much higher quality recyclate to enable the production of new bottles, creating a more circular economy. Just as we’ve seen the small charge on plastic bags have a big impact , with billions fewer given out, evidence shows a deposit-return scheme could dramatically reduce the number of plastic bottles littering our streets and marine environments.Hugo Tagholm is the CEO of Surfers Against Sewage . Madeleine Berg: ‘Stop selling plastic cotton bud sticks’ Facebook Twitter Pinterest In 2016, cotton bud sticks were the sixth most common item of marine litter found on UK beaches. These buds are the epitome of “single use” – applied and immediately discarded. Worse still, consumers often litter unwittingly by flushing buds down the toilet, where our sewage system is unable to prevent them from ending up at sea.Facebook Twitter Pinterest Plastic cotton bud sticks: ‘Sadly a familiar sight on beaches’. Photograph: David Jones Retailers and manufacturers can take immediate action to reduce this source of marine litter by replacing plastic stems with fully biodegradable alternatives like rolled paper. Though they should still never be flushed, paper buds are likely to disintegrate and settle out in sewage, never reaching the sea. Last year, a number of companies including the UK’s two largest supermarket chains, Tesco and Sainsbury’s, committed to ban the sale of plastic-stemmed cotton buds by the end of 2017. In doing so, they joined front-runners such as Marks & Spencer and The Body Shop, which have been selling paper-stemmed buds for a number of years.However, we are yet to see an industry-wide shift. France will be banning plastic stems by 2020 – is this the only way to completely prevent this source of plastic pollution?Dr Madeleine Berg manages The Cotton Bud Project at Fidra, an environmental charity based in Scotland .Liz zie Carr: ‘ Boycott single-use plastic’ Facebook Twitter Pinterest A lot of companies are doing very little to challenge the culture of throwaway single-use plastic and consumers are often left with next to no alternative than buying products wrapped unnecessarily in plastic packaging. Coca-Cola’s recent pledge that all its UK bottles will be made from 50% recycled plastic by 2020 is a positive step and my hope is other big players will follow suit, but there’s a long way to go. Most manufacturers are still largely irresponsible, both in terms of volume of plastic placed in products and the recycling process.As consumers we have power to drive meaningful change. Phasing out single-use plastics – where possible – in our day-to-day lives by taking a zero-tolerance approach to items such as plastic bottles, straws and bags is a simple first step. Every individual effort to boycott single-use plastic is a small victory but, collectively, we have an opportunity to create friction that will ultimately force companies to adapt and provide more environmentally friendly alternatives.Lizzie Carr (@LizzieOutside) I went on #PlasticPatrol across our canals, collecting 1000 plastic bottles in just 7 hours. This needs to STOP. https://t.co/2K28QOcnc4 pic.twitter.com/Ijz4kh9aix January 28, 2017 Liz zie Carr is an adventurer, environmentalist and founder of #PlasticPatrol , a UK-wide campaign to rid waterways of plastic pollution. Topics Guardian sustainable business rethinking business Recycling Ethical and green living Waste Pollution Lily Cole blogposts  '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/sustainable-business/2017/jul/30/retailers-manufacturers-reduce-plastic-use-waste-lily-cole-ellen-macarthur'|'2017-07-30T03:00:00.000+03:00'
'1c601a8ec5547a3b07fbec676da042f7fc8dbcde'|'Shell''s Pernis refinery fire buoys oil product prices'|'July 31, 2017 / 4:56 PM / 6 minutes ago Shell''s Pernis refinery fire buoys oil product prices Ahmad Ghaddar and Libby George 3   A Shell logo is seen at a garage in Glasgow, Scotland, February 3, 2005. Jeff J Mitchell/File Photo. LONDON (Reuters) - A shutdown at Europe''s largest oil refinery is boosting already-strong profit margins for petroleum products and further tightening a market that had been showing signs of rebalancing for weeks. Royal Dutch Shell ( RDSa.L ) shut down most of its units at the 404,000 barrels per day Pernis refinery in Rotterdam following a fire late in the evening on July 29 in its power supply system. The length of the shutdown remains unknown, and the company said it was still investigating when it can restart production at the site. The shutdown drove up the benchmark diesel refining margin in northwest Europe LGO-1=R, the profit that refiners can make from refining crude into diesel, to a session high of $14.60 a barrel on Monday, its highest level since November 12, 2015. The benchmark European prompt Low Sulphur Gasoil futures contract LGOc1 traded at a premium to the September contract of as much as $10 a tonne earlier in the day, before coming off to $1.50 a tonne at 1632 GMT. That compared with a discount of 25 cents on Friday. When a current-month contract trades at a premium to the following month, a structure known as backwardation, it indicates a strong market for prompt supplies. The rise in European prices opened up the diesel arbitrage from Asia and widened that from the U.S. Gulf Coast, traders said. Asian diesel refining margins rose to a near two-year high on the news of the outage, they said. GOSGCKMc1 "The strength in the structure in diesel and the crack was there already, it''s not just Pernis," said Olivier Jakob, strategist at Swiss-based Petromatrix. Margins in Europe, particularly for diesel, had been climbing for weeks on the back of solid exports to Latin America, West Africa and even Asia, and a limited inflow from other regions. Traders said concern over how long the refinery would be down was leading to an even bigger rally and one that could extend to support refinery margins in Asia and the United States. "A power failure like that is often quite serious," one trader said. "They will have to wait before doing a damage inspection on the refinery, never mind fixing the power supply issues." The gasoline refining margin in northwest Europe was up by over 12 percent at $13.43 a barrel, according to Reuters calculations. U.S. gasoline margins also traded at a peak of $20.44 on Monday, more than 5 percent above the Friday close. Rbc1-CLc1. "The duration of the closure will determine the strength but in the medium term, other regions will step in to fill Europe''s missing production," said Ehsan Ul-Haq, director of crude oil and refined products at Resource Economist Ltd. However, Ul-Haq warned that the outage was likely to weigh on crude oil prices, even as other refineries run at full steam on the strong margins. "The closure of Pernis does not bode well for the European crude oil market," he said, referring to the refinery''s crude processing capacity. Additional reporting by Ron Bousso, Jarrett Renshaw, and Jessica Jaganathan; Editing by Greg Mahlich and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shell-refinery-outages-idUKKBN1AG228'|'2017-07-31T19:56:00.000+03:00'
'12516093abd9edaf42d98b83b287b567a85c30d8'|'Oil hits two-month high on tighter U.S. market, Venezuela sanctions risk'|'July 31, 2017 / 4:01 AM / an hour ago Oil hits two-month high on tighter U.S. market, Venezuela sanctions risk Henning Gloystein 3 Min Read FILE PHOTO: A sample bottle of crude oil is seen in this illustration photo June 1, 2017. Thomas White/Illustration/File Photo SINGAPORE (Reuters) - Oil prices hit a two-month high on Monday, lifted by a tightening U.S. crude market and the threat of sanctions against OPEC-member Venezuela. Brent crude futures were at $52.82 per barrel at 0443 GMT on Monday, up 30 cents or 0.6 percent. Prices hit $52.90 per barrel earlier in the day, their highest since May 25. U.S. West Texas Intermediate (WTI) futures were up 16 cents, or 0.3 percent, at $49.87 per barrel, and the entire WTI curve is close to moving back over $50 per barrel, with only September and October a notch below that level. The price rises put both crude benchmarks on track for a sixth consecutive session of gains. Prices have risen around 10 percent since the last meeting of leading members by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, when the group discussed potential measures to further tighten oil markets. "U.S. inventories are showing massive drawdowns, Saudi Arabia seems intent on playing its role as the world''s swing producer (and) impending sanctions on Venezuela by the U.S. will almost certainly be oil price-supportive," said Jeffrey Halley, analyst at futures brokerage OANDA. The United States is considering imposing sanctions on Venezuela''s vital oil sector in response to Sunday''s election of a constitutional super-body that Washington has denounced as a "sham" vote. But traders said the biggest price supporter was currently a tightening U.S. oil market. "Strong increases in the price of oil ... (were) fuelled in large part by the substantial drawdowns in U.S. inventories over the past several weeks," said William O''Loughlin, analyst at Rivkin Securities. "A continuation of this trend could indicate the oil market is rebalancing thanks to the production cuts by OPEC and Russia," he added. After rising by more than 10 percent since mid-2016, U.S. oil production dipped by 0.2 percent to 9.41 million barrels per day (bpd) in the week to July 21. U.S. crude inventories have fallen by 10 percent from their March peaks to 483.4 million barrels. Drilling for new U.S. production is also slowing, with just 10 rigs added in July, the fewest since May 2016. The tighter market was also visible in the price curve, which shows backwardation in the front end. Backwardation is a market condition in which prices for immediate delivery of a product are higher than those later on. Brent prices for delivery in September are currently around 35 cents above those for October. Reporting by Henning Gloystein; Editing by Subhranshu Sahu and Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN1AG0BS'|'2017-07-31T07:48:00.000+03:00'
'239570b3d280075b7165ba9cc881a4ffc92be916'|'UPDATE 1-Safran cites LEAP-1A quality problem, delivery goals intact'|'July 28, 2017 / 6:28 AM / 11 hours ago UPDATE 1-Safran cites LEAP-1A quality problem, delivery goals intact 2 Min Read (Adds quotes) PARIS, July 28 (Reuters) - Safran has witnessed a "minor" quality problem with a part for its LEAP-1A engine for Airbus jets, but its 2017 delivery goals are unaffected, Chief Executive Philippe Petitcolin said on Friday. The problem relates to a turbine disc and does not involve concerns about the part''s design, he told reporters when discussing half-year earnings. Safran developed the engine with General Electric through their CFM International joint-venture, alongside similar models for Boeing and China''s Comac. Boeing reported a quality problem with a batch of engines earlier this year. The production ramp-up for LEAP engines is going smoothly, though the pace of deliveries can vary week by week, Petitcolin said. "At CFM we had a potential industrial risk linked to the quality of a high-pressure turbine disc. We are working on it...but it is not at all linked to the engine design," he said. "It is a quality problem that can happen during manufacturing. The situation is under control and if there were an impact, it would be very minor for Airbus and doesn''t change our annual delivery target at all," he added. Airbus said on Thursday that its own delivery targets were subject to the performance of engine makers, and put most of the emphasis on delays at CFM rival Pratt & Whitney. Petitcolin also said Safran planned formally to launch an agreed bid for Zodiac Aerospace by the end of the year after winning support from its own shareholders for a reduced offer, following industrial problems at the seats and equipment maker. (Reporting by Tim Hepher, Cyril Altmeyer; Editing by Sudip Kar-Gupta) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safran-results-ceo-idUSL5N1KJ1H7'|'2017-07-28T09:26:00.000+03:00'
'1bddaaa88fa3f24c0dff2d33d1feebb5ad24b6fb'|'Telecom Italia will not become French, won''t merge with Orange - Vivendi CEO to paper'|'July 29, 2017 / 11:28 AM / 2 minutes ago Telecom Italia will not become French or merge with Orange -Vivendi CEO to paper Reuters Staff 3 Min Read FILE PHOTO - Vivendi''s Chief Executive Arnaud de Puyfontaine attends the company''s shareholders meeting in Paris, France, April 25, 2017. Jean-Paul Pelissier MILAN (Reuters) - Top shareholder Vivendi ( VIV.PA ) has no plans to merge Telecom Italia ( TLIT.MI ) with Orange ( ORAN.PA ) nor to make it French, Chief Executive Arnaud de Puyfontaine told newspaper La Stampa in an interview published on Saturday. Telecom Italia (TIM) named Vivendi''s Amos Genish as its general manager for operations on Friday as the French media giant tightened its grip on Italy''s biggest phone group, where it is the largest shareholder with a 24 percent stake. De Puyfontaine, who also serves as TIM''s executive chairman and its chief executive ad interim, said Vivendi was not an invader, but after investing more than 4 billion euros ($4.7 billion) was committed to the former state monopoly. "Our investment in Telecom Italia is strategic and long term," he told the newspaper, but at the same time sought to quash growing concerns about the French media group increasingly calling the shots at the Italian firm. "TIM will never be French: it is and will remain an Italian company." Vivendi, led by billionaire Vincent Bollore, has taken a more hands-on approach to Telecom Italia since winning a majority of board seats earlier this year and appointing de Puyfontaine as chairman. Clashes with Vivendi have also contributed to the early departure of TIM Chief Executive Flavio Cattaneo, who is the second CEO to leave the company in less than two years after locking horns with the top investor. The arrival of Genish has fuelled expectation among some fund investors of strategic deals, including a possible merger with a bigger competitor. Telecom Italia has long been seen as a takeover target because it is smaller than many of its European rivals and it has first-mover advantage in Italy''s ultrafast broadband market. However, de Puyfontaine said a tie-up was not on the cards. "A merger with Orange? I want to be clear: it will not happen. Telecom Italia will be a consolidator, not the prey." But he is open to discussing the idea of separating TIM''s fixed-line network - an asset valued by analysts at up to 15 billion euros - to create a neutral platform open to all or to collaborating with others for the roll-out of an ultrafast broadband network across Italy, he said. "We have a pragmatic approach," he said. ($1 = 0.8512 euros) Reporting by Agnieszka Flak; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telecom-it-vivendi-idUKKBN1AE0EX'|'2017-07-29T14:28:00.000+03:00'
'a7cffcefa5c4170742d6aa22f4df02e1a09bc123'|'Amazon profit slumps 77 percent as costs surge'|'July 27, 2017 / 8:11 PM / in 2 hours Amazon plows ahead with high sales and spending; profit plunges 5 Min Read An employee works at Amazon''s Prime Now fulfillment centre in Singapore July 27, 2017. Edgar Su (Reuters) - Amazon.com Inc on Thursday reported a jump in retail sales along with a profit slump, as its rapid, costly expansion into new shopping categories and countries showed no sign of slowing. The world''s largest online retailer posted second-quarter revenue of $38 billion, up 25 percent from a year earlier. The breakneck growth stood in contrast to the fate of many brick-and-mortar rivals, who have struggled to find their footing as more people shop online. Yet Seattle-based Amazon posted a 77 percent drop in quarterly income, and even said it could lose up to $400 million in operating profit during the current quarter. Beyond reflecting retail''s notoriously thin margins, the forecast signaled Amazon would invest heavily to maintain its dominance. Shares - up nearly 40 percent this year - fell 3.2 percent to $1,012.68 in after-hours trading. The company had earned 40 cents per share instead of $1.42 as analysts had expected, according to Thomson Reuters I/B/E/S. "Q3 is generally a high investment period," Chief Financial Officer Brian Olsavsky said on a call with reporters, citing spending on fulfillment and hiring to prepare the company for the Christmas holiday rush. He added, "Our video content spend will continue to grow, both sequentially and quarter over quarter." Indeed, investing in faster shipping and video has become a refrain of sorts for the company. While some expected Amazon''s spending in these areas - stepped up since last year - to ease, the company is plowing ahead to reinforce its fast-shipping club Prime. Olsavsky said video content included with Prime membership has helped Amazon retain subscribers and persuade those on a free trial to sign up for $99 per year in the United States. A cornerstone of the company''s strategy, Prime encourages shoppers to buy more goods, more often from Amazon. Subscription sales including Prime fees rose 51 percent in the second quarter to $2.2 billion. Cowen & Co analysts have estimated that more than 50 percent of U.S. households will have Prime membership by the end of 2017. "The fact that they are investing on so many fronts right now just speaks to the opportunity that they have before them," said Edward Jones analyst Josh Olson. "We are giving them the benefit of doubt here because they have executed so well historically." New Frontiers and Costs Amazon Prime Now delivery bags are seen in this illustration photo July 27, 2017. Thomas White/Illustration Shares of Amazon had touched a record high of $1,083.31 earlier on Thursday, helping Chief Executive Officer Jeff Bezos briefly unseat fellow tech billionaire Bill Gates to become the world''s richest person, according to Forbes. His wealth has followed the meteoric rise of Amazon''s stock. From its origins as an online bookseller, Amazon has jumped into areas that historically had barriers to e-commerce, from apparel to appliances. The specter of Amazon''s disruption now hangs over a dizzying array of industries. Grocery is the latest to feel the threat. The company said last month it would buy Whole Foods Market Inc for $13.7 billion, pending regulatory approval. FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, U.S. January 29, 2016. Mike Segar/File Photo Olsavsky declined to discuss in detail the company''s strategy for the upscale grocer but said, "We really think it will be a big boost for us as we expand our grocery and consumables offering." Amazon also announced its two-hour delivery service Prime Now in Singapore on Wednesday, part of its ongoing investment to be a major retail player in Asia. Amazon has committed to investing $5 billion in India and earlier this year said it would take on commerce in the Middle East by acquiring Dubai-based Souq.com. Even excluding the proposed Whole Foods deal, Amazon forecast an operating income of between $300 million and a loss of $400 million for the current quarter. Analysts had expected $931 million, according to FactSet StreetAccount. "You tend to expect companies like this to grow their expenses at a slower rate than their revenues," said Michael Pachter, analyst at Wedbush Securities. "G&A up 50 (percent) is crazy," referring to general and administrative costs in the second quarter. Operating expenses rose 28.2 percent to $37.33 billion in the second quarter ended June 30. Costs for fulfillment, marketing and technology all rose. Baird Equity Research analyst Colin Sebastian said in a note Amazon''s profit margin was "a bit mixed" but added, "accelerating growth in core retail and relatively steady growth in AWS underpin our positive long-term view." Sales from Amazon Web Services, the company''s cash cow and the biggest cloud-computing business in the world, rose 42 percent to $4.1 billion. The subsidiary will expand in France, Sweden and China in the near future, Olsavsky said. Reporting by Jeffrey Dastin in San Francisco and Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila and Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-amazon-com-results-idUKKBN1AC339'|'2017-07-27T23:12:00.000+03:00'
'413051f8b03829be334e5680e70a8914d58f72e2'|'Fiat Chrysler expected to win U.S. approval to sell ''17 diesels: sources'|'A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. Brendan McDermid WASHINGTON (Reuters) - U.S. and California regulators are expected to approve Fiat Chrysler Automobiles’ request to sell 2017 diesel vehicles, two sources said on Thursday – a move that may help the Italian-American automaker win approval for a software fix for older diesel models.The software upgrade does not affect performance or durability and could be announced later on Thursday or Friday, the people said. In May, the Justice Department sued Fiat Chrysler, accusing it of illegally using software to bypass emission controls in 104,000 diesel Jeep Grand Cherokees and Dodge Ram 1500 trucks sold since 2014.The company has denied any wrongdoing, saying there was never an attempt create software to cheat emissions rules.The timing of the announcement was in flux as Fiat Chrysler and the California Air Resources Board were still hammering out some final issues, according to the two people briefed on the matter, who could not be identified because the matter was not yet public.Fiat Chrysler Chief Executive Sergio Marchionne said on Thursday he is more confident the company will reach a resolution soon with U.S. regulators over the alleged excess emissions.Fiat Chrysler confirmed earlier this month it had resumed building a small number of 2017 diesel trucks in advance of winning official approval to sell them.Last month, a Fiat Chrysler lawyer, Robert Giuffra, said the company was optimistic regulators will approve the proposed software update as part of certifying 2017 diesel models to allow them to go on sale. The automaker then plans to use that software to update the 104,000 vehicles already on the road.The two sources said after the automaker wins approval to sell 2017 vehicles it could take weeks or months for regulators to sign off on approving Fiat Chrysler''s plan to use the software to update older vehicles.The Environmental Protection Agency and California first accused Fiat Chrysler in January of using undisclosed software to allow excess diesel emissions in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks.California has unique authority under the Clean Air Act to regulate vehicle emissions alongside the EPA.California regulators and EPA did not immediately comment on Thursday.The January notice of violation was the result of a probe that arose out of regulators'' investigation of rival Volkswagen AG''s ( VOWG_p.DE ) excess emissions.Earlier this month, a U.S. judge overseeing lawsuits against Fiat Chrysler from owners and dealers named compensation expert Ken Feinberg to try to reach a settlement.Additional reporting by Joseph White in Detroit; Editing by Bernard Orr and Matthew Lewis '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-fiat-chrysler-emissions-idUSKBN1AC35I'|'2017-07-27T23:42:00.000+03:00'
'8284b23e6fb6babbe2a5ab5622fc864e9eb320dd'|'France isn’t heading for a belle époque, but its future looks better than Britain’s - Business'|'Business leader France isn’t heading for a belle époque, but its future looks better than Britain’s Emmanuel Macron new dawn may be a false one, but at least his country has some industry, a decent education system and no Brexit bind French President Emmanuel Macron poses for a selfie at the STX shipyard site in Saint-Nazaire, western France. Photograph: Stephane Mahe/AP Business leader France isn’t heading for a belle époque, but its future looks better than Britain’s Emmanuel Macron new dawn may be a false one, but at least his country has some industry, a decent education system and no Brexit bind View more sharing options Close Sunday 30 July 2017 06.59 BST T he French economy is growing at the same pace the UK managed in 2016 and looks set to maintain it for the rest of the year. Growth for the second quarter was 0.5% and 1.8% over the past year. Meanwhile the UK is shuffling along in the slow lane, up just 0.3% between April and June. Does the reversal of fortunes tell us that France has found its mojo while the UK has done worse than let its foot slip off the accelerator? There is certainly a swagger to president Emmanuel Macron as he surveys a scene his predecessor François Hollande dreamed about. Consistent growth is something that has eluded the French ever since the financial crash, as one false start after another robbed the economy of whatever momentum it had. With Greek bankruptcy averted and the refugee crisis contained, at least in the view of the Brussels bureaucrats, France can grow again without hindrance while Germany and Spain maintain their stellar record of expansion. Italy may still be struggling, but now that its banks, like Greece’s, are shored up with extra government cash, its ailing finances are to some extent ringfenced. France is in the clear. To emphasise the point, unemployment is now at its lowest since the eurozone crisis, inflation is under control, and business surveys reveal the best confidence levels in a decade. Most importantly, exports jumped 3.1% – after a 0.7% contraction in the previous quarter – and household spending growth inched up slightly to 0.3% in the latest quarter, from 0.1%. But few analysts in the French financial services industry think the surge is more than a cyclical rebound. The return of business confidence follows Macron’s election, the absence of financial disasters inside the EU and the cheap money flowing out of the European Central Bank, which is having the same effect now on France that the Bank of England’s quantitative easing had on the UK economy in 2013. A structural recovery is one based on sustained increases in investment – public and private – and improvements in productivity that propel wages growth and higher standards of living for all. Macron expects that a mix of neo-liberal supply-side reforms to a labour market dominated by union rules, and an attack on cosy business practices allied to directives from the Elysée Palace to reform the public sector, will bring about the mix of policies needed to achieve this aim. But all his talk of industrial strategies is much like Theresa May’s – empty when he has little money to spend and French businesses, much like their British counterparts, are unwilling to invest. That means France will continue to rely, as the British economy does, on armies of young people working for low pay on short-term contracts to keep the wheels turning. There is a silver lining, however. In the three months ending in May, world trade in goods grew by 5.1%, almost back to the growth rates seen prior to the financial crisis (the average rate then was 6.7%). While Britain is hampered by Brexit uncertainty, France has the capacity to join Germany in exporting more of its high-grade machine tools, pharmaceuticals, aeroplanes and lorries to emerging markets. France has hung on to less of its industrial heritage than Germany, but has apprenticeship schemes and polytechnical educational establishments that put Britain’s to shame. Rebuilding the UK’s technical skills after four decades of decline will take some time. Further education colleges are on their knees and, to shore up their finances, universities are looking abroad for students even more than usual. The Brexit dividend of homegrown talent that will foster growth looks like a mirage to anyone in the education business. That leaves Macron in a position where he only needs to achieve a fraction of the reforms he has planned for France to accelerate out of trouble, leaving the UK in its wake. In the end, Virgin couldn’t fly solo Thursday was “an exciting day” for Virgin Atlantic, Sir Richard Branson wrote to his staff, as the airline’s founder sold the bulk of his shareholding to Air France-KLM and left Delta with the biggest stake. But there were elegiac notes in the letter, recalling the decades when his airline was pitched as the upstart, punching above its weight. Now, Virgin has firmly sided with the big boys, and Branson can no longer control its destiny. Staff may be less than reassured by Branson promise that the Virgin Atlantic brand would live on. The Atlantic suffix is apt: the airline has flown more and more on established routes to the US since the first Delta hook-up in 2012. But Virgin’s wings have been clipped, with riskier routes to Africa and Asia cut back. To exit with £220m from Air France-KLM tucked away is an honourable retreat for an ageing knight. Airlines have had a good three or four years on the back of low oil prices, but the days of wafer-thin margins and teetering businesses are never far away. Virgin’s own return to profit is now menaced by Brexit and the falling pound. Branson claimed to have proved Willie Walsh wrong. The chief executive of British Airways parent IAG said in 2012 that the Virgin Atlantic brand was likely to disappear if Delta took control. Branson may yet emerge technically victorious, but Walsh’s prognosis that smaller airlines would be swallowed up looks prescient. This deal was hastened partly because of the travails of another partner of Delta and Air France-KLM: national carrier Alitalia, perennially kept on life support by Rome. Where full mergers are blocked by foreign ownership rules, joint ventures on lucrative routes, such as British Airways’ tie-up with American, have become the strategic alternative. But where permitted, consolidation has been the story: the US “big four” are the prime example. Although Virgin traditionally prized its independence, Branson has also concluded that it was now time to join forces. Farewell to Libor RIP Libor. The interest rate benchmark linked to a series of bank scandals is to be phased out in 2021 , Andrew Bailey, head of the Financial Conduct Authority, has announced. There have been various attempts to reform the index, used to price more than $350 trillion of financial products around the world, after it emerged that banks had been manipulating the rate. But as Bailey admitted last week, banks no longer want to participate in the setting of Libor – the London interbank offered rate. Regulators did not “suspect further wrongdoing or have any evidence of such”, he insisted. But it certainly feels like the right time to retire a rate that has taken on toxic connotations in the wake of the financial crisis. Now the search starts for an alternative. So it’s a good job the regulators have given themselves five years to come up with something that will be a lot less prone to manipulation than Libor of old. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/30/france-economy-macron-better-than-britains'|'2017-07-30T13:59:00.000+03:00'
'06e813c820940234888c3da21a46ccdc27fcc0df'|'Tesla''s Musk hands over first Model 3 electric cars to early buyers'|'July 29, 2017 / 4:13 AM / in an hour Tesla''s Musk hands over first Model 3 electric cars to early buyers Alexandria Sage 4 Min Read FREMONT, Calif. (Reuters) - Tesla Chief Executive Officer Elon Musk said on Friday the Model 3 had over half a million advance reservations as he handed over the first 30 to employee buyers, setting the stage for the biggest test yet of the company''s strategy to become a profitable, mass market electric car maker. Outside Tesla''s Fremont, California factory, Musk showed off the $35,000 base vehicle with a range of 220 miles (350 km) on a charge that marks a departure from the company''s earlier luxury electric cars. Musk took to the stage driving a red Model 3, and said Tesla has produced 50 of the vehicles so far, including 20 for testing purposes. Hours before the event, Musk acknowledged it would be "quite a challenge" to build the car during the early days of production. "We''re going to go through at least six months of manufacturing hell," Musk told journalists. The over half a million reservations are up from about 373,000 disclosed in April 2016. Customers pay $1,000 refundable deposits for the car, which is eligible for tax credits. Any new buyers would likely not receive their car until the end of 2018, Musk said. A longer-range version of the car is priced at $44,000 and will drive 310 miles (500 km) on a single charge. The cars feature a streamlined dashboard devoid of buttons or knobs, with a 15-inch touchstream display to the right of the driver. Tesla faces major hurdles living up to the Model 3 hype. The 500,000 vehicles Tesla vows to produce next year are nearly six times its 2016 production. Customer employees receive some of the first Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S., July 28, 2017. Alexandria Sage Were Tesla to produce and sell 500,000 cars per year, the company would likely outsell the BMW, Mercedes, or Lexus brands in the United States. Production delays and quality issues marred the launches of Tesla''s Model S and Model X vehicles, and the company blamed production problems for a shortfall during the second quarter of this year. Musk has said a simpler Model 3 design will greatly reduce potential assembly-line problems. Slideshow (12 Images) Tesla has burned through over $2 billion in cash so far this year ahead of the launch. A troubled Model 3 launch could heighten the risks for the company, while a steady delivery of Model 3s could generate a stream of cash that would allow Tesla to avoid going again to the capital markets to fund its operations. Tesla''s share price has surged 54 percent since January in anticipation of the Model 3 launch, and Tesla''s pricey valuation now exceeds that of traditional rivals like General Motors Co and Ford Motor Co. Until now, Tesla has operated as a niche producer of luxury electric vehicles, with a charismatic, showman CEO who regularly interacts with fans on his Twitter account. Now loss-making Tesla is trying to move into a different league, building vehicles in high volume for customers able to pay only a few thousand dollars more than the average price of a conventional car or truck sold in the United States. The Model 3 is part of Musk''s broader plan to build a clean energy and transportation company that offers electric semi-trailer trucks, rooftop solar energy systems and large-scale battery storage systems. Reporting by Alexandria Sage; Editing by Joe White, Lisa Shumaker and Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tesla-model-idUKKBN1AE04G'|'2017-07-29T07:10:00.000+03:00'
'275258a334ac04eeb096184c7d63e21b8223d945'|'Toshiba to give Western Digital notice on closing memory sale'|'July 28, 2017 / 9:50 PM / 15 minutes ago Toshiba to give Western Digital notice on closing memory sale Stephen Nellis 3 Min Read FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company''s headquarters in Tokyo, Japan, February 14, 2017. Toru Hanai/File Photo (Reuters) - Toshiba Corp has agreed to give Western Digital Corp two weeks'' notice before closing any sale of a memory chip unit that would involve transferring joint venture shares that Western Digital claims give it a say in the $18 billion sale of the unit. San Francisco Superior Court Judge Harold Kahn on Friday approved an agreement between the two. Notice from Toshiba to Western Digital will give Western Digital the opportunity to come back to the court or an arbitration panel to argue for a chance to stop the deal. The agreement also puts off a final decision on the question of whether the California court has jurisdiction over Toshiba, one of Japan''s largest companies. Toshiba is scrambling to sell its flash memory unit to cover losses from its nuclear reactor business. The company is inching towards deals to cap its liabilities from the nuclear unit. In late June, Toshiba announced its preferred bidder was a group made up of Bain Capital, South Korean chip maker SK Hynix and Japanese-government backed banks that offered $18 billion.But that deal has not come together, so Toshiba''s board met last week to consider other bidders. Western Digital, which is among those being considered, sued Toshiba in San Francisco County Superior Court in mid-June, saying it believed a joint venture with Toshiba means Toshiba needs its consent to sell the flash business. Western Digital''s joint venture with Toshiba helps finance equipment at Toshiba''s plants in exchange for some of their output. Separately from the California lawsuit, Western Digital is also contesting its consent rights in an international arbitration tribunal. Western Digital filed its lawsuit in San Francisco to prevent Toshiba from closing the sale of its memory unit before arbitration has a chance to play out. The deal reached in court in San Francisco requires Toshiba to announce within a day the signing of any agreement that would result in the sale of the joint venture assets and give notice before the close. It stays in effect until 60 days after arbitration has begun. "As a practical matter, we don''t expect to close a deal during the period addressed in the order," Yasuo Naruke, senior executive vice president of Toshiba, said in a statement. "We look forward to successfully presenting Toshiba''s position to the (arbitration) tribunal, which we believe will be formed within the next month or so." Western Digital was not immediately available for comment. Reporting by Stephen Nellis; Editing by Jonathan Oatis and Cynthia Osterman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-western-digital-idUKKBN1AD2P7'|'2017-07-29T00:49:00.000+03:00'
'e6b9027f064840609df5b9b8144fb935eb36d7ec'|'Exclusive: Former Barclays CEO close to deal to buy Hartford unit - sources'|'July 28, 2017 / 1:59 AM / in 16 hours Exclusive: Former Barclays CEO close to deal to buy Hartford unit - sources David French 3 Min Read (Reuters) - Atlas Merchant Capital LLC, the investment firm led by former Barclays Plc Chief Executive Officer Bob Diamond, is in advanced talks to acquire a Hartford Financial Services Group Inc annuity run-off business for between $3 billion and $3.5 billion, people familiar with the matter said on Thursday. Divesting the unit, dubbed Talcott Resolution, would help Hartford recycle capital, allowing it to shed a business that no longer writes new contracts and focus on more profitable, non-life insurance parts of its operations. Atlas has prevailed in an auction for Talcott Resolution, two sources said. While there is no certainty that the negotiations will be successful, a deal could come as early as next month, the sources added, asking not to be identified because the discussions are confidential. Hartford declined to comment, while Atlas did not immediately respond to requests for comment. Many insurance firms, struggling to maintain pay-outs at a time of low interest rates, have been placing their annuities businesses into run-off units such as Talcott Resolution - whereby no new policies are written and existing ones are managed until maturity. Often, these units have subsequently been sold. Financial investors such as private equity firms have been buyers, aiming to squeeze out greater returns on these policies by measures including cutting administrative costs. In its second-quarter earnings which were released earlier on Thursday, Hartford said Talcott Resolution''s net income was $105 million in the second quarter, almost flat to the corresponding three months of 2016, as declining core earnings were offset by lower costs. Reflecting the run-off nature of the unit, individual variable annuity and fixed annuity contract as of June 30 had declined 10 percent and 6 percent respectively on the same point of last year. No further details were given. Should the agreement be secured to sell Talcott Resolution to Atlas, it would be the latest in a string of such deals. Last month, Dutch insurance firm Aegon NV completed the sale of the majority of its U.S. run-off business, worth $14 billion and comprising of annuity and life insurance products, to Wilton Re. Reporting by David French in New York; Additional reporting by Suzanne Barlyn; Editing by Lisa Shumaker 0 : 0 '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-hartford-fin-ser-m-a-atlas-idUSKBN1AD073'|'2017-07-28T09:59:00.000+03:00'
'3752696a9086c68292c4878aca40a67a6ae04aea'|'GLOBAL LNG-Prices lifted on demand from Japan and India'|'A view shows a tower flaring gas at an LNG processing plant operated by Shell and others in Bonny Island, in Rivers state, Nigeria June 21, 2017. Paul Carsten LONDON/SINGAPORE (Reuters) - Asian spot LNG prices extended gains with demand coming from India and Japan, while recent export disruptions from Peru left Royal Dutch Shell shopping for replacement supply.Higher prices triggered a supply-side response with Atlantic producers including Nigeria, Angola, Abu Dhabi and Egypt targeting sales into Asia.Tangible signs of supply emerging from new projects may restrain further price gains.Loading dates for the first two commissioning cargoes from Chevron''s new Wheatstone project, also in Australia, should add more supply in early to mid-September, a trader said.Wheatstone''s first cargo is scheduled to load in the first week of September and likely to go to Japanese trading giant JERA. A second shipment on Sept. 18 should go to Kuwait Foreign Petroleum Exploration Company, which has a 13.4 percent stake in the plant, but that cargo would be marketed by Japan''s Itochu, a trader said.Meanwhile, a ramp up in feed gas flows into Cheniere Energy''s Sabine Pass liquefaction plant in Louisiana indicates that the facility''s fourth production line has entered service.Scheduled maintenance on one of three production lines at Chevron''s Gorgon project in Australia, due in September, could offset some of the impact of new supply growth.Spot prices for Asian LNG for September were at $5.75 per million British thermal units (mmBtu), 10 cents above last week''s levels.As the sole exporter of Peruvian cargoes, Shell was forced to pick up added replacement supply via the spot market, although the plant recently resumed export following a multi-week suspension caused by bad weather, traders said.Prices were lifted partly by hot weather that prompted higher gas burn in Japan. As a result Tohoku Electric awarded its tender for a single delivery in late September to a major trading house, a source said, at a price of about $5.90/mmBtu.According to two trade sources, top producer Qatar has committed much of its production for August and September, potentially another bullish factor influencing prices.But another trader said Qatar was still marketing September cargoes, and that about a week ago it might have sold a cargo earmarked for Spain - under its so-called operational flexibility mechanism which frees up prompt cargoes for sale.It was unclear if the two buy tenders launched by Indian companies had been awarded.GSPC sought a cargo for August delivery and Indian Oil Corp last week tendered to buy a September cargo.Several new Qatari cargoes have been sold to Egypt via third-party traders, a trade source said, although details were scant. Traders this week said Qatar had turned down several requests to sell fresh supply to Egypt.Nigeria LNG was offering to sell two cargoes loading in the middle of August, traders said. A sell tender for a cargo offered by Abu Dhabi Gas Liquefaction Company closed on Thursday, as did a separate sell tender launched by Angola.In addition, there are upcoming loadings due from Egypt''s Idku liquefaction plant.Reporting by Oleg Vukmanovic and Mark Tay; Editing by Edmund Blair '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-lng-idUSKBN1AD1YZ'|'2017-07-28T18:11:00.000+03:00'
'0f0ef7fb096c1b2870c757b1b0a00e2503e7e6c9'|'Hutchison''s Drei buys Tele2 to rival Carlos Slim in Austria'|'July 28, 2017 / 12:26 PM / in 12 minutes Hutchison''s Drei buys Tele2 to rival Carlos Slim in Austria Shadia Nasralla and Kirsti Knolle 3 Min Read VIENNA (Reuters) - Mobile telecoms firm Hutchison Drei Austria ( 0001.HK ) is buying landline-focused Tele2 ( TEL2b.ST ) from its Swedish owner for 95 million euros (84.77 million pounds) to create a rival to Mexican tycoon Carlos Slim''s Telekom Austria ( TELA.VI ). Drei said on Friday the merged group, led by Hong Kong-based Hutchison, would have around 1 billion euros in annual sales and four million mobile, landline and internet lines. This compares with 3.4 million lines and 2016 revenue of 2.6 billion euros at Telekom Austria''s A1 unit, which has so far had a monopoly on these combined telecoms services in the country with a population of 8.7 million. "This is a clear challenge to (Telekom Austria''s) A1," said Drei Austria Chief Executive Jan Trionow at a news conference. "We want to move closer to A1 and will certainly not stop once we''ve reached them." A1 has a larger share of the lucrative market for business customers. Trionow said it was too early to give longer-term earnings and sales guidance. The new management structure was also still being discussed. Tele2 as a brand will be withdrawn from the Austrian market within the next 12 months, he said. Austria is a highly competitive market for telecoms companies, especially in mobile broadband. All major operators, including Deutsche Telekom''s ( DTEGn.DE ) Austrian unit, have an aggressive pricing policy. Hutchison and Slim''s America Movil became key players in the Austrian telecoms market in 2013 and 2014 with the Asian group buying France Telecom''s Orange Austria and Slim becoming the majority owner of former state monopoly Telekom Austria. Both groups invested about a billion euros at the time, hoping for further growth opportunities elsewhere in Europe. As these hopes did not materialise, digital broadband has become the major battleground. The Drei Austria chief said the new group will play an integral part in providing high-speed internet for companies in Austria after the Organisation for Economic Co-operation and Development (OECD) warned recently that progress was lagging most rich countries. The government wants companies to have access to high-speed broadband internet even in the remotest parts of the Alpine country by 2020. Hutchison, the number one in mobile internet and mobile entertainment services in Austria, plans to expand its expertise to business customers and generate more than 25 percent of revenue from them in the medium term. At the merged group, that ratio would currently be 22 percent. The deal is expected to close this year, pending regulatory approval. Editing by Alexander Smith and Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hutchison-m-a-tele2-austria-idUKKBN1AD1IJ'|'2017-07-28T15:26:00.000+03:00'
'26c5b9e46d5b3cc5ddc6f5321e4977151aba5565'|'After rate hike talk, Bank of England set to keep investors guessing'|'July 28, 2017 / 2:01 PM / in 6 hours After rate hike talk, Bank of England set to keep investors guessing 4 Min Read A man stands outside the Bank of England in the City of London, Britain April 19, 2017. HannahMcKay/Files LONDON (Reuters) - For a while recently it looked as if the Bank of England might finally be getting ready to raise interest rates, but Governor Mark Carney and most of his top officials seem set to remain in wait-and-see mode when they meet next week. A run of weak data and deep uncertainty about the impact of Brexit on the economy have cooled the speculation that the BoE is poised to start removing its crisis-level stimulus. Only a few weeks ago the odds in financial markets of a rate hike on Aug. 3 jumped from near-zero to one-in-three. The trigger was a much narrower-than-expected 5-3 vote in June by the BoE''s rate setters to keep borrowing costs on hold. Sterling and British government bond yields then climbed again when BoE Chief Economist Andy Haldane said he expected to switch his vote in the second half of 2017. More cautiously, Carney suggested he was moving closer to backing a rate hike. After all, raising rates from 0.25 to 0.50 percent would only be a reversal of the emergency rate cut the BoE made in August last year shortly after the Brexit vote shock. Despite the weak run of data recently, Victoria Clarke at Investec said Carney would probably be happy to keep investors guessing about the BoE''s plans, even if he were confident that the rate-hike supporters remained in the minority. "Maintaining the debate ensures that if he does need to move to raise rates later this year, if domestically generated inflation really starts to move up, then the BoE is not caught out delivering a quick-turn surprise to markets," she said. Economists expect the BoE to push up its inflation forecasts slightly but to lower its projection for growth after the weak start to the year. That is unlikely to help the BoE''s hawks, who won''t be able to provide much evidence for their case that the lowest unemployment rate in more than 40 years is about to push up wages sharply, or that there has been a pick-up in exports and investment capable of offsetting weaker consumer spending. Britain''s Bank of England Governor, Mark Carney, speaks at an event to launch the new £10 note featuring Jane Austen, at Winchester Cathedral, in Winchester, Britain July 18, 2017. Chris J Ratcliffe/Pool/Files Furthermore, one of the three dissenters in June has since left the BoE. Doves Still in Control As a result, most economists expect a 6-2 vote to keep rates on hold, with an outside chance of another 5-3 split if Haldane follows through and changes his vote. Should Haldane switch sides and the Monetary Policy Committee''s newcomer Silvana Tenreyro unexpectedly votes for a rate hike too, the 4-4 split would be resolved by a casting vote by Carney who has suggested he is not yet ready for a rate hike. Instead, the BoE might take a baby step next week by not renewing the bank lending incentives that were part of its big stimulus push a year ago, shortly after the Brexit vote shock. The Term Funding Scheme is already three-quarters of the way towards its 100 billion-pound target. The Bank has other options to micro-manage the economy, chiefly its powers to tighten rules for bank lending. While Carney is unlikely to kill off the chance of a rate hike this year, many economists think the window is closing. They say inflation looks set to return to the Bank''s 2 percent target in mid-2018 when slower growth will add to the case for keeping rates on hold until 2019, the most likely date for a hike, according to a recent Reuters poll. "Once inflation is on the down slope - which we expect soon - we see very little opportunity for the BoE to hike rates," economists at Bank of America Merrill Lynch said in a note to clients. "Indeed, we continue to question whether the next move in rates will be down rather than up." Writing by William Schomberg; Editing by Hugh Lawson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-boe-idINKBN1AD1QU'|'2017-07-28T16:59:00.000+03:00'
'f79485bff58723694aee7c37d395267de9533132'|'Baker Hughes posts smaller loss in second quarter'|'July 28, 2017 / 11:48 AM / 5 hours ago Baker Hughes quarterly loss narrows; expects slower activity in second half Yashaswini Swamynathan and Liz Hampton 3 Min Read (Reuters) - Oilfield services provider Baker Hughes ( BHGE.N ), now part of General Electric Co ( GE.N ), expects growth in North American onshore activity to decelerate in the second half of this year, the company said on Friday in a filing. The tempered outlook comes as oil prices fell from highs seen earlier in the year during the second quarter. This week, several major producers lowered capital spending plans for the remainder of the year. GE''s Baker Hughes said it expects international onshore activity to remain stable, with some areas of "modest growth," and global offshore drilling activity to remain muted due to lack of customer confidence in the direction of commodity prices. Baker Hughes reported a smaller quarterly loss compared with a year earlier, when it incurred some restructuring charges. Industrial conglomerate GE earlier this month closed the merger of its oil and gas business with Baker Hughes, leaping over rival Halliburton to create the No. 2 oilfield services provider. Baker Hughes'' merger with Halliburton Co ( HAL.N ) collapsed last May. Net loss attributable to Baker Hughes narrowed to $179 million, or 42 cents per share in the second quarter ended June 30, from $911 million, or $2.08 per share, a year earlier. Baker Hughes took restructuring charges of $1.13 billion and a goodwill impairment charge of $1.84 billion in the year-ago quarter. Its second-quarter numbers do not include results from GE''s oil and gas operations. The company''s revenue fell slightly to $2.40 billion in the second quarter, from $2.41 billion a year earlier. However, revenue climbed 6.3 percent from the preceding quarter due to increased drilling activity in the United States. Higher oil prices have prompted an uptick in drilling activity, with companies adding 488 rigs in the past year, nearly double those in operation a year ago, according to the latest data from Baker Hughes. Baker''s shares were up slightly in pre-market trading at $36.16. Halliburton and bigger rival Schlumberger Ltd ( SLB.N ) have also benefited from a boom in North American drilling even though oil prices have stayed below $50 a barrel. Baker Hughes reported a slight 3-percent increase in Latin America revenue sequentially, but said gains from shallow water activity in Mexico and increased sales in Argentina were offset by lower utilization of some services in Mexico and a decrease in artificial lift sales in Venezuela. Both Halliburton and Schlumberger took a hit on bills owed by Venezuela in the second quarter. Reporting by Yashaswini Swamynathan and Sruthi Shankar in Bengaluru; Editing by Sai Sachin Ravikumar and Nick Zieminski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gebakerhughes-results-idUSKBN1AD1FG'|'2017-07-28T14:42:00.000+03:00'
'334f97feed3f94020160de006007133eb0a90993'|'Global Economy: Hot and cold - Euro zone grows but inflation slows'|'July 28, 2017 / 2:48 PM / 2 hours ago Global Economy: Hot and cold - Euro zone grows but inflation slows Philip Blenkinsop 5 Min Read Euro coins are seen in front of a displayed Greece flag in this picture illustration, June 29, 2015. Dado Ruvic/Files BRUSSELS (Reuters) - Data in the coming week should confirm the euro zone economy is running hot, after the IMF upgraded growth forecasts and Greece returned to the debt market, although inflation figures could throw cold water on ECB plans to start tightening policy. Growth in the single currency area outstripped paltry expansion in the United States and Britain in the first quarter and the pace did not let up in the April-June period. The euro zone may not be growth champion in the second quarter, after the U.S. rebounded to an annualised 2.6 percent thanks to consumer spending and business equipment investment. But it should again fare better than Britain, whose economy failed to build momentum. A forecast expansion of 0.6 percent in the April-June period, equivalent to an annualised 2.4 percent, would be the third consecutive quarter in which the euro zone has grown at or above a half percentage point, for the first time since 2007-08. "The global economy has been a jumbo jet running on just one engine for the last five, six years, the U.S., but now it seems there''s more from the euro zone as well, with encouraging signs from Asia too," said James Knightley, chief international economist at ING. Data on Friday showed the euro zone''s second-largest economy, France, grew by 0.5 percent for a third successive quarter, while Spanish GDP returned to pre-crisis levels with 0.9 percent expansion. "Momentum is there. We''re getting a broadening out of countries in terms of economic performance. It''s not just the likes of Germany driving it all forward ... There does seem to be self-sustaining momentum," said Knightley. Euro zone economic sentiment, as compiled by the European Commission, grew for a third straight month in July to a new 10-year high due to a pick-up of the dominant services sector. And confidence levels in all sectors, as well as for consumers, are far above historical averages. The International Monetary Fund has hiked outlooks for China and the euro zone, while trimming those for the United States and Britain. The Fund said the euro zone''s recovery was firming and becoming broad-based, with stronger domestic demand, although it warned of downside risks. Stubborn Inflation, Euro Strength Political risks seen at the start of the year ahead of elections in France and the Netherlands have diminished, while Greece has returned to the bond market after a three year exile. Five years ago, European Central Bank President Mario Draghi pledged to do "whatever it takes" to save the euro. His ultra-easy monetary policy is partly behind the robust economic recovery, showing more effect this year as growth in bank loans to the private sector hit a 10-year high in May. Now the question is when to taper. Strong economic growth should steer the ECB towards reining in asset purchases, but policymakers are still waiting on inflation. The flash estimate for July, due on Monday, is seen stable at 1.3 percent, well short of the ECB''s target of just below 2 percent. Perhaps more significantly, the core figure, without volatile energy and unprocessed food prices, is seen falling. "The economy is recovering and the labour market is doing quite well, but we think core inflation will be at 1 percent and below for the rest of 2017," said Marco Wagner, economist at Commerzbank. "Except Germany, if you look at France, Italy, Spain or Portugal there are still overcapacities, still relatively high unemployment." Among the clearest signs of a rebound has been the euro''s pick-up to around $1.17, from $1.05 at the start of the year. UniCredit on Thursday raised its forecast for the euro-dollar rate to $1.20 for the end of the year and an "equilibrium" rate of $1.25 for end-2018, from $1.14 and $1.18 respectively before. "The political risk factor has been taken out," said Vasileios Gkionakis, co-head of strategy research at UniCredit. "It would bring the rate in line with our estimate of fair value and in all likelihood the market will overshoot." Of course a stronger euro could dampen euro area growth and cap inflation, a further issue for ECB policymakers to consider. Outside Europe, U.S. monthly jobs data for July on Friday is likely to be the key figure for economists and the Federal Reserve, whose policy-setters next meet on Sept. 19-20. U.S. job creation surged by more than expected in June and is seen lower but still strong in July, a sign of labour market strength that could keep the Fed on course for a third interest rate hike this year. More significant may prove to be average wage growth, however. It is seen at 0.3 percent, the highest rate since February, after months of hovering between 0.1 and 0.2 percent. Reporting by Philip Blenkinsop; Editing by Catherine Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-economy-outlook-idINKBN1AD1VU'|'2017-07-28T17:47:00.000+03:00'
'6b57f4ed61a5ad06d1b7ec179224895ee742321a'|'Areva says state subscribed to 2.5 billion euro capital increase for NewCo'|'July 27, 2017 / 7:48 PM / a day ago Areva says state subscribed to 2.5 billion euro capital increase for NewCo 2 Min Read A logo is seen on the Areva Tower, the headquarters of the French nuclear reactor maker Areva, by architects Roger Saubot et Francois Jullien at La Defense business and financial district in Courbevoie near Paris, France, June 1, 2017. Charles Platiau PARIS (Reuters) - The French state has fully subscribed to a 2.5 billion euro ($2.92 billion) capital increase of nuclear fuel group Areva NewCo, completing one of the last stages of a complex state-funded restructuring of the company, Areva said on Thursday. Areva ( AREVA.PA ) said that the 500 million euros that Japanese companies Mitsubishi Heavy Industries (MHI) ( 7011.T ) and JNFL have committed to contribute to a second capital increase will be put in a trust account and paid out once Areva''s reactor unit Areva New NP has been sold to state-owned utility EDF ( EDF.PA ). The sale of the reactor unit is conditional on a satisfactory audit of Areva''s foundry Creusot Forge, which has been closed last year following the discovery of manufacturing flaws and falsification of documentation. An Areva spokesman said that the foundry had just produced a new component after months of inactivity. The component will now be tested and analysed and Areva hopes that nuclear regulator ASN will give the green light to restart the plant this autumn. Two weeks ago, Areva said the state had completed a 2 billion euro capital increase in legacy parent company Areva SA. Following the sale of New Areva NP to EDF and the creation of NewCo - which will focus on uranium mining, nuclear fuel production and nuclear waste handling - Areva SA will be left with managing the EPR OL3 nuclear power plant construction project in Finland, which has been beset by a series of delays and extra costs. The French government, which owns more than 92 percent of Areva''s capital following the capital operations, said earlier this month that it will buy up the remaining shares at 4.5 euros per share and then delist the company. Reporting by Geert De Clercq; Editing by Ingrid Melander 0 : 0 '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-areva-restructuring-idUSKBN1AC31H'|'2017-07-28T03:48:00.000+03:00'
'e0228fd00d9ac4e57d8139822e85dfe29507df7b'|'EU explores account freezes to prevent runs at failing banks'|'July 28, 2017 / 3:46 PM / 16 minutes ago EU explores account freezes to prevent runs at failing banks 4 Min Read European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany July 20, 2017. Ralph Orlowski BRUSSELS (Reuters) - European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed. The move is aimed at helping rescue lenders that are deemed failing or likely to fail, but critics say it could hit confidence and might even hasten withdrawals at the first rumours of a bank being in trouble. The proposal, which has been in the works since the beginning of this year, comes less than two months after a run on deposits at Banco Popular contributed to the collapse of the Spanish lender. It also come amid a bitter wrangle among European countries over how to deal with troubled banks, roughly a decade after a financial crash that required the European Central Bank to print billions of euros to prevent a prolonged economic slump. Giving supervisors the power to temporarily block bank accounts at ailing lenders is "a feasible option," a paper prepared by the Estonian presidency of the EU said, acknowledging that member states were divided on the issue. EU countries which already allow a moratorium on bank payouts in insolvency procedures at national level, like Germany, support the measure, officials said. "The desire is to prevent a bank run, so that when a bank is in a critical situation it is not pushed over the edge," a person familiar with German government''s thinking said. To cover for savers'' immediate financial needs, the Estonian paper, dated July 10, recommended the introduction of a mechanism that could allow depositors to withdraw "at least a limited amount of funds." Banks, though, say it would discourage saving. "We strongly believe that this would incentivise depositors to run from a bank at an early stage," Charlie Bannister of the Association for Financial Markets in Europe (AFME), a banking lobby group, said. The Estonian proposal was discussed by EU envoys on July 13 but no decision was made, an EU official said. Discussions were due to continue in September. Approval of EU lawmakers would be required for any final decision. Insured Deposits The plan, if agreed, would contrast with legislative proposals made by the European Commission in November that aimed to strengthen supervisors'' powers to suspend withdrawals, but excluded from the moratorium insured depositors, which under EU rules are those below 100,000 euros ($117,000). Under the plan discussed by EU states, pay-outs could be suspended for five working days and the block could be extended to a maximum of 20 days in exceptional circumstances, the Estonian document said. Existing EU rules allow a two-day suspension of some payouts by failing banks, but the moratorium does not include deposits. The Commission, which   the discussion, had previously excluded insured deposits from the scope of the moratorium tool fearing it "may have a negative impact on market confidence," according to a press release published in November. Many states supported a suspension of payouts only during the so-called resolution of a failing bank - the process which imposes losses on lenders'' investors and possibly also uninsured depositors, while preserving the continuity of the banking activities, the document said. Most countries opposed bolder plans for an early moratorium. Additional reporting by John O''Donnell in Frankfurt; Editing by Richard Balmforth and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-banks-deposits-idUKKBN1AD1SO'|'2017-07-28T18:45:00.000+03:00'
'bb7c21cc6c603193ae907df13082e4bad32cda83'|'EMERGING MARKETS-Brazil real firms on slowdown in U.S. wage growth'|'By Bruno Federowski SAO PAULO, July 28 (Reuters) - The Brazilian real strengthened on Friday after data showing underwhelming wage gains in the United States reduced bets on another U.S. rate hike this year. The U.S. economy accelerated in the second quarter, matching analyst expectations, but wage growth slowed and inflation was limited, putting the Federal Reserve in a tight spot as it looks to continue raising interest rates. The report was the latest to stoke bets on a slower-than-expected pace of U.S. monetary tightening, an outlook that has boosted demand for high-yielding emerging market currencies. The Brazilian real firmed 0.4 percent on Friday to 3.14 reais, paring this week''s losses to roughly 1 percent. The currency has struggled to extend recent gains after a four-week rally drove it to its strongest level in two months. The real''s strength tracked the global weakness of the U.S. currency following Friday''s data, with the dollar weakening against a basket of benchmark currencies. The Colombian peso firmed as much as 0.9 percent, also boosted by stronger oil prices and bets that the central bank will soon halt interest rate cuts. The bank on Thursday reduced its benchmark rate by 25 basis points to 5.50 percent, with one of seven policymakers voting to hold. "The fact that six board members agreed to slow the easing pace, and one even wanted to pause, seems like a clear signal that (the central bank) is preparing to end its easing cycle," economists at JPMorgan wrote in a note to clients. The Mexican peso was slightly weaker as traders avoided big bets on further appreciation of the currency, which has been the region''s best performer this year as fears eased over U.S. President Donald Trump''s protectionist pledges. Still, traders said the currency could see another rally as U.S. trade negotiations advance. The International Monetary Fund on Friday said the peso is undervalued between 5 and 15 percent in a scenario where protectionist risks don''t materialize. Brazil''s benchmark Bovespa stock index seesawed on a heavy batch of corporate earnings. Shares of Estácio Participações SA were the biggest gainers, rising as much as 7 percent after the for-profit college operator returned to profit. Santander Brasil units, a blend of common and preferred shares, fell 2.6 percent, among the biggest losers. Brazil''s No. 4 listed bank posted record quarterly earnings but loan-loss provisions rose, triggering some profit-taking for the stock, traders said. Latin American stock indexes and currencies at 1600 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1061.98 -0.65 23.97 MSCI LatAm 2732.28 -0.13 16.89 Brazil Bovespa 65201.82 -0.12 8.26 Mexico S&P/BVM IPC 50955.32 -0.59 11.64 Chile IPSA 5058.54 0.18 21.85 Chile IGPA 25278.83 0.18 21.92 Argentina MerVal 21452.45 0.74 26.80 Colombia IGBC 10929.98 -0.31 7.92 Venezuela IBC 134770.98 0.14 325.08 Currencies daily % YTD % change change Latest Brazil real 3.1424 0.41 3.40 Mexico peso 17.7525 -0.15 16.85 Chile peso 651 -0.27 3.03 Colombia peso 3000.5 0.35 0.03 Peru sol 3.245 0.00 5.21 Argentina peso (interbank) 17.7600 -0.62 -10.61 Argentina peso (parallel) 18.46 -0.22 -8.88 (Reporting by Bruno Federowski; editing by Grant McCool) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1KJ144'|'2017-07-28T19:15:00.000+03:00'
'82414e946927ae175b67d40f3f3c6bb8a88d2056'|'The world’s largest online-travel company'|'NOT since the dotcom boom at the turn of the century have technology shares been on such a tear. On July 19th the S&P 500 index of information-technology stocks hit a record high, closing above its previous peak in March 2000 (see Buttonwood ). As titans like Google, Facebook and Amazon hog the limelight, other firms can go unnoticed. One that deserves more attention is Priceline, the world’s largest online-travel company.Those old enough to remember the dotcom boom may still associate Priceline, which was founded in 1997, with its “name your own price” feature, which let consumers bid for hotel rooms and flights. Today it is a Goliath. Its stable of online sites for booking hotels, cars, flights and restaurants spans the world and includes Booking.com, Kayak, Agoda and OpenTable. Over the past decade Priceline’s pre-tax earnings have grown at a compound annual rate of 42%, faster than Apple, Amazon, Netflix and Alphabet (see chart). It also boasts a 96% gross margin. Its share price has risen by more than 50% over the past 12 months, about four times faster than the broader stockmarket. On July 26th the firm’s market value rose above $100bn. 2 hours 7 9 9 hours ago Faith grows greener in the era of Donald Trump Erasmus 10 13 hours ago See all updates Perhaps because Priceline is based in Connecticut, not Silicon Valley, it is often overlooked by geeks and technology investors, who revere Airbnb, a platform for booking overnight stays in other people’s homes which is valued at around $30bn. Ask an entrepreneur in San Francisco about Priceline, and you are likely to get a blank stare. Insiders know better. “There’s nothing you can point to and say, ‘That’s something no one else could have done’,” says Adam Goldstein of Hipmunk, another online-travel firm. “It’s just that Priceline did everything better in every way.”The most important reason for Priceline’s success is shrewd dealmaking. In 2005 it paid around $135m to buy Booking.com, a Dutch website that aggregates hotel inventory, and merged it with another acquisition, a British travel site called Active Hotels. Today Booking.com has the world’s largest supply of hotel accommodation and accounts for the lion’s share of Priceline’s revenue and market value. Booking.com was one of the best deals “in the history of the internet”, says Mark Mahaney of RBC Capital, an investment bank.Priceline’s focus on accommodation helps explain why it is more profitable and more highly valued than Expedia, a rival online-travel company that operates sites such as Orbitz, Travelocity, Trivago and Hotels.com. Expedia does more business booking flights, but these are not as lucrative. Online-travel firms take a meaty commission of 15-18% of a hotel room’s price, compared with a slim 3-4% for airfares, according to Brian Nowak of Morgan Stanley, another investment bank.Unlike Google and Amazon, Priceline does not aim to be on the cutting edge of technology, but it does make clever use of it. Booking.com excels at bidding for online-search keywords. It is rumoured to be the world’s top spender on Google: last year it spent $3.5bn on “performance marketing”, which is mostly related to search advertising. Booking.com is also constantly trying new features: it runs around 1,000 tests a day to see what makes users more likely to click “book”. Some of these experiments, such as free cancellations and ranking hotels by the strength of their Wi-Fi, have become permanent features.Steady management has helped the company, too. Glenn Fogel became Priceline’s boss in January, after the previous boss, Darren Huston, resigned for having an affair with an employee. But Mr Fogel, a former investment banker and trader, has worked at Priceline for 16 years and is credited with initiating the Booking.com deal. Asked about his firm’s success, he attributes some of it to letting acquired firms go about their business. Kayak, an aggregator of travel listings that Priceline purchased for $1.8bn in 2012, for instance, still retains separate headquarters in Connecticut, six miles away from Priceline.And then there are the lessons of the firm’s own history. One is not to try too many things at once. During the dotcom boom the firm took the “name your own price” concept to extremes, allowing people to bid on petrol, groceries and even mortgages. The ensuing bust was bleak: Priceline’s market value dropped by more than 99%, to $190m (the share price is up by 30,000% since that trough). That experience taught management to prize discipline and profitability. The corporate ethos today is one of a “workhorse, not show-pony”, says one person close to the firm.If analysts have their numbers right, the future looks bright for Priceline. Last year travel accounted for an estimated 10% of global GDP, or $7.6trn. But only around a third of that is booked online. This share is expected to rise by a couple of percentage points a year over time, about the same pace as e-commerce more broadly. And as people become wealthier, they tend to travel more; many in emerging markets are venturing abroad for the first time.New markets beckon, too. The concept of “alternative accommodation”—rentals of apartments, villas and homes—was popularised by such firms as Airbnb, HomeAway and VRBO (the last two are both now owned by Expedia). But Priceline is bulking up in this area: last year it offered 568,000 “alternative accommodation” listings on Booking.com, nearly 50% more than a year earlier. Airbnb lists 3m, but many of those are individual rooms for rent in a larger home, whereas Priceline mostly offers entire properties, many of them professionally managed.Mr Fogel argues that Priceline’s approach of offering both hotels and other accommodation makes sense, because people like having a variety of choices available in one place. But Priceline will increasingly compete with Airbnb, which is expected to go public next year and is hungry for growth. Airbnb is said to have plans to add more listings of boutique hotels and bed-and-breakfasts to its own service and has suggested it could offer flights, although it has not offered any details.Priceline and Airbnb will also compete over more of consumers’ budgets when they travel. Earlier this year Airbnb started selling local “experiences” with guides. Booking.com is experimenting with selling tours and other on-the-ground activities in several cities. The idea is to offer a “holistic system” for travel, says Mr Fogel, so people can use the Booking.com app to check into hotels without queuing, enter their room by swiping their phone as they do to board an airline, and make dinner reservations through OpenTable. Such features are meant not only to increase the company’s share of consumer spending, but also to ensure that customers continue to book on Priceline’s sites rather than directly with hotels and restaurants.But becoming a one-stop-shop for all travel needs won’t be easy. Priceline’s least successful acquisition was OpenTable, for which it spent $2.6bn in 2014. Last year Priceline wrote down around a third of its value, acknowledging that the restaurant-booking service was not expanding as quickly as had been expected. This suggests that consumers may be comfortable using all-purpose sites to book hotels and flights, but still want to use real-life concierges for local recommendations.Airbnb is not the only rival Priceline has to worry about. Technology firms will launch more pointed attacks. Google already offers consumers the ability to research flights and routes, directly taking on Priceline’s Kayak. The search giant can use its vast trove of data on consumers to push more deeply into the travel business.The most dangerous rival, however, may well come from somewhere else entirely. “We’re all waiting for the moment when a big Chinese company comes in and tries to take market share,” says Erik Blachford, a former boss of Expedia. Ctrip, a giant based in Shanghai and worth an estimated $30bn, is the obvious candidate. But if it indeed makes a move, Priceline will not necessarily suffer. Not only is its Chinese business growing nicely, but it has also invested nearly $2bn in Ctrip’s debt and equity. Small wonder that some analysts consider Priceline the best-run internet company after Amazon. "The Priceline party"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725579-and-best-run-internet-firm-after-amazon-worlds-largest-online-travel-company?fsrc=rss%7Cbus'|'2017-07-29T12:00:00.000+03:00'
'7dbb0b3c042d0ab89a44c66c8e3e458fdbeddce3'|'Amazon everywhere - E-commerce titan is topic companies can''t avoid'|'July 28, 2017 / 5:48 PM / in 21 minutes Amazon everywhere - E-commerce titan is topic companies can''t avoid Lewis Krauskopf 6   Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, U.S. January 29, 2016. Mike Segar/File Photo GLOBAL BUSINESS WEEK AHEAD SEARCH GLOBAL BUSINESS 24 JUL FOR ALL IMAGES NEW YORK (Reuters) - What looms over businesses as far flung as car repair, lab equipment and swimming pool gear? In a word, Amazon. Almost 700 U.S. companies have reported quarterly results so far this earnings season, and the e-commerce titan''s name has popped up on roughly one of every 10 earnings conference calls so far. And the retailers whose lunch has long been eaten by Amazon.com Inc haven''t even reported yet. In all, Amazon has been raised either in passing or with some urgency on 75 calls hosted by corporate chieftains in the past several weeks, according to a Reuters analysis of call transcripts from components of the S&P 1500. That''s well more than twice as many mentions as Google or its parent Alphabet Inc and over three times as many as Apple Inc. The preponderance of Amazon mentions by executives and Wall Street analysts is the latest indication of its rapidly expanding reach. Its move last month to buy upscale grocer Whole Foods Market Inc for nearly $14 billion has added fresh fuel to the concerns. Once primarily a scourge of traditional brick-and-mortar retailers, Amazon’s cloud over U.S. business has spread to more corners of the economy and raised worries about where it could strike next. Even executives for whom Amazon was not previously a top concern have found themselves responding to questions about how it may burst into their industries. On the call for 3M Co, which makes everything from scouring pads to stainless steel dental crowns, Amazon was raised by several analysts. Executives at diversified healthcare company Johnson & Johnson were asked how Amazon might pose a risk to its consumer brands. McDonald''s Corp CEO Stephen Easterbrook declined to respond directly to a question about implications of the Amazon-Whole Foods deal. But he did say: "It just demonstrates how disruptive the business world is and how quickly it moves." It was the first time a McDonald''s, 3M or J&J executive had faced an Amazon-related question in an earnings call, according to data from Thomson Reuters dating back to 2000. "Just that name puts fear even if it''s just a rumour that they might be going into your space," said Alan Lancz, president of Toledo, Ohio-based investment advisory firm Alan B. Lancz & Associates Inc., who has been an investor for more than 30 years. "To be over all these different sectors and all these different spaces, I can’t recall anything like that." Eyes on Amazon Not all of the Amazon references reflect worry. In many instances, companies talked up existing and potential partnerships with Amazon, bounties from the recent Amazon Prime Day sale, or opportunities that might stem from a Whole Foods purchase. But Amazon emerged as a source of analyst concern on conference calls for tyre servicer Monro Muffler Brake Inc, swimming pool equipment distributor Pool Corp and water heater maker A.O. Smith. "I can tell you that we do think that they''re a force," Albert Nahmad, chief executive of Watsco Inc, a heating, ventilation and air conditioning system distributor, said in response to a question. "The economy''s never seen anything like it." "We keep our eyes on Amazon," he added. At issue is the competitive threat from Amazon''s massive size, willingness to sell at low prices and desire to push into a vast array of products or business lines. In its own quarterly report late on Thursday, Amazon reported a jump in retail sales along with a profit slump, as its rapid, costly expansion into new shopping categories and countries showed no sign of slowing. Whole Foods on Their Minds The Whole Foods deal roiled retailers, supermarkets and companies in the food-supply chain. But analysts are also asking real estate investment trusts and banks about their exposure to grocers, while Dover Corp, which manufacturers refrigeration equipment, and Silgan Holdings, which supplies packaging for consumer goods products, also were queried about the deal. "It seems like everyone''s asking that question at this stage," Silgan CEO Anthony Allott said when asked about the penetration of e-commerce in groceries in the wake of the deal, adding that he viewed it as an opportunity. Amazon is generating an outsized amount of chatter on Wall Street as well. Bank research notes and sales and trading commentary this month have contained nearly twice the number of Amazon mentions as for Microsoft and Apple, with Amazon tripling the number of Alphabet references, according to data from Street Contxt, an institutional content and data-insights platform for brokers and investors. Amazon has been mentioned nearly 17 times as much as the average company, according to Street Contxt. Jeff Hammond, an equity research analyst at KeyBanc Capital Markets, said investors are concerned that distributors of a variety of industrial wares are vulnerable to Amazon. "For commodity products with low differentiation, where price is higher on the list and it''s a smaller item that''s easy to deliver, that''s probably something that Amazon can be competitive at," Hammond said. For some executives, the Amazon question has been a periodic feature, even in arenas well beyond its traditional boundaries. Executives at Thermo Fisher Scientific, whose business includes supplying equipment to research laboratories, have fielded questions about an Amazon impact as far back as five years. This month its CEO said it was investing in its e-commerce capabilities and its supply chain. "We take Amazon very seriously," Thermo Fisher Chief Executive Marc Casper said on the call, "and we always have." Additional reporting by Rodrigo Campos; Editing by Dan Burns and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-results-amazon-com-analysis-idUKKBN1AD2CM'|'2017-07-28T20:47:00.000+03:00'
'93ccf46e21b997ef59c341230de26c3c747d1a2b'|'Air France-KLM upbeat on pricing as bookings improve'|'July 28, 2017 / 5:18 AM / 12 hours ago Air France-KLM upbeat on pricing as bookings improve 1 Min Read BERLIN, July 28 (Reuters) - Air France-KLM offered more optimism than rivals on pricing for the rest of the year, after good travel demand resulted in better than expected second-quarter profits. The Franco-Dutch carrier said unit revenues had risen 1.5 percent in the second quarter after falling 0.5 percent in the first quarter. "We believe we will see slightly positive unit revenues throughout the whole of second half, but some of our rivals are more cautious," Chief Financial officer Frederic Gagey told journalists. The results come a day after the carrier announced a new transatlantic joint venture with Delta Air Lines and Virgin Atlantic, and deals for Delta and China Eastern to enter its share capital. Air France-KLM reported second-quarter operating profit of 496 million euros ($579.63 million), against a forecast in a Reuters poll for 473 million. $1 = 0.8557 euros Reporting by Victoria Bryan and Cyril Altmeyer; Editing by Sudip Kar-Gupta 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/air-france-klm-results-idUSB4N0ZH04M'|'2017-07-28T08:18:00.000+03:00'
'950af904579a9124940464509e6479c6e915a96f'|'African Markets - Factors to watch on July 28'|'July 28, 2017 / 5:03 AM / 13 hours ago African Markets - Factors to watch on July 28 4 Min Read The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - GLOBAL MARKETS Asian stock markets sagged on Friday after U.S. tech shares retreated from recent rallies, though optimism about U.S. corporate earnings and the global economy underpinned overall sentiment. WORLD OIL PRICES Oil prices edged lower on Friday but were still near 8-week highs, buoyed by a decline in U.S. inventories and OPEC''s ongoing efforts to curb production. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s main stock indices came within sight of record highs on Thursday only to be repelled by technical factors, with data showing the market had moved into overbought territory. NIGERIA MARKETS Nigerian stocks extended gains for the 16th straight day on Thursday, posting their longest winning streak in more than two-years on improved sentiment following strong half-year earnings from several listed mid-sized companies, traders said. NIGERIA SECURITY At least 30 people including civilians and members of the military have died after an attempted rescue of an oil exploration team kidnapped by suspected Boko Haram militants in northeast Nigeria, officials told Reuters on Thursday. KENYA MARKETS Kenya''s shilling was steady on Thursday due to subdued dollar demand from sectors like energy and manufacturing, traders said. GHANA BOND Ghana sold a 1.49 billion cedi ($341.2 mln) five-year domestic bond on Thursday at a yield of 18.5 percent, lead arranger Barclays Bank Ghana said. GHANA ECONOMY Ghana''s central bank''s 1.5 percent rate cut this week will boost lending by local banks and is a signal that the economy is gradually improving, Moody''s Investors Service said on Thursday. UGANDA MARKETS The Ugandan shilling was little changed on Thursday, and was expected to weaken due to dollar demand from commercial banks and energy companies, traders said. ZIMBABWE POLITICS Zimbabwe''s first lady, Grace Mugabe, challenged her president husband Robert on Friday to name his preferred successor, to end divisions over the future leadership of the ruling ZANU-PF party. CONGO POLITICS The head of Congo''s election commission said on Thursday that better security in the conflict-ravaged Kasai region had enabled preparations for a delayed election to replace President Joseph Kabila, but it still may not happen before a year-end deadline. CONGO INFLATION Democratic Republic of Congo''s central bank said on Thursday it expects inflation for this year to stand at 44.64 percent, up from a previous forecast of 33.12 percent and a 20 percentage point rise over last year. CAMEROON DERAILMENT One person was killed in Cameroon when a freight train operated by state rail company Camrail derailed, less than one year after another Camrail train crash killed 79, an official said on Thursday. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL5N1KJ0EH'|'2017-07-28T07:58:00.000+03:00'
'f9a17482309605a428bf26b42c68d23283dc7f59'|'Irish central bank raises 2017 growth forecast sharply to 4.5 percent'|'July 28, 2017 / 12:04 PM / 16 minutes ago Irish central bank raises 2017 growth forecast sharply to 4.5 percent Conor Humphries and Padraic Halpin 3 Min Read Governor of the Central Bank of Ireland Philip R. Lane speaks at open the new Central Bank of Ireland offices in Dublin, Ireland April 24, 2017. Clodagh Kilcoyne - RTS13PPV DUBLIN (Reuters) - Ireland''s central bank on Friday raised its 2017 economic growth forecast sharply to 4.5 percent from 3.5 percent three months ago, citing stronger momentum at home and improved trading abroad, particularly in European markets. Ireland''s economy has been the best-performing in the European Union since 2014, but until April the central bank had spent a year nudging down its growth expectations, anticipating a blow from neighbouring Britain''s vote to leave the EU. It said on Friday that risks remained to the downside but, in the absence of an immediate Brexit hit, it was also marking up its gross domestic product (GDP) forecast for 2018 to 3.6 percent from 3.2 percent previously. That put the central bank broadly in line with the Finance Ministry, which forecast in April that GDP would grow by 4.3 percent this year and 3.7 percent next year. "Revised projections for growth this year and in 2018 reflect both stronger momentum in the domestic economy and improved prospects for external demand, especially from our European trading partners," Central Bank Chief Economist Gabriel Fagan said in a statement. "As a small and open economy, Ireland continues to face economic risks externally. And despite there being little new information emerging to date, it is clear that the economic impact of Brexit on Ireland is set to be negative and material. At home, we must continue to prudently monitor the risk of overheating." The bank forecast last year that in its most pessimistic Brexit scenario, where increased tariff and non-tariff barriers significantly reduce trade flows between Ireland and the UK, Irish GDP could be 3.2 percent lower over a period of 10 years. It said on Friday that without any new information in relation to these risks, it had not made any further adjustments. Fagan, however, said the uncertainty relating to what form neighbouring Britain''s exit from the block will actually take could weigh on investment decisions in Ireland next year. The bank has forecast that modified investment - a new measure that strips out some investment relating to volatile parts of Ireland''s open economy such as aircraft leasing - will grow by 11.9 percent in 2017 and 10.3 percent in 2018. "There is a lot of empirical analysis showing that uncertainty tends to depress investment. That is definitely a risk and one that could materialise," Fagan told a news conference. Writing by Padraic Halpin; Editing by Kevin Liffey and Toby Davis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-cenbank-idUKKBN1AD1H0'|'2017-07-28T15:03:00.000+03:00'
'b87d75d0588acf39402a985e87668b5333049e90'|'British American Tobacco not surprised by FDA move to cut nicotine'|'July 28, 2017 / 5:13 PM / 24 minutes ago British American Tobacco not surprised by FDA move to cut nicotine Reuters Staff 2 Min Read FILE PHOTO - People walk past the British American Tobacco offices in London, Britain October 21, 2016. Stefan Wermuth/File Photo - RTSVU5Y LONDON (Reuters) - British American Tobacco ( BATS.L ) said on Friday it was not surprised by the U.S. Food and Drug Administration''s announcement that it plans to reduce nicotine levels in cigarettes. The company said it was well prepared for the upcoming policy discussion. In a major regulatory shift announced on Friday that sent shares of traditional cigarette companies plunging, the FDA said it aims to reduce nicotine levels in cigarettes while exploring measures to move smokers towards e-cigarettes. "Our American subsidiary, Reynolds American Inc. and its operating companies are encouraged by FDA Commissioner Dr. Scott Gottlieb’s comments today recognising tobacco harm reduction policies and the continuum of risk for tobacco products," a British American Tobacco spokesperson said. “Dr. Gottlieb’s comments regarding nicotine and menthol do not come as a surprise to us. We are well prepared and look forward to participating in a thorough process to develop a comprehensive plan for tobacco and nicotine regulation." Reporting by William James; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fda-tobacco-regulation-brit-am-tobacc-idUKKBN1AD29D'|'2017-07-28T20:17:00.000+03:00'
'31974d797e37769105be8818ce5006edf75c4639'|'Exclusive: Former Barclays CEO close to deal to buy Hartford unit - sources'|'July 28, 2017 / 4:11 AM / in 2 hours Exclusive: Former Barclays CEO close to deal to buy Hartford unit - sources David French 3 Min Read FILE PHOTO - Former Barclays bank former Chief Executive Bob Diamond arrives at Portcullis House to attend a Treasury select committee hearing in Westminster, London July 4, 2012. Luke MacGregor/Filke Photo REUTERS - Atlas Merchant Capital LLC, the investment firm led by former Barclays Plc Chief Executive Officer Bob Diamond, is in advanced talks to acquire a Hartford Financial Services Group Inc annuity run-off business for between $3 billion and $3.5 billion, people familiar with the matter said on Thursday. Divesting the unit, dubbed Talcott Resolution, would help Hartford recycle capital, allowing it to shed a business that no longer writes new contracts and focus on more profitable, non-life insurance parts of its operations. Atlas has prevailed in an auction for Talcott Resolution, two sources said. While there is no certainty that the negotiations will be successful, a deal could come as early as next month, the sources added, asking not to be identified because the discussions are confidential. Hartford declined to comment, while Atlas did not immediately respond to requests for comment. Many insurance firms, struggling to maintain pay-outs at a time of low interest rates, have been placing their annuities businesses into run-off units such as Talcott Resolution - whereby no new policies are written and existing ones are managed until maturity. Often, these units have subsequently been sold. Financial investors such as private equity firms have been buyers, aiming to squeeze out greater returns on these policies by measures including cutting administrative costs. In its second-quarter earnings which were released earlier on Thursday, Hartford said Talcott Resolution''s net income was $105 million in the second quarter, almost flat to the corresponding three months of 2016, as declining core earnings were offset by lower costs. Reflecting the run-off nature of the unit, individual variable annuity and fixed annuity contract as of June 30 had declined 10 percent and 6 percent respectively on the same point of last year. No further details were given. Should the agreement be secured to sell Talcott Resolution to Atlas, it would be the latest in a string of such deals. Last month, Dutch insurance firm Aegon NV completed the sale of the majority of its U.S. run-off business, worth $14 billion and comprising of annuity and life insurance products, to Wilton Re. Reporting by David French in New York; Additional reporting by Suzanne Barlyn; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hartford-fin-ser-m-a-atlas-idINKBN1AD0DI'|'2017-07-28T07:10:00.000+03:00'
'6e7d8f40d0a8bf9eff8699bbc8a8c7639077ca4b'|'Hammond wants two-year market access Brexit deal, plus implementation phase - Financial Times'|'July 28, 2017 / 7:00 AM / in 21 minutes Hammond wants two-year market access Brexit deal, plus implementation phase - Financial Times Reuters Staff 1 Min Read Britain''s Chancellor of the Exchequer, Philip Hammond, arrives in Downing Street, in central London, Britain July 17, 2017. Tolga Akmen LONDON (Reuters) - Chancellor of the Exchequer Philip Hammond has told business leaders he wants companies to have full access to the single market and customs union for two years after Brexit, followed by a further implementation phase, the Financial Times reported. Hammond said he wants a simple "off-the-shelf" transition deal with the European Union that will maintain current trading relations with Brussels for two years. He then wants a further implementation phase to be in place while Britain negotiates a new trade deal. Hammond, appearing on BBC television, did not confirm or deny the report but said it was important that companies could discuss all options with the government in a private setting. Reporting by Kate Holton; editing by Guy Faulconbridge 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-hammond-standstill-idUKKBN1AD0Q4'|'2017-07-28T10:00:00.000+03:00'
'2425715a768a13f81e54f2dc2a376034b7c8f782'|'South Korea names new trade minister amid U.S. push to amend FTA'|'July 30, 2017 / 8:51 AM / 9 hours ago South Korea names new trade minister amid U.S. push to amend FTA Reuters Staff 2 Min Read SEOUL (Reuters) - South Korean President Moon Jae-in on Sunday appointed a former top envoy who had negotiated a free trade agreement with the United States as his new minister for trade, at a time when Washington is seeking to amend the deal. Kim Hyun-chong, a U.S.-trained lawyer, was instrumental in framing South Korea''s negotiating position on the deal for then president Roh Moo-hyun, who surprised the country by choosing to initiate talks for the trade agreement. U.S. President Donald Trump has called the free trade agreement (FTA) "a horrible deal", saying he might even scrap it. Kim, who also served in the World Trade Organization (WTO)''s legal division, has been an advocate of an open trade policy and free trade deals for South Korea. He will be Moon''s first trade minister after the liberal leader took office in May. The United States notified South Korea earlier this month that it plans to start negotiating amendments to the deal and called a joint committee meeting under the agreement to kick off the talks next month. South Korea has said it is willing to sit down for talks once a trade minister was appointed. South Korea has said the meeting does not necessarily mean renegotiation of the deal, stressing the pact was mutually beneficial. It has also said it first needs to be established whether the U.S. trade deficit with South Korea is not the result of other structural causes in the makeup of U.S. industries. The trade deal was initially negotiated by the Republican administration of President George W. Bush in 2007, but was renegotiated by Democratic President Barack Obama three years later before going into effect in 2012. Reporting by Haejin Choi; Editing by Jack Kim and Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-southkorea-usa-trade-idUKKBN1AF091'|'2017-07-30T11:46:00.000+03:00'
'a6802618ed581bb663cc7d3faa95e43eceec964e'|'Payments app explores bank licence application'|'Payments app explores bank licence application Revolut hopes to compete in retail by offering current accounts through mobile apps Read next Monzo accounts show growth, losses and a little bit of hand-holding Tuesday, 4 July, 2017 Revolut offers free international money transfers as part of a limited banking service but is considering a full licence by: Emma Dunkley Revolut, the UK payments app, is exploring applying for a bank licence to compete in the mainstream retail banking market, as it raises equity from thousands of investors including tennis player Andy Murray. The company, which uses the strapline “beyond banking”, is considering a licence in order to expand into full-service current accounts, allowing people to set up direct debits and standing orders. The move would catapult Revolut into the new “challenger” bank market of digital apps such as Monzo and Starling. These start-ups are seeking to compete in the retail banking sector by offering current accounts through mobile apps, offering money management tools such as spending updates and wholesale currency conversion rates. Nikolay Storonsky, founder and chief executive of Revolut, told the Financial Times: “At this stage, we have not applied for a banking licence. “However, as part of our mission to be a leader in the payment services industry, we are always open to exploring opportunities that would enable us to provide additional value add services to our loyal customers who share our vision to shape the future of this industry.” The payment app’s move comes as the company announces it has 40,000 people — including the world’s top-ranked male singles tennis player Andy Murray — signed up to take part in an equity crowdfunding round on Monday, with more than £17m pledged. Moving into the current account market has proved challenging for some of the newer banks. Atom, the UK’s first digital-only lender, recently revealed that it had postponed its current account launch until 2018 at the earliest, as a result of the costs involved and the burden of regulation. There is still uncertainty over rules coming into force next year under a European directive, which have yet to be finalised. So-called open banking will require traditional banks to provide access to customers’ transaction data — with their consent — to fintechs such as Revolut so that they can offer better services and boost competition in the market. At the moment, Revolut customers can open an account and pay in a salary under its e-licence. Gaining a full-banking licence would provide customers with protection under the Financial Services Compensation Scheme. The start-up originally focused on offering pre-paid travel cards, allowing people to spend money abroad without incurring high fees. Users load money on to the card using the app and then can spend it overseas, gaining the best rates on offer from MasterCard. Earlier this year, Revolut started offering free international money transfers, including an option to send money overseas in one to two business days for a flat fee of £5 per transaction. Consumers sending money to overseas bank accounts are usually hit with high charges, frequently being offered poor exchange rates alongside transaction fees. According to recent TransferWise research, NatWest would charge 1.9 per cent for changing £5,000 to euros in an overseas transfer, while Lloyds would charge 3.4 per cent. TransferWise estimates the charges by combining the banks’ stated fees and the mark-up on their exchange rate. Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t copy articles from FT.com and redistribute by email or post to the web. '|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'https://www.ft.com/content/4c7cdc9e-7201-11e7-aca6-c6bd07df1a3c'|'2017-07-30T15:10:00.000+03:00'
'fef163c368dd602e7fd13a4f624745dd404dd864'|'Flush times for hackers in booming cyber security job market'|'July 28, 2017 / 12:04 AM / 19 hours ago Flush times for hackers in booming cyber security job market Joseph Menn and Jim Finkle 4 Min Read A recruiter advertises a QR code to attract hackers to apply for jobs at the Black Hat security conference in Las Vegas, Nevada, U.S. July27, 2017. Joseph Menn LAS VEGAS (Reuters) - The surge in far-flung and destructive cyber attacks is not good for national security, but for an increasing number of hackers and researchers, it is great for job security. The new reality is on display in Las Vegas this week at the annual Black Hat and Def Con security conferences, which now have a booming side business in recruiting. "Hosting big parties has enabled us to meet more talent in the community, helping fill key positions and also retain great people," said Jen Ellis, a vice president with cybersecurity firm Rapid7 Inc, which filled the hip Hakkasan nightclub on Wednesday at one of the week''s most popular parties. Twenty or even 10 years ago, career options for technology tinkerers were mostly limited to security firms, handfuls of jobs inside mainstream companies, and in government agencies. But as tech has taken over the world, the opportunities in the security field have exploded. Whole industries that used to have little to do with technology now need protection, including automobiles, medical devices and the ever-expanding Internet of Things, from thermostats and fish tanks to home security devices. More insurance companies now cover breaches, with premiums reduced for strong security practices. And lawyers are making sure that cloud providers are held responsible if a customer’s data is stolen from them and otherwise pushing to hold tech companies liable for problems, meaning they need security experts too. The non-profit Center for Cyber Safety and Education last month predicted a global shortage of 1.8 million skilled security workers in 2022. The group, which credentials security professionals, said that a third of hiring managers plan to boost their security teams by at least 15 percent. For hackers who prefer to pick things apart rather than stand guard over them, an enormous number of companies now offer "bug bounties," or formal rewards, for warnings about vulnerabilities that leave them exposed to criminals or spies. One of the outside firms that handle such programs, HackerOne, said it has paid out $18.8 million since 2014 to fix 50,140 bugs, with about half of that work done in the past year. Mark Litchfield made it into the firm''s "Hacker Hall of Fame" last year by being the first to pull in more than $500,000 in bounties through the platform, well more than he earned at his last full-time security job, at consulting firm NCC Group. In the old days, "The only payout was publicity, free press," Litchfield said. "That was the payoff then. The payoff now is literally to be paid in dollars." There are other emerging ways to make money too. Justine Bone''s medical hacking firm, MedSec, took the unprecedented step last year of openly teaming with an investor who was selling shares short, betting that they would lose value. It was acrimonious, but St Jude Medical ultimately fixed its pacemaker monitors, which could have been hacked, and Bone predicted others will try the same path. "Us cyber security nerds have spent most of our careers trying to make the world a better place by engaging with companies, finding bugs which companies may or may not repair," Bone said. "If we can take our expertise out to customers, media, regulators, nonprofits and think tanks and out to the financial sector, the investors and analysts, we start to help companies understand in terms of their external environment." Chris Wysopal, co-founder of code auditor Veracode, bought in April by CA Technologies, said that he was initially skeptical of the MedSec approach but came around to it, in part because it worked. He appeared at Black Hat with Bone. "Many have written that the software and hardware market is dysfunctional, a lemon market, because buyers don''t know how insecure the products they purchase are," Wysopal said in an interview. "I’d like to see someone fixing this broken market. Profiting off of that fix seems like the best approach for a capitalism-based economy." Reporting by Joseph Menn and Jim Finkle; additional reporting by Dustin Volz; Editing by Jonathan Weber and Grant McCool 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cyber-conference-business-idUSKBN1AD001'|'2017-07-28T08:04:00.000+03:00'
'4c9551ea76acacafbca47bc1b8f063247214736a'|'PRESS DIGEST- British Business - July 28'|'July 28, 2017 / 12:20 AM / 18 hours ago PRESS DIGEST- British Business - July 28 3 Min Read July 28 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Dave Ramsden has been appointed as the new deputy governor for markets and banking at the Bank of England, a role that has been vacant since the resignation of Charlotte Hogg. bit.ly/2w4Oms8 Britain is likely to keep existing migration rules immediately after Brexit with European Union nationals allowed to enter so long as they register, Interior Minister Amber Rudd revealed Thursday. bit.ly/2eShlfj The Guardian Richard Branson announced he is selling 31 percent of Virgin Atlantic Airways Ltd, relinquishing his controlling interest in the airline he founded in 1984. bit.ly/2uCuLS1 The controversial skyscraper called 20 Fenchurch Street is being bought for 1.3 billion pounds by the property arm of Lee Kum Kee Health Products Group, a conglomerate that makes condiments and healthcare products and also develops property. bit.ly/2v3DptD The Telegraph Two activist investors who declared war on French Connection Group Plc''s corporate governance have sold their entire stakes to Mike Ashley''s Sports Direct International Plc in a move that gives the sportswear giant a 27 percent grip on the fashion retailer. bit.ly/2w4vOs8 Mining group Anglo American Plc has surprised investors by restarting its dividend six months early, boosted by a surge in profits that helped it pay off more debt than it planned. bit.ly/2h7bcfY Sky News PricewaterhouseCoopers, the world''s biggest auditor, is facing fresh questions over its independence after proxy advisory firm Institutional Shareholder Services warned of a possible conflict of interest in its relationship with Vodafone Group Plc . bit.ly/2v3uA2O Michel Barnier, who leads the EU side of the Brexit talks, has warned of a possible delay in discussions aimed at defining future ties between London and Brussels because of lack of progress in the current phase, focusing on the divorce. bit.ly/2v0YuW6 The Independent Britain''s second-biggest tour operator Thomas Cook Group Plc is set to run package holidays to Tunisia "towards the spring," according to the company''s boss. ind.pn/2v0B2YZ UK households could face "considerable and unpredictable" fluctuations in food prices after Brexit thanks to increased trade barriers and a weak pound, according to the Institute for Fiscal Studies. ind.pn/2v2raNW $1 = 0.7654 pounds Compiled by Bengaluru newsroom 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1KI72G'|'2017-07-28T03:20:00.000+03:00'
'b595c91217fe7626eaff859b2d69a3cf26adb4fc'|'LetterOne buys 3 percent stake in Spanish supermarket chain DIA'|'July 28, 2017 / 2:09 PM / in 14 minutes LetterOne buys 3 percent stake in Spanish supermarket chain DIA Emma Pinedo 2 Min Read FILE PHOTO: People walk outside a DIA supermarket in central Madrid February 23, 2015. Juan Medina/File Photo GLOBAL BUSINESS WEEK AHEAD - SEARCH GLOBAL BUSINESS 19 JUN FOR ALL IMAGES - RTS17MN6 MADRID (Reuters) - LetterOne Investment Holdings has bought a 3 percent stake in Spanish supermarket chain DIA ( DIDA.MC ) and has an option to buy a further 7 percent, the fund said on Friday, positioning it to become one of the budget grocery store''s biggest shareholders. Shares jumped 16 percent after the news as short sellers, investors who bet on a falling share price, rushed to buy stock to cover their positions. DIA was the most-shorted stock in Europe, analytics company IHS Markit said earlier this week. LetterOne, which has offices in London, Luxembourg and New York, did not say how much it had paid for the 3 percent stake or give more details on the time frame of the option to buy a further 7 percent. LetterOne made the purchase and agreed the option via sister company LTS Investment, it said in a statement. The 3 percent stake is valued at 97.6 million euros (87.44 million pounds) at Thursday''s closing price. Spain''s joint second-largest supermarket chain by sales, spun off by Carrefour ( CARR.PA ) six years ago, has invested in refurbishing stores and updated shop-floor formats leading to a recovery in like-for-like sales over the past year. Shares in the company jumped as much as 23 percent before retracing to trade up 16 percent at 6.05 euros. Letterone''s retail division, L1 Retail, agreed to buy Britain''s Holland & Barrett health foods chain for 1.77 billion pounds last month. The retail investment business was launched in December and aims to invest up to $3 billion in retailers that have the potential to become leaders in their markets, it said on its website. Its advisory board includes a former chief executive officer of German food retailer Lidl and one of the founders of customer data science company Dunnhumby, now part of Tesco ( TESO.O ). Writing by Sonya Dowsett; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dia-letterone-m-a-idUKKBN1AD1RY'|'2017-07-28T17:08:00.000+03:00'
'594208ffc63372649462b6f65ed4960f7c4b0af3'|'IAG CEO sees little change from Delta, Air France-KLM and Virgin pact'|'July 28, 2017 / 7:09 AM / 25 minutes ago IAG CEO sees little change from Delta, Air France-KLM and Virgin pact Reuters Staff 1 Min Read Willie Walsh, CEO of International Airlines Group speaks during the closing press briefing at the 2016 International Air Transport Association (IATA) Annual General Meeting (AGM) and World Air Transport Summit in Dublin, Ireland June 3, 2016. Clodagh Kilcoyne LONDON (Reuters) - IAG ( ICAG.L ) Chief Executive Willie Walsh said on Friday that a reshaped alliance between Delta, Air France-KLM and Virgin was unlikely to change much in the industry, adding that it was too early to say what the impact of the arrangement would be. Delta Air Lines ( DAL.N ), Air France-KLM ( AIRF.PA ) and Virgin Atlantic unveiled plans on Thursday to combine two overlapping transatlantic joint-ventures, supported by equity deals worth $1 billion, as airlines brace for more competition. "On the announcement yesterday, I think it''s too early really to say. I don''t think it really changes anything, to be honest with you," Walsh told reporters. "We''ll wait and see, but at this stage I don''t think it''s going to make much of a difference... (Virgin) has been in effect been controlled by Delta for several years. So I don''t see this changing anything." Reporting by Alistair Smout; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airfranceklm-alliance-iag-idUKKBN1AD0RN'|'2017-07-28T10:09:00.000+03:00'
'89c6f1ee83ffaf7fac4bf1deba983cab9a08aa83'|'RPT-U.S. coal exports soar, in boost to Trump energy agenda, data shows'|'July 28, 2017 / 11:18 AM / 7 hours ago RPT-U.S. coal exports soar, in boost to Trump energy agenda, data shows 5 Min Read (Repeats with no changes to text) By Timothy Gardner and Nina Chestney WASHINGTON/LONDON July 28 (Reuters) - U.S. coal exports have jumped more than 60 percent this year due to soaring demand from Europe and Asia, according to a Reuters review of government data, allowing President Donald Trump''s administration to claim that efforts to revive the battered industry are working. The increased shipments came as the European Union and other U.S. allies heaped criticism on the Trump administration for its rejection of the Paris Climate Accord, a deal agreed by nearly 200 countries to cut carbon emissions from the burning of fossil fuels like coal. The previously unpublished figures provided to Reuters by the U.S. Energy Information Administration showed exports of the fuel from January through May totaled 36.79 million tons, up 60.3 percent from 22.94 million tons in the same period in 2016. While reflecting a bounce from 2016, the shipments remained well-below volumes recorded in equivalent periods the previous five years. They included a surge to several European countries during the 2017 period, including a 175 percent increase in shipments to the United Kingdom, and a doubling to France - which had suffered a series of nuclear power plant outages that required it and regional neighbors to rely more heavily on coal. "If Europe wants to lecture Trump on climate then EU member states need transition plans to phase out polluting coal," said Laurence Watson, a data scientist working on coal at independent think tank Carbon Tracker Initiative in London. Nicole Bockstaller, a spokeswoman at the EU Commission''s Energy and Climate Action department, said that the EU''s coal imports have generally been on a downward trend since 2006, albeit with seasonable variations like high demand during cold snaps in the winter. Overall exports to European nations totaled 16 million tons in the first five months of this year, up from 10.5 million in the same period last year, according to the figures. Exports to Asia meanwhile, totaled 12.3 million tons, compared to 6.2 million tons in the year-earlier period. Trump had campaigned on a promise to "cancel" the Paris deal and sweep away Obama-era environmental regulations to help coal miners, whose output last year sank to the lowest level since 1978. The industry has been battered for years by surging supplies of cheaper natural gas, brought on by better drilling technologies, and increased use of natural gas to fuel power plants. His administration has since sought to kill scores of pending regulations he said threatened industries like coal mining, and reversed a ban on new coal leasing on federal lands. Taking Credit Both the coal industry and the Trump administration said the rising exports of both steam coal, used to generate electricity, and metallurgical coal, used in heavy industry, were evidence that Trump''s agenda was having a positive impact. "Simply to know that coal no longer has to fight the government - that has to have some effect on investment decisions and in the outlook by companies, producers and utilities that use coal," said Luke Popovich, a spokesman for the National Mining Association. Shaylyn Hynes, a spokeswoman at the U.S. Energy Department, said: "These numbers clearly show that the Trump Administration''s policies are helping to revive an industry that was the target of costly and job killing overregulation from Washington for far too long." Efforts to obtain comment from exporters Arch Coal and privately held Murray Energy Corp were unsuccessful. Contura Energy, which emerged as part of Alpha Natural Resource''s bankruptcy and restructuring, and filed for public offering in May, declined to comment. A spokesman for Peabody Energy, the largest coal producer, though without a major export profile, said the United States was generally a "swing supplier of seaborne coal." U.S. Energy Information Administration analyst Elias Johnson said the U.S. coal industry may now be better positioned to meet foreign demand because U.S. miners have learned to produce at lower cost, after coming through a series of recent bankruptcies. "There''s the possibility that the U.S. will become more of a primary player in the global coal trade market," he said. But he added there are also plenty of reasons the spike in demand could be temporary. For one thing, U.S. coal production and transportation costs are much higher than for other producers such as Indonesia and Australia. Because coal can often be transhipped from European ports before it is consumed, it is also hard to determine where shipments ultimately end up. Johnson pointed out that some of the fuel shipped into Western Europe, for example, could be making its way to other places like Ukraine, which is having trouble securing coal from its separatist-held regions. Trump said last month that his administration is offering more coal to Ukraine, but it was unclear how, given deals are typically worked out between companies. Editing by Richard Valdmanis and Alden Bentley 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-coal-exports-idUSL1N1KJ0C3'|'2017-07-28T14:18:00.000+03:00'
'dd74c3912ec56161dca81502f34ad8e97f0f4681'|'German court paves way for diesel ban in Stuttgart'|'July 28, 2017 / 9:06 AM / 20 minutes ago German court paves way for diesel ban in Stuttgart Reuters Staff 2 Min Read A motor mechanic measures exhaust emissions in a diesel-engined car in Eichenau, Germany July 28, 2017. Michaela Rehle STUTTGART, Germany (Reuters) - A German court backed a push to ban diesel cars from the city of Stuttgart, dealing a blow to carmakers Daimler and Volkswagen ( VOWG_p.DE ) which had sought to avert legal curbs mainly by modifying emissions-control software. Since Volkswagen admitted to cheating emissions tests almost two years ago, diesel cars have been the focus of scrutiny for their nitrogen oxide emissions that are blamed for causing respiratory disease. Environmental group DUH went to court seeking a complete ban on diesel cars from Stuttgart, which said it would from next year bar diesel cars that failed to meet the latest emissions codes from the city on days with heavy pollution. Stuttgart''s home state of Baden-Wuerttemberg, which prefers measures that include improved public transport and retrofitting diesel cars to cut emissions, said it would study the ruling. It has not said if or when it would impose a complete ban. Exhaust emissions are measured in a diesel-engined car in Eichenau, Germany July 28, 2017. Michaela Rehle Analysts have said they expected other major cities would follow swiftly if Stuttgart put a diesel ban in place. "Safeguarding health is more important than the right to property and the general liberty of the car owners affected by the ban," Wolfgang Kern, the presiding judge at the Stuttgart administrative court, said in his ruling. Stuttgart''s pollution-fighting plan must provide for meeting emissions limits as soon as possible but planned retrofits of diesel cars are insufficient and would come too late, Kern said. The mayors of Paris, Madrid, Mexico City and Athens have said they plan to ban diesel vehicles from city centers by 2025. The French and British governments have said they would end the sale of new gasoline and diesel vehicles by 2040. This month, Sweden''s Volvo became the first major traditional automaker to set a date for phasing out vehicles powered solely by the internal combustion engine by saying all its car models launched after 2019 would be electric or hybrids. Reporting by Ilona Wissenbach; Writing by Andreas Cremer; Editing by Maria Sheahan and Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-emissions-idUKKBN1AD10Y'|'2017-07-28T13:12:00.000+03:00'
'bd268d77cb9132ab942143efe923256a16993363'|'IMF says dollar overvalued; euro, yen, yuan broadly in line with fundamentals'|'July 28, 2017 / 6:02 PM / 2 hours ago IMF says dollar overvalued; euro, yen, yuan broadly in line with fundamentals David Lawder 4 Min Read The International Monetary Fund logo is seen during the IMF/World Bank spring meetings in Washington, U.S., April 21, 2017. Yuri Gripas WASHINGTON (Reuters) - The International Monetary Fund on Friday said that the U.S. dollar was overvalued by 10 percent to 20 percent, based on U.S. near-term economic fundamentals, while it viewed valuations of the euro, Japan''s yen, and China''s yuan as broadly in line with fundamentals. The IMF''s External Sector Report - an annual assessment of currencies and external surpluses and deficits of major economies - showed that external current account deficits were becoming more concentrated in certain advanced economies such as the United States and Britain, while surpluses remained persistent in China and Germany. While the report assessed the euro''s valuation as appropriate for the eurozone as a whole, it said the euro''s real effective exchange rate was 10-20 percent too low for Germany''s fundamentals, given its high current account surplus. Britain''s pound, meanwhile, was assessed as up to 15 percent overvalued compared to fundamentals, which include a high level of uncertainty over Britain''s post-Brexit trading relationship with the European Union. The Fund said the dollar''s appreciation in recent years was based on its relatively stronger growth outlook, interest rate hikes versus looser monetary policy in the eurozone and Japan, as well as expectations for fiscal stimulus from President Donald Trump''s administration. But so far this year, the dollar index, the broad measure of its value against other major currencies, is down more than 8 percent this year and is off to the worst start to a year since 2002. The IMF recommended that U.S. authorities take steps to shrink a current account deficit that remains too large, by reducing its federal budget deficit and passing structural reforms to increase the savings rate and improve the economy''s productivity. "It''s important to address imbalances, because if they''re not dealt with appropriately and through the right policies, we could have a backlash in the form of protectionism," IMF Research Division Chief Luis Cubeddu told a news conference. Cubeddu said that the persistence of current account surpluses in export countries such as China and the growth of deficits in debtor countries such as the United States suggested that the problem would not clear up automatically. "That is, prices, savings and investment decisions don''t seem to be adjusting fast enough to correct imbalances. This partly reflects rigid currency arrangements, but also certain structural features, like inadequate safety nets, barriers to investment, which leads to undesirable levels of savings and investment," he said. The report said that while China''s yuan was broadly in line with its fundamentals, IMF models showed wide divergences with desired policies from a 10 percent overvaluation to a 10 percent undervaluation due to uncertainties over Beijing''s policy outlook. The U.S. Treasury in April refrained from declaring China a currency manipulator despite Trump''s campaign promises to do so, citing Beijing''s interventions last year to prop up the yuan''s value in the face of capital outflows. But it kept China, South Korea, Taiwan, Germany and Switzerland on a monitoring list for large external surpluses. {nL1N1HM0QA] The IMF said China''s current account surplus was growing again after declining in 2015 and 2016 and needed to be reduced. This should be achieved by rebalancing the economy away from investment and credit growth towards more consumption, with a stronger safety net, reforms to state-owned enterprises and opening Chinese markets to foreign competition. The report also showed that the IMF considers Mexico''s peso and South Korea''s won both to be undervalued by 5-15 percent compared to their fundamentals. The Fund said it expects Mexico''s undervaluation to reverse as risks of protectionist U.S. policies dissipate, but South Korea needed to stimulate domestic demand to reduce a large current account surplus. Reporting by David Lawder; Editing by Nick Zieminski, Bernard Orr 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/imf-currencies-idINKBN1AD2CA'|'2017-07-28T21:01:00.000+03:00'
'e880acee4b9d367c9fd191fd35b3e90a8ca9b1b2'|'Nomura looks to sell stake in venture capital firm Jafco'|'FILE PHOTO: Investors stand in front of a screen showing the logo of Nomura Holdings in Tokyo, Japan, December 1, 2015. Toru Hanai/File Photo TOKYO (Reuters) - Nomura Holdings Inc ( 8604.T ) said on Friday it had sold all its shares of its stake in Jafco Co ( 8595.T ) back to the venture capital firm, as the Japanese brokerage seeks to shift capital into areas where it sees more growth.Nomura, Japan''s largest brokerage and investment bank, said in May it wanted to use its capital more efficiently. It is currently expanding its U.S. investment banking business.Selling the stake in Jafco would "contribute to Nomura''s drive to enhance capital efficiency and optimally allocate its management resources," Nomura said.Shares in Nomura closed down 1.5 percent at 650.1 yen, while Jafco shares ended up more than 15 percent at 5,260 yen, their highest since October 2015. The benchmark Nikkei .N225 average index fell 0.6 percent.Nomura sold its 8.48 million shares, or 17.6 percent stake, in Jafco, at 4,560 yen ($41) per share, raising 38.7 billion yen ($348 million), Nomura said in a statement.Nomura Research Institute Ltd ( 4307.T ), in which Nomura holds a 37.2 percent stake, tendered to sell 4.95 million Jafco shares, Jafco said.Jafco said it was buying 13.4 million shares from the two tenders for 61.3 billion yen ($551.21 million).The deal would generate for Nomura a pretax profit of about 9 billion yen ($80.9 million), to be booked in the July-September period, Nomura said.In a separate statement, Jafco said it would tender 5 million shares in Nomura Research Institute, adding that if it sold all the shares it planned to book a gain of 18.4 billion yen ($165.5 million) in the July-September period.In May, Nomura Holdings began unofficial talks with Japan Post Holdings Co ( 6178.T ) to sell a stake in group company Nomura Real Estate Holdings ( 3231.T ), a source told Reuters.The deal broke down in June. Nomura Real Estate said Japan Post was no longer considering buying a stake.After the Jafco sale, Chief Financial Officer Takumi Kitamura told a conference call Nomura was not planning to sell holdings in Nomura Real Estate and Nomura Research Institute, in which it has 34.1 percent and 37.2 percent stakes, respectively.Reporting by Thomas Wilson; Editing by Jacqueline Wong and Edmund Blair '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-nomura-jafco-idUSKBN1AD05O'|'2017-07-28T09:34:00.000+03:00'
'bf8998758cbf3b022cd752ee8d9f039863f593d9'|'Exxon Mobil quarterly profit nearly doubles'|'July 28, 2017 / 12:14 PM / 5 minutes ago Exxon profit nearly doubles, but falls short of expectations Ernest Scheyder 2 Min Read FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. Toru Hanai/File Photo (Reuters) - Exxon Mobil Corp ( XOM.N ), the world''s largest publicly traded oil producer, said on Friday its quarterly profit nearly doubled on surging margins at its operations outside the United States, but results fell shy of Wall Street''s expectations. Shares of Irving, Texas-based Exxon fell about 1.9 percent in premarket trading to $79.30. While Exxon''s U.S. portfolio, including its shale projects, lost money, Exxon''s gas and oil operations across the world posted a 69 percent jump in profit. The company sold more gasoline and kerosene in the quarter, boosting the bottom line as well, but sales of chemicals slipped due in part to plant maintenance costs and weak margins. "Our job is to grow long-term value by investing in our integrated portfolio of opportunities that succeed regardless of market conditions," Chief Executive Darren Woods said in a statement. The company posted second-quarter net income of $3.35 billion, or 78 cents per share, compared to $1.7 billion, or 41 cents per share, a year earlier. Analysts expected earnings of 84 cents per share, according to Thomson Reuters I/B/E/S. Production fell about 1.0 percent to 3.9 million barrels of oil equivalent per day. The results come as Exxon battles its shareholders and others over climate change issues. Exxon has been locked in an aggressive back-and-forth skirmish over climate change documents with New York State Attorney General Eric Schneiderman, who has sought to punish the oil producer for what he says are misleading public disclosures. Exxon''s shareholders in May approved a resolution in May that called for the company to issue a report on how climate change affects operations. The vote, which was non-binding, passed with 62 percent of ballots cast and was a rare defeat for Exxon''s management. Reporting by Ernest Scheyder; Editing by Bernadette Baum 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-exxon-mobil-results-idUKKBN1AD1HT'|'2017-07-28T15:14:00.000+03:00'
'82e6ad454a4aa5a66e8337719af7343c9e3f7efc'|'US STOCKS SNAPSHOT-Wall St opens lower as Amazon weighs on tech stocks'|'July 28, 2017 / 1:33 PM / 4 hours ago US STOCKS SNAPSHOT-Wall St opens lower as Amazon weighs on tech stocks 1 Min Read July 28 (Reuters) - U.S. stock indexes opened lower on Friday as Amazon''s profit miss took a toll on technology shares. The Dow Jones Industrial Average fell 9.29 points, or 0.04 percent, to 21,787.26. The S&P 500 lost 5.78 points, or 0.23 percent, to 2,469.64. The Nasdaq Composite dropped 40.28 points, or 0.63 percent, to 6,341.90. (Reporting by Tanya Agrawal; Editing by Anil D''Silva) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1KJ4HK'|'2017-07-28T16:33:00.000+03:00'
'c9d647d3fa6aec6ca854b4b86b6746d6b6b2c780'|'Audi braces for fourth-quarter earnings hit over model ramp-up costs'|'July 28, 2017 / 6:35 AM / 20 minutes ago Audi braces for fourth-quarter earnings hit over model ramp-up costs Reuters Staff 1 Min Read FILE PHOTO - The logo of Audi is pictured at the Auto China 2016 auto show in Beijing, April 25, 2016. Kim Kyung-Hoon/File Photo BERLIN (Reuters) - Audi ( NSUG.DE ) is bracing for earnings to take a hit in the fourth quarter because of ramp-up costs for new vehicles including the new A6 and A7 models, Chief Financial Officer Axel Strotbek said. First-half operating profit at Volkswagen''s ( VOWG_p.DE ) luxury brand edged up 0.5 percent to 2.68 billion euros ($3.13 billion) from 2.66 billion even as vehicle sales, Audi said on Friday. The carmaker made no further provisions for its diesel emissions scandal in the second quarter, having set aside about 1.8 billion euros in 2015 and 2016. Reporting by Andreas Cremer; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-audi-results-idUKKBN1AD0NV'|'2017-07-28T09:35:00.000+03:00'
'e39f174763b3b108466e8092a1126ec414469916'|'Deutsche Boerse''s Kengeter in close contact with LSE in run-up to merger talks: Der Spiegel'|'FILE PHOTO: Carsten Kengeter, CEO of Deutsche Boerse in Frankfurt, Germany March 1, 2017. Ralph Orlowski/File Photo FRANKFURT (Reuters) - Deutsche Boerse''s ( DB1Gn.DE ) Chief Executive Carsten Kengeter, who is under investigation for insider trading, frequently met and spoke by telephone with his London Stock Exchange counterpart in the months before they announced official merger talks, Der Spiegel magazine reported on Friday.Frankfurt''s public prosecutor has been investigating Kengeter for possible insider trading for the purchase in December 2015 of 4.5 million euros ($5.3 mln) in Deutsche Boerse shares, two months before the two exchange operators announced merger negotiations.Kengeter has denied all allegations of wrongdoing, saying the shares he purchased were part of an official Deutsche Boerse compensation plan. "Insider trading goes against everything I stand for," he told shareholders in May.Der Spiegel said that Kengeter and LSE ( LSE.L ) CEO Xavier Rolet met or telephoned almost weekly in the second half of 2015, from the moment that Kengeter assumed the helm of Deutsche Boerse in June 2015.A report from German market watchdog BaFin shows that between June 2015 and January 2016 Rolet''s calendar showed the two had 15 conversations, while Deutsche Boerse disclosed four appointments between the two, Der Spiegel said.The BaFin report of the 15 meetings came from information it received from the British market watchdog, which had access to Rolet''s calendar, according to Der Spiegel.Representatives for BaFin and its British counterpart FCA declined to comment.A spokesman for Deutsche Boerse said, "From the beginning of the investigation, we said we were cooperating with the authorities."A spokesman for LSE declined to comment immediately.($1 = 0.8508 euros)Reporting by Tom Sims and Alexander Huebner in Frankfurt and Huw Jones in London; Editing by Susan Fenton '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-deutscheboerse-investigation-ceo-idUSKBN1AD23G'|'2017-07-28T19:03:00.000+03:00'
'0e4751e7cea1cd50a2d8ab619e143294a514b940'|'Gold steady ahead of U.S. GDP data'|'July 28, 2017 / 7:10 AM / in an hour Gold steady ahead of U.S. GDP data 3 Min Read Gold bullions are displayed at GoldSilver Central''s office in Singapore June 19, 2017. Edgar Su/Files BENGALURU (Reuters) - Gold steadied on Friday after retreating from a more than six-week high hit in the previous session, with investors looking for cues on the health of the U.S. economy from second-quarter gross domestic product data due later in the session. A recovery in the world''s biggest economy would give the beleaguered dollar some respite from the recent sell-off, and also dent the likelihood for higher interest rates which benefits non-interest yielding and safe-haven gold. "Our feeling is that the (GDP) number will be in line to somewhat below the 2.8 figure forecast, in which case we could see another modest advance in gold," said INTL FCStone analyst Edward Meir. "We expect to see a lot of action around the second-quarter GDP number." Spot gold were mostly unchanged at $1,259.10 per ounce at 0656 GMT, and was up slightly this week in what could be the precious metal''s longest spell of weekly gains since May. U.S. gold futures for August delivery fell 0.1 percent to $1,258.50 per ounce. The dollar index was nearly unchanged at 93.816 against a basket of six major currencies. "I think it is more important to keep an eye on the dollar and whether it continues to support gold," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. A weaker dollar makes bullion cheaper for non-U.S. investors. Higher interest rates would push yields up and likely boost the dollar. Meanwhile, holdings at the SPDR Gold Trust, the world''s largest gold-backed exchange-traded fund, fell 0.45 percent to 791.88 tonnes on Thursday from 795.42 tonnes on Wednesday. Spot gold is biased to break a support and fall more into a zone of $1,243.41-$1,247 per ounce, following its failure to break the resistance at $1,264, according to Reuters technical analyst Wang Tao. Among other precious metals, silver rose 0.1 percent to $16.54 per ounce, heading for a third weekly gain. Platinum rose 0.2 percent to $924.25 per ounce but was on track for its first weekly decline in three. Palladium fell 0.1 percent to $871.25 per ounce. In the previous session, palladium hit its highest in over a month. Reporting by Nithin Prasad and Arpan Varghese in Bengaluru; Editing by Richard Pullin and Subhranshu Sahu 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN1AD0RJ'|'2017-07-28T10:08:00.000+03:00'
'e8d565ee3a72026e462b12d2e300fe48c0109947'|'Rich customers buoy Credit Suisse while risk burdens UBS'|'Edition United States July 28, 2017 / 11:36 AM / 16 minutes ago Rich customers buoy Credit Suisse while risk burdens UBS Joshua Franklin and Brenna Hughes Neghaiwi 3 Min Read The logo of of Swiss bank Credit Suisse is seen at an office building in Zurich''s Oerlikon suburb, Switzerland July 27, 2017. Picture taken July 27, 2017. Arnd Wiegmann ZURICH (Reuters) - A steady stream of new money from the world''s wealthiest citizens drove up quarterly profits at Credit Suisse ( CSGN.S ) and UBS ( UBSG.S ) as they benefited from Switzerland''s reputation as a safe haven for investors. Both banks reported a rise in profits for the three months to June, buoyed by their wealth management divisions. Credit Suisse said it had seen an annual growth pace in net new assets of more than 6 percent, while UBS reported 5.4 percent growth. The lenders thrived in the Asia Pacific region which includes China, home to a new generation of millionaires and billionaires. However, their results cast them in a starkly different light. Credit Suisse, which has struggled with multi-billion-franc losses, positively surprised investors. But its bigger rival UBS, which reassessed risks and the potential cost, disappointed. Credit Suisse''s net profit jumped 78 percent as it shifted emphasis towards managing wealth, and away from volatile and costly investment banking. The results are a boost for Chief Executive Tidjane Thiam, whose tenure since mid-2015 has been marred by losses following a legal penalty over toxic debt and a trading blunder as well as a shareholder protest on management pay. He said the performance showed his three-year strategy to turn around the group was working. Investors appeared convinced, and Credit Suisse''s share price was up 2.5 percent at 1113 GMT. After the financial crash, UBS switched its focus to banking for the rich, while Credit Suisse kept investment banking at the heart of its business. It has since changed tack, taking a similar approach to its bigger rival. The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 29, 2017. Picture taken on March 29, 2017. Arnd Wiegmann - RTS19CPN "We are in no way claiming victory," Thiam told analysts in a phone call. "It has been a difficult journey. We''re just halfway." Closing Gap UBS too reported an unexpected rise in second-quarter net profit, boosted by its flagship wealth management business. The world''s largest wealth manager made 1.174 billion Swiss francs ($1.21 billion), up 14 percent from a year earlier. But the bank, which typically outshines its Zurich neighbor, surprised investors when it reassessed the risks in its business, a costly move that reduced its capital cushion. Its shares were down 2.6 percent at 1113 GMT. UBS''s core tier 1 ratio, a key measure of a bank''s financial strength which the bank uses as a benchmark for its dividend, slipped to 13.5 percent. Credit Suisse, on the other hand, was able to score an important point by strengthening its capital buffer, having raised fresh money from investors, closing the gap on UBS. UBS put the fall down to stricter rules for calculating risks introduced by Switzerland''s financial watchdog, predicting that it would have a 6 billion franc increase in risk-weighted assets in the second half of the year. Vontobel analyst Andreas Venditti described this as a "big surprise". Writing by John O''Donnell; Editing by Pravin Char 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-swiss-banks-results-idUKKBN1AD1E1'|'2017-07-28T14:30:00.000+03:00'
'f941062f1f1a967a1fa5110b6b1f9ce69beda2b6'|'Investor settlement over Italian scandal hits BT profits'|'July 28, 2017 / 6:18 AM / in an hour Investor settlement over Italian scandal hits BT profits Reuters Staff 2 Min Read FILE PHOTO: A BT ompany logo is pictured on the side of a convention centre in Liverpool northern England, April 9, 2016. Phil Noble/File Photo LONDON (Reuters) - Britain''s BT ( BT.L ) posted a 42 percent drop in first-quarter pretax profit due to a settlement with investors Deutsche Telekom ( DTEGn.DE ) and Orange ( ORAN.PA ) over an Italian accounting scandal. BT, which reported a 530 million pound ($693 million) black hole in its Italian accounts in January, said it had settled a warranty claim with the two investors, with a charge of 225 million pounds. The German and French groups bought into BT when they sold their joint venture mobile operator EE to the company. BT said its first quarter pretax profit fell to 418 million pounds, below the consensus of 751 million pounds. On an adjusted basis it was down 1 percent. The settlement overshadowed an otherwise solid trading update for a group that has also been hurt by a slowdown in government work in its home market. The Italian scandal and poor UK trading wiped 8 billion pounds off the company''s value on the day they were announced. First-quarter revenue and core earnings were in line with forecasts and BT said it would continue its restructuring by merging its EE mobile business into the rest of its Consumer division. It will continue to operate three brands: BT, EE and Plusnet. It reiterated its full-year outlook due to solid demand for EE, with 210,000 net contract subscriber additions, and 170,000 net fibre additions in its broadband business. "BT has delivered an encouraging performance in the first quarter of the year," Chief Executive Gavin Patterson said. "Our businesses are leaders in their core segments and as we drive the business forward I am confident in the outlook." Reporting by Kate Holton; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-group-results-idUKKBN1AD0MA'|'2017-07-28T09:18:00.000+03:00'
'cc023f9b5d05164ab92fc15743e5a911cc3570a0'|'AstraZeneca investor Woodford says share fall on Mystic results not justified'|'July 28, 2017 / 8:31 AM / in an hour AstraZeneca investor Woodford says share fall on Mystic results not justified Reuters Staff 2 Min Read FILE PHOTO: The logo of AstraZeneca is seen on a medication package at a pharmacy in London April 28, 2014. Stefan Wermuth/File Photo LONDON (Reuters) - Top AstraZeneca ( AZN.L ) shareholder Neil Woodford said a 16 percent fall in the company''s share price on Thursday after the failure of a high-profile medical study was unwarranted and had not led him to change his view on the company. The Mystic study results showed that a combination of two injectable immunotherapy drugs had failed to help patients as hoped. Woodford, however, said the scale of the share price fall was not evidence of the failure of the drug, the company''s strategy or his fund''s rationale for holding the stock. Specifically, he said the market was failing to put sufficient value on the company''s cancer drugs, including Tagrisso and Lynparza. "The investment case for AstraZeneca is about so much more than this one trial. Across a broad spread of disease areas, the company is developing new ground-breaking therapies which have significant commercial potential," he wrote in a blog posted on the company''s website late Thursday. Reporting by Simon Jessop, editing by Lawrence White 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-astrazeneca-shareholders-woodford-idUKKBN1AD0YG'|'2017-07-28T11:31:00.000+03:00'
'efe163b6e6f42970db992f03c2184e48696826ab'|'UK consumer morale slips as economic mood hits four-year low - GfK'|'July 27, 2017 / 11:13 PM / 11 hours ago UK consumer morale slips as economic mood hits four-year low - GfK Reuters Staff 2 Min Read FILE PHOTO: A woman shops in a supermarket in London, Britain April 11, 2017. Neil Hall/File Photo LONDON (Reuters) - British consumer morale has sunk back to depths hit just after last year''s Brexit vote and worse may be to come as households'' view of the broader economic situation dropped to a four-year low, according to a survey on Friday. Market research firm GfK''s consumer confidence index fell to -12 in July from -10 in June, a one-year low and slightly below the median forecast in a Reuters poll of economists. The figures are likely to strengthen the conviction of Bank of England officials who want to keep interest rates on hold ahead of next Thursday''s policy decision. "All bets must now be on a further drift downwards in confidence," said Joe Staton, head of market dynamics at GfK. The component of the survey which measures households'' assessment of the economic situation over the past year - a good guide to official data on household spending - hit its lowest level since July 2013. This was around the time Britain''s economic recovery started in earnest. Although unemployment is running at its lowest level since the 1970s, Staton pointed to a growing squeeze on household finances. The Brexit vote in June 2016 led to a big fall in the value of sterling, which has pushed up inflation, eating into consumers'' disposable income this year. "If Brexit negotiations continue to deliver more questions than answers, it''s unlikely the overall index score will find any tailwinds for some time," Staton said. Although the minority of BoE rate-setters who want to hike interest rates think exports and investment will soon compensate for a consumer slowdown, others are wary about how long the downturn will last. Britain''s economy failed to build much momentum over the past three months after almost stalling at the start of the year, reducing an already slim chance that the BoE will soon reverse last year''s emergency interest rate cut. Reporting by Andy Bruce, editing by David Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-consumersentiment-idUKKBN1AC3ET'|'2017-07-28T02:12:00.000+03:00'
'f90fbfabebfa93961821082a812ef5c7917cc885'|'Volkswagen brand restructuring making headway, helped by growing sales'|'July 28, 2017 / 7:35 AM / 26 minutes ago Volkswagen brand restructuring making headway, helped by growing sales Reuters Staff 1 Min Read Workers are seen at the Volkswagen car assembly unit in Relizane, Algeria July 27, 2017. Zohra Bensemra BERLIN (Reuters) - Volkswagen ( VOWG_p.DE ) said restructuring of its troubled core brand is making headway, helped by strong demand for new models in the United States, Latin America and Russia. Slideshow (4 Images) VW''s largest division by sales still expects its operating profit margin to come in at the upper end of its 2.5-to-3.5 percent target range this year, after 1.8 percent last year, it said on Friday. The first-half margin stood at 4.5 percent. Operating profit for the January-to-June period doubled to 1.8 billion euros ($2.1 billion), VW said, benefiting from cost cuts agreed with labour unions, streamlined model development and restructuring of overseas operations. Reporting by Andreas Cremer; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-results-idUKKBN1AD0TR'|'2017-07-28T10:34:00.000+03:00'
'd571dec215e9011cb7d2d20fbac282c655ffa7f5'|'Italy passes Monte dei Paschi state rescue into law'|'July 28, 2017 / 5:44 PM / 18 minutes ago Italy passes Monte dei Paschi state rescue into law Reuters Staff 1   The entrance of Monte dei Paschi di Siena bank''s headquarters is seen in Siena, Italy, July 1, 2016. Stefano Rellandini/File Photo - RTS18UK3 ROME (Reuters) - Italy published a decree on Friday authorising a state recapitalisation of Monte dei Paschi di Siena, formally bringing the rescue of the country''s fourth-biggest bank into effect. The rescue will include a new share issue for 4.5 billion euros (4.03 billion pounds), into which the state will plough 3.85 billion euros, the text published on the official legislative website showed. The Treasury will pay 6.49 euros for each Monte dei Paschi share while subordinated bondholders, whose debt is being converted into equity as part of the bailout, will receive shares in the Tuscan bank at 8.65 euros each, the text showed. Reporting by Giuseppe Fonte, writing by Isla Binnie, editing by Valentina Za 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-monte-dei-paschi-idUKKBN1AD2BS'|'2017-07-28T20:43:00.000+03:00'
'562db74d92ccd89805b778d855d665282de41eb0'|'Aerosoles explores options including sale of shoe retailer -sources'|'(Reuters) - U.S. women''s shoe company Aerosoles Group is exploring several options including a debt restructuring or sale of the company, as it struggles to adapt to fast-changing consumer tastes, according to people familiar with the matter.Aerosoles, known for its affordable flats and wedges, has hired investment bank Piper Jaffray Companies ( PJC.N ) and financial advisory consultant Berkeley Research Group to carry out the strategic review, three sources said Thursday.The sources asked not to be identified because the deliberations are confidential.Aerosoles, Piper Jaffray and Berkeley Research Group did not respond to requests for comment. Palladin Consumer Retail Partners, the investment firm which acquired Aerosoles in 2014, also did not respond to a request for comment.Aerosoles has faced fierce competition from other shoe retailers. Once part of Kenneth Cole Productions Inc, Aerosoles has found it challenging to lure shoppers to its stores and website with unique products.The Edison, New Jersey-based company also faces the same headwinds as other brick-and-mortar retailers, as e-commerce companies such as Amazon.com Inc ( AMZN.O ) become more popular with shoppers looking for the cheapest price.The shoe company has about 80 stores in the United States and more than 300 around the world, including in China, India and Peru, and is also sold in stores including J C Penney Company Inc ( JCP.N ), Kohls Corp ( KSS.N ) and DSW Inc.Some of the shoeseller''s competitors, such as discounter Payless ShoeSource Inc and trendy label Nine West Holdings Inc, have also undergone debt restructurings.Payless filed for bankruptcy earlier this year with plans to close hundreds of stores, and Nine West hired an advisor to find ways to bolster its balance sheet. Nine West also sold its comfortable line that competes with Aerosoles, Easy Spirit, last year.Private equity firms acquired both Payless and Nine West in leveraged buyouts that burdened them with heavy debtloads. Aerosoles does not disclose its debt burden publicly.Aerosoles named Denise Incandela as its CEO in April, replacing R. Shawn Neville who became executive chairman of the company''s board. Incandela joined Aerosoles from Ralph Lauren Global Digital, and previously worked at Saks Fifth Avenue.Palladin''s other investments include women''s apparel line Nic+Zoe and sports medicine company KT Health LLC.Reporting by Jessica DiNapoli in New York; Additional reporting by Lauren Hirsch in New York; Editing by Lisa Shumaker '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-aerosoles-m-a-idUSKBN1AD03I'|'2017-07-28T03:51:00.000+03:00'
'1e43fe4a748ae4173b7b1c11e82c4ffff1f2492b'|'European banks outperform U.S. rivals in tough markets'|'July 28, 2017 / 3:13 PM / a few seconds ago European banks outperform U.S. rivals in tough markets Anjuli Davies and Maya Nikolaeva 4 Min Read FILE PHOTO: The famous skyline with its banking district is pictured in early evening next to the Main River in Frankfurt, Germany, January 19, 2016. Kai Pfaffenbach/File Photo LONDON/PARIS (Reuters) - European investment banks coped better with tough market trading conditions than U.S. rivals in the second quarter, when historically low levels of market volatility left investors struggling to make directional bets. FICC (fixed income, commodities and currencies) revenue at the five European banks to report second-quarter earnings fell 12 percent on average, according to Reuters calculations. HSBC ( HSBA.L ) and Societe Generale ( SOGN.PA ) will report next week. That was a better performance than the big Wall Street banks which reported an average 16 percent decline in the second quarter for FICC, with Goldman Sachs ( GS.N ) dragging down the mean with a 40 percent slide. [ reut.rs/2h8IOdJ ] In equities trading, revenue declined an average 1.6 percent for the five European banks that reported this week, compared with a 1 percent average increase for the big five U.S. banks. BNP Paribas ( BNPP.PA ) led the European investment banking pack. A 25.8 percent jump in equity trading and prime dealing services helped cushion a 15.9 percent fall in fixed income revenue, helping it to gain market share. "That market share, we grab it in securities services, we grab it in global markets and we grab it in corporate banking," BNP Chief Financial Officer Lars Machenil said. Bond trading revenue at most banks has been grinding lower for about eight years as new regulations on proprietary trading, derivatives and capital have restricted what banks can do, making bond markets less lucrative. European investment banks were slower to restructure after the financial crisis that started in 2007 to cope with tighter regulation and clean up their balance sheets, and still lag U.S. rivals in terms of market share. Credit Suisse CEO Tidjane Thiam said its results were a huge turnaround as its global markets trading division, the source of large losses in the past two years, reported $267 million in pretax income, up 70 percent from $156 million a year ago. "Finally global markets delivered revenue," Thiam said. Suffering Is Global Volatility sparked by Britain''s vote to leave the European Union and Donald Trump''s U.S. presidential election victory helped boost revenues in 2016 but this year has been tougher. Bond yields remain stubbornly low thanks to central bank stimulus measures and a lack of global inflation pressures, while the extra liquidity, historically low volatility and steady global growth have sent stocks sailing to new highs. "Everyone has suffered from very, very low volatility, our macro trading performance in the second quarter was in line with what''s happened to the rest of the industry," Barclays Chief Executive Jes Staley told reporters on a conference call. Staley said the bank, which reported a 5 percent drop in revenue at its markets division, is going to redeploy more capital in the investment bank toward markets and away from corporate lending in a bid to improve profitability. Bank executives are hoping that the outlook for trading income will improve in the second half of the year. "Volatility levels are low and I can''t imagine – it is possible – but I can''t imagine they would stay as low as they are today for the rest of the year," Deutsche Bank CEO John Cryan said in an interview with CNBC   12 percent drop in revenue at its trading divisions. But Yann Gerardin, head of corporate and institutional banking BNP Paribas, said banks in the region were still not generating enough return for shareholders. "Restructuring is far from being over, they (European banks) are still under strong pressure from their shareholders to generate a better (return on equity)," he said. Additional reporting by Vikram Subhedar, Lawrence White and Tom Sims; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-europe-banks-trading-idUKKBN1AD1YN'|'2017-07-28T18:00:00.000+03:00'
'a0379ffe2eade5b322cf6d4402332ed01d56715e'|'German cartel authorities receive more documents from VW - Der Spiegel'|'July 28, 2017 / 1:08 PM / 23 minutes ago German cartel authorities receive more documents from VW - Der Spiegel Reuters Staff 2 Min Read The new Volkswagen Polo car is seen during the World premiere of Volkswagen''s new Polo in Berlin, Germany June 16, 2017. Stefanie Loos FRANKFURT (Reuters) - German cartel authorities received documents from Volkswagen ( VOWG_p.DE ), citing examples of possible collusion between Germany''s top carmakers and auto supplier Bosch, German magazine Der Spiegel said in its online edition. European Union and German antitrust regulators are investigating whether VW ( VOWG_p.DE ), Porsche, Audi ( NSUG.DE ). BMW ( BMWG.DE ) and Mercedes-Benz owner Daimler ( DAIGn.DE ) held meetings to discuss suppliers, prices and standards to the disadvantage of foreign carmakers. The documents, received this week, are the seventh submission of documents about alleged anti-competitive behaviour received by antitrust authorities since June 2016, Der Spiegel said. Bosch is alleged to have helped carmakers to devise a "dosage" strategy to help carmakers limit the consumption of AdBlue diesel emissions filtering fluid, Der Spiegel said on its web site on Friday. Auto supplier Bosch said: "All we know about this matter so far is what we have read or heard in the media. We have had no inquiries relating to it whatsoever from German or European antitrust authorities. As we have no details about the matters under investigation, we cannot comment on them." Discussions between suppliers and carmakers about how to implement new technologies or anti-pollution measures are not unusual or illegal, unless such discussions take place with the purpose of putting competitors at a disadvantage. A person familiar with the matter told Reuters on Tuesday that Daimler first raised the issue of collusion with cartel authorities, a move that could earn it immunity. Volkswagen was not immediately available for comment. Reporting by Jan Schwartz; Writing by Edward Taylor; Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-emissions-cartel-idUKKBN1AD1LX'|'2017-07-28T16:08:00.000+03:00'
'ee35cbeadd21dfb6d821d96fbd4559e8970b61fe'|'Euronext posts about 2 percent rise in second-quarter core earnings'|'July 28, 2017 / 6:09 AM / in 23 minutes Euronext posts about 2 percent rise in second-quarter core earnings Reuters Staff 2 Min Read (Reuters) - Pan-European exchange Euronext ( ENX.PA ) said its second-quarter core earnings rose about 2 percent as higher investor appetite and a better financial and political outlook for the European Union boosted trading volumes. Volumes returned to 2015 levels and were the strongest since the company''s IPO, Chairman and CEO Stéphane Boujnah said in a statement. Euronext, which operates bourses in Paris, Amsterdam, Brussels, London and Lisbon, said core earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 79.2 million euros ($92.62 million) in the quarter ended June 30 from 77.7 million a year earlier. Revenue rose 3.8 percent to 137.3 million euros. Cash average daily volumes rose 18.5 percent and equity derivatives average daily volumes rose by 27.3 percent Its listing business saw 106 billion euros in equity and debt raised, up about 19 percent, and revenue up 1.1 percent to 23.6 million euros. Boujnah sees growing momentum for new stock listings in the second half of the year, following the French and Dutch elections, he told Reuters this month. The company''s clearing business reported an 8 percent rise in revenue to 13.3 million euros reflecting stronger derivatives trading activity as well as higher treasury and other clearing income. The cost of using financial derivatives is likely to increase if euro-denominated clearing is relocated from London to the European Union after Brexit according to trade body ICMA. The EU plans to give itself powers to move the multi-trillion euro clearing business away from Europe''s biggest financial centre, where the bulk of euro clearing is currently carried out. Reporting by Sanjeeban Sarkar and Noor Zainab Hussain in Bengaluru; editing by Subhranshu Sahu and Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-euronext-results-idUKKBN1AD0LB'|'2017-07-28T09:33:00.000+03:00'
'3f731b792d6076c8b4df06ee66cba6c5b01f8f5a'|'Indian coal utilities seek state funds or tariff hike to cut emissions'|'July 28, 2017 / 3:58 AM / in 9 hours Indian coal utilities seek state funds or tariff hike to cut emissions 5 Min Read Chimneys of a coal-fired power plant are pictures in New Delhi, India, July 20, 2017. Adnan Abidi NEW DELHI (Reuters) - Indian power companies are seeking billions of dollars of federal funding to retrofit coal-fired plants to cut emissions, saying hefty tariff increases would otherwise be needed to pay for the technology, according to internal documents. Private companies such as Reliance Power Ltd, Adani Power Ltd and GMR and state-run NTPC Ltd, have also asked for an extension to a December deadline to meet the new pollution standards. The government, which has been pushing a clean energy campaign hard, has given no indication it would be willing to fork out the money for the new technology, which the private companies estimate to cost as much as $38 billion, potentially setting up a confrontation with the industry. Thermal power companies account for 80 percent of all industrial emissions of particulate matter, sulfur and nitrous oxides in India, and their slowness in complying with new standards shows the difficulties India faces in cleaning up its air, among the most polluted in the world. The power producers, who account for the second-biggest portion of India''s $150 billion in bad loans after the steel industry, have sought access to the more than $4 billion National Clean Energy Fund to help install cleaner technology, according to letters to the government reviewed by Reuters. The upgrades are needed to meet stringent rules set out by the environment ministry in 2015 to cut emissions that cause lung diseases, acid rain and smog. Top producer NTPC said in a letter dated Feb. 26, 2016, that it needed about $8 billion to upgrade equipment at its 28 coal-fired plants across the country to comply with the rules. Installing the new technology would raise the cost of production and lead to an increase in tariffs ranging from about 0.50 Indian rupees ($0.0078) to 1.25 rupees ($0.0195) per unit, the Association of Power Producers, which is lobbying for the private firms, said in a letter to the government. The average power tariff in India is around 5 rupees per unit. "This increase in the cost of power would have severe impact on the finances of the distribution utilities and collateral impact on the lenders," the association warned, referring to companies that buy power from producers and distribute it to industrial and domestic consumers. One producer, Talwandi Sabo Power Limited (TSPL), a unit of the Vedanta Group, told Reuters it had petitioned the regulator in the northern state of Punjab to pass on the costs of the equipment installation to the power purchaser, Punjab State Power Corporation. Adani Power said it would implement emission-cutting equipment in accordance with schedule finalised by the government. All the other companies did not respond to Reuters questions. A boy examines a pigeon on a rooftop near a coal-fired power plant in New Delhi, India, July 20, 2017. Adnan Abidi Increasing power tariffs would reverse gains made by Prime Minister Narendra Modi''s government to reduce costs and spur economic growth, one of the achievements it has touted in its three years in power. A source familiar with the discussions said there was no precedent for such federal funding for power firms. "Even if funding were to be given, it is difficult to decide how we allocate such funds," the source said. Deadline Extension? Around 78 percent of generated power in India comes from coal-fired plants, making it one of the biggest users of the dirty but cheap fuel globally. Slideshow (2 Images) Coal-burning plants also contribute to deadly particulate matter in the atmosphere that cause lung diseases. While federal funding seems unlikely, the government could be more willing to consider an extension of the deadline for compliance with the regulations, officials say. "We have referred to the ministry of environment pointing out the difficulties. It has been explained how much it will take to comply, including the technology issues," Anil Kumar Bhalla, the top official at the power ministry, told Reuters. Most power plants have yet to meet the new emission guidelines, the Central Electricity Authority said in May, suggesting the environment ministry extend the deadline on sulfur dioxide emissions standards by as many as six years. NTPC, in particular, is worried that if it fails to meet the deadline, it would affect its prospects to raise international funds because they are tied to meeting environmental standards. "Even in the existing loans which we are having, in case of non-compliance of environment norms, NTPC will be declared a defaulter which may have serious repercussions for the company," it said in a letter to the environment ministry, making the case for an extension. The environment ministry said no formal discussions had taken place about reviewing the December deadline. But officials acknowledged it did not expect all the power producers to be compliant with the new standards. "If you are asking if everybody will become compliant in December 2017, it doesn''t happen that way," said a top environment ministry official who did not want to be identified. Reporting by Sudarshan Varadhan and Neha Dasgupta; Editing by Sanjeev Miglani and Alex Richardson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-india-power-idINKBN1AD062'|'2017-07-28T05:57:00.000+03:00'
'91d41339aea9c3847fcff5048778aec3732b539d'|'Interfering with flight crew not always violent crime -U.S. appeals court'|'July 26, 2017 / 4:46 PM / 12 minutes ago Interfering with flight crew not always violent crime -U.S. appeals court Jonathan Stempel 3 Min Read July 26 (Reuters) - Interfering with a flight crew is not always a "crime of violence," a federal appeals court ruled on Wednesday in a decision favoring a New York man who rushed the cockpit and shouted about jihad while aboard a United Airlines flight. The 4th U.S. Circuit Court of Appeals in Richmond, Virginia, ordered a lower court judge to reconsider whether David Diaz should pay $22,151.77 in restitution to United as part of a punishment that also included nine months in prison. Diaz, 38, had pleaded guilty to interfering with the crew of a late night United flight to Denver from Dulles International Airport outside Washington, D.C. on March 16, 2015. Prosecutors said the Poughkeepsie, New York, resident had been drinking prior to yelling about "jihad" and there being something in the belly of the plane. Passengers and the flight crew eventually restrained him and the plane returned to Dulles. In ordering restitution, U.S. District Judge Anthony Trenga in Alexandria, Virginia, rejected Diaz''s claim that the crime was covered by the Victim and Witness Protection Act (VWPA), under which restitution is discretionary, rather than another law mandating restitution. In Wednesday''s 3-0 decision, Circuit Judge Henry Floyd said flight crew interference that violates federal law "criminalizes forcible touching." But he said that cannot "categorically" be deemed a crime of violence under a Supreme Court precedent requiring that such a crime include force capable of causing physical pain or injury. As a result, Diaz was not covered by the law mandating restitution, and Trenga should review his ability to pay under the VWPA before imposing restitution, the appeals court said. Patrick Bryant, a federal public defender representing Diaz, said he was pleased with the decision. The office of U.S. Attorney Dana Boente in Alexandria did not immediately respond to requests for comment. Diaz completed his prison term last Dec. 16 and remains subject to supervised release, federal records show. The case is U.S. v. Diaz, 4th U.S. Circuit Court of Appeals, No. 16-4226. (Reporting by Jonathan Stempel in New York; Editing by Dan Grebler) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airlines-crime-idUSL1N1KH15H'|'2017-07-26T19:45:00.000+03:00'
'6eb2fc372de885cde33a535a5b693163afff4596'|'Co-op Bank granted permission to call shareholders meeting'|'July 28, 2017 / 7:23 AM / in 12 minutes Co-op Bank granted permission to call shareholders meeting Reuters Staff 1 Min Read FILE PHOTO: A sign hangs outside of a branch of The Co-operative Bank in London, Britain, February 13, 2017. Hannah McKay/File Photo LONDON (Reuters) - Co-operative Bank ( 42RQ.L ) said on Friday a British court yesterday granted it the right to hold meetings between Tier 2 noteholders and shareholders to implement a restructuring plan. The British bank said last month that it had agreed a 700 million pound ($915.95 million) financial rescue package with its investors, including hedge funds GoldenTree Asset Management and Silver Point Capital. Co-op Bank announced the details of its restructuring plan, including a timeline of meetings, with the first to be held on Aug. 21 for ordinary shareholders. Reporting by Maiya Keidan. Editing by Andrew MacAskill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-coop-restructuring-idUKKBN1AD0SS'|'2017-07-28T10:22:00.000+03:00'
'6fd7029dcaec5915d2854ffeb5473d4e0dc50706'|'Wells Fargo cuts 69 executive jobs - spokesman'|'July 29, 2017 / 6:13 PM / 25 minutes ago Wells Fargo cuts 69 executive jobs - spokesman Reuters Staff 2 Min Read FILE PHOTO - A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S. on September 26, 2016. Mike Blake/File Photo (Reuters) - (This version of the July 28 story corrects paragraph 2 to say some executives are retiring with benefits instead of full benefits, corrects paragraph 5 to say 91 executives instead of 91 regional and area presidents) Wells Fargo & Co ( WFC.N ) said on Friday it is cutting 69 executive jobs at its retail unit, as part of a restructuring in the division. Some of the executives will retire with benefits while others may find positions elsewhere within the bank, said Wells Fargo spokesman Paul Gomez. Some of the executives may leave the bank, Gomez added. "We have just completed the process of consolidating the Regional President and Area President roles into a new position, Region Bank President," Mary Mack, senior executive vice president for community banking, said in an internal memo seen by Reuters. There will be 91 executives in the position that was newly created as part of the reorganization. News of the scandal-hit lender cutting senior executive jobs was earlier reported by Bloomberg. ( bloom.bg/2v59m5h ) Wells Fargo has been engulfed in scandal since September, when it reached a $190 million settlement with regulators over complaints that its retail banking staff had opened as many as 2.1 million unauthorized client accounts. Wells Fargo shares ended down 2.6 percent on Friday. Reporting by Akankshita Mukhopadhyay in Bengaluru and Dan Freed in New York; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wells-fargo-jobs-idUKKBN1AE0MZ'|'2017-07-29T20:16:00.000+03:00'
'fd647f6d10f8b3c077f6895cb82fe42fff48a302'|'In Puerto Rico bankruptcy, mutual funds compete with themselves'|'July 28, 2017 / 5:07 AM / 13 hours ago In Puerto Rico bankruptcy, mutual funds compete with themselves Nick Brown 7 Min Read FILE PHOTO: FILE PHOTO: People pass security outside the federal court building where Puerto Rico''s main creditors meet before a U.S. bankruptcy judge in San Juan, Puerto Rico, May 17, 2017. Alvin Baez/File Photo (Reuters) - U.S. mutual funds that held onto Puerto Rican debt as its economy crept toward collapse could get drawn into battles that pit their own investors against each other, as the island navigates the biggest government bankruptcy in U.S. history. The reason for the quandary lies in the territory''s Byzantine capital structure, where 18 public agencies owe a combined $120 billion in bond and pension debt. Bonds held by the companies'' many funds are spread across myriad credits, some in direct competition for recoveries, meaning wins for some investors trigger losses for others. For OppenheimerFunds and Franklin Advisers, whose combined $10.3 billion in Puerto Rican debt makes them among the island''s biggest creditors, negotiating that minefield is particularly important. (For a related graphic, click tmsnrt.rs/2eRyYw3 ) The funds say their cross-holdings reflect a long-term commitment to Puerto Rico, and give them more of a stake than other creditors in righting the island''s ship. Bankruptcy and municipal bond experts say, however, the competing claims raise questions about whether they can represent investors'' best interests. It adds a wrinkle to already complex restructuring talks, muddying the path to recovery for investors who tied up their savings in Puerto Rico. Struggling with a 45 percent poverty rate and near-insolvent public healthcare, the island in May filed a form of bankruptcy under the federal 2016 rescue law known as PROMESA, confronting creditors with unique challenges. "This is not something I''ve seen in the bankruptcy world," said restructuring expert Drew Dawson. While it is not rare for a creditor to hold multiple tranches of debt, it is less common when the creditor runs many funds with competing investments, said Dawson, a professor at the University of Miami School of Law. "You run all these funds - which do you side with?" he said. "If I were an investor, I''d be concerned." As of April 30, Oppenheimer had about $7.3 billion of total exposure, while Franklin, after offloading some of its Puerto Rico holdings in recent years, had around $3 billion. Those holdings, based on face value, may not represent exposure for debt bought at a discount, and some of the debt may be insured, shielding the funds from losses. Playing Two Sides The island''s $17 billion of so-called COFINA debt, secured by sales tax, is the main battleground. COFINA creditors are locked in litigation with holders of Puerto Rico''s general obligation (GO) bonds, with both sides claiming a right to sales tax revenue. Overall, Franklin and Oppenheimer held $3.2 billion of COFINA as of April 30, more than twice their combined GO holdings. Yet at Franklin, six funds held exclusively GO debt, claims worth a combined $276 million. Similar clashes exist between senior COFINA holders, who have first claim on the tax revenue, and junior creditors. FILE PHOTO: The federal court building where Puerto Rico''s main creditors meet before a U.S. bankruptcy judge in San Juan, Puerto Rico, May 17, 2017. Alvin Baez/File Photo Overall, the companies held nearly four times as much junior as senior COFINA debt. Yet Oppenheimer''s Rochester Fund Municipals, for example, had $384 million of senior debt and just $83 million of the junior tranche. Smaller players face similar challenges. The Santander First Puerto Rico Family of Funds ran eight funds each with at least $28 million of COFINA debt. Three of those had at least two-thirds invested in the junior tranche; five had 70 percent or more in the senior class. Oppenheimer, Franklin and Santander have formed an ad hoc bankruptcy negotiating group, whose strategy so far has been to maximize total returns across portfolios, rather than advocate for funds whose debt may be more senior, according to a Reuters analysis of court filings and public statements by the funds and their advisers. "Our advocacy is not centered around particular classes of bonds, but around seeking the best overall return for our shareholders," said Kimberly Weinrick, a spokeswoman for Oppenheimer. A spokeswoman for Franklin declined to comment for this article, while Ann Davis, a Santander spokeswoman, declined to comment on the cross-holdings.One key exception to the alliance: the Franklin funds that hold exclusively general obligation debt have joined a separate negotiating group comprised only of holders of such debt, according to a July 13 court filing. The GO and mutual fund groups have taken opposing sides in a handful of court battles, which could prompt questions from a judge or other creditors as to which side Franklin is more closely aligned with, Dawson said. FILE PHOTO: People pass security outside the federal court building where Puerto Rico''s main creditors meet before a U.S. bankruptcy judge in San Juan, Puerto Rico, May 17, 2017. Alvin Baez/File Photo Cross-holdings are not prohibited in bankruptcy, though judges have the authority to decide whether a party is too conflicted to vote on a restructuring plan, he added. Rival creditors, too, could try to exploit apparent conflicts to limit the mutual funds'' bargaining clout. In June, hedge fund owners of senior COFINA bonds asked a bankruptcy judge to bar the mutual funds from a role in nominating a COFINA fiduciary in settlement talks, citing their "undeniable conflict." The judge told the sides to try to resolve the issue internally, and talks continue. Sensible but Risky For years, mutual funds piled into Puerto Rico''s debt because it was exempt from local, state and federal taxes and because until PROMESA''s passage in June 2016, the island was barred from declaring bankruptcy. Court documents and public statements from the mutual fund negotiating group suggest it tends to side with classes of debt where its funds have the most exposure. For example, the funds have primarily advocated for the COFINA junior tranche, where they have the greatest exposure, at the expense of senior COFINA and GO creditors. They have also fought hard for a restructuring deal at Puerto Rico''s power utility PREPA, which owes Oppenheimer and Franklin a combined $1.6 billion, even as Puerto Rico''s federally-appointed oversight board warned that a generous deal could hurt Puerto Rico''s broader economy. The strategy is sound, but risky, said Tom Metzold, who spent nearly three decades as a municipal bond portfolio manager at Eaton Vance. By fighting for junior bondholders, the funds raise the odds of a settlement in which everyone gets a fair deal, given that senior creditors are already well represented, Metzold said. Yet it also opens the funds to criticism that they did not fight hard enough for their senior-most holdings, he said. "A number of people will be performing autopsies" on whatever decisions the funds make, Metzold said. "I''m glad I''m not in their shoes." Reporting by Nick Brown; Editing by Tomasz Janowski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-puertorico-debt-funds-idUSKBN1AD0GP'|'2017-07-28T08:06:00.000+03:00'
'97ba3cdcaaaaf37ef6940cce15e91dd4e119999a'|'Amazon''s big profit miss spooks investors, but analysts stay bullish'|'July 28, 2017 / 1:39 PM / 5 hours ago Amazon''s big profit miss spooks investors, but analysts stay bullish Sweta Singh and Ankur Banerjee 3 Min Read (Reuters) - A steeper-than-expected drop in quarterly profit rattled some Amazon.com ( AMZN.O ) investors, but Wall Street analysts remained largely bullish about the company''s aggressive spending plans. Shares of the e-commerce juggernaut, which have risen 40 percent this year, were down 4.3 percent at $1,001 in early trading on Friday, wiping out $21 billion from its market value. The stock touched a record high on Thursday, helping CEO Jeff Bezos briefly unseat Microsoft Inc ( MSFT.O ) co-founder Bill Gates as the world''s richest person. "The overall story coming out of Amazon''s second quarter print feels a lot like it did three months ago — accelerating growth, stepped-up investments, lower near-term profitability," J.P. Morgan analyst Doug Anmuth said. "But will anyone care about profit when Amazon is taking bigger chunks of market share?" The world''s largest online retailer reported a better-than-expected rise in revenue, but operating profit came in well short of analysts'' estimate as the company continued to pump in money to expand in international markets such as India. The company also guided to a possible operating loss for the current quarter. Amazon, which started as an online bookseller, has forayed into areas that historically had barriers to e-commerce. The company''s recent $13.7 billion acquisition of Whole Foods Markets Inc ( WFM.O ) is testimony to Bezos'' far-reaching ambition. People pass a signage at Amazon''s Prime Now fulfillment centre in Singapore July 27, 2017. Edgar Su At least four brokerages, including J.P. Morgan, raised their price targets on the stock. Morgan Stanley, however, trimmed its price target by $50 to $1,150 based on valuation. The median price target is $1,150, indicating a 9.9 percent upside to Thursday''s close. Amazon currently trades 115.8 times its 12-months forward earnings. This compares with Microsoft''s 22.43 and Alphabet Inc''s ( GOOGL.O ) 26.45. The two compete with Amazon''s market leading cloud computing business, Amazon Web Services (AWS). PE is widely used on Wall Street to gauge the relative value of stocks although it is not the only such metric. AWS continued to be the company''s cash cow, bringing in $4.1 billion in sales, a 42 percent jump. Chief Financial Officer Brian Olsavsky said on a post-earnings call that the AWS unit would expand in France, Sweden and China in the near future. "We believe the company''s ongoing heavy investments in fulfillment capacity, video content, and AWS are to match with its substantial growth rates, and should not be viewed negatively," Needham & Co analyst Kerry Rice said, who views the pullback in the stock as a "buying opportunity." (This version of the story has been refiled to remove apostrophe from headline) Reporting by Sweta Singh and Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-amazon-com-results-research-idUSKBN1AD1OM'|'2017-07-28T16:41:00.000+03:00'
'd4f0b3ed632c324c55398080347b85b4cf867ace'|'Toshiba reaches $2.2 billion deal over SCANA''s South Carolina nuclear project'|'July 27, 2017 / 10:44 PM / in 19 hours Toshiba reaches $2.2 billion deal over SCANA''s South Carolina nuclear project Tom Hals 3 Min Read FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company''s headquarters in Tokyo, Japan, February 14, 2017. Toru Hanai/File Photo (Reuters) - Toshiba Corp has agreed to pay $2.168 billion to walk away from two unfinished nuclear reactors in South Carolina being built by its Westinghouse subsidiary, according to a statement by the owners of project. SCANA Corp ( SCG.N ) and its partner, state-owned utility Santee Cooper, said Toshiba will make the payments in installments beginning in October and ending in September 2022. Toshiba''s Westinghouse Electric Co filed for bankruptcy in March, overwhelmed by the cost overruns at the VC Summer plant in South Carolina and a similar unfinished nuclear project known as Vogtle in Georgia. The projects are years behind schedule. The agreement allows Toshiba and its Westinghouse unit to exit the nuclear construction business and caps Toshiba''s liability for guaranteeing that Westinghouse complete the VC Summer contract. Toshiba reached a similar agreement for $3.7 billion in June with the utilities, led by a unit of Southern Co ( SO.N ), that own the Vogtle project. Toshiba has warned that losses from Westinghouse threaten its future and it is considering bids for its flash memory chip unit, worth around $18 billion, to raise capital. The owners of the VC Summer project said on Thursday they expect the cost of completing the project will "materially exceed" Westinghouse''s estimates and the payments due from Toshiba. They said they hope to decide soon whether they will continue with the two projects, modify them or abandon them. Westinghouse is expected to deliver this week a five-year business plan to its lender, an affiliate of Apollo Global Management ( APO.N ). That plan will help shape bids for Westinghouse, which has attracted the interest of U.S. private equity firms. As part of that plan, Westinghouse is expected to reach an agreement with SCANA under which it will continue to provide engineering and other services. Westinghouse has a similar agreement in place with the owners of the Vogtle plant. Westinghouse asked the U.S. Bankruptcy Court in Manhattan, New York, on Wednesday to give it until Dec. 6 to file a plan of reorganization. The company said it needed more time in part due to talks with SCANA. The request will be heard by the court on Sept. 7. The Georgia and South Carolina plants were the first new nuclear power projects in the United States in three decades. However, the projects have been dogged by design problems, disagreements with regulators and poor quality work by Westinghouse''s partners. Reporting by Tom Hals in Wilmington, Delaware; Editing by Dan Grebler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-westinghouse-scana-idUSKBN1AC3DN'|'2017-07-28T01:44:00.000+03:00'
'6b3c301b2d68bbca5b5724e814572cb519ac09ce'|'Kors needs to buckle down for Jimmy Choo deal to shine'|'July 28, 2017 / 3:57 PM / 23 minutes ago Kors needs to buckle down for Jimmy Choo deal to shine Gayathree Ganesan and Siddharth Cavale 4 Min Read The logo of Michael Kors is seen on an outlet store in Metzingen, Germany, June 16, 2017. Michaela Rehle (Reuters) - U.S. retailer Michael Kors ( KORS.N ) is betting that its acquisition of storied shoemaker Jimmy Choo will give sales a much-needed boost, but lingering problems at Kors'' core bag business could delay potential benefits. Kors said earlier this week it would buy Jimmy Choo for $1.2 billion and plans to expand the line by opening more stores, especially in Asia. Jimmy Choo, whose towering stilettos were made famous by characters in the popular TV series "Sex and the City," is synonymous with affluence, and somewhat at odds with Kors'' image of accessible luxury. It could be argued that Jimmy Choo will give Kors''s tumbling sales and stock a leg up, but experts said Kors'' expansion plans could dilute the shoemaker''s brandname. "Revenue expansion doesn''t come from opening stores today, but figuring out how to unlock the e-commerce component and (Kors) haven''t proven that they get that either," said Eric Schiffer, CEO of private equity firm Patriarch Organization. Kors has made this mistake before. Once a seller of popular Mercer and Hamilton handbags, Kors put its wares too quickly on too many shelves, making them ubiquitous. Since then, the company has struggled to come up with designs that have caught the fancy of the well-heeled buyer, who have gravitated toward bags offered by Coach Inc ( COH.N ) and Tory Burch. Kors'' has been trying to stem the sales declines by expanding into dresses, menswear and online, but has had little success. "If (Kors) had fixed their U.S. market, if they''d shown improvements there and then made this acquisition, people would be a lot more comfortable with it," said Gabriella Santaniello, analyst at A-Line partners. "For (Jimmy Choo), I could see them opening in another market but I think that is what makes everyone nervous. It is like: "Look what they did with the Michael Kors brand, are they going to do that to Jimmy Choo?" Products are displayed in the window of the Jimmy Choo store in New York City, U.S., April 24, 2017. Brendan McDermid Multibrand Strategy Kors'' rival Coach Inc ( COH.N ) faced similar problems not so long ago. But Coach responded quickly, by tightening supplies to department stores to regain its luxury cachet, before diversifying with the buyout of upscale shoemaker Stuart Weitzman in 2015. The company recently bought smaller rival Kate Spade, whose products are a hit with millennials. Both retailers seem to be looking to emulate the successful multibrand strategy employed by European companies LVMH ( LVMH.PA ) and Kering SA ( PRTP.PA ), where cash flows from one large brand are reinvested into smaller but faster growing ones. These two companies have grown into luxury powerhouses by buying multiple luxury brands such as Christian Dior, Tag Heuer, Gucci, and Alexander McQueen. Kors'' CEO John Idol said the company would look to grow by buying more globally recognized luxury brands like Jimmy Choo. "... we are really looking to build an international luxury company and less so brands that ... have a greater reliance on wholesale than its own retail strategy," he said on a conference call on Tuesday. Idol said Jimmy Choo would be run independently with minimal interference from Kors'' management and that he doesn''t want the two brands to be linked with each other. But analysts said while this could be the right approach for Coach, which has a creative, forward-thinking team, it could overwhelm Kors, at least initially. Kors will need to have a deep understanding of demand, it will have to innovate to drive excitement, maintain the trueness of the brands it acquires, and little or no overlap with other brands in its portfolio, said Jason Green, CEO of customer strategy firm Cambridge Group. For now at least, analysts said, Kors should be looking to walk before it runs. Reporting by Gayathree Ganesan and Siddharth Cavale in Bengaluru; Editing by Sayantani Ghosh 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-jimmy-choo-m-a-kors-strategy-idUKKBN1AD22S'|'2017-07-28T18:53:00.000+03:00'
'91bc0374643dc7f67cf22189bc79443235c51f3c'|'UPDATE 1-Barbie maker Mattel''s profit, sales miss estimates'|'Edition United States July 27, 2017 / 8:23 PM / 19 hours ago Barbie maker Mattel''s profit, sales miss estimates 2 Min Read FILE PHOTO: Mattel''s toys depicting Disney car characters are seen at the 114th North American International Toy Fair in New York City, U.S., February 21, 2017. Stephanie Keith/File Photo (Reuters) - Mattel Inc ( MAT.O ) posted quarterly sales and profit that fell short of estimates as higher sales of toys based on the "Cars 3" movie failed to offset weak demand for its main brands such as American Girl, Barbie and Fisher-Price. Shares of Mattel fell about 4.1 percent to $20.42 in aftermarket trading on Thursday. Sales by the girls and boys brands unit, which includes Barbie and Hot Wheels, rose 10 percent in the second quarter ended June 30, driven by the release of its "Cars 3" toys. Those toys, die-cast and miniature models of Lightning McQueen and Jackson Storm, on May 1, rolled out ahead of the film''s June 16 release. The Cars movie franchise has been profitable for the toymaker since the series launched in 2006. But U.S. demand for "Cars 3" toys has been soft, Mattel said in a post-earnings call. Sales of Barbie dolls declined 5 percent and Fisher-Price toys fell 3 percent. Demand was also weak for American Girl, Monster High, Mega Bloks and Thomas & Friends toys in North America. "Barbie sales excluding the lapping of a license revenue event in the previous year would have been up about 5 percent, but were not enough to offset more aggressive declines in Monster High and Ever After High," Jefferies analyst Stephanie Wissink wrote in a client note. Net sales rose about 2 percent to $974.5 million, but missed analysts'' estimate of $979.7 million, according to Thomson Reuters I/B/E/S. Sales in the company''s Asia Pacific region, of which China is a major part, rose 16 percent to $122.2 million in the latest quarter. Mattel is renewing its focus on emerging markets such as China where it has tied up with Alibaba Group Holding Ltd ( BABA.N ) and Chinese parenting website Baby Tree to set up educational development and learning centers for children. Excluding certain items, the company lost 14 cents per share, missing analysts'' average estimate of a loss of 9 cents per share. Reporting by Gayathree Ganesan in Bengaluru; editing by Shounak Dasgupta and Richard Chang 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mattel-results-idUSKBN1AC33R'|'2017-07-27T23:42:00.000+03:00'
'fd214d6bfda92a56dc71ed559081d829e8831dbf'|'Wisconsin governor defends $3 billion deal for Foxconn plant'|'July 27, 2017 / 9:53 PM / 25 minutes ago Wisconsin governor defends $3 billion deal for Foxconn plant David Shepardson 3 Min Read FILE PHOTO - The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan June 12, 2017. Eason Lam WASHINGTON (Reuters) - Wisconsin Governor Scott Walker on Thursday defended his plan to give a $3 billion tax break over 15 years to convince Taiwanese electronics manufacturer Foxconn to build a $10 billion LCD flat screen factory. The 20-million square foot plant will initially employ 3,000 people, but Walker and Foxconn said the company ultimately may employ 13,000 people at the site. Rival Republican Governor Rick Snyder of Michigan tweaked Walker, saying: "You have to ask what price is Wisconsin paying to get them to come there?" Snyder told WJR Radio on Thursday, adding: "I don’t believe in buying companies into our states." "What we''re proposing is not outrageous," Walker told a local radio station, saying the deal would also create 10,000 construction jobs. Walker''s office said the incentives are projected to cost between $200 million and $250 million a year, capped at $3 billion. That includes up to $1.5 billion in state income tax credits for job creation, up to $1.35 billion in state income tax credits for capital investment and up to $150 million for the sales and use tax exemption - a sales tax holiday. The Wisconsin state legislature must approve the incentive package and may take it up in August. Wisconsin Democratic Party Chair Martha Laning said "while we are all thrilled at the prospect of new jobs coming to the state" she was concerned about "handing over taxpayer funds to foreign investors that could potentially leave Wisconsinites with the bill decades into the future." Not all Foxconn investments announced have resulted in new jobs. In 2013, Foxconn said it would invest $30 million and hire 500 workers for a new factory in Pennsylvania. But that facility was never completed. Foxconn Chairman Terry Gou said the company is "thrilled to build a state-of-the-art display fabrication plant in America''s heartland." Syracuse University Professor Jason Dedrick said the main issue is "whether the benefits outweigh the costs of various subsidies likely used to attract Foxconn’s investment" and if "this investment can attract other manufacturers of key components to the U.S., and eventually create a supply chain that can support final assembly of smartphones." Foxconn, a major supplier to Apple Inc ( AAPL.O ) for its iPhones, is formally known as Hon Hai Precision Industry Co Ltd ( 2317.TW ). It said last month it plans to invest more than $10 billion in a display-making factory in the United States. Foxconn is expected to select a 1,000-acre site in southeast Wisconsin and could be eligible for some additional local incentives, officials said. Reporting by David Shepardson; Editing by Dan Grebler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-foxconn-wisconsin-incentives-idUKKBN1AC3AE'|'2017-07-28T00:53:00.000+03:00'
'ff3929adb70d16f6193d687d89cb36ad4952a0bd'|'Asian shares pull back after US techs knocked off highs'|'July 28, 2017 / 12:59 AM / 11 minutes ago CORRECTED: Asian shares pull back after US tech stocks knocked off highs Hideyuki Sano 5 Min Read FILE PHOTO - People walk past an electronic board showing Japan''s Nikkei average (L), the Dow Jones average (C), and the exchange rates between the Japanese yen and the U.S. dollar outside a brokerage in Tokyo, Japan June 20, 2017. Toru Hanai (Corrects company name to Samsung Electronics, not Electric, in 3rd paragraph) By Hideyuki Sano TOKYO (Reuters) - Asian stock markets sagged on Friday after U.S. tech shares retreated from recent rallies, though optimism about U.S. corporate earnings and the global economy underpinned overall sentiment. European shares were expected to open lower, with spread-betters looking for Germany''s DAX to fall 0.7 percent and Britain''s FTSE to drop 0.6 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan fell 1.1 percent, erasing almost all of its weekly gains, with Samsung Electronics, Asia''s largest company by market capitalisation, dropping 4.4 percent. Japan''s Nikkei shed 0.6 percent. On Wall Street, the Dow industrials set a record closing high, helped by a 7.7 percent jump in Verizon following the top U.S. wireless carrier''s quarterly earnings. But investors were spooked by a sudden drop in technology and transportation shares. The S&P 500 technology sector fell 2.0 percent at one point before ending the day down 0.8 percent. After the bell, Amazon.com shares - up nearly 40 percent this year - fell 3.0 percent after the online retailer reported a slump in profits, which helped drag U.S. stock futures down 0.3 percent in Asia. "U.S. hi-tech shares have seen a spectacular rally in the past month. Few investors would have imagined that. I think it is quite natural to see some profit-taking in the short term," said Hirokazu Kabeya, chief global strategist at Daiwa Securities. Still, overall, investors'' sentiment remained solid on the back of upbeat corporate earning results and a bright global economic outlook. "Given the Dow is hitting a record high, it''s hard to think market sentiment has suddenly changed," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. The S&P 500 index is on track to post back-to-back, double-digit quarterly earnings growth for the first time in almost six years. U.S. durable goods orders, released on Thursday, surged 6.5 percent last month, the biggest gain in three years The bullish report came on the eve of the government''s advance second-quarter gross domestic product estimate on Friday. Economists expect the data to show growth picking up to 2.6 percent from 1.4 percent in January-March. Japanese economic data released on Friday came in stronger than expected, with household spending rising more than forecast and the jobless rate unexpectedly falling. MSCI ACWI, a gauge of the world''s 47 stock markets in dollar terms, hit a record high on Thursday, having gained 2.8 percent this month. If the gains are sustained by Monday, it would mark the biggest monthly jump in a year, and the ninth consecutive month of increases - the longest such spell since 2003-04. In the currency market, the dollar regained some footing after slumping to a 13-month low against a basket of major currencies the previous day when the U.S. Federal Reserve''s policy statement led to the perception that it has grown cautious about soft inflation. The euro consolidated at $1.1691, after hitting a 2 1/2-year high of $1.1777 on Thursday. The dollar eased 0.3 percent to 110.99 yen, a tad above Monday''s low of 110.625, its lowest in more than five weeks. The dollar has been also pressured by doubts U.S. President Donald Trump could carry out his tax cut plans. U.S. Senate Republicans failed to overturn the healthcare law known as Obamacare early on Friday, in a stinging blow to Trump as funding of his stimulus plan hinges partly on savings from healthcare reforms. The biggest mover in the currency market was the Swiss franc, which fell 0.5 percent against the dollar and 0.6 percent versus the euro, due partly to expectations that the Alpine country is likely to keep easy monetary policy even as the European Central Bank looks to dial back its stimulus. The euro broke out of its long-held range against the franc this week, rising to 1.1364 franc, its highest since the Swiss central bank had abandoned the peg of the Swiss currency to the euro in January 2015. On the week, it is up 2.8 percent, also the biggest gain since early 2015. Oil prices held near eight-week highs hit on Thursday, supported after key OPEC members pledged to reduce exports and the U.S. government reported a sharp decline in crude inventories. Brent crude futures fetched $51.39 per barrel, down slightly in Asia after having climbed to $51.64 on Thursday. Editing by Lisa Twaronite and Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1AD040'|'2017-07-28T03:56:00.000+03:00'
'eb22a0ee3e9e7c49240bef9ad7131cc532127f46'|'North Sea Ekofisk crude exports to be 240,000 bpd in Sept - source'|'July 28, 2017 / 11:18 AM / 7 hours ago North Sea Ekofisk crude exports to be 240,000 bpd in Sept - source 1 Min Read LONDON, July 28 (Reuters) - Exports of North Sea crude stream Ekofisk will be 240,000 barrels per day in September, down slightly from 252,000 bpd in August, an industry source with direct knowledge said. The programme will have 12 cargoes of 600,000 barrels each compared with 13 cargoes in August. Ekofisk is one of the four North Sea grades, along with Forties, Brent and Oseberg, that make up the key dated Brent benchmark for global oil trading. (Reporting By Julia Payne; Editing by Susan Fenton) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oil-nsea-ekofisk-idUSL5N1KJ49X'|'2017-07-28T14:15:00.000+03:00'
'2f5731a4e5cd4e609ee1043dc2cb6232efaf03e9'|'After rate hike talk, Bank of England set to keep investors guessing'|'July 28, 2017 / 1:48 PM / 7 hours ago After rate hike talk, Bank of England set to keep investors guessing William Schomberg 4 Min Read Britain''s Bank of England Governor, Mark Carney, holds the new £10 note featuring Jane Austen, at Winchester Cathedral, in Winchester, Britain July 18, 2017. Chris J Ratcliffe/Pool LONDON (Reuters) - For a while recently it looked as if the Bank of England might finally be getting ready to raise interest rates, but Governor Mark Carney and most of his top officials seem set to remain in wait-and-see mode when they meet next week. A run of weak data and deep uncertainty about the impact of Brexit on the economy have cooled the speculation that the BoE is poised to start removing its crisis-level stimulus. Only a few weeks ago the odds in financial markets of a rate hike on Aug. 3 jumped from near-zero to one-in-three. The trigger was a much narrower-than-expected 5-3 vote in June by the BoE''s rate setters to keep borrowing costs on hold. For graphic on how the Bank of England''s rate-settlers line up click: tmsnrt.rs/2uEU8my For graphic on key issues for Bank of England at August meeting click: reut.rs/2w6lmjz Sterling and British government bond yields then climbed again when BoE Chief Economist Andy Haldane said he expected to switch his vote in the second half of 2017. More cautiously, Carney suggested he was moving closer to backing a rate hike. After all, raising rates from 0.25 to 0.50 percent would only be a reversal of the emergency rate cut the BoE made in August last year shortly after the Brexit vote shock. Despite the weak run of data recently, Victoria Clarke at Investec said Carney would probably be happy to keep investors guessing about the BoE''s plans, even if he were confident that the rate-hike supporters remained in the minority. "Maintaining the debate ensures that if he does need to move to raise rates later this year, if domestically generated inflation really starts to move up, then the BoE is not caught out delivering a quick-turn surprise to markets," she said. Economists expect the BoE to push up its inflation forecasts slightly but to lower its projection for growth after the weak start to the year. That is unlikely to help the BoE''s hawks, who won''t be able to provide much evidence for their case that the lowest unemployment rate in more than 40 years is about to push up wages sharply, or that there has been a pick-up in exports and investment capable of offsetting weaker consumer spending. Furthermore, one of the three dissenters in June has since left the BoE. Doves Still in Control As a result, most economists expect a 6-2 vote to keep rates on hold, with an outside chance of another 5-3 split if Haldane follows through and changes his vote. Should Haldane switch sides and the Monetary Policy Committee''s newcomer Silvana Tenreyro unexpectedly votes for a rate hike too, the 4-4 split would be resolved by a casting vote by Carney who has suggested he is not yet ready for a rate hike. Instead, the BoE might take a baby step next week by not renewing the bank lending incentives that were part of its big stimulus push a year ago, shortly after the Brexit vote shock. The Term Funding Scheme is already three-quarters of the way toward its 100 billion-pound target. The Bank has other options to micro-manage the economy, chiefly its powers to tighten rules for bank lending. While Carney is unlikely to kill off the chance of a rate hike this year, many economists think the window is closing. They say inflation looks set to return to the Bank''s 2 percent target in mid-2018 when slower growth will add to the case for keeping rates on hold until 2019, the most likely date for a hike, according to a recent Reuters poll. "Once inflation is on the down slope - which we expect soon - we see very little opportunity for the BoE to hike rates," economists at Bank of America Merrill Lynch said in a note to clients. "Indeed, we continue to question whether the next move in rates will be down rather than up." Writing by William Schomberg; Editing by Hugh Lawson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-boe-idUKKBN1AD1PD'|'2017-07-28T16:47:00.000+03:00'
'e14911ce79d2e442f27bb1628eb5bd1de9aa0921'|'Amazon''s Singapore quick delivery stalls as demand overwhelms at launch'|'July 28, 2017 / 10:53 AM / 18 minutes ago Amazon''s Singapore quick delivery stalls as demand overwhelms at launch Reuters Staff 1 Min Read Employees work at Amazon''s Prime Now fulfillment centre in Singapore July 27, 2017. Edgar Su SINGAPORE (Reuters) - Amazon.com Inc''s Prime Now quick delivery service in Singapore, which launched on Thursday and kicked off its push into Southeast Asia, has been overwhelmed by demand, preventing it from taking on fresh orders. Slideshow (14 Images) "Due to great customer response, delivery windows are currently sold out," Amazon said in an emailed statement on Friday. "We are rapidly opening up new windows to ensure we can continue delighting customers in Singapore." Local media reported the app was notifying users that delivery was unavailable. A Reuters check, however, showed the service to be functioning. Amazon launched its two-hour delivery service in Singapore on Thursday, marking the e-commerce giant''s biggest push into Southeast Asia and its first head-on battle with Chinese rival, Alibaba Group Holding Ltd. The Prime Now Singapore app promises to deliver items as varied as eggs, drills and nappies within two hours. Reporting by Aradhana Aravindan; Editing by Christopher Cushing 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-amazon-singapore-idUKKBN1AD1AC'|'2017-07-28T13:49:00.000+03:00'
'6503f07603485aa3d630ca57cfb4b083e4dfeeb3'|'Amazon''s big profit miss spooks investors, but analysts'' stay bullish'|'July 28, 2017 / 1:39 PM / 2 minutes ago Amazon''s big profit miss spooks investors, but analysts stay bullish Sweta Singh and Ankur Banerjee 3 Min Read The amazon dot is seen on display at the Amazon Books store in the Time Warner Center at Columbus Circle in New York City, New York, U.S., May 25, 2017. Shannon Stapleton - RTX37MHP (Reuters) - A steeper-than-expected drop in quarterly profit rattled some Amazon.com investors, but Wall Street analysts remained largely bullish about the company''s aggressive spending plans. Shares of the e-commerce juggernaut, which have risen 40 percent this year, were down 4.3 percent at $1,001 in early trading on Friday, wiping out $21 billion from its market value. The stock touched a record high on Thursday, helping CEO Jeff Bezos briefly unseat Microsoft Inc co-founder Bill Gates as the world''s richest person. "The overall story coming out of Amazon''s second quarter print feels a lot like it did three months ago — accelerating growth, stepped-up investments, lower near-term profitability," J.P. Morgan analyst Doug Anmuth said. "But will anyone care about profit when Amazon is taking bigger chunks of market share?" The world''s largest online retailer reported a better-than-expected rise in revenue, but operating profit came in well short of analysts'' estimate as the company continued to pump in money to expand in international markets such as India. The company also guided to a possible operating loss for the current quarter. Amazon, which started as an online bookseller, has forayed into areas that historically had barriers to e-commerce. The company''s recent $13.7 billion acquisition of Whole Foods Markets Inc is testimony to Bezos'' far-reaching ambition. At least four brokerages, including J.P. Morgan, raised their price targets on the stock. Morgan Stanley, however, trimmed its price target by $50 to $1,150 based on valuation. The median price target is $1,150, indicating a 9.9 percent upside to Thursday''s close. Amazon currently trades 115.8 times its 12-months forward earnings. This compares with Microsoft''s 22.43 and Alphabet Inc''s 26.45. The two compete with Amazon''s market leading cloud computing business, Amazon Web Services (AWS). PE is widely used on Wall Street to gauge the relative value of stocks although it is not the only such metric. AWS continued to be the company''s cash cow, bringing in $4.1 billion in sales, a 42 percent jump. Chief Financial Officer Brian Olsavsky said on a post-earnings call that the AWS unit would expand in France, Sweden and China in the near future. "We believe the company''s ongoing heavy investments in fulfillment capacity, video content, and AWS are to match with its substantial growth rates, and should not be viewed negatively," Needham & Co analyst Kerry Rice said, who views the pullback in the stock as a "buying opportunity." (This refiled version of the story removes apostrophe from headline). Reporting by Sweta Singh and Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-amazon-com-results-research-idUKKBN1AD1ON'|'2017-07-28T16:39:00.000+03:00'
'3ede7f390ddd8a1aff79f30e45a2eb11387944aa'|'Exclusive - Former Barclays CEO close to deal to buy Hartford unit: sources'|'July 28, 2017 / 1:58 AM / in an hour Exclusive - Former Barclays CEO close to deal to buy Hartford unit: sources David French 3 Min Read (Reuters) - Atlas Merchant Capital LLC, the investment firm led by former Barclays Plc ( BARC.L ) Chief Executive Officer Bob Diamond, is in advanced talks to acquire a Hartford Financial Services Group Inc ( HIG.N ) annuity run-off business for between $3 billion and $3.5 billion, people familiar with the matter said on Thursday. Divesting the unit, dubbed Talcott Resolution, would help Hartford recycle capital, allowing it to shed a business that no longer writes new contracts and focus on more profitable, non-life insurance parts of its operations. Atlas has prevailed in an auction for Talcott Resolution, two sources said. While there is no certainty that the negotiations will be successful, a deal could come as early as next month, the sources added, asking not to be identified because the discussions are confidential. Hartford declined to comment, while Atlas did not immediately respond to requests for comment. Many insurance firms, struggling to maintain pay-outs at a time of low interest rates, have been placing their annuities businesses into run-off units such as Talcott Resolution - whereby no new policies are written and existing ones are managed until maturity. Often, these units have subsequently been sold. Financial investors such as private equity firms have been buyers, aiming to squeeze out greater returns on these policies by measures including cutting administrative costs. In its second-quarter earnings which were released earlier on Thursday, Hartford said Talcott Resolution''s net income was $105 million in the second quarter, almost flat to the corresponding three months of 2016, as declining core earnings were offset by lower costs. Reflecting the run-off nature of the unit, individual variable annuity and fixed annuity contract as of June 30 had declined 10 percent and 6 percent respectively on the same point of last year. No further details were given. Should the agreement be secured to sell Talcott Resolution to Atlas, it would be the latest in a string of such deals. Last month, Dutch insurance firm Aegon NV ( AEGN.AS ) completed the sale of the majority of its U.S. run-off business, worth $14 billion and comprising of annuity and life insurance products, to Wilton Re. Reporting by David French in New York; Additional reporting by Suzanne Barlyn; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hartford-fin-ser-m-a-atlas-exclusive-idUKKBN1AD06S'|'2017-07-28T04:57:00.000+03:00'
'32598af74e72cdd0174d11dbf6a2c47302535e3f'|'Digital currency start-ups shrug off SEC warning on fund raising'|'July 28, 2017 / 4:09 AM / 3 hours ago Digital currency start-ups shrug off SEC warning on fund raising Gertrude Chavez-Dreyfuss and Anna Irrera 4 Min Read FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. Benoit Tessier/File Photo NEW YORK (Reuters) - Technology companies looking to raise money by issuing digital coins are moving forward with their plans despite a U.S. regulator''s decision that their offerings may be subject to tough securities laws. Such initial coin offerings, or ICOs, have allowed startups to raise $1 billion so far this year, but until this week it was unclear how the U.S. Securities and Exchange Commission would treat the transactions. On Tuesday, the SEC decided that tokens issued through the ICOs can be considered securities, meaning they would fall under laws that require disclosures and are subject to regulatory scrutiny to protect investors, unless a "valid exemption" applies. Some industry participants and analysts had thought such a decision would have a chilling effect on the ICO market. But 20 new ICOs were announced since the SEC''s decision, with more than 120 scheduled to launch this year, according to ICO tracker tokendata.io. Representatives of Rivetz and ICOBox, which plan to launch tokens over the next few weeks, told Reuters they are pushing through with their offerings. During an ICO, contributors typically send digital currencies like Bitcoin and receive new tokens in return. Those tokens are then listed on cryptocurrency exchanges where they can be traded for other types of tokens. ( reut.rs/2sFKLAm ) Even as some ICOs have been criticized for failing to disclose information about underlying businesses and the way tokens are distributed, the frenzy surrounding the events has drawn backing from prominent venture capitalists and celebrities. Boxing champion Floyd Mayweather took to Facebook on Thursday to say he was participating in the ICO of a company called STX technologies Ltd next week. Potential Exemptions But even with the SEC''s warning, it is not clear how much regulatory scrutiny the upcoming offerings will attract. Unlike a regular securities offering, ICOs have had limited disclosures and most participants do not get any equity rights. The most likely exemption to the SEC rule refers to tokens that would have utility for a specific project. Many tech companies that pursue ICOs say their tokens are just that: "utility tokens," which are necessary to activate their products or accelerate their development. Both Rivetz Chief Executive Officer Steven Sprague and ICOBox founder Nick Evdokimov told Reuters their ICOs have a utility. Charley Cooper, managing director of R3, a consortium of banks looking at using the technology behind digital currencies, said companies looking at ICOs needed to be certain the exemption applied to them. "Anyone is who is contemplating doing an ICO now had better call their general counsel and fully understand securities laws in the U.S. and how they apply in their case," he said. "This wasn''t some vague policy that they floated. This is the division of enforcement of the SEC saying that if you operate in this market you need to follow the regulations." The SEC ruling also raises questions for digital currency exchanges such as Bittrex that facilitate trading after an ICO. Crypto-exchanges may be required to register with the SEC if they trade tokens considered securities and are based in the United States or have U.S. customers, said Llew Claasen, managing director, at venture capital firm Newtown Partners. Bill Shihara, chief executive officer of U.S.-based Bittrex, said he sees no need to register his exchange with the SEC because it does not plan to trade securities on its platform, only utility tokens. "If the facts and circumstances of a token change and lead us to conclude it is a security, we will delist it from the exchange." Additional reporting by Trevor Hunnicutt; Editing by Carmel Crimmins and Cynthia Osterman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sec-blockchain-tokens-idUKKBN1AD0DC'|'2017-07-28T07:09:00.000+03:00'
'21fad3904c395f18416926af461559c44bca5316'|'Austrian finance minister: fighting tax evasion will be EC presidency priority'|'July 29, 2017 / 11:58 AM / 7 hours ago Austrian finance minister: fighting tax evasion will be EC presidency priority 2 Min Read French Finance Minister Bruno Le Maire leaves after the weekly cabinet meeting at the Elysee Palace in Paris, France, July 19, 2017. Gonzalo Fuentes ZURICH (Reuters) - Pushing forward European and international measures to prevent profit shifting and international tax fraud will be a top priority for Austria''s European Council presidency in the second half of 2018, Austrian Finance Minister Hans Joerg Schelling said on Saturday. "The cross-border fight against tax fraud and tax avoidance is a top priority for me," Schelling said in a statement following a meeting with French Finance Minister Bruno Le Maire in Vienna. "Tackling tax evasion more effectively will require European and international solutions. The European Union must finally come up with a joint strategy," he said. The finance ministry said Schelling had devised a plan to eliminate opportunities for tax avoidance and evasion, which was discussed with European Economic and Financial Affairs Commissioner Pierre Moscovici two weeks ago. During their meeting on Saturday, Le Maire and Schelling discussed the need for a deepening of ties in the economic and monetary unions of the EU and euro zone, the finance ministry said. Estonia currently holds the presidency of the European Council, with Bulgaria due to take over from January. Reporting by Brenna Hughes Neghaiwi; Editing by Andrew Bolton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eu-austria-taxavoidance-idINKBN1AE0F2'|'2017-07-29T14:58:00.000+03:00'
'dc78415726d243a525c3cf6ca2d149e2d0b5504b'|'Tesla''s Musk hands over first Model 3 electric cars to early buyers'|'July 29, 2017 / 4:35 AM / 26 minutes ago Tesla''s Musk hands over first Model 3 electric cars to early buyers Alexandria Sage 4 Min Read FREMONT, Calif. (Reuters) - Tesla Chief Executive Officer Elon Musk said on Friday the Model 3 had over half a million advance reservations as he handed over the first 30 to employee buyers, setting the stage for the biggest test yet of the company''s strategy to become a profitable, mass market electric car maker. Outside Tesla''s Fremont, California factory, Musk showed off the $35,000 base vehicle with a range of 220 miles (350 km) on a charge that marks a departure from the company''s earlier luxury electric cars. Musk took to the stage driving a red Model 3, and said Tesla has produced 50 of the vehicles so far, including 20 for testing purposes. Hours before the event, Musk acknowledged it would be "quite a challenge" to build the car during the early days of production. "We''re going to go through at least six months of manufacturing hell," Musk told journalists. The over half a million reservations are up from about 373,000 disclosed in April 2016. Customers pay $1,000 refundable deposits for the car, which is eligible for tax credits. Any new buyers would likely not receive their car until the end of 2018, Musk said. A longer-range version of the car is priced at $44,000 and will drive 310 miles (500 km) on a single charge. The cars feature a streamlined dashboard devoid of buttons or knobs, with a 15-inch touchstream display to the right of the driver. Tesla faces major hurdles living up to the Model 3 hype. The 500,000 vehicles Tesla vows to produce next year are nearly six times its 2016 production. A Tesla Model 3 sedan is seen in this undated handout image as the car company handed over its first 30 Model 3 vehicles to employee buyers at the company’s Fremont facility in California, U.S. on July 28, 2017. Tesla/Handout via REUTERS Were Tesla to produce and sell 500,000 cars per year, the company would likely outsell the BMW, Mercedes, or Lexus brands in the United States. Production delays and quality issues marred the launches of Tesla''s Model S and Model X vehicles, and the company blamed production problems for a shortfall during the second quarter of this year. Musk has said a simpler Model 3 design will greatly reduce potential assembly-line problems. Slideshow (6 Images) Tesla has burned through over $2 billion in cash so far this year ahead of the launch. A troubled Model 3 launch could heighten the risks for the company, while a steady delivery of Model 3s could generate a stream of cash that would allow Tesla to avoid going again to the capital markets to fund its operations. Tesla''s share price has surged 54 percent since January in anticipation of the Model 3 launch, and Tesla''s pricey valuation now exceeds that of traditional rivals like General Motors Co and Ford Motor Co. Until now, Tesla has operated as a niche producer of luxury electric vehicles, with a charismatic, showman CEO who regularly interacts with fans on his Twitter account. Now loss-making Tesla is trying to move into a different league, building vehicles in high volume for customers able to pay only a few thousand dollars more than the average price of a conventional car or truck sold in the United States. The Model 3 is part of Musk''s broader plan to build a clean energy and transportation company that offers electric semi-trailer trucks, rooftop solar energy systems and large-scale battery storage systems. Reporting by Alexandria Sage; Editing by Joe White, Lisa Shumaker and Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tesla-model-idINKBN1AE04M'|'2017-07-29T07:34:00.000+03:00'
'ae3b8dc3fd90842d08bb2555560d313264be78c6'|'Hitachi profit beats estimates on lower costs, high-speed trains in Britain'|'July 28, 2017 / 8:42 AM / 10 minutes ago Hitachi profit beats estimates on lower costs, high-speed trains in Britain Reuters Staff 1   A logo of Hitachi Ltd. is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. Toru Hanai/File Photo TOKYO (Reuters) - Japanese industrial conglomerate Hitachi Ltd ( 6501.T ) reported a stronger-than-expected quarterly profit on Friday, helped by lower costs as well as strong sales of high-speed trains in Britain and construction machinery in China. The electronics-to-elevators maker said its April-June operating profit jumped 44 percent from a year earlier to 131.8 billion yen ($1.19 billion). The market expected an operating profit of around 96 billion yen, based on the average of seven analysts'' estimates compiled by Thomson Reuters I/B/E/S. Hitachi has driven down costs and shifted away from unprofitable businesses in recent years. Its 6.3 percent operating margin, up from 4.3 percent a year earlier, was a record high. Chief Financial Officer Mitsuaki Nishiyama told reporters that the company would maintain its sales and profit outlook for the full year, however, citing uncertainty over China''s economy in the second half of the year. Reporting by Kentaro Hamada; Editing by Christopher Cushing 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hitachi-results-idUKKBN1AD0Z2'|'2017-07-28T11:42:00.000+03:00'
'ed7da7fcd390b91ae6dfad196371978eefb142ad'|'Accorhotels beefs up luxury rental ''onefinestay'' brand to fight Airbnb'|'July 26, 2017 / 9:16 AM / 2 hours ago Accorhotels beefs up luxury rental ''onefinestay'' brand to fight Airbnb 2 Min Read The logos of AccorHotels group is pictured during a news conference at the Pullman Bangkok King Power hotel, in Bangkok, Thailand, June 15, 2017. Athit Perawongmetha PARIS (Reuters) - AccorHotels ( ACCP.PA ) will re-group three of its luxury home-rental divisions under its ''onefinestay'' brand, as the French hotelier steps up efforts to counter the challenge of Airbnb and other online booking services. Europe''s largest hotel group also said on Wednesday it would buy full control of Squarebreak, a French home rental company in which it has a 49 percent stake, for an undisclosed amount. AccorHotels said it would group the Travel Keys and Squarebreak units under the umbrella of the ''onefinestay'' brand before the end of the year. It also named Javier Cedillo-Espin as the chief executive of the brand. The move will allow guests of ''onefinestay'' to have access to over 10,000 rental spaces as well as hospitality and concierge services around the world, the company said. AccorHotels chief executive Sebastien Bazin has long warned that revenue from traditional hoteliers is under threat from companies such as Airbnb, which offer travelers accommodation options other than hotels, and from online booking websites like Expedia ( EXPE.O ). His response to the threat of the so-called ''sharing economy'' - namely ways to share or rent rather than own outright - has been a flurry of recent acquisitions in the sector. The group''s ambition is to generate 30 percent of its revenue in the medium term from new businesses, such as concierge services or home rentals. AccorHotels announced the acquisition of Travel Keys and Squarebreak earlier this year, saying the deal would boost its presence in the luxury, private rentals market. It bought British loss-making company onefinestay in April 2016. At the time, onefinestay had a portfolio of 2,600 properties in London, New York, Paris, Los Angeles and Rome. Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-accor-hotels-idUSKBN1AB13M'|'2017-07-26T12:07:00.000+03:00'
'7d266087d4bba0b0690ee8709398bfe567fa619c'|'Oil bounce, results keep global stocks on high'|'July 26, 2017 / 8:51 AM / 12 minutes ago Global Markets: Oil bounce, company results keep stocks on high Patrick Graham 3 Min Read A trader walks past the German DAX Index board on the trading floor at the Frankfurt stock exchange in Frankfurt, Germany February 15, 2017. Ralph Orlowski/Files LONDON (Reuters) - Oil''s rise back above $50 a barrel helped prod stock markets higher on Wednesday, while company results and economic data continued to soothe worries that the world economy may be ripe for a another slowdown. European stock markets rose around half a percent, led by energy and commodity-linked firms after Brent crude topped the $50 mark for the first time since early June and copper added another 1 percent to this week''s surge. A slightly less bullish performance in Asia pulled the MSCI world equity index, which tracks shares in 46 countries, off all-time highs overnight. But early in the European session, it was up 0.1 percent on the day, and U.S. stocks futures showed Wall Street should edge higher on opening. Strong results from energy firms Subsea 7 and Tullow Oil helped European shares, but banks weighed on index-level gains as investors awaited the outcome later on Wednesday of the Federal Reserve''s two-day policy meeting. "The indications are more positive on the outlook for energy stocks," said Angelo Meda, head of equities at Banor SIM in Milan, adding that firms had reset expectations on valuations and cleaned up their balance sheets. "The outlook is not so bad (...) We are still missing one component which is the commentary from big oil firms Total, BP, Royal Dutch Shell." The pan-European STOXX 600 gained 0.4 percent, in line with euro zone stocks and blue-chips, as oil and gas stocks gained 0.7 percent. Germany’s Ifo business survey on Tuesday showed confidence soaring to record highs in July amid what its economists described as a ‘euphoric’ mood in German industry, while U.S. consumer confidence levels jumped to near 16-year highs. The latter numbers helped the dollar recover some ground in U.S. and Asian trading on Wednesday, with traders citing a trimming of positions ahead of the Fed meeting, not due until late in the U.S. session (1800 GMT). The dollar, hurt since March by a retreat in expectations for further rises in interest rates this year, gained just over 0.1 percent against both the euro and the euro-dominated basket of currencies most used to measure its broader strength. "Most people have an ultra benign view of what we will get out of the Fed today," said Koon Chow, a strategist at Swiss private bank UBP. "The focus is not so much on the next hike but the start of the roll off [reduction of the central bank''s balance sheet]. The Fed has already helped us a lot by indicating that when it happens it will be a very gradual process." Reporting by Patrick Graham, Helen Reid and Sujata Rao-Coverley; Editing by Mark Trevelyan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1AB11B'|'2017-07-26T11:51:00.000+03:00'
'cd845ffddb2ba84c7b907803e0c3eb3d17910d3d'|'Energy firms boost European shares as earnings roll in, banks weigh'|'July 26, 2017 / 7:37 AM / in 13 minutes Energy firms boost European shares as earnings roll in, banks weigh Reuters Staff 3 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, July 21, 2017. Staff/Remote LONDON (Reuters) - Supportive crude prices and strong results from energy firms Subsea 7 and Tullow Oil helped European shares inch higher on Wednesday, while banks weighed on index-level gains as investors awaited a Fed policy decision and UK GDP figures. The pan-European STOXX 600 gained 0.3 percent, in line with euro zone stocks .STOXXE and blue-chips .STOXX50E , as oil and gas stocks .SXEP gained 0.8 percent. Subsea 7 ( SUBC.OL ) rose to the top of the STOXX, up 5.2 percent after the oil services firm reported second-quarter earnings above forecasts and lifted its revenue guidance for the year. Tullow Oil ( TLW.L ) gained 3.1 percent after higher output from new fields helped the Africa-focused oil producer to a 46 percent rise in sales revenue to $788 million over the first half, though it also reported impairment charges due to stubbornly low oil prices. Five years after ECB chief Mario Draghi''s "whatever it takes to preserve the euro" speech which set the foundations for strong gains in the currency, the euro was again front and centre of investors'' minds as recent strength weighed on earnings growth expectations for Euro zone corporates, particularly those most dependent on exports, such as industrials firms. With a quarter of euro zone MSCI Europe companies having reported so far 40 percent beat earnings estimates while 48 percent missed, according to Thomson Reuters data. The industrials sector was seeing the worst performance with 86 percent of firms missing expectations. Among top fallers on the day, shares in chipmaker ASM International ( ASMI.AS ) fell 6.1 percent in early deals after it reported record order intake for the second quarter. Expectations are high for tech firms such as ASM, whose shares have gained 30 percent this year as demand for chips grows robustly. UniCredit ( CRDI.MI ) led losses on the banking index .SX7P which was the worst-performing on the day. The Italian bank''s shares were down 0.7 percent after it said it had suffered a cyber attack giving unauthorised access to Italian clients'' data. Reporting by Helen Reid, editing by Kit Rees 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1AB0SW'|'2017-07-26T10:36:00.000+03:00'
'784d1f306a078c421c2c11bc7220323bcebf5e24'|'Chipotle links sick worker to latest Norovirus outbreak'|'July 26, 2017 / 3:12 AM / an hour ago Chipotle links sick worker to latest Norovirus outbreak 4 Min Read FILE PHOTO: A Chipotle Mexican Grill is seen in Los Angeles, California, U.S. on April 25, 2016. Lucy Nicholson/File Photo LOS ANGELES (Reuters) - Chipotle Mexican Grill Inc ( CMG.N ) is retraining kitchen crews on food safety and enforcing a zero-tolerance policy for employees refusing to abide by new rules, after identifying a sick employee as the cause of a Norovirus outbreak that forced it to briefly close a restaurant in Virginia last week. "We believe someone was working while sick," Chief Executive Steve Ells said on a conference call with analysts on Tuesday. Chipotle offers employees paid sick leave, but some workers told CNBC that they were forced by bosses to work while they were ill. The latest outbreak, along with a separate viral video showing rodents in a Dallas restaurant, pushed Chipotle shares down 13 percent last week. It was a big setback for the burrito chain, which is fighting to rebuild consumer trust after E. coli, Salmonella and Norovirus outbreaks in 2015 battered its sales and brand. [nL1N1KB0YT] The company''s stock had flirted around $750 two years ago before the sales-crushing food poisoning outbreaks sickened hundreds of customers in the United States. The shares got a slight boost on Tuesday, rising 1.6 percent to $354.25 in extended trade, after the company reported a quarterly profit that more than doubled on stronger sales, fewer giveaways and lower labor costs. Bill Marler, a Seattle attorney who represented nearly 100 people sickened in Chipotle''s 2015 outbreaks, said the company has made the right food safety moves at headquarters, but still has work ahead. "They have more to do to make the individual restaurants responsible," Marler said. "That is where you have to get the work done." Rebuilding customer confidence may prove even harder. Chipotle has fallen from No. 1 in Brand Keys'' annual loyalty index of fast-casual restaurants to No. 9 since the 2015 outbreaks, Robert Passikoff, president of the branding consultancy, said. "I always joked that they had a reserve table at No. 1," said Passikoff, who added that Chipotle''s customers are no longer giving the formerly high-flying chain the benefit of the doubt. "I wouldn''t bet on them moving up the list," Passikoff said. Boredom and Queso That is not lost on Mark Crumpacker, Chipotle''s marketing chief, who told analysts that clawing back customers will be "an ongoing challenge." Chipotle is addressing the "boredom" cited by "lapsed defectors" who used to visit the chain frequently by considering their request that it add queso, a cheesy dip, to its small menu. It now plans to test the cheesy dip in 350 restaurants in Colorado and California. The company is also updating its app, adding its first-ever pickup window in Ohio and improving the speed of food-preparation areas for takeout orders. Chipotle''s second-quarter profit rose more than 160 percent to $66.7 million, or $2.32 per diluted share, beating analysts'' average estimate of $2.18, according to Thomson Reuters I/B/E/S. Sales at restaurants open at least 13 months rose 8.1 percent, but less than the 9.5 percent gain expected by analysts polled by Consensus Metrix. Executives said the latest Norovirus outbreak dented sales by about 5.5 percent over the last several days. Reporting by Lisa Baertlein in Los Angeles; Editing by Bernard Orr 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/chipotle-results-idINKBN1AB09I'|'2017-07-26T06:09:00.000+03:00'
'2ec4229a4be9a1873eae0c7258c81e8c7942025d'|'International Personal Finance''s first-half profit rises'|'July 26, 2017 / 6:33 AM / in 10 minutes International Personal Finance''s first-half profit rises Reuters Staff 3 Min Read (Reuters) - Consumer credit lender International Personal Finance ( IPF.L ) reported a higher pretax profit from continuing operations in the first half, boosted primarily by positive currency translations. IPF, which provides small personal loans to more than 2.8 million borrowers in Europe and Mexico, said pretax profit from continuing operations rose to 43 million pounds ($56 million) in the six months ended June, from 33 million pounds a year earlier. Positive forex movements added 6.7 million pounds to the group''s profit. Revenue rose 2.6 percent to 400.8 million pounds. "Our ongoing European home credit businesses performed in line with expectations, Mexico continued to deliver positive business momentum and IPF Digital reported excellent top-line growth," Chief Executive Gerard Ryan said. The company said it was continuing to engage with the Polish Ministry of Justice concerning proposed changes to the total cost of credit regulations. Poland, which together with Lithuania makes up IPF''s biggest market, has proposed to lower the limit on non-interest costs to 75 percent of the amount of the loan from 100 percent. "While we expect the regulatory landscape in Europe to remain challenging, we continue to believe our Mexico home credit business and IPF Digital offer significant growth opportunities," Ryan said. The company, which provides small personal loans in eastern Europe and Mexico, has shut shop in Slovakia, Bulgaria and stopped lending to high-risk customers in Poland. IPF''s home credit business has been troubled by intense competition as well as regulatory upheavals. The unit saw profit rising to 58.3 million pounds in the first half, from 45 million pounds a year earlier. Home credit business accounted for more than 90 percent of the company''s total revenue in 2016, but digital lenders were luring away IPF''s higher creditworthy customers, forcing the company to spend more to retain them. IPF maintained its interim dividend at 4.6 pence per share. Total credit issued in the period rose 9.9 percent to 616 million pounds, driven by strong demand in Mexico for home credit and its digital business. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-intl-prsnl-fin-results-idUKKBN1AB0LB'|'2017-07-26T09:59:00.000+03:00'
'4b8f86965960fb07ed0d2d3b04db8e5036191638'|'Euro zone sentiment unexpectedly rises for third straight month'|'July 28, 2017 / 9:21 AM / in an hour Euro zone sentiment unexpectedly rises for third straight month Reuters Staff 2 Min Read BRUSSELS (Reuters) - Euro zone economic sentiment rose slightly for a third consecutive month in July to a new 10-year high, against expectations of a dip from June, data released by the European Commission on Friday said. The sentiment indicator in the 19-country currency bloc rose to 111.2 in July from 111.1 in June and 109.2 in May, driven up by more optimism in the services sector. The average forecast in a Reuters poll of 29 economists was for a decline to 110.8 after a surge in June to its highest level in nearly a decade. The figure confirmed the robust recovery of the euro zone, with output expected to grow by another half percentage point in the second quarter after strong expansion in the Jan-March period. The preliminary estimates for output will be released on Tuesday. Despite the unexpected rise in the sentiment, the Commission''s business confidence index, which points to the phase of the economic cycle, fell to 1.05 in July from an upwardly revised 1.16 in June, its highest value since April 2011. Economists polled by Reuters had forecast a more modest decline to 1.12 in July. The rise in the overall indicator of economic sentiment was driven mostly by more optimism in the services sector, the largest in the euro zone''s economy, which rose to 14.1 points in July from 13.3 in June, while the manufacturing sector remained at 4.5 points, well above the long-term average of -6.4. Sentiment among consumers was at -1.7 points in July, also well above the long-term average. It was the same as in June before an upwardly revision to -1.3 points. Consumers'' inflation expectations over the next 12 months fell to 11.7 in July from 13.0 in June while selling price expectations among manufacturers rose to 7.5 from 7.1 in June. Reporting by Francesco Guarascio; editing by Philip Blenkinsop 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-sentiment-idUKKBN1AD11V'|'2017-07-28T12:21:00.000+03:00'
'6cdf4bc5a2462b18d36a5ccc72841b1462f5dab8'|'UPDATE 1-Air France-KLM upbeat on pricing as bookings improve'|'July 28, 2017 / 5:43 AM / 12 hours ago UPDATE 1-Air France-KLM upbeat on pricing as bookings improve 2 Min Read * Results day after Delta, Virgin deal announced * Strikes relatively optimistic note on pricing * Lowers annual cost cut targets By Victoria Bryan and Cyril Altmeyer BERLIN, July 28 (Reuters) - Air France-KLM offered more optimism than rivals on pricing for the rest of the year, after good travel demand resulted in better than expected second-quarter profit. The results come a day after the carrier announced a new transatlantic joint venture with Delta Air Lines and Virgin Atlantic and deals for Delta and China Eastern to enter its share capital. The Franco-Dutch carrier said on Friday that unit revenues had risen 1.5 percent in the second quarter after falling 0.5 percent in the first quarter. "We believe we will see slightly positive unit revenues throughout the whole of the second half, but some of our rivals are more cautious," Chief Financial officer Frederic Gagey told journalists. Booming travel demand has resulted in solid second quarter results so far for traditional and low-cost European airlines, including Lufthansa, easyJet and Ryanair . However, they have all sounded a note of caution on ticket prices for late summer bookings, despite seeing improvement in the first part of 2017, as carriers continue to add more seats in a race for customers. Air France-KLM last year saw demand fall in light of a wave of attacks by Islamist militants in France. Gagey said long-haul forward bookings for July and August were up 1 percent against the same time last year, while for September and October they were up 3 percent. Air France-KLM reported second-quarter operating profit of 496 million euros ($579.9 million), against a forecast in a Reuters poll for 473 million. However, it lowered its target for cost cuts for the year, saying it now expected a reduction in unit costs of 1-1.5 percent, against a previous estimate for at least 1.5 percent this year. Air France-KLM did not give a profit outlook for the year, but analysts currently expect a 2017 operating result of 1.27 billion. $1 = 0.8553 euros Reporting by Victoria Bryan and Cyril Altmeyer; Editing by Sudip Kar-Gupta 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/air-france-klm-results-idUSL5N1KIABX'|'2017-07-28T08:42:00.000+03:00'
'6685de68952153694d0be3890318ef90a4cd00c7'|'German inflation unchanged in July but stronger than expected'|'July 28, 2017 / 10:09 AM / 18 minutes ago German inflation unchanged in July but stronger than expected Reuters Staff 1 Min Read People stand inside a Lush cosmetics store in Berlin, Germany, July 14, 2016. Hannibal Hanschke/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE SEARCH BUSINESS WEEK AHEAD 12 DEC FOR ALL IMAGES - RTX2UL0B BERLIN (Reuters) - German consumer inflation held steady in July but was stronger than expected, driven by a surge in food prices, data showed on Friday. Consumer prices, harmonised to compare with other European countries (HICP), rose by 1.5 percent on the year, matching the inflation rate in June, the Federal Statistics Office said. A Reuters poll had pointed to inflation easing to 1.4 percent on the year. On the month, prices increased by 0.4 percent - more than the 0.3 percent rise forecast in a Reuters poll. A breakdown of non-harmonised data showed the increase was caused by a sharp increase in food prices in particular, but prices in all other categories - rents, goods, services and energy - also rose. Reporting by Michelle Martin, editing by Thomas Escritt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-inflation-idUKKBN1AD16L'|'2017-07-28T13:08:00.000+03:00'
'c459ac38eda98325cdad2b5fb55fb5f8eb745c75'|'Linde confirms outlook; no update on Praxair merger'|'July 28, 2017 / 5:50 AM / 12 hours ago Linde confirms outlook; no update on Praxair merger 1 Min Read FRANKFURT, July 28 (Reuters) - German industrial gases group Linde beat expectations with a 2 percent increase in second-quarter operating profit driven by its core gases division and confirmed its full-year outlook on Friday. It gave no update in its half-year report on its planned $74 billion all-share merger of equals with U.S. peer Praxair , which needs to be put to shareholders in both companies after management agreed terms. (Reporting by Georgina Prodhan; Editing by Maria Sheahan) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/linde-results-idUSASM000DBT'|'2017-07-28T08:49:00.000+03:00'
'c9d9066e7f5b2ae091dc327b1378ad56ecc99a36'|'China Eastern buys 10 percent Air France KLM stake to boost European presence'|'July 28, 2017 / 1:21 AM / 28 minutes ago China Eastern buys 10 percent Air France KLM stake to boost European presence Reuters Staff 1 Min Read FILE PHOTO: A China Eastern Airlines passenger plane taxies on the tarmac at the Hong Kong Airport at the Hong Kong Airport September 11,2013. Tyrone Siu/File Photo SINGAPORE (Reuters) - China Eastern Airlines Corp Ltd ( 600115.SS ) said on Friday it would buy a 10 percent stake in European carrier Air France KLM SA ( AIRF.PA ) and form a strategic partnership to improve its presence in the China-Europe market. The 375 million euro (335 million pounds) investment in Air France KLM is compatible with China''s "One Belt, One Road" trade initiative, the Shanghai-based airline said in a statement. "The parties will work together to build the China-Europe main routes market," China Eastern said. Air France KLM said in a statement that the alliance would give it a European leadership position in Shanghai, the main business travel market in China. Delta Air Lines, which holds a 3.2 percent stake in China Eastern is also buying a 10 percent stake in Air France KLM. All three airlines are members of the SkyTeam alliance. Reporting by Jamie Freed; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-air-france-klm-alliance-china-eastern-idUKKBN1AD054'|'2017-07-28T04:20:00.000+03:00'
'd1e3ac58e7fa928f77f64724bdd62b84bc3bd228'|'Dubai visitor numbers rise by more than 10 percent in first half of 2017'|'July 30, 2017 / 2:25 PM / 23 minutes ago Dubai visitor numbers rise by more than 10 percent in first half of 2017 Reuters Staff 1 Min Read Tourist pleasure boats navigate through Dubai Marina in Dubai, March 16, 2016. Russell Boyce DUBAI (Reuters) - The number of foreign tourists visiting Dubai in the first half of 2017 rose by 10.6 percent to 8.06 million, Dubai''s tourism department said on Sunday, with the emirate proving particular popular with Indians. Tourism is a key industry for the glitzy Middle East emirate which has spent billions of dollars trying to attract visitors with sites including the world''s tallest tower. India remained the emirate''s largest individual market over the period, with 1.05 million Indians visiting Dubai, up 21 per cent compared to a year earlier. It was the first time the number of Indian visitors had surpassed 1 million over a six month period. The number of Chinese and Russian visitors has increased sharply since the United Arab Emirates started granting visas on arrival in September and January, respectively, for those nationals. Dubai saw 413,000 Chinese visitors, up 55 percent, and 233,000 Russian visitors, up 97 percent, in the first half of 2017. Reporting by Alexander Cornwell; Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-emirates-travel-dubai-idUKKBN1AF0LK'|'2017-07-30T17:25:00.000+03:00'
'20a2c993cee1824535675437195dde1d94babc18'|'Advent invests in U.S. café operator First Watch Restaurants'|'(Reuters) - Private equity firm Advent International has taken a majority stake in cafe operator First Watch Restaurants, the firm announced on Thursday, in a deal sources said values the company between $300 million and $500 million.The deal highlights the opportunity that investors see in the breakfast category, with loyal diners continuing to buy their favorite breakfasts out, even while opting to eat other meals at home.The deal valued First Watch between $300 million and $500 million, said people familiar with the situation who were not authorized to share the figures publicly. Advent bought the restaurant from private equity firm Freeman Spogli & Co, which acquired it in 2011.Advent invested in First Watch because it has attractive menu items and "exceptional" customer service, said Tricia Patrick, a managing director at the private equity firm.Founded in 1983 in Pacific Grove, California, the business operates under the brands First Watch and The Egg & I across 26 states, with a heavy presence in Florida, Texas, Ohio, Colorado and Arizona.The 200 First Watch restaurants and 90 The Egg & I restaurants serve breakfast, brunch and lunch until 2:30 p.m. They offer traditional breakfast items like bacon and omelets, as well as trendier, healthy items like avocado toast and quinoa bowls.Breakfast is the fastest-growing meal in the dining industry. Premium coffee chains like Starbucks Corp have made breakfast out more common. It is also cheaper and quicker than other meals for diners tight on time and money. Diners tend to be steadfast in their breakfast habits, creating a reliable business.Growth in the industry has attracted investment, most notably by JAB, the investment vehicle of Germany''s billionaire Reimann family. Earlier this year, it acquired café chain Panera for $7.2 billion, adding to its empire of coffee and food chains that also includes Caribou Coffee and Krispy Kreme.Fast-food restaurants have also jumped onto the breakfast bandwagon. McDonald''s Corp in 2015 added an all-day breakfast menu, and Yum! Brands Inc''s Taco Bell last year added a $1 breakfast menu.Jefferies and North Point Advisors are acting as financial advisers to First Watch and Freeman Spogli & Co. Morgan, Lewis & Bockius is acting as legal adviser to First Watch and Freeman Spogli & Co.Weil, Gotshal & Manges is serving as legal adviser to Advent International.(This story has been corrected to state that Freeman Spogli is the seller, not legal adviser, in the second last paragraph)Reporting by Lauren Hirsch in New York; editing by Lauren Tara LaCapra and Cynthia Osterman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-first-watch-investment-advent-idUSKBN1AC3DB'|'2017-07-28T06:44:00.000+03:00'
'56f7664114cb099871150168d735203c2c437077'|'Airlines'' Atlantic pact guards against budget rivals and Brexit'|'July 28, 2017 / 3:23 PM / 3 hours ago Airlines'' Atlantic pact guards against budget rivals and Brexit Victoria Bryan and Alana Wise 5 Min Read An Air France Airbus A318 aircraft lands at the Charles de Gaulle International Airport in Roissy, near Paris, July 28, 2017. Benoit Tessier BERLIN/NEW YORK (Reuters) - A transatlantic alliance between three global airlines will shore up their position in the lucrative UK-U.S. market, shielding them from low-cost rivals and the uncertainties of Britain''s exit from the European Union. Delta Air Lines ( DAL.N ), Air France-KLM ( AIRF.PA ) and Virgin Atlantic [VA.UL] have announced plans for a 15-year partnership on routes between Europe and the United States and equity deals which will see them take stakes in each other. The joint venture, announced on Thursday, will see the three carriers share their profits on transatlantic routes. It will give Air France-KLM greater access to the Britain-U.S. market - among the most profitable - while the Franco-Dutch group''s short-haul European flights could bring more customers to Virgin''s U.S.-bound flights from London. The ability to offer customers a host of extra flights could give U.S. carrier Delta an edge against domestic rivals including American Airlines ( AAL.O ) and United Airlines ( UAL.N ). The new alliance also provides the partners with a hedge against Brexit in the business travelers market, should Britain''s EU departure lead to companies moving to the continent, and a consequent drop in air traffic from London. Global banks have already said they could move thousands of jobs out of Britain to prepare for Brexit, while two major EU regulators are seeking new homes. "This is a play on Delta''s part to protect itself as Brexit unwinds should London lose traffic," said Atmosphere Research Group analyst Henry Harteveldt. The partnership, expected to come into effect in 2018, will also strengthen the three big players'' positions, at a time when low-cost entrants Norwegian Air Shuttle ( NWC.OL ) and Wow Air are shaking up the U.S.-Europe market - though their share of flights remains small. It will also allow for better use of the airlines'' London Heathrow slots, analysts said, allowing them to free up extra short-haul capacity and move it to long-haul routes. An Embraer 170 operated by Air France-KLM French regional airline unit Hop! takes off at the Charles de Gaulle International Airport in Roissy, near Paris, July 28, 2017. Benoit Tessier ''Skin in the Game'' The partnership, which is subject to regulatory approval, would combine two existing and overlapping transatlantic joint-ventures, supported by equity deals worth $1 billion. Willie Walsh, CEO of rival airline group IAG ( ICAG.L ), said Air France-KLM''s investment in Virgin Atlantic - it plans to take a 31 percent stake - could give it a bigger say in how Britain''s aviation landscape looks post-Brexit. Slideshow (2 Images) "It probably represents a positive in terms of the Air France position in what the rules should be after Brexit ... they have skin in the game," he told analysts on Friday. Most of the transatlantic market is controlled by joint ventures involving global airline heavyweights. The new alliance would have about a 27 percent share of transatlantic flights, ahead of the 24 and 22 percent for the other two rival groupings. See graphic: tmsnrt.rs/2h8wLx0 Walsh declined to comment further on what the impact would be on IAG''s own transatlantic partnership with American Airlines. He said, however, he remained positive on the outlook for the transatlantic market despite the recent increased competition. It is not known which ownership rules will apply after Brexit, and whether Britain will remain part of the single European aviation market or the EU-U.S. Open Skies pact and analysts expect carriers to look for creative solutions. Air France-KLM said on Friday that it had agreed an insurance plan for ownership of Virgin Atlantic, which would see Virgin Group, whose stake is due to drop to 20 percent, regaining a majority share should the carrier need to be UK-owned after Brexit. "In terms of influence in the important Heathrow and North Atlantic market this ticks all the boxes, and with (Virgin Group boss) Richard Branson moving to a minority position it will allow potentially a realignment of usage of Virgin''s Heathrow slot portfolio," consultant John Strickland said. Additional reporting by Alistair Smout in London and Cyril Altmeyer in Paris; Editing by Pravin Char 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-air-france-klm-alliance-idUSKBN1AD1Z5'|'2017-07-28T18:18:00.000+03:00'
'da08c4aa38938b1453268f1918e48dc001066c06'|'Kors needs to buckle down for Jimmy Choo deal to shine'|'The logo of Michael Kors is seen on an outlet store in Metzingen, Germany, June 16, 2017. Michaela Rehle (Reuters) - U.S. retailer Michael Kors ( KORS.N ) is betting that its acquisition of storied shoemaker Jimmy Choo will give sales a much-needed boost, but lingering problems at Kors'' core bag business could delay potential benefits.Kors said earlier this week it would buy Jimmy Choo for $1.2 billion and plans to expand the line by opening more stores, especially in Asia.Jimmy Choo, whose towering stilettos were made famous by characters in the popular TV series "Sex and the City," is synonymous with affluence, and somewhat at odds with Kors'' image of accessible luxury.It could be argued that Jimmy Choo will give Kors''s tumbling sales and stock a leg up, but experts said Kors'' expansion plans could dilute the shoemaker''s brandname."Revenue expansion doesn''t come from opening stores today, but figuring out how to unlock the e-commerce component and (Kors) haven''t proven that they get that either," said Eric Schiffer, CEO of private equity firm Patriarch Organization.Kors has made this mistake before.Once a seller of popular Mercer and Hamilton handbags, Kors put its wares too quickly on too many shelves, making them ubiquitous.Since then, the company has struggled to come up with designs that have caught the fancy of the well-heeled buyer, who have gravitated toward bags offered by Coach Inc ( COH.N ) and Tory Burch.Kors'' has been trying to stem the sales declines by expanding into dresses, menswear and online, but has had little success."If (Kors) had fixed their U.S. market, if they''d shown improvements there and then made this acquisition, people would be a lot more comfortable with it," said Gabriella Santaniello, analyst at A-Line partners."For (Jimmy Choo), I could see them opening in another market but I think that is what makes everyone nervous. It is like: "Look what they did with the Michael Kors brand, are they going to do that to Jimmy Choo?"Products are displayed in the window of the Jimmy Choo store in New York City, U.S., April 24, 2017. Brendan McDermid Multibrand Strategy Kors'' rival Coach Inc ( COH.N ) faced similar problems not so long ago.But Coach responded quickly, by tightening supplies to department stores to regain its luxury cachet, before diversifying with the buyout of upscale shoemaker Stuart Weitzman in 2015.The company recently bought smaller rival Kate Spade, whose products are a hit with millennials.Both retailers seem to be looking to emulate the successful multibrand strategy employed by European companies LVMH ( LVMH.PA ) and Kering SA ( PRTP.PA ), where cash flows from one large brand are reinvested into smaller but faster growing ones.These two companies have grown into luxury powerhouses by buying multiple luxury brands such as Christian Dior, Tag Heuer, Gucci, and Alexander McQueen.Kors'' CEO John Idol said the company would look to grow by buying more globally recognized luxury brands like Jimmy Choo."... we are really looking to build an international luxury company and less so brands that ... have a greater reliance on wholesale than its own retail strategy," he said on a conference call on Tuesday.Idol said Jimmy Choo would be run independently with minimal interference from Kors'' management and that he doesn''t want the two brands to be linked with each other.But analysts said while this could be the right approach for Coach, which has a creative, forward-thinking team, it could overwhelm Kors, at least initially.Kors will need to have a deep understanding of demand, it will have to innovate to drive excitement, maintain the trueness of the brands it acquires, and little or no overlap with other brands in its portfolio, said Jason Green, CEO of customer strategy firm Cambridge Group.For now at least, analysts said, Kors should be looking to walk before it runs.Reporting by Gayathree Ganesan and Siddharth Cavale in Bengaluru; Editing by Sayantani Ghosh '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-jimmy-choo-m-a-kors-strategy-idUSKBN1AD22S'|'2017-07-28T18:58:00.000+03:00'
'd344fd1ecb0a2c55adc88b790d5209e4a80ce701'|'China''s Xi pledges deeper supply-side reforms - Xinhua'|'July 27, 2017 / 11:53 PM / 29 minutes ago China''s Xi pledges deeper supply-side reforms - Xinhua Reuters Staff 1 Min Read Chinese President Xi Jinping speaks during a signing ceremony at the Great Hall of the People in Beijing, China, July 18, 2017. Mark Schiefelbein/Pool SHANGHAI (Reuters) - China will deepen so-called supply-side structural reforms that include efforts to deleverage the economy and cut excess capacity, President Xi Jinping told senior Communist Party leaders according to state media. Speaking at a two-day meeting to prepare for a once-in-five-years party congress later this year, Xi urged the party to make "all-out efforts, especially in preventing and defusing major risks, relieving poverty, as well as preventing and controlling pollution", the state news agency Xinhua reported. "China will keep deepening supply-side structural reform to push forward sustained and healthy economic and social development," Xinhua said, quoting Xi. Xinhua said supply-side structural reforms included deleveraging, destocking, cutting excess capacity, reducing costs and "shoring up weak areas". Reporting by John Ruwitch; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-reform-idUKKBN1AC3GB'|'2017-07-28T02:53:00.000+03:00'
'd1b9cbdeef1d51ed136afc6ae1a1e44e3ff901e7'|'PRESS DIGEST- New York Times business news - July 28'|'July 28, 2017 / 5:18 AM / 7 minutes ago PRESS DIGEST- New York Times business news - July 28 2 Min Read July 28 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Meg Whitman, chief executive of Hewlett Packard Enterprise , said she would not become the next chief of Uber , amid a flurry of reports about who might assume leadership of the troubled ride-hailing company. nyti.ms/2h7G3sT - More than 800,000 people who took out car loans from Wells Fargo were charged for auto insurance they did not need, and some of them are still paying for it, according to an internal report prepared for the bank''s executives. nyti.ms/2tIdyUE - Rocket maker SpaceX founded by billionaire Elon Musk, has raised up to $350 million in new financing and is now valued at around $21 billion, making it one of the most valuable privately held companies in the world. nyti.ms/2uHLVwd - Discovery Communications is in advanced talks to buy Scripps Networks Interactive now that Viacom is out of the competition. Discovery is closing in on a bid of around $90 per share, or about 34 percent higher than where Scripps''s stock was trading before reports about a potential sale emerged. (Compiled by Bengaluru newsroom) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1KJ24X'|'2017-07-28T08:17:00.000+03:00'
'7ebdc62f789bd942119231b3402cd7277efe4165'|'Google, Facebook show power of ad duopoly as rivals stumble'|'July 28, 2017 / 4:10 PM / in 4 hours Google, Facebook show power of ad duopoly as rivals stumble David Ingram 6 Min Read A record store advertises their presence on Facebook in their shop window in Somerville, Massachusetts, U.S., July 25, 2017. Brian Snyder SAN FRANCISCO (Reuters) - Quarterly results from Alphabet Inc ( GOOGL.O ) and Facebook Inc ( FB.O ) provided fresh evidence this week that the digital advertising market is effectively a duopoly, a dynamic with deep implications for two of Silicon Valley''s titans. Alphabet, the owner of Google and YouTube, and Facebook, the world''s largest social network, each produced billions in profits during the most recent quarter and enjoyed steep revenue increases, while smaller rivals such as Snap Inc ( SNAP.N ) and Twitter Inc ( TWTR.N ) struggle to maintain growth and reduce losses. This year, the Big Two in internet advertising are expected to take half of all revenue worldwide, and more than 60 percent in the United States, according to research firm eMarketer. In the U.S. market, no other digital ad platform has market share above 5 percent. Google suffered a minor blip in earnings due to higher payments to mobile carriers and others for search traffic. But efforts by Verizon and other network operators to compete for mobile ad dollars have had little impact thus far. Independent advertising technology companies such as Rubicon Project ( RUBI.N ) and Rocket Fuel ( FUEL.O ) have also found it tough to compete. Advertisers are flocking to Facebook and Google because they reach billions of people and have a wealth of data that can be deployed for targeted marketing. Their growing dominance, however, raises questions about how they will use their billions in profits to maintain growth when the advertising market as a whole is expanding only modestly. "Digital advertising will soon be approaching a point of saturation, indicating that there are limits to growth which may not be fully accounted for by the investment community," Brian Wieser, senior analyst at Pivotal Research, said in a client note this week. The advent of a duopoly is also spurring concerns about monopolistic practices. Google this month set aside $2.7 billion to pay a record European Union antitrust fine for favoring its shopping service in search results, and it faces two additional investigations in Europe. Facebook declined to comment on Friday. In the past, the company has rejected the idea that it is part of a duopoly, saying that it competes against more than just digital platforms and has less than 5 percent of the overall advertising market. Alphabet did not reply to requests for comment. Video Gold Video is one market that Facebook and Google both view as a crucial new frontier. With huge investments planned, the companies are preparing to do to the television advertising business what they have long since done to traditional print advertising: namely, take much of it for themselves. A Google logo is seen in a store in Los Angeles, California, U.S., March 24, 2017. Lucy Nicholson YouTube has been rolling out new series with stars such as Ellen DeGeneres and Kevin Hart, and says that the service''s overall 1.5 billion viewers watch, on average, 60 minutes a day on their phones and tablets. Facebook is expected to launch original video series of its own within weeks, after signing deals with companies such as Vox Media and BuzzFeed. Facebook''s Instagram unit is also becoming a bigger producer of revenue, with video likely to be a big part of the mix. Already, many advertisers feel they cannot ignore the massive reach of YouTube. Some big advertisers launched a boycott of YouTube this year after their ads appeared alongside videos from Islamic extremists, yet there was no evidence from Alphabet''s earnings report on Monday that it had any impact on revenues. "Marketers aren''t going to get fired for hiring Facebook and Google," said Harry Kargman, chief executive of Kargo, which manages digital marketing for media companies including Time Inc ( TIME.N ). Antitrust Risk Other owners of digital ad inventory are feeling the squeeze. This month, an alliance of U.S. news organizations started a lobbying campaign for an exemption from antitrust law that would allow them to coordinate their negotiations with Google and Facebook, although such requests from other industries generally have not succeeded. Consumer advocates worry about the giants snuffing out competition. "All of the major technology companies should be on alert that people are a bit spooked and unsettled about their size and their ability to expand into new markets," said Gene Kimmelman, president of Public Knowledge, a nonprofit that advocates for an open internet. Size is not by itself an antitrust concern, and neither is the ability to quash competitors, even through copying as Facebook has done with rival app Snapchat. Facebook and Google are not under U.S. antitrust investigation. Still, the prospect of a future probe could still affect their business strategies. "As long as they toe the line and stay in the market position they''re in, it''s going to be kind of hard to go after them under the existing antitrust laws," said Herbert Hovenkamp, a University of Pennsylvania professor of antitrust law. But acquisitions, he said, would be another matter. "Even a merger between Facebook or Google and a smaller rival would probably be looked at very closely," Hovenkamp said. Reporting by David Ingram; Editing by Jonathan Weber and Nick Zieminski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-alphabet-facebook-analysis-idUSKBN1AD1ZY'|'2017-07-28T19:10:00.000+03:00'
'6b815ef72c9999e0be288fed1569cd6f6434ea8e'|'Brazilian reinsurer IRB prices IPO at 27.24 reais per share'|'July 27, 2017 / 11:56 PM / 17 hours ago Brazilian reinsurer IRB prices IPO at 27.24 reais per share 1 Min Read SAO PAULO, July 27 (Reuters) - Brazilian reinsurer IRB Brasil Resseguros SA''s initial public offering priced at 27.24 reais ($8.64) a share on Thursday, moving a less-than-expected 2 billion reais, according to data provided by the Brazilian Securities & Exchange. The IPO moved 73.5 million shares, pricing at the bottom of the suggested range that went to 33.65 reais a share. The stocks is expected to start trading on Monday. $1 = 3.1539 reais Reporting by Anthony Boadle; Editing by Leslie Adler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/irb-idUSL1N1KI2TC'|'2017-07-28T07:56:00.000+03:00'
'bb26c49689fa021335aef0c21ddee740ed4b4a55'|'Altice complies fully with French VAT rules - CEO'|'July 28, 2017 / 3:17 PM / 3 hours ago Altice complies fully with French VAT rules - CEO 1 Min Read PARIS, July 28 (Reuters) - Altice complies fully with French value-added tax rules, Chief Executive Michel Combes said in response to media reports on Friday that its French mobile company SFR Group benefits from lower rates because it owns newspapers. "We are in full compliance with all tax legislation and we have made significant investments in press and media assets in France and will continue to do so," Combes said during a conference call with analysts. "The estimated claims in the press are ludicrously high." (Reporting by Mathieu Rosemain; editing by David Clarke) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/altice-tax-idUSP6N1I5012'|'2017-07-28T18:17:00.000+03:00'
'e1ba6add87be7b04227358a2ffb07a0f1473ffc2'|'Ireland to spend around 80 billion euros in new 10-year capital plan, PM says'|'July 27, 2017 / 5:36 AM / an hour ago Ireland to spend around 80 billion euros in new 10-year capital plan, PM says Reuters Staff 2 Min Read Ireland''s Taoiseach Leo Varadkar arrives at a EU leaders summit in Brussels, Belgium, June 22, 2017. Julien Warnand/Pool DUBLIN (Reuters) - Ireland''s new 10-year capital plan due later this year will continue to ramp up investment by laying out spending of around 80 billion euros ($94 billion), prime minister Leo Varadkar said. Dublin already plans to double capital spending over the next five years, tackling bottlenecks built up after investment ground to a near-halt during the financial crisis. Spending remains among the lowest in the European Union. Current plans include an investment of 27 billion euros in the four years to 2021, with the annual budget for capital expenditure increasing to 7.8 billion in 2021 from 5.3 billion euros next year when Ireland expects to balance its budget for the first time in a decade. The government has said it will finalise the new capital by the end of the year and underpin it with a national planning framework stretching out to 2040. "That will set out a capital investment plan probably in the region of 80 billion euros over 10 years. We''ll be planning for a country with a population of 5.5 million people by 2040 and that is going to require lots of capital investment," Varadkar told Ireland''s TV3 in an interview late on Wednesday. By Varadkar''s estimate, capital spending would average 8.7 billion euros a year from 2022 to 2027. Ireland''s central bank governor warned this week that the government may need to cool parts of the rapidly growing economy in a couple of years, potentially by raising taxes, if ramped up public investment coincides with full employment. Ireland''s economy has grown faster than any other in Europe for the past three years and employment is showing no sign of slowing down. The current jobless rate of 6.3 percent is down from over 15 percent five years ago. Full employment means that just about everyone who wants a job has one, a situation which leads to workforce shortages and wage inflation. Reporting by Padraic Halpin; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-investment-idUKKBN1AC0GV'|'2017-07-27T08:36:00.000+03:00'
'af626eeab7a660013eb03fe3a19af3f4e71b297b'|'UK car industry says clarity needed now as Brexit weighs'|'July 26, 2017 / 11:16 PM / 6 hours ago UK car industry says clarity needed now as Brexit weighs 3 Min Read FILE PHOTO - Cars are displayed outside a showroom in west London October 4, 2013. Luke MacGregor LONDON (Reuters) - Britain''s car-makers and traders are starting to feel the strains of Brexit, and output this year is likely fall short of the industry''s expectations, the head of the leading UK group in the sector said. Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, said the government needed to say now what its plans were for the sector when Britain left the European Union in 2019. The number of cars made in Britain in June slumped by almost 14 percent year on year to 136,901, the SMMT said on Thursday. That left first half output in a sector that supports more than 800,000 jobs down nearly 3 percent at 866,656 units. Although that represented the second-highest January-June performance in 12 years and a pick-up was likely later in the year, output in 2017 would probably be closer to 1.8 million units than a previous forecast of 1.9 million, Hawes said. Britain''s car industry has boomed in recent years with global manufacturers investing heavily in the country as a base for selling to the rest of the EU and beyond. More than half of the cars exported from Britain go to the EU. But last year''s decision by voters to leave the bloc has left the industry exposed. The bloc has tariffs of 10 percent on car imports, posing a risk if Britain leaves in under two years'' time with no new trade deal in place. The impact of the referendum on the country''s consumers is another problem for car-makers. Households have been pinched by a sharp rise in inflation, caused in large part by the fall in the value of the pound since the Brexit vote. Cars made for the domestic market were down nearly 10 percent in the first six months of 2017 while exports - which account for nearly 80 percent of output - were roughly stable, SMMT figures showed. "Undoubtedly, the situation has changed," Hawes said. The SMMT''s long-held target of increasing production to just under 2 million units in 2020 was also in doubt, with changing assumptions about individual company decisions on their models also a factor. Britain could miss the target by 10 percent if it fails to secure an interim deal with the EU, Hawes said. The SMMT, like other British industry groups, wants the country to stay in the EU''s single market and customs union as it transitions to a future trading relationship with the EU, something the government is ruling out. "The government has been in listening mode but now it must put on the table the concrete plans that will assure the future competitiveness of the sector," Hawes said. A fall in investment this year was another sign of Brexit concerns, even if some of the drop had been expected after strong levels in recent years, he said. The industry also faces the challenge of shifting away from petrol- and diesel-fuelled cars. On Wednesday, the government said it would ban such vehicles from 2040 to promote electric cars. Writing by William Schomberg; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-autos-idUKKBN1AB32D'|'2017-07-27T02:16:00.000+03:00'
'518290fa74af18015cd012c9ff2e2a581ffe3322'|'Dollar licks its wounds at 13-month low after Fed seen as dovish'|'July 27, 2017 / 12:50 AM / an hour ago Dollar licks its wounds at 13-month low after Fed seen as dovish 3 Min Read A U.S. Dollar note is seen in this June 22, 2017 illustration photo. Thomas White/Illustration TOKYO (Reuters) - The dollar licked its wounds at 13-month lows against a basket of currencies on Thursday after the U.S. Federal Reserve''s policy statement was perceived to be slightly on the dovish side. While the Fed said it expected to start shrinking its massive holdings of bonds "relatively soon", a phrase that was taken by many to mean an announcement in September, the central bank also noted weakness in inflation more explicitly than before. The dollar''s index against a basket of six major currencies .DXY =USD slumped to 93.44, having fallen 10 percent from its 14-year high of 103.82 set on Jan 3. The next support levels are seen at 93.019, its June 2016 low, and 91.919, a 16-month low touched in May 2016, though break of these would be seen as major bearish signals. Although the dollar had been supported by the Fed''s gradual policy tightening since late 2015, its perceived interest rate advantage is eroding as many other central banks have started to look to wind back their stimulus in recent months. Since European Central Bank President Mario Draghi signalled in June that the central bank could tweak its asset purchase, investors have been flocking to the euro. The euro EUR= rose to as high as $1.1750 in early Thursday trade, hitting its highest level since January 2015. The Canadian dollar CAD=D4 , which has been helped by the Bank of Canada''s rate hike earlier this month, hit a two-year high of C$1.2415 to the U.S. dollar on Wednesday and last stood at C$1.2447. The British pound GBP=D4 fetched $1.3119, near its recent peak of $1.3126 while The Australian dollar AUD=D4 reclaimed the $0.80 mark for the first time since 2015 and last stood at $0.8001. The dollar also slipped to 111.11 yen JPY= , edging near 110.625, its 5 1/2-week low touched on Monday. Fed policy makers have said another interest rate hike is likely by the end of year but the Fed''s dovish comments prompted investors to slightly reduce expectations of a rate hike. Fed funds rate futures are pricing in slightly less than a 50 percent chance of a rate hike by December, compared to a little over 50 percent before the Fed''s meeting. "Even though the U.S. economy is strong, inflation is weak. Markets want to see more signs of inflation before they are convinced about future rate hikes," said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank. "I also suspect people want to take stock of the impact of the likely reduction of the Fed''s balance sheet," she added. Reporting by Hideyuki Sano; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-forex-idUKKBN1AC02I'|'2017-07-27T03:47:00.000+03:00'
'68cc464cd177309668339c0ab1722b398ddb8746'|'Value of U.S. deals in China sinks on rising trade tensions'|'July 28, 2017 / 5:16 AM / an hour ago Value of U.S. deals in China sinks on rising trade tensions 7 Min Read FILE PHOTO: People walk inside JP Morgan headquarters in New York, October 25, 2013. Eduardo Munoz/File Photo HONG KONG (Reuters) - U.S. corporate acquisitions in China collapsed to their lowest level for 14 years in the first half of this year, as trade tensions between the two countries and uncertainty about Chinese government regulations took a toll on deal making. The value of mergers and acquisitions involving American companies in China dropped 32 percent to just $523 million in the six months to June 30 from $771 million in the same period last year, and were down 87 percent from $4 billion in the first six months of 2015, according to Thomson Reuters data. Bankers and lawyers involved in deal making say that increasing signs of trade friction between Washington and Beijing are acting as a deterrent. The tensions were reflected at a meeting earlier this month when officials from the two countries failed to agree on major new steps to reduce the U.S. trade deficit with China. American companies do not want to make acquisitions in an environment where they could get caught in crossfire between the two governments, these sources said. That could happen if, for example, U.S. President Donald Trump''s administration imposed punitive tariffs on Chinese steel and other products and Beijing retaliated with its own action against American goods or entities. (For a graphic on U.S. M&A in China, click tmsnrt.rs/2gWn98u ) That in turn leads to the danger that American companies won’t be able to take full advantage of China’s still buoyant economic growth of just under 7 percent a year, adding further to the stresses in the trade and investment relationship between the two countries. "The new norm for China and the U.S. is to be at odds on trade issues. As of now, they are having huge differences with regards to the steel industry, huge differences with regards to trade imbalance," said Roy Zou, a Beijing partner at law firm Hogan Lovells. “I don''t see a big increase in U.S. investments in China.” China''s Ministry of Commerce (MOFCOM) did not respond to Reuters faxed request for comment on the drop in U.S. acquisitions. The decline is happening at a time when Chinese deals in the U.S. are still rising, though opposition in Washington to certain kinds of Chinese purchases on national security grounds is also increasing and could add to tensions. Foreign Firms Complain European companies'' deal making has also been declining but at a slower pace. Their acquisitions in China in the first half of this year were worth $223 million, against $268 million in the same period last year. Foreign firms have complained for some time about not being offered a level playing field in China. Among their concerns are restrictions on foreign ownership in key sectors – including finance and technology – and various regulations that favor domestic firms over foreign rivals. And all of this can make them think twice about pulling the trigger on a major acquisition, trade experts said. \ "Foreign investors face explicit and implicit ownership restrictions in the most attractive sectors, and they are also not able to participate in the restructuring and consolidation of ailing industries," said Rhodium Group economist Thilo Hanemann, who analyses China’s international investment position. FILE PHOTO: China''s President Xi Jinping arrives for the opening ceremony of B20 Summit ahead of G20 Summit, in Hangzhou, Zhejiang Province, China, September 3, 2016. Aly Song/File Photo The American Chamber of Commerce in Shanghai said in its annual China Business Report published on July 12 that the Chinese government needed to halt policies and regulations that favor domestic firms over foreign businesses. The lobby group complained of long-established "systemic inequities," in the report, which was based on responses from 426 AmCham member companies in China. While buyers of assets in China have faced many such challenges before, they haven’t usually had to do so against such a backdrop of trade tensions and wider political uncertainty. "There is a lot of grandstanding going on between the two countries," said a senior M&A banker at a U.S. bank in Hong Kong. "Not many would like to deploy a couple of billion dollars now when you are not sure of the regulatory landscape and what shape and form it would take." This picture is further complicated by the approaching 19th National Congress of the Chinese Communist Party, this autumn. The gathering is expected to lead to a consolidation of President Xi Jinping’s power. Many of the organs of the party and government are focused on making sure the Congress, which is held every five years, goes off without a hitch and that there isn‘t any kind of economic or political schism in the months leading up to it. FILE PHOTO: The logo of Morgan Stanley is seen at an office building in Zurich, Switzerland September 22, 2016. Arnd Wiegmann/File Photo "Chinese economic bureaucracy is now dominated by a desire to manage systemic risk in preparation for the upcoming 19th Party Congress," said Brock Silvers, managing director of Kaiyuan Capital, a Shanghai-based investment advisory firm. "Any policies or reforms to be adopted after the Congress are still unknown," he said, adding last week his firm advised a U.S. private equity fund to postpone plans for China investments until regulatory issues are clarified. The Chinese authorities’ increasing scrutiny of some of the most acquisitive Chinese companies of recent years, such as the HNA Group Co Ltd, which has led to a slowdown in their deal making, has added to the uncertainty. This is focusing attention on the opaque nature of their ownership and finances and may make them less appealing as deal makers, whether as buyers and sellers of assets, or as partners in any transactions. There have been 17 announced acquisitions of companies in China by U.S. firms this year, compared to 39 in whole of 2016. The average value is down to $43 million this year from $73 million in 2008, when U.S. acquisitions hit an all-time high of $12 billion. Some trade experts worry that a more hawkish Washington approach to the national security risks of proposed Chinese investments in the U.S. could easily trigger retaliation from Beijing. "The sense we get from talking to our clients is there is concern as to whether anti-trust policies (in China) could now be used to discriminate against foreign enterprises," said Mustafa Hadi, head of disputes and international arbitration for Greater China and North Asia, at advisory and consultancy firm Berkeley Research Group. In the financial sector in particular, there are concerns that some deals and expectations of reform could get derailed if Sino-U.S. relations deteriorate, according to people familiar with the situation. JPMorgan Chase & Co is in talks to set up a new joint venture with a local partner in China, while Morgan Stanley is looking to further increase its stake in its mainland China investment-banking operations after already raising it to 49 percent this year, people with direct knowledge of the discussions have said. JPMorgan and Morgan Stanley declined to comment. Reporting by Sumeet Chatterjee and Kane Wu; Editing by Martin Howell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-m-a-usa-idUKKBN1AD0HA'|'2017-07-28T08:04:00.000+03:00'
'f94f0fdbe2d7b9c27f7d1ca11f848a448bacb379'|'Essentra profit falls as unit integration woes continue'|'July 28, 2017 / 6:34 AM / in 21 minutes Essentra profit falls as unit integration woes continue Reuters Staff 1 Min Read (Reuters) - Essentra Plc ( ESNT.L ), a supplier of speciality plastic and packaging products, said its profit fell 29 percent in the first half as sales at its health and personal care packaging unit continued to slow due to integration issues. The company said pretax profit for the six months ended June 30 fell to 37 million pounds ($48.4 million) from 53 million pounds a year earlier. Revenue rose 5.6 percent to 522.6 million pounds, helped by strength at its components business. On a like-for-like basis, revenue slipped 3.9 percent. Reporting by Justin George Varghese in Bengaluru; Editing by Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-essentra-results-idUKKBN1AD0O3'|'2017-07-28T09:34:00.000+03:00'
'a06c99c12cf99f186d8e5e377f06b4f946781655'|'SEBI calls on exchanges, clearing corps to better deal with tech glitches'|'July 28, 2017 / 2:42 PM / 5 hours ago SEBI calls on exchanges, clearing corps to better deal with tech glitches 1 Min Read The logo of the Securities and Exchange Board of India (SEBI), India''s market regulator, is seen on the facade of its head office building in Mumbai, India, July 13, 2015. Shailesh Andrade MUMBAI (Reuters) - Market regulator Securities and Exchange Board of India (SEBI) admonished stock exchanges, clearing corporations and depositories on Friday to have procedures in place to deal with technological disruptions or cyber attacks, and to quickly share any information when such instances occur. In a statement, SEBI added it would also undertake "a comprehensive review" of the technology and systems deployed at these institutions. The statement comes after SEBI convened a meeting of relevant parties on Friday following a technology glitch at the National Stock Exchange (NSE) earlier this month that led to a near five-hour long trading disruption. SEBI added NSE had assured the regulator at the meeting that the exchange was strengthening its internal processes "to further reduce the response time for recovery and also adoption of automated processes." For full statement see: ( bit.ly/2eTzucV ) Reporting by Abhirup Roy; Editing by Rafael Nam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-sebi-exchange-idINKBN1AD1UY'|'2017-07-28T17:39:00.000+03:00'
'4c036179b83006576e56271d06ece07095580c5e'|'Facebook''s Sandberg calls for new policies to boost women''s pay'|'July 30, 2017 / 3:50 PM / 13 minutes ago Facebook''s Sandberg calls for new policies to boost women''s pay Reuters Staff 3 Min Read Sheryl Sandberg, Chief Operating Officer of Facebook, delivers a speech during a visit in Paris, France, January 17, 2017, at a start-up companies gathering at Paris'' Station F site as the company tries to head off tougher regulation by Germany. Philippe Wojazer LONDON (Reuters) - Facebook Inc ( FB.O ) Chief Operating Officer Sheryl Sandberg called on governments and companies to do more to close the gender pay gap on Sunday and said both girls and boys should be encouraged to become leaders from an early age. "We need to start paying women well and we need the public policy and the corporate policy to get there," she told the BBC. "But certainly women applying for jobs at the same rate as men, women running for office at the same rate as men, that''s got to be part of the answer." The issue of women earning less than men arose again earlier this month, when the BBC was forced to reveal the pay of its journalists and presenters. Men earning more than 150,000 pounds ($197,000) a year outnumbered women by two to one, and the broadcaster''s top-ranking man received more than four times the amount of its highest-paid woman. Sandberg, one of the most influential Silicon Valley executives and the author of the 2013 book "Lean In", said women undervalued the contribution they could make in business. "We start telling little girls not to lead at very young ages and we start telling little boys to lead at a very young ages, and that''s a mistake" she told interviewer Kirsty Young on the long-running radio show Desert Island Discs. "I believe everyone has inside them the ability to lead and we should let people choose that, not based on gender but on who they are and who they want to be." Sandberg also discussed the efforts that Facebook was taking to keep the platform and its messaging service WhatsApp from being used to promote and discuss militant attacks. Speaking about a meeting with British interior minister Amber Rudd, she said the company and the British government were "very aligned in our goals". "We want to make sure all of us do our part to stop terrorism, and so our Facebook policies are very clear: there''s absolutely no place for terrorism, hate, calls for violence of any kind," she said. Rudd has called on tech companies to do more stop extremists posting content on their platforms and using encrypted messaging services to plan attacks. "As technology evolves these are complicated conversations, we''re in close communication working through the issues all around the world," Sandberg said on Sunday. ($1 = 0.7614 pounds) Reporting by Paul Sandle, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-women-pay-facebook-sandberg-idUKKBN1AF0O7'|'2017-07-30T18:50:00.000+03:00'
'8eeed9ffbba577934cc91e8dfd3621dff6c4466a'|'Amazon''s big profit miss spooks investors, but analysts'' stay bullish'|'July 28, 2017 / 1:41 PM / in 2 hours Amazon''s big profit miss spooks investors, but analysts stay bullish Sweta Singh and Ankur Banerjee 3 Min Read (Reuters) - A steeper-than-expected drop in quarterly profit rattled some Amazon.com ( AMZN.O ) investors, but Wall Street analysts remained largely bullish about the company''s aggressive spending plans. Shares of the e-commerce juggernaut, which have risen 40 percent this year, were down 4.3 percent at $1,001 in early trading on Friday, wiping out $21 billion from its market value. The stock touched a record high on Thursday, helping CEO Jeff Bezos briefly unseat Microsoft Inc ( MSFT.O ) co-founder Bill Gates as the world''s richest person. "The overall story coming out of Amazon''s second quarter print feels a lot like it did three months ago — accelerating growth, stepped-up investments, lower near-term profitability," J.P. Morgan analyst Doug Anmuth said. "But will anyone care about profit when Amazon is taking bigger chunks of market share?" The world''s largest online retailer reported a better-than-expected rise in revenue, but operating profit came in well short of analysts'' estimate as the company continued to pump in money to expand in international markets such as India. The company also guided to a possible operating loss for the current quarter. Amazon, which started as an online bookseller, has forayed into areas that historically had barriers to e-commerce. The company''s recent $13.7 billion acquisition of Whole Foods Markets Inc ( WFM.O ) is testimony to Bezos'' far-reaching ambition. People pass a signage at Amazon''s Prime Now fulfillment centre in Singapore July 27, 2017. Edgar Su At least four brokerages, including J.P. Morgan, raised their price targets on the stock. Morgan Stanley, however, trimmed its price target by $50 to $1,150 based on valuation. The median price target is $1,150, indicating a 9.9 percent upside to Thursday''s close. Amazon currently trades 115.8 times its 12-months forward earnings. This compares with Microsoft''s 22.43 and Alphabet Inc''s ( GOOGL.O ) 26.45. The two compete with Amazon''s market leading cloud computing business, Amazon Web Services (AWS). PE is widely used on Wall Street to gauge the relative value of stocks although it is not the only such metric. AWS continued to be the company''s cash cow, bringing in $4.1 billion in sales, a 42 percent jump. Chief Financial Officer Brian Olsavsky said on a post-earnings call that the AWS unit would expand in France, Sweden and China in the near future. "We believe the company''s ongoing heavy investments in fulfillment capacity, video content, and AWS are to match with its substantial growth rates, and should not be viewed negatively," Needham & Co analyst Kerry Rice said, who views the pullback in the stock as a "buying opportunity." (This version of the story has been refiled to remove apostrophe from headline) Reporting by Sweta Singh and Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-amazon-com-results-research-idINKBN1AD1OM'|'2017-07-28T16:41:00.000+03:00'
'd10f8788b9ead1ecf1386d8b79ccaff74084be14'|'Oil climbs for sixth day, near eight-week highs on U.S. crude stock declines'|'July 28, 2017 / 1:16 AM / in 14 minutes Oil extends gains, on track for biggest weekly rise this year Karolin Schaps 2 Min Read FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., in this March 24, 2016. Nick Oxford/File Photo LONDON (Reuters) - Oil prices edged higher on Friday, reaching new two-month highs and on track to post the strongest weekly percentage gains this year as investors digested signs of an easing oversupply. U.S. crude and gasoline inventories fell much more steeply than expected this week and the world''s biggest oil exporter Saudi Arabia said it would further reduce oil output in August. Brent crude futures were up 44 cents at $51.93 a barrel at 1334 GMT after reaching a new two-month high of $52.02 a barrel. The front of the crude oil curve jumped into backwardation, with the month-ahead trading above the subsequent month, showing investors are not expecting recent gains to last. U.S. West Texas Intermediate (WTI) crude futures were up 30 cents at $49.34 a barrel, after also touching a fresh two-month peak of $49.38 a barrel. Both contracts are set to post their biggest percentage gains this year with a rise of around 8 percent. "Positive signs came from the draw in gasoline stocks this week, as the U.S. moves into the peak driving season," said Ashley Kelty, oil analyst at Cenkos Securities. U.S. crude stocks fell sharply by 7.2 million barrels in the week to July 21 due to strong refining activity and an increase in exports, according to data from the Energy Information Administration (EIA). [EIA/S] Brimming U.S. crude supplies have been a challenge to production cuts to prop up prices led by the Organization of the Petroleum Exporting Countries, meaning weekly U.S. inventory data is closely watched. Despite these signs, analysts'' assessments of the oil market remained bearish. "We believe the latest price rise is on a fragile footing," analysts at Commerzbank said, adding OPEC production was likely to rise in the coming months as the group has not officially capped output from members Libya and Nigeria. Investors were eyeing an update on the U.S. rig count expected later on Friday to assess any signs of a slowing down in drilling activity. Additional reporting by Jane Chung in Seoul; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN1AD04S'|'2017-07-28T04:15:00.000+03:00'
'029cc630e4a26eabe51e22f26b998ebb0460d678'|'VW sale of Ducati, Renk units lacks board support'|'July 29, 2017 / 10:47 PM / 2 hours ago VW sale of Ducati, Renk units lacks board support Andreas Cremer 4 Min Read FILE PHOTO: The Ducati logo is seen on a Scrambler model in Rome, Italy, March 5 2016. Alessandro Bianchi/File Photo BERLIN (Reuters) - Volkswagen''s ( VOWG_p.DE ) planned sale of motorcycle brand Ducati and transmissions maker Renk has currently no majority backing on the carmaker''s supervisory board, with opponents to asset sales feeling invigorated by the group''s strong results. Europe''s largest automaker has tasked banks to evaluate options for Ducati and Renk including divesting the two divisions as it aims to streamline operations to help fund a post-dieselgate strategic overhaul. Volkswagen has been reviewing its portfolio of assets and brands since announcing in June 2016 a multi-billion-euro shift to electric cars and new mobility services as part of its so-called Strategy 2025. Five bidders have been shortlisted to buy Ducati, including Italy''s Benetton family, with offers received valuing the brand at 1.3 billion-1.5 billion euros ($1.76 billion), a source said on Saturday. But VW''s labour leaders, occupying half the seats on the 20-member supervisory board which decides on asset sales, resist a sale of Ducati and Renk without compelling financial reasons. "The employee representatives on Volkswagen''s supervisory board will neither approve a sale of Ducati, nor one of Renk or MAN Diesel & Turbo," a spokesman for VW group''s works council told Reuters late on Saturday. "Everyone who can read the VW half-year results should know: We don''t need money and our subsidiaries are not up for grabs by bargain hunters." Six-month operating profit at VW group jumped 19 percent to 8.9 billion euros, the carmaker said on Thursday, as cost cuts and R&D improvements at the core namesake brand earned VW a respite from the billions of euros in costs for fines, vehicle refits and compensation related to its dieselgate scandal. One source at VW said that given strong union opposition, VW is now reviewing the plan to sell Ducati as it doesn''t want to risk working with labour on implementing a hard-fought turnaround plan for the VW brand, seen as crucial by investors. Though Ducati is owned by VW''s luxury brand Audi ( NSUG.DE ), the VW group''s supervisory board has to approve a possible sale. Audi declined comment. The billionaire Porsche and Piech families, controlling 52 percent of voting shares in VW and holding four supervisory board seats, do not support selling Ducati or Renk, two other sources at VW group said. A spokesman for Porsche SE ( PSHG_p.DE ), the family''s holding company, declined comment. With 20 percent of voting rights in VW, Lower Saxony, where the carmaker employs more than 100,000 staff at six plants, can veto decisions such as factory closures. Holding two board seats, Lower Saxony traditionally teams up with VW''s worker representatives for the sake of protecting jobs and projects. A spokeswoman declined comment when asked whether the state government would back a sale of Ducati or other assets. "The management board has not even asked the supervisory board of Volkswagen, where such sales have to be ratified, for its approval," the works council spokesman said. "Therefore we advise all supposedly interested parties: Save your time to check any books. A sale will not happen." The five bidders shortlisted to buy Ducati will be given access to the company''s books after the summer, the first source said. With most of Audi''s executives away for a three-week summer break, a decision on whether management will stick to the planned sale will not be taken until September or October, a source close to Audi said. Audi declined comment. VW finance chief Frank Witter, speaking on Thursday''s earnings call, declined any comment on "speculation" surrounding VW''s asset sales plans. ($1 = 0.8512 euros) Reporting by Andreas Cremer; Editing by James Dalgleish and Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-ducati-idUKKBN1AE0S9'|'2017-07-30T18:21:00.000+03:00'
'0cef02838bea4f471d299d98d97cdcd863b59e0b'|'At "bare bones" Noble Group, staff exits and debt pose more risks'|'July 28, 2017 / 4:51 AM / in 2 hours At "bare bones" Noble Group, staff exits and debt pose more risks Anshuman Daga and Henning Gloystein 6 Min Read FILE PHOTO: A signage of Noble Resources, a Noble Group subsidiary,is pictured at their premises in Singapore March 6, 2015. Edgar Su/File Photo SINGAPORE (Reuters) - Noble Group is slimming down drastically to its core Asian coal-trading business, but that may not be enough to revive its fortunes due to a staff exodus, shrunken balance sheet and debts of more than $3 billion, analysts and industry sources say. Once Asia''s largest commodities trading house, Singapore-listed Noble is a shadow of what it was during the boom years, when it snapped up assets from sugar mills to coal mines and expanded globally to rival Glencore and Trafigura. In a dramatic overhaul announced on Wednesday, it sold its U.S. gas and power business to a Swiss-based peer, Mercuria Energy Group, for $248 million, started a process to sell its oils liquids unit and announced plans for up to $1 billion of disposals over the next two years. It also flagged a $1.3 billion writedown, leading to a quarterly loss of up to $1.8 billion on a "more conservative balance sheet valuation". "You are essentially getting back to a contract book that''s worth $1.2 billion and meanwhile you have debt at $3.3 billion. So that''s clearly not sustainable," said Andy DeVries, New York-based analyst at CreditSights, an independent research firm. "You can''t asset sale your way out of this. You can''t grow the earnings out of this. You need a change in the capital structure. It''s essential." Sources close to the company and investors said the business remains hemmed in by financing constraints - a major issue for trading houses - and has lost many traders, analysts and managers over the past months, despite cash offers to keep key staff until December. Recruiters cite high-profile departures, including veterans in Noble''s U.S. aluminium business. Other exits include the company''s head of strategists in Singapore, who left in recent weeks - according to colleagues, to open a bed and breakfast in his native Iceland, though he confirmed only his departure. Its head of forex and rates left after an eight-year stint and its Asia treasury chief quit. Noble''s chief iron ore analyst, Gueorgui Pirinski, joined rival Rio Tinto in May. Noble declined to comment for this story. Commodity trading is a "people business" and relies heavily on the contacts and expertise of its traders and analysts. "In theory, Noble had a very large oil trading business that was worth a lot of money," said CreditSights'' DeVries. "In reality, they lost most of the key traders in that business. It is very bare bones and they are selling the remaining bones." Red October Noble was thrust into the spotlight in February 2015 when previously obscure Iceberg Research accused it of overstating its assets by billions of dollars, which Noble rejected. In 2015, consultants PricewaterhouseCoopers found Noble had complied with international accounting rules. But as far back as January 2016, Noble''s founder and then chairman, Richard Elman, told Reuters in an interview that the firm needed "to go back to being modest and cautious and economical". After Wednesday, the company''s latest overhaul, its shares slid by nearly 49 percent, valuing the group at less than $400 million - far below its $10 billion peak. The stock has slumped 75 percent this year. A representative of Iceberg told Reuters: "Noble is facing the perfect storm for a trader - prohibitive cost of funding, both counterparties and banks are cutting their exposure, many traders have left. It is simply not possible to get out of this hole." Noble''s key 2020 bond also fell, trading down half a point at 32.5/36.25 cents on the dollar. The latest bond, issued in March and due in 2022, has slumped to 32.9/35.55 - less than a third of its value in little over 4 months. S&P Global Ratings in May cut Noble''s corporate credit ratings to junk status, warning of a default. Analysts expect Noble''s latest plan to mark the prelude to talks with bondholders. "On one hand the asset sales can arrest an immediate liquidity crunch, but on the other hand it means that the large chunk of the core business will be gone," said Chris Park, an analyst at Moody''s. "The question is if it can service its remaining debt even if it can reduce the short term liquidity issues." Last month, Noble extended a key debt deadline to Oct. 20, providing a lifeline to the company, and it said on Wednesday it was in still talking with banks. Previously a large player in metals, agriculture, oil, natural gas, iron ore and coal, market participants say Noble has for months been largely reduced to trading physical coal supply contracts it has with customers, including deals to ship thermal coal from Indonesia''s Kalimantan to clients in North Asia. While other merchants, including its bigger European rival Glencore, have recovered from the 2015/2016 commodities slump, Noble''s decline has been steep. But it woes do not appear to pose a wider risk of contagion to the sector. "They are virtually absent from physical oil or liquefied natural gas. The capital requirements for them are just too high, and the counterparty risk to engage with them is too high for us," said one energy trader who used to regularly deal with Noble. "It''s sad to see. The market lost a major participant, and I know guys there. It''s not an easy situation for them to be in." Reporting by Anshuman Daga, Henning Gloystein in SINGAPORE and Umesh Desai in HONG KONG; Editing by Clara Ferreira Marques and Alex Richardson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/noble-grp-structure-idINKBN1AD0F9'|'2017-07-28T07:49:00.000+03:00'
'c65ed29a76d6b57b64b3185cf446f031879b2fac'|'Google, Facebook show power of ad duopoly as rivals stumble'|'July 28, 2017 / 3:32 PM / in 29 minutes Google, Facebook show power of ad duopoly as rivals stumble 6 Min Read Attendees visit the Google workshop at the Viva Technology conference in Paris, France, June 15, 2017. Benoit Tessier SAN FRANCISCO (Reuters) - Quarterly results from Alphabet Inc ( GOOGL.O ) and Facebook Inc ( FB.O ) provided fresh evidence this week that the digital advertising market is effectively a duopoly, a dynamic with deep implications for two of Silicon Valley''s titans. Alphabet, the owner of Google and YouTube, and Facebook, the world''s largest social network, each produced billions in profits during the most recent quarter and enjoyed steep revenue increases, while smaller rivals such as Snap Inc ( SNAP.N ) and Twitter Inc ( TWTR.N ) struggle to maintain growth and reduce losses. This year, the Big Two in internet advertising are expected to take half of all revenue worldwide, and more than 60 percent in the United States, according to research firm eMarketer. In the U.S. market, no other digital ad platform has market share above 5 percent. Google suffered a minor blip in earnings due to higher payments to mobile carriers and others for search traffic. But efforts by Verizon and other network operators to compete for mobile ad dollars have had little impact thus far. Independent advertising technology companies such as Rubicon Project ( RUBI.N ) and Rocket Fuel ( FUEL.O ) have also found it tough to compete. Advertisers are flocking to Facebook and Google because they reach billions of people and have a wealth of data that can be deployed for targeted marketing. Their growing dominance, however, raises questions about how they will use their billions in profits to maintain growth when the advertising market as a whole is expanding only modestly. "Digital advertising will soon be approaching a point of saturation, indicating that there are limits to growth which may not be fully accounted for by the investment community," Brian Wieser, senior analyst at Pivotal Research, said in a client note this week. The advent of a duopoly is also spurring concerns about monopolistic practices. Google this month set aside $2.7 billion to pay a record European Union antitrust fine for favouring its shopping service in search results, and it faces two additional investigations in Europe. Facebook   Friday. In the past, the company has rejected the idea that it is part of a duopoly, saying that it competes against more than just digital platforms and has less than 5 percent of the overall advertising market. Alphabet did not reply to requests for comment. Video Gold Video is one market that Facebook and Google both view as a crucial new frontier. With huge investments planned, the companies are preparing to do to the television advertising business what they have long since done to traditional print advertising: namely, take much of it for themselves. FILE PHOTO - Facebook logo is seen at a start-up companies gathering at Paris'' Station F in Paris, France on January 17, 2017. Philippe Wojazer/File Photo - RTX3CVN0 YouTube has been rolling out new series with stars such as Ellen DeGeneres and Kevin Hart, and says that the service''s overall 1.5 billion viewers watch, on average, 60 minutes a day on their phones and tablets. Facebook is expected to launch original video series of its own within weeks, after signing deals with companies such as Vox Media and BuzzFeed. Facebook''s Instagram unit is also becoming a bigger producer of revenue, with video likely to be a big part of the mix. Already, many advertisers feel they cannot ignore the massive reach of YouTube. Some big advertisers launched a boycott of YouTube this year after their ads appeared alongside videos from Islamic extremists, yet there was no evidence from Alphabet''s earnings report on Monday that it had any impact on revenues. "Marketers aren''t going to get fired for hiring Facebook and Google," said Harry Kargman, chief executive of Kargo, which manages digital marketing for media companies including Time Inc ( TIME.N ). Antitrust Risk Other owners of digital ad inventory are feeling the squeeze. This month, an alliance of U.S. news organizations started a lobbying campaign for an exemption from antitrust law that would allow them to coordinate their negotiations with Google and Facebook, although such requests from other industries generally have not succeeded. Consumer advocates worry about the giants snuffing out competition. "All of the major technology companies should be on alert that people are a bit spooked and unsettled about their size and their ability to expand into new markets," said Gene Kimmelman, president of Public Knowledge, a nonprofit that advocates for an open internet. Size is not by itself an antitrust concern, and neither is the ability to quash competitors, even through copying as Facebook has done with rival app Snapchat. Facebook and Google are not under U.S. antitrust investigation. Still, the prospect of a future probe could still affect their business strategies. "As long as they toe the line and stay in the market position they''re in, it''s going to be kind of hard to go after them under the existing antitrust laws," said Herbert Hovenkamp, a University of Pennsylvania professor of antitrust law. But acquisitions, he said, would be another matter. "Even a merger between Facebook or Google and a smaller rival would probably be looked at very closely," Hovenkamp said. Reporting by David Ingram; Editing by Jonathan Weber and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alphabet-facebook-analysis-idUKKBN1AD1ZT'|'2017-07-28T18:32:00.000+03:00'
'5bce864cb2b8fd2ad12118e58d6dcc91e0774430'|'Deutsche Bank posts unexpectedly sharp rise in second-quarter profit'|'Edition United States July 27, 2017 / 5:33 AM / 17 minutes ago Deutsche Bank posts unexpectedly sharp rise in second-quarter profit Reuters Staff 1 Min Read FILE PHOTO: The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Deutsche Bank posted a sharp rise in second-quarter net profit to 466 million euros ($547 million) on Thursday, benefiting from lower legal costs for past misdeeds that outweighed a dip in debt trading. Germany''s flagship lender beat the expectations of analysts, who had forecast net income of 273 million euros after just 20 million euros in the second quarter of last year, according to a Reuters poll. Chief Executive John Cryan said in a statement: "Despite the significant improvement, this level of profitability falls short of our longer term aspirations. Revenues were not as universally strong as we would have liked, in large measure because of muted client activity in many of the capital markets." Revenues at Deutsche Bank''s cash-cow bond-trading division were 12 percent lower in the quarter due to decreased client activity in less volatile markets. "As we modernize our bank we are turning our focus onto building profitable growth," Cryan said. Reporting by Tom Sims; Editing by Georgina Prodhan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-results-idUKKBN1AC0HC'|'2017-07-27T08:32:00.000+03:00'
'e93f0047f86c9506ffe83af2490a55539bcfc5d5'|'Wisconsin to consider $3 billion Foxconn incentive package'|'July 31, 2017 / 8:07 PM / 5 minutes ago Wisconsin to consider $3 billion Foxconn incentive package David Shepardson 4 Min Read Foxconn Chairman Terry Gou (R) smiles back at U.S. President Donald Trump and House Speaker Paul Ryan (R-WI) (L) during a White House event where the Taiwanese electronics manufacturer announced plans to build a $10 billion dollar LCD display panel screen plant in Wisconsin, in Washington, U.S. July 26, 2017. Jonathan Ernst WASHINGTON (Reuters) - The Wisconsin governor ordered the state legislature back into special session on Tuesday to consider an incentive package that would award Taiwanese electronics manufacturer Foxconn $3 billion over 15 years in mostly cash incentives and waive several state environmental reviews. Foxconn said last week in a White House ceremony it plans to build a $10 billion LCD flat screen factory in southeast Wisconsin. The company, formally known as Hon Hai Precision Industry Co Ltd, hopes to open the 20 million-square-foot plant in 2020 at a 1,000-acre site and will initially employ 3,000 people. Republican Governor Scott Walker and Foxconn said the company ultimately may employ 13,000 people at the site. The draft bill released Monday discloses new details of the expensive incentive package that Wisconsin offered as it competed with six other states to land the project that it says will also generate 22,000 ancillary jobs and 10,000 construction jobs. The Republican-controlled legislature will take up the measure on Tuesday but it is not clear when they will vote. If the incentives are approved, the Wisconsin Economic Development Corporation would then negotiate a formal contract with Foxconn on the project, said Mark Maley, a spokesman for WEDC. Tim Bartik, an economist at the Upjohn Institute for Employment Research in Michigan who studies government tax incentives, said the Foxconn package is at least six times the average U.S. award but similar to some deals for auto plants and planemaker Boeing Co. Foxconn is a major supplier to Apple Inc for its iPhones but the company has not said if the Wisconsin factory would produce any parts for Apple. Under the legislation, Foxconn can receive up to $200 million per year in refundable tax credits, capped at $2.85 billion if meets capital and employment compensation targets. It can also avoid paying $150 million in sales taxes on building materials, equipment and supplies. Although the state measures to attract Foxconn are labelled tax incentives, they largely would be paid in cash since the effective Wisconsin state tax rate is 0.4 percent on manufacturers. In addition to incentives, President Donald Trump suggested the investment decision was due to his election and promised changes in corporate regulatory and tax policy. The incentives include up to $1.5 billion in state income tax credits for job creation and up to $1.35 billion in state income tax credits for capital investment. Foxconn is eligible for additional local incentives. The company is eligible for refundable tax credits equal to 17 percent of wages paid instead of the typical 7 percent and 15 percent of capital costs instead of 10 percent. Wisconsin also agreed in the draft legislation to issue up to $252.4 million in state debt to reconstruct parts of Interstate 94 near the sites that the company is considering sites in Kenosha and Racine counties near the border with Illinois. The draft legislation released by Walker waives a required state environmental impact statement and allows the company to discharge dredged or fill material into some wetlands without state permits. The legislation also would allow Foxconn to connect artificial bodies of water with natural waterways without state permits. Foxconn Chairman Terry Gou told the Milwaukee Journal Sentinel that one reason Wisconsin was appealing is because of its proximity to abundant fresh water from Lake Michigan needed to build panels. The legislation also waives requiring approval for the project by the Public Service Commission, which oversees power and water utilities in Wisconsin. Reporting by David Shepardson; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-foxconn-wisconsin-idUKKBN1AG2DS'|'2017-07-31T23:11:00.000+03:00'
'5f7031dfa646401a95728b7108b696570f7b5773'|'Nokia beats quarterly market forecasts but lowers networks outlook'|'July 27, 2017 / 5:28 AM / 19 minutes ago Nokia beats quarterly market forecasts but lowers networks outlook Reuters Staff 1 Min Read A Nokia logo is seen at the company''s headquarters in Espoo, Finland, May 5, 2017. Ints Kalnins HELSINKI (Reuters) - Finnish network equipment maker Nokia reported larger than expected quarterly profits on Thursday thanks to a patent deal with Apple along with improving profitability at its network business but warned its key market would slow. Second-quarter group earnings before interest and taxes (EBIT) rose 73 percent from a year ago to 574 million euros ($674 million), clearly above analysts'' average forecast of 447 million euros in a Reuters poll. However, Nokia said the global network market would be more challenging in the full year than earlier forecast, citing uncertainty related to the some projects. "We now expect a decline in the market in the range of 3-5 percent, versus our earlier view of a low-single digit decline," Chief Executive Rajeev Suri said in a statement. Nokia''s network business, which accounts for roughly 90 percent of its sales, is expected to decline in line with the market trends, he said. Reporting by Jussi Rosendahl and Helena Soderpalm, Editing by Eric Auchard 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-nokia-results-idUKKBN1AC0GU'|'2017-07-27T08:25:00.000+03:00'
'61926d92e8843da2dcbd98f0aa81af107759aede'|'Idea Cellular posts third straight quarterly loss amid price war'|'July 27, 2017 / 11:24 AM / in 4 hours Idea Cellular posts third straight loss amid price war 2 Min Read FILE PHOTO: A man speaks on his mobile phone as he sits in front of a shop displaying the Idea Cellular Ltd''s logo on its shutter in Mumbai, India, April 28, 2014. Danish Siddiqui/File Photo (Reuters) - Idea Cellular Ltd, India''s No. 3 telecoms firm, reported a third straight quarterly loss on Thursday, reeling in the wake of a price war wrought by upstart entrant Reliance Jio. The company reported a net loss of 8.15 billion rupees ($127.13 million) for the three months ended June 30 after posting a profit of 2.20 billion a year earlier. ( bit.ly/2u1iLpF ) Analysts on average estimated a loss of 6.71 billion rupees, Thomson Reuters I/B/E/S data showed. Idea''s capital expenditure guidance for full year 2018 is 60 billion rupees, it said. Reliance Industries, led by India''s wealthiest man Mukesh Ambani, entered India''s telecoms industry last year, spending more than $30 billion on Jio and upending the sector with its low-cost data plans. The ensuing price war has triggered consolidation in the world''s second biggest mobile phone market by users. Idea and Vodafone Group Plc''s have agreed to merge their Indian operations in a $23 billion deal that is expected to close in 2018. Bharti Airtel is taking over operations of Norway''s Telenor in six Indian states. This week, bigger rival Bharti Airtel reported its smallest profit in 18 quarters. Reporting by Arnab Paul in Bengaluru; editing by Edwina Gibbs and Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/idea-cellular-results-idINKBN1AC1P8'|'2017-07-27T14:23:00.000+03:00'
'150d3a9ebd6a06ce3e88639e8a5c2cf2c3ac20ae'|'Asia''s Rally Has More Than FAANGs'|'Asia''s Rally Has More Than FAANGs It''s not just technology firms propelling equities higher. By From Photographer: Jamie Squire/Getty Images Asia''s strongest stock rally in five years might be more durable than the bull run in the S&P 500 Index. Oaktree Capital Group LLC''s Howard Marks sounded the alarm in his most recent letter to clients, pointing out that five technology super stocks -- Facebook Inc., Amazon.com Inc., Apple Inc., Netflix Inc. and Google parent Alphabet Inc. -- are driving U.S. shares to record highs. These five firms alone have contributed almost 25 percent of the S&P 500''s 11 percent year-to-date rise. Asia has its own FAANGs. Tencent Holdings Ltd., Alibaba Group Holding Ltd., Samsung Electronics Co., Taiwan Semiconductor Manufacturing Co. and Foxconn''s Hon Hai Precision Industry Co. are responsible for almost one-third of the MSCI Asia ex-Japan Index''s 28 percent rally since January. Technology stocks in Asia as a group have soared 35 percent so far in 2017, buoyed by an average earnings upgrade of 23 percent from sell-side analysts. But Asia''s gains are broader than that. Whereas the rally in the U.S. is driven mainly by technology firms, followed by equally expensive healthcare stocks, in Asia it''s financial institutions, which are trading at an undemanding 13 times forward earnings, that are playing a significant role. In fact, financials as an industry group saw some of the largest earnings upgrades over the past month. Even more encouragingly, investors in Asia are seeing strong earnings beats, because expectations for financial institutions (which include developers) weren''t high to start with. China Evergrande Group touched a record high this week after the company said half-year profit may triple from a year earlier, driven by soaring property prices and rising home sales. It''s a similar picture in South Korea, where KB Financial Group Inc.''s second-quarter net came in at 990.1 billion won ($890 million) versus the 784 billion won analysts had been forecasting. Billionaire fund managers in America might be hoisting red flags as U.S. stocks soar to unprecedented highs . But investors in Asia can take comfort from the fact that their rally has more than one leg on which to stand. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-27/asia-s-rally-has-more-than-faangs'|'2017-07-27T23:00:00.000+03:00'
'e9b02a574cd32f472c05baf20494670d3dcdc56f'|'ECB should think about when it wants to wind down bond buys - Lautenschlaeger'|'July 29, 2017 / 10:19 AM / in 8 hours ECB should think about when it wants to wind down bond buys: Lautenschlaeger Reuters Staff 1 Min Read Sabine Lautenschlaeger looks on during the Bundesbank Banking Congress "Symposium on Financial Stability and the Role of Central Banks" in Frankfurt, February 28, 2014. Ralph Orlowski BERLIN (Reuters) - The European Central Bank should start thinking about how it wants to return to normal monetary policy and when it wants to wind down it bond purchases, governing council member Sabine Lautenschlaeger said in remarks published on Saturday. "The expansionary monetary policy has both advantages and side effects. As time passes, the positive effects get weaker and the risks increase," she told the Mannheimer Morgen newspaper. "So it''s important to prepare for the exit in good time. What''s crucial in that context is a stable trend in the rate of inflation towards our objective of just under 2 percent. It''s not quite there yet." She acknowledged that unwinding the ECB''s expansive policy would be a long process, saying that the governing council should start addressing the question of when it wants to start winding down its bond purchases. Reporting by Joseph Nasr Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-lautenschlaeger-idUKKBN1AE0BD'|'2017-07-29T12:54:00.000+03:00'
'2420532ae591a097ad3a5d581179790a51373a69'|'Morgan Stanley, RBC, others settle currency rigging lawsuit in U.S.'|'July 28, 2017 / 10:20 PM / 19 hours ago Morgan Stanley, RBC, others settle currency rigging lawsuit in U.S. Jonathan Stempel 3 Min Read FILE PHOTO: The logo of Morgan Stanley is seen at an office building in Zurich, Switzerland September 22, 2016. Arnd Wiegmann/File Photo NEW YORK (Reuters) - Morgan Stanley ( MS.N ), Royal Bank of Canada ( RY.TO ) and three other banks agreed to pay a combined $111.2 million (84.51 million pounds) to settle U.S. litigation accusing them of rigging prices in the roughly $5 trillion-a-day foreign exchange market. The preliminary settlements were detailed in filings late Friday in the U.S. District Court in Manhattan, and require a judge''s approval. Fourteen of the 16 banks that were sued have settled, for a total payout of $2.12 billion, court papers show. Friday''s settlements include $50 million for Morgan Stanley, $15.5 million for RBC, $18 million for Societe Generale ( SOGN.PA ), $17.2 million for Standard Chartered Plc ( STAN.L ) and $10.5 million for Bank of Tokyo-Mitsubishi UFJ ( 8306.T ). The banks denied wrongdoing. Their settlements were reached with help from Kenneth Feinberg, a mediation specialist who previously oversaw funds to compensate victims of the Sept. 11, 2001, attacks and the 2010 Gulf of Mexico oil spill. FILE PHOTO - A Royal Bank of Canada (RBC) sign is seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. Chris Wattie/File Photo Investors accused banks of conspiring to manipulate key currency benchmark rates, including the WM/Reuters Closing Spot Rates, or the Fix, through the use of chat rooms with names such as "The Cartel" and "The Mafia," and such tactics as "front running," "banging the close" and "painting the screen." Lawyers for the investors said Credit Suisse Group AG ( CSGN.S ) and Deutsche Bank AG ( DBKGn.DE ) have yet to settle. Deutsche Bank declined to comment. Credit Suisse was not immediately available for comment after market hours. The litigation followed worldwide probes into currency manipulation that resulted in about $10 billion in fines for several large banks. U.S. prosecutors have brought related criminal charges against six traders. One has pleaded guilty. Other banks that have settled the investor litigation are Bank of America, Barclays, BNP Paribas, Citigroup, Goldman Sachs, HSBC, JPMorgan Chase, Royal Bank of Scotland and UBS. The case is In re: Foreign Exchange Benchmark Rates Antitrust Litigation, U.S. District Court, Southern District of New York, No. 13-07789. Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-forex-manipulation-settlement-idUKKBN1AD2QW'|'2017-07-29T01:19:00.000+03:00'
'2bab4bd918743c32e59c0a74106cc0863cd3efa0'|'Brazilian renewable energy firm Omega''s IPO prices at 15.6 reais'|'July 28, 2017 / 1:10 AM / 17 hours ago Brazilian renewable energy firm Omega''s IPO prices at 15.6 reais 1 Min Read BRASILIA (Reuters) - An initial public offering by Brazil''s Omega Geração SA, a renewable energy firm, priced at 15.6 reais ($4.95) a share on Thursday, according to data provided by the Brazilian Securities & Exchange Commission. The price was below the floor of the suggested range of 17 to 22 reais. The company sold 38 million primary shares, worth 593.6 million reais, and the shareholders sold 16 million secondary shares, worth 250.6 million reais. Reporting by Anthony Boadle; Editing by Leslie Adler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-ipo-omega-idUSKBN1AD04Q'|'2017-07-28T03:58:00.000+03:00'
'1b88a6362b6c10998c1b6013c859041a0d6185ae'|'UPDATE 1-UK watchdog probes Mitie''s accounts for two years'|'(Adds details)July 31 (Reuters) - Britain''s accounting watchdog said on Monday it was investigating Deloitte LLP''s audits of Mitie Group, the outsourcing company that issued a string of profit warnings last year.The Financial Reporting Council said the investigation would look at whether there have been any breaches in the audits of Mitie''s consolidated financial statements for the years ended March 31, 2015 and 2016.The provider of pest control, cleaning, security and healthcare services took a writedown this year after its auditor had found the way it booked work-in-progress on long-term contracts and costs relating to contracts was less conservative than rivals."Audit quality is of critical importance to our firm and we are committed to maintaining the highest professional standards," Deloitte said in a statement. "We take this investigation very seriously and will cooperate fully with the Financial Reporting Council."Mitie, which employs 53,000 people to work with central government, the national health service and across the transport network, had predicted a return to modest growth in underlying profit in June, citing new contracts and cost cuts.The group warned on profits three times last year, blaming uncertainty around Britain''s decision to leave the European Union and rising costs.Writing by Kate Holton in London; reporting by Esha Vaish in Bengaluru, editing by Louise Heavens '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mitie-group-accounts-idUSL5N1KM12G'|'2017-07-31T09:52:00.000+03:00'
'318da65fc28943cfb7bed1ffe88f8c7f77c479da'|'As food prices slump, pressure grows for more interest rate cuts'|'July 31, 2017 / 2:42 AM / 12 hours ago As food prices slump, pressure grows for more interest rate cuts Suvashree Choudhury and Rajendra Jadhav 4 Min Read FILE PHOTO: Pulses are kept on display for sale in a shop at a market in Ahmedabad, India, June 20, 2015. Amit Dave/File photo LATUR, India (Reuters) - A nearly 60 percent drop in prices of a popular type of lentil is hurting Indian farmer Sanjay Somwanshi, but it is doing wonders for the country''s inflation - and piling pressure on a stubborn central bank to cut interest rates more aggressively. Standing next to sacks of "pigeon peas" in Latur, an agricultural hub about eight hours from Mumbai by train, Somwanshi cuts a narrow slit in one and scoops out a handful of the red-coloured lentils. He harvested them in February but delayed selling them because prices were too low. "For the last six months I have been waiting for prices to move up, but they have in fact gone down further," he said. "I can''t wait more as I need money for fertilisers." Falling prices for pigeon pea lentils have contributed to a slump for food that dropped annual consumer price inflation to 1.54 percent in June, the lowest since a new index was adopted in 2012. There''s been a reversal in food prices; in June, they dropped 2.1 percent from a year earlier, while in July 2016 they shot up by 8.35 percent, a two-year peak. The change in food prices has prompted calls for the Reserve Bank of India to cut its main policy rate beyond the 25 basis points markets have priced in for Wednesday''s policy meeting. There might be tension with a government urging rate cuts to boost an economy that grew 6.1 percent in the January-March quarter, the slowest in more than two years. ''A Just Assessment'' Soumya Kanti Ghosh, State Bank of India chief economist, said the way "typically volatile" food inflation is expected to stay low "should give the RBI comfort to cut rates more than 25 basis points beyond August". Given a benign inflation outlook, "deeper rate cuts will be a just and correct assessment of the current situation," he said. FILE PHOTO: A farmer rests on a heap of harvested rice crop at a wholesale grain market in Chandigarh, India, October 4, 2016. Picture taken October 4, 2016. Ajay Verma/File Photo For years, India suffered double-digit increases in food prices, leaving monetary policy dependent on the vagaries of weather. Proponents of further rate cuts believe India is in the midst of a sustained easing of food prices as the government has tamped them by keeping a lid on the minimum prices farmers can charge for their produce. Furthermore, the government has also banned exports of lentils and put a tax on sugar exports while promoting imports of edible oils, wheat and some types of lentils in which India is not self-sufficient. Arvind Subramanian, the Finance Ministry''s chief economic adviser, has argued strenuously in recent weeks that inflation is on sustained easing trend, in part due to government measures. Slideshow (2 Images) Cheaper Imports Farmers and others in Latur agree government efforts are a key reason behind the food-price slump. "The government is allowing cheaper imports despite record production. It hasn''t lifted its ban on exports. These moves created oversupply in the market and pulled down prices," said Nitin Kalantri, a food processor. Barclays estimates average food inflation was about 11 percent in 2009-2014 under the Congress-led government compared with around 5 percent under Prime Minister Narendra Modi''s administration. For sure, food inflation could increase; the prices of onions, central to Indian cooking, have risen. Also, the RBI has indicated it wants evidence of deeper agricultural reforms to be convinced of a permanent shift in food inflation, according to policy minutes. Furthermore, the RBI believes it has less maneuvering room as it looks at other factors such as sticky core inflation in its quest to meet a 4 percent inflation target. "Given the view that the interest rate cycle is close to bottoming out, the monetary policy committee is likely to emphasize a wait-and-watch stance rather than being proactive on rates," said A. Prasanna, an economist at ICICI Securities Primary Dealership in Mumbai. Editing by Rafael Nam and Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-economy-inflation-rbi-idINKBN1AG06S'|'2017-07-31T05:41:00.000+03:00'
'1cdcd91b70ad92c8f61cc0c8798e54195303cb3f'|'Britain to deepen trade globally as Brexit looms in 2019 - Hammond'|'July 31, 2017 / 7:23 PM / 16 minutes ago Britain to deepen trade globally as Brexit looms in 2019:   1 Min Read Britain''s   leaves 11   BRASILIA (Reuters) - Britain will seek to deepen ties with trading partners around the world, including Brazil, as it prepares to leave the European Union by March 2019, finance minister Phillip Hammond said on Monday during a visit to Brasilia. Hammond said the British departure from the EU will not be postponed or delayed. "We will seek to build up our trade in both directions with those partners over the coming years, as we leave the EU, and once again have the ability to conclude bilateral trade deals with friends and allies around the world," Hammond said at a news conference. Reporting by Silvio Cascione and Marcela Ayres; Editing by Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-trade-idUKKBN1AG2BE'|'2017-07-31T22:19:00.000+03:00'
'bfe21c19a865f0e9847dc324ff1322301df8d8d6'|'Boeing''s new avionics group aims to cut costs, boost quality'|'July 31, 2017 / 5:19 PM / 31 minutes ago Boeing''s new avionics group aims to cut costs, boost quality 3 Min Read FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. Jim Young/File Photo   Boeing Co ( BA.N ) said on Monday it has set up an avionics group to make flight controls and other electronics currently made by outside suppliers for its commercial and military aircraft, aiming to bring the products into service after 2020. The move by the world''s largest plane maker appeared to be a direct attack on suppliers such as Rockwell Collins Inc ( COL.N ), United Technologies Corp ( UTX.N ) and Honeywell International Inc ( HON.N ). The three companies, which make electronics used on current Boeing jets, did not immediately respond to requests for comment. In recent years, Boeing has brought propulsion, carbon fibre manufacturing and other key capabilities in-house to better control both technology and intellectual property. That strategy followed outsourcing of major systems to suppliers for the 787 Dreamliner that led to billions of dollars in cost overruns. Boeing said it has already started developing systems that would be lower cost, higher quality alternatives to existing products made by suppliers, and would deliver more services revenue to Boeing after a plane is sold. Boeing aims to "further drive cost down and value up for our customers, in all phases of a product''s life cycle," Boeing Chief Executive Dennis Muilenburg said in an internal statement to employees that was seen by Reuters. While Boeing owns some intellectual property on electronic systems in its jet cockpits, current contracts with suppliers likely would not let Boeing take aftermarket business away on those planes, said analyst Robert Stallard. However, suppliers could lose significant business on future aircraft, Stallard said. Boeing is talking about creating a new mid-sized aircraft that would enter service around 2025, and would need to create a successor to its best-selling 737 model after that. Boeing shares were up 1 percent at $243.72 in midday trading. Reporting by Alwyn Scott; Editing by Meredith Mazzilli and Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boeing-avionics-idUKKBN1AG245'|'2017-07-31T20:19:00.000+03:00'
'3e743c5e3c400babb6d40a6dc2495b7c2031bf4e'|'China June services trade deficit widens as Chinese spend abroad'|'July 31, 2017 / 10:45 AM / 35 minutes ago China June services trade deficit widens as Chinese spend abroad Reuters Staff 3 Min Read FILE PHOTO: Employees work at a engine factory of CSSC Wartsila Engine (Shanghai) Co. Ltd in Shanghai, China June 13, 2017. Aly Song/File Photo BEIJING (Reuters) - China''s June services trade deficit rose to the highest since at least the end of 2013 as Chinese spent more abroad, data from the foreign exchange regulator showed on Monday. China''s trade deficit in services was $29.5 billion (22.49 billion pounds) in June, up from $22.5 billion in May, the State Administration of Foreign Exchange (SAFE) said. June''s deficit was largely due to a $25.9 billion gulf in spending between foreign tourists and the Chinese, who splurge more abroad than visitors in China. For the January-June period, China''s services trade deficit stood at $130.9 billion, higher than the $109.0 billion in the first half last year, according to SAFE data. The deficit in tourism spending for June was also the highest since at least the end of 2013 and was an increase of almost $8.2 billion from May''s shortfall. China''s outbound tourism spending was in the spotlight last month after research from the U.S. Federal Reserve argued that a large amount of the money designated as having come from Chinese tourists globally should actually count as investment in assets. China limits individual foreign exchange purchases to consumption purposes such as tourism, and SAFE has reiterated this year that individuals are not allowed to invest in overseas property under the capital account. The Fed''s research would mean that more money is escaping China''s capital controls than thought, though analysts say outflows have eased considerably since last year. "There is evidence that (some portion of) the tourism imports are actually disguised capital outflows," said Capital Economics'' China economist Julian Evans-Pritchard. "But the clear picture is that although China is still experiencing capital outflows, they are clearly at a much slower pace than they were at the end of last year." China has cracked down on what it calls illegitimate capital outflows this year after a surge in money leaving the country contributed to weakness in the yuan. New rules include information disclosure requirements on personal foreign exchange purchases, as SAFE said some individuals had exploited loopholes to move funds abroad for investment purposes. Reporting by Stella Qiu and Elias Glenn; Editing by Jacqueline Wong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-services-trade-idUKKBN1AG161'|'2017-07-31T13:45:00.000+03:00'
'57fd039dac8949161dda1614e76214a498bd7a8c'|'German carmakers face political reckoning over diesel'|'July 31, 2017 / 10:26 AM / an hour ago German carmakers face political reckoning over diesel Michelle Martin and Edward Taylor 4 Min Read BERLIN/FRANKFURT (Reuters) - German lawmakers must balance conflicting demands at a national summit to discuss pollution from diesel vehicles this week, wanting to appear tough ahead of federal elections next month while trying to avoid damaging the car industry. Political leaders and car industry executives will meet in Berlin on Wednesday to discuss inner-city pollution in a last-ditch effort to restore the battered reputation of the automotive industry and preserve hundreds of thousands of jobs. Germany is open in principle to class action lawsuits against carmakers engulfed in the emissions cheating scandal, the Transport Ministry said on Monday, taking a hard line ahead of the talks. Germany is home to some of the world''s largest carmakers but the industry has been under a cloud since Volkswagen ( VOWG_p.DE ) admitted to cheating emissions tests in 2015. The sense of crisis deepened when German magazine Der Spiegel accused VW, Daimler ( DAIGn.DE ), BMW ( BMWG.DE ), Audi ( NSUG.DE ) and Porsche of colluding for decades on prices, technologies and the choice of suppliers to the detriment of foreign rivals. Related Coverage "The meeting is taking place for politicians to express their expectations to the car industry. It is about what manipulation there was and how the industry will make good the damage," government spokeswoman Ulrike Demmer said on Monday. She said German Chancellor Angela Merkel herself was taking a personal interest, despite being on holiday. "We need a strong and innovative and also honest industry, and it is about criticising what there is to be criticised but always in the knowledge that this is a strategically important branch of industry," Demmer added. A motor mechanic measures exhaust emissions in a diesel-engined car in Eichenau, Germany July 28, 2017. Michaela Rehle Off Guard Carmakers and politicians were caught off guard last week by a regional court ruling that backed bans of diesel cars in Stuttgart, undermining their previous lobbying efforts to influence emissions rules being crafted in Berlin and Brussels. Pressure to support a switch to cleaner electric vehicles is also growing, with both Britain and France setting out plans to ban the sale of new petrol and diesel cars by 2040. DUH, the environmental lobby group that brought the Stuttgart case, said it felt validated by the court decision and expected action to mitigate noxious diesel emissions to go beyond voluntary software updates at this week''s Berlin summit. "We will not be fobbed off with a half-baked proposal," DUH head Juergen Resch said on Monday in Berlin. "We will make use of all available legal possibilities." Some politicians are calling for hardware upgrades, which would be far costlier for the industry. The Environment Ministry has already made clear that software improvements can only be a first step as they reduce nitrogen oxide emissions by about 25 percent on average. A Finance Ministry spokesman also said it was too early to discuss incentives to promote the sale of low-emission modern diesel and electric cars. Additional reporting by Madeline Chambers; Writing by Edward Taylor; editing by David Clarke/Keith Weir 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-emissions-idUKKBN1AG12U'|'2017-07-31T18:06:00.000+03:00'
'b1c88bbe7a8644cb8d63eec9864d11d624bf6dff'|'Spanish consumer group sues EU body over Banco Popular rescue'|'July 31, 2017 / 3:15 PM / 20 minutes ago Spanish consumer group sues EU body over Banco Popular rescue Reuters Staff 2 Min Read FILE PHOTO: A man uses a cash dispenser at a branch of Spain''s biggest bank Santander next to a Banco Popular branch in Madrid, Spain, June 7, 2017. Juan Medina/File Photo MADRID (Reuters) - A Spanish consumer group representing some of the small shareholders in failed Banco Popular said on Monday it had filed a lawsuit against the EU body which orchestrated the lender''s sale and rescue, demanding the operation be annulled. European authorities stepped in to arrange a swift rescue of Spain''s Banco Popular in early June, saying it was on the verge of collapse after a bank run. Popular was sold overnight to larger rival Santander ( SAN.MC ) for a nominal one euro, in a deal that caused losses for shareholders and was the first test of a new, tougher European Union regime to deal with troubled banks. Consumer group Adicae, which has led several legal battles in Spain against practices in the banking sector, said it had lodged a claim with the European Court of Justice against the EU''s Single Resolution Board (SRB) for triggering the rescue. Adicae said it considered the operation to be untransparent and arbitrary and added there was no clear public evidence that Popular was no longer viable. The SRB was not immediately available to comment. Santander declined to comment. Various investor groups have been trying to pursue former members of the bank''s management through the courts over Popular''s demise, though it is not yet clear how many lawsuits will prosper and what financial damages might be involved. Bondholders also suffered losses through the deal. The rescue was technically carried out in Spain by the country''s bailout fund, known as FROB, at the behest of the EU. Adicae - which says it is working with several thousand consumers affected by Popular''s rescue, including clients who owned some of the shares that were wiped out - said on Saturday that Spain''s High Court had accepted its claim against the FROB. Reporting by Sarah White, Additional reporting by Francesco Guarascio in Frankfurt, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bancopopular-m-a-investors-idUKKBN1AG1UF'|'2017-07-31T18:15:00.000+03:00'
'e0fac1c842bff0269c411a18c5ac7bc88d9f809b'|'UK Stocks-Factors to watch on July 31'|'July 31 (Reuters) - Britain''s FTSE 100 index is seen opening up 3 points at 7271.3 on Monday, according to financial spreadbetters. * RYANAIR/ EASYJET/ WIZZ AIR: A transatlantic alliance between three global airlines will shore up their position in the lucrative UK-U.S. market, shielding them from low-cost rivals and the uncertainties of Britain''s exit from the European Union. * BAT: British American Tobacco said on Friday it was not surprised by the U.S. Food and Drug Administration''s announcement that it plans to reduce nicotine levels in cigarettes. * HSBC: A U.S. judge on Friday said investors may pursue part of their nationwide antitrust lawsuit accusing 12 of the world''s biggest banks of conspiring to rig the $275 trillion market for interest rate swaps. * BT: British telecoms provider BT has offered to invest up to 600 million pounds ($778 million) to provide faster broadband services to remote parts of the country, Britain''s government said on Sunday. * SHELL: Loadings of oil products from Royal Dutch Shell''s 404,000 barrels per day Pernis refinery in the Netherlands have been suspended following a fire at the plant, the company said in a statement to traders on Sunday. * OIL: Oil prices hit a two-month high on Monday, lifted by a tightening U.S. crude market and the threat of sanctions against OPEC-member Venezuela. Brent crude futures were at $52.82 per barrel at 0443 GMT on Monday, up 30 cents or 0.6 percent. Prices hit $52.90 per barrel earlier in the day, their highest since May 25. * COPPER: London copper rallied to within a whisker of its highest in more than two years on Monday after manufacturing data from top user China confirmed growth tempered slightly but stayed firm in July. * Britain''s major share index posted its first weekly loss since June on Friday after a late-session slump in tobacco stocks, falls among banking stocks and a disappointing update from telecoms firm BT. The FTSE 100 ended the session 1 percent lower at 7,368.37 points, in line with a broader decline in the European market. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Brave Bison Group PLC Half Year 2017 Brave Bison Group PLC Earnings Release Arix Bioscience PLC Half Year 2017 Arix Bioscience PLC Earnings Release Keller Group PLC Half Year 2017 Keller Group PLC Earnings Release Senior PLC Half Year 2017 Senior PLC Earnings Release HSBC Holdings PLC Half Year 2017 HSBC Holdings PLC Earnings Release Fidessa Group PLC Half Year 2017 Fidessa Group PLC Earnings Release Coats Group PLC Half Year 2017 Coats Group PLC Earnings Release HSBC Holdings PLC Half Year 2017 HSBC Holdings PLC Earnings Call Coats Group PLC Half Year 2017 Coats Group PLC Earnings Call Trinity Mirror PLC Q2 2017 Trinity Mirror PLC Earnings Call Keller Group PLC Half Year 2017 Keller Group PLC Earnings Presentation Senior PLC Half Year 2017 Senior PLC Earnings Presentation TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sanjeeban Sarkar in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1KM264'|'2017-07-31T08:15:00.000+03:00'
'360121294f6f74fd03fce4f0af92820ab9aada5e'|'Morning News Call - India, July 31'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 11:00 am: Monsoon session of parliament continues in New Delhi. 5:00 pm: Government to release June Infrastructure output data in Mumbai. TRADING INDIA FORUM - COMMODITY EXCHANGES - THE WAY FORWARD Dubai Gold & Commodities Exchange Group (DGCX) commenced trading in November 2005 as the first derivatives exchange in the MENA region. It also trades the only exchange-related India Rupee Options product offered outside India. With trading in precious commodities surging, we speak to Gaurang Desai who is the CEO of DGCX on the future of commodity exchanges in both the MENA and the EMEA regions. To join the conversation at 1:00 pm IST, click on the link: here LIVECHAT - FOREX WEEK AHEAD FX Buzz analyst Jeremy Boulton analyses G7 currencies at 3:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • As food prices slump, pressure grows for more India interest rate cuts A nearly 60 percent drop in prices of a popular type of lentil is hurting Indian farmer Sanjay Somwanshi, but it is doing wonders for the country''s inflation - and piling pressure on a stubborn central bank to cut interest rates more aggressively. • Larsen & Toubro June-quarter profit up 46 percent, misses estimates Engineering and construction company Larsen & Toubro Ltd posted an about 46 percent increase in June-quarter net profit, boosted by higher revenue from its infrastructure business. • SEBI calls on exchanges, clearing corps to better deal with tech glitches India''s market regulator admonished stock exchanges, clearing corporations and depositoriesto have procedures in place to deal with technological disruptions or cyber attacks, and to quickly share any information when such instances occur. • POLL-Low inflation to encourage India central bank to cut rates next week The Reserve Bank of India is expected to cut interest rates when it meets on Aug. 2, responding to an inflation rate running well below target, but an improving economy is likely to keep it on the sidelines for a long time thereafter, a Reuters poll showed. • India signs potash import deal with Russia''s Uralkali at $240/T India has agreed to pay 6 percent higher price than the previous year to Russia''s Uralkali for importing 650,000 tonnes of potash in the year beginning August, said P.S. Gahlaut, managing director of Indian Potash Ltd. GLOBAL TOP NEWS • Putin says U.S. must cut 755 diplomatic staff, more measures possible President Vladimir Putin said the United States would have to cut its diplomatic staff in Russia by 755 people and that Moscow could consider additional measures against Washington as a response to new U.S. sanctions approved by Congress. • China July factory growth cools slightly as export orders ease - official PMI Growth in China''s manufacturing sector slowed marginally in July, reinforcing expectations the world''s second-largest economy will cool in coming months as borrowing costs rise and regulators clamp down on riskier types of financing. • Pakistan set to elect new prime minister Tuesday Pakistan''s lawmakers will elect a new prime minister on Tuesday to replace ousted leader Nawaz Sharif, with ruling party stalwart Shahid Khaqan Abbasi expected to become interim leader until Sharif''s own brother is eligible. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 10,028.50, trading down 0.06 percent from its previous close. • The Indian rupee will likely open little changed against the dollar, on broad greenback weakness post the U.S. economic data and increasing political jitters in the world’s largest economy. • Indian government bonds are likely to trade higher, as investors may step up purchases ahead of a widely-expected rate cut by the nation’s Monetary Policy Committee this week. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.43 percent-6.48 percent band today. GLOBAL MARKETS • The S&P 500 slipped on negative reactions to earnings reports from high-profile names such as Amazon, Exxon and Starbucks and a drop in shares of tobacco companies. • Asian shares turned positive after solid Chinese data following a lacklustre start, while the dollar edged up but remained capped by U.S. political uncertainty. • U.S. Treasury yields fell after data showed that U.S. labor costs rose less than expected in the second quarter, adding to concerns that inflation will remain low. • Oil prices hit over two-month highs, lifted by a tightening U.S. crude market and the threat of sanctions against OPEC-member Venezuela. • Gold prices held around their highest in nearly seven weeks as tensions on the Korean peninsula boosted safe-haven demand for the metal and as the U.S. dollar hovered close to multi-month lows. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.14/64.17 July 28 -$34.78 mln $127.05 mln 10-yr bond yield 6.82 pct Month-to-date $580.53 mln $3.10 bln Year-to-date $9.17 bln $21.10 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.1100 Indian rupees) (Erum Khaled in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL4N1KM1LS'|'2017-07-31T06:21:00.000+03:00'
'224493b9b689735604f2777109e24ae23b14fefa'|'Clariant says Huntsman merger is on track'|'July 27, 2017 / 5:23 AM / 10 hours ago Clariant says Huntsman merger is on track 1 Min Read FILE PHOTO: A woman cycles past the logo of U.S. chemical company Huntsman in front of a plant in Basel September 30, 2011. Arnd Wiegmann/File Photo ZURICH (Reuters) - Swiss chemicals maker Clariant said on Thursday its $20 billion merger with peer Huntsman Corp remained on track with a preliminary filing for approval from the U.S. authorities filed. Clariant said it had "high confidence" of meeting synergy targets of more than $400 million and $25 million in tax savings from combining the two companies. It said it had also identified additional organic sales revenues of around 2 percent per year at a profit margin of around 20 percent. Earlier this month Clariant revealed that U.S. activist investor White Tale Holdings has increased its stake to more than 10 percent as it seeks to block the planned merger with Huntsman. Related Coverage Reporting by John Revill; editing by Brenna Hughes Neghaiwi 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-clariant-hunstman-m-a-idUSKBN1AC0G4'|'2017-07-27T08:18:00.000+03:00'
'15817dae2a1a75a95041f6daa1c66cd9366dd9aa'|'Li Ka-shing''s CKI to buy German energy metering firm Ista'|'July 27, 2017 / 4:49 PM / 22 minutes ago Li Ka-shing''s CKI to buy German energy metering firm Ista Reuters Staff 2 Min Read (Reuters) - A consortium led by Hong Kong''s CK Infrastructure ( 1038.HK ) said on Thursday it would buy German metering and energy management group Ista in a deal valued at up to 4.5 billion euros (4.01 billion pounds). The deal could be Germany''s second largest by a private equity firm if buyout groups Bain Capital and CinvenStada succeed in buying generic drugmaker Stada. CKI - part of conglomerate CK Hutchison ( 0001.HK ), controlled by Hong Kong''s richest man Li Ka-shing - is acquiring Ista from private equity fund CVC. CK Infrastructure, Cheung Kong Property Holdings ( 1113.HK ) and Midco 5 have formed a joint venture to acquire the company, the firms said in statement filed with the Hong Kong exchange. CVC confirmed the sale of its majority stake in Ista in a separate statement. The deal is being closely watched by investors ahead of the planned sale of Ista''s peer Techem by Australian infrastructure investor Macquarie in the autumn, sources have said. Ista, which provides energy and water metering, posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 370 million euros in 2016 on sales of 850 million euros. Buyout group CVC, which bought Ista in 2013 at a valuation of 3.1 billion euros, had hoped the company to be valued at 5 billion euros, people familiar with the matter said last month. Reuters reported on Tuesday that CK Infrastructure was seen as the frontrunner to buy the German firm. CKI has a market capitalisation of HK$190 billion ($24 billion) and is invested in electricity generation and distribution, gas distribution, oil pipelines, water supply and wind power. Reporting by Anusha Ravindranath in Bengaluru; Editing by Sriraj Kalluvila and Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cvc-ista-sale-idUKKBN1AC2O8'|'2017-07-27T19:49:00.000+03:00'
'aae9e012de6adeff467000b6465b32bfe9fd61ea'|'German ministry rejects calls for modern diesel tax incentives'|'July 29, 2017 / 12:52 PM / in 29 minutes German ministry rejects calls for modern diesel tax incentives Reuters Staff 2 Min Read BERLIN (Reuters) - The German environment ministry has rejected calls from two of the country''s states for tax incentives to promote the sale of low-emission modern diesels and electric cars. Representatives of Germany''s federal government, states and major automakers will meet on Wednesday to discuss ways to avert driving bans on diesel cars which have drawn public attention since Volkswagen''s ( VOWG_p.DE ) emissions test-cheating scandal broke almost two years ago. The head of Lower Saxony, where VW is based, has proposed financial incentives for drivers of older diesel cars to switch to more efficient models, while the premier of Bavaria, home to BMWG ( BMWG.DE ), wants car tax to be lowered for owners of diesel models designed to meet the latest Euro-6 emission standards. But the environment ministry, one of the hosts of the August 2 diesel summit, is rejecting the proposals. "We are not particularly interested in supporting a technology that in the foreseeable future no longer belongs on the roads anyway," a spokeswoman for the Berlin-based ministry said on Saturday. Instead, carmakers and politicians have worked on a plan to tackle diesel pollution and improve air quality by updating engine management software on some older vehicles to make exhaust filter systems more effective. However a German court ruling on Friday backing a push to ban diesel cars from Stuttgart, home to Daimler ( DAIGn.DE ) and VW''s Porsche sports-car division, is raising doubts as to whether software modifications will suffice to bring cities'' emissions levels into line with European standards. Reporting by Markus Wacket; Writing by Andreas Cremer; Editing by Andrew Bolton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-emissions-idUKKBN1AE0GS'|'2017-07-29T15:52:00.000+03:00'
'99f58dd39af608e5fe1146c650ca868154848cef'|'Nikkei falls on tech share slump; posts 2nd weekly drop'|'* Nikkei falls 0.7 pct for the week* Chip equipment makers contribute to hefty declines in Nikkei* Nissan falls on poor 1Q resultsBy Ayai TomisawaTOKYO, July 28 (Reuters) - Japan''s Nikkei share average fell on Friday after tech shares dropped sharply following weakness on the Nasdaq market, while investors stayed cautious as the dollar slipped against the yen.Semiconductor equipment makers tumbled, with Tokyo Electron Ltd diving 7.2 percent and Advantest Corp declining 5.0 percent, together contributing a hefty 53 negative points to the Nikkei benchmark.The Nikkei dropped 0.6 percent to 19,959.84. For the week, it declined 0.7 percent, falling for a second week.The broader Topix shed 0.4 percent to 1,621.22, with turnover hitting a six-week high of 2.77 trillion yen.Investor sentiment was also hurt by the resignation of Defence Minister Tomomi Inada over a series of gaffes, missteps and a cover-up at her ministry that have contributed to a sharp plunge in public support for Prime Minister Shinzo Abe."The Japanese market''s upside has been capped partly due to Abe''s falling support rate," said Masashi Oda, general manager at strategic department at Sumitomo Mitsui Trust Asset Management.Over the past few weeks, the suspicion of scandal over favouritism for a friend''s business and missteps by cabinet ministers have taken a toll on Abe, who until recently was favoured to win a third three-year term as party leader, and hence, premier when his current term expires in September 2018."There is no successor''s name coming up yet so we should not be overly cautious, though investors probably won''t chase the market higher for a while," Oda said.This week, the Nikkei moved in a narrow 275-point range, traversing the psychologically-important 20,000 mark.On Friday, Japanese companies'' mixed earnings results attracted attention, with Nissan Motor Co falling 4.1 percent after its first quarter operating profit fell 12.8 percent on the year.Construction equipment maker Hitachi Construction Machinery soared to a nine-year high at one point after its quarterly operating profit jumped 584.5 percent on the year to 16.7 billion yen ($150.30 million) thanks to strong demand in China and North America.Auto parts maker Denso Corp jumped 5.3 percent on Friday after the company announced stronger-than-expected quarterly results and raised its full-year outlook.Daiwa Securities tumbled 5.1 percent after its quarterly net profit fell 21 percent, hit by weak FICC (fixed income, currencies and commodities) trading revenues. ($1 = 111.1100 yen) (Reporting by Ayai Tomisawa; Editing by Jacqueline Wong) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1KJ2EL'|'2017-07-28T09:31:00.000+03:00'
'f98fb66591cdc1f63598d8075032ebe62789166a'|'Hot and cold - Euro zone grows but inflation slows'|'July 31, 2017 / 6:22 AM / in 21 minutes Hot and cold - Euro zone grows but inflation slows Philip Blenkinsop 5 Min Read FILE PHOTO: Customers push shopping trolleys on an escalator at the Bercy shopping centre in Charenton Le Pont, near Paris, August 29, 2013. Charles Platiau BRUSSELS (Reuters) - Data in the coming week should confirm the euro zone economy is running hot, after the IMF upgraded growth forecasts and Greece returned to the debt market, although inflation figures could throw cold water on ECB plans to start tightening policy. Growth in the single currency area outstripped paltry expansion in the United States and Britain in the first quarter and the pace did not let up in the April-June period. The euro zone may not be growth champion in the second quarter, after the U.S. rebounded to an annualised 2.6 percent thanks to consumer spending and business equipment investment. But it should again fare better than Britain, whose economy failed to build momentum. A forecast expansion of 0.6 percent in the April-June period, equivalent to an annualised 2.4 percent, would be the third consecutive quarter in which the euro zone has grown at or above a half percentage point, for the first time since 2007-08. "The global economy has been a jumbo jet running on just one engine for the last five, six years, the U.S., but now it seems there''s more from the euro zone as well, with encouraging signs from Asia too," said James Knightley, chief international economist at ING. Data on Friday showed the euro zone''s second-largest economy, France, grew by 0.5 percent for a third successive quarter, while Spanish GDP returned to pre-crisis levels with 0.9 percent expansion. "Momentum is there. We''re getting a broadening out of countries in terms of economic performance. It''s not just the likes of Germany driving it all forward ... There does seem to be self-sustaining momentum," said Knightley. Euro zone economic sentiment, as compiled by the European Commission, grew for a third straight month in July to a new 10-year high due to a pick-up of the dominant services sector. And confidence levels in all sectors, as well as for consumers, are far above historical averages. The International Monetary Fund has hiked outlooks for China and the euro zone, while trimming those for the United States and Britain. The Fund said the euro zone''s recovery was firming and becoming broad-based, with stronger domestic demand, although it warned of downside risks. Stubborn Inflation, Euro Strength Political risks seen at the start of the year ahead of elections in France and the Netherlands have diminished, while Greece has returned to the bond market after a three-year exile. Five years ago, European Central Bank President Mario Draghi pledged to do "whatever it takes" to save the euro. His ultra-easy monetary policy is partly behind the robust economic recovery, showing more effect this year as growth in bank loans to the private sector hit a 10-year high in May. Now the question is when to taper. Strong economic growth should steer the ECB towards reining in asset purchases, but policymakers are still waiting on inflation. The flash estimate for July, due on Monday, is seen stable at 1.3 percent, well short of the ECB''s target of just below 2 percent. Perhaps more significantly, the core figure, without volatile energy and unprocessed food prices, is seen falling. "The economy is recovering and the labour market is doing quite well, but we think core inflation will be at 1 percent and below for the rest of 2017," said Marco Wagner, economist at Commerzbank. "Except Germany, if you look at France, Italy, Spain or Portugal there are still overcapacities, still relatively high unemployment." Among the clearest signs of a rebound has been the euro''s pick-up to around $1.17, from $1.05 at the start of the year. UniCredit on Thursday raised its forecast for the euro-dollar rate to $1.20 for the end of the year and an "equilibrium" rate of $1.25 for end-2018, from $1.14 and $1.18 respectively before. "The political risk factor has been taken out," said Vasileios Gkionakis, co-head of strategy research at UniCredit. "It would bring the rate in line with our estimate of fair value and in all likelihood the market will overshoot." Of course a stronger euro could dampen euro area growth and cap inflation, a further issue for ECB policymakers to consider. Outside Europe, U.S. monthly jobs data for July on Friday is likely to be the key figure for economists and the Federal Reserve, whose policy-setters next meet on Sept. 19-20. U.S. job creation surged by more than expected in June and is seen lower but still strong in July, a sign of labour market strength that could keep the Fed on course for a third interest rate hike this year. More significant may prove to be average wage growth, however. It is seen at 0.3 percent, the highest rate since February, after months of hovering between 0.1 and 0.2 percent. Reporting by Philip Blenkinsop; Editing by Catherine Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN1AG0JM'|'2017-07-31T09:22:00.000+03:00'
'2b626bfaa4f96a2b9c88c58676be3ab856616edd'|'Oil analysts more bearish as OPEC deal under scrutiny'|'July 31, 2017 / 10:08 AM / 16 minutes ago Oil analysts more bearish as OPEC deal under scrutiny Apeksha Nair and Karen Rodrigues 4 Min Read Saudi Arabian Energy Minister Khalid al-Falih, Russian Energy Minister Alexander Novak, Kuwaiti Oil Minister Essam al-Marzouq and OPEC Secretary General Mohammad Barkindo attend a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia July 24, 2017. Anton Vaganov - RTX3CO1M (Reuters) - Oil analysts have cut their 2017 crude price forecasts for a sixth straight month in July, citing concerns over compliance with an OPEC-led deal to limit production that could dampen the market''s attempt to rebalance. The Organization of the Petroleum Exporting Countries and partners including Russia have agreed to reduce output by about 1.8 million barrels per day (bpd) until March 2018. "OPEC''s compliance is expected to remain under pressure over the coming months as scepticism grows over the pace of market rebalancing, despite actions taken by the cartel and some non-OPEC countries," said Abhishek Kumar, senior energy analyst at Interfax Energy''s Global Gas Analytics in London. Adherence to the deal was high in the first half of the year, but the International Energy Agency''s latest report showed compliance fell to 78 percent in June from 95 percent in May, as several members pumped much more oil than agreed upon. Saudi Arabia, Angola and Kuwait have shouldered the largest cuts. [OPEC/O] OPEC member Ecuador has opted out of the deal and said it plans to gradually raise output. Analysts agree the impact on overall supply is likely to be small, but the move could hurt market sentiment. "The longer prices remain low, the greater the risk is that some OPEC countries will no longer comply with the production cuts as strictly as they have been doing so far," Commerzbank analyst Carsten Fritsch said. Following Ecuador''s announcement, Saudi Arabia pledged to cut exports in August, when domestic Saudi energy consumption is close to its highest. "OPEC was swift to reaffirm its commitment in the production deal after Ecuador''s announcement. The group vowed to tackle low compliance among its members, although it remains unclear how. Saudi Arabia continues to lift most of the weight of the cuts," said Giorgos Beleris, analyst at Thomson Reuters Oil Research and Forecasts. The survey of 33 analysts and economists showed Brent crude LCOc1 would average $52.45 per barrel in 2017, below the $53.96 per barrel forecast in June. Brent has averaged about $52.12 in 2017. The poll forecast U.S. light crude CLc1 would average $50.08 a barrel in 2017, down from $51.92 in June''s forecast. Analysts also lowered their price outlook for 2018. Brent is now seen averaging $54.51 per barrel, down from $57.37 in the June poll. WTI is seen at $51.88, down from $55.20 in June. While oil demand is seen picking up in the second half of 2017 thanks to stronger global economic growth, the supply picture still remains unclear, despite a recent drawdown in U.S. inventories. Geopolitical risks in the Middle East, instability in Libya and an escalating crisis in Venezuela including possible sanctions from the United States are some of the factors that could impact the market this year, analysts said. "The simple truth is that OPEC and Russia have to contend with the fact that there is output growth elsewhere diluting their efforts at reducing supply. Nigeria, Libya and U.S. shale oil feature prominently as an offset to OPEC''s efforts," BNP Paribas analyst Harry Tchilinguirian said. A few analysts expect the market to show a narrow deficit by the end of the year if OPEC sticks to its supply deal and U.S. shale producers moderate their pace of drilling. Others believe the rebalancing could be pushed into next year. Reporting by Apeksha Nair and Karen Rodrigues in Bengaluru; editing by Amanda Cooper and Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-prices-poll-idUKKBN1AG128'|'2017-07-31T13:07:00.000+03:00'
'e9dc85998210eb92de52414f6e4139817469969e'|'Pemex says Ku Maloob Zaap maintenance to cut output until Aug 4'|'July 28, 2017 / 3:00 PM / 3 hours ago Pemex says Ku Maloob Zaap maintenance to cut output until Aug 4 1 Min Read MEXICO CITY, July 28 (Reuters) - Mexico''s state-run oil company Pemex said on Friday that production at the Ku Maloob Zaap complex in the Gulf of Mexico will drop by 90,000 barrels per day from Friday until August 4 due to scheduled maintenance. (Reporting by Adriana Barrera) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-pemex-idUSE1N1JG01S'|'2017-07-28T17:59:00.000+03:00'
'2316d9b0fb4de84616ba117f12dfce659cd9bcba'|'Facebook''s Sandberg calls for new policies to boost women''s pay'|'Edition United States July 30, 2017 / 3:51 PM / in 2 hours Facebook''s Sandberg calls for new policies to boost women''s pay Reuters Staff 3 Min Read Sheryl Sandberg, Chief Operating Officer of Facebook, delivers a speech during a visit in Paris, France, January 17, 2017, at a start-up companies gathering at Paris'' Station F site as the company tries to head off tougher regulation by Germany. Philippe Wojazer LONDON (Reuters) - Facebook Inc Chief Operating Officer Sheryl Sandberg called on governments and companies to do more to close the gender pay gap on Sunday and said both girls and boys should be encouraged to become leaders from an early age. "We need to start paying women well and we need the public policy and the corporate policy to get there," she told the BBC. "But certainly women applying for jobs at the same rate as men, women running for office at the same rate as men, that''s got to be part of the answer." The issue of women earning less than men arose again earlier this month, when the BBC was forced to reveal the pay of its journalists and presenters. Men earning more than 150,000 pounds ($197,000) a year outnumbered women by two to one, and the broadcaster''s top-ranking man received more than four times the amount of its highest-paid woman. Sandberg, one of the most influential Silicon Valley executives and the author of the 2013 book "Lean In", said women undervalued the contribution they could make in business. "We start telling little girls not to lead at very young ages and we start telling little boys to lead at a very young ages, and that''s a mistake" she told interviewer Kirsty Young on the long-running radio show Desert Island Discs. "I believe everyone has inside them the ability to lead and we should let people choose that, not based on gender but on who they are and who they want to be." Sandberg also discussed the efforts that Facebook was taking to keep the platform and its messaging service WhatsApp from being used to promote and discuss militant attacks. Speaking about a meeting with British interior minister Amber Rudd, she said the company and the British government were "very aligned in our goals". "We want to make sure all of us do our part to stop terrorism, and so our Facebook policies are very clear: there''s absolutely no place for terrorism, hate, calls for violence of any kind," she said. Rudd has called on tech companies to do more stop extremists posting content on their platforms and using encrypted messaging services to plan attacks. "As technology evolves these are complicated conversations, we''re in close communication working through the issues all around the world," Sandberg said on Sunday. ($1 = 0.7614 pounds) Reporting by Paul Sandle, editing by Larry King 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-women-pay-facebook-sandberg-idUKKBN1AF0O5'|'2017-07-30T18:50:00.000+03:00'
'2e1cb9f35174a5bfa64781d2c0b3c14336575ef3'|'FireEye researcher hacked; firm says no evidence its systems hit'|'July 31, 2017 / 3:11 PM / 5 hours ago FireEye researcher hacked; firm says no evidence its systems hit 2 Min Read The FireEye logo is seen outside the company''s offices in Milpitas, California, December 29, 2014. FireEye is the security firm hired by Sony to investigate last month''s cyberattack against Sony Pictures. Picture taken December 29. Beck Diefenbach (UNITED STATES - Tags: BUSINESS SCIENCE TECHNOLOGY CRIME LAW LOGO) - RTR4JTRG SINGAPORE/FRANKFURT (Reuters) - Cyber security firm FireEye ( FEYE.O ) said on Monday one of its researchers based in Israel had several of his online accounts hacked by unknown attackers, but added the breach did not appear to involve any company systems. Shares of FireEye traded 4.2 percent lower at 1448 GMT on Nasdaq. The company is due to report second-quarter results on Tuesday. Analysts expect quarterly losses to narrow from the year-ago period. Hackers published a zip file containing roughly 370 megabytes of compromised personal and professional files tied to a cyber security researcher working for Mandiant, the company''s cyber forensic consulting unit, which FireEye acquired in 2013. A FireEye spokesman confirmed data had been stolen from one its employees, but said there was so far no evidence that the companies'' systems were affected. "We are aware of reports that a Mandiant employee''s social media accounts were compromised. We immediately began investigating this situation, and took steps to limit further exposure," a FireEye spokesman said. "Our investigation continues, but thus far we have found no evidence FireEye or Mandiant systems were compromised." The hackers also appeared to have gained access to his LinkedIn account and defaced the profile page with various juvenile profanities, according to a screenshot republished on twitter. The profile is currently "not available" on LinkedIn. Reporting By Jeremy Wagstaff in Singapore and Eric Auchard in Frankfurt, editing by David Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cyber-fireeye-idUSKBN1AG1TP'|'2017-07-31T18:01:00.000+03:00'
'e378afdef437b824f4fa9fd4da7073fb1fac5c27'|'Consumers, businesses likely spurred U.S. economic pickup in second-quarter'|'July 28, 2017 / 5:12 AM / an hour ago U.S. economy speeds up in second quarter, wages continue to lag Lucia Mutikani 6 Min Read WASHINGTON (Reuters) - The U.S. economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment, but persistent sluggish wage gains cast a dark shadow over the growth outlook. Gross domestic product increased at a 2.6 percent annual rate in the April-June period, which included a boost from trade, the Commerce Department said in its advance estimate on Friday. That was more than double the first quarter''s downwardly revised 1.2 percent growth pace. Wage growth, however, decelerated despite an unemployment rate that averaged 4.4 percent in the second quarter. Inflation also retreated, appearing to weaken the case for the Federal Reserve to raise interest rates again this year. "Although growth is solid, the lack of wage pressure buys the Fed plenty of time, and works with a very ''gradual'' tightening cycle," said Alan Ruskin, global head of G10 FX strategy at Deutsche Bank in New York. "There is more here for the Fed doves than the hawks." Prices of U.S. Treasuries rose after the data but pared gains as oil prices hit two-month highs. The dollar fell against a basket of currencies and stocks on Wall Street were trading mostly lower following recent hefty gains. Economists expect the Fed to announce a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September. The U.S. central bank left rates unchanged on Wednesday and said it expected to start winding down its portfolio "relatively soon." The Fed has raised rates twice this year. The rise in second-quarter GDP was in line with economists'' expectations. Output was previously reported to have increased at a 1.4 percent pace in the first quarter. The economy grew 1.9 percent in the first half of 2017, making it unlikely that GDP would top 2.5 percent for the full year. President Donald Trump has set an ambitious 3.0 percent growth target for 2017. Related Coverage U.S. labor cost growth slows in second quarter Speaking to law enforcement officers in Brentwood, New York, Trump applauded the GDP data and said it was the result of his administration''s rollback of some business and environmental regulations. "We''re doing well, we''re doing really well and we took off all those restrictions," Trump said. "Some we''re statutorily stuck with for a little while, but eventually that statute comes up and we''re going to be able to cut a lot more." But analysts are skeptical of the Republican president''s vow to push through major tax cuts in the wake of his party''s failure early on Friday in the Senate to pass a bill that would have repealed parts of former President Barack Obama''s 2010 healthcare law. So far, the political gridlock in Washington has not hurt either business and consumer confidence. Consumers Boost Growth A woman shops with her daughter at a Walmart Supercenter in Rogers, Arkansas June 6, 2013. The annual shareholders meeting for Walmart takes place on June 7. Rick Wilking A resurgence in consumer spending accounted for the bulk of the pickup in economic growth in the second quarter. Consumer spending, which makes up more than two-thirds of the U.S. economy, grew at a 2.8 percent rate. That was an acceleration from the 1.9 percent pace logged in the first quarter. But with wage growth remaining sluggish despite the labor market being near full employment, there are concerns that consumer spending could slow in the third quarter. In a separate report on Friday, the Labor Department said wages and salaries increased 0.5. percent in the April-June period after accelerating 0.8 percent in the first quarter. They rose 2.3 percent on a year-on-year basis. There were, however, strong wage gains in the information, finance and natural resources sectors. Slideshow (2 Images) "A tightening labor market ought to put upward pressure on wage rates, but employers are likely to resist increases as long as they can, given the state of productivity," said John Ryding, chief economist at RDQ Economics in New York. Inflation was subdued in the second quarter. The Fed''s preferred inflation gauge, the personal consumption expenditures (PCE) price index excluding food and energy, increased at a 0.9 percent rate. That was the slowest rise in more than two years and followed a 1.8 percent rate of increase in the first quarter. The gross domestic purchases price index, another measure of inflation pressures in the economy, increased at a 0.8 percent rate after advancing 2.6 percent in the prior quarter. Businesses helped to carry the economy in the second quarter, with spending on equipment jumping at a rate of 8.2 percent, the fastest in nearly two years. It was the third straight quarterly increase. Spending on mining exploration, wells and shafts grew at a 116.7 percent rate, slowing from the first-quarter''s robust 272.1 percent pace. As a result, investment on nonresidential structures increased at a 4.9 percent pace, moderating from the January-March period''s brisk 14.8 percent rate. Though businesses continued to carefully manage their inventories in the second quarter, they spent more in some places. Inventory investment was neutral to GDP growth after slicing 1.46 percentage points in the first quarter. Trade added 0.18 percentage point to growth, contributing to output for a second straight quarter. Housing was a drag on growth in the last quarter, with investment on homebuilding contracting at a 6.8 percent rate, the worst performance in nearly seven years. Auto production slumped for a third straight quarter, while government spending rebounded after declining in the prior period. Alongside the second-quarter GDP report, the government published revisions to data going back to 2014, which showed little change in the growth picture. Reporting by Lucia Mutikani; Additional reporting by David Lawder; Editing by Paul Simao 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-idUKKBN1AD0GX'|'2017-07-28T08:08:00.000+03:00'
'99c7584063cebc87c29987bf655cc36e4d7745f7'|'Tesla drops after Musk warns of ''manufacturing hell'''|'Edition United States July 31, 2017 / 5:52 PM / in 5 minutes Tesla drops after Musk warns of ''manufacturing hell'' Noel Randewich 3 Min Read Customer employees receive some of the first Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S., July 28, 2017. Alexandria Sage SAN FRANCISCO (Reuters) - Shares of Tesla dropped 3.5 percent on Monday after Chief Executive Elon Musk warned that the electric carmaker would face "manufacturing hell" as it ramps up production of its new mass-market Model 3 sedan. At a launch event on Friday, Musk said customers had made over half a million advance reservations for the Model 3 as he handed over the first 30 cars to employee buyers, setting the stage for a major test of Tesla''s strategy to become a profitable electric car maker. Tesla is counting on the Model 3 to help turn the cash-losing company into a profitable one and transform it from a niche player to a heavyweight in the automobile industry. Investors already skeptical of Tesla''s aggressive growth targets focused on a warning by Musk that early production would be challenging. Related Coverage Tesla workers ask for employee safety plan, clarity on pay "We''re going to go through at least six months of manufacturing hell," Musk told journalists ahead of the event. He later made similar comments on stage. Investors may get an idea of how "manufacturing hell" will affect Tesla''s rate of cash burn when the company posts its quarterly results on Wednesday. The Palo Alto, California company has spent over $2 billion in cash so far this year ahead of the launch. Tesla introduces one of the first Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S., July 28, 2017. Alexandria Sage Also on Monday, a group of workers at the Fremont, California factory where the Model 3 is made sent an open letter to the independent members Tesla''s board. The employees, who are trying to start a union, requested access to company safety plans and information on compensation. Tesla''s stock has gained 53 percent in 2017, although it is down from a record high in June. Tesla introduces Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S., July 28, 2017. Alexandria Sage The $35,000 Model 3 is designed for easy production, with output targeted to reach 20,000 per month by December. Tesla''s last launch was the luxury Model X SUV in 2015 which had several production problems and a price tag starting around $80,000. Tesla has promised to boost total car production to 500,000 vehicles next year, close to six times its 2016 output, a target that many auto industry experts believe is unrealistic. It sold 76,230 cars last year. At the event, Musk said the price of a Model 3 with all of available options could reach $59,000. That level could scare off potential Tesla customers, wrote Barclays analyst Brian Johnson in a note to clients. Tesla''s stock was down $11.85 at $323.21 at mid-afternoon. Reporting by Noel Randewich; Editing by Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tesla-stock-idUKKBN1AG25R'|'2017-07-31T21:58:00.000+03:00'
'4873065ad31d6e934b201b051dfe39e485b03504'|'China to bolster efforts to stabilise, improve trajectory of economy'|'July 31, 2017 / 10:57 AM / 8 minutes ago China to bolster efforts to stabilise, improve trajectory of economy 1 Min Read Chinese Premier Li Keqiang speaks with Ryan Lance, Chairman and CEO of CononoPhillips, at Zhongnanhai Leadership Compound in Beijing, China June 20, 2017. REUTES/Fred Dufour/Pool BEIJING (Reuters) - China will bolster efforts to stabilise and improve the trajectory of its economy, state radio on Monday quoted Premier Li Keqiang as saying. Li also asked China''s telecom companies, including China Mobile, China Unicom and China Telecom, to keep cutting internet fees while raising internet speed, it added. Reporting by Beijing Monitoring Desk; Editing by Clarence Fernandez 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-li-idINKBN1AG16T'|'2017-07-31T13:55:00.000+03:00'
'158a4f6bf86eb345a50a03c3571b5222d428140e'|'Shell plans 400 job cuts at Dutch projects and technology department'|'Edition United States July 31, 2017 / 8:27 AM / in 18 minutes Shell plans 400 job cuts at Dutch projects and technology department Tom Bergin 3 Min Read A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. Toby Melville/File Photo LONDON (Reuters) - Royal Dutch Shell Plc plans to cut more than 400 jobs in the Netherlands, mainly at its major projects and energy technology operations, as the oil giant shifts its business model in response to lower oil prices, according to an internal document seen by Reuters. The world''s second-largest oil company by market capitalization said in a statement responding to questions from Reuters that "approximately 400 (staff) are potentially at risk of redundancy during the last quarter of 2017/first half of 2018". That represents around a quarter of the roles at the department, according to the staff consultation document seen by Reuters. The group employs 92,000 worldwide. "Shell is transforming into a simpler company," a spokesman said, adding the final number of job cuts would be subject to consultation with employees. He declined to answer detailed questions about the consultation document. The proposed restructuring, which will also see dozens of research roles move from the Netherlands to Bangalore, India, highlights how lower oil prices are prompting the Anglo-Dutch oil giant to shift away from the mega-projects which have been its focus for over 20 years. It also underscores an increasing shift of higher-value roles, such as research to lower cost countries. "There will be fewer one-of-a-kind highly complex mega-projects and proportionately more simple to medium complex projects... This heralds a more ''commoditised'' world for project delivery,” said the document, which was given to royaldutchshellplc.com, an independent website used by Shell staff, and seen by Reuters. In addition to staff cuts, Shell aims to reduce costs by outsourcing more "lower value-adding" design work, reducing the number of staff on expensive expatriate employment packages and by cutting layers of management in its project and technology operations. "The industry as a whole has become less efficient over the last 1-2 decades, whilst automotive, aerospace, solar and wind, for example, have become more efficient," it said. The oil industry has been cutting jobs – including around 12,500 at Shell - and capital investment budgets in recent years as lower oil prices have rendered many previously profitable projects uneconomic. While the second quarter saw a rebound in many companies'' earnings, analysts say strong production and low operating costs at U.S. shale oil fields means a significant recovery from the around $50/barrel level Brent crude has traded at over the past two years is unlikely anytime soon. That price is around half the level crude traded at over the previous six years. Editing by Louise Heavens'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-shell-redundancies-idUKKBN1AG0TL'|'2017-07-31T11:25:00.000+03:00'
'bd4512aca86e09a7c3e2772c347e3177552a6e83'|'UK to scrap Libor interest rate benchmark from end-2021'|'July 27, 2017 / 9:06 AM / in a few seconds Britain to scrap Libor rate benchmark from end-2021 Huw Jones 2 Min Read Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a "Reuters Newsmaker" interview at the Reuters offices in London, Britain, July 6, 2017. Hannah McKay LONDON (Reuters) - A substitute for the widely-used Libor interest rate benchmark should be in place by the end of 2021, the head of Britain''s financial markets watchdog said. Libor is based on submissions from banks of interest rates they believe they would be charged by others for borrowing money. Banks have been fined billions of dollars for trying to manipulate the benchmark, forcing a rethink of its future. The benchmark is used to price financial contracts worth $350 trillion, ranging from home loans to credit cards, globally and Bank of England Governor Mark Carney said this month it should in future be based on actual market transactions and not banks'' judgments. Andrew Bailey, chief executive of the Financial Conduct Authority, told an event in London on Thursday that work must "begin in earnest" on shifting to an alternative index, saying the end of 2021 would offer time to ensure a smooth transition. "By having a date by which transition will need to be complete, however, we give market participants a schedule to plan to, and make it easier for them to engage as many counterparties and Libor users as is practicably possible." Libor has to be replaced because there are too few transactions underpinning it, Bailey said, adding just 15 were executed in the whole of 2016 for one variant of Libor. "In our view it is not only potentially unsustainable, but also undesirable, for market participants to rely indefinitely on reference rates that do not have active underlying markets to support them," Bailey said. The BoE has already been refining its overnight sterling funding rate SONIA, which is based on actual transactions and therefore seen as harder to manipulate, as a Libor substitute. The Federal Reserve is developing a home-grown substitute for dollar Libor, and the European Central Bank is examining similar moves to reform or replace Euribor, a euro-denominated version of Libor. Reporting by Huw Jones; editing by Edmund Blair and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-regulator-libor-idUKKBN1AC18L'|'2017-07-27T11:35:00.000+03:00'
'063074a05a988065320de9dc46051829dd3ed8de'|'Wall Street set to open higher on earnings optimism'|'July 31, 2017 / 1:02 PM / in 18 minutes Wall Street set to open higher on earnings optimism Sweta Singh and Ankur Banerjee 3 Min Read A souvenir license plate is seen outside the New York Stock Exchange in Manhattan, New York City, U.S., December 21, 2016. Andrew Kelly/File photo REUTERS - U.S. stock indexes looked set to open higher on Monday as investors remained optimistic about corporate earnings in the second quarter and ahead of a clutch of economic data. Investors have been counting on earnings to support the relatively high valuations for equities, with the S&P 500 trading at about 18 times earnings estimates for the next 12 months, above its long-term average of 15 times. Of the 289 S&P 500 companies that reported results until Friday, 73 percent of them beat analyst expectations. This is above the 71 percent average over the past four quarters, according to Thomson Reuters I/B/E/S. The S&P 500 slipped on Friday on negative reactions to earnings reports from high-profile names such as Amazon, Exxon and Starbucks and a drop in shares of tobacco companies. "We had a choppy week last week, we had a very erratic week, so coming off a erratic week, we''re getting some early morning premarket bargain hunting," said Andre Bakhos, managing director at Janlyn Capital LLC. Apple Inc, a part of the Dow, is expected to report quarterly results after market close on Tuesday and its performance may hold the sway over tech stocks this week. Data vying for attention includes ISM Chicago Purchasing Managers'' Index data that is expected at 9:45 a.m. ET. The reading, which is an indicator of the strength of U.S. manufacturing sector, is likely to show a slight dip in July. The Federal Reserve of Dallas will release its monthly manufacturing index for July at around 10:30 a.m. ET. Oil prices rose on Monday, putting July was on track to become the strongest month for the commodity this year. [O/R] "What is causing the erratic behavior is a lack of the healthcare bill, any legislation coming from the Congress," Bakhos said. "So right now, we''re going to get some hesitation, hopefully until signs come out of Washington that things will be on the move." The seven-year Republican quest to scrap Obamacare, a major campaign vow by President Donald Trump, lay in ruins last week after the Senate failed to dismantle the healthcare law. Dow e-minis were up 58 points, or 0.27 percent, with 19,868 contracts changing hands at 8:20 a.m. ET (1220 GMT). S&P 500 e-minis were up 3.25 points, or 0.13 percent, with 132,207 contracts traded. Nasdaq 100 e-minis were up 13.5 points, or 0.23 percent, on volume of 26,173 contracts. Scripps Network was up 1.23 percent at $87.98 premarket after Discovery Communications said it would buy the media company for $14.6 billion. Charter Communications Inc up 8 percent after the U.S. cable operator said on Sunday it was not interested in buying wireless carrier Sprint Corp. Shares of Snap Inc fell 3 percent in premarket trading as a share lockup ended, allowing for sales by early investors and pushing it further below its March initial public offering price. Reporting by Ankur Banerjee, Sweta Singh, Sruthi Shankar and Yashaswini Swamynathan in Bengaluru; Editing by Arun Koyyur 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN1AG1IZ'|'2017-07-31T16:01:00.000+03:00'
'ddec0611337fb58b1c849c589a30572da9723269'|'Apple fails to end lawsuit claiming it ''broke'' FaceTime'|'July 31, 2017 / 2:36 PM / 2 hours ago Apple fails to end lawsuit claiming it ''broke'' FaceTime Jonathan Stempel 2 Min Read FILE PHOTO - The Apple Inc. store is seen on the day of the new iPhone 7 smartphone launch in Los Angeles, California, U.S., September 16, 2016. Lucy Nicholson/File Photo (Reuters) - Apple Inc has failed in its bid to dismiss a lawsuit claiming it disabled the popular FaceTime video conferencing feature on older iPhones to force users to upgrade. U.S. District Judge Lucy Koh ruled late on Friday that iPhone 4 and 4S users can pursue nationwide class action claims that Apple intentionally "broke" FaceTime to save money from routing calls through servers owned by Akamai Technologies Inc. Neither Apple nor lawyers for the plaintiffs immediately responded on Monday to requests for comment. Apple began using Akamai''s servers after losing a lawsuit in 2012 in which VirnetX Holding Corp claimed that FaceTime technology infringed its patents. Testimony from a 2016 retrial in that case showed that Apple paid Akamai $50 million in one six-month period. The plaintiffs said Apple eventually created a cheaper alternative for its iOS 7 operating system, and in April 2014 disabled FaceTime on iOS 6 and earlier systems. Koh said the plaintiffs alleged some measurable loss to their phones'' value, and could try to show that Cupertino, California-based Apple''s conduct constituted a trespass and violated state consumer protection laws. The San Jose, California-based judge twice quoted from what the plaintiffs said was an Apple employee''s internal email characterizing iOS 6 users as "basically screwed" because of the disabling of FaceTime. She also rejected Apple''s argument that the plaintiffs suffered no economic loss because FaceTime was a "free" service. "FaceTime is a ''feature'' of the iPhone and thus a component of the iPhone''s cost," Koh said in a footnote. "Indeed, Apple advertised FaceTime as ''one more thing that makes an iPhone an iPhone.''" The plaintiffs are led by Christina Grace of Marin County, California, and Ken Potter of San Diego County, California, who both owned the iPhone 4. Akamai was not named as a defendant. The case is Grace et al v Apple Inc, U.S. District Court, Northern District of California, No. 17-00551. Reporting by Jonathan Stempel in New York; Editing by Howard Goller 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-lawsuit-facetime-idUKKBN1AG1QP'|'2017-07-31T17:35:00.000+03:00'
'e608c212187c1a947337a29e4b582fe0e940dc2e'|'HBO says data hacked, media says ''Game of Thrones'' targeted'|'July 31, 2017 / 6:00 PM / 3 hours ago HBO says data hacked, media says ''Game of Thrones'' targeted 2 Min Read A scene from the latest season of "Game of Thrones". Macall B. Polay/Courtesy HBO NEW YORK (Reuters) - U.S. cable channel HBO said on Monday that hackers had stolen upcoming programming, and Entertainment Weekly reported that the theft included a script for an unaired episode of the hit fantasy show "Game of Thrones." HBO, a unit of Time-Warner Inc, declined to comment on the specific programming stolen in the hack. "As most of you have probably heard by now, there has been a cyber incident directed at the company which has resulted in some stolen proprietary information, including some of our programming," HBO Chairman Richard Plepler wrote in a message to employees, which the company shared with reporters. The company declined to comment on reports that unbroadcast episodes and scripts were among the data hacked, citing an "ongoing investigation" by unspecified law enforcement officials. Entertainment Weekly reported that hackers stole 1.5 terabytes of data and had already posted online unbroadcast episodes of "Ballers" and "Room 104," along with "a script or treatment" for next week''s episode of "Game of Thrones." Reuters also received an e-mail on Sunday from a person claiming to have stolen HBO data, including "Game of Thrones." The show is now in its seventh season and due to wrap up next year. Reporting by Jonathan Allen and Piya Sinha-Roy; Editing by Cynthia Osterman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-cyber-hbo-idUSKBN1AG269'|'2017-07-31T20:59:00.000+03:00'
'01e4344a3752d915c1a3b82b5c9a5f6ce6314642'|'MIDEAST STOCKS-Poor Q2 results dampen Saudi, bluechips buoy Dubai'|'July 31, 2017 / 8:00 AM / in 2 hours MIDEAST STOCKS-Poor Q2 results dampen Saudi, bluechips buoy Dubai 2 Min Read DUBAI, July 31 (Reuters) - Poor second quarter corporate earnings were a drag on Riyadh''s index in early trade on Monday in a generally weaker Gulf market, though Dubai bucked that trend as bluechips rose. Shares of Saudi builder Khodari fell 1.1 percent after the company reported a second-quarter net loss of 25.02 million riyals ($6.7 million), wider than EFG Hermes'' estimate of 14.40 million riyals. Quarterly revenue was half of that in the year-earlier quarter, the company said. Milk and yoghurt maker Saudi Dairy Foodstuff Co fell 0.8 percent after it reported a 5.2 percent year-on-year drop in second quarter net profit. Saudi Re for Cooperative Reinsurance jumped 3.7 percent after its net income in the second quarter expanded 50.6 percent. Saudi Paper Manufacturing was up 0.3 percent after it reported a narrower loss. The Saudi index edged down 0.3 percent. Qatar''s index, which lost 1.0 percent on Sunday, was little changed as nine on the 20 most valuable companies declined and six rose. In Dubai, Dubai Investments lost 0.8 percent after reporting a 12.6 percent drop in second quarter net profit. Other companies were more upbeat, with the largest listed developer Emaar Properties up 1.1 percent, helping take the index 0.6 percent higher. $1 = 3.7500 riyals Reporting by Celine Aswad; Editing by John Stonestreet 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1KM1JC'|'2017-07-31T10:59:00.000+03:00'
'a068ce4b4cbbc69416ad799deb05357d5560be2c'|'Brazil''s Estácio to revamp bylaws in wake of failed takeover'|'SAO PAULO, July 31 (Reuters) - Estácio Participações SA , Brazil''s No. 2 for-profit education firm, has proposed a broad overhaul of corporate governance rules in the wake of a failed takeover attempt by larger rival Kroton Educacional SA.In a Monday securities filing, Estácio proposed the creation of a strategic committee and modification to rules concerning unsolicited stake increases surpassing 20 percent of outstanding stock. In the filing, Chief Executive Officer Pedro Thompson said the proposal has been submitted for approval at an extraordinary shareholder meeting scheduled for Aug. 31. (Reporting by Ana Mano and Guillermo Parra-Bernal) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/estacio-part-management-idUSE6N1HB028'|'2017-07-31T19:08:00.000+03:00'
'e75d13e3bc0f5504162f922e59ffd732b53e2055'|'Global funds raise euro zone assets to over two-year highs'|'July 31, 2017 / 12:16 PM / 41 minutes ago Global funds raise euro zone assets to over two-year highs 6 Min Read European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany July 20, 2017. Ralph Orlowski LONDON (Reuters) - Global investors have raised their holdings of euro zone equities and bonds to the highest levels in more than two years, a Reuters poll showed, reflecting a conviction that the European Central Bank will not rush to raise interest rates. Investors have sought signals as to when the ECB will start reducing its asset-purchase scheme, but the bank left its ultra-easy monetary policy unchanged at its July meeting and did not even discuss winding down stimulus. That probably gave fresh impetus to investor bullishness on Europe. Reuters'' monthly asset allocation survey of 49 fund managers and chief investment officers in Europe, the United States, Britain and Japan, showed assets from the single currency bloc continued to be favoured. The poll,  26, showed funds boosting euro zone equity allocations to an average 20.1 percent, the highest level since April 2015 and up 3.4 percentage points since the start of the year. They also raised euro zone bond holdings by two percentage points to 29.2   March 2015. European equities are up 5 percent year-to-date though they are set to end July flat, possibly spooked by the euro''s surge to near two-year highs EUR= . Over two-thirds of poll respondents   monetary policy said they did not expect all four major central banks - the ECB, Bank of Japan (BOJ), the U.S. Federal Reserve and the Bank of England - to   end-2018. The ECB and the BOJ were most often named as the central banks likely to lag the other two. Alain Zeitouni, senior portfolio manager at Russell Investments, was amongst those who cited the ECB. "We expect a slow and gradual tapering in the course of 2018 in order not to scare global capital markets," he said. "Inflation remains sub-2 percent in the euro area and with potential uncertainties around Italian elections in 2018, it is very unlikely the ECB will act before the end of the year." Trevor Greetham,   Royal London Asset Management (RLAM), said their highest conviction view was that the BOJ would not raise rates. "The recent downgrade in their inflation outlook confirms our view that the underlying inflationary pressures remain low. We expect yen weakness to boost Japanese equities," he said. Investors increased Japanese equity exposure to 17.7 percent in July, the highest since November 2016, whilst raising Japanese bonds by over 1 percentage point to 13.5 percent. The BOJ kept policy unchanged in July and pushed back the timing for achieving its inflation target. Some managers also doubt the Bank of England will be able to tighten any time soon, with Justin Onuekwusi, a fund manager at Legal & General Investment Management, citing fragile consumer demand and uncertainty over Britain''s upcoming exit from the EU. "The MPC will have to balance a slowing economy and rising inflation – a mild form of stagflation," he said. In contrast, the U.S. Federal Reserve is expected to tighten further and to start reducing its bond holdings soon, a step it alluded to at its July meeting. Vulnerable Investors cut their U.S. equity holdings to 39.3 percent in July, the lowest level since Donald Trump''s election as U.S. President in November. Although U.S. stock markets .SPX .DJI have rallied to record highs, some investors expressed concern about stretched asset prices. With Trump''s promised tax cuts and higher spending already priced in, the market is viewed as vulnerable to disappointment. Some 85 percent of poll   predicted he would see out his four-year term, notwithstanding an ongoing investigation into possible collusion between his presidential campaign and Russia. Several asset managers saw impeachment as difficult unless the Democrats made substantial gains at 2018 mid-term elections. Robeco strategist Peter van der Welle, however, put Trump''s odds of survival at 50/50. "If (special counsel Robert) Mueller manages to keep the investigation on track and presents compelling evidence, it is not unthinkable he has cleared enough smoke for Congress to trigger impeachment," he said. Overall, investors trimmed equity holdings to 46.1 percent of global portfolios, the lowest since March, while raising bond allocations to 40.8   December. In another sign of caution they raised cash levels by almost one percentage point to 5.3 percent. Just over half of those   rock-bottom implied volatility expected it to spike higher, citing potential earnings disappointments as a possible trigger. "At current valuations, markets are priced for a return of Goldilocks - in the second phase of the cycle this is an assumption you should be concerned about," said Francois Savary, chief investment officer at Prime Partners. Additional reporting by Maria Pia Quaglia Regondi, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-funds-poll-global-idUKKBN1AG1E8'|'2017-07-31T15:21:00.000+03:00'
'9e371d08a00af50e4010c00ad1858a7d4b2bb828'|'Japan industrial output increase hints at more stable growth'|'July 31, 2017 / 4:16 AM / 2 hours ago Japan industrial output increase hints at more stable growth 3 Min Read A cargo ship is pictured at an industrial port in Tokyo, Japan, August 18, 2016. Kim Kyung-Hoon/Files TOKYO (Reuters) - Japan''s factory output rebounded in June from a decline in May as production of cars and industrial chemicals increased, suggesting economic expansion may be on a more stable footing. Industrial output rose 1.6 percent in June from the previous month, just below the median estimate for a 1.7 percent increase and following a 3.6 percent decline in May. Manufacturers forecast a steady increase in output in coming months, offering further evidence that firm overseas demand and gains in consumer spending could support overall growth in Japan''s economy. "Overall, the trend looks healthy due to domestic demand and demand from emerging markets, said Norio Miyagawa, senior economist at Mizuho Securities. "It''s safe to say the economy continued its expansion in April-June and the forecasts point to further growth in output." Transport sector output rose 4.2 percent in June, rebounding from a 13.0 percent tumble in the previous month, as output of passenger cars and automobile engines recovered. Output of chemicals rose 3.4 percent in June, also a rebound from a 2.2 percent decline in May. A laborer works in a container area at a port in Tokyo, Japan July 19, 2017. Toru Hanai/Files Inventories across all industries fell 2.2 percent in June, the biggest decline in more than six years, as inventories of cars, steel, and electronic equipment were reduced. Some economists were concerned that inventories in the past few months were too high, and that companies would have to cut output. However, the decline in inventories in June shows that companies still have room to expand output, said Mizuho Securities'' Miyagawa. Manufacturers surveyed by the ministry expect output to rise 0.8 percent in July and 3.6 percent in August, which also shows that gains in output are likely to be maintained. Industrial output rose 1.9 percent in the April-June quarter, handily exceeding the 0.2 percent increase seen in January-March. Given the close correlation between industrial output and gross domestic product this suggests the overall economy accelerated in April-June. The positive output reading follows data last week showing the biggest increase in household spending in almost two years and an increasingly tight labour market, building optimism that the economy will maintain its upward momentum. Reporting by Stanley White; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-output-idINKBN1AG0CO'|'2017-07-31T07:15:00.000+03:00'
'88cabf630b95d0d6d3adc831af4a6eb3aa11211c'|'Raytheon names Kurt Amend CEO of Arabia unit'|'July 30, 2017 / 7:30 PM / an hour ago Raytheon names Kurt Amend CEO of Arabia unit 1 Min Read (Reuters) - Raytheon Co on Sunday appointed Kurt Amend as chief executive of its Arabia business unit. The company said it will focus on creating "indigenous defense, aerospace and cybersecurity capabilities" in Saudi Arabia. Amend most recently served as president of Raytheon International Inc in Riyadh. Reporting by Subrat Patnaik in Bengaluru and Trevor Hunnicutt in New York; Editing by Phil Berlowitz 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-raytheon-moves-ceo-idUSKBN1AF0U9'|'2017-07-30T22:22:00.000+03:00'
'b8b7854c29a7c913b9b9e4d51f5e52732b5cfa67'|'UK watchdog leaves payday loan cap in place, eyes overdrafts'|'July 31, 2017 / 6:19 AM / in 3 hours UK regulator says fee cap may not solve overdraft concerns Huw Jones 4 Min Read The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. Chris Helgren LONDON (Reuters) - Britain''s financial regulator said fundamental reform of unarranged overdrafts was needed as it had significant doubts about whether they could continue in their current form and a cap on fees may not be the answer. Members of parliament have questioned whether British banks charge high fees for customers who go overdrawn without permission to maintain other services at low costs and to subsidise free in-credit bank accounts. "Charges appear high and complex," the Financial Conduct Authority (FCA) said in on Monday. "Based on the evidence we have to date, we believe there is a case to consider the fundamental reform of unarranged overdrafts and consider whether they should have a place in any modern banking market," it said in a statement. Debt advisers said banks should copy fees introduced this month by Lloyds ( LLOY.L ), which has scrapped existing charges for overdrafts and replaced them with a single fee. The FCA said it would look at the new fee structure. A separate review of Britain''s high-street banking market by the Competition and Markets Authority (CMA) had called for more transparency on overdraft fees but left it to the FCA''s broader review of high-cost credit to consider the matter further. MPs called the CMA''s decision a dereliction of duty, with some wanting a cap on unauthorised overdraft fees, a step the FCA signalled on Monday it would not rush into. The regulator also said it had concerns about how some consumers were using authorised overdrafts as a form of long-term credit. Death Knell UK Finance, a banking and finance industry body, said its members were developing ways to make overdraft costs clearer. But StepChange, a charity that advises people in debt, said it was disappointed no action would be taken on unarranged overdrafts until next year. "We may at last be hearing the death knell of charges for breaching overdraft limits," said Guy Anker, managing editor at MoneySavingExpert.com, a consumer advocate that wants banks to follow the example set by Lloyds. The FCA said it would not change the interest rate cap on short-term "payday" loans but would review it in 2020, offering potential relief to a sector which many lenders have quit. The cap was introduced after criticism from MPs and the Church of England about the very high interest charged by so-called payday loan companies for often vulnerable customers. The FCA said 760,000 payday borrowers had saved 150 million pounds a year since the cap was introduced in 2015, and that debt charities were seeing fewer customers. The cap meant some customers would now be better off with a payday loan than an unauthorised overdraft, the FCA said. The watchdog was publishing feedback to its November review of high-cost credit, which also identified concerns about the rent-to-own lending sector, home-collected credit and credit on goods bought in catalogues. The FCA will publish any proposed rule changes in early 2018 for public consultation. The FCA said it was also doing more work on car finance, an area that has drawn close regulatory scrutiny, and would report back in the first quarter of 2018. Most new car finance is now in the form of personal contract purchase plans provided by the financing arms of automakers. Reporting by Huw Jones; Editing by Keith Weir and David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-credit-regulator-idUKKBN1AG0JQ'|'2017-07-31T09:18:00.000+03:00'
'920376d6e73fd7448107190c683aa53158b35ef6'|'South Africa''s Bidvest to acquire Ireland-based Noonan for $208 million'|'July 31, 2017 / 6:29 AM / in 10 minutes South Africa''s Bidvest to acquire Ireland-based Noonan for $208 million Reuters Staff 2 Min Read JOHANNESBURG (Reuters) - South Africa''s Bidvest ( BVTJ.J ) will acquire management services group Noonan for approximately 2.7 billion rand ($208 million) as the trading, services and distribution company looks to grow internationally. Bidvest, which spun off food service division Bidcorp ( BIDJ.J ) in a $5 billion listing on the Johannesburg Stock Exchange last year, said on Monday it would Noonan from Alchemy Partners. "Following the unbundling of our food services business last year, we have said that we intend pursuing a strategy of acquisitions that will provide geographic diversification for certain of our core businesses," Chief Executive Lindsay Ralphs said in a statement. Ralphs said Noonan''s business model was complementary and would help improve its services, increase its client base, and support international growth through further acquisitions. In February, Ralphs told reporters on a conference call that Bidvest would be able to raise $1 billion should it need it and that the firm has identified acquisition targets outside of South Africa. For the Noonan deal, three-year, variable rate, euro-denominated funding has been secured at an attractive rate, it said. Noonan is based in Ireland and also operates in the United Kingdom, from where 40 percent of its revenue is derived, it said. The effective date of the transaction is expected to be August. 31, assuming South African Reserve Bank approval. ($1 = 12.9926 rand) Reporting by Nqobile Dludla; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-noonan-m-a-bidvest-group-idUKKBN1AG0KE'|'2017-07-31T09:29:00.000+03:00'
'5d1a26de6a687b8df66b92c90ef600e510332c49'|'HSBC says first-half profit rose 5 percent, announces up to $2 billion share buyback'|'July 31, 2017 / 4:37 AM / in an hour HSBC says first-half profit rose 5 percent, announces up to $2 billion share buyback 3 Min Read FILE PHOTO: The HSBC headquarters building is seen in the Canary Wharf financial district in London, Britain, March 7, 2011. Toby Melville/Files HONG KONG/LONDON (Reuters) - HSBC Holdings PLC on Monday said profit rose 5 percent in the first half of the year, beating analyst estimates, and announced its third share buyback in the past year on the back of a growing capital base. Pretax profit reached $10.2 billion in the six months through June, from $9.7 billion in the same period a year earlier, HSBC said in a statement. The result compared with the $9.5 billion average estimate of analysts polled by the bank. HSBC also announced an up to $2 billion share buyback, as it uses excess capital to offset the dilutive effect of shares paid out as dividends. It completed a previously announced $1 billion buyback in April. Europe''s biggest bank said it expects to commence the latest buyback shortly for completion in the second half of 2017. The announcement takes the total of HSBC share buybacks since the second half of 2016 to $5.5 billion. HSBC, like many global banks, spent the years up to the 2008 financial crisis building its empire. Recent years have seen it cut jobs and sell assets worldwide to shrink the group back to profitability and maintain dividend payouts in an era of stricter banking regulations. "In the past 12 months we have paid more in dividends than any other European or American bank and returned $3.5 billion to shareholders through share buy-backs," Chief Executive Officer Stuart Gulliver said in HSBC''s earnings statement. "We have done this while strengthening one of the most resilient capital ratios in the industry." The bank said its common equity tier 1 ratio - a measure of financial strength - was 14.7 percent at the end of June, from 14.3 percent three months prior, and 12.1 percent in the year-earlier period. The ratio is set to increase further as the bank repatriates some $8 billion stuck at its U.S. subsidiary, following approval last year from the U.S. Federal Reserve. HSBC has kept its dividend payout ratio higher than many peers in recent years, including last year when a slowdown in banks'' earnings growth prompted rivals such as Standard Chartered PLC to withhold payments. HSBC''s dividends totalled $10.1 billion in 2016, $10 billion in 2015 and $9.6 billion in 2014. Reporting by Sumeet Chatterjee and Lawrence White; Editing by Christopher Cushing 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hsbc-results-idINKBN1AG0DQ'|'2017-07-31T07:36:00.000+03:00'
'2725ef4b20edeed23e05d81fe07bdcf48ba539fa'|'Wal-Mart shuffles U.S. leadership teams in food, merchandising'|'July 31, 2017 / 5:14 PM / 3 hours ago Wal-Mart shuffles U.S. leadership teams in food, merchandising 3 Min Read FILE PHOTO: A general view shows a Wal-Mart store in Monterrey, Mexico, August 10, 2016. Daniel Becerril/File Photo CHICAGO (Reuters) - Wal-Mart Stores Inc ( WMT.N ) has announced changes to its food leadership team in an internal memo, as it prepares for increased competition with grocery rivals and remains caught in a price war. Charles Redfield, executive vice-president for food at Wal-Mart U.S., unveiled the changes in the memo dated Friday and seen by Reuters. He said Wal-Mart is positioning leaders from the company in new roles so it can deliver and win at a time when retail is constantly changing. A Wal-Mart spokesman did not immediately respond to a request for comment. The changes come at a time when the world''s largest retailer has been conducting price tests across several U.S. states and pushing vendors to undercut rivals. The recent entry of German grocery chain Lidl and expansion by another German rival, Aldi [ALDIEI.UL], has raised the stakes for American grocery chain operators. Some of Wal-Mart''s key changes include one for Shawn Baldwin, senior vice-president and general merchandise manager for produce and global food sourcing, who will focus on a new initiative for Hispanic customers. The memo did not elaborate on the initiative. Martin Mundo, who has worked in Argentina and other countries for Wal-Mart, will replace Baldwin. Earlier this month, Target Corp ( TGT.N ) Chief Executive Brian Cornell said at a conference that Hispanic consumers are shopping less often. Target has experienced this behavioral shift this year, especially in "border towns," Cornell said at the conference, according to media reports. Wal-Mart will also split leadership in its bakery and deli departments, the memo said. Kerry Robinson will be responsible for the bakery business but will no longer oversee the deli business. Tyler Lehr will be responsible for deli services. Wal-Mart also announced leadership changes in its merchandising operations in a separate memo sent on Friday and seen by Reuters. Deanah Baker will lead all of apparel, shoes and accessories. Scott McCall will oversee the entertainment, toys and seasonal product categories as a general merchandise manager and Jeff Evans will be general merchandise manager for products under the home category. The company also named Greg Hall as senior vice-president of merchandise operation for food among several other moves in the merchandising team. Wal-Mart shares were up 0.4 percent at $80.16 at midday on Monday. Editing by Matthew Lewis '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-walmart-moves-idUSKBN1AG23T'|'2017-07-31T20:13:00.000+03:00'
'ad6282ebdc0d11ece3c567274f6b39a618f45879'|'Euro zone sentiment unexpectedly rises for third straight month'|'July 28, 2017 / 9:43 AM / 2 hours ago Euro zone sentiment unexpectedly rises for third straight month 2 Min Read BRUSSELS (Reuters) - Euro zone economic sentiment rose slightly for a third consecutive month in July to a new 10-year high, against expectations of a dip from June, data released by the European Commission on Friday said. The sentiment indicator in the 19-country currency bloc rose to 111.2 in July from 111.1 in June and 109.2 in May, driven up by more optimism in the services sector. The average forecast in a Reuters poll of 29 economists was for a decline to 110.8 after a surge in June to its highest level in nearly a decade. The figure confirmed the robust recovery of the euro zone, with output expected to grow by another half percentage point in the second quarter after strong expansion in the Jan-March period. The preliminary estimates for output will be released on Tuesday. Despite the unexpected rise in the sentiment, the Commission''s business confidence index, which points to the phase of the economic cycle, fell to 1.05 in July from an upwardly revised 1.16 in June, its highest value since April 2011. Economists polled by Reuters had forecast a more modest decline to 1.12 in July. The rise in the overall indicator of economic sentiment was driven mostly by more optimism in the services sector, the largest in the euro zone''s economy, which rose to 14.1 points in July from 13.3 in June, while the manufacturing sector remained at 4.5 points, well above the long-term average of -6.4. Sentiment among consumers was at -1.7 points in July, also well above the long-term average. It was the same as in June before an upwardly revision to -1.3 points. Consumers'' inflation expectations over the next 12 months fell to 11.7 in July from 13.0 in June while selling price expectations among manufacturers rose to 7.5 from 7.1 in June. Reporting by Francesco Guarascio; editing by Philip Blenkinsop 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-economy-sentiment-idINKBN1AD14I'|'2017-07-28T12:43:00.000+03:00'
'5327ab00dae9746ef839df3fbf5e74be2528a74a'|'Tech stocks lead European shares lower in busy earnings day'|'July 28, 2017 / 7:43 AM / 23 minutes ago Tech stocks lead European shares lower in busy earnings day Reuters Staff 2 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, July 27, 2017. Staff/Remote MILAN (Reuters) - European shares fell on Friday led by a slump in tech stocks which tracked losses among global peers following an earning miss at online giant Amazon ( AMZN.O ), while a flurry of earning updates failed to provide support. Europe''s tech index .SX8P, the best performer so far this year, was down 1.5 percent, helping drag the pan-European STOXX 600 index down 0.8 percent by 0717 GMT. UK''s FTSE .FTSE declined 0.4 percent. UBS ( UBSG.S ) fell 3.8 percent, making it the biggest drag to the STOXX. The Swiss bank kept a cautious outlook on the second half of 2017 after it reported an unexpected rise in second-quarter net profit. Among top fallers were shares in French car maker Renault ( RENA.PA ) and Proximus ( PROX.BR ), which also reported results. A bright spot was Adidas ( ADSGn.DE ), up 7.4 percent to a record high as the group raised its full-year outlook after improving margins helped the German sportswear maker to achieve an 18 percent jump in second-quarter operating profit. Reporting by Danilo Masoni, Editing by Vikram Subhedar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1AD0UT'|'2017-07-28T10:43:00.000+03:00'
'4f2a72e30db13034a35a5a3be8a1fbce23ad09a0'|'Aero engine maker Safran core first-half income dips, still beats forecasts'|'July 28, 2017 / 11:05 AM / 12 minutes ago Aero engine maker Safran core first-half income dips, still beats forecasts Tim Hepher and Cyril Altmeyer 3 Min Read The logo of Safran Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. Regis Duvignau PARIS (Reuters) - Aero engine maker Safran ( SAF.PA ) reported a 0.9 percent dip in core first-half profit on Friday that was still just above forecasts, as aircraft equipment and defence earnings offset headwinds from a switch to a new engine type. The French company, which recently sold its security business and won backing from its shareholders to make a reduced offer for Zodiac Aerospace ( ZODC.PA ), said it hoped to go ahead with a formal Zodiac bid by the end of the year. Production of the world''s most-sold aircraft engine, the CFM56 co-produced with General Electric ( GE.N ), is winding down in favour of its successor, the LEAP, which is ramping up. Progress is in line with plans but it is still making a loss. Recurring operating income fell to 1.218 billion euros ($1.42 billion) from 1.230 billion, dragging the operating margin 0.2 percentage points lower to 15.2 percent, but profits slightly beat expectations because of growth in non-engine businesses which benefited from a two-year cost-cutting drive. Safran shares fell around 1 percent, slightly outperforming a weaker market, as the company reaffirmed its targets. Revenues grew 0.6 percent or 2.4 percent on an underlying basis to 8.038 billion euros. Analysts were on average expecting an operating profit of 1.201 billion euros on revenues of 8.086 billion, according to Thomson Reuters I/B/E/S consensus data. Civil aftermarket revenue grew 8.4 percent in dollar terms in the first half but was flat in the second quarter. Safran said it expected the key services earnings figure to rebound in the second half amid strong airline traffic growth. Safran aims to break even on LEAP in 2020, but together with GE it is in talks with planemakers over increased demand for engines that could theoretically speed the programme into the black earlier than expected. Chief Executive Philippe Petitcolin cited a quality problem with a part on the model of the engine produced for Airbus. Any impact is expected to be minor, he said. The engines are co-produced for Airbus, Boeing and China''s Comac through Safran''s CFM International joint venture with General Electric ( GE.N ). Although CFM has avoided the number of teething problems felt by rival Pratt & Whitney ( UTX.N ), India said on Thursday its state carrier had experienced some delays in getting Airbus jets fitted with engines from the joint venture. Safran said its delayed Silvercrest business-jet engine was now on track but declined to comment on the progress of talks with Dassault Aviation ( AVMD.PA ) over penalties. Reporting by Tim Hepher, Cyril Altmeyer; Editing by Sudip Kar-Gupta and Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-safran-results-idUKKBN1AD1BB'|'2017-07-28T14:05:00.000+03:00'
'817df445c47fb9cc7b87f4def6c887502a7ffccf'|'Amazon everywhere: E-commerce titan is topic companies can''t avoid'|'July 28, 2017 / 5:47 PM / 2 hours ago Amazon everywhere: E-commerce titan is topic companies can''t avoid Lewis Krauskopf 6 Min Read FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, U.S. January 29, 2016. Mike Segar/File Photo NEW YORK (Reuters) - What looms over businesses as far flung as car repair, lab equipment and swimming pool gear? In a word, Amazon. Almost 700 U.S. companies have reported quarterly results so far this earnings season, and the e-commerce titan''s name has popped up on roughly one of every 10 earnings conference calls so far. And the retailers whose lunch has long been eaten by Amazon.com Inc haven''t even reported yet. In all, Amazon has been raised either in passing or with some urgency on 75 calls hosted by corporate chieftains in the past several weeks, according to a Reuters analysis of call transcripts from components of the S&P 1500. That''s well more than twice as many mentions as Google or its parent Alphabet Inc and over three times as many as Apple Inc. The preponderance of Amazon mentions by executives and Wall Street analysts is the latest indication of its rapidly expanding reach. Its move last month to buy upscale grocer Whole Foods Market Inc for nearly $14 billion has added fresh fuel to the concerns. Once primarily a scourge of traditional brick-and-mortar retailers, Amazon’s cloud over U.S. business has spread to more corners of the economy and raised worries about where it could strike next. Even executives for whom Amazon was not previously a top concern have found themselves responding to questions about how it may burst into their industries. On the call for 3M Co, which makes everything from scouring pads to stainless steel dental crowns, Amazon was raised by several analysts. Executives at diversified healthcare company Johnson & Johnson were asked how Amazon might pose a risk to its consumer brands. McDonald''s Corp CEO Stephen Easterbrook declined to respond directly to a question about implications of the Amazon-Whole Foods deal. But he did say: "It just demonstrates how disruptive the business world is and how quickly it moves." It was the first time a McDonald''s, 3M or J&J executive had faced an Amazon-related question in an earnings call, according to data from Thomson Reuters dating back to 2000. "Just that name puts fear even if it''s just a rumor that they might be going into your space," said Alan Lancz, president of Toledo, Ohio-based investment advisory firm Alan B. Lancz & Associates Inc., who has been an investor for more than 30 years. "To be over all these different sectors and all these different spaces, I can’t recall anything like that." Eyes on Amazon Not all of the Amazon references reflect worry. In many instances, companies talked up existing and potential partnerships with Amazon, bounties from the recent Amazon Prime Day sale, or opportunities that might stem from a Whole Foods purchase. But Amazon emerged as a source of analyst concern on conference calls for tire servicer Monro Muffler Brake Inc, swimming pool equipment distributor Pool Corp and water heater maker A.O. Smith. "I can tell you that we do think that they''re a force," Albert Nahmad, chief executive of Watsco Inc, a heating, ventilation and air conditioning system distributor, said in response to a question. "The economy''s never seen anything like it." "We keep our eyes on Amazon," he added. At issue is the competitive threat from Amazon''s massive size, willingness to sell at low prices and desire to push into a vast array of products or business lines. In its own quarterly report late on Thursday, Amazon reported a jump in retail sales along with a profit slump, as its rapid, costly expansion into new shopping categories and countries showed no sign of slowing. Whole Foods on Their Minds The Whole Foods deal roiled retailers, supermarkets and companies in the food-supply chain. But analysts are also asking real estate investment trusts and banks about their exposure to grocers, while Dover Corp, which manufacturers refrigeration equipment, and Silgan Holdings, which supplies packaging for consumer goods products, also were queried about the deal. "It seems like everyone''s asking that question at this stage," Silgan CEO Anthony Allott said when asked about the penetration of e-commerce in groceries in the wake of the deal, adding that he viewed it as an opportunity. Amazon is generating an outsized amount of chatter on Wall Street as well. Bank research notes and sales and trading commentary this month have contained nearly twice the number of Amazon mentions as for Microsoft and Apple, with Amazon tripling the number of Alphabet references, according to data from Street Contxt, an institutional content and data-insights platform for brokers and investors. Amazon has been mentioned nearly 17 times as much as the average company, according to Street Contxt. Jeff Hammond, an equity research analyst at KeyBanc Capital Markets, said investors are concerned that distributors of a variety of industrial wares are vulnerable to Amazon. "For commodity products with low differentiation, where price is higher on the list and it''s a smaller item that''s easy to deliver, that''s probably something that Amazon can be competitive at," Hammond said. For some executives, the Amazon question has been a periodic feature, even in arenas well beyond its traditional boundaries. Executives at Thermo Fisher Scientific, whose business includes supplying equipment to research laboratories, have fielded questions about an Amazon impact as far back as five years. This month its CEO said it was investing in its e-commerce capabilities and its supply chain. "We take Amazon very seriously," Thermo Fisher Chief Executive Marc Casper said on the call, "and we always have." Additional reporting by Rodrigo Campos; Editing by Dan Burns and Nick Zieminski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-results-amazon-com-analysis-idUSKBN1AD2CK'|'2017-07-28T20:46:00.000+03:00'
'e82315949eaa189f6bf017ca13dc2e39eafffc9d'|'Hot and cold - Euro zone grows but inflation slows'|'July 28, 2017 / 2:36 PM / 14 minutes ago Hot and cold - Euro zone grows but inflation slows Philip Blenkinsop 5 Min Read European Union flags flutter outside the European Commission headquarters in Brussels, Belgium, June 4, 2015. EU Economic and Monetary Affairs Commissioner Pierre Moscovici said on Thursday he was sure Greece and its creditors would reach an agreement on a cash-for-reforms deal and that Greece would remain in the euro zone. Francois Lenoir - RTX1F23W BRUSSELS (Reuters) - Data in the coming week should confirm the euro zone economy is running hot, after the IMF upgraded growth forecasts and Greece returned to the debt market, although inflation figures could throw cold water on ECB plans to start tightening policy. Growth in the single currency area outstripped paltry expansion in the United States and Britain in the first quarter and the pace did not let up in the April-June period. The euro zone may not be growth champion in the second quarter, after the U.S. rebounded to an annualised 2.6 percent thanks to consumer spending and business equipment investment. But it should again fare better than Britain, whose economy failed to build momentum. A forecast expansion of 0.6 percent in the April-June period, equivalent to an annualised 2.4 percent, would be the third consecutive quarter in which the euro zone has grown at or above a half percentage point, for the first time since 2007-08. "The global economy has been a jumbo jet running on just one engine for the last five, six years, the U.S., but now it seems there''s more from the euro zone as well, with encouraging signs from Asia too," said James Knightley, chief international economist at ING. Data on Friday showed the euro zone''s second-largest economy, France, grew by 0.5 percent for a third successive quarter, while Spanish GDP returned to pre-crisis levels with 0.9 percent expansion. "Momentum is there. We''re getting a broadening out of countries in terms of economic performance. It''s not just the likes of Germany driving it all forward ... There does seem to be self-sustaining momentum," said Knightley. Euro zone economic sentiment, as compiled by the European Commission, grew for a third straight month in July to a new 10-year high due to a pick-up of the dominant services sector. And confidence levels in all sectors, as well as for consumers, are far above historical averages. The International Monetary Fund has hiked outlooks for China and the euro zone, while trimming those for the United States and Britain. The Fund said the euro zone''s recovery was firming and becoming broad-based, with stronger domestic demand, although it warned of downside risks. Stubborn Inflation, Euro Strength Political risks seen at the start of the year ahead of elections in France and the Netherlands have diminished, while Greece has returned to the bond market after a three year exile. Five years ago, European Central Bank President Mario Draghi pledged to do "whatever it takes" to save the euro. His ultra-easy monetary policy is partly behind the robust economic recovery, showing more effect this year as growth in bank loans to the private sector hit a 10-year high in May. Now the question is when to taper. Strong economic growth should steer the ECB towards reining in asset purchases, but policymakers are still waiting on inflation. The flash estimate for July, due on Monday, is seen stable at 1.3 percent, well short of the ECB''s target of just below 2 percent. Perhaps more significantly, the core figure, without volatile energy and unprocessed food prices, is seen falling. "The economy is recovering and the labour market is doing quite well, but we think core inflation will be at 1 percent and below for the rest of 2017," said Marco Wagner, economist at Commerzbank. "Except Germany, if you look at France, Italy, Spain or Portugal there are still overcapacities, still relatively high unemployment." Among the clearest signs of a rebound has been the euro''s pick-up to around $1.17, from $1.05 at the start of the year. UniCredit on Thursday raised its forecast for the euro-dollar rate to $1.20 for the end of the year and an "equilibrium" rate of $1.25 for end-2018, from $1.14 and $1.18 respectively before. "The political risk factor has been taken out," said Vasileios Gkionakis, co-head of strategy research at UniCredit. "It would bring the rate in line with our estimate of fair value and in all likelihood the market will overshoot." Of course a stronger euro could dampen euro area growth and cap inflation, a further issue for ECB policymakers to consider. Outside Europe, U.S. monthly jobs data for July on Friday is likely to be the key figure for economists and the Federal Reserve, whose policy-setters next meet on Sept. 19-20. U.S. job creation surged by more than expected in June and is seen lower but still strong in July, a sign of labour market strength that could keep the Fed on course for a third interest rate hike this year. More significant may prove to be average wage growth, however. It is seen at 0.3 percent, the highest rate since February, after months of hovering between 0.1 and 0.2 percent. Reporting by Philip Blenkinsop; Editing by Catherine Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN1AD1UI'|'2017-07-28T17:36:00.000+03:00'
'bdf0a0dd6ba02118a51de5a9933cc5183d0a55b3'|'VW sale of Ducati, Renk units lacks board support'|'July 29, 2017 / 10:48 PM / in 10 hours VW sale of Ducati, Renk units lacks board support Andreas Cremer 4 Min Read A 3D printed Volkswagen logo is seen in front of a displayed Ducati logo in this illustration taken July 17, 2017. Picture is taken on July 17. Dado Ruvic BERLIN (Reuters) - Volkswagen''s ( VOWG_p.DE ) planned sale of motorcycle brand Ducati and transmissions maker Renk has currently no majority backing on the carmaker''s supervisory board, with opponents to asset sales feeling invigorated by the group''s strong results. Europe''s largest automaker has tasked banks to evaluate options for Ducati and Renk including divesting the two divisions as it aims to streamline operations to help fund a post-dieselgate strategic overhaul. Volkswagen (VW) has been reviewing its portfolio of assets and brands since announcing in June 2016 a multibillion-euro shift to electric cars and new mobility services as part of its so-called Strategy 2025. But VW''s labour leaders, occupying half the seats on the 20-member supervisory board which decides on asset sales, resist a sale of Ducati and Renk without compelling financial reasons. "The employee representatives on Volkswagen''s supervisory board will neither approve a sale of Ducati, nor one of Renk or MAN Diesel & Turbo," a spokesman for VW group''s works council told Reuters late on Saturday. "Everyone who can read the VW half-year results should know: We don''t need money and our subsidiaries are not up for grabs by bargain hunters." Six-month operating profit at VW group jumped 19 percent to 8.9 billion euros (7.96 billion pounds), the carmaker said on Thursday, as cost cuts and R&D improvements at the core namesake brand earned VW a respite from the billions of euros in costs for fines, vehicle refits and compensation related to its dieselgate scandal. Though Ducati is owned by VW''s luxury brand Audi ( NSUG.DE ), the VW group''s supervisory board has to approve a possible sale. Audi declined comment. The billionaire Porsche and Piech families, controlling 52 percent of voting shares in VW and holding four supervisory board seats, do not support selling Ducati or Renk, two sources at VW group said. A spokesman for Porsche SE ( PSHG_p.DE ), the family''s holding company, declined comment. With 20 percent of voting rights in VW, Lower Saxony, where the carmaker employs more than 100,000 staff at six plants, can veto decisions such as factory closures. Holding two board seats, Lower Saxony traditionally teams up with VW''s worker representatives for the sake of protecting jobs and projects. A spokeswoman declined comment when asked whether the state government would back a sale of Ducati or other assets. "The management board has not even asked the supervisory board of Volkswagen where such sales have to be ratified for its approval," the works council spokesman said. "Therefore we advise all supposedly interested parties: Save your time to check any books. A sale will not happen." Five bidders are shortlisted to buy Ducati, including Italy''s Benetton family, with offers received valuing the brand at 1.3 billion-1.5 billion euros, a source said on Saturday. A third source at VW said that given strong union opposition, VW is now reviewing its plan to sell Ducati as it doesn''t want to risk working with labour on implementing a hard-fought turnaround plan for the VW brand, seen as crucial by investors. VW finance chief Frank Witter, speaking on Thursday''s earnings call, declined any comment on "speculation" surrounding VW''s asset sales plans. Reporting by Andreas Cremer; Editing by James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-ducati-idUKKBN1AE0SB'|'2017-07-30T01:48:00.000+03:00'
'23100c018bb9d2fe897f8cab84feb66fa0104110'|'Tanzania says not targeting Acacia staff in immigration crackdown'|'July 30, 2017 / 8:16 AM / 9 hours ago Tanzania says not targeting Acacia staff in immigration crackdown Reuters Staff 3 Min Read DAR ES SALAAM (Reuters) - Tanzania is not targeting foreign employees of Acacia Mining Plc ( ACAA.L ), the immigration department said, adding that the temporary detainment of one the London-listed miner''s senior staff was part of wider checks in an immigration crackdown. Gold miner Acacia said on Friday that Tanzanian authorities had prevented one of its senior staff from leaving Dar es Salaam airport. After legal intervention, he was released and his passport was returned. "The immigration department ... does not target only Acacia Mining employees," the Tanzania Immigration Services Department said in a statement late on Saturday.Acacia, the country''s largest miner, said last week it had been hit with a $190 billion tax bill and warned it would have to close its flagship Bulyanhulu mine by Sept. 30 if a government ban on its exports is not lifted. "We are required by law to question any Tanzanian citizen or foreigner regardless of his position ... and release them without charge if their immigration papers are in order as in the case of employees of Acacia Mining who were recently questioned," the immigration department said. It added that there were no factors outside of the requirements of the Immigration Act that would prompt the department to restrict the entrance or exit of Acacia''s expatriate employees. President John Magufuli has threatened to shut all gold mines in the country if mining companies delay talks to resolve a dispute over billions of dollars in back taxes which the government says they owe.Majority-owned by Canada''s Barrick Gold Corp ( ABX.TO ), Acacia says it is in full compliance with the law and has paid all relevant taxes.Magufuli''s stance has rocked the mining sector in Tanzania, Africa''s fourth-largest gold producer, and driven Acacia''s shares down by more than 50 percent this year.Barrick, which owns a 63.9 percent stake in Acacia, said last week it has an "open mind" and is "very positive" about talks getting underway with Tanzania to resolve an export ban on gold and copper concentrates.Magufuli and Barrick Chairman John Thornton agreed at a mid-June meeting to hold discussions to resolve the row.Acacia has two mines affected by the ban which Tanzania introduced in March. They account for some 6 percent of Barrick''s 2017 gold production forecast. Reporting by Fumbuka Ng''wanakilala; editing by George Obulutsa and Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-acacia-mining-tanzania-idUKKBN1AF07Y'|'2017-07-30T11:15:00.000+03:00'
'75b8ef18f4f5eccab22a1edef796179d0454ff60'|'Exclusive: China Construction Bank nominates Bank of China boss to be its next chairman - sources'|'July 31, 2017 / 11:37 AM / in an hour Exclusive: China Construction Bank nominates Bank of China boss to be its next chairman - sources 3 Min Read A customer waits at a counter of a branch of China Construction Bank Corp (CCB) at its headquarters in Beijing, China, March 31, 2016. Kim Kyung-Hoon/File Photo BEIJING/HONG KONG (Reuters) - China Construction Bank Corp (CCB), the country''s second-biggest bank, has nominated Tian Guoli, the boss of the smaller Bank of China Ltd, to be its next chairman, three sources with knowledge of the matter said. In a closed-door meeting on Monday, the Communist Party''s powerful organisation department, which oversees personnel decisions, told senior CCB executives that Tian, 57, has been named the bank''s party secretary, the sources told Reuters. Top personnel changes at the big four state-controlled banks normally requires the blessings of the party''s Standing Committee - the pinnacle of power in China. An announcement about Tian''s party secretary role and nomination to be CCB''s chairman could come as early as later on Monday, one of the sources said. CCB and BOC declined to comment. CCB''s current chairman, Wang Hongzhang, 63, has reached retirement age. The former central bank official has been heading the bank since late 2011. Tian''s move from BOC to CCB is "unusual", as top bosses at China''s powerful big four state banks normally get promoted to high-ranking positions at China''s financial regulatory bodies, said a source familiar with the matter. Tian was previously widely regarded in the industry as a candidate for a top job at a financial regulator, the source added. Two sources with knowledge of the matter said Chen Siqing, president of state-controlled Bank of China (BOC), the country''s fourth-largest lender, is likely to be promoted to Tian''s chairman position. Tian and Chen''s moves need to be approved by the respective boards of the banks, both of which are listed in Shanghai and Hong Kong. Tian, after graduating with a bachelor''s degree in economics, started his banking career at a local CCB branch in 1983 and climbed to a senior role as assistant governor during his 16 years of service at the bank. Tian worked under China''s current anti-corruption chief, Wang Qishan, when Wang was running CCB in the 1990s. In 1999, Tian left CCB to help establish China Cinda Asset Management Co, one of the country''s Big Four state-owned bad debt managers created to take over distressed assets from big state banks. In 2013, Tian moved to BOC to head China''s fourth-largest lender. Reporting by Shu Zhang in BEIJING, Kane Wu and Julie Zhu in HONG KONG; Editing by Himani Sarkar and Neil Fullick 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ccb-chairman-bank-of-china-idINKBN1AG1AR'|'2017-07-31T14:36:00.000+03:00'
'75115b588740fe9716f1f22fe5569419ac3cb34a'|'Underwriter Hiscox''s first-half profit rises 12.5 percent on retail push'|'July 31, 2017 / 6:30 AM / 23 minutes ago Underwriter Hiscox''s first-half profit rises 12.5 percent on retail push Reuters Staff 1 Min Read (Reuters) - Lloyd''s of London underwriter Hiscox Ltd ( HSX.L ) reported a 12.5 percent rise in first-half pretax profit, driven by its retail business and a benign reinsurance claims environment. Hiscox, which decided to set up a subsidiary in Luxembourg to underwrite its retail business in Europe after Britain''s decision to leave the European Union, said pretax profit, excluding the impact of foreign exchange, rose to 133.5 million pounds in the six months ended June 30 from 118.7 million pounds a year earlier. The insurer, which underwrites a range of risks from oil refineries to kidnappings, said gross written premiums rose to 1.46 billion pounds in the period, from 1.29 billion pounds a year earlier. Reporting by Noor Zainab Hussain and Rahul B in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hiscox-results-idUKKBN1AG0KM'|'2017-07-31T09:30:00.000+03:00'
'1ea9c9d7b135b193bd6e3650c94a75557fffb684'|'Boeing expects India to order up to 2,100 aircraft over 20 years'|'July 31, 2017 / 6:58 AM / 3 hours ago Boeing expects India to order up to 2,100 aircraft over 20 years 1 Min Read NEW DELHI, July 31 (Reuters) - Boeing Co said on Monday it expects Indian airlines to order up to 2,100 new aircrafts worth $290 billion over the next 20 years, calling it the highest forecast ever for Asia''s third-largest economy. India is one of the world''s fastest-growing aviation markets with domestic passenger traffic growing at more than 20 percent a year over the last few years. The world''s biggest maker of jetliners could increase the projection next year depending on how India''s regional connectivity scheme pan out, said Dinesh Keskar, senior vice president, Asia Pacific and India sales at Boeing Commercial Airplanes. Last year, India overhauled rules governing its aviation industry, liberalising norms for domestic carriers to fly overseas and spreading the country''s air travel boom to smaller cities by capping airfares and opening new airports. (Reporting by Aditi Shah; Editing by Rafael Nam) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boeing-india-idUSL4N1KM2BT'|'2017-07-31T14:58:00.000+03:00'
'34317aa0a51bfbbe096719729e2f1545f2a71553'|'PRESS DIGEST- New York Times business news - July 31'|'July 31, 2017 / 4:20 AM / in 6 hours PRESS DIGEST- New York Times business news - July 31 2 Min Read July 30 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Apple Inc said in a letter it had removed apps from China store that helped internet users evade censorship. Software made by foreign companies to help Chinese users avoid the country''s system of internet filters had vanished from Apple''s app store in the mainland. nyti.ms/2v9Tezx - Interviews for control over Uber Technologies Inc with more than a dozen people close to the process, indicate that board members'' relationships have been damaged by leaks, shifting wildly as alliances are forged and then broken. nyti.ms/2v9R1Uz - The owners of DC United, Washington''s major league soccer team, are quietly weighing a sale of the franchise. The potential sale arose from efforts by DC United''s majority owners to sell a 35 percent stake once held by the investor Will Chang who sold that stake to the team last fall. nyti.ms/2v9GXec Compiled by Bengaluru newsroom '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1KM1YM'|'2017-07-31T07:19:00.000+03:00'
'901def0076587b9a8fe5010c25e1479874d1b0ff'|'Nikkei flat as upbeat earnings undermined by yen worries'|'July 31, 2017 / 3:03 AM / in 7 hours Nikkei flat as upbeat earnings undermined by yen worries 3 Min Read * Steelmakers gain after upbeat earnings * Fanuc drops after earnings fall short of expectations * Nikkei on course to end July in narrowest range in 3 decades * NT ratio at near 16-month low as small caps outperform By Hideyuki Sano TOKYO, July 31 (Reuters) - Japan''s Nikkei share average was little changed on Monday, as gains in steelmakers and other companies with upbeat earnings were offset by wariness about the yen''s creeping rise to a 1-1/2-month high against the dollar. The Nikkei stood at 19,946.32, down 0.1 percent. On the month it was down 0.4 percent, after having moved in a range of 344.23 points - its narrowest monthly trading range in 31 years. "In general, earnings so far have been pretty good, with even some conservative firms raising their annual estimates," said Tetsuro Ii, the president of Commons Asset Management. "But there aren''t many people who say they want to buy now," he added, noting that investors are wary of unwinding of stimulus by global central banks and relatively high valuations, particularly on Wall Street. The broader Topix was at 1,620.73, almost flat on the day and keeping slim monthly gains of 0.6 percent after it outperformed the Nikkei this month, thanks to firmness in small cap shares. The Nikkei''s underperformance led the ratio of Nikkei versus Topix, the so-called NT ratio, to its lowest since April 2016. On Monday the Nikkei was dragged down by 3.0 percent fall in Fanuc, a Nikkei heavyweight. The robot manufacturer''s upward revision in earnings fell short of analysts forecasts, though its conservative assumption on the yen''s exchange rates limited losses. On the other hand, steelmakers gained sharply following their positive earnings. Kobe Steel rose 6.8 percent and Nippon Steel & Sumitomo Metal gained 2.2 percent. That helped to make the Tokyo Stock Exchange''s iron and steel subindex the best performer among the TSE''s 33 industry subindexes. Hitachi rose 4.0 percent to 1-1/2-year highs after the company posted solid earnings for April-June. Takeda Pharmaceutical gained 2.9 percent on its earnings. But earnings optimism was curtailed as the yen rose to its firmest levels since mid-June on Monday. The Japanese currency stood around 110.42 to the dollar by 0254 GMT. The yen''s rise came even as data from a U.S. watchdog showed speculators maintained large yen short positions last week, raising worries that their short-covering could lift the yen sharply in the future. "Judging from past patterns, when speculators have a big short position in the yen, they are likely to have a long position in Japanese shares as well," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. "Given that foreign investors have sold Japanese shares in August in recent years, the market could face some correction next month," he added. (Editing by Jacqueline Wong) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1KM1JR'|'2017-07-31T06:00:00.000+03:00'
'2f76b3d92ef684b5344394b9315f1c50d87a12c7'|'EMERGING MARKETS-Venezuela bonds fall on U.S. sanction fears, Mexico peso slips'|'July 31, 2017 / 5:24 PM / 41 minutes ago EMERGING MARKETS-Venezuela bonds fall on U.S. sanction fears, Mexico peso slips 5 Min Read By Bruno Federowski and Sujata Rao SAO PAULO, July 31 (Reuters) - Venezuelan dollar bonds fell on Monday as traders fretted over potential U.S. sanctions after a weekend election seen as increasing the powers of leftist President Nicolas Maduro. Opposition parties boycotted the election for a constitutional super-body that Maduro said would begin a "new era of combat," saying it was rigged. Ten people were killed in nationwide protests, making Sunday one of the deadliest days since massive protests started in early April. U.S. officials said Washington was considering sanctions on Venezuela''s vital oil sector in response to the election, which it called flawed. Venezuela''s sovereign and quasi-sovereign dollar bonds, mostly fell across the curve, extending Friday''s large falls. Venezuela''s benchmark sovereign bond maturing 2038 fell almost one cent at one point before snapping back to trade at around 40 cents in the dollar. It stayed off 13-month lows hit on Friday, Thomson Reuters data showed. Dollar bonds issued by state oil firm PDVSA tumbled across the curve. There was little sign of spillover into other Latin American markets, however, with most currencies range-bound. The Mexican peso underperformed, weakening 0.3 percent after a report showed economic growth slowing in the second quarter. "Uncertainty with regard to the outcome of the 2018 presidential election and renegotiation of the NAFTA treaty are likely to continue to have a negative impact on activity," Goldman Sachs economists wrote in a report. "Important investment decisions may be postponed, scaled down or even canceled, particularly in export-oriented sectors." Trading volumes were muted in Brazilian markets as investors avoided making risky bets as the end of a congressional recess approached. Lawmakers are expected to vote on Wednesday whether to authorize the nation''s top court to rule on corruption accusations against President Michel Temer. Traders widely expect Temer, whose platform of structural reform is considered critical by investors to boosting growth in Latin America''s largest economy, to be cleared by the lower house of Congress. Still, the prosecutor-general''s office is likely to file additional charges against the Brazilian leader in coming months, potentially delaying a planned pension reform further. Brazil''s benchmark Bovespa stock index rose 0.4 percent, boosted by shares of miner Vale SA as iron ore prices surged. China-listed iron ore futures on Monday hit their trade limit-up, underscoring concerns over tight supply amid environmental inspections and strong restocking demand. Shares of IRB Brasil Resseguros SA jumped 6.8 percent in their market debut after shareholders in Brazil''s largest reinsurer raised almost 2 billion reais ($639 million) in an initial public offering last week. Key Latin American stock indexes and currencies at 1705 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1064.84 0.18 23.28 MSCI LatAm 2744.71 -0.05 17.32 Brazil Bovespa 65741.23 0.37 9.16 Mexico S&P/BVM IPC 51024.15 -0.37 11.79 Chile IPSA 5044.71 -0.62 21.52 Chile IGPA 25217.45 -0.54 21.62 Argentina MerVal 21458.84 -1.06 26.84 Colombia IGBC 10910.35 -0.94 7.72 Venezuela IBC 139399.38 2.65 339.67 Currencies daily % YTD % change change Latest Brazil real 3.1280 0.17 3.87 Mexico peso 17.8495 -0.33 16.22 Chile peso 651.9 0.29 2.88 Colombia peso 2994.48 0.06 0.23 Peru sol 3.238 0.22 5.44 Argentina peso (interbank) 17.6700 0.74 -10.16 Argentina peso (parallel) 18.02 2.28 -6.66 (Writing by Bruno Federowski; Editing by Tom Brown) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1KM12K'|'2017-07-31T20:23:00.000+03:00'
'8ed6a6ceeb43c426e9a5f546bc5b87b0a4a86db3'|'Heineken profit beats expectations on strong Europe'|'Edition United States July 31, 2017 / 5:31 AM / an hour ago Heineken profit beats expectations on strong Europe 3 Min Read Heineken beer bottles are seen at a bar in Monterrey, Mexico June 20, 2017. Daniel Becerril BRUSSELS (Reuters) - Heineken, the world''s second-largest beer maker, reported higher than expected earnings in the first half of 2017, with the strongest profit growth in Europe thanks to a late Easter and an early start of warm summer weather. The Dutch brewer of Europe''s top-selling lager Heineken, as well as Tiger and Sol, said volumes, revenue and profits grew on a like-for-like basis in all four of its regions, with turnarounds from weak first quarters in Africa and the Americas. Volume growth in Ethiopia and South Africa more than offset a decline in Nigeria while a strong Mexican market ensured expanding sales in the Americas, with declines in Brazil, Panama and to a lesser extent the United States. Vietnam, one of Heineken''s top two markets, continued strong. In Europe, where profit growth was strongest, volumes increased in France, Italy, Spain and Portugal, helped by a late Easter and the warm drink-inducing weather. The company said on Monday that it continued to expect revenue and profit growth this year. "Whilst economic conditions are likely to remain volatile, our expectations for the full year are unchanged," Jean-Francois van Boxmeer said in a statement. It stuck to its target of a 0.4 percentage point improvement in operating margin per year, albeit excluding its acquisitions of the Brazilian business of Japan''s Kirin and U.S. craft brewer Lagunitas and its planned purchase of most of the pubs of Britain''s Punch Taverns. However, the company said that its Brazil takeover, consolidated from June 1, would be margin dilutive by 0.4 percentage points this year. The brewer said its first-half operating profit rose 11.8 percent before one-offs to 1.81 billion euros ($2.12 billion), above the 1.76 billion euro average expected in a Reuters poll of seven analysts. Heineken ranks as the world''s number two brewer, although the gap between it global leader AB InBev has widened after the latter''s near $100 billion takeover of SABMiller late last year. Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-heineken-nl-results-idUKKBN1AG0GR'|'2017-07-31T08:44:00.000+03:00'
'cbf85a011a84d97dd4765e0e72ee8aad2cb20338'|'Tesla drops after Musk warns of ''manufacturing hell'''|'July 31, 2017 / 6:21 PM / in 19 minutes Tesla drops after Musk warns of ''manufacturing hell'' Noel Randewich 3 Min Read FILE PHOTO - A Tesla wall connector for charging the company''s vehicles at customers homes is pictured at a Tesla electric car dealership in Sydney, Australia, May 31, 2017. Jason Reed SAN FRANCISCO (Reuters) - Shares of Tesla dropped 3.5 percent on Monday after Chief Executive Elon Musk warned that the electric carmaker would face "manufacturing hell" as it ramps up production of its new mass-market Model 3 sedan. At a launch event on Friday, Musk said customers had made over half a million advance reservations for the Model 3 as he handed over the first 30 cars to employee buyers, setting the stage for a major test of Tesla''s strategy to become a profitable electric car maker. Tesla is counting on the Model 3 to help turn the cash-losing company into a profitable one and transform it from a niche player to a heavyweight in the automobile industry. Investors already sceptical of Tesla''s aggressive growth targets focussed on a warning by Musk that early production would be challenging. "We''re going to go through at least six months of manufacturing hell," Musk told journalists ahead of the event. He later made similar comments on stage. Investors may get an idea of how "manufacturing hell" will affect Tesla''s rate of cash burn when the company posts its quarterly results on Wednesday. The Palo Alto, California company has spent over $2 billion in cash so far this year ahead of the launch. Also on Monday, a group of workers at the Fremont, California factory where the Model 3 is made sent an open letter to the independent members Tesla''s board. The employees, who are trying to start a union, requested access to company safety plans and information on compensation. Tesla''s stock has gained 53 percent in 2017, although it is down from a record high in June. The $35,000 Model 3 is designed for easy production, with output targeted to reach 20,000 per month by December. Tesla''s last launch was the luxury Model X SUV in 2015 which had several production problems and a price tag starting around $80,000. Tesla has promised to boost total car production to 500,000 vehicles next year, close to six times its 2016 output, a target that many auto industry experts believe is unrealistic. It sold 76,230 cars last year. At the event, Musk said the price of a Model 3 with all of available options could reach $59,000. That level could scare off potential Tesla customers, wrote Barclays analyst Brian Johnson in a note to clients. Tesla''s stock was down $11.85 at $323.21 at mid-afternoon. Reporting by Noel Randewich; Editing by Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tesla-stock-idUKKBN1AG27O'|'2017-07-31T21:21:00.000+03:00'
'5450be202d5ed6774bb90d2f64b3e0cdac9fa748'|'PRESS DIGEST - Wall Street Journal - July 31'|'July 31, 2017 / 4:09 AM / 6 hours ago PRESS DIGEST - Wall Street Journal - July 31 2 Min Read July 31 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - U.S. President Donald Trump''s administration officials urged China and other nations to band together to confront North Korea over its nuclear and ballistic-missile ambitions, with Vice President Mike Pence declaring "all options are on the table" to rein in Pyongyang. on.wsj.com/2uP34nz - Charter Communications Inc said it is not interested in buying Sprint Corp, rebuffing a gigantic merger offer and potentially ending several weeks of deal talks between the media and communications companies. on.wsj.com/2v9C2d7 - Four big activist investors, including Jana Partners and Trian, are now calling for changes to plans to split DowDuPont , a $150 billion chemical behemoth about to be formed, into three companies. on.wsj.com/2va05sA - Russian President Vladimir Putin said the United States would have to cut 755 diplomats and staff in the country by September in retaliation for impending U.S. sanctions on Moscow. on.wsj.com/2uPffRn - Eight months after a landmark deal to cut oil output to force prices up, big budget obligations are driving OPEC members to keep producing. on.wsj.com/2uPCFpC - U.S. President Donald Trump''s tumultuous past week has widened rifts in his party, between those who vocally support the president''s combative style and others who bridle at it, according to interviews with GOP officials and supporters across the country. on.wsj.com/2v9Ps8Y (Compiled by Bengaluru newsroom) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1KM1TM'|'2017-07-31T07:08:00.000+03:00'
'4b1cc89afb93b61ebdffee0a2af46e4bb597c88b'|'Russian court transfers tycoon Vekselberg''s aides to house arrest - lawyers'|'July 31, 2017 / 6:42 PM / 14 minutes ago Russian court transfers tycoon Vekselberg''s aides to house arrest - lawyers Reuters Staff 1 Min Read FILE PHOTO: Chairman of the Board of Directors of Renova Group Viktor Vekselberg attends a session during the Week of Russian Business, organized by the Russian Union of Industrialists and Entrepreneurs (RSPP), in Moscow, Russia March 16, 2017. Sergei Karpukhin/File Photo MOSCOW (Reuters) - A Russian court has ordered two senior executives of firms controlled by Russian billionaire Viktor Vekselberg to be moved from a detention centre, where they have been held since last year, to house arrest, their lawyers said on Monday. Russian law enforcement officers detained Evgeny Olkhovik, a managing director of Renova, and Boris Vainzikher, chief executive of Renova subsidiary T Plus, in September 2016 under a criminal case into allegations that executives in firms controlled by Vekselberg had bribed regional officials. The court has decided to transfer both managers to house arrest until Aug. 6, Anatoly Lukinykh, Olkhovik''s lawyer, told Reuters. Evgeny Rivkin, lawyers for Vainzikher, said the court had approved the house arrest until Aug 4-5. The court will then consider possible extension of house arrest, they added. Vekselberg''s Renova group, which has interests in telecoms, mining, and utilities, declined to comment. T Plus also declined to comment. Reporting by Svetlana Reiter; writing by Polina Devitt; editing by Richard Balmforth 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-vekselberg-idUKKBN1AG28X'|'2017-07-31T21:55:00.000+03:00'
'ff57db4ffa45f44d66f41cc199a03367cd98f619'|'China says no link between North Korea and China-U.S. trade'|'July 31, 2017 / 4:08 AM / 5 hours ago China says no link between North Korea and China-U.S. trade 2 Min Read Flags of U.S. and China are placed for a meeting between Secretary of Agriculture Sonny Perdue and China''s Minister of Agriculture Han Changfu at the Ministry of Agriculture in Beijing, China June 30, 2017. Jason Lee/Files BEIJING (Reuters) - There is no link between North Korea''s nuclear programme and China-U.S. trade, a senior Chinese official said on Monday, after U.S. President Donald Trump said China had done nothing for the United States on North Korea. Trump, in tweets on Saturday, said America''s "foolish past leaders" had allowed China to make billions of dollars a year in trade and that he was disappointed in Beijing for not solving the problem. Trump made the comments after North Korea said it had conducted another successful test of an intercontinental ballistic missile (ICBM) that proved its ability to strike America''s mainland. Chinese Vice Commerce Minister Qian Keming, asked about Trump''s tweets at a news conference in Beijing, said there was no link between North Korea and China-U.S. trade. "We think the North Korea nuclear issue and China-U.S. trade are issues that are in two completely different domains. They aren''t related. They should not be discussed together," Qian said. "China will continue to work together with the international community to promote the denuclearisation of the Korean peninsula, and China is also willing to work with the U.S. side for more balanced development of the bilateral trade relationship," he added. China has repeatedly said it is not Beijing''s responsibility to resolve the North Korean issue, and that Washington and Pyongyang both need to take steps to calm tensions and address each others concerns. China says it fully enforces U.N. resolutions against North Korea, and has condemned unilateral U.S. sanctions on Chinese companies as unhelpful. The United States and China failed earlier this month to agree on major new steps to reduce the U.S. trade deficit with China, casting doubt over Trump''s economic and security relations with Beijing. Reporting by Beijing Monitoring Desk and Elias Glenn; Writing by Ben Blanchard; Editing by Kim Coghill and Lincoln Feast 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-trade-idINKBN1AG0C2'|'2017-07-31T07:01:00.000+03:00'
'd7be5677a84635b89e3c1ea53efd7fde00a55875'|'METALS-London copper buoyed near two-year peak after China data'|'July 31, 2017 / 2:23 AM / 8 hours ago METALS-London copper buoyed near two-year peak after China data 3 Min Read MELBOURNE, July 31 (Reuters) - London copper rallied to within a whisker of its highest in more than two years on Monday after manufacturing data from top user China confirmed growth tempered slightly but stayed firm in July. Fundamentals * LME COPPER: London Metal Exchange copper had risen 1.1 percent to $6,399 a tonne by 0150 GMT, after ending flat on Friday. Prices earlier matched last week''s peak since May 2015 at $6,400 a tonne. * SHFE COPPER: Shanghai Futures Exchange copper climbed 0.6 percent to 50,470 yuan ($7,496.25) a tonne. * SHFE NICKEL: SHFE nickel rallied 1.6 percent to 86,560 yuan a tonne as prices recover on ongoing concerns about supply from the Philippines, which has been cracking down on the mining sector. * CHINA: Growth in China''s manufacturing sector slowed marginally in July, but stayed firm. The official Purchasing Managers'' Index (PMI) released on Monday stood at 51.4 in July, down from the previous month''s 51.7 but still well above the 50-point mark that separates growth from contraction on a monthly basis. * U.S. DOLLAR: The dollar struggled on Monday, wallowing near a 2-1/2-year low against the euro, weighed down by U.S. political uncertainty and uninspiring U.S. data that added to doubts about whether there will be another Federal Reserve rate hike this year. * Chilean mining company Antofagasta could green-light a $1.1 billion revamp of its Los Pelambres copper mine in the first months of 2018, as rising copper prices buoy spirits in the sector, the company''s CEO told Reuters on Friday. * CHINA PPP: China''s public-private partnership (PPP) project construction has entered the "fast lane" and will become a unified, standardised, transparent market, a government research office said. * COPPER SPECULATORS: Hedge funds and money managers increased their net long position in COMEX copper in the week to July 25, U.S. Commodity Futures Trading Commission data showed on Friday. * For the top stories in metals and other news, click or Markets News * Asian shares dipped on Monday following a lacklustre end to last week globally on some earnings disappointments, while the dollar edged up but remained capped by U.S. polit Data/Events 0600 Germany Retail sales real Monthly 0600 Germany Retail sales real Yearly 0830 U.K. BOE Consumer credit June 0900 Eurozone Inflation July 0900 Eurozone Unemployment rate June 1345 U.S. Chicago PMI June 1400 U.S. Pending home sales index June 1400 U.S. Pending sales change June 1430 U.S. Dallas Fed mfg bus index July Prices '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL5N1KM036'|'2017-07-31T05:23:00.000+03:00'
'348cf240ca2a37e27923be41a92d9e21d4bbad8b'|'African Markets - Factors to watch on July 31'|'NAIROBI, July 31 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. - - - - - EVENTS: *UGANDA and KENYA - Statistics offices expected to release July consumer price index data. GLOBAL MARKETS Asian shares turned positive after solid Chinese data on Monday following a lacklustre start, while the dollar edged up but remained capped by U.S. political uncertainty. GLOBAL OIL Oil prices hit a two-month high on Monday, lifted by a tightening U.S. crude market and the threat of sanctions against OPEC-member Venezuela. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand weakened on Friday, faltering in the face of technical barriers and political worries after an executive at the power utility Eskom was suspended pending an investigation into graft allegations. KENYA MARKETS The Kenyan shilling was broadly stable against the dollar on Friday but was expected to weaken due to a slight rise in demand from oil importers, traders said. KENYA VIOLENCE A gunman and a police officer were killed in an attack on the home of Kenya''s deputy president in the western town of Eldoret, a senior administrator said on Sunday, just over a week before a national election. NIGERIA INSURGENCY Nigeria has scaled up its military response to the Boko Haram insurgency and will secure the northeast, the acting president''s spokesman said on Sunday, adding that the search for oil workers abducted by suspected members of the jihadist group will go on. NIGERIA TELECOMS Nigeria''s Senate has withdrawn a report that largely exonerated South African mobile phone giant MTN of accusations of illegally repatriating $14 billion and that rebuked the Nigerian central bank for regulatory failures. TANZANIA MINING Tanzania is not targeting foreign employees of Acacia Mining Plc , the immigration department said, adding that the temporary detainment of one the London-listed miner''s senior staff was part of wider checks in an immigration crackdown. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL5N1KM0DC'|'2017-07-31T07:54:00.000+03:00'
'8884ac304bed3ded12483d157d8da71d7559ec46'|'France offers Italy naval ship deal to resolve STX row - paper'|'July 30, 2017 / 11:01 AM / 7 hours ago France offers Italy naval ship deal to resolve STX row - paper Reuters Staff 2 Min Read FILE PHOTO: French Economy minister Bruno Le Maire takes a picture of French President Emmanuel Macron (not pictured) near the MSC Meraviglia cruise ship during a visit to the STX Les Chantiers de l''Atlantique shipyard site in Saint-Nazaire, France, May 31, 2017. Stephane Mahe/File Photo PARIS (Reuters) - France will offer to expand shipbuilding cooperation with Italy into naval vessels, Finance Minister Bruno Le Maire said, after Paris thwarted a tie-up it is now seeking to renegotiate between the STX France shipyard and Italian rival Fincantieri ( FCT.MI ). Le Maire, who will reopen negotiations in Rome on Aug. 1, described the offer as "a gesture of openness by the president", in an interview published on Sunday by Le Journal du Dimanche. President Emmanuel Macron has angered Rome by ordering STX''s "temporary" nationalisation, cancelling a deal in which Fincantieri and another Italian investor had agreed to buy stakes totalling 54.6 percent of the business. Paris exercised a pre-emption right to repurchase the controlling stake in the shipyard acquired by Fincantieri from bankrupt South Korean parent STX, after failing to renegotiate the shareholder pact agreed under France''s last government. Macron now proposes to keep the shipyard under 50-50 joint ownership. His intervention has proved popular - commanding 70 percent voter approval, according to an Ifop poll in the same newspaper - while inviting comparisons with nationalisation sprees under earlier presidents including François Mitterand. "This isn''t 1981 and I''m not following in anybody''s footsteps," Le Maire told the paper. "It''s temporary." Le Maire gave no details of the military offer but said it would build on planned collaboration in civilian vessels, creating a "European naval shipbuilder champion". He added: "If there''s no deal (with Italy), we will stick with the current situation and look for other potential buyers. But that''s not what we want." Reporting by Laurence Frost; Editing by Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stx-m-a-fincantieri-france-idUKKBN1AF0D4'|'2017-07-30T14:00:00.000+03:00'
'95dc4bceb20aabe6b5c489b12ad02038456ed82a'|'Tesla workers ask for employee safety plan, clarity on pay'|'July 31, 2017 / 6:59 PM / in 19 minutes Tesla workers ask for employee safety plan, clarity on pay 2 Min Read July 31 (Reuters) - A group of Tesla Inc workers on Monday asked the electric car maker''s board to provide a plan to address employee safety and information on pay and promotion. The worker group, part of the United Automobile Workers union, said Tesla had a safety record worse than that of "sawmills and slaughter houses". "We''re tired of suffering preventable injury after preventable injury," Michael Catura, a Tesla production associate, said in a statement. ( bit.ly/2wex8bF ) The group also asked for clarity around Tesla''s compensation practices. Starting pay at Tesla''s Fremont, California auto factory was $18 per hour, far below the national average for auto workers, the worker group said. Tesla was not immediately available for comment. Chief Executive Elon Musk said last week that the company is going to go through at least six months of "manufacturing hell" as it ramps up its efforts to produce 500,000 cars per year, close to six times its 2016 output. Tesla launched its much-awaited Model 3 sedans on Friday as it plans to become a profitable mass electric car maker. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tesla-workers-idUSL4N1KM5GE'|'2017-07-31T21:59:00.000+03:00'
'0183ca23e8f27468892144173fe864438d6a0386'|'Punjab, Maharashtra warn cotton farmers on potential pest attacks'|'July 31, 2017 / 7:51 AM / 8 hours ago Punjab, Maharashtra warn cotton farmers on potential pest attacks Mayank Bhardwaj 2 Min Read Farmer Darshan Singh plucks cotton from his damaged Bt cotton field on the outskirts of Bhatinda in Punjab, India, October 28, 2015. Munish Sharma/Files NEW DELHI (Reuters) - Two Indian states have asked cotton farmers to step up pesticide sprays to ward off potential harmful bug attacks as dry weather conditions in some parts of the country risk triggering infestations of pests like plant-eating whitefly. Despite plentiful rains in most parts of the country, monsoon has been patchy in some areas of Punjab and Maharashtra, prompting the two state governments to initiate steps to stop pest attacks. "We are a little concerned because of deficient rains in about six districts of the state and that''s why we have reached out to farmers to help fight pest attacks, if any," Balwinder Singh Sidhu, Punjab''s agriculture commissioner, told Reuters in a telephone interview. The Punjab government will ensure that farmers get to spray extra rounds of pesticides to avoid any infestation, Sidhu said. Cotton output has jumped fourfold since India allowed the genetically modified (GM) variety in 2002, transforming the country into the world''s top producer and second-largest exporter of the fibre. Monsanto''s lab-grown seeds yield nearly all of the cotton produced in India. India grows cotton on 11-12 million hectares and is likely to have harvested 33.63 million bales (1 Indian bale = 170 kg) in the 2016/17 season that started on Oct. 1, slightly down from 33.78 million bales a year earlier, according to the Cotton Association of India. While Punjab is not a major producer of cotton, Maharashtra is the second-biggest grower of the fibre. The Maharashtra state administration has asked farmers in the Vidarbha and Marathwada regions to be vigilant for the next 8-10 days, when the crop is vulnerable to pest infestations, said an official at the agriculture ministry. The official declined to be identified as he was not authorised to talk to media. Whitefly pests hit cotton crops in Punjab and neighbouring Haryana state in 2015, when India suffered back-to-back drought years for only the fourth time in over a century. Additional reporting by Rajendra Jadhav in MUMBAI; Editing by Kenneth Maxwell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-cotton-idINKBN1AG0Q4'|'2017-07-31T10:49:00.000+03:00'
'92ceb8216f244b19b63c401ea8db91238ac12683'|'Gold steady around highest in nearly 7 weeks on North Korea tensions'|'July 31, 2017 / 3:56 AM / 3 hours ago Gold hits highest in nearly seven weeks on struggling dollar Pratima Desai 3 Min Read FILE PHOTO: An employee takes granules of 99.99 percent pure gold before packing them at the Krastsvetmet non-ferrous metals plant in Krasnoyarsk, Russia, October 24, 2016. Ilya Naymushin/File Photo LONDON (Reuters) - Gold hit its highest in almost seven weeks on Monday, boosted by a struggling dollar and U.S. economic data that has cast doubt on whether the Federal Reserve will raise rates again this year. Spot gold was down 0.1 percent at $1,267.7 an ounce at 1337 GMT from an earlier $1,270.98, its highest since June 14. It is on course for a two percent rise this month. U.S. gold futures fell 0.1 percent to $1,267.1 an ounce. "Dollar weakness is driving the gold price. It''s not just against the euro, it''s against most major currencies," said Commerzbank analyst Eugen Weinberg. "U.S. politics is a mess and U.S. data has not been inspiring." A U.S. currency near 13-month lows against a basket of currencies makes dollar-denominated gold cheaper for holders of other currencies, which could mean stronger demand. Analysts said decelerating wage growth and subdued inflation have weakened the case for another rate rise this year. The Fed has raised rates twice this year. Hopes that President Donald Trump''s administration will implement tax reforms and economic stimulus in the near future, seen as dollar-positive factors, faded after the U.S. Senate on Friday failed to dismantle Obama care, in another political setback for the president. "We think that there is more upside on gold," said INTL FCStone analyst Edward Meir in a note. "A combination of a weaker dollar and falling U.S. bond yields should propel the precious metal higher, with North Korea being a wild card." Japanese Prime Minister Shinzo Abe on Monday agreed with U.S. President Donald Trump on the need for more action on North Korea after Pyongyang fired a second intercontinental ballistic missile on Friday. However, weak physical demand is expected to limit gold''s gains. Gold prices in India last week recorded the biggest discount in seven months as a rebound in prices curtailed retail demand, while lower premiums in other Asian centres failed to lure customers amid a seasonal slowdown. On the technical front, upside resistance comes in at $1,275, a Fibonacci retracement level. A break above that could see gold making a move towards the year high above $1,295. Elsewhere, silver gained 1 percent to $16.83 an ounce, palladium rose 1.6 percent to $891.22 and platinum climbed 0.9 percent to $937.30. "Stronger European auto demand is doing little to help platinum, as the sector seems well supplied," Meier said. Moreover, platinum is struggling with longer-term structural demand issues." Demand for platinum used in autocatalysts could come under pressure due to a push towards electric cars powered by rechargeable batteries and away from vehicles with internal combustion engines that use diesel. Additional reporting by Nithin Prasad in Bengaluru; Editing by Louise Heavens and David Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN1AG0BP'|'2017-07-31T06:55:00.000+03:00'
'd7212d0df8c087b4b2b776907371b26acb05645c'|'J&J arthritis drug sirukumab raises safety concerns - FDA staff'|'July 31, 2017 / 12:37 PM / in 24 minutes J&J arthritis drug sirukumab raises safety concerns - FDA staff 1 Min Read July 31 (Reuters) - Staff reviewers for the U.S. Food and Drug Administration noted on Monday that there was a trend of increased death with Johnson & Johnson''s experimental rheumatoid arthritis drug sirukumab compared with placebo. The report, published on the FDA''s website, comes two days before an outside committee of advisors to the agency meets to discuss the drug and recommend whether it should be approved. The FDA is not obliged to follow the advice of its advisors but typically does so. Reporting by Toni Clarke in Washington 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/johnsonjohnson-arthritis-fda-idUSL1N1KM0E3'|'2017-07-31T15:37:00.000+03:00'
'940d15d9b62e866f0b1d9e012fef99d84e1da95d'|'Oil near two-month high as producers set to meet again'|'July 31, 2017 / 12:28 AM / 2 hours ago Oil near two-month high as producers set to meet again Karolin Schaps 3 Min Read An oilfield worker walks next to pipelines at PDVSA''s Jose Antonio Anzoategui industrial complex in the state of Anzoategui April 15, 2015. 2015. Carlos Garcia Rawlins LONDON (Reuters) - Oil rose on Monday, putting July on track to become the strongest month this year, as news of a producers'' technical meeting next week added to bullish sentiment driven by the threat of U.S. sanctions against OPEC member Venezuela. Oil traders also eyed the bullish impact from a production outage following a fire at Europe''s largest refinery and further signs that the U.S. market is tightening after heavy inventory falls and slower new oil rig additions last week. "The sentiment in the oil market became very bullish after OPEC said it will meet with partners in Abu Dhabi next week to discuss compliance," said Frank Schallenberger, head of commodity research at LBBW. Some OPEC and non-OPEC members will meet on Aug. 7-8 in Abu Dhabi to assess how the group can increase compliance with production cuts that began on Jan. 1. Brent crude futures LCOc1 traded at $52.56 a barrel at 0827 GMT, up 4 cents on Friday''s close. Prices hit $52.92 a barrel, their highest since May 25. U.S. West Texas Intermediate (WTI) futures CLc1 after briefly topping $50 per barrel were at $49.72 a barrel, up 1 cent. Hedge funds and money managers have raised bullish bets on U.S. crude oil to their highest in three months, data showed on Friday. The United States is considering imposing sanctions on Venezuela''s oil sector in response to Sunday''s election of a constitutional super-body which Washington has denounced as a "sham" vote. In Europe, a production outage at Shell''s 404,000 barrel-per-day Pernis refinery in the Netherlands following a fire sent benchmark European diesel margins, which reflect the profit made from refining crude oil into the road fuel, to their highest since November 2015 at $14.60 per barrel. U.S. production has hampered efforts to rebalance the market but signs the market is tightening have emerged. "Strong increases in the price of oil ... (were) fuelled in large part by the substantial drawdowns in U.S. inventories over the past several weeks," said William O''Loughlin, analyst at Rivkin Securities. U.S. crude inventories have fallen by 10 percent from their March peaks to 483.4 million barrels. C-STK-T-EIA U.S. output dipped by 0.2 percent to 9.41 million barrels per day (bpd) in the week to July 21, after rising by more than 10 percent since mid-2016. C-OUT-T-EIA Drilling for new U.S. production is also slowing, with just 10 rigs added in July, the fewest since May 2016. Additional reporting by Ahmad Ghaddar and Ron Bousso in London and Henning Gloystein in Singapore; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN1AG016'|'2017-07-31T12:28:00.000+03:00'
'4f66d33b0700d9709fe1a081d3b9dcf6012250cf'|'Euro zone core inflation rises, unemployment drops'|'July 31, 2017 / 9:06 AM / 2 hours ago Euro zone core inflation unexpectedly picks up in July Francesco Guarascio and Francesco Canepa 3 Min Read BRUSSELS/FRANKFURT (Reuters) - A key measure of euro zone inflation accelerated to a four-year high this month and euro zone unemployment fell to its lowest since 2009 in June, data showed on Monday, in two encouraging signs for the European Central Bank as it considers reducing its monetary stimulus. The ECB is due to decide by the autumn whether and how to extend its 2.3 trillion euros (2.05 trillion pounds) quantitative easing programme into 2018 and President Mario Draghi has cited sluggish core inflation and wage growth as reasons to be cautious. Likely giving heart to ECB policymakers, core inflation, which excludes volatile food and energy prices, accelerated to 1.3 percent from 1.2 percent in June, Eurostat''s flash estimate showed. It was its highest level since August 2013 and confounded market expectations for a slowdown. "Today''s upside surprise in core inflation is likely to give the ECB some comfort, even though its level remains low," Morgan Stanley economist Daniele Antonucci said. "We expect a QE tapering announcement this autumn." The European Union''s statistics office estimated that headline growth in consumer prices in the euro zone was stable at 1.3 percent year-on-year in July, still far from the ECB''s objective of just under 2 percent. FILE PHOTO: An employee sews while working in a factory in the city of Blagoevgrad, Bulgaria July 2, 2015. Stoyan Nenov/File Photo In a separate release, Eurostat said unemployment in the 19-country currency bloc dropped to its lowest level since 2009 at 9.1 percent, confirming a robust recovery in the currency bloc. The jobless rate also went down in Italy and Spain, the two eurozone countries with the highest rates, excluding Greece for which fresh data were not available. In Italy unemployment dropped to 11.1 percent in June from 11.3 percent in May, meaning that nearly 60,000 were added to the Italian workforce. In Spain, the rate fell to 17.1 percent from 17.3 percent. One of the ECB''s dilemmas is that a steady decline in unemployment is not translating into higher wages, a key driver of inflation. In Germany, the largest economy of the bloc, unemployment fell to 3.8 percent in June from 3.9 percent the previous month, raising expectations of bigger wage rises that could strengthen growth in the euro zone a whole. ($1 = 0.8521 euros) Reporting by Francesco Guarascio in Brussels and Francesco Canepa in Frankfurt @fraguarascio @FranCanJourno, editing by Alister Doyle 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-inflation-idUKKBN1AG0XT'|'2017-07-31T12:14:00.000+03:00'
'27463e637540968f11bc491c97a3ef876503b35e'|'Cathay Needs Less Swire, Not More'|'Cathay Needs Less Swire, Not More The airline''s newest big shareholder should consider embracing China rather than fighting it. By From Anthony Kwan/Bloomberg If Cathay Pacific Airways Ltd.''s newest major investor was looking to ingratiate himself with the carrier''s controlling shareholders, he''s going the right way about it. The airline needs someone from the Swire family to "come out and lead the company for a while," the South China Morning Post quoted circuit-board tycoon Cheung Kwok-wing as saying in an interview published Monday . He''d be prepared to add to his 8.3 percent stake at HK$20 ($2.56) a share and expects the airline to return to health in six to 12 months, according to the newspaper. If Cheung''s looking to make money from his investment, though, he should consider a situation where the Swires have less, not more control. Cathay Pacific isn''t exactly a foreign country to John Swire & Sons Ltd., the London-based controlling group in the conglomerate. As Gadfly has previously complained , the two companies are probably too intertwined for their own good, with the past four Cathay CEOs putting in a near-identical three-decade apprenticeship elsewhere in the Swire empire before starting in the airline''s top job. Alongside the five executive directors on Cathay''s board are four non-executives representing Swire, as well as four representatives of 30 percent shareholder Air China Ltd. and four independent non-executives. The nine Swire veterans dominate the 17-person board despite a stake of just 45 percent, and none are the sorts of new faces likely to propound fresh thinking. All of the Cathay or Swire directors joined the company at a time when Samuel Swire, the younger of the two family scions on the board, was still a child. Such a consistent structure would be reasonable enough if Cathay were in a steady-state industry, but aviation is undergoing a revolution . The changes already are upending the powerful hub carriers in the Persian Gulf and threatens still greater damage to Hong Kong, struggling to thrive in the shadow cast by the fast-growing carriers over the border. A better strategy would be to embrace, rather than fight China''s growing might. That may indeed be Cheung''s motivation. One possible explanation for his sudden swerve into Cathay from a lifetime in the laminates industry would be that he''s aiming to be a strategic player should Air China follow the example of Cosco Shipping Corp. and take over its main Hong Kong rival, Corinne Png, an analyst at Crucial Perspective in Hong Kong, argued in a note to clients last week. Such a deal would create the world''s largest cargo airline and second-largest passenger carrier, and allow Air China to build up Cathay as a premium brand, she said. But the interests of the Swire family, who''ve controlled the carrier since its founding in 1946, could be one of the biggest stumbling blocks. The attractions to Beijing are obvious. Swire''s roots in China date back to before the first Opium War, and Cathay only appointed its first ethnic Chinese chief executive in 2005. That would seem to make it an obvious irritant to the nationalist instincts of President Xi Jinping, who harangued the territory''s independent streak in a speech there earlier in July that focused on the Communist Party''s role in ending the "humiliation and sorrow" of colonialism . If Cheung could ease the path to such a handover, he has much to gain. Cosco offered a premium of almost one-third to Orient Overseas (International) Ltd.''s previous close in its takeover -- and in that case the controlling shareholders were the family of Tung Chee-hwa, the territory''s pro-Beijing former chief executive. Cathay is now the most richly valued of the world''s major airlines, despite heading to its second consecutive year of losses. Without a deal, it''s hard to see much upside from the current valuation. But what price would Beijing place on ending the national humiliation of a leading Chinese airline that''s still run by British aristocrats? The sky''s the limit. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-31/cathay-needs-less-swire-not-more'|'2017-07-31T07:48:00.000+03:00'
'4e98f9f48b76f24f82e9ac20baa17f65e96616cc'|'Britain''s statistics watchdog puts stamp of approval on CPIH inflation gauge'|'July 31, 2017 / 11:41 AM / an hour ago Britain''s statistics watchdog puts stamp of approval on CPIH inflation gauge Reuters Staff 3   Britain''s statistics watchdog on Monday put its stamp of approval on CPIH, the gauge of inflation preferred by official statisticians, following improvements to address quality concerns. The Office for National Statistics (ONS) first published CPIH, a measure that includes more housing costs, as an official statistic in 2013. But the body which supervises the ONS said in 2014 that it fell below acceptable quality standards, in part because of concerns about the way it measures owner-occupier housing costs, based on rental prices. On Monday, the UK Statistics Authority said it was now satisfied that the ONS had rectified this. "I am pleased to confirm the re-designation of CPIH as a National Statistic," said Ed Humpherson, director general for regulation at the UK Statistics Authority. "In coming to our decision about National Statistics designation, we do not have a view about whether CPIH should be presented as a headline or preferred measure of inflation." In March the ONS adopted CPIH as its official gauge of inflation in place of the widely-used Consumer Prices Index (CPI). Britain''s Treasury uses CPI as the benchmark for the Bank of England''s 2 percent inflation target, but the seal of approval for CPIH potentially paves the way for a change. Annual inflation rates measured by CPI and CPIH have generally been similar and both rates fell in June to 2.6 percent. CPIH does not measure house prices or mortgage payments, but instead estimates how much home-owners would pay to rent their own homes. It also includes council tax, a local property levy. Some statisticians think the way it uses rental values to calculate overall housing costs is flawed. On Monday the Statistics Authority said the current method was reasonable, but added that the ONS should keep it under review and publish estimates using alternative methods for measuring these costs. An older measure that also includes some housing costs, RPI, is used by the government to determine interest payments on inflation-linked bonds and student loans, as well as in many commercial contracts. RPI is typically 1 percentage point higher than CPI, and the ONS says it is not an accurate gauge of inflation. "We are building a suite of measures as an alternative to the RPI," the ONS''s director-general, Jonathan Athow, said. "CPIH is our lead measure of inflation and offers the most comprehensive picture of how prices are changing." Reporting by Andy Bruce, editing by Alister Doyle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-inflation-cpih-idUKKBN1AG1AZ'|'2017-07-31T14:46:00.000+03:00'
'132eb7c125cc801cedf507531ba3add171ff9fb3'|'India set to block $1.3 bln Gland Pharma-Fosun deal - Bloomberg'|'July 31, 2017 / 12:39 PM / 16 minutes ago India set to block $1.3 billion Gland Pharma-Fosun deal: Bloomberg 2 Min Read Signs are seen on the headquarters of Shanghai Fosun Pharmaceutical Group in Shanghai, China, March 29, 2016. Aly Song/File Photo (Reuters) - India''s Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has decided to block China''s Shanghai Fosun Pharmaceutical Group Co''s ( 600196.SS ) proposed $1.3 billion takeover of Indian drugmaker Gland Pharma Ltd, Bloomberg reported, citing people familiar with the matter. Both companies have not been formally notified of the move yet, the report said. ( bloom.bg/2vaE0u7 ) India''s Finance Ministry spokesman D.S. Malik told Reuters that the report was "totally speculative" and that the matter had not yet come before the Cabinet Committee on Economic Affairs (CCEA). Fosun, Gland Pharma and the CCEA did not immediately respond to requests for comment. The deal was announced last July when Shanghai Fosun agreed to buy an 86 percent stake in KKR & Co-backed ( KKR.N ) Gland Pharma. nL4N1AE1N6 The current stand-off on a plateau next to the mountainous Indian state of Sikkim, which borders China, has ratcheted up tension between the neighbors, who share a 3,500-km (2,175-mile) frontier, large parts of which are disputed. Gland Pharma, based in the southern Indian city of Hyderabad, owns four factories from where it supplies a variety of injectables – widely used medicines administered through vials, syringes, bags and pumps, which are harder to make than regular medicines. Reporting by Bhanu Pratap in Bengaluru; Editing by Supriya Kurane 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gland-pharma-m-a-fosun-pharma-idUSKBN1AG1GC'|'2017-07-31T15:35:00.000+03:00'
'cbcc9c356351ed71c8816970c1e9b09d2f4d6673'|'Dufry''s quarterly organic growth surges to five-year high boosted by UK'|'July 31, 2017 / 5:47 AM / 11 minutes ago Dufry''s quarterly organic growth surges to five-year high boosted by UK Reuters Staff 1 Min Read A duty free shop belonging the the Dufry group in a departure lounge at Denpassar international airport in Bali March 23, 2017. Thomas White (Reuters) - Airport retailer Dufry AG ( DUFN.S ) said on Monday its second-quarter organic growth surged to 8.9 percent, the highest since 2012, driven particularly by strong performance in the UK and South America. The company reported a 5.8 percent rise in first-half turnover to 3.82 billion Swiss francs (3.01 billion pounds), highlighting that the UK continued perform well following the Brexit vote last year and the subsequent devaluation of the British pound. Dufry also said that it was considering an initial public offering of its North American businesss as the market differs from other markets and a spin-off would allow it to pursue growth opportunities specific to this market. Reporting by Daria Kowalewska in Gdynia; Editing by Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dufry-results-idUKKBN1AG0HI'|'2017-07-31T08:46:00.000+03:00'
'10e1c2f86bb6ba761fffb9927e98f6edbf108b4e'|'Newspaper publishes Trinity Mirror steps up cost cuts, reiterates outlook'|'July 31, 2017 / 6:19 AM / 13 minutes ago Newspaper publishes Trinity Mirror steps up cost cuts, reiterates outlook Reuters Staff 1 Min Read LONDON (Reuters) - British newspaper publisher Trinity Mirror ( TNI.L ) ramped up its cost savings plan on Monday after weak print advertising and poor sales of classified ads pushed its half-year adjusted operating profit down by 9.4 percent. The group, which owns the Daily Mirror, reiterated its full-year outlook after committing to remove 20 million pounds from its cost base, up from an original plan of 15 million pounds. "Whilst the trading environment for print in the first half was volatile, we remain on course to meet expectations for the year," Chief Executive Simon Fox said. "I continue to anticipate that the second half will show improving revenue momentum as we benefit from initiatives implemented during the first half of the year." Reporting by Kate Holton, Editing by Paul Sandle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-trinitymirror-results-idUKKBN1AG0JX'|'2017-07-31T09:19:00.000+03:00'
'2af6a1b0de62f691b5981c1e2091127e56435b2d'|'Soccer-Man United sign midfielder Matic from Chelsea'|'July 31, 2017 / 3:19 PM / in 7 minutes Soccer-Man United sign midfielder Matic from Chelsea 2 Min Read LONDON, July 31 (Reuters) - Manchester United have signed Serbia international Nemanja Matic from Premier League champions Chelsea on three-year contract with an option to extend for a further year, both clubs said on Monday. Financial terms of the deal were not disclosed, but British media reported that United paid between 40 million pounds ($52.48 million) and 50 million pounds to reunite the 28-year-old midfielder with manager Jose Mourinho. "Nemanja is a Manchester United player and a Jose Mourinho player. He represents everything we want in a footballer; loyalty, consistency, ambition, team player," Mourinho said in a statement. "I would like to thank him for his desire to join us because without that, it would be impossible to have him here. I am sure our players and supporters will love him. A big welcome to our new number 31." Mourinho signed Matic when he was in charge of Chelsea in 2014. Matic, who originally joined Chelsea in 2009 before moving to Benfica in 2011, became an influential part of Chelsea''s title-winning side under Mourinho in 2014-15. ($1 = 0.7622 pounds) Writing by Simon Jennings in Bengaluru, editing by Ed Osmond 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/soccer-england-mun-matic-idUSL4N1KM1Y9'|'2017-07-31T18:18:00.000+03:00'
'2ee13d3fff005e4f980b27846c7de764153663e4'|'Apple fails to end lawsuit claiming it ''broke'' FaceTime'|'July 31, 2017 / 2:22 PM / 5 hours ago Apple fails to end lawsuit claiming it ''broke'' FaceTime Jonathan Stempel 3 Min Read A woman looks at the screen of her mobile phone in front of an Apple logo outside its store in Shanghai, China July 30, 2017. Aly Song (Reuters) - Apple Inc ( AAPL.O ) has failed in its bid to dismiss a lawsuit claiming it disabled the popular FaceTime video conferencing feature on older iPhones to force users to upgrade. U.S. District Judge Lucy Koh ruled late on Friday that iPhone 4 and 4S users can pursue nationwide class action claims that Apple intentionally "broke" FaceTime to save money from routing calls through servers owned by Akamai Technologies Inc ( AKAM.O ). Neither Apple nor lawyers for the plaintiffs immediately responded on Monday to requests for comment. Apple began using Akamai''s servers after losing a lawsuit in 2012 in which VirnetX Holding Corp ( VHC.A ) claimed that FaceTime technology infringed its patents. Testimony from a 2016 retrial in that case showed that Apple paid Akamai $50 million in one six-month period. The plaintiffs said Apple eventually created a cheaper alternative for its iOS 7 operating system, and in April 2014 disabled FaceTime on iOS 6 and earlier systems. Koh said the plaintiffs alleged some measurable loss to their phones'' value, and could try to show that Cupertino, California-based Apple''s conduct constituted a trespass and violated state consumer protection laws. The San Jose, California-based judge twice quoted from what the plaintiffs said was an Apple employee''s internal email characterizing iOS 6 users as "basically screwed" because of the disabling of FaceTime. She also rejected Apple''s argument that the plaintiffs suffered no economic loss because FaceTime was a "free" service. "FaceTime is a ''feature'' of the iPhone and thus a component of the iPhone''s cost," Koh said in a footnote. "Indeed, Apple advertised FaceTime as ''one more thing that makes an iPhone an iPhone.''" The plaintiffs are led by Christina Grace of Marin County, California, and Ken Potter of San Diego County, California, who both owned the iPhone 4. Akamai was not named as a defendant. The case is Grace et al v Apple Inc, U.S. District Court, Northern District of California, No. 17-00551. Reporting by Jonathan Stempel in New York; Editing by Howard Goller 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-apple-lawsuit-facetime-idUSKBN1AG1PJ'|'2017-07-31T17:16:00.000+03:00'
'b916e8e245e813463a441e0cd1b5f08c1af33e66'|'Discovery to acquire Scripps Networks Interactive'|'July 31, 2017 / 11:11 AM / 12 minutes ago Discovery to acquire Scripps Networks Interactive Jessica Toonkel 3 Min Read NEW YORK (Reuters) - Discovery Communications Inc ( DISCA.O ) is acquiring Scripps Networks Interactive ( SNI.O ) for $14.6 billion (11.12 billion pounds) in a deal that is expected to boost the combined company''s negotiating leverage with pay TV operators at a time when more people watch video online, the companies said on Monday. The acquisition, which was completed last night, brings together Scripps'' largely female audience of lifestyle channels such as HGTV, Travel Channel and Food Network with Discovery''s Animal Planet and Discovery Channel, which primarily has male viewers. With the acquisition, Discovery can cut costs and use Scripps''s shows to further its international reach. The combined company''s larger programming slate might also provide leverage in negotiations for inclusion in skinny bundles, or economy-priced cable packages that offer fewer channels than a standard contract. The combined company will have 20 percent total cable viewership, according to a recent Barclays note. That will strengthen its negotiating stance when renewing contracts with distributors. By adding Scripps programming, Discovery could also launch its own "skinny bundle" of networks at a low cost. U.S television networks and cable providers are under pressure as more viewers watch their favourite shows and movies on phones and tablets. There is also increased competition for viewers from streaming services such as Netflix Inc ( NFLX.O ) and Amazon.com Inc ( AMZN.O ). Scripps has been considered a takeover target since the Scripps family trust that controlled the company was dissolved five years ago. This marks at least the third time that Discovery, whose shareholders include cable magnate John Malone, has tried to buy Scripps. Discovery outbid Viacom Inc ( VIAB.O ) for Scripps, which Reuters first reported Wednesday. Investors are largely positive on the deal for the synergies the combined company will see and the leverage it will have with pay TV partners. Since news of Discovery''s talks started, Discovery is up almost 3 percent, while Scripps is up almost 30 percent. But many analysts question how the combined company will compete long-term as viewers keep cutting cords to cable providers and advertising and ratings decline. "If there were no secular concern, this deal would be a slam dunk," wrote Barton Crockett an analyst at FBR Capital Markets, on July 27. While ratings for both companies have been solid, "investors don''t trust that this can continue, and we''re not sure what turns that fear around." Discovery is paying 70 percent cash and 30 percent stock for Scripps. Editing by David Gregorio'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-scripps-net-int-m-a-discovery-commns-idUKKBN1AG18D'|'2017-07-31T14:11:00.000+03:00'
'f082699e4e3fbb03aa6787d770ddc032c100e924'|'Moody''s gets licence to rate Saudi Arabia''s corporates'|'July 31, 2017 / 2:28 PM / 2 minutes ago Moody''s gets licence to rate Saudi Arabia''s corporates 2 Min Read DUBAI, July 31 (Reuters) - Moody''s has obtained a licence to operate rating activities in Saudi Arabia, joining the two major foreign credit rating agencies Fitch and Standard & Poor''s, as the country seeks to develop its corporate debt capital markets. Saudi Arabia''s corporate sector has traditionally relied on the bank loan market to back its funding requirements. But since low oil prices started impacting liquidity in the local banking system, authorities have encouraged more bond issuances as bonds allow a larger investor base such as insurance and pension funds to be tapped, therefore reducing the strain on the banking system. The sovereign itself issued its first international bond last year – a record breaking $17.5 billion issuance – to plug a budget deficit caused by lower oil prices. The bond was followed by a $9 billion international sukuk earlier this year and, this month, by the launch of a domestic sukuk programme through an issuance equivalent to $4.5 billion. Saudi Arabia''s Capital Markets Authority (CMA) said on Monday that as part of its responsibility to regulate and develop credit rating activities, it had authorised Moody''s Investors Service Middle East Limited to conduct credit rating in the country. Standard & Poor''s obtained a similar licence last October. It was followed by Fitch, which obtained the same permission last April. The CMA started receiving applications to conduct credit rating in 2015. (Reporting by Davide Barbuscia, editing by David Evans) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moodys-saudi-idUSL5N1KM4R1'|'2017-07-31T17:25:00.000+03:00'
'cad432f01452e1c6b05e7e75e37b7da0b8b63737'|'Britain risks losing out in race for mini nuclear plants - Rolls-Royce'|'July 31, 2017 / 4:26 PM / 17 minutes ago Britain risks losing out in race for mini nuclear plants - Rolls-Royce Kate Holton 4   The setting sun reflects on the windows of a building at Rolls-Royce in Derby, central England, November 4, 2014. Darren Staples/File Photo LONDON (Reuters) - Britain will squander the chance to become a leader in next-generation nuclear power unless it presses on with a competition to build mini reactors, said Rolls-Royce, the designer of the nuclear engines that drive the country''s submarine fleet. Britain, which built the first commercial civil nuclear power station, launched a competition in early 2016 to find the best design for so-called Small Modular Reactors, or plants built in factories with parts small enough to be transported. The government said it would respond after the submission process that ended in autumn 2016. When asked for an update on Monday, a business department spokeswoman said it was considering the next steps and would communicate in due course. Rolls-Royce, one of the biggest names to submit a bid, says the competition is crucial for Britain''s nuclear sector because the first country to licence a Small Modular Reactor (SMR) would set an international standard, giving those companies the chance to export their technology worldwide. "Whoever moves first, globally, whoever gets a Small Modular Reactor up and running, licensed, commissioned, built, clearly has first mover advantage globally," Harry Holt, the president of nuclear at the British company, told Reuters. "A delay begins to erode any first mover advantage we might have had, so clearly it begins to put at risk the full scale of the opportunity we first envisaged." Having pioneered commercial nuclear power production, Britain now relies on international expertise to develop its nuclear plants, with France''s EDF ( EDF.PA ) building a new site at Hinkley Point C, with financial backing from China. Still under development, SMRs have been touted as a cheaper and quicker alternative to building huge plants, piquing the interest of governments that are closing ageing nuclear sites and shutting coal plants to meet climate goals. Critics say there is no guarantee SMR developers will be able to cut costs enough to make the plants viable. Global Race Using existing or new technology, SMRs can be transported in parts on trucks and barges to sites where they can be assembled and are typically defined as plants producing less than 300 megawatts of electricity. According to the International Atomic Energy Agency, about 50 SMR designs are in various developmental stages, with four in advanced stages of construction in Argentina, China and Russia. The British government, which is looking to boost exports as it leaves the European Union, launched a 250 million pound ($329 million) nuclear research and development competition, with a chunk of the money going towards the winning SMR design. Rolls-Royce, known best for making plane engines, submitted a bid as part of a UK consortium with Amec Foster Wheeler, Nuvia, Arup and Laing O''Rourke, with the Nuclear Advanced Manufacturing Research Centre. One other group to express an interest in the competition is NuScale, majority owned by U.S. Fluor Corp ( FLR.N ). A committee of Britain''s upper house of parliament has said the delay is disappointing and risks damaging the industry. "What we''ve said very clearly to government is that, as well as the 7 gigawatts (GW) in the UK, we believe there is a substantial export market," Holt at Rolls-Royce said. As part of its bid the company has asked the government for 500 million pounds of funding for research and development. "And because we''re talking about a UK Small Modular Reactor, with the technology and IP all created here in the UK, it means you can capture the vast majority of value when you''re exporting." The National Nuclear Laboratory, a government owned and operated advisory body, has said Britain could generate up to 7 GW of electricity from SMRs by 2035, compared with a forecast of up to 85 GW for a global market. Editing by Paul Sandle and David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-nuclear-smr-idUKKBN1AG1YO'|'2017-07-31T19:26:00.000+03:00'
'1ceef54ba595513e67c22286705724208dec2259'|'France to launch buy-out bid to delist Areva on Aug. 1'|'July 31, 2017 / 4:06 PM / in 20 minutes France to launch buy-out bid to delist Areva on Aug. 1 Reuters Staff 1 Min Read A logo is seen on the Areva Tower, the headquarters of the French nuclear reactor maker Areva, by architects Roger Saubot et Francois Jullien at La Defense business and financial district in Courbevoie near Paris, France, June 1, 2017. Charles Platiau PARIS (Reuters) - French stock market regulator AMF said on Friday Franco-German bank Oddo BHF, acting on behalf of the French government, would launch a buyout offer for shares in Areva ( AREVA.PA ), with the aim of delisting the nuclear power engineering company from the Paris stock exchange. The buyout will take place from Aug.1 to Aug. 14. The French government, which owns more than 92 percent of Areva''s capital following a restructuring of the former Areva group, said earlier that it would buy up the remaining shares at 4.5 euros per share and then delist the company. Reporting by Maya Nikolaeva; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-areva-restructuring-idUKKBN1AG1YM'|'2017-07-31T19:06:00.000+03:00'
'13f9013344b9cf1cdbca32ef61a0ceeb83e7cb0a'|'India set to block $1.3 billion Gland Pharma-Fosun deal: Bloomberg'|'July 31, 2017 / 12:42 PM / in 4 hours India raises concerns around Chinese firm Fosun''s takeover of Gland: source 3 Min Read Signs are seen on the headquarters of Shanghai Fosun Pharmaceutical Group in Shanghai, China, March 29, 2016. Aly Song/File Photo (Reuters) - India has privately raised objections to Chinese firm Shanghai Fosun Pharmaceutical Group''s ( 600196.SS ) proposed $1.3 billion takeover of Indian drugmaker Gland Pharma, a source familiar with the matter said on Monday. The deal has won the approval of the Competition Commission of India (CCI), and India''s Foreign Investment Promotion Board (FIPB) in the last few months, but some in the Indian government have expressed concerns about a Chinese group buying Gland, the source said, declining to be named. Relevant authorities in China have approved the takeover of the injectable drugmaker, but it is awaiting a nod from India''s Cabinet Committee on Economic Affairs of India (CCEA), Shanghai Fosun said in a statement to Reuters. The closing of the deal, which would be China''s largest ever acquisition in India if approved, has now been extended to Sept. 26, the company added. Private-equity backed Gland Pharma and the CCEA, chaired by Indian Prime Minister Narendra Modi, did not immediately respond to requests for comment on Monday. Based in the southern Indian city of Hyderabad, Gland owns four factories from where it supplies a variety of injectables – widely used medicines administered through vials, syringes, bags and pumps, which are harder to make than regular drugs. Bloomberg, citing people familiar with the matter, reported earlier in the day that the CCEA was poised to block the deal, though neither company has been formally notified of the move yet. ( bloom.bg/2vaE0u7 ) India''s Finance Ministry spokesman D.S. Malik told Reuters that report was "totally speculative" and that the matter had not yet come before the Cabinet Committee on Economic Affairs (CCEA). The objections come against a backdrop of heightened India-China tensions. The two countries, share a 3,500-km (2,175-mile) frontier, are embroiled in a stand-off around India''s north eastern border. India''s concerns over the Gland-Fosun deal are not, however, a result of the border tensions, the source said. "They have more to do with giving control of a large pharma company to a Chinese entity that itself is facing questions from the regulators at home." China''s banking regulator has ordered a group of lenders to assess their exposure to offshore acquisitions by a handful of companies, including Fosun, that have been on an overseas buying spree, sources told Reuters last month. Reporting by Adam Jourdan in Shanghai, Bhanu Pratap in Bengaluru and Zeba Siddiqui; Editing by Supriya Kurane 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-gland-pharma-m-a-fosun-pharma-idINKBN1AG1GC'|'2017-07-31T15:39:00.000+03:00'
'e0ec1ca5ae9e377e3e60649847e13b5536de10a0'|'UK mortgage approvals drop to nine-month low in June - BoE'|'July 31, 2017 / 8:32 AM / 3 hours ago UK housing and consumer demand weaken as Bank of England meets David Milliken and Emma Rumney 4 Min Read FILE PHOTO: Construction cranes are seen on a residential building project behind homes in London, Britain, October 26, 2016. Toby Melville/Files - LONDON (Reuters) - Bank of England lending data showed softening consumer demand on Monday, after mortgage approvals fell to a nine-month low in June and previous red-hot growth in unsecured borrowing eased to its weakest in over a year. Though business lending was more upbeat, the figures are likely to boost the argument of those BoE policymakers meeting this week who say there is no rush to raise interest rates, despite above-target inflation and record employment. British lenders approved the fewest mortgages for house purchase since last September, with the number dropping to 64,684 from May''s 65,109 - slightly lower than economists'' average expectation of 65,000 in a Reuters poll. Three months ago, the BoE forecast that monthly mortgage approvals would rebound to 71,000 a month. "Against a backdrop of political and economic uncertainty, house purchases have hit a plateau," said Alastair McKee, managing director of mortgage brokers One 77 Mortgages. While Britain weathered the immediate aftermath of last year''s Brexit vote far better than most economists had forecast, growth so far this year has been the weakest since 2012. Unsecured consumer borrowing resumed its slowing trend after an unexpected pick-up in May, something which should reassure the BoE after one of its top regulators warned that banks might be getting complacent over credit risks. "Banks have started responding to this changing environment by reducing the availability of unsecured credit and are expected to tighten further ... citing changing appetite for risk and a worsening economic outlook," said Fabrice Montagne, an economist at Barclays. Compared with a year ago, unsecured lending in June was up 10.0 percent - still a rapid expansion, but the slowest growth since May 2016 and moving away from the 11-year high of 10.9 percent reached in November 2016. Most economists polled by Reuters expect the BoE to vote to keep rates on hold at their record low 0.25 percent on Thursday. But at least two policymakers are likely to vote to reverse last year''s emergency rate-cut post-Brexit. While headline rates of economic growth are currently below average, they expect stronger exports and business investment to soon compensate for weakness in consumer demand caused by slow wage growth and the higher inflation since the Brexit vote. Monday''s data suggest that businesses'' appetite for credit has remained solid, as the boon to exporters from a weaker pound outweighs longer-term uncertainty about Britain''s ease of access to European Union markets after it leaves in March 2019. Gross lending to non-financial businesses rose by a record amount, while net lending to large firms rose by 3.9 percent compared with a year earlier, unchanged from May and one of the biggest increases in the past five years. "It is impossible to tell, however, if the pickup ... reflects plans to invest more or firms responding to speculation that interest rates might rise soon by bringing forward planned borrowing," said Samuel Tombs of Pantheon Macroeconomics. editing by John Stonestreet'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-lending-idUKKBN1AG0TY'|'2017-07-31T11:32:00.000+03:00'
'f72664711340ab01da77246a3a632b59eab8eea1'|'German monthly retail sales rise more than expected in June'|'July 31, 2017 / 6:14 AM / in 18 minutes German monthly retail sales rise more than expected in June Reuters Staff 1 Min Read BERLIN (Reuters) - German monthly retail sales rose far more than expected in June, data showed on Monday, boosting expectations that private consumption will make a significant contribution to growth in Europe''s largest economy this year. The volatile indicator, which is often subject to revision, showed retail sales rose by 1.1 percent on the month in real terms, the Federal Statistics Office said. That compared with the Reuters consensus forecast for a 0.2 percent monthly rise and came after a rise of 0.5 percent in May. On the year, sales rose by 1.5 percent in June. A Reuters poll had forecast an increase of 2.7 percent. Consumption has overtaken exports as the main driver of growth, supported by a robust labour market and low interest rates. A survey last week showed already-buoyant German consumer sentiment continued to rise further heading into August. Reporting by Joseph Nasr; Editing by Michelle Martin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-retail-idUKKBN1AG0J9'|'2017-07-31T09:14:00.000+03:00'
'2838633a0c9fe132ccfcc6e2896436e7f46fdbe7'|'Evotec shares jump as Aptuit deal boosts contract research'|'FRANKFURT (Reuters) - Shares in Evotec ( EVTG.DE ) jumped on Monday after the German biotech firm struck a deal to acquire U.S. company Aptuit for $300 million to expand its outsourced drug discovery and development business.The shares gained 3.3 percent at 0849 GMT on Monday to 12.12 euros, giving Evotec a market value of about 1.77 billion euros ($2.08 billion).Evotec stock has gained more than 75 percent since February, when Denmark''s Novo Holding AS, which controls drugmaker Novo Nordisk ( NOVOb.CO ) and enzymes specialist Novozymes ( NZYMb.CO ), backed a 90 million euro capital increase.The deal will bolster Evotec''s existing contract research services and support the regulatory approval process as well as the manufacturing of experimental compounds for testing on patients."We believe these capabilities will allow (Evotec) to stay involved beyond the pre-clinical stage of development and possibly retain greater royalties from its partners, although this is difficult to quantify at this stage," said Berenberg analyst Klara Fernandes.Evotec also has its own drug candidates in the early to mid-stages of development, working together and sharing the rights with drugmakers such as Roche ( ROG.S ), J&J ( JNJ.N ) and China''s Jingxin Pharm.Reporting by Ludwig Burger, editing by Louise Heavens '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-aptuit-m-a-evotec-idUSKBN1AG118'|'2017-07-31T17:54:00.000+03:00'
'5b0a6c4deb47f4e507d739a3c10f44a60b388209'|'Unilever could axe up to 1,000 jobs in Germany - union'|'July 31, 2017 / 1:58 PM / in 16 minutes Unilever could axe up to 1,000 jobs in Germany: union Reuters Staff 2   The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. Brendan McDermid /File Photo FRANKFURT (Reuters) - A German union said cost cuts at Unilever ( UNc.AS ) ( ULVR.L ) could lead to up to 1,000 job cuts and possibly the closure of some of its eight factories in Germany. "The plants in Auerbach, Stavenhagen and Heilbronn are under review," Michaela Rosenberger, head of food industry union NGG, said in a statement on Monday. According to NGG, around 5,000 of Unilever''s 168,000 employees work at 11 sites in Germany, Austria and Switzerland, making, among other products, Knorr instant soup, Magnum ice cream and Rama margarine. Unilever, the maker of Dove soap, said in April it would speed up cost savings and sell its shrinking margarines business after February''s $143 billion takeover offer from Kraft Heinz ( KHC.O ) jolted it into a corporate makeover aimed at proving it can go it alone. A spokesman for Unilever said it was true the company planned to review its food plants in Germany, excluding those making margarine, but said the outcome of the review was open. "Any statements on job cuts and plant closures are total speculation," he said. According to the union, a meeting of staff in Germany has been called for Tuesday. Reporting by Maria Sheahan, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-unilever-redundancies-idUKKBN1AG1N2'|'2017-07-31T16:49:00.000+03:00'
'1e6a12305655d198b0ec7354c3fbf95f8a4db863'|'Owners of ex-local authority homes face horror of bills running into thousands - Money'|'The Observer Owners of ex-local authority homes face horror of bills running into thousands Leaseholders find themselves caught up in council drives to improve the condition of their housing stock, often at great cost Ex-local authority homes have proved a popular buy but many new owners have been faced with huge maintenance bills. Photograph: Robert Clayton / Alamy/Alamy The Observer Owners of ex-local authority homes face horror of bills running into thousands Leaseholders find themselves caught up in council drives to improve the condition of their housing stock, often at great cost View more sharing options Emma Lunn Monday 31 July 2017 07.00 BST W hen Cat Whitehouse and her partner James Wooldridge bought their ex-local authority flat on the Roupell Park estate in Lambeth four years ago, they were told there were no major works planned on the block. Then lumps of concrete started to fall off it, prompting health and safety fears. Lambeth council initially told leaseholders that repairs to the estate would cost £7m, and that the Whitehouse’s share would be £6,000. This soon more than doubled to £13,000 – a fee they scraped together by adding to their mortgage and plundering their savings. Now they have been billed another £5,000 – on top of the £170 service charge they pay every month. “The council say the total bill will be £12m and we have to pay another £5,000. Some of the other flats paid £15,000 last year and now have demands for another £15,000,” says Whitehouse. “Almost doubling the budget for the work seems ludicrous mismanagement.” The couple are part of a group of homeowners who either bought former council homes on the open market or through the right-to-buy scheme. There are more than 500 properties on the estate, with about a third privately owned. It is these owners who foot their share of the bill with charges varying depending on the block their flat is in and its size, but it is the freeholder – the council, in this case – that decides what work is done and by whom. I’m trapped in my leasehold property by ever-doubling ground rent Read more Many leaseholders are finding that they are being billed not just for repairs, but for upgrade and regeneration projects of entire estates. Fire safety in council-owned tower blocks has been put under the spotlight following the Grenfell Tower blaze last month. First secretary of state Damian Green said local authorities would be expected to pay for fire safety works, with central government stepping in where a council can’t afford it. That statement will have left thousands of leaseholders worried, not only about whether their homes are safe but whether the cost of works will ultimately be passed on to them. When The Guardian first reported on this problem in May last year, the cost of refurbishing Roupell Park was estimated at £7m with the council admitting there had been “historic underinvestment in the council’s housing stock”. When lumps of the building started to fall off, Lambeth council declared the situation an emergency, erected scaffolding and started work. The Landlord & Tenant Act 1985 requires freeholders to consult leaseholders if major works will result in a bill of £250 or more per property. Under usual circumstances, the affected leasehold owners are entitled to nominate an alternative contractor to carry out the works and the freeholder is obliged to obtain an estimate. But the rules don’t apply if your freeholder is a local authority. Leasehold owners can make “observations” but the local authority has no obligation to act on them. Council tenants taking up right to buy should receive an estimate for service charges for the initial five years, but once that period is up there are no limits. Campaign website the Leasehold Knowledge Partnership (LKP) has unearthed instances where individual leaseholders in Edmonton were given a bill of £25,000; in Haringey £44,000; and from Brent council £15,000. Our share of the bill doubled from £6,000 to £13,000 … it seems ludicrous mismanagement Cat Whitehouse, flat owner Oxford city council’s planned revamp of five tower blocks went from £4.7m to more than £20m, resulting in a cost of £50,000 to each leasehold property. The case went to an initial tribunal where a judge ruled residents may not have to pay for all the planned work. Another hearing, scheduled for September, will determine what other works the leaseholders have to pay for and the final cost. Legislation only allows freeholders to recover the cost of repairs and maintenance from leaseholders, not improvements. But many leaseholders claim they are paying for the upgrade and regeneration projects of entire estates. “We are aware the council can claim the cost of maintenance and repairs, but not improvements,” says Whitehouse. “Yet some of the work seems to be improvements – for example, replacing normal windows for double glazing. If we had known we’d get these bills we never would have bought an ex-council flat.” Lambeth council has offered leaseholders repayment plans, but these could be unaffordable for someone on a modest salary. Leaseholders billed £13,000 were offered the chance to spread the cost over two years, paying £560 each month plus a £600 penalty fee for not paying the entire cost up front. The council says the structural repair works to Roupell Park were considered essential due to the risks of falling concrete and insecure and potentially dangerous balcony fixings. “The project costs have increased for a number of reasons, as additional and unforeseen works were confirmed once on site – for example, fabricated steel balustrades along public and private balconies, and increased amounts of brick repairs, which had not been visible during initial surveys,” it says in a statement. “We understand the concerns over the increase in estimated costs and how this may affect leaseholders. We are currently reviewing the repayment options that could be offered to leaseholders who are facing higher bills and we will liaise with leaseholders as soon as we can to do so.” Leasehold in England and Wales is last redoubt of a colonial relic Read more Sebastian O’Kelly, founder of the LKP, says he is regularly contacted by leaseholders of flats in council properties facing ruinous major works bills. “Part of the problem is the council flats do not have contingency funds, so the private owners face massive bills all at once. “Councils can be too harsh in demanding this money, with even repayment schemes meaning leaseholders have to find an extra £1,000 a month,” he says. FLORRIE’S LAW In theory, local authority leaseholders are protected from massive bills by “Florrie’s Law”. Florence Bourne, 93, “died of shame”, according to her family, after being unable to pay a £50,000 bill for the refurbishment of her block in Newham, east London, in 2013. Bourne called her son in panic after the huge bill landed on her doorstep. She died of a heart attack after being startled by the sound of falling tiles as builders replaced the roof. A leasehold valuation tribunal later found that Newham council had not done a proper survey and the existing roof would have lasted another 40 years. The case led to Eric Pickles, then secretary of state for communities and local government, introducing Florrie’s Law, which caps the amount local authority leaseholders have to pay for repairs to £10,000 (or £15,000 in London) over a five-year period. But there’s a caveat: it only applies if repairs are partly funded by a central government grant. If not, the council can pass the entire cost to leaseholders. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jul/31/owners-ex-local-authority-homes-bills-thousands'|'2017-07-31T03:00:00.000+03:00'
'0a16e37a3e0d1f5bdea0da52e0aff515a48971a3'|'Exclusive: MSCI warns Chinese companies about suspending trading of shares'|'July 31, 2017 / 4:22 AM / 2 hours ago Exclusive: MSCI warns Chinese companies about suspending trading of shares 5 Min Read The MSCI logo is seen in this June 20, 2017 illustration photo. Thomas White/Illustration/Files SHANGHAI (Reuters) - Barely a month after approving the inclusion of Chinese shares in its benchmark emerging market index, MSCI is warning that companies in China that suspend trading in their shares for too long risk being dropped. MSCI''s head of research for Asia Pacific, Chin Ping Chia, said China was an outlier in global markets with too many suspensions in stock trading. He said the U.S. index provider was closely monitoring the 222 China-listed A-shares that will be added to its Emerging Markets Index next year. "If we find a company suspends for a long time, over 50 days, we will remove it from the index, and we will not bring it back to the index again for at least another 12 months," Chia said. The 12-month removal rule would be limited to Chinese companies. Companies from other markets who are removed from the index due to a long suspension of trading would be able to start a review process for reinclusion once they resumed trading. MSCI''s comments come as the number of suspended stocks in China is at its highest level in a year after volatility in smaller companies prompted many to halt share trading in order to avert a crash in prices. Suspensions have also increased among companies with larger capitalisations as Beijing steps up consolidation of state-owned enterprises. An average of 265, or one in every 13, listed companies in China suspended trade in July, according to data provided last Wednesday by the fund consultancy Z-Ben Advisors. The consultancy said the number had risen every month this year and was now up 30 percent from an average of 202 in January. Last year, MSCI cited arbitrary and long suspensions as a reason for vetoing the inclusion of shares listed on the mainland in its benchmark indices. However, MSCI said in June this year that it would add 222 A-shares to the index in May and August next year, which could trigger billions of dollars of passive investment inflows into China. "This suspension issue in China is highly unique, both in the number and frequency," Chia said. He said that failure to address the issue could discourage MSCI from adding China stocks to its indexes in the future. Investors have long worried about a tendency by Chinese companies to suspend trading in their shares. At the height of the 2015 stock market crash, over half of China''s 3,000-plus listed companies halted trading. In May last year, both the Shanghai and Shenzhen stock exchanges tightened rules on share suspensions by listed companies, requiring them to disclose more details and to shorten the length of suspensions. These measures, however, have had limited effect. A spokesman for the China Securities Regulatory Commission said at a press conference on Friday that Chinese regulators would work to improve suspension rules. Outlier Essence Securities, a Chinese brokerage, estimates that 8 percent of Chinese stocks could not be traded in May due to suspensions, compared with less than 1 percent in Hong Kong and roughly 4 percent on the Nasdaq. MSCI''s Chia said that suspensions last for a day at most in most global markets, whereas in China, suspensions can go on for months. In an extreme case, trading in shares of Xinjiang Yilu Wanyuan Industrial Investment, a loss-making ceramic products maker, has been suspended for about 20 months. "The issue is that in a freely accessible market, investors want to be able to get in and get out. If a market falls, they still want to be able to get out," said Chia. "But if you suspend, investors cannot get out, that will be a problem." Seasoned foreign investors in China''s A-share market concur. "You can tolerate losing money, but you cannot tolerate not being able to trade," said Anthony Cragg, a senior portfolio manager at Wells Fargo Asset Management who manages $2.2 billion in several funds - including one dedicated to China. Exploiting Loopholes The rules announced last year specify that in the case of a private share placement, suspension time on the Shanghai stock exchange cannot exceed one month. The Shenzhen stock exchange stipulates a maximum of six months for a trading suspension in the event of a company restructuring. Yet, plenty of companies, particularly smaller companies, are able to exploit these relatively loose suspension rules. This month, when China''s start-up board ChiNext tumbled to 2-1/2-year lows, companies listed there - including H and R Century Union Corp, Xinlong Holding Group Co and Galaxy Biomedical Investment - quickly suspended share trading, citing various reasons, ranging from margin calls to restructuring, or waiting for the release of price-sensitive information. Xu Caiyuan, a prominent activist investor, said many Chinese companies were "playing dead" to avoid price falls, so that major shareholders facing margin calls could maintain control by "trapping small investors." Editing by Vidya Ranganathan and Philip McClellan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-stocks-msci-idINKBN1AG0CY'|'2017-07-31T07:21:00.000+03:00'
'2c342b05bf23cd865d0bc9e10fc7533411376ba2'|'Swiss central bank posts 1.2 billion Swiss francs first-half profit as forex weighs'|'July 31, 2017 / 5:52 AM / 6 minutes ago Swiss central bank posts 1.2 billion Swiss francs first-half profit as forex weighs Reuters Staff 1 Min Read CCTV cameras checking the outside of the Swiss National Bank (SNB) are pictured in front of the Federal Palace (Bundeshaus) in Bern, Switzerland, May 10, 2017. Denis Balibouse ZURICH (Reuters) - Switzerland''s central bank on Monday reported a net profit of 1.2 billion Swiss francs (913.66 million pounds) for the first half of 2017 as big foreign exchange losses weighed on earnings from its foreign investments. The Swiss National Bank ( SNBN.S ) made a profit of 100 million francs from its foreign currency positions, as exchange related losses of 11.8 billion francs almost wiped out the earnings from bonds and shares it holds. The bank made a valuation gain of 300 million francs from its gold holdings and 970 million francs from the negative interest rates it charges on banks, a cornerstone of its campaign to weaken the Swiss franc. Making a profit is not part of the SNB''s monetary policy mandate, with its with its main target to ensure price stability in Switzerland. Reporting by John Revill'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-snb-results-idUKKBN1AG0HW'|'2017-07-31T08:52:00.000+03:00'
'6dddac93c1a470ef8efc2f20bd8be487c335a8da'|'Boeing expects India to order up to 2,100 aircraft over 20 years'|'July 31, 2017 / 7:02 AM / in 18 minutes Boeing expects India to order up to 2,100 aircraft over 20 years Aditi Shah 4 Min Read FILE PHOTO: An Air India Airlines Boeing 787 dreamliner takes part in a flying display during the 50th Paris Air Show at the Le Bourget airport near Paris, June 14, 2013. Pascal Rossignol/File Photo NEW DELHI (Reuters) - Boeing Co ( BA.N ) said on Monday it expects Indian airlines to order up to 2,100 new aircraft worth $290 billion over the next 20 years, calling it the highest-ever forecast for Asia''s third-largest economy. The planemaker said it expected single-aisle planes, such as the next generation 737 and 737 Max, to account for the bulk of the new deliveries, with India likely to take 1,780 such planes. India is one of the world''s fastest-growing aviation markets, with domestic passenger traffic growing at around 20 percent in the past few years. "The increasing number of passengers, combined with a strong exchange rate, low fuel prices and high load factor bodes well for India''s aviation market, especially for the low-cost carriers," said Dinesh Keskar, senior vice president, Asia Pacific and India sales at Boeing Commercial Airplanes. The world''s biggest maker of jetliners said it expected passenger growth of about 8 percent in South Asia, dominated by India, over the next 20 years, compared with the world average of about 4.7 percent. Last year, India overhauled rules governing its aviation industry, liberalizing norms for domestic carriers to fly overseas and incentivising air travel to smaller cities by capping air fares and opening airports. Boeing could increase its demand forecast next year depending on how quickly India''s plan for regional connectivity takes off, Keskar added. The U.S. planemaker dominates the wide-body aeroplane market in India, with Jet Airways ( JET.NS ) and state-owned carrier Air India among its biggest customers, while competitor Airbus ( AIR.PA ) sells the bulk of small planes preferred by low-cost carriers such as InterGlobe Aviation''s ( INGL.NS ) IndiGo. Low-cost carriers dominate Indian skies, accounting for more than 60 percent of flights in the country. To plug this gap in its portfolio, and following runaway sales of Airbus'' A321neo, Boeing launched the 737 MAX 10 single-aisle jet at an air show in Paris in June. India''s SpiceJet ( SPJT.BO ) airline has already placed a provisional order for 40 737 MAX 10 aircraft. Boeing also expects Indian carriers to order its new 777X family, comprising the 350-375 seat 777-8 and the 400-425 seat 777-9, due to enter service in 2020, but said it would take several years for this to happen. Air India still has to take deliveries of three of its 777-300ER and Jet Airways is on the 787-9, Keskar said, adding that when these planes need to be replaced after a few years the airlines could look at the 777X family. Boeing has won 326 orders for the latest version of its 777 but apart from an order from Singapore Airlines ( SIAL.SI ) earlier this year, demand for the world''s largest twin-engined airplane has been relatively slow since it was launched with a barrage of orders mainly from Gulf carriers in 2013. The planemaker expects worldwide demand for 41,030 aircraft over the next 20 years, putting India''s share of the total at about 5 percent. Reporting by Aditi Shah and Abhirup Roy; Editing by Christopher Cushing and Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-boeing-india-idUSKBN1AG0MS'|'2017-07-31T10:01:00.000+03:00'
'060c7d6eff060184cb3479b1c0313ab4af6bc08f'|'HSBC, miners drive FTSE higher, but cigarette makers drag'|'July 31, 2017 / 9:19 AM / in 6 hours HSBC, miners drive FTSE higher, but cigarette makers drag Helen Reid 4 Min Read A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. Toby Melville/File Photo LONDON (Reuters) - Strong results from heavyweight bank HSBC helped drive British blue-chips higher on Monday as the index headed for a monthly gain on the last trading day of July, though tobacco stocks tumbled further following a new U.S. regulatory clampdown. The FTSE 100 .FTSE rose 0.5 percent, outperforming European stocks and set to close July up 1.3 percent. Mid-caps .FTMC were up 0.2 percent and headed for a monthly gain of 2.3 percent having ended June in the red - its worst month in a year. HSBC ( HSBA.L ) shares rose 2.7 percent after Europe''s biggest bank said profit grew 5 percent in the first half, and announced its third share buyback in a year. HSBC''s gains helped the FTSE banking index .FTNMX8350 stay close to a two-year high. "Beyond this buyback therefore, HSBC has $13 billion in capital above management''s 13 percent CET1 target - a focus on the investor call we think, despite the obvious uncertainties of Brexit, IFRS 9 and so on," said UBS analysts, adding their estimates already assume another $2 billion buyback will be announced at third-quarter results. Cigarette makers Imperial Brands ( IMB.L ) and British American Tobacco ( BATS.L ) pulled blue-chips lower, still affected by the U.S. Food and Drug Administration''s announcement on Friday that it would cut nicotine in cigarettes to non-addictive levels. Imperial fell 4.8 percent, making it the worst-performing large-cap stock, while BAT fell 1.7 percent. Both dropped sharply on Friday. Deutsche Bank analysts said the sharp stock reaction could be a buying opportunity in tobacco. Analysts at Morgan Stanley said the new regulation looked "extremely ambitious, in many ways impractical". A double upgrade from brokerage RBC boosted water utility Severn Trent ( SVT.L ) to the top of the STOXX, up 3.6 percent. "As [water regulator] Ofwat improves clarity on returns and costs benchmarks, we believe SVT''s position at the cost frontier and its ability to achieve incentives will be revealed," said analysts. Peer United Utilities ( UU.L ) also jumped 2.7 percent after RBC upgraded it. "With low expectations more than priced in, UU has the biggest potential to surprise and represents the best value amongst its water peers," they said. Miners underpinned gains as copper prices broke a two-year peak after strong manufacturing data from top commodity buyer China. BHP Billiton ( BLT.L ), Anglo American ( AAL.L ), Antofagasta ( ANTO.L ), Rio Tinto ( RIO.L ), and Glencore ( GLEN.L ) rose 1.9 to 2.2 percent, together adding around 11 points to the FTSE 100. Engine maker Rolls Royce ( RR.L ) fell 3.8 percent on reports the company had told investors it may not hit its target of 1 billion pounds in cashflow by 2020. Among mid-caps, miners Kaz Minerals ( KAZ.L ) and Ferrexpo ( FXPO.L ) also supported the index, while IT services firm FDM ( FDM.L ) jumped 10 percent to a record high after reporting a 35.4 percent surge in first-half revenue. Reporting by Helen Reid; Editing by Raissa Kasolowsky 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1AG0Z4'|'2017-07-31T12:19:00.000+03:00'
'62d3f3d4c08c35b854419a8d35aab059f2aef249'|'Boeing sets up avionics group to capture flight electronics sales'|'July 31, 2017 / 4:12 PM / in 3 minutes Boeing''s new avionics group aims to cut costs, boost quality 3 Min Read FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. Jim Young/File Photo NEW YORK (Reuters) - Boeing Co ( BA.N ) said on Monday it has set up an avionics group to make flight controls and other electronics currently made by outside suppliers for its commercial and military aircraft, aiming to bring the products into service after 2020. The move by the world''s largest plane maker appeared to be a direct attack on suppliers such as Rockwell Collins Inc ( COL.N ), United Technologies Corp ( UTX.N ) and Honeywell International Inc ( HON.N ). The three companies, which make electronics used on current Boeing jets, did not immediately respond to requests for comment. In recent years, Boeing has brought propulsion, carbon fiber manufacturing and other key capabilities in-house to better control both technology and intellectual property. That strategy followed outsourcing of major systems to suppliers for the 787 Dreamliner that led to billions of dollars in cost overruns. Boeing said it has already started developing systems that would be lower cost, higher quality alternatives to existing products made by suppliers, and would deliver more services revenue to Boeing after a plane is sold. Boeing aims to "further drive cost down and value up for our customers, in all phases of a product''s life cycle," Boeing Chief Executive Dennis Muilenburg said in an internal statement to employees that was seen by Reuters. While Boeing owns some intellectual property on electronic systems in its jet cockpits, current contracts with suppliers likely would not let Boeing take aftermarket business away on those planes, said analyst Robert Stallard. However, suppliers could lose significant business on future aircraft, Stallard said. Boeing is talking about creating a new mid-sized aircraft that would enter service around 2025, and would need to create a successor to its best-selling 737 model after that. Boeing shares were up 1 percent at $243.72 in midday trading. Reporting by Alwyn Scott; Editing by Meredith Mazzilli and Diane Craft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-boeing-avionics-idUSKBN1AG1YS'|'2017-07-31T19:10:00.000+03:00'
'1a8e607c64c805417a780031cf01c252916320bc'|'Boeing expects India to order up to 2,100 aircraft over 20 years'|'July 31, 2017 / 1:48 PM / 7 minutes ago Boeing expects India to order up to 2,100 aircraft over 20 years Aditi Shah 4 Min Read FILE PHOTO: Sections of a 787 Dreamliner being built for Air India are seen at Boeing''s final assembly building in North Charleston, South Carolina, U.S. December 19, 2013. Randall Hill/File Photo NEW DELHI (Reuters) - Boeing Co ( BA.N ) said on Monday it expects Indian airlines to order up to 2,100 new aircraft worth $290 billion over the next 20 years, calling it the highest-ever forecast for Asia''s third-largest economy. The planemaker said it expected single-aisle planes, such as the next generation 737 and 737 Max, to account for the bulk of the new deliveries, with India likely to take 1,780 such planes. India is one of the world''s fastest-growing aviation markets, with domestic passenger traffic growing at around 20 percent in the past few years. "The increasing number of passengers, combined with a strong exchange rate, low fuel prices and high load factor bodes well for India''s aviation market, especially for the low-cost carriers," said Dinesh Keskar, senior vice president, Asia Pacific and India sales at Boeing Commercial Airplanes. The world''s biggest maker of jetliners said it expected passenger growth of about 8 percent in South Asia, dominated by India, over the next 20 years, compared with the world average of about 4.7 percent. Last year, India overhauled rules governing its aviation industry, liberalising norms for domestic carriers to fly overseas and incentivising air travel to smaller cities by capping air fares and opening airports. Boeing could increase its demand forecast next year depending on how quickly India''s plan for regional connectivity takes off, Keskar added. The U.S. planemaker dominates the wide-body aeroplane market in India, with Jet Airways ( JET.NS ) and state-owned carrier Air India among its biggest customers, while competitor Airbus ( AIR.PA ) sells the bulk of small planes preferred by low-cost carriers such as InterGlobe Aviation''s ( INGL.NS ) IndiGo. Low-cost carriers dominate Indian skies, accounting for more than 60 percent of flights in the country. To plug this gap in its portfolio, and following runaway sales of Airbus'' A321neo, Boeing launched the 737 MAX 10 single-aisle jet at an air show in Paris in June. India''s SpiceJet ( SPJT.BO ) airline has already placed a provisional order for 40 737 MAX 10 aircraft. Boeing also expects Indian carriers to order its new 777X family, comprising the 350-375 seat 777-8 and the 400-425 seat 777-9, due to enter service in 2020, but said it would take several years for this to happen. Air India still has to take deliveries of three of its 777-300ER and Jet Airways is on the 787-9, Keskar said, adding that when these planes need to be replaced after a few years the airlines could look at the 777X family. Boeing has won 326 orders for the latest version of its 777 but apart from an order from Singapore Airlines ( SIAL.SI ) earlier this year, demand for the world''s largest twin-engined airplane has been relatively slow since it was launched with a barrage of orders mainly from Gulf carriers in 2013. The planemaker expects worldwide demand for 41,030 aircraft over the next 20 years, putting India''s share of the total at about 5 percent. Reporting by Aditi Shah and Abhirup Roy; Editing by Christopher Cushing and Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boeing-india-idUKKBN1AG1M0'|'2017-07-31T16:48:00.000+03:00'
'c9d8a4f1c6a9e4eee16cd621b6bd7036101aaf1f'|'Tesla drops after Musk warns of ''manufacturing hell'''|'July 31, 2017 / 5:50 PM / 19 minutes ago Tesla drops after Musk warns of ''manufacturing hell'' Noel Randewich 3 Min Read Customer employees receive some of the first Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S., July 28, 2017. Alexandria Sage SAN FRANCISCO (Reuters) - Shares of Tesla dropped 3.5 percent on Monday after Chief Executive Elon Musk warned that the electric carmaker would face "manufacturing hell" as it ramps up production of its new mass-market Model 3 sedan. At a launch event on Friday, Musk said customers had made over half a million advance reservations for the Model 3 as he handed over the first 30 cars to employee buyers, setting the stage for a major test of Tesla''s strategy to become a profitable electric car maker. Tesla is counting on the Model 3 to help turn the cash-losing company into a profitable one and transform it from a niche player to a heavyweight in the automobile industry. Investors already skeptical of Tesla''s aggressive growth targets focused on a warning by Musk that early production would be challenging. Related Coverage Tesla workers ask for employee safety plan, clarity on pay "We''re going to go through at least six months of manufacturing hell," Musk told journalists ahead of the event. He later made similar comments on stage. Investors may get an idea of how "manufacturing hell" will affect Tesla''s rate of cash burn when the company posts its quarterly results on Wednesday. The Palo Alto, California company has spent over $2 billion in cash so far this year ahead of the launch. Tesla introduces one of the first Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S., July 28, 2017. Alexandria Sage Also on Monday, a group of workers at the Fremont, California factory where the Model 3 is made sent an open letter to the independent members Tesla''s board. The employees, who are trying to start a union, requested access to company safety plans and information on compensation. Tesla''s stock has gained 53 percent in 2017, although it is down from a record high in June. Tesla introduces Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S., July 28, 2017. Alexandria Sage The $35,000 Model 3 is designed for easy production, with output targeted to reach 20,000 per month by December. Tesla''s last launch was the luxury Model X SUV in 2015 which had several production problems and a price tag starting around $80,000. Tesla has promised to boost total car production to 500,000 vehicles next year, close to six times its 2016 output, a target that many auto industry experts believe is unrealistic. It sold 76,230 cars last year. At the event, Musk said the price of a Model 3 with all of available options could reach $59,000. That level could scare off potential Tesla customers, wrote Barclays analyst Brian Johnson in a note to clients. Tesla''s stock was down $11.85 at $323.21 at mid-afternoon. Reporting by Noel Randewich; Editing by Richard Chang 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-tesla-stock-idUSKBN1AG25R'|'2017-07-31T20:50:00.000+03:00'
'1055f5267308e91f62d13cf352aa679771536dbf'|'Asia stocks reverse losses on China''s solid purchasing managers'' indexes'|'July 31, 2017 / 3:06 AM / in 18 minutes Global Markets - HSBC, miners lift European shares as dollar holds near lows Nigel Stephenson 5 Min Read FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. Suzanne Plunkett/File Photo LONDON (Reuters) - Forecast-beating profits at HSBC and strong gains for miners on the back of a two-year high in copper prices lifted European shares on Monday while the dollar lifted off 13-month lows against other major currencies. HSBC, Europe''s biggest bank, unveiled a 5 percent rise in profits in the first six months of this year and its third share buyback in a year, underlining progress in its turnaround plan. Its shares gained as much as 3 percent in London, helping lift an index of European banks by 0.2 percent. However, the standout performers were mining companies, with an index of their shares up 1.3 percent, as industrial metal copper hit a fresh two-year peak after Chinese data showed that while manufacturing growth cooled slightly this month a push on infrastructure by the government kept construction humming.. Copper on the London Metal Exchange last traded at $6,392 a tonne, up 1.0 percent on the day, having risen as high as $6,430. The pan-European STOXX 600 share index rose 0.3 percent, having fallen for the last two trading days. Shares of tobacco companies underperformed again after the U.S. Food and Drug Administration proposed on Friday to cut nicotine in cigarettes to non-addictive levels. British American Tobacco fell 3.6 percent, after dropping 6.8 percent on Friday, and Imperial Brands fell 4.7 percent. Asian shares rose as investors largely shrugged off a new North Korean missile test, focusing instead on a data-heavy week ahead. MSCI''s broadest index of Asia-Pacific shares outside Japan reversed early losses to rise 0.4 percent. Chinese shares rose, buoyed by several leading companies'' forecasts for strong mid-year earnings. The blue-chip index rose 0.5 percent and the Shanghai Composite both rose 0.6 percent. North Korea conducted a missile test late on Friday that it said proved its ability to strike the U.S. mainland. The U.S. responded by flying two bombers over the Korean peninsula on Sunday. But early jitters dissipated somewhat, with the Korean won reversing losses. The dollar was down 0.4 percent at 1,119 won, after jumping almost 0.7 percent on Friday. South Korea''s KOSPI rose 0.1 percent. The dollar dipped against the safe-haven yen, which traded at 110.54 to the greenback, up 0.1 percent on the day. Core Inflation The euro fell 0.2 percent to $1.1730, little moved by an unexpected acceleration in core inflation to a four-year high this month. The measure is closely watched by   Bank, which has said it will debate later in the year whether to begin winding back its bond-buying stimulus programme. Its overall inflation target is close to but below 2 percent. Yields on some lower-rated bonds fell after the data. In normal circumstances higher inflation would push yields higher. "It''s a step in the right direction but not quite enough to make the market reconsider bond prices," said Mizuho strategist Antoine Bouvet. Sterling fell 0.1 percent to $1.1316 but stayed near a 10-month high, with investors eyeing "Super Thursday" when the Bank of England announces its latest policy decision and quarterly inflation report. "We expect elements of the rate decision and Inflation Report to contain hawkish tilts, thereby providing some support to the pound," wrote BMO currency strategists in a weekly note to clients on Monday. The dollar index, which measures it against a basket of major currencies rose 0.2 percent but held close to 13-month lows touched last week on uncertainty over whether U.S. President Donald Trump will be able to push through his economic agenda and questions over the pace of U.S. interest rate rises. Such concerns have seen speculative bets against the dollar rise to their highest since early 2013, by one broad measure. "Our short-term positions indicators are flashing red in terms of extreme bets against the dollar, especially against the euro and the Aussie and in this kind of environment, a small negative surprise in data elsewhere can trigger a washout," said Viraj Patel, an FX strategist at ING in London. Oil Up on Opec Meeting Oil prices hit two-month highs. An OPEC announcement of a meeting next week of producers from the group and elsewhere to discuss compliance with their oil supply reduction pact added to upward pressure on prices from a threat of U.S. sanctions against Venezuela. This was in response to Sunday''s election of a constitutional super-body that Washington has denounced as a "sham" vote. Brent crude last traded down 5 cents at $52.47 a barrel, having risen as high as $52.60 earlier on Monday. "The sentiment in the oil market became very bullish after OPEC said it will meet with partners in Abu Dhabi next week to discuss compliance," said Frank Schallenberger, head of commodity research at LBBW. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets   Nichola Saminather and Henning Gloystein in Singapore, Saikat Chatterjee, Jemima Kelly, Abhinav Ramnarayan and Karolin Schaps in London, editing by Ed Osmond 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1AG08B'|'2017-07-31T06:06:00.000+03:00'
'0a4b769722b1796d2c596381be745650e17f3f39'|'German stocks - Factors to watch on July 31'|'July 31, 2017 / 5:16 AM / 4 hours ago German stocks - Factors to watch on July 31 5 Min Read FRANKFURT/BERLIN, July 31 (Reuters) - The DAX top-30 index looked set to open 0.2 percent lower on Monday, according to premarket data from brokerage Lang & Schwarz at 0612 GMT. The following are some of the factors that may move German stocks: Autos BMW indicated 0.8 percent lower Daimler indicated 0.6 percent lower VW indicated 0.7 percent lower The German environment ministry has rejected calls from two of the country''s states for tax incentives to promote the sale of low-emission modern diesels and electric cars. Auto supplier Robert Bosch plans to decide by the end of the year or early next year whether it will start producing battery cells for electric cars, Chief Executive Volkmar Denner told Welt am Sonntag. Tesla Chief Executive Officer Elon Musk said late on Friday the Model 3 had over half a million advance reservations as he handed over the first 30 to employee buyers, as the company aims to become a profitable, mass market electric car maker. Commerzbank Indicated 0.1 percent lower Commerzbank''s new investor, U.S. buyout fund Cerberus, plans to claim a seat on the lender''s supervisory board, Sueddeutsche Zeitung reported, citing sources on the controlling panel. Commerzbank declined comment. Daimler Indicated 0.6 percent lower The carmaker''s finance arm said on Sunday it was heading for another record year after signing nearly one million new leasing and finance contracts between January and June. Deutsche Bank Indicated 0.3 percent higher A U.S. judge on Friday said investors may pursue part of their nationwide antitrust lawsuit accusing 12 of the world''s biggest banks of conspiring to rig the $275 trillion market for interest rate swaps. Deutsche Boerse Indicated 0.1 percent lower Executive Carsten Kengeter, who is under investigation for insider trading, frequently met and spoke by telephone with his London Stock Exchange counterpart in the months before they announced official merger talks, Der Spiegel magazine reported on Friday. Deutsche Telekom Indicated 0.2 percent higher Sprint Corp has proposed a merger with Charter Communications Inc as the wireless carrier seeks an alternative to a deal with T-Mobile US Inc that has so far not come to fruition, according to sources familiar with the matter. Munich Re Indicated unchanged Chief executive Joachim Wenning expects loss-making unit Ergo to deliver on cost cuts and to seek no parent funding, Sueddeutsche Zeitung reported on Sunday, citing an interview. Volkswagen Indicated 0.8 percent lower VW''s planned sale of motorcycle brand Ducati and transmissions maker Renk has currently no majority backing on the carmaker''s supervisory board, with opponents to asset sales feeling invigorated by the group''s strong results. Italy''s Benetton family is among five bidders short-listed to buy Italian motorcycle brand Ducati, which is being sold by the German carmaker, a source close to the matter said on Saturday. Audi aims to cut costs by 10 billion euros ($11.7 billion) by 2022 to help fund a shift to electric cars as it seeks to move on after the emissions scandal, sources close to the carmaker said. Schaeffler No indication available The automotive supplier plans to invest 500 million euros ($587 million) in electric mobility by 2020 and hire another 1,200 workers, monthly magazine Automobil Produktion reported on Saturday, citing an interview. Evotec The biotech firm plans to buy U.S. pharmaceutical company Aptuit for about 256 million euros. Rib Software No indication available The software group''s Q2 operating EBITDA increases 43.1 percent to 9.3 million euros on 10.6 percent higher sales. Bet-at-home.com '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/germany-stocks-factors-idUSL5N1KJ1ZI'|'2017-07-31T08:16:00.000+03:00'
'9249205f6eb2942dc84098fe8834ebff7df74190'|'India''s infrastructure output grows 0.4 percent in June - govt'|'July 31, 2017 / 11:52 AM / in 5 hours India''s infrastructure output grows 0.4 percent in June - govt 1 Min Read Construction workers are pictured on a crane at a construction site in Mumbai, India, October 31, 2016. Shailesh Andrade/Files NEW DELHI (Reuters) - India''s annual infrastructure output nudged up 0.4 percent in June, crimped by a contraction in production of coal, cement and refinery products, government data showed on Monday. The output grew a revised 4.1 percent year-on-year in May. During the April-June period, it grew 2.4 percent from a year ago, data showed. Coal output contracted 6.7 percent, while cement production contracted 5.8 percent on year last month. Reporting by Manoj Kumar; Editing by Malini Menon 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-infrastructure-output-idINKBN1AG1BR'|'2017-07-31T14:49:00.000+03:00'
'5413b8b8dc39f51e3f865d6936c31b726b20747a'|'Snap''s shares slide 3 percent in premarket trading as lockup ends'|'July 31, 2017 / 12:49 PM / 5 hours ago Snap''s shares pare losses in brisk trading as lockup ends Sinead Carew 3 Min Read FILE PHOTO - A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. Lucas Jackson/File Photo NEW YORK (Reuters) - Shares of Snap Inc ( SNAP.N ), owner of the Snapchat messaging app, clawed back much of its earlier losses in volatile trading on Monday, after dropping to a new low as the expiration of a share lockup allowed early investors to sell. The stock was last down 0.1 percent at $13.79 after falling as much as 5.1 percent and hitting a low of $13.10, putting it well below its early March initial public offering price of $17. Trading volume was 1.5 times the company''s 10-day moving average with more than 26 million shares having changed hands just two hours into the regular trading session. Starting on Monday and extending into August, early investors, employees and other insiders can sell shares for the first time since its $3.4 billion IPO, the third-largest for a U.S. technology company. Shares turned positive briefly and the high for the day was $13.84, a few cents higher than Friday''s close. It had fallen 53 percent below its March 3 intraday peak as investors bid it lower amid concerns over its growth prospects. "Apparently enough sell-off has taken place in the last couple of months. Some on the retail side must be viewing this as a opportunity to get in at a low price," said Morningstar analyst Ali Mogharabi. "Some of the early investors ... may have some patience to wait and see if this company becomes profitable and see if they can reaccelerate growth on the user side" said the analyst who rates the stock neutral and sees $16 per share as a fair valuation. Snap could also be seeing some short covering, according to Mogharabi. Almost 6 percent of its shares were sold short as of July 14 according to the latest Reuters data. Many investors likely positioned themselves early ahead of the expiration, according to Drexel Hamilton analyst Brian White, who recommends that investors buy the stock has a 12-month price target of $30 for the stock. "If you can look out one year, this is a great buying opportunity at this level. The company is a big disrupter and an enormous mobile advertising platform," said As of Monday, investors including Lightspeed Venture Partners will be able to sell up to 400 million shares, with employees owning another 782 million allowed to start selling on Aug. 14, four days after Snap reports results, JPMorgan analyst Doug Anmuth said in a recent note. Share prices can move dramatically when lockups expire. For example, Twitter Inc ( TWTR.N ) shares fell 18 percent on the day of a key lockup expiry in May 2014, and in November 2012, Facebook Inc ( FB.O ) jumped 13 percent on its lockup expiry. Snap did not immediately respond to a request for comment. Additional reporting by Megan Davies and Lance Tupper; Editing by Bernadette Baum 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-snap-stock-idUSKBN1AG1HN'|'2017-07-31T15:51:00.000+03:00'
'd80e7359e873916a277bcacd324e96cc210b3be1'|'Discovery to acquire Scripps Networks Interactive'|'July 31, 2017 / 10:58 AM / 20 minutes ago Discovery aims for content clout with Scripps Network bid Jessica Toonkel 4 Min Read NEW YORK (Reuters) - Discovery Communications Inc is acquiring Scripps Networks Interactive Inc for $11.9 billion in a deal expected to boost the company''s negotiating leverage as it seeks new audiences. The acquisition, announced on Monday, brings together Scripps'' largely female-focused lifestyle channels such as HGTV, Travel Channel and Food Network with Discovery''s Animal Planet and Discovery Channel, whose viewers are primarily male. Despite expectations of $350 million in total cost synergies, many analysts questioned how the combined company would compete long term as viewers cut cords to cable providers and as advertising and ratings decline. Discovery shares ended regular trading down 8.2 percent at $24.60 while those of Scripps finished up 0.6 percent at $87.41. Discovery is paying 70 percent cash and 30 percent stock for Scripps. The total price of the deal is $14.6 billion including debt. "While we believe the two companies are likely better positioned together, rather than apart, the longer-term issues facing the industry still remain," wrote John Janedis, an analyst at Jefferies, in a note on Monday. Both Discovery and Scripps reported quarterly earnings on Monday that reflected the challenges facing U.S. media companies. Scripps missed its second quarter ad guidance and lowered its full-year estimates, and Discovery reported flat advertising and lower affiliate revenue. U.S. television networks and cable providers are under pressure as more viewers watch shows and movies on phones and tablets. There is also increased competition for viewers from streaming services such as Netflix Inc and Amazon.com Inc. Five of the largest U.S. pay TV providers posted subscriber losses during the second quarter. The combined company''s larger programming slate might give it an advantage in negotiations for inclusion in skinny bundles, or economy-priced cable packages that offer fewer channels than a standard contract. After the merger, the company will offer 300,000 hours of content and capture about a 20 percent share of ad-supported cable audiences in the United States, Discovery said on an analyst call Monday morning. The Discovery Communications logo is seen at their office in Manhattan, New York, U.S., August 1, 2016. Andrew Kelly "The transaction supports and accelerates Discovery''s pivot from a linear TV-only company to a leading content provider across all screens and services around the world," David Zaslav, Discovery''s chief executive, told investors. The combined company would also have more muscle in negotiations with cable and other distributors when contracts come up for renewal, executives said. By adding Scripps programming, Discovery could also launch its own "skinny bundle" of networks at a low cost, executives said. The combined company would be home to five of the top cable networks for women with more than a 20 percent share of women prime-time viewers in the United States, according to Discovery. Discovery will evaluate the Scripps channels, as it has its own, to figure out if any could be web-based, Zaslav said on the call. Scripps has been considered a takeover target since the Scripps family trust, which controlled the company, was dissolved five years ago. Under the terms of the deal, Scripps CEO Ken Lowe would join the board of the combined company. The deal requires regulatory and shareholder approvals. Major shareholders including cable magnate John Malone, Advance/Newhouse Programming Partnership and members of the Scripps family, support the deal, the companies said. Discovery had tried unsuccessfully twice before to buy Scripps. Discovery outbid Viacom Inc for Scripps, Reuters reported first last week. Guggenheim Securities and Goldman Sachs served as financial advisers to Discovery. Allen & Co LLC and J.P. Morgan Securities served as financial advisers to Scripps. Evercore Group served as financial adviser to the Scripps family. Editing by Jeffrey Benkoe and Steve Orlofsky 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-scripps-net-int-m-a-discovery-commns-idUSKBN1AG173'|'2017-07-31T13:58:00.000+03:00'
'dce096f2ba7a3a4bff04dd5b2471fedd72d9667e'|'Factbox - Impact on banks from Britain''s vote to leave the EU'|'July 31, 2017 / 1:56 PM / 20 minutes ago Factbox - Impact on banks from Britain''s vote to leave the EU Reuters Staff 13   Pedestrians shelter under umbrellas as they walk past a Barclays branch in central London May 8, 2014. Stefan Wermuth/File Photo GLOBAL BUSINESS WEEK AHEAD SEARCH GLOBAL BUSINESS 24 JUL FOR ALL IMAGES (Reuters) - Global banks have said they could move thousands of jobs out of Britain to prepare for Brexit, the country''s planned exit from the European Union. Financial services companies need a regulated subsidiary in an EU country to offer products across the bloc, which could prompt some to move jobs out of Britain if it loses access to the European single market. Following are related stories about top banks (in alphabetical order): Association of Foreign Banks in Germany The association expects 3,000 to 5,000 new jobs in Frankfurt over the next two years as a result of Brexit, its head Stefan Winter, of UBS, told German newspaper Welt am Sonntag in June. He said he expected 12 to 14 major banks to expand their Frankfurt sites significantly or build new ones. Bank of America Corp Bank of America ( BAC.N ) became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc. Bank of America said in August that its businesses and results could be adversely affected and it may have to incur additional costs if Brexit limited the ability of its UK entities to conduct business in the EU. Dublin is Bank of America''s default option for a new base within the EU, but other centres are on the table and no decision has yet been made, an executive said on March 14. Barclays Barclays is talking with Irish regulators about extending its activities in Dublin, the British bank said. It already has a licensed bank in the Irish capital and is looking to expand that so it can act as its EU subsidiary. Banks in Britain will start shifting some operations to continental Europe reasonably soon to avoid disrupting links with customers after Brexit, Barclays ( BARC.L ) Chief Executive Jes Staley said. He added that obtaining a licence to trade on the continent and changing financial contracts to another jurisdiction would take a year to 18 months. Staley previously told BBC Radio that Barclays would keep the bulk of its activities in Britain after Brexit and any changes to how the bank operates would be small and manageable. Bnp Paribas BNP Paribas ( BNPP.PA ) may move up to 300 London investment bank staff because of Brexit, depending how clients adapt and the French bank''s efforts to win new UK business, a source said. The company had 3,123 staff in its corporate and institutional bank in Britain at end-2016, down from 3,294 a year earlier, internal documents seen by Reuters showed. Citigroup U.S. bank Citigroup ( C.N ) said that it may need to create 150 new jobs in the EU to deal with the impact of Britain leaving the bloc, and confirmed it would headquarter its EU trading operations in Frankfurt. Citi, which has a large banking unit in Dublin, had previously said it would choose Frankfurt as its hub for sales and trading in the EU and move "a couple of hundred" jobs outside of London after Brexit. Separately, the bank''s European chief said Citi would make a decision on Brexit contingency plans in the first half of the year and choose from a number of potential EU countries to relocate some investment banking business. Credit Agricole Credit Agricole ( CAGR.PA ), France''s third-biggest listed bank, could relocate about 100 employees from its London hub to France out of 1,000 based there in the case of a "hard" Brexit, its chief executive said. Credit Suisse Credit Suisse''s ( CSGN.S ) Chief Executive Tidjane Thiam said in September that his bank was relatively well placed to deal with Brexit and that only 15-20 percent of volumes in the investment bank would be affected. Daiwa Securities Group Japan''s No. 2 brokerage Daiwa Securities Group ( 8601.T ) said it will set up a subsidiary in Frankfurt, making it one of the first banks to publicly choose Germany to keep a foothold in the EU after Britain''s exit. The group has said it would still keep staff in London even after Brexit. It has 450 staff working in the EU now, mostly in the British capital. The German city is Daiwa''s favoured destination, as London-based staff can easily be transferred to its investment banking branch in Frankfurt, Chief Executive Seiji Nakata had said previously. Deutsche Bank Deutsche Bank ( DBKGn.DE ) is beefing up its presence in Frankfurt to deal with the impact of Britain leaving the EU. Chief Executive John Cryan said the German lender expected to add new jobs in Frankfurt, where it will replicate a structure that is interchangeable with its London operations and evolve as Brexit negotiations unfold. Deutsche Bank warned on April 26 that up to 4,000 UK jobs could be moved to Frankfurt and other EU locations - the highest potential move of any bank. European supervisors want Deutsche Bank to prepare a fallback plan, laying out how it could shift the clearing of trades from London, one person with direct knowledge of the matter told Reuters. Euroclear Settlement bank Euroclear is looking at the option of setting up a branch or subsidiary to provide a route between its UK and Irish markets after Brexit, the head of its UK and Irish operation said. French Banking Federation French banks could shift about 1,000 jobs from London to Paris to keep staff in the EU, the French Banking Federation said. Goldman Sachs U.S. bank Goldman Sachs ( GS.N ) is considering moving up to 1,000 staff from London to Frankfurt because of concerns over Brexit, Germany''s Handelsblatt newspaper reported in January, citing financial sources. Goldman will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans, the Wall Street company''s Europe CEO said in March. Three people familiar with the matter told Reuters in November that Goldman was considering shifting some of its assets and operations from London to Frankfurt. Hsbc HSBC ( HSBA.L ) sees the chances of a hard Brexit receding after Britain''s shock election result, which could result in fewer jobs moving out of London, its investment bank chief said. Stuart Gulliver, CEO of HSBC, Europe''s biggest bank, had previously said that the company would relocate staff responsible for generating around a fifth of its UK-based trading revenue, or about 1,000 people, to Paris. Chairman Douglas Flint has told members of parliament that banks without operations elsewhere in the EU are likely to trigger migration plans immediately after EU divorce talks begin, estimating that "tens of thousands" of jobs are linked to EU "passporting" rights. Investec Investec ( INVP.L ) ( INLJ.J ) is considering converting its London bank''s Dublin branch into a subsidiary to ensure it has continued access to the European single market after Britain leaves the EU, Chief Executive Stephen Koseff told British newspaper The Telegraph on May 18. However, the Anglo-South African lender and asset manager was in no rush to secure the licence needed for such a subsidiary and would see only a small part of its business affected by Brexit, the paper quoted Koseff as saying. ( bit.ly/2qywZzY ) Jpmorgan JPMorgan Chase ( JPM.N ), the biggest U.S. bank by assets, is planning to merge its UK-based private banking unit with its wider European wealth operation ahead of the UK''s exit from the European Union, Sky News reported. JPMorgan said in July that the bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, though jobs could be moved elsewhere as well. The U.S. bank has also agreed to buy a Dublin building with room for 1,000 staff in the first sign of a financial services company expanding significantly in Ireland since the government began a major campaign to attract businesses after Brexit. However, the bank, which employs about 500 people in Dublin, did not say how many jobs would be created or whether any positions would be moved from the United Kingdom. Daniel Pinto, head of investment banking at the Wall Street bank, had told Bloomberg on May 3 that it planned to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg. CEO Jamie Dimon had previously said the bank was not planning to move many jobs out of Britain in the next two years. Before the vote, Dimon said the bank would be forced to move 4,000 of its 16,000 Britain-based staff if the country loses access to the single market. Julius Baer Julius Baer, Switzerland''s third-biggest private bank is moving its European hub from Frankfurt to Luxembourg but will continue to keep its options open in London, Boris Collardi, chief executive at Julius Baer has said. Britain''s planned departure from the EU opens the door for a UK-Swiss deal covering financial services, said Collardi. Lloyds Banking Group Lloyds Banking Group ( LLOY.L ), Britain''s largest mortgage lender and the only major British retail bank without a subsidiary in another EU country, is close to selecting Berlin as a European base to secure post-Brexit EU market access. Morgan Stanley Morgan Stanley ( MS.N ) has chosen Frankfurt to be a new base for its EU operations as Britain prepares to leave the bloc, according to a source familiar with the matter. The bank is planning to use its Frankfurt subsidiary as the centre for its EU trading operations. "That means 200 new people will be coming to Frankfurt," the source said. Morgan Stanley has identified many of the roles that will need to be moved from Britain after Brexit, sources involved in the processes had told Reuters. The U.S. bank, which bases the bulk of its European staff in Britain, will have to move up to 1,000 jobs in sales and trading, risk management, legal and compliance, as well as slimming the back office in favour of locations overseas, one source told Reuters. Morgan Stanley could initially shift 300 staff from Britain after its EU exit and is scouting for office space in Frankfurt and Dublin, Bloomberg News reported in February. The bank plans to double the number of its bankers in Frankfurt to 400, German newspaper Welt am Sonntag reported in June. Mizuho Japan''s Mizuho Financial Group ( 8411.T ) said it would set up a subsidiary in Frankfurt, the latest Japanese bank to choose the German city as its new base in the European Union as Britain prepares to leave the bloc. Nomura Nomura Holdings Inc ( 8604.T ) is applying for a licence to operate a new entity in Frankfurt, as Japan''s largest brokerage gears up for Britain''s departure from the EU . Northern Trust Asset management company Northern Trust ( NTRS.O ) has said it will set up an EU banking base in Luxembourg. "Continental Europe is a strategic area of focus for Northern Trust and the creation of our EU banking presence in Luxembourg highlights our commitment to growing our business in the region," said Teresa Parker, president of Northern Trust in Europe. Around a third of Northern Trust''s institutional clients have asked it to ringfence British exposure from their broader European portfolios to protect them from Brexit-related risks. Societe Generale Societe Generale ( SOGN.PA ) could move 400 corporate and investment banking jobs from London, with most going to Paris, Chief Executive Frederic Oudea said in July. Oudea said the possible move of jobs after Brexit would affect 300-400 investment banking jobs out of 2,000 it has overall for that business in London. Standard Chartered Standard Chartered ( STAN.L ) is in talks with regulators about making Frankfurt its post-Brexit European base. Sumitomo Mitsui Financial Sumitomo Mitsui Financial Group Inc ( 8316.T ) said its core banking unit, Sumitomo Mitsui Banking Corp (SMBC), has decided to set up a subsidiary in Frankfurt. Ubs UBS ( UBSG.S ) is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam to cope with Britain''s planned EU departure, Chief Executive Sergio Ermotti said in an interview with CNBC in July. The bank has estimated that it would need to "move 1,500 people" from London to the EU to retain full passporting rights, according to Chairman Axel Weber. That would be more than a quarter of its 5,500 staff in London. The world''s biggest wealth manager has also set up a bank in Frankfurt to consolidate most of its European wealth management operations, after the Brexit vote dashed London''s chances of being the host city. Compiled by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-banks-factbox-idUKKBN1AG1MQ'|'2017-07-31T16:55:00.000+03:00'
'1c30ada78023bb8127ea182f38681ef2d60dcb2f'|'Dow hits record high while tech cedes ground'|'July 31, 2017 / 7:08 PM / in 27 minutes Dow hits record high while tech cedes ground Noel Randewich and Kimberly Chin 3 Min Read A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S. on January 23, 2017. Brendan McDermid/File Photo (Reuters) - The Dow Jones Industrial Average hit a record high on Monday, helped by Boeing, while selling in Facebook, Alphabet and other technology companies kept the S&P 500 flat and pulled the Nasdaq lower. The S&P 500 information technology .SPLRCT dipped 0.51 percent, with Facebook ( FB.O ) falling 1.82 percent and Alphabet ( GOOGL.O ), Google''s parent company, down 1.42 percent. "The bull market is sort of broadening out and people are taking a few profits off the table on some these stocks that have done exceedingly well," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. Boeing ( BA.N ) rose 1.04 percent and hit a record high of $243.60 after JPMorgan raised its price target on the world''s biggest plane maker to $280. The stock was the largest contributor to the Dow''s gains. Apple Inc ( AAPL.O ), which is expected to report quarterly results after market close on Tuesday, dipped 0.59 percent. Investors have been counting on earnings to support high valuations for equities. S&P 500 earnings are expected on average to have grown 10.8 percent in the second quarter, according to Thomson Reuters I/B/E/S. "We''re probably seeing peak earnings," said Ed Keon, managing director and portfolio manager at QMA, a multi-asset manager in Newark, New Jersey. "I think we''ll be a little slower in the second half." At 2:32 pm ET, the Dow Jones Industrial Average .DJI was up 0.41 percent at 21,920.9 points and the S&P 500 .SPX gained 0.06 percent to 2,473.48. The Nasdaq Composite .IXIC dropped 0.35 percent to 6,352.25. Seven of the 11 major S&P sectors were higher, with the financial index''s .SPSY 0.64 percent rise leading the gainers. The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, jumped 1.5 percent to a reading of 110.2. Snap ( SNAP.N ) fell 2.5 percent as some investors were allowed for the first time to sell shares following the Snapchat owner''s March initial public offer. Discovery Communications ( DISCA.O ) dropped 8.8 percent after it said it would buy Scripps Networks Interactive ( SNI.O ) for $11.9 billion. Charter Communications Inc ( CHTR.O ) rose 5 percent to a record high after a source said Japan''s SoftBank Group Corp 9984.T was considering an acquisition offer. Additional reporting by Ankur Banerjee, Sweta Singh, and Sruthi Shankar in Bengaluru; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN1AG2AB'|'2017-07-31T22:07:00.000+03:00'
'4ce150301069c4c96f1ed026079d7c49bb0754e0'|'HSBC puts its Brexit relocation costs at up to $300 million'|'July 31, 2017 / 12:13 PM / in 5 minutes HSBC puts its Brexit relocation costs at up to $300 million Reuters Staff 2 Min Read FILE PHOTO: The logo of HSBC bank is seen in Paris, France, France, February 6, 2017. Jacky Naegelen/File Photo LONDON (Reuters) - HSBC could spend up to $300 million moving jobs and parts of its business to Paris following Britain''s exit from the European Union, Chief Executive Stuart Gulliver said on Monday. The estimate, one of the most detailed yet by a major bank, includes the costs of relocating up to 1,000 jobs to the French capital as well as associated legal fees, Gulliver told reporters on a conference call. "The $200-$300 million total is the cost of the transition to France," Gulliver said after HSBC reported an increase in profits for the first half of the year. HSBC said up to $1 billion in revenue could be at risk from Britain''s exit from the EU but it should be able to preserve the income by shifting associated jobs to Paris, Gulliver said. Companies are spending tens of millions of dollars getting ready for Britain''s exit, with international banks establishing new subsidiaries in the bloc or developing existing ones. That''s despite there being little clarity on how much business their UK outposts will be able to in the EU once Britain leaves in March 2019. HSBC Chairman Douglas Flint said a meeting he attended between Brexit minister David Davis and British company executives this month showed signs of an improved relationship between the government and business over Brexit. "The meeting was evidence of that, it was a well-designed meeting with the right people in the room, and each side interested in understanding each other," Flint told Reuters on Monday. Reporting by Lawrence White; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-hsbc-idUKKBN1AG1DQ'|'2017-07-31T15:21:00.000+03:00'
'ae835900e42e3ea19185dccb89a6b9cd7811f012'|'Penn Virginia to buy Eagle Ford shale assets for $205 mln'|'July 31, 2017 / 12:44 PM / 16 minutes ago Penn Virginia to buy Eagle Ford shale assets for $205 million 1 Min Read FILE PHOTO - A pump jack used to help lift crude oil from a well in South Texas’ Eagle Ford Shale formation stands idle in Dewitt County, Texas, U.S. on January 13, 2016. Anna Driver/File Photo (Reuters) - U.S. oil producer Penn Virginia Corp ( PVAC.O ) said on Monday it would buy assets in the Eagle Ford shale in Texas from larger rival Devon Energy Corp ( DVN.N ) for $205 million to expand in the area. The assets, which comprise about 19,600 net acres adjacent to Penn Virginia''s core operations, are expected to increase the company''s production by about 30 percent or 3,000 barrels of oil equivalent per day. Devon''s sale of the assets is part of its program to sell $1 billion in assets, first announced in May. Penn Virginia said it would fund the all-cash deal through debt financing. Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-devon-energy-divestiture-penn-virgini-idUSKBN1AG1GN'|'2017-07-31T15:37:00.000+03:00'
'73cdab5bf5bd5e1439a074e54a8935556b1432d1'|'Drugmaker Sanofi raises outlook after strong second-quarter sales growth'|'July 31, 2017 / 5:37 AM / 27 minutes ago Drugmaker Sanofi raises outlook after strong second-quarter sales growth Reuters Staff 2 Min Read A logo is seen in front of the entrance at the headquarters French drugmaker Sanofi in Paris October 30, 2014. Christian Hartmann/File Photo PARIS (Reuters) - French drugmaker Sanofi ( SASY.PA ) raised its 2017 outlook on the back of strong growth at its consumer healthcare, vaccines and genzyme arms in the second quarter, and said it was encouraged by the uptake of a key eczema drug in the United States. Sanofi said it was now expecting "broadly stable" earnings per share (EPS) this year compared to a previous forecast of stable to slightly lower EPS. The company said second-quarter net income was down 0.5 percent at constant exchange rates to 1.7 billion euros (1.52 billion pounds). Total sales rose 5.5 percent to 8.66 billion euros. While nearly all of Sanofi''s units recorded double-digit revenue growth in the quarter, sales at the group''s embattled diabetes division were down 15 percent due to persistent pricing pressure in the United States. Analysts polled by Reuters in partnership with Inquiry Financial had on average been expecting business net profit of 1.7 billion euros and net sales of 8.7 billion. Reporting by Matthias Blamont; Editing by Sudip Kar-Gupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sanofi-results-idUKKBN1AG0GZ'|'2017-07-31T08:37:00.000+03:00'
'1f0916360b17bbb1975e86d058476fb62fbee6ef'|'Snap''s shares slide 3 percent in premarket trading as lockup ends'|'July 31, 2017 / 12:52 PM / 17 minutes ago Snap''s shares slide 3 percent in premarket trading as lockup ends Reuters Staff 2 Min Read FILE PHOTO - A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. Lucas Jackson/File Photo NEW YORK (Reuters) - Shares of Snap Inc ( SNAP.N ), owner of the Snapchat messaging app, fell 3 percent in premarket trading on Monday as a share lockup ended, allowing for sales by early investors and pushing it further below its March initial public offering price. Starting on Monday and extending into August, early investors, employees and other insiders will be able to sell shares for the first time since its $3.4 billion IPO, the third-largest for a U.S. technology company. As of Monday, investors including Lightspeed Venture Partners will be able to sell up to 400 million shares, with employees owning another 782 million allowed to start selling on Aug. 14, four days after Snap reports results, JPMorgan analyst Doug Anmuth said in a recent note. Snap''s shares were down 3 percent at $13.40 in trading before the U.S. market opening, putting it 21 percent below its $17 IPO price. It hit a low of $13.14 on Thursday. The company''s stock has been dragged lower by investor concerns about user growth and waning confidence in its ability to eventually turn a profit. Reporting by Megan Davies; Additional reporting by Lance Tupper; Editing by Bernadette Baum 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-snap-stock-idUKKBN1AG1HN'|'2017-07-31T15:50:00.000+03:00'
'd6a1df8434292e731878f2e4412c56da528df363'|'Express Scripts to cover Mylan''s EpiPen, exclude rivals'|'July 31, 2017 / 3:13 PM / 6 minutes ago Express Scripts to cover Mylan''s EpiPen, exclude rivals 2 Min Read NEW YORK (Reuters) - Pharmacy benefit manager Express Scripts Holding Co said on Monday it would favor drugmaker Mylan Inc''s versions of the EpiPen lifesaving allergy treatment over the allergy auto-injectors of other companies. The nation''s largest pharmacy benefit manager said it was excluding alternatives to the auto-injector made by Impax Laboratories Inc, privately held Kaleo and A-S Medication from its widely used list of covered drugs. Express Scripts has been excluding certain medicines from its coverage list or formulary since 2014, citing concern about costs to its health insurers and corporate customers. By excluding drugs from its coverage list, Express Scripts said it has been better able to negotiate lower prices from drugmakers, and will save customers an estimated $2.5 billion in 2018, up from $1.8 billion this year. Mylan faced severe criticism and congressional and legal investigations after it doubled the cost of a pair of EpiPens to around $600 last year, enraging consumers and putting it in the center of the ongoing debate over the high cost of prescription medicines in the United States. It has since offered its own generic version for about $300 in response to the furor. Mylan could not immediately be reached for comment on Monday. Express Scripts added 64 new drugs - including the EpiPen alternatives - to its list of drugs that are excluded from insurance coverage for 2018. The list determines whether millions of people with private insurance can easily use an insurance co-pay to buy medicine. Another important drug excluded from the company''s coverage this year is Neupogen, an Amgen Inc treatment used to boost infection-fighting white blood cells during chemotherapy. Express Scripts said its "preferred alternatives" to Neupogen were biosimilars Granix and Zarxio, made by Teva Pharmaceutical Industries Ltd and Novartis AG, respectively. Reporting by Michael Erman; Editing by Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-express-scripts-epipen-mylan-nl-idUSKBN1AG1TV'|'2017-07-31T18:08:00.000+03:00'